The Fund

Passage to India Opportunity Fund - A Shares

Passage to India’s (the “Fund’s”) objective is to produce long-term investment returns in excess of the Indian indices by investing in primarily smaller, underfollowed, and under-researched listed Indian companies. In small/mid-sized companies, informational inefficiencies create large discounts in valuations of exceptional companies. Our strategy is to patiently wait while the companies grow revenues and profits until the market recognizes the company and rerates its valuation. This requires a minimum three-year time horizon.

The Fund invests in 15-25 companies in a concentrated value oriented portfolio of Indian companies.     


Investors should ideally have an investment time horizon of 10 years or longer, and a minimum of 3 years. Investors must be willing to tolerate shorter-term volatility driven by frequent differences between price and intrinsic business value (this volatility also provides our value-focused approach with abundant opportunity). The discovery of the Fund’s companies by the market and subsequent revaluation can take years, but the Fund is rewarded for its patience once this occurs. Investors must have a desire to invest in small, growing, and profitable businesses while ignoring the shorter-term volatility of the stock market.