SVN Capital Fund

Investor Summary

Shreekkanth Viswanathan is the founder, President, and Portfolio Manager of SVN Capital, bringing over 14 years of portfolio management and analyst experience from previous roles at Keeley Asset Management, Advisory Research, Inc., and Discovery Financial Partners. He holds both CFA and CPA designations and obtained his MBA from The University of Chicago Booth School of Business. Originally from Chennai, India, Viswanathan moved to the U.S. in 1989 for graduate studies and has additional experience in mergers and acquisitions and corporate development with institutions including Deutsche Bank, Thomas Weisel Partners, and Union Bank of California. His regulatory record shows no disciplinary disclosures or actions.

Fund Strategy

SVN Capital employs a concentrated global value investing approach centered on three core principles: intelligent concentration through investment in 10-15 carefully selected companies, a long-term buy-and-hold strategy that minimizes transaction costs and tax inefficiencies, and global diversification limited to companies with transparent accounting standards and robust corporate governance frameworks comparable to U.S. standards. The firm targets undervalued securities across market capitalizations, industries, and countries, with particular emphasis on companies that reinvest free cash flow for growth rather than pursuing excessive dividend distributions.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-10.3%

Executive Summary

SVN Capital Fund declined 10.3% net in the first half of 2026, with KKR responsible for roughly half the drawdown after falling 28% on private credit fears and AI-related concerns. Manager argues the private credit structure is fundamentally different from 2008, with locked-up capital and no overnight funding risk, while KKR's direct lending represents only 5% of AUM. The firm's operating earnings continue growing at double digits, with insiders buying $15 million of stock near recent lows. Quality stocks suffered one of their worst relative stretches on record, which historically precedes strong performance. Indian holdings remain fundamentally strong despite market underperformance: Bajaj Finance is leveraging AI to expand capacity sixfold while growing twice as fast as the broader credit system; Shilchar Technologies is doubling transformer capacity to meet renewable energy demand; and Triveni Turbine is positioned to benefit from data center combined-cycle power needs. Portfolio holds 12 stocks with 8.7% cash, concentrated in businesses with durable competitive positions, high returns on capital, and meaningful insider ownership.

Core Thesis

SVN Capital invests in durable, high-quality businesses with strong returns on incremental capital, honest management teams with skin in the game, and reasonable valuations, holding them for decades rather than years to benefit from the equity yield curve where patience is rewarded and short-term market focus creates opportunity.

Forward Outlook

Manager expects quality stocks to deliver strong returns following their rare period of underperformance. KKR's operating earnings continue growing at double digits despite lumpy realized gains being deferred to 2027. Indian portfolio companies remain in strong fundamental form despite market weakness, with Bajaj Finance targeting to become one of India's five or six largest financial services firms within five to seven years, Shilchar Technologies expecting 25-30% growth, and Triveni Turbine seeing expanding data center opportunities. The equity yield curve concept suggests patient long-term investors will be rewarded as short-term market participants remain focused on immediate headlines rather than durable business quality.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 9 2026	2026 Q2	BAJFINANCE.NS, CPRT, DNP.WA, KKR, MC.PA, SHILCHAR.NS, TRITURBINE.NS	AI, Alternative Asset Managers, Data centers, Energy Transition, India, long-term, private credit, Quality	-	SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Indian holdings remain fundamentally strong despite market rotation to AI beneficiaries. Portfolio positioned in durable franchises with patient capital to benefit from the equity yield curve.
Jan 12 2026	2025 Q4	532978.NS, 533655.NS, COHR, HEI, KKR, KNSL, RML.PA	aerospace, AI, Alternative Asset Managers, Concentration, India, insurance, Quality, value	BAF IN TRIV IN CPRT KNSL KKR HEI	SVN Capital returned -5.65% in 2025 as business fundamentals diverged from stock prices across concentrated holdings. The portfolio of 11 businesses continues to generate high returns on capital while trading at more attractive valuations. Key positions include India exposure through Bajaj Finance and Triveni Turbine, plus quality compounders like HEICO, KKR, and Copart that benefit from structural tailwinds despite temporary price weakness.
Jul 8 2025	2025 Q2	BAJFINANCE.NS, CPRT, DNP.WA, IAA, KINSALE, KKR, RBA, TRIVENI.NS	Alternative Asset Managers, Auto Insurance, Concentration, Energy Transition, India, Owner-Operated, tariffs	KKR CPRT DNOPY TRIV IN CPRT KKR DNP.WA TRIVENI.NS	SVN Capital returned +6.26% net despite tariff-induced market volatility that crashed major indices 20%+. Manager maintains concentrated portfolio of owner-operated businesses through divine inaction strategy. KKR and Copart faced headwinds while Indian holdings Bajaj Finance performed strongly. Portfolio increasingly concentrated with top six positions at 80% allocation. Remains optimistic on long-term compounding despite near-term uncertainty.
Jan 8 2025	2024 Q4	BAJFINANCE.NS, CPRT, DNP.WA, HEI, KKR, KNSL, RMS.PA	Alternative Assets, India, management, Owner Operators, Quality, Specialty Finance, value creation	KKR DNP.WA BAJFINANCE.NS	SVN Capital delivered 11.8% net returns in 2024 through a concentrated portfolio of 10 high-quality, owner-operated businesses generating 28% weighted average return on capital. The fund added three Indian companies capitalizing on demographic and infrastructure tailwinds while maintaining focus on competent management teams with skin in the game trading at reasonable valuations.
Oct 7 2023	2023 Q2	CPRT, HEI, KNSL, ODFL	aerospace, Concentration, India, insurance, long-term, Luxury, Owner-Operators, Quality	-	SVN Capital gained 29.4% in H1 2023 through concentrated portfolio of quality businesses. Added luxury leader Hermès and specialty insurer Kinsale Capital. Existing holdings Copart and HEICO benefiting from normalized market conditions and strategic acquisitions. Manager emphasizes patience and long-term compounding, planning India research trip to identify new opportunities in rapidly transforming market.
Aug 8 2022	2022 Q2	-	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 9 2026

2026 Q2

BAJFINANCE.NS, CPRT, DNP.WA, KKR, MC.PA, SHILCHAR.NS, TRITURBINE.NS

AI, Alternative Asset Managers, Data centers, Energy Transition, India, long-term, private credit, Quality

SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Indian holdings remain fundamentally strong despite market rotation to AI beneficiaries. Portfolio positioned in durable franchises with patient capital to benefit from the equity yield curve.

