PDD - RV Capital H1 2021 Investor Letter

• RV Capital is a pure asset management business with assets under advisement in excess of €200M.
• The NAV of the Business Owner Fund was €994.14 as of 30 June 2021. The NAV increased 14.0% since the start of the year and 901.9% since inception on 30 September 2008. The compound annual growth rate since inception is 19.8%.
• The most consequential capital allocation decision in the first half-year was to increase our investment China by purchasing a new position in Alibaba and increasing our holding in Prosus, the major shareholder of Tencent, China’s largest internet company. I expect more investments to follow.
• At a high level, my sense is that investors in the West are missing the wood for the trees. They focus primarilyon what is perceived to be going wrong in China as opposed to all that is going right.

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