QUCOF - Vltava Fund - Letter To Shareholders Q4 2020

• Vltava is a global equity investment fund. We think stocks make the best long-term investment.
• When I think about inflation as an investor, I am not much interested in what will be its amount in the next few quarters or even in the next several years. Rather, what concerns me is how this game will play out in the end.
• We sold WH Smith and bought Quálitas Controladora and NVR.
• Last year was an uncustomarily active one with regard to the number of transactions in the portfolio. There are three main reasons for that: big share price swings during the year, a large inflow of new money to the Fund in the second quarter, and our intention to increase somewhat the number of titles within the Vltava Fund portfolio.

For further details see: