| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Daniel Gladiš argues that as artificial intelligence becomes abundant in investing, competitive advantage shifts from information access to sound judgment, original thinking, and temperament. AI commoditizes basic analytical work but cannot replace experience-based judgment, strategic skepticism, or the ability to distinguish signal from noise. The greatest danger is not that AI will surpass human thinking but that it will unify thinking, creating consensus and market instability. During Q2 2026, the fund sold semiconductor equipment stocks Lam Research, Applied Materials, and KLA Corporation at valuations of 20× sales and 50× earnings, eliminating margin of safety despite their quality. The fund also sold Cenovus Energy after shares rose 150% in one year driven by geopolitical events, believing intrinsic value did not justify the price. New purchases included Visa at an acceptable valuation and Kaspi.kz, an exceptional digital ecosystem in Kazakhstan trading at significant undervaluation. The manager remains cautious of speculative market segments driven by AI capital investment boom, focusing instead on high-quality companies with sustainable earnings, strong cash flow, and reasonable valuations.
In an era of abundant artificial intelligence, competitive advantage in investing shifts from information gathering to sound judgment, original thinking, and temperament, while the greatest opportunities lie in high-quality businesses trading at reasonable valuations away from speculative market segments.
Manager expects the current speculative environment to be unsustainable, with record-high margins and valuations unlikely to persist. The approach emphasizes patience, selectivity, and focus on companies with sustainable fundamentals rather than market narratives. Manager believes opportunities exist in less speculative segments of the market where high-quality companies trade at reasonable valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 1 2026 | 2026 Q2 | AMAT, CVE.TO, KLAC, KSPI.L, LRCX, V | AI, E-Commerce, emerging markets, Kazakhstan, oil, payments, semiconductors, valuation | - | Vltava Fund argues AI shifts investing advantage from information to judgment and originality. Manager sold semiconductor equipment stocks at extreme valuations and oil producer Cenovus after geopolitical spike, buying Visa and Kazakhstan digital ecosystem Kaspi.kz at attractive prices. Portfolio avoids AI-driven speculation, focusing on quality businesses with sustainable fundamentals and reasonable valuations in calmer market segments where margin of safety exists. |
| 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 | - | - | |
| Jan 1 2022 | 2021 Q4 | 005930 KS, BMW.DE, BUR.L, CRST.L, CVS, JPM, LH, LMT, MGA, NVR, SBER.ME, TGP, UNP, WSM, WTW | Autos, Banking, emerging markets, inflation, profitability, value | - | Value-focused manager reports strong 2021 profit growth across portfolio companies, particularly Sberbank, BMW, and LabCorp. Successfully avoided speculative growth stocks that crashed. Positioned for persistent inflation environment with companies benefiting from pricing power and rising rates. Portfolio cheaper relative to earnings despite NAV gains, with continued profit growth expected in 2022. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIManager views AI as an extraordinarily useful tool but a dangerous substitute for judgment. AI commoditizes basic analytical work and information gathering, but sound judgment, temperament, patience, and original thinking become scarcer and more valuable. The greatest danger is not that AI will surpass human thinking, but that it will unify thinking and create consensus, leading to market instability. |
Artificial Intelligence Judgment Consensus Originality Reflexivity |
Semiconductor CycleManager sold Lam Research, Applied Materials, and KLA Corporation despite recognizing them as excellent businesses essential to chip production. Valuations reached 20× sales and 50× earnings, eliminating margin of safety. Manager notes this is a cyclical industry and high prices demanded speculative assumptions about sustained growth and margins with no risks materializing. |
Semiconductors Valuation Cyclicality Equipment | |
OilManager sold Cenovus Energy after significant gains driven by the war in Iran. WTI crude rose from $60 to $114 and shares from Can$16 to $40 in one year. Manager believes intrinsic value did not increase 150% and is based on long-term expected oil prices, not current prices. Views oil stocks as cyclical with opportunities to buy low and sell high, and as a hedge against geopolitical events. |
Oil Cyclicality Geopolitical Energy | |
PaymentsManager bought Visa, describing it as one of the best businesses with a global technology infrastructure for electronic payments. Visa's strength lies in vast reach, trustworthiness, and network effects. The business combines critical financial infrastructure, software platform, global brand, and regulated network oligopoly with very high profit margins and returns on capital. Shares finally reached an acceptable valuation level. |
Payments Network Effects Infrastructure Fintech | |
E-commerceManager bought Kaspi.kz, an exceptional digital ecosystem in Kazakhstan combining payments, e-commerce, marketplaces, consumer finance, merchant services, and government services. Achieves 77 transactions per month per active customer with 25 million consumers and 900,000 merchants. Profitability is very high with return on capital exceeding even Visa. Manager was impressed by the super-app during a business trip to Kazakhstan. |
Digital Ecosystem Kazakhstan Fintech Marketplace | |
| 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 | |
| 2021 Q4 |
InflationManager views inflation as much higher and more persistent than central banks expected, with inadequate central bank responses. Expects continued negative real interest rates and inflationary environment to benefit certain portfolio companies like BMW, Crest Nicholson and Sberbank while pushing stock indices higher in nominal terms. |
Inflation Central Banks Real Rates |
