Rob Vinall Portfolio: High Concentration in Consumer Cyclical & Financial Services

Portfolio Overview

As of March 31, 2026, Rob Vinall's RV Capital portfolio demonstrates a clear concentration strategy, heavily weighted towards specific sectors and individual holdings.

Top Holdings by Value

The portfolio's largest position is Carvana Co. (CVNA), representing approximately $119 million, or 31.05% of the total. This is followed by Meta Platforms Inc. (META) at $83.3 million (21.77%) and Credit Acceptance Corp. (CACC) at $52.7 million (13.77%).

• Interactive Brokers Group Inc. (IBKR): $51.1 million (13.36%)
• HTHT (H World Group Ltd): $28.1 million (7.34%)
• YUMC (Yum China Holdings Inc): $20.6 million (5.37%)
• Microsoft Corp. (MSFT): $9.4 million (2.46%)
• Salesforce Inc. (CRM): $2.9 million (0.76%)
• PAYC (Paycom Software Inc): $2.7 million (0.70%)
• Morningstar Inc. (MORN): $0.7 million (0.17%)

Sector Concentration

The portfolio exhibits strong sector concentration, with Consumer Cyclical and Financial Services combined accounting for over 60% of the total value. Specifically:

• Consumer Cyclical: Carvana (CVNA), HTHC (HTHT), and YUMC together make up approximately 45.75% of the portfolio.
• Financial Services: CACC and IBKR together represent about 27.13% of the portfolio.
• Communication Services: META accounts for 21.77%.
• Technology: MSFT, CRM, and PAYC together make up about 3.93%.

Recent Changes

Several holdings show significant changes in the most recent period:

• MSFT: Shares increased by 119.3%, likely due to a substantial purchase.
• CRM: Shares increased by 41.27%, indicating continued interest.
• PAYC: Shares increased by 72.61%, reflecting a significant new position or increase.
• CVNA: Shares decreased by 15.26%, suggesting a reduction in exposure.
• CACC: Shares decreased by 4.81%, indicating a modest reduction.
• IBKR: Shares decreased by 5.17%, showing a slight reduction.
• HTHT: Shares decreased by 7.46%, reflecting a reduction.
• MORN: Shares increased by 100% due to a new position.

Investment Strategy Analysis

The portfolio's structure points towards a strategy focused on capturing growth within specific cyclical consumer businesses and established financial services firms, particularly brokerages. The high allocation to Consumer Cyclical (via CVNA, HTHT, YUMC) and Financial Services (via CACC, IBKR) suggests a belief in the resilience or growth potential of these sectors, despite their inherent volatility. The inclusion of large-cap technology names like MSFT and CRM, alongside mid-cap tech (PAYC), indicates a blend of established and growth-oriented technology exposure. The significant increase in MSFT, CRM, and PAYC positions, coupled with reductions in some cyclical and financial holdings, suggests an active management style focused on capitalizing on perceived value shifts or specific opportunities in certain sectors.