ETTYF - Protean Funds Scandinavia AB January 2025 Partner Letter

2025-02-04 01:45:00 ET

Summary

• Protean Small Cap outperformed its benchmark with a 5.8% return in January, driven by strong performances from Getinge, Acast, and Mowi.
• Protean Select returned 2.7% in January, with notable gains from long positions in Getinge, Hexagon, and Mowi, despite some losses from short positions.
• Media exposure and awards can lead to complacency; maintaining "divine discontent" and zeroing performance figures monthly helps keep focus and avoid smugness.
• Increased unpredictability in global markets, particularly due to US policy volatility, is raising risk premiums, necessitating cautious investment strategies.

Dear Partners,

Protean Small Cap beat its benchmark (again) in January . It returned 5.8%, compared to the index 5.4%. Since launching in June 2023 it has gained 47.2%, which is 23.6% ahead of the Carnegie Nordic Small Cap Index.

Top contributors were Getinge ( GNGBF ) , Acast ( ACASF ) and Mowi (mhgby). Detractors include Coor , Biotage ( BITGF ) and Fasadgruppen.

The hedge fund Protean Select returned 2.7% in January . We are approaching the 3-year mark in April, and since launch the fund has returned 29% with less than a third of the market’s volatility....

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