Annual Letter

A year that demanded discipline in portfolios and tested conviction

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Dear Clients and Partners,

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FY 2025-26 was a year that asked more of portfolios than the ones before it. Markets corrected in ways that tested conviction and geopolitical developments brought uncertainty that defied clean analysis. The small and mid-cap segments went through a reset that was necessary but difficult to navigate.

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Managing investment portfolios last year required balancing modern themes - AI and Deep Tech - on one hand, and managing volatility and uncertainty of traditional asset classes on the other hand. It demanded continuous learning, strictrisk management, and the discipline to tune out near-term noise. From the onset of the correction, we managed risk structurally through rebalancing. Through the year, we also made a deliberate directional call in the portfolio, positioningfor the cycles we see ahead.

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Beyond the investment work, the Family Office practice deepened its advisory across estate structuring, succession planning, and governance for our family office clients. These engagements do not produce quarterly results. They are measured across generations, and they require sustained attention that only structured long-term relationships can deliver. Our Dubai presence became operational this year, extending the same framework internationally to single-family offices and UHNIs who have found value in the same discipline we apply domestically.

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The trust you place in us is the foundation everything else is built on. We are investing in technology, research depth, and service capacity to ensure the quality of your experience continues to match the quality of the work. We enter FY 2026-27 with a stronger team, better infrastructure, and the same commitment to judgment that has defined this practice from the beginning.

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Price is what you pay - risk is what you measure. - Howard Marks

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The intelligent investor is a realist who sells tooptimists and buys from pessimists. - Benjamin Graham

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- Prashant Joshi
Partner & Head — Family Office & Investments