RV Capital's Business Owner Fund factsheet for the third quarter ended September 30, 2024.
Dear Co-Investors,
As of the 30th of September 2024, the NAV was €1'051.82.
The fund gained 38.4% since the start of the year. Since its inception on the 30th of September 2008, the fund has compounded at 15.9% p.a. after fees.
Four new companies were added to the portfolio this quarter.
I published my half-year letter last week. It includes discussions of International Petroleum, some new Chinese investments, and ESG.
In August, I travelled to East Africa and wrote a postcard about the trip.
Happy investing, and stay healthy!
Rob
Investment Philosophy
“Business Owner” reflects the philosophy of investing like an owner in businesses run by an engaged and rational owner with the capital of investors who think like an owner. The business owner philosophy is long-term and contrarian. The aim is to profit from opportunities which investors who are burdened with shorter time horizons or institutional pressures cannot pursue. Companies are selected based on four main criteria: Will the company be around and flourishing in ten or more years’ time? Is the company building a long-term competitive advantage? Does the management set the right example? And is the price attractive? If all four criteria are met, the fund buys and aims to hold for a long time. Concentration in single companies is high as great companies with honest managers cannot often be bought at attractive prices. The fund invests worldwide. It can go short and use leverage, but usually does not.
See the full factsheet here.