| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 2.5% |
Protean Small Cap declined 2.7% in June but has gained 72% since June 2023 inception versus 28% for the benchmark. The fund is positioned to benefit from structural infrastructure spending through Skanska, where improving order backlog quality and 19% year-over-year Q2 order growth support margin expansion thesis. Manager sees compelling value in Nordic small caps trading at single-digit EV/EBIT multiples, with take-private bids on Viva Wine and CINT emblematic of broader opportunity set. Two successful exits this month generated strong returns. New positions include Indutrade at 15x EBITA (discount to compounder peers) and defense-exposed Savox Communications benefiting from European rearmament. Manager expresses concern about AI political and regulatory risk in Europe, arguing costs are arriving before consumer benefits in reverse of prior technology cycles. EU AI Act enforcement and Nordic labor market friction viewed as underpriced headwinds. Short Telia on valuation fragility after 120% two-year rally, not on disruption thesis. Portfolio positioned with selective AI longs and shorts reflecting regulatory skepticism.
Nordic small caps offer compelling value opportunities as fund outflows and market disinterest create single-digit EV/EBIT valuations on reasonable businesses, with take-private activity expected to accelerate. Infrastructure spending provides multi-year tailwind through Skanska exposure as IIJA funding and European rearmament drive order growth. AI regulatory and political risks in Europe are underpriced, creating opportunities on both long and short sides. Telecom sector faces valuation compression risk after exceptional two-year run despite operational resilience.
Manager expects continued take-private activity in Nordic small caps during autumn as fundamentals remain ignored amid fund outflows. Infrastructure spending thesis supported by strong Q2 order momentum. Cautious on AI monetization timelines in Europe due to regulatory and labor market friction. Telecom sector valuation viewed as vulnerable despite operational resilience.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 1 2026 | 2026 Q2 | ALFA.ST, ATCO-A.ST, BAKKA.OL, BEIJ-B.ST, BIOG-B.ST, BTS-B.ST, CINT.ST, DEVYSER.ST, EPRO-B.ST, INDU-B.ST, PNDORA.CO, SKA-B.ST, STORY-B.ST, TELIA.ST, TRUE-B.ST | AI, defense, infrastructure, M&A, Nordics, small caps, Telecom, value |
INDU-B.ST TRUE-B.ST SKA-B.ST TELIA.ST |
Nordic small caps offer compelling value at single-digit EV/EBIT multiples with take-private activity accelerating. Infrastructure spending through Skanska provides multi-year growth as order momentum confirms thesis. AI regulatory and political risks in Europe are underpriced, creating opportunities across valuation spectrum. Telecom sector vulnerable after exceptional run. Fund positioned for continued small cap M&A activity and infrastructure tailwinds while hedging AI and telecom valuation risk. |
| Apr 1 2026 | 2026 Q1 | BALD-B.ST, CINT.ST, DEVYSER.ST, NIBE-B.ST, RUSTA.ST, VERTI.ST | active management, Energy Transition, Geopolitical, Heat Pumps, Nordics, small caps, volatility |
NIBE.ST CINT.ST DEVYSER.ST VIMIAN.ST VERT.ST |
Nordic fund manager navigates Middle East crisis by actively trading volatility-driven disconnects while positioning for structural energy transition catalyst. Meaningful Nibe investment reflects conviction that European energy independence will drive heat pump demand regardless of conflict outcome. Hedged strategies provided downside protection during market stress, demonstrating value of active management over passive indexing. |
