| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Daniel Gladiš draws parallels between sports and investing as long-term disciplines requiring patience and perseverance. The fund was active during the quarter, selling Novo Nordisk due to deteriorating outlook and United Rentals due to high valuation, while initiating positions in three platform businesses: Booking Holdings, AJ Bell, and Rightmove. These companies share characteristics of capital-light models, network effects, and high free cash flow generation. The manager discusses AI's evolution from infrastructure building to economic transformation, identifies emerging weaknesses in the $3 trillion private credit market, and notes geopolitical risks around energy supplies. Portfolio companies are intensifying share buybacks as stock prices decline, with the manager estimating intrinsic value exceeds current prices by wider margins than usual. The fund made tactical shifts within existing positions to capitalize on volatility. The outlook remains constructive for long-term value creation as fundamental business performance continues to improve despite temporary market declines.
The fund focuses on capital-light platform businesses with network effects, high margins, and strong free cash flow generation, while taking advantage of market volatility to shift capital from expensive to cheaper opportunities and benefit from portfolio companies' share buyback programs.
The manager expects market volatility to continue providing opportunities for value creation. Companies in the portfolio are taking advantage of lower stock prices to intensify share buybacks, with intrinsic value exceeding share prices by a wider margin than usual. The reflection of rising fundamental value in higher stock prices is described as only a matter of time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 8 2026 | 2026 Q1 | AJB.L, BKNG, NVO, RMV.L, URI | AI, Buybacks, Platform, private credit, real estate, Travel, value |
BKNG AJB.L RMV.L |
Vltava Fund sold two positions and added three platform businesses with strong network effects during an active quarter. The manager sees AI transitioning from infrastructure to economic transformation, identifies private credit market stress, and notes portfolio companies intensifying buybacks. Current intrinsic value exceeds share prices by wider margins than usual, positioning for future value realization. |
| Jan 6 2026 | 2025 Q4 | CPAY | emerging markets, inflation, Institutional, Latin America, payments, technology, Travel | CPAY | Latin America's vast natural wealth remains unlocked due to institutional failures, but recent political shifts toward market-oriented policies could create opportunities. Added Corpay, a US corporate payments technology company with recurring revenue and high switching costs, benefiting from structural payment digitization trends and undervalued relative to its long-term potential. |
| Oct 2 2025 | 2025 Q3 | CVS, FI, LLY, NVO | Europe, Financial Services, Growth Traps, healthcare, payments, Pharmaceuticals, technology, Value Investing |
FISV MRX |
Vltava Fund capitalized on growth trap collapses to add Novo Nordisk and Fiserv at attractive valuations, plus underappreciated Marex. Manager emphasizes value investing requires avoiding both value traps (cheap deteriorating businesses) and growth traps (expensive unsustainable growth). New positions offer exposure to obesity treatment revolution, payment digitization, and financial services volatility benefits. |
| Jul 3 2025 | 2025 Q2 | AMAT, ARW, LRCX, URI, WSM | Currency, inflation, long-term, Quality, value, volatility | - | Vltava Fund uses equity investing to protect against currency devaluation and inflation, focusing on high-quality companies trading below intrinsic value. The fund actively added to positions during Q2 2025 market weakness, particularly in Applied Materials, Lam Research, and United Rentals. Their value-oriented approach emphasizes pricing over timing with a long-term investment horizon exceeding three years. |
| Apr 4 2025 | 2025 Q1 | ABG, AMAT, ATD, BMW.DE, BN, BRK-A, CVE, JPM, LRCX, MKL, NVR, OSB.L, QUCO.MX, STLA, URI, WSM | Berkshire, Capital Allocation, Intrinsic Value, long-term, Quality, Speculation, value |
BRK-A URI |
Vltava Fund's Daniel Gladiš contrasts disciplined value investing with casino-like market speculation, arguing that retail day trading and options gambling create opportunities for patient investors. The fund sold Williams-Sonoma after quadrupling returns and added United Rentals. Recent volatility from trade policies and geopolitical uncertainty provides attractive entry points for quality companies trading below intrinsic value. |
| Jan 6 2025 | 2024 Q4 | 000660.KS, 005930.KS, 8035.T, AMAT, ASML, BRK-A, KLAC, LRCX, MU, TSM, WSM | Concentration, Equipment, semiconductors, technology, value |
AMAT LRCX |
Vltava Fund concentrated in semiconductor equipment oligopolists during Q4, adding Applied Materials and Lam Research to existing KLA position. These companies dominate critical chip manufacturing processes with 27% margins and 30% ROCE. Fund harvested Williams-Sonoma gains and maintains substantial cash through direct holdings and Berkshire Hathaway position for future opportunities. |
| Oct 3 2024 | 2024 Q3 | AAPL, AMZN, BN, BRK-B, GOOGL, HUM, KLAC, META, MKL, MSFT, NVDA, OSB.L, STLA | AI, energy, fiscal policy, global, inflation, infrastructure, technology, value | BN | Vltava Fund positions for the trillion-dollar AI infrastructure boom through Brookfield Corporation and KLA Corporation while defending against inevitable fiscal-driven inflation. The manager successfully traded market volatility in Q3, establishing new positions at attractive valuations. With governments facing unsustainable debt burdens and tax instability creating capital flight, the fund focuses on productive assets that benefit from massive infrastructure spending without excessive risk exposure. |
| Jul 3 2024 | 2024 Q2 | BWY.L, CRST.L, CVS, OSB.L | Banking, Portfolio Management, Position Sizing, small caps, United Kingdom, value |
CVS OSB.L |
Vltava Fund targets neglected small-cap value opportunities using disciplined position sizing. Recent moves include selling CVS after management's poor capital allocation and adding OSB Group, a specialized UK buy-to-let lender trading at 0.8x book value despite exceptional fundamentals. The fund benefits from passive money's focus on large caps, creating opportunities in overlooked quality businesses. |
| Apr 20 2024 | 2024 Q1 | BRK-B, CE, LH, LMT, MSFT | Bubbles, Concentration, Philosophy, risk, technology, Valuations | - | Vltava Fund sold Lockheed Martin, LabCorp, and Celanese after strong performance made them less attractive. Manager warns of bubble characteristics in US market concentration, with top 10 companies at 33% of index weight but 23% of earnings at 30x+ valuations. Portfolio avoids mega-cap tech, focusing on undervalued opportunities with better growth potential. |
| May 1 2024 | 2023 Q4 | ABG, ATD.TO, BRK-A, BUR.L, CVS, JPM, LH | Banking, Concentration, Japan, Quality, small caps, value | - | Vltava Fund targets high-quality companies at attractive valuations while avoiding expensive mega-cap concentration. Portfolio trades at 9.3x P/E with 26% ROE, significantly cheaper than indices. Strong performance driven by successful acquisitions at Couche-Tard, Asbury Auto's growth, and structural reforms in Japan. Plans to narrow portfolio and increase weight in most attractive opportunities. |
| Apr 10 2023 | 2023 Q3 | ELV, HUM, STLA | Concentration, healthcare, long-term, Quality, risk management, value | CHKP. ELV | Vltava Fund delivered 11.8% annualized returns over 15 years through concentrated value investing in high-quality companies with minimal debt and strong capital allocation. Portfolio trades at PE 9 despite growth composition. Manager emphasizes risk management through circle of competence, avoiding permanent loss, and thick margin of safety rather than volatility metrics. |
| Jan 4 2023 | 2023 Q1 | ABG, ATD, BMW.DE, BRK-B, JUNGF, MGA, MKL, NVR, QCPOF, SUS.L, WSM | Buybacks, Capital Allocation, dividends, Switzerland, Tourism, value |
CMG.TO JUNGN.SW |
Vltava Fund prioritizes companies with superior capital allocation skills, particularly those executing share buybacks below intrinsic value. The manager sold disappointing Magna International and added Swiss tourism monopoly Jungfraubahn. With 80% of the portfolio in buyback-focused companies, the fund targets management teams that think like shareholders and create long-term value per share. |
| May 1 2023 | 2022 Q4 | ARW, GOOG | - | - | |
| Oct 10 2022 | 2022 Q3 | ATD CN, BMW GR, BRK, CVS, JPM, LMT, Nikkei 225MKL | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe manager discusses AI's two-phase development: first infrastructure building (current phase with semiconductors, data centers), then economic transformation through automation of knowledge work. The next phase may benefit traditional sectors like healthcare and manufacturing that leverage AI for efficiency gains. |
Infrastructure Automation Knowledge Work Efficiency Transformation |
Private CreditThe manager identifies emerging weaknesses in the $3 trillion private credit market, including loans originated during cheap money periods, exposure to higher rates, limited transparency, and liquidity mismatches. Expects stricter credit terms and higher yields on new loans. |
Credit Stress Regulation Liquidity Defaults Yields | |
BuybacksCompanies in the portfolio are intensifying share buybacks due to lower stock prices. About 90% of portfolio companies regularly buy back shares, creating value when conducted below intrinsic value. Management teams see wider gaps between share prices and intrinsic value. |
Value Creation Intrinsic Value Management Opportunistic Capital Allocation | |
| 2025 Q4 |
