| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Protean's Nordic-focused funds navigated March's geopolitical volatility with mixed results, as the Middle East crisis demonstrated that there is nowhere to hide from physical supply shocks even in Scandinavian small caps. The manager increased trading activity significantly to capitalize on price-value disconnects created by daily repricing based on political announcements rather than fundamentals. Key positioning included a meaningful purchase of Nibe, the dominant European heat pump manufacturer, based on the thesis that energy efficiency will return to Europe's political agenda regardless of crisis outcome. The fund's Select strategy delivered +0.5% while Nordic indices fell 5-10%, validating the hedge fund's risk management approach. Portfolio contributors included Rusta, Cint, and the Nibe position, while detractors included Devyser and real estate names affected by rate concerns. The manager remains cautious but less so than mid-March, running 19% net exposure and gradually increasing risk toward historical averages while watching for second-order effects that matter more than headlines.
Nordic small and mid-cap companies offer compelling value opportunities despite global supply chain vulnerabilities, with the current geopolitical crisis creating structural catalysts for energy transition themes while generating tradeable volatility disconnected from fundamentals.
The manager expects to continue watching for second-order effects from the Middle East crisis that arrive with a lag and matter more than headlines. They are positioned for a range of outcomes rather than seeking certainty, with a focus on conclusions that don't depend on predicting the unpredictable. The fund is gradually increasing risk from cautious levels but remains prepared to adjust based on market conditions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 1 2026 | 2026 Q1 | BALD-B.ST, BOL.ST, BTS-B.ST, CINT.ST, DEVYSER.ST, ELUX-B.ST, GETI-B.ST, LUMI.TO, NIBE-B.ST, NYFO.ST, RUSTA.ST, SMART.OL, VERTI.ST, VIMIAN.ST, VOLV-B.ST | Energy Transition, Geopolitical Risk, Heat Pumps, Hedge Fund, Nordics, small caps, volatility |
NIBE.ST CINT.ST VIMIAN.ST DEVYSER.ST |
Protean capitalized on March's geopolitical volatility through active trading while making a structural bet on European energy transition via heat pump manufacturer Nibe. The Nordic hedge fund delivered positive returns despite broad market declines, validating its risk management approach. Management remains cautious but is gradually increasing exposure as price-value disconnects create opportunities independent of geopolitical outcomes. |
| Jan 3 2026 | 2025 Q4 | ADDV.ST, AFRY.ST, ASMO.PA, BOULE.ST, CLAS-B.ST, EQT.ST, HOLMEN-B.ST, ITAB.ST, MAERSK-B.CO, NLF.CO, PEXIP.OL, REJL.ST, RUSTA.ST, SINCH.ST, STO.ST, SUZB3.SA, UPM.HE | Energy Transition, Esg, Forest Products, Long/Short, Nordics, small cap, value | - | Protean Select delivered 10.8% returns in 2025 with low volatility through diversified Nordic positioning. The manager warns performance is unpredictable and expects potential mediocrity ahead. Key focus on structural decline in Nordic forest industry, particularly Holmen's unsustainable model facing eucalyptus competition and integrated mill constraints. Considering global expansion of successful low-fee active fund concept. |
| Oct 1 2025 | 2025 Q3 | ARJO-B.ST, BALD-B.ST, BOULE.ST, CHMO.CO, COLO-B.CO, DEMANT.CO, DEVYSER.ST, EAST.ST, EKTA-B.ST, ELUX-B.ST, GETI-B.ST, GRNGS.ST, HM-B.ST, INDU-A.ST, LUMI.ST, LUN.CO, MTG-B.ST, NIMB.ST, RUSTA.ST, SDIP.ST, SINCH.ST, SKA-B.ST, SWED-A.ST, VIM.ST, VITRO.ST | active management, Medtech, Nordics, Quality, SmallCap, value | - | Nordic small-cap fund grinding through sideways markets with active positioning changes and quality focus. Heavy MedTech exposure where manager believes early in bottoming process. Key holding Getinge shows operational improvements with quality costs declining. Added industrial Electrolux Professional and Baltic real estate play Eastnine. Comfortable being uncomfortable with contrarian positioning despite recent underperformance. |
