The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
2Point2 Capital's Long Term Value Fund returned 12.7% in Q1 FY27, matching the BSE 500's 12.1% return, with 93.4% equity exposure across 15-18 concentrated positions. Since inception in July 2016, the fund has generated an 18.9% CAGR versus 13.7% for the BSE 500, delivering cumulative returns of 461% versus 258%. The letter focuses extensively on the challenges of learning from investment outcomes, arguing that weak feedback loops in investing make retrospective analysis unreliable. The managers use two detailed case studies—Tata Elxsi and MCX—to illustrate how cognitive biases distort post-hoc evaluation. Tata Elxsi was sold at 3x returns in 18 months but subsequently rose 5x more before collapsing 65% from peak, while MCX delivered 10x returns despite the original thesis proving incorrect, with success driven by an unforeseen shift to options trading and geopolitical commodity volatility. The managers advocate for separating process from outcome, maintaining written investment theses, and resisting the urge to extract lessons from individual results contaminated by luck and market noise.
2Point2 Capital runs a concentrated portfolio of 15-18 stocks focused on generating long-term returns through patient capital deployment in the Indian market, emphasizing disciplined process over outcome-based learning and maintaining conviction through periods of underperformance.
As of Jul 15, 2026
2Point2 Capital was co-founded by Amit Mantri and Savi Jain, who collectively bring 33 years of investment experience primarily in private equity and hedge fund industries. Savi Jain has 17 years of investment experience across private equity and public markets, previously serving as Associate Director at Tano Capital managing over USD 210 million, and holds a Bachelor's from IIT Kharagpur and CFA charter. Amit Mantri brings 16 years of experience including Vice-President role at Hornbill Capital, a hedge fund managing US$3 billion.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund runs a concentrated portfolio of only 15-18 positions with 93.4% equity exposure, demonstrating structural conviction. The MCX case study shows the managers held through three years of bottom-5% performance because they believed the thesis remained intact, exemplifying conviction through adversity. However, the letter is entirely retrospective and philosophical—no current positions are named, sized, or discussed with specific forward theses. The absence of any discussion of current holdings or their conviction levels caps the score. The 0.78 reflects high structural conviction (concentration, willingness to hold through pain) but lack of specific position-level conviction statements in this particular letter.
Growth Outlook
The market outlook is scored at 0.50 as the letter is predominantly philosophical, focusing on the impact of AI in investing rather than making explicit macroeconomic or directional market forecasts. The manager notes geopolitical concerns like the Iran war and sector-specific euphoria but remains focused on bottom-up value.
Risk Appetite
The risk appetite is scored at 0.85, reflecting the fund's extremely high equity exposure of 99.4% as of March 31, 2026. This indicates the fund is almost fully deployed in equities, demonstrating a strong willingness to remain fully invested despite recent market volatility.
Capital Deployment
Equity exposure is reported at 93.4% as of quarter-end, but no prior period comparison is provided to assess whether this represents deployment or de-risking. The letter mentions the managers 'still have a small position in MCX,' suggesting some trimming occurred, but provides no detail on net portfolio activity or cash level changes. Without baseline data on prior cash levels or net additions/reductions, deployment activity cannot be assessed. The score defaults to 0.00.
Forward Guidance
Forward guidance is scored at 0.50 as the letter does not outline specific upcoming asset allocation shifts or immediate buy/sell actions. The managers emphasize maintaining their long-term, concentrated value strategy without signaling major near-term changes.
Language Signal
The language throughout is analytical and educational rather than directional. The letter discusses cognitive biases, feedback loops, and investment process with no bullish or bearish framing. The two case studies (Tata Elxsi and MCX) are presented as learning examples, not as directional market commentary. There is no language suggesting opportunity, risk, upside, or downside in current markets. The neutral, process-focused tone warrants a 0.00 score.
Perceived Risk
Perceived risk is scored at 0.55, representing a moderate level of risk awareness. The managers acknowledge geopolitical headwinds like the Iran war and warn of speculative euphoria in hot sectors like Defence, CDMO, and EMS, while highlighting that AI could exacerbate herd behavior and market boom-and-bust cycles.
Opportunity Density
The letter provides no commentary on the current opportunity set, market conditions, or availability of attractive investments. There is no discussion of screens, new ideas, or the difficulty or ease of finding compelling opportunities. The 93.4% equity exposure suggests capital is deployed, but this is a static observation rather than a statement about opportunity abundance. Without any explicit discussion of opportunity density, the score defaults to 0.40.
Time Horizon
The fund is explicitly named 'Long Term Value Fund' and focuses on 'generating long term returns.' The managers held MCX through three years of bottom-5% performance, demonstrating multi-year patience. The letter emphasizes that 'a thesis can take years to play out' and advocates for 'evaluating decision-making across a much larger number of trials, ideally encompassing different market regimes.' The Tata Elxsi case study spans 7 years from initial investment to final assessment. The entire philosophical framework argues against short-term outcome evaluation. However, the fund is not permanent capital (it's a PMS with redemption rights), and there's no explicit statement of decade-plus holding periods. The demonstrated multi-year patience and philosophical emphasis on long-term evaluation justify a score of 0.82.
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