Investing in India's Macro Transition
A Top-Down, Macro-driven Approach to Indian Public Equities
Our thesis
India’s macro transition
India’s transition from a low to a middle income country
Growing GDP per capita from $2,500 to $10,000, by creating mass scale employment / entrepreneurship.
In an era of deglobalization and monetary turmoil
Unlike the previous era of peaceful globalization, India is transitioning in an era of national capitalism, deglobalization and geopolitical friction.
And impacted by exponential change in technology
AI and robotics may redefine work, be a game-changer for India’s 500 million informal workers. Wartime accelerates technology development cycles.
Our approach
Top-down, macro driven investment approach
Identify Macro themes driving India’s transition
Top-down investing in transformative macro themes with local and global tailwinds.
All-Cap portfolio with an intentional large cap bias
Alpha generation from sector allocation effect. Avoiding overcrowded SMID cap strategies.
Position portfolio ahead of Index evolution
Forward looking approach of investing ahead of potential sectoral shifts in the benchmark.
Blending Growth with capital preservation
Cash and hedges to manage ongoing volatility and capture life cycle of investment themes.
Investment vehicles
Access strategy based on investor’s jurisdiction
Resident Indians and NRO account holders
- Fund vehicle
- Macro Transition Fund
- Structure
- SEBI registered Category III AIF
- Investment manager
- Infinite Circles Asset Managers LLP
- Availability
- India via private placements
Foreign nationals and NRIs
- Fund vehicle
- Prana India Equity
- Structure
- Luxembourg, UCITS SICAV
- Investment manager
- HSZ Group (HSZ Hong Kong Ltd)
- Investment adviser
- Infinite Circles Asset Managers LLP
- Availability
- Switzerland, UK, Singapore via public distribution
Foreign nationals and NRIs
- Fund vehicle
- Tattva feeder into Dovetail DGCC, Cell 35
- Structure
- Mauritius, CIS platform
- Investment manager
- Dovetail Investment Management
- Investment adviser
- Infinite Circles Asset Managers LLP
- Availability
- US, UK, UAE, Singapore & Hong Kong via private placements
Insights
Writing and conversations
Writing
GENIUS & CLARITY: a potential rewiring of the financial system and what it means for the world
And why India's response must be industrial
Writing
Indian government removes taxation and restrictions on foreign investments in G-Secs
And why that's an interesting move at multiple levels
Podcast
Indian Markets Are Stuck. Here's What Nobody Is Telling You.
1 h 07 min
Contact
Investor enquiries
Investment enquiries, the strategy presentation and fund information.