ITUS Capital

Investor Summary

Founded and led by Naveen Chandramohan, who brings 20 years of professional experience in equity markets and fund management from roles at Lehman Brothers and NOMURA in Asia. The management team has demonstrated strong track record with Chandramohan delivering 23% IRR over 7 years in previous roles and 18.1% IRR over 8 years managing the ITUS fund. The firm emphasizes alignment of interests with founders investing their entire net worth into the fund and every employee being both an equity owner and investor in the fund.

Fund Strategy

ITUS Capital operates with an 'All-Weather Investment Approach Managing Cycles with a Growth Orientation' emphasizing superior portfolio construction and managing downside to generate alpha. The firm targets consistent outperformance of 4-5% over benchmark across market cycles through a thoughtful combination of top-down sector positioning and bottom-up stock selection. The strategy focuses on businesses with strong growth and margin expansion, acquired at reasonable valuations to ensure risk management. The firm operates a single multicap focused fund to ensure complete alignment of interest for clients, avoiding conflicts from multiple strategies.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
17.17%	12.27%	0.64%

Executive Summary

Itus Capital's Fundamental Value Fund returned 12.27% in Q2 CY2026, outperforming the Nifty 50 TRI by 487 basis points, with the portfolio anchored in large caps (45.8%) and deliberate SMID cap exposure (46%) across four uncorrelated growth drivers. The portfolio's underlying businesses are compounding revenue at 26.6% and profits at 35-40%, significantly ahead of benchmarks, with structurally higher margins. However, the manager views India Inc's profit-to-GDP at a cyclical peak of 5.2%—matching the FY08 level that subsequently halved—with current record profits driven by margin expansion from trough credit costs rather than revenue growth. With both profit share and multiples near their limits, forward returns must depend on scarce revenue growth. The fund is actively trimming Mining & Minerals despite tailwinds, selectively adding to Healthcare on structural growth drivers, and maintaining an underweight in Banks through selective stock picking. The manager is reducing cash and increasing equity exposure based on strong earnings in select pockets and attractive valuations, emphasizing the importance of owning businesses with durable returns on capital rather than cyclical sector peaks. The outlook is cautiously constructive on bond-equity yield correction and RBI stability measures, but disciplined on avoiding index exposure at aggregate peak levels.

Core Thesis

The fund pursues a concentrated, high-conviction value strategy in Indian equities, anchored in large caps (45.8%) with deliberate mid and small cap exposure (46%) where growth is identified, currently positioned across four largely uncorrelated growth drivers: banks for balance-sheet-led credit growth, mining for commodity and capex exposure (being trimmed), chemicals for specialty and export-linked manufacturing, and healthcare for domestic non-discretionary demand (being added). The manager views India Inc's profit-to-GDP at a cyclical peak of 5.2%—matching the FY08 level that subsequently halved—with current record profits driven by margin expansion rather than revenue growth, particularly from trough bank credit costs that can only normalize upward. The thesis emphasizes that with both profit share and market multiples near their limits, forward returns must depend on revenue growth, the slowest lever, making security selection critical to separate businesses with durable returns on capital from those borrowing profits from sector cycles. The portfolio's underlying businesses are compounding revenue at 26.6% and profits at 35-40%, significantly ahead of benchmarks, positioning the fund to own the right businesses through reversion rather than the aggregate at its peak.

