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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 3, 2024 | Vltava Fund | 0.0% | 0.0% | BWY.L, CRST.L, CVS, OSB.L | Banking, Portfolio Management, Position Sizing, small caps, United Kingdom, value | The 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. | OSB.L CVS |
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| 2025 Q1 | Apr 4, 2025 | Vltava Fund | - | - | 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 | Manager 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. | URI BRK-A |
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| 2024 Q3 | Oct 3, 2024 | Vltava Fund | 0.0% | 0.0% | AAPL, AMZN, BN, BRK-B, GOOGL, HUM, KLAC, META, MKL, MSFT, NVDA, OSB.L, STLA | AI, energy, fiscal policy, global, inflation, infrastructure, technology, value | The 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. | BN |
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| 2025 Q4 | Jan 16, 2026 | Janus UK Smaller Companies Fund | -0.1% | 2.4% | BBY.L, BWY.L, CHG.L, CVSG.L, DOM.L, MTO.L, OSB.L, QQ.L | Construction, defense, Government Policy, small caps, Uk, Valuations | Defence companies Qinetic and Chemring were key detractors as share prices fell amid news of potential peace agreement between Russia and Ukraine. UK defence contractors are waiting for publication of government's Defence Investment Plan, which is slowing decision making. Housebuilder Bellway and construction company Balfour Beatty were positive contributors. Bellway rallied following benign UK budget outcome and reported encouraging preliminary full-year results. Balfour Beatty continued to rally on strong order-book momentum and cash generation. UK smaller companies experienced challenging conditions with government handling of Autumn Budget destroying corporate and consumer confidence. However, valuations remain attractive and sit well below long-term averages, with persistent M&A activity suggesting market players are taking notice. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Vltava Fund | OSB Group | Financials | Thrifts & Mortgage Finance | Bull | London Stock Exchange | banking, buy-to-let, dividend yield, market inefficiency, Mortgages, ROE, small-cap, UK, Value | View Pitch |
| Oct 9, 2025 | Substack | Wonderstcks | OSB Group Plc | Financials | Mortgage Finance | Neutral | buy-to-let, digital innovation, economic downturn, fintech competition, mortgage market, regulatory scrutiny, risk management, savings-based funding, specialist lending, UK housing market | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||