Anantam International SPC Fund - 6 SP (Cayman)

  • We have steered clear of US tech stocks and that has helped us build alpha over time.
  • Deepseek moment gave us confidence in our China investments and both China internet (KWEB) and China Large caps ( FXI) continue to contribute to our performance.
  • Another standout winner has been our investments in Berkshire Hathaway as a proxy for having some US exposure.
  • We continue to believe that President Trump is ushering a reset of global capital flows. We expect capital to move from US to the rest of the world as the US is looking to incentivize only those inbound flows which help in rebuilding its manufacturing base. We added some European assets to take advantage of this flow of capital. We also believe that Ukraine/Russia peace is not far-off and that we need to be ready for an almost $500 billion reconstruction opportunity.

Investment Objective

To provide with income generation and capital appreciation through investments in equities, bonds and other related securities of emerging and developed markets. This objective is to be achieved by investing in debt, quasi equity (including convertible bonds, warrants, etc.) and equity shares, both listed and unlisted in, developed, emerging and frontier markets.

Benchmark Construction

Benchmark is a blend of Vanguard total world stock Index ETF (VT) - 34%, Vanguard total bond market ETF (BND) - 33% & VanEck Inflation Allocation ETF (RAAX) – 33%. ETFs are chosen for the benchmark to reflect the diversified nature of the underlying portfolio. Peers in the space typically use a 60:40 combination of MSCI World stock Index and Bloomberg global bond Index as benchmark.

The reason for including real asset as a part of benchmark - As early sings of multi polar currency world emerges, the efficiency of supply chains will be challenged pushing the cost of procurement upwards. As developed economies struggle through the massive debt burden creating an overhang on fiscal & monetary policies; real asset owners like commodity producers, efficient commodity procurers may emerge as winners. Inclusion of real assets in the Benchmark has increased the challenge for the fund as hard commodities act as inflation hedge.