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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 Regulations.
Creating a portfolio of sustainable and reasonably valued businesses represents the core of 3P Investment Philosophy. Avoiding weak businesses lowers the risk of permanent loss of capital/returns. Effective diversification across key economic and business variables reduces portfolio risk. Further, risk in equities reduces as the time horizon increases, hence we aim to follow a low churn strategy. A low churn strategy also reduces costs.
The portfolio remains diversified across sectors and key economic variables. The Fund is overweight Automobiles, Banks, Consumer Services, Insurance, and Pharmaceuticals and is underweight Energy, Materials, Software & Services and Utilities. Since our March 2026 quarterly letter, the Fund has increased its exposure to Banks, Financial Services, and Food, Beverage & Tobacco, funded by lower exposure to Automobiles, IT, Pharmaceuticals, and Utilities. In aggregate, the Fund has increased exposure to economically sensitive sectors while reducing exposure to defensives.
