- Advertisement -
- Advertisement -

Related

An Upcoming “Protean” Hedge Fund

Latest Report

This year’s Alternative Fixed Income report from HedgeNordic explores how institutional investors and asset managers are navigating this new reality, balancing yield and resilience amid shifting credit cycles, structural change, and evolving sources of return.

Stockholm (HedgeNordic) – After launching Protean Capital Management in mid-August 2021 to pool and invest capital in listed Nordic equities via a family office setting, Pontus Dackmo – later joined by Carl Gustafsson from Didner & Gerge – is planning the launch of a long-biased equity hedge fund. The fund, called Protean Select, is expected to launch in April this year.

Pontus Dackmo and Carl Gustafsson started fund management company Protean Funds Scandinavia AB last week and are in the process of handing in the application to the Swedish Financial Services Authority, Finansinspektionen, to manage external capital. “If all goes well, the hedge fund “Protean Select” will open its doors during April 2022,” says Dackmo, who has many years of experience as an investor and equity capital markets participant through various roles at ABG Sundall Collier, Danske Bank, Nordea and SEB. “Since exiting 99% of all equity positions for Protean Capital in early December, we have watched the rocky markets from the sidelines and are convinced, now more than ever, this is a near-ideal timing to launch a versatile limited-size hedge fund. Long-only funds are just that: Long-only.”

“…This is a near-ideal timing to launch a versatile limited-size hedge fund. Long-only funds are just that: Long-only.”

Pontus Dackmo

“Our path to starting a fund came from a number of people approaching us as a private investment vehicle asking whether we would accept additional outside capital,” explains Dackmo in a letter. Protean Select, also available through a retail tranche requiring a minimum first deposit of SEK 100,000 and offering quarterly liquidity, will charge investors a fixed annual management fee of 1.2 percent and a performance fee of 20 percent on returns above four percent plus the government interest rate.

The duo’s investment strategy “is derived from the fact we’re managing our own assets: we want acceptable returns but hate losing money,” writes Dackmo. “The gist of our idea is to offer a vehicle for limited co-investment in an adaptive strategy, with attention paid to risk mitigation and size constraints,” continues the investment manager. “We don’t market ourselves as “deeply fundamental investors who want to buy great companies at bargain prices,” or “event-driven investors arbitrageing across the capital structure” or “small-cap growth investors.”

“We know the Scandinavian markets well, and believe that, for someone with a small enough fund, there are ample opportunities for returns both on the long and short side.”

“We’re ready to deploy all those tactics, as what we’re looking for is asymmetric opportunity – in whatever shape or form it presents itself,” says Dackmo. “Hence the hedge fund structure, allowing us both the option to hedge, run a high cash balance and even use leverage if and when we see fit,” he emphasizes. “We know the Scandinavian markets well, and believe that, for someone with a small enough fund, there are ample opportunities for returns both on the long and short side.”

 

Photo by Maxime Horlaville on Unsplash

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

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

Latest Articles

Slimmer Nordic Lineup Still Delivers at HFM Awards

Despite the Nordic region featuring a slimmer lineup of nominees at this year’s HFM European Performance Awards compared to previous years, three Nordic managers...

More Equities, Less Diversification for Finnish Pension System

In an effort to safeguard the long-term sustainability of Finland’s pension system amid demographic pressures, new rules for private-sector earnings-related pensions are set to...

Investors Rethink Defense and ESG

Several banks and pension giants still have ESG rules that in practice exclude defense stocks. But new figures reveals that something is happening in...

Active Ownership – The Merchant’s Challenge

By Arne Simensen and Jakob Gravdal at Anchora Capital: In the Dutch Golden Age, Isaac Le Maire, initial largest shareholder in the world's first...

Alcur Caps Subscriptions, Prioritizes Efficient Management

On the back of consistent returns and heightened investor interest, stock-picking boutique Alcur Fonder will introduce a limited subscription mechanism for its flagship hedge...

Combining Expertise for Private Equity Sustainability and Energy Transition

HedgeNordic interviewed Federated Hermes Limited’s Head of Responsibility and EOS, Leon Kamhi, and Principal and Head of Portfolio Strategy and Solutions within Private Equity, Christian...

Allocator Interviews

In-Depth: High Yield

- Advertisement -

Voices

Request for Proposal

- Advertisement -
HedgeNordic
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.