Decoding drivers of our intrinsic premiums/discountsMinerva India Under-served began May 2025 at 2.2x Price-to-book, vs. 3.8x and 3.3x for MSCI India and MSCI World respectively. Excluding…3d ago3d ago
Security ‘selection’ trumps security ‘sizing’ for usCertain discerning allocators request hypothetical outcomes that are based on the assumption that we sized our exposures equally (i.e. had…May 19May 19
Different shades of yellowEarnings downgrades breadth for Nifty50 components has meaningfully accelerated since November last year, significantly ahead of comparable…May 7May 7
Spray paint ‘non large-cap’ listed equity strategies at your perilAssumptions are essentially postulations that we accept as ‘facts’, and our conclusions are then planked upon these supposed facts. These…May 3May 3
Shifting perspectives on riskMainstream investment performance communication has always revolved around transaction prices and their volatility. Accordingly…Apr 3Apr 3
Asymmetric rolling ‘capture’ numbers are useful in identifying style discipline in listed equity…Post-pandemic, Indian allocators likely didn’t bother about an investment’s ‘down capture’. Their advisors likely didn’t bother either, and…Mar 6Mar 6
Earnings estimate revisions have been largely ignored globally….…perhapsScanning the globe for growing/degrowing disconnects between prices and underlying earnings over the last year (January end 2024 to January…Mar 1Mar 1
Crowded names would likely struggle to absorb indiscriminate selling pressureAs this calendar began, the median Indian small-cap mutual fund’s book (ex-financials) was priced at 27x F2025E (Mar) EBITDA, with the…Feb 17Feb 17
C1Q25 Quarterly Strategy UpdateWe are sharing summary of our latest quarterly investor letter.Jan 26Jan 26
