| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.7% | 0% | 23.5% |
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 23.5% | 17.9% | 35.8% | -6.8% |
Tapasya Investment Fund I delivered strong performance in 2025 with 23.5% net returns, extending their lead over the S&P 500's 17.9% return. The fund's core thesis centers on concentrated investments in high-quality businesses at fair valuations, employing value-based investing principles with global diversification across the US, Europe, and Asia. Top contributors included Alphabet, Prosus, and Carvana, while the fund added new positions in Interactive Brokers, Global-E, and Adobe. The manager extensively addresses AI bubble concerns, noting extremely stretched valuations in semiconductors and AI hardware while avoiding these sectors due to cash flow uncertainty. The homebuilder sector remains challenged by affordability issues despite the fund's conviction in Builder FirstSource. Portfolio changes included a 6.9% turnover rate with strategic exits from underperforming positions. The fund adopted more capital-efficient liquidity management, deploying uninvested cash into broad indices rather than holding idle cash. With structural patience and deep fundamental research as competitive advantages, the manager expects continued long-term outperformance despite potential short-term volatility in current complex macroeconomic conditions.
Concentrated investments in high-quality businesses at fair valuations can outperform indices over the long term through patient capital deployment and fundamental research.
The manager expects long-term success from their value-based approach despite potential short-term underperformance during periods of extreme sectoral valuation surges. They anticipate Builder FirstSource will perform well once the housing market rebounds, and maintain conviction in their concentrated portfolio of high-quality businesses.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 6 2026 | 2025 Q4 | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | - | Tapasya delivered 23.5% net returns in 2025, outperforming the S&P 500 through concentrated value investing in quality businesses globally. Strong performance from Alphabet, Prosus, and Carvana offset weakness in Lululemon and Chipotle. The fund avoids AI bubble sectors while maintaining conviction in long-term holdings, implementing capital-efficient liquidity management for patient value creation. |
| Jul 2 2025 | 2025 Q2 | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Discipline, Patience, Quality, rates, small caps, technology | - | Pittenger & Anderson advocates disciplined long-term investing through Intelligence, Consistency, Quality, and Patience rather than media-driven fear and greed. AI continues dominating markets with extreme concentration in top 10 S&P companies. Fed rate cuts and strong performance support spending on meaningful experiences, though elevated margin debt levels suggest caution for future returns. |
| Jan 8 2025 | 2024 Q4 | AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology | - | P&A marks 30 years by reaffirming that high-quality equities offer attractive long-term upside despite volatility. After navigating tariff-induced market turbulence and recovery, the firm sees AI productivity gains and international diversification as key themes while maintaining focus on quality companies over short-term market predictions. |
| Jul 2 2024 | 2024 Q2 | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy | RIVN | Surowiec highlights growing tension between Trump Administration policies and business leaders, with 70% of CEOs reporting tariff harm. Policy uncertainty without private sector consultation creates compounding costs that will eventually impact corporate performance. Despite market stability, the manager warns of inevitable economic strain and maintains focus on resilient businesses with strong fundamentals positioned to adapt to policy volatility. |
| Jul 2 2024 | 2024 Q2 | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy | RIVN | Surowiec highlights growing tension between Trump Administration policies and business leaders, with 70% of CEOs reporting tariff harm. Policy uncertainty without private sector consultation creates compounding costs that will eventually impact corporate performance. Despite market stability, the manager warns of inevitable economic strain and maintains focus on resilient businesses with strong fundamentals positioned to adapt to policy volatility. |
| Jan 4 2024 | 2023 Q4 | NVO, RIVN, STZ | fundamentals, Macro, Quality, Resilience, value | - | GDS Investments maintains that company fundamentals trump macro conditions despite recent market changes. While acknowledging headwinds from higher rates and tariffs, the manager argues strong businesses with strategic moats will navigate current challenges. Recent volatility created attractive entry points for quality names like Rivian, Constellation Brands, and Novo Nordisk, reinforcing core value investing principles. |
| Jan 4 2024 | 2023 Q4 | NVO, RIVN, STZ | fundamentals, Macro, Quality, Resilience, value | - | GDS Investments maintains that company fundamentals trump macro conditions despite recent market changes. While acknowledging headwinds from higher rates and tariffs, the manager argues strong businesses with strategic moats will navigate current challenges. Recent volatility created attractive entry points for quality names like Rivian, Constellation Brands, and Novo Nordisk, reinforcing core value investing principles. |
| Jul 10 2023 | 2023 Q2 | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, tariffs, technology, Trade Policy, value |
GOOGL AMZN TDW AVALX SLB RIVN STZ |
