Sphere — Built for the Investor, Not the Market Cycle

The question that
started Sphere

The question that started
Sphere

In 2009, we began asking a simple question.
Why do investors consistently buy after excitement…
and sell after fear?
Why do they chase yesterday’s winners…
and abandon tomorrow’s opportunities?

Sphere emerged from this belief.

Not a prediction engine.
A preparation engine.

Experience Sphere →

Built for the investor.
Not the market cycle.

2009

Buy Driven by
excitement

Sell Driven by
fear

Buy Chases
recovery

Exit Fears the
next crash

Today →

Markets move in cycles. Discipline is what keeps you prepared through them.

Shyam Sekhar, Founder & Ideator of ithought

The thinking behind Sphere

Investing is not about predicting the future.
It’s about being prepared for it.

Markets will always move in cycles.
What matters is how we think, how we prepare
and how we stay invested through them.

SPHERE is the outcome of this belief—
a framework designed to help investors
navigate uncertainty and stay focused on
what truly compounds over time.

Shyam Sekhar

Founder & Ideator, ithought

Three decades of investing experience.
Through cycles. Across sectors.
Focused on what compounds.

The objective is not to predict every market move. The objective is to build a portfolio prepared for them.”

Shyam Sekhar

Investing is not a stock market problem.

It is a
Behaviour
Problem.

Most investors know
what they should do.

Stay invested.
Think long term.
Ignore noise.
Remain disciplined.

Yet market history
tells a different story.

They chase certainty.
They react to volatility.
They seek validation.
They abandon patience.

The challenge is rarely information.
The challenge is behaviour.

This is where Sphere begins.

Certainty | Reaction | Validation | Impatience

Sphere

Built to reduce the impact of emotion.

The Sphere Framework

Built on a simple belief:
Preparation.
Not prediction.

Markets are dynamic.
The future is uncertain.
But with the right preparation,
portfolios can weather any environment.

SPHERE is our disciplined approach to
building portfolios that are prepared
for opportunity, uncertainty and change.

Observe

Understanding
the environment.

Man observing the horizon from a mountain summit

Allocate

Positioning across
asset classes.

Identify

Finding high-conviction
opportunities.

Protect

Managing
downside risk.

Rebalance

Staying aligned through
changing market conditions.

A glass sphere holding equity, debt, gold and cash layers

Built for every market season.

Not every market
prediction.

Markets do not move in straight lines.
They move through opportunity. They move through uncertainty.
They move through change.

Sphere is designed to navigate all three through
a disciplined multi-asset approach.

A portfolio that can participate in growth.
Manage volatility. And remain adaptable
when conditions change.

Shyam Sekhar

Opportunity

Positioned to capture
when conditions
are favourable.

Uncertainty

Built to withstand
volatility and
unexpected shifts.

Change

Designed to adapt
as markets and cycles
continue to evolve.

Who Sphere is built for

Built for different investors.
United by one goal.

Different life stages. Different priorities. One disciplined approach
to building lasting wealth.

Explore Sphere →

One goal

To preserve, grow and manage
wealth with discipline.

Young professional looking out over a city skyline

The
Professional

Focused on building a career.

Seeking a portfolio that works quietly in the background.

Retiree relaxing at home with a cup of tea

The
Retiree

Seeking growth without unnecessary anxiety.

Protecting purchasing power while remaining invested for the long term.

Family looking out over a scenic view together

The Family
Steward

Managing wealth across generations.

Balancing opportunity, responsibility and preservation.

Experienced investor reviewing information on a phone

The Experienced
Investor

Already invested.

Looking for a more disciplined and structured approach to portfolio construction.

Performance as on 31 May 2026

Performance
that endures.

Disciplined process. High-conviction decisions.
Consistent results across market cycles.

Sphere PMS

20.62%

Since Inception CAGR

NSE Multi Asset Index ^*

9.50%

Since Inception CAGR

Equity 86%
Debt 10%
Cash 2%
Global 2%

	1 Month	3 Months	6 Months	1 Year	2 Years	3 Years	Since Inception
Sphere PMS	-1.71%	-6.95%	-2.35%	10.91%	16.75%	23.75%	20.62%
NSE Multi Asset Index ^*	0.13%	-0.45%	-0.94%	4.94%	7.14%	11.70%	9.50%

* The benchmark is NSE Multi Asset Index.

Returns are post fees and expenses.

Returns less than 1 year are absolute.

Inception date: 16 December 2021.

Cash levels in portfolio as on 31 May 2026 is 1.51%.

Performance related information is not verified by SEBI.

All-Weather Thinking

Designed to remain invested through changing market environments.

High-Conviction Decisions

Focused on quality businesses and opportunities where conviction is high.

Purposeful Allocation

Balancing participation, resilience and adaptability across market cycles.

Disciplined Evolution

Continuously aligning portfolios with changing realities without losing sight of long-term objectives.

Why ithought PMS

Behind every strategy is a
disciplined philosophy.

For over three decades, ithought has remained
focused on one belief:

Long-term wealth creation is not driven by prediction.
It is driven by discipline, process and conviction.

Independent Thinking

Research-driven investing with a long-term perspective.

Investor First

Portfolios built around investor outcomes, not market narratives.

Disciplined Process

A structured framework guiding every investment decision.

Long-Term Partnership

Focused on preserving and compounding wealth across generations.

Advisor reviewing investment research at his desk

SEBI Registered

Portfolio Manager

₹8,000+

Crores AUM

30+

Years of Investment Experience

1,000+

Investor Families Trust Us

S P H E R E

Discipline. Process. Conviction.
That is Sphere.

Investor Insights

Thinking beyond
the portfolio.

Markets change.
Principles endure.

Explore conversations, observations and insights from the investment desk.

View All Insights →

Timeless Thinking

Insights rooted in first principles, not noise.

Practical Perspectives

Clarity on what matters for your wealth.

Long-Term Focus

Helping you focus on what builds lasting value.

Built for the investor.
Not the market cycle.

The question that started
Sphere

Investing is not about predicting the future.
It’s about being prepared for it.

It is a
Behaviour
Problem.

Built on a simple belief:
Preparation.
Not prediction.

Not every market
prediction.

Built for different investors.
United by one goal.

Performance
that endures.

Behind every strategy is a
disciplined philosophy.

One investment philosophy.
Multiple paths.

Thinking beyond
the portfolio.

You don’t need
to predict
every market.

You need a portfolio
prepared for them.

The question that started Sphere

Investing is not about predicting the future. It’s about being prepared for it.

It is a Behaviour Problem.

Built on a simple belief: Preparation. Not prediction.

Not every market prediction.

Built for different investors. United by one goal.

Performance that endures.

Behind every strategy is a disciplined philosophy.

One investment philosophy. Multiple paths.

Thinking beyond the portfolio.

You don’t need to predict every market.

You need a portfolio prepared for them.

The question that started
Sphere

Investing is not about predicting the future.
It’s about being prepared for it.

It is a
Behaviour
Problem.

Built on a simple belief:
Preparation.
Not prediction.

Not every market
prediction.

Built for different investors.
United by one goal.

Performance
that endures.

Behind every strategy is a
disciplined philosophy.

One investment philosophy.
Multiple paths.

Thinking beyond
the portfolio.

You don’t need
to predict
every market.

You need a portfolio
prepared for them.