Angel Joseph's portfolio

Hi All - The below is the portfolio of my wife, Angel who has scant experience in investing. While she has started to read and learn from this forum, I have volunteered to create this thread as she is just making baby steps.

Just to give you a background, Angel used to keep her money in FDs and savings account. Also she owns some gold jewelry which is very common when we talk about female folks. On the other hand, I have been investing and that might have inspired / motivated (I don’t know… what has happened) which made her to seek my help to build a portfolio.The below is a humble attempt to come-up with a portfolio (in fact, the aim is to create a low churn portfolio) where she can add incremental savings on a going forward basis.

Angel has promised the following: (a) firstly, she would invest two times in a year, lumpsum money once in June and December which is a bit confusing for me as to how to hand-hold her. I would appreciate your thoughts as to, should she add the money in the form of bottom-up approach or should she stick with most consistent picks when she invest on a half year basis? (b) secondly, she would start interacting on this thread as well as share her thoughts and seek guidance

As you would see, the picks are largely centered around Angel’s circle of competence (as she is coming from a medical background) and her individual preferences. I have added a few names which are experimental as well as consistent compounders (likely coffee-can portfolio candidates). While we have started creating this portfolio from the beginning of 2019, it includes recent purchases / IPOs. As a house policy, we don’t wish to own sin stocks such as ITC / VST/ UBL and Manappuram / Muthoot / other NBFCs were exorbitant interest is charged from customers. Here you go with the portfolio as of today:

1] Aarti Drugs (10.7%) - Promoters of Aarti industries and Aarti surfactants, as such no promoter issues. A low cost API player and specialty drugs manufacturer. Also, it’s a play on Crams. No threat of USFDA issues as US is not their key export market. Aarti drugs enjoys market dominant position in select API products. I feel the stock is not expensive (at PE of 12) given the 17% ROCE it enjoys. Sales growth is tepid and hovers around 11% for the past three years. On the negative side, I feel that the management has focused more on the chemical businesses and this may continue. Apart from the above, the debt levels should be monitored.

2] Abbot India (17%) - Obviously, a pick from Angel. This was the first name my wife wants to buy given her expertise / knowledge. Well discovered story and well discussed in this forum. Its a pseudo consumption play. Ranks among the consistent compounders with MNC parentage. The stock has run-up in the last few months and boast a PE multiple of 51. ROCE at 37% and 3 year sales growth stands at 12%. On the negative side, the stock may undergo time correction / price correction given the sharp rally it had from 8000 odd levels. Would have added further positions into the portfolio, but couldn’t get a chance owing to the steep appreciation in prices.

3] Affle India (25.5%) - An experimental pick from my end which I believe has a long runway ahead. I heard about Affle after IPO listing and took a token position initially. Bought further after research and converted small position into the largest position of the portfolio. Currently sitting on massive gains after the price run-up. Affle is a Singapore based (i.e. Promoter settled in SG) tech company which is focused on mobile advertising. What attracted me is that Affle can generate incremental cash flows with less capital cost. In other words, it has an asset light business model which is scalable across the world at large (currently the revenues derived from ex-Indian market is 55%). On the flip side, it is an expensive stock with PE ratio of 76 after the run-up according to screener (read somewhere that the PE is higher than 100 which I don’t know is correct or not). ROE at 67%, negligible debt and enjoys good cash flows. On the negative side, one doesn’t have enough info on the company. Risk of time / price correction as Affle has almost doubled from its IPO price. I am having a thought of booking some profits as the run-up was sharp but the business model keeps me away from selling. In short, my heart is divided .!! Not sure what to do.

4] Avenue Supermarts (10.6%) - I selected this stock as Angel won’t find any difficulty in understanding the business. Was easy to convince her and she happily agreed. Indeed, it’s one of the most expensive stocks. However, I’m not worried as long as Dmart can consistently grow. High regard for the promoter and there is no second opinion on this. Dmart is trading at a PE multiple of 111 and enjoys an ROCE of 26% with three year sales growth at 33%. On the negative side, the promoter stake sale to achieve 75% threshold might be an overhang in the immediate future. Candidate for price correction as and when there is a lower Dmart sales / SSG growth / slow down in store additions (hopefully not.!)

