Compound Everyday Capital Management LLP

Happy to share our latest letter to PMS investors, we discuss:

• Crude oil shock reaffirms the need for smart portfolio diversification.
• Importance of margin of safety.
• Mutual fund stress test understates the stress.
• Buybacks poised for a comeback.

Letter to Investors – Mar’26 – Extracts – Cedcapital Investment Process, Quarterly Update Letter to Investors – Mar’26 – Extracts April 9, 2026 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 20.6%. FY26 NAV grew by 14.1% with 80% funds invested in equity positions. Balance 20% is par...

Happy to share our latest Letter to Investors, we discuss:
1. Learnings from winners of last 13 years.
2. Thinking in decades instead of quarters.
3. What if AI takes over investing?

cedcapital.in

Happy to share our latest letter to PMS investors, we discuss:
1. Acquiring 15%+ earnings growth, not built into stock prices.
2. Quality and valuation as guides.
3. Getting more by doing less.

Letter to Investors – Sep’25 – Extracts – Cedcapital Investment Process, Quarterly Update Letter to Investors – Sep’25 – Extracts October 10, 2025 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 13.6%. NAV grew by 17.3% YTD with 80% funds invested in equity positions. Balance 20% is p...

Happy to share our latest letter to PMS investors, we discuss:

1. Controlling risk through “one durable variable businesses (1DVB)”.
2. Mistake: Music Broadcast arbitrage position (loss of 0.5% of AUM).
3. Investing is an inexact science and this creates unique challenges.

Letter to Investors – Jun’25 – Extracts – Cedcapital Investment Mistake, Investment Process, Quarterly Update Letter to Investors – Jun’25 – Extracts July 8, 2025 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 13.4%. NAV grew by 14.8% YTD with 80% funds invested in equity positions. ...

Happy to share our latest letter to PMS investors, we discuss:

1. Nearly half of the top 700 companies are trading at over 40x P/E building in lofty expectations.
2. We added further to two existing positions and exited from one older position.
3. Tariffs and Artificial Intelligence calls for being more demanding in multiples we pay for equities.
4. Investment beliefs are shaped by the era that investor spend their early investment years in.

Letter to Investors – Mar’25 – Extracts – Cedcapital Business Analysis, Investment Psychology, Quarterly Update Letter to Investors – Mar’25 – Extracts April 11, 2025 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 15%. NAV grew by 10.3% with 79% funds invested in equity positions. Ba...

Happy to share our latest letter to PMS investors, we discuss:
1. In an elevated market, falling less > rising more
2. Looking at batting average and equity IRR
3. Retail flows continue in riskier parts of markets
4. Handling investment advice in a bull market

Letter to Investors – Dec’24 – Extracts – Cedcapital Investment Process, Quarterly Update Letter to Investors – Dec’24 – Extracts January 8, 2025 No Comments   EXECUTIVE SUMMARY For the Dec’24 quarter, the BSE500 index reported a change of -7.8% including dividends. We reported -0.6%. Trailing twelve months’ earnings of underlying portfolio...

Happy to share our latest letter to PMS investors, we discuss:

1. Without bottlenecks, supply eventually meets demand
2. Addition of a new 5% position and exit from an existing position
3. Mania in SME IPOs and Thematic Mutual Funds,
4. Does equity culture slows down bank deposit growth?

Letter to Investors – Sep’24 – Extracts – Cedcapital Macroeconomics, Quarterly Update Letter to Investors – Sep’24 – Extracts October 11, 2024 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 8.7%. NAV grew by 18.0% YTD with 79% funds invested in equity positions. Balance 21% are parke...

Happy to share our latest letter to PMS investors, we discuss:

1. Dilemma of investing in a one-way rising market
2. 500x leverage in weekly Options
3. Skyscraper construction as an indicator of economic cycle
4. Manias and Panics – lessons from last 400 years

Letter to Investors – Jun’24 – Extracts – Cedcapital Investment Psychology, Quarterly Update Letter to Investors – Jun’24 – Extracts July 6, 2024 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 46%. NAV grew by 8.9% YTD with 78% funds invested in equity positions. Balance 22% is parke...

Happy to share our latest letter to PMS investors, we discuss:
1. Learnings from study of 1000 monkey portfolios
2. Discipline or delusion?
3. Smallcap’s Abhimanyu moment
4. Investing during elections

Letter to Investors – Mar’24 – Extracts – Cedcapital Investment Process, Investment Psychology, Quarterly Update Letter to Investors – Mar’24 – Extracts April 10, 2024 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 45%. FY24 NAV grew by 29.2% with 74% funds invested in equity positio...

Happy to share our latest letter to PMS investors, we discuss:
1. Secrets to better thinking, living and investing from Charlie Munger
2. Protecting our wicket
3. When to sell
4. Fearing the absence of fear
5. India’s inflation in last 150 years

Letter to Investors – Dec’23 – Extracts – Cedcapital Quarterly Update Letter to Investors – Dec’23 – Extracts January 8, 2024 No Comments   EXECUTIVE SUMMARY Trailing twelve months’ earnings of underlying portfolio companies grew by 59%. NAV grew by 28.1% YTD with 73% funds invested in equity positions. Balance 27% is parked in liquid funds. ...