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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Protean Small Cap declined 1.7% net of fees in September 2026, underperforming its benchmark index by 1.1 percentage points, but brought year-to-date performance to 11.1% net of fees compared to 9.2% for the benchmark. Since inception in September 2023, the strategy has gained 86.6% net of fees. Performance during the month was driven by positive contributions from Storytel, ITAB Shop Concept, and Coffee Stain, offset by detractors including Devyser, Acast, and newly initiated housing developer Bonava. The management team initiated positions in Swedish homebuilder Bonava, capitalizing on an emergent domestic housing market recovery spurred by relaxed Swedish lending rules, and re-entered optical networking provider Smartoptics following valuation contraction. Furthermore, the fund initiated Scandic Hotels on the back of summer Nordic tourism strength and operational momentum in its Dalata acquisition, while fully divesting Swedish technical consultancy Rejlers due to integration friction surrounding its Multiconsult transaction.
Long-term compounding in Nordic small caps is achieved by exploiting short-term market noise to acquire high-quality businesses with durable free cash flow generation at attractive valuations.
Management anticipates that the gradual revival in Swedish consumer spending and housing turnover, assisted by relaxed lending rules, will translate into improved earnings for domestically exposed companies. Over the long run, fundamental free cash flow generation is expected to overcome short-term algorithmic market noise.
As of Oct 1, 2026
Lead Portfolio Manager
Carl Gustafsson
Managing Partner
Moderate Conviction Bullish
Market Conviction
50
Growth Outlook
50
Risk Appetite
50
Capital Deployment
50
Forward Guidance
50
Language Signal
50
Perceived Risk
50
Opportunity Density
50
Time Horizon
50
Top Conviction Themes
Key Catalysts
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