| Jul 1 2025 | 2025 Q2 | ESSITY-B.ST, GRANGES.ST, NVO, STOR.ST | active, Hedge Fund, Nordics, Opportunistic, small cap |
OSSD.ST ENITY.ST SENTIA.OL SINCH.ST GRNG.ST |
Protean Select delivered 0.9% in June, up 3.9% year-to-date with low volatility. The Nordic-focused hedge fund leverages local expertise and nimble size for opportunistic positioning. Active trading approach demonstrated through tactical Stora Enso trade generating 0.08% single-day return. Maintains 26% net exposure with defensive hedging while positioning for Nordic market opportunities. |
| May 5 2025 | 2025 Q1 | ACAST.ST, ASSA-B.ST, AXFO.ST, BIOT.ST, COOR.ST, DEVYSER.ST, ELUX-B.ST, EMBRAC-B.ST, EQT.ST, FNOX.ST, GETI-B.ST, HLDISP.ST, INTEA.ST, ITAB-B.ST, KOJAMO.HE, NDA-SEK.ST, RATOS-B.ST, RAYS-B.ST, RUSTA.ST, TRUE-B.ST | Hedge Fund, Long/Short, Nordics, risk management, small caps, value, volatility | - | Protean Select navigated April's extreme volatility by maintaining disciplined risk management and opportunistically adding to small-cap positions during market weakness. The fund's three-year track record of 8.6% CAGR with low volatility demonstrates the effectiveness of their diversified, low-net exposure approach focused on Nordic multi-bagger opportunities while protecting capital during uncertain macro conditions. |
| Jan 7 2025 | 2024 Q4 | ACAST.ST, AMBEA.ST, BAVA.CO, CARGOTEC.HE, CINT.ST, DEVYSER.ST, EMBRAC-B.ST, EVO.ST, GETI-B.ST, HEXA-B.ST, HM-B.ST, HUMBLE.ST, INTEA.ST, ITAB.ST, NVO, PROACT.ST, RAYSEARCH.ST, STEN-A.ST, TRYG.CO | Hedge Fund, Long/Short, Nordics, Pharmaceuticals, real estate, small caps |
BAVA.CO NVO INTEA.ST |
Protean Select generated 10.6% returns in 2024 with 1.35 Sharpe ratio through diversified Nordic small-cap focus. The fund maintains low 37% net exposure, avoiding major pharmaceutical volatility while capitalizing on specialized real estate and vaccine plays. Strong stock selection in core positions drove outperformance, with disciplined risk management preventing catastrophic drawdowns. |
| Oct 1 2024 | 2024 Q3 | AZN, BOL.ST, BRAV.ST, DEVYSER.ST, EWORK.ST, FORTNOX.ST, GETIB.ST, HM-B.ST, ITAB-B.ST, LSG.OL, MOWI.OL, NESTE.HE, NVO, SSAB-A.ST, VALMT.HE, VITEC.ST | AI, Aquaculture, Esg, Medtech, Nordics, SaaS, small cap |
VITEC.ST IBT.ST ITAB.ST NVO GETI-B.ST |
Nordic-focused fund returned 1% in September with 12.2% YTD performance. Built major position in ITAB following acquisition announcement and accumulated Getinge shares betting regulatory issues are resolving. Added to Novo Nordisk on weakness. Sees AI as structural threat to overvalued SaaS companies like Vitec. Salmon farming investments expected to pay off in 2025. |
| Jul 1 2024 | 2024 Q2 | ACAST.ST, AMBEA.ST, CAMURUS.ST, CARG.HE, CARL-B.CO, CINT.ST, DEVYSER.ST, ITAB.ST, KEMIRA.HE, METSB.HE, METSO.HE, NETEL.ST, NORVA.ST, PROACT.ST, RAY-B.ST, REJL.ST, TIETO.HE, TRUE-B.ST, TRYG.CO, VALMT.HE | Absolute return, AI Bubble, Hedge Fund, Nordics, risk management, small caps |
METSB.HE CAMX.ST NOR.ST TRUE.ST |
Nordic hedge fund delivered positive returns despite market declines through absolute return mandate. Manager maintains cautious stance on AI bubble and market concentration while leveraging local knowledge in small caps. Recent additions include infrastructure services company Norva24 and increased Truecaller position on misunderstood insurance feature. Portfolio balanced with shorts providing downside protection. |
| Jun 18 2024 | 2024 Q1 | ACAST.ST, AMBE.ST, BICO.ST, BOUL.ST, CARGB.ST, DEVE.ST, EVO.ST, FORTUM.ST, ITAB.ST, LINDEX.ST, NIBE-B.ST, NOLA-B.ST, PRCT.ST, RAY-B.ST, TIETO.ST, VALMT.ST | Long/Short, Nordics, Outperformance, Quality, small cap, value |
