NIBE Industrier AB (publ)

• Protean Funds Fog of War ↗ Protean Funds bought Nibe on the view that Europe’s energy-security shock strengthens the long-term case for efficient heating, while using March volatility to trim expensive holdings and add indiscriminately sold names. Protean Select cut its capacity limit, while Small Cap added Vimian and Vertiseit and exited Hexpol and Sinch. March 2026 CINT $223MDVYSR $103MNDRBF $9B +2

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