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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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