There are three main reasons behind this strong performance.
First, March 2020 marked the bottom of the market, so the base was naturally low. That timing gave a tailwind to returns in the years that followed.
Second, the post-COVID period saw a major shift in equity flows. Domestic institutional investors started showing up in a big way, and that consistent flow of capital supported the market like never before.
Third, our own strategy made a meaningful difference. Our stock selection was solid, and our allocation to small-caps worked especially well. In small-caps, even one strong performer can lift the entire portfolio, and we had several.
Looking ahead, we believe in sticking to the process. Our since-inception (2011) CAGR stands at 21%, and that includes the COVID drawdown.
If we stay disciplined, focused, and patient, we believe we can continue to deliver strong returns in the next 5 years as well.