Vltava Fund is a Value Oriented, Research Driven Investment Fund. INVESTMENT OBJECTIVE Our objective is to achieve long-term capital growth of the assets under management while investing primarily into stocks of publicly traded companies. In so doing, we endeavour to protect our shareholders’ wealth from the greatest threat – inflation – while achieving above-average returns. INVESTMENT PHILOSOPHY It’s simple. We believe that equities make the best long-term investment. The objective of investing into equities is to take advantage of regular cash flows from companies to their shareholders in the forms of dividends and share buybacks and of reinvesting retained earnings. In good companies with high-quality management, these flows tend strongly to grow. Over the long term, share prices track this growth.