5] Bata India (5%) - We are regular customers at Bata, so it was easy to include it in the portfolio. Bata’s offering has improved tremendously whether it is for toddlers / kids or adults. As far as I understand, they own and operate showrooms apart franchise model. Therefore, while we say that Bata is very expensive, one has to take into account the real estate it owns. I feel that buying a footwear is a low ticket item (as we were confused between Bata vis-à-vis Titan. I know, I’m not comparing apple to apple but still they all fall within consumer discretionary. Titan is a strong candidate in our watchlist and may be added going forward). The other reason for buying Bata is that it would be easy for us to keep a tap on the business as we are regulars. Other positives include MNC parentage and healthy balance sheet. Bata currently trades at a PE of 65, ROCE of 30% and meagre sales growth of 6% over the past three years (where as Titan has a healthy sales growth of 21%).

6] Indimart Intermesh (6.5%) - This is play on platforms which has done well in the rest of the world. This is my personal pick to portfolio like Affle India. I don’t agree or expect that IndiaMart would be next Alibaba but I honestly believe that for the Indian SME businesses, this is a blessing to host their products to the world at large. I personally likes the promoter who has built the business from scratch without any Private Equity (PE) money. This is a business where one need to see how Amazon and Flipkart would evolve. Anyway, I feel that all products can’t be listed in the latter two platforms, so there is field available for IndiaMart to play and consolidate. The stock is trading at a PE of 55, ROCE around 14% and sales growth at 26%.

7] Jubliant Foodworks (4%) - This was an easy pick as my wife loves to eat from Dominos when we dine-out. I asked her why not Pizzza Hut for a change, she rejects it abruptly. So I feel that Dominos has earned its own share of fans who are sticky and what else I need to include this business in the portfolio? As Dominos is expanding into Bangladesh and Sri Lanka, I feel we have good business which has many legs to grow. I’m unsure whether the Chinese restaurant business would be successful, however, turning around DD was impressive and gives a ray of hope. Jubliant food trades at a PE of 62 with an impressive ROCE of 44%. Three year sales growth are in the region of 13%. The key negative is Promoter who doesn’t have a good track record. Anyways, I have bit the bullet and let’s watch. Next is the competition from Swiggy and Zomato which I’m not interested to listen. My personal experience is that Pizza lovers will find a way to eat Pizza as well as force others to eat it.!!

8] Sanofi India (7%) - This is my wife’s suggestion after Abbot India and obviously there was no room for denial. My personal inclination was to buy GSK as their capacity expansions would start reflecting to the bottom-line numbers. The positives include MNC parentage and leadership in key sectors. The stock is available at a PE of 37. ROCE and sales growth stands at 29% and 9% respectively. The key negatives include inconsistent sales / profit growth.

9] SRF (6%) - This company was in radar since 1300 odd levels, but could only buy after sharp run-up. SRF is not a common name in portfolios shared here in VP. It’s a diversified chemical company with largest market share in Fluorochemicals. It’s first Indian refrigerant manufacturer to get ASHRAE certification (ASHRAE stands for American society of heating, refrigerating and Air-condition Engineers) for its patented formulation. Apart from fluorochemical business, it has a robust specialty chemicals, technical textile business and packaging films business. SRF is trading at PE multiple of 23 with ROCE of 14. Three year sales growth stands at 17%. Haven’t heard any Promoter integrity issues. SRF has demonstrated consistent track record of earnings growth in the past several years. Coming to negatives, SRF has planned for capacity expansions and its debt levels which one needs to monitor closely.

Other portfolio bets:
IIFL wealth, Colgate and Galaxy surfactants which are about 8% of portfolio


Titan, Kotak Mahindra, IRCTC, AIA, Marico, Dr Lal,
Syngene Vs Laurus Vs Divis Vs PI industries, Atul Vs Sudharshan Vs Vinati, Vguard Vs Bluestar Vs Whirlpool, MRF Vs BKT Vs Ceat, Timken Vs Schaeffler Vs SKF and one of the AMC business. Note that these are not comparable strictly, i.e. not an apple vs apple comparison. Just jotting down the names and still confused how to arrive which stock / business to be included in the portfolio.

As you might have noted, this is not a typical portfolio and notable absence includes bellwether stocks such as HDFC companies, paint companies, Pidilite, Nestle, Britannia, HUL, Page, Eicher or insurance players. I have tried to play a bit differently taking into account Angel’s circle of competence and individual preferences.

