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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:


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


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