Since inception, ₹1 crore invested in the fund would now be worth approximately ₹4.3 crore – translating into an 18.72% IRR, compared to ₹3.46 crore for the index. In 2025, the fund faced brief underperformance, notably in January and February, lagging the Nifty by 7.2%. This deviation was primarily driven by a sharp drawdown in pharma holdings following tariff-related concerns, despite stable earnings and resilient margins. From March onward, both earnings and margins recovered, resulting in consistent outperformance over the next four months. Given current positioning and market trends, we expect this outperformance to continue over the next two quarters.