Screening target universe
- Growth
- Cash Generation Ability
- Accounting Clarity
- Margin Sustenance
India - Offshore
Over more than a decade, Minerva India Under-served has camped in the institutionally underowned/orphaned Indian listed space. Our highest conviction holdings have materially mis-priced idiosyncrasies, display accounting and structural clarity, are devoid of speculative froth, and yet are institutionally under-wned/orphaned. We try to capitalize upon flawed overly generalized narratives around this space. We have also thoroughly debunked the narrative that investing in this space inevitably comes with elevated volatility.
Key Tenets of Our Investee Companies
Accounting & structural clarity
Sustainable growth
Appreciation for minority investor rights
Material ignored/under-appreciated facets
Quantifiable incremental catalysts
Our Process
Digging Deeper
- Is growth sustainable?
- Are accounting disclosures appropriate?
- Does this business have defensible advantages?
- Does it have pricing power?
- Is capital deployed appropriately?
- Is there focus on shareholder value?
- Does management stay ahead of competition?
- Is management shareholder-friendly?
Identifying quantifiable optionality
- Can existing assets be deployed elsewhere?
- Can existing moat be leveraged for a new opportunity?
- Is the opportunity quantifiable?
- Can we capture this optionality cheaply?
How much should we pay?
- Do absolute valuations suggest material upside (20%+), despite conservative expectations?
- Current valuation should ascribe little or no value to material optionality.
- Are technicals (value-based) favorable for entry?
Risk Management
- Cap industry-wise exposure
- Manage sensitive exposure
- Can position be unwinded quickly?
- Get comfortable with level of speculative momentum.
How to access Minerva India Under-served
USD investors: Comingled fund or customized separately managed accounts
Minerva India Under-served fund (LEI number: 549300BQY3OUZWXLDZ68) registered in Mauritius as a PCC structure with Dovetail Investment Management
- Pooled Structure: Funds from all investors are pooled as a whole to invest in Indian equities. Each investor is allocated units after the cycle’s funds are mobilized. Due to its pooled structure, resources and efforts that are spent on the portfolio are enjoyed by all investors in a cycle.
Why choose Minerva India Under-served?
Tailored Investment Solutions
We curate bespoke investment portfolios for our clients, enabling one-on-one relationships and transparency.
High Margin of Safety
Our forensic framework coupled with focus on absolute value provides superior capital preservation, significant growth potential drive by idiosyncrasies.
Long-Term and Often Contrarian
Our average holding period exceeds 5 years with < 20% churn, driven by identifying institutionally orphaned companies with strong earnings potential, accounting and structural clarity, yet often available at discount to their intrinsic value.Investment manager
Piyush Sharma launched the Minerva India Under-served strategy in 2011. Having spent time with Citigroup and BSE in India, he moved to United States in 2002, where he covered stocks within Business Services, Autos, Consumer Products and Financials with Sanford Bernstein, Longbow Research, and Avondale Partners, working in teams that received accolades from leading institutional research arbiters, including Institutional Investor (II) and Greenwich Associates.
Piyush received an MBA from University of North Carolina at Chapel Hill, and BS in Accounting from University of Allahabad.