Vltava Fund
Our archive holds 8 letters from Vltava Fund, behind 11 investment theses. Every quote below is copied verbatim from the letter it came from.
Vltava Fund’s own letters pageTheses · 11
- June 2026
Kaspi.kz is a highly integrated Kazakh digital ecosystem with strong network effects, high engagement, high profitability, and perceived undervaluation.
Read the full thesis - June 2026
Visa is a global payments network with powerful network effects, high margins and ROIC, and the fund bought it once valuation became acceptable.
Read the full thesis - March 2026
Booking Holdings is a leading global online travel platform with powerful network effects, high margins, and capital-light free cash flow at an attractive entry valuation.
Read the full thesis - March 2026
Rightmove is the dominant UK property portal with strong network effects, very high margins, and capital-light free cash flow generation.
Read the full thesis - March 2026
AJ Bell is a scalable UK investment platform benefiting from the shift to lower-cost online investing, with high margins and capital-light economics.
Read the full thesis - December 2025
Corpay is a global corporate payments platform with recurring revenue, high switching costs, scale and data advantages, and proven M&A execution, offering long-term growth and cash generation that the fund believes is undervalued.
Read the full thesis - September 2025
Marex is a diversified global financial services platform that offers essential liquidity and market access across multiple markets, with a competitive edge in flexible client service and a strong growth potential not yet reflected in its share price.
Read the full thesis - September 2025
Novo Nordisk is a leading global company in diabetes and obesity treatment, experiencing a recent share price decline despite significant growth potential in the obesity market, making it an attractive long-term investment opportunity.
Read the full thesis - September 2025
Fiserv is a leading American financial technology provider with robust growth potential, strong market positioning, and a focus on digital payment solutions, despite recent share price fluctuations.
Read the full thesis - March 2025
United Rentals (URI) is the leading global equipment rental company with strong growth potential, an attractive share price, and a solid market position in the construction and industrial sectors.
Read the full thesis - December 2024
Lam Research is a leading wafer fabrication equipment manufacturer for the semiconductor industry with strong profitability and effective capital allocation through share buybacks.
Read the full thesis
Letter archive · 8
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