Coffee Stain Group B

• Protean Funds The Rashomon Effect ↗ Protean reversed its Vend view and initiated a long position, arguing that the market now overstates near-term AI disruption while buybacks, simplification and valuation support the shares. The funds also began building Yubico, added Absolent and Luotea to Small Cap, and exited NCAB over concerns about a developing boom-bust demand pattern. April 2026 YUBCF $1.1BABSO $219MCOFFEE-B $415M +1
• 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 +6
• 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 $42B +5

All coverage of COFFEE-B →