Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Vltava Fund’s Investor Letter (July 2019)

A Checzh Republic-based investment fund, Vltava Fund recently released an investor letter to its shareholders, which you can download below. The firm was launched in 2004 by Daniel Gladiš, and it utilizes long/short investment strategies. Its founder, Daniel Gladiš is also the fund’s Portfolio Manager and a Chartered Financial Analyst, who graduated from Brno University of Technology. Prior to starting Vltava Fund, he was a director of Atlantik finanční trhy, a.s., a member of the Prague Stock Exchange. In a newly-published investor letter, Daniel Gladiš talked about possible recession on the horizon, positions the fund had sold, and the biggest contributors to the fund’s recent performance.

“Price and value

The fundamental value of our portfolio has not changed much since the beginning of this year. It has been rather stationary. The largest positive influences on the portfolio’s fundamental value came from increase in the fundamental values of Sberbank, Credit Acceptance, Berskhire Hathaway, and also

from our only short position, Tesla. The largest negative influence was from decrease in the fundamental values of Samsung and BMW. This year, the prices of our stocks are developing much better than are their fundamental values. The difference between the prices and the portfolio’s fundamental value has narrowed, as per our expectations, but it still remains greater than average.”

You can download a copy of Vltava’s Investor Letter (July 2019) here:

dopis_56_en

You can also see the list of our 2019 Q2 investor letters and download them on this page.

 

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...