Forward Outlook

The manager expects Indian equities to be more favorable over the next year driven by bond-equity yield correction and RBI stability measures, with anticipated increase in primary market inflows in the second half of CY26 potentially shifting sentiment. However, the outlook is tempered by the view that corporate profits are at a cyclical peak with limited room for further margin expansion, requiring future earnings growth to come from revenue rather than margins. The manager emphasizes this is not a moment to reach for index exposure, preferring to own the right businesses through reversion rather than the aggregate at its peak, focusing on companies whose record profits reflect durable returns on capital rather than cyclical sector peaks.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 11 2026	2026 Q2	ABB.NS, AETHER.NS, CGPOWER.NS, COALINDIA.NS, ERIS.NS, ETERNAL.NS, GLENMARK.NS, HINDCOPPER.NS, ICICIGI.NS, IGI.NS, JSWSTEEL.NS, LUPIN.NS, NAVINFLUOR.NS, PIRAMALPHARM.NS, SCHAEFFLER.NS, SRF.NS, STARHEALTH.NS, TITAN.NS, TORNTPHARM.NS, VEDL.NS	earnings, financials, healthcare, India, Margins, Profit Cycle, value	-	Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
Apr 9 2026	2026 Q1	-	Capex, Chemicals, energy, Geopolitical, healthcare, India, infrastructure, Mining	-	Itus Capital outperformed by 408 basis points during sharp Q4 correction driven by Iran-Israel conflict and crude oil spike above $100. Portfolio's thematic positioning across mining, healthcare, chemicals, and infrastructure capex themes proved resilient. Correction reset valuations to attractive levels with private sector capex cycle inflecting meaningfully. Manager emphasizes selectivity over direction.
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	-	ITUS Capital's bottom-up multi-cap strategy delivered 6.64% in 2025 through selective stock picking despite challenging market conditions. Portfolio positioned around consumer distribution, mining, financials, healthcare, and industrialization themes. Manager expects 2026 growth recovery but anticipates continued market selectivity with returns dependent on earnings delivery rather than broad-based rallies.
Oct 9 2025	2025 Q3	CUB.NS, DRREDDY.NS, ERIS.NS, HDFCAMC.NS, HDFCBANK.NS, HDFCLIFE.NS, HINDCOPPER.NS, HINDZINC.NS, ICICIBANK.NS, ICICIGI.NS, IGI.NS, PAYTM.NS, PBFINTECH.NS, PIRAMALP.NS, SBIN.NS, SRF.NS, SWIGGY.NS, TATASTEEL.NS, TITAN.NS, VEDL.NS	Banking, Chemicals, consumption, earnings, growth, healthcare, India, Platforms	-	Itus Capital sees India halfway through an earnings slowdown with recovery ahead. Strong domestic flows and policy support offset FII weakness and tariff concerns. The fund repositioned toward metals and away from banking, focusing on platform businesses, chemicals import substitution, and consumption themes. Superior portfolio earnings growth positions for the expected recovery in early 2026.
Jun 30 2025	2025 Q2	AUROBINDO.NS, BAJAJ-AUTO.NS, CUB.NS, DRREDDY.NS, EICHERMOT.NS, GILLETTE.NS, HDFCAMC.NS, HDFCBANK.NS, HINDUSTANCOPPER.NS, HINDZINC.NS, ICICIBANK.NS, IGI.NS, INTERGLOBE.NS, ITC.NS, MARICO.NS, PBFINTECH.NS, PIRAMALP.NS, TITAN.NS, TVSMOTOR.NS, VEDL.NS	Banking, earnings, India, infrastructure, Pharmaceuticals, tariffs, Valuations	-	Itus Capital navigates volatile H1 2025 with portfolio lagging benchmark due to pharma drawdowns but showing superior fundamentals. Manager expects government capex recovery and private investment cycle emergence while maintaining defensive positioning. Strong domestic flows and rural recovery support outlook despite global tariff uncertainties and earnings slowdown.
Mar 31 2025	2025 Q1	ABB.NS, AUROPHARMA.NS, BAJAJ-AUTO.NS, DRREDDY.NS, EICHERMOT.NS, GILLETTE.NS, HAVELLS.NS, HDFCAMC.NS, HDFCBANK.NS, HINDCOPPER.NS, ICICIBANK.NS, ICICIGI.NS, ITC.NS, MARICO.NS, PBFINTECH.NS, PIRAMALP.NS, TITAN.NS, TVSMOTOR.NS, ULTRACEMCO.NS, VEDL.NS	banks, consumer, Government Spending, India, large cap, Pharmaceuticals, tariffs, valuation	-	Itus Capital maintains defensive large cap positioning amid macro headwinds from declining market-linked tax revenues threatening government capex spending. Portfolio concentrated in market-leading banks, pharma, and consumer companies while avoiding government-dependent sectors. Manager expects narrower earnings growth ahead and positions for domestic-oriented, low capex intensity businesses in uncertain global trade environment.
Dec 31 2024	2024 Q4	AMBUJACEM.NS, AUROPHARMA.NS, BAJAJ-AUTO.NS, DRREDDY.NS, EICHERMOT.NS, GAIL.NS, HAVELLS.NS, HDFCAMC.NS, HDFCBANK.NS, ICICIBANK.NS, IEX.NS, ITC.NS, KEI.NS, LT.NS, MARICO.NS, PBFINTECH.NS, PIRAMALP.NS, POWERGRID.NS, RELIANCE.NS, TVSMOTOR.NS	Capex, Copper, Domestic Flows, healthcare, India, infrastructure, technology, Two Wheelers	KEIIND.NS ICICIGI.NS	ITUS Capital outperformed in 2024 driven by healthcare and infrastructure positioning during India's structural domestic equity participation cycle. The manager expects increased volatility in 2025 as earnings narrow, creating opportunities for concentrated positioning in companies with pricing power. Healthcare, rural recovery themes, and copper demand-supply dynamics remain key focus areas for the portfolio.
Sep 30 2024	2024 Q3	ABB.NS, AUROPHARMA.NS, BAJAJ-AUTO.NS, BHARATFORG.NS, BLUESTARCO.NS, DRREDDY.NS, EICHERMOT.NS, GAIL.NS, HAVELLS.NS, ICICIGI.NS, IEX.NS, IPCALAB.NS, ITC.NS, MARICO.NS, MARUTI.NS, NTPC.NS, PETRONET.NS, POWERGRID.NS, RELIANCE.NS, SBILIFE.NS	Autos, earnings, India, large cap, liquidity, Pharmaceuticals, Power, Rural	-	ITUS Capital outperformed with 23.95% returns through Q3 2024, maintaining large-cap focus amid elevated small-cap valuations. Portfolio emphasizes earnings growth, liquidity benefits, and RoE expansion across pharmaceuticals, power infrastructure, and rural consumption recovery themes. Strong domestic fundamentals and disciplined capital allocation drive continued outperformance with 21.8% annualized returns since inception.
Jun 30 2024	2024 Q2	-	capital goods, India, inflation, large cap, Manufacturing, ROE, Telecom, Valuations	-	Itus Capital positions for India's inflationary boom cycle, overweighting manufacturing sectors benefiting from sustained capex. Strong H1 performance of 13.64% reflects thesis validation as telecom ARPU rises after decade-long decline. Large-cap focused portfolio with diversified sizing captures broad-based growth while managing elevated valuations through earnings-contextualized approach.
Mar 31 2024	2024 Q1	-	cycle, earnings, growth, India, large cap, Margins	-	Itus Capital outperformed with 20.1% annualized returns by focusing on earnings growth over valuation in India's inflationary boom cycle. Portfolio emphasizes large-cap GDP-facing sectors with sustainable margin expansion. Manager recently called for capital to add two-wheeler and pharma exposure while maintaining liquidity focus and shifting emphasis from return maximization to downside protection.
Dec 31 2023	2023 Q4	INDUSINDBK.NS, NTPC.NS	Banking, growth, India, positioning, Power, value	INDUSINDBK.NS NTPC.NS	Itus Capital outperformed in 2023 with disciplined investing in Indian businesses with durable franchises. Key themes include power sector supply-demand imbalance and banking sector MSME growth. The manager maintains selective positioning with cash reserves, focusing on consistent long-term performance rather than short-term gains while remaining optimistic about portfolio fundamentals.
Sep 30 2023	2023 Q3	-	Auto, Financialization, growth, India, large cap, Manufacturing, Nifty, value	-	Itus outperformed Nifty by 700bps through Q3 2023, focusing on domestic manufacturing over consumption themes. Manager sees India at financialization inflection point similar to 1989 US, with potential for significant wealth creation. Portfolio shifted toward large caps for better liquidity while maintaining growth-at-reasonable-price philosophy. Cash increased as fund prioritizes risk management over return maximization.
Jun 30 2023	2023 Q2	-	Auto, growth, India, Manufacturing, small caps, value	-	Itus Capital outperformed Nifty by 348bps in H1 2023 while maintaining disciplined growth-at-reasonable-price strategy. Despite all-time market highs, valuations remain attractive with indices trading at significant discounts to 2021 peaks. Portfolio companies showing strong 20.8% topline growth with favorable FY24 outlook as capex investments drive operating leverage in strong demand environment.
Mar 31 2023	2023 Q1	HDFCBANK.NS, ICICIBANK.NS, INDUSINDBK.NS	Auto Parts, Export, financials, India, inflation, Manufacturing, value	-	Itus Capital focuses on promoter-run B2B manufacturing and auto ancillary companies positioned for structural themes of capex-driven growth and supply chain resilience. The fund deployed cash during Q1 volatility, maintaining concentrated exposure across manufacturing, auto parts, and select financials while expecting 2023 to offer attractive deployment opportunities.
Dec 31 2022	2022 Q4	-	-	-
Sep 30 2022	2022 Q3	-	-	-
Jun 30 2022	2022 Q2	-	-	-
Mar 31 2022	2022 Q1	-	-	-
Dec 31 2021	2021 Q4	NYKAA.NS	Asset Managers, Capital markets, E-Commerce, growth, India, Manufacturing, Pharmaceuticals, technology	NYKAA.NS	ITUS Capital delivered 25% annualized returns over 5 years focusing on Indian growth companies with strong unit economics and market share gains. Portfolio cash flows grew 42% IRR despite modest revenue growth. Manager sees India entering golden decade with deleveraged corporates, rising capex, infrastructure investment, and startup wealth creation driving long-term outperformance.
Oct 9 2021	2021 Q3	HDFCAMC.NS, NAZARA.NS	Capital markets, Fintech, gaming, growth, India, value	NAZARA.NS HDFCAMC.NS	ITUS Capital up 29.5% YTD, outperforming Nifty by 90% cumulatively since inception. Added Nazara Technologies gaming platform, trimmed HDFC AMC. Portfolio companies expanding margins despite supply chain disruptions. Manager turns cautious for first time in 1.5 years, citing investor laxity and plans higher cash balances for selective deployment.
Jul 10 2021	2021 Q2	ALEMBICLTD.NS, ALKEM.NS, BALKRISIND.NS, CAMS.NS, FINEORG.NS, GALAXYSURF.NS, HDFCAMC.NS, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ICICIGI.NS, IEX.NS, INDIAMART.NS, INFY.NS, LTTS.NS, LUPIN.NS, MCX.NS, ORIENTELEC.NS, ROUTE.NS, SYNGENE.NS, TATACONSUM.NS	financials, growth, India, portfolio, Quality, risk management	-	ITUS Capital posted strong H1 2021 returns of 16.4% while rotating from banks to non-lending financials. Portfolio companies achieved record 157% FCF growth with strong quality metrics. Manager remains optimistic on Indian equities but cautious on valuations and rising retail leverage, emphasizing disciplined position sizing and quality focus over momentum chasing.
Mar 31 2021	2021 Q1	AXISBANK.NS, CAMS.NS, GALAXYSURF.NS, HDFCBANK.NS, ICICIBANK.NS	Banking, Financial Services, growth, India, Mutual Funds, technology	CAMS.NS	ITUS Capital reduced banking cyclicality by exiting Axis Bank while adding CAMS, a dominant Indian mutual fund intermediary with 70% market share. The 21-position portfolio generates 22% earnings growth with 28% ROCE. Manager avoids commodities despite super-cycle narratives and takes a constructive view on rising rates based on historical precedent.
Dec 31 2020	2020 Q4	HDFCBANK.NS, IEX.NS, MCX.NS, WHIRLPOOL.NS	Asset Managers, banks, Exchanges, growth, India, Pharmaceuticals, technology	HDFCBANK.NS WHIRLPOOL.NS	ITUS Capital returned 40.32% in 2020 through concentrated growth investing in Indian market leaders across banking, exchanges, technology, and pharmaceuticals. Manager believes India enters multi-year bull market supported by low rates driving equity flows. Portfolio benefits from consolidation themes and digital transformation while maintaining discipline around quality management and monopolistic business models.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 11 2026

2026 Q2

ABB.NS, AETHER.NS, CGPOWER.NS, COALINDIA.NS, ERIS.NS, ETERNAL.NS, GLENMARK.NS, HINDCOPPER.NS, ICICIGI.NS, IGI.NS, JSWSTEEL.NS, LUPIN.NS, NAVINFLUOR.NS, PIRAMALPHARM.NS, SCHAEFFLER.NS, SRF.NS, STARHEALTH.NS, TITAN.NS, TORNTPHARM.NS, VEDL.NS

earnings, financials, healthcare, India, Margins, Profit Cycle, value

Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.

Apr 9 2026

2026 Q1

Capex, Chemicals, energy, Geopolitical, healthcare, India, infrastructure, Mining

Itus Capital outperformed by 408 basis points during sharp Q4 correction driven by Iran-Israel conflict and crude oil spike above $100. Portfolio's thematic positioning across mining, healthcare, chemicals, and infrastructure capex themes proved resilient. Correction reset valuations to attractive levels with private sector capex cycle inflecting meaningfully. Manager emphasizes selectivity over direction.

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

ITUS Capital's bottom-up multi-cap strategy delivered 6.64% in 2025 through selective stock picking despite challenging market conditions. Portfolio positioned around consumer distribution, mining, financials, healthcare, and industrialization themes. Manager expects 2026 growth recovery but anticipates continued market selectivity with returns dependent on earnings delivery rather than broad-based rallies.

Oct 9 2025

2025 Q3

CUB.NS, DRREDDY.NS, ERIS.NS, HDFCAMC.NS, HDFCBANK.NS, HDFCLIFE.NS, HINDCOPPER.NS, HINDZINC.NS, ICICIBANK.NS, ICICIGI.NS, IGI.NS, PAYTM.NS, PBFINTECH.NS, PIRAMALP.NS, SBIN.NS, SRF.NS, SWIGGY.NS, TATASTEEL.NS, TITAN.NS, VEDL.NS

Banking, Chemicals, consumption, earnings, growth, healthcare, India, Platforms

Itus Capital sees India halfway through an earnings slowdown with recovery ahead. Strong domestic flows and policy support offset FII weakness and tariff concerns. The fund repositioned toward metals and away from banking, focusing on platform businesses, chemicals import substitution, and consumption themes. Superior portfolio earnings growth positions for the expected recovery in early 2026.

Jun 30 2025

2025 Q2

AUROBINDO.NS, BAJAJ-AUTO.NS, CUB.NS, DRREDDY.NS, EICHERMOT.NS, GILLETTE.NS, HDFCAMC.NS, HDFCBANK.NS, HINDUSTANCOPPER.NS, HINDZINC.NS, ICICIBANK.NS, IGI.NS, INTERGLOBE.NS, ITC.NS, MARICO.NS, PBFINTECH.NS, PIRAMALP.NS, TITAN.NS, TVSMOTOR.NS, VEDL.NS

Banking, earnings, India, infrastructure, Pharmaceuticals, tariffs, Valuations

Itus Capital navigates volatile H1 2025 with portfolio lagging benchmark due to pharma drawdowns but showing superior fundamentals. Manager expects government capex recovery and private investment cycle emergence while maintaining defensive positioning. Strong domestic flows and rural recovery support outlook despite global tariff uncertainties and earnings slowdown.

