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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 20, 2026 | Gymkhana Partners | 0.0% | -11.0% | AMZN, ASTRA.NS, BHARATBIJ.NS, FINPIPE.NS, GOOGL, INTC, JAMNAUTO.NS, MSFT, RELIANCE.NS, SANSERA.NS, TATAELXSI.NS, UNIMECH.NS | defense, growth, India, Manufacturing, Reform, small caps, value | Gymkhana has increased positions in defense/aerospace companies and assembled a sub-database applying standardized valuation frameworks to more than 50 undervalued Indian holding companies. The firm has researched India's defense and aerospace industries extensively, understanding the broader ecosystem from state-controlled behemoths to private-sector suppliers specializing in aerostructures and precision-engineered components. This research forms the basis for selecting ten Indian defense/aerospace companies currently held in the portfolio. India's economy continues to power ahead with 8.2% GDP growth despite U.S. tariffs, driven by booming domestic consumption, prudent macroeconomic governance, and favorable demographics. The Modi government has enacted transformative pro-free market policies including GST streamlining, labor law overhaul, and securities market modernization. Technology titans like Amazon, Google, and Microsoft have unveiled over $67 billion in planned investments, while Intel announced strategic alliance with Tata Electronics for semiconductor fabrication. Gymkhana is now more allocated to smaller-capitalization companies and less to larger-cap stocks compared to a year ago. The firm believes their portfolio of well-managed, earnings-compounding smaller-cap businesses purchased at reasonable multiples is more likely to generate superior long-term results than portfolios concentrated in large-capitalization stocks. Most India-dedicated ETFs and mutual funds are over-concentrated in IT services and petroleum behemoths that are less tied to India's booming domestic market. Gymkhana's businesses sell at very significant discounts to their intrinsic values, with a position size-weighted P/E ratio of just over 15 times forward earnings. This represents a significant discount to every U.S. and Indian equity index mentioned, even though the portfolio companies' earnings are growing at faster rates. The firm focuses on well-managed, earnings-compounding businesses purchased at reasonable multiples of earnings. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||