Asset Classes

Two asset classes.
One investment philosophy.

We invest in AI and data enabled businesses whose competitive advantages deepen as they scale — from emerging private companies to established public market leaders — generating durable alpha.

The same investment lens governs both.

Public EquityPrivate Equity

Public Equity

Over a decade of existence. Consistent alpha.

Hornbill Capital runs a concentrated, predominantly long-only public equity fund focused on AI and data enabled businesses across consumer, healthcare and financial sectors in India.

Public Equity

Performance recognition

  1. BarclayHedge

    Yearly Performance Rankings for 2023

    #3 in Emerging Markets – Asia category for 2023

  2. Preqin

    Top Performing Hedge Funds in 2021

    Top Performing Equity Strategy Hedge Fund in 2021

  3. Allocator

    2021 Investors Choice Awards

    APAC – Best Fund Under $100m – Equity

  4. HFM Asia

    Performance Awards 2021

    Winner – Indian Equity

  5. Preqin

    Top Performing Hedge Funds in 2020

    Top Performing Emerging Markets – Focused Hedge Fund in 2020

The Strategy

Investing where the Growth is.

In an expensive Indian equity market, we believe alpha is generated by investing where growth is structural, durable and sufficiently large to outrun valuations. Rapidly scaling, AI and data enabled businesses—with competitive advantages that deepen as they grow—offer precisely this opportunity.

We run a concentrated portfolio of 10 to 15 stocks because we believe concentration, when paired with deep conviction and process-driven risk management, generates long-term compounding. Every position we hold has been through rigorous due diligence—management meetings, competitor checks, channel partner conversations—and is continuously monitored post-investment.

Our edge

Public and private markets are deeply interconnected. Our investment philosophy has always been built around this belief.

India’s emerging technology landscape is dynamic. It is a set of competitive battles playing out simultaneously across listed businesses and the private companies trying to displace them. Most public equity investors can only see one side of each battle. We see both. And after a decade of looking at both simultaneously, we are convinced it is one of the most durable advantages in Indian public equity investing.

What private equity expertise gives us in public markets

We know the competitive landscape of our listed holdings before it appears in the earnings line.

Disclosures from publicly listed companies tell you what has happened, but not what’s changing beneath the surface or who might disrupt the business next.

Our work in private markets gives us a clear view of how each category is evolving. We track emerging competitors, their unit economics, and where they are gaining or losing ground. This context changes how we read results, how we size positions, and when we’re willing to hold through negative sentiment.

Many of the companies we track in private markets today are likely to list over the next three to five years. We already know their businesses, management teams, and competitive positioning. When they list, we’re not starting from scratch.

Risk Management

More important, Not less.

We run a concentrated portfolio. That makes risk management more important, not less.

Concentrated portfolios generate alpha but they also concentrate risk. Our quantitative risk framework ensures that position sizing is always a function of both expected return and categorized risk.

Liquidity risk

Size positions for reliable market liquidity.

Volatility risk

Balance expected returns against price volatility.

Regulatory risk

Monitor regulatory changes and policy exposure.

Business risk

Assess competitive durability and business fundamentals.

Start a conversation

Want to know more about this strategy? Let’s talk.

We welcome conversations with institutional investors, family offices, and founders building the next generation of technology-led businesses in India.

Get in touch