Investment Management
Framework
SCREENING
- Industry developments
- Investment Philosophy Fit
- Screening on basis of financial evaluation
EVALUATING
- Industry Dynamics, Market Size, Competition
- Management & Promoters
- Corporate Governance
- Past financial performance
- Valuation
RISK
MANAGEMENT
- Managing Portfolio Beta
- Capital Allocation
- Sectoral Exposure
NEW
DEVELOPMENTS
- Regulatory Changes
- New Technologies
- Evolving business dynamics in economic cycles
MONITORING
- Industry Updates
- Economic Environment
- Scuttlebutt
- Company Updates
- Competitor Performance
- Earnings & Valuation Curve
SCREENING
- Industry developments
- Investment Philosophy Fit
- Screening on basis of financial evaluation
NEW
DEVELOPMENTS
- Regulatory Changes
- New Technologies
- Evolving business dynamics in economic cycles
EVALUATING
- Industry Dynamics, Market Size, Competition
- Management & Promoters
- Corporate Governance
- Past financial performance
- Valuation
NEW
DEVELOPMENTS
- Regulatory Changes
- New Technologies
- Evolving business dynamics in economic cycles
MONITORING
- Industry Updates
- Economic Environment
- Scuttlebutt
- Company Updates
- Competitor Performance
- Earnings & Valuation Curve
Our Core Principles
Risk-Adjusted
Returns
We focus on delivering above-average returns while minimizing losses in tough markets.
Dynamic Capital
Allocation
Flexible investments across sectors and market caps based on risk analysis.
All-Weather
Portfolio
Prioritizing capital preservation and growth through all business cycles.
Skin in
the Game
Being the largest investors in our fund, we are deeply committed to its success.
Risk-Adjusted
Returns
We focus on delivering above-average returns while minimizing losses in tough markets.
Dynamic Capital
Allocation
Flexible investments across sectors and market caps based on risk analysis.
All-Weather
Portfolio
Prioritizing capital preservation and growth through all business cycles.
Skin in
the Game
Being the largest investors in our fund, we are deeply committed to its success.
Process for selection of
companies is based on several
criteria such as:
Strong corporate
governance
Superior capital
allocation leading to
above average ROE
and ROCE's
Top-down &
Bottom-Up
approach
Regulatory and
forensic checks to
avoid companies
with accounting and
governance issues
Ability in
management to
deliver future
growth
Strong moats in
place leading to good
growth rate runway
and cash flow
generation
Case Studies
Our investment strategy is built on the Principles of ‘Chanakyaniti’ – detailed analysis, strategic foresight, and risk management.
We identify quality companies with strong financials, undervalued assets, and future growth potential. Through our case studies, we demonstrate how these principles lead to consistent outperformance.
Anant Raj
Entry price – 81 (13/12/2021); Current price – 598 (as on 31/01/2025)
- North India based Real Estate developer with a land bank of 240 acres of which 175 acres located in Sector 63A, Gurugram, with experienced management (4th generation running business).
- Aggressive plans to enter data centres from existing assets which were highly underutilized. Data centres have high rental yielding potential given stringent rules regarding location and quality of assets.
- Good land parcel in prime locations, with the growing demand in North we expect good growth from the residential sector.
- Company chalked out deleveraging plans with positive FCF generation which has been executed well till date.
Jindal Saw
Entry price – 87 (26/08/2022); Exit price – 330 (08/08/2023)
- Russia-Ukraine war led to energy crisis in Europe and other countries. Europe being highly dependent on Russia for gas with pipelines in place, stopped sourcing from Russia, leading to increased focus. towards O&G industry which had been on a standstill for long due to increased focus on renewables. Less focus on discoveries in O&G sector led to low capex in the industry and low pricing.
- These energy supply concerns caused by Russia-Ukraine war led to increase in prices of coal and oil prices which made the governments rethink about importance of O&G sector (just like defense sector). With renewed focus towards O&G, new gas pipelines has to be setup for alternative routes, which would lead to a turnaround story for Jindal Saw.
- Given the low earnings and low valuation coupled with confidence shown by the management based on changing economic scenario, we found it to be an extremely attractive opportunity to invest in.
Ujjivan Financial Services
Entry price – 110 (21/02/2022); Exit price – 277 (11/11/2022)
- Ujjivan Financial was a special situation wherein the company would benefit from removal of holding company discount upon reverse merger with Ujjivan Small Finance bank (USFB).
- Due to leadership issues, USFB itself was available below book value.
- With leadership transition underway at the time, there would be increased focus on collections and stability.
- Management commentary indicated that peak stress was done and business was witnessing improved momentum..
- We exited after the strong run up led by improved business performance and re-rating.
We consistently refine our strategy to align with global trends and local developments. From the rise of energy security post the Russia-Ukraine conflict to the surge in digital infrastructure, our team stays ahead of market trends to safeguard your investments.