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Group Profile


The Investment Trust of India Limited [erstwhile Fortune Financial Services (India) Limited], is a public limited company with Mr. Sudhir Valia and his associates holding a majority stake. Mr. Valia has been on the Board of Directors at Sun Pharmaceutical Industries Limited since 1994 and is currently also on the Board of Taro Pharmaceuticals Limited. He is a member of the Institute of Chartered Accountants of India and has over three decades of experience in taxation and finance.

The ITI Group has a pan-India presence. Its business verticals include Asset Financing, Asset Management , Institutional Broking and Investment Banking. Please visit www.itiorg.com for more about the group.

About The ITI Long-Short Equity Fund

The ITI Long-Short Equity Fund is a SEBI registered AIF Category III, fund sponsored by The Investment Trust of India Limited [erstwhile Fortune Financial Services (India) Limited]. The fund commenced its operations in April 2018.

Why ITI Long-Short Equity Fund?

The entire initial corpus of over Rs. 100 crore is internal to the Sponsor / CIO and their families / affiliates. Thus there is strong alignment of interest with external investors of the fund.

The Fund's CIO has a healthy track record over the last 10 years in managing India Long-Short equity portfolios (25+ years in equity markets); the learning from this experience has helped the firm to imbibe the correct processes to be followed to successfully manage and navigate such a fund through a full cycle of equity market performance.

The steadfast focus of the fund on skilled fundamental stock picking and a stringent & disciplined checklist to filter such opportunities helps it to add significant value to the fund performance.

Our Team

Rajesh Bhatia

Managing Director & CIO

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Ajay Vaswani

President & Chief Business Officer

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Akash Jhaveri

Senior Equity Analyst

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Our Guiding Philosophy

  • To outperform the Nifty index over a full equity market cycle, while protecting downside during equity market downturns along the way; thus lowering volatility of performance & lowering risks for the investors in the fund
  • Focus on long term capital appreciation
  • Independent thinking and independent research to generate ideas
  • A conservative, quality focussed and a process driven approach to investments
  • Applying a margin of safety to all decisions
  • Targeting a healthy absolute return over a period of time
  • Concentrated, high-conviction approach to individual stocks
  • Warren Buffett’s core investing principle:
    • Rule No 1 : Don’t lose money
    • Rule No 2 : Don’t forget Rule No 1
  • "Avoiding serious loss is a precondition for sustaining a high compound rate of growth" – Roger Lowenstein, "The Essential Lessons"
  • "We have never gone two steps forward and then step back, maybe only a fraction of a step back" – Charlie Munger
  • "The Superior investor is attentive to cycles. It helps him to make judgments about where we stand in them and is able to invest more when the odds are favourable and less when they aren't," Howard Marks, Mastering the Market Cycle

Why ITI Long-Short Equity? Why Now?

Larger Canvas for Creating Alpha:

  • Conventional Long-Only funds look for stocks that are expected to rise and avoid stocks which are expected to fall. A Long-Short fund can also take active short-sell positions in the stocks, where stock prices are expected to decline, and thus profit from both rising and falling securities. Thus, the canvas of opportunity for a Long-Short fund is larger and the opportunity to create alpha greater as compared to conventional Long-Only funds
  • This ability to short is a meaningful differentiator in today’s environment, where accelerated pace of technology change is disrupting several businesses leading to their decline.

Asymmetric Return Profile:

  • Flexibility to reduce equity exposure to overheated/overvalued/declining markets, while increasing exposures in oversold/undervalued/rising markets results in asymmetric returns profile. Thus this lowers volatility of the fund as also lowers risk for the fund. Over a full cycle, this asymmetric profile increases the chances of beating the indexes or even Long-Only funds with lowered risk.

Winning by Not Losing:

  • Simple arithmetic : A 50% loss requires a 100% gain to arrive at starting level of capital; thus it is more damaging to lose money than make it.
  • Losing less in down years and compounding from a higher level of capital base makes it possible to earn higher compounded equity type returns while taking lower risks.

Our Approach

Primarily a fundamental driven, stock-picking approach, both on the long and short side

Each "stock-pick" has absolute return merit; contrast to index-hugging

Comprehensive, yet ever-evolving checklist to filter opportunities; a thinking framework

Concurrently, tactical navigation of the portfolio across the market cycle; increasing risk exposure in undervalued/oversold markets & reducing risk exposures in overvalued/overbought markets

Monthly Insights: Newsletters

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Investor Charter

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Stewardship Code

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Contact Us

ITI House, 36 Dr. R. K. Shirodkar Marg,. Parel, Mumbai - 400012.