Mar 31 2025

2025 Q1

ABB.NS, AUROPHARMA.NS, BAJAJ-AUTO.NS, DRREDDY.NS, EICHERMOT.NS, GILLETTE.NS, HAVELLS.NS, HDFCAMC.NS, HDFCBANK.NS, HINDCOPPER.NS, ICICIBANK.NS, ICICIGI.NS, ITC.NS, MARICO.NS, PBFINTECH.NS, PIRAMALP.NS, TITAN.NS, TVSMOTOR.NS, ULTRACEMCO.NS, VEDL.NS

banks, consumer, Government Spending, India, large cap, Pharmaceuticals, tariffs, valuation

Itus Capital maintains defensive large cap positioning amid macro headwinds from declining market-linked tax revenues threatening government capex spending. Portfolio concentrated in market-leading banks, pharma, and consumer companies while avoiding government-dependent sectors. Manager expects narrower earnings growth ahead and positions for domestic-oriented, low capex intensity businesses in uncertain global trade environment.

Dec 31 2024

2024 Q4

AMBUJACEM.NS, AUROPHARMA.NS, BAJAJ-AUTO.NS, DRREDDY.NS, EICHERMOT.NS, GAIL.NS, HAVELLS.NS, HDFCAMC.NS, HDFCBANK.NS, ICICIBANK.NS, IEX.NS, ITC.NS, KEI.NS, LT.NS, MARICO.NS, PBFINTECH.NS, PIRAMALP.NS, POWERGRID.NS, RELIANCE.NS, TVSMOTOR.NS

Capex, Copper, Domestic Flows, healthcare, India, infrastructure, technology, Two Wheelers

KEIIND.NS
ICICIGI.NS

ITUS Capital outperformed in 2024 driven by healthcare and infrastructure positioning during India's structural domestic equity participation cycle. The manager expects increased volatility in 2025 as earnings narrow, creating opportunities for concentrated positioning in companies with pricing power. Healthcare, rural recovery themes, and copper demand-supply dynamics remain key focus areas for the portfolio.

Sep 30 2024

2024 Q3

ABB.NS, AUROPHARMA.NS, BAJAJ-AUTO.NS, BHARATFORG.NS, BLUESTARCO.NS, DRREDDY.NS, EICHERMOT.NS, GAIL.NS, HAVELLS.NS, ICICIGI.NS, IEX.NS, IPCALAB.NS, ITC.NS, MARICO.NS, MARUTI.NS, NTPC.NS, PETRONET.NS, POWERGRID.NS, RELIANCE.NS, SBILIFE.NS

Autos, earnings, India, large cap, liquidity, Pharmaceuticals, Power, Rural

ITUS Capital outperformed with 23.95% returns through Q3 2024, maintaining large-cap focus amid elevated small-cap valuations. Portfolio emphasizes earnings growth, liquidity benefits, and RoE expansion across pharmaceuticals, power infrastructure, and rural consumption recovery themes. Strong domestic fundamentals and disciplined capital allocation drive continued outperformance with 21.8% annualized returns since inception.

Jun 30 2024

2024 Q2

capital goods, India, inflation, large cap, Manufacturing, ROE, Telecom, Valuations

Itus Capital positions for India's inflationary boom cycle, overweighting manufacturing sectors benefiting from sustained capex. Strong H1 performance of 13.64% reflects thesis validation as telecom ARPU rises after decade-long decline. Large-cap focused portfolio with diversified sizing captures broad-based growth while managing elevated valuations through earnings-contextualized approach.

Mar 31 2024

2024 Q1

cycle, earnings, growth, India, large cap, Margins

Itus Capital outperformed with 20.1% annualized returns by focusing on earnings growth over valuation in India's inflationary boom cycle. Portfolio emphasizes large-cap GDP-facing sectors with sustainable margin expansion. Manager recently called for capital to add two-wheeler and pharma exposure while maintaining liquidity focus and shifting emphasis from return maximization to downside protection.

Dec 31 2023

2023 Q4

INDUSINDBK.NS, NTPC.NS

Banking, growth, India, positioning, Power, value

INDUSINDBK.NS
NTPC.NS

Itus Capital outperformed in 2023 with disciplined investing in Indian businesses with durable franchises. Key themes include power sector supply-demand imbalance and banking sector MSME growth. The manager maintains selective positioning with cash reserves, focusing on consistent long-term performance rather than short-term gains while remaining optimistic about portfolio fundamentals.

Sep 30 2023

2023 Q3

Auto, Financialization, growth, India, large cap, Manufacturing, Nifty, value

Itus outperformed Nifty by 700bps through Q3 2023, focusing on domestic manufacturing over consumption themes. Manager sees India at financialization inflection point similar to 1989 US, with potential for significant wealth creation. Portfolio shifted toward large caps for better liquidity while maintaining growth-at-reasonable-price philosophy. Cash increased as fund prioritizes risk management over return maximization.

Jun 30 2023

2023 Q2

Auto, growth, India, Manufacturing, small caps, value

Itus Capital outperformed Nifty by 348bps in H1 2023 while maintaining disciplined growth-at-reasonable-price strategy. Despite all-time market highs, valuations remain attractive with indices trading at significant discounts to 2021 peaks. Portfolio companies showing strong 20.8% topline growth with favorable FY24 outlook as capex investments drive operating leverage in strong demand environment.

Mar 31 2023

2023 Q1

HDFCBANK.NS, ICICIBANK.NS, INDUSINDBK.NS

Auto Parts, Export, financials, India, inflation, Manufacturing, value

Itus Capital focuses on promoter-run B2B manufacturing and auto ancillary companies positioned for structural themes of capex-driven growth and supply chain resilience. The fund deployed cash during Q1 volatility, maintaining concentrated exposure across manufacturing, auto parts, and select financials while expecting 2023 to offer attractive deployment opportunities.

Dec 31 2022

Sep 30 2022

Jun 30 2022

Mar 31 2022

Dec 31 2021

Asset Managers, Capital markets, E-Commerce, growth, India, Manufacturing, Pharmaceuticals, technology

NYKAA.NS

ITUS Capital delivered 25% annualized returns over 5 years focusing on Indian growth companies with strong unit economics and market share gains. Portfolio cash flows grew 42% IRR despite modest revenue growth. Manager sees India entering golden decade with deleveraged corporates, rising capex, infrastructure investment, and startup wealth creation driving long-term outperformance.

Oct 9 2021

2021 Q3

HDFCAMC.NS, NAZARA.NS

Capital markets, Fintech, gaming, growth, India, value

NAZARA.NS
HDFCAMC.NS

ITUS Capital up 29.5% YTD, outperforming Nifty by 90% cumulatively since inception. Added Nazara Technologies gaming platform, trimmed HDFC AMC. Portfolio companies expanding margins despite supply chain disruptions. Manager turns cautious for first time in 1.5 years, citing investor laxity and plans higher cash balances for selective deployment.

Jul 10 2021

2021 Q2

ALEMBICLTD.NS, ALKEM.NS, BALKRISIND.NS, CAMS.NS, FINEORG.NS, GALAXYSURF.NS, HDFCAMC.NS, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ICICIGI.NS, IEX.NS, INDIAMART.NS, INFY.NS, LTTS.NS, LUPIN.NS, MCX.NS, ORIENTELEC.NS, ROUTE.NS, SYNGENE.NS, TATACONSUM.NS

financials, growth, India, portfolio, Quality, risk management

ITUS Capital posted strong H1 2021 returns of 16.4% while rotating from banks to non-lending financials. Portfolio companies achieved record 157% FCF growth with strong quality metrics. Manager remains optimistic on Indian equities but cautious on valuations and rising retail leverage, emphasizing disciplined position sizing and quality focus over momentum chasing.

Mar 31 2021

2021 Q1

AXISBANK.NS, CAMS.NS, GALAXYSURF.NS, HDFCBANK.NS, ICICIBANK.NS

Banking, Financial Services, growth, India, Mutual Funds, technology

CAMS.NS

ITUS Capital reduced banking cyclicality by exiting Axis Bank while adding CAMS, a dominant Indian mutual fund intermediary with 70% market share. The 21-position portfolio generates 22% earnings growth with 28% ROCE. Manager avoids commodities despite super-cycle narratives and takes a constructive view on rising rates based on historical precedent.

Dec 31 2020

2020 Q4

HDFCBANK.NS, IEX.NS, MCX.NS, WHIRLPOOL.NS

Asset Managers, banks, Exchanges, growth, India, Pharmaceuticals, technology

HDFCBANK.NS
WHIRLPOOL.NS

ITUS Capital returned 40.32% in 2020 through concentrated growth investing in Indian market leaders across banking, exchanges, technology, and pharmaceuticals. Manager believes India enters multi-year bull market supported by low rates driving equity flows. Portfolio benefits from consolidation themes and digital transformation while maintaining discipline around quality management and monopolistic business models.