| Jan 3 2026 | 2025 Q4 | ADDV.ST, AFRY.ST, ASMO.PA, BOULE.ST, CLAS-B.ST, EQT.ST, HOLMEN-B.ST, ITAB.ST, LINDEX.ST, MAERSK-B.CO, NILFSK.CO, PEXIP.OL, REJL.ST, RUSTA.ST, SINCH.ST, STO.ST, UPM.HE | active management, Forest Products, IPO, Nordics, Outperformance, small caps | - | Protean Small Cap achieved outstanding 2025 performance with 20.7% returns, driven by successful IPO investment in Arctic Falls and strong positions in Rusta and Pexip. The manager warns against extrapolating success while maintaining short exposure to structurally challenged Nordic forest industry, particularly Holmen facing eucalyptus competition and declining paper demand. |
| Oct 1 2025 | 2025 Q3 | ARJO-B.ST, ASSA-B.ST, BALD-B.ST, BOUL.ST, CHMO.CO, COLO-B.ST, DEMANT.CO, DEVYSER.ST, EAST.ST, EKTA-B.ST, ELUX-B.ST, GETI-B.ST, GRNGS.ST, HM-B.ST, INDU-A.ST, INVE-B.ST, LUMI.ST, LUN-B.ST, MTG-B.ST, NESTE.HE, NIMB.ST, RUSTA.ST, SDIP.ST, SINCH.ST, SKA-B.ST, SWED-A.ST, VIMIAN.ST, VITR.ST | active management, Medtech, Nordic, Quality, small cap, value | - | Protean Small Cap delivered modest September underperformance but maintains strong year-to-date outperformance through active Nordic small cap management. The team acknowledges being early on MedTech positions but sees improving opportunities and attractive valuations. Key thesis centers on Getinge's potential doubling as quality improvements materialize, while maintaining nimble positioning across undervalued Nordic quality businesses. |
| Jul 1 2025 | 2025 Q2 | ACAST.ST, ARJO-B.ST, ASMO.PA, BOULE.ST, DEVYSER.ST, ENITY.ST, ESSITY-B.ST, GRNG.ST, ITAB.ST, MTHOJ.CO, NVO, OSSD.ST, PROACT.ST, SDIP.ST, SENTIA.OL, SINCH.ST, STEAB.ST | Construction, Medtech, Nordics, Opportunistic, small caps, value |
OSSD.ST ENITY.ST SENTIA.OL SINCH.ST GRAN.ST |
Protean leverages deep Nordic market expertise and owner-operated structure to deliver superior returns across three distinct strategies. Strong June performance driven by medtech and construction holdings, with increased conviction in Ossdsign and Sinch. Opportunistic approach capitalizes on regional IPO activity while maintaining disciplined risk management. Structural advantages in underserved Nordic small cap market provide sustainable competitive edge. |
| May 5 2025 | 2025 Q1 | ACAST.ST, ASMDF, ASSA-B.ST, AXFO.ST, BIOT.ST, COOR.ST, DEVYSER.ST, ELUX-B.ST, EMBRAC-B.ST, EQT.ST, FNOX.ST, GETI-B.ST, INTEA.ST, ITAB-B.ST, KOJAMO.HE, NDA-SE.ST, RATO-B.ST, RAYS-B.ST, RUSTA.ST, TRUE-B.ST | Hedge Fund, Nordics, Performance, risk management, small caps, tariffs, volatility |
ITAB.ST ASMD.PA GETI-B.ST LIND.ST RATOS-B.ST |
Protean Select posted 0.5% returns in April's volatile markets, demonstrating effective risk management with net exposure as low as 4% during market lows. The fund used turbulence to add to high-conviction Nordic small-caps while maintaining defensive positioning around tariff uncertainty. Three-year track record of 28.2% returns with 6% volatility validates the capital protection approach. |
| Jan 7 2025 | 2024 Q4 | ACAST.ST, AMBEA.ST, BAVA.CO, CGCBV.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, NOVO-B.CO, PROACT.ST, RAYSEARCH.ST, STORA-A.ST, TRYG.CO | growth, Nordics, real estate, small caps, Vaccines, value |
BAVA.CO INTEA.ST |
Protean Small Cap delivered excellent 2024 performance with 24.3% returns, beating benchmark by 13.2%. The Nordic small cap specialist maintains diversified positioning while adding selective new positions like Bavarian Nordic vaccines and Intea real estate. Strong performance since 2023 inception validates their strategy of remaining small and nimble in Nordic small caps. |
| Oct 1 2024 | 2024 Q3 | AZN, BOL.ST, BRAV.ST, CGCBV.HE, DEVYSER.ST, EMBEL.ST, EVO.ST, EWORK.ST, FASA.ST, FORTNOX.ST, GETI-B.ST, HM-B.ST, IBT.ST, INST.ST, ITAB-B.ST, LSG.OL, MOWI.OL, NESTE.HE, NETEL.ST, NOM.OL, NVO, REJL.ST, SSAB-A.ST, SWMA.ST, VALMT.HE, VIT.ST | AI, Esg, Medtech, Nordics, SaaS, Salmon, small cap, software |
VITEC.ST ITAB.ST IBT.ST GETINGE.ST NOVO-B.CO |
Protean Small Cap outperformed in September with concentrated Nordic small-cap positioning. ITAB's transformative acquisition drove strong performance while IBT's failed trials created the fund's largest single-day loss. The manager questions AI's threat to expensive SaaS companies like Vitec and criticizes industry ESG theater. Key positions include Getinge medtech turnaround and salmon farming investments positioned for 2025 benefits. |
