Letters by company
Arctic Falls
4 letters discussing ARFA. Everything written about it on this site is on its ticker page.
- Protean Funds Previously Unseen Levels Of Monitoring The Situation Protean Funds added selectively to Nordic small-cap holdings after pension-fund restructuring created forced selling, while reducing Select exposure and ending its EUR and DKK hedge. Small Cap sold Lundbeck, Asmodee, Kambi and Xano, and added Coffee Stain, Sinch and MTG while trimming Smartoptics. February 2026 7806 $2.1BACAST $615MARFA $62M
- 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 Bats With Rabies Protean launched Aktiesparfond Global as a low-cost active alternative built around disciplined capital allocation and manager Olle Qvarnström. Small Cap added Surgical Science on depressed valuation and backed Bavarian Nordic's vaccine franchise. Select covered its Holmen short, bought other pulp and forestry names, and added to its Essity short. August 2026 BVNKF $2.6BSUSRF $274M
- Protean Funds Imagine Sisyphus Happy Protean Select reduced position sizes and gross and net exposure after several core holdings moved against it despite what it views as intact fundamentals. The firm argues that Nordic small-cap selling has created a flow-driven dislocation, while defending Getinge, EQT, Tryg and Sampo and retaining a strategic small- and mid-cap bias. January 2026 GNGBY $7BMSON-A $153MSAXPF $26B
