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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued, high-growth defense and industrial small-caps trading at 14.8x forward P/E."
Gymkhana Partners reports a roughly -6% YTD net USD return through September 30, 2025, largely due to a -4% depreciation of the Indian rupee. Since mid-2013, however, the strategy has achieved a +363% cumulative USD return (13.2% CAGR) net of all Indian taxes and fees. The managers underscore India's robust, consumer-driven macroeconomics, proving highly insulated from geopolitical trade threats with the U.S. due to minimal export dependencies (2.2% of GDP). While foreign institutional investors (FIIs) sold down holdings pro-cyclically, relentless buying from domestic SIP accounts (now owning ~84% of listed equities) insulated indices. The fund has materially repositioned its portfolio during the quarter, exiting large-cap investments like Bajaj Holdings and Godrej Industries to build concentrated stakes in smaller-caps under $500M (now 56% of capital), specifically targeting indigenized defense and aerospace manufacturers. This rotation lowered the average portfolio cap to just under $1 billion and dropped its forward P/E to 14.8x, reflecting a steep discount to major global indices while maintaining higher underlying earnings growth.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Growth Outlook
Market outlook remains high conviction: Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Risk Appetite
Risk appetite posture is above average conviction: Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Forward Guidance
Forward guidance signal: Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Language Signal
Tone analysis indicates above average conviction language: Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued...
