“Protector Forsikring expanded gross written premiums by 15% in 2024 while entering France with immediate traction. Leveraging industry-leading cost efficiency and outstanding investment returns, Protector trades at just 12x 2025 earnings despite compounding at 25%+ annually since IPO.”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.