India has become one of the world's strongest economic growth opportunities with a large and diverse public market, enabling us to generate attractive risk-adjusted returns for our clients. Here are the reasons we believe that India provides, and will continue to provide, compelling investment opportunities for us:

Economic Factors

  • The world's fastest growing economy
  • Attractive demographics (>50% of population is less than 25 years old)
  • High savings rate translating into high (and rising) investment rate
  • Stable and robust banking systems
  • Under-penetrated credit; unlevered consumers
  • Low external sovereign debt
  • Consumption-driven economy, less levered to global trade cycle
  • Globally competitive in several sectors with an energetic private sector and significant entrepreneurship
  • Stable democracy with inherent checks-and-balances

Market Factors

  • Liquid and diverse public market (~650-700 large-cap and mid-cap stocks) with heavy retail participation and relatively less institutional participation
  • Active listed derivatives market including single stock futures, index futures and options
  • Limited number of mutual funds and hedge funds in India as compared to developed markets (such as the U.S.)
  • Large number of high growth / high quality listed companies run by entrepreneurial management teams and trading at reasonable valuations