RV Capital Co-Investor Letter for the first half ended June 30, 2024. Table of Contents A New KVG for the Business Owner Fund Thank You A First Investment in the Oil and Gas Sector Competitive Advantage An Attractive Valuation An Oil Company, Really? Oil From a Sustainability Perspective A China Basket ESG Investing I Am Pro-ESG in Theory My Reservations are with ESG in Practice Ignorance of trade-offs Misunderstanding Business’ Impact Independence is the Wrong North Star for Governance The Arbitrariness of ESG Criteria Bureaucracy Effectiveness What Would I Do Differently? Scrap the Entire Governance framework Reduce Regulation Make New Laws Make Trade-Offs Explicit Finance Moonshots Annual Gathering in Engelberg Dear Co-Investors, The NAV of the Business Owner Fund was €979.45 as of 30 June 2024.

It increased by 28.9% since the start of the year and by 887.1% since its inception on 30 September 2008.

The compound annual growth rate since inception is 15.6%. A New KVG for the Business Owner Fund At the investor meeting in Bonn this year, Norman Rentrop communicated his decision to close the Investmentaktiengesellschaft für langfristige Investoren (“InvAG”).

The InvAG is the investment manager of the Business Owner Fund, and RV Capital is its advisor — or, to be precise, sub-advisor. Like many others, I am sad that an era is approaching its end, but my overwhelming sense is one of gratitude. I will discuss this further shortly.

The most pressing question for inves.