ACAST.ST ITAB.ST EMBEL.ST BOULE.ST EVO.ST NIBE-B.ST |
Protean Select posted 3.7% in May with strong contributions from Acast and new positions in Evolution Gaming and Nibe. The fund maintains diversified exposure with 43% net long positioning, focusing on undervalued Nordic small-caps with quality fundamentals. Manager emphasizes risk/reward optimization and owner-operator alignment while delivering low-volatility outperformance. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Energy TransitionThe Middle East crisis will put energy efficiency and reduced oil dependence back on the political agenda across Europe forcefully and durably. This creates a structural catalyst for energy-efficient heating solutions like heat pumps, similar to what happened after the 2022 Ukraine shock when heat pump sales exploded. |
Heat Pumps Energy Efficiency Oil Dependence Europe Nibe |
Geopolitical RiskThe Middle East crisis and Strait of Hormuz tensions create physical supply shocks that travel through global supply chains, affecting Nordic companies despite their local operations. The manager describes this as fog of war conditions where rational decision-making requires positioning for a range of outcomes rather than seeking certainty. |
Middle East Supply Chains Oil Price Uncertainty Global | |
NordicsNordic equity markets are deeply embedded in global supply chains with international operations, making them vulnerable to global shocks. The manager focuses on Nordic small and mid-cap companies but acknowledges there is nowhere to hide from physical supply shocks, even in Scandinavian quality compounders. |
Nordic Small Caps Supply Chains Sweden Denmark | |
VolatilityMarch offered extreme price movements disconnected from company fundamentals, with daily repricing based on political announcements rather than business performance. The manager used this volatility as a gift, trading actively when the disconnect between price and value was wide enough to drive a truck through. |
Trading Price Discovery Fundamentals Opportunity Active | |
| 2025 Q4 |
Forest ProductsNordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate-related harvesting challenges, and currency pressures. Holmen specifically positioned as capital destruction in slow motion with unsustainable business model. |
Pulp Paper Eucalyptus Holmen Sustainability |
NordicsStrong performance across Nordic funds with Protean Small Cap outperforming by 42.2% since inception. Aktiesparfond concept gaining traction with low-fee active approach. Considering global expansion of the model. |
Sweden Finland Active Management Low Fees | |
ValueFund philosophy centers on contrarian value investing with independent thinking. Aktiesparfond targets white space between passive funds and expensive active funds that don't beat indices. |
Contrarian Mispricing Active Alpha | |
| 2025 Q3 |
MedTechThe fund has built significant positions in Nordic MedTech companies, representing about 18% of the portfolio across 10 names. The manager believes they are early in picking up high-quality businesses that have fallen from grace, particularly Danish large-caps Demant and Coloplast where valuations have become sensible with triggers around the corner. |
Medical Devices Diagnostics Healthcare Quality Valuation |
QualityThe fund focuses on high-quality businesses with strong market positions and customer relationships. Getinge's ACT division exemplifies this with 70% recurring revenues, 60% gross margins, and market-leading surgical products that have maintained growth despite operational challenges. |
Margins Recurring Revenue Market Position Resilience | |
ValueThe strategy emphasizes finding undervalued opportunities where market perception lags fundamentals. Swedish investment companies were shorted when trading at premiums to NAV, and positions like Electrolux Professional trade at undemanding 12-13x EBIT multiples relative to Nordic industrials. |
Valuation Multiples Discount NAV Contrarian | |
| 2025 Q2 |
NordicsThe manager emphasizes Nordic markets as a structural edge, citing the region as the most attractive for investing globally due to educational systems, rule of law, political stability, natural resources, and vibrant equity markets. The team operates as local specialists with deep ecosystem knowledge across all Nordic countries. |
Nordic Scandinavia Regional Local Structural |
OpportunisticThe fund operates without regard to any index, employing a truly opportunistic approach that utilizes all tools in the toolbox. The manager emphasizes being ready to act on dislocations and maintaining flexibility to change strategies as markets evolve. |
Opportunistic Flexible Dislocation Active Adaptable | |
Small CapsFund size control contributes to competitive advantage as small funds can be nimble and have lower hurdles for course-correcting when wrong. The size edge is substantial and allows for agility in positioning changes. |
Small Nimble Size Agility Flexibility | |
| 2025 Q1 |
VolatilityApril was described as an eventful and volatile month with the fund falling as much as 9% intra-month before recovering sharply. The manager used this volatility to add to stronger ideas and concentrated the portfolio more toward top ten positions. Markets experienced above-average volatility with breathless commentary from strategists about the biggest intra-month drawdown and recovery in history. |
Market volatility Drawdown Recovery Risk management |
Risk ManagementThe fund operates with a dual mandate to generate acceptable returns while protecting capital. Net exposure averaged 21% for the month but varied significantly, dropping to only 4% at market lows. The manager emphasizes they are not trying to be heroes when markets are flirting with left tails and maintain diversified positioning with no single position above 5% of assets. |
Capital protection Net exposure Diversification Downside protection Position sizing | |
Small CapsThe manager views small and mid-caps as potential multi-baggers that have generated the bulk of performance over the past three years. During April's volatility, they not only held onto these positions but added to them at attractive levels, including names like Devyser, Acast, Asmodee, ITAB and Truecaller. |
Multi-baggers Long-term holdings Opportunistic buying Performance drivers | |
| 2024 Q4 |
PharmaceuticalsSignificant focus on pharmaceutical investments including Novo Nordisk's Cagrisema trial results and Bavarian Nordic's vaccine franchise. The manager discusses pharma stocks trading on 5+ year growth potential and development timelines. |
Vaccines GLP1 Biotechnology Clinical Labs Rare Diseases |
Commercial Real EstateDetailed analysis of Intea's specialized property portfolio including prisons, police stations, and college facilities. Discussion of Swedish prison capacity expansion from 9,000 to 27,000 places by 2033. |
Property Management Real Estate Services Infrastructure Spending Government IT | |
Small CapsStrong emphasis on small and mid-cap investing as the fund's home turf. Manager notes that long-held core small cap positions drove bulk of outperformance and benefits from being a small fund. |
Value Growth Quality Momentum | |
| 2024 Q3 |
AIAI poses a significant threat to the SaaS business model by automating manual tasks and providing customized solutions that could disrupt traditional one-size-fits-all enterprise software. The manager specifically highlights concerns about Swedish software company Vitec, which has never addressed AI challenges in 20 quarterly calls despite trading at 60x FCF. |
SaaS Enterprise Software Automation Disruption Vitec |
AquacultureThe manager visited MOWI's salmon farming operations and sees potential in the sector due to long lead times for investment benefits to materialize. Heavy capital deployment in recent years has diluted returns, but benefits from smolt investments will gradually appear in 2025 as salmon reach processing stage. |
Salmon MOWI Leroy Processing Smolt | |
MedtechSignificant position built in Getinge based on belief that regulatory quality issues plaguing the company for a decade are coming to an end. The manager sees the ECMO franchise fears as overblown and expects the company to become the most compliant critical care manufacturer, though acknowledges volatility risk. |
Getinge ECMO Regulatory Quality Compliance | |
| 2024 Q2 |
AIManager views AI as a classic boom-bust cycle, comparing it to historical manias. Chat-GPT usage is already declining and trillion-dollar AI investments will take years to generate returns above cost of capital. The fund is short names that have risen on misplaced AI enthusiasm. |
Bubble Overvaluation Technology Speculation Short |
Small CapsThe fund maintains exposure to Nordic small cap companies across various sectors. Portfolio includes approximately 50 names in the Small Cap fund with positions in companies like Netel, Devyser, Ambea, and others. The strategy focuses on finding misunderstood situations in smaller companies. |
Nordic Undervalued Concentration Local Opportunities | |
NordicsPrimary geographic focus with investments across Swedish, Finnish, Norwegian, and Danish companies. The fund leverages local knowledge and network advantages in Nordic markets, investing in companies like Valmet, Kemira, Tryg, and various Swedish-listed names. |
Sweden Finland Norway Denmark Local Knowledge | |
| 2024 Q1 |
GamblingEvolution Gaming represents a compelling opportunity as domestic funds avoid it due to moral concerns about gambling, creating valuation dislocation. The company trades at low teens EV/EBIT despite 15-20% organic growth, 70%+ EBIT margins, and net cash position. |
Evolution Online Valuation Margins Growth |
Heat PumpsNibe represents a potential turnaround story as ESG hangover and bloated valuations have caused sharp price contraction. The fundamental backdrop remains strong with terrible energy efficiency in European housing stock and structural tailwinds for heat pump adoption. |
Nibe Energy Efficiency Europe Structural Tailwinds | |
DiagnosticsBoule Diagnostics offers value despite past disappointments, with a growing US OEM reagent business, expanding veterinary segment, and large installed base generating recurring revenue. New CEO from Danaher background could drive operational improvements. |
Boule Reagents Veterinary Installed Base Turnaround | |
PodcastingAcast continues approaching profitability as a podcast advertising platform with underestimated strategic importance. The advertising potential of podcasts remains far from realized, providing considerable upside as the medium matures. |
Acast Advertising Platform Profitability Upside |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 1, 2026 | Fund Letters | Protean Select | NIBE.ST | Nibe | Other | Building Products | Bull | New York Stock Exchange | Building Products, Climate Solutions, energy efficiency, Equity, European Energy Independence, heat pumps, Sweden, turnaround, Value | Login |
| Apr 1, 2026 | Fund Letters | Protean Select | CINT.ST | Cint | Software - Application | Internet Software & Services | Bull | New York Stock Exchange | Equity, growth, Market Research, Media Measurement, SaaS, Sweden, technology platform, turnaround | Login |
| Apr 1, 2026 | Fund Letters | Protean Select | VIMIAN.ST | Vimian | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | Animal Health, Equity, life sciences, Pet Care, Sweden, turnaround, Value, Veterinary Services | Login |
| Apr 1, 2026 | Fund Letters | Protean Select | DEVYSER.ST | Devyser | Other | Life Sciences Tools & Services | Bull | New York Stock Exchange | Biotech, diagnostics, Equity, Genetic Testing, growth, Healthcare Technology, life sciences, Sweden | Login |
