Tapasya Investment Fund

Investor Summary

Pratik Kodial, Founder and Managing Partner, brings over three decades of investment experience and hands-on experience across various industries. As an engineer by education with experience across several industries in increasing roles of responsibility, he has marketing and pricing experience at JCPenney and Best Buy. Kodial invests a significant portion of his net worth in the fund, demonstrating strong alignment with investors. Arun Singh, Co-Founder and CTO since November 2022, has over 25 years of experience with major corporations including United Health Group and CVS.

Fund Strategy

The Fund is a global value fund that operates at the intersection of value and emerging markets, employing a long-term value-based strategy with a bottoms-up approach to identify investment opportunities. Each stock is purchased as owning a percentage of the business, using market volatility as an opportunity to take advantage of mispriced securities while employing a margin of safety to limit downside risk. The fund concentrates on best ideas, minimizes leverage use, limits portfolio turnover to reduce costs, and maintains alignment of investor and manager incentives.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-10.2%

Executive Summary

Tapasya Investment Fund I delivered -10.2% net returns in H1 2026, underperforming the S&P 500's 10.1% gain as the market rally remained concentrated in AI infrastructure. The manager maintains conviction in their concentrated, long-term approach despite near-term underperformance. Key portfolio activity included establishing Amazon as the second-largest position, driven by AWS's 28% YoY growth, expanding advertising business reaching $70B run rate, and improving retail margins. The fund exited Lululemon due to US business pressure and founder distractions, Universal Music Group due to management's inability to deliver shareholder value, and Fannie Mae after a 6x return. Top contributors included Alphabet, Interactive Brokers, and Amazon, while Prosus, Alibaba, and Adyen detracted. The manager remains disciplined on AI valuations, avoiding momentum chasing while recognizing transformative potential. The portfolio added Astera Labs for AI infrastructure connectivity exposure and Adobe following an AI-driven overcorrection. Options strategies generated additional income amid volatility. The manager expects inflation to moderate post-Iran war while maintaining focus on businesses with strong unit economics trading at attractive valuations.

