Dalton India UCITS Fund

Dalton India Strategy Overview

The Longchamp Dalton India UCITS Fund (the “Sub-Fund”) investment objective is to generate an annualized net performance higher than that the MSCI India Net Total Return Index, over a recommended 5-year minimum holding period.

Dalton Investments INC. (“Dalton”), a seasoned asset manager based out of Santa Monica with significant experience investing in India, has been appointed delegated investment manager. Dalton (approved by the U.S. SEC, U.S. CFTC/NFA, the FSA in Japon and the SEBI in India) currently manages over $2.9bn in assets (as of 31 March 2022). Dalton is also a signatory to the UN-PRI and Climate Action 100+.

  • Long-term investment perspective following the precepts of « value investing »
  • Strive for disciplined bottom-up value approach
  • On-the-ground local research teams provide in-depth market analysis and global perspective
  • Exposure to “owner operated businesses” with market caps in excess of $0.5bn
  • Seeking companies managed by teams which are willing to share the wealth with minority investors (« alignment of interest »)
  • No leverage allowed, maximum net long exposure of the Fund limited to 100% of the Fund’s NAV

Performance as of 29/06/2022

NAV MTD YTD LTD
15,995.10€ -4.05% -13.71% 59.95%

Past performance is not an indicator of future performance.

Details

Strategy
  • ​Long / Short Equity focused on India
Benchmark
  • The benchmark is the MSCI India Net Total Return Index (MSCI India EUR, symbol: MOIN INDEX), compiled by MSCI Inc, which is designed to track the performance of Indian securities listed on the Mumbai Stock Exchange
Philosophy
  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time
  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meets their requirements for a large margin of safety and potential significant upside
  • Dalton’s Asia team adheres to principles of value investing; seeking to invest with significant margins of safety
  • Dalton’s investment team seeks entrepreneurial, companies benefiting from structural changes in Asia. Managements typically have significant stakes in their companies and are willing to share the wealth with minority investors
  • Dalton is strongly convinced that companies with superior ESG practices are symbiotic with their investment philosophy. As such, not only have they become a UN-PRI signatory, they have developed a robust ESG practice, allowing to assign an internal rating to every company considered for investment across a large number of aspects that are expected to participate in the improvement of intrinsic value and further support wealth creation for minority shareholders

Fund Facts

Legal Structure: Sub-Fund of UCITS SICAV
SICAV: Longchamp SICAV
Investment Manager: Longchamp Asset Management SAS
Delegated Investment Manager: Dalton Investments INC
Domicile: France
Base Currency: EUR
Dealing Day: Every Friday
Dealing Deadline (Subscription): 12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption): 12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription): Within 3 Business Days after the relevant Dealing Day
Settlement Date (Redemption): Within 4 Business Days after the relevant Dealing Day

Key Professionals

James B. Rosenwald
Co-chair, Management Committee
Co-founder & Senior Portfolio Manager, Asia Equity

Mr. Rosenwald is a Co-Founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co.
Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Venkat Pasupuleti
Managing Director
Co-Portfolio Manager, Senior Research Analyst, India Equity

Mr. Pasupuleti is a Senior Research Analyst for Dalton’s Asia Equity strategy and has 9 years of investment and consulting experience. Prior to joining Dalton in 2013, Mr. Pasupuleti worked as a consultant at Deloitte and Touche, and prior to that, as an Investment Manager at ICICI Lombard General Insurance Co. Ltd.
Mr. Pasupuleti holds a BS in Engineering from Osmania University, an MBA from the Indian Institute of Management, Calcutta, and an MS in Finance from the MIT Sloan School of Management.

Siva Thiravidamony
Managing Director
Senior Research Analyst, India Equity

Mr. Thiravidamony is the Managing Director of the Indian office. He is based out of Mumbai and has 9 years of experience in equity investments. He worked at ICICI Lombard General Insurance company as Associate Vice President of equity investments from 2009 until June 2018. Mr. Siva Thiravidamony holds a Bachelor of Engineering degree from PSG College of Technology, Coimbatore and an MBA from the Indian Institute of Management, Calcutta. He is a CFA charterholder and a member of the CFA Society of India.

