Strategy Series

Our articles specific to the five investment strategies we offer. Whether you invest with us or are looking to invest, these
articles can you give you an insight into why we make the decisions we make.

Consistent Compounders
CCP valuation multiples correct 30% whilst fundamentals continue to compound at over 20% per annum

CCP portfolio companies’ valuations have become 30-35% cheaper over the last 12 months. Given that Free Cashflows of these companies have compounded at 5-7% higher run-rate compared to their earnings consistently over the last 5-10 years, their current valuations (on a Price to Free Cashflow basis) are significantly cheaper than where they were 3 or […]

Consistent Compounders JAN 06 . 11 MIN READ
Divis: Greatness in Indian Pharma
Consistent Compounders DEC 02 . 7 MIN READ
Four years of CCP: 98.2% total returns, 18.6% CAGR
Consistent Compounders
CCP valuation multiples correct 30% whilst fundamentals continue to compound at over 20% per annum

CCP portfolio companies’ valuations have become 30-35% cheaper over the last 12 months. Given that Free Cashflows of these companies have compounded at 5-7% higher run-rate compared to their earnings consistently over the last 5-10 years, their current valuations (on a Price to Free Cashflow basis) are significantly cheaper than where they were 3 or […]


Mar 06 . 7 MIN READ
Consistent Compounders
When ‘Loss Aversion’ Meets ‘Time Horizons’ in Equity Investing

Investors’ decision making is often underpinned by a key psychological trait – loss aversion. As explained by  Noble laureate Daniel Kahneman, the result of ‘loss aversion’ is that our pain from losses is more than twice  the joy from equal amounts of gain. Juxtaposing this idea to the CCP investing approach discussed in our  book […]


Feb 06 . 8 MIN READ
Consistent Compounders
Divis: Greatness in Indian Pharma

It is rare to find an Indian pharma company which makes systematic investments towards building the  customer’s trust, improving compliance and ramping up manufacturing efficiency. Divis Labs is one such  company that has delivered on these fronts for almost three decades. It has been the preferred  manufacturing partner for major Western pharma companies on the […]


Jan 06 . 11 MIN READ
Consistent Compounders
Four years of CCP: 98.2% total returns, 18.6% CAGR

A review of the last four years of CCP returns highlights the consistency of performance across investee  companies – almost all constituent stocks have compounded their share prices at 15-30% annually demonstrating that stock selection contributed significantly to portfolio returns. Additionally, portfolio  management tools such as the Longevity Framework and Margin of Safety & Sustainability […]


Dec 02 . 7 MIN READ

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