GDS Investments maintains value-focused positioning despite Trump tariff-driven market turmoil, holding capital-light tech names and cyclically positioned energy investments while adding recession-resistant Constellation Brands. Manager views current disruption as major inflection point creating opportunities for patient investors, expecting policy reversals following anticipated Republican midterm losses in 2026. |
| Jul 10 2023 | 2023 Q2 | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, tariffs, technology, Trade Policy, value |
GOOGL AMZN TDW AVALX SLB RIVN STZ |
GDS Investments maintains value-focused positioning despite Trump tariff-driven market turmoil, holding capital-light tech names and cyclically positioned energy investments while adding recession-resistant Constellation Brands. Manager views current disruption as major inflection point creating opportunities for patient investors, expecting policy reversals following anticipated Republican midterm losses in 2026. |
| Jan 3 2023 | 2022 Q4 | - | - | - | |
| Jan 3 2023 | 2022 Q4 | - | - | - | |
| Sep 10 2022 | 2022 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIManager addresses whether we are in an AI bubble, concluding no overall market bubble exists but acknowledges extremely stretched valuations in AI-associated hardware and semiconductors. Views AI as the most significant digital disruptor of our lifetime that will make investing more challenging by eroding traditional competitive advantages. |
Artificial Intelligence Bubble Semiconductors Hardware Disruption |
ValueFund employs value-based investing principles, often underperforming during periods of extreme sectoral valuation surges but expecting long-term success. Avoids businesses valued excessively based on future cash flow projections and focuses on high-quality businesses at fair valuations. |
Value Investing Fair Valuations Cash Flows Quality | |
HomebuildersAnticipated recovery in homebuilder sector has stalled due to persistent affordability issues from high home prices, despite lower interest rates and strong wages. Manager maintains strong conviction in Builder FirstSource despite current housing market recession, anticipating performance once affordability crisis is addressed. |
Housing Affordability Building Materials Recovery | |
| 2025 Q2 |
AIThe Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index. |
Technology Concentration Leadership Growth Innovation |
QualityHigh-quality investments with financial strength, consistent profitability, strong balance sheets, durable competitive advantages, and strong leadership are emphasized as easier to hold through difficult markets and aid in maintaining consistency through full cycles. |
Fundamentals Moats Leadership Durability Consistency | |
| 2024 Q4 |
AIAI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements. |
Productivity Efficiency Margins Technology Innovation |
Trade PolicyUniversal tariffs announced by President Trump triggered significant market volatility with the S&P 500 declining 21% before recovering on news of a 90-day pause. Markets are watching for clarity on trade policy and its inflation impact. |
Tariffs Inflation Volatility Policy Trade | |
| 2024 Q2 |
Trade PolicyThe manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring. |
Tariffs Policy Business Costs Consultation |
Electric VehiclesThe manager references research suggesting EV penetration will rise meaningfully over the next cycle. They view Rivian as well positioned to capitalize on the electric transition, citing it as a relatively recent addition to their portfolio. |
EV Penetration Transition Rivian Auto | |
| 2024 Q2 |
Trade PolicyThe manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring. |
Tariffs Policy Business Costs Consultation |
Electric VehiclesThe manager references research suggesting EV penetration will rise meaningfully over the next cycle. They view Rivian as well positioned to capitalize on the electric transition, citing it as a relatively recent addition to their portfolio. |
EV Penetration Transition Rivian Auto | |
| 2023 Q4 |
ValueThe manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced. |
Value Fundamentals Entry Points Quality Discounts |
| 2023 Q4 |
ValueThe manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced. |
Value Fundamentals Entry Points Quality Discounts |
| 2023 Q2 |
Trade PolicyTrump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment. |
Tariffs Trade Policy Uncertainty Inflation |
Energy TransitionThe manager maintains positions in oil and gas investments including Tidewater, Valaris, and Schlumberger, seeing a favorable capital cycle positioning. They also hold Rivian as a domestic EV play positioned to benefit from Tesla's decline and offering strong technology capabilities. |
Oil Gas Electric Vehicles Cyclical Capital | |
ValueThe manager emphasizes Warren Buffett's outperformance during market stress as validation of value investing principles. They focus on capital-light businesses and companies trading at attractive valuations during market downturns, positioning for long-term opportunities. |
Buffett Undervalued Opportunity Downturn Patient | |
| 2023 Q2 |
Trade PolicyTrump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment. |
Tariffs Trade Policy Uncertainty Inflation |
Energy TransitionThe manager maintains positions in oil and gas investments including Tidewater, Valaris, and Schlumberger, seeing a favorable capital cycle positioning. They also hold Rivian as a domestic EV play positioned to benefit from Tesla's decline and offering strong technology capabilities. |
Oil Gas Electric Vehicles Cyclical Capital | |
ValueThe manager emphasizes Warren Buffett's outperformance during market stress as validation of value investing principles. They focus on capital-light businesses and companies trading at attractive valuations during market downturns, positioning for long-term opportunities. |
Buffett Undervalued Opportunity Downturn Patient |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 11, 2025 | Fund Letters | Tapasya Investment Fund | RIVN | Rivian Automotive Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | automotive, Electric Vehicles, Electrification, EV, growth, Thematic, Transition | Login |
| Oct 11, 2025 | Fund Letters | Tapasya Investment Fund | RIVN | Rivian Automotive Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | automotive, Electric Vehicles, Electrification, EV, growth, Thematic, Transition | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Capital-light, defensive, efficiency, innovation, Long-term, technology | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Capital-light, defensive, efficiency, innovation, Long-term, technology | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, consumer, defensive, e-commerce, efficiency, innovation, Long-term | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | TDW | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, consumer, defensive, e-commerce, efficiency, innovation, Long-term | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | AVALX | Valaris Limited | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | TDW | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | SLB | Schlumberger Limited | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, market leadership, oilfield services, technology, Value | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | AVALX | Valaris Limited | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | RIVN | Rivian Automotive Inc. | Consumer Discretionary | Automobiles | Bull | NASDAQ | domestic production, Electric Vehicles, growth, Mass market, Partnership, Software, technology | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | SLB | Schlumberger Limited | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, market leadership, oilfield services, technology, Value | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | STZ | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | RIVN | Rivian Automotive Inc. | Consumer Discretionary | Automobiles | Bull | NASDAQ | domestic production, Electric Vehicles, growth, Mass market, Partnership, Software, technology | Login |
| Apr 9, 2025 | Fund Letters | Tapasya Investment Fund | STZ | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed | Login |
| TICKER | COMMENTARY |
|---|---|
| 0700.HK | Prosus is a core, long-term holding primarily valued for its substantial stake in Tencent, a company we believe has significant growth potential and a strong global competitive advantage. A key element of our thesis is that Prosus's current market capitalization is less than the value of its Tencent holding alone. We will consider a direct investment in Tencent, taking tax implications into account, if management is unable to effectively close this valuation gap in the near future. |
| ADBE | This year, we successfully introduced several new positions to our portfolio. We also invested in Global E Online (GLBE), an Israel-based company, and Adobe. I believe Adobe is currently available at a discount due to an over-correction driven by AI fears. Adobe represents a smaller, roughly 2% initial bet. |
| ADYEN.AS | Moving to country allocation, the below chart provides more details. US continues to be bulk of our holding followed by Netherlands (Prosus, Adyen and Universal Music Group) followed by China (Alibaba), Israel (Global-E) and Canada (Lululemon). |
| BABA | Moving to country allocation, the below chart provides more details. US continues to be bulk of our holding followed by Netherlands (Prosus, Adyen and Universal Music Group) followed by China (Alibaba), Israel (Global-E) and Canada (Lululemon). |
| BLDR | We maintain a strong conviction in Builder FirstSource (BLDR) and have no intention of selling. BLDR is an excellent company with a top-tier management team. They have demonstrated superb capital allocation, notably buying back over half of their shares since 2021 and strategically acquiring companies to gain market share in a fragmented industry. We anticipate BLDR will perform well once the housing market eventually rebounds. Builder First Source (BLDR) is positioned as a strong long-term holding, demonstrating excellent capital management with a Return on Invested Capital exceeding 20%. As a key manufacturer and supplier in the building materials sector, the company generates substantial free cash flow. This cash is strategically allocated to acquisitions within the fragmented market and significant stock repurchases, having already retired approximately a third of its outstanding shares. Despite the current housing market recession, the outlook remains positive. The U.S. faces a persistent housing deficit of 3 to 5 million homes. A strong recovery and subsequent performance are anticipated for BLDR once the underlying housing affordability crisis is addressed, leading to a broader industry rebound. Our bottom performers were Lululemon, Chipotle, and Builder FirstSource. |
| CMG | Chipotle Mexican Grill (CMG): Chipotle's performance in 2025 was disappointing, primarily due to heightened competition and margin pressure resulting from increased labor and food costs that outpaced menu price increases. The market punished the stock for a temporary slowdown in same-store sales growth. Despite this challenging year, our conviction in CMG as a long-term holding remains robust. The company maintains a strong brand, superior unit economics, and a clear runway for expansion. We view the current market pessimism as a buying opportunity and intend to treat CMG as a foundational, multi-year holding. Our bottom performers were Lululemon, Chipotle, and Builder FirstSource. |
