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 main goal is to outperform the benchmark S&P BSE 500 and S&P BSE Smallcap index since our inception by a minimum of 5%. Our fund is poised to deliver excellent returns- we expect greater than minimum 5% outperformance target for the next decade as returns catch-up and businesses continue growing value. We look forward to your feedback and are always available to hear all thoughts (especially views which might not currently agree with our own!).