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The Rob Vinall Podcast
RV Capital's First-Half 2024 Letter to Co-Investors
Oct 1, 2024
Norman Rentrop, a revered mentor in the investment sector, joins the discussion to illuminate his insights on strategic investments. They delve into the impressive NAV growth of the Business Owner Fund and the significance of a new KVG. A fascinating new investment in International Petroleum is unveiled, alongside three bold ventures in China. The conversation shifts to the complexities of ESG investing, critiquing its discrepancies between theory and practice while proposing a more pragmatic governance approach.
43:14
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Quick takeaways
- Rob's personal journey highlights the critical role of mentorship in developing a successful investment philosophy, particularly through Norman Rentrop's guidance during challenging market conditions.
- The recent investment in International Petroleum reflects a strategic shift towards sectors with strong management potential, underscoring the complexity and trade-offs involved in ESG investing.
Deep dives
Fund Performance and Management Changes
As of June 30, 2024, the net asset value (NAV) of the Business Owner Fund stood at €979.45, reflecting a significant increase of 28.9% for the year and 887.1% since its inception in 2008. This growth represents a compound annual growth rate of 15.6%. Recent administrative changes include the planned transfer of management to Axion, a Luxembourg-based investment manager, following the closure of the investment-axing Zelschaft for Langfrostige. Despite these changes, it is expected that investors will see no significant differences in fund operation, costs, or tax consequences, ensuring a smooth transition for current stakeholders.
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