Latin AmericaManager traveled to nine Latin American countries to assess investment opportunities. Notes the region's strategic importance for raw materials and food production, but highlights institutional failures and political instability as key barriers to realizing economic potential. Sees recent political shifts toward market-oriented policies as potentially creating new investment opportunities. |
Emerging Markets Political Risk Institutional Quality Natural Resources Economic Reform |
InflationExtensive discussion of Latin America's history with hyperinflation and its destructive effects on economies and societies. Manager views inflation as an investor's greatest enemy and institutional phenomenon rather than purely macroeconomic. Uses regional examples to warn Western countries about the gradual creep of inflation and importance of institutional discipline. |
Hyperinflation Currency Risk Institutional Discipline Monetary Policy Economic History | |
PaymentsAdded Corpay to portfolio, a US-based global technology company focused on corporate payments and cross-border transactions. Manager sees value in the company's ability to replace fragmented manual processes with digital solutions, benefiting from scale, recurring transactions, and high switching costs. |
FinTech Corporate Payments Cross-border Digital Solutions Recurring Revenue | |
| 2025 Q3 |
Value InvestingManager emphasizes rigorous value investing approach focused on buying stocks significantly below intrinsic value with adequate margin of safety. Discusses the artificial division between value and growth stocks, arguing that growth is a component of value and both categories can offer attractive opportunities when priced below intrinsic worth. |
Intrinsic Value Margin of Safety Discounted Cash Flow Price to Value |
GLP1Novo Nordisk represents a major opportunity in obesity treatment through GLP-1 medications like Wegovy and Ozempic. The company has moved beyond traditional diabetes treatment to become a leader in obesity medicine, creating a huge growth opportunity with direct health impact for millions of people, despite recent production constraints and competitive pressures. |
Obesity Treatment Diabetes Wegovy Ozempic Pharmaceutical Innovation | |
PaymentsFiserv investment represents exposure to global payment digitization trends through its comprehensive financial technology infrastructure. The company benefits from increasing digital payment volumes, has high customer switching costs, and strong free cash flow generation, despite recent growth disappointments in merchant payments segment. |
Payment Processing Financial Technology Digital Payments Merchant Acceptance Clover Platform | |
| 2025 Q2 |
ValueThe fund emphasizes pricing over timing, focusing on buying stocks when they trade below intrinsic value with a margin of safety. They maintain a shopping list of about 100 companies and wait patiently for prices to fall convincingly below fundamental values. |
Intrinsic Value Margin of Safety Pricing Undervaluation Conservative Valuation |
QualityThe fund seeks high-quality, well-managed companies with strong competitive advantages, capable management, strong free cash flow, and potential for long-term growth. They view better companies as having greater adaptability and resilience, emerging stronger from market turmoil. |
Competitive Advantages Free Cash Flow Adaptability Resilience Management Quality | |
VolatilityThe fund welcomes market volatility as it creates opportunities when stock prices deviate from fundamental values. They note that typical stocks fluctuate within 40% of initial price annually while fundamental values change much more slowly, creating pricing opportunities. |
Market Volatility Price Deviation Opportunity Creation Market Uncertainty | |
| 2025 Q1 |
ValueManager emphasizes long-term value investing approach focused on companies trading below intrinsic value with high returns on capital. Portfolio demonstrates value principles through holdings like Berkshire Hathaway purchased at significant discount to book value. |
Intrinsic Value Book Value Margin of Safety Undervalued P/E Ratio |
QualityFocus on high-quality companies with strong management, high returns on capital, and ability to reinvest earnings profitably. Examples include companies with exemplary asset allocation and no debt like Williams-Sonoma. |
Returns on Capital Management Quality Asset Allocation Cash Flow Reinvestment | |
Capital MarketsExtensive discussion of market speculation versus investing, with criticism of retail trading platforms, options speculation, and short-term trading behavior. Manager contrasts casino-like speculation with long-term wealth creation. |
Speculation Options Trading Day Trading Retail Investors Market Volatility | |
| 2024 Q4 |
