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FRAMEWORK

O
Opportunity
L
Leverage
D
Direction
R
Reasonable Valuation
I
Integrity Wisdom Passion
C
Cashflow
E
Earnings

STYLE OF INVESTING

We understand and appreciate different styles of investing

  • Growth investing vs. value investing
  • Growth at a reasonable price vs. growth at any price
  • Special situation vs. compound investing
  • Contrarian vs. momentum investing
  • Turnaround vs. structural investing
  • Quant-based vs. fundamental investing
  • Pick-and- shovel vs. gold miner investing.
  • Thematic vs. diversified investing
  • Timing vs. staying invested
  • Private-equity-like approach in public market

We follow FLEXIBLE STYLE of investing, backed by diligent research

Experience
  • Patience
  • Process-Driven
  • Rational Thinking
Consistency
  • Emotional Control
  • Risk Management
  • Dedication & Commitment
Quality & Proficiency
  • Extensive Research
  • Long-term mindset
  • Discipline

DIRECTION

Profile

Headwinds or Tailwinds


Profile

Disruptor or Getting Disrupted

Profile

Emerging or Receding

Profile

"In the business world, the rear-view mirror is always clearer than the windshield." - Warren Buffet.


INTEGRITY WISDOM PASSION

  • Treatment with minority shareholders
  • Culture of Ethics, Governance and Compliance
  • Actions reflect words
  • Experience, education and motivation for the business
  • Behaviour during difficult times
  • Lives and breathes the business

"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever." - Warren Buffett.

OPPORTUNITY

  • Market Size, Market Share and Expansion

    • "Big Fish in a small pond or small fish in a big pond and expansion of pond - Anonymous

LEVERAGE

  • Leverage at the country, corporate and individual level
  • Leverage is a great ROE enhancer, if sustainable

    • "Leverage is an incredibly powerful tool, but it's not something you can use blindly. You have to be careful." - Charlie Munger

REASONABLE VALUATION

  • A great business may not be great stock if its valuation is too high

    • "No matter how wonderful a business is, it's not worth an infinite price." - Charlie Munger

CASH FLOW

  • Reflects quality of business
  • Cash flow generation and allocation
  • Tools for identifying risk and fraud

    • "Revenue is vanity, profit is sanity, cash flow is reality" - Anonymous

EARNINGS

  • Sustainability
  • Growth
  • Cyclicality

    • "The most important thing is to understand the cycles and know that earnings growth is the result of an economy or business cycle." - Ray Dalio

SUMMARY OF TERMS

FUND STRUCTURE OPEN ENDED CAT lll AIF
FUND STRATEGY Seeks reasonable, absolute long-term returns by investing opportunistically and flexibly across multiple asset classes - including listed equity, unlisted equity (including pre-IPO), derivatives - and by using leverage judiciously.
SPONSOR Old Rice Holding India Private Limited
IM Old Rice Assets Management & Advisors Private Limited
VALUATION DAY Last business day of each month
EXIT FEE Within 12 months: 3%, 12-24 months: 2%, 24-36 months: 1%
HURDLE RATE 10% p.a. with high watermark applied
PERFORMANCE FEES Performance fee 10% p.a. charged only on returns above 10% hurdle rate annually with no catch-up The high watermark is applied
 
     
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