| CVNA | Our top contributors to our performance were Alphabet, Prosus, and Carvana. Carvana (CVNA) continues to exceed execution expectations, successfully gaining market share and delivering profitable revenue growth. The recent surge in December was largely attributed to its inclusion in the S&P 500, which also validates our initial investment thesis. Given the significant increase in its valuation, I may look to trim this position in 2026. This potential decision would be driven by seizing higher-return opportunities elsewhere (opportunity cost), rather than a lack of confidence in the company or its management team. |
| FNMA | We fully exited one position, Howard Hughes Holding, and trimmed our investment in Fannie Mae. The Fannie Mae trade was a short-term success, yielding a 10x return on our original investment price, although we sold about half of the position when it was at a little over 4x its cost. Our investment philosophy generally favors a long-term holding strategy. Consequently, I categorize a 'SELL' decision as a mistake, with the exception of specific short-term trades like Fannie Mae (FNMA). |
| GLBE | As mentioned in my bi-annual letter, we did take advantage of this volatility buying into IBKR (Interactive Brokers) which has now become a core holding for us and amongst the top 10 positions we hold. It has also performed exceedingly well since our purchase. Specifically, we added three companies to the portfolio—IBKR, GLBE, and ADBE. This year, we successfully introduced several new positions to our portfolio. We are particularly pleased with the addition of Interactive Brokers (IBKR). We also invested in Global E Online (GLBE), an Israel-based company, and Adobe. GLBE currently constitutes about 3% of the portfolio, and I anticipate this percentage will increase over time. |
| GOOG | Our top contributors to our performance were Alphabet, Prosus, and Carvana. Alphabet (Google): A Foundational Long-Term Hold Alphabet was the initial investment when the fund was established. We believe the market has underestimated the significant competitive advantages, or 'moats,' surrounding its core business. Concerns about the decline of its search business, early stumbles in AI launches, and the potential impact of the antitrust court decision were overblown and heavily discounted the stock price. Many of these perceived risks have since lessened, making it the top-performing 'Mag 7' stock in 2025. This remains a long-term holding. However, consistent with all portfolio companies, we must closely monitor key performance indicators, including: The ongoing influence of AI on its search functionality. The level of capital expenditure directed toward AI development. The growth trajectory of its cloud computing segment. Furthermore, we believe the market has yet to fully appreciate the value of other business units, such as Waymo. |
| IBKR | As mentioned in my bi-annual letter, we did take advantage of this volatility buying into IBKR (Interactive Brokers) which has now become a core holding for us and amongst the top 10 positions we hold. It has also performed exceedingly well since our purchase. Specifically, we added three companies to the portfolio—IBKR, GLBE, and ADBE. This year, we successfully introduced several new positions to our portfolio. We are particularly pleased with the addition of Interactive Brokers (IBKR). We chose Interactive Brokers (IBKR) as our custodian and brokerage due to their low transaction fees, higher interest on cash, stock lending program, and international transaction capabilities, among other factors. |
| LULU | Our bottom performers were Lululemon, Chipotle, and Builder FirstSource. Lululemon (LULU): We view Lululemon as a long-term compounder and a relatively recent addition to our portfolio. We established our position during a market pullback stemming from issues with merchandise execution. While the company faces the headwind of tariffs and increased competition in the US from rivals like Vuori and Alo Yoga, our investment thesis is predicated on continued international expansion, particularly in China, which we expect to drive earnings growth. However, we would need to reassess our investment decision if Lululemon fails to achieve positive mid-single-digit comparable sales growth in the US. |
| PRX.AS | Our top contributors to our performance were Alphabet, Prosus, and Carvana. Prosus (PRX.AS): Investment Thesis Prosus is a core, long-term holding primarily valued for its substantial stake in Tencent, a company we believe has significant growth potential and a strong global competitive advantage. A key element of our thesis is that Prosus's current market capitalization is less than the value of its Tencent holding alone. The Sum-of-the-Parts Opportunity: In addition to the Tencent stake, Prosus holds an estimated $35 billion in other listed and unlisted assets. However, management has faced challenges in reducing the persistent discount between the value of the underlying Tencent stake and Prosus's total valuation. Future Consideration: We will consider a direct investment in Tencent, taking tax implications into account, if management is unable to effectively close this valuation gap in the near future. |
| UMG.AS | Moving to country allocation, the below chart provides more details. US continues to be bulk of our holding followed by Netherlands (Prosus, Adyen and Universal Music Group) followed by China (Alibaba), Israel (Global-E) and Canada (Lululemon). |
| 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 | |||
