IT Services: Structural Risks from AI and Policy

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Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies.

Follow Andrei on X: https://x.com/astetsen

Follow Jack on X: https://x.com/JackFarley96

Follow Gymkhana Partners on X: https://x.com/GymkhanaFund

Timestamps:

00:00 Introduction to Indian Aerospace

01:26 Gymkhana Partners: Investment Philosophy

04:09 Valuation and Sectoral Differences

05:36 India's Economic Growth

14:34 Government Policies and Reforms

18:20 Indian Consumer Market

26:03 US-India Trade Relations and Tariffs

28:06 Aerospace & Defense Sector in India

31:49 Investment Opportunities in Indian Aerospace

37:43 Complexities of Indian MRO & Sika's Growth

42:41 Defense Sector Opportunities

46:53 Indigenization of Indian Defense Procurement

56:06 HoldCo Dynamics & Maharashtra Scooters

01:05:56 Gymkhana’s Investment Strategy & Performance

01:13:34 AI Investments & Alphabet's Strategy

01:18:19 Conclusion

Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company.

Disclaimer: This presentation is for informational purposes only and should not be construed as investment advice. It is not a recommendation of, nor does it constitute an offer to sell or solicitation of an offer to buy, any security, strategy, or investment product.

The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described.

The holdings identified in this presentation do not represent all of the securities purchased, sold, or recommended for Gymkhana Partners L.P. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities in this list. Past performance does not guarantee future results. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to Gymkhana Partners L.P.’s performance will be provided upon request.

Any market index referred to in this presentation has been selected for purposes of comparing the performance of an investment in Gymkhana Partners L.P. with a well-known, broad-based equity benchmark. Viewers should not consider any comparative index shown in this document to be a performance benchmark for Gymkhana Partners L.P. The statistical data regarding such an index has been obtained from sources believed to be reliable. The nature of such indices differs from that of Gymkhana Partners L.P. Gymkhana Partners L.P. is not restricted to investing in those securities that comprise any such index; its performance may or may not correlate to any such index and should not be considered a proxy for any such index. Historical performance results for indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.