| Jul 1 2024 | 2024 Q2 | ACAST.ST, AMBEA.ST, AUTO.OL, CAMX.ST, CGCBV.HE, CINT.ST, DEVYSER.ST, FASAD.ST, ITAB.ST, KEMIRA.HE, KOJAMO.HE, METSB.HE, NETEL.ST, NORVA.ST, PROACT.ST, RAY.ST, REJL.ST, TIE1V.HE, VAIAS.HE, VALMT.HE | AI, inflation, Nordics, risk management, small cap, value |
METSB.HE CAMX.ST NORVA.ST TRUE.ST |
Protean Small Cap outperformed in June despite market weakness, focusing on misunderstood Nordic small-caps with improving fundamentals. Manager cautious on AI bubble and inflation risks from trade wars but maintains conviction in portfolio of undervalued companies. New positions in Norva, Metsä Board and Camurus reflect opportunistic approach to quality businesses at attractive entry points. |
| Jun 18 2024 | 2024 Q1 | ACAST.ST, AMBE.ST, BICO.ST, BOULE.ST, CARG.HE, CINT.ST, DEVYSER.ST, EMBEL.ST, EVO.ST, FORTUM.HE, ITAB.ST, LINDEX.ST, NIBE.ST, NOLA.ST, PROACT.ST, RAY.ST, TIETO.ST, VALMT.HE | active management, Nordics, Outperformance, Quality, small caps, value |
ACAST.ST ITAB.ST EMBEL.ST BOULE.ST EVO.ST NIBE.ST |
Protean Small Cap delivered exceptional 37.2% first-year returns, outperforming by 17.3% through a diversified Nordic small-cap strategy. The fund targets undervalued quality companies like Acast and ITAB while maintaining nimbleness with 50 holdings capped at 5% each. Management expects moderated future performance as assets grow but remains committed to high-conviction, idiosyncratic positioning. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIManager expresses concern about AI political and regulatory risk in Europe, arguing the technology is running disruption in reverse order compared to prior cycles - costs arriving before consumer benefits. Views EU AI Act enforcement and Nordic labor market friction as underpriced headwinds to monetization timelines. Positioned with selective longs in perceived AI losers and shorts in perceived winners. |
Regulation Europe Productivity Valuation Political Risk |
Infrastructure SpendingManager sees structural underinvestment creating significant upgrade needs across Nordics, US, and Europe. New investment driven by AI, energy transition, and defense spending. Skanska positioned to benefit with improving order backlog quality and margin expansion potential. Q2 pre-announced orders up 19% year-over-year support thesis. |
Construction IIJA Defense Energy Transition | |
Wireless TelecomManager acknowledges Nordic telcos have delivered 120% returns over two years on ARPU growth and margin expansion, but views valuation as fragile entering softer earnings backdrop. Short Telia not on disruption thesis but on valuation vulnerability and moderating tailwinds. SpaceX threat considered overstated for terrestrial operators due to technical limitations. |
Valuation Earnings Cycle Satellite ARPU | |
Small CapsManager sees Nordic small caps out of favor with fund outflows, creating opportunities where fundamentals are ignored. Multiple take-private bids at reasonable valuations (single-digit EV/EBIT multiples) with major owners taking companies private. Expects more bids in autumn as reasonable businesses trade at compressed valuations. |
Valuation M&A Outflows Take-Private | |
Defense SpendingSavox Communications highlighted as interesting growth story with exposure to European rearmament driving material volume growth and margin scaling over past two years. Manager expects defense-driven growth to continue but notes sales development could be lumpy based on peer performance. |
Rearmament Europe Growth Margins | |
| 2026 Q1 |
Energy TransitionThe Middle East crisis will put energy efficiency and reduced oil dependence back on the political agenda across Europe. This creates a structural catalyst for heat pump demand and energy renovation priorities. Nibe represents exposure to this theme as the dominant European heat pump manufacturer. |
