Welcome to Kuvera Capital
22 years of investment experience in Indian Equities

Kuvera Capital Partners LLP (KCP) is an alternative asset manager specialising in Indian Equities. KCP manages the Kuvera Fund (ISIN:MU0671S00000), one of the first Indian dedicated long/short funds to be launched. It was co-founded in 2004 by Raju Kamath with seeding from Marshall Wace. Kuvera seeks to provide clients with disciplined exposure to Indian equity markets through active risk management. As with all investments, capital is at risk and the value of investments can go down as well as up. Past performance is not a reliable indicator of future results.

Performance

Performance

Kuvera performance charts

⚠ Past performance is not a reliable indicator of future results. The value of investments and the income from them can fall as well as rise and investors may not get back the amount originally invested. All figures shown are net of fees unless stated otherwise.

Click on a bar to see the value.

Source: Kuvera Capital Partners LLP. Performance shown net of fees unless stated otherwise. Full methodology available on request.

ANNUALISED RETURN STANDARD DEVIATION
KFL 10.30% 12.37%
Nifty ($) 9.68% 25.55%

Monthly Returns (Since Inception)

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2025-3.60%-9.23%6.13%2.93%2.21%3.99%-3.54%-0.64%0.66%2.43%0.96%0.11%1.47%
20242.06%4.24%-0.65%1.54%8.27%5.23%6.68%-0.45%1.53%-7.71%-0.78%-0.72%19.85%
2023-1.41%-1.58%-0.15%3.04%3.20%5.44%3.13%0.65%-2.45%-2.30%7.04%7.20%23.32%
2022-3.56%-4.62%0.16%-0.22%-2.06%-2.32%5.78%3.44%-1.69%2.86%0.25%-3.27%-5.64%
2021-2.42%3.04%2.49%-0.07%6.35%1.58%1.26%7.28%3.01%-1.28%-2.65%2.58%22.73%
20200.11%-3.85%23.97%7.66%-0.69%2.72%5.27%2.11%2.49%3.20%5.43%7.96%69.59%
20190.03%0.71%6.46%1.42%-0.42%-0.98%-2.88%-0.88%4.01%2.93%-1.70%-0.05%8.60%
20183.27%-4.24%-3.11%5.30%-4.22%0.58%3.70%3.12%-3.50%-5.39%5.91%-0.49%0.01%
20171.30%2.85%2.69%2.29%2.26%0.79%3.48%2.58%-2.04%2.22%0.18%1.99%22.51%
20161.28%-0.60%0.04%0.54%2.32%-0.27%2.26%0.73%-0.99%1.44%-3.89%0.18%2.91%
20154.01%1.03%-2.37%-2.33%1.32%-0.29%0.79%-3.85%0.15%0.76%0.30%2.62%1.89%
2014-1.76%1.90%4.20%-0.24%4.71%2.01%0.32%1.69%-0.64%2.92%1.54%-2.51%14.79%
20132.10%-2.89%-0.23%2.01%-1.01%-1.69%-1.20%-3.91%3.16%4.88%-1.16%1.19%0.89%
20128.12%2.01%-1.80%-1.42%-4.39%3.13%-0.73%0.45%5.74%-1.12%1.60%-0.23%11.26%
2011-3.18%-0.92%4.63%-0.59%-1.89%1.03%-0.72%-4.14%-1.65%3.42%-5.88%-1.54%-11.27%
2010-2.61%0.54%3.19%0.52%-2.82%2.27%0.32%-0.23%6.32%-0.08%-0.17%3.42%10.81%
2009-1.98%-3.47%4.99%5.78%5.28%-2.29%2.96%-0.48%6.19%-2.61%2.44%0.65%18.12%
2008-2.46%-2.41%-6.25%-0.13%-4.95%-6.49%2.63%-2.94%-3.83%-8.53%-0.43%10.58%-23.56%
20070.96%-2.54%1.11%3.93%1.95%0.08%1.74%-0.84%4.79%5.61%-0.96%2.19%19.21%
20065.67%1.25%4.52%3.17%-3.41%-1.95%-1.08%1.73%2.04%2.69%4.71%-1.33%19.04%
2005-1.47%4.44%2.49%2.37%-0.39%3.16%2.38%0.94%0.39%-2.25%2.63%2.47%18.32%
2004-------0.04%0.10%3.97%-0.30%4.10%8.57%17.22%
2025
YTD 1.47%
Jan -3.60%
Feb -9.23%
Mar 6.13%
Apr 2.93%
May 2.21%
