Cornerstone

Our most important value is integrity. No matter who our direct client is, we are always aware that in the end, we are shepherding someone's hard-earned resources. We strive to deserve their trust in our character and competence.

Our Principles

The means are as important as the end.

There are some things we just won't do for money. For example, Shepherd's Hill does not recommend tobacco companies for its clients' portfolios. Here are our central tenets.

  • We are investment partners, not service providers.
  • We are only interested in long-term relationships.
  • Our first order of business is protection of capital.
  • It is important to us to be passionate about investing.
  • We are measured and deliberate in our decision-making.

Our Team

Rishi Gupta, Managing Partner

A Stanford University alumnus and former private equity professional, Rishi found his calling rather late in life when he read the letters of Warren Buffett. Shepherd's Hill grew out of Rishi's belief that the teachings of Graham, Buffett and Munger could be profitably applied in India.

Rohan Ghotge, Founding Partner

Rohan is an independent thinker with over a decade of corporate experience in bluechip companies including Tata Chemicals and ICICI Bank. Rohan's past experience running a family business is especially valuable to the investment process at Shepherd's Hill.

Our Advantages

  • 1.
    Track Record.

    No matter the fancy tales money managers tell you, it all boils down to one number: the internal rate of return. Over the long term, this number, properly calculated and verified, will not lie.

  • 2.
    Small Capital.

    It's much easier to profitably invest smaller amounts of capital than larger ones, all other things being equal.

  • 3.
    You Earn, We Earn.

    We are sticklers for this one. We do not charge a single rupee in fees that is not linked to our performance. This distinguishes us from most of our peers.

Investment Process

A disciplined approach is vital.

Investing is neither a science nor an art -- it is a craft. Judgment calls must be made and risks must be taken. To be best positioned for the upside, it is important to have researched well.

  • Screens are run and short-lists made regularly.
  • A checklist identifies any early red flags.
  • A financial analysis is done.
  • Qualitative research is undertaken.
  • Ideas are compared to each other.
  • An investment decision is made.
  • Investments and portfolios are monitored.

Portfolio Curation

Keep it simple, silly.

If there are a bunch of formulas and Greek letters involved, we stay away. Correlation coefficients and efficient frontiers are not for us, thank you.

  • Indian securities only.
  • Equity, debt and special situations.
  • Roughly 15-20 positions.
  • Maximum position limit of 15% at purchase time.
  • Sector and market-cap agnostic.
  • Circle of competence must apply.
  • Long positions must have strong balance sheets.