Ralph is the founder and Managing Director of Arcstone Capital, the investment manager of the Mauritius based Passage to India fund. Passage’s investment objective is to produce long-term investment returns in excess of the Indian indices by investing in primarily smaller, under-followed, and under-researched, listed Indian companies. Informational inefficiencies create large discounts in valuations, creating an attractive hunting ground for knowledgeable, long-term investors. This investment strategy requires a two- to three-year time horizon. The fund typically holds 10-20 companies in the portfolio. The fund's investment philosophy is value with a growth catalyst. The fund looks for sm