Vltava Fund’s Q1 2026 letter, titled “Sport and Investing,” compares sports and investing, highlighting key market themes. A copy of the letter is available to download here. January focused on artificial intelligence, followed by the Iran war, which impacted businesses in the short- and long-term. Later, private credit gained attention amid rising interest rates, defaults, and liquidity issues. Market volatility increased, creating more opportunities and prompting greater activity to generate value for the portfolio. Please review the Fund’s top five holdings to gain insights into their key selections for 2026.
In its first-quarter 2026 investor letter, Vltava Fund highlighted Novo Nordisk A/S (NYSE:NVO). Novo Nordisk A/S (NYSE:NVO) is a leading pharmaceutical company engaged in the research and development, manufacture, and distribution of pharmaceutical products. On April 13, 2026, Novo Nordisk A/S (NYSE:NVO) closed at $37.98 per share. One-month return of Novo Nordisk A/S (NYSE:NVO) was -1.17%, and its shares lost 41.11% over the past 52 weeks. Novo Nordisk A/S (NYSE:NVO) has a market capitalization of $169.1 billion.
Vltava Fund stated the following regarding Novo Nordisk A/S (NYSE:NVO) in its Q1 2026 investor letter:
“We sold two stock positions: Novo Nordisk A/S (NYSE:NVO) and United Rentals. We had acquired most of our position in Novo Nordisk last summer after the stock’s significant year-over-year price decline was compounded by the largest single-day drop in its history. We bought the shares relatively cheaply; their price then began gradually to rise, but, at the same time, Novo Nordisk’s financial outlook for the coming years continued to deteriorate. This ultimately dominated our thinking, and we sold the shares. We came to realize that our ability to predict the company’s future development was so weak that continuing to hold the shares would amount to pure speculation. We do not invest money in this manner and preferred to move it to where visibility into future developments is much greater.”
Novo Nordisk A/S (NYSE:NVO) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 55 hedge fund portfolios held Novo Nordisk A/S (NYSE:NVO) at the end of the fourth quarter, up from 50 in the previous quarter. While we acknowledge the potential of Novo Nordisk A/S (NYSE:NVO) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.