| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | -1.8% |
Protean Select returned -0.8% in June with beta-adjusted net exposure of 21%, bringing YTD performance to -1.8%. The fund maintains a cautious stance with 25% net exposure entering July, reflecting manager conviction that AI political and regulatory risks in Europe are underpriced. The core thesis centers on exploiting valuation dislocations in Nordic small caps, where outflows have created opportunities in fundamentally sound businesses trading at single-digit EV/EBIT multiples. The fund successfully exited CINT and Viva Wine to bidders, exemplifying this dynamic. New positions include Skanska, benefiting from infrastructure spending tailwinds in US and Europe, and Indutrade, trading at a 15x EBITA discount to compounder peers. The fund is short Nordic telecoms Telia and Tele2 despite operational resilience, viewing valuations as fragile after 120% gains since 2024. Manager argues AI adoption in Europe will be slower than consensus due to EU AI Act enforcement and high union density in Nordic labor markets, creating opportunities on both long and short sides.
Protean Select maintains low net exposure (25%) with selective long positions in undervalued Nordic small caps and infrastructure beneficiaries, while shorting overvalued AI winners and telecom names that have run too far, capitalizing on valuation dislocations created by market inefficiencies and political/regulatory risks that are underpriced.
Manager expects continued M&A activity in Nordic small caps during autumn as reasonable businesses trade at attractive valuations with major owners potentially taking them private. Infrastructure spending strength anticipated to continue in both US and Europe driven by structural investment needs. Cautious on AI valuations in Europe given regulatory and political friction that will slow monetization relative to consensus. Telecom sector entering softer earnings backdrop after exceptional performance.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 1 2026 | 2026 Q2 | BAKKA.OL, CINT.ST, INDU-B.ST, SKA-B.ST, STORY-B.ST, TEL2-B.ST, TELIA.ST, TRUE-B.ST | AI, Construction, defense, infrastructure, Nordics, small caps, Telecom, valuation |
INDU-B.ST TRUE-B.ST SKA-B.ST |
Protean Select runs 25% net exposure, long undervalued Nordic small caps and infrastructure plays while shorting overvalued AI winners and telecoms. Manager exploits M&A opportunities in out-of-favor small caps trading at single-digit multiples, adds Skanska on infrastructure tailwinds, and shorts Telia/Tele2 after 120% run. AI regulatory friction in Europe creates mispricing on both sides. |
| 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 Q2 |
AIManager expresses skepticism about AI valuations in Europe, arguing that political and regulatory friction will slow monetization compared to consensus expectations. The EU AI Act goes live August 2nd with fines up to 7% of global revenue. Nordic labor markets with high union density will create slower, more contested AI adoption than in the US, meaning productivity gains will accrue more slowly than current valuations assume. |
Regulation Valuations Europe Productivity |
Infrastructure SpendingInfrastructure has become a key political and economic priority across Nordics, US, and Europe after years of structural underinvestment. New investment needs driven by AI, energy transition, and increased defense spending. Manager sees meaningful IIJA funding in US still to be contracted, with construction market staying strong beyond the program itself. Europe entering similar phase with rising NATO spending pushing governments toward higher infrastructure spend. |
Construction Defense Energy Transition Government | |
Telecom InfrastructureManager is short Nordic telecom names despite acknowledging the technical case for terrestrial operators being insulated from satellite competition. Telia and Tele2 are up roughly 120% since start of 2024, and those tailwinds are now firmly in the price and moderating. The valuation case is fragile as investors assign non-trivial probability to long-term earnings trajectory being messier than consensus assumes, entering a softer earnings backdrop with a well-capitalized new entrant. |
Valuation SpaceX Satellite Earnings | |
NordicsSmall caps are out of favor in the Nordics with funds suffering from outflows, but this creates opportunities as fundamentals are not taken into account in many cases. Manager sees reasonable businesses trading at single-digit EV/EBITs on current earnings with one or two major owners that could take businesses private. Multiple bids received during the period (Viva Wine, CINT) are emblematic of this dynamic, with more expected during autumn. |
Small Caps Valuations M&A Opportunities | |
Defense SpendingRearmament of Europe has driven material growth in defense-related companies. Savox, a Finnish provider of communication equipment for harsh environments with exposure to defense sector, has seen margins scale materially in last two years as volumes increased. This growth is likely to continue, though sales development could be lumpy judging by closest Nordic peers. |
Europe Equipment Growth | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 1, 2026 | Fund Letters | Protean Select | INDU-B.ST | Indutrade AB | Other | Industrial Machinery | Bull | Nasdaq Stockholm (Stockholm Stock Exchange) | Acquisition acceleration, Industrial technology, M&A strategy, Margin recovery, organic growth, Swedish compounder, Value | Login |
| Jul 1, 2026 | Fund Letters | Protean Select | TRUE-B.ST | Truecaller AB | Software - Application | Interactive Media & Services | Bull | Nasdaq Stockholm (Stockholm Stock Exchange) | Advertising Monetization, Caller identification, Communication Services, Google partnership, Recovery Play, Sweden, turnaround | Login |
| Jul 1, 2026 | Fund Letters | Protean Select | SKA-B.ST | Skanska AB | Engineering & Construction | Construction & Engineering | Bull | Nasdaq Stockholm (Stockholm Stock Exchange) | construction, Defense spending, energy transition, Europe, IIJA funding, infrastructure, margin expansion, Nordics, Order backlog quality, US, Value | Login |
| Jul 1, 2026 | Fund Letters | Protean Select | - | Telia Company AB | Telecom Services | Integrated Telecommunication Services | Bear | Nasdaq Stockholm (Stockholm Stock Exchange) | ARPU growth, Earnings cycle, margin expansion, Nordic telecom, Satellite competition, Short, SpaceX, telecommunications, valuation compression | Login |
