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First Non-Swedish Family Office Investment for Protean Small Cap

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Stockholm (HedgeNordic) – About one year after the successful launch of their long/short equity fund Protean Select, Pontus Dackmo and Carl Gustafsson introduced a long-only equity fund targeting the same small- and mid-cap universe. Despite being operational for only nine months in a challenging market for smaller-sized stocks, the outperformance and agile, “skin-in-the-game” approach of Protean Small Cap have attracted the interest of family office investors. Following several months of due diligence, the fund has welcomed a significant international single-family office as an investor.

“We are happy to see such a vote of confidence only nine months after the inception of Protean Small Cap,” says Carl Gustafsson, who is responsible for managing Protean Small Cap. “It is encouraging to see our belief that a nimble and versatile fund can produce strong returns is shared by an established institution.” Launched in June 2023, Protean Small Cap has delivered a cumulative return of 15.9 percent through the end of February this year, outperforming its benchmark index by 9.8 percent. The long-only small-cap-focused fund adheres to the same philosophy as Protean’s flagship hedge fund, Protean Select.

“We are happy to see such a vote of confidence only nine months after the inception of Protean Small Cap.”

Carl Gustafsson

“The fund is built on the same philosophy that a smaller, more agile fund, managed by portfolio managers with skin-in-the-game, has a greater chance to outperform the market,” emphasizes Gustafsson. The launch of Protean Small Cap followed the successful launch and journey of its long-biased long/short equity fund, Protean Select, which began in May of 2022.  “In Protean Small Cap, the goal is simply returns, compared to the risk-adjusted returns we strive for in Protean Select,” Pontus Dackmo, the co-founder and CEO of Protean Funds, previously outlined the difference between the two funds.

“By offering both an absolute return-focused product in Protean Select and a higher beta long-only product in Protean Small Cap, we can cater to all tastes.”

Pontus Dackmo

“A big part of the rationale for starting Protean Funds is that we see great opportunity in Nordic small- and mid-caps,” reiterates Dackmo, who manages Protean Select. “As our track record keeps building, we are seeing increasing interest from international allocators looking for local managers with a knowledge and experience edge,” he observes. “By offering both an absolute return-focused product in Protean Select and a higher beta long-only product in Protean Small Cap, we can cater to all tastes.”

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Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com

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