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Vltava Fund Q1 2019 Investor Letter

Vltava Fund is a global equity Czech Republic-based investment fund that was founded by Daniel Gladiš 15 years ago. The fund looks for the companies that are temporary trading at much lower prices than their intrinsic values, and from which it expects to provide steady cash flows to its shareholders in various forms, such as dividends and share buy-backs. Previously, Daniel Gladiš, the fund’s portfolio manager and founder, was a member of the Board of Directors of ABN AMRO Asset Management and founder and director of Atlantik finanční trhy, a.s., member of the Prague Stock Exchange. He is a Chartered Financial Analyst and a graduate of Brno University of Technology. Recently, Vlatava Fund released its Investor Letter for the first quarter of 2019, a copy of which you can download below.

In the letter, Daniel Gladiš compares the skills of a good investor to those of a professional athlete, explains why the fund sold out all the remaining shares of Pandora A/S, a Danish jewelry maker during the first quarter, ending the letter with the announcement of a new position in its British portfolio.

“Using the money freed up, we expanded our British portfolio by one position. Due to Brexit, the British market is still among the least favoured, and, to use a Wall Street expression, is perhaps currently“ the most undercrowded trade”. it cheap and abundant in attractive investments. We managed to find a company that is a global leader in a relatively unknown field not correlated with the overall economic cycle. In fact, it has a tendency to economic downturns. And it has nothing to do with fashion!”

You can download a copy of Vltava Fund’s Q1 2019 Investor Letter here:


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