Heat Pumps Energy Efficiency Energy Independence Nibe Europe |
Geopolitical RiskThe Middle East conflict and Strait of Hormuz tensions create physical supply shocks that travel through global supply chains. Nordic companies with international operations cannot hide from these disruptions despite their local listing. The fog of war creates market volatility and pricing disconnects. |
Middle East Supply Chains Oil Volatility Global | |
Active ManagementMarch demonstrated the value of active portfolio management during volatile periods. The fund traded actively to capitalize on price-value disconnects caused by geopolitical noise. This contrasts with passive index investing which owns everything indiscriminately without judgment. |
Portfolio Management Volatility Value Trading 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 struggles with high wood costs while being locked into Nordic production capacity. |
Pulp Paper Eucalyptus Holmen Sustainability |
Small CapsStrong performance in Nordic small caps with the fund outperforming by 42.2% since inception. Portfolio includes cornerstone IPO investments and M&A activity, demonstrating active opportunity identification in the space. |
Nordic IPO M&A Outperformance Active | |
Discount RetailRusta performed strongly in December with a 24% gain following a strong report. The thesis for this Swedish hard discount retailer is playing out as intended according to the manager. |
Rusta Sweden Consumer Retail Value | |
| 2025 Q3 |
MedTechThe fund has built significant positions in Nordic MedTech companies, particularly Danish large-caps Demant and Coloplast, believing the market is approaching a bottoming process with sensible valuations and upcoming catalysts. The manager acknowledges being early in picking up high-quality businesses that have fallen from grace, with about 18% of the fund invested across 10 Nordic MedTech names. |
Medical Devices Diagnostics Healthcare Quality Regulation |
QualityThe manager emphasizes investing in high-quality businesses with strong market positions and customer relationships, as exemplified by Getinge's ACT division which has maintained 20%+ EBITA margins and 3%+ organic growth despite operational problems. The focus is on companies with resilient business models, recurring revenues, and strong competitive moats. |
Margins Recurring Revenue Market Position Resilience Competitive Moats | |
ValueThe strategy involves identifying undervalued opportunities where market perception lags fundamentals, such as Swedish investment companies trading at premiums to NAV and MedTech companies with attractive valuations despite temporary headwinds. The manager seeks situations where quality businesses are available at sensible prices due to temporary market disfavor. |
Valuation Discount NAV Mispricing Contrarian | |
| 2025 Q2 |
NordicsProtean believes the Nordic markets constitute the most attractive region for investing globally, supported by educational systems, rule of law, political stability, natural resources, and vibrant equity markets. The limited size of home markets plus international outlook creates disproportionate globally successful companies. |
Sweden Norway Denmark Finland Regional |
MedtechOssdsign, a Swedish medtech company, produces nanosynthetic bone graft for spinal fusion surgery. Their PROPEL registry showed 88% fusion rates despite complex patient cohort, with the market failing to fully discount long-term potential in their Catalyst product. |
Medical Devices Biotechnology Healthcare Innovation | |
ConstructionSentia is a Norwegian construction company with CEO Jan Jahren having 27 years with the group and subscribing for NOK100m in shares at listing. The company operates with large net cash position and very low contract assets on balance sheet. |
Infrastructure Norway Building Engineering | |
| 2025 Q1 |