Forward Outlook

The manager expects inflation to moderate post Iran war and acknowledges operating in one of the most complex macroeconomic conditions in recent history. Despite the challenging environment with prolonged tightening cycles and shifting rate cut expectations, the manager maintains a long-term focus on identifying high-quality businesses with strong unit economics. The tone is cautiously optimistic, emphasizing patience and discipline in valuation methodologies while remaining fully invested in highest-conviction ideas.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 4 2026	2026 Q2	ADBE, ADYEN.AS, ALAB, AMZN, BABA, BLDR, BRK/B, CMG, CVNA, GLBE, GOOG, IBKR, LULU, PRX.AS, UBER	AI Infrastructure, Cloud, Concentrated Portfolio, E-Commerce, global, long-term, technology, value	AMZN LULU UMG.AS FNMA	Tapasya underperformed in H1 2026 (-10.2% vs S&P +10.1%) amid concentrated AI rally but maintains conviction in quality holdings. Established major Amazon position for AWS growth and retail margin expansion. Exited Lululemon and Universal Music Group while adding Adobe and Astera Labs. Portfolio remains concentrated in technology, e-commerce, and payments with global diversification. Manager stays disciplined on AI valuations despite transformative potential.
Jan 6 2026	2025 Q4	0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS	AI, Concentration, global, Homebuilders, long-term, Quality, technology, value	-	Tapasya delivered 23.5% net returns in 2025, outperforming the S&P 500 through concentrated value investing in quality businesses globally. Strong performance from Alphabet, Prosus, and Carvana offset weakness in Lululemon and Chipotle. The fund avoids AI bubble sectors while maintaining conviction in long-term holdings, implementing capital-efficient liquidity management for patient value creation.
Jul 2 2025	2025 Q2	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Discipline, Patience, Quality, rates, small caps, technology	-	Pittenger & Anderson advocates disciplined long-term investing through Intelligence, Consistency, Quality, and Patience rather than media-driven fear and greed. AI continues dominating markets with extreme concentration in top 10 S&P companies. Fed rate cuts and strong performance support spending on meaningful experiences, though elevated margin debt levels suggest caution for future returns.
Jan 8 2025	2024 Q4	AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM	AI, diversification, long-term, Quality, tariffs, technology	-	P&A marks 30 years by reaffirming that high-quality equities offer attractive long-term upside despite volatility. After navigating tariff-induced market turbulence and recovery, the firm sees AI productivity gains and international diversification as key themes while maintaining focus on quality companies over short-term market predictions.
Jul 2 2024	2024 Q2	AMZN, RIVN, WMT	Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy	RIVN	Surowiec highlights growing tension between Trump Administration policies and business leaders, with 70% of CEOs reporting tariff harm. Policy uncertainty without private sector consultation creates compounding costs that will eventually impact corporate performance. Despite market stability, the manager warns of inevitable economic strain and maintains focus on resilient businesses with strong fundamentals positioned to adapt to policy volatility.
Jul 2 2024	2024 Q2	AMZN, RIVN, WMT	Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy	RIVN	Surowiec highlights growing tension between Trump Administration policies and business leaders, with 70% of CEOs reporting tariff harm. Policy uncertainty without private sector consultation creates compounding costs that will eventually impact corporate performance. Despite market stability, the manager warns of inevitable economic strain and maintains focus on resilient businesses with strong fundamentals positioned to adapt to policy volatility.
Jan 4 2024	2023 Q4	NVO, RIVN, STZ	fundamentals, Macro, Quality, Resilience, value	-	GDS Investments maintains that company fundamentals trump macro conditions despite recent market changes. While acknowledging headwinds from higher rates and tariffs, the manager argues strong businesses with strategic moats will navigate current challenges. Recent volatility created attractive entry points for quality names like Rivian, Constellation Brands, and Novo Nordisk, reinforcing core value investing principles.
Jan 4 2024	2023 Q4	NVO, RIVN, STZ	fundamentals, Macro, Quality, Resilience, value	-	GDS Investments maintains that company fundamentals trump macro conditions despite recent market changes. While acknowledging headwinds from higher rates and tariffs, the manager argues strong businesses with strategic moats will navigate current challenges. Recent volatility created attractive entry points for quality names like Rivian, Constellation Brands, and Novo Nordisk, reinforcing core value investing principles.
Jul 10 2023	2023 Q2	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	energy, Politics, tariffs, technology, Trade Policy, value	GOOGL AMZN TDW AVALX SLB RIVN STZ	GDS Investments maintains value-focused positioning despite Trump tariff-driven market turmoil, holding capital-light tech names and cyclically positioned energy investments while adding recession-resistant Constellation Brands. Manager views current disruption as major inflection point creating opportunities for patient investors, expecting policy reversals following anticipated Republican midterm losses in 2026.
Jul 10 2023	2023 Q2	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	energy, Politics, tariffs, technology, Trade Policy, value	GOOGL AMZN TDW AVALX SLB RIVN STZ	GDS Investments maintains value-focused positioning despite Trump tariff-driven market turmoil, holding capital-light tech names and cyclically positioned energy investments while adding recession-resistant Constellation Brands. Manager views current disruption as major inflection point creating opportunities for patient investors, expecting policy reversals following anticipated Republican midterm losses in 2026.
Jan 3 2023	2022 Q4	-	-	-
Jan 3 2023	2022 Q4	-	-	-
Sep 10 2022	2022 Q2	-	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 4 2026

2026 Q2

ADBE, ADYEN.AS, ALAB, AMZN, BABA, BLDR, BRK/B, CMG, CVNA, GLBE, GOOG, IBKR, LULU, PRX.AS, UBER

AI Infrastructure, Cloud, Concentrated Portfolio, E-Commerce, global, long-term, technology, value

AMZN
LULU
UMG.AS
FNMA

Tapasya underperformed in H1 2026 (-10.2% vs S&P +10.1%) amid concentrated AI rally but maintains conviction in quality holdings. Established major Amazon position for AWS growth and retail margin expansion. Exited Lululemon and Universal Music Group while adding Adobe and Astera Labs. Portfolio remains concentrated in technology, e-commerce, and payments with global diversification. Manager stays disciplined on AI valuations despite transformative potential.

Jan 6 2026

2025 Q4

0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS

AI, Concentration, global, Homebuilders, long-term, Quality, technology, value

Tapasya delivered 23.5% net returns in 2025, outperforming the S&P 500 through concentrated value investing in quality businesses globally. Strong performance from Alphabet, Prosus, and Carvana offset weakness in Lululemon and Chipotle. The fund avoids AI bubble sectors while maintaining conviction in long-term holdings, implementing capital-efficient liquidity management for patient value creation.

Jul 2 2025

2025 Q2

AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM

AI, Discipline, Patience, Quality, rates, small caps, technology

Pittenger & Anderson advocates disciplined long-term investing through Intelligence, Consistency, Quality, and Patience rather than media-driven fear and greed. AI continues dominating markets with extreme concentration in top 10 S&P companies. Fed rate cuts and strong performance support spending on meaningful experiences, though elevated margin debt levels suggest caution for future returns.

Jan 8 2025

2024 Q4

AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM

AI, diversification, long-term, Quality, tariffs, technology

P&A marks 30 years by reaffirming that high-quality equities offer attractive long-term upside despite volatility. After navigating tariff-induced market turbulence and recovery, the firm sees AI productivity gains and international diversification as key themes while maintaining focus on quality companies over short-term market predictions.

