QUCOF - Vltava Fund - Letter To Shareholders Q1 2021

• Vltava is a global equity investment fund. Our objective is to achieve long-term capital growth of the assets under management while investing primarily into stocks of publicly traded companies.
• Choosing good companies is only the first step. The second is to make sure that we are not paying too much for them.
• Some analysts even argue that we are at the beginning of a long commodity supercycle. The previous one had started in 1996 and peaked in 2008. After 12 years in the cycle’s downward phase, a new supercycle may have started last year in spring.
• There was a slight change in Vltava Fund’s portfolio in the first quarter. We sold shares of Union Pacific. It was one of three stocks we bought a year ago at the market bottom.

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