Seeking the purity in finance
First Water focuses primarily on Indian Equities. Our investment philosophy centers primarily on a long-only strategy, with a value driven and concentrated portfolio approach.
The focus is on intrinsic value maximization at a portfolio level rather than just market value of individual names. In order to enhance returns, our approach is driven by regularly reviewing the risk-reward of each stock and redeploying capital over the fund life.
Our philosophy is governed that market values shall converge to intrinsic values over a period of time. Our preferred time frame is around 5-7 years in order to allow our investment decisions to play out.
Our focus is India, which is an economy that we believe has a long way to go.
Our key investment themes are:
High real barriers to entry i.e. capital intensive businesses
‘Out of favor’ and overlooked businesses, including cyclical plays
Significant gap between market value (market price) and our assessment of intrinsic value
Diversified businesses, mis-pricing sum of parts
Some of the industries that we tend to focus on are:
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