ITAB-ST

ITAB-ST

ITAB-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 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	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.	TRUE.ST 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
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
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 Small Cap	ITAB Shop Concept	Capital Goods	Commercial Services & Supplies	Bull	Stockholm Stock Exchange	Gate Solutions, M&A Integration, margin expansion, Retail Solutions, Shop Fittings, Sweden	View Pitch
Apr 13, 2026	Fund Letters	Protean Funds	ITAB	Industrials	Commercial Services & Supplies	Bull	Nasdaq Stockholm	Anti-theft, Industrial technology, Loss Prevention, retail technology, Sweden, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Protean Select	ITAB	Industrials	Commercial Services & Supplies	Bull	Nasdaq Stockholm	Anti-theft, Doubling Stock, Loss Prevention, Product Mix Improvement, retail technology, Technology Solutions	View Pitch
Apr 13, 2026	Fund Letters	Protean Select	ITAB Shop Concept	Industrials	Commercial Services & Supplies	Bull	Nasdaq Stockholm	cash flow, Eps accretion, M&A, Margin Improvement, organic growth, retail, Shop Fitting, Sweden, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Protean Small Cap	ITAB Shop Concept	Industrials	Trading Companies & Distributors	Bull	Nasdaq Stockholm	Bull, M&A, margin expansion, organic growth, Retail Solutions, Shop Fitting, Sweden, turnaround	View Pitch

BSD Shareholders of ITAB-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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