About Unifi IM

Unifi IM is an offshoot of Unifi Capital- one of India’s largest independent portfolio managers with a legacy of more than 24 years.

Unifi’s combined AUM as of December 2025 was USD 2.6B.

We are 100% employee-owned, which we believe, is the best way for the long-term interests of shareholders, employees, and clients to truly converge toward the singular goal of long-term investment outperformance. A strong alliance between shareholders, employees and clients gives us the independence we need to invest with non-conformity and hold long-term convictions.

After being incubated within Unifi Capital since 2018, the offshore advisory practice was re-organised into an independent entity- Unifi IM- in 2022 to enable us to adopt the regulatory structure that caters specifically to the requirements of international investors investing in India. Being domiciled and independently governed in offers international clients a well-regulated and highly to invest directly in India.

Serving as a fiduciary for international capital warrants international standards of compliance and operations; Unifi IM is also registered as an Exempt Reporting Adviser with the U.S. Securities and Exchange Commission.

Although we are an independent entity today, Unifi IM was virtually incubated by Unifi Capital over the course of decades, staffed by former Unifi employees, and remains a fully owned subsidiary today. Consequently, we innately inherited various aspects of our parent’s DNA, including- most prominently- our investment philosophy and analyst culture. Our approach to asset selection and portfolio strategy hinges entirely on conducting deep proprietary fundamental research of investee companies and the overall market. Given that we execute similar investment strategies, operate in the same investment universe, and adhere to the same valuation principles, there is substantial overlap between Unifi IM and Unifi Capital’s investment styles.

Chief Operating Officer,

Unifi Investment Management

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As specialists in deep bottom-up fundamental research, we construct concentrated portfolios to drive post-tax returns.

A core tenet of our international investment strategy is low turnover. Consequently, we forego capitalizing on short-term mispricings and instead focus on businesses that benefit from durable competitive positions and structural growth tailwinds-namely, innovation and international expansionism. Furthermore, our focus on post-tax returns necessitates the qualification for long-term capital gains to the extent possible. To this end, we evaluate all our entry and exit decisions with a minimum holding period of two years in mind. However, this does not prevent us from acting swiftly to reduce positions if their prospects deteriorate.

We also believe in the merits of a high-conviction, benchmark-agnostic concentrated portfolio. A collection of 20 to 25 of the world’s most prolific businesses across various sectors provides sufficient diversification to mitigate unsystematic risk while maintaining a high active share to drive strong returns. The foundation of our asset selection-our framework for choosing these 20 to 25 businesses—rests on our GARP investment philosophy, which we have diligently adhered to since our inception. A clear articulation of these valuation principles helps keep us firmly grounded in our approach.

Our GARP valuation principles center on sensitizing our estimated forward PE multiple to four metrics that are critical to minority investors: governance, sustainability of earnings growth, forecasted capital efficiency, and debt burden. It is these four that drive our thinking, often in that order, although sometimes the weights vary. We judge the sustainability of earnings growth on two levels: (a) the long-term stickiness of a business to its direct stakeholders and society using a top-down approach; and (b) the near-term prospects of a business using a bottom-up framework. In terms of capital efficiency, we demand a return on shareholder funds (ROE) that provides a healthy margin over the business’s cost of capital. The higher the margin, the better the potential cash flow to shareholders. Debt amplifies a business’s sensitivity to economic and market cycles. This inherent volatility increases risk and constrains good valuations. Finally, the PE:G ratio we pay is a direct function of the business’s growth, capital efficiency and leverage.

Therefore, the execution of our GARP valuation principles is a pure and direct outcome of Unifi’s core competency- bottom-up fundamental research.

In this way, fundamental bottom-up research- underpins everything Unifi does.

..it is the foundation of Unifi’s
entire investment style.

While Asset Selection powers returns, Portfolio Management is largely geared to controlling risk.

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Volatility (σ/β) is a widely regarded measure of risk. However, given our long-term investment approach, we believe it makes more sense to identify risk as the probability of permanent loss of capital.

Therefore, our portfolio’s long-term risk is largely a function of two factors. First, the probability of us incorrectly forecasting a . And second, the quantum of the value destruction should . Volatility (σ & β) is monitored but not prominent in our risk management. Consequently, in the long-run, Unifi’s greatest act of risk mitigation is remaining 1) devoted to intense bottom-up research and 2) disciplined in our GARP valuation principles. We internalise the adage, “an ounce of is worth a pound of “.

Additionally, strict exposure limits achieve responsible diversification and control the inevitable uncertainty that is innate in equity. Since we can’t be absolutely certain about anything to do with tomorrow, it’s logical to think in terms of probable scenarios and size our exposure in proportion to the level of our conviction in the opportunity. Some risks are unacceptable to us, and we completely avoid them, such as managements with poor integrity.

Far from being a source of risk, market volatility has been a source of alpha to Unifi. Crucially, volatility gives GARP managers like us one of the few big opportunities to purchase discounted stakes in businesses that are usually efficiently valued.

Finally, we also control risk by having an appropriate investment horizon and maintaining a strong holding position.

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Unifi has no intellectual property, algorithm, or strategic asset. Our only asset is our people.

Every point of Unifi’s return is hard-fought and won by our investment team every day. Consequently, our Alpha hinges on the things about our culture that attract the best analysts and make Unifi the place they want to do their life’s work. , , and our common investment principles, unite us as comrades.

Investment Committee

Nishanth Sekar

Chief Operating Officer

Parth Patel

Fund Manager

Jay Kansara

Principal Officer

Shivashish Singh

Investor Relations

Rima Patel

Compliance Officer

Pratik Shah

Analyst

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About Unifi IM

About Unifi IM

Unifi IM is an offshoot of Unifi Capital- one of India’s largest independent portfolio managers with a legacy of more than 24 years.

Unifi’s combined AUM as of December 2025 was USD 2.6B.

As specialists in deep bottom-up fundamental research, we construct concentrated portfolios to drive post-tax returns.

..it is the foundation of Unifi’s entire investment style.

Volatility (σ/β) is a widely regarded measure of risk. However, given our long-term investment approach, we believe it makes more sense to identify risk as the probability of permanent loss of capital.

Unifi has no intellectual property, algorithm, or strategic asset. Our only asset is our people.