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| 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 |
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| 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. | TRUE.ST NOR.ST CAMX.ST METSB.HE |
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| 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. | TRUE.ST NORVA.ST CAMX.ST METSB.HE |
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| 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 |
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| 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. | RATOS-B.ST LIND.ST GETI-B.ST ASMD.PA ITAB.ST |
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| 2026 Q1 | Apr 1, 2026 | Protean Small Cap | - | - | 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 | VERT.ST VIMIAN.ST DEVYSER.ST CINT.ST NIBE.ST |
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| 2026 Q1 | Apr 1, 2026 | Protean Select | - | - | BALD-B.ST, BOL.ST, BTS-B.ST, CINT.ST, DEVYSER.ST, ELUX-B.ST, GETI-B.ST, LUMI.TO, NIBE-B.ST, NYFO.ST, RUSTA.ST, SMART.OL, VERTI.ST, VIMIAN.ST, VOLV-B.ST | Energy Transition, Geopolitical Risk, Heat Pumps, Hedge Fund, Nordics, small caps, volatility | DEVYSER.ST VIMIAN.ST CINT.ST NIBE.ST |
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| 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 Q3 | Oct 1, 2025 | Protean Small Cap | - | 11.8% | 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 | The 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. | View | |
| 2024 Q3 | Oct 1, 2024 | Protean Select | 0.0% | 10.6% | AZN, BOL.ST, BRAV.ST, DEVYSER.ST, EWORK.ST, FORTNOX.ST, GETIB.ST, HM-B.ST, ITAB-B.ST, LSG.OL, MOWI.OL, NESTE.HE, NVO, SSAB-A.ST, VALMT.HE, VITEC.ST | AI, Aquaculture, Esg, Medtech, Nordics, SaaS, small cap | AI poses a significant 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 specifically highlights concerns about Swedish software company Vitec, which has never addressed AI challenges in 20 quarterly calls despite trading at 60x FCF. | GETI-B.ST NVO ITAB.ST IBT.ST VITEC.ST |
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| 2024 Q3 | Oct 1, 2024 | Protean Small Cap | 0.0% | 24.3% | 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 | AI 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. | NOVO-B.CO GETINGE.ST IBT.ST ITAB.ST VITEC.ST |
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| 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 NVO BAVA.CO |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | Protean Select | Devyser | Other | Life Sciences Tools & Services | Bull | New York Stock Exchange | Biotech, diagnostics, Equity, Genetic Testing, growth, Healthcare Technology, life sciences, Sweden | View Pitch |
| Apr 9, 2026 | Fund Letters | Protean Small Cap | 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 | View Pitch |
| 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. | ||||||||