FOUNDER, CEO & CIO

Ben Watsa is the Founder, CEO and CIO of Marval Capital Ltd., a Toronto-based, India-focused investment firm founded in 2017. Marval manages over $400 million in AUM, and its flagship strategy, the Marval Guru Fund (launched in 2019), is among the largest actively managed Indian small- and mid-cap equity funds run from outside India and has been one of Canada’s best-performing funds since inception.

Mr. Watsa has twenty-five years of investment experience. He began his career in 2001 as an investment banker in the Financial Institutions Group at Banc of America Securities and later at Cochran Caronia Waller. He then joined Lissom Investment Management Inc. (“Lissom”), where he spent 11 years and ultimately became a Partner and Portfolio Manager. At Lissom, he managed the firm’s small- and mid-cap global equity fund for six years, and subsequently managed a successor mandate as a sub-advisor at Marval for an additional six years.

In addition to Marval, Mr. Watsa serves as Chair of Fairfax India Holdings Corporation and as a director of Fairfax Financial Holdings Limited. He also serves on the advisory board of Impression Ventures and has been honoured with the position of Director Emeritus for his work as a director and Vice Chair of the Investment Committee of the Rideau Hall Foundation.

Mr. Watsa received the King Charles III Coronation Medal (2025) and was named one of the Top 50 Under 50 Indo-Canadian leaders (2023). He is a member of the Young Presidents’ Organization, has delivered a TEDx Talk, and has been an invited speaker at numerous conferences, forums and institutions.

HEAD OF RESEARCH

Alok Deshpande is the Head of Research and a Senior Advisor to Marval Capital Ltd. Mr. Deshpande has nearly 20 years of experience covering the Indian equity markets, covering a gamut of sectors over the years. Prior to Marval, Mr. Deshpande was the Small & Midcap (“SMID”) Strategist at Nuvama Institutional Equities for seven years, spearheading a highly successful SMID research product ‘Winners, Warriors & Value’, making him the only SMID generalist in India. During his tenure at Nuvama, Mr. Deshpande also maintained a collaborative dialogue with Mr. Watsa for over five years.

Mr. Deshpande began his career at BNP Paribas, and then over the next decade, played an integral role in several other reputed research teams such as HSBC India Research. Mr. Deshpande holds a Masters degree in Investment & Finance from the UK.

HEAD OF OPERATIONS

Ait Vongmaholay is the Head of Operations at Marval Capital Ltd. and brings a wealth of expertise to the table. Prior to Marval, Mr. Vongmaholay served an impressive 18-year tenure at the Royal Bank of Canada (“RBC”). He earned recognition as a standout contributor to the organization, consistently raising the bar and driving meaningful results. Ait’s dedication and exceptional performance were acknowledged through a series of awards, a testament to his unwavering commitment to excellence and impact. These accolades include quarterly and annual honors, showcasing his sustained ability to deliver high-caliber work and achieve notable milestones within RBC including; Top Canadian Performer Of The Year (2011), Annual Performance Award (2015, 2019), and the Quarterly Catalyst Award (2008 x2, 2011 x2, 2014, 2016, 2019)