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From the Opalesque Team:

Mauritius-based Atyant Capital, manager of the Atyant Capital India Fund returned +5.25% to investors in July (+51.97% YTD). The Fund is a long only absolute return fund that invests in companies listed on the Indian stock exchanges. The fund employs a concentrated portfolio strategy and invests in stocks of companies with strong fundamentals that are available at a significant discount to intrinsic value. The fund employs no leverage, does not buy or write derivatives of any kind and does not short securities.

On Monday emerging markets sold off, echoing the global financial markets, and for India specifically, worries about the effects of a drought (only 80% of the average monsoon rains fell this season and anything less than 90% is considered a drought). But Atyant's Managing Director, Pratik Sharma, Managing Director notes in his July investment letter that opportunities will arise from both the near and long-term effects of a drought, with the bigger impact being the potential motivation for necessary structural adjustments to the country.

The macro picture for India includes the necessity of moving a large portion of the population away from agricultural dependence (65% of India's population is dependent on agriculture that generates less than 25% of India's GDP). This move holds with it the possibility of the rural and green revolution necessary for the next......................

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