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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"2Point2 Capital reports an -8.5% return for Q2 FY26 and presents a comprehensive structural argument advocating for a vibrant short-selling ecosystem in India to curb unchecked small-cap speculation and improve price discovery."
2Point2 Capital’s Q2 FY26 Investor Update reports a portfolio return of -8.5% compared to the BSE 500 TRI return of -3.2%. The underperformance and low median profit growth (5% YoY) were driven by asset quality issues in portfolio Banks/NBFCs. Equity exposure was maintained at 77.1%. The core of the letter is a detailed essay advocating for the liberalization of India's highly restrictive short-selling framework. The managers analyze the historical evolution of shorting in India, the limitations of the current Securities Lending and Borrowing (SLB) framework, and the structural benefits of short-sellers as the market's 'forensic wing.' Using case studies of Luckin Coffee, Nikola, and Adani Hindenburg, they argue that enabling a vibrant, two-way market is a prerequisite for mature capital markets.
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