The Public Ledger 03
The Public Ledger — Issue 03
1 September 2026
Portfolio Summary
- Inception Date: February 12, 2026
- Reporting Date: August 31, 2026
- Total Capital Deployed: ₹66,099.75
- Current Value: ₹68,161.80
- Portfolio XIRR: 8.03%
*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, the XIRR numbers may be highly volatile, as even small changes can have a significant impact. 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.
Benchmarking the Portfolio
New this month: The Public Ledger now includes dedicated Benchmark Calculation and Benchmark Methodology tabs, allowing the portfolio’s performance to be compared against relevant benchmarks using its actual capital deployment and cash flows. The full workings are available in The Public Ledger.
Portfolio Observation
The month began amid the Iran-US conflict, which raised concerns across global financial markets and pushed crude oil prices close to the $90-per-barrel mark. Markets subsequently recovered, supported by strong AI-driven earnings, while rising yields and a hawkish signal from the Federal Reserve continued to contribute to volatility in equity markets during the reporting period.
During the month, a further addition was made to the existing position in East India Hotels (EIH) Ltd., in line with the existing investment framework. Apart from this addition, no other purchases or sales were made during the reporting period.
Rationale: The continued position in East India Hotels (EIH) Ltd. is primarily based on its exposure to the premium and luxury hospitality segment, which can benefit from the long-term growth of Indian tourism. As consumer discretionary spending increases, demand for premium vacations and luxury stays can also expand, creating a favourable environment for companies operating in this segment. This forms the basis for continued exposure to EIH within the Satellite allocation.
As of the reporting date, approximately 18% of the total portfolio is held in cash, ready to be allocated whenever the right opportunities emerge.
Portfolio Activity
Further shares were added in East India Hotels (EIH) Ltd., purchasing 18 units at an average price of ₹296.79. This addition brings total exposure to 62 units at an average price of ₹305.20. This addition falls under the Satellite allocation of the portfolio.
Four dividend credits were received during August 2026: ₹560 for Brookfield India REIT (BIRET), ₹66 for Adani Ports Ltd., ₹3 for Varun Beverages Ltd. (VBL), and ₹13 for HDFC Bank Ltd. All dividend amounts have been added to the portfolio’s cash balance and are reflected in The Public Ledger.
A new tab has also been added to The Public Ledger to maintain a consolidated dividend record that can be easily accessed and reviewed whenever required.
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: 18% 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 15 September, will cover Swiggy Ltd. in greater depth, including the business, valuation, risks, and a broader sector overview. 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.
— The Investor Behind Arthaay