Investor Letters

Letters through May 31, 2026

1 letter reporting on the period ending May 31, 2026, in each firm's own reckoning.

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 $662MBMKDF $35MOCTV $5.4B