India

Overview

ABOUT

The MSD India Team invests in large and mid-cap Indian equities that offer an attractive risk-reward and select credit instruments referencing Indian corporations.

APPROACH

We employ a value-oriented investment style that seeks to profit from the rapidly changing business environment in India.

We have adopted a multi-disciplinary approach, blending many years of collective experience in a process that includes:

Detailed analysis of financial statements to assess the quality of reported growth and earnings and the standardization of evaluation metrics to facilitate cross-industry comparisons.

Critical evaluation of the strategic drivers and sources of differentiation of each business and the determination of the sources of long-term profitability and sustainability.

PHILOSOPHY

Our experience investing in India has shaped our risk management process. The process includes a set of stock-specific and portfolio-level steps which include the following:

Identifying and assessing changing business dynamics of industries in India. This is a critical input in a risk-model for investing in a rapidly growing economy.

Tapping an extensive in-country network to identify and evaluate changing dynamics and their implications.

Identifying and monitoring catalysts deemed central to an investment thesis.

Codification of our experience in a portfolio construction tool that helps inform investment thresholds and sizing of investments.

INVESTMENT OBJECTIVE

The India Team seeks attractive returns from investments in equity and credit positions, underpinned by the secular growth trends in India.

Unique Attributes

1 of 3

Network

As a result of our history of investing in India, we have an extensive network of local relationships. We draw upon this network in order to help evaluate and assess investment opportunities across industries.

Opportunistic

Our long-term orientation allows us to not only hold investments through periods of volatility, but also to act decisively when volatility creates new opportunities.

We believe our long / short strategy is well positioned to take advantage of the performance dispersion that exists in the Indian market.

Expertise

Our investment approach consistently draws upon “variant” analysis and the constant need to “invert” a thesis.

Given the volatility in the Indian currency, we have developed a system based on economic fundamentals and relevant risk factors in an effort to hedge Rupee exposure.

As a result of our history of investing in India, we have an extensive network of local relationships. We draw upon this network in order to help evaluate and assess investment opportunities across industries.

Network

Our long-term orientation allows us to not only hold investments through periods of volatility, but also to act decisively when volatility creates new opportunities.

We believe our long / short strategy is well positioned to take advantage of the performance dispersion that exists in the Indian market.

Opportunistic

Our investment approach consistently draws upon “variant” analysis and the constant need to “invert” a thesis.

Given the volatility in the Indian currency, we have developed a system based on economic fundamentals and relevant risk factors in an effort to hedge Rupee exposure.

Expertise

Team

The India Team’s portfolio manager has over a decade of experience investing in India companies.

The portfolio manager has a dedicated team of consultants on the ground in India who help with primary research and analysis.