| Jun 1, 2025 | Fund Letters | Protean Select | SENTIA.OL | Sentia | Industrials | Construction & Engineering | Bull | Oslo Børs | asset-light, construction, IPO, Management alignment, net cash, Norwegian, Ratos | Login |
| Jun 1, 2025 | Fund Letters | Protean Select | OSSD.ST | Ossdsign | Health Care | Health Care Equipment | Bull | Nasdaq Stockholm | Bone Graft, clinical data, growth, Medical Device, Medtech, Spinal Fusion, Swedish | Login |
| Jun 1, 2025 | Fund Letters | Protean Select | ENITY.ST | Enity | Financials | Consumer Finance | Bull | Nasdaq Stockholm | consumer finance, Credit risk, IPO, Mortgage Provider, niche market, Nordic, ROE | Login |
| Jun 1, 2025 | Fund Letters | Protean Select | GRNG.ST | Gränges | Materials | Aluminum | Bull | Nasdaq Stockholm | Aluminum Rolling, automotive, diversification, EV Battery Housing, FCF yield, Regional Capacity, Swedish, tariffs | Login |
| Jun 1, 2025 | Fund Letters | Protean Select | SINCH.ST | Sinch | Communication Services | Interactive Media & Services | Bull | Nasdaq Stockholm | cash flow, cloud communications, Cost control, organic growth, Share Buyback, Swedish, Top Position | Login |
| Dec 1, 2024 | Fund Letters | Protean Select | BAVA.CO | Bavarian Nordic | Health Care | Biotechnology | Bull | NASDAQ Copenhagen | biotechnology, Danish, margin expansion, Production Consolidation, Rabies, TBE, Travel Medicine, vaccines | Login |
| Dec 1, 2024 | Fund Letters | Protean Select | NVO | Novo Nordisk | Health Care | Pharmaceuticals | Neutral | NYSE | CagriSema, Clinical trials, Danish, GLP-1, obesity treatment, pharmaceuticals, shareholder returns, Volatility Trading | Login |
| Dec 1, 2024 | Fund Letters | Protean Select | INTEA.ST | Intea | Real Estate | Specialized REITs | Bull | Nasdaq Stockholm | development pipeline, Government Tenants, IPO, long-term leases, Prison Infrastructure, Real Estate, Specialized Properties, Swedish | Login |
| Sep 30, 2024 | Fund Letters | Protean Select | ITAB.ST | ITAB Shop Concept | Industrials | Commercial Services & Supplies | Bull | Nasdaq Stockholm | cash flow, Eps accretion, M&A, Margin Improvement, organic growth, retail, Shop Fitting, Sweden, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Protean Select | NVO | Novo Nordisk | Health Care | Pharmaceuticals | Bull | Copenhagen Stock Exchange | buybacks, CagriSema, Catalyst, defensive, Denmark, Diabetes, GLP-1, growth, Obesity, pharmaceuticals | Login |
| Sep 30, 2024 | Fund Letters | Protean Select | GETI-B.ST | Getinge | Health Care | Health Care Equipment & Supplies | Bull | Nasdaq Stockholm | Compliance, Critical Care, ECMO, M&A, medical equipment, Medtech, Quality Issues, Regulatory, Sweden, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Protean Select | VITEC.ST | Vitec Software Group | Information Technology | Application Software | Bear | Nasdaq Stockholm | AI disruption, B2B software, Bear, Enterprise software, overvalued, Roll-up, SaaS, Sweden, technology, vertical software | Login |
| Sep 30, 2024 | Fund Letters | Protean Select | IBT.ST | Immunicum | Health Care | Biotechnology | Bull | Nasdaq Stockholm | biotechnology, clinical trial, high-risk, Immunotherapy, Mortality Reduction, Phase III, Regulatory Approval, Secondary Endpoints, Sweden | Login |
| Jul 1, 2024 | Fund Letters | Protean Select | NOR.ST | Norva24 | Industrials | Commercial Services & Supplies | Bull | Stockholm Stock Exchange | barriers to entry, consolidation, defensive, Fleet Operations, Infrastructure Services, Municipal Services, Norway, Sewerage Maintenance, utilities | Login |
| Jul 1, 2024 | Fund Letters | Protean Select | METSB.HE | Metsä Board | Materials | Paper & Forest Products | Bull | Helsinki Stock Exchange | capacity expansion, Cooperative Ownership, Finland, Forest Products, Packaging, Paper, Pulp, recovery, Value | Login |
