BUR - Vltava Fund - Letter To Shareholders Q3 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.
• With every investment, we are actually putting the money you have entrusted to us into the hands of people running the companies into which we have invested.
• We have two new positions. The first is Williams-Sonoma. This position is still very small, so other than to say that we really like its story, its potential, as well as its numbers, I am not going to go into further details now. We will see where the future takes us.
• The second position is much larger and wasthrown into our hands by an unexpected turnof events. It is the stock of Willis TowersWatson.
• Moreover, merger arbitragecommonly makes extensive use of leverage inorder to increase profits.

For further details see: