Global Quality Equity Fund Update – September

The Insync Global Quality Equity Fund returned 1.14% over the month and has gained 12.30% for the last 12 months to September 2025.

Alibaba Group was a key contributor to portfolio returns, with shares climbing to their highest level in nearly four years after management unveiled an expanded AI investment roadmap and signalled further deescalation of subsidy-driven competition in mainland China. The launch of its new trillion-parameter
Qwen3-Max model, integration of Nvidia’s Physical AI software stack, and plans to open new data centres across Brazil, France, and the Netherlands reinforced Alibaba’s full-stack approach—spanning
infrastructure, foundation models, and applications—while extending its international footprint. With
Alibaba Cloud delivering 26% year-on-year revenue growth, the strongest among its business divisions, the company continues to emerge as a structural leader in China’s GenAI and cloud evolution. While near-term returns on heavy AI capital expenditure may take time to materialise, September’s rally reflected rising investor confidence in Alibaba’s execution, strategic clarity, and leadership in China’s next technology wave.

ICICI Bank was the largest detractor during the month, as investor sentiment weakened amid stalled trade negotiations between the U.S. and India. While this created near-term uncertainty, the broader
macroeconomic impact appears limited, particularly with negotiations still ongoing. India’s growth remains driven primarily by robust domestic demand, with exports playing a growing but still secondary role. The country’s economic momentum continues to be supported by a diverse range of structural tailwinds— sustained infrastructure investment, an expanding manufacturing base under the “Make in India” initiative, favourable demographics with a young and increasingly skilled workforce, deepening financial inclusion, and rapid digital adoption that continues to enhance productivity. Against this backdrop, ICICI Bank remains one of the best-positioned financial institutions to benefit from India’s multi-year expansion.

Despite short-term sentiment pressures from geopolitics and policy uncertainty, the bank’s consistent
execution, disciplined capital management, and leverage to India’s enduring structural growth drivers
support its long-term value creation potential.