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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Business Owner TGV is a concentrated global value fund that invests like a business owner in quality companies with competitive advantages and rational management."
Business Owner TGV follows a concentrated, long-term value investing approach, selecting companies based on four criteria: ten-year durability, competitive advantage building, quality management, and attractive pricing. The fund delivered strong Q1 2023 performance with 15.9% returns, recovering from a challenging 2022 where it declined 47.6%. The portfolio maintains high concentration in individual positions, reflecting the philosophy that great companies with honest managers at attractive prices are rare opportunities. Top holdings include technology names like Meta Platforms, Salesforce, and Wix.com, alongside financial services companies like Interactive Brokers and Credit Acceptance, plus specialty positions in Carvana and Prosus. The fund can invest globally to maximize opportunities and has flexibility to use shorts and leverage, though typically operates long-only. With a 13.3% annualized return since 2008 inception, the strategy demonstrates the long-term value creation potential of patient, concentrated investing in quality businesses.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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