CA - Protean Funds May 2024 Partner Letter

2024-06-06 11:10:00 ET

Summary

• Protean Funds Scandinavia AB manages the funds Protean Select and Protean Small Cap. Protean Funds Scandinavia AB was founded in January 2022 and the funds are managed by Pontus Dackmo and Carl Gustafsson.
• Protean Small Cap returned 7.2% in May, outperforming the benchmark index by 2.2%.
• Top contributors to the fund's performance were Acast, ITAB, Proact, and Raysearch.
• Protean Select posted a 3.7% return for the month, with top contributors including Acast, Raysearch, Lindex, Ambea, and Fortum.

Beating the Street

Dear Partners,

Protean Small Cap continued its strong performance and returned 7.2% in May. That is 2.2% ahead of the CSXRN (SEK) benchmark index for the month. Performance since inception in June 2023 stands at +37.2%, outperforming the index by 17.3% in its first year. We are particularly pleased with the quality of returns: the portfolio is diversified; no single position has at any time been larger than 5% until Acast (ACASF) reached that level due to its performance in May.

Top contributors were Acast, ITAB, Proact, and Raysearch ( RSLBF ). Notable detractors MT Hojgaard, Netel and Kojamo ( KOJAF ).

Protean Select posted a very satisfactory 3.7% return for the month. That's +8.2% YTD and 22.8% since inception. The volatility in the strategy remains below 7%, which can be interpreted as about a third of the risk of the overall market....

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