NIBE-B-ST

NIBE-B-ST

NIBE-B-ST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 30, 2025	REQ Global Compounders	-	-	ADDT-B.ST, BEIJ-B.ST, BERG-B.ST, BRK-A, CSU.TO, DCC.L, HEI.A, HMS.ST, INDU-A.ST, LAGR-B.ST, LIFCO-B.ST, LMN.TO, NCAB.ST, NIBE-B.ST, TOI.TO	Acquisitions, compounders, Decentralization, Europe, long-term, Nordics, Quality	REQ focuses on acquisition-driven compounders that reinvest 75-80% of cash flow into organic growth and acquisitions at high returns. These companies demonstrate sustained exponential earnings growth through high reinvestment rates, strong returns on invested capital, and long duration of growth opportunities.	ROKO.ST	View
2024 Q2	Jul 1, 2024	REQ Global Compounders	-	14.0%	ATCO-A.ST, BEIJ-B.ST, BERG-B.ST, CSU.TO, DPLM.L, ELUX-B.ST, ERIC-B.ST, IMCD.AS, INDU-A.ST, JDG.L, LAGR.ST, LIFCO-B.ST, MEDC.ST, NIBE-B.ST, SAND.ST	Acquisitions, B2B, Compounding, Decentralization, Industrial, Sweden	REQ emphasizes decentralized organizational structures as a core investment pillar, where management delegates responsibility down the organization. This approach enables companies to maintain entrepreneurial agility while scaling, with decision-makers close to customers and lean corporate headquarters.		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
2026 Q1	Apr 1, 2026	Protean Small Cap	-	-	BALD-B.ST, CINT.ST, DEVYSER.ST, NIBE-B.ST, RUSTA.ST, VERTI.ST	active management, Energy Transition, Geopolitical, Heat Pumps, Nordics, small caps, volatility		VERT.ST VIMIAN.ST DEVYSER.ST CINT.ST NIBE.ST	View
2026 Q1	Apr 1, 2026	Protean Select	-	-	BALD-B.ST, BOL.ST, BTS-B.ST, CINT.ST, DEVYSER.ST, ELUX-B.ST, GETI-B.ST, LUMI.TO, NIBE-B.ST, NYFO.ST, RUSTA.ST, SMART.OL, VERTI.ST, VIMIAN.ST, VOLV-B.ST	Energy Transition, Geopolitical Risk, Heat Pumps, Hedge Fund, Nordics, small caps, volatility		DEVYSER.ST VIMIAN.ST CINT.ST NIBE.ST	View
2025 Q4	Jan 12, 2026	REQ Global Compounders	0.0%	0.0%	ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO	Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software	AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific.	CSU CN BRO JDG LN	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 Select	Nibe	Industrials	Building Products	Bull	Nasdaq Stockholm	call spread, Decarbonization, Distributor Network, energy efficiency, ESG Correction, heat pumps, inventory normalization, Structural Tailwinds	View Pitch

BSD Shareholders of NIBE-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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