Newsletters
our monthly note.
Every month we share what we’re seeing across portfolios, sectors, and the broader market. The full archive is below.
2026
9 letters
SEP
2026
MoneyGrow Reflections
September 2026
What caught our eye in September 2026: the themes shaping our fundamentals-first, long-term approach to Indian equities.
AUG
2026
MoneyGrow Reflections
August 2026
Corporate earnings have started FY27 strongly, supported by resilient demand, healthy credit growth and reasonable valuations. Macro risks and the sustainability of the AI capex cycle remain key overhangs, making India a selective stock-picking market.
JUL
2026
MoneyGrow Reflections
July 2026
Easing geopolitical tensions, lower oil prices and RBI measures are improving India’s macro outlook, liquidity and currency stability. With credit growth accelerating and FII outflows easing, improving corporate capex and earnings support a bullish outlook for FY27.
JUN
2026
MoneyGrow Reflections
June 2026
Domestic-focused businesses delivered resilient Q4 earnings, supported by strong consumer demand and credit growth despite geopolitical pressures. With global headwinds and AI risks persisting, we favour a bottom-up, domestic-led approach and see an opportunity to rebalance and accumulate.
MAY
2026
MoneyGrow Reflections
May 2026
Geopolitical tensions and surging crude prices are driving extreme market volatility and record FII outflows, though India’s fundamentals remain resilient. With valuations becoming more attractive and earnings holding up, investors can use the volatility to systematically accumulate quality investments.
APR
2026
MoneyGrow Reflections
April 2026
The US-Iran war is driving significant market and economic risks, with prolonged conflict threatening oil supplies, inflation, growth and the rupee. While a short-lived conflict could create a temporary correction and opportunity, long-term investors should stay patient and use volatility to systematically accumulate.
MAR
2026
MoneyGrow Reflections
March 2026
Despite near-term risks from the Iran conflict, India’s macro backdrop and corporate earnings point to a potential recovery in CY26. AI disruption, tariffs and rich valuations remain key risks, but improving consumption and exports support a constructive long-term outlook.
FEB
2026
MoneyGrow Reflections
February 2026
India’s US and EU trade deals, supportive policy measures and improving earnings are strengthening the outlook for growth and equities in CY26. Favourable valuations, accelerating credit growth and strong domestic flows could support a broader market turnaround and renewed FPI interest.
JAN
2026
MoneyGrow Reflections
January 2026
Indian equities end a turbulent 2025 with muted returns, but improving earnings, consumption and domestic capex point to a healthier CY26 outlook. With risks balanced, we favour a disciplined, bottom-up approach focused on domestic capex and commodity cycles at reasonable valuations.
2025
11 letters
DEC
2025
MoneyGrow Reflections
December 2025
GST and income-tax cuts, lower interest rates and strong corporate balance sheets are creating a favourable environment for India’s domestic consumption and capex cycle. While US tariff uncertainty and global risks remain, India’s resilient domestic growth outlook supports a constructive, bottom-up investment approach.
NOV
2025
MoneyGrow Reflections
November 2025
Indian equities are gaining momentum, supported by easing inflation, strong domestic capex, improving credit growth and expectations of trade and policy support. With global conditions turning favourable, we remain constructive on domestic-focused businesses while closely monitoring earnings and geopolitical risks.
OCT
2025
MoneyGrow Reflections
October 2025
Global uncertainty is driving a shift toward gold and defensive assets, but India’s growth outlook remains supported by pro-growth RBI measures and resilient domestic demand. Manufacturing, services and credit growth offer long-term opportunities, while tariffs, geopolitics and IT-sector risks remain key near-term headwinds.
SEP
2025
MoneyGrow Reflections
September 2025
GST cuts should boost domestic consumption and benefit staples, autos and other consumer sectors, cushioning global tariff risks. Despite mixed earnings and slower growth expectations, strong DII inflows, rural recovery and policy support keep India’s medium-term outlook constructive.
AUG
2025
MoneyGrow Reflections
August 2025
US tariffs may drive near-term volatility and pressure exports, but India’s resilient domestic economy and manufacturing-led growth remain supportive. Despite muted earnings and global headwinds, strong domestic flows and the long-term structural growth story reinforce our constructive outlook.
