Only Selection

• Not an index-hugging approach
• Selection through deep in-house research
• Active investing

Long Term

• Trust equity as a long-term asset; individual stocks may change
• Not engaged in day trading
• Compounding is the eighth wonder of the world

"The names in your portfolio may change, but owning a piece of growing businesses has always been the soundest way to build wealth over time."-Warren Buffet

Diligent Research

• In-house research for identification and continuous monitoring
• Proprietary data and a strong knowledge base
• Everything matters: present, past & future; micro and macro; short, medium and long term
• Everything is cyclical

Risk

• Lack of understanding of the business
• The biggest risk is what we don't see coming
• We do not equate volatility with risk

"Risk comes from not knowing what you're doing." - Warren Buffett

Interest Aligned

• Own substantial wealth invested
• Performance fee is charged only on returns above 10% annually, with no catch-up
• High watermark is calculated before deduction of performance fee

Concentration

• The market is vast, but superior opportunities are scarce
• Meaningful allocation to high conviction ideas (maximum 10%)

"Diversification is protection against ignorance. It makes little sense if you know what you're doing." - Warren Buffet

Equity Normally

• Primarily invest in listed equities
• For extraordinary opportunity, invest in unlisted equities and pre-IPO opportunity
• Use derivatives and leverage judiciously