INVESTMENT THESIS ON ICICI PRUDENTIAL LIFE INSURANCE
We have put together a brief note to explain our thought process underlying this investment.
Return expectations from Indian Equities
We have put together a brief note to discuss our return expectations from Indian Equities.
Read MorePortfolio positioning and approach
Enclosed note discusses our approach to portfolio positioning .
Read MoreINVESTMENT THESIS ON TEAM LEASE
We have put together a brief note to explain our thought process underlying this investment .
TEAM LEASE – EXIT NOTE
In this note we explain our rationale for exiting Team Lease.
Performance measurement – the difference between TWRR and XIRR
Performance reporting in the PMS industry had no standardized reporting till SEBI mandated managers to only report TWRR. (Time Weighted Rate of Return).
TWRR measures skill of a fund manager – TWRR does not care about quantum of money invested, only the return earned over the time period money was invested. It is calculated by multiplying returns over each time period money is invested and dividing it by the total time period. Alternatively, one can calculate this by assuming units are being issued at prevailing prices and calculating how the NAV of each units has evolved (MF method).
Read MoreINVESTMENT THESIS ON STAR HEALTH LIFE INSURANCE
Star Health is a Health Insurance company primarily focused on the retail segment. This is a business we would like to own for long periods of time.
With its leadership of a large and growing market that provides the opportunity to grow PAT at ~18-20%+ for next decade, 16-18% Accounting ROE and higher Cash ROE, Star Health is a very attractive business to own at current prices from a 5–10-year perspective.
Enclosed is a brief note to explain our thought process underlying this investment.
Has India decoupled
We have put together a brief note explaining our views on whether India has decoupled.
Read MoreWhat I learned from Rakesh Jhunjhunwala
Rakesh Jhunjhunwala, India’s favourite investor, passed away yesterday at the young age of 62. The world knows him for his wealth, his passion for investing and for his wit. I am privileged to share a side of him not many knew by virtue of my association at his family office “RARE” between 2006 to 2014 and the mentoring I benefited from till his last days.
Rakesh “Bhaiya,” as he was affectionately referred to, was perhaps the strongest believer in the India growth story that I have known. His reasoning was India’s democratic roots and consensus-based approach meant growth would be more long lasting and gain momentum with reforms.
Read MoreINVESTMENT THESIS ON MAYUR UNIQUOTERS
The lack of Earnings growth for Mayur in the last few years coupled with no immediate triggers has resulted in a reasonable valuation today.
We continue to own Mayur as we believe poor financial performance can be principally explained by the environment whereas business is evolving well on operating metrics. We also have a variance perception on key person risk.
Enclosed is a brief note to explain our thought process underlying this investment.