The Public Ledger — Issue 02

Portfolio Summary

• Inception Date: February 12, 2026
• Reporting Date: July 30, 2026
• Total Capital Deployed: ₹60,908.28
• Current Value: ₹65,144.00
• Portfolio XIRR: 24.53%

*Portfolio XIRR reflects the annualised return based on every investment made since the portfolio’s inception.

Note: As this portfolio is still in its early stages with a relatively small capital base, returns are expected to moderate as more capital is deployed and the base grows over time. Past performance is not indicative of future results.

Portfolio Dashboard

Below is the snapshot of the portfolio as of the reporting date. It includes current holdings, allocation, and overall composition — designed so you can see exactly where the capital is invested without checking the spreadsheet.

View the Portfolio Holdings page for the current live positions.

Public Ledger

Every figure below is drawn from a single source: The Public Ledger, our complete, unedited transactions record. It contains every purchase date, transaction, and cash flow behind this portfolio, along with the exact working used to arrive at the XIRR figure reported above. Every figure can be independently verified in The Public Ledger.

Portfolio Observation

The month began with uncertain geopolitical tensions surrounding the Iran-US conflict, which led to concerns across global financial markets. Crude oil prices approached the $100-per-barrel mark, contributing to increased volatility in equity markets during the reporting period.

During this month, a fresh position was initiated in Varun Beverages Ltd. (VBL) at ₹430 per share (6 shares), in line with the existing investment framework. Apart from this, no other changes were made in the portfolio.

Rationale: Varun Beverages Ltd. (VBL) fell by around 8% on 28/07/26 following its Q2 results. This decline presented a reasonable entry point for three reasons: first, post-results valuations looked attractive relative to the company’s recent trading levels and listed peers; second, the outlook on the company’s growth opportunities and ongoing expansion initiatives remains positive; and third, its competitive position continues to support the long-term investment thesis, making the decline an attractive entry point.

As of the reporting date, approximately 16% of the total portfolio is held in cash, ready to be allocated whenever the right opportunities emerge.

Portfolio Activity

A new position in Varun Beverages Ltd. (VBL) was initiated on 28/07/26, purchasing 6 units at an average price of ₹430. This addition falls under the Satellite allocation.

Two dividend credits were received: ₹534 for Brookfield India REIT (BIRET) in June 2026, and ₹30 for Adani Ports Ltd. in July 2026. Both amounts have been added to the portfolio’s cash balance and are reflected in the Public Ledger. The June dividend was not included in the previous issue and is being reported here for the first time.

No other trades were executed during this reporting period. Existing positions across Core and Satellite allocations remain otherwise unchanged from the last reporting date.

Cash position: 16% of total portfolio value, held in reserve for further allocation.

Looking Ahead

With crude oil volatility and broader geopolitical uncertainty still unresolved, the approach remains cautious in the near term rather than reactive. The remaining cash allocation is intentional — held specifically for deployment if valuations turn more favourable, and not sitting idle by default.

The next Research Note, publishing on the 15th of August, will cover Varun Beverages Ltd. (VBL) in greater depth, including the business, valuation, risks, and the thesis behind this month’s new Satellite position. No other new positions have been confirmed yet. Any further deployment will be documented in real time in The Public Ledger, not announced after the fact.

This publication exists to answer one question every month: what actually happens to this money, and why? Not a forecast. Not a hot take. A running, verifiable record — including mistakes — of one investor’s attempt to compound capital with discipline over a long horizon.