Stewardship Code

Our promise to you.

1. We will always operate a culture of true partnership. Our investor clients will be our partners and our fortunes will always be directly proportional to the fortunes of our clients. Most of our personal wealth will also be invested along with them. When it hurts, we will get hurt too. We don’t sell a product; we partner with our investors.

2. Our effort is to survive the vicissitudes of financial markets and economic conditions and not collide head-on with it. Our intention is to make decent returns for our investors, not enter a roulette game together.

3. We are not in the business of buying into a company just to sell it later. We don’t see any reason why we should sell out of our stake simply because it is valued by the market higher than when we bought into it in a short time. We would like to grow our wealth with the fortunes of a good company.

4. We will take immediate action when we have made an error about the prospects of the business because of error in information processing, new information or plain simple dumbness.

5. We will be always fully transparent about our operations. We will not enter into confidential binding agreements which might jeopardize the trust that our investors or clients have placed on us. However, that also means that there will be no special treatment given to any single party as we believe each investor, however small or large his investment is, has equal right to all the information and service that can be given to him about all matters, investments or operational.

6. We will always communicate with our clients and investors the bad news first, and effort will be made that the information comes from us first rather than a third party. Good news can always wait.

7. If there is such a time when we feel that there are no suitable capital allocations to be made, given our fussiness about allocating capital, we will happily use short term money market instruments to wait for a more conducive opportunity.

8. We will never enter into agreements with third parties which have incentives misaligned with the incentives of our investors however strong or fair the incentive might be.

9. Lastly, we want us to be a happy bunch of people, both our investors and the management team. We will treat everyone with dignity, respect and care in all our dealings.