About Company
First Water Capital
First Water Trust (AIF) launched its first close-ended scheme First Water Capital Fund (FWCF) in August 2020. Since then, the cumulative INR performance (%) till end of May 2025 has been as follows. This first scheme has been closed for further subscription and for accepting further investments we have launched a second open-ended scheme which will have the same investment philosophy.
Investment Philosophy
First Water Capital follows a concentrated, value-oriented investment philosophy built around long-term conviction and active capital allocation:
- Value with Growth Catalyst
Focus on businesses trading below intrinsic value, but with clear triggers or inflection points that can unlock upside. - Concentrated Portfolio Strategy
Maintains a focused portfolio to drive meaningful alpha, rather than over-diversification. - India-Focused Investing
Strong belief in India’s long-term economic growth, positioning portfolios to benefit from structural tailwinds. - Dynamic Capital Allocation
Regularly reassesses positions—adding where upside improves and trimming where valuations exceed intrinsic value. - Intrinsic Value Convergence
Core belief that market prices eventually align with intrinsic value over a 5–7 year horizon. - Beyond Stock Picking
Emphasis on position sizing, holding period, and portfolio-level optimization—not just selecting stocks. - Opportunistic & Contrarian Approach
Actively explores overlooked, out-of-favor, or cyclical sectors where mispricing exists. - Continuous Research & Review
Investment theses are constantly tested and refined to ensure relevance and risk-reward alignment.
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Ricky Kirpalani
Ricky Kirpalani serves as the Founder, Managing Partner, and Chief Investment Adviser of First Water Capital, where he acts as the primary architect of the firm’s logic-based value investment philosophy. A seasoned veteran with over 30 years of experience in the Indian equity markets, Kirpalani has built a reputation for identifying high-quality, overlooked businesses with significant entry barriers. His track record is highlighted by his management of a private capital pool from 2002 to 2017, which achieved a remarkable 33% CAGR. Today, he leverages this deep expertise to lead the firm’s concentrated, long-only investment strategies.
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Disclaimer: Investing in AIF, PMS, Gift City or Mutual Fund is subject to market risk. Please read the related documents carefully. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and individual company factors. We at ALTPORT do not guarantee any returns in the hands of investors, nor do we take any sort of accountability for the performance of the scheme.