RV Capital Management, the Swiss-based value orientated investment manager, returned 11.6% for investors over the six months to 30 June bringing the return since inception (30 September 2008) to 384.8%. Over the same period the fund manager’s benchmark index, the Dax has returned 111.4%, giving outperformance of 273.5% for the fund. Within RV’s half-year letter to investors, a copy of which has been reviewed by ValueWalk, the portfolio manager Robert Vinall embarks on an interesting discussion about how a company’s purpose and management factors into his investment decisions. Of particular interest is the discussion of purpose.
Vinall writes that he “would prefer a company to have a higher sense of purpose than not.” He goes on to explain that while...
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