VALMT-HE

VALMT-HE

VALMT-HE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2023 Q4	Dec 31, 2023	Oakmark Fund- International Small Cap	11.5%	18.6%	4613.T, DUE.DE, KCR1V.HE, LXS.DE, TLX.DE, VALMT.HE	Europe, Industrial Machinery, international, small caps, Specialty Chemicals, value	The fund holds positions in specialized industrial equipment companies like Konecranes (lifting equipment) and Valmet (paper and pulp machinery). These companies benefit from strong service businesses with recurring revenue streams and improving margins in their equipment segments.	LXS.DE VALMT.HE	View
2025 Q3	Oct 10, 2025	Oakmark Fund- International Small Cap	0.8%	27.6%	1128.HK, 4613.T, 6951.T, 6965.T, AMP.MI, ATE.PA, AZM.MI, BAKKA.OL, HAS.L, JDEP.AS, LXS.DE, RBT.PA, VALMT.HE	Asia, Cyclical Recovery, Engineering Services, Europe, Medical Devices, small caps, value	Wynn Macau was the top contributor during the quarter despite delivering underwhelming second-quarter results. Performance was supported by a strengthening Macau market, benefiting Wynn as one of just six licensed operators in the city. The company plans to introduce updated rooms and a revamped Chairman's Club to bolster its position in the premium segment.	CFF FP KSPI JP 6951 JP ALT FP	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	View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Oakmark Fund- International Small Cap	Valmet Corporation	Industrials	Industrial Machinery	Bull	NASDAQ Helsinki	Automation, duopoly, Equipment Manufacturing, Finland, industrial machinery, Paper, Pulp, Service Business, Value	View Pitch

BSD Shareholders of VALMT-HE

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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