Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian life insurance sector saw a powerful recovery in October 2025 following a temporary Q2 slowdown, driven by the GST exemption structural tailwind. </li>
<li>Q2 FY26 was marked by broad-based Value of New Business (VNB) margin expansion, signaling a successful shift toward higher-margin non-par savings and protection products.</li>
<li>Despite a temporary drag on Embedded Value (EV) from Input Tax Credit (ITC) loss, management is confident of strong H2 FY26 growth based on the GST boost and product mix.</li>
</ul>


The Indian life insurance sector saw a powerful recovery in October 2025 following a temporary Q2 slowdown, driven by the GST exemption structural tailwind. 
Q2 FY26 was marked by broad-based Value of New Business (VNB) margin expansion, signaling a successful shift toward higher-margin non-par savings and protection products.
Despite a temporary drag on Embedded Value (EV) from Input Tax Credit (ITC) loss, management is confident of strong H2 FY26 growth based on the GST boost and product mix.


India Life Insurance Sector: Post-GST Rebound, Margin Expansion, and Structural Tailwinds

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption</li>
<li>The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.</li>
<li>With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.</li>
</ul>


India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.


Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category construct</li><li>While we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.</li><li>Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category constructWhile we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Life Insurance: Changing the Rules of the Game

India

HDFC Standard Life Insurance Company Limited is a life insurance firm. The Company offers protection, pension, savings and investment, and children's and women's plans to individuals. HDFC Standard Life Insurance serves customers in India and United Arab Emirates.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HDFC Life Insurance (HDFCLIFE IN)

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

India Life Insurance Sector: Post-GST Rebound, Margin Expansion, and Structural Tailwinds

Indian life insurance sector bounces back in October 2025 after Q2 slowdown, driven by GST exemption and shift to higher-margin products, despite...

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

Life Insurance: Changing the Rules of the Game

Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

India Life Insurance Sector: Post-GST Rebound, Margin Expansion, and Structural Tailwinds

​Indian life insurance sector bounces back in October 2025 after Q2 slowdown, driven by GST exemption and shift to higher-margin products, despite...

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

​India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

Life Insurance: Changing the Rules of the Game

Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the...

HDFC Securities

Indian life insurance sector bounces back in October 2025 after Q2 slowdown, driven by GST exemption and shift to higher-margin products, despite...

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...