AutosBMW achieved record profitability despite chip shortages and 10% lower production due to strong pricing power and unmet demand. Manager highlights BMW's exceptional 58% average ROCE over ten years and expects continued strong margins from accumulated demand and increased China joint venture stake. |
BMW Pricing Power Chip Shortage | |
RussiaSberbank continues to consolidate its dominant market position through crises, benefiting from rising interest rates and low bad loan costs. The bank achieved 55 roubles profit per share with 27 roubles dividend, representing 61% earnings yield and 30% dividend yield relative to original purchase price. |
Sberbank Russia Banking |
| 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 |
|---|---|
| LRCX | During the second quarter, we sold the troika Lam Research, Applied Materials, and KLA Corporation, all of which are key suppliers of manufacturing equipment and process control solutions for the semiconductor industry. These are undoubtedly excellent businesses, without which it would be impossible to produce increasingly advanced chips. Nevertheless, once the valuations of even the best companies begin to reach levels of 20× sales and 50× earnings, the balance between quality and price shifts significantly to the investor's disadvantage. In such a situation, it is no longer enough simply to recognize that these are excellent companies. It is also necessary for future growth, margins, and return on capital to remain exceptionally high over the long term and for practically no significant risks to materialize. In our view, this is an overly demanding and speculative combination. Despite the ongoing semiconductor boom, it is still good to remember that this is a pretty cyclical industry. There remained no margin of safety between price and value to speak of, and the high prices were therefore our impetus to sell. |
| AMAT | During the second quarter, we sold the troika Lam Research, Applied Materials, and KLA Corporation, all of which are key suppliers of manufacturing equipment and process control solutions for the semiconductor industry. These are undoubtedly excellent businesses, without which it would be impossible to produce increasingly advanced chips. Nevertheless, once the valuations of even the best companies begin to reach levels of 20× sales and 50× earnings, the balance between quality and price shifts significantly to the investor's disadvantage. In such a situation, it is no longer enough simply to recognize that these are excellent companies. It is also necessary for future growth, margins, and return on capital to remain exceptionally high over the long term and for practically no significant risks to materialize. In our view, this is an overly demanding and speculative combination. Despite the ongoing semiconductor boom, it is still good to remember that this is a pretty cyclical industry. There remained no margin of safety between price and value to speak of, and the high prices were therefore our impetus to sell. |
| KLAC | During the second quarter, we sold the troika Lam Research, Applied Materials, and KLA Corporation, all of which are key suppliers of manufacturing equipment and process control solutions for the semiconductor industry. These are undoubtedly excellent businesses, without which it would be impossible to produce increasingly advanced chips. Nevertheless, once the valuations of even the best companies begin to reach levels of 20× sales and 50× earnings, the balance between quality and price shifts significantly to the investor's disadvantage. In such a situation, it is no longer enough simply to recognize that these are excellent companies. It is also necessary for future growth, margins, and return on capital to remain exceptionally high over the long term and for practically no significant risks to materialize. In our view, this is an overly demanding and speculative combination. Despite the ongoing semiconductor boom, it is still good to remember that this is a pretty cyclical industry. There remained no margin of safety between price and value to speak of, and the high prices were therefore our impetus to sell. |
| CVE.TO | We also sold the Canadian Cenovus Energy. This was the only company in our portfolio focused on oil production. It is fair to say that we made more here than we ever expected, primarily thanks to the war in Iran. Investing in oil-producing companies combines long-term considerations of a company's fundamental value with short-term fluctuations caused by oil price volatility. Moreover, markets tend to overreact to stock prices, in both upward and downward directions. A year ago, in the spring of 2025, when uncertainty surrounding U.S. trade tariffs was at its peak, the spot price for a barrel of WTI crude oil plummeted to nearly $60. At that time, Cenovus shares were trading at Can$16. In our view, this was significantly below the company's intrinsic value and it was a signal for us to buy. This year, in the second quarter of 2026, as concerns peaked about the impact of the war in Iran on the oil market, the price of WTI climbed to $114 and Cenovus Energy shares rose above $40. The company's intrinsic value certainly did not increase by 150% in just 1 year. That value cannot be derived from current oil prices but from long-term expected oil prices. Although these, too, have risen somewhat over the past year in our view, we did not believe that they justified a share price exceeding $40. That is why we sold the shares. We believe that in this sector, it is wise to respond to its greater cyclicality. The market tends to extrapolate current trends far into the future, and this creates opportunities in oil company stock prices for both good buying and good selling opportunities. It is therefore quite possible that, given favorable conditions, we will return to this stock in the future. Among other reasons, this is because the stock acts as a form of hedge against adverse geopolitical events. In this regard, the stock performed excellently this year. |
