Bought early March 2026 in the SaaS sell-off (SEP-19): a company “full of owners” — new CEO Mark Miller founded the first business Mark Leonard acquired — without the egregious stock-based comp that erodes owner earnings at most software firms.
Held through the 2022 ~98% crash (SEP-19): co-founder/CEO Ernie Garcia is “the absolute epitome” of a founder building a business into his life’s work; the business-model doubt “has been put to bed.” Garcia on a 20% “Goldilocks” growth rate: that CEO “wanted to be home by 6:00.”
Top-10 China holding (SEP-19): Chinese hotel group owned on the founder / wide-moat / cheap screen — “very obviously good companies growing nicely at incredibly attractive valuations.”
Long-time Zuckerberg admirer (SEP-19): an “almost impossible job” done “from a place of passion” though he doesn’t need the money; hostility to Meta is the usual suspicion of the biggest companies.
Top-10 holding in a China sleeve that is ~1/3 of the fund (SEP-19): founder-run, wide moat, out-of-favour price; 10%+ expected earnings growth plus 5%+ returned a year clears his 15% owner-return hurdle. Held directly (Prosus, the discounted proxy, was sold).
Inspiration, not a position (SEP-19): the May-2006 Berkshire meeting led him to found RV Capital; Buffett hiring Ajit Jain because he liked him anchors his manager-first approach.
In one line: a concentrated (~10 stocks) owner-operator investor, ~15%/yr net since 2008, who underwrites every holding on a 15% "owner return" with no re-rating and now puts the manager first — founders who have made the business their life's work (Carvana, Constellation) — with about a third of the fund in cheap, founder-led Chinese champions.
Owner return, not multiples. Cash returned plus growth in per-share earnings power, held at a constant multiple, must reach 15%; a company is worth the cash it produces over its life. (2026-SEP-19)
Price → business → manager. Analysis sees only the tip of the iceberg; with owner-operators the hidden surprises skew positive. Cultivate in yourself the values you want in managers, because you'll be drawn to people like you. (2026-SEP-19)
China is the consensus gap. ~1/3 of the fund in Tencent, Luckin, H World, Yum China (plus DiDi): founder-run, wide moats, 10%+ growth and 5%+ capital returns at out-of-favour prices. (2026-SEP-19)
Momentum markets help the patient. A handful of moonshots have run while quality names sit 50% off; he bought Constellation in the March SaaS sell-off and doesn't chase the next Nvidia. (2026-SEP-19)
The product
From his own description in the 2026-SEP-19 interview.
What it is:RV Capital (Switzerland, founded 2006; co-managing director Andreas since 2022) manages the Business Owner Fund (launched Sept-30-2008 with ~€7–8M from seven investors; seed client Norman Rentrop). A concentrated global fund with no marketing push; half-year and annual letters; an annual gathering in Engelberg, free to attend and posted on YouTube.
Offering
What it is
How he runs it
Seen in the index
Business Owner Fund
Concentrated (~10 names) global equity fund
Sole decision-maker; 15% owner-return hurdle; founder/owner-operator managers; buys durable businesses on temporary setbacks
CVNA, CSU.TO, TCEHY, LKNCY, HTHT, YUMC, DIDIY in 2026-SEP-19
Letters & annual meeting
Half-year/annual investor letters; Engelberg gathering for investors, portfolio companies and fellow managers
Open Q&A, shared publicly; plus a memo of advice for young investment managers
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How it serves retail investors: he describes his less sophisticated investors' alternative as "some private banker trying to sell them structured products"; the fund offers a long-horizon, low-churn owner's approach instead.
The letters and the recorded annual meeting make his process available to anyone, investor or not.
Transcripts
One dated page per appearance — each has its stock table (when securities are named), talking points, and the saved transcript. Newest first.