Overall P&L (ITD)
$707K
Inception to Date
International
$2.47M
8 holdings
Kenya Portfolio
KES 110M
9 holdings
Total Fees
1.16%
Annual weighted avg
Overall Portfolio P&L (USD) — Inception to Date
Quarterly valuations from Q3 2022 to Q4 2025
Income vs Growth Split
Income — 39%
KES 139.5M invested
Growth — 61%
KES 216.6M invested
Annual Performance
2023
Onshore
8.9%
Offshore
9.7%
2024
Onshore
13.9%
Offshore
9.4%
2025
Onshore
13.0%
Offshore
11.4%
Income Received — 2025
Monthly realised income across all holdings (KES equivalent)
Kenya (KES)
Offshore (USD→KES)
Shruti Profit Share
2024 Profit Share
KES 4.1M
20% of KES 20.3M above 5% hurdle
2025 Profit Share
KES 5.9M
20% of KES 29.7M above 5% hurdle
Total Intl Value
$2.47M
Dec 2025
ITD P&L
$396K
+18.0% since inception
2025 Income
$75.5K
Realised to date
International Holdings
| Holding | Invested | Current | P&L | Return | Type |
|---|---|---|---|---|---|
| SYZ Bank Discretionary | $1,114,758 | $1,329,087 | +$214,329 | +19.2% | Growth |
| Dalal & Broacha | $161,000 | $195,942 | +$34,942 | +21.7% | Growth |
| Praxis | £242,000 | £264,000 | +$58,710 | +9.1% | Growth |
| SYZ Bond Portfolio | $325,000 | $325,000 | +$47,959 | — | Income |
| Sea Change Capital | $100,000 | $89,669 | -$10,331 | -10.3% | Growth |
| SYZ Autocall 1 (Pharma) | $55,000 | $55,759 | +$4,345 | +1.4% | Income |
| SYZ Autocall 3 (Berkshire+) | $100,000 | $99,600 | +$8,248 | -0.4% | Income |
| SYZ Autocall 4 (Tech) | $55,000 | $53,009 | — | -3.6% | Income |
| Bitcoin (0.616 BTC) | $54,898 | $55,348 | +$450 | +0.8% | Crypto |
Kenya Portfolio
KES 110M
Dec 2025 valuation
Projected Income
KES 12.5M
Annual projected
Real Estate
KES 98M
Warehouses + 1 West Apt
Kenya Capital Markets Holdings
| Holding | Invested | Current Value | Coupon | Type | Income/yr |
|---|---|---|---|---|---|
| IFB1/2023/17 (Mar/Sep) | KES 20,000,000 | KES 20,400,000 | 14.4% | Bond | KES 2,879,800 |
| IFB1/2022/18 (Jun/Dec) | KES 10,000,000 | KES 10,000,000 | 13.7% | Bond | KES 1,374,200 |
| IFB1/2022/18 Prime Bank (Jun/Dec) | KES 20,000,000 | KES 20,000,000 | 13.7% | Bond | KES 2,748,000 |
| IFB1/2023/07 (Jun/Dec) | KES 10,254,608 | KES 10,271,760 | 15.8% | Bond | KES 1,626,020 |
| IFB1/2024/8.5 (Aug/Feb) | KES 11,055,170 | KES 11,000,000 | 18.5% | Bond | KES 1,846,000 |
| Stock Portfolio — AIB (NSE) | KES 14,225,312 | KES 19,210,971 | +35.0% | Equity | KES 1,422,531 |
| I&M MMF (KES) | KES 8,206,721 | KES 8,206,721 | 9.0% | MMF | KES 627,814 |
| StanChart Mutual Funds | $15,600 | KES 2,594,842 | 7.0% | Equity | — |
| I&M MMF (USD) | $63,355 | KES 8,236,192 | 5.0% | MMF | — |
Real Estate
Warehouses — Coloba
KES 70M
Net income: KES 4.6M/yr
1 West Apartment
KES 28M
Net income: KES 1.4M/yr (monthly)
Annual Returns by Asset
| Asset | 2023 | 2024 | 2025 |
|---|---|---|---|
| SYZ Bank Discretionary | +9.4% | +9.1% | +18.2% |
| Dalal & Broacha | +17.7% | +38.2% | -4.4% |
| Praxis | +5.5% | +8.4% | +15.2% |
| SYZ Bond Portfolio | +11.2% | +6.3% | +6.5% |
| Kenyan Bonds (Avg) | +12.5% | +14.2% | +14.4% |
| NSE Equities (AIB) | -9.9% | +26.9% | +21.8% |
| StanChart Funds | +5.4% | +19.9% | +28.0% |
| Sea Change Capital | — | +3.9% | -10.2% |
Overall Portfolio Trajectory (USD ITD P&L)
Quarterly inception-to-date profit/loss
Key Observations
The portfolio staged a strong recovery from the 2023 drawdown, with overall USD P&L swinging from -$113K in Q1 2023 to +$707K by Q4 2025.
Kenya bonds provide a stable income floor of ~KES 12.5M/yr, while the NSE equity portfolio (AIB) has been the standout performer with a +35% ITD return.
International diversification across SYZ (Switzerland), Dalal & Broacha (India), and Praxis (UK) has delivered well, with SYZ discretionary now +19% ITD after a difficult start.
The 2025 Shruti profit share of KES 5.9M reflects a strong year, up from KES 4.1M in 2024.