Wealth is not about quick wins, but sustained vision and strategy.

Over more than fifty years of investing as a family, and through our work at Munoth Capital, we have developed our own way of recognising and assessing promising businesses. Vision 10x10Y grew out of that experience, and our family is collectively the largest investor in the fund.

We look for businesses that earn healthy returns on capital, are run by promoters with clean governance, report earnings backed by cash and make products their customers need, with the pricing power that follows. We weigh all of this against the price we would pay to own them.

The portfolio is concentrated, with fewer than 25 core positions, each sized by our conviction and by how much protection the price offers if we are wrong. We expect to hold for several years. We sell when our reasoning no longer holds, when the price runs well ahead of the business, or when a better opportunity needs the capital.

An idea might begin with a company that catches our attention in a quantitative screen, or with a broader question about how an industry, a technology or customer needs are changing. Many of those questions come from India itself: a young population, digital public infrastructure such as UPI and GST, steady investment in new capacity and manufacturing that is moving into the country.

Our investment committee debates each idea and looks deliberately for what our analysis might have missed. Once a position is taken, we keep testing the reasoning behind it and review each decision afterwards to learn what we got right and what we did not.