April 2024

pms@ithought.co.in

www.ithought.co.in

+91 95000 27285

OUR INVESTMENT PHILOSOPHY

Long term focus

Non-consensus investing

Bottom-up approach

High Focus on Risk Management

 USP OF SOLITAIRE

Customised Portfolios

THE
Investing into businesses of the future

WAY Opportunistic buying

Low Churn – Buy & Hold Strategy

GREAT INVESTMENT =
STRONG FUNDAMENTALS + ATTRACTIVE VALUATIONS
#1
Good Corporate Governance
#2
Strong leadership teams with track record of execution

#3
Industry Leaders

#4
High ROCE
#5
Zero or Low Leverage

#6
Reasonable Valuations
KEY
PORTFOLIO
QUANTS

5
SUPERIOR BALANCE SHEET - LOW LEVERAGE
PORTFOLIO
60.00%

50.00%
50.00%
No debt is the biggest asset for any
40.00% BSE 500 - % Cos. organization or individual.
with debt

30.00% Solitaire - % Cos. These companies tend to be the least

with debt volatile during turbulent times due to
20.00% 17.00% lesser financial risk.
10.00%

0.00%
BSE 500 Solitaire
* Portfolio data as on 30 April 2024 | Using latest available data
BALANCED SECTOR COMPOSITION
IT Services 4.93% Automobile &
6.13% Ancillaries
14.61%
Healthcare
8.58%
Capital Goods
15.33%

Construction
FMCG 1.67%
12.52%

Entertainment
2.57%
Consumer Services
5.98%
Financial Services Construction
21.48% materials, 0.55%
* Portfolio data as on 30 April 2024
SOLITAIRE QUANTS – APRIL 2024
Fund Details Portfolio Quality
Fund Manager(s) Mr. Shyam Sekhar (Fund Manager) Debt-Free Companies 31 Cos. (78.62% Weight)
AUM in ₹ Crores 1,053 MNC Companies 10 Cos. (32.46% Weight)
Category Flexi-Cap
Portfolio Beta 0.76
Benchmark BSE-500 TRI
Inception 30 August 2019 Stock Weightage Buckets (Weight and # of stocks)
No. of stocks 39 0-3% 27
3-5% 11
Market-Cap Classification
Above 5% 1
Large Cap 28.64% (Avg. M.Cap ₹ 3,46,327 Crs)
Mid Cap 14.18% (Avg. M.Cap ₹ 51,170 Crs)
Small Cap 51.53% (Avg. M.Cap ₹ 10,874 Crs)
Cash 5.65%
SOLITAIRE – DRAWDOWNS VS. INDEX

On On
20th June, 2022 28th March, 2023

BSE-500 Solitaire BSE-500 Solitaire

-18% -11% -11% -7%

* Portfolio data as on 30 April, 2024

 LONG TERM
INVESTMENT SUCCESS

RIDING + SELLING
WINNERS LOSERS

FUNDAMENTALS
EXHIBIT 1: WINNER – KPIT TECH - RIDING THE STORY
THROUGH THICK AND THIN..
700
646
613 601
600
Reduced Exposure – Due to higher 554
530 518 538
valuations
500 509
437

400
335 342
309
282
300
243 241
Quarterly result updates
197
200 Bought intended 176 – Good results and
position 125
144 143 145 Global tie-up
94 107
100 62 64
89 Promoter pledge
56 50
reduction
Deal Wins
0

CMP (Rs.)
EXHIBIT 2: LOSER – WE DON’T SHY AWAY FROM
TAKING A DECISION...
410 Corporate Action –
RED FLAG
354
360
340
320 Exited
309
310 301 304 Completely
284
Bought intended 270
position 256 255
260 250

228 228
220 221 221 218
213 209
207 203 206
210 195

169

160
WHAT THE PORTFOLIO WOULD LOOK LIKE AFTER A
FEW YEARS...
Multiple Optimum
Few Big Winners Performers Few Losers

Allow compounding to Be Patient. Keep regular If fundamentals

do its job. checks on business deteriorate, SELL.
performance.
SOLITAIRE – CURRENT POSITIONING

+ +
THE EFFICIENT PLAYERS MAKE IN INDIA
FINANCIALISATION BECOMING WORLD
STORY CHAMPIONS
RISK POSITIONING

Where we operate Solitaire

RETURN
EXPECTATION
Aggressive

700 –
900 bps
Moderate +
Avg.
Inflation

Conservative
 THE
ITHOUGHT
RETURN
SETTING
MATRIX
A Hawk-Eye View – ithought NIFTY Vantage Point
 WHAT WE
DELIVERED
 Performance numbers since inception*
1 3 6 Since
1 year 2 years 3 years
month months months inception

Solitaire 6.36% 7.71% 23.76% 58.67% 32.84% 33.65% 27.61%

S&P BSE 500

Performance TRI
3.44% 6.05% 25.01% 38.63% 20.19% 20.46% 21.48%

(as on 30 April 2024)

* The benchmark is S&P BSE 500 TRI
* Returns are post fees and expenses
* Returns less than 1 year are absolute
* Inception date: 30 August 2019
* Cash levels in portfolio as on 30 April 2024 are 5.69%
* Performance related information is not verified by SEBI
 SHYAM SEKHAR
CIO & Fund Manager

FUND MANAGEMENT

BALAJI G R ROHIT BALAKRISHNAN RAJAT SETIYA NIRANJAN SRIDHAR

Head of Research Co-Fund Manager (VRDDHI) Co-Fund Manager (VRDDHI) Head of Investment Strategy
Co-Fund Manager (TRUBLU) (SPHERE)

RESEARCH STRATEGY

SAMYUKTHA V, CFA HARITHA, CA, CS

SENTHIL, CFA SANJAY, PGPM ATHREYA, CA YASH TANNA Investment Strategist Investment Strategist
Sr. Research Analyst Sr. Research Analyst Sr. Research Analyst Research Analyst
HARSHIL N
Investment Strategist
TANISH MEHTA AISWRYA DAVE VAISHNAVI G
Research Analyst Research Analyst Data Analyst
SUBASH MITRA KUMAR
Investment Strategist

INVESTMENT MANAGEMENT PRODUCT MANAGEMENT

GAURAV, CA Investment Manager - PMS GANESH, CMA Product Manager - PMS

FUND MANAGER PROFILE
Mr. Shyam Sekhar has 3 decades of investing
experience in franchise based high growth
businesses. He follows a theme-based
approach to investing. His past successes have
been identifying emerging themes to the
changing economic context, investing early
and realising the full potential of the
investment theme. His strengths include
exposure to multiple industries as a research
analyst, creating large sized portfolios and
investing across market cycles.
KEY TERMS
KEY PORTFOLIO TERMS
Minimum investment ₹ 50,00,000
Benchmark S&P BSE 500 TRI – The said benchmark is chosen since it is a multi-
cap fund
Exit load Exit load of 3% for the first year, 2% for the second year, 1% for the
third year. Nil after 3 years.
Fee Fixed fee of 1.5% p.a. of AUM computed on daily average portfolio
value charged on a quarterly basis.
All other expenses at Actuals. (Fees Excluding GST)
Single sector exposure Not exceeding 55% of portfolio NAV
Single stock exposure Not exceeding 25% of portfolio NAV
Asset allocation Long only fund investing in equities.
Disclaimer
All data/information used in the preparation of this material is dated and
may or may not be relevant any time after the issuance of this material.
The recipient of this material is solely responsible for any action taken
based on this material. ithought Financial Consulting LLP (the Portfolio
Manager) takes no responsibility of updating any data/information in this
material from time to time. The statements made in this presentation are
forward looking and based on our current views and assumptions and
involve known and unknown uncertainties that may cause actual results or
events to be materially different from those expressed herewith. The
information contained herein should not be construed as forecast or
promise. Past performance of the Portfolio Manager may not be indicative
of the performance in the future. Investments in securities are subject to
market and other risks.

Please read the disclosure document carefully before investing. To know

more about us, visit our website – www.ithought.co.in