Letter to Clients- Mar 2025

By fortuna / May 9, 2025

Dear Fellow Investor,

We hope this message finds you well.

We recently published our note to clients for the financial year ended March 2025.

Click here to read the same.

Thank you!

– Team Fortuna

Contact Us

Email : info@fortunaasset.in

Phone no. : +91 99586 20315

Address

FF, A Wing, CoWrks,
Worldmark 1, Aerocity,
New Delhi 110037

Social Media

Registration

SEBI Registration Number : INP000008093 

Identification Number :
ABB-9820

Gurvinder Juneja

Founder & Principal Officer

Connect on Linkdlen

___________________________

Over 27 years of Professional Experience in the Indian Capital Markets Track Record as Investment Manager and as Operating Chief Financial Officer As Founder and CFO, built $ 150 M Net Worth NBFC from Day 0, to a profitable, professionally run leading company Vice President, Corporate Finance at ICICI to raise equity, advise on strategic investments for corporates in India Senior Manager, Corporate Finance at Wipro focused on strategic acquisitions in India, Europe, US MBA from Indian Institute of Management, Ahmedabad B Tech from IIT BHU

Jasmeen Kaur

Partner (Research & Investment)

Connect on Linkdlen

___________________________

Over 22 Years of Professional Experience (Credit Rating Companies ‘CRISIL’ and ‘CARE’, ING Vysya Bank (now Kotak Bank) Deep expertise in Financial and Business Analysis As Director, Credit Ratings, responsible for Ratings across Manufacturing (core and ancillary) & Infra sectors Core financial and business analysis of corporates in India across sectors and market cycles Strong business relationships built over the years with Promoters and Management Teams MBA from International Management Institute Delhi B. Co. Hons. from Sri Ram College of Commerce, Delhi University

Prabir Adhikary

Vice President (Research & Investment)

Connect on Linkdlen

___________________________

Seasoned equity research and fund management professional with over 15 years of experience in the Indian capital markets Expertise in valuation, corporate action-based strategies and portfolio management across sectors, including lead coverage of aerospace and defense, ER&D, Tech etc MBA in Finance, a B.Tech in Electronics & Communication

Rahul Patel

Chief Compliance Officer

Connect on Linkdlen

___________________________

7+ years of professional experience in the PMS and AIF industry Ensuring end-to-end regulatory compliances at Fortuna Asset Managers In-charge of the Operations and Customer Experience function Alumnus of Chetana’s HS College of Commerce & Economics, Mumbai

Shivani Mishra

Associate- Operations & Compliance

Connect on Linkdlen

___________________________

Part of the Compliance & Operations team at Fortuna Advisors, overseeing PMS onboarding and servicing Background in operations and process management with compliance focus MBA in Finance; Bachelor’s degree in Commerce

Ashish Anand

Partner & President (Business Development)

Connect on Linkdlen

___________________________

CXO with over 25 years of multi-industry experience in BFSI, Consumer, Auto, and Start-Ups in building 0-10 scale. Work across leading corporate houses in India Began his engagement with the stock markets in the early 1990s and continues to focus on long term value creation.

Jayant Manglik

Partner & President (Business Development)

Connect on Linkdlen

___________________________

Seasoned Financial Services Professional with over 3 decades of equity experience Most recently with Motilal Oswal as Associate Director Equity Personality of the Year 2017 by BSE – Tefla Was on BSE Advisory Board for 3 years & Chair of FICCI National Working Group

MOD-RV Framework

MOD-RV: Moat, Operating Excellence, Disciplined Management, Runway, Valuation

This framework reflects Fortuna’s fundamental and process-driven approach to discovering tomorrow’s wealth creators today.

_______________________________________________________________________________________

MOAT

Fortuna invests only in businesses with sustainable competitive advantages.

We seek differentiated businesses or companies offering unique products, processes, or business models
The moat creates pricing power, customer loyalty, and barriers to competition
We avoid commoditized sectors where differentiation is minimal

Key Question: Does the business have something competitors cannot easily replicate?

_______________________________________________________________________________________

OPERATING EXCELLENCE

We invest in businesses that operate with exceptional efficiency.

High ROCE driven by superior asset efficiency and profitability margins
Strong cash from operations indicating real, sustainable earnings quality
Growth primarily funded from internal cash generation
Continuous investment to build organic capability in products & services

Key Question: Does business fund growth while maintaining financial strength?

_______________________________________________________________________________________

DISCIPLINED MANAGEMENT

Great businesses are built with disciplined execution by strong management teams.

We prioritize technocrat-led, excellence-driven management teams
Focus on promoters who are process-oriented and disciplined
Management must demonstrate long-term thinking
Track record of prudent capital allocation and stakeholder alignment

Key Question: Would we trust this management with our own money? _______________________________________________________________________________________

RUNWAY

Fortuna seeks businesses at the cusp of multi-year earnings expansion.

Long runway for growth
Growth-focused capital investments translating into improved financial visibility
We identify businesses before their growth story becomes obvious
Focus on structural growth drivers

Key Question: Is the business positioned to compound earnings? _______________________________________________________________________________________

VALUATION

We invest when price meets value

We invest where we see maximum value for your investment
Key risk management tool is to build positions at prices below intrinsic value estimates
Portfolio allocation is based on conviction levels
Patient capital allows us to build conviction before investing

Key Question: Does the current price offer an acceptable entry point?

_______________________________________________________________________________________

And Continuous Monitoring

OUR JOURNEY

From the outset of his career, Gurvinder worked in the corporate finance and M&A teams of large Indian conglomerates, gaining exposure to group level strategy, capital allocation and operating finance. He was on the founding team of an NBFC that was built from scratch and scaled into a sizeable institution, giving him first-hand experience in setting up and running a financial business in the Indian ecosystem. He has seen how real businesses are built and financed, from day-to-day operations through to how businesses operate, how transactions are structured, and how capital is raised and deployed. Over these years, he also watched India’s financial markets evolve, with a profusion of new products being created, marketed and often mis sold to investors. He saw asset managers chasing AUM via distributor driven models, which in his view created misaligned incentives between funds and investors. With a contrarian mindset and a strong belief in the power of compounding, he was unwilling to invest in high fee, distributor led products that delivered only modest or sub optimal long-term outcomes and recognised the opportunity cost this imposed on investors’ hard-earned savings in a growing economy. Drawing on his investing experience in corporate roles and in managing his own and family capital, he set out to build a firm that would do things differently: a product and platform designed for long term wealth creation, with an aligned fee and operating structure. With this background, Fortuna came into existence in late 2022- a bold step after almost 24 years in corporates, driven by the desire to offer an honest solution to investors. The fund began with very humble beginnings and, in a little over two and a half years, has grown to an AUM of Rs.100 plus crore, built without distributorships and supported instead by investors with whom the firm maintains direct, one on one relationships, and who have entrusted Fortuna with their hard-earned money.

As a team, Fortuna works as a close-knit group of professionals, striving to build career paths for its team fully aligned with the firm’s core principles. The aim is to build a long term, enduring relationships with team members, mirroring the broader life philosophy of thinking in the “long term” in every dimension. As founders, this is the journey they have chosen as their whole and soul work for the rest of their professional lives. The ambition is to scale Fortuna honestly not by measuring success solely in terms of AUM, but by the quality of long-term investment outcomes and wealth compounding delivered to clients. The objective is to build a strong, process driven investment institution.

The Mission