ACAST-ST

ACAST-ST

ACAST-ST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 1, 2025	Protean Small Cap	-	9.7%	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	Protean 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.	SINCH.ST SENTIA.OL ENITY.ST OSSD.ST	View
2024 Q2	Jul 1, 2024	Protean Select	0.0%	10.6%	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	Manager 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.	CAMX.ST METSB.HE	View
2024 Q2	Jul 1, 2024	Protean Funds	0.0%	24.3%	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	Manager 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.	NORVA.ST CAMX.ST METSB.HE	View
2024 Q1	Jun 18, 2024	Protean Funds	0.0%	24.3%	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	The 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.	NIBE.ST EVO.ST BOULE.ST EMBEL.ST ITAB.ST ACAST.ST	View
2024 Q1	Jun 18, 2024	Protean Select	0.0%	10.6%	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	Evolution 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.	NIBE-B.ST EVO.ST BOULE.ST EMBEL.ST ITAB.ST ACAST.ST	View
2025 Q1	May 5, 2025	Protean Select	2.1%	-	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	April 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.		View
2025 Q1	May 5, 2025	Protean Small Cap	2.5%	-	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	April 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.	GETI-B.ST ITAB.ST	View
2024 Q4	Jan 7, 2025	Protean Select	-	11.0%	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	Significant 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.	INTEA.ST AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT BAVA.CO	View
2024 Q4	Jan 7, 2025	Protean Small Cap	-	24.0%	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	The 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.	INTEA.ST BAVA.CO	View
2024 Q4	Jan 21, 2025	Asheville Capital Management	-	0.8%	4480.T, 7379.T, 9416.T, ACAST.ST, BFIT.AS, INPST.WA, NU, TPW.AX, VTY.L, WISE.L	capital efficiency, Concentration, global, ROIC, small caps, value	InPost dominates Polish e-commerce logistics with 50% market share and 80% customer preference. The company benefits from significant economies of scale and network effects with over 52,000 merchant integrations. International expansion shows strong momentum with 14-month payback periods on assets.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM VTY.L INPST.WA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Protean Funds	Acast	Communication Services	Interactive Media & Services	Bull	Nasdaq Stockholm	advertising technology, digital media, growth, Podcast, SaaS, Sweden	View Pitch
Apr 13, 2026	Fund Letters	Protean Select	Acast	Communication Services	Interactive Media & Services	Bull	Nasdaq Stockholm	advertising, digital media, Podcast, profitability inflection, SaaS, technology platform, undervalued	View Pitch

BSD Shareholders of ACAST-ST

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: