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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For further details see:
RF Capital Management H2 2023 Letter