About Us
OUR JOURNEY
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.
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.
Investment Philosophy
Fortuna’s Investment Philosophy is rooted in bottom-up approach with fundamental analysis driven stock selection. Building long- term conviction with risk aversion at the core leads to asymmetric pay-offs.
Fundamental Analysis Driven
- Assess competitive advantage
- Assess management competence
- No compromise on governance
- Strong operating metrics
Long-Term Conviction
- Build conviction, hold long term
- Continuously assess conviction levels, rather than price targets
- Courage to hold a contrarian position
- Position size to reflect conviction
Risk Aversion at Core
- Risk = risk of permanent loss
- Accept risk of missing opportunity
- Avoid weak balance sheets
- Track investment thesis quarterly
Asymmetric Pay-Offs
- Opportunities created from market excesses
- Valuation anomalies/work-outs
- Wait patiently
Stock Selection Framework
Research to Execution (MOD-RV)
The Fortuna Process:
Patient Research, Disciplined Execution
Fundamental On-Ground Analytical Work:
Exhaustive due diligence on business model, financials, management, and industry dynamics
Conviction Building:
Portfolio construct driven by levels of conviction validated by Investment committee before inclusion in the portfolio.
Early Entry:
Invest before broader market recognition, at attractive valuations
Recognition Phase:
As earnings materialize, larger institutional investors discover the story, driving re-rating
Long-term Partnership:
Hold through business cycles, allowing compounding to work