Jun 3.99%
Jul -3.54%
Aug -0.64%
Sep 0.66%
Oct 2.43%
Nov 0.96%
Dec 0.11%
2024
YTD 19.85%
Jan 2.06%
Feb 4.24%
Mar -0.65%
Apr 1.54%
May 8.27%
Jun 5.23%
Jul 6.68%
Aug -0.45%
Sep 1.53%
Oct -7.71%
Nov -0.78%
Dec -0.72%
2023
YTD 23.32%
Jan -1.41%
Feb -1.58%
Mar -0.15%
Apr 3.04%
May 3.20%
Jun 5.44%
Jul 3.13%
Aug 0.65%
Sep -2.45%
Oct -2.30%
Nov 7.04%
Dec 7.20%
2022
YTD -5.64%
Jan -3.56%
Feb -4.62%
Mar 0.16%
Apr -0.22%
May -2.06%
Jun -2.32%
Jul 5.78%
Aug 3.44%
Sep -1.69%
Oct 2.86%
Nov 0.25%
Dec -3.27%
2021
YTD 22.73%
Jan -2.42%
Feb 3.04%
Mar 2.49%
Apr -0.07%
May 6.35%
Jun 1.58%
Jul 1.26%
Aug 7.28%
Sep 3.01%
Oct -1.28%
Nov -2.65%
Dec 2.58%
2020
YTD 69.59%
Jan 0.11%
Feb -3.85%
Mar 23.97%
Apr 7.66%
May -0.69%
Jun 2.72%
Jul 5.27%
Aug 2.11%
Sep 2.49%
Oct 3.20%
Nov 5.43%
Dec 7.96%
2019
YTD 8.60%
Jan 0.03%
Feb 0.71%
Mar 6.46%
Apr 1.42%
May -0.42%
Jun -0.98%
Jul -2.88%
Aug -0.88%
Sep 4.01%
Oct 2.93%
Nov -1.70%
Dec -0.05%
2018
YTD 0.01%
Jan 3.27%
Feb -4.24%
Mar -3.11%
Apr 5.30%
May -4.22%
Jun 0.58%
Jul 3.70%
Aug 3.12%
Sep -3.50%
Oct -5.39%
Nov 5.91%
Dec -0.49%
2017
YTD 22.51%
Jan 1.30%
Feb 2.85%
Mar 2.69%
Apr 2.29%
May 2.26%
Jun 0.79%
Jul 3.48%
Aug 2.58%
Sep -2.04%
Oct 2.22%
Nov 0.18%
Dec 1.99%
2016
YTD 2.91%
Jan 1.28%
Feb -0.60%
Mar 0.04%
Apr 0.54%
May 2.32%
Jun -0.27%
Jul 2.26%
Aug 0.73%
Sep -0.99%
Oct 1.44%
Nov -3.89%
Dec 0.18%
2015
YTD 1.89%
Jan 4.01%
Feb 1.03%
Mar -2.37%
Apr -2.33%
May 1.32%
Jun -0.29%
Jul 0.79%
Aug -3.85%
Sep 0.15%
Oct 0.76%
Nov 0.30%
Dec 2.62%
2014
YTD 14.79%
Jan -1.76%
Feb 1.90%
Mar 4.20%
Apr -0.24%
May 4.71%
Jun 2.01%
Jul 0.32%
Aug 1.69%
Sep -0.64%
Oct 2.92%
Nov 1.54%
Dec -2.51%
2013
YTD 0.89%
Jan 2.10%
Feb -2.89%
Mar -0.23%
Apr 2.01%
May -1.01%
Jun -1.69%
Jul -1.20%
Aug -3.91%
Sep 3.16%
Oct 4.88%
Nov -1.16%
Dec 1.19%
2012
YTD 11.26%
Jan 8.12%
Feb 2.01%
Mar -1.80%
Apr -1.42%
May -4.39%
Jun 3.13%
Jul -0.73%
Aug 0.45%
Sep 5.74%
Oct -1.12%
Nov 1.60%
Dec -0.23%
2011
YTD -11.27%
Jan -3.18%
Feb -0.92%
Mar 4.63%
Apr -0.59%
May -1.89%
Jun 1.03%
Jul -0.72%
Aug -4.14%
Sep -1.65%
Oct 3.42%
Nov -5.88%
Dec -1.54%
2010
YTD 10.81%
Jan -2.61%
Feb 0.54%
Mar 3.19%
Apr 0.52%
May -2.82%
Jun 2.27%
Jul 0.32%
Aug -0.23%
Sep 6.32%
Oct -0.08%
Nov -0.17%
Dec 3.42%
2009
YTD 18.12%
Jan -1.98%
Feb -3.47%
Mar 4.99%
Apr 5.78%
May 5.28%
Jun -2.29%
Jul 2.96%
Aug -0.48%
Sep 6.19%
Oct -2.61%
Nov 2.44%
Dec 0.65%
2008
YTD -23.56%
Jan -2.46%
Feb -2.41%
Mar -6.25%
Apr -0.13%
May -4.95%
Jun -6.49%
Jul 2.63%
Aug -2.94%
Sep -3.83%
Oct -8.53%
Nov -0.43%
Dec 10.58%
2007
YTD 19.21%
Jan 0.96%
Feb -2.54%
Mar 1.11%
Apr 3.93%
May 1.95%
Jun 0.08%
Jul 1.74%
Aug -0.84%
Sep 4.79%
Oct 5.61%
Nov -0.96%
Dec 2.19%
2006
YTD 19.04%
Jan 5.67%
Feb 1.25%
Mar 4.52%
Apr 3.17%
May -3.41%
Jun -1.95%
Jul -1.08%
Aug 1.73%
Sep 2.04%
Oct 2.69%
Nov 4.71%
Dec -1.33%
2005
YTD 18.32%
Jan -1.47%
Feb 4.44%
Mar 2.49%
Apr 2.37%
May -0.39%
Jun 3.16%
Jul 2.38%
Aug 0.94%
Sep 0.39%
Oct -2.25%
Nov 2.63%
Dec 2.47%
2004
YTD 17.22%
Jan -
Feb -
Mar -
Apr -
May -
Jun -
Jul -0.04%
Aug 0.10%
Sep 3.97%
Oct -0.30%
Nov 4.10%
Dec 8.57%