| 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 | 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 | 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 | 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 |
| 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 |
| 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 | 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 |
| 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 |
| 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 | 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 | 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 | 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 |
| 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 | 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 | 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 |
| TICKER | COMMENTARY |
|---|---|
| INDU-B.ST | Indutrade is a new position in the fund, with a circa 3% weight. The share has underperformed its compounder peers materially over a multi-year stretch as an internal reorganization to improve organic growth and increase the M&A pace has become a detriment to margins (as costs increase when volumes declined) and somewhat counterintuitively, led to a slowdown in acquisitions during 2025. The latter appears to have reversed during the first half of 2026 with 7 acquisitions, and the former could potentially help them going forward (organic order growth was slightly positive in Q1). The share trades at 15x EBITA based on consensus, which is a considerable discount to peers and also an attractive stand-alone valuation, disregarding the market appetite for Swedish compounders. |
| TRUE-B.ST | Truecaller has also become a mid-sized position as we have added shares both in May and June. In mid-June, this Swedish provider of communication services announced that it has regained the ability to sell ads via its largest demand partner's platform (this is widely considered to be through Google), which should lead to a slight improvement in ad sales already in Q2, but more materially during H2. The Truecaller share is down 80 per cent in the last year as its monetization strategy has been disrupted in two of three business segments, but importantly, we consider Q1 to have been the trough. |
| STORY-B.ST | Storytel declined on renewed fears about Spotify's attempts to gain market share in audiobooks. |
| BAKKA.OL | Bakkafrost might be a relative winner compared to its less backward integrated peers in the fish farming sector when raw material prices increase but still suffered from El Niño related fears. |
| CINT.ST | We have agreed to sell our CINT shares to the bidders at a price of SEK 6.0, an increase from the initial public bid level of SEK 5.60. The share has become our largest contributor so far this year. We bought most of the shares we now are selling on the day of the Q4 25 report in February at SEK 3.12, when the share was +37% on the day following the relief that the report provided. We now sell those at an almost 100 per cent higher level. We have spent a lot of time assessing the possibilities of the Media Measurement business within CINT, and we believe that the bidders have done the same thing. |
| SKA-B.ST | Since Anders Danielsson became CEO in 2018, the quality of Skanska's order backlog has improved materially, with a much larger share of projects carrying higher gross margins than historically. Combined with an improving SG&A ratio, this supports further margin expansion as these projects are executed. Richard Kennedy, President of Skanska USA, summarised the transformation well: 'Skanska is in its best position ever – People, Performance, Business.' Our conviction in the strength of the underlying market has been reinforced through management meetings and our own research. In the US, a meaningful portion of IIJA funding remains to be contracted, and we expect the construction market to stay strong beyond the programme itself, supported by sustained investment in critical infrastructure, railways, energy transition projects and semiconductor manufacturing/data centres as an additional growth driver. Europe is entering a similar phase, as years of underinvestment, the energy transition and rising NATO spending push governments toward higher infrastructure spend. Consensus, however, still expects broadly flat order intake for Skanska in 2026, a view we think underestimates the strength of demand in both markets. That disconnect is also reflected in the valuation. The Construction business alone trades at ~13x EV/EBIT (2026E), below Skanska's own 10-year average. It was this mismatch between improving business fundamentals and a valuation that has yet to reflect them that led us to initiate a position at the end of May, after the shares had declined roughly 13% from their February high. Our thesis was quickly supported during Q2. Pre-announced orders have so far reached SEK ~44bn, up 19% compared with the same point last year. We have a reasonably sized long position in Skanska. |
| TELIA.ST | Nordic telecom names have spent 18 months in a rather pleasant combination of ARPU growth, margin expansion, and easy comps. Telia and Tele2 are up roughly 120% since the start of 2024. Yeah, you read that right, 120% in boring stable businesses over two years. Those tailwinds are now firmly in the price, and moderating. The operating case for Nordic telcos is not broken. Rather, it is the valuation case that is fragile. You don't need a resounding SpaceX win to justify a lower multiple on Telia. You only need investors to assign a non-trivial probability to the long-term earnings trajectory being messier than current consensus assumes. That is a much lower bar. With recent exceptional stock performance, entering a softer earnings backdrop, and with a well-capitalised new entrant explicitly targeting its market – the risk/reward of being long is not obvious. We are therefore short. SpaceX won't kill Telia as the operating resilience is real, but the valuation resilience right here is highly questionable. |
| TEL2-B.ST | Nordic telecom names have spent 18 months in a rather pleasant combination of ARPU growth, margin expansion, and easy comps. Telia and Tele2 are up roughly 120% since the start of 2024. Yeah, you read that right, 120% in boring stable businesses over two years. Those tailwinds are now firmly in the price, and moderating. |
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