Sapphire Equity Long-Short

• 2026-10 Direct Growth return -0.14%, observed from 2026-09-30 to 2026-10-19 (month to date). [nav]
• Since first published NAV: -3.86% at 2026-10-19. [nav]
• No monthly portfolio captured for 2026-10. Last stored monthly disclosure is 2026-07-31; it is not this month's portfolio.

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.
• A missing stored capture does not establish that the AMC failed to disclose it.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.

• 2026-09 Direct Growth return -5.43%, observed from 2026-08-31 to 2026-09-30. [nav]
• Since first published NAV: -3.72% at 2026-09-30. [nav]
• No monthly portfolio captured for 2026-09. Last stored monthly disclosure is 2026-07-31; it is not this month's portfolio.

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.
• A missing stored capture does not establish that the AMC failed to disclose it.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.

• 2026-08 Direct Growth return +0.39%, observed from 2026-07-31 to 2026-08-31. [nav]
• Since first published NAV: +1.80% at 2026-08-31. [nav]
• No monthly portfolio captured for 2026-08. Last stored monthly disclosure is 2026-07-31; it is not this month's portfolio.

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.
• A missing stored capture does not establish that the AMC failed to disclose it.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.

• 2026-07 Direct Growth return +1.07%, observed from 2026-06-30 to 2026-07-31. [nav]
• Since first published NAV: +1.41% at 2026-07-31. [nav]
• Portfolio captured as of 2026-07-31; 113 position lines; capture parsed. Original AMC publication date is not provided by this history source. [portfolio]
• Disclosed long cash equity: +97.21% of assets at 2026-07-31; not net market exposure. [portfolio]
• ICICI Bank Ltd ^ ~~: reported closing weight +5.27% at 2026-07-31. [portfolio]
• HDFC Bank Ltd # ~~: reported closing weight +5.10% at 2026-07-31. [portfolio]
• Reliance Industries Ltd $ ~~: reported closing weight +3.47% at 2026-07-31. [portfolio]
• Larsen & Toubro Ltd $$ ~~: reported closing weight +3.07% at 2026-07-31. [portfolio]
• Infosys Ltd: reported closing weight +2.97% at 2026-07-31. [portfolio]
• Portfolio comparison interval: 2026-05-29 to 2026-07-31. This is not necessarily one month. Weight changes do not prove trades. [portfolio] [previous]
• ICICI Bank Ltd ^ ~~: Weight changed; +4.02% to +5.27% across that disclosure interval. [portfolio] [previous]
• Interglobe Aviation Ltd: Newly disclosed; not captured to +1.24% across that disclosure interval. [portfolio] [previous]
• Eternal Ltd: Newly disclosed; not captured to +1.19% across that disclosure interval. [portfolio] [previous]
• Solar Industries India Ltd: No longer disclosed; +1.12% to not captured across that disclosure interval. [portfolio] [previous]
• Indian Hotels Co Ltd: Newly disclosed; not captured to +1.08% across that disclosure interval. [portfolio] [previous]

All captured positions · 2026-07-31

Reported weights retain their source basis. Do not add derivative valuations to equity exposure.

Changes between 2026-05-29 and 2026-07-31

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.
• Linked research was published after this month. It is retrospective evidence, not information known during the month.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.

• 2026-06 Direct Growth return +1.17%, observed from 2026-05-29 to 2026-06-30. [nav]
• Since first published NAV: +0.33% at 2026-06-30. [nav]
• No monthly portfolio captured for 2026-06. Last stored monthly disclosure is 2026-05-29; it is not this month's portfolio.

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.
• A missing stored capture does not establish that the AMC failed to disclose it.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.

• 2026-05 Direct Growth return -0.83%, observed from 2026-04-29 to 2026-05-29. [nav]
• Since first published NAV: -0.83% at 2026-05-29. [nav]
• Portfolio captured as of 2026-05-29; 114 position lines; capture parsed. Original AMC publication date is not provided by this history source. [portfolio]
• Disclosed long cash equity: +96.44% of assets at 2026-05-29; not net market exposure. [portfolio]
• HDFC Bank Ltd: reported closing weight +5.40% at 2026-05-29. [portfolio]
• ICICI Bank Ltd: reported closing weight +4.02% at 2026-05-29. [portfolio]
• Reliance Industries Ltd: reported closing weight +3.83% at 2026-05-29. [portfolio]
• Larsen & Toubro Ltd: reported closing weight +3.22% at 2026-05-29. [portfolio]
• Infosys Ltd: reported closing weight +2.28% at 2026-05-29. [portfolio]
• Cash + short futures (possible): Cash shares and short futures share an underlying. This can indicate arbitrage or a hedge; quantities, contract terms and manager commentary are needed to establish the matched strategy. [portfolio]

All captured positions · 2026-05-29

Reported weights retain their source basis. Do not add derivative valuations to equity exposure.

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.

• Since first published NAV: 0.00% at 2026-04-29. [nav]
• No monthly portfolio is stored at or before 2026-04.

Interpretation limits

• Holdings provide positioning evidence, not a measured return contribution. Trading, derivatives, flows, fees and valuation changes can also affect NAV.
• A missing stored capture does not establish that the AMC failed to disclose it.
• Only one NAV observation is available; a holding-period return cannot be calculated.

* Since first published NAV. NAV returns are absolute, not annualised. Monthly returns use actual observed boundaries; cumulative returns use the stated baseline and are not a sum of rounded monthly returns.