Jan 12 2026

2025 Q4

532978.NS, 533655.NS, COHR, HEI, KKR, KNSL, RML.PA

aerospace, AI, Alternative Asset Managers, Concentration, India, insurance, Quality, value

BAF IN
TRIV IN
CPRT
KNSL
KKR
HEI

SVN Capital returned -5.65% in 2025 as business fundamentals diverged from stock prices across concentrated holdings. The portfolio of 11 businesses continues to generate high returns on capital while trading at more attractive valuations. Key positions include India exposure through Bajaj Finance and Triveni Turbine, plus quality compounders like HEICO, KKR, and Copart that benefit from structural tailwinds despite temporary price weakness.

Jul 8 2025

2025 Q2

BAJFINANCE.NS, CPRT, DNP.WA, IAA, KINSALE, KKR, RBA, TRIVENI.NS

Alternative Asset Managers, Auto Insurance, Concentration, Energy Transition, India, Owner-Operated, tariffs

KKR
CPRT
DNOPY
TRIV IN
CPRT
KKR
DNP.WA
TRIVENI.NS

SVN Capital returned +6.26% net despite tariff-induced market volatility that crashed major indices 20%+. Manager maintains concentrated portfolio of owner-operated businesses through divine inaction strategy. KKR and Copart faced headwinds while Indian holdings Bajaj Finance performed strongly. Portfolio increasingly concentrated with top six positions at 80% allocation. Remains optimistic on long-term compounding despite near-term uncertainty.

Jan 8 2025

2024 Q4

BAJFINANCE.NS, CPRT, DNP.WA, HEI, KKR, KNSL, RMS.PA

Alternative Assets, India, management, Owner Operators, Quality, Specialty Finance, value creation

KKR
DNP.WA
BAJFINANCE.NS

SVN Capital delivered 11.8% net returns in 2024 through a concentrated portfolio of 10 high-quality, owner-operated businesses generating 28% weighted average return on capital. The fund added three Indian companies capitalizing on demographic and infrastructure tailwinds while maintaining focus on competent management teams with skin in the game trading at reasonable valuations.

Oct 7 2023

2023 Q2

CPRT, HEI, KNSL, ODFL

aerospace, Concentration, India, insurance, long-term, Luxury, Owner-Operators, Quality

SVN Capital gained 29.4% in H1 2023 through concentrated portfolio of quality businesses. Added luxury leader Hermès and specialty insurer Kinsale Capital. Existing holdings Copart and HEICO benefiting from normalized market conditions and strategic acquisitions. Manager emphasizes patience and long-term compounding, planning India research trip to identify new opportunities in rapidly transforming market.