JUL
2025
MoneyGrow Reflections
July 2025
Despite geopolitical uncertainty, markets have remained resilient, reinforcing the case for staying invested and dynamically managing portfolios through volatility. India’s emerging corporate credit cycle, supportive policies and improving macro conditions strengthen the long-term growth outlook.
JUN
2025
MoneyGrow Reflections
June 2025
Q4 FY25 earnings highlight strong momentum in cyclical and capital-intensive sectors, supported by record government capex and improving liquidity. With robust GDP growth, easing inflation and a favourable monsoon outlook, we remain constructive on domestic demand-led opportunities.
MAY
2025
MoneyGrow Reflections
May 2025
India-Pakistan tensions have risen after the Pahalgam attack, but a full-scale war remains unlikely; India is expected to use diplomatic, economic, and limited military measures. Amid global instability, India remains relatively well positioned, so the investment strategy favors domestically driven, reasonably valued companies and staying invested for long-term returns.
APR
2025
MoneyGrow Reflections
April 2025
US tariffs have intensified global uncertainty, but India remains relatively resilient due to strong domestic demand, IT and pharma. Near-term volatility may persist; focus remains on fundamentally strong, reasonably valued stocks and long-term opportunities in infrastructure and related sectors.
MAR
2025
MoneyGrow Reflections
March 2025
March 2025 reflections — how we're reading markets and positioning portfolios for the long compounder.
JAN
2025
MoneyGrow Reflections
January 2025
Our monthly note for January 2025 — reflections on what we're seeing across portfolios, sectors and the broader market.
2024
10 letters
DEC
2024
MoneyGrow Reflections
December 2024
What caught our eye in December 2024: the themes shaping our fundamentals-first, long-term approach to Indian equities.
NOV
2024
MoneyGrow Reflections
November 2024
Notes from November 2024 on the businesses we own, where we're staying patient, and the opportunities we're watching.
SEP
2024
MoneyGrow Reflections
September 2024
September 2024 reflections — how we're reading markets and positioning portfolios for the long compounder.
JUL
2024
MoneyGrow Reflections
July 2024
Our monthly note for July 2024 — reflections on what we're seeing across portfolios, sectors and the broader market.
JUN
2024
MoneyGrow Reflections
June 2024
What caught our eye in June 2024: the themes shaping our fundamentals-first, long-term approach to Indian equities.
MAY
2024
MoneyGrow Reflections
May 2024
Notes from May 2024 on the businesses we own, where we're staying patient, and the opportunities we're watching.
APR
2024
MoneyGrow Reflections
April 2024
April 2024 reflections — how we're reading markets and positioning portfolios for the long compounder.
MAR
2024
MoneyGrow Reflections
March 2024
Our monthly note for March 2024 — reflections on what we're seeing across portfolios, sectors and the broader market.
FEB
2024
MoneyGrow Reflections
February 2024
What caught our eye in February 2024: the themes shaping our fundamentals-first, long-term approach to Indian equities.
JAN
2024
MoneyGrow Reflections
January 2024
Notes from January 2024 on the businesses we own, where we're staying patient, and the opportunities we're watching.
2023
7 letters
DEC
2023
MoneyGrow Reflections
December 2023
December 2023 reflections — how we're reading markets and positioning portfolios for the long compounder.
NOV
2023
MoneyGrow Reflections
November 2023
Our monthly note for November 2023 — reflections on what we're seeing across portfolios, sectors and the broader market.
OCT
2023
MoneyGrow Reflections
October 2023
What caught our eye in October 2023: the themes shaping our fundamentals-first, long-term approach to Indian equities.
SEP
2023
MoneyGrow Reflections
September 2023
Notes from September 2023 on the businesses we own, where we're staying patient, and the opportunities we're watching.
SEP
2023
MoneyGrow Reflections
September 2023
September 2023 reflections — how we're reading markets and positioning portfolios for the long compounder.
AUG
2023
MoneyGrow Reflections
August 2023
Our monthly note for August 2023 — reflections on what we're seeing across portfolios, sectors and the broader market.
JUL
2023
MoneyGrow Reflections
July 2023
What caught our eye in July 2023: the themes shaping our fundamentals-first, long-term approach to Indian equities.
Don’t miss the next letter.
Subscribe.
Reflections — straight to your inbox once a month. Unsubscribe anytime.