ADDvise Group AB

• Protean Funds Paper Profits, Pulp Fiction ↗ Protean Funds shorted Holmen, arguing that Nordic pulp and paper economics face eucalyptus competition, rising wood costs, climate-related forestry risks and an unsustainable ESG premium. Protean Small Cap added Arctic Falls and Afry, tendered Addvise and sold Nilfisk after takeover bids, while the firm considers a low-fee global Aktiesparfond. December 2025 HLMNY $4.9BARFA $62M
• Protean Funds Protean Small Cap celebrates a milestone ↗ Protean Small Cap reviews its three-year portfolio, arguing that contrarian entry points and active turnover produced winners such as Acast while narrative-driven small caps also created costly mistakes. The fund added Octave for its cash-generative software business, restored Truecaller after an operational trough, and joined Biomar's IPO on improving fish-feed pricing power. Protean Select closed to new subscriptions after crossing its assets threshold. May 2026 ACAST $615MBMKDF $36MOCTV $5.5B +1

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