Vltava Fund 4Q21 Commentary
Vltava Fund commentary for the fourth quarter ended December 31, 2021. Q3 2021 hedge fund letters, conferences and more 2021Looking back upon the past year, one could describe 2021 as a year of very strong growth in profitability among the companies we hold in our portfolio. The profits of these companies grew even faster than did the Fund’s NAV. Indeed, if we measure the NAV of the Fund against the current profitability of the companies we own, then the Vltava Fund portfolio is cheaper at the end of 2021 than it was at its beginning, despite the past year’s substantial growth in NAV. For me p...