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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Gymkhana Partners down -11% YTD amid trade tensions and energy disruptions, but maintains conviction in undervalued Indian portfolio trading at 14x forward P/E. Firm actively buying defense, healthcare, and industrial names while remaining fully invested."
Gymkhana Partners is down -11% year-to-date through April 2026, marking the seventh double-digit decline since beginning India investments in 2013. Despite current headwinds from US-India trade tensions and Middle East energy disruptions, the firm maintains conviction in its strategy of investing in undervalued Indian companies. The portfolio trades at a position-weighted P/E of 14x forward earnings, representing a substantial discount to broader indices despite faster earnings growth. Recent activity included net buying across defense, healthcare technology, and industrial holdings while divesting lower-conviction positions. The managers emphasize India's structural advantages including favorable demographics, accelerating urbanization, and infrastructure upgrades that drive GDP growth at more than double the global rate. Foreign investor outflows have been offset by strong domestic institutional buying. While energy price spikes pose near-term risks given India's oil import dependence, historical precedent suggests manageable impact on the economy's long-term trajectory. The firm remains fully invested, viewing current weakness as an opportunity to deploy capital profitably.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Assigned 0.70. The fund is moderately concentrated, with the top 20 holdings representing 59% of invested capital, and the managers display high conviction by fully divesting lower-conviction names (like Praj Industries) to fund top ideas.
Growth Outlook
Assigned 0.75. The managers are structurally very bullish on India's long-term economy but acknowledge that short-term macro risks, such as high energy costs and Middle East disruptions, could temporarily slow GDP growth.
Risk Appetite
Assigned 0.75. Gymkhana shows a strong risk-on posture by becoming net buyers during the sell-off and reaching a fully invested state, rather than holding cash or hedging.
Capital Deployment
Assigned 0.90. The fund has aggressively deployed cash, transitioning to a 'fully invested' position by buying the dip across multiple names.
Forward Guidance
Assigned 0.75. The team has active buying bias, having initiated or substantially added to several positions YTD, though they are now fully invested, indicating future moves will rely on recycling capital.
Language Signal
Assigned 0.75. The overall language is optimistic and focus-driven on long-term opportunities, utilizing terms like 'excellent opportunity,' 'scrappiness,' and 'significant discounts,' with minimal defensive framing.
Perceived Risk
Assigned 0.55. While the managers note real macro risks like a trade war and oil price shocks, they discount these threats as manageable 'speed bumps' and 'rounding errors.'
Opportunity Density
Assigned 0.85. The manager emphasizes that the opportunity set is rich, with multiple new positions initiated and several existing ones expanded due to cheap valuations.
Time Horizon
Assigned 0.90. The investment horizon is explicitly long-term, referencing their track record since 2013, 5+ year holding periods for 42% of capital, and quoting Rousseau on patience.
