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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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."
Itus Capital's portfolio declined 10.36% in Q4 FY26 versus benchmark decline of 14.44%, delivering 408 basis points of outperformance during one of the sharpest quarters for Indian equities in recent years. The correction was driven by Iran-Israel conflict escalation pushing crude oil above US$100/bbl, creating supply shock concerns. Despite FPI outflows of ₹1.31 lakh crore, domestic institutional investors absorbed selling with ₹2.51 lakh crore net buying. Portfolio positioning across five core themes - mining & minerals (15.0% overweight), healthcare (11.6% overweight), chemicals (8.3% overweight), infrastructure capex, and consumer discretionary - proved resilient. Healthcare was best-performing major segment declining only 3.8% versus 14.5% index decline. The correction reset valuations with Nifty 50 trading at 18.5x forward earnings below historical averages. Private sector capex inflecting from ₹7.7 trillion to estimated ₹11.6 trillion by FY27 supports structural investment cycle. Manager maintains focus on earnings visibility and balance sheet strength while emphasizing selectivity over direction.
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