Jul 2 2024

2024 Q2

AMZN, RIVN, WMT

Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy

RIVN

Surowiec highlights growing tension between Trump Administration policies and business leaders, with 70% of CEOs reporting tariff harm. Policy uncertainty without private sector consultation creates compounding costs that will eventually impact corporate performance. Despite market stability, the manager warns of inevitable economic strain and maintains focus on resilient businesses with strong fundamentals positioned to adapt to policy volatility.

Jul 2 2024

2024 Q2

AMZN, RIVN, WMT

Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy

RIVN

Jan 4 2024

2023 Q4

NVO, RIVN, STZ

fundamentals, Macro, Quality, Resilience, value

GDS Investments maintains that company fundamentals trump macro conditions despite recent market changes. While acknowledging headwinds from higher rates and tariffs, the manager argues strong businesses with strategic moats will navigate current challenges. Recent volatility created attractive entry points for quality names like Rivian, Constellation Brands, and Novo Nordisk, reinforcing core value investing principles.

Jan 4 2024

2023 Q4

NVO, RIVN, STZ

fundamentals, Macro, Quality, Resilience, value

Jul 10 2023

2023 Q2

AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL

energy, Politics, tariffs, technology, Trade Policy, value

GOOGL
AMZN
TDW
AVALX
SLB
RIVN
STZ

GDS Investments maintains value-focused positioning despite Trump tariff-driven market turmoil, holding capital-light tech names and cyclically positioned energy investments while adding recession-resistant Constellation Brands. Manager views current disruption as major inflection point creating opportunities for patient investors, expecting policy reversals following anticipated Republican midterm losses in 2026.

