Thanks for sharing your story. Few questions:
You seem to have mix of companies from v large cap , to small cap with many different sizes. Position sizing also varies a lot. What is the strategy behind this ? Usually there is an expectation that small companies may be more risky so you size smaller etc - but doesn’t seem to be the case here - UGro at 5% and Lombard at 3% for example.
Why are the companies in your watchlist in the watch list ? You don’t seem to mind paying up for the stocks you own, so cos Elxsi and AU appear much cheaper than say Syngene or PI Industries.
On the specific names, think it is a good mix of quality and growth. I would caution against Happiest Minds and esp Intellect Design (not a good governance history of the group) , as there are much better quality stories in smaller cap IT like Persistent , Elxsi, Cyient, L&T etc available at decent valuations if you’re okay to pay up a bit.
With regards to Financials , you’ve reached a conclusion about IDFC so I would suggest acting on it to reallocate to names you feel better about. Curious to learn why AU is on the watch list while IDFC remain on the list despite your caution on it. Also your large allocation to Manappuram when you seem more excited about other names is puzzling.
I have made an observation about PI industries in another thread which lead me to believe it is too highly priced and at its cycle peak - since then stock has continued to climb so from an outcome perspective that post is in the red but I believe the basic points in it are worth considering for long term holders of PI
Over all only observation from my side is that the position sizing relative to your view on the business does not seem to correlate and there seem to be names you’re lukewarm on, so why not cut and add to the names you like best. I think some more clarity on specific triggers or expectations for some of these names would help put the position size and valuation in perspective - if you find valuation hard I would guess it’s because you find it hard to articulate your expectations of the business in slightly more specific or time bound terms - so that would help you decide what you feel about the price vs the risk, and therefore the position size.