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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Ross & Van Compernolle 2024 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (Ross & Van Compernolle)

Primary Source Intelligence • Q2 2024 Letter Analysis

Ross & Van Compernolle Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Ross & Van Compernolle. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

YTD-0.3%

Digest Analysis

Quick Take

"3%. The fund executed successful exits from Wattanapat Hospital and MEDC Energi while adding Bank Central Asia during sector weakness."

Executive Summary

The RVC Emerging Asia Fund returned -0.3% year-to-date versus the MSCI ASEAN's -3.3%, demonstrating relative outperformance despite currency headwinds. The fund executed significant portfolio changes during the quarter, completely exiting Wattanapat Hospital after achieving a three-fold return from THB 4 to THB 12 per share within 12 months. The manager also exited MEDC Energi for the second time, capturing a 35% gain as oil prices rallied. New positioning included accumulating a 4% stake in Bank Central Asia during an Indonesian banking sector sell-off, capitalizing on the best-performing bank in the country trading at attractive valuations. The fund maintains a concentrated approach with top five positions representing 37% of assets. Currency remains a significant headwind with regional currencies declining 2.7% to 7.5% year-to-date. The manager continues to focus on quality companies across ASEAN markets, actively managing positions based on fair value achievement and market opportunities.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

High conviction evidenced by concentrated portfolio (37% in top 5 positions), specific position sizing (4% BBCA weighting), and willingness to completely exit positions when fair value is achieved. The manager demonstrates clear thesis-driven investing with named positions and explicit sizing decisions.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager demonstrates selective optimism, particularly regarding Indonesian banking opportunities and BBCA's prospects, but acknowledges ongoing currency headwinds affecting the broader ASEAN region.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund maintains concentrated positioning with 37% in top five holdings and actively deployed capital into new positions like BBCA during market weakness, indicating moderate risk appetite despite currency challenges.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

Moderate net deployment activity with new 4% position in BBCA offset by complete exits from WPH and MEDC. The rotation suggests selective capital reallocation rather than significant net deployment or withdrawal.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The manager expresses willingness to redeploy capital selectively, particularly mentioning potential re-entry into MEDC if conditions become attractive, showing measured deployment bias.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced with positive terms like 'best performing bank' and 'compounding growth' offset by concerns about currency headwinds and sector sell-offs.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Moderate risk perception with specific mention of ongoing currency headwinds as a drag on performance, but risks are presented as manageable challenges rather than systemic threats.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The manager identifies selective opportunities, particularly in Indonesian banking during sector weakness, and maintains openness to re-entering previously held positions when valuations become attractive.

Time Horizon

60%

Short-TermLong-Term

Multi-Year (60%)

Medium-term horizon evidenced by 12-month holding period for WPH and willingness to re-enter positions when conditions improve. The manager focuses on fair value achievement rather than permanent holdings.