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SVN Capital Fund

Dec 2024 → Jun 2026 · Publishes twice a year

Our archive holds 5 letters from SVN Capital Fund, behind 15 investment theses and positions in 7 companies. Every quote below is copied verbatim from the letter it came from.

SVN Capital Fund’s own letters page
5
Letters
7
Companies
0
Moves
15
Theses

Companies held · 7

Every company SVN Capital Fund has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 15

  • KKR is a scaled alternative asset manager with multiple fee-generating businesses, strong long-term share gains, a brand moat, insider alignment, and meaningful embedded value.

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  • Triveni Turbine is a leading small steam-turbine maker with an asset-light, cash-generative model, a growing aftermarket annuity, and AI-data-center demand tailwinds.

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  • Shilchar Technologies is a founder-led transformer maker benefiting from renewable-energy tailwinds, capacity expansion, debt-free operations, and attractive cash generation.

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  • Bajaj Finance is India’s largest non-bank lender, compounding rapidly with disciplined underwriting, strong ROE, AI-enabled productivity gains, and room to gain share.

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  • December 2025

    Bajaj Finance is India’s best-in-class lender transforming into an AI-driven platform to lower costs, sharpen risk, and expand to 200–220 million customers while compounding through disciplined underwriting.

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  • December 2025

    Copart is the leading salvage vehicle marketplace with irreplicable land, insurer relationships, and auction technology, benefiting from secular tailwinds and supported by a fortress balance sheet.

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  • December 2025

    HEICO is a PMA parts and specialized electronics leader with strong cash generation, disciplined acquisitions, conservative balance sheet and enduring family-led culture enabling steady compounding.

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  • Kinsale Capital Group is a tech-enabled E&S insurer with a structurally low expense ratio, consistent underwriting profits, conservative capital and buybacks, prioritizing pricing discipline over volume.

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  • December 2025

    KKR & Co. Inc. is a diversified alternatives platform with growing fee and insurance earnings positioned to benefit from the secular shift into private markets and expand recurring operating income.

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  • December 2025

    Triveni Turbine is a dominant small industrial turbine maker with a record order book, high returns, and an asset-light model, with 2025 weakness driven by timing not demand.

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  • June 2025

    Copart is the dominant player in the auto salvage duopoly, benefiting from industry trends that favor increased vehicle total loss, despite recent stock declines attributed to slowing growth and competition for insurance contracts.

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  • June 2025

    KKR is well-positioned for capital deployment with $116 billion in dry powder, healthy capital raised, and growing Adjusted Net Income, anticipating a revival in deal markets as macro conditions stabilize.

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Letter archive · 5

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