December 2025 marked a reflective pause for markets after a year of ups and downs, allowing fundamentally strong portfolios to demonstrate resilience. Our PMS strategies held steady, emphasizing quality businesses and smart asset allocation amid slowing momentum. This blog highlights our offerings, performance as of December 31, 2025, and key factors driving results. We offer 5 different strategies that cater to different investors. What we should highlight here is that, we did nothing fancy, we stuck to the basics, and it paid off. Let’s see how. Click here
- Solitaire (Flexi-cap strategy): Solitaire closed the month lower by 1.18%, yet continued to show why it remains a core portfolio for long-term investors. Its strength lies not in monthly movements but in consistency, delivering over 21% across three years and since inception in 2019. With more than three-fourths of its holdings in debt-free companies and a low beta of 0.76, the portfolio continues to prioritise resilience. Its steady exposure to consumer businesses, autos, financials, and capital goods positions it to benefit when growth returns, without taking on excess risk along the way.
- TruBlu (Large-cap strategy): Large caps chose stability over speed. TruBlu slipped marginally by 0.38% in December, closely tracking the broader large-cap space. Over time, however, it has continued to do exactly what it was designed to do, deliver steady compounding with lower volatility. With returns of 15.73% over three years and close to 12.78% since launch, TruBlu’s approach of selectively owning leaders within the NIFTY50 continues to reward patience. In a year where chasing momentum often proved costly, this restraint mattered.
- Vrddhi (Small & Micro-cap strategy): The small-cap space remained the most testing part of the market in 2025, and Vrddhi reflected that reality. December saw a 2.8% decline, extending a period of correction. Yet this phase has not altered the portfolio’s foundation. Vrddhi has compounded close to 19% over three years and since inception, backed by businesses that are largely debt-free and often under-researched. These are companies that tend to be discovered later and do not offer immediate rewards. Periods like this are uncomfortable, but they are also where long-term small-cap returns are usually shaped.
- Sphere (Multi-asset strategy): While equities slowed, diversification quietly worked in the background. Sphere closed December up 3.1%, closing the year with a strong 32.7% return. Over three years, it has compounded at 27.97%, reinforcing the role of asset allocation in smoothing outcomes. By moving between equities, debt, global assets, and precious metals, Sphere did not rely on any single trend to perform. Instead, it adapted, and that adaptability proved valuable in a year that rarely moved in straight lines.
- NIO (NRI Exclusive Multi-asset strategy): For global investors, NIO continued to offer that same balance. A 2.25% gain in December capped a year of steady progress, with returns of nearly 24% for the year and over 25% since inception in 2022. Combining Indian equities with precious metals and debt allowed it to stay invested without being overly exposed to any one risk. In a year of global uncertainty, that balance mattered more than ever.
Performance Highlights
What worked well for us?
Resilience in volatile markets stemmed from core principles. Debt-free focus (e.g., 77% in Solitaire, 55% in Vrddhi) buffered downturns, while low betas (0.76-0.77 in equities) reduced drawdowns. Multi-asset strategies like Sphere & Nio thrived via dynamic asset allocation, capturing upsides without overexposure. We stayed true to our core philosophies- owning good businesses, thoughtfully diversifying, and let compounding do the heavy lifting, and that definitely worked wonders for us.
Stepping into the new year, we urge every investor to make one powerful financial resolution: move from ad-hoc investing to a clear, process-driven journey. It is about construction; building portfolios that can stay invested without constant intervention. That’s what we help you with at ithought. We began our journey in 2026 not chasing what worked last, but staying committed to what works overtime: quality businesses, thoughtful diversification, and the discipline to let compounding do its job. Reach out to the ithought team, schedule a conversation, and let this new year be the year you not only invest, but invest with intent.
