INDIA
OPPORTUNITY
Large and diverse publicly listed
universe offers compelling investment opportunities, especially outside the frontline names
VALUE
ORIENTATION
Focus on appraising intrinsic value
on a bottom-up, absolute value basis,
and buying with a margin of safety
DEEP
RESEARCH
Strong research capabilities and
a culture that prioritizes having the
deepest possible understanding of the
companies in which we are invested
Laburnum Capital is an India-focused public equities investment manager with a value orientation,
a culture of deep research, and a long-term approach to compounding capital
Investment Philosophy
Fundamentals-based Investing
Investments based on analyses of company fundamentals, not market sentiment, liquidity flows, or macroeconomic theses.
Value Orientation
Enter at a discount to intrinsic value - "great businesses at fair prices" or "good businesses at great prices". Focus on absolute value and factor in qualitative aspects in appraising value.
Diligence
We follow an intensive, proprietary diligence process and conduct extensive “scuttlebutt”.
Alignment
Strive for high alignment with our investors in fee structure and in the Portfolio Manager's personal investment in the fund.
Long-term Orientation
We invest with a view to hold a position for several years.
Discipline
Ensure a "margin-of-safety" in our entry price and exit when this margin of safety is eroded.
Leadership Team
Pavan Ahluwalia (Managing Director)
Pavan is the founder and portfolio manager at Laburnum. Prior to founding Laburnum in 2010, Pavan covered India and parts of non-Japan Asia for Old Lane, a $5 billion hedge fund based in New York. His other professional experience includes strategy consulting at McKinsey & Company in New York and Mumbai, and a stint at the International Monetary Fund in Washington D.C.
Pavan received an MBA from Stanford Graduate School of Business, an MPAID from Harvard University’s John F Kennedy School of Government, and an AB in Economics from Princeton University.
Anant Jalan (Director, Research)
Prior to Laburnum, Anant was a Portfolio Manager for $250 million Emerging Opportunities and Strategic Portfolios at ASK, a $5 billion Indian asset management company. He also spent 10 years covering India for Goldman Sachs Investment Partners, a $8 billion hedge fund based in New York.
Anant graduated summa cum laude from the University of Pennsylvania with dual degrees from the Wharton School and the School of Engineering & Applied Sciences.
Varun Madhok (Chief Financial Officer)
Varun is responsible for all finance, operational and compliance related activities at Laburnum. He previously worked at J.P. Morgan’s Global Special Opportunities Group, its emerging markets principal investments platform, focused on investment opportunities in India. His prior experiences include investment banking at J.P. Morgan in Mumbai and New York.
Varun completed his MBA from IIM Kozhikode and an undergraduate degree in Economics from University of Delhi.