Statistics

Kuvera risk-return statistics

⚠ Past performance is not a reliable indicator of future results. Statistics are calculated since inception and based on historical data; they do not guarantee future performance.

0

year history

of the index volatility

Annualised return as a percentage of Nifty ($) Index return

Compound Annual Return

Standard Deviation

0

Sharpe Ratio

Rolling 5Y (annual return)

Rolling 3Y (annual return)

Rolling 1Y (annual return)

Max Drawdown (2008)

Winning Ratio

Investment Awards

The maximum drawdown figure represents the largest peak-to-trough decline experienced by the fund and is a key indicator of downside risk. The winning ratio refers to the proportion of months in which the fund generated a positive return; it does not indicate the magnitude of gains or losses.

Newsletters

Download Kuvera newsletters

Approach

Our approach enables clients to remain invested in the India growth story for the long term

Portfolio Construction

Portfolios are constructed to extract the desired risk return profile with limits on position size, sector and exposures.

Macro View

An understanding of global risks as they affect India.

Detailed Market Knowledge

Large cap focus: a detailed knowledge of companies in our universe.

Short Book Strategy

An active short book made up of stocks not an Index.

Risk Management and Derivatives

Derivatives are used to hedge out residual portfolio risk.

India

The Growth Story

A summary of key trends that typifies the Indian market

Market data and statistics referenced in this section are sourced from third parties and may not reflect current conditions. They are included for illustrative purposes only and should not be relied upon as current investment research. Last updated: June 2026.

  • Kuvera believes India has the potential to be one of the world's fastest-growing major economies over the coming decades. This reflects Kuvera's own view, is not a forecast or guarantee of any specific growth rate, and actual outcomes may differ materially.
  • Kuvera views India's large and relatively young population as a structural driver of long-term economic growth.
  • Kuvera sees continued growth potential in India's manufacturing sector, supported by rising education and engineering skill levels.
  • Kuvera anticipates sustained growth in India's consumer market as the middle class continues to expand.
  • India's GDP growth rate has consistently ranked among the highest of major economies in recent years. [Source: IMF World Economic Outlook & World Bank · Updated June 2026]
  • India's government has pursued a sustained programme of economic reform and infrastructure investment. [Source: IMF World Economic Outlook & World Bank, 2024–2026]
  • The Indian automobile industry is one of the largest in the world by annual production. [Source: [SIAM], [2025]]
  • The Indian retail market is one of the largest and fastest-growing in the world. [Source: [KPMG Retail Sector Snapshot], [2026]]
  • India's consumer market is projected to become one of the world's largest in the coming decades. [Source: [IBEF], [2025]]
  • India is one of the largest economies in the world by both nominal GDP and purchasing power parity (PPP). [Source: [IMF], [2026]]
  • India is home to a large and growing number of billionaires. [Source: Forbes, [2025]]
“…in PPP terms, the Indian economy is projected to overtake the US and Chinese economies in 2045 and 2063, respectively.” Source: EY (Ernst & Young), 2025

This is a third-party projection and does not constitute investment advice or a guarantee of returns.