Jul 10 2023

2023 Q2

AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL

energy, Politics, tariffs, technology, Trade Policy, value

GOOGL
AMZN
TDW
AVALX
SLB
RIVN
STZ

Jan 3 2023

2022 Q4

Jan 3 2023

2022 Q4

Sep 10 2022

2022 Q2

QUARTER	THEMES	TAGS
2026 Q2	AI The manager acknowledges the massive infrastructure build-out required to support artificial intelligence and its transformative nature. However, they remain disciplined in valuation methodologies and avoid chasing momentum. They note the market is conflating value and volume in AI, and while AI growth volume seems clear, where ultimate value will reside long-term remains uncertain across chip design, LLMs, cloud, application layer, or infrastructure.	Infrastructure Semiconductors Cloud Valuation
	Cloud The manager views Amazon's AWS business as a strong tailwind and a foundational pillar of the global AI infrastructure build-out. AWS growth rates climbed to 28% YoY in Q2'26 and the segment remains highly profitable. The manager established Amazon as the second-largest holding primarily driven by AWS strength.	AWS Infrastructure Growth
	E-commerce The manager is bullish on Amazon's retail business, noting the US business is growing with improving operating margins while international retail shows even higher growth rates and a path toward better profitability. They also added Global-E Online, which is carving out a specialized niche in cross-border e-commerce infrastructure.	Amazon Retail Cross-border
	Advertising The manager highlights Amazon's Advertising business as continuing robust expansion, reaching a $70B annual run rate. This is cited as one of the drivers for establishing a significant position in Amazon.	Amazon Growth
	Semiconductors The manager has spent considerable time analyzing the semiconductor industry and the hardware stack required for large language models, particularly the evolving dynamic between TPUs and GPUs. They recognize the transformative nature but remain disciplined in valuation methodologies and avoid chasing momentum. They added Astera Labs as a pure-play investment in AI infrastructure connectivity.	GPUs TPUs Infrastructure Valuation
	China The manager maintains Alibaba as their primary exposure to the Chinese market. Despite persistent geopolitical noise and macroeconomic headwinds in the region, they note the business generates massive free cash flow and trades at a remarkably depressed valuation. Prosus, which holds a stake in Tencent, is also a core long-term holding.	Alibaba Tencent Valuation Geopolitical
2025 Q4	AI Manager addresses whether we are in an AI bubble, concluding no overall market bubble exists but acknowledges extremely stretched valuations in AI-associated hardware and semiconductors. Views AI as the most significant digital disruptor of our lifetime that will make investing more challenging by eroding traditional competitive advantages.	Artificial Intelligence Bubble Semiconductors Hardware Disruption
	Value Fund employs value-based investing principles, often underperforming during periods of extreme sectoral valuation surges but expecting long-term success. Avoids businesses valued excessively based on future cash flow projections and focuses on high-quality businesses at fair valuations.	Value Investing Fair Valuations Cash Flows Quality
	Homebuilders Anticipated recovery in homebuilder sector has stalled due to persistent affordability issues from high home prices, despite lower interest rates and strong wages. Manager maintains strong conviction in Builder FirstSource despite current housing market recession, anticipating performance once affordability crisis is addressed.	Housing Affordability Building Materials Recovery
2025 Q2	AI The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index.	Technology Concentration Leadership Growth Innovation
	Quality High-quality investments with financial strength, consistent profitability, strong balance sheets, durable competitive advantages, and strong leadership are emphasized as easier to hold through difficult markets and aid in maintaining consistency through full cycles.	Fundamentals Moats Leadership Durability Consistency
2024 Q4	AI AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements.	Productivity Efficiency Margins Technology Innovation
	Trade Policy Universal tariffs announced by President Trump triggered significant market volatility with the S&P 500 declining 21% before recovering on news of a 90-day pause. Markets are watching for clarity on trade policy and its inflation impact.	Tariffs Inflation Volatility Policy Trade
2024 Q2	Trade Policy The manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring.	Tariffs Policy Business Costs Consultation
	Electric Vehicles The manager references research suggesting EV penetration will rise meaningfully over the next cycle. They view Rivian as well positioned to capitalize on the electric transition, citing it as a relatively recent addition to their portfolio.	EV Penetration Transition Rivian Auto
2024 Q2	Trade Policy The manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring.	Tariffs Policy Business Costs Consultation
	Electric Vehicles The manager references research suggesting EV penetration will rise meaningfully over the next cycle. They view Rivian as well positioned to capitalize on the electric transition, citing it as a relatively recent addition to their portfolio.	EV Penetration Transition Rivian Auto
2023 Q4	Value The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced.	Value Fundamentals Entry Points Quality Discounts
2023 Q4	Value The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced.	Value Fundamentals Entry Points Quality Discounts
2023 Q2	Trade Policy Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment.	Tariffs Trade Policy Uncertainty Inflation
	Energy Transition The manager maintains positions in oil and gas investments including Tidewater, Valaris, and Schlumberger, seeing a favorable capital cycle positioning. They also hold Rivian as a domestic EV play positioned to benefit from Tesla's decline and offering strong technology capabilities.	Oil Gas Electric Vehicles Cyclical Capital
	Value The manager emphasizes Warren Buffett's outperformance during market stress as validation of value investing principles. They focus on capital-light businesses and companies trading at attractive valuations during market downturns, positioning for long-term opportunities.	Buffett Undervalued Opportunity Downturn Patient
2023 Q2	Trade Policy Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment.	Tariffs Trade Policy Uncertainty Inflation
	Energy Transition The manager maintains positions in oil and gas investments including Tidewater, Valaris, and Schlumberger, seeing a favorable capital cycle positioning. They also hold Rivian as a domestic EV play positioned to benefit from Tesla's decline and offering strong technology capabilities.	Oil Gas Electric Vehicles Cyclical Capital
	Value The manager emphasizes Warren Buffett's outperformance during market stress as validation of value investing principles. They focus on capital-light businesses and companies trading at attractive valuations during market downturns, positioning for long-term opportunities.	Buffett Undervalued Opportunity Downturn Patient

QUARTER

THEMES

AI

The manager acknowledges the massive infrastructure build-out required to support artificial intelligence and its transformative nature. However, they remain disciplined in valuation methodologies and avoid chasing momentum. They note the market is conflating value and volume in AI, and while AI growth volume seems clear, where ultimate value will reside long-term remains uncertain across chip design, LLMs, cloud, application layer, or infrastructure.

Infrastructure Semiconductors Cloud Valuation

Cloud

The manager views Amazon's AWS business as a strong tailwind and a foundational pillar of the global AI infrastructure build-out. AWS growth rates climbed to 28% YoY in Q2'26 and the segment remains highly profitable. The manager established Amazon as the second-largest holding primarily driven by AWS strength.

AWS Infrastructure Growth

E-commerce

The manager is bullish on Amazon's retail business, noting the US business is growing with improving operating margins while international retail shows even higher growth rates and a path toward better profitability. They also added Global-E Online, which is carving out a specialized niche in cross-border e-commerce infrastructure.

Amazon Retail Cross-border

Advertising

The manager highlights Amazon's Advertising business as continuing robust expansion, reaching a $70B annual run rate. This is cited as one of the drivers for establishing a significant position in Amazon.

Amazon Growth

Semiconductors

The manager has spent considerable time analyzing the semiconductor industry and the hardware stack required for large language models, particularly the evolving dynamic between TPUs and GPUs. They recognize the transformative nature but remain disciplined in valuation methodologies and avoid chasing momentum. They added Astera Labs as a pure-play investment in AI infrastructure connectivity.

