About ITUS

Investing in growth in the public markets

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Research Center

Study our investing style and process at length

Owner's Manual

Owner's Manual

We are a fiduciary of your capital. Your understanding of what we do and how we will approach it is a critical element in enabling us to attain our goal. The Owners Manual helps achieve this....

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The Fund : Portfolio Objectives

In Search of Companies that Compound Capital over the Long term.

RETURNS – ITUS Capital vs Benchmark

Year
2024
2023
2022
2021
2020
2019
2018
2017
FUND RETURN (after fees)
13.87%
25.61%
-2.83%
29.26%
40.32%
17.31%
-7.31%
54.66%
NIFTY (Benchmark)
12.36%
21.30%
5.69%
25.59%
16.14%
13.48%
4.64%
30.27%
*as on 30th November 2024

OUR TRACK RECORD

IRR

SINCE INCEPTION

Fund return (after fees)
20.01%
NIFTY (Benchmark)
16.05%
Rs.1 invested in the fund in 2017 would be worth Rs. 4.23 today vs a comparable Rs. 3.25 in NIFTY
*as on 30th November 2024

CURRENT PORTFOLIO SNAPSHOT

VALUE

Current PMS Fund AUM
Rs. 1,568 Cr
2024 Returns YTD
13.87%
Number of Invested Securities
37
Current Cash Balance
3.6%
Average Market Cap (of invested companies)
Rs. 2,99,008 Cr
Highest Exposure in a Security
4.5%
*as on 30th November 2024

OUR PHILOSOPHY

We are growth investors who are prudent about the price we pay to own businesses.

THE ITUS DIFFERENCE (GPCG FRAMEWORK)

  • Growth

    We look for companies who are growing their Free Cash generated from the Operations

  • Price

    We value each business in our portfolio through a DCF model which helps us establish the intrinsic value of the investment we study.

  • CorporaTe Governance

    Any investment in our portfolio is an investment in the people / management who run the business. Its extremely important for us to get comfortable around their capital allocation and corporate governance practices before we decide to allocate capital to them.

Investment Approach

Top-down (global & thematic) and fundamental research driven bottom-up approach

 

Macro and stock selection are important sources of excess return in the strategy

Liquidity is the most important element in return optimization and risk management

Fund does not take any gross leverage on single name exposures
 

#1

Macro Analysis

  • Top Down Analysis to create list of preferred sectors (if any) to overweight
  • Guides sector specific weighting and gross exposures
  • Generates set of assumptions (if any) for bottom up analysis

#2

Thematic Analysis

  • Identifying themes at an early stage
  • Analysis on whether they are longer term and sustainable
  • Independent research; working on if they are investable

#3

Bottom up Analysis

  • Research and fundamental analysis of the company and its growth cycle
  • Invest with a margin of safety where upside on growth is not priced.
  • Company edge in one of: i) Brand ii) Network effect iii) Operating leverage iv) Growth

#4

Portfolio Construction & Risk

  • Work on Sector-level and Company-level exposure limits

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