QUARTER	THEMES	TAGS
2026 Q2	Profit Cycle India Inc's profit-to-GDP reached 5.2%, matching the FY08 peak, but this time driven by financials rather than commodities. The record is margin-driven, not revenue-driven, with gains below the operating line from trough credit costs. From here, earnings growth must come from revenue, which has been scarce, making the next leg harder.	Margins Credit Costs Revenue Growth Financials Cyclical Peak
	Mining & Minerals The fund holds a 12% overweight position in Coal India, Hindustan Copper, JSW Steel, and Vedanta, citing tailwinds from energy security and commodity price support in a supply-disrupted environment. However, the manager explicitly states they are actively trimming this sector, suggesting they view current positioning as stretched despite the tailwinds.	Coal Copper Steel Energy Security Commodities
	Healthcare The fund maintains a 9.1% overweight in Indian pharma names including Eris, Glenmark, Lupin, Piramal, and Torrent. The manager sees strong growth outlook from low-cost manufacturing and lower price erosion in US pharma markets, and explicitly states they continue to selectively add to this sector.	Pharmaceuticals US Pharma Manufacturing Generics
	Chemicals The fund holds a 9% overweight in specialty chemicals through Aether Industries, Navin Fluorine, and SRF. The thesis centers on low cost of production, export competitiveness, and China policy as a medium-term catalyst for the sector.	Specialty Chemicals Exports China Manufacturing
	Banks The fund holds a 12% underweight position in banks including ICICI, HDFC, City Union, and State Bank of India. The manager cites pick-up in credit growth and private capex as drivers, but maintains an underweight stance through selective bottom-up stock picking rather than broad sector exposure.	Credit Growth Private Capex Lending
	Data Centers The manager states they are invested behind India's own data centre buildout, viewing it as a structural, multi-year theme in its own right. This is positioned as distinct from US AI exposure, which the manager views with increasing skepticism on return-on-capital grounds.	Infrastructure Digital Structural Growth
	AI The manager expresses explicit skepticism about US AI capital returns, stating that productivity gains are real but returns are becoming incrementally linear rather than non-linear. They note that output is no longer compounding disproportionately to capital deployed, even as capex intensity rises, and are watching return-on-capital questions closely.	Capex Returns Valuations US Tech
	Earnings The portfolio's underlying businesses are growing revenue at 26.6% and PAT at 40.7% (35.2% excluding JSW Steel's depressed base), both significantly ahead of Nifty 50 and Nifty 500 benchmarks. The manager emphasizes this growth is broad-based across holdings, not concentrated in one or two names, and views it as evidence of genuine operating momentum.	Revenue Growth Profit Growth Operating Performance
2025 Q4	Mining Mining & Minerals was the top performing sector contributing 3.36% to returns, driven primarily by strong stock selection. The fund maintains an overweight position but is cautious on incremental additions at current valuations which are above long-term averages.	Copper Zinc Metals
	Healthcare Healthcare detracted from performance due to tariff-related concerns that led to a sharp correction early in the year. Despite challenges, many businesses continue to invest meaningfully in core franchises and R&D capabilities, with several recovering over time.	Pharmaceuticals Biotechnology
	Financials The fund's exposure spans banks, NBFCs, and select non-lending financial institutions. They remain opportunistic in adding risk selectively, guided by valuation discipline and balance sheet strength.	Banks Insurance
	Infrastructure Industrialisation and GDP-facing sectors represent a potential multi-year opportunity. The fund focuses on businesses that have maintained balance sheet discipline through the recent slowdown, positioning them well for a recovery phase.	Capital Goods Construction
2025 Q3	Platforms Platform businesses are entering a favorable environment with lower interest rates supporting their terminal value. These businesses enjoy network effects and low-cost structures, creating operating leverage. Some well-run Indian platform businesses are showing reduced cash burn and moving toward profitability after spending on customer acquisition over the last decade.	Network Effects Operating Leverage Scalability Terminal Value Cash Burn
	Chemicals India's chemical sector contributes 7% of GDP and is expected to grow from 3-3.5% of global consumption to 10-12% by 2040. Despite recent headwinds, companies have demonstrated resilience through strong cash flow generation and continued investments. Import substitution and export opportunities amid global supply shifts position the sector for sustained growth.	Import Substitution Export Opportunities Domestic Production Cash Flow Generation Capacity Expansion
	Consumption India's growth is driven by the consumption sector, which contributes significantly to revenues and net profit of public equities. The manager believes consumption strength provides a cushion and expects policy support to stimulate micro-level growth through consumption. Rural recovery is expected to drive volume growth.	Rural Recovery Volume Growth Domestic Demand Policy Support Consumer Spending
2025 Q2	Tariffs US tariff policies are creating global trade volatility and uncertainty. The manager discusses how tariffs protect domestic industries at the expense of consumers and global welfare, while potentially increasing inflation and devaluing currency. This uncertain environment requires global allocators to rethink their marginal dollar allocation.	Trade Policy Inflation Global Volatility Currency
	Infrastructure Spending Government capex spending has had a 23% CAGR over the last 3 years but has slowed due to elections and monsoon delays. The manager expects this to spill over into slower earnings but believes capex spending will return towards the end of the financial year, potentially driven by private capex rather than public capex.	Government Capex GDP Private Public
	Earnings Corporate earnings growth has narrowed with Nifty 500 topline growth dropping to 12.6% from 13.4% two quarters prior. Only 36.6% of Nifty 500 companies beat index returns, reflecting narrowness in outperformance. Analyst estimates for FY26 have seen a 4.8% cut between February and June 2025.	Growth Estimates Outperformance Narrowness Cuts
	Pharmaceuticals The pharma bucket contributed significantly to the portfolio's peak-to-trough drawdown of 13.8% in the first two months of 2025. However, the manager sees strong growth outlook benefiting from low-cost manufacturing and lower price erosion in US pharma markets.	Manufacturing US Price Growth Drawdown
2025 Q1	Banks Portfolio is overweight banks with focus on market leaders like ICICI Bank and HDFC Bank. Manager expects bottoms-up outlook on lending growth and views banks as offering better risk-reward at current valuations.	Banking Lending Credit Financial Services Market Leadership
	Pharmaceuticals Strong overweight position in pharma sector benefiting from low-cost manufacturing advantage and lower price erosion in US markets. Holdings include Dr. Reddy's, Aurobindo Pharma, and Piramal Pharma.	Pharma Manufacturing US Markets Generic Drugs Healthcare
	Consumer Overweight consumer staples expecting rural recovery to drive volume growth. Focus on companies building direct go-to-market models. Holdings include ITC, Marico, and Gillette India.	FMCG Rural Recovery Volume Growth Consumer Staples Distribution
	Trade Policy Detailed analysis of US tariffs impact on global trade dynamics. Manager believes India should avoid trade-related disruptions but acknowledges increased global risk premium and uncertainty from changing world order.	Tariffs Trade War Global Trade Risk Premium Geopolitics
2024 Q4	Pharmaceuticals Healthcare continues to be the largest exposure across portfolios with strong growth outlook benefiting from low-cost manufacturing and lower price erosion in US pharma. The manager expects CY25 to be a strong growth sector for pharma which is reflected across portfolio positioning.	Pharma Healthcare Manufacturing US Markets Growth
	Infrastructure Spending Government CAPEX increased from 5.92 lakh Cr in FY22 to 9.48 lakh Cr in FY24, while private CAPEX of top 1000 companies reached 6.99 lakh Cr in FY24 versus 4.58 lakh Cr in FY22. This drives demand for cables, wires and construction-related sectors.	CAPEX Government Private Construction Cables
	Copper India continues to be a net importer of copper and global demand for the metal continues to increase at 2x the pace at which new mines have come up. Supply globally continues to be tepid, which should drive higher prices towards the end of 2025.	Copper Mining Supply Demand Metals
	Capital Markets Growing financialization in the country drives positioning in asset management and platform plays. The manager notes they were slow to ramp up exposures when models showed non-linear growth in capital market plays.	Financialization Asset Management Platform Growth Domestic
2024 Q3	Earnings Strong earnings growth driven by domestic fundamentals with portfolio companies showing 30.6% EPS growth year-over-year. Structural improvement in RoEs for top 500 companies in India over the last 4 years has resulted in strong market performance. Focus on companies where earnings growth is accompanied by RoE expansion.	RoE Growth Fundamentals Margins Capital allocation
	Liquidity Continued environment of easy liquidity with Fed behind the curve on rate cuts and China cutting rates. Domestic participation of equity funds and retail money remains robust, with domestic flows continuing to support the market incrementally and absorbing new supply significantly.	Fed Rates Domestic flows Retail Monetary policy
	Power Increased exposure to power sector over last 6 quarters driven by significant capex by top 6 players in power generation over the last 4 years. Transmission capacity has increased 4x with sub-station capacity expansion, creating opportunities in growing power consumption trends.	Capex Transmission Generation Infrastructure Consumption
	Rural First significant allocation increase to consumer staples in over 6 years based on expected rural consumption recovery. Farm realization higher this season with improved yield, higher prices and lower input costs. States announced Rs 2.1 trillion worth of welfare schemes expected to lead to higher wage growth.	Consumption Agriculture Welfare Income Recovery
2024 Q2	Inflation India is experiencing inflationary factors that benefit GDP growth, with telecom sector ARPU increases after 10 years being a key indicator. The manager positions the fund for an inflationary boom cycle, contrasting with the previous decade's deflationary environment that favored technology.	Telecom ARPU CPI Rates
	Capital Goods Manufacturing-facing sectors including capital goods have significantly expanded ROE over the last 3 years, driven by private, state and central government capital expenditure. The fund maintains overweight positioning in this sector based on continued investment visibility.	Manufacturing ROE Capex Government
	Telecom Infrastructure Telecom sector showing first signs of inflationary pickup with ARPU increases after 10 years since Jio launch. Telecom tariff hikes of 20% can lead to 40 basis points rise in CPI inflation, making it a key beneficiary of the inflationary cycle.	ARPU Jio Tariff Infrastructure
2024 Q1	Earnings Manager emphasizes earnings growth as the primary driver of returns in current cycle, with portfolio companies showing 18.4% EPS growth year-over-year. Focus on sustainability of earnings growth rather than valuation as key investment criterion.	Growth Quality India
	India Strong positioning in Indian market with focus on GDP-facing sectors benefiting from robust economic growth. Manager sees India's structural growth potential translating to 12% nominal returns over 5-year cycles.	Growth GDP Structural
2023 Q4	Power Demand for electricity is outstripping supply capacity additions, with thermal plant load factors increasing from 57% to 68%. The government's renewable energy targets have come at the expense of minimal thermal capacity expansion since 2017, creating structural supply shortages.	Power Generation Thermal Renewable Capacity Demand
	Banking Focus on retail banking and microfinance as growth levers, particularly in MSME lending which is growing at over 30% in India. IndusInd Bank positioned to benefit from increasing domestic demand and small business growth.	Retail Banking MSME Microfinance Loan Growth Cards
2023 Q3	India Manager sees India at an inflection point with financialization accelerating and domestic investors becoming more sophisticated. Compares current India market cap to US in 1989, suggesting potential for 3.5x wealth creation over next decade with government-led infrastructure growth.	Financialization Infrastructure Domestic Growth Inflection
	Capital Markets Detailed analysis of financialization trends showing demat accounts growing 220% and mutual fund investments up 71% over recent period. However, notes that taxpayer base growth of 12% over 4 years constrains addressable market for financial intermediaries.	Demat Mutual Funds Taxpayers Penetration Growth
2023 Q2	Growth The fund targets businesses that can generate at least 15% topline growth over the next 3 years, compounding to 52% absolute growth. Portfolio companies showed 20.8% topline growth in FY23, with strong fundamentals expected to continue in FY24 as companies benefit from operating leverage in a strong demand environment.	Growth Earnings Small Caps
	Value The fund maintains valuation discipline by not paying more than 2x the growth rate from a cash flow multiple. For a business growing at 16%, they would not pay more than 32x on a cash flow basis. This approach helps manage downside risk while capturing growth opportunities.	Value Quality
2023 Q1	Manufacturing Portfolio focused on B2B manufacturing businesses with both domestic and export orientation, including agri-chemicals, auto ancillaries, pharma CDMO, and refractories. Manager expects capex-driven growth globally and manufacturing-led growth for economies to sustain supply chains over the next 3-5 years.	B2B Export Capex Supply Chain Industrial
	Auto Parts Significant exposure to auto ancillary companies seeing strong order book growth through export and domestic markets. Holdings include CV power trains, transmission gears, braking systems, control cables, and telematics. Companies are promoter-run with 30+ year track records and deep client relationships.	Export Order Book Transmission Braking Telematics
	Inflation Manager believes inflation will be structural rather than temporal due to central bank debt levels and inflationary policies aimed at stimulating growth. Expects higher commodity prices and interest rates as structural themes over the next 3-5 years.	Structural Central Bank Commodity Interest Rates Debt
2021 Q4	Growth Fund focuses on growth-oriented businesses with positive unit economics, market share gains, and RoCE greater than 1.5x cost of capital. Portfolio companies showed 42% IRR cash flow growth over 2 years despite revenue growing at only 10% IRR.	Growth Unit Economics Cash Flow Market Share RoCE
	E-commerce Significant investment in Nykaa, an Indian e-commerce platform for beauty and fashion. Manager believes the business can compound at 20% CAGR over 5-7 years despite not being cheap, citing category growth and brand positioning.	E-commerce Beauty Fashion Platform Omnichannel
	Capital Markets Exposure to financial intermediaries and exchanges benefiting from India's financialization trend. Owns businesses in B2B services for mutual fund industry and power trading platforms, though acknowledges pricing power risks at scale.	Exchanges Financialization B2B Services Trading
	Asset Managers Believes COVID provided tailwinds to well-run AMCs with consistent AUM growth and strong RoCE generation. Portfolio companies in this space growing at 38% IRR from cash flow perspective over 2 years.	Asset Management AUM Growth Distribution RoCE
	Pharmaceuticals Owns market leaders across CDMO/CRMO, niche API manufacturing, and integrated pharma companies with concentrated R&D focus. Exposure spans drug discovery and manufacturing segments.	CDMO API Drug Discovery R&D
	India Believes next decade belongs to India from risk-reward perspective with five converging factors: low interest rates, deleveraged corporate balance sheets, growing private capex, government infrastructure investment, and maturing startup ecosystem creating wealth.	India Infrastructure Capex Startups Deleveraging
2021 Q3	Gaming Fund made new investment in Nazara Technologies, a gaming infrastructure platform in India built through acquisitions. The company operates across three verticals: Kidopia (gamified learning), Nordwin (esports streaming), and Openplay (real money gaming). Management is building an ecosystem around acquisitions with synergies in talent acquisition and management.	Gaming Esports Real Money Gaming Infrastructure Acquisitions
	FinTech Banks being enabled by Fintech players with credit growth in retail loan books coming from BNPL schemes. BNPL accounts for approximately 2.4% of US ecommerce payments and is in early stages of growth, expected to drive retail credit growth in coming years. Manager notes importance of monitoring NPAs over time.	BNPL Credit Growth Retail Banking Payments
	Capital Markets Financialization of India becoming more aggressive, evidenced by trends in new brokerage account openings, SIP flows into mutual funds, and increased retail participation in equity markets. This represents a structural shift in how Indian investors engage with capital markets.	Retail Participation Mutual Funds SIP Brokerage
2021 Q2	Quality Manager emphasizes sustainability of returns through investing in growth companies with cash flow growth and quality management. Portfolio companies showed 157% FCF growth year-over-year, the highest since inception. Focus on businesses with strong pricing power, high gross margins (54.23% average) and ROCE (22.62% average).	Cash Flow ROCE Management Sustainability
	Capital Markets Manager reduced exposure to private sector banks after significant gains and redeployed capital into non-lending financials including an AMC, financial infrastructure company, and exchange. Decision driven by reducing leverage, front-ended gains, and better risk-reward opportunities.	Banks AMC Exchange Financials
	Risk Appetite Manager notes retail participation is high with leverage in pockets, creating tail risk if markets turn south. Retail leverage increasing with net retail longs at highest since 2014. While not cause for immediate concern, emphasizes importance of sound portfolio construction in current environment.	Retail Leverage Tail Risk Portfolio
2021 Q1	Banks Manager reduced banking exposure by exiting Axis Bank while maintaining positions in HDFC Bank and ICICI Bank. Emphasizes HDFC Bank's consistent growth and lack of cyclicality compared to peers. Views banking as inherently cyclical due to credit cycles and NPA risks, making buy-and-hold strategies inappropriate.	Banking Credit NPAs PPOP Cyclical
	Capital Markets Added new position in CAMS, a financial intermediary serving the mutual fund industry with 70% market share. Views it as a proxy monopoly with strong operating leverage and sticky revenue model. Sees growth potential from alternate funds, platform aggregation, and KYC services.	Mutual Funds Financial Services Platform Technology B2B
	Rates Addresses investor concerns about rising US 10-year yields but takes a historical perspective. Notes that rate hikes typically occur during economic expansions which are generally positive for equity markets, citing 2004-2008 and 2016-2019 periods as examples.	Interest Rates Fed Policy Yields Inflation
	Commodities Explicitly avoids commodity exposure due to supply-side non-linearity and cyclical nature. Acknowledges potential commodity super-cycle narrative but remains uncomfortable with the volatility. Notes portfolio has minimal input cost exposure to rising commodity prices.	Commodity Cycle Steel Copper Supply Demand
2020 Q4	Banks Private sector banks are beneficiaries of increased consolidation in banking and NBFC sectors following COVID impacts. Manager expects continued market share growth for private banks in an environment of non-obvious sustained credit growth. Portfolio holds no NBFC exposure.	Private Banks Consolidation Market Share Credit Growth HDFC Bank
	Asset Managers Non-lending financials including asset management companies and insurance continue to see tailwinds from AUM perspective and generate strong RoCE for shareholders. Manager has increased exposure in this bucket to market leaders in each segment showing topline growth.	Asset Management Insurance AUM RoCE Market Leaders
	Exchanges Fund owns MCX and added IEX during pandemic. IEX described as interesting monopolistic business with significant growth potential considering exchange volume is only 3% of total power transaction volume.	MCX IEX Power Exchange Monopolistic Volume Growth
	Technology Lockdown represents inflection point for digital businesses globally. Digital transformation has become essential way of running business, benefiting product companies with services built into their business models. Manager owns market leaders showing cash flow growth.	Digital Technology Platforms Cash Flows Market Leaders
	Pharmaceuticals Portfolio includes market leaders in pharma for over 1.5 years with exposures spanning CDMO/CRMO, niche API manufacturing, and integrated pharma companies with concentrated focus on R&D and drug discovery.	CDMO CRMO API R&D Drug Discovery