VolatilityApril was characterized by extreme market volatility with the MSCI Nordic Index falling 13% intramonth before recovering to close only 2.3% down. The fund used this volatility to add to stronger ideas at attractive levels while maintaining defensive positioning. |
Market volatility Drawdowns Recovery Positioning Risk management |
Trade PolicyTrump administration tariff policies created significant market uncertainty and volatility. The fund positioned defensively around tariff announcements, shorting US-exposed cyclicals and adjusting positioning as policies evolved, including the 90-day delay announcement. |
Tariffs Trade tensions Policy uncertainty US exposure Defensive positioning | |
Risk ManagementThe fund operates with a dual mandate of generating acceptable returns while protecting capital. Portfolio construction emphasizes diversification with no position above 5%, modest gross exposure averaging 125%, and careful attention to liquidity to avoid existential blow-ups. |
Capital protection Diversification Position sizing Liquidity Drawdown control | |
Small CapsThe fund focuses on small and mid-cap investments as potential multi-baggers that have generated the bulk of performance over three years. During April volatility, the fund added to small-cap positions like Devyser, Acast, Asmodee, ITAB and Truecaller at attractive levels. |
Multi-baggers Long-term holdings Fundamental analysis Opportunity Performance drivers | |
| 2024 Q4 |
Small CapsThe fund focuses on Nordic small caps as its core strategy, believing they offer superior return potential despite higher volatility. The manager emphasizes that small caps are their home turf where they benefit from being a small fund with the ability to be nimble and versatile. |
Nordic Volatility Returns Nimble Positioning |
VaccinesInitiated position in Bavarian Nordic, a Danish vaccine producer known for smallpox and monkeypox vaccines. The company is building a bread-and-butter business in travel vaccines including rabies and TBE, which benefits from climate change trends and offers attractive acquisition opportunities. |
Bavarian Nordic Travel Climate Acquisitions Growth | |
Commercial Real EstateInvested in Intea, a specialized real estate company focused on high-quality properties leased to public tenants including police stations and prisons. The company offers higher yields than office segments without the headwinds, with significant project development pipeline providing growth trajectory. |
Intea Public Tenants Yields Development Growth | |
| 2024 Q3 |
AIAI poses a potential 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 questions whether Swedish software company Vitec has adequately addressed AI's impact on their vertical software roll-up strategy. |
SaaS Enterprise Software Automation Disruption Vitec |
SaaSTraditional SaaS platforms that rely on manual configuration could become obsolete as AI provides automated, customized solutions. The high subscription fees and scale benefits of current SaaS models may face pressure from AI-powered alternatives that offer usage-based pricing. |
Enterprise Software Subscription Automation Pricing AI | |
| 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 may take years to generate returns above cost of capital. |
Artificial Intelligence Technology Bubble Chat-GPT Investment Returns |
InflationManager questions victory declarations over inflation given rising trade wars and tariffs. Concerns about inflationary outlook as low-cost Asian exports that spread disinflation for decades face trade barriers. |
Trade Wars Tariffs Asian Exports Monetary Policy | |
| 2024 Q1 |
Small CapsThe fund focuses exclusively on Nordic small-cap opportunities with roughly 50 names in the portfolio. The manager emphasizes that small-cap funds provide a bigger opportunity set than larger competitors, though acknowledges that growing assets reduce nimbleness. The fund will cap at 4bn SEK to maintain its small-cap focus. |
Nordic Diversified Outperformance Opportunity Nimble |
