Public markets · Category III AIF
Four sourcesof return.
One research discipline
Upsurge Opportunities Fund 1 invests in Indian listed markets. Its objective is capital appreciation while actively managing and minimising downside risk. We pursue it through four complementary strategies, each grounded in the same research discipline, so the fund is not dependent on any single market regime.
The four strategies
Derivatives
We sell options and collect the premium that buyers pay us. Most of the time those options expire without being exercised, and we keep the income. The work is in the discipline: sizing every position carefully, capping the downside in advance, and never reaching for yield. We have run this approach through every kind of market for more than two decades.
Fundamental Calls
We study a company until we understand what it is genuinely worth, then buy it when the market is pricing it for less. After that we wait, sometimes for years, for the price to catch up to the value. It is slow by design, and that patience is where the return comes from.
Short to Medium Term Trades
Sometimes a stock moves for reasons we read better than the market: a change in the company, its sector, or where money is flowing. We take these positions for weeks or months rather than years, with the same research behind them and the same limits on risk.
Event Driven Strategies
Corporate events follow rules and timelines: delistings, buybacks, offers for sale, QIPs and IPO anchoring. We understand how each one tends to play out, so we position around them where the outcome is reasonably defined and the opportunity is often overlooked.
One discipline across all four strategies
How every position is governed.
Origination
Opportunities surface across all four strategies through primary research, screening and our read of market structure and flows.
Underwriting
Each idea is tested on its own terms: valuation and thesis for equity, payoff and probability for derivatives and events.
Risk & sizing
Downside is defined before capital is committed. Size follows conviction and the loss we are willing to bear.
Execution
Positions are approved by the Investment Committee and executed with discipline around liquidity and cost.
Monitoring & exit
Every position is tracked against its original thesis. We exit on realisation, on a broken thesis, or when the risk no longer pays.
The fund at a glance
Key terms.
- Structure
- Open-ended Category III AIF
- Trust
- Upsurge Investment Trust
- Tenure
- Open-ended · no definite tenure
- Investment universe
- Listed equities (primarily)
- Geography
- India
- Approach
- Bottom-up · sector & style agnostic
- Decisions
- Investment Committee
- Leverage
- Up to 2× NAV
Terms summarised from the Private Placement Memorandum and subject to its full text. For information only; not an offer to invest.