Aug 8 2022

2022 Q2

QUARTER	THEMES	TAGS
2026 Q2	Private Credit Manager addresses market fears that private credit is the subprime of this era, arguing the structure is fundamentally different from 2008 with locked-up capital and no overnight funding risk. Direct lending represents only 5% of KKR's AUM. While some retail evergreen funds saw redemption requests hit caps, institutions continued committing capital, with KKR closing its largest North America buyout fund at $23 billion in April 2026.	Direct Lending Redemptions Evergreen Funds Gating Institutional Capital
	Alternative Asset Managers KKR discussed extensively as a core holding that fell 28% YTD, responsible for half the portfolio's drawdown. Manager views the decline as a timing deferral in lumpy realized gains rather than fundamental deterioration. The firm manages $760 billion across private equity, real assets, and credit, with operating earnings of $5.2 billion LTM. Management expects ANI to reach $15/share within a decade, and insiders bought $15 million of stock in the open market near recent lows.	KKR Asset Management Fee-Related Earnings Carried Interest Global Atlantic
	AI AI discussed as both a risk and opportunity across the portfolio. Software exposure (7% of KKR's AUM) faces potential disruption from AI replacing mid-market vendors, while KKR has committed over $40 billion to digital infrastructure. In India, AI is helping Bajaj Finance expand loan processing capacity sixfold. Triveni Turbine is positioned to benefit from combined-cycle power demand for data centers, with US inquiries rising from 1-2% to over 15% of pipeline.	Data Centers Software Disruption Digital Infrastructure Automation Power Demand
	India Indian markets down approximately 15% in USD terms YTD, among worst-performing globally, as capital rotated into Taiwan, South Korea, and Japan for AI exposure. Manager views this as creating opportunity in three portfolio holdings: Bajaj Finance (largest non-bank lender growing 2x system rate), Shilchar Technologies (transformer maker for renewable installations), and Triveni Turbine (industrial steam turbines for waste heat recovery and cogeneration).	Bajaj Finance Shilchar Technologies Triveni Turbine Outflows Underperformance
	Energy Transition Solar met over 25% of global energy demand growth in 2025 for the first time, with annual renewable capacity additions hitting record 800 GW. IEA forecasts renewable output to grow 1,000 TWh annually through 2030, with solar accounting for 600+ TWh. India's renewable capacity additions rose almost 60% in 2025. This directly benefits Shilchar Technologies, which is doubling manufacturing capacity to 14,000 MVA to meet inverter duty transformer demand.	Solar Renewables Transformers Capacity Additions IEA Forecast
	Data Centers Data center power demand shifting from simple-cycle gas turbines to combined-cycle plants that capture exhaust heat with steam turbines, lifting efficiency from 35% to 50%. This creates opportunity for Triveni Turbine in the sub-100-MW segment. US inquiry book has grown from 1-2% to over 15% of total pipeline, with data center demand now over half of US inquiries, though management cautions permitting is slow and conversion timing uncertain.	Combined-Cycle Steam Turbines Power Efficiency Hyperscalers Triveni Turbine
	Quality Quality stocks—high returns on capital, high reinvestment rate, low debt, high insider ownership—suffered one of their worst relative stretches on record. Manager notes historically quality has delivered best returns after rare periods of underperformance like this one. Portfolio positioned in this neighborhood with 12 stocks, 8.7% cash, concentrated in businesses with durable competitive positions.	Returns on Capital Insider Ownership Underperformance Mean Reversion Positioning
	Geothermal Triveni Turbine's steam turbines serve geothermal wells as part of its broader industrial power portfolio. The company is one of two largest players globally in the under-100-MW industrial steam turbine category, with applications spanning waste heat recovery, biomass, and captive power systems where customers have heat they would rather not waste.	Steam Turbines Waste Heat Industrial Power Triveni Turbine Decentralized Power
2025 Q4	AI Manager acknowledges AI as a real technological shift changing work and products, triggering significant investment in physical infrastructure. Views it as combining real progress with excitement and inefficient capital allocation. Portfolio companies are using AI tools operationally but fund doesn't own AI-dependent businesses.	Artificial Intelligence Technology Infrastructure Automation Software
	India Despite weak 2025 performance, manager sees India as one of the clearest long-term opportunities with sustained growth, rising formalization, and deepening capital markets. Economy expected to quadruple over next 15-20 years. Roughly one-fifth of portfolio invested in India with potential to grow further.	Emerging Markets Economic Growth Formalization Demographics
	Private Credit Manager notes cyclical concerns around private credit are familiar, emphasizing that credit cycles are part of the business. Focus remains on durability of fee-related earnings, fundraising momentum, and balance-sheet conservatism rather than market anxiety.	Alternative Assets Credit Asset Management
	Insurance Detailed analysis of Kinsale Capital's underwriting discipline using Buffett's four rules. Manager emphasizes the importance of pricing discipline, conservative risk evaluation, and willingness to walk away from inadequate pricing. Views insurance float as valuable when obtained at low cost.	Underwriting Float Risk Management Pricing
2025 Q2	Tariffs Liberation Day tariffs created market volatility with S&P falling 20% and NASDAQ dropping 23%. Manager discusses offsetting forces on portfolio companies like Copart, where tariffs could both increase and decrease total loss frequency. Impact remains uncertain and Delphic to quantify.	Trade Policy Volatility Uncertainty
	Alternative Asset Managers KKR faced challenges as IPO and M&A markets shriveled due to tariff uncertainty, crimping the capital raise-deployment-realization cycle. Approximately $1.8 trillion awaits realization from 15,000 companies held for over five years. Revival of deal markets is a question of when, not if.	Private Equity Capital Markets Dealmaking
	Auto Insurance Total loss ratio at all-time high of 22.6%, up from 4% in 1980, expected to surpass 30%. Driven by aging vehicle fleet (14.5 years average), higher electronic component costs (40% of vehicle value), and labor costs of $85-175 per hour. Benefits salvage companies like Copart.	Insurance Auto Aftermarket Salvage
	India India has become a prominent piece of the portfolio at approximately 20% allocation since regulatory approval in mid-2024. Provides investment opportunities in high-quality businesses beyond its colorful cultural aspects. Manager added two new Indian stocks during the period.	Emerging Markets Growth Allocation
	Energy Transition Steam turbines enable conversion of waste heat and biomass into electricity, supporting sustainable industrial operations. Triveni Turbine serves renewable applications including geothermal and concentrated solar power, with growing demand for decentralized power generation.	Renewable Components Industrial Sustainability
2024 Q4	India India presents compelling long-term investment opportunities driven by demographic trends, infrastructure improvements, and economic formalization. The country's digital infrastructure revolution, including Aadhaar cards and unified payments interface, combined with banking system cleanup and tax reforms, has created significant tailwinds for economic growth and consumer spending.	Demographics Infrastructure Digital Consumer Growth
	Alternative Asset Managers The alternative asset management industry is experiencing robust growth with total AUM expected to reach $25 trillion by 2028. KKR exemplifies this trend with 18% CAGR growth since 2010, strong fundraising momentum, and improving exit markets after a two-year drought.	Private Equity Credit Infrastructure Fundraising Monetization
	Specialty Finance Bajaj Finance represents the opportunity in India's growing credit market, which has reached $3.1 trillion with 13.8% growth since 2000. NBFCs now provide 25% of India's credit, up from 16% in 2014, serving the expanding middle-income consumer segment.	Consumer Credit Technology Data Analytics Distribution Growth
	Owner Operators Nine of ten portfolio companies are owner-operated or family-controlled businesses, reflecting the manager's preference for aligned management teams with skin in the game. These structures typically lead to better long-term decision making and value creation.	Management Alignment Family Control Incentives
2023 Q2	Luxury Added Hermès International as new position. Luxury market expected to hit $600 billion by 2030, driven by Chinese customers and younger generations. Hermès unique artisan production model creates scarcity with wait times of years for iconic bags.	Luxury Hermès Craftsmanship Scarcity Premium
	Insurance Added Kinsale Capital Group, specialty E&S insurance provider. E&S premiums expected to grow faster due to increasing frequency and severity of catastrophic events. Company has competitive advantages in smaller risks and technology infrastructure.	Insurance Specialty Catastrophe Underwriting E&S
	Auto Aftermarket Copart benefiting from return to normal total loss trends as used car prices decline. Total loss rates increasing due to vehicles becoming computers on wheels with higher repair costs and aging vehicle fleet.	Salvage Total Loss Used Cars Auto Parts
	Aerospace HEICO completed largest acquisition in company history with $2.1 billion Wencor purchase. Commercial air travel returning to pre-COVID levels driving replacement parts demand. Company benefits from 30-60% cost savings versus OEM parts.	Aerospace PMA Aftermarket Acquisitions
	AI LiveChat Software developing AI-powered ChatBot product in fast-growing customer communication market. Company achieving 86% combined growth and profit margin, well above industry rule of 40.	AI SaaS ChatBot Software
	India India identified as promising hunting ground for investment ideas. Country has highest number of 1000% return stocks globally. Digital transformation evident with 46% of global digital payments happening in India.	India Digital Payments Emerging Markets Growth

QUARTER

THEMES

Private Credit

Manager addresses market fears that private credit is the subprime of this era, arguing the structure is fundamentally different from 2008 with locked-up capital and no overnight funding risk. Direct lending represents only 5% of KKR's AUM. While some retail evergreen funds saw redemption requests hit caps, institutions continued committing capital, with KKR closing its largest North America buyout fund at $23 billion in April 2026.

Direct Lending Redemptions Evergreen Funds Gating Institutional Capital

Alternative Asset Managers

KKR discussed extensively as a core holding that fell 28% YTD, responsible for half the portfolio's drawdown. Manager views the decline as a timing deferral in lumpy realized gains rather than fundamental deterioration. The firm manages $760 billion across private equity, real assets, and credit, with operating earnings of $5.2 billion LTM. Management expects ANI to reach $15/share within a decade, and insiders bought $15 million of stock in the open market near recent lows.

KKR Asset Management Fee-Related Earnings Carried Interest Global Atlantic

AI

AI discussed as both a risk and opportunity across the portfolio. Software exposure (7% of KKR's AUM) faces potential disruption from AI replacing mid-market vendors, while KKR has committed over $40 billion to digital infrastructure. In India, AI is helping Bajaj Finance expand loan processing capacity sixfold. Triveni Turbine is positioned to benefit from combined-cycle power demand for data centers, with US inquiries rising from 1-2% to over 15% of pipeline.

