Ashva Capital Management

Investor Summary

Ankur Shah is the founder and Chief Investment Officer of Ashva Capital Management LLC, bringing over 20 years of experience in equities, fundamental analysis, and options trading. He is a Harvard Business School MBA (2004) and Pomona College Economics graduate (1999). Shah's professional career includes serving as Director of Equity Research at Arqaam Capital, Senior Equity Analyst at Guggenheim Partners, and positions at Bank of America Securities. Currently based in Dubai, UAE, he also serves with Silverline Global Asset Management. Shah founded Ashva Capital in 2017 to pursue independent, research-driven investment strategies focused on quality growth investing. He is known for his disciplined approach to identifying companies with durable competitive advantages and strong financial performance through rigorous fundamental analysis.

Fund Strategy

Ashva Capital operates as a long-biased, growth-oriented equity hedge fund, combining traditional value investing principles with modern behavioral finance. The firm emphasizes long-term, business-first investing focused on companies with durable moats and strong management. They maintain concentrated portfolios of companies that exhibit durable competitive advantages, strong pricing power, high gross margins, and robust free cash flow. The firm relies on rigorous discounted cash flow analysis and embraces market volatility as opportunities rather than disruptions. They do not time markets but trust them, recognizing the cost of missing the best market days. The investment philosophy centers on rigorous fundamental analysis, transparency, and alignment with investors, aiming for superior, long-term risk-adjusted returns with a 10-20 year investment horizon.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	6.02%

Executive Summary

Ashva Capital delivered strong April performance of 9.22% net after a difficult Q1, ending with 6.02% net YTD returns through April versus 5.31% for the S&P 500. The manager views Q1 volatility as normal market behavior, distinguishing between temporary price movements and permanent value impairment. The oil supply disruption from Middle East conflict drove market weakness but is considered manageable compared to historical precedents, especially given US energy independence. The secular bull market thesis remains intact despite quarterly volatility. AI presents both opportunities and disruption risks, requiring selective positioning. The strategy focuses on companies with high free cash flow generation, shareholder-friendly capital allocation like General Motors' aggressive buybacks, valuation support, and scenario resilience. The manager emphasizes compounding small edges over time rather than predicting short-term moves, using options overlay for risk management. Portfolio positioning targets businesses that can compound intrinsic value while maintaining discipline on valuation and actively managing risk through market cycles.

