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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful."
2Point2 Capital's Long Term Value Fund returned 12.7% in Q1 FY27, matching the BSE 500's 12.1% return, with 93.4% equity exposure across 15-18 concentrated positions. Since inception in July 2016, the fund has generated an 18.9% CAGR versus 13.7% for the BSE 500, delivering cumulative returns of 461% versus 258%. The letter focuses extensively on the challenges of learning from investment outcomes, arguing that weak feedback loops in investing make retrospective analysis unreliable. The managers use two detailed case studies—Tata Elxsi and MCX—to illustrate how cognitive biases distort post-hoc evaluation. Tata Elxsi was sold at 3x returns in 18 months but subsequently rose 5x more before collapsing 65% from peak, while MCX delivered 10x returns despite the original thesis proving incorrect, with success driven by an unforeseen shift to options trading and geopolitical commodity volatility. The managers advocate for separating process from outcome, maintaining written investment theses, and resisting the urge to extract lessons from individual results contaminated by luck and market noise.
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