QualityThe manager seeks quality companies with strong fundamentals, citing examples like Embellence's resilience during high interest rates and ITAB's strong technology solutions. The focus is on businesses that can demonstrate organic growth and operational excellence even in challenging environments. |
Fundamentals Resilience Growth Technology Performance | |
ValueThe strategy involves identifying undervalued opportunities where market perception doesn't match fundamental reality. Examples include BICO after its crash and Evolution trading at low teens EV/EBIT despite strong fundamentals. The manager looks for situations where stigma or moral concerns create valuation disconnects. |
Undervalued Mispriced Fundamentals Opportunity Disconnect |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 1, 2026 | Fund Letters | Protean Small Cap | INDU-B.ST | Indutrade AB | Other | Industrial Machinery | Bull | Nasdaq Stockholm (Stockholm Stock Exchange) | EBITA Multiple, industrial conglomerate, M&A strategy, margin compression, organic growth, Swedish compounder, turnaround, valuation discount | Login |
| Jul 1, 2026 | Fund Letters | Protean Small Cap | TRUE-B.ST | Truecaller AB | Software - Application | Interactive Media & Services | Bull | Nasdaq Stockholm (Stockholm Stock Exchange) | Advertising Monetization, Caller identification, Communication Services, deep value, Earnings Trough, Google partnership, Swedish technology, turnaround | Login |
| Jul 1, 2026 | Fund Letters | Protean Small Cap | SKA-B.ST | Skanska AB | Engineering & Construction | Construction & Engineering | Bull | Nasdaq Stockholm (Stockholm Stock Exchange) | Central Europe, construction, Defense spending, energy transition, IIJA funding, infrastructure investment, margin expansion, Nordic construction, Order backlog quality, valuation discount | Login |
| Jul 1, 2026 | Fund Letters | Protean Small Cap | TELIA.ST | Telia Company AB | Telecom Services | Integrated Telecommunication Services | Bear | Nasdaq Stockholm (Stockholm Stock Exchange) | ARPU growth, Earnings cycle, margin expansion, Momentum reversal, Multiple compression, Nordic telco, Satellite disruption risk, SpaceX Competition, telecommunications, valuation compression | Login |
| Apr 8, 2026 | Fund Letters | Protean Small Cap | NIBE.ST | Nibe Industrier AB | Other | Building Products | Bull | New York Stock Exchange | Building Products, contrarian, Cyclical Recovery, energy efficiency, Energy independence, European markets, heat pumps, Value | Login |
| Apr 8, 2026 | Fund Letters | Protean Small Cap | CINT.ST | Cint Group AB | Software - Application | Internet Software & Services | Bull | New York Stock Exchange | AI impact, growth, high-risk, Market Research, Media Measurement, Sequential Improvement, technology platform, turnaround | Login |
| Apr 8, 2026 | Fund Letters | Protean Small Cap | DEVYSER.ST | Devyser Diagnostics AB | Other | Life Sciences Tools & Services | Bull | New York Stock Exchange | Cash Flow Breakeven, contrarian, Disease Detection, DNA Analysis, Genetic Testing, Healthcare Diagnostics, Healthcare Technology, Sticky Protocols | Login |
| Apr 8, 2026 | Fund Letters | Protean Small Cap | VIMIAN.ST | Vimian Group AB | Diagnostics & Research | Health Care Supplies | Bull | New York Stock Exchange | acquisition strategy, Animal Health, Cash Flow Improvement, Operational Turnaround, PE Backing, Pet Care, Sector Rerating, Veterinary | Login |
| Apr 8, 2026 | Fund Letters | Protean Small Cap | VERT.ST | Vertiseit AB | Other | Software | Bull | New York Stock Exchange | Digital Signage, growth, M&A Synergies, Owner-operators, recurring revenue, Retail Digitization, retail technology, SaaS | Login |
| Jun 1, 2025 | Fund Letters | Protean Small Cap | OSSD.ST | Ossdsign | Health Care | Health Care Equipment | Bull | Nasdaq Stockholm | Bone Graft, clinical data, growth, Medical Device, Medtech, Orthopedic, Spinal Fusion, Swedish | Login |
