Investor Letters

Letters through April 30, 2026

1 letter reporting on the period ending April 30, 2026, in each firm's own reckoning.

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 UVND delistedYUBCF $813MABSO