Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 18.1% | - | 6.6% |
| 2025 |
|---|
| 6.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 18.1% | - | 6.6% |
| 2025 |
|---|
| 6.6% |
ITUS Capital delivered 6.64% returns in 2025 against a challenging backdrop marked by significant foreign institutional investor outflows and narrow market performance. The fund's bottom-up approach proved effective, with outperformance driven primarily by stock selection rather than sector allocation. Key contributors included mining and metals positions benefiting from copper demand, while healthcare holdings faced headwinds from US tariff concerns. The portfolio is positioned around five core themes: consumer businesses controlling distribution channels, mining and metals with active risk management, financials spanning banks and NBFCs, healthcare companies with strong R&D capabilities, and industrialization plays positioned for GDP recovery. Looking ahead to 2026, the manager expects growth recovery supported by policy responses and consumption normalization. With headline indices having largely time-corrected and trading slightly above long-term medians, returns are expected to remain selective and dependent on earnings delivery. The fund maintains emphasis on selectivity over direction, focusing on businesses with strong earnings trajectories and operating leverage.
The fund employs a bottom-up, multi-cap approach focused on identifying high-quality growth businesses at reasonable valuations, emphasizing selectivity and valuation discipline in an environment where capital flows have reached unprecedented levels.
Base case for 2026 is shaped by interaction between growth recovery from muted 2025, policy actions undertaken, and evolving earnings profile across corporate India. Expect growth to improve relative to 2025 supported by recovery in consumption and gradual acceleration in credit growth. Returns likely to remain selective with outcomes dependent on earnings delivery and balance sheet strength.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 7 2026 | 2025 Q4 | CUB.NS, DRREDDY.NS, EICHERMOT.NS, ERIS.NS, HDFCAMC.NS, HDFCBANK.NS, HDFCLIFE.NS, HINDCOPPER.NS, HINDZINC.NS, ICICIBANK.NS, ICICIGI.NS, NAVINFLUOR.NS, PAYTM.NS, PBFINTECH.NS, PIRAMALP.NS, SBIN.NS, SRF.NS, SWIGGY.NS, TITAN.NS, VEDL.NS | Bottom Up, earnings, growth, healthcare, India, Mining, Multi Cap, selectivity | - | The fund maintains an overweight position in mining and metals, driven by rising demand for copper in manufacturing and batteries. Performance was largely driven by… |
| Oct 9 2025 | 2025 Q3 | - | Chemicals, consumption, Domestic Demand, Manufacturing, Platforms | - | The letter highlights India's consumption-led growth as the structural driver versus export dependency, with domestic liquidity and fiscal policy supporting demand. It identifies digital platform… |
| Jun 30 2025 | 2025 Q2 | - | Capex, earnings growth, India, liquidity, Margins | - | The letter centers on Indias capex cycle, highlighting government spending, easing monetary policy, and potential private-sector investment revival. Management emphasizes portfolio positioning toward companies with… |
| Mar 31 2025 | 2025 Q1 | - | - | - | - |
| Dec 31 2024 | 2024 Q4 | - | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Jun 30 2024 | 2024 Q2 | - | - | - | - |
| Mar 31 2024 | 2024 Q1 | - | - | - | - |
| Dec 31 2023 | 2023 Q4 | - | - | - | - |
| Sep 30 2023 | 2023 Q3 | - | - | - | - |
| Jun 30 2023 | 2023 Q2 | - | - | - | - |
| Mar 31 2023 | 2023 Q1 | - | - | - | - |
| Dec 31 2022 | 2022 Q4 | - | - | - | - |
| Sep 30 2022 | 2022 Q3 | - | - | - | - |
| Jun 30 2022 | 2022 Q2 | - | - | - | - |
| Mar 31 2022 | 2022 Q1 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ConsumerThe consumer segment includes DJL Petfoods (pet food ingredients distributor) and TSDC Wholesale (food and grocery wholesale). DJL exemplifies RDCP 2.0 characteristics as an asset-light but infrastructure-critical business with long-standing customer relationships, exceptional retention rates, and exposure to growing pet ownership and premiumisation trends. These businesses benefit from structural advantages and recurring revenue streams. |
Pet Care Food Distribution Consumer Staples Wholesale Distribution |
FinancialsEuropean banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. |
Banks Return On Equity Interest Rates Capital Valuations | |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech | |
MiningMultiple mining holdings across metals including copper, gold, silver, tin, and uranium. Baker Steel Resources Trust contains significant exposure to copper developers, gold royalties, and tungsten projects. Power Metal Resources holds uranium and copper projects with royalties and blockchain mining ventures. |
Copper Gold Silver Uranium Tungsten | |
| 2025 Q3 |
Chemicals |
|
Consumption |
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Platforms |
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| 2025 Q2 |
Capex |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||