Winning over uncertainty
Plethora of challenges in our short journey so far We have completed 3 years of managing our long only AIF. Notably, Nifty delivered 4.7% CAGR, which is amongst the poorest of any similar period. In fact, Mid and Small cap …
Respite ahead of recovery
A quarter of partial recovery We started the quarter in the abyss but ended with a reasonable degree of hope and expectation. Our fund NAV rose 19.4% during the quarter under review, slightly lagging the benchmark BSE 500. The recovery …
Contagion to Cure
Contagion led destruction A global pandemic like no other seen in the past century has wiped out over 30% of market cap across markets. In less than a month, most stock markets have capitulated from historic peaks to multi-year lows. …
Hope Floats
Yet another quarter of divergence The quarter under review has been singularly challenging for us. While benchmark BSE 500 rose 3.3%, our fund NAV declined 0.1%. An aberration we opine, but will get to that analysis later. Most of the …
Something’s gotta give
Decent show amidst high volatility We completed 2 years of active fund management this September. Since inception, NAV is up 18.1%, bettering benchmark BSE500, which was up 9.9%, and significantly ahead of small and mid-cap indices. During the first year, …
Waiting for Godot
Tepid end to lackluster quarter This was expected to be a defining quarter, one way or the other. However, other thancustomary volatility, our stock markets have gone nowhere. Economic slowdown and trade war largely negated factors such as election outcome …
Faith Matters
A remarkable quarter Despite faced with the toughest market situation yet of our short tenure, we closed the quarter with 4.7% accretion to fund NAV. This was ignificantly better compared to all major indices including benchmark BSE 500 (which was …
Trial by fire
Maiden year: promising start, sobering end We have completed just over a year since inception. During this difficult period for EMs including India, our fund NAV rose a modest 6.5%, but ahead of benchmark BSE 500, which was up 4.4%. …
Rough terrain
Our previous newsletter titled ‘Testing times’ could ring true for the quarter under review as well. Our AIF exhibited muted performance with NAV declining a tad (~1%) compared to ~3% gain in benchmark, BSE500. However, this was better than the …