| Jun 1, 2025 | Fund Letters | Protean Small Cap | ENITY.ST | Enity | Financials | Consumer Finance | Bull | Nasdaq Stockholm | Alternative Lending, consumer finance, Credit risk, IPO, Mortgages, Nordic, ROE, Specialized Lending | Login |
| Jun 1, 2025 | Fund Letters | Protean Small Cap | SENTIA.OL | Sentia | Industrials | Construction & Engineering | Bull | Oslo Børs | asset-light, balance sheet, construction, IPO, Management alignment, net cash, Norwegian, Ratos | Login |
| Jun 1, 2025 | Fund Letters | Protean Small Cap | SINCH.ST | Sinch | Communication Services | Interactive Media & Services | Bull | Nasdaq Stockholm | cash flow, cloud communications, Cost control, organic growth, Share Buyback, Swedish, Top Position, turnaround | Login |
| Jun 1, 2025 | Fund Letters | Protean Small Cap | GRAN.ST | Gränges | Materials | Aluminum | Bull | Nasdaq Stockholm | Aluminum, automotive, CapEx reduction, diversification, EV Battery, FCF yield, Heat Exchangers, Regional Capacity, tariffs | Login |
| Apr 1, 2025 | Fund Letters | Protean Small Cap | ITAB.ST | ITAB Shop Concept | Capital Goods | Commercial Services & Supplies | Bull | Stockholm Stock Exchange | Gate Solutions, M&A Integration, margin expansion, Retail Solutions, Shop Fittings, Sweden | Login |
| Apr 1, 2025 | Fund Letters | Protean Small Cap | ASMD.PA | Asmodee | Consumer Discretionary | Leisure Products | Bull | Euronext Paris | Card Games, entertainment, france, M&A Target, organic growth, spin-off, Tabletop Gaming | Login |
| Apr 1, 2025 | Fund Letters | Protean Small Cap | GETI-B.ST | Getinge | Health Care Equipment & Services | Health Care Equipment | Bull | Stockholm Stock Exchange | Healthcare Equipment, Hospital Equipment, M&A strategy, medical technology, Sweden, tariff impact | Login |
| Apr 1, 2025 | Fund Letters | Protean Small Cap | LIND.ST | Lindex | Consumer Discretionary | Specialty Retail | Bull | Stockholm Stock Exchange | Fashion retail, Logistics Issues, Nordic Region, turnaround, valuation, Warehouse Transition | Login |
| Apr 1, 2025 | Fund Letters | Protean Small Cap | RATOS-B.ST | Ratos | Financials | Capital Markets | Bull | Stockholm Stock Exchange | Contrarian Investment, HL Display, holding company, Portfolio Companies, strategic direction, Sweden, Value | Login |
| Dec 1, 2024 | Fund Letters | Protean Small Cap | BAVA.CO | Bavarian Nordic | Health Care | Biotechnology | Bull | NASDAQ Copenhagen | acquisition target, biotechnology, climate change, Danish, margin expansion, Monkeypox, Rabies, TBE, Travel Medicine, vaccines | Login |
| Dec 1, 2024 | Fund Letters | Protean Small Cap | INTEA.ST | Intea | Real Estate | Specialized REITs | Bull | Nasdaq Stockholm | development pipeline, Government Tenants, insider buying, IPO, long-term leases, NAV discount, Prisons, Real Estate, Specialized Properties, Swedish | Login |
| Sep 30, 2024 | Fund Letters | Protean Small Cap | VITEC.ST | Vitec Software Group | Information Technology | Application Software | Bear | Nasdaq Stockholm | AI disruption, B2B software, Bear, overvalued, Roll-up, SaaS, Sweden, technology, vertical software | Login |
| Sep 30, 2024 | Fund Letters | Protean Small Cap | ITAB.ST | ITAB Shop Concept | Industrials | Trading Companies & Distributors | Bull | Nasdaq Stockholm | Bull, M&A, margin expansion, organic growth, Retail Solutions, Shop Fitting, Sweden, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Protean Small Cap | IBT.ST | Immunicum | Health Care | Biotechnology | Bull | Nasdaq Stockholm | Binary Outcome, biotechnology, clinical trial, contrarian, high-risk, Immunotherapy, Phase III, Sweden | Login |
| Sep 30, 2024 | Fund Letters | Protean Small Cap | GETINGE.ST | Getinge | Health Care | Health Care Equipment | Bull | Nasdaq Stockholm | Compliance, contrarian, ECMO, medical technology, Quality Issues, Regulatory risk, Sweden, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Protean Small Cap | NOVO-B.CO | Novo Nordisk | Health Care | Pharmaceuticals | Bull | Nasdaq Copenhagen | defensive, Denmark, Diabetes, GLP-1, growth, large-cap, Obesity, pharmaceuticals | Login |
