RV Capital's administrative update for the month of May 2025.
Dear Co-Investors,
The Business Owner Fund moved to Axxion at the start of this year. Axxion is a Luxembourg-based fund manager specialised in supporting independent fund managers such as RV Capital. I have had the opportunity to get to know several of Axxion's staff over the last few months and have found them to be thoughtful and engaged. I am delighted with the Business Owner Fund's new home and hope that you are too.
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Information on the Fund
Axxion has a dedicated area on its website for the Business Owner Fund, which can be found here. It includes various fund data and documentation, including the prospectus and factsheets. I will continue to send out a quarterly factsheet; however, you can also download it directly from Axxion.
Contacts
For questions related to the fund's strategy and investments, I remain the primary point of contact. I am always delighted to hear from my investors in the Business Owner Fund. Please do not hesitate to contact me by phone or email if you have any questions or would like to catch up. Some of my investors enjoy speaking with me on a regular basis. Others are invested with me precisely because they do not want to think about investing. Both constituencies are welcome.
For making a new investment in the fund, adding to your investment or redeeming it, your contact at Axxion is Marc Konrad. He can be reached at [email protected].
For questions about the fund and its structure, your contact at Axxion is Benjamin Linn. He can be reached at [email protected].
Investor Documentation
As part of the transition to a new administrator, Axxion is updating its customer files. Axxion will reach out to you in the coming weeks if they have not already done so. I realise that these forms are a hassle, but I would appreciate it if you would support Axxion in completing them. It is only possible to redeem existing shares or purchase new ones after this process is complete, so it is in everyone's interest to get it done.
Tariffs and the Trade War
Many of you have reached out to me to hear my thoughts on the trade war and the potential impact of tariffs. I just returned from a long trip that included stops in China, Japan and the US. As you can imagine, the trade war was top of people's minds everywhere I went. I am working on a postcard that describes what I learned from the many companies, investors, experts, and regular people I spoke with.
The postcard is not just about the trade war, though. The trade war dominates today's news cycle, but in a few months, something else will. The news is, by definition, always new. The risk in focusing excessively on what is new is missing gradual changes that are permanent. I do not want to fall into this trap. As such, the postcard includes my observations on some of the broader changes taking place, in particular in China.
Annual Gathering in Engelberg
Registration for RV Capital's Annual Gathering in Engelberg will open next Friday, 23rd May. I will send a separate email next week with further details about the event and instructions on how to sign up.
Email Deliverability
I am delighted that the RV community has continued to grow over time. One downside, though, is that it is increasingly challenging to deliver emails to the community. For this reason, I have filtered inactive accounts from the email list. This results in a smaller distribution list but a higher likelihood of reaching the most engaged members of the community. This is a trade-off that I am more than happy to make. To stay on the list, please log in to the website occasionally.
I hope this covers all the bases. If not, please don't hesitate to contact me or Axxion directly.
Happy Investing!
Rob Vinall,
RV Capital
