Protean Funds May 2024 Partner Letter
Team Protean Protean Small Cap - Carl's update for May Protean Small Cap continued its strong performance and returned 7.2% in May. That is 2.2% ahead of the CSXRN benchmark index for the month. Protean Small Cap has returned 37.2% since we launched it a year ago. This puts the fund 17.3% ahead of our index . We started with 55 SEKm. A year later the fund manages SEK350m. Thank you for your trust. Our top contributors in May were Acast, ITAB, Proact, Raysearch and CINT. Acast performed strongly after a Q1 report that underlined that this podcast ad company is approaching profitability. The strategic importance of the platform Acast has built remains underestimated in our view, and as the advertising potential of podcasts is still far from where it should be, we still see considerable upside ahead. Acast has organically grown to become our largest position. ITAB released a very strong Q1 report, benefitting from an improved mix where sales of technology solutions to prevent "shrinkage