Robert Vinall

RV Capital AG

Last update 2026-05-11

Reported portfolio value: $382,629,000
Current positions: 13
Top five concentration: 87.3%
Largest position: 31.1%
New positions: 2
Closed positions: 1

Reported holdings

14 positions

Company	Portfolio	Quarterly activity	Shares	Reported price	Reported value	Updated / source
CVNA CARVANA CO	31.05%	Added 24.4%	377,298+73,895	$315	$118,818,000−$9,224,000	13F2026-03-31 ↗
META META PLATFORMS INC	21.77%	Added 6.8%	145,534+9,223	$572	$83,313,000−$6,664,000	13F2026-03-31 ↗
CACC CREDIT ACCEP CORP MICH	13.77%	Reduced 4.8%	124,160−6,271	$424	$52,697,000−$5,143,000	13F2026-03-31 ↗
IBKR INTERACTIVE BROKERS GROUP IN	13.36%	Added 0.7%	757,919+5,441	$67	$51,111,000+$2,719,000	13F2026-03-31 ↗
HTHT H WORLD GROUP LTD	7.34%	Reduced 7.5%	558,380−45,036	$50	$28,081,000−$310,000	13F2026-03-31 ↗
YUMC YUM CHINA HLDGS INC	5.37%	Reduced 5.1%	421,539−22,782	$49	$20,563,000−$649,000	13F2026-03-31 ↗
MSFT MICROSOFT CORP	2.46%	Added 119.3%	25,220+13,720	$373	$9,408,000+$3,846,000	13F2026-03-31 ↗
GOOGL ALPHABET INC	2.44%	Unchanged	32,520	$288	$9,351,000−$827,000	13F2026-03-31 ↗
CRM SALESFORCE INC	0.76%	Added 41.3%	15,511+4,531	$187	$2,895,000−$13,000	13F2026-03-31 ↗
DE DEERE & CO	0.74%	Unchanged	5,001	$563	$2,817,000+$489,000	13F2026-03-31 ↗
PAYC PAYCOM SOFTWARE INC	0.70%	Added 72.6%	21,395+9,000	$125	$2,677,000+$702,000	13F2026-03-31 ↗
MORN MORNINGSTAR INC	0.17%	New	3,700+3,700	$177	$654,000+$654,000	13F2026-03-31 ↗
SPOT SPOTIFY TECHNOLOGY S A	0.06%	New	500+500	$485	$242,000+$242,000	13F2026-03-31 ↗
WIX WIX COM LTD	0.00%	Exited	0−314,996	$104	$0−$32,725,000	13F2026-03-31 ↗

Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.

Filing history

Historical holdings

Ticker	Company	Portfolio	Shares	Reported value
CVNA	CARVANA CO	31.05%	377,298	$118,818,000
META	META PLATFORMS INC	21.77%	145,534	$83,313,000
CACC	CREDIT ACCEP CORP MICH	13.77%	124,160	$52,697,000
IBKR	INTERACTIVE BROKERS GROUP IN	13.36%	757,919	$51,111,000
HTHT	H WORLD GROUP LTD	7.34%	558,380	$28,081,000
YUMC	YUM CHINA HLDGS INC	5.37%	421,539	$20,563,000
MSFT	MICROSOFT CORP	2.46%	25,220	$9,408,000
GOOGL	ALPHABET INC	2.44%	32,520	$9,351,000
CRM	SALESFORCE INC	0.76%	15,511	$2,895,000
DE	DEERE & CO	0.74%	5,001	$2,817,000
PAYC	PAYCOM SOFTWARE INC	0.70%	21,395	$2,677,000
MORN	MORNINGSTAR INC	0.17%	3,700	$654,000
SPOT	SPOTIFY TECHNOLOGY S A	0.06%	500	$242,000

Ticker	Company	Portfolio	Shares	Reported value
CVNA	CARVANA CO	29.81%	303,403	$128,042,000
META	META PLATFORMS INC	20.95%	136,311	$89,978,000
CACC	CREDIT ACCEP CORP MICH	13.47%	130,431	$57,841,000
IBKR	INTERACTIVE BROKERS GROUP IN	11.27%	752,478	$48,392,000
WIX	WIX COM LTD	7.62%	314,996	$32,725,000
HTHT	H WORLD GROUP LTD	6.61%	603,416	$28,391,000
YUMC	YUM CHINA HLDGS INC	4.94%	444,321	$21,212,000
GOOGL	ALPHABET INC	2.37%	32,520	$10,179,000
MSFT	MICROSOFT CORP	1.29%	11,500	$5,562,000
CRM	SALESFORCE INC	0.68%	10,980	$2,909,000
DE	DEERE & CO	0.54%	5,001	$2,328,000
PAYC	PAYCOM SOFTWARE INC	0.46%	12,395	$1,975,000

Investor background

Robert Vinall

“Investing like an owner in businesses run by an engaged and rational owner with the capital of investors who think like an owner.”

Robert Vinall is the founder and managing director of RV Capital and the investment adviser to the Business Owner Fund. A Cambridge graduate and CFA charterholder, he began his career at Goldman Sachs Asset Management in 1997, moved to DG Bank—later DZ Bank—as a telecommunications analyst, and joined the activist-oriented CDL Principal Investors in Switzerland in 2004. He founded RV Capital in 2006 and launched the Business Owner Fund with the backing of German entrepreneur and investor Norman Rentrop on 30 September 2008, two weeks after the collapse of Lehman Brothers.

Vinall’s investment development followed three broad stages. He began by purchasing companies below net cash or liquidation value, but discovered that business quality mattered more than the size of the statistical discount. He then focused on competitive advantages and long-term economics. Finally, he placed managers and controlling owners at the centre of the process after observing that the best investment outcomes were often driven by acquisitions, products and markets that could not have been forecast at the time of purchase. His conclusion was that when the decisive future factors remain unseen, the investor must partner with managers whose character, judgment and motivation can be trusted.

RV Capital invests globally and normally owns around ten companies. A prospective investment must be capable of flourishing for at least another decade, be strengthening its competitive advantage, be led by management that sets the right example, and trade at an attractive price. Vinall particularly values founder-led or owner-oriented managers who regard the company as their life’s work. His approach is concentrated but not static: he moved beyond German small caps, rejected low-multiple orthodoxy, invested in Google and Baidu, and shifted his attention from the current width of a moat toward whether it is expanding.

Vinall qualifies as a super investor because the philosophy is supported by a long and observable record. Through 2025, the Business Owner Fund compounded at 16.4% annually from its September 2008 inception, compared with 7.6% for its published DAX comparison. His letters are unusually valuable because they revisit both successful investments and errors, including premature sales, Carvana’s financing risks and the unsuccessful investment in Ryman Healthcare.

He remains the identifiable decision-maker behind the Business Owner Fund. Andreas Lechner is RV Capital’s co-managing director and an important research partner, but Vinall has stated that they make their investment decisions separately and that he continues to advise Business Owner. The fund’s administration moved to Axxion in 2025 without transferring the core investment responsibility.