SemiconductorsThe fund added Applied Materials and Lam Research to join existing holding KLA Corporation, creating exposure to three companies that operate as oligopolies in semiconductor equipment manufacturing. These companies have dominant global positions with net margins around 27% and ROCE of 30%, manufacturing equipment essential for advanced chip production. The manager views this as one collective investment into a critical segment of the global economy with high barriers to entry and sustainable competitive advantages. |
Semi Equipment Oligopoly Barriers to Entry Cyclical Technology |
| 2024 Q3 |
AIThe AI investment wave spans multiple sectors with first-tier beneficiaries being semiconductor companies like NVIDIA. Building AI clusters requires massive infrastructure investments including new semiconductor factories, energy sources, and associated infrastructure. The construction of AI centers may necessitate a 20% increase in US energy consumption over the next decade. |
Data Centers Semiconductors Infrastructure Spending Energy Transition NVIDIA |
Infrastructure SpendingMassive infrastructure investments are required for AI development, measured not in hundreds of billions but potentially one or two orders of magnitude higher. Brookfield Corporation has significant experience financing infrastructure projects and the AI boom represents huge potential for growth in this area. |
AI Data Centers Energy Construction Brookfield | |
InflationThe manager views inflation as one of the greatest threats to investors and a main motivation for investing. Fiscal policy has become strongly inflationary in many countries, with budget deficits so large their economic impacts often outweigh central bank actions. The preferred solution for reducing sovereign debt will be letting inflation erode it over time. |
Fiscal Policy Budget Deficits Monetary Policy Debt Central Banks | |
| 2024 Q2 |
ValueThe fund focuses on finding undervalued companies trading below intrinsic value, particularly in segments ignored by passive investors. OSB Group exemplifies this approach, trading at 0.8 times book value with a P/E near 5 despite strong fundamentals. The manager emphasizes preferring investments with lower expected returns but higher probability of success over speculative higher-return opportunities. |
Undervalued Intrinsic Value Book Value P/E Ratio Probability |
Small CapsThe fund deliberately targets smaller companies that are largely ignored by passive investors who concentrate on large index constituents. OSB Group represents this strategy as a smaller specialized bank that receives minimal attention despite strong performance metrics. The manager views this neglect by passive money as creating ideal conditions for active stock selection. |
Small Cap Specialized Ignored Active Selection Passive Avoidance | |
Regional BanksOSB Group is highlighted as a specialized UK bank focused on buy-to-let mortgages with exceptional efficiency metrics including a 30% cost/income ratio and 15%+ ROTE. The bank benefits from traditional large banks retreating from this market segment. The manager views banking as offering rapid capital accumulation and compounding opportunities due to their financial-heavy balance sheets. |
Buy-to-Let Mortgages Efficiency ROTE Capital Accumulation | |
United KingdomThe fund has exposure to UK markets through OSB Group and previously Crest Nicholson. The manager notes that UK equities have been among the least sought after markets, creating opportunities for active investors. Tax changes since 2016 have made UK residential property ownership through Ltd companies more attractive, benefiting OSB's business model. |
UK Equities Tax Changes Residential Property Ltd Companies Market Neglect | |
| 2024 Q1 |
BubblesManager extensively analyzes historical market bubbles from Japanese stocks (1989) through dot-com, emerging markets, commodities, and Chinese stocks. Identifies current US market concentration in top 10 companies (33% of index, 23% of earnings) as displaying bubble characteristics with record high concentration and valuations. |
Market Concentration Valuations Technology Speculation Risk |
| 2023 Q4 |
ValueManager emphasizes investing in high-quality companies trading at attractive valuations while avoiding expensive large-cap stocks. Portfolio trades at 9.3x P/E despite 26% average ROE, creating significant value opportunity compared to overvalued mega-cap stocks. |
Undervalued Cheap P/E ROE Quality |
QualityFocus on consistently profitable companies with strong management that can reinvest capital effectively. All portfolio companies are highly profitable, pay dividends, and have demonstrated ability to grow through efficient capital allocation over long periods. |
Profitable Management Capital allocation Dividends Growth | |
Small CapsManager explicitly targets medium and smaller market capitalization companies as primary hunting ground for opportunities. Avoids largest stocks due to concentration risk and expensive valuations, preferring overlooked smaller companies with better risk-return profiles. |
Medium cap Smaller companies Overlooked Concentration Opportunities | |
| 2023 Q3 |
