The Writing Room

We aim to keep our investors up to date with regular written pieces that discuss our portfolios and our views on the opportunity-set whilst using the exercise to clarify our thoughts.

House of Ocean Dial Series – HOODnote

Tridib Pathak

April 2021

A Tale of Two stocks and our Investment Process

In this note, Tridib Pathak explores the shortfalls of the terms ‘value’ and ‘growth’. Using two contrasting stocks in the Gateway to India Fund portfolio, he highlights how blurred the dividing line can be, and the importance of viewing a company for its inherent strengths and weaknesses rather than its style tilt when it comes to making investment decisions.

Read PDF

House of Ocean Dial Series – HOODstock

Gaurav Narain

March 2021

India Capital Growth Fund’s Industry Leaders: #1 Kajaria Ceramics

This short note explores an industry leader within the India Capital Growth portfolio, Kajaria Ceramics. Focusing on the nature of the business, its strengths and its potential risks, this note takes a closer look at why Kajaria’s prospects are particularly bright.

Read PDF

The Great Indian Budget ‘Tamasha’ II

Tridib Pathak

February 2021

Tamasha, noun (Indian English)

  1. a grand show, performance or celebration
  2. sudden noisy activity; unnecessary excitement, worry or anger

Source: Oxford Learners Dictionary


Following Monday’s budget announcement, Tridib Pathak, co-Head of Equities, examines why he believes this year’s budget is worthy of the former definition.

Read PDF

One year up…

Tridib Pathak

October 2020

Twelve months is a short time in investing. As October brings a close to my first year as Principal Advisor to the Gateway to India Fund, I can however confirm that there has been plenty of time for investment related thinking and action. As such, this piece takes you through that journey. What a year it has been! When I started there was an air of optimism as India finally appeared to be ready for a strong turn in the corporate earnings growth cycle. This, after a few years of many structural economic reforms which necessarily involved short term ‘disruption’ to economic activity (more on this later). And then COVID-19 struck.

Read PDF

A look under the HOOD*

Sales & Marketing Team

October 2020

* House of Ocean Dial – the team’s investible universe of 135 companies

Thank you to everyone who attended Ocean Dial’s virtual conference in October. A summary of the two-day event can be downloaded here, and more detailed notes from each session can be accessed using the links in the attached document.

Read PDF

India Capital Growth Fund – Investing in Pandemic times

Gaurav Narain

September 2020

Managing a small and mid-cap portfolio over the last six months has been one of the most challenging periods in my 27year career. Echoing Demonetisation, on 24th March the Indian Government made an overnight announcement to lockdown the entire country for three weeks. No advance warning. It was subsequently extended and whilst it was an audacious move (considering there were only 500 active cases at the time) it is too soon to opine on its efficacy.

Read PDF

India: 2020 vs 2010

August 2020

Where was India in 2010?

A decade ago a much higher nominal GDP growth rate (driven by consumption) was the norm, but an investor sitting in 2010 would have had cause to hesitate before allocating money to India. The government’s fiscal deficit was 6.5% of GDP, an 11 year high, and inflation was double digits with real interest rates negative and rising. A weak coalition government was unable to pass legislation and was facing the onset of high profile corruption scandals. 2010 also coincided with India’s worst ranking in the World Bank’s Ease of Doing Business Index at 139th out of 190 countries.

Read PDF

Ocean Dial Investment Update

March 2020

As the global COVID-19 pandemic evolves, from an investment research perspective the key question n our mind is what are stocks in India pricing in and to what extent? This is because,in episodes of uncertainty and volatility, markets have historically been least efficient in pricing securities thereby enhancing our ability to potentially generate excess returns through our remit of investing in quality businesses at attractive valuations. The update is divided into four short sections. The first part provides some data points as context for the second part which is an outline of what expectations we believe are baked into the current prices, which will inform part three – what are we doing about it from a portfolio perspective. Finally there is an appendix which goes deeper into the methodology and assumptions we have made.

Read PDF

The Great Indian Budget “Tamasha”

February 2020

Every year, on February 1st,the central government presents the Union Budget. It is just an account of the receipts and expenditure for the current year and the Budget for next year. Ceremoniously, market participants and the business world line up a plethora of sops and incentives that they desire from the Finance Minister. This year expectations centred on “fiscal compromise” (i.e. a higher fiscal deficit), either through measures to reignite demand (personal tax cuts) or higher spending. Expectations failed with the BSE Sensex falling1.8%(US$) over the last two days, including a special session on Saturday.

Read PDF

Evolution; perfect storm (in a teacup); fragility and Goldilocks

January 2020

2019 was an eventful year for India which included a national election, a liquidity crunch, a botched budget, the biggest tax reform in a generation, and an equity market characterised by divergence and volatility. It has been a testing period for many investors, Ocean Dial included, and whilst the view point that the dust has started to settle is up for debate, it is timely to have a discussion on how our research approach has evolved over this period and our broader outlook for the coming years.

