Since inception, our fund has delivered strong and consistent performance, with ₹1 crore invested growing to approximately ₹4.16 crore compared to ₹3.35 crore for the benchmark — a meaningful outperformance. Over rolling four-year periods, the fund has generated returns of around 18% post fees and expenses, effectively doubling capital every four years. What is equally important to us is how these returns have been achieved. We have maintained a strong focus on downside protection and risk-adjusted performance, while our fund’s volatility and beta both remain lower than that of the Nifty 50. On a year-on-year basis, while we experienced short-term underperformance earlier in the year due to our pharma exposure, this has since reversed as the subsequent two quarters delivered strong outperformance. As of this quarter, the fund has achieved a post-fees IRR of 17.69% since inception, reflecting disciplined execution and consistent value creation.