Forward Outlook

The manager maintains that the secular bull market in US equities remains intact despite quarterly volatility. The broad backdrop remains constructive with US economic resilience, healthy corporate balance sheets, and substantial free cash flow generation from quality businesses. Long-term market leadership is expected to come from companies with scale, data advantages, recurring revenue, and ability to compound free cash flow over many years.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 6 2026	2026 Q1	GM	AI, Buybacks, large cap, oil, technology, value, volatility	GM	Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks.
Jan 29 2026	2025 Q4	AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG	AI, Compounding, long-term, Quality, semiconductors, technology, US, value	MU AMD DIS	Ashva Capital underperformed in 2025 by avoiding overvalued mega-caps, instead focusing on quality businesses like Micron, AMD, and Disney at reasonable prices. The manager emphasizes that compounding requires survival through cycles, not perfect timing. Using Buffett's playbook of valuation discipline and patient capital, Ashva targets long-term wealth creation over short-term performance chasing.
Oct 12 2025	2025 Q3	DIS, HOOD, XLF	Compounding, financials, Fintech, long-term, Streaming, value	XLF DIS HOOD	Ashva Capital gained 10.16% in Q3 2025 through long-term focused investing in quality businesses. Core holdings XLF, Disney, and Robinhood offer exposure to financial sector recovery, streaming transformation, and fintech disruption respectively. The manager emphasizes staying fully invested and compounding over decades rather than reacting to short-term volatility, maintaining conviction in these positions' long-term potential.
Jul 8 2025	2025 Q2	CRDO, HOOD, HWM	aerospace, Concentration, Data centers, Fintech, long-term, Quality	HOOD CRDO HWM HOOD CRDO HWM	Ashva Capital's concentrated portfolio of quality compounders underperformed in H1 2025 (-1.55% vs S&P +5.5%) but rebounded strongly in Q2. Top positions in disruptive fintech (Robinhood), AI infrastructure (Credo), and aerospace recovery (Howmet) reflect the fund's long-term, business-first approach. Management expects fundamentals to reassert over narrative-driven markets, positioning for outperformance.
May 2 2025	2025 Q1	IBN, LRN, UBER	Compounding, Drawdown, India, Quality, rates, tariffs, value, volatility	LRN IBN UBER	Ashva Capital's concentrated portfolio of quality compounders underperformed during Q1's violent rotation from long-duration assets to cyclicals amid tariff fears and rising rates. Despite painful 13.6% decline versus market's 4.6% drop, the manager maintains conviction in holdings like Stride, ICICI Bank, and Uber, believing current price-value gaps create exceptional forward return profiles for disciplined long-term investors.
Jan 9 2025	2024 Q4	GM	AI, fundamentals, inflation, long-term, technology, value	-	Ashva Capital delivered 26.5% net returns in 2024, outperforming by 3.2% through disciplined value investing focused on undervalued businesses with strong cash flows. Despite acknowledging stretched valuations and persistent inflation, the fund maintains equity exposure and AI-tech allocation. The long-term approach assumes 10% annual S&P returns going forward versus recent 13% pace.
Oct 31 2024	2024 Q3	MO	Bull Market, Intrinsic Value, long-term, Outperformance, US, value	MO	Ashva Capital outperformed the S&P 500 in Q3 2024 by focusing on intrinsic value and companies with high returns on capital rather than statistically cheap stocks. The fund holds positions like Altria and expects continued market strength through year-end, driven by US economic resilience and reduced election uncertainty.
Jul 28 2024	2024 Q2	GM	Autos, Buybacks, Leverage, Options, Quality, value	GM	Ashva Capital outperformed with 21% net returns versus S&P 500's 14.5% through a Buffett-inspired quality value strategy enhanced by options leverage. Strong US fundamentals including robust employment, moderating inflation, and concluded Fed tightening cycle support continued bull market. Strategic GM position exemplifies approach of leveraging undervalued quality companies with strong cash flow generation and aggressive capital returns.
May 2 2024	2024 Q1	-	earnings, Quality, US, value	-	Ashva Capital outperformed the S&P 500 by 640 basis points in Q1 2024 using a QARP strategy targeting undervalued stocks with overly pessimistic analyst coverage. The manager emphasizes removing emotions from investment decisions and focuses on bottom-up analysis rather than macro forecasting, expressing confidence in current positions.
Feb 29 2024	2023 Q4	BLDR, META, NVDA, NVR, RCL, UBER	Fed policy, Goldilocks, Housing, Recession, Soft Landing, technology	-	Ashva Capital returned 16.18% in 2023 betting against recession fears and on housing shortages. Manager correctly called the Fed's soft landing while investing in structural housing demand from millennials facing decades of supply constraints. Expects current bull market to broaden beyond tech, drawing parallels to late 1990s Goldilocks economy.
Nov 17 2023	2023 Q3	-	Bull Market, consumer spending, inflation, interest rates, US Economy	-	Ashva Capital sees the US economy entering a sustained expansion phase despite structural differences from the 1990s Goldilocks period. Strong consumer spending, robust labor markets, and declining inflation create foundations for a multi-year bull market. The fund's strategic positioning reflects confidence in continued economic growth, with extremely low recession probability heading into 2024.
Feb 28 2023	2022 Q4	BTI, MO	-	-
Mar 11 2022	2022 Q3	META	-	-
Jun 30 2022	2022 Q2	-	-	-
Mar 30 2022	2022 Q1	ADBE	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 6 2026

2026 Q1

AI, Buybacks, large cap, oil, technology, value, volatility

Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks.

Jan 29 2026

2025 Q4

AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG

AI, Compounding, long-term, Quality, semiconductors, technology, US, value

MU
AMD
DIS

Ashva Capital underperformed in 2025 by avoiding overvalued mega-caps, instead focusing on quality businesses like Micron, AMD, and Disney at reasonable prices. The manager emphasizes that compounding requires survival through cycles, not perfect timing. Using Buffett's playbook of valuation discipline and patient capital, Ashva targets long-term wealth creation over short-term performance chasing.

Oct 12 2025

2025 Q3

DIS, HOOD, XLF

Compounding, financials, Fintech, long-term, Streaming, value

XLF
DIS
HOOD

Ashva Capital gained 10.16% in Q3 2025 through long-term focused investing in quality businesses. Core holdings XLF, Disney, and Robinhood offer exposure to financial sector recovery, streaming transformation, and fintech disruption respectively. The manager emphasizes staying fully invested and compounding over decades rather than reacting to short-term volatility, maintaining conviction in these positions' long-term potential.

Jul 8 2025

2025 Q2

CRDO, HOOD, HWM

aerospace, Concentration, Data centers, Fintech, long-term, Quality

HOOD
CRDO
HWM
HOOD
CRDO
HWM

Ashva Capital's concentrated portfolio of quality compounders underperformed in H1 2025 (-1.55% vs S&P +5.5%) but rebounded strongly in Q2. Top positions in disruptive fintech (Robinhood), AI infrastructure (Credo), and aerospace recovery (Howmet) reflect the fund's long-term, business-first approach. Management expects fundamentals to reassert over narrative-driven markets, positioning for outperformance.