| Jul 1, 2024 | Fund Letters | Protean Funds | METSB.HE | Metsä Board | Materials | Paper & Forest Products | Bull | Helsinki Stock Exchange | capacity expansion, Cooperative Ownership, Finland, materials, Packaging, Paper, Pulp, turnaround | Login |
| Jul 1, 2024 | Fund Letters | Protean Funds | CAMX.ST | Camurus | Health Care | Pharmaceuticals | Bull | Stockholm Stock Exchange | Acromegaly, biotechnology, Brixadi, Buvidal, Long-release Technology, pharmaceuticals, platform company, Sweden | Login |
| Jul 1, 2024 | Fund Letters | Protean Funds | NORVA.ST | Norva24 | Industrials | Commercial Services & Supplies | Bull | Stockholm Stock Exchange | Consolidation Play, Defensive growth, Fleet Operations, Infrastructure Maintenance, Non-discretionary Services, northern Europe, Sewerage Systems, utilities | Login |
| Jul 1, 2024 | Fund Letters | Protean Funds | TRUE.ST | Truecaller | Communication Services | Interactive Media & Services | Bull | Stockholm Stock Exchange | Caller ID, Fraud Insurance, India, Mobile Technology, monetization, premium services, Software, subscription model | Login |
| Jun 3, 2024 | Fund Letters | Protean Funds | ACAST.ST | Acast | Communication Services | Interactive Media & Services | Bull | Nasdaq Stockholm | advertising technology, digital media, growth, Podcast, SaaS, Sweden | Login |
| Jun 3, 2024 | Fund Letters | Protean Funds | ITAB.ST | ITAB | Industrials | Commercial Services & Supplies | Bull | Nasdaq Stockholm | Anti-theft, Industrial technology, Loss Prevention, retail technology, Sweden, turnaround | Login |
| Jun 3, 2024 | Fund Letters | Protean Funds | EMBEL.ST | Embellence | Consumer Discretionary | Household Durables | Bull | Nasdaq Stockholm | Consumer Discretionary, High-end, hospitality, Interior Design, Nordic, Sweden, Wallpaper | Login |
| Jun 3, 2024 | Fund Letters | Protean Funds | BOULE.ST | Boule Diagnostics | Health Care | Health Care Equipment & Supplies | Bull | Nasdaq Stockholm | diagnostics, Hematology, medical technology, Sweden, turnaround, Value, Veterinary | Login |
| Jun 3, 2024 | Fund Letters | Protean Funds | EVO.ST | Evolution | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Nasdaq Stockholm | B2B software, ESG Exclusion, growth, live casino, Online-Gaming, Sweden, Value | Login |
| Jun 3, 2024 | Fund Letters | Protean Funds | NIBE.ST | Nibe | Industrials | Building Products | Bull | Nasdaq Stockholm | Building Products, Derivatives, energy efficiency, ESG, heat pumps, Sweden, turnaround | 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. |
| BTS-B.ST | BTS cooled down following a very strong performance in May post their Q1 report. |
| 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. |
| ALFA.ST | Biggest contributors were Alfa Laval, Atlas Copco, Pandora and Beijer Ref. |
| ATCO-A.ST | Biggest contributors were Alfa Laval, Atlas Copco, Pandora and Beijer Ref. |
| PNDORA.CO | Biggest contributors were Alfa Laval, Atlas Copco, Pandora and Beijer Ref. |
| BEIJ-B.ST | Biggest contributors were Alfa Laval, Atlas Copco, Pandora and Beijer Ref. |
| EPRO-B.ST | Biggest detractors were short OMX futures, Electrolux Professional, Biogaia and Devyser. |
| BIOG-B.ST | Biggest detractors were short OMX futures, Electrolux Professional, Biogaia and Devyser. |
| DEVYSER.ST | Biggest detractors were short OMX futures, Electrolux Professional, Biogaia and Devyser. |
| 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. 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. The Construction business alone trades at ~13x EV/EBIT (2026E), below Skanska's own 10-year average. 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. 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. We are therefore short. SpaceX won't kill Telia as the operating resilience is real, but the valuation resilience right here is highly questionable. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