Data Centers Software Disruption Digital Infrastructure Automation Power Demand

India

Indian markets down approximately 15% in USD terms YTD, among worst-performing globally, as capital rotated into Taiwan, South Korea, and Japan for AI exposure. Manager views this as creating opportunity in three portfolio holdings: Bajaj Finance (largest non-bank lender growing 2x system rate), Shilchar Technologies (transformer maker for renewable installations), and Triveni Turbine (industrial steam turbines for waste heat recovery and cogeneration).

Bajaj Finance Shilchar Technologies Triveni Turbine Outflows Underperformance

Energy Transition

Solar met over 25% of global energy demand growth in 2025 for the first time, with annual renewable capacity additions hitting record 800 GW. IEA forecasts renewable output to grow 1,000 TWh annually through 2030, with solar accounting for 600+ TWh. India's renewable capacity additions rose almost 60% in 2025. This directly benefits Shilchar Technologies, which is doubling manufacturing capacity to 14,000 MVA to meet inverter duty transformer demand.

Solar Renewables Transformers Capacity Additions IEA Forecast

Data Centers

Data center power demand shifting from simple-cycle gas turbines to combined-cycle plants that capture exhaust heat with steam turbines, lifting efficiency from 35% to 50%. This creates opportunity for Triveni Turbine in the sub-100-MW segment. US inquiry book has grown from 1-2% to over 15% of total pipeline, with data center demand now over half of US inquiries, though management cautions permitting is slow and conversion timing uncertain.

Combined-Cycle Steam Turbines Power Efficiency Hyperscalers Triveni Turbine

Quality

Quality stocks—high returns on capital, high reinvestment rate, low debt, high insider ownership—suffered one of their worst relative stretches on record. Manager notes historically quality has delivered best returns after rare periods of underperformance like this one. Portfolio positioned in this neighborhood with 12 stocks, 8.7% cash, concentrated in businesses with durable competitive positions.

Returns on Capital Insider Ownership Underperformance Mean Reversion Positioning

Geothermal

Triveni Turbine's steam turbines serve geothermal wells as part of its broader industrial power portfolio. The company is one of two largest players globally in the under-100-MW industrial steam turbine category, with applications spanning waste heat recovery, biomass, and captive power systems where customers have heat they would rather not waste.

Steam Turbines Waste Heat Industrial Power Triveni Turbine Decentralized Power

2025 Q4

AI

Manager acknowledges AI as a real technological shift changing work and products, triggering significant investment in physical infrastructure. Views it as combining real progress with excitement and inefficient capital allocation. Portfolio companies are using AI tools operationally but fund doesn't own AI-dependent businesses.

Artificial Intelligence Technology Infrastructure Automation Software

India

Despite weak 2025 performance, manager sees India as one of the clearest long-term opportunities with sustained growth, rising formalization, and deepening capital markets. Economy expected to quadruple over next 15-20 years. Roughly one-fifth of portfolio invested in India with potential to grow further.

Emerging Markets Economic Growth Formalization Demographics

Private Credit

Manager notes cyclical concerns around private credit are familiar, emphasizing that credit cycles are part of the business. Focus remains on durability of fee-related earnings, fundraising momentum, and balance-sheet conservatism rather than market anxiety.

Alternative Assets Credit Asset Management

Insurance

Detailed analysis of Kinsale Capital's underwriting discipline using Buffett's four rules. Manager emphasizes the importance of pricing discipline, conservative risk evaluation, and willingness to walk away from inadequate pricing. Views insurance float as valuable when obtained at low cost.

Underwriting Float Risk Management Pricing

2025 Q2

Tariffs

Liberation Day tariffs created market volatility with S&P falling 20% and NASDAQ dropping 23%. Manager discusses offsetting forces on portfolio companies like Copart, where tariffs could both increase and decrease total loss frequency. Impact remains uncertain and Delphic to quantify.

Trade Policy Volatility Uncertainty

Alternative Asset Managers

KKR faced challenges as IPO and M&A markets shriveled due to tariff uncertainty, crimping the capital raise-deployment-realization cycle. Approximately $1.8 trillion awaits realization from 15,000 companies held for over five years. Revival of deal markets is a question of when, not if.

Private Equity Capital Markets Dealmaking

Auto Insurance

Total loss ratio at all-time high of 22.6%, up from 4% in 1980, expected to surpass 30%. Driven by aging vehicle fleet (14.5 years average), higher electronic component costs (40% of vehicle value), and labor costs of $85-175 per hour. Benefits salvage companies like Copart.

Insurance Auto Aftermarket Salvage

India

India has become a prominent piece of the portfolio at approximately 20% allocation since regulatory approval in mid-2024. Provides investment opportunities in high-quality businesses beyond its colorful cultural aspects. Manager added two new Indian stocks during the period.

Emerging Markets Growth Allocation

Energy Transition

Steam turbines enable conversion of waste heat and biomass into electricity, supporting sustainable industrial operations. Triveni Turbine serves renewable applications including geothermal and concentrated solar power, with growing demand for decentralized power generation.

Renewable Components Industrial Sustainability

2024 Q4

India

India presents compelling long-term investment opportunities driven by demographic trends, infrastructure improvements, and economic formalization. The country's digital infrastructure revolution, including Aadhaar cards and unified payments interface, combined with banking system cleanup and tax reforms, has created significant tailwinds for economic growth and consumer spending.

Demographics Infrastructure Digital Consumer Growth

Alternative Asset Managers

The alternative asset management industry is experiencing robust growth with total AUM expected to reach $25 trillion by 2028. KKR exemplifies this trend with 18% CAGR growth since 2010, strong fundraising momentum, and improving exit markets after a two-year drought.

Private Equity Credit Infrastructure Fundraising Monetization

Specialty Finance

Bajaj Finance represents the opportunity in India's growing credit market, which has reached $3.1 trillion with 13.8% growth since 2000. NBFCs now provide 25% of India's credit, up from 16% in 2014, serving the expanding middle-income consumer segment.

Consumer Credit Technology Data Analytics Distribution Growth

Owner Operators

Nine of ten portfolio companies are owner-operated or family-controlled businesses, reflecting the manager's preference for aligned management teams with skin in the game. These structures typically lead to better long-term decision making and value creation.

Management Alignment Family Control Incentives

2023 Q2

Luxury

Added Hermès International as new position. Luxury market expected to hit $600 billion by 2030, driven by Chinese customers and younger generations. Hermès unique artisan production model creates scarcity with wait times of years for iconic bags.