| Jul 1, 2024 | Fund Letters | Protean Select | CAMX.ST | Camurus | Health Care | Pharmaceuticals | Bull | Stockholm Stock Exchange | Acromegaly, Addiction Treatment, biotechnology, drug delivery, franchise expansion, pharmaceuticals, Platform Technology, Sweden | Login |
| Jul 1, 2024 | Fund Letters | Protean Select | TRUE.ST | Truecaller | Communication Services | Interactive Media & Services | Bull | Stockholm Stock Exchange | Caller ID, Emerging markets, Fraud Protection, India, Insurance, Mobile Apps, monetization, subscription model, technology | Login |
| Jun 3, 2024 | Fund Letters | Protean Select | NIBE-B.ST | Nibe | Industrials | Building Products | Bull | Nasdaq Stockholm | call spread, Decarbonization, Distributor Network, energy efficiency, ESG Correction, heat pumps, inventory normalization, Structural Tailwinds | Login |
| Jun 3, 2024 | Fund Letters | Protean Select | BOULE.ST | Boule Diagnostics | Health Care | Health Care Equipment & Supplies | Bull | Nasdaq Stockholm | contrarian, Danaher Experience, diagnostics, Hematology, Medical devices, new management, OEM Business, turnaround, Veterinary | Login |
| Jun 3, 2024 | Fund Letters | Protean Select | EVO.ST | Evolution | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Nasdaq Stockholm | capital allocation, ESG Exclusion, high margins, live casino, net cash, online gambling, organic growth, valuation disconnect | Login |
| Jun 3, 2024 | Fund Letters | Protean Select | EMBEL.ST | Embellence | Consumer Discretionary | Household Durables | Bull | Nasdaq Stockholm | High-end Consumer, hospitality, Interior Design, low valuation, Nordic, organic growth, Thule Management, Wallpaper | Login |
| Jun 3, 2024 | Fund Letters | Protean Select | ACAST.ST | Acast | Communication Services | Interactive Media & Services | Bull | Nasdaq Stockholm | advertising, digital media, Podcast, profitability inflection, SaaS, technology platform, undervalued | Login |
| Jun 3, 2024 | Fund Letters | Protean Select | ITAB.ST | ITAB | Industrials | Commercial Services & Supplies | Bull | Nasdaq Stockholm | Anti-theft, Doubling Stock, Loss Prevention, Product Mix Improvement, retail technology, Technology Solutions | Login |
| TICKER | COMMENTARY |
|---|---|
| NIBE-B.ST | In the middle of March, we bought a meaningful amount of Nibe. The thesis is not that the war ends tomorrow, nor that it drags on for months. The thesis is that regardless of outcome, this crisis will put energy efficiency and reduced oil dependence back on the political agenda across Europe – forcefully, and probably durably. Nibe is the dominant European manufacturer of heat pumps. The stock has been in the penalty box for two years – inventory destocking, normalising demand, increasing competition, a weak Swedish housing market. It's down 70% from its peak. We think the market is pricing a permanently impaired business, while the structural case for energy-efficient heating has just been handed another powerful catalyst. |
| RUSTA.ST | Biggest contributors were the OMX future short position (plus put-spread), Rusta long, NIBE long and Electrolux short, in that order. Rusta reported a very strong quarter, where the benefits of the stronger SEK started to have an impact. Healthy LFL, as well as a firmer outlook for store openings, lead to share to gain in an otherwise gloomy March for consumer exposure. |
| ELUX-B.ST | Biggest contributors were the OMX future short position (plus put-spread), Rusta long, NIBE long and Electrolux short, in that order. |
| DEVYSER.ST | Biggest detractors were Devyser, Lundin Mining (although offset by a short in Boliden), Volvo and Getinge long positions. Devyser continued its slump, with the share down by a third year to date. As we write this, the share now trades below its IPO price from 2021, despite clearly approaching cash-flow break-even and strong growth prospects in several areas. Devyser is active within genetic testing where DNA is used to assess disease risk as well as detecting them. Introducing new testing protocols takes time, but they are very sticky once established. The market might have overestimated the speed at which Devyser can establish itself, but we believe it underestimates the duration of the opportunity. |
