Kings of Capital Archives

Strategy Series

Our articles specific to the six 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.

Kings of Capital

Indian Banks Don’t Need More Regulation, They Need More Leverage

Indian banks are often criticized for maintaining higher net interest margins (NIMs) compared to their global peers. However, despite higher NIMs, Indian banks’ average RoE of 6.9% over the past decade lags the average RoE of G7 countries’ banks of 9.2%. More importantly, Indian banks have one of the lowest excess return (RoE less 10-year […]

Kings of Capital APR 19 . 8 MIN READ

The Kings Stand Tall as the Storm Approaches

Kings of Capital DEC 14 . 10 MIN READ

Slowing Growth + Rising Risks = Quality Lenders finally Outperforming

Kings of Capital AUG 06 . 7 MIN READ

Prudent Corporate: The tollbooth for Indian SIPs

Kings of Capital

Indian Banks Don’t Need More Regulation, They Need More Leverage

Jul 21 . 9 MIN READ READ MORE

Kings of Capital

The Kings Stand Tall as the Storm Approaches

Over the last 3M/6M/1Yr/2Yrs KCP has been able to consistently outperform both Nifty and Bank Nifty. Whilst our investment approach remains long term, we believe it is prudent to analyze the drivers of this outperformance. As we look back at the performance of KCP, note that the period from ‘Nov’21-Mar-23’ was a major drag on portfolio […]

Apr 19 . 8 MIN READ READ MORE

Kings of Capital

Slowing Growth + Rising Risks = Quality Lenders finally Outperforming

Loan growth for the banking sector has slowed down to 12% YOY from a peak of 16% and slippages for the higher risk retail lending segments are up anywhere between 2x – 6x vs FY24 levels. The increase in NPAs is a result of: (i) oversupply of credit in the post- Covid retail lending frenzy, […]

Dec 14 . 10 MIN READ READ MORE

Kings of Capital

Prudent Corporate: The tollbooth for Indian SIPs

Prudent Corporate, India’s third-largest mutual fund distributor, has grown revenues and EPS by 29% and 46% respectively over FY19-24. During this period, Prudent has risen from being the 7th largest distributor to being the 3rd largest in FY24, surpassing giants such as HDFC Bank and ICICI Bank in terms of mutual fund commissions earned. Prudent’s success can […]

Aug 06 . 7 MIN READ READ MORE

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Curated Collection

HANDPICKED ARTICLES FOR OUR ACTIVE INVESTORS

Consistent Compounders

How Volatile Funds Cost Investors Dear

High volatility in an equity portfolio creates zones of ‘excitement’ and ‘fear’ based on recent performance. This adversely affects the quality of decision making by equity investors. As a result, historically, investor returns in Indian equity funds have been lower than fund returns across different periods. Similarly, a recent example from the US – NYSE […]

Feb 01 . 6 MIN READ READ MORE

Consistent Compounders

The Benefits of Timing are Inversely Correlated with the Quality of Fundamentals

The rate at which fundamentals of a company compound (and hence its share price) over the long term is inversely correlated with the quantum of benefit that an investor can achieve by perfectly timing her purchases at the bottom of the share price trajectory. Moreover, for a portfolio consisting of high-quality companies, benefits from a […]

Jan 03 . 8 MIN READ READ MORE

Consistent Compounders

CCPs use more ‘S-curves’ to elongate their fundamental compounding

Value addition from every initiative undertaken by a company follows an ‘S-curve’ with three parts to it – the investment phase, the growth phase and the fade period. The fundamentals of the overall company are a consolidation of ‘S-curves’ of all initiatives. There are several limiting factors to every initiative such as addressable market size, […]

Dec 01 . 8 MIN READ READ MORE

Consistent Compounders

The Path to Consistent Compounding is Paved with Free Cashflow

There are four key drivers of free cashflow in a business – revenue growth, profit margins, working capital efficiency, and asset turnover. The order of importance across these four drivers differs across businesses. As Marcellus’ CCP companies invest in technology to improve operational efficiencies, those companies that sell day-to-day essentials to their customers whilst avoiding […]

Nov 02 . 17 MIN READ READ MORE

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Kings of Capital

Getting Stronger With Every Covid Wave

Strategy Series

Indian Banks Don’t Need More Regulation, They Need More Leverage

The Kings Stand Tall as the Storm Approaches

Slowing Growth + Rising Risks = Quality Lenders finally Outperforming

Prudent Corporate: The tollbooth for Indian SIPs

Indian Banks Don’t Need More Regulation, They Need More Leverage

The Kings Stand Tall as the Storm Approaches

Slowing Growth + Rising Risks = Quality Lenders finally Outperforming

Prudent Corporate: The tollbooth for Indian SIPs

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