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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Tapasya underperformed in H1 2026 (-10.2% vs S&P +10.1%) amid concentrated AI rally but maintains conviction in quality holdings. Established major Amazon position for AWS growth and retail margin expansion."
Tapasya Investment Fund I delivered -10.2% net returns in H1 2026, underperforming the S&P 500's 10.1% gain as the market rally remained concentrated in AI infrastructure. The manager maintains conviction in their concentrated, long-term approach despite near-term underperformance. Key portfolio activity included establishing Amazon as the second-largest position, driven by AWS's 28% YoY growth, expanding advertising business reaching $70B run rate, and improving retail margins. The fund exited Lululemon due to US business pressure and founder distractions, Universal Music Group due to management's inability to deliver shareholder value, and Fannie Mae after a 6x return. Top contributors included Alphabet, Interactive Brokers, and Amazon, while Prosus, Alibaba, and Adyen detracted. The manager remains disciplined on AI valuations, avoiding momentum chasing while recognizing transformative potential. The portfolio added Astera Labs for AI infrastructure connectivity exposure and Adobe following an AI-driven overcorrection. Options strategies generated additional income amid volatility. The manager expects inflation to moderate post-Iran war while maintaining focus on businesses with strong unit economics trading at attractive valuations.
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