The Opportunities & Challenges

Kuvera has a positive view but acknowledges the risks in getting there

  • Progressive

    Kuvera believes India's current government remains focused on reducing bureaucracy, devolving power, and attracting capital. This reflects Kuvera's own view of government policy and is not a guarantee of any particular outcome.

  • Because...

    Needs Foreign Investment

    Kuvera believes India is supply-constrained and needs to attract continued foreign capital to achieve its growth potential. This reflects Kuvera's own view and is not a statement of fact or a guarantee of any outcome.

  • Therefore...

    Globally In Sync

    Growth and equity markets linked to global factors and liquidity.

  • Challenge #1

    Poverty

    Kuvera recognises that addressing poverty remains a significant long-term challenge for India's economy and policymakers.

  • Challenge #2

    Red Tape

    Kuvera believes that, despite ongoing reform efforts, bureaucratic complexity remains a challenge for businesses operating in India.

  • Challenge #3

    GDP

    Kuvera notes that India's GDP per capita remains relatively low compared with developed economies, which Indian government policy has sought to address.

Team

The leadership team of Kuvera

Raju Kamath

Founder, CEO & Head of Investments

Prior to founding Kuvera, Raju spent 10 years with Dimensional Fund Advisors, where he developed and managed emerging markets equity and derivatives portfolios.

Assets managed totalled $1bn, invested across 19 markets. Prior to founding Kuvera, his Emerging Market Fund at Dimensional was ranked 2nd best performer by Morningstar (out of 107 funds, on a 5-year basis) and 3rd best (out of 173 funds, on a 1-year basis), as at 31 March 2003.

The UK Fund was ranked 7th (out of 123 funds) on a 3-year basis and 10th (out of 69 funds) on a 1-year basis, at the same date. These rankings relate to a prior role and are not indicative of the current or future performance of the Kuvera Fund. He has an MBA (Finance) from Cass Business School, City University.

Wilson Hudkins Cáceres

COO

Wilson is the Chief Operating Officer of the Kuvera Fund. He is responsible for overseeing multiple business functions and assists in the development of the firm's long-range business plan.

Previously, he was a Partner at Sigrun Partners as well as Managing Director at Fortis Bank (Now BNP PARIBAS FORTIS). Wilson has held senior positions at Abn Amro Bank, ACF Corporacion and other international and regional financial institutions.

He is a Chartered Financial Analyst (CFA) as well as a Professional Risk Manager (PRM). He holds an MBA as well as a BBA.

Rohit Shah

CFO

Previously Rohit was with BP Oil Trading for 15 years in London and South Africa.

His responsibilities included the automation and improvement of both back and front office processes as well as development of risk management systems for European Oil Trading. He subsequently founded an IT business.

At Kuvera, Rohit is responsible for improving the efficiency of operational controls and automation of both back and front office processes. He is an IT specialist and a qualified accountant.

Awards

Historic industry awards and nominations

The awards and nominations shown above relate to specific past periods. Details of each award, including the awarding body and year, are available on request. Past awards and nominations are not indicative of current or future performance and do not constitute an endorsement of any current product or strategy.

Media

Fund Information

Download more information about Kuvera Capital Partners LLP

The fund information documents and monthly returns file linked below are directed exclusively at Professional Clients and Eligible Counterparties as defined in the FCA Handbook and are not intended for Retail Clients. They are provided for information only and do not constitute investment, legal, tax or other professional advice, nor an offer or solicitation to buy or sell any investment. Past performance is not a reliable indicator of future results. The value of investments and any income from them may fall as well as rise and investors may not recover the amount originally invested.

Articles

Download published articles about Kuvera

The articles and third-party publications linked below are historic materials provided for background information only. They reflect the views of their respective authors and publications at the time of writing, do not constitute a current or ongoing endorsement of Kuvera Capital Partners LLP or the Kuvera Fund, and are not indicative of current or future performance.

The articles, interviews and nominations shown above relate to specific historic periods and reflect the views of their respective authors and publications at the time of writing. They do not constitute a current or ongoing endorsement of Kuvera Capital Partners LLP or the Kuvera Fund, and are not indicative of current or future performance.

Videos

Watch videos about Kuvera

Videos were recorded at various points in time and may contain views, opinions and market commentary that are no longer current. They are provided for information only and are not indicative of current or future performance.

Contact

Please get in touch with us

Office Location

2 Fann Street, London EC2Y 8AF

Call Us

+44 (0) 203 129 9727

Email

enquiries@kuveracapital.com