May 2 2025

2025 Q1

IBN, LRN, UBER

Compounding, Drawdown, India, Quality, rates, tariffs, value, volatility

LRN
IBN
UBER

Ashva Capital's concentrated portfolio of quality compounders underperformed during Q1's violent rotation from long-duration assets to cyclicals amid tariff fears and rising rates. Despite painful 13.6% decline versus market's 4.6% drop, the manager maintains conviction in holdings like Stride, ICICI Bank, and Uber, believing current price-value gaps create exceptional forward return profiles for disciplined long-term investors.

Jan 9 2025

2024 Q4

AI, fundamentals, inflation, long-term, technology, value

Ashva Capital delivered 26.5% net returns in 2024, outperforming by 3.2% through disciplined value investing focused on undervalued businesses with strong cash flows. Despite acknowledging stretched valuations and persistent inflation, the fund maintains equity exposure and AI-tech allocation. The long-term approach assumes 10% annual S&P returns going forward versus recent 13% pace.

Oct 31 2024

2024 Q3

Bull Market, Intrinsic Value, long-term, Outperformance, US, value

Ashva Capital outperformed the S&P 500 in Q3 2024 by focusing on intrinsic value and companies with high returns on capital rather than statistically cheap stocks. The fund holds positions like Altria and expects continued market strength through year-end, driven by US economic resilience and reduced election uncertainty.

Jul 28 2024

2024 Q2

Autos, Buybacks, Leverage, Options, Quality, value

Ashva Capital outperformed with 21% net returns versus S&P 500's 14.5% through a Buffett-inspired quality value strategy enhanced by options leverage. Strong US fundamentals including robust employment, moderating inflation, and concluded Fed tightening cycle support continued bull market. Strategic GM position exemplifies approach of leveraging undervalued quality companies with strong cash flow generation and aggressive capital returns.

May 2 2024

2024 Q1

earnings, Quality, US, value

Ashva Capital outperformed the S&P 500 by 640 basis points in Q1 2024 using a QARP strategy targeting undervalued stocks with overly pessimistic analyst coverage. The manager emphasizes removing emotions from investment decisions and focuses on bottom-up analysis rather than macro forecasting, expressing confidence in current positions.

Feb 29 2024

2023 Q4

BLDR, META, NVDA, NVR, RCL, UBER

Fed policy, Goldilocks, Housing, Recession, Soft Landing, technology

Ashva Capital returned 16.18% in 2023 betting against recession fears and on housing shortages. Manager correctly called the Fed's soft landing while investing in structural housing demand from millennials facing decades of supply constraints. Expects current bull market to broaden beyond tech, drawing parallels to late 1990s Goldilocks economy.

Nov 17 2023

2023 Q3

Bull Market, consumer spending, inflation, interest rates, US Economy

Ashva Capital sees the US economy entering a sustained expansion phase despite structural differences from the 1990s Goldilocks period. Strong consumer spending, robust labor markets, and declining inflation create foundations for a multi-year bull market. The fund's strategic positioning reflects confidence in continued economic growth, with extremely low recession probability heading into 2024.