| V | We bought shares in Visa and Kaspi.kz. Visa probably needs little introduction. Nevertheless, I'll describe the company briefly, as people are often surprised by just how complex and sophisticated its business is. Visa is not a card company in the simple sense of the word. It is a global technology infrastructure for electronic payments that connects banks, merchants, consumers, payments processors, governments, and companies. Its main role is to ensure that payments between two parties are processed quickly, securely, reliably, and with minimal risk without regard to the country, currency, bank, card type, or sales channel involved. The sophistication of Visa's business lies in the fact that it is not just about forwarding the payment itself. Visa operates an extensive payment network full of rules, technologies, and security standards. It also handles transaction authorization, fraud prevention, settlement, tokenization, data analytics, and risk management. Every payment looks simple to the customer. A person taps with a card or clicks in an online store, but behind all of this lies a highly complex system coordinating among many participants in the financial ecosystem. Visa's strength lies in its vast reach, trustworthiness, and network effect. The more merchants that accept Visa cards, the more useful Visa is to cardholders. The more people who use Visa, the more important it is to merchants. This effect is very difficult to achieve, because any competitor would have to simultaneously secure a large number of banks, merchants, and customers, as well as regulatory approvals, technological reliability, and global acceptance. Economically, Visa is an exceptionally attractive business because it does not expose its own balance sheet to the credit risk of ordinary cardholders. It does not lend money to customers like a bank. It collects fees for network operation, transaction processing, and related services. Its business therefore combines elements of critical financial infrastructure, a software platform, a global brand, and a regulated network oligopoly. It is precisely this combination of a simple user experience and an extremely complex system behind the scenes that makes Visa one of the most sophisticated companies in the world of financial services. As a result, its profit margins and returns on invested capital are very high. In our view, Visa is one of the best businesses out there. We have known this for a long time, and, of course, other investors know it, too. Primarily for this reason, Visa shares have historically traded at valuations that were generally too rich for us. Now, their price has finally reached an acceptable level, which is why we were very pleased to add the shares to Vltava Fund's portfolio. |
| KSPI.L | Even from a global perspective, Kaspi.kz is an exceptional example of a digital ecosystem combining into a single application payments, e-commerce, marketplaces, consumer finance, merchant services, travel, advertising, and even select government services. It is therefore neither just a bank, a payment app, nor an online store, but a deeply integrated infrastructure of everyday economic life in Kazakhstan. Its uniqueness lies in its penetration rate, frequency of use, and breadth of features. Kaspi reports more than 25 million consumers and 900,000 merchants across Kazakhstan and Turkey (thanks to its majority stake in the online retail shopping portal Hepsiburada). In Kazakhstan, it has achieved an extraordinary usage level of 77 transactions per month per active customer. This is an engagement level that even many global platforms might envy. Kaspi's dominant market position is founded not only on its size but also on the network effect among consumers, merchants, and financial products. The more customers use Kaspi to pay, shop, and manage their finances, the more important it becomes for merchants. The more merchants are in the system, the more valuable the app is for customers. This interdependence creates an ecosystem that – much like Visa's – is very difficult to replicate. The sophistication of the business lies in Kaspi's ability to monetize a single customer relationship in multiple ways: through payments, commercial transactions, credit products, merchant services, advertising, logistics, and other digital services. From the user's perspective, it is a simple application on one's phone. From a business perspective, it is a comprehensive, data-driven platform combining elements of Visa, PayPal, Amazon, Shopify, a bank, a BNPL (buy now, pay later) provider, and digital public infrastructure. All of this is backed by an exceptionally strong local presence in a single market. Kaspi's profitability is very high, and even the otherwise excellent Visa cannot match its return on capital. Kaspi is a company that is very well known among investors. We ourselves have been closely monitoring it for about 6 years. During that time, we came close to buying its shares on several occasions, but this is the first time we have actually done so. The decisive factor was a business trip I took to Kazakhstan. I had been invited to lead a two-day workshop at the Narxoz University Business School. The audience consisted of professionals, including senior executives from the financial sector. This gave me the opportunity to discuss the economy, the financial sector, government economic policy, and Kaspi itself with financial professionals. It was also my first opportunity to take a detailed look at the Kaspi super-app in real life. I must admit that it literally took my breath away. It seemed to me to be a generation ahead of what we are used to in the Western world. I saw how people use the application on a daily basis, and I experienced firsthand that without it one is quite limited in Kazakhstan. Last but not least, Kazakhstan itself made a very positive impression on me. When you add it all up and combine this with the significant undervaluation of Kaspi's shares, that was our reason for buying the stock. Following our very successful investment to date in the Mexican company Quálitas Controladora, Kaspi is our second investment in emerging markets. |
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