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Protean Funds

Dec 2024 → Aug 2026 · Publishes monthly

Our archive holds 17 letters from Protean Funds, behind 22 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.

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Protean Funds’s own letters page
17
Letters
9
Companies
12
Moves
22
Theses

What they bought and sold · 12 moves

  • TrimmedHolmen
    August 2026
    “We have therefore, during August, tactically covered our short in Holmen and added longs in a basket of other sector names.”
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  • AddedEssity
    August 2026
    “On the short side in this trade set-up we have added to our negative position Essity – a stock buoyed by activist entry and structural noise, but still a net loser on rising energy and commodity prices which needs to be painfully offset by price hikes on what is largely commodity products sold to consolidated and powerful distributors.”
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  • AddedNovo Nordisk
    July 2026
    “We added to the short on the print because it restates the thesis with fresher evidence.”
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  • TrimmedTruecaller
    July 2026
    “we decided to reduce our position post the report, as the share tends to be volatile.”
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  • ExitedAAK
    July 2026
    “We have also sold our shares in Balco (you can’t win ‘em all) as well as AAK.”
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  • AddedAcast
    April 2026
    “Biggest contributors were Acast, Mycronic and Cint (bid).”
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  • New positionYubico
    April 2026
    “We have started to build a position in Yubico.”
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  • New positionAbsolent
    April 2026
    “We have added two new positions that we would like to highlight: Absolent and Luotea.”
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  • ExitedNCAB
    April 2026
    “To make room for these additions, NCAB has exited the portfolio following very strong year-to-date performance.”
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  • AddedCoffee Stain
    April 2026
    “Several of the positions we added in February contributed to performance in April, including Coffee Stain and MTG.”
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  • TrimmedNokia
    April 2026
    “a short position in Nokia (yeah that was dumb)”
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  • AddedMycronic
    April 2026
    “Biggest contributors were Acast, Mycronic and Cint (bid).”
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Companies held · 9

Every company Protean Funds has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 22

  • Bavarian Nordic
    August 2026

    Bavarian Nordic is a vaccine manufacturer with a growing travel health franchise, dominant rabies products, and multiple disease-driven tailwinds.

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  • Luotea Oyj
    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
  • Vimian Group AB
    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
  • NIBE Industrier AB
    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
  • Cint Group AB
    March 2026

    Cint Group AB is a market research platform with an underestimated Media Measurement growth opportunity, recovering fundamentals, and an appealing valuation.

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  • NCAB Group AB
    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.

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  • Sdiptech AB
    February 2026

    Sdiptech AB is a Swedish acquisition-driven industrial compounder trading at low multiples with self-help catalysts from financing simplification and divestments.

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  • CTEK AB
    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.

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  • Modern Times Group MTG AB
    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.

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  • Midsona AB
    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.

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  • Electrolux Professional
    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.

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  • Getinge
    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.

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Letter archive · 17

2026

2025

2024

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