Feb 28 2023

2022 Q4

BTI, MO

Mar 11 2022

2022 Q3

QUARTER	THEMES	TAGS
2026 Q1	AI AI remains one of the most important investment themes but also one of the most difficult to underwrite. It creates enormous opportunities for certain companies while creating real disruption risk for others, particularly in software. The manager takes a selective approach, looking for companies where AI either strengthens the business model or is unlikely to materially impair core economics.	Artificial Intelligence Software Disruption Technology
	Buybacks The manager likes companies that repurchase shares when trading below intrinsic value, viewing this as disciplined capital allocation that creates a quiet, powerful tailwind for long-term owners. General Motors is cited as a good example of aggressive share count reduction at attractive valuations.	Share Repurchases Capital Allocation Shareholder Returns
	Volatility The manager distinguishes between volatility and risk, viewing volatility as price movement while risk is permanent capital impairment. Market volatility is seen as creating opportunities when durable businesses with strong fundamentals sell off sharply, allowing disciplined investors to use volatility as an ally.	Market Volatility Risk Management Opportunity
	Oil The recent oil supply disruption from Middle East war caused market weakness and inflation fears. While described as serious, the manager notes it's not unprecedented compared to historical oil shocks like 1973 and 1979. The US position as the world's largest oil producer changes the strategic impact compared to past decades.	Energy Geopolitical Risk Supply Disruption
2025 Q4	Live Sports Manager sees significant value in sports teams and entertainment assets, citing strong viewership numbers and global interest. Recommends Atlanta Braves, Madison Square Garden Sports, Manchester United, and Rogers Communications as undervalued relative to private market values. Views sports as hot investment category with institutional interest growing.	Sports Teams Entertainment Media Rights Valuation
	Media Bullish on media companies with sports content and live programming. Highlights Fox's strong position in NFL and MLB rights, plus World Cup coverage. Notes Versant Media Group spin-off creates buying opportunity due to index fund selling. Emphasizes value of live content in advertising market.	Broadcasting Content Advertising Spin-offs
	Natural Gas Positive on National Fuel Gas due to strategic Appalachian Basin acreage and regulated utility operations. Notes 33% of US gas comes from Appalachia and sees unappreciated value in reserves near population centers. Expects company to benefit from increasing free cash flow and potential corporate actions.	Utilities Energy Infrastructure Reserves Cash Flow
	AI Acknowledges AI as transformative but warns of potential disappointment for investors. Compares to late 1990s tech boom with multiple speculative solutions. Expects volatility and potential 'Deep Seek' moments that could rattle markets. Views AI as touching everything but requiring careful stock selection.	Technology Disruption Speculation Volatility
	Aerospace Sees value in Albany International's aerospace composites business, particularly lightweight components for LEAP engines. Notes strategic alternatives exploration could unlock value through potential spin-off and eventual acquisition by aerospace company. Views defense exposure as additional positive catalyst.	Defense Composites Restructuring Spin-offs
2025 Q3	Capital Markets The fund holds XLF for diversified exposure to America's financial sector including banks, insurance, capital markets, mortgage REITs, and consumer finance companies. The manager expects the sector to benefit from declining interest rates, resilient credit quality, and potential yield curve steepening, with Q3 earnings expected to grow roughly 10% on revenue growth of nearly 6%.	Banks Insurance Yield Curve Credit Margins
	Streaming Disney's transformation continues with direct-to-consumer revenue growing 6% and streaming subscribers rising to 183 million. Management is focused on the upcoming ESPN direct-to-consumer service launch and Hulu integration into Disney+. The manager believes Disney's streaming ecosystem potential remains underappreciated by the market.	Disney+ ESPN Hulu Subscribers Content
	FinTech Robinhood continues disrupting traditional financial services by evolving from a zero-commission trading platform into a broader ecosystem spanning brokerage, crypto trading, retirement accounts, savings and checking products, and credit cards. The strategy focuses on deepening customer engagement and expanding wallet share through cross-selling and international growth.	Trading Crypto Wallet Share Cross-selling Digital
2025 Q2	FinTech Robinhood is positioned as a disruptive financial platform rewriting consumer finance rules. The newly launched Robinhood Gold credit card with 3% cash back is viewed as a brilliant customer acquisition tool that leverages the company's lack of legacy cost structure compared to traditional banks. Robinhood is seen as a Trojan horse in retail finance, rapidly expanding its ecosystem beyond just brokerage services.	Digital Banking Credit Cards Customer Acquisition Platform Disruption
	Data Centers Credo Technology operates in high-performance connectivity and data infrastructure space. As AI workloads explode and data centers scale up, Credo's low-power, high-efficiency solutions are becoming increasingly mission-critical. The company is positioned to benefit from secular trends in hyperscale data transmission and edge computing.	AI Infrastructure Connectivity High Performance Edge Computing Hyperscale
	Aerospace Howmet Aerospace is a precision-engineered aerospace and defense supplier that benefits from long product cycles and high switching costs. Its exposure to both commercial and military aircraft demand creates a durable earnings stream. The company is valued for strong fundamentals, disciplined capital allocation, and margin expansion potential as the aviation cycle continues recovering post-COVID.	Defense Commercial Aviation Switching Costs Capital Allocation Recovery
2025 Q1	Education Stride Inc. represents a direct beneficiary of the secular shift toward online and hybrid education models, operating a high-margin, recurring revenue business with consistent enrollment growth and underappreciated optionality in adult learning and career prep divisions.	Online Learning Education Technology Recurring Revenue Adult Learning Career Prep
	India ICICI Bank is positioned as one of the highest-quality private banks in India with improving asset quality and capital efficiency, serving as a structural beneficiary of India's digital and credit expansion while trading at a discount despite 15-20% earnings growth.	Private Banks Digital Banking Credit Expansion Asset Quality Capital Efficiency
	Mobility Uber Technologies has transitioned from cash-burning startup to free cash flow machine with accelerating operating leverage, emerging as a leader in mobility and delivery logistics with significant pricing power and underappreciated growth drivers in Uber Freight and international expansion.	Ride Sharing Delivery Logistics Operating Leverage Pricing Power International Expansion
2024 Q4	AI The fund increased exposure to AI-related stocks as part of their strategic tech allocation. AI technology continues to improve but there is no concrete proof that AI models outperform human predictions in complex systems like financial markets.	Technology Growth Innovation
2024 Q3	Value The fund focuses on intrinsic value rather than market sentiment or temporary price metrics. They emphasize investing in companies with high returns on invested capital and strong free cash flow growth to identify genuinely undervalued stocks rather than just statistically cheap ones. This approach allows them to avoid the boom-bust cycle that affects traditional value investors.	Intrinsic Value Free Cash Flow ROIC Undervalued Value Investing
2024 Q2	Buybacks GM announced a new $6 billion stock repurchase program in June 2024, representing roughly 11% of its total market capitalization. This followed completion of a $10 billion share repurchase program announced in November 2023. The manager views these aggressive buybacks as evidence of undervaluation despite GM shares being up 38% year-to-date.	Share Repurchase Capital Return Undervaluation Cash Flow
	Quality The manager employs a Quality at a Reasonable Price (QARP) strategy, focusing on well-managed businesses with competitive advantages, robust free cash flow, and reasonable valuations. This approach mirrors Buffett's preference for safe, high-quality companies that are profitable, stable, and growing. The strategy emphasizes businesses that can sustain earnings growth through economic cycles.	QARP Competitive Advantages Free Cash Flow Stable Growth
2023 Q4	Homebuilders Manager believes millennials reaching home ownership age face a housing shortage that could last decades due to insufficient construction following the 2008 housing bubble. This structural shortage supports long-term investment in housing-related companies.	Housing Construction Demographics Supply Millennials

