Metis Capital Management Ltd.

The two co-founders/portfolio managers, Gaurav Aggarwal and Piyush Sharma, started their Indian strategies in April 2011 in India after months of preparation/partnership discussions. After few years of meaningful outperformance over the best diversified equity benchmarks and our peers, we started working on an offshore India focused fund. We received early investment commitments from several US & Middle East families and started work on the setup. Metis India Opportunity Fund ("MIOF") is a simple 50/50 blend (ex-FPI restricted positions) of the two India-dedicated domestic strategies that the co-founders have been managing since April 2011. Our process is highly iterative in which we play devil's advocate and try to "kill" our best ideas. Some of the reasons why an idea may be "killed": (i) Valuation (ii) Management integrity / ability (iii) Strategic advantage not defensible enough (iv) Lack of accounting clarity (v) Lack of identifiable catalyst(s), etc.