To deliver market‑beating returns by identifying Quality in Downturn (QiD) opportunities—small‑cap blue‑chip companies trading at deep discounts to intrinsic value—and holding them patiently through the cycle.

• Gold at the Price of Silver: Seek small‑cap leaders whose fundamentals (RoCE, market share) remain intact despite cyclical headwinds.
• Quality in Downturn (QiD): Target firms with high market share, strong promoter track records, robust free‑cash‑flow, and low or negative EV (due to cash reserves or surplus real estate).
• Honesty & Forthrightness: No upfront management fees; performance fees only on >10% p.a. investor returns.

1. Universe Selection:
   • Small‑cap & niche sectors with market‑leading franchises
   • EV/EBITDA < 5; EV/OCF < 10
   • Low‑capacity utilization but strong order books
2. Fundamental Screening:
   • Deep‑dive financial analysis: cash‑flows, margins, capex requirements
   • Promoter governance & dividend payout scrutiny
3. Portfolio Construction:
   • Diversified basket of 15–25 QiD names
   • Strict position limits; continuous monitoring of working‑capital and customer‑advance businesses
4. Risk Framework:
   • Multi‑level diligence: scrip‑level, portfolio‑level, operational/compliance
   • Real‑time tracking of liquidity, corporate actions, and market events