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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Vltava Fund leverages a long-term, value-oriented 'pricing' framework to acquire high-quality businesses during periods of market volatility, viewing systematic fiat currency devaluation as the ultimate risk and stock market declines as prime opportunities."
In the July 2025 Letter to Shareholders, Daniel Gladiš outlines Vltava Fund's core philosophy of treating stock investments as a crucial tool for managing risk, specifically long-term currency devaluation. Arguing that cash is inherently risky due to cumulative inflation, Gladiš advocates for investing in high-quality equities to preserve real purchasing power. The fund strictly practices 'pricing'—buying stocks with a margin of safety below intrinsic value—rather than attempting to 'time' the market based on short-term political or economic developments, emphasizing a long-term horizon of more than three years to exploit 'time arbitrage.' During the quarter, the fund added no new companies but was active in strengthening its positions in 10 existing holdings, most notably increasing Applied Materials, Lam Research, United Rentals, and Arrow Electronics. It also added to its Nikkei 225 position and highlighted the successful liquidation of Williams-Sonoma earlier in the year. The manager expresses a strong preference for volatile and uncertain markets, as they provide the most attractive asset prices.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The fund displays moderate conviction (0.65). It runs a moderately concentrated portfolio of approximately 20 positions (with 10 representing half the holdings) and adheres to a disciplined value philosophy, although it did not present deep individual stock pitches in this letter.
Growth Outlook
The manager maintains a neutral to balanced outlook on broad market directions (0.50), refusing to predict short-term movements while viewing currency devaluation as a persistent threat and market volatility as an opportunity to buy undervalued stocks.
Risk Appetite
The fund exhibits a relatively high risk appetite (0.75), actively deploying capital and strengthening positions in 10 different companies—representing half of its portfolio—during periods of price weakness and market volatility.
Capital Deployment
Capital deployment is scored at 0.75, indicating moderate deployment. While no new names were added and none were completely exited, the fund was highly active in purchasing additional shares in 10 existing holdings during market dips.
Forward Guidance
With a score of 0.75, the manager shows a clear action bias, maintaining a prepared 'shopping list' of 100 companies and expressing readiness to buy whenever prices fall convincingly below estimated intrinsic values.
Language Signal
The language signal is scored at 0.50, reflecting a highly philosophical and balanced tone. While the manager discusses risks like currency devaluation and inflation, they frame market volatility and lower stock prices as positive opportunities for pricing.
Perceived Risk
Perceived risk is scored at 0.70. The manager highlights significant structural threats, particularly long-term currency devaluation, growing government debt, and persistent inflation, while viewing short-term market volatility as an operational opportunity rather than a risk.
Opportunity Density
Opportunity density is scored at 0.50, representing a selective environment. The manager notes that most stocks on their 100-company shopping list trade at prices too high to buy, but periodic volatility (such as in April) creates windows of opportunity.
Time Horizon
Scoring 0.85, the manager emphasizes an investment horizon of at least three years (1,090 days) and highlights 'time arbitrage' as a key structural advantage, deliberately ignoring short-term political and economic noise.
