RV Capital Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The Q4 2025 13F filing for RV Capital , managed by the renowned value investor Rob Vinall , offers a profound window into the mind of a "business owner" style practitioner. With a reported portfolio value of $429,532,680 , RV Capital continues to operate as a boutique, high-conviction investment firm that eschews the traditional diversification mandates of larger institutional players. The most striking metric in this report is the number of stocks: 12 . For a fund managing nearly half a billion dollars, holding only a dozen positions is a radical departure from the "closet indexing" prevalent in the industry. This concentration signals a psychological portrait of an investor who prioritizes deep fundamental understanding and extreme patience over the perceived safety of a broad basket of assets.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors— Consumer Discretionary, Financials, and Communication Services —collectively account for a staggering 89.41% of the total portfolio. This level of concentration is almost unheard of in the institutional world and indicates a manager who believes that true alpha is found by mastering a few specific domains rather than being a "jack of all trades." The dominance of Consumer Discretionary (41.36%) is particularly noteworthy, driven largely by the massive position in CVNA (Carvana) . This suggests a macro judgment that the consumer-facing platform economy, specifically in specialized retail and services, offers the highest return on capital.

The allocation of 10.05% to Technology might seem low in the current AI-driven market, but when combined with the Communication Services weight (which includes Meta and Alphabet), it becomes clear that RV Capital is betting on the application and ecosystem layer of technology rather than the hardware or semiconductor layer. Vinall is not buying the "shovels" (chips); he is buying the "gold mines" (platforms with massive user data and network effects). This reflects a belief that the long-term value of the current technological revolution will accrue to those who own the customer relationship and the data interface.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Carvana’s business model—an e-commerce platform for buying and selling used cars—experienced a near-death experience in 2022-2023 due to debt concerns and a cooling used-car market. Vinall’s decision to hold through that period and maintain it as a top position reflects a "deep value" or "distressed reversal" logic that has paid off handsomely. The core thesis here is likely centered on Carvana’s superior logistics network and its ability to disrupt the fragmented, inefficient traditional dealership model. The reduction this quarter is a classic "rebalancing" move; when a single stock grows to exceed 30% of a portfolio, even the most high-conviction manager must trim to manage idiosyncratic risk. The Weight Change of -0.94 despite a 31.86% share reduction indicates that the stock's price appreciation significantly offset the selling, keeping its portfolio importance nearly constant.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The absence of new buys in a quarter is often as significant as a flurry of activity. For a fund like RV Capital, which manages a concentrated portfolio, the decision to not sell as a stock's weight increases is an active investment choice. This is "offensive" in the sense that the manager is allowing the portfolio to become even more concentrated in its highest-performing ideas.

Where did the capital for these "weight gains" come from? It came from the complete exit of PDD Holdings and the 31.86% reduction in Carvana . Vinall effectively "recycled" capital from a high-volatility, high-risk Chinese e-commerce play (PDD) and a massive winner (CVNA) into the more stable, high-quality compounders like META, CACC, and HTHT. This is a "flight to quality" within a high-conviction framework. He is not moving to cash; he is moving to stronger balance sheets and more predictable moats .

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The reductions in IBKR and META are tactical. In the case of IBKR, a 5.85% reduction is likely a simple adjustment to keep the position size within a desired range (around 10-11%). For Meta, a 2.43% reduction is almost purely administrative.

The exit from PDD serves as a warning signal for the broader e-commerce sector. When a disciplined, long-term investor like Rob Vinall exits a 7% position, it suggests that the "risk-reward" has fundamentally shifted. It may indicate that the "easy money" in the Chinese e-commerce trade has been made, or that the competitive "moat" of PDD is not as wide as previously thought. For other investors, this is a signal to re-evaluate high-growth platforms that lack transparent, sustainable competitive advantages.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sell the Volatile : Exit PDD to remove "complexity risk" and regulatory uncertainty. 2. Trim the Outperformer : Reduce CVNA to manage idiosyncratic risk after a massive run. 3. Concentrate in the Durable : Allow the weights of "Digital Utilities" (Meta, Alphabet) and "Operational Leaders" (HTHT, YUMC) to grow organically. 4. Result : A portfolio that is more resilient, higher in quality, and more focused on "predictable compounding" than it was three months ago.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.