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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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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| 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 |
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| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||