I specifically ask your valuable thoughts on these portfolio picks and / or which should be replaced or stocks that can be added. Secondly, how to allocate the money on an incremental basis. I expect the incremental money on an yearly basis would be about 25% of the current portfolio size. Should the approach be bottom-up or stick to consistent compounders? I seek all your help in assisting Angel with her portfolio.

Currently, we have 12 stocks and believe that we could add another 3 more in the portfolio. Therefore, the important question is which among the watchlist stocks would find its inclusion to the portfolio and similarly, which among the current names in the portfolio can be replaced (with a better name).

We look forward to hear your thoughts. Thanks.!

Mathews & Angel


You have a very good portfolio.
Do be mindful of valuations because some of the companies are expensive.

All the best

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Would like to know.

  • What % of Angel’s investment is in equity (& debt)?
  • What % of that equity investment is in direct equity?
  • Can she keep her mind out of the day to day noise of the market?

I’m sure she must be happy seeing lots of gain in her portfolio owing to the recent run up of the portfolio stocks. But equity doesn’t give certainty. How will she react if suddenly some stocks in the portfolio shows massive loss?.. This can’t be judged beforehand and can only be known if such situations appear in reality.

I am saying all this because it is of utmost importance to judge the psychological prudence of a newbie investor. Picking good stocks is only a first step but success of long term investing depends exclusively on emotional control.

Regarding your stocks:

  1. The massive run up in Affle India is due to high expectations of the market, & if it fails in that aspect, the price can start its steep downwards journey. Currently there are no listed peers of this company and so it is also getting a scarcity premium. I would suggest you to trim your position or put a stop loss to protect your gains.

  2. I’m not sure why you are invested in Aarti Drugs when you are concerned about less management focus, less growth, moderate debt etc. You have much better stocks (may not be exactly comparable) in your watch-list IMO, which have better growth visibility even if at an expensive valuation. Why not go for Aarti Ind if you like the management?

  3. Indimart Intermesh: I’m skeptical about newly listed companies as these have lesser public history of execution & management. I would suggest you to carefully monitor the company and put a stop-loss to protect any gains.

  4. Wealth Management is a tough business with no barriers to entry & switching cost. IIFL Wealth do not have any significant brand value as well. Be very watchful if you want to have it.

I would suggest to arrive at any one of the approaches. Of course it will take time to understand which one suits Angel. However, if she doesn’t have the inclination to follow the companies closely, it is recommended to go for proven compounders. And you can have those opportunistic bets in your separate portfolio.

Thanks Akshada.! I agree that valuations are bit stretched in certain companies. What do you do in such instances? Would you reduce your position or completely exit? My thinking is that if the portfolio is for the next 10 years, should we be worried. I don’t have a clear answer yet. Your thoughts would be appreciated.

I have read your portfolio thread and would like to know, do you have any thoughts on which stocks to be included from the watchlist or allocated more on % basis in our portfolio. Thanks again.!!

Hi Sujay - At the outset, many thanks for your comments. You have raised many valuable thoughts which I haven’t considered. It might be your experience that helped you to raise these valid points. Thanks again.!!

My responses are as follows:

  • The equity portfolio is close to 20% of her net worth. Apart from 3% in FD, she has no other investments
  • This 20% is held as direct equity investments. No MFs
  • Yes, she is least bothered about market movements. The risk is I am a keeping a tap on markets and may ask her to buy / sell:grinning:

The plan is to keep the portfolio for the next 10 years by adding incremental savings. I totally agree, there would be a need to shift the profits (as and when realized) to certain debt instruments to preserve it. Definitely, this is only going to happen after the 7th year (and hopefully between 8 - 10 years)

Affle - I totally understand where you are coming from. My initial thought was to sell half of the holdings and take the money out of the table. Then I thought about, why don’t it run the show, let’s put a stop loss at least which would ensure that I have reasonable profits in my hands. My thoughts concurred with you on a point to point basis.

However, my other side of the brain is telling - if this portfolio is for next 10 years, why are you worried now. Someone who bought Infy / TCS / Asian Paints / HDFC companies, if they sold their positions when the money doubled, would they be able enjoy the returns to-date? People who sold (and also people who held) never knew that these companies would have such stellar runway ahead. Never knew that these companies would turn into evergreen quality companies. Taking cue from this, let the market run the show and let’s wait on the sidelines. My thinking is that, exit button should be pressed when there is promoter integrity issue or high competition from other world class companies or diversification kind of stuff.