RiskManager extensively discusses investment risk philosophy, rejecting volatility as a risk measure and instead focusing on permanent loss of capital. Emphasizes three pillars of risk management: staying within circle of competence, avoiding permanent capital loss, and emphasizing good price with margin of safety. |
Risk Management Volatility Capital Preservation Margin of Safety Circle of Competence |
QualityPortfolio focuses on high-quality companies with strong returns on capital, minimal debt, and efficient capital allocation. Manager emphasizes companies with higher returns on equity and capital than market average, often with founder or key shareholder control. |
Quality Companies Returns on Capital Debt Management Capital Allocation Founder Control | |
ValueFund trades at PE of 9 versus broader markets, emphasizing significant margin of safety between price and value. Manager focuses on conservative value estimates and thick margin of safety as key risk management tool. |
Value Investing Price to Earnings Margin of Safety Conservative Estimates Undervaluation | |
| 2023 Q1 |
BuybacksShare buybacks are viewed as potentially the best use of capital when executed at prices below intrinsic value, creating wealth transfer from selling shareholders to remaining ones. The manager prioritizes companies that place buying back shares at attractive prices at the top of their capital allocation considerations, with about 80% of the portfolio comprised of such companies. |
Share repurchases Capital allocation Value creation Shareholder returns |
DividendsDividends are not viewed as free money but rather as a transfer of wealth already owned through shares. The manager believes dividend policies should be considered in context of overall capital allocation, preferring companies that pay dividends only when they have surplus capital and no better investment opportunities. |
Dividend policy Capital allocation Shareholder returns Mental accounting | |
TravelThe manager invested in Jungfraubahn, a Swiss mountain railway company operating the largest Alpine tourist attraction. The company's operations were suspended during COVID but winter season is hitting new highs while summer gradually returns to previous levels, with share price remaining below pre-COVID highs. |
Tourism Switzerland Alpine Recovery |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 8, 2026 | Fund Letters | Vltava Fund | BKNG | Booking Holdings | Travel Services | Internet & Direct Marketing Retail | Bull | NASDAQ | asset-light, Commission-Based, Free Cash Flow, high margins, network effects, online marketplace, Platform business, Travel | Login |
| Apr 8, 2026 | Fund Letters | Vltava Fund | AJB.L | AJ Bell | Asset Management | Investment Banking & Brokerage | Bull | New York Stock Exchange | asset management, digital platform, Fee Based, Fintech, investment management, Scalable, Self directed investing, UK | Login |
| Apr 8, 2026 | Fund Letters | Vltava Fund | RMV.L | Rightmove | Internet Content & Information | Interactive Media & Services | Bull | New York Stock Exchange | Digital Marketplace, Dominant Position, Free Cash Flow, high margins, Low Capital Intensity, network effects, Real Estate Portal, UK | Login |
| Jan 6, 2026 | Fund Letters | Daniel Gladiš | CPAY | Corpay Inc | Financials | Transaction & Payment Processing | Bull | New York Stock Exchange | cashflow, FX, Payments, Recurringrevenue, scale | Login |
| Oct 2, 2025 | Fund Letters | Daniel Gladiš | FISV | Fiserv Inc. | Other | Financial Technology | Bull | NASDAQ | Digital, Fintech, infrastructure, Merchant, Payments, recurring revenue | Login |
| Oct 2, 2025 | Fund Letters | Daniel Gladiš | MRX | Marex Group plc | Financials | Financials | Bull | Japan Exchange Group (Tokyo Stock Exchange) | Capital markets, Commodities, infrastructure, Liquidity, Trading, Volatility | Login |
| Apr 1, 2025 | Fund Letters | Vltava Fund | BRK-A | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | NYSE | Book Value, capital allocation, compounding, conglomerate, Equity, financial services, Long-term holding, value investing | Login |
| Apr 1, 2025 | Fund Letters | Vltava Fund | URI | United Rentals Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | acquisition strategy, capital efficiency, Consolidation Play, construction, Counter-cyclical, Equipment Rental, Equity, Industrial, market leader | Login |
| Jan 1, 2025 | Fund Letters | Vltava Fund | AMAT | Applied Materials | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Capital equipment, Cyclical, high barriers to entry, Manufacturing Equipment, oligopoly, Roce, semiconductor equipment, Share Buybacks, technology | Login |
| Jan 1, 2025 | Fund Letters | Vltava Fund | LRCX | Lam Research | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Cyclical, high barriers to entry, oligopoly, Plasma Etching, Roce, semiconductor equipment, Share Buybacks, technology, Wafer Fabrication | Login |
| Oct 1, 2024 | Fund Letters | Vltava Fund | BN | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | NYSE | AI infrastructure, alternative assets, asset management, Canada, growth, infrastructure, Value | Login |
