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The Fund has been set up with the objective to achieve long term capital appreciation by investing in permissible securities/instruments in accordance with the Fund Documents and the IFSCA FM Regulations.
Our investment philosophy is guided by a simple principle: own strong businesses at reasonable valuations. Owning strong businesses in their respective domains reduces the risk of permanent capital loss and paying reasonable valuations mitigates the risk of poor long-term returns. Further, as the time horizon increases, the risk in equities reduces. We aim to follow a low churn strategy that also lowers costs.
The portfolio remains diversified across sectors and key economic variables. The Fund is overweight Banks, Consumer Services, Insurance, Pharmaceuticals, Technology Hardware & Equipment, and Transportation and is underweight Automobiles, Capital Goods, Energy, Financial Services, Materials, and Utilities. Since our March 2026 quarterly letter, the Fund has increased its exposure to Banks, Consumer Discretionary, Consumer Services, Financial Services, and Pharmaceuticals funded by lower exposure to Automobiles, Capital Goods, IT, Insurance, and Utilities. In aggregate, the Fund has increased exposure to economically sensitive sectors while reducing exposure to defensives.
The Fund is also registered as a Category I Foreign Portfolio Investment (FPI) bearing registration number INIGFP036325 under the FPI Regulations.