Fund Share Class Details

   ISIN codeBBG codeInceptionMgmt FeePerf Fee

Seeding (Unhedged) *

SUHEURFR0013423571DINDSUH FP24.01.20201.00%0.0%

Seeding (Hedged)

SHEURFR0013423589DINDSHE FPN/A1.00%0.0%

Early Bird (Unhedged)

EBUHEURFR0013423597DINDEBU FP06.03.20201.10%0.0%

Early Bird (Hedged)

EBHEURFR0013423605DINDEBH FPN/A1.10%0.0%

Institutional (Unhedged)

R1UHEURFR0013423613DINDR1U FP24.01.20201.50%0.0%

Institutional (Hedged)

R1HEURFR0013423621DINDR1H FPN/A1.50%0.0%

Institutional (Unhedged)

R2UHEURFR0013423639DINDR2U FPN/A1.00%17.0%

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.

Extra-Financial Analysis & SFDR Classification

This Sub-Fund meets the classification of an Article 8 (SFDR Regulation) as it promotes environmental and social characteristics.

Dalton also has regard to its Sustainable Investment Policy when determining what investments to make for the Sub-Fund. In doing so the Delegated Investment Manager shall seek to incorporate environmental, social and governance (”ESG”) factors (including the consideration of Sustainability Risks) into its investment philosophy, analysis and decision-making process.

The Delegated Investment Manager believes that the consideration of sustainability risk and ESG factors complements the broader approach related to stock selection of “good businesses” with a long-term investment horizon.

Where possible and when deemed appropriate, Dalton will engage with portfolio companies, seeking to promote positive change on ESG matters, focusing on governance factors amongst others.

As part of their Sustainable Investment Policy, Dalton applies its own proprietary methodology to ensure the most accurate assessment of a portfolio company’s ESG practices. Based on Dalton’s assessment of a company’s complete disclosures and any third-party data that is available, on completion of the review, Dalton assigns a internal and proprietary rating.

Dalton also applies exclusionary screening similar to the World Bank Group’s International Finance Corporation Exclusion List (please follow this link to view the list).

The Delegated Investment Manager’s Sustainable Investment Policy is available on their website at www.daltoninvestments.com/our-firm/sustainable-investment-policy/.

The Sub-Fund does not have the SRI label.

Overview

Dalton India Strategy Overview

The Longchamp Dalton India UCITS Fund (the “Sub-Fund”) investment objective is to generate an annualized net performance higher than that the MSCI India Net Total Return Index, over a recommended 5-year minimum holding period.

Dalton Investments INC. (“Dalton”), a seasoned asset manager based out of Santa Monica with significant experience investing in India, has been appointed delegated investment manager. Dalton (approved by the U.S. SEC, U.S. CFTC/NFA, the FSA in Japon and the SEBI in India) currently manages over $2.9bn in assets (as of 31 March 2022). Dalton is also a signatory to the UN-PRI and Climate Action 100+.

  • Long-term investment perspective following the precepts of « value investing »
  • Strive for disciplined bottom-up value approach
  • On-the-ground local research teams provide in-depth market analysis and global perspective
  • Exposure to “owner operated businesses” with market caps in excess of $0.5bn
  • Seeking companies managed by teams which are willing to share the wealth with minority investors (« alignment of interest »)
  • No leverage allowed, maximum net long exposure of the Fund limited to 100% of the Fund’s NAV
Performance

Performance as of 29/06/2022

NAV MTD YTD LTD
15,995.10€ -4.05% -13.71% 59.95%

Past performance is not an indicator of future performance.

Details

Details

Strategy
  • ​Long / Short Equity focused on India
Benchmark
  • The benchmark is the MSCI India Net Total Return Index (MSCI India EUR, symbol: MOIN INDEX), compiled by MSCI Inc, which is designed to track the performance of Indian securities listed on the Mumbai Stock Exchange
Philosophy
  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time
  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meets their requirements for a large margin of safety and potential significant upside
  • Dalton’s Asia team adheres to principles of value investing; seeking to invest with significant margins of safety
  • Dalton’s investment team seeks entrepreneurial, companies benefiting from structural changes in Asia. Managements typically have significant stakes in their companies and are willing to share the wealth with minority investors
  • Dalton is strongly convinced that companies with superior ESG practices are symbiotic with their investment philosophy. As such, not only have they become a UN-PRI signatory, they have developed a robust ESG practice, allowing to assign an internal rating to every company considered for investment across a large number of aspects that are expected to participate in the improvement of intrinsic value and further support wealth creation for minority shareholders
Fund Facts

