We offer a disciplined discretionary strategy, besides offering customized portfolios. We have been running two listed equity substrategies, namely India Undervalued and India Underserved, since 2011. Metis India Opportunity Fund (MIOF) is a blend of these two strategies. Our philosophy and processes are deeply rooted in our ingrained competitive advantage of a disciplined long-term decision framework. We are constantly seeking to build/rebuild a portfolio of well-diversified, yet fairly concentrated (15-25 positions) book (please refer to Exhibit 2b/2c for details). We have created a fundamental bottoms-up forensic framework that allows us steer clear of lemons, helps us identify the under-appreciated dynamics of a given business, and also gives us actionable insight into intrinsic valuation (ideally with clearly quantifiable catalysts). Our biggest out-performers have been businesses with management that are laser-focused on execution without compromising on governance. We do multiple checks on these somewhat subjective facets throughout the diligence process. Our goal, at any given time, is to have a diversified set of businesses that are well placed within their ecosystem, given the domestic and international environment. We don’t rely on the uniquely compelling fundamental India story but invest in businesses that have a strong sustainable position in their competitive universe, run by capable/ethical management with a solid execution history, and selling at compelling values.

Please see the fund returns the two co-managers have delivered over the last 7+ years and read a few of the newsletters that explain the thinking we have had over the years, along with specific portfolio maneuvers. Our fund has outperformed nearly all our peers and benchmarks since inception and for any meaningful time-period. We look forward to your feedback and are always available to hear all thoughts (especially views which might not currently agree with our own!).

Please see the traits of an ideal investor for our strategy.

Legal Structure Open-ended limited liability company, domiciled in Republic of Mauritius
Fund Manager/GIPS Compliant? Metis Capital Management Ltd./Yes, independently verified
Custodian Kotak Mahindra (Intl.) Ltd.
Regulator Financial Services Commission
Administrator Apex Fund Services (Mauritius)
Auditor Ernst & Young(Mauritius)
Strategy India long bias listed equity (Inception in April 2011)
Benchmark S&P BSE 500 Total Return (TR)
Investment Horizon 5+ Years
Base Currency of Fund USD
Subscription/Redemption Monthly
Entry Fee None
Exit Fee None (after the first year); up to 1.50% (prior to first year)
Management Fee Up to 1.5% (size-dependent)
Performance Fee 15% over a yearly cumulative HWM + hurdle rate of 8%
Minimum Investment USD 100,000
Incremental Investment USD 50,000
Managed Accounts option? Possible, contingent on a higher minimum investment
Firm AUM USD 16 Mil
INR and USD based performance since inception Contact Manager

We also offer Class C shares which have minimal management fee (0.25%) and a 2-year lock-up of capital (20% performance fee over 8% hurdle rate).

Legal Structure Open-ended limited liability company, domiciled in Republic of Mauritius
Fund Manager/GIPS Compliant? Metis Capital Management Ltd./Yes, independently verified
Custodian Kotak Mahindra (Intl.) Ltd.
Regulator Financial Services Commission
Administrator Apex Fund Services (Mauritius)
Auditor Ernst & Young(Mauritius)
Strategy India long bias listed equity (Inception in April 2011)
Benchmark S&P BSE 500 Total Return (TR)
Investment Horizon 3+ Years
Base Currency of Fund USD
Subscription/Redemption Monthly / Monthly (notice of 20 days)
Entry Fee None
Exit Fee Contact Manager
Management Fee 1%
Performance Fee 15% over a yearly cumulative HWM + hurdle rate of 8%
Minimum Investment USD 100,000
Incremental Investment USD 50,000
Managed Accounts option? Possible, contingent on a higher minimum investment
Firm AUM USD 16 Mil
Annualized performance since inception* In USD: +8% vs.+6% for S&P BSE 500 TR
In INR: +14% vs. +11% for S&P BSE 500 TR

Note: * Till March 2019 and gross of fees. Performance in USD is of Class B shares (Shariah friendly). Metis Capital Management Ltd claims compliance with the Global Investment Performance Standards (GIPS ®) and has been independently verified. Contact manager for detailed composite track records.


We also offer Class C shares which have minimal management fee (0.25%) and a 2-year lock-up of capital (20% performance fee over 8% hurdle rate).