2025

Dear Shareholders,

The largest stock positions in the Vltava Fund portfolio at the beginning of 2026 were Berkshire Hathaway, OSB Group, Brookfield Corporation, Markel Group, and Asbury Automotive Group. Our portfolio is concentrated into investments we believe offer the best combination of expected return and risk. Sufficiently attractive investment opportunities are relatively rare, and therefore we strive to use them to our maximum advantage. Through the past year we made the following changes to the portfolio: We sold shares of Williams-Sonoma and Stellantis. Conversely, we added to the portfolio shares of United Rentals, Novo Nordisk, Marex Group, Fiserv, and Corpay. At the end of the year, the overall portfolio consisted of 24 stock positions. The 10 largest of these comprise approximately 74% of our portfolio.

As 2026 began, the market was valuing the Fund’s portfolio at approximately 11 times the trailing 12 months’ earnings. This means that the net earnings of our companies over the past year have been equal to about 9% of their combined market capitalization (that is the earnings yield, which is the inverse of the P/E). In our view, this is a very attractive valuation given the quality and growth prospects of these companies. Here are additional fundamental metrics for the entire portfolio based on our calculations and estimates: return on equity (ROE) 20%, return on invested capital (ROIC) 15.3%, price-to-book ratio (PB) 2.2, dividend yield (DY) 1.6%, adjusted dividend yield including share buybacks (DY adj.) 3.6%, and free cash flow yield (FCFY) 8.8%.

Our estimate as to the current fundamental value of Vltava Fund’s portfolio at the end of 2025 is approximately 24% greater than the Fund’s present NAV.

There are essentially three things that affect development of the fundamental value that we attribute to our portfolio: The first is our estimate as to the fundamental values of the individual companies. Second is the passage of time itself, because the fundamental value of a company develops over time and has a strong tendency to grow in the long term as more and more capital is reinvested. The third of these consists in our stock selection and our transactions, whereby we swap companies in the portfolio with lower potential for companies having higher potential. We cannot influence the prices of individual stocks, but we can determine their selection, and that is our focus. Long-term growth in the fundamental value of well-selected stocks will gradually pull their prices upwards. This is one of the few things upon which we can rely.

In the next section of the annual report, you will find, as you do every year, the quarterly letters to shareholders from the past year (together these present a picture of our investments and views over the past year) and more-detailed data, including full historical results and audited financial statements.

We thank you for your support and patronage through the past years, and we look forward to cooperating with you in the years to come.

Daniel Gladiš, February 2026