When 2023 ends in a few months’ time, it will be 15 years since we switched to our current investment strategy for the Fund. While in reality that is almost 5,500 days of waking up and falling asleep thinking about our investments, looking back it seems like a blink of an eye. The oft-repeated saying about how fast time flies is unfortunately one of those inexorable truths. Vltava Fund’s overall return across this period is 420%, which is approximately 11.8% per annum.