TGP - Vltava Fund - Letter To Shareholders Q2 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.
• If you have been following our returns for some time, then you know that over the 12.5 years of our current investment strategy, our return is significantly greater than the return of the global stock markets, Vltava Fund 392% vs. MSCI World Index 236%.
• Generally speaking, it is not worth taking risks that we can avoid simply by going elsewhere. Therefore, over the past ten years, the focal point of the fund’s portfolio has been in developed markets.
• During the past quarter, no new stock appeared in the fund portfolio and we also did not part with any. We only increased our positions in NVR, CVS and in TGP Class A preferred shares.

For further details see: