The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 1, 2024
RV Capital's Business Owner Fund returned 28.9% in H1 2024, driven by investments in undervalued companies with strong owner-operators. The fund made its first oil and gas investment through International Petroleum, a Canadian company with production across three countries, attractive valuation metrics, and the Lundin family as major shareholders. The manager significantly expanded China exposure, adding NetEase, Yum China, H World, and Didi, describing Chinese valuations as the most astonishing of his career with blue-chip companies trading at single-digit to low double-digit P/Es despite strong fundamentals and aggressive capital returns. The letter extensively discusses ESG investing, with the manager criticizing current frameworks while supporting underlying environmental and governance principles. Key risks include China regulatory uncertainty and oil price volatility, while catalysts include IPCO's Blackrod development and Chinese companies' improved capital allocation. The fund maintains its focus on owner-operated businesses with sustainable competitive advantages.
The fund targets companies with rational and engaged owners trading at attractive valuations, recently expanding into Chinese equities at exceptional valuations and oil & gas through International Petroleum, while maintaining conviction that good governance and owner-operators drive superior long-term returns.
Manager expects continued opportunities in undervalued Chinese companies and energy sector, while maintaining focus on companies with rational owners and attractive valuations. Plans to potentially dive deeper into individual China investment hypotheses in 2024 annual letter.
Moderate Conviction Bullish
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