To be honest, I am still developing the mindset and what should be done. Tech cycles are gone and now it’s time of waves. I totally understand why to take the risk on niche tech company where competition might grow, instead book the profits and park it HDFC bank / Asian Paints which has never failed the test.

Aarti drugs - I know this is one of my okay-okay picks, not so good companies. I am taking a bet on this company as it looks attractively priced. It’s play on crams and metmorphin. Let’s see how things evolve. Definitely, I would play this with a stop loss on the downside to protect the capital.

Indimart Intermesh - Agreed.

IIFL wealth - It’s one of the tail stocks with a small allocation. We bought it when the stock prices made a retreat after its listing. What attracted me to buy IIFL wealth is as follows:

IIFL Wealth Finance is a very unique NBFC. Our clients look for value proposition and a platform. A lot of things go into our platform like broking, research, asset allocation, third-party products, NBFC, trust services and Liberalised Remittance Scheme (LRS) investments. So our current AUM is around ₹1.6 trillion. Around 4-6% of our AUM, the client may end up borrowing from us. We provide this service only to our wealth management clients against only liquid financial assets. This makes the NBFC a unique service provider. It’s a 100% subsidiary of IIFL Wealth and its service is provided only to our clients. In addition, we borrow money from our clients which takes the form of structured notes. In fact, we might be the only NBFC with a positive ALM (asset-liability mismatch). For example, we raise structured notes for one, two and three years because they are tax-efficient as they are secured and listed.

Our clients are borrowing and lending. Due to provisioning and RBI rules, we charge a spread. There is no operational expenditure sitting in the NBFC. There are no employees going and distributing loans. All our 300 relationship managers cater to the short-term borrowing needs of clients—it could be for IPOs, it could be because FMPs are maturing in three-four months and redeeming today will result in a 30% tax, it could be for a new business and the client doesn’t want to go to a bank.

You can read the full article at:

Coming back to the approaches, my guess is that she may stick with proven compounders in the portfolio. I think a bit of hand-holding would be required to understand what suits her best

In between, do you have any thoughts on the stocks which can be added to the portfolio from the watchlist. We are looking for a maximum of 3-4

Thanks again Sujay. Appreciated:smiley:

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The portfolio has nearly 31% of recent IPO stocks , both having no history of how company does over good and bad cycle. I am not suggesting to get out but beware on the allocation % to such high risk high reward stocks with not much data to rely on.

Except Aarti drugs, rest of them are good. I think you could do better than Aarti drugs in Pharma/Speciality chemicals space. Nocil (rubber chemicals), Syngene, Natco Pharma are good. Also suggest to have couple of beaten down cyclical stocks at small quantities in sectors like Auto (like Bosch) and steel. Even logistics look good with good growth runway(Mahindra logistics). These sectors while currently down on their up cycles in 6months to 3 years could give very good value. In addition, I would also suggest to have couple of cash rich PSU (non banking) stocks as well as dividend plays.

Regarding investing twice a year - instead of investing in set time of the year, I would suggest to do lumpsum when the market is beaten down to pulp. Usually atleast twice a year Nifty50 goes bearish where there is continuous selling on number of days together. Doing lumpsum in such a phase could give great alpha. Example - Oct 2018 & Feb 2019 , stocks were beaten to pulp, something like a Bajaj Finance was available 10-15% lower. So, I would suggest to wait for those occasions in a year and invest. Or if you dont want to time it , have the lumpsum in the account & setup SIPs on specific stocks.


While this sounds good in theory but in practice each of these companies serve a purpose, that is why they exist.

Money has no colour and you should invest in good businesses run by good management which have a visible decade long runway ahead. Some can argue that pharma companies is also unethical, influencing the doctors to prescribe brands instead of generics and so on. Chemical companies pollute the earth. Organised lending companies though charge a high interest rate than banks but are less vicious than the pawn brokers who charge even more and are ready to cheat their poor customers. So I would just request to keep an open mind. We are investing to grow our capital. You can always use the returns from sin companies for greater social work which you can personally support.

All the best.


Thanks Arun.!! Definitely, we would keep a watch on this newly listed business. Regarding alternatives names, I have high regard for syngene / PI or for that matter Mahindra logistics. Haven’t tracked Nocil but would be looking into it further. Definitely, all these names are worth studying / adding to the portfolio.