Fund Facts

Legal Structure: Sub-Fund of UCITS SICAV
SICAV: Longchamp SICAV
Investment Manager: Longchamp Asset Management SAS
Delegated Investment Manager: Dalton Investments INC
Domicile: France
Base Currency: EUR
Dealing Day: Every Friday
Dealing Deadline (Subscription): 12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption): 12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription): Within 3 Business Days after the relevant Dealing Day
Settlement Date (Redemption): Within 4 Business Days after the relevant Dealing Day
Key Professionals

Key Professionals

James B. Rosenwald
Co-chair, Management Committee
Co-founder & Senior Portfolio Manager, Asia Equity

Mr. Rosenwald is a Co-Founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co.
Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Venkat Pasupuleti
Managing Director
Co-Portfolio Manager, Senior Research Analyst, India Equity

Mr. Pasupuleti is a Senior Research Analyst for Dalton’s Asia Equity strategy and has 9 years of investment and consulting experience. Prior to joining Dalton in 2013, Mr. Pasupuleti worked as a consultant at Deloitte and Touche, and prior to that, as an Investment Manager at ICICI Lombard General Insurance Co. Ltd.
Mr. Pasupuleti holds a BS in Engineering from Osmania University, an MBA from the Indian Institute of Management, Calcutta, and an MS in Finance from the MIT Sloan School of Management.

Siva Thiravidamony
Managing Director
Senior Research Analyst, India Equity

Mr. Thiravidamony is the Managing Director of the Indian office. He is based out of Mumbai and has 9 years of experience in equity investments. He worked at ICICI Lombard General Insurance company as Associate Vice President of equity investments from 2009 until June 2018. Mr. Siva Thiravidamony holds a Bachelor of Engineering degree from PSG College of Technology, Coimbatore and an MBA from the Indian Institute of Management, Calcutta. He is a CFA charterholder and a member of the CFA Society of India.

Shares

Fund Share Class Details

   ISIN codeBBG codeInceptionMgmt FeePerf Fee

Seeding (Unhedged) *

SUHEURFR0013423571DINDSUH FP24.01.20201.00%0.0%

Seeding (Hedged)

SHEURFR0013423589DINDSHE FPN/A1.00%0.0%

Early Bird (Unhedged)

EBUHEURFR0013423597DINDEBU FP06.03.20201.10%0.0%

Early Bird (Hedged)

EBHEURFR0013423605DINDEBH FPN/A1.10%0.0%

Institutional (Unhedged)

R1UHEURFR0013423613DINDR1U FP24.01.20201.50%0.0%

Institutional (Hedged)

R1HEURFR0013423621DINDR1H FPN/A1.50%0.0%

Institutional (Unhedged)

R2UHEURFR0013423639DINDR2U FPN/A1.00%17.0%

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.

Art. 8 SFDR

Extra-Financial Analysis & SFDR Classification

This Sub-Fund meets the classification of an Article 8 (SFDR Regulation) as it promotes environmental and social characteristics.

Dalton also has regard to its Sustainable Investment Policy when determining what investments to make for the Sub-Fund. In doing so the Delegated Investment Manager shall seek to incorporate environmental, social and governance (”ESG”) factors (including the consideration of Sustainability Risks) into its investment philosophy, analysis and decision-making process.

The Delegated Investment Manager believes that the consideration of sustainability risk and ESG factors complements the broader approach related to stock selection of “good businesses” with a long-term investment horizon.

Where possible and when deemed appropriate, Dalton will engage with portfolio companies, seeking to promote positive change on ESG matters, focusing on governance factors amongst others.

As part of their Sustainable Investment Policy, Dalton applies its own proprietary methodology to ensure the most accurate assessment of a portfolio company’s ESG practices. Based on Dalton’s assessment of a company’s complete disclosures and any third-party data that is available, on completion of the review, Dalton assigns a internal and proprietary rating.

Dalton also applies exclusionary screening similar to the World Bank Group’s International Finance Corporation Exclusion List (please follow this link to view the list).

The Delegated Investment Manager’s Sustainable Investment Policy is available on their website at www.daltoninvestments.com/our-firm/sustainable-investment-policy/.

The Sub-Fund does not have the SRI label.

Sub-Fund Downloads