RV Capital's Business Owner Fund factsheet for the fourth quarter ended December 31, 2024.
Dear Co-Investors,
As of 30 December 2024, the NAV was €1'200.05.
The fund gained 57.9% since the start of the year. Since its inception on 30 September 2008, the fund has compounded at 16.6% p.a. after fees.
One new company was added to the portfolio this quarter.
Change in KVG
I am happy to report that the Business Owner Fund was successfully migrated to Axxion at the end of 2024. The next factsheet will reflect the new service providers. As a reminder, the migration to Axxion does not lead to any substantive changes for existing investors in the fund. There is no need to do anything.
Annual Gathering in Engelberg
RV Capital's Annual Gathering will take place this coming weekend in Engelberg. Andreas and I cannot wait to welcome you at the Hotel Terrace on Saturday morning.
Full details about the event, including the schedule, are on the Event Page.
Please register for the Event Group if you are attending in person. There are several posts about informal meetups around the event and links to WhatsApp groups for real-time communication.
Live Stream
Both days' sessions start at 9:00 a.m. and will be live-streamed from my YouTube channel. Please subscribe to the channel to be notified when the live stream starts. A link to the Saturday session is here, and to the Sunday session is here.
Unfortunately, we could not issue a ticket to everyone who registered on the waitlist for the event. If you did not get a ticket, please try again next year. Please also join the live stream.
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.
All the best for 2025, and to those travelling to Engelberg, safe travels!
Rob
See the full factsheet here.