AI

AI remains one of the most important investment themes but also one of the most difficult to underwrite. It creates enormous opportunities for certain companies while creating real disruption risk for others, particularly in software. The manager takes a selective approach, looking for companies where AI either strengthens the business model or is unlikely to materially impair core economics.

Artificial Intelligence Software Disruption Technology

Buybacks

The manager likes companies that repurchase shares when trading below intrinsic value, viewing this as disciplined capital allocation that creates a quiet, powerful tailwind for long-term owners. General Motors is cited as a good example of aggressive share count reduction at attractive valuations.

Share Repurchases Capital Allocation Shareholder Returns

Volatility

The manager distinguishes between volatility and risk, viewing volatility as price movement while risk is permanent capital impairment. Market volatility is seen as creating opportunities when durable businesses with strong fundamentals sell off sharply, allowing disciplined investors to use volatility as an ally.

Market Volatility Risk Management Opportunity

Oil

The recent oil supply disruption from Middle East war caused market weakness and inflation fears. While described as serious, the manager notes it's not unprecedented compared to historical oil shocks like 1973 and 1979. The US position as the world's largest oil producer changes the strategic impact compared to past decades.

Energy Geopolitical Risk Supply Disruption

2025 Q4

Live Sports

Manager sees significant value in sports teams and entertainment assets, citing strong viewership numbers and global interest. Recommends Atlanta Braves, Madison Square Garden Sports, Manchester United, and Rogers Communications as undervalued relative to private market values. Views sports as hot investment category with institutional interest growing.

Sports Teams Entertainment Media Rights Valuation

Media

Bullish on media companies with sports content and live programming. Highlights Fox's strong position in NFL and MLB rights, plus World Cup coverage. Notes Versant Media Group spin-off creates buying opportunity due to index fund selling. Emphasizes value of live content in advertising market.

Broadcasting Content Advertising Spin-offs

Natural Gas

Positive on National Fuel Gas due to strategic Appalachian Basin acreage and regulated utility operations. Notes 33% of US gas comes from Appalachia and sees unappreciated value in reserves near population centers. Expects company to benefit from increasing free cash flow and potential corporate actions.

Utilities Energy Infrastructure Reserves Cash Flow

AI

Acknowledges AI as transformative but warns of potential disappointment for investors. Compares to late 1990s tech boom with multiple speculative solutions. Expects volatility and potential 'Deep Seek' moments that could rattle markets. Views AI as touching everything but requiring careful stock selection.

Technology Disruption Speculation Volatility

Aerospace

Sees value in Albany International's aerospace composites business, particularly lightweight components for LEAP engines. Notes strategic alternatives exploration could unlock value through potential spin-off and eventual acquisition by aerospace company. Views defense exposure as additional positive catalyst.

Defense Composites Restructuring Spin-offs

2025 Q3

Capital Markets

The fund holds XLF for diversified exposure to America's financial sector including banks, insurance, capital markets, mortgage REITs, and consumer finance companies. The manager expects the sector to benefit from declining interest rates, resilient credit quality, and potential yield curve steepening, with Q3 earnings expected to grow roughly 10% on revenue growth of nearly 6%.

Banks Insurance Yield Curve Credit Margins

Streaming

Disney's transformation continues with direct-to-consumer revenue growing 6% and streaming subscribers rising to 183 million. Management is focused on the upcoming ESPN direct-to-consumer service launch and Hulu integration into Disney+. The manager believes Disney's streaming ecosystem potential remains underappreciated by the market.