I totally agree with your suggestion to invest when there is blood in the markets. It makes sense as the alpha would be higher for sure. While it may not be easy to get the bottom prices, definitely it will ensure that investment is not made at the top.

Thanks again.!!

Good point. But be very watchful to the price action also to protect gains. Lets consider a scenario, when the price starts going southways without any apparent reason. I would suggest you to still put a stop loss to move out & keep it on watchlist until you get further clarification. You can always enter later (a week or month after). Such a move may lead to transaction costs’ expense but you can remain apart from the perils of a ‘multibegger’. :wink: Build your conviction gradually.

TBH, I haven’t studied IIFL Wealth in any details. But following are some reports which don’t paint a fair picture about them. Please review these & decide for yourself. (Some of these news may not have any relevance to IIFL Wealth.)

The Securities and Exchange Board of India has declared Motilal Oswal Commodities and India InfolineNSE 3.51 % Commodities as not ‘fit and proper’ to be a commodities derivatives broker for their alleged role in the Rs 5,500 crore NSEL ( National Spot Exchange Limited) scam in 2013.

Moneylife exposed how IIFL had put out a ‘buy’ on the Money Matters stock only a few days before the Money Matters scam was unearthed… India Infoline has been in the news before that also. Mid-2009, the MiD-DAY newspaper reported that horrified clients from across the country had accused India Infoline of trading in their demat accounts ‘without permission or authorization’. Following the newspaper exposé and a complaint filed on the matter, an India Infoline director was arrested.

In that case, it would be prudent to build her portfolio with proven compounders & do the experimentation with your separate portfolio, because, God forbid, if anything happens to the experimental picks, she won’t be blaming you for that. Also, if you are lucky and get multimagger yields from your experimental picks, both of you can still enjoy the fruit.

Your portfolio lacks a company which can get benefited from industrial recovery. So you can look into AIA & a bearing company or BKT.

Good luck!

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My streight suggestion is to protect ur gain in affles current runup…
And seat on cash it will give u oppirtunity to re think on affle.
Promoters have very high expectations its hard to convert and if they fail by small percentage market will react drastically.

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Thanks for comments. As every coin has an other side, your views represent the other side of my thought process. Money has no color, very true and can’t agree more.!! I have learnt it in the hard way. Moreover, we invest our hard earned money in the markets to make money. So an open mind is required and robust companies with sound financial and management quality shouldn’t be missed / ignored.

However, my upbringing is a bit different and I owe that to the society I have interacted / lived. I would have definitely kept Manappuram / muthoot in the portfolio (to be honest I held these business in the past and exited) as they are less risky business with longevity. In fact, these companies are engaged in one of the oldest profession / vocation (even this vocation is mentioned in Shakespearean literature). However, my question is why can’t these companies lower the lending rates as we are living in a world of negative interest rates. Why such exorbitant rates to the poorest / needy? I agree that unorganised money lenders charge higher rates but an evil is just an evil and there is no question of which is a lesser evil.

I get a feeling that there is a concerted act by the organised gold lending companies (apologies for calling it as cartels) to keep the lending rates higher. In this context, one should not lose sight of the fact that the loan is against gold, the most trusted asset. An asset which can be encashed quickly and won’t take more than the wink of an eye. An asset where there is no oversupply. In this context, it would be good to remember the quantity of gold leading central banks (including RBI) have bought in this calendar year. So why the gold loan rates are exorbitant when it can’t be compared to a loan against house or vehicle (i.e. depreciable assets).

Another point is that agricultural loan against gold was previously at rate of 3% or 4% (as I don’t remember the exact rates and also not sure whether this scheme is still valid / in vogue). Despite this, how much is the lending rates charged by these organised gold loan companies. Would you believe it is more than 5x of the above rates (if I am not mistaken) for zero risk (as the money lent is 70% of the value of the gold). This is just extortion in plain vanilla terms (apologies, I don’t know a better term, folks).!!

We, the VP members should likely get a housing loan or vehicle loan (Depreciable assets) at an interest rate not more than 9%. These poor people approaching the organised money lenders for raising cash to treat their children / dependents or pawing mangalsutra for covering delivery expenses are charged in the region of 20% - 25%. !! I’m not able to digest this lending rate within any stretch of imagination.!! I will call this as travesty of equality and deprivation of justice.

Based on these, I don’t need any profits from gold loan companies targeting the disadvantaged and deprived minorities of the Indian population. I may revisit the investment hypothesis once the lending rates comes to ‘just and humanitarian levels’ (can’t find a better word to express my thoughts).

