HM-B-ST

HM-B-ST

HM-B-ST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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	View
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	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 NVO 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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of HM-B-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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