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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 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 Q2 | Jun 30, 2024 | Bell Global Equities Fund | -3.5% | 5.8% | 3064.T, AAPL, ADBE, AMZN, CRDA.L, DEO, FI, GOOGL, MA, MSFT, NESN.SW, NESTE.HE, NKE, ORCL, POOL, QCOM, ROG.SW, ULTA, UNH, V | AI, global, Quality, software, technology, value | Strong demand for AI large language model training and inferencing drove Oracle's cloud infrastructure growth, with management guiding 50%+ OCI growth in FY25. Oracle signed IaaS contracts totaling US$12.5 billion with 43% YoY growth, including partnerships with Google, Microsoft, and OpenAI. The AI theme continues to propel technology-related names higher across semiconductors, software, and hardware segments. | 4768.T NKE ADBE ORCL |
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| 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. | ||||||||