Snowball Capital

20/04/2026

We’re pleased to share Snowball Capital’s Annual Letter for FY 2081/82.

This year’s letter reflects on our performance, the current state of Nepal’s capital markets, and how we are positioning the portfolio in an environment shaped by excess liquidity, valuation distortions, and macro uncertainty.

As always, our focus remains unchanged: disciplined capital allocation, downside protection, and long-term compounding.

You can access our annual letters, memos, and other publications on our website: https://snowballcapitalnp.com/

09/04/2026

The binding constraint has changed; from deposits to capital.

25/11/2025

Nepal’s Commercial Banking: A Decade of Credit Expansion and Valuation Reset

24/09/2025

The headline story is expansion; the underlying story is margin erosion.

27/08/2025

Nepal’s Cola Wars: The Real Fight is for Value, Not Volume.

25/06/2025

Nepal’s pharma sector is growing but is it ready for the post-TRIPS era?

23/05/2025

Not all trends are permanent. The future of aviation now has two paths.

06/05/2025

When Market Price Plays Tricks on Value.

22/04/2025

5% CAGR in Nepal’s Hotel Industry—Or Just a Currency Illusion?

02/04/2025

Exclusive Value Investing Workshop with Sanjay Bakshi!

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07/11/2023

We are delighted to share with you our annual letter for the year 2023, which encapsulates our views on investing and the current market.

Snowball Capital Annual Letter 2079-80. Dear Shareholder, It has now been two years since the markets have been in a protracted decline, down 41% from its high of 3200 on August 2021 to 1874 as of 15 October 2023. The market must go up by 71% from this point to recover the losses of the past 2.5 ...