Luxury Hermès Craftsmanship Scarcity Premium

Insurance

Added Kinsale Capital Group, specialty E&S insurance provider. E&S premiums expected to grow faster due to increasing frequency and severity of catastrophic events. Company has competitive advantages in smaller risks and technology infrastructure.

Insurance Specialty Catastrophe Underwriting E&S

Auto Aftermarket

Copart benefiting from return to normal total loss trends as used car prices decline. Total loss rates increasing due to vehicles becoming computers on wheels with higher repair costs and aging vehicle fleet.

Salvage Total Loss Used Cars Auto Parts

Aerospace

HEICO completed largest acquisition in company history with $2.1 billion Wencor purchase. Commercial air travel returning to pre-COVID levels driving replacement parts demand. Company benefits from 30-60% cost savings versus OEM parts.

Aerospace PMA Aftermarket Acquisitions

AI

LiveChat Software developing AI-powered ChatBot product in fast-growing customer communication market. Company achieving 86% combined growth and profit margin, well above industry rule of 40.

AI SaaS ChatBot Software

India

India identified as promising hunting ground for investment ideas. Country has highest number of 1000% return stocks globally. Digital transformation evident with 46% of global digital payments happening in India.

India Digital Payments Emerging Markets Growth

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 12, 2026	Fund Letters	Shreekkanth Viswanathan	BAF IN	Bajaj Finance Limited	Financials	Consumer Finance	Bull	New York Stock Exchange	AI, compounding, India, Lending, underwriting	Login
Jan 12, 2026	Fund Letters	Shreekkanth Viswanathan	TRIV IN	Triveni Turbine Limited	Industrials	Industrial Machinery	Bull	New York Stock Exchange	backlog, Exports, Industrial, ROIC, Turbines	Login
Jan 12, 2026	Fund Letters	Shreekkanth Viswanathan	CPRT	Copart, Inc.	Industrials	Specialty Business Services	Bull	NASDAQ	Marketplaces, Moat, Networkeffects, Salvage, Vehicles	Login
Jan 12, 2026	Fund Letters	Shreekkanth Viswanathan	KNSL	Kinsale Capital Group, Inc.	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	buybacks, Discipline, Float, Insurance, underwriting	Login
Jan 12, 2026	Fund Letters	Shreekkanth Viswanathan	KKR	KKR & Co. Inc.	Financials	Asset Management & Custody Activities	Bull	New York Stock Exchange	Alternatives, Assetmanagement, compounding, Fees, Insurance	Login
Jan 12, 2026	Fund Letters	Shreekkanth Viswanathan	HEI	HEICO Corporation	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Acquisitions, Aerospace, aftermarket, compounding, Margins	Login
Jul 8, 2025	Fund Letters	Shreekkanth Viswanathan	KKR	KKR & Co., Inc.	Financials	Capital Markets	Bull	New York Stock Exchange	Annuities, buyout, compounding, Deployment, Drypowder, Realizations, Valuations, Volatility	Login
Jul 8, 2025	Fund Letters	Shreekkanth Viswanathan	CPRT	Copart, Inc.	Industrials	Diversified Support Services	Bull	NASDAQ	Auction, Autos, electronics, inflation, Insurance, Labor, Margins, network, platform, Salvage	Login
Jul 8, 2025	Fund Letters	Shreekkanth Viswanathan	DNOPY	Dino Polska S.A.	Consumer Staples	Food Retail	Bull	Dubai Financial Market	compounding, expansion, grocery, Poland, Regulations, retail, Staples, traffic	Login
Jul 8, 2025	Fund Letters	Shreekkanth Viswanathan	TRIV IN	Triveni Turbine Limited	Industrials	Industrial Machinery & Supplies & Components	Bull	New York Stock Exchange	aftermarket, CapEx, duopoly, efficiency, Exports, Governance, Netcash, Orderbook, Roce, Turbines	Login
Jul 8, 2025	Fund Letters	SVN Capital Fund	CPRT	Copart, Inc.	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Auction Platform, Auto Salvage, duopoly, Electronic Components, Equity, Insurance, North America, Total Loss Ratio, Vehicle Age	Login
Jul 8, 2025	Fund Letters	SVN Capital Fund	KKR	KKR & Co. Inc.	Financials	Asset Management & Custody Banks	Bull	NYSE	alternative assets, ANI, asset management, Dry powder, Equity, Exit Markets, IPO, M&A, private equity, Realizations	Login
Jul 8, 2025	Fund Letters	SVN Capital Fund	DNP.WA	Dino Polska S.A.	Consumer Staples	Food & Staples Retailing	Bull	Warsaw Stock Exchange	Catholic Poland, Easter Seasonality, Equity, Grocery Chain, market share, Poland, Proximity Retail, store expansion	Login
Jul 8, 2025	Fund Letters	SVN Capital Fund	TRIVENI.NS	Triveni Turbine Limited	Industrials	Industrial Machinery	Bull	National Stock Exchange of India	aftermarket services, debt-free, energy efficiency, Equity, Export Sales, India, industrial machinery, Owner-Operated, Sawhney Family, Steam Turbines	Login
Jan 8, 2025	Fund Letters	SVN Capital Fund	KKR	KKR & Co. Inc.	Financials	Asset Management & Custody Banks	Bull	NYSE	alternative assets, asset management, AUM growth, Carried interest, Credit, Fundraising, infrastructure, private equity	Login
Jan 8, 2025	Fund Letters	SVN Capital Fund	DNP.WA	Dino Polska S.A.	Consumer Staples	Food & Staples Retailing	Bull	Warsaw Stock Exchange	Eastern Europe, Grocery Chain, Owner-Operated, Polish Retail, Rural Markets, store expansion, Value retail	Login
Jan 8, 2025	Fund Letters	SVN Capital Fund	BAJFINANCE.NS	Bajaj Finance Limited	Financials	Consumer Finance	Bull	National Stock Exchange of India	AI integration, consumer finance, Credit Growth, Data Analytics, Emerging markets, family-controlled, Indian NBFC, Technology-Driven	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 12, 2026

Fund Letters

Shreekkanth Viswanathan

BAF IN

Bajaj Finance Limited

Financials

Consumer Finance

Bull

New York Stock Exchange

AI, compounding, India, Lending, underwriting

Jan 12, 2026

Fund Letters

Shreekkanth Viswanathan

TRIV IN

Triveni Turbine Limited

Industrials

Industrial Machinery

Bull

New York Stock Exchange

backlog, Exports, Industrial, ROIC, Turbines

Jan 12, 2026

Fund Letters

Shreekkanth Viswanathan

CPRT

Copart, Inc.

