Protean Funds
Our archive holds 16 letters from Protean Funds, behind 22 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.
Protean Funds’s own letters pageWhat they bought and sold · 10 moves
- AddedNovo NordiskJuly 2026
“We added to the short on the print because it restates the thesis with fresher evidence.”
Read the letter - TrimmedTruecallerJuly 2026
“we decided to reduce our position post the report, as the share tends to be volatile.”
Read the letter - ExitedAAKJuly 2026
“We have also sold our shares in Balco (you can’t win ‘em all) as well as AAK.”
Read the letter - AddedAcastApril 2026
“Biggest contributors were Acast, Mycronic and Cint (bid).”
Read the letter - New positionYubicoApril 2026
“We have started to build a position in Yubico.”
Read the letter - New positionAbsolentApril 2026
“We have added two new positions that we would like to highlight: Absolent and Luotea.”
Read the letter - ExitedNCABApril 2026
“To make room for these additions, NCAB has exited the portfolio following very strong year-to-date performance.”
Read the letter - AddedCoffee StainApril 2026
“Several of the positions we added in February contributed to performance in April, including Coffee Stain and MTG.”
Read the letter - TrimmedNokiaApril 2026
“a short position in Nokia (yeah that was dumb)”
Read the letter - AddedMycronicApril 2026
“Biggest contributors were Acast, Mycronic and Cint (bid).”
Read the letter
Companies held · 8
Every company Protean Funds has disclosed a position in across our archive, with the letter that last mentioned it.
Theses · 22
- April 2026
Luotea Oyj is a facilities services provider with turnaround potential in Sweden, margin recovery from contract exits, and an inexpensive valuation.
Read the full thesis - March 2026
Vimian Group AB is a pet-focused animal health platform recovering operationally with improved cash flow and margins, trading at a discounted valuation with attractive thematic exposure.
Read the full thesis - March 2026
NIBE Industrier AB is a leading European heat pump manufacturer poised to benefit from renewed energy-efficiency tailwinds, with a depressed valuation that underestimates its structural growth drivers.
Read the full thesis - March 2026
Cint Group AB is a market research platform with an underestimated Media Measurement growth opportunity, recovering fundamentals, and an appealing valuation.
Read the full thesis - February 2026
NCAB Group AB runs an asset-light PCB sourcing model that generates strong cash flow for consolidation, with growth resuming after a prolonged slowdown.
Read the full thesis - February 2026
Sdiptech AB is a Swedish acquisition-driven industrial compounder trading at low multiples with self-help catalysts from financing simplification and divestments.
Read the full thesis - February 2026
CTEK AB is a Swedish battery charging products company with a strong 12V brand, recovering margins above 60%, and contained EV-charger losses supporting profit improvement.
Read the full thesis - February 2026
Modern Times Group MTG AB is a Swedish mobile gaming company with potential value unlock from a PlaySimple spin-off and prospective buybacks, while other units perform well.
Read the full thesis - January 2026
Midsona is a Swedish consumer health products company with improving operations under a new CEO, margin recovery, low valuation, and potential to resume growth.
Read the full thesis - September 2025
Electrolux Professional is a Swedish industrial company focused on commercial appliances, offering strong margins and cash flow potential, with a favorable valuation relative to peers.
Read the full thesis - September 2025
Getinge is poised for significant growth as its investments in quality assurance begin to pay off, potentially doubling its stock value over two years without drastic changes.
Read the full thesis - June 2025
Gränges is poised for growth with a diversified niche focus and promising financial upside, despite past expansion challenges and potential currency fluctuations.
Read the full thesis
- OssdsignJun 2025
- HumanaJun 2025
- Novo NordiskJun 2025
- Novo NordiskJun 2025
- ArjoMar 2025
- KojamoMar 2025
- ArjoMar 2025
- Bavarian NordicDec 2024
- InteaDec 2024
- EssityDec 2024
Letter archive · 16
2025
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