Business Owner Fund's commentary for the month ended September 30, 2025.
Dear Co-Investors,
The factsheet for the Business Owner Fund as of 30 September 2025 can be downloaded at Axxion's website under "Downloads."
The NAV was €1'405.32 at quarter-end. The fund gained 17.1% since the start of the year. Since its inception in 2008, the fund has a cumulative return of 1'316.3% and an annualised return of 16.9%, both after fees.
One new company was added to the portfolio this quarter.
The factsheet is generated using Axxion's automatic template. Work on a new factsheet is almost complete and will be ready for the year-end quarter. It will be more customised to the Business Owner fund and what investors find most relevant.
Postcards
I made a second trip this year to China last month. I do not plan to write a postcard this time. My last postcard was only half a year ago. The only thing that has changed since then is that the trade war seems to have come and gone, notwithstanding some noise around rare earths and semiconductors dominating this week's newscycle. Moreover, in all my writings on China, I have tried to impress on my Western readers just how rapidly the country and its companies are developing. This message no longer feels so urgent. What was quite a contrarian viewpoint until recently now feels more mainstream.
After travelling to Kenya and East Africa last year, this year's "discovery trip" will be to Saudi Arabia. It is a part of the world I know almost nothing about, but I have heard from friends who do that the region is developing rapidly. My learning curve on past trips has always been steep (which is not surprising, starting from zero), and I am sure this one will be no different. I look forward to reporting back to you on what I learn.
I will be there from 1-5 December. If you are based in the region, please feel free to reach out. I love meeting with local people on these trips. They give me a far better sense of the country and the topics people are preoccupied with than visiting the tourist hotspots.
I hope everyone had a great summer and wish you all a great rest of the year.
All the best,
Rob Vinall
Read more hedge fund letters here