QUARTER

THEMES

Profit Cycle

India Inc's profit-to-GDP reached 5.2%, matching the FY08 peak, but this time driven by financials rather than commodities. The record is margin-driven, not revenue-driven, with gains below the operating line from trough credit costs. From here, earnings growth must come from revenue, which has been scarce, making the next leg harder.

Margins Credit Costs Revenue Growth Financials Cyclical Peak

Mining & Minerals

The fund holds a 12% overweight position in Coal India, Hindustan Copper, JSW Steel, and Vedanta, citing tailwinds from energy security and commodity price support in a supply-disrupted environment. However, the manager explicitly states they are actively trimming this sector, suggesting they view current positioning as stretched despite the tailwinds.

Coal Copper Steel Energy Security Commodities

Healthcare

The fund maintains a 9.1% overweight in Indian pharma names including Eris, Glenmark, Lupin, Piramal, and Torrent. The manager sees strong growth outlook from low-cost manufacturing and lower price erosion in US pharma markets, and explicitly states they continue to selectively add to this sector.

Pharmaceuticals US Pharma Manufacturing Generics

Chemicals

The fund holds a 9% overweight in specialty chemicals through Aether Industries, Navin Fluorine, and SRF. The thesis centers on low cost of production, export competitiveness, and China policy as a medium-term catalyst for the sector.

Specialty Chemicals Exports China Manufacturing

Banks

The fund holds a 12% underweight position in banks including ICICI, HDFC, City Union, and State Bank of India. The manager cites pick-up in credit growth and private capex as drivers, but maintains an underweight stance through selective bottom-up stock picking rather than broad sector exposure.

Credit Growth Private Capex Lending

Data Centers

The manager states they are invested behind India's own data centre buildout, viewing it as a structural, multi-year theme in its own right. This is positioned as distinct from US AI exposure, which the manager views with increasing skepticism on return-on-capital grounds.

Infrastructure Digital Structural Growth

AI

The manager expresses explicit skepticism about US AI capital returns, stating that productivity gains are real but returns are becoming incrementally linear rather than non-linear. They note that output is no longer compounding disproportionately to capital deployed, even as capex intensity rises, and are watching return-on-capital questions closely.

Capex Returns Valuations US Tech

Earnings

The portfolio's underlying businesses are growing revenue at 26.6% and PAT at 40.7% (35.2% excluding JSW Steel's depressed base), both significantly ahead of Nifty 50 and Nifty 500 benchmarks. The manager emphasizes this growth is broad-based across holdings, not concentrated in one or two names, and views it as evidence of genuine operating momentum.

Revenue Growth Profit Growth Operating Performance

2025 Q4

Mining

Mining & Minerals was the top performing sector contributing 3.36% to returns, driven primarily by strong stock selection. The fund maintains an overweight position but is cautious on incremental additions at current valuations which are above long-term averages.

Copper Zinc Metals

Healthcare

Healthcare detracted from performance due to tariff-related concerns that led to a sharp correction early in the year. Despite challenges, many businesses continue to invest meaningfully in core franchises and R&D capabilities, with several recovering over time.

Pharmaceuticals Biotechnology

Financials

The fund's exposure spans banks, NBFCs, and select non-lending financial institutions. They remain opportunistic in adding risk selectively, guided by valuation discipline and balance sheet strength.

Banks Insurance

Infrastructure

Industrialisation and GDP-facing sectors represent a potential multi-year opportunity. The fund focuses on businesses that have maintained balance sheet discipline through the recent slowdown, positioning them well for a recovery phase.

Capital Goods Construction

2025 Q3

Platforms

Platform businesses are entering a favorable environment with lower interest rates supporting their terminal value. These businesses enjoy network effects and low-cost structures, creating operating leverage. Some well-run Indian platform businesses are showing reduced cash burn and moving toward profitability after spending on customer acquisition over the last decade.

Network Effects Operating Leverage Scalability Terminal Value Cash Burn

Chemicals

India's chemical sector contributes 7% of GDP and is expected to grow from 3-3.5% of global consumption to 10-12% by 2040. Despite recent headwinds, companies have demonstrated resilience through strong cash flow generation and continued investments. Import substitution and export opportunities amid global supply shifts position the sector for sustained growth.

Import Substitution Export Opportunities Domestic Production Cash Flow Generation Capacity Expansion

Consumption

India's growth is driven by the consumption sector, which contributes significantly to revenues and net profit of public equities. The manager believes consumption strength provides a cushion and expects policy support to stimulate micro-level growth through consumption. Rural recovery is expected to drive volume growth.

Rural Recovery Volume Growth Domestic Demand Policy Support Consumer Spending

2025 Q2

Tariffs

US tariff policies are creating global trade volatility and uncertainty. The manager discusses how tariffs protect domestic industries at the expense of consumers and global welfare, while potentially increasing inflation and devaluing currency. This uncertain environment requires global allocators to rethink their marginal dollar allocation.

Trade Policy Inflation Global Volatility Currency

Infrastructure Spending

Government capex spending has had a 23% CAGR over the last 3 years but has slowed due to elections and monsoon delays. The manager expects this to spill over into slower earnings but believes capex spending will return towards the end of the financial year, potentially driven by private capex rather than public capex.

Government Capex GDP Private Public

Earnings

Corporate earnings growth has narrowed with Nifty 500 topline growth dropping to 12.6% from 13.4% two quarters prior. Only 36.6% of Nifty 500 companies beat index returns, reflecting narrowness in outperformance. Analyst estimates for FY26 have seen a 4.8% cut between February and June 2025.

Growth Estimates Outperformance Narrowness Cuts

Pharmaceuticals

The pharma bucket contributed significantly to the portfolio's peak-to-trough drawdown of 13.8% in the first two months of 2025. However, the manager sees strong growth outlook benefiting from low-cost manufacturing and lower price erosion in US pharma markets.

Manufacturing US Price Growth Drawdown

2025 Q1

Banks

Portfolio is overweight banks with focus on market leaders like ICICI Bank and HDFC Bank. Manager expects bottoms-up outlook on lending growth and views banks as offering better risk-reward at current valuations.

Banking Lending Credit Financial Services Market Leadership

Pharmaceuticals

Strong overweight position in pharma sector benefiting from low-cost manufacturing advantage and lower price erosion in US markets. Holdings include Dr. Reddy's, Aurobindo Pharma, and Piramal Pharma.

Pharma Manufacturing US Markets Generic Drugs Healthcare

Consumer

Overweight consumer staples expecting rural recovery to drive volume growth. Focus on companies building direct go-to-market models. Holdings include ITC, Marico, and Gillette India.

FMCG Rural Recovery Volume Growth Consumer Staples Distribution

Trade Policy

Detailed analysis of US tariffs impact on global trade dynamics. Manager believes India should avoid trade-related disruptions but acknowledges increased global risk premium and uncertainty from changing world order.

Tariffs Trade War Global Trade Risk Premium Geopolitics

2024 Q4

Pharmaceuticals

Healthcare continues to be the largest exposure across portfolios with strong growth outlook benefiting from low-cost manufacturing and lower price erosion in US pharma. The manager expects CY25 to be a strong growth sector for pharma which is reflected across portfolio positioning.

Pharma Healthcare Manufacturing US Markets Growth

Infrastructure Spending

Government CAPEX increased from 5.92 lakh Cr in FY22 to 9.48 lakh Cr in FY24, while private CAPEX of top 1000 companies reached 6.99 lakh Cr in FY24 versus 4.58 lakh Cr in FY22. This drives demand for cables, wires and construction-related sectors.

CAPEX Government Private Construction Cables

Copper

India continues to be a net importer of copper and global demand for the metal continues to increase at 2x the pace at which new mines have come up. Supply globally continues to be tepid, which should drive higher prices towards the end of 2025.

Copper Mining Supply Demand Metals

Capital Markets

Growing financialization in the country drives positioning in asset management and platform plays. The manager notes they were slow to ramp up exposures when models showed non-linear growth in capital market plays.

Financialization Asset Management Platform Growth Domestic

2024 Q3

Earnings

Strong earnings growth driven by domestic fundamentals with portfolio companies showing 30.6% EPS growth year-over-year. Structural improvement in RoEs for top 500 companies in India over the last 4 years has resulted in strong market performance. Focus on companies where earnings growth is accompanied by RoE expansion.

RoE Growth Fundamentals Margins Capital allocation

Liquidity

Continued environment of easy liquidity with Fed behind the curve on rate cuts and China cutting rates. Domestic participation of equity funds and retail money remains robust, with domestic flows continuing to support the market incrementally and absorbing new supply significantly.

Fed Rates Domestic flows Retail Monetary policy

Power

Increased exposure to power sector over last 6 quarters driven by significant capex by top 6 players in power generation over the last 4 years. Transmission capacity has increased 4x with sub-station capacity expansion, creating opportunities in growing power consumption trends.

Capex Transmission Generation Infrastructure Consumption

Rural

First significant allocation increase to consumer staples in over 6 years based on expected rural consumption recovery. Farm realization higher this season with improved yield, higher prices and lower input costs. States announced Rs 2.1 trillion worth of welfare schemes expected to lead to higher wage growth.

Consumption Agriculture Welfare Income Recovery

2024 Q2

Inflation

India is experiencing inflationary factors that benefit GDP growth, with telecom sector ARPU increases after 10 years being a key indicator. The manager positions the fund for an inflationary boom cycle, contrasting with the previous decade's deflationary environment that favored technology.

Telecom ARPU CPI Rates

Capital Goods

Manufacturing-facing sectors including capital goods have significantly expanded ROE over the last 3 years, driven by private, state and central government capital expenditure. The fund maintains overweight positioning in this sector based on continued investment visibility.

Manufacturing ROE Capex Government

Telecom Infrastructure

Telecom sector showing first signs of inflationary pickup with ARPU increases after 10 years since Jio launch. Telecom tariff hikes of 20% can lead to 40 basis points rise in CPI inflation, making it a key beneficiary of the inflationary cycle.

ARPU Jio Tariff Infrastructure

2024 Q1

Earnings

Manager emphasizes earnings growth as the primary driver of returns in current cycle, with portfolio companies showing 18.4% EPS growth year-over-year. Focus on sustainability of earnings growth rather than valuation as key investment criterion.

Growth Quality India

India

Strong positioning in Indian market with focus on GDP-facing sectors benefiting from robust economic growth. Manager sees India's structural growth potential translating to 12% nominal returns over 5-year cycles.

Growth GDP Structural

2023 Q4

Power

Demand for electricity is outstripping supply capacity additions, with thermal plant load factors increasing from 57% to 68%. The government's renewable energy targets have come at the expense of minimal thermal capacity expansion since 2017, creating structural supply shortages.

