We have outperformed the large, mid and small-cap indices over the past five years. Net of fees and expenses, we have generated annualized portfolio returns of ~24%, well ahead of the CNX 500 TRI (15.4% CAGR), MidCap 100 TRI (15.5%) and SmallCap 100 TRI (12.0%). We have also outperformed each index over the 3-year period.

For the last two completed calendar years, our outperformance versus the benchmarks has been quite strong (Table 2).

We have retained our rankings within the top 10 percentiles across the periods (Table 3) and have remained among the top 5 PMSes for the periods of two, three and five years.

In comparison with the entire PMS universe, we have sustained our top ranking for longer durations of two, three and five years. Sharp rally in small cap and mid cap stocks has enabled PMSes focussed on those categories to deliver strong performance. Still, we have come through within the top two deciles across all PMSes  (Table 4).

Rolling returns provide a much better picture than single period returns – which can often be distorted with one-off performances. For a three year period ending June 2021, we have meaningfully outperformed all the major relevant mutual fund categories that we are comparable with and have maintained our top decile ranking across both our comparable universe of Multicap PMSes as well as across the entire PMS universe (Table 5).

Similarly, our rolling one year returns have been strong and we have maintained our rankings in the top two deciles, across the PMS universe, consistently in the last two years (Table 6).

Our PMS outperformance of the benchmark indices has been achieved despite maintaining average cash levels of above 10% over the entire period. As a result, our strong alpha has translated into strong risk adjusted returns as well, with a risk adjusted alpha generation of 8.5% annually over the broad market benchmark since its inception (Table 8). Furthermore, other risk adjusted returns – Sharpe ratio and Treynor ratio, are also significantly higher than the benchmark indices.

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Appendix 2: Structural factors and Economic Reforms  driving Indian economy

Appendix 3: Investment philosophy and lessons learned

Appendix 4: Cash Calls and Portfolio mix across market cap buckets

Appendix 5: Examples of strong positive and negative performance contributors

Among The Most Successful Professionals In Equities; Rated The #1 Technology Sector Analyst In Institutional Investors Polls For A Decade. Highly Respected Among Peers For His Path-Breaking Work And Thought Leadership. Rose From An Associate To Managing Director Within A Span Of Six Years In The Investment Banking Industry

Twenty Years Of Experience Building Top Research Franchises: Seven Years As Managing Director And The Global Head Of Technology At JP Morgan, Six Years As Director And Head Of Asia Pacific Technology At Credit Suisse And Five Years As Founder Of Equirus SecuritiesTrack Record Of Innovation And Excellence In Equity Research

Anchored The Rise Of Credit Suisse  From An Unknown Name In Asian Equities To A Number One Ranked Firm In Asian Equities; Head Of Asia Pacific Tech Research

Credited For Building Top Ranked Global As Well As Asian Tech Research Practice At JP Morgan As MD And Global Head Of Tech Research; Made Defining Contribution To Enable JPMorgan To Move From An Also-Ran Player To A Top Global Name In Equity Research

Built A Very Profitable And Award Winning Indian Equity Business At Equirus From Scratch On A Tiny Budget; Achieved Number Two Ranking In Asia For Idea Performance

Impeccable Track Record Of Identifying True Long Term Winners Ahead Of Others Including Samsung Electronics, TSMC, Infosys And TCS And Guiding Investors To Stay Clear Of Laggards Such As UMC And SMIC Years Ahead Of Consensus.

Mind Of An Engineer, Worked In A Team That Designed The World’s Fastest Microprocessor With A Manta “Paranoia Is The Safest Frame Of Mind”. Awarded Two US Patents.

Work Experience Of Designing The World’s Fastest Microprocessors Based On Cutting Edge Technology For Which He Jointly Holds Two US Patents

Best In Class Business Education From The World Renowned Business School: Double Major In Economics And Finance, Beta Gamma Sigma Cum Laude From The University Of Chicago Booth. Excelled In Studies Under World Renowned Faculty Such As Dr. Raghuram Rajan, Former Governor Of The Reserve Bank Of India