To an extent, I agree that Pharma companies and chemical companies does some evil in one form or another. The strategy adopted by Pharma companies can be termed as ‘tactics to overcome opponents / competitors’. But this is present in every sphere of life / business. People are free to buy the medicine prescribed by the doctor who is canvassed or it can be disregarded to buy a generic or an equivalent Cipla brand medicine which is generally priced lower than the rest of the competitors. I agree that the illiterates / poorest may not ask for a generic and may rely solely on doctor prescription. But I feel competition between Pharma companies would ensure that prices are reflecting market dynamics. Also, we now have janashudhi and other welfare schemes, so won’t be an issue of much concern.

Apologies, I never intended to write this long. I just jotted it down for clarity and in no way this should be construed as arguments targeted at you / your comments. In your comments, you have humbly asked us to keep an open mind with respect to investments / good companies. We really note that and thank you for taking time to read / comment. I should have elaborated the points on specific sin stocks in the opening thread itself which I couldn’t. Apologies again.!!


The kind of business practices a company follows is always a good indication of management quality. Nothing stops an unethical company and its management to find legal loopholes and cheat their customers. Some shareholders may not mind such things and some maybe actually happy about these practices as their company will be earning more. Until one fine day the same management and the company’s promoters pulls the same trick on its minorirty shareholders.

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There is no relation between kind of business a company is doing (following all the rules & regulations of the land) and it cheating its shareholders.

Manpasand was not a sin business, look at what happened. I would instead argue that the companies in the sin sector are more mindful of legal rules and so more careful in their dealings. ITC, VST all have the best corporate governance and conduct themselves much better than so called non-sin stocks.

If the business of Muthoot/Manapurram was so easy then they would have been disrupted by new entrants. The banks have tried to get into this business but have not been able to shake these two players. The high interest rates charged factor in lot of things like risk of delinquency, frauds, cost of doing business, advertising spends (hiring A grade celebrities) and of course a factor of the informal lending rate. They are not doing this for charity and there are lot of repeat customers who use this funding as source of working capital for their businesses. Even microfinance lenders charge a very high interest rate and serve a useful purpose in the society. Yes there are stray cases like SKS which became too aggressive but overall we are far better of with these companies which follow rules, pay taxes than the local money lenders.


Hi Bhaskar, my comment was a generic one and was not sector specific. Neither it was about Muthoot/Manapurram, I dont follow these companies.

All I wanted to say rather was, if a company cheats their customers, then there is no gurantee that the same company will not cheat their shareholders.

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Buddy, it seems you are confusing between business ethics with promoter integrity which is never highly correlated. If you dig deep enough, you will find skeletons anywhere. If you analyse corporate history, you will find kachra cap companies treat their shareholders shabbily but they are reasonably good for customers; where as, dominant MNC and eminent Indian companies pamper their shareholders but quite ruthless in using their dominant and monopolistic position in case of customers.

Just my two cents.


If there are companies in my portfolio where you have an understanding and can keep up with the sector, feel free to take them.

Period of holding matters a lot. Hence building the portfolio accordingly is prudent. You may find that in some cases it is entirely possible for you to see no returns for 3-5 years due to profits being discounted in such a way.

You should only be worried if you are investing somewhere you don’t understand.

You having pharma and MNC pharma makes sense due to your wife’s understanding of the business.
You do have IT stocks and I’m assuming you have a circle of competence in that as well.

All the very best.

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I like and hold some of your stocks like Abbott India, SRF & Affle India (notional position).
I think one must theme you should add to your portfolio is INSURANCE. I hold Bajaj Finserv & HDFC Life.
I would suggest you to pick something from following (I hold these) -
Insurance - Bajaj Finserv, HDFC Life
Holding Company - Bajaj Holdings
Bank - Kotak Mahindra & City Union Bank
Agri & Chemicals - Navin Fluorine, Pidilite, Godrej Agrovet
Paints - Asian Paints, Berger Paints
Industrial - Honeywell Automation, 3M India, GMM Pfaudler
FMCG - Godrej Consumer, Tasty Bite Eatables, Consumer Discretionary - Titan
Consumer Durables - Whirlpool, Havells
Rating Agency - CRISIL
IT - TCS, HCL Tech
Real Estate - Godrej Properties

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