Power Generation Thermal Renewable Capacity Demand

Banking

Focus on retail banking and microfinance as growth levers, particularly in MSME lending which is growing at over 30% in India. IndusInd Bank positioned to benefit from increasing domestic demand and small business growth.

Retail Banking MSME Microfinance Loan Growth Cards

2023 Q3

India

Manager sees India at an inflection point with financialization accelerating and domestic investors becoming more sophisticated. Compares current India market cap to US in 1989, suggesting potential for 3.5x wealth creation over next decade with government-led infrastructure growth.

Financialization Infrastructure Domestic Growth Inflection

Capital Markets

Detailed analysis of financialization trends showing demat accounts growing 220% and mutual fund investments up 71% over recent period. However, notes that taxpayer base growth of 12% over 4 years constrains addressable market for financial intermediaries.

Demat Mutual Funds Taxpayers Penetration Growth

2023 Q2

Growth

The fund targets businesses that can generate at least 15% topline growth over the next 3 years, compounding to 52% absolute growth. Portfolio companies showed 20.8% topline growth in FY23, with strong fundamentals expected to continue in FY24 as companies benefit from operating leverage in a strong demand environment.

Growth Earnings Small Caps

Value

The fund maintains valuation discipline by not paying more than 2x the growth rate from a cash flow multiple. For a business growing at 16%, they would not pay more than 32x on a cash flow basis. This approach helps manage downside risk while capturing growth opportunities.

Value Quality

2023 Q1

Manufacturing

Portfolio focused on B2B manufacturing businesses with both domestic and export orientation, including agri-chemicals, auto ancillaries, pharma CDMO, and refractories. Manager expects capex-driven growth globally and manufacturing-led growth for economies to sustain supply chains over the next 3-5 years.

B2B Export Capex Supply Chain Industrial

Auto Parts

Significant exposure to auto ancillary companies seeing strong order book growth through export and domestic markets. Holdings include CV power trains, transmission gears, braking systems, control cables, and telematics. Companies are promoter-run with 30+ year track records and deep client relationships.

Export Order Book Transmission Braking Telematics

Inflation

Manager believes inflation will be structural rather than temporal due to central bank debt levels and inflationary policies aimed at stimulating growth. Expects higher commodity prices and interest rates as structural themes over the next 3-5 years.

Structural Central Bank Commodity Interest Rates Debt

2021 Q4

Growth

Fund focuses on growth-oriented businesses with positive unit economics, market share gains, and RoCE greater than 1.5x cost of capital. Portfolio companies showed 42% IRR cash flow growth over 2 years despite revenue growing at only 10% IRR.

Growth Unit Economics Cash Flow Market Share RoCE

E-commerce

Significant investment in Nykaa, an Indian e-commerce platform for beauty and fashion. Manager believes the business can compound at 20% CAGR over 5-7 years despite not being cheap, citing category growth and brand positioning.

E-commerce Beauty Fashion Platform Omnichannel

Capital Markets

Exposure to financial intermediaries and exchanges benefiting from India's financialization trend. Owns businesses in B2B services for mutual fund industry and power trading platforms, though acknowledges pricing power risks at scale.

Exchanges Financialization B2B Services Trading

Asset Managers

Believes COVID provided tailwinds to well-run AMCs with consistent AUM growth and strong RoCE generation. Portfolio companies in this space growing at 38% IRR from cash flow perspective over 2 years.

Asset Management AUM Growth Distribution RoCE

Pharmaceuticals

Owns market leaders across CDMO/CRMO, niche API manufacturing, and integrated pharma companies with concentrated R&D focus. Exposure spans drug discovery and manufacturing segments.

CDMO API Drug Discovery R&D

India

Believes next decade belongs to India from risk-reward perspective with five converging factors: low interest rates, deleveraged corporate balance sheets, growing private capex, government infrastructure investment, and maturing startup ecosystem creating wealth.

India Infrastructure Capex Startups Deleveraging

2021 Q3

Gaming

Fund made new investment in Nazara Technologies, a gaming infrastructure platform in India built through acquisitions. The company operates across three verticals: Kidopia (gamified learning), Nordwin (esports streaming), and Openplay (real money gaming). Management is building an ecosystem around acquisitions with synergies in talent acquisition and management.

Gaming Esports Real Money Gaming Infrastructure Acquisitions

FinTech

Banks being enabled by Fintech players with credit growth in retail loan books coming from BNPL schemes. BNPL accounts for approximately 2.4% of US ecommerce payments and is in early stages of growth, expected to drive retail credit growth in coming years. Manager notes importance of monitoring NPAs over time.

BNPL Credit Growth Retail Banking Payments

Capital Markets

Financialization of India becoming more aggressive, evidenced by trends in new brokerage account openings, SIP flows into mutual funds, and increased retail participation in equity markets. This represents a structural shift in how Indian investors engage with capital markets.

Retail Participation Mutual Funds SIP Brokerage

2021 Q2

Quality

Manager emphasizes sustainability of returns through investing in growth companies with cash flow growth and quality management. Portfolio companies showed 157% FCF growth year-over-year, the highest since inception. Focus on businesses with strong pricing power, high gross margins (54.23% average) and ROCE (22.62% average).

Cash Flow ROCE Management Sustainability

Capital Markets

Manager reduced exposure to private sector banks after significant gains and redeployed capital into non-lending financials including an AMC, financial infrastructure company, and exchange. Decision driven by reducing leverage, front-ended gains, and better risk-reward opportunities.

Banks AMC Exchange Financials

Risk Appetite

Manager notes retail participation is high with leverage in pockets, creating tail risk if markets turn south. Retail leverage increasing with net retail longs at highest since 2014. While not cause for immediate concern, emphasizes importance of sound portfolio construction in current environment.

Retail Leverage Tail Risk Portfolio

2021 Q1

Banks

Manager reduced banking exposure by exiting Axis Bank while maintaining positions in HDFC Bank and ICICI Bank. Emphasizes HDFC Bank's consistent growth and lack of cyclicality compared to peers. Views banking as inherently cyclical due to credit cycles and NPA risks, making buy-and-hold strategies inappropriate.

Banking Credit NPAs PPOP Cyclical

Capital Markets

Added new position in CAMS, a financial intermediary serving the mutual fund industry with 70% market share. Views it as a proxy monopoly with strong operating leverage and sticky revenue model. Sees growth potential from alternate funds, platform aggregation, and KYC services.

Mutual Funds Financial Services Platform Technology B2B

Rates

Addresses investor concerns about rising US 10-year yields but takes a historical perspective. Notes that rate hikes typically occur during economic expansions which are generally positive for equity markets, citing 2004-2008 and 2016-2019 periods as examples.

Interest Rates Fed Policy Yields Inflation

Commodities

Explicitly avoids commodity exposure due to supply-side non-linearity and cyclical nature. Acknowledges potential commodity super-cycle narrative but remains uncomfortable with the volatility. Notes portfolio has minimal input cost exposure to rising commodity prices.

Commodity Cycle Steel Copper Supply Demand

2020 Q4

Banks

Private sector banks are beneficiaries of increased consolidation in banking and NBFC sectors following COVID impacts. Manager expects continued market share growth for private banks in an environment of non-obvious sustained credit growth. Portfolio holds no NBFC exposure.

Private Banks Consolidation Market Share Credit Growth HDFC Bank

Asset Managers

Non-lending financials including asset management companies and insurance continue to see tailwinds from AUM perspective and generate strong RoCE for shareholders. Manager has increased exposure in this bucket to market leaders in each segment showing topline growth.

Asset Management Insurance AUM RoCE Market Leaders

Exchanges

Fund owns MCX and added IEX during pandemic. IEX described as interesting monopolistic business with significant growth potential considering exchange volume is only 3% of total power transaction volume.

MCX IEX Power Exchange Monopolistic Volume Growth

Technology

Lockdown represents inflection point for digital businesses globally. Digital transformation has become essential way of running business, benefiting product companies with services built into their business models. Manager owns market leaders showing cash flow growth.

Digital Technology Platforms Cash Flows Market Leaders

Pharmaceuticals

Portfolio includes market leaders in pharma for over 1.5 years with exposures spanning CDMO/CRMO, niche API manufacturing, and integrated pharma companies with concentrated focus on R&D and drug discovery.