Industrials

Specialty Business Services

Bull

NASDAQ

Marketplaces, Moat, Networkeffects, Salvage, Vehicles

Jan 12, 2026

Fund Letters

Shreekkanth Viswanathan

KNSL

Kinsale Capital Group, Inc.

Financials

Property & Casualty Insurance

Bull

New York Stock Exchange

buybacks, Discipline, Float, Insurance, underwriting

Jan 12, 2026

Fund Letters

Shreekkanth Viswanathan

KKR

KKR & Co. Inc.

Financials

Asset Management & Custody Activities

Bull

New York Stock Exchange

Alternatives, Assetmanagement, compounding, Fees, Insurance

Jan 12, 2026

Fund Letters

Shreekkanth Viswanathan

HEI

HEICO Corporation

Industrials

Aerospace & Defense

Bull

New York Stock Exchange

Acquisitions, Aerospace, aftermarket, compounding, Margins

Jul 8, 2025

Fund Letters

Shreekkanth Viswanathan

KKR

KKR & Co., Inc.

Financials

Capital Markets

Bull

New York Stock Exchange

Annuities, buyout, compounding, Deployment, Drypowder, Realizations, Valuations, Volatility

Jul 8, 2025

Fund Letters

Shreekkanth Viswanathan

CPRT

Copart, Inc.

Industrials

Diversified Support Services

Bull

NASDAQ

Auction, Autos, electronics, inflation, Insurance, Labor, Margins, network, platform, Salvage

Jul 8, 2025

Fund Letters

Shreekkanth Viswanathan

DNOPY

Dino Polska S.A.

Consumer Staples

Food Retail

Bull

Dubai Financial Market

compounding, expansion, grocery, Poland, Regulations, retail, Staples, traffic

Jul 8, 2025

Fund Letters

Shreekkanth Viswanathan

TRIV IN

Triveni Turbine Limited

Industrials

Industrial Machinery & Supplies & Components

Bull

New York Stock Exchange

aftermarket, CapEx, duopoly, efficiency, Exports, Governance, Netcash, Orderbook, Roce, Turbines

Jul 8, 2025

Fund Letters

SVN Capital Fund

CPRT

Copart, Inc.

Consumer Discretionary

Specialty Retail

Bull

NASDAQ

Auction Platform, Auto Salvage, duopoly, Electronic Components, Equity, Insurance, North America, Total Loss Ratio, Vehicle Age

Jul 8, 2025

Fund Letters

SVN Capital Fund

KKR

KKR & Co. Inc.

Financials

Asset Management & Custody Banks

Bull

NYSE

alternative assets, ANI, asset management, Dry powder, Equity, Exit Markets, IPO, M&A, private equity, Realizations

Jul 8, 2025

Fund Letters

SVN Capital Fund

DNP.WA

Dino Polska S.A.

Consumer Staples

Food & Staples Retailing

Bull

Warsaw Stock Exchange

Catholic Poland, Easter Seasonality, Equity, Grocery Chain, market share, Poland, Proximity Retail, store expansion

Jul 8, 2025

Fund Letters

SVN Capital Fund

TRIVENI.NS

Triveni Turbine Limited

Industrials

Industrial Machinery

Bull

National Stock Exchange of India

aftermarket services, debt-free, energy efficiency, Equity, Export Sales, India, industrial machinery, Owner-Operated, Sawhney Family, Steam Turbines

Jan 8, 2025

Fund Letters

SVN Capital Fund

KKR

KKR & Co. Inc.

Financials

Asset Management & Custody Banks

Bull

NYSE

alternative assets, asset management, AUM growth, Carried interest, Credit, Fundraising, infrastructure, private equity

Jan 8, 2025

Fund Letters

SVN Capital Fund

DNP.WA

Dino Polska S.A.

Consumer Staples

Food & Staples Retailing

Bull

Warsaw Stock Exchange

Eastern Europe, Grocery Chain, Owner-Operated, Polish Retail, Rural Markets, store expansion, Value retail

Jan 8, 2025

Fund Letters

SVN Capital Fund

BAJFINANCE.NS

Bajaj Finance Limited

Financials

Consumer Finance

Bull

National Stock Exchange of India

AI integration, consumer finance, Credit Growth, Data Analytics, Emerging markets, family-controlled, Indian NBFC, Technology-Driven