Disney+ ESPN Hulu Subscribers Content

FinTech

Robinhood continues disrupting traditional financial services by evolving from a zero-commission trading platform into a broader ecosystem spanning brokerage, crypto trading, retirement accounts, savings and checking products, and credit cards. The strategy focuses on deepening customer engagement and expanding wallet share through cross-selling and international growth.

Trading Crypto Wallet Share Cross-selling Digital

2025 Q2

FinTech

Robinhood is positioned as a disruptive financial platform rewriting consumer finance rules. The newly launched Robinhood Gold credit card with 3% cash back is viewed as a brilliant customer acquisition tool that leverages the company's lack of legacy cost structure compared to traditional banks. Robinhood is seen as a Trojan horse in retail finance, rapidly expanding its ecosystem beyond just brokerage services.

Digital Banking Credit Cards Customer Acquisition Platform Disruption

Data Centers

Credo Technology operates in high-performance connectivity and data infrastructure space. As AI workloads explode and data centers scale up, Credo's low-power, high-efficiency solutions are becoming increasingly mission-critical. The company is positioned to benefit from secular trends in hyperscale data transmission and edge computing.

AI Infrastructure Connectivity High Performance Edge Computing Hyperscale

Aerospace

Howmet Aerospace is a precision-engineered aerospace and defense supplier that benefits from long product cycles and high switching costs. Its exposure to both commercial and military aircraft demand creates a durable earnings stream. The company is valued for strong fundamentals, disciplined capital allocation, and margin expansion potential as the aviation cycle continues recovering post-COVID.

Defense Commercial Aviation Switching Costs Capital Allocation Recovery

2025 Q1

Education

Stride Inc. represents a direct beneficiary of the secular shift toward online and hybrid education models, operating a high-margin, recurring revenue business with consistent enrollment growth and underappreciated optionality in adult learning and career prep divisions.

Online Learning Education Technology Recurring Revenue Adult Learning Career Prep

India

ICICI Bank is positioned as one of the highest-quality private banks in India with improving asset quality and capital efficiency, serving as a structural beneficiary of India's digital and credit expansion while trading at a discount despite 15-20% earnings growth.

Private Banks Digital Banking Credit Expansion Asset Quality Capital Efficiency

Mobility

Uber Technologies has transitioned from cash-burning startup to free cash flow machine with accelerating operating leverage, emerging as a leader in mobility and delivery logistics with significant pricing power and underappreciated growth drivers in Uber Freight and international expansion.

Ride Sharing Delivery Logistics Operating Leverage Pricing Power International Expansion

2024 Q4

AI

The fund increased exposure to AI-related stocks as part of their strategic tech allocation. AI technology continues to improve but there is no concrete proof that AI models outperform human predictions in complex systems like financial markets.

Technology Growth Innovation

2024 Q3

Value

The fund focuses on intrinsic value rather than market sentiment or temporary price metrics. They emphasize investing in companies with high returns on invested capital and strong free cash flow growth to identify genuinely undervalued stocks rather than just statistically cheap ones. This approach allows them to avoid the boom-bust cycle that affects traditional value investors.

Intrinsic Value Free Cash Flow ROIC Undervalued Value Investing

2024 Q2

Buybacks

GM announced a new $6 billion stock repurchase program in June 2024, representing roughly 11% of its total market capitalization. This followed completion of a $10 billion share repurchase program announced in November 2023. The manager views these aggressive buybacks as evidence of undervaluation despite GM shares being up 38% year-to-date.

Share Repurchase Capital Return Undervaluation Cash Flow

Quality

The manager employs a Quality at a Reasonable Price (QARP) strategy, focusing on well-managed businesses with competitive advantages, robust free cash flow, and reasonable valuations. This approach mirrors Buffett's preference for safe, high-quality companies that are profitable, stable, and growing. The strategy emphasizes businesses that can sustain earnings growth through economic cycles.

QARP Competitive Advantages Free Cash Flow Stable Growth

2023 Q4

Homebuilders

Manager believes millennials reaching home ownership age face a housing shortage that could last decades due to insufficient construction following the 2008 housing bubble. This structural shortage supports long-term investment in housing-related companies.

