Overview

• Vltava Fund released its Q3 2025 letter titled “Value Traps and Growth Traps,” disclosing three new positions: Novo Nordisk, Marex Group and Fiserv.
• For Novo Nordisk, the fund cites leadership in diabetes and obesity care with Ozempic/Wegovy demand exceeding supply; NVO closed Oct. 3 at $59.63 with a 52-week loss of 48.2% and hedge-fund holders down to 45 from 60 in Q2.
• For Marex, it highlights a scalable clearing and market-access platform that benefits from higher volatility; MRX closed Oct. 3 at $29.98 with a 52-week gain of 17.51% and hedge-fund holders up to 39 from 22.
• For Fiserv, it points to payments infrastructure scale, the First Data acquisition and Clover POS growth; FI closed Oct. 3 at $127.56 with a 52-week decline of 31.2% and hedge-fund holders up to 94 from 72.
• The letter frames these additions as avoiding both value and growth traps by favoring high barriers to entry, long-term production or infrastructure investments, and durable client relationships.