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Investment Objective
The investment objective of the Fund is to achieve long term capital appreciation through investing in equity and equity-linked instruments of Indian companies listed on the Indian stock exchanges. In order to achieve the objective, the Fund would invest in companies which have the ability to deliver healthy and consistent earnings growth trajectory and capital efficiency over a longer term in future, and which are available at reasonable valuations.

Investment Philosophy
The Fund shall predominantly focus on a bottom-up approach for selection of securities. The manager’s selection process incorporates qualitative as well as quantitative analysis including management integrity, earnings growth, capital efficiency, relative margin of safety to valuations etc.
The Fund will be a concentrated portfolio of 10-20 stocks with market cap in the range of USD 500Mn to USD 200Bn. The Fund reserves the right to invest in more stocks. The Fund shall follow buy and hold strategy.

The Power of A Filter Based Approach

  • Unique DNA of these companies: By “filtering in” companies with a history of very consistent fundamentals over very long time periods, the portfolio is skewed towards companies with a DNA built around relentlessly deepening their competitive moats despite disruptive changes taking place both inside as well as outside the organization. More often than not, such DNA sustains over the subsequent 5-10 years investment horizon of the filter based approach.
  • Power of compounding: Holding a portfolio of stocks untouched for 10 years allows the power of compounding to play out, such that the portfolio becomes dominated by the winning stocks while losing stocks keep declining to eventually become inconsequential.
  • Avoiding the pitfalls of psychology and reducing transaction costs: Being patient with a portfolio helps cut out ‘noise’ of trying to time entry / exit decisions. With no churn, this filter based approach also reduces transaction costs.
    Consider two data points:
    (a) In a portfolio with 70% churn (average churn of large cap mutual funds), 20bps broking cost and 30bps impact cost, churn reduces the terminal value of the portfolio (after 10 years) by 10% (i.e. a drag of 120bps on the 10-year CAGR);
    (b) deferring the 10% long term capital gains tax payable on the portfolio by 10 years enhances the terminal value of the portfolio by 8% (i.e. 100bps increase in the 10-year CAGR) vs a portfolio where capital gains are paid each year.

high risk

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