Housing Construction Demographics Supply Millennials

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
May 6, 2026	Fund Letters	Ashva Capital Management	GM	General Motors Company	Auto Manufacturers	Automobile Manufacturers	Bull	New York Stock Exchange	Automaker, capital allocation, contrarian, Cyclical, Electric Vehicles, Free Cash Flow, Share Buybacks, Value	Login
Jan 29, 2026	Fund Letters	Ankur Shah	MU	Micron Technology, Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI, Free_cash_flow, Memory, Pricing_Discipline, semiconductors	Login
Jan 29, 2026	Fund Letters	Ankur Shah	AMD	Advanced Micro Devices, Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI, data centers, Execution, semiconductors, Share_Gains	Login
Jan 29, 2026	Fund Letters	Ankur Shah	DIS	The Walt Disney Company	Communication Services	Media & Entertainment	Bull	New York Stock Exchange	cashflow, Intellectual_Property, media, Parks, Streaming	Login
Oct 12, 2025	Fund Letters	Ankur Shah	XLF	Financial Select Sector SPDR Fund	Other	Financials ETF	Bull	NYSE	Banks, dividends, ETF, financials, Macro, Value	Login
Oct 12, 2025	Fund Letters	Ankur Shah	DIS	The Walt Disney Co.	Communication Services	Media & Entertainment	Bull	NYSE	cash flow, entertainment, growth, media, restructuring, Streaming	Login
Oct 12, 2025	Fund Letters	Ankur Shah	HOOD	Robinhood Markets Inc.	Financials	Capital Markets	Bull	NASDAQ	banking, Brokerage, diversification, Fintech, growth, platform	Login
Jul 9, 2025	Fund Letters	Ashva Capital Management	HOOD	Robinhood Markets	Diversified Financial Services	Investment Banking & Brokerage	Bull	NASDAQ	Brokerage, cost structure, credit card, Customer Acquisition, Disruptive Platform, Fintech, Retail Finance	Login
Jul 9, 2025	Fund Letters	Ashva Capital Management	CRDO	Credo Technology	Technology Hardware & Equipment	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, connectivity solutions, data centers, Edge computing, hyperscale, Low Power, semiconductors	Login
Jul 9, 2025	Fund Letters	Ashva Capital Management	HWM	Howmet Aerospace	Capital Goods	Aerospace & Defense	Bull	NYSE	Aerospace, Aviation Recovery, capital allocation, Defense, high switching costs, margin expansion, Precision Engineering	Login
Jul 8, 2025	Fund Letters	Ankur Shah	HOOD	Robinhood Markets, Inc.	Financials	Investment Banking & Brokerage	Bull	NASDAQ	Brokerage, Customer_acquisition, Digitalization, Fintech, Unit_economics	Login
Jul 8, 2025	Fund Letters	Ankur Shah	CRDO	Credo Technology Group Holding Ltd	Information Technology	Semiconductors	Bull	NASDAQ	Ai_infrastructure, Data_centers, High_margin_growth, hyperscalers, semiconductors	Login
Jul 8, 2025	Fund Letters	Ankur Shah	HWM	Howmet Aerospace Inc.	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, Defense, Free_cash_flow, Margin_expansion, Switching_costs	Login
May 2, 2025	Fund Letters	Ashva Capital Management	LRN	Stride Inc.	Consumer Discretionary	Education Services	Bull	NYSE	Adult Education, Career Preparation, Digital transformation, education technology, high-margin business, online learning, recurring revenue	Login
May 2, 2025	Fund Letters	Ashva Capital Management	UBER	Uber Technologies	Communication Services	Interactive Media & Services	Bull	NYSE	Delivery Logistics, Free Cash Flow, freight transportation, international expansion, Mobility Platform, network effects, operating leverage, Pricing power	Login
May 2, 2025	Fund Letters	Ashva Capital Management	IBN	ICICI Bank	Financials	Banks	Bull	NYSE	asset quality, capital efficiency, credit expansion, digital banking, Emerging markets, Indian Banking, Private Bank, Value	Login
Oct 1, 2024	Fund Letters	Ashva Capital Management	MO	Altria Group Inc	Consumer Staples	Tobacco	Bull	NYSE	cash flow, consumer staples, defensive, dividend, smokeless products, tobacco, Value	Login
Jul 1, 2024	Fund Letters	Ashva Capital Management	GM	General Motors Company	Consumer Discretionary	Automobile Manufacturers	Bull	NYSE	Automobile Manufacturers, call options, capital return, Electric Vehicles, Free Cash Flow, ICE Vehicles, leverage, share repurchase, undervalued, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 6, 2026

Fund Letters

Ashva Capital Management

General Motors Company

Auto Manufacturers

Automobile Manufacturers

Bull

New York Stock Exchange

Automaker, capital allocation, contrarian, Cyclical, Electric Vehicles, Free Cash Flow, Share Buybacks, Value

Jan 29, 2026

Fund Letters

Ankur Shah

Micron Technology, Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, Free_cash_flow, Memory, Pricing_Discipline, semiconductors

Jan 29, 2026

Fund Letters

Ankur Shah

AMD

Advanced Micro Devices, Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, data centers, Execution, semiconductors, Share_Gains

Jan 29, 2026

Fund Letters

Ankur Shah

DIS

The Walt Disney Company

Communication Services

Media & Entertainment

Bull

New York Stock Exchange

cashflow, Intellectual_Property, media, Parks, Streaming

Oct 12, 2025

Fund Letters

Ankur Shah

XLF

Financial Select Sector SPDR Fund

Other

Financials ETF

Bull

NYSE

Banks, dividends, ETF, financials, Macro, Value

Oct 12, 2025

Fund Letters

Ankur Shah

DIS

The Walt Disney Co.

