Scandic Hotels Group AB

• Protean Funds No Crying In The Casino ↗ Protean Funds argues that short-term stock moves resemble a casino’s random noise, while durable free cash flow determines long-run outcomes. Small Cap added Bonava, Smartoptics and Scandic Hotels and sold Rejlers, while Select trimmed DSV, retained Devyser cautiously and built a position in Neste ahead of a potential diesel squeeze. September 2026 0RD7 0RHA DSV $51B +5
• Alluvial Capital Management Letter to Limited Partners Third Quarter 2024 ↗ Alluvial Fund added Zegona Communications for its Vodafone Spain turnaround and Bahnhof AB for its capital-light, negative-working-capital internet model. The fund retained conviction in Net Lease Office Properties, McBride, FitLife Brands and Talen Energy, while exiting Butler National, Hammond Manufacturing and Scandic Hotels over governance, capital-allocation and valuation concerns. Third Quarter 2024 ZEG $5.3B0RD7 BAHN-B $473M +6
• Alluvial Capital Management First Quarter 2024 Letter to Limited Partners ↗ Alluvial Fund sold its entire P10 position after missed margin targets, limited acquisition progress and management turnover eroded its risk-adjusted case. It bought McBride and Scandic Hotels, added Mexican holdings Grupo Herdez and Corporativo Fragua, and closed to new limited partners as it prepares a tangible-assets-focused fund. First Quarter 2024 0RD7 CGSBF $42BFTLF $75M +6

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