BOULE-ST

BOULE-ST

BOULE-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.	GRAN.ST SINCH.ST SENTIA.OL ENITY.ST OSSD.ST	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
2025 Q3	Oct 1, 2025	Protean Select	-	6.7%	ARJO-B.ST, BALD-B.ST, BOULE.ST, CHMO.CO, COLO-B.CO, DEMANT.CO, DEVYSER.ST, EAST.ST, EKTA-B.ST, ELUX-B.ST, GETI-B.ST, GRNGS.ST, HM-B.ST, INDU-A.ST, LUMI.ST, LUN.CO, MTG-B.ST, NIMB.ST, RUSTA.ST, SDIP.ST, SINCH.ST, SKA-B.ST, SWED-A.ST, VIM.ST, VITRO.ST	active management, Medtech, Nordics, Quality, SmallCap, value	The fund has built significant positions in Nordic MedTech companies, representing about 18% of the portfolio across 10 names. The manager believes they are early in picking up high-quality businesses that have fallen from grace, particularly Danish large-caps Demant and Coloplast where valuations have become sensible with triggers around the corner.		View
2025 Q4	Jan 3, 2026	Protean Select	0.0%	10.8%	ADDV.ST, AFRY.ST, ASMO.PA, BOULE.ST, CLAS-B.ST, EQT.ST, HOLMEN-B.ST, ITAB.ST, MAERSK-B.CO, NLF.CO, PEXIP.OL, REJL.ST, RUSTA.ST, SINCH.ST, STO.ST, SUZB3.SA, UPM.HE	Energy Transition, Esg, Forest Products, Long/Short, Nordics, small cap, value	Nordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate-related harvesting challenges, and currency pressures. Holmen specifically struggles with integrated mills, declining paper demand, and the contradiction between maximizing forest values and industrial margins. Discussion of carbon sequestration claims by forest companies being questionable, with unclear regulations and varying calculation methods. Energy super-profits from forest companies are viewed as transient arbitrage opportunities that should not be extrapolated indefinitely.		View
2025 Q4	Jan 3, 2026	Protean Small Cap	4.7%	20.7%	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	Nordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate challenges affecting harvesting, and currency pressures. Holmen specifically struggles with integrated mills and declining paper demand while being long and short wood prices asymmetrically. Protean Small Cap delivered strong performance with 20.7% returns in 2025, outperforming benchmark by 13.4%. Portfolio includes cornerstone IPO investment in Arctic Falls and successful positions in companies like Rusta and Pexip. Focus on Nordic markets through multiple fund strategies including small cap, hedge fund, and low-fee active fund. Strong performance across Nordic-focused strategies with significant assets under management growth.		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	Boule Diagnostics	Health Care	Health Care Equipment & Supplies	Bull	Nasdaq Stockholm	diagnostics, Hematology, medical technology, Sweden, turnaround, Value, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Protean Select	Boule Diagnostics	Health Care	Health Care Equipment & Supplies	Bull	Nasdaq Stockholm	contrarian, Danaher Experience, diagnostics, Hematology, Medical devices, new management, OEM Business, turnaround, Veterinary	View Pitch

BSD Shareholders of BOULE-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.

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