GPUs TPUs Infrastructure Valuation

China

The manager maintains Alibaba as their primary exposure to the Chinese market. Despite persistent geopolitical noise and macroeconomic headwinds in the region, they note the business generates massive free cash flow and trades at a remarkably depressed valuation. Prosus, which holds a stake in Tencent, is also a core long-term holding.

Alibaba Tencent Valuation Geopolitical

2025 Q4

AI

Manager addresses whether we are in an AI bubble, concluding no overall market bubble exists but acknowledges extremely stretched valuations in AI-associated hardware and semiconductors. Views AI as the most significant digital disruptor of our lifetime that will make investing more challenging by eroding traditional competitive advantages.

Artificial Intelligence Bubble Semiconductors Hardware Disruption

Value

Fund employs value-based investing principles, often underperforming during periods of extreme sectoral valuation surges but expecting long-term success. Avoids businesses valued excessively based on future cash flow projections and focuses on high-quality businesses at fair valuations.

Value Investing Fair Valuations Cash Flows Quality

Homebuilders

Anticipated recovery in homebuilder sector has stalled due to persistent affordability issues from high home prices, despite lower interest rates and strong wages. Manager maintains strong conviction in Builder FirstSource despite current housing market recession, anticipating performance once affordability crisis is addressed.

Housing Affordability Building Materials Recovery

2025 Q2

AI

The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index.

Technology Concentration Leadership Growth Innovation

Quality

High-quality investments with financial strength, consistent profitability, strong balance sheets, durable competitive advantages, and strong leadership are emphasized as easier to hold through difficult markets and aid in maintaining consistency through full cycles.

Fundamentals Moats Leadership Durability Consistency

2024 Q4

AI

AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements.

Productivity Efficiency Margins Technology Innovation

Trade Policy

Universal tariffs announced by President Trump triggered significant market volatility with the S&P 500 declining 21% before recovering on news of a 90-day pause. Markets are watching for clarity on trade policy and its inflation impact.

Tariffs Inflation Volatility Policy Trade

2024 Q2

Trade Policy

The manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring.

Tariffs Policy Business Costs Consultation

Electric Vehicles

The manager references research suggesting EV penetration will rise meaningfully over the next cycle. They view Rivian as well positioned to capitalize on the electric transition, citing it as a relatively recent addition to their portfolio.

EV Penetration Transition Rivian Auto

2024 Q2

Trade Policy

Tariffs Policy Business Costs Consultation

Electric Vehicles

EV Penetration Transition Rivian Auto

2023 Q4

Value

The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced.

Value Fundamentals Entry Points Quality Discounts

2023 Q4

Value

Value Fundamentals Entry Points Quality Discounts

2023 Q2

Trade Policy

Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment.

Tariffs Trade Policy Uncertainty Inflation

Energy Transition

The manager maintains positions in oil and gas investments including Tidewater, Valaris, and Schlumberger, seeing a favorable capital cycle positioning. They also hold Rivian as a domestic EV play positioned to benefit from Tesla's decline and offering strong technology capabilities.

Oil Gas Electric Vehicles Cyclical Capital

Value

The manager emphasizes Warren Buffett's outperformance during market stress as validation of value investing principles. They focus on capital-light businesses and companies trading at attractive valuations during market downturns, positioning for long-term opportunities.

Buffett Undervalued Opportunity Downturn Patient

2023 Q2

Trade Policy

Tariffs Trade Policy Uncertainty Inflation

Energy Transition

Oil Gas Electric Vehicles Cyclical Capital

Value

Buffett Undervalued Opportunity Downturn Patient

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 4, 2026	Fund Letters	Tapasya Investment Fund	AMZN	Amazon.com, Inc.	Internet Retail	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, AI infrastructure, AWS, Cloud computing, e-commerce, Enterprise Connectivity, International Growth, margin expansion, operational efficiency	Login
Jul 4, 2026	Fund Letters	Tapasya Investment Fund	LULU	Lululemon Athletica Inc.	Apparel Retail	Apparel Retail	Neutral	NASDAQ	Apparel Retail, Athletic Wear, exit, Founder Conflict, Management Distraction, Merchandise Execution, US Market Pressure, valuation opportunity	Login
Jul 4, 2026	Fund Letters	Tapasya Investment Fund	UMG.AS	Universal Music Group N.V.	Entertainment	Entertainment	Neutral	-	Corporate Governance, European Equity, exit, management issues, market leader, Music Industry, Recession-resistant, shareholder value, US listing	Login
Jul 4, 2026	Fund Letters	Tapasya Investment Fund	FNMA	Federal National Mortgage Association (Fannie Mae)	Mortgage Finance	Thrifts & Mortgage Finance	Bull	-	exit, Government Sponsored Enterprise, GSE, mortgage finance, Policy Dependent, Privatization, Regulatory Reform, Special Situation, Trade	Login
Oct 11, 2025	Fund Letters	Tapasya Investment Fund	RIVN	Rivian Automotive Inc	Consumer Discretionary	Automobile Manufacturers	Bull	NASDAQ	automotive, Electric Vehicles, Electrification, EV, growth, Thematic, Transition	Login
Oct 11, 2025	Fund Letters	Tapasya Investment Fund	RIVN	Rivian Automotive Inc	Consumer Discretionary	Automobile Manufacturers	Bull	NASDAQ	automotive, Electric Vehicles, Electrification, EV, growth, Thematic, Transition	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Capital-light, defensive, efficiency, innovation, Long-term, technology	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	AMZN	Amazon.com Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Capital-light, consumer, defensive, e-commerce, efficiency, innovation, Long-term	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	TDW	Tidewater Inc.	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	AVALX	Valaris Limited	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	SLB	Schlumberger Limited	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Capital Cycle, Cyclical, market leadership, oilfield services, technology, Value	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	RIVN	Rivian Automotive Inc.	Consumer Discretionary	Automobiles	Bull	NASDAQ	domestic production, Electric Vehicles, growth, Mass market, Partnership, Software, technology	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	STZ	Constellation Brands Inc.	Consumer Staples	Beverages	Bull	NYSE	Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Capital-light, defensive, efficiency, innovation, Long-term, technology	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	AMZN	Amazon.com Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Capital-light, consumer, defensive, e-commerce, efficiency, innovation, Long-term	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	TDW	Tidewater Inc.	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	AVALX	Valaris Limited	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	SLB	Schlumberger Limited	Energy	Oil & Gas Equipment & Services	Bull	NYSE	Capital Cycle, Cyclical, market leadership, oilfield services, technology, Value	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	RIVN	Rivian Automotive Inc.	Consumer Discretionary	Automobiles	Bull	NASDAQ	domestic production, Electric Vehicles, growth, Mass market, Partnership, Software, technology	Login
Apr 9, 2025	Fund Letters	Tapasya Investment Fund	STZ	Constellation Brands Inc.	Consumer Staples	Beverages	Bull	NYSE	Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 4, 2026

Fund Letters

Tapasya Investment Fund

AMZN

Amazon.com, Inc.

Internet Retail

Internet & Direct Marketing Retail

Bull

NASDAQ

advertising, AI infrastructure, AWS, Cloud computing, e-commerce, Enterprise Connectivity, International Growth, margin expansion, operational efficiency

Jul 4, 2026

Fund Letters

Tapasya Investment Fund

LULU

Lululemon Athletica Inc.

Apparel Retail

Neutral

NASDAQ

Apparel Retail, Athletic Wear, exit, Founder Conflict, Management Distraction, Merchandise Execution, US Market Pressure, valuation opportunity

Jul 4, 2026

Fund Letters

Tapasya Investment Fund

UMG.AS

Universal Music Group N.V.

Entertainment

Neutral

Corporate Governance, European Equity, exit, management issues, market leader, Music Industry, Recession-resistant, shareholder value, US listing

Jul 4, 2026

Fund Letters

Tapasya Investment Fund

FNMA

Federal National Mortgage Association (Fannie Mae)

Mortgage Finance

Thrifts & Mortgage Finance

Bull

exit, Government Sponsored Enterprise, GSE, mortgage finance, Policy Dependent, Privatization, Regulatory Reform, Special Situation, Trade

Oct 11, 2025

Fund Letters

Tapasya Investment Fund

RIVN

Rivian Automotive Inc

Consumer Discretionary

Automobile Manufacturers

Bull

NASDAQ

automotive, Electric Vehicles, Electrification, EV, growth, Thematic, Transition

Oct 11, 2025

Fund Letters

Tapasya Investment Fund

RIVN

Rivian Automotive Inc

Consumer Discretionary

Automobile Manufacturers

Bull

NASDAQ

automotive, Electric Vehicles, Electrification, EV, growth, Thematic, Transition

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Capital-light, defensive, efficiency, innovation, Long-term, technology

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

AMZN

Amazon.com Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Capital-light, consumer, defensive, e-commerce, efficiency, innovation, Long-term

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

TDW

Tidewater Inc.

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

AVALX

Valaris Limited

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

SLB

Schlumberger Limited

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Capital Cycle, Cyclical, market leadership, oilfield services, technology, Value

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

RIVN

Rivian Automotive Inc.

Consumer Discretionary

Automobiles

Bull

NASDAQ

domestic production, Electric Vehicles, growth, Mass market, Partnership, Software, technology

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

STZ

Constellation Brands Inc.

