We believe Axis is amongst the 4 private Banks in India that has the right to win long term. It offers opportunity for long term compounding but where entry valuations are significantly in favour in a richly valued market.
Enclosed is a brief note to explain our thought process underlying this investment.
Read MoreWhile our core approach to investing is to buy “disciplined compounding stories at a fair price”, it is equally true that “at the right price, all assets are AAA” (except where one suspects governance issues).
We will buy companies in “Special Situations” when they trade at a meaningful discount to fair value.
ITC meets our Special Situations criteria.
Enclosed is a brief note to explain our thought process underlying this investment.
We hold a position in India Mart whose price fell sharply since then by ~35% in the last two weeks.
In this note we explain
a) Our Investment thesis on the company
b) Our hypothesis on what could explain the decline
c) How we have acted post the steep decline
HDFC Bank is perhaps India’s most secular compounding story with over two decades of superior growth backed by prudent risk taking
Enclosed is a brief note to explain our thought process underlying this investment.
Read MoreGarware manufactures highly specialized Technical Textile catering to fishing, aquaculture, sports, agriculture etc
Company is a core part of our portfolio and enclosed is a brief note to explain our thought process underlying this investment.
Read MoreOur call on Max Life Insurance is a non-consensus call. What do we see that others do not?
Enclosed is a brief note to explain our thought process underlying this investment.
Read MoreOur call on JSW Energy is a non-consensus call. What do we see that others do not?
Enclosed is a brief note to explain our thought process underlying this investment.
Read MoreWe have put together a brief note to explain our thought process underlying this investment.
Read MoreSRF has 3 business verticals – Fluorine based Chemicals/Refrigerant Gases, High grade Packaging Films and Technical Textiles. Our primary Investment thesis is based on the Fluorine based chemical segment where they have a highly differentiated franchise.
SRF has tail-winds on its own merit but will benefit from “China+1”. They have been investing in Capex aggressively over the last few years & with the agri Cycle poised to turn, the company should witness strong growth over the next few years.
Enclosed is a brief note to explain our thought process underlying this investment.