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The Fund aims to achieve long-term capital growth. It will invest primarily in companies which operate or reside in India. It may also invest in companies based in Pakistan, Sri Lanka and Bangladesh and in companies which derive a significant proportion of business from India.
Stock ideas my come from broker contacts or be generated internally by manager Avinash Vazirani and his analyst. Though based in London, Vazirani visits India several times a year and will generally never invest in a company unless he has met the management and has access to them regularly. He describes himself as a GARP (Growth at a Reasonable Price) investor and prefers companies with high returns on equity, good payout ratios, good corporate governance that are cashflow generative. Pure growth stocks may sometimes be included in the portfolio as may deep value situations, though only where there is a catalyst for a re-rating. Vazirani is happy to build up large positions and hold them for several years.