Protean Funds Scandinavia AB December 2024 Partner Letter

2025-01-08 06:45:00 ET

Summary

• Protean Small Cap fund outperformed its benchmark in December and 2024, with a 24.3% annual return, 13.2% ahead of the index.
• Protean Select hedge fund returned 10.6% in 2024, with a Sharpe ratio of 1.35 and low volatility, outperforming Nordic indices since inception.
• Protean's new fund aims to address market inefficiencies with a low-fee, actively managed Nordic equity fund, reducing fees as assets grow.
• Protean emphasizes diversification, independent management, and a focus on reasonable returns with reasonable risk, avoiding the pitfalls of larger asset gatherers.

Dear Partners,

Protean Small Cap beat its benchmark in December . It returned 0.3%, while the index retracted by -0.1%. The full year 2024 return was 24.3%, 13.2% ahead of benchmark. Since launch June 2023 it has gained 39.1%, which is 21.9% ahead of the Carnegie Nordic Small Cap Index. Much pleased.

Top contributors were Acast ( ACASF ) , Getinge ( GNGBF ) and Intea. Detractors include Devyser , Proact and ITAB.

The hedge fund Protean Select returned 0.8% in December . Full year 2024 return ends at 10.6% and 25.6% since launch in May 2022. Volatility for the year, calculated on daily returns, was 5.5%, generating a Sharpe ratio of 1.35....

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