Ashva Capital’s Q1 2019 Investor Letter

Ashva Capital Management is an asset management firm that was founded in 2017 by Ankur Shah, who had many years of professional experience in the Indian equity market. He graduated with a degree in Economics from Pomona College and earned his MBA from Harvard Business School. The fund provides professional investment management services to both Single Family Offices and High Net Worth Individuals. Its investment philosophy is long term oriented. Recently, the fund released its Q1 2019 Investor Letter, a copy of which you can track down below.

“In March 2019 Ashva Capital LP (the “Fund”) gained 9.4% net of expenses. It was our best monthly performance since launching the fund in 2017. As of March 31, 2019,the Fund is up 4.27% year-to-date. In comparison, our benchmark the iShares MSCI India ETF was up 5.73% year-to-date. Our top five positions were largely unchanged in comparison to the end of 2018. Our biggest positions at the end of 1Q19 listed in terms of size were the following: Vinati Organics, Britannia Industries, Bajaj Finance, City Union Bank and Asian Paints. Please see our 2018 annual letter for a more detailed investment thesis for each position, excluding Asian Paints. The latter is India’s largest paint company and reported solid volume growth for the quarter ending December 31, 2018 (3QFY19). Although the valuation isn’t cheap the company’s revenue growth outlook remains strong due to a combination of higher pricing and volume growth.”

You can download a copy of Ashva Capital’s Q1 2019 Investor Letter here:


You can also see the list of our 2019 Q1 investor letters and download them on this page.