RV Capital 4Q22 Letter to Co-Investors in Business Owner

Dear Co-Investors, The NAV of the Business Owner Fund was €526.35 as of 30 December 2022. The NAV decreased 47.6% since the start of the year and increased 430.5% since inception on 30 September 2008. The compound annual growth rate since inception is 12.4%. Q4 2022 hedge fund letters, conferences and more A Health Update When I sent out my Q2 factsheet in early July, I announced that I would shortly be sending out my first half letter. I have never pre-announced a letter before. I did so on this occasion as the fund’s performance was bad, and I thought…