In life, the challenge is not so much to figure out how best to play the game;
the challenge is to figure out what game you’re playing.
- Kwame Anthony Appiah
In life, the challenge is not so much to figure out how best to play the game;
the challenge is to figure out what game you’re playing.
- Kwame Anthony Appiah
Dwaith Funds is a value investing fund focused on investing primarily in India. The managing partner, Harsha Venkatesh, is an ardent disciple of Warren Buffett and closely follows his guidelines on value investing and capital allocation. The fund models along the lines of early Buffett Partnerships and Pabrai Funds. Harsha has been investing in the stock market for over 20 years and has lived and worked in the USA and Germany.
Dwaith Partners (US investment fund) was launched with the investment and participation of TJ Rodgers and Valeta Massey. Valeta acted as the managing partner until Dwaith obtained the Indian securities regulator SEBI’s Portfolio Management Services (PMS) license (Registration number: INP000008561).
Our objective over the long run (5 years), is to beat all major indices and over 90% of mutual and hedge fund managers.
Current Fund Schemes: We offer two schemes for (1) US and European (Non-Indian origin) clients and (2) Resident Indian and Indian Origin NRI/OCI card holders.
US and European Clients: Dwaith Partners is open to qualified clients. The fund has come into existence from Q3 2021. It is incorporated in the US mainly to invest in securities trading in India and other emerging markets. The fund will be governed by the applicable US securities regulations and exemptions. The fund will be exempt from registration under Rule 3(c)(7) promulgated according to the Investment Company Act of 1940, as amended. Dwaith Partners has an FPI (foreign portfolio investment) registration which enables it to purchase shares in the Indian securities market. If you are based in other countries and would like to invest, you would need to have the capability to invest in a US-based fund.
Resident Indian and Indian Origin NRI/OCI Clients: Dwaith Advisory Private Limited (DAPL) is open to HNI clients and corporates based in India and NRI/OCI clients outside India. It bears a SEBI PMS registration number INP000008561 and runs a value investment PMS fund. It also has a SEBI Investment Advisory license with Registration number: INA000017329 where it has active clients under advisory mode.
If you are a qualified client (for US Fund) or a HNI based in India and have an interest in Dwaith Funds, please join the waiting list to get more information.
Dwaith Partners (US Based Fund) returns in USD:
| Year Returns | Dwaith Partners | S&P 500 | MSCI EM | Sensex India |
| 20211 | -12.7% | 10.3% | -10.0% | -0.9% |
| 2022 | -7.6% | -19.4% | -22.4% | -6.0% |
| 2023 | 34% | 24.2% | 7.0% | 18.0% |
1Starting dates for comparison when initial investments were made: July 1st, 2021 (S&P 500, MSCI EM) and Dec 10th, 2021 (Sensex India).
Dwaith Advisory (India based Investment Advisory) returns in INR:
| Year Returns | Dwaith Advisory | Sensex India |
| 2022 (Starting Nov 11) | 16.5% | -6.0% |
| 2023 (Until Sep 30) | 50.5% | 10.2% |
Note: Indian financial year is from April 1st to March 31st. Starting dates for comparison when initial investments were made: Nov 11th, 2022 (Sensex India). Returns for 2023 are from April 2023 to Sep 2023 post fees.
Dwaith Funds follows these rules and guidelines:
- All funds are managed by the managing partner, Harsha through Dwaith Advisory Private Limited (DAPL)
- Dwaith Funds is open to qualified clients, qualified institutions, and HNI clients (Resident Indian, NRI, and OCI)
- The funds can invest in any publicly traded equity or debt instrument on any exchange worldwide (based on what regulations allow)
- Majority/all of the fund will be invested in India, where we see many opportunities as it is growing towards becoming a $10T+ economy over the next few years
- There are no fixed Management Fees until the fund delivers an annualized 6% return to investors
- Returns above 6% are split in a 3:1 ratio between Limited Partners and DAPL after fund expenses
- Holdings are disclosed to the extent required by law
- Limited Partners and Investors receive US GAAP-compliant audited financials and Indian quarterly statements as applicable
- Initial capital investments would be at a minimum of $1M (for US Fund) and Rs. 2 Crore (for Indian PMS). Fresh capital investments can be made monthly
- Redemptions are permitted once a year with at least 60 days advance notice before the January 31 redemption date (or as permitted by regulations)
- Please refer to the offer documents for a complete narrative on the fund structure, rules, fees, etc