The Synopsis Interview. $600mn Fund Manager on Great Businesses, Portfolio Construction, and Investing in India
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Aug 21, 2025 Ramneek Kundra, the Chief Investment Officer of DSP Pension Funds, brings his $600 million fund management expertise to the discussion. He shares his GARP investment philosophy, emphasizing finding value in quality businesses. Listeners will dive into the nuances of investing in troubled companies, learn about opportunities in India's banking sector, and hear insights on portfolio construction and market dynamics. Kundra also contrasts Indian and U.S. markets, underlining the importance of corporate access and independent research in emerging markets.
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Flexible GARP With Downside Focus
- Ramneek uses a GARP framework: buy growth at a right price while protecting downside.
- He values quality without being dogmatic and sometimes takes small asymmetric bets in low-quality names.
Cement Company Bought Below Replacement Cost
- Ramneek recounts buying a cheap Indian cement maker trading below replacement cost with capacity worth more than its market cap.
- That 2–2.5% position delivered strong returns while preserving margin of safety.
Buy Deep Discounts And Verify Survival
- Buy deep enough discounts so you don't need immediate full value realization to earn an acceptable IRR.
- Ensure the company won't go bust and management isn't fraudulent before taking the position.
