Protean Funds Scandinavia AB April 2025 Partner Letter

2025-05-06 07:45:00 ET

Summary

• Protean Small Cap returned 2.5%, outperforming its index by 0.9%. Since launching in June 2023, it has gained 40.5%, which is 24.6% ahead of the Carnegie Nordic Small Cap Index.
• Protean Select returned 0.5% in April, leaving the fund up 2.1% year to date. Suffice to say that markets experienced above-average volatility during the month.
• This is not an environment in which to swing for the fences, and we remain only cautiously optimistic.

Dear Partners,

Happy birthday to Protean Select, turning three years old! We now have a 3-year track record. It is not without satisfaction we conclude that a 28.2% return with <6% volatility, yielding an 8.6% CAGR, has beaten the market handsomely with less than a third of the risk.

Protean Small Cap returned 2.5%, outperforming its index by 0.9%. Since launching in June 2023, it has gained 40.5%, which is 24.6% ahead of the Carnegie Nordic Small Cap Index.

The hedge fund Protean Select returned 0.5% in April, staying true to its objective of generating reasonable returns and avoiding large drawdowns. Year to date, the return is 2.1%....

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