Wealth is not about quick wins, but sustained vision and strategy.
Through Vision 10x10Y, a scheme of Munoth Hedge Fund, we look for Indian businesses whose revenues could grow tenfold over the next decade.
This ambition concerns the revenues of the businesses we study and is not a target or promise of investment returns.
- Over fifty years
- of investing as a family
- Since 1986
- Munoth Capital Market, listed on BSE in 1989
- Category III AIF
- Registered with SEBI in 2015
- Our own capital
- Our family is collectively the fund’s largest investor
Our investment approach
We have invested as a family for more than fifty years. Vision 10x10Y grew out of that experience, and our family is collectively its largest investor.
What we look for
- Healthy returns on capital
- Promoters with clean governance
- Earnings backed by cash
- Products customers need, with pricing power
- A price that makes sense for all of the above
How we hold
Fewer than 25 core positions, each sized by our conviction and by how much protection the price offers if we are wrong. We expect to hold for years.
When we sell
- Our reasoning no longer holds
- The price runs well ahead of the business
- A better opportunity needs the capital
Research process
An idea can start with a number or with a question. Either way, it has to survive a debate before we act on it.
Where ideas start
A company that stands out in a quantitative screen, or a question about how an industry, a technology or customer needs are changing.
What we watch in India
- A young population
- Digital public infrastructure such as UPI and GST
- Steady investment in new capacity
- Manufacturing moving into the country
How we decide
We debate each idea as a team and look for what our analysis might have missed.
After we invest
We keep testing the reasoning and review every decision, right or wrong.
Fund manager
Siddharth Jain
Chief Investment Officer · Managing Director, Munoth Capital Market Limited
Siddharth leads our investing. In more than twenty years at the Munoth Group, he has built its broking and depository businesses, its proprietary investing and this fund.
He works with a team that combines chartered accountancy, CFA and D. E. Shaw research experience with our family office’s investment managers. He holds an MBA in finance.
Outside the firm
- Member, Gujarat Chamber of Commerce and Industry
- Chairman, JITO Incubation and Innovation Foundation, 2020–2022
- Investors’ panel, Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad
- Speaker, Eurekahedge conference, New York
Conversations we host
ONE/2
People from investing and business, exchanging perspectives. Our last discussion ran from alternative investments and venture capital to the technologies shaping new businesses.
Tapri
Some guests allocate capital; others put it to work. We share a brief direction beforehand, then the conversation goes wherever the room takes it.
The name comes from the roadside tea stall, where people talk plainly because no one is trying to impress anyone.
Fund partners
- Investment manager
- Munoth Capital Market Limited (opens in a new tab)
- Munoth Capital Market Limited is responsible for investment research, portfolio construction, trade execution and investor reporting.
- Fund accounting and custody
- HDFC Bank (opens in a new tab)
- HDFC Bank provides fund accounting and custody services, including NAV calculation, reconciliation and safekeeping of securities.
- Tax adviser
- MNSS & Associates (opens in a new tab)
- MNSS & Associates advises on the fund’s tax obligations, filings and withholding requirements.
- Legal adviser
- Desai & Diwanji (opens in a new tab)
- Desai & Diwanji provides legal advice on fund documentation, structure and regulatory matters.
- Merchant banker
- RarEver Financial Advisors (opens in a new tab)
- RarEver Financial Advisors provides merchant banking services for the fund’s private placement documentation and related due diligence.
- Registrar and transfer agent
- KFin Technologies (opens in a new tab)
- KFin Technologies maintains the investor register and supports unit administration, investor verification and investor communications.
- Trustee
- Vistra ITCL (opens in a new tab)
- Vistra ITCL serves as trustee, overseeing the fund in accordance with its governing documents and applicable regulations.
Performance
20 October 2025 to 30 September 2026
- Munoth Hedge Fund
- +14.10%
- NIFTY500 Multicap 50:25:25 TRI
- -3.52%
- NIFTY 50 TRI
- -11.54%
Cumulative returns over the period shown, not annualised, with each series indexed to 100 at the start. Fund figures are for Class C1 units, from their launch on 20 October 2025, and are before fees and after fund expenses. Your own return will differ with your class and fees; please write to us for the figures that apply to you. Past performance is not indicative of future results.
View chart and data
| Date | Munoth Hedge Fund | NIFTY500 Multicap 50:25:25 TRI | NIFTY 50 TRI |
|---|---|---|---|
| 20 October 2025 | 100.00 | 100.00 | 100.00 |
| 31 October 2025 | 100.12 | 100.24 | 99.60 |
| 30 November 2025 | 100.24 | 100.56 (as of 28 November 2025) | 101.51 (as of 28 November 2025) |
| 31 December 2025 | 99.67 | 100.27 | 101.23 |
| 31 January 2026 | 96.65 | 96.56 (as of 30 January 2026) | 98.16 (as of 30 January 2026) |
| 28 February 2026 | 98.39 | 97.21 (as of 27 February 2026) | 97.65 (as of 27 February 2026) |
| 31 March 2026 | 89.41 | 86.43 (as of 30 March 2026) | 86.62 (as of 30 March 2026) |
| 30 April 2026 | 105.74 | 96.82 | 93.10 |
| 31 May 2026 | 105.92 | 97.41 (as of 29 May 2026) | 91.50 (as of 29 May 2026) |
| 30 June 2026 | 110.25 | 99.44 | 93.03 |
| 31 July 2026 | 111.12 | 101.42 | 95.23 |
| 31 August 2026 | 113.80 | 102.09 | 94.14 |
| 30 September 2026 | 114.10 | 96.48 | 88.46 |
Source: Munoth’s published NAV data (opens in a new tab). Benchmark values between published observations use the most recent prior observation; both period endpoints use actual matching dates.