SFM - RF Capital Management H2 2023 Letter

2024-02-11 06:15:00 ET

Summary

• RF Capital Management LLC was founded by Mr. Roger Fan in 2017. We adhere to the value investment principles of Benjamin Graham, Warren Buffett, and Charlie Munger.
• In the second half of 2023, RF Capital returned +22.54%1 net of all fees. For FY2023, RF Capital returned +56.07%1 net of all fees.
• At the end of 2023, our portfolio had 17 holdings. Zengame and Sprouts accounted for 39.09% of the portfolio.
• The world is out of balance on a macro level, and if we were macro, top-down investors, we would probably be cautious going forward.

Dear Investors,

In the second half of 2023, RF Capital returned +22.54% ¹ net of all fees. In comparison, the S&P 500 ( SP500 , SPX ), Russell 2000 ( RTY ), and MSCI ACWI generated returns of +7.18%, +8.16%, and +7.10%, respectively, over the same period....

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