Bay Capital

Bay Capital is an independent investment manager that puts client money into Indian listed companies. The firm runs one strategy only and has done so since it was established. Its investors are institutions and wealthy families.

What Bay Capital offers

• India equity strategy — a long-only, buy-and-hold approach to shares in Indian businesses.
• Concentrated portfolio — holdings are limited to roughly fifteen to twenty companies chosen from the bottom up.
• Selection criteria — each company is judged on quality, growth, value and the integrity of its managers.
• Low-turnover investing — the firm avoids frequent trading so as to hold down costs and postpone capital gains tax.

Who it works with

Clients include endowments, foundations, families and corporate pension funds. The firm describes itself as a partner for businesses that plan over decades rather than quarters.

Key facts

• Strategy: long-only equity, no leverage
• Focus market: India
• Approach to risk: aims for positive absolute returns with an emphasis on preserving capital, rather than tracking a benchmark
• Values: the firm names stewardship, humility, service and excellence as its core values