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Seeking the purity in finance

Taj Mahal Palace

Investment philosophy

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.

Key themes

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:

  • Manufacturing 

  • Industrials

  • Commodities

  • Utilities

  • Consumer discretionary

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