United Rentals, INC.

• VF Vltava Fund Sport and Investing (Once Again) ↗ Vltava Fund sold Novo Nordisk as its outlook became too difficult to forecast and exited United Rentals after valuation compressed expected returns. It initiated Booking Holdings, AJ Bell, and Rightmove, favoring capital-light platforms with network effects, while warning that private credit’s weak transparency and liquidity mismatch could expose cyclical lending risks. 1/2026 AJB $3BBKNG $118BNVO $168B +2
• Wedgewood Partners Are Hyperscalers Still Magnificent? ↗ Wedgewood increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that AI capital spending compounds already high-return businesses while their private investments help offset DRAM inflation. The firm initiated Hermès, citing scarce artisan capacity, durable brand equity and pricing power, while maintaining position-size limits amid speculative semiconductor demand. Second Quarter 2026 GOOGL $4.2THMI $152BAMZN $2.7T +3

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