Weighted Category Average

We don't start with a screener. We start with a view on where India is in its cycle. The listed market runs past two thousand investable companies, and they are not equally understood. The top 100 are covered by every research desk in the country and priced accordingly. Past the 250th name, coverage thins fast. That is where mispricing survives, and it is why smallcap sits at the core of this portfolio rather than at the edge of it. Three segments make up the universe, each for a reason.Smallcap is the most domestic part of the market. It moves with credit growth, private capex, GST collections, rural and urban demand — the things that actually decide whether India compounds. It is also the segment where a manager's work still changes the outcome. Large &amp; midcap is where global flows set prices. It is our ballast, and it is the liquidity we draw on when we want to move.Sectoral and thematic slots stay open for the structural shifts the economy&nbsp;throws up — financialisation of household savings, healthcare, manufacturing, energy transition. We fill a slot when a theme has earnings behind it, and leave it empty when nothing qualifies. On aggression. When valuations, market breadth and earnings support it, we lean harder into smallcap. When they don't, we let stability carry more. That is a judgement we make, and we will sometimes be wrong. We would rather say so plainly than dress it up as a rule.

We look at three things before a fund gets in. How it performed, across different starting points. A fund's one-year number depends heavily on when you started counting. Change the start date and the ranking changes. So we look at how a fund did over several different multi-year stretches, not just the most recent one. How it behaved when markets fell. We look at the sharp falls we have data for — 2020, 2022 — and at how far the fund dropped and how long it took to recover. A fund you can hold through a bad year is worth more than one with a better average. What it actually owns. Every fund publishes its holdings monthly. We read them. We check the fund is genuinely invested where its name says, look at how concentrated the top holdings are, and see how much overlaps with the other funds we hold. We also note who manages it and how long they've been there.That's it. No proprietary model, no scoring system. Public information, read carefully

Each fund is here for a reason. If we can't say the reason in one line, it doesn't go in. Smallcap funds are here to grow the portfolio. Large &amp; midcap funds are here to steady it, and to be what we sell from when we want to buy something else. Thematic funds are here to back one specific idea about the economy.

Not everything gets an equal share, and the shares change.What stays constant is why each part is there. Growth gets the largest share, because that's where the returns are meant to come from. It's split across more than one smallcap manager, because no one can tell in advance which manager will be right. Where we can't know, we don't pretend to. Stability gets enough to matter. It does two jobs: it softens the bad years, and it's what we sell from when we want to buy something else — so we're never forced to sell growth holdings at the worst possible moment. That second job is why it's never thin. Themes get the smallest share. No single idea is ever big enough to decide the year on its own. Themes are chosen to behave differently from each other, so they don't all fall together. When nothing meets the bar, that money simply stays in the steadier funds. What moves the mix. What the market is offering. A fund proving itself, or failing to. A theme running out of the earnings behind it. Our reading of where we are in the cycle.What doesn't. A good quarter, a bad quarter, or a headline

This smallcase will be rebalanced on an as-needed basis

Sarthi All Cap & Thematic FoF Model

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Smallcap-led growth, anchored by large & midcap stability, with themes played as they emerge

Sarthi All Cap & Thematic FoF Model

Overview

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