Investment thesis on MAN Industries
Dear Partners,
We have put together a brief note to explain our thought process underlying this investment
Read MorePerspective on Life Insurance companies post-budget
Dear Partners,
We have put together a brief note that summarizes our thoughts and how we intend to act.
Read MoreINVESTMENT THESIS ON NEOGEN CHEMICALS
Neogen is the only company which we continue to purchase even at valuations > 50x TTM PE.
We make exceptions only when a company is at a very early stage of the growth cycle, where there are visible opportunities/triggers for high growth longevity, and we are investing in top decile promoters.
Enclosed is a brief note to explain our thought process underlying this investment.
INVESTMENT THESIS ON ICICI PRUDENTIAL LIFE INSURANCE
We have put together a brief note to explain our thought process underlying this investment.
INVESTMENT 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.
INVESTMENT 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.
INVESTMENT 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.
INVESTMENT THESIS ON SOLARA ACTIVE PHARMA
We have put together a brief note to explain our thought process underlying this investment.
Read MoreINVESTMENT THESIS ON AXIS BANK
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 MoreINVESTMENT THESIS ON ITC
While 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.