TICKER	COMMENTARY
KKR	KKR is one of the world's largest alternative asset managers, operates three businesses under one roof, and the corner of it the market suddenly feared is a fraction of the whole. KKR manages a figure it calls adjusted net income (ANI), which is the recurring operating earnings of the three businesses above, plus the lumpier gains realized when investments are finally sold, less interest and taxes. It has grown steadily. The ANI budget for this year was more than $7.00/share; it will likely fall short, and the shortfall is because a slow market for exits pushed asset sales into 2027. The recurring layer, growing at double digits, did not falter. So, the market has pushed the stock price down for a timing deferral in the part of earnings that was always going to be lumpy and gave little to no credit for the compounding in the part that was not. At the current price of low-to-mid-$90s, you are paying about 17x the past year's ANI and roughly 13x the $7 it expects to earn in a normal year. And that price counts only realized earnings; it gives no credit for KKR's embedded gains, the unrealized carried interest and balance-sheet investment gains that stood at $18.3 billion at the end of the first quarter, around $20 a share of gross value waiting to be harvested. KKR's own people are collectively its largest shareholder, owning roughly 30% of the company, so the alignment is real. And as the stock fell early this year, the insiders added to it: both co-chief executives, Joseph Bae and Scott Nuttall, bought 50,000 shares apiece in the open market near $88, and two directors bought more in the $90s, over $15 million of personal money inside a single week. The firm added $500 million to its own buyback program. KKR has been a holding since the fund's first day, bought first in the high teens and averaged into the low $40s. In those years the stock has fallen hard five times: the COVID crash of 2020, the rate shock of 2022, the tariff fright of 2025, and twice on this private-credit scare. The first two, at their troughs, each looked like the end of the story, and each was followed in time by a new high, because the business underneath kept growing. The last three have come stacked inside eighteen months, and the stock has yet to regain its January 2025 peak.
MC.PA	At Hermès, the stock fell with luxury generally as tourist spending softened, but nothing about the franchise changed; the waiting lists, particularly for its handbags, are not getting shorter.
DNP.WA	At Dino, Polish food deflation has arrived faster than wage costs have cooled, pinching margins in a way that is uncomfortable and, I believe, temporary; the store rollout and the per-store economics are intact.
CPRT	At Copart, CEO Jeff Liaw stepped down on June 29, and the stock fell on the news. In a special call a week later, Jay Adair, a founding member and the company's CEO and then co-CEO from 2010 to 2024, said the handover was a decision he and Liaw made together, and that he has returned as sole CEO for at least the next decade. For a company that says little between quarters, the call itself was the message. The stock has also been dogged over the last year by a story that Copart is losing insurance volume to IAA, the other half of the salvage auction duopoly. He addressed the share-loss narrative directly: the lost volume traces to a single account, the franchise is intact, and the total loss frequency is still grinding higher. The company sits on $4.2 billion of cash and no debt after $1.6 billion of buybacks. I remain vigilant, and I have real confidence in Jay at the helm.
BAJFINANCE.NS	Bajaj Finance is India's largest non-bank lender, serving over 119 million customers. It is a franchise built over two decades through rigorous underwriting and continuous product expansion. When stress began building in its small business lending portfolio two years ago, the company under Managing Director Rajeev Jain did something rare: it simultaneously pulled back on new lending in that segment and voluntarily set aside reserves well above what accounting rules required. Most of its larger peers did the opposite, building comparable reserves only once the damage was already visible in the results. Bajaj absorbed that conservatism while still delivering 19–20% returns on equity, which speaks to the underlying strength of the franchise. Layered on top is a genuine AI transformation, which the company calls FINAL. It is pursued as a systematic reshaping of how the company onboard customers, underwrites credit, manages collections, and develops its 71,000 employees. Peak-day loan processing capacity has already expanded sixfold through AI assistance, with an ambition to run 800-plus autonomous agents across operations by the end of this fiscal year. Despite being the largest non-bank lender in the country, management estimates its share of all credit extended in India, banks included, is still only ~2.5%. The company has been growing roughly twice as fast as the broader credit system, and the management has set an explicit goal of becoming one of the five or six largest financial services firms in the country within the next five to seven years. At the current price, Bajaj Finance is trading at roughly low-20x earnings—a reasonable multiple for a business compounding earnings at a 20%-plus clip with returns on equity in the high teens.
SHILCHAR.NS	In 2025, I started a position in this Vadodara, Gujarat-based transformer maker. Although the company sells both distribution and power transformers, its current growth is concentrated in the inverter duty transformer, which pairs with solar and wind installations to invert their DC (direct current) output into grid-ready AC (alternating current). The business splits roughly evenly between markets: 48% export, 52% domestic in FY26 and selling into more than 25 countries, led by the US, Canada, and the Middle East. Anticipating this, the company announced almost doubling its current 7,500 MVA capacity (manufacturing capability up to 132 kV class) to 14,000 MVA, while also raising the ceiling to 160 MVA/220 kV class. The expansion is funded entirely out of internal cash (~INR 1.2 billion / $12.6M), with commissioning targeted for April 2027. Like every other holding in the portfolio, this is a founder-led, family-controlled business. Alay Shah, son of founder Jitendra Shah, has run it since 1991, with the next generation already active and the family holding more than half the equity. Sales growth slowed sharply in 2026 driven by US tariff timing and the Middle East conflict disrupting logistics. More importantly, it is not due to any softening demand. The management team expects ~25-30% growth off FY26's base, at 90-95% utilization of the existing 7,500 MVA capacity. The balance sheet has been debt-free since FY23, with a growing net cash position, and the valuation remains reasonable for the quality on offer: around 5% free cash flow yield.
TRITURBINE.NS	The company primarily makes under-100-megawatt (MW) industrial steam turbines, and it is one of the two largest players in the world in that power category. A steam turbine takes heat, makes it spin a shaft, and the shaft makes electricity or drives a pump. Triveni's turbines turn up in all sorts of places: sugar mills burning bagasse, cement and steel plants recovering waste heat that would otherwise vanish up a chimney, biomass and waste-to-energy plants, geothermal wells, and the captive power systems of refineries and chemical plants. The business has two axes worth keeping in view. The first is geographic: exports now contribute 58% of revenue, up from 48% a year ago, as Triveni pushes into Southeast Asia, Europe, Africa, and increasingly the Americas. The second axis is product versus aftermarket. Product is the new turbine sale; aftermarket is the higher-margin annuity of servicing, spares, and refurbishing turbines—both Triveni's own and other manufacturers'. Aftermarket order booking grew 41% this year and now accounts for 38% of total bookings. The first wave of AI data center power ran on gas turbines in simple-cycle. But a gas turbine alone wastes roughly half its energy as exhaust heat, and a combined-cycle plant captures that exhaust to spin a small steam turbine, lifting efficiency from ~35% to ~50%. As hyperscalers shift from 'get power online now' to 'get power online efficiently,' that bolt-on turbine becomes the opportunity, which sits squarely in Triveni's sub-100-MW wheelhouse, where the giants are less interested. Meanwhile, its US inquiry book has gone from 1–2% of the total to north of 15%, with data center demand now well over half the US pipeline. While it is the more recent exciting development, the management team cautioned the listeners on the recent earnings call: permitting is slow, conversion timing is uncertain, and none of it is in the order book yet.

TICKER

COMMENTARY

KKR

KKR is one of the world's largest alternative asset managers, operates three businesses under one roof, and the corner of it the market suddenly feared is a fraction of the whole. KKR manages a figure it calls adjusted net income (ANI), which is the recurring operating earnings of the three businesses above, plus the lumpier gains realized when investments are finally sold, less interest and taxes. It has grown steadily. The ANI budget for this year was more than $7.00/share; it will likely fall short, and the shortfall is because a slow market for exits pushed asset sales into 2027. The recurring layer, growing at double digits, did not falter. So, the market has pushed the stock price down for a timing deferral in the part of earnings that was always going to be lumpy and gave little to no credit for the compounding in the part that was not. At the current price of low-to-mid-$90s, you are paying about 17x the past year's ANI and roughly 13x the $7 it expects to earn in a normal year. And that price counts only realized earnings; it gives no credit for KKR's embedded gains, the unrealized carried interest and balance-sheet investment gains that stood at $18.3 billion at the end of the first quarter, around $20 a share of gross value waiting to be harvested. KKR's own people are collectively its largest shareholder, owning roughly 30% of the company, so the alignment is real. And as the stock fell early this year, the insiders added to it: both co-chief executives, Joseph Bae and Scott Nuttall, bought 50,000 shares apiece in the open market near $88, and two directors bought more in the $90s, over $15 million of personal money inside a single week. The firm added $500 million to its own buyback program. KKR has been a holding since the fund's first day, bought first in the high teens and averaged into the low $40s. In those years the stock has fallen hard five times: the COVID crash of 2020, the rate shock of 2022, the tariff fright of 2025, and twice on this private-credit scare. The first two, at their troughs, each looked like the end of the story, and each was followed in time by a new high, because the business underneath kept growing. The last three have come stacked inside eighteen months, and the stock has yet to regain its January 2025 peak.

