RUSTA-ST

RUSTA-ST

RUSTA-ST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	May 5, 2025	Protean Select	2.1%	-	ACAST.ST, ASSA-B.ST, AXFO.ST, BIOT.ST, COOR.ST, DEVYSER.ST, ELUX-B.ST, EMBRAC-B.ST, EQT.ST, FNOX.ST, GETI-B.ST, HLDISP.ST, INTEA.ST, ITAB-B.ST, KOJAMO.HE, NDA-SEK.ST, RATOS-B.ST, RAYS-B.ST, RUSTA.ST, TRUE-B.ST	Hedge Fund, Long/Short, Nordics, risk management, small caps, value, volatility	April was described as an eventful and volatile month with the fund falling as much as 9% intra-month before recovering sharply. The manager used this volatility to add to stronger ideas and concentrated the portfolio more toward top ten positions. Markets experienced above-average volatility with breathless commentary from strategists about the biggest intra-month drawdown and recovery in history.		View
2025 Q1	May 5, 2025	Protean Small Cap	2.5%	-	ACAST.ST, ASMDF, ASSA-B.ST, AXFO.ST, BIOT.ST, COOR.ST, DEVYSER.ST, ELUX-B.ST, EMBRAC-B.ST, EQT.ST, FNOX.ST, GETI-B.ST, INTEA.ST, ITAB-B.ST, KOJAMO.HE, NDA-SE.ST, RATO-B.ST, RAYS-B.ST, RUSTA.ST, TRUE-B.ST	Hedge Fund, Nordics, Performance, risk management, small caps, tariffs, volatility	April was characterized by extreme market volatility with the MSCI Nordic Index falling 13% intramonth before recovering to close only 2.3% down. The fund used this volatility to add to stronger ideas at attractive levels while maintaining defensive positioning.	RATOS-B.ST LIND.ST GETI-B.ST ASMD.PA ITAB.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 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
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
No pitches found.

BSD Shareholders of RUSTA-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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