Consumer Staples

Beverages

Bull

NYSE

Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Capital-light, defensive, efficiency, innovation, Long-term, technology

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

AMZN

Amazon.com Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Capital-light, consumer, defensive, e-commerce, efficiency, innovation, Long-term

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

TDW

Tidewater Inc.

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

AVALX

Valaris Limited

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

SLB

Schlumberger Limited

Energy

Oil & Gas Equipment & Services

Bull

NYSE

Capital Cycle, Cyclical, market leadership, oilfield services, technology, Value

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

RIVN

Rivian Automotive Inc.

Consumer Discretionary

Automobiles

Bull

NASDAQ

domestic production, Electric Vehicles, growth, Mass market, Partnership, Software, technology

Apr 9, 2025

Fund Letters

Tapasya Investment Fund

STZ

Constellation Brands Inc.

Consumer Staples

Beverages

Bull

NYSE

Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed

TICKER	COMMENTARY
GOOG	Our largest holding and top contributor this year. The market's initial panic over AI disrupting its core search monopoly has proven premature, while its Cloud and Waymo segments continue to demonstrate exceptional underlying economics and growth.
AMZN	As detailed in my February '26 letter, 'Amazon - Its the Time to Buy,' we have established a significant position in Amazon, making it the second-largest holding in our portfolio. This decision was primarily driven by the strong tailwinds in the AWS business, which saw growth rates climb to 28% YoY in Q2'26. This segment remains highly profitable. Additionally, we view Amazon as the only meaningful competitor to Starlink with a specific focus on serving the enterprise market. Their Advertising business also continues its robust expansion, reaching a $70B annual run rate. In the Retail sector, the US business is growing with improving operating margins, while international retail shows even higher growth rates and a path toward better profitability. We successfully utilized recent market downturns and volatility to build this position. A strong contributor in the first half of the year. The company's relentless focus on operational efficiency is yielding significant margin expansion in retail, while AWS remains a foundational pillar of the global AI infrastructure build-out.
IBKR	Added during the market volatility of last year, IBKR has quickly become a top performer. We continue to benefit from their highly scalable, low-cost platform and an automated, engineering-driven approach to the brokerage industry.
ADYEN.AS	While near-term price action has been underwhelming, Adyen remains a top-tier European payment infrastructure company. We are focused on their long-term ability to capture enterprise volume globally rather than quarter-to-quarter market sentiment.
UBER	Uber continues to execute effectively on our original 2022 investment thesis. The network effects have fully taken hold, driving profitable growth and demonstrating a durable competitive advantage in global mobility and delivery. I believe it will be a winner in the autonomous vehicle era.
PRX.AS	A core long-term holding that has been a drag on recent performance. The thesis, however, remains fully intact: the entire company currently trades at a discount to the value of its underlying stake in Tencent, providing a substantial margin of safety alongside its other unlisted assets.
BRK.B	A foundational, defensive pillar of the portfolio. It provides stability, exceptional capital allocation, and a fortress balance sheet that thrives during periods of broader economic uncertainty.
CVNA	Carvana continues to defy skeptics by consistently surpassing execution expectations. Their unit economics are improving drastically, and they are successfully taking market share in a highly fragmented industry.
BABA	Our primary exposure to the Chinese market. Despite the persistent geopolitical noise and macroeconomic headwinds in the region, the business generates massive free cash flow and trades at a remarkably depressed valuation.
CMG	Despite occasional market anxiety over margin pressures or temporary same-store sales blips, CMG boasts superior unit economics, a pristine balance sheet, and a clear, multi-year runway for new store expansion.
GLBE	A relatively recent addition to the portfolio. They are carving out a highly specialized, sticky niche in cross-border e-commerce infrastructure, removing massive friction for global merchants.
BLDR	The housing sector continues to battle the affordability crisis driven by high interest rates, impacting BLDR's short-term stock performance. However, management's aggressive share repurchases and exceptional return on invested capital (>20%) keep us firmly convicted in the long-term thesis once the macro environment normalizes.
ADBE	We initiated this position recently, capitalizing on an over-correction driven by fears that generative AI would destroy its moat. We believe Adobe will ultimately integrate AI successfully into its dominant creative suite, making its tools more entrenched, not less. We have also actively utilized cash-secured puts on this position to generate additional yield while we build our stake.
ALAB	A pure-play investment in the physical bottlenecks of AI infrastructure. As hardware stacks scale, data transfer speeds between GPUs and CPUs create severe connectivity drag. Astera's specialized signal integrity chips act as critical 'picks and shovels,' making their technology indispensable to the backend fabric of modern data centers regardless of which LLM or chip architecture ultimately wins.
LULU	We sold out of Lululemon (LULU). The reason for selling out of Lululemon was primarily the continued pressure on its US business, merchandise mistakes - though I think those are addressable but more importantly founder pressure who is also a big shareholder. This distracts the management from executing towards growing their business. We exited this position at an average price of $179.80. Lulu has since corrected further, and at the time of writing this letter ~$118. I think this is a great business going for cheap and at some point would revisit my decision.

