What smart money is saying about Bulten

Position history

Every position in Bulten on record in the archive was reported in Q4 2026, across 1 fund letter, with no move described.

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position

• HoldsProtean Funds Partner Letter (Multiple Strategies)

  October 2026

  “Top contributors for October were Vimian, Afry, BTS, Bulten and Scandic Hotels. 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. Again, in Q3, just as in Q2, it delivered a ‘no news is good news’ type of report, with the uneventfulness helping to reduce the risk premia attached to the share. Vimian trades at a modest multiple relative to its benign exposure (pets), its scale (four verticals, many geographies) and its resources for M&A (a lot of experience in executing it, a decent balance sheet, a majority owner with deep pockets). Afry is a pan-Nordic consultancy that has been struggling with its organic growth for a prolonged period, and while Q3 was no inflexion point in this regard, a continued strengthening of the order backlog and management commentary about sharply increasing net recruitment going forward helped to create a relief rally in the share. BTS announced a USD13m AI implementation contract, reinforcing the view that this is not an AI loser, rather the contrary. The share was also helped by an acquisition announced during the month. Bulten maintained its strong share price momentum since they announced the strategic reorientation of its business this summer, also helped by a Q3 rebound in earnings due to the problems at their key customer JLR last year.”

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