We offer a disciplined discretionary strategy, besides offering customized portfolios. 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 delivered over the last 10+ 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/Brokler Kotak Mahindra (Intl.) Ltd.
Regulator Financial Services Commission
Administrator Apex Fund Services (Mauritius)
Auditor Grant Thornton (Mauritius)
Strategy India long bias listed equity (Inception in April 2011)
Benchmark S&P BSE 500 Total Return (TR)
Investment Horizon 10+ Years
Base Currency of Fund USD
Subscription/Redemption Monthly
Entry Fee None
Exit Fee 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 10 year GOI yield
Minimum Investment USD 100,000
Incremental Investment USD 50,000
Managed Accounts option? Possible, contingent on a higher minimum investment
Firm AUM USD 12 Mil
Annualized performance since inception* In USD: +7% vs.+7% for S&P BSE 500 TR
In INR: +15% vs. +12% for S&P BSE 500 TR

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 of 10 year GOI yield).

Note: * Till April 2023 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).