CDMO CRMO API R&D Drug Discovery

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Dec 31, 2024	Fund Letters	ITUS Capital	KEIIND.NS	KEI Industries	Capital Goods	Electrical Components & Equipment	Bull	NSE	Cables, Capital Goods, EHV Cables, Export Opportunity, Government Capex, infrastructure, Power Transmission, renewable energy	Login
Dec 31, 2024	Fund Letters	ITUS Capital	ICICIGI.NS	ICICI Lombard General Insurance Company	Financial Services	Insurance	Bull	NSE	distribution network, General Insurance, Marine Cargo, market share gains, Motor Insurance, premium growth, underwriting discipline	Login
Dec 31, 2021	Fund Letters	ITUS Capital	NYKAA.NS	Nykaa	Internet Retail	Internet & Direct Marketing Retail	Bull	National Stock Exchange of India	B2B Platform, Beauty, Content Commerce, e-commerce, founder-led, India, market leader, Omnichannel, personal care, premiumization	Login
Oct 9, 2021	Fund Letters	ITUS Capital	NAZARA.NS	Nazara Technologies	Electronic Gaming & Multimedia	Interactive Media & Services	Bull	National Stock Exchange of India	Acquisitions, Edtech, Equity, Esports, Gaming, India, Infrastructure Platform, Real Money Gaming, Streaming	Login
Oct 9, 2021	Fund Letters	ITUS Capital	HDFCAMC.NS	HDFC Asset Management Company	Asset Management	Asset Management & Custody Banks	Bear	National Stock Exchange of India	asset management, AUM, Equity, financials, India, Market Share Loss, Mutual Funds, SIP, Underperformance	Login
Mar 31, 2021	Fund Letters	ITUS Capital	CAMS.NS	Computer Age Management Services	Information Technology Services	Financial Exchanges & Data	Bull	National Stock Exchange of India	B2B Services, financial services, India, market leader, Mutual Funds, operating leverage, recurring revenue, technology platform, Transfer Agency	Login
Dec 31, 2020	Fund Letters	ITUS Capital	HDFCBANK.NS	HDFC Bank Limited	Banks - Regional	Banks	Bull	National Stock Exchange of India	asset quality, Collections, contrarian, COVID impact, financial services, India, leadership transition, Private Sector Bank, Value	Login
Dec 31, 2020	Fund Letters	ITUS Capital	WHIRLPOOL.NS	Whirlpool of India Limited	Furnishings, Fixtures & Appliances	Household Durables	Bear	National Stock Exchange of India	Consumer Durables, exit strategy, Home Appliances, India, Management Change, Opportunity-Cost, valuation	Login
-	Fund Letters	ITUS Capital	INDUSINDBK.NS	IndusInd Bank	Financials	Banks	Bull	NSE	Bank, credit cards, India, loan growth, Management Quality, Microfinance, MSME Lending, retail banking	Login
-	Fund Letters	ITUS Capital	NTPC.NS	NTPC Limited	Utilities	Electric Utilities	Bull	NSE	Capacity utilization, coal, Government Policy, India, Power generation, renewable energy, Supply-Demand Imbalance, Thermal Power	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Dec 31, 2024

Fund Letters

ITUS Capital

KEIIND.NS

KEI Industries

Capital Goods

Electrical Components & Equipment

Bull

NSE

Cables, Capital Goods, EHV Cables, Export Opportunity, Government Capex, infrastructure, Power Transmission, renewable energy

Dec 31, 2024

Fund Letters

ITUS Capital

ICICIGI.NS

ICICI Lombard General Insurance Company

Financial Services

Insurance

Bull

NSE

distribution network, General Insurance, Marine Cargo, market share gains, Motor Insurance, premium growth, underwriting discipline

Dec 31, 2021

Fund Letters

ITUS Capital

NYKAA.NS

Nykaa

Internet Retail

Internet & Direct Marketing Retail

Bull

National Stock Exchange of India

B2B Platform, Beauty, Content Commerce, e-commerce, founder-led, India, market leader, Omnichannel, personal care, premiumization

Oct 9, 2021

Fund Letters

ITUS Capital

NAZARA.NS

Nazara Technologies

Electronic Gaming & Multimedia

Interactive Media & Services

Bull

National Stock Exchange of India

Acquisitions, Edtech, Equity, Esports, Gaming, India, Infrastructure Platform, Real Money Gaming, Streaming

Oct 9, 2021

Fund Letters

ITUS Capital

HDFCAMC.NS

HDFC Asset Management Company

Asset Management

Asset Management & Custody Banks

Bear

National Stock Exchange of India

asset management, AUM, Equity, financials, India, Market Share Loss, Mutual Funds, SIP, Underperformance

Mar 31, 2021

Fund Letters

ITUS Capital

CAMS.NS

Computer Age Management Services

Information Technology Services

Financial Exchanges & Data

Bull

National Stock Exchange of India

B2B Services, financial services, India, market leader, Mutual Funds, operating leverage, recurring revenue, technology platform, Transfer Agency

Dec 31, 2020

Fund Letters

ITUS Capital

HDFCBANK.NS

HDFC Bank Limited

Banks - Regional

Banks

Bull

National Stock Exchange of India

asset quality, Collections, contrarian, COVID impact, financial services, India, leadership transition, Private Sector Bank, Value

Dec 31, 2020

Fund Letters

ITUS Capital

WHIRLPOOL.NS

Whirlpool of India Limited

Furnishings, Fixtures & Appliances

Household Durables

Bear

National Stock Exchange of India

Consumer Durables, exit strategy, Home Appliances, India, Management Change, Opportunity-Cost, valuation

Fund Letters

ITUS Capital

INDUSINDBK.NS

IndusInd Bank

Financials

Banks

Bull

NSE

Bank, credit cards, India, loan growth, Management Quality, Microfinance, MSME Lending, retail banking

Fund Letters

ITUS Capital

NTPC.NS

NTPC Limited

Utilities

Electric Utilities

Bull

NSE

Capacity utilization, coal, Government Policy, India, Power generation, renewable energy, Supply-Demand Imbalance, Thermal Power

TICKER	COMMENTARY
JSWSTEEL.NS	One honest caveat on the PAT number before we lean on it: 40.7% includes JSW Steel, a position coming off a depressed prior-year base, which alone contributes roughly 5.5 percentage points to that figure. Strip it out and portfolio PAT growth is 35.2%, still comfortably ahead of both benchmarks, and the more representative number to carry forward.
COALINDIA.NS	Tailwinds around energy security and commodity price support in a supply-disrupted environment. Part of Mining & Minerals sector where we are actively trimming.
HINDCOPPER.NS	Tailwinds around energy security and commodity price support in a supply-disrupted environment. Part of Mining & Minerals sector where we are actively trimming.
VEDL.NS	Tailwinds around energy security and commodity price support in a supply-disrupted environment. Part of Mining & Minerals sector where we are actively trimming.
ERIS.NS	Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.
GLENMARK.NS	Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.
LUPIN.NS	Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.
PIRAMALPHARM.NS	Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.
TORNTPHARM.NS	Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.
AETHER.NS	Benefit from low cost of production and exports; China policy as medium-term catalyst.
NAVINFLUOR.NS	Benefit from low cost of production and exports; China policy as medium-term catalyst.
SRF.NS	Benefit from low cost of production and exports; China policy as medium-term catalyst.
TITAN.NS	Growth in discretionary consumption of jewellery in gold and LGD categories.
ABB.NS	Bottom-up bet on capex with digitisation of grid acting as tailwinds.
CGPOWER.NS	Bottom-up bet on capex with digitisation of grid acting as tailwinds.
SCHAEFFLER.NS	Bottom-up bet on capex with digitisation of grid acting as tailwinds.
ICICIGI.NS	Strong underwriting along with normalisation in growth.
STARHEALTH.NS	Strong underwriting along with normalisation in growth.
ADANIPORTS.NS	Proxy for GDP growth; multiple levers for margin expansion from international business.
ICICIBANK.NS	Pick-up in credit growth and private capex; selective bottom-up stock picking. Part of underweight Banks position.

TICKER

COMMENTARY

JSWSTEEL.NS

One honest caveat on the PAT number before we lean on it: 40.7% includes JSW Steel, a position coming off a depressed prior-year base, which alone contributes roughly 5.5 percentage points to that figure. Strip it out and portfolio PAT growth is 35.2%, still comfortably ahead of both benchmarks, and the more representative number to carry forward.

COALINDIA.NS

Tailwinds around energy security and commodity price support in a supply-disrupted environment. Part of Mining & Minerals sector where we are actively trimming.

HINDCOPPER.NS

Tailwinds around energy security and commodity price support in a supply-disrupted environment. Part of Mining & Minerals sector where we are actively trimming.

VEDL.NS

Tailwinds around energy security and commodity price support in a supply-disrupted environment. Part of Mining & Minerals sector where we are actively trimming.

ERIS.NS

Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.

GLENMARK.NS

Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.

LUPIN.NS

Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.

PIRAMALPHARM.NS

Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.

TORNTPHARM.NS

Strong growth outlook benefitting from low-cost manufacturing; lower price erosion in US pharma. Part of Healthcare sector where we continue to selectively add.

AETHER.NS

Benefit from low cost of production and exports; China policy as medium-term catalyst.

NAVINFLUOR.NS

Benefit from low cost of production and exports; China policy as medium-term catalyst.

SRF.NS

Benefit from low cost of production and exports; China policy as medium-term catalyst.

TITAN.NS

Growth in discretionary consumption of jewellery in gold and LGD categories.

ABB.NS

Bottom-up bet on capex with digitisation of grid acting as tailwinds.

CGPOWER.NS

Bottom-up bet on capex with digitisation of grid acting as tailwinds.

SCHAEFFLER.NS

Bottom-up bet on capex with digitisation of grid acting as tailwinds.

ICICIGI.NS

Strong underwriting along with normalisation in growth.

STARHEALTH.NS

Strong underwriting along with normalisation in growth.

ADANIPORTS.NS

Proxy for GDP growth; multiple levers for margin expansion from international business.

ICICIBANK.NS

Pick-up in credit growth and private capex; selective bottom-up stock picking. Part of underweight Banks position.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
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Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

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Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells 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

Industry

Prev Quarter %

Current Quarter %

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No industry data available

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

Profit Cycle

Mining & Minerals

Healthcare

Chemicals

Banks

Data Centers

AI

Earnings

Mining

Healthcare

Financials

Infrastructure

Platforms

Chemicals

Consumption

Tariffs

Infrastructure Spending

Earnings

Pharmaceuticals

Banks

Pharmaceuticals

Consumer

Trade Policy

Pharmaceuticals

Infrastructure Spending

Copper

Capital Markets

Earnings

Liquidity

Power

Rural

Inflation

Capital Goods

Telecom Infrastructure

Earnings

India

Power

Banking

India

Capital Markets

Growth

Value

Manufacturing

Auto Parts

Inflation

Growth

E-commerce

Capital Markets

Asset Managers

Pharmaceuticals

India

Gaming

FinTech

Capital Markets

Quality

Capital Markets

Risk Appetite

Banks

Capital Markets

Rates

Commodities

Banks

Asset Managers

Exchanges

Technology

Pharmaceuticals

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include: