Registered, audited, and settled through India’s market infrastructure
What we do
How we put capital to work with discipline and care
Three ways to work with the same research. The mandate changes; the process behind it does not.
Portfolio Management
A discretionary equity mandate built from the bottom up. We hold a focused set of businesses we can explain, and we hold them long enough for the business to matter more than the market.
PMS
Listed equity
Discretionary
Alternative Investments
A pooled vehicle for investors who want exposure to the parts of the market that institutional research reaches last, with the mandate flexibility that structure allows.
AIF
Category III
Long horizon
Investment Advisory
For investors who prefer to hold securities directly. We do the research, argue the case, and leave the decision where it belongs, with a clear record of why each idea exists.
Advisory
Research
Suitability
(Our practice)
We look where institutional research arrives last, and we stay long enough for the business rather than the market to decide the outcome. Every mandate begins with your objectives — your horizon, your other assets, and what you would find hard to live through — before a single position is discussed.
Moneybee is a Mumbai-based investment practice with decades of capital-markets experience behind it. Our strength is bottom-up research into businesses that are too small, too dull, or too early to attract a crowd, which is usually where the mispricing sits.
We hold a focused portfolio because a focused portfolio can be explained. Every position has a thesis, a price we were willing to pay, and a reason to remain.
Selected research
A record of ideas found before the market noticed
Past positions, described as we described them at the time. Holdings shown are illustrative and are not a recommendation.
Read All Research
Read All Research
Where returns come from
A consistent process across market cycles
Returns follow from decisions, and decisions follow from a process. Ours has three parts, applied in the same order to every position we take, in every kind of market.
Investment
Process
Process
Where we start
Fundamental research
We understand the business before we value the security: its economics, its incentives, its history, and who it has to beat.
What we pay
Valuation discipline
A good company is not a good investment at every price. Price is a decision in itself, not a detail of one.
How we hold
Long-term ownership
Business performance drives returns over years. Market noise drives them over weeks. We invest in the first.
Investor perspective
Trusted by families and institutions through more than one cycle
“The process is explainable. Every holding has a reason we can follow, and that has made it far easier to stay patient.”
“What persuaded us was the willingness to talk about risk before returns. The first meeting was about what could go wrong, how positions are sized, and what would make them sell. We had not had that conversation with anyone else.”
“They were early on two ideas that took three years to work. Nobody rushed us, and nobody changed the story along the way.”
“We hold the securities ourselves, so the research has to stand on its own. It does. The notes are specific, the assumptions are stated, and when a thesis breaks we hear about it from them first rather than from the price. That is the whole relationship.”
“The process is explainable. Every holding has a reason we can follow, and that has made it far easier to stay patient.”
“What persuaded us was the willingness to talk about risk before returns. The first meeting was about what could go wrong, how positions are sized, and what would make them sell. We had not had that conversation with anyone else.”
“They were early on two ideas that took three years to work. Nobody rushed us, and nobody changed the story along the way.”
“We hold the securities ourselves, so the research has to stand on its own. It does. The notes are specific, the assumptions are stated, and when a thesis breaks we hear about it from them first rather than from the price. That is the whole relationship.”
“The process is explainable. Every holding has a reason we can follow, and that has made it far easier to stay patient.”
“What persuaded us was the willingness to talk about risk before returns. The first meeting was about what could go wrong, how positions are sized, and what would make them sell. We had not had that conversation with anyone else.”
“They were early on two ideas that took three years to work. Nobody rushed us, and nobody changed the story along the way.”
“We hold the securities ourselves, so the research has to stand on its own. It does. The notes are specific, the assumptions are stated, and when a thesis breaks we hear about it from them first rather than from the price. That is the whole relationship.”
“The process is explainable. Every holding has a reason we can follow, and that has made it far easier to stay patient.”
“What persuaded us was the willingness to talk about risk before returns. The first meeting was about what could go wrong, how positions are sized, and what would make them sell. We had not had that conversation with anyone else.”
“They were early on two ideas that took three years to work. Nobody rushed us, and nobody changed the story along the way.”
“We hold the securities ourselves, so the research has to stand on its own. It does. The notes are specific, the assumptions are stated, and when a thesis breaks we hear about it from them first rather than from the price. That is the whole relationship.”
“We would rather be judged on the quality of our reasoning than on any single year. Explain the decision, and the returns can look after themselves.”
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2
8
6
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2
7
4
9
8
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3
7
9
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5
%
Investor retention
4
2
8
6
3
0
2
7
4
2
4
2
4
5
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7
9
6
5
+
Years in the market
CIO of Moneybee
“We know what we own and why we own it. Through a difficult year that turned out to matter more than any forecast.”
“The reporting explains decisions rather than celebrating them. When a position was cut, the note said plainly what had changed and what they had got wrong. That candour is rarer than performance.”
“They asked about my objectives, my horizon, and my other assets before they said a word about a portfolio.”
“I wanted someone who would still be answering the phone in a bad quarter. Six years in, that has held true. The calls come from the people making the decisions, not from a relationship desk reading a script.”
“We know what we own and why we own it. Through a difficult year that turned out to matter more than any forecast.”
“The reporting explains decisions rather than celebrating them. When a position was cut, the note said plainly what had changed and what they had got wrong. That candour is rarer than performance.”
“They asked about my objectives, my horizon, and my other assets before they said a word about a portfolio.”
“I wanted someone who would still be answering the phone in a bad quarter. Six years in, that has held true. The calls come from the people making the decisions, not from a relationship desk reading a script.”
“We know what we own and why we own it. Through a difficult year that turned out to matter more than any forecast.”
“The reporting explains decisions rather than celebrating them. When a position was cut, the note said plainly what had changed and what they had got wrong. That candour is rarer than performance.”
“They asked about my objectives, my horizon, and my other assets before they said a word about a portfolio.”
“I wanted someone who would still be answering the phone in a bad quarter. Six years in, that has held true. The calls come from the people making the decisions, not from a relationship desk reading a script.”
“We know what we own and why we own it. Through a difficult year that turned out to matter more than any forecast.”
“The reporting explains decisions rather than celebrating them. When a position was cut, the note said plainly what had changed and what they had got wrong. That candour is rarer than performance.”
“They asked about my objectives, my horizon, and my other assets before they said a word about a portfolio.”
“I wanted someone who would still be answering the phone in a bad quarter. Six years in, that has held true. The calls come from the people making the decisions, not from a relationship desk reading a script.”
Mandates
Structures built around objectives, not products
Minimums are set by regulation. Everything above them is a conversation about what you are trying to achieve.
Fixed fee
Performance linked
Fixed fee
Core Mandate
The starting point for investors placing a meaningful allocation with a discretionary manager for the first time.
₹50L
/ minimum
Most chosen
Focused Mandate
A concentrated portfolio for investors who want fewer positions, held longer, with more contact with the desk.
₹1Cr
/ minimum
Performance linked
Core Mandate
The same portfolio, with a lower fixed fee and a share of returns above an agreed hurdle.
₹75L
/ minimum
Most chosen
Focused Mandate
Concentrated construction on a performance-linked basis, for investors comfortable with a longer lock-in.
₹1.5Cr
/ minimum
Investor questions
Got questions?
The things investors ask before they place a mandate, answered plainly. Anything not covered here is worth a conversation.
We research businesses from the bottom up, buy them only at a price that leaves room for error, and hold them long enough for business performance rather than sentiment to drive the outcome.
The PMS is for investors who meet the regulatory minimum of ₹50 lakh and are comfortable with equity market risk over a horizon measured in years rather than quarters.
Before capital is committed, not after. Business quality filters, valuation discipline, position sizing, and balance-sheet strength all sit ahead of the buy decision, and every holding is reviewed against the thesis that justified it.
Monthly statements, quarterly reviews, and a written note whenever something material changes. When a thesis breaks you hear it from us, in plain language, before you read it in the price.
We explain it. Drawdowns are part of equity investing and we would rather discuss the ones we expect than pretend they will not arrive. Nothing in the process changes because a quarter was difficult.
From the investment desk
