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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
View |
| 2025 Q1 | Apr 2, 2025 | Hertford Capital | 2.3% | 2.3% | FNOX.ST | AI, Europe, growth, SaaS, small caps, software, value | Manager developed a comprehensive framework for evaluating European software companies, focusing on mission-critical, high-retention SaaS businesses with strong recurring revenues. The approach emphasizes companies that can embed AI capabilities deeply within core products, own their cloud infrastructure, and possess proprietary datasets for competitive advantage. | FNOX.ST |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Hertford Capital | Fortnox AB | Information Technology | Application Software | Bull | Nasdaq Stockholm | Bull, Enterprise software, ERP software, financial services, Mission-Critical, private equity, SaaS, Swedish, take-private, workflow automation | View Pitch |
| Apr 13, 2026 | Fund Letters | Hertford Capital | Fortnox AB | Software & Services | Application Software | Bull | Nasdaq Stockholm | Accounting Software, Cloud software, financial management, high margins, M&A Target, Monopoly, network effects, Pricing power, recurring revenue, SaaS, SME, Sweden | 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. | ||||||||