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Protean Funds

Dec 2024 → Oct 2026 · Publishes monthly · 2 funds

Our archive holds 19 letters from Protean Funds, behind 26 investment theses and positions in 52 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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19
Letters
52
Companies
28
Moves
26
Theses

Performance by fund

  • Protean Aktiesparfond Global

    Since inception −0.6% (Sep 30, 2026)

    Index: MSCI World (since inception +2.7%) · net of fees

  • Protean Aktiesparfond Norden

    Since inception +37.3% (Sep 30, 2026)

    Index: VINX Nordic Cap index (since inception +26.0%) · net of fees

  • Protean Small Cap

    YTD +11.1% (Sep 30, 2026)

    Index: CSRXN (SEK) (YTD +9.2%) · net of fees

Disclaimer

These figures are copied from the manager’s latest letter, which covers several funds. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. Each line covers a single share class; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 28 moves

  • New positionRatos
    October 2026
    “We have added Ratos to the portfolio.”
    Read the letter
  • AddedVimian
    October 2026
    “Vimian has become one of our top contributors for the year, gaining almost 60 per cent since we added it to the portfolio in February.”
    Read the letter
  • TrimmedDSV
    September 2026
    “Thesis creep and changing dynamics have caused us to continuously reduce the position over the past months, and we chucked the last bit a handful of % ago.”
    Read the letter
  • AddedSmartoptics
    September 2026
    “We're back in Smartoptics after selling out a few months ago.”
    Read the letter
  • AddedAcast
    September 2026
    “Top detractors were Devyser (more on that later), Acast (more flow-driven than anything else, we believe; we have added to our position) and Bonava (a new holding with unfortunate timing).”
    Read the letter
  • AddedNeste
    September 2026
    “We have actively traded Neste in September, and exited the month with a 3% position, as a diesel squeeze looks increasingly likely due to a mounting refining capacity shortage this winter.”
    Read the letter
  • AddedScandic Hotels
    September 2026
    “Based on this, we have added Scandic to the portfolio.”
    Read the letter
  • ExitedRejlers
    September 2026
    “We have divested the Swedish technical consultancy Rejlers following a long tenure as shareholders.”
    Read the letter
  • New positionBonava
    September 2026
    “Top detractors were Devyser (more on that later), Acast (more flow-driven than anything else, we believe; we have added to our position) and Bonava (a new holding with unfortunate timing).”
    Read the letter
  • TrimmedHolmen
    August 2026
    “We have therefore, during August, tactically covered our short in Holmen and added longs in a basket of other sector names.”
    Read the letter
  • 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.”
    Read the letter
  • AddedNovo Nordisk
    July 2026
    “We added to the short on the print because it restates the thesis with fresher evidence.”
    Read the letter
  • TrimmedTruecaller
    July 2026
    “we decided to reduce our position post the report, as the share tends to be volatile.”
    Read the letter
  • AddedDevyser
    July 2026
    “we used the weakness to slightly increase our position sub- 60 kronor.”
    Read the letter
  • TrimmedEvolution
    July 2026
    “We collected 0.35% to the fund in Evolution and sold our position around the SEK 750 level on the last days of the month.”
    Read the letter
  • ExitedAAK
    July 2026
    “We have also sold our shares in Balco (you can’t win ‘em all) as well as AAK.”
    Read the letter
  • TrimmedCINT Group
    July 2026
    “We tendered our shares in CINT during the month.”
    Read the letter
  • ExitedBalco Group
    July 2026
    “We have also sold our shares in Balco (you can’t win ‘em all) as well as AAK.”
    Read the letter
  • AddedAcast
    April 2026
    “Biggest contributors were Acast, Mycronic and Cint (bid).”
    Read the letter
  • New positionYubico
    April 2026
    “We have started to build a position in Yubico.”
    Read the letter
  • New positionAbsolent
    April 2026
    “We have added two new positions that we would like to highlight: Absolent and Luotea.”
    Read the letter
  • ExitedNCAB
    April 2026
    “To make room for these additions, NCAB has exited the portfolio following very strong year-to-date performance.”
    Read the letter
  • New positionLuotea
    April 2026
    “We have added two new positions that we would like to highlight: Absolent and Luotea.”
    Read the letter
  • AddedCoffee Stain
    April 2026
    “Several of the positions we added in February contributed to performance in April, including Coffee Stain and MTG.”
    Read the letter
  • AddedMTG
    April 2026
    “Several of the positions we added in February contributed to performance in April, including Coffee Stain and MTG.”
    Read the letter
  • TrimmedNokia
    April 2026
    “a short position in Nokia (yeah that was dumb)”
    Read the letter
  • New positionVend
    April 2026
    “During April, we initiated a long position.”
    Read the letter
  • AddedMycronic
    April 2026
    “Biggest contributors were Acast, Mycronic and Cint (bid).”
    Read the letter

Companies held · 52

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

  • AAKOct 2026
  • AAKJul 2026
  • AbsolentApr 2026
  • AcastOct 2026
  • AfryOct 2026
  • Arctic FallsAug 2026
  • AxfoodSep 2026
  • Balco GroupJul 2026
  • Bavarian NordicAug 2026
  • Beijer RefSep 2026
  • BonavaOct 2026
  • BTS GroupOct 2026
  • BultenOct 2026
  • CarlsbergJul 2026
  • CINT GroupJul 2026
  • Coffee StainSep 2026
  • DevyserSep 2026
  • DevyserJul 2026
  • DSVSep 2026
  • EssitySep 2026
  • EvolutionJul 2026
  • FortumSep 2026
  • GetingeJul 2026
  • HolmenAug 2026
  • ITAB Shop ConceptOct 2026
  • LindexSep 2026
  • LuoteaApr 2026
  • MTGApr 2026
  • MycronicOct 2026
  • NCABApr 2026
  • NesteSep 2026
  • NokiaApr 2026
  • Novo NordiskSep 2026
  • NovonesisOct 2026
  • OssDsignApr 2026
  • RatosOct 2026
  • RejlersSep 2026
  • RVRC HoldingSep 2026
  • Scandic HotelsOct 2026
  • SdiptechOct 2026
  • SmartopticsSep 2026
  • StorskogenOct 2026
  • StorytelSep 2026
  • StorytelAug 2026
  • Surgical ScienceAug 2026
  • SwedencareOct 2026
  • TruecallerJul 2026
  • VendApr 2026
  • VimianOct 2026
  • VimianJul 2026
  • WärtsiläOct 2026
  • YubicoSep 2026

Theses · 26

  • Vimian Group
    October 2026

    Vimian trades at a modest multiple relative to its benign pet-health exposure, scale across four verticals and geographies, and strong M&A resources, with uneventful reports reducing risk premia.

    Read the full thesis
  • Ratos
    October 2026

    Ratos is a Swedish conglomerate whose key assets are posting double-digit EBITA growth while trading at a low implicit valuation, with the successful Sentia IPO suggesting the market undervalues its holdings.

    Read the full thesis
  • Sdiptech
    October 2026

    Sdiptech is held long in a spread trade as a 'lower quality' serial acquirer delivering consistent improvement while higher-quality compounders are priced for perfection.

    Read the full thesis
  • Novonesis
    October 2026

    Novonesis owns the leading global dairy cultures franchise, an essential low-cost ingredient benefiting doubly from GLP-1 as yoghurt consumption rises and high-protein variants use more culture, with 11% organic growth and raised guidance.

    Read the full thesis
  • Bavarian Nordic
    August 2026

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

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis

Letter archive · 19

2026

2025

2024

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