Laburnum Capital Advisors PMS

India Opportunity: Large and diverse publicly listed universe offers compelling investment opportunities, especially outside the frontline names.

Value Orientation: Focus on appraising intrinsic value on a bottom-up, absolute value basis, and buying with a margin of safety.

Deep Research: Strong research capabilities and a culture that prioritizes having the deepest possible understanding of the companies in which we are invested.

Fundamentals-based Investing: Investments based on analyses of company fundamentals, not market sentiment, liquidity flows, or macroeconomic theses.

Value Discipline: Enter at a discount to intrinsic value - "great businesses at fair prices" or "good businesses at great prices". Focus on absolute value and factor in qualitative aspects in appraising value.

Diligence: Intensive, proprietary diligence process including extensive scuttlebutt.

Alignment: High alignment with investors in fee structure and in the Portfolio Manager's personal investment in the fund.

Long-term Orientation: Invest with a view to hold positions for several years.

Discipline: Ensure a margin of safety in entry price and exit when this margin erodes.