Communication Services

Media & Entertainment

Bull

NYSE

cash flow, entertainment, growth, media, restructuring, Streaming

Oct 12, 2025

Fund Letters

Ankur Shah

HOOD

Robinhood Markets Inc.

Financials

Capital Markets

Bull

NASDAQ

banking, Brokerage, diversification, Fintech, growth, platform

Jul 9, 2025

Fund Letters

Ashva Capital Management

HOOD

Robinhood Markets

Diversified Financial Services

Investment Banking & Brokerage

Bull

NASDAQ

Brokerage, cost structure, credit card, Customer Acquisition, Disruptive Platform, Fintech, Retail Finance

Jul 9, 2025

Fund Letters

Ashva Capital Management

CRDO

Credo Technology

Technology Hardware & Equipment

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, connectivity solutions, data centers, Edge computing, hyperscale, Low Power, semiconductors

Jul 9, 2025

Fund Letters

Ashva Capital Management

HWM

Howmet Aerospace

Capital Goods

Aerospace & Defense

Bull

NYSE

Aerospace, Aviation Recovery, capital allocation, Defense, high switching costs, margin expansion, Precision Engineering

Jul 8, 2025

Fund Letters

Ankur Shah

HOOD

Robinhood Markets, Inc.

Financials

Investment Banking & Brokerage

Bull

NASDAQ

Brokerage, Customer_acquisition, Digitalization, Fintech, Unit_economics

Jul 8, 2025

Fund Letters

Ankur Shah

CRDO

Credo Technology Group Holding Ltd

Information Technology

Semiconductors

Bull

NASDAQ

Ai_infrastructure, Data_centers, High_margin_growth, hyperscalers, semiconductors

Jul 8, 2025

Fund Letters

Ankur Shah

HWM

Howmet Aerospace Inc.

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace, Defense, Free_cash_flow, Margin_expansion, Switching_costs

May 2, 2025

Fund Letters

Ashva Capital Management

LRN

Stride Inc.

Consumer Discretionary

Education Services

Bull

NYSE

Adult Education, Career Preparation, Digital transformation, education technology, high-margin business, online learning, recurring revenue

May 2, 2025

Fund Letters

Ashva Capital Management

UBER

Uber Technologies

Communication Services

Interactive Media & Services

Bull

NYSE

Delivery Logistics, Free Cash Flow, freight transportation, international expansion, Mobility Platform, network effects, operating leverage, Pricing power

May 2, 2025

Fund Letters

Ashva Capital Management

IBN

ICICI Bank

Financials

Banks

Bull

NYSE

asset quality, capital efficiency, credit expansion, digital banking, Emerging markets, Indian Banking, Private Bank, Value

Oct 1, 2024

Fund Letters

Ashva Capital Management

Altria Group Inc

Consumer Staples

Tobacco

Bull

NYSE

cash flow, consumer staples, defensive, dividend, smokeless products, tobacco, Value

Jul 1, 2024

Fund Letters

Ashva Capital Management

General Motors Company

Consumer Discretionary

Automobile Manufacturers

Bull

NYSE

Automobile Manufacturers, call options, capital return, Electric Vehicles, Free Cash Flow, ICE Vehicles, leverage, share repurchase, undervalued, Value

TICKER	COMMENTARY
GM	General Motors (GM) is a good example. While investors have often focused on cyclical concerns around autos, EV uncertainty, and broader macro risks, GM has continued to generate substantial free cash flow and has used that cash flow to aggressively reduce its share count at what we believe are attractive valuations. When a company buys back stock below intrinsic value, remaining shareholders own a larger percentage of the business without having to invest an additional dollar. That is not financial engineering. That is disciplined capital allocation.

TICKER

COMMENTARY

General Motors (GM) is a good example. While investors have often focused on cyclical concerns around autos, EV uncertainty, and broader macro risks, GM has continued to generate substantial free cash flow and has used that cash flow to aggressively reduce its share count at what we believe are attractive valuations. When a company buys back stock below intrinsic value, remaining shareholders own a larger percentage of the business without having to invest an additional dollar. That is not financial engineering. That is disciplined capital allocation.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Buybacks

Volatility

Oil

Live Sports

Media

Natural Gas

AI

Aerospace

Capital Markets

Streaming

FinTech

FinTech

Data Centers

Aerospace

Education

India

Mobility

AI

Value

Buybacks

Quality

Homebuilders

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Ankur Shah Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Ashva Capital Management