Persistence Capital

Persistence Capital Fund I is a scheme of Persistence Capital Trust managed by Persistence Long Term Value LLP

SEBI Registration No.- IN/AIF3/24-25/1501

[Persistence Capital @persistencecap]

Is India an AI loser?

In one form or another, it’s the question we get asked the most. And if you look at India’s performance relative to other major stock markets, it’s a fair one. India is down in dollar terms since we launched in September 2024.

Meanwhile, KOSPI has more than tripled on the back of two memory stocks. The natural conclusion is that India missed AI. We think that’s wrong.

India has plenty of AI winners. It’s just that their weight in the index is either too low or they are absent from the index altogether. You have to go find them.

So, we went looking. We sorted the market by what AI does to a company – you build it, you deploy it, or you defend against it – and calculated total return for each name since we launched Persistence Capital. The builders are up about 64% at the median.

The defenders, mostly IT services, are down about 32%. This issue of our quarterly addresses the key question: which companies are AI winners, how has AI impacted their business and how is IT services getting impacted by AI (so far).

It also raises a fair question for any India manager you evaluate (us included): in September 2024, how much of the book was in these names?

Link: https://t.co/6or7Ih33BI

Disclosure: This is not a buy / sell recommendation. Please conduct your own due diligence before investing in any financial instruments.

[Persistence Capital @persistencecap]

If you have to watch one thing over the weekend, please watch this. A balanced but optimistic take on what AI means for jobs, the economy and health.

[Sam Bowman @s8mb]

Tyler Cowen on how AI will change our lives. Excellent.

[Persistence Capital @persistencecap]

We are obviously biased but find these allegations to be ridiculous. SoIC publishes institutional grade research for free and has never done F&O workshops etc. I guess one sign that you’ve made it is that more people take pot shots at you. Keep at it @ishmohit1

[ishmohit @ishmohit1]

You know what?

Today, I will take you head on and not get intimidated by a 2 rs troll.

I have covered numerous sectors from Cdmo to aerospace to financials to shipbuilding and what not with an intention to share knowledge. Given your hate and stupidity you don’t even realise that I haven’t covered names like route etc that you have mentioned. I get it why you’re doing this- you want cheap attention & your twitter payout . Even businesses like alkyl at numerous places I have mentioned how margins are at an all time high and non replicable.

Many many businesses which have done well but given you just want to defame. I will mention this-

Those who know us and have followed hardwork of @soicfinance @ResearchSOIC - will know the value we have delivered.

For 2rs troll like you - this is the last bit of attention that you deserve especially when you can’t even write your real name.

Our work will go on and get better from here :)

[Persistence Capital @persistencecap]

Manufacturing will be a larger part of benchmarks going forward as it's one of the few pockets of the market where growth is broad-based and secular.

As an example, TCS grew revenues by INR 41,563 cr during FY23-26. During that same period, Dixon grew revenues by INR 36,681 cr. Think about it - Dixon's absolute revenue accretion in the last 3 years was ~88% of the country's largest IT services business even though it's FY23 revenue was ~5% of TCS FY23 revenue.

Nifty 50 has negligible exposure to manufacturing businesses. We doubt that this will still be the case a decade from now.

Disclaimer: No recommendation to buy or sell anything.

[Persistence Capital @persistencecap]

There will come a day when buying the dip no longer works. Until then, we hope you enjoy tacos.

Disclosure: no recommendation to buy or sell any financial instrument or eat any cuisine 😅

[Persistence Capital @persistencecap]

Keep calm and buy the dip. Good entry multiples and good news never go together. This too shall pass.

Disclosure: no recommendation to buy or sell any specific security. Please consult a financial advisor before making any investments.

[Persistence Capital @persistencecap]

@GANNE_RUSHIKESH Please enter a valid email ID. We just tested it out and it seems to work fine.

[Persistence Capital @persistencecap]

At Persistence Capital, we spend the weeks after every earnings season reading everything across 500+ publicly listed companies – calls, letters, filings, footnotes – trying to figure out what actually changed and what was just noise.

We have now started distilling what we think matters each quarter into a single deck. The result is Signal & Noise – 220 slides, 100+ companies across 8 sectors (IT Services, Internet, Financials, Manufacturing, Healthcare, Consumption, Industrials, and Defence).

Your portfolio may be down, but at least you can read 220 slides on why it fell 😅.

The full deck is accessible in .pdf format using the link below:
https://t.co/tE3BKs7nKG

Would love to hear what resonates and what we got wrong.

Disclosure: No recommendation to buy or sell anything. Please consult a financial advisor before making any investment decisions.

[Persistence Capital @persistencecap]

We have fixed the issue for those of you who couldn’t access. We had to upgrade our docsend subscription as we hit our download limit 😅

[Persistence Capital @persistencecap]

At Persistence Capital, we spend the weeks after every earnings season reading everything across 500+ publicly listed companies – calls, letters, filings, footnotes – trying to figure out what actually changed and what was just noise.

We have now started distilling what we think matters each quarter into a single deck. The result is Signal & Noise – 220 slides, 100+ companies across 8 sectors (IT Services, Internet, Financials, Manufacturing, Healthcare, Consumption, Industrials, and Defence).

Your portfolio may be down, but at least you can read 220 slides on why it fell 😅.

The full deck is accessible in .pdf format using the link below:
https://t.co/tE3BKs7nKG

Would love to hear what resonates and what we got wrong.

Disclosure: No recommendation to buy or sell anything. Please consult a financial advisor before making any investment decisions.

[Persistence Capital @persistencecap]

@suniljain0377 Hi,

Please check again. Its opening now :)

Sorry for the inconvenience

[Persistence Capital @persistencecap]

@asheesh_ops Hi,

Please check again. Its opening now :)

Sorry for the inconvenience

[Persistence Capital @persistencecap]

@dhruvaggarwal91 Hi,

Please check again. Its opening now :)

Sorry for the inconvenience

[Persistence Capital @persistencecap]

@nrp0105 Hi,

Please check again. Its opening now :)

Sorry for the inconvenience

[Persistence Capital @persistencecap]

@jimmyp2101 Hi,

Please check again. Its opening now :)

Sorry for the inconvenience

[Persistence Capital @persistencecap]

@yourdharmesh Hi,

Please check again. Its opening now :)

Sorry for the inconvenience

[Persistence Capital @persistencecap]

Insanely impressive. Not sure why certain fund managers are hesitant to buy conglomerate backed businesses

[Siddarth Pai @siddarthpaim]

I was reading that @KumarMBirla has taken the group in 2000 from $2 Bn revenue to $67 Bn, from $0.2 Bn EBITDA to $9 Bn, and from $4.5 Bn market cap to nearly $120-130 Bn now. Incredible leader; many case studies can be written. Even overseas revenue of group has surpassed 50% … @AdityaBirlaGrp @ananya_birla @AryamanBirla

[Persistence Capital @persistencecap]

Mind-blown. We may be closer to a country full of geniuses in a data centre forecast made by Dario Amodei than we realize.

[vittorio @IterIntellectus]

this is actually insane

> be tech guy in australia
> adopt cancer riddled rescue dog, months to live
> not_going_to_give_you_up.mp4
> pay $3,000 to sequence her tumor DNA
> feed it to ChatGPT and AlphaFold
> zero background in biology
> identify mutated proteins, match them to drug targets
> design a custom mRNA cancer vaccine from scratch
> genomics professor is “gobsmacked” that some puppy lover did this on his own
> need ethics approval to administer it
> red tape takes longer than designing the vaccine
> 3 months, finally approved
> drive 10 hours to get rosie her first injection
> tumor halves
> coat gets glossy again
> dog is alive and happy
> professor: “if we can do this for a dog, why aren’t we rolling this out to humans?”

one man with a chatbot, and $3,000 just outperformed the entire pharmaceutical discovery pipeline.

we are going to cure so many diseases.
I dont think people realize how good things are going to get

[Persistence Capital @persistencecap]

Keep calm and buy the dip. Good entry multiples and good news never go together. This too shall pass.

Disclosure: no recommendation to buy or sell any specific security. Please consult a financial advisor before making any investments.

[Persistence Capital @persistencecap]

Disclosure: No buy / sell recommendation. Please consult a financial services advisor before making investment decisions.

[Persistence Capital @persistencecap]

HDFC Bank shares are now flat in INR terms over 5 years (excluding dividends).

The India premium is behind us. Per MS, here are the forward PE multiples for HDFC Bank vs JP Morgan Chase.

JPM CY26E: 16.8x
HDFC Bank (FY27E as YE Mar '27): 16.5x

We live in interesting times.