About Company
First Water Capital
First Water Capital Advisors LLP is an India-domiciled investment management firm and fund manager that focuses primarily on publicly listed Indian equities.Established in August 2018, the firm is headquartered in Mumbai, India, and operates regulated investment vehicles, including a Category III Alternative Investment Fund (AIF) and a Foreign Portfolio Investor (FPI) fund
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.
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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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