The Writing Room
We aim to keep our investors up to date with regular written pieces that discuss our portfolios and our views on the opportunity-set whilst using the exercise to clarify our thoughts.
In this note, we look at Welspun India, a company that forms part of the HOOD, (investible universe), or House of Ocean Dial. Welspun is India’s largest home textile company, exporting more than 94% of it’s products to more than 50 countries.Read PDF
The Transformation of India’s Public Equity Markets Through Widespread Digital Adoption.
In this note, Tridib Pathak examines the challenges of being an equity investor, and how important it is to use established research processes to avoid hype whilst being alert for new ‘normals’ that can change business models.Read PDF
India Budget – January 2022
In this note, we examine how the January budget indicates that India will continue on its rapid trajectory in becoming the world’s leading economy and look at the sectors which are likely to benefit.Read PDF
In Investors’ Chronicle, David Cornell, manager of India Capital Growth Fund (IGC), explains why he invests in Welspun India , the largest home textile company in that country.Read PDF
2022 will sort the darlings from the dogs
In this note, Ocean Dial investment team examine strong market performance in India, and how the pandemic accelerated irreversible change. We also examine what the ongoing shift in foreign policy means for India’s dependency on Chinese imports.Read PDF
2022 Outlook and Portfolio Strategy
In this note, Tridib Pathak shows how quickly 12 months can pass in investing with India’s ‘mainstreaming of digitalisation’ the “ start up” economy coming of age. Tridib also explains what we can look forward to in 2022 in terms of resilience of the Indian economy and how the economy is well placed to navigate ‘Quantitative Tightening’ (QT).Read PDF
India has attracted a lot of attention over 2021 as it has outperformed even the US, despite suffering from one of the deadliest waves of the COVID-19 pandemic earlier this year. Combined with improved stock selection and its new investment policy, India Capital Growth (IGC) has also seen its performance shine through.Read PDF
Jayna Rana discusses India’s growth cycle and how conditions are ripe for growth in this Investment Trust reviewRead PDF
Why India? Why Now?
David Cornell, Managing Director and Chief Investment Officer, explains why it is the right time to be looking at India, at the London Investor Show.Read PDF
Citywire’s Jeremy Gordon explains how India’s market capitalisation has grown significantly on the back of growth in smaller companies and listing of a host of IPOs.Read PDF
Sunday Times journalist Ian Cowie discusses gaining exposure to Asia via India.Read PDF
David Cornell, Managing Director and Chief Investment Officer, selects three of his favourite Indian stocks to buy now.Read PDF
This note continues Gaurav’s exploration of industry leaders within the India Capital Growth Fund portfolio, turning his attention to Welspun India, a textiles company with a market cap of US$1bn. With a strong market share in the US and new opportunities in the domestic market, this note examines Welspun’s exciting growth trajectory and how it is making a name for itself as an ESG pioneer in India.Read PDF
A Tale of Two stocks and our Investment Process
In this note, Tridib Pathak explores the shortfalls of the terms ‘value’ and ‘growth’. Using two contrasting stocks in the Gateway to India Fund portfolio, he highlights how blurred the dividing line can be, and the importance of viewing a company for its inherent strengths and weaknesses rather than its style tilt when it comes to making investment decisions.Read PDF
India Capital Growth Fund’s Industry Leaders: #1 Kajaria Ceramics
This short note explores an industry leader within the India Capital Growth portfolio, Kajaria Ceramics. Focusing on the nature of the business, its strengths and its potential risks, this note takes a closer look at why Kajaria’s prospects are particularly bright.Read PDF
Tamasha, noun (Indian English)
- a grand show, performance or celebration
- sudden noisy activity; unnecessary excitement, worry or anger
Source: Oxford Learners Dictionary
Following Monday’s budget announcement, Tridib Pathak, co-Head of Equities, examines why he believes this year’s budget is worthy of the former definition.Read PDF
Twelve months is a short time in investing. As October brings a close to my first year as Principal Advisor to the Gateway to India Fund, I can however confirm that there has been plenty of time for investment related thinking and action. As such, this piece takes you through that journey. What a year it has been! When I started there was an air of optimism as India finally appeared to be ready for a strong turn in the corporate earnings growth cycle. This, after a few years of many structural economic reforms which necessarily involved short term ‘disruption’ to economic activity (more on this later). And then COVID-19 struck.
* House of Ocean Dial – the team’s investible universe of 135 companies
Thank you to everyone who attended Ocean Dial’s virtual conference in October. A summary of the two-day event can be downloaded here, and more detailed notes from each session can be accessed using the links in the attached document.Read PDF