TICKER

COMMENTARY

GOOG

Our largest holding and top contributor this year. The market's initial panic over AI disrupting its core search monopoly has proven premature, while its Cloud and Waymo segments continue to demonstrate exceptional underlying economics and growth.

AMZN

As detailed in my February '26 letter, 'Amazon - Its the Time to Buy,' we have established a significant position in Amazon, making it the second-largest holding in our portfolio. This decision was primarily driven by the strong tailwinds in the AWS business, which saw growth rates climb to 28% YoY in Q2'26. This segment remains highly profitable. Additionally, we view Amazon as the only meaningful competitor to Starlink with a specific focus on serving the enterprise market. Their Advertising business also continues its robust expansion, reaching a $70B annual run rate. In the Retail sector, the US business is growing with improving operating margins, while international retail shows even higher growth rates and a path toward better profitability. We successfully utilized recent market downturns and volatility to build this position. A strong contributor in the first half of the year. The company's relentless focus on operational efficiency is yielding significant margin expansion in retail, while AWS remains a foundational pillar of the global AI infrastructure build-out.

IBKR

Added during the market volatility of last year, IBKR has quickly become a top performer. We continue to benefit from their highly scalable, low-cost platform and an automated, engineering-driven approach to the brokerage industry.

ADYEN.AS

While near-term price action has been underwhelming, Adyen remains a top-tier European payment infrastructure company. We are focused on their long-term ability to capture enterprise volume globally rather than quarter-to-quarter market sentiment.

UBER

Uber continues to execute effectively on our original 2022 investment thesis. The network effects have fully taken hold, driving profitable growth and demonstrating a durable competitive advantage in global mobility and delivery. I believe it will be a winner in the autonomous vehicle era.

PRX.AS

A core long-term holding that has been a drag on recent performance. The thesis, however, remains fully intact: the entire company currently trades at a discount to the value of its underlying stake in Tencent, providing a substantial margin of safety alongside its other unlisted assets.

BRK.B

A foundational, defensive pillar of the portfolio. It provides stability, exceptional capital allocation, and a fortress balance sheet that thrives during periods of broader economic uncertainty.

CVNA

Carvana continues to defy skeptics by consistently surpassing execution expectations. Their unit economics are improving drastically, and they are successfully taking market share in a highly fragmented industry.

BABA

Our primary exposure to the Chinese market. Despite the persistent geopolitical noise and macroeconomic headwinds in the region, the business generates massive free cash flow and trades at a remarkably depressed valuation.

CMG

Despite occasional market anxiety over margin pressures or temporary same-store sales blips, CMG boasts superior unit economics, a pristine balance sheet, and a clear, multi-year runway for new store expansion.

GLBE

A relatively recent addition to the portfolio. They are carving out a highly specialized, sticky niche in cross-border e-commerce infrastructure, removing massive friction for global merchants.

BLDR

The housing sector continues to battle the affordability crisis driven by high interest rates, impacting BLDR's short-term stock performance. However, management's aggressive share repurchases and exceptional return on invested capital (>20%) keep us firmly convicted in the long-term thesis once the macro environment normalizes.

ADBE

We initiated this position recently, capitalizing on an over-correction driven by fears that generative AI would destroy its moat. We believe Adobe will ultimately integrate AI successfully into its dominant creative suite, making its tools more entrenched, not less. We have also actively utilized cash-secured puts on this position to generate additional yield while we build our stake.

ALAB

A pure-play investment in the physical bottlenecks of AI infrastructure. As hardware stacks scale, data transfer speeds between GPUs and CPUs create severe connectivity drag. Astera's specialized signal integrity chips act as critical 'picks and shovels,' making their technology indispensable to the backend fabric of modern data centers regardless of which LLM or chip architecture ultimately wins.

LULU

We sold out of Lululemon (LULU). The reason for selling out of Lululemon was primarily the continued pressure on its US business, merchandise mistakes - though I think those are addressable but more importantly founder pressure who is also a big shareholder. This distracts the management from executing towards growing their business. We exited this position at an average price of $179.80. Lulu has since corrected further, and at the time of writing this letter ~$118. I think this is a great business going for cheap and at some point would revisit my decision.

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Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

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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

AI

Cloud

E-commerce

Advertising

Semiconductors

China

AI

Value

Homebuilders

AI

Quality

AI

Trade Policy

Trade Policy

Electric Vehicles

Trade Policy

Electric Vehicles

Value

Value

Trade Policy

Energy Transition

Value

Trade Policy

Energy Transition

Value

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Pratik Kodial Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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