MC.PA

At Hermès, the stock fell with luxury generally as tourist spending softened, but nothing about the franchise changed; the waiting lists, particularly for its handbags, are not getting shorter.

DNP.WA

At Dino, Polish food deflation has arrived faster than wage costs have cooled, pinching margins in a way that is uncomfortable and, I believe, temporary; the store rollout and the per-store economics are intact.

CPRT

At Copart, CEO Jeff Liaw stepped down on June 29, and the stock fell on the news. In a special call a week later, Jay Adair, a founding member and the company's CEO and then co-CEO from 2010 to 2024, said the handover was a decision he and Liaw made together, and that he has returned as sole CEO for at least the next decade. For a company that says little between quarters, the call itself was the message. The stock has also been dogged over the last year by a story that Copart is losing insurance volume to IAA, the other half of the salvage auction duopoly. He addressed the share-loss narrative directly: the lost volume traces to a single account, the franchise is intact, and the total loss frequency is still grinding higher. The company sits on $4.2 billion of cash and no debt after $1.6 billion of buybacks. I remain vigilant, and I have real confidence in Jay at the helm.

BAJFINANCE.NS

Bajaj Finance is India's largest non-bank lender, serving over 119 million customers. It is a franchise built over two decades through rigorous underwriting and continuous product expansion. When stress began building in its small business lending portfolio two years ago, the company under Managing Director Rajeev Jain did something rare: it simultaneously pulled back on new lending in that segment and voluntarily set aside reserves well above what accounting rules required. Most of its larger peers did the opposite, building comparable reserves only once the damage was already visible in the results. Bajaj absorbed that conservatism while still delivering 19–20% returns on equity, which speaks to the underlying strength of the franchise. Layered on top is a genuine AI transformation, which the company calls FINAL. It is pursued as a systematic reshaping of how the company onboard customers, underwrites credit, manages collections, and develops its 71,000 employees. Peak-day loan processing capacity has already expanded sixfold through AI assistance, with an ambition to run 800-plus autonomous agents across operations by the end of this fiscal year. Despite being the largest non-bank lender in the country, management estimates its share of all credit extended in India, banks included, is still only ~2.5%. The company has been growing roughly twice as fast as the broader credit system, and the management has set an explicit goal of becoming one of the five or six largest financial services firms in the country within the next five to seven years. At the current price, Bajaj Finance is trading at roughly low-20x earnings—a reasonable multiple for a business compounding earnings at a 20%-plus clip with returns on equity in the high teens.

SHILCHAR.NS

In 2025, I started a position in this Vadodara, Gujarat-based transformer maker. Although the company sells both distribution and power transformers, its current growth is concentrated in the inverter duty transformer, which pairs with solar and wind installations to invert their DC (direct current) output into grid-ready AC (alternating current). The business splits roughly evenly between markets: 48% export, 52% domestic in FY26 and selling into more than 25 countries, led by the US, Canada, and the Middle East. Anticipating this, the company announced almost doubling its current 7,500 MVA capacity (manufacturing capability up to 132 kV class) to 14,000 MVA, while also raising the ceiling to 160 MVA/220 kV class. The expansion is funded entirely out of internal cash (~INR 1.2 billion / $12.6M), with commissioning targeted for April 2027. Like every other holding in the portfolio, this is a founder-led, family-controlled business. Alay Shah, son of founder Jitendra Shah, has run it since 1991, with the next generation already active and the family holding more than half the equity. Sales growth slowed sharply in 2026 driven by US tariff timing and the Middle East conflict disrupting logistics. More importantly, it is not due to any softening demand. The management team expects ~25-30% growth off FY26's base, at 90-95% utilization of the existing 7,500 MVA capacity. The balance sheet has been debt-free since FY23, with a growing net cash position, and the valuation remains reasonable for the quality on offer: around 5% free cash flow yield.

TRITURBINE.NS

The company primarily makes under-100-megawatt (MW) industrial steam turbines, and it is one of the two largest players in the world in that power category. A steam turbine takes heat, makes it spin a shaft, and the shaft makes electricity or drives a pump. Triveni's turbines turn up in all sorts of places: sugar mills burning bagasse, cement and steel plants recovering waste heat that would otherwise vanish up a chimney, biomass and waste-to-energy plants, geothermal wells, and the captive power systems of refineries and chemical plants. The business has two axes worth keeping in view. The first is geographic: exports now contribute 58% of revenue, up from 48% a year ago, as Triveni pushes into Southeast Asia, Europe, Africa, and increasingly the Americas. The second axis is product versus aftermarket. Product is the new turbine sale; aftermarket is the higher-margin annuity of servicing, spares, and refurbishing turbines—both Triveni's own and other manufacturers'. Aftermarket order booking grew 41% this year and now accounts for 38% of total bookings. The first wave of AI data center power ran on gas turbines in simple-cycle. But a gas turbine alone wastes roughly half its energy as exhaust heat, and a combined-cycle plant captures that exhaust to spin a small steam turbine, lifting efficiency from ~35% to ~50%. As hyperscalers shift from 'get power online now' to 'get power online efficiently,' that bolt-on turbine becomes the opportunity, which sits squarely in Triveni's sub-100-MW wheelhouse, where the giants are less interested. Meanwhile, its US inquiry book has gone from 1–2% of the total to north of 15%, with data center demand now well over half the US pipeline. While it is the more recent exciting development, the management team cautioned the listeners on the recent earnings call: permitting is slow, conversion timing is uncertain, and none of it is in the order book yet.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Private Credit

Alternative Asset Managers

AI

India

Energy Transition

Data Centers

Quality

Geothermal

AI

India

Private Credit

Insurance

Tariffs

Alternative Asset Managers

Auto Insurance

India

Energy Transition

India

Alternative Asset Managers

Specialty Finance

Owner Operators

Luxury

Insurance

Auto Aftermarket

Aerospace

AI

India

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Shreekkanth Viswanathan Top Holdings

Recent Buys (13F)

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13F Sector Summary

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