| Jul 1, 2024 | Fund Letters | Vltava Fund | CVS | CVS Health Corporation | Health Care | Health Care Services | Bear | NYSE | Acquisitions, capital allocation, Health Care Services, Management Quality, Pharmacy, turnaround, Value trap | Login |
| Jul 1, 2024 | Fund Letters | Vltava Fund | OSB.L | OSB Group | Financials | Thrifts & Mortgage Finance | Bull | London Stock Exchange | banking, buy-to-let, dividend yield, market inefficiency, Mortgages, ROE, small-cap, UK, Value | Login |
| Oct 1, 2023 | Fund Letters | Vltava Fund | CHKP. ELV | Elevance Health | Health Care | Health Care Services | Bull | NYSE | Blue Cross Blue Shield, defensive, health insurance, Healthcare services, market leader, network effect, Non-cyclical, Scale Advantages | Login |
| Apr 1, 2023 | Fund Letters | Vltava Fund | CMG.TO | Magna International Inc. | Consumer Discretionary | Auto Parts & Equipment | Bear | Toronto Stock Exchange | Auto parts, Automotive Supplier, Canadian, capital allocation, Disappointment, Management Change, Underperformance | Login |
| Apr 1, 2023 | Fund Letters | Vltava Fund | JUNGN.SW | Jungfraubahn Holding AG | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | SIX Swiss Exchange | Alpine, COVID Recovery, high margins, infrastructure, Monopoly, Mountain Railway, Pricing power, Swiss, Tourism | Login |
| TICKER | COMMENTARY |
|---|---|
| NVO | We had acquired most of our position in Novo Nordisk last summer after the stock's significant year-over-year price decline was compounded by the largest single-day drop in its history. We bought the shares relatively cheaply; their price then began gradually to rise, but, at the same time, Novo Nordisk's financial outlook for the coming years continued to deteriorate. This ultimately dominated our thinking, and we sold the shares. We came to realize that our ability to predict the company's future development was so weak that continuing to hold the shares would amount to pure speculation. |
| URI | The reasons for selling United Rentals were different. Nothing in our view of the company has changed. What had changed, however, was its share price. The price had risen so high that holding onto it would yield a low expected return both in absolute terms and in comparison with other stocks we are following. We therefore decided to realize a larger and quicker-than-expected profit and move that money into better opportunities. |
| BKNG | Booking Holdings is a global online travel booking platform headquartered in the U.S. Through its websites and apps, it connects customers with providers of accommodations, airline tickets, car rentals, and other travel services. The group's best-known brand is Booking.com, one of the world's largest platforms for reserving hotels and short-term accommodations. Its business model is primarily commission-based; the company collects a fee from every reservation made through its platforms. Thanks to a global network of millions of accommodation properties and a strong brand, the company benefits from significant network effects. Booking Holdings has long been among the most profitable firms in the travel industry and generates very high free cash flow. |
| AJB.L | AJ Bell is a British investment platform that enables individual investors to manage their savings and investments online. Through its services, AJ Bell provides clients access to a wide range of investment instruments, primarily stocks, funds, and retirement products. The company operates mainly in the United Kingdom and serves both retail investors and financial advisors. Its business model is founded primarily on fees for account management, trading, and administration. Thanks to its digital platform and low operating costs, AJ Bell can easily scale up by growing the number of its clients and volume of their assets under management. The company is benefiting from the long-term trend of shifting investments from traditional financial institutions to lower-cost online platforms and from households' growing interest in self-directed investing. |
| RMV.L | Rightmove is the largest online real estate portal in the United Kingdom. It operates a digital marketplace connecting property buyers and renters with real estate agencies, developers, and landlords. The vast majority of residential property listings in the country are concentrated on its platform, making it a key place where people begin their search for housing. The business model is primarily based on fees that real estate agencies and developers pay for advertising and additional marketing services on the platform. Thanks to strong network effects – that is to say, a large number of listings and visitors – Rightmove holds a dominant position in the UK market. The company has low capital intensity, achieves very high margins, and generates significant free cash flow. |
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