The ithought PMS Factsheet for September 2025 offers a comprehensive overview of investment strategies, technical performance, qualitative perspectives, and risk management—all steered by a seasoned team anchored in robust research and disciplined execution. This month’s report is especially useful for investors seeking a multi-dimensional understanding of portfolio management across market cycles. Whether you favour large-cap stability, small-cap growth, or multi-asset diversification, ithought’s approach shines through every detail.
Portfolio Strategies and Philosophy
ithought PMS showcases four core strategies:
- Solitaire (Multi-cap): Focuses on well-managed companies with strong business models at reasonable valuations, aiming to deliver stable, consistent returns. Solitaire’s concentrated portfolios include industry leaders, niche players, and undiscovered businesses. Its distinct approach is reminiscent of private equity diligence but caters to the interests of public market investors.
- TruBlu (Large-cap): Built exclusively on NIFTY50 stocks, TruBlu prioritizes quality, risk moderation, and debt-free companies emphasizing scalability and minimizing risk. It’s designed to avoid wealth destroyers and navigate index structural risks, with low churn and a focus on defined universe.
- VRDDHI (Small-cap): Targets emerging leaders in the micro, small, and mid-cap segment, with high attention to debt avoidance and cash flow strength. The strategy favours promoter-driven companies that excel in governance, a feature that distinguishes it in an often-volatile space.
- SPHERE & NIO (Multi-asset): These funds invest across asset classes, including precious metals, debt, and global equities. Adopting a macro-focused, risk-aligned strategy, multi-asset offerings provide thematic exposure and superior asset allocation, delivering a holistic investment framework.
Performance Metrics and Quantitative Commentary
Performance across the PMS suites has reflected both market headwinds and disciplined fund management:
These returns reflect the normalization of the markets seen in FY2024, with a shift toward more cautious, risk-controlled performance. Particularly in the mid-cap and small-cap segments, volatility has challenged alpha generation, making the resilience and selectivity of ithought strategies noteworthy.
Sector and Asset Allocation Insights
ithought PMS remains dynamic in sector weights, with recent allocations spread across FMCG, automobile ancillaries, financial services, capital goods, healthcare, and more, we play it by the market cycle and seize opportunities when nobody eyes those segments, which also makes us contra investors. Portfolio beta metrics, low leverage, and high weightage in debt-free companies underscore ithought’s emphasis on quality and downside protection.
Multi-asset portfolios have a diverse mix:
- Precious metals (up to ~24% weight)
- Banks, financial services, auto, debt, consumption, refractories, oil & gas, telecom, and select MNCs
These allocations are adjusted in response to evolving macro conditions, sector trends, and global opportunities. This agility allows ithought to remain aligned with high-conviction themes and reduce structural risks.
Qualitative Analysis: Manager Insights & Philosophy
A core highlight is our qualitative strength. Investment decisions are research-led, customized, and prioritized towards investor education and empowerment. The PMS team steers clear of crowded trades, constantly applies due diligence, and prefers businesses that demonstrate sustainable growth and ethical governance.
Risk controls, a strong feedback loop for cash levels, and a macro overlay allows to adapt quickly, mitigating shocks and maintaining long-term objectives. Their communication strategy is centred around transparency, regular factsheet updates, and open calls to action for investor engagement.
In terms of risk, which is very widely spoken of, our standing remains at the following:
- Low portfolio beta (around 0.76 to 0.77 in core strategies)
- High allocation to debt-free companies (up to 76% in Solitaire)
- Limited leverage and strict exclusion of overvalued or risky stocks
Diversification across sectors and asset classes remains a central pillar, especially in our multi asset funds. This design cushions portfolios against deep market corrections, supporting long-term compounding over chasing short-term spikes.
For a deeper dive into September 2025 performance, portfolio positioning, and expert manager commentary, watch the full ithought PMS factsheet video:
https://youtu.be/pLC83Au01kQ?si=0mudkKUOtpzFf2_E
Stay tuned every month for updated factsheet blogs, sector views, and strategy reviews as ithought continues to guide investors through changing markets.
