The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Vltava Fund advocates a philosophy centered on long-term capital compounding while avoiding irreversible risk of ruin, drawing parallels between professional sports injury exposure and equity investing. The manager emphasizes that risk management must prioritize survival over maximizing short-term returns, as repeated exposure to low-probability adverse events inevitably compounds over decades. Consequently, the strategy pairs selective concentration in high-conviction businesses with diversification in unpredictable areas, strictly eschewing excessive leverage at both fund and portfolio holding levels. Operationally, the fund rotated capital out of Jungfraubahn following a 2.5x gain due to elevated valuations, reallocating proceeds into Auto Trader Group, a dominant UK online auto marketplace characterized by 70% operating margins, strong network effects, and robust cash flows. Evaluating the macroeconomic backdrop, the manager warns that record S&P 500 profit margins reflect an unprecedented artificial intelligence infrastructure capital expenditure boom by hyperscalers, creating a transient timing asymmetry where supplier revenues precede depreciated corporate costs.
Long-term compounding requires prioritizing survival and avoiding the risk of ruin by maintaining low leverage, holding cash reserves, and investing in high-quality, resilient businesses capable of enduring adverse cycles.
The manager anticipates that the current wave of hyperscaler infrastructure investment will eventually decelerate or stabilize, exposing hardware suppliers to slower growth momentum while enterprise customers begin absorbing heavy server and GPU depreciation along with higher operating costs. Consequently, the fund intends to steer clear of market sectors vulnerable to capex normalization, maintaining focus on resilient, high-quality franchises whose ongoing profitability is structural rather than dependent on an extraordinary investment cycle.
As of Oct 5, 2026
Daniel Gladiš, CFA, founded Vltava Fund in 2004 after serving as CEO of ABN AMRO Asset Management (Czech) from 1999-2004. He is the author of investment books including 'Learn to invest' and 'Stock investments.' The fund is supported by a seven-member Board of Directors including experienced professionals from securities law, compliance, banking, and investment management backgrounds. The Investment Committee comprises Edward Rizzo, Christopher Mallia, CFA, and Daniel Gladiš, CFA. The fund's management team brings extensive experience in European asset management, with particular expertise in Czech and Malta financial markets. Key service providers include Deloitte Malta as auditors, Sparkasse Bank Malta as depositary, and BOV Fund Services Limited as administrator. The three directors of the fund own 100% of the Fund's Management Shares, aligning management interests with investor outcomes.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
50
Growth Outlook
50
Risk Appetite
50
Capital Deployment
50
Forward Guidance
50
Language Signal
50
Perceived Risk
50
Opportunity Density
50
Time Horizon
50
Top Conviction Themes
Key Catalysts
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