Investor Letters

Letters through August 31, 2026

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

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 $276M