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Vltava Fund Sold Novo Nordisk (NVO) on Fear of Deteriorating Financial Outlook

Vltava Fund's Q1 2026 letter, titled “Sport and Investing,” compares sports and investing, highlighting key market themes. A copy of the letter is available to download here. January focused on artificial intelligence, followed by the Iran war, which impacted businesses in the short- and long-term. Later, private credit gained attention amid rising interest rates, defaults, and liquidity issues. Market volatility increased, creating more opportunities and prompting greater activity to generate value for the portfolio. Please review the Fund’s top five holdings to gain insights into...