Hillview Compounders
A concentrated portfolio of quality businesses with durable returns on capital, bought at prices that allow for error. Positions are sized between 3% and 9%. We hold cash rather than own our twenty-first-best idea, and we expect turnover in the low teens once a portfolio is built.
Stock Picks
15–20
Intended horizon
5 years +
Reference index
Nifty 500
Four tests a position has to pass.
A business we can describe in one page and would be comfortable owning if the market closed for five years.
Return on capital above the cost of capital through a full cycle, not only in the current upcycle.
A price that assumes we are wrong about the growth rate and still leaves a return.
Position sized 3–9% of the portfolio; nothing larger, and no more than 25% in one sector.
Businesses whose accounts we cannot reconcile from the annual report alone.
Holding companies and pledged-promoter structures.
Anything we would need to sell on a single quarter’s miss.
This mandate has no published performance history.
Copernicus Hillview is a young firm. Returns will be reported from each client mandate's own inception date, against the reference index above, once a full financial year is complete.
We will not publish back-tested, model or composite figures in the meantime. What you can examine today is the research: read the published notes and judge the reasoning directly.
Nothing on this page is a recommendation to buy or sell any security, or an assurance of return. Equity investments carry risk of capital loss. Minimums and terms are indicative and confirmed in the advisory agreement.