| LUMI.TO | Biggest detractors were Devyser, Lundin Mining (although offset by a short in Boliden), Volvo and Getinge long positions. |
| BOL.ST | Biggest detractors were Devyser, Lundin Mining (although offset by a short in Boliden), Volvo and Getinge long positions. |
| VOLV-B.ST | Biggest detractors were Devyser, Lundin Mining (although offset by a short in Boliden), Volvo and Getinge long positions. |
| GETI-B.ST | Biggest detractors were Devyser, Lundin Mining (although offset by a short in Boliden), Volvo and Getinge long positions. |
| CINT.ST | Top contributors were Cint, Rusta, BTS, Smartoptics and Nibe. Cint reported a considerable sequential improvement in sales during the fourth quarter and we increased our stake in the company on the day of the report in February. Since then, the share has continued to climb and it became our biggest contributor in March. It's not a stock for widows and orphans but we believe the market is underestimating the growth opportunity within the business area Media Measurement. We acknowledge a string of operational issues, as well as about the impact of AI on the market research sector, but Q3 was likely the trough in terms of pain. The valuation is very appealing. |
| BTS-B.ST | Top contributors were Cint, Rusta, BTS, Smartoptics and Nibe. |
| SMART.OL | Top contributors were Cint, Rusta, BTS, Smartoptics and Nibe. |
| BALD-B.ST | Notable detractors were Devyser, Balder, Arctic Falls, Nyfosa and ITAB. Balder and Nyfosa suffered from concerns over long-term rates. |
| NYFO.ST | Notable detractors were Devyser, Balder, Arctic Falls, Nyfosa and ITAB. Balder and Nyfosa suffered from concerns over long-term rates. |
| VIMIAN.ST | We have added Vimian as a mid-sized position. This is a Swedish animal health company, focusing mainly on pets. It has a relatively broad product offering partly due to an opportunistic acquisition strategy. As for many others, a string of acquisitions during the pandemic led to some issues, financially as well as operationally. The financial issues were resolved through a rights issue, while the operational issues have been gradually, but not fully, addressed through restructuring and cost savings. Where does the attraction lie? Q4 was strong with improved earnings quality, as well as stronger cash flow. This positive step has been disregarded in the overall market turmoil, and the share is trading at the low-end of its post-pandemic range, and considerably below levels where the main owner Fidelio (the PE sponsor that owns 60% of the stock) has added shares as recently as this autumn. The valuation does not fully capture the thematic exposure, we believe. With continued margin improvement, a return to more M&A and upside towards sector valuation, we see good risk/reward. |
| VERTI.ST | We have also added smaller stakes in a few interesting growth stories where shares can typically be hard to come by. These include Vertiseit, which describes itself as a supplier of in-store Experience Management (IXM) platforms. This can be translated into 'software that runs all the screens you see in stores' to simplify. The appeal of the business lies in the execution, we believe. The company is led by owner-operators who have ten-folded annual recurring revenue over the last decade. This is partly due to organic growth but also complemented by successful acquisitions where there are considerable synergies that can be extracted. We visited Grassfish, one of Vertiseit's subsidiaries, in Vienna earlier this month, and were enthused by the growth opportunities that remain. |
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