Read PDF

ICGF – Portfolio Commentary

Gaurav Narain

August 2019

This has been a tough period for Indian equity markets, particularly in the small and mid cap space where the India Capital Growth Fund operates. The Indian equity market experienced its worst July in seventeen years. The BSE Mid Cap Index fell 7.6% in Rupee terms leaving the Index down 11.0% for this calendar year and the Fund’s NAV has commensurately fallen by 12.4%1. With August offering no respite it is timely to have an examination of the key drivers behind where we are and how we are positioning ourselves going forwards.

Read PDF



This website is provided by Ocean Dial Asset Management Limited, whose Registered Office is at 13/14 Buckingham Street, London WC2N 6DF and Registered Number 05583807. Ocean Dial Asset Management Limited is authorised and regulated by the Financial Conduct Authority (“the FCA”), with registered number 447424.

The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorised. In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America or to or for the benefit of any U.S. Person as such term is defined under the United States Securities Act of 1933, as amended.

No investments or services mentioned on this website are directed at U.S. Persons who are not Professional Clients or Eligible Counterparties as defined by the UK Financial Conduct Authority (FCA) Handbook or Qualified Purchasers as defined under the Investment Company Act of 1940. The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorised.


ODAM does not manage money for retail clients. Eligible investors only may access ODAM’s expertise through the funds or investment companies for which it acts as investment manager.

This website is not directed at you if Ocean Dial Asset Management Limited (“ODAM”) is prohibited by any law of any jurisdiction from making the information on this site available to you, and is not intended for any use which would be contrary to local law or regulation. This website and its contents are not intended to sell services or products over the Internet, rather for Internet viewer convenience and information purposes.

Information displayed in this website contains material that may be interpreted by the relevant authorities in the country from where you are viewing the website as investment advertising or an offer to purchase securities. Accordingly the information on this website is only intended to be viewed by the persons who fall outside the scope of any law that seeks to regulate investment advertising in the country of your residence or in the country in which the website is being viewed. Users of this website are therefore assumed to have the knowledge and experience in business and financial matters to enable them to evaluate the merits of, and risks of, investing in the investment funds referred to in this website. Persons of any other description should not enter this website nor rely on any of the information contained therein. If you are uncertain about your position under the laws of the country in which the website is being viewed then you should seek clarification by obtaining legal advice from a lawyer practising in the country of your residence or in the country in which the website is being viewed before completing this question.

Risk warnings

Investments may fall as well as rise and investors may lose a substantial portion or even all of their investment. Past performance is not necessarily a guide to future performance.

Investments denominated in foreign currencies can result in the risk of loss from currency movements as well as movements in the value, price or income derived from the investments themselves.

Investment in emerging markets involves risks which may not be typically associated with investing in more developed markets. Investment in small- and mid-cap stocks may also involve a higher degree of risk as these markets tend to be more volatile than their larger capitalisation counterparts.


To the extent permitted by relevant law and regulation, ODAM expressly disclaims any and all liability which may derive from this website or any other information provided by ODAM in connection with this website, and any errors therein or omissions therefrom. The description of the investment management services and processes provided by ODAM in this website is written in general terms. The services and investment funds referred to in this website should not be regarded as an offer nor solicitation for such services or investment funds in any jurisdiction where such offer or solicitation is unlawful. The terms and conditions applicable to individual investors investing in investment funds managed by ODAM are set out in each relevant fund’s offering document. This website contains information designed only to provide background material for determining whether or not to consider investment. This website should be read in conjunction with the relevant offering document for each fund. All potential investors must carefully read the offering document which will contain significant additional information needed to evaluate investment in the fund and important disclosures regarding risks, fees and expenses. The offering document is the sole document upon which potential investors should rely. Recipients in any doubt about the content of this website should seek advice from an independent professional adviser.

This website is based upon information that is considered to be reliable but ODAM does not represent or warrant that it is accurate or complete, nor should it be relied upon as such. Views and opinions expressed within this website including comments on sectors or individual stocks or companies are those of ODAM and its Mumbai based affiliated company Ocean Dial Asset Management India Private Limited (a company incorporated in the Republic of India) as at the date of publication. Subsequent events may cause these views to change. The investment policies and procedures described are guidelines and not rules. Occasional deviation from the parameters given may result.

Use of links
The ODAM website may contain links to websites operated by other parties. ODAM does not control the content or accuracy of information on such websites and does not in any way confirm or endorse the material placed on such sites. The links are provided for your reference only.

The copyright and all other rights in all of the material on this website are owned by the company listed on the web page or the material is included with the permission of the rights owner. You may review and copy material on this website for your own private or domestic use only. All other copying or use is prohibited.

Governing law
You agree that in the event of any dispute of any nature that may arise between you and ODAM, these terms and conditions shall be governed by and construed exclusively in accordance with the law of England and Wales and you agree to be subject to the exclusive jurisdiction of the courts of England and Wales.

Privacy policy
Any personal information that you supply ODAM via the website and other means will be held in accordance with the General Data Protection Regulation – please see our privacy notice for more details . If you would like to be removed from our database at any point, please email your request to

Use of cookies
For the purposes of gathering data to measure traffic and patterns of usage on our website, we need to use your IP-address. In addition, for example, we use cookies to ascertain as to whether you have agreed to our disclaimer.
A cookie is a small file held on your PC. If you do not want to accept cookies, you will need to alter the setting on your internet browser. We will not use your IP-address or any cookie to identify you personally.