AMC Background

Envision Capital was founded in October 2009 by . Nilesh Shah. From inception, Envision Capital has positioned itself as a single-strategy firm, concentrating its intellectual capital, research effort, and organisational design around a focused India Value Portfolio, thereby avoiding dilution of philosophy or process.

The firm derives its name from the idea of visualising long-term possibilities, a concept that closely aligns with its emphasis on identifying intrinsic value well ahead of its market recognition. Over time, the investment team’s sustained local presence has enabled the development of a broad ecosystem of industry participants, operators, advisors, and institutions, which the firm leverages for deeper business understanding and continuous validation of investment theses. This ecosystem is viewed not merely as an information source, but as a strategic asset that enhances Envision’s ability to assess business quality and, where appropriate, engage constructively with investee companies.

Investment Philosophy

Envision Capital’s investment philosophy is rooted in bottom-up, fundamentals-driven value investing, with a clear objective of generating long-term alpha by purchasing high-conviction businesses at prices meaningfully below intrinsic value. The firm emphasises margin of safety as the central driver of returns, viewing valuation discipline as the primary risk control mechanism rather than market timing or macro forecasting. Investments are approached with a buy-and-hold mindset, aiming to participate across the full cycle of value discovery and realisation.

The philosophy integrates a private equity mindset within public markets, reflecting a deep focus on business fundamentals, long-term competitive positioning, and management quality rather than short-term price movements. Envision Capital explicitly prioritises understanding businesses over tracking markets, believing that rigorous homework and sustained engagement with companies and their ecosystems are more critical to long-term outcomes than reacting to near-term market signals.

Proprietary Investment Framework

The firm’s investment process is structured around a proprietary BBB framework—Business, Balance Sheet, and Bargain Value—supplemented by a qualitative assessment of management through the “VICES” lens: vision, integrity, competence, energy, and skin-in-the-game. This framework ensures that value is not assessed purely through valuation multiples, but through an integrated evaluation of business quality, financial resilience, and management alignment. Value, in Envision’s framework, is defined by the quality of the business and balance sheet combined with the integrity and capability of management, while price represents the opportunity to acquire these attributes at a discount.

Portfolio Construction

Portfolio construction is intentionally concentrated, reflecting the firm’s belief that superior outcomes are achieved by knowing a smaller number of businesses exceptionally well rather than diversifying across numerous marginal ideas. Conviction-driven position sizing enables the firm to hold investments through periods of volatility, provided the original investment thesis remains intact. Continuous monitoring is a core part of the process, with investments being harvested only when value is substantially realised or when the underlying thesis deteriorates.