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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 1, 2026
Gymkhana Partners generated a net-of-fees year-to-date return of approximately -4% in U.S. dollar terms through September 30, 2026, noticeably outperforming Indian equity benchmarks such as the BSE Sensex and MSCI India ETFs, which declined -17% and -14% respectively. The fund's primary strategy relies on identifying high-quality, attractively valued businesses outside India's mega-cap tier by conducting extensive on-the-ground primary research and rigorously evaluating corporate governance reputations. Currently, the portfolio's position size-weighted forward price-to-earnings ratio is roughly 15 times, compared to benchmark indices trading in excess of 20 times, even while Gymkhana's portfolio holdings demonstrate faster earnings expansion. Capital remains virtually fully invested across 40 or more positions, with the top 20 holdings representing 61% of invested capital. During the third quarter, the fund trimmed holdings that surged past underlying fundamentals and fully exited non-core micro-cap names to reallocate into deeply discounted investment holding companies and defensive healthcare and chemical manufacturers. Macro headwinds including regional geopolitical friction and foreign institutional investor outflows are balanced by robust domestic economic growth and resilient domestic institutional capital inflows.
Investing beyond India's crowded mega-cap universe in well-governed, faster-growing small- and mid-cap companies trading at substantial valuation discounts produces superior long-term, risk-adjusted net returns.
The managers anticipate that India's domestic consumer-led expansion, stabilized currency, and moderate inflation will continue driving corporate earnings growth faster than broad benchmark averages. They plan to maintain a fully invested stance, targeting SMID-cap compounders, defense beneficiaries, and discounted holding companies discovered through recurring primary research trips across India.
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