This is as of today’s close. India also narrow but no 36% YTD rally (yet - hope is how we get by 😅).

As the image below indicates, it has been a painful few months for Indian equities. Across market cap bands, there are very few stocks that are down less than 10% from ATH. If you are seeing a large drawdown in your portfolio, do not worry. Even in businesses whose market cap exceeds INR 50k cr, 69% of companies in this universe have witnessed at least a 20% drawdown. 83% of businesses whose market cap is INR 1-5k cr have drawn down 20% or more from ATH. All of this to say that you are not alone. The pain is broad-based. Stick to businesses that show attractive growth rates, have strong business models, cater to end markets with long growth runway and are backed by ethical promoters. There have been many such drawdowns in the past but if you've bought businesses that demonstrate the above characteristics AT SENSIBLE PRICES, everything will work out. This too shall pass.

“Most textbooks advise asset liability match so your assets and liabilities have to match but money is made by doing an asset liability mismatch.” That was August 2017, the year the best-known housing finance stocks nearly doubled. They went on to fall 92% from their peak. By the time everyone is talking about a theme, most of the money has been made. We went back over the sixteen that led the Indian market between 2015 and 2023, and looked at what happened if you bought each one once it was popular. For a year or so, it worked. Three years in, 13 of the 16 had lagged the NSE500, and the typical theme had fallen 40% from its peak along the way. We’ve pitched a few of these names at the wrong time ourselves. The deck ends with five questions we ask before buying into a hot theme. The one for this platform: would we invest in this theme if it was not popular on X? The full deck is accessible in .pdf format here: docsend.com/view/g3vkigu8v8i…

Happy Independence Day. Nations, like portfolios, are built on discipline, patience, and a clear-eyed view of the long term. India's journey since 1947 reflects the same principles we apply to capital allocation — steady conviction over cycles, not reaction to noise. We remain invested in India's continuing ascent.

Such are the tailwinds for manufacturing that within the manufacturing sector, 19 out of 23 sub sectors reported higher growth for Jun’26 versus last year. IIP growth quickens in June 2026. Bullish for Manufacturing in India

There will come a day when buying the dip no longer works. Until then, we hope you enjoy tacos. Disclosure: no recommendation to buy or sell any financial instrument or eat any cuisine 😅

Happy 77th Republic Day! 🇮🇳 Today, we celebrate the foundations of our great democracy. Whether building a nation or building a portfolio, the path to success remains the same: 🔹 Order. 🔹 Direction. 🔹 Progress. Here’s to a prosperous year ahead for India and for you.

As we turn the page to 2026, our focus at Persistence Capital remains unchanged: the disciplined pursuit of long-term compounding. True growth isn’t built overnight—it’s cultivated through patience and perspective. We are deeply grateful for the trust you’ve placed in us this year. Wishing you all a prosperous New Year filled with steady progress and lasting success. Happy New Year! 🥂

Peace, patience, and persistence. 🎄 This Christmas, we celebrate the long-term journey we are on together. In a world of volatility, we remain focused on the compounding benefits that only time and discipline can provide. Season’s greetings to all.