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Profit is important

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We’re #InvestorFirst

  • Investor’s Focus
  • Absolute Returns

  • Making Money

  • Long term Horizon

  • Keeping Costs/Churn Low

  • Investment Manager’s Focus
  • Outperforming Benchmark

  • Managing Money

  • Flavour of the Season

  • Disregarding Costs

Adopting a Concentrated Portfolio Approach

  • Universe
    500-600 Companies (based on Quality Filter)
  • Focus
    150-200 Companies (based on Growth Filter)
  • Core
    30-50 Companies (based on Valuation Filter)
  • Portfolio
    8-12 Companies with high growth potential

What goes into Finding the Right Stock

Opportunity Size
  • Rich in possibilities
  • High earnings growth
  • Longevity
  • Predictability
  • Sustainability
Competitive Advantage
  • Network
  • IP
  • Regulation
  • Brand
  • Cost structure
  • Switching costs
Scalability & Sustainability
  • Reach
  • Replicability
  • Multiplicity of growth drivers
  • Market adjacencies
  • Technology adoption
Management Traits
  • Scrupulous
  • Competent
  • Aligned interests
  • Efficient capital allocator
Asymmetric Risk-reward
  • Future possibilities
  • Operating leverage
  • S-curve
  • Variant perception
  • Numbers v/s Narrative

4 Step Research Process

  • Connect dots

    Thematic views based on annual reports, on-ground reports and competitive analysis.

  • Filter

    Look at basic hygiene factors and any deal breakers

  • Investigate

    360-degree approach to understand on-ground situation

  • Risk-reward

    What do we know that market does not?

Never buy on impulse, hold in hope and sell in panic.

- Kalpraj Dharamshi

Strategies