- Category
- III
- Strategy
- Long-only
- Fund house
- First Water Capital Advisors
First Water Capital Fund
+12.57%
1-year return, after expenses, before performance fee and tax
Benchmark BSE MidSmallCap · data as of 31 Aug 2026
First Water Capital Fund, a Category III long-only AIF from First Water Capital Advisors, returned 12.57% (after expenses, before performance fee and tax) in the year to 31 Aug 2026. It began on 21 Aug 2020.
Key numbers
- AUM
- —
- Benchmark
- BSE MidSmallCap
- Launched
- 21 Aug 2020
- Min. investment
- ₹1 crore
- Returns basis
- After expenses, before performance fee and tax
Returns
| Period | This fund | BSE MidSmallCap |
|---|---|---|
| 1 month | +9.70% | +2.94% |
| 3 months | +12.92% | +7.81% |
| 6 months | +19.10% | +14.25% |
| 1 year | +12.57% | +12.08% |
| 2 years | +0.10% | +1.20% |
| 3 years | +20.20% | +16.40% |
| 5 years | +21.60% | +16.20% |
| Since inception | +29.50% | +23.90% |
After expenses, before performance fee and tax, as First Water Capital Advisors reports them, to 31 Aug 2026. AIFs report returns on different bases, so compare like with like.
Fund details
- Category
- Category III
- Strategy
- Long-only
- Market-cap style
- Multi / flexi cap
- Asset type
- Equity
- Benchmark
- BSE MidSmallCap
- Fund manager
- Ricky Kirpalani
Market-cap mix
- Large cap7.40%
- Mid cap14.40%
- Small cap79.70%
The five largest holdings are 44.37% of the portfolio.
Investment approach
The investment philosophy centers on a long only strategy, with a value driven and concentrated portfolio approach. The focus is on intrinsic value maximization at a portfolio level rather than just market value of individual names. To enhance returns, we will regularly review the relative, risk-reward of each stock and redeploy capital over the fund life. Our philosophy is governed by our belief that market values shall converge to intrinsic values over time. Our preferred investment time frame is around 5-7 years to allow our investment decisions to play out. While we are unable to time the short-term movements of the market, we suggest that the funds are staggered over time and accelerated in a down cycle. It is at this point that the value difference between intrinsic and market becomes more pronounced. Our focus is India, which is an economy that we believe has a long way to go.
The investment philosophy centers on a long only strategy, with a value driven and concentrated portfolio approach. The focus is on intrinsic value maximization at a portfolio level rather than just market value of individual names. To enhance returns, we will regularly review the relative, risk-reward of each stock and redeploy capital over the fund life. Our philosophy is governed by our belief that market values shall converge to intrinsic values over time. Our preferred investment time frame is around 5-7 years to allow our investment decisions to play out. While we are unable to time the short-term movements of the market, we suggest that the funds are staggered over time and accelerated in a down cycle. It is at this point that the value difference between intrinsic and market becomes more pronounced. Our focus is India, which is an economy that we believe has a long way to go.
About the fund manager
Mr Ricky Kirpalani — Fund Manager
As Founder and Chief Investment Adviser for First Water Capital, Ricky is a logic-based value investor with over 30 years of experience. His investment approach is fueled by passion and perseverance.His investment approach involves a combination of rigorous due diligence, an intuitive understanding of the correlation between global, industry, and company specific factors, and a macro perspective on the ever-changing landscape of the emerging markets. Prior to launching First Water Capital, Ricky was an independent business analyst and ran a pool of capital generating alpha with a CAGR north of 30% over a timeline of over 15 years. Additionally, Ricky has seen commerce from an owner’s viewpoint with interests in various industrial businesses in Africa and as financial advisor to a number of CEOs. This has allowed him to obtain a broader viewpoint of the internal dynamics and conflicts of operating and managing a business.
As the fund house describes it.
FAQs
What has First Water Capital Fund returned?
12.57% (1-year return) to 31 Aug 2026, after expenses, before performance fee and tax, as First Water Capital Advisors reports it. 1 month: 9.70%; 3 months: 12.92%; 6 months: 19.10%; 1 year: 12.57%; 2 years: 0.10%; 3 years: 20.20%; 5 years: 21.60%; Since inception: 29.50%.
What kind of AIF is First Water Capital Fund?
A Category III AIF following a long-only strategy, with a multi / flexi cap style. Category III AIFs trade listed and unlisted securities and may use leverage and derivatives, including short positions.
What is the minimum investment in an AIF?
SEBI sets the minimum at ₹1 crore per investor (₹25 lakh for the fund’s own employees and directors). First Water Capital Fund’s stated minimum is ₹1 crore.
Who manages First Water Capital Fund?
First Water Capital Advisors runs it; the fund manager is Ricky Kirpalani.
How are AIF returns reported?
Each fund house reports its own returns on its own basis: First Water Capital Fund’s are after expenses, before performance fee and tax. Bases differ from fund to fund, so compare like with like.
For information only. Not investment advice or a research report. Past performance does not guarantee future returns. AIF investments carry higher minimums and risks; read the private placement memorandum.
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