I am 25 years old and ~1 year old in terms of direct equity investing. Have been investing in mutual funds since mid-2018.
Have an economics/finance (masters in economics) background. Joined forum in may last year and have ~6d reading time on the forum.
Rationale/Expectation for posting here -
To solicit feedback on the portfolio/philosophy. Specifically, every investment that I have made may not follow my written down philosophy due to lack of knowledge, setting up of wrong expectations and behavioural biases. any feedback along these lines will be awesome.
Force me to solidify the process/philosophy of stock selection.
To contribute back in a small (I know that I cannot add much value to already super-rich forum) way to the forum.
Goals for investing-
Learn as much as possible about businesses. (this is vague, could not think of anything better)
Generate some alpha over the market and avoid loss of capital. Will not be tracking returns in a very detailed manner.
Ideal Process (satellite portfolio) -
Get an idea. Read as much as possible about it (forum/tijori/blogs/reports, etc.)
Start with tracking position.
Create/borrow key monitorables (KMs) and track accordingly. Currently in process of doing this for many stocks in my portfolio.
Some open-ended stock selecting/filtering ideas (at risk of sounding amateur) -
Co. in process of brand building with a good track record of execution. e.g. ITC (FMCG brands), KRBL (India Gate to other related healthy food brands), Polycab (FMEG B2C initiatives)
Niche tech. co. with some moat, eg. Indiamart (Network Effect)
Tailwind sectors (mostly identified via forum)- Pharma (Laurus, Alembic)/Specialty chemical (Aarti)
Diversify by adding leaders/well-managed co.s from multiple sectors. (Airtel, TCI Express, Heidelberg, HDFCLife, Bata, HDFC, Kotak)
Two broad philosophies, not very strict line differentiating them -
Core/Coffee Can - Minimal tracking, buy on dips depending on liquidity. No selling ad infinitum until something changes really fundamentally (if this happens, give <=3 quarters for explanation/resolution). A typical stable growth over value kind of portfolio.
Satellite - More actively managed, No selling until some KMs remain undelivered or something changes fundamentally at the company level (not at the sector level, broadly avoid typical cyclical/commodities), give <=1 quarters for the explanation/resolution. High growth at reasonable value, can try averaging up.
Portfolio as on today -
FMCG - margins and market share, Capital allocation
ASTEC
1105.53
1278
15.6%
3.9%
CRAMS, China +1, R&D, Promoters
KRBL
246.5
245.05
-0.6%
3.6%
New FMCG brands, Export growth, legal cases
BATAINDIA
1290.95
1648.55
27.7%
3.6%
Coffee Can
KSCL
565.72
535.15
-5.4%
3.4%
Cash rich, diversified seed play
IDFCFIRSTB
31.3
44.4
41.9%
3.4%
Retail banking (assets and liabilities) with advanced underwriting for the unbanked, good management
AARTIIND
960.58
1280.4
33.3%
3.3%
Speciality chemical & Pharma tailwinds, Highly diversified, almost coffee can
TCIEXP
734.72
990
34.7%
3.2%
Asset light logistics player - sectoral diversification bet
PIDILITIND
1460.36
1819.05
24.6%
3.2%
Coffee Can
HDFCLIFE
573.97
716.75
24.9%
3.1%
Coffee Can
APLLTD
924.33
1092.5
18.2%
3.1%
Pharma tailwind, R&D, USFDA compliance
LAURUSLABS
291.41
353.6
21.3%
3.0%
Pharma tailwind
HDFC
1525.1
2653.4
74.0%
2.9%
Coffee Can
BHARTIARTL
553.44
540.25
-2.4%
2.7%
Telecom - Sectoral diversification bet
GRANULES
376.68
367.3
-2.5%
2.6%
Pharma tailwind
CHAMBLFERT
160.37
240
49.7%
2.6%
Sectoral diversification bet
HAPPSTMNDS
328.87
345
4.9%
2.6%
Digital focus, SaaS, a proxy for tech in education, travel, etc., quality promoter
CAPLIPOINT
374.75
499.95
33.4%
2.3%
Injectables in the US, replication of high ROE/ROCE model in new EMs
IEX
193.59
223.05
15.2%
2.3%
Regulated Monopoly with some tailwinds
KOTAKBANK
1259.16
1968.15
56.3%
2.1%
Coffee Can
HDFCAMC
2176.98
3137.85
44.1%
2.1%
Coffee Can
HEIDELBERG
212.26
235.55
11.0%
1.9%
Cement - Sectoral diversification bet
ICICIGI
1164.59
1606.5
38.0%
1.8%
Insurance - Sectoral diversification bet
INTELLECT
340.3
348
2.3%
1.5%
Tracking
CUPID
213.42
239
12.0%
0.7%
Tracking
NEULANDLAB
1102
1105.25
0.3%
0.2%
Tracking
AXTEL
223.95
268.15
19.7%
0.2%
Tracking
31.6%
Currently, too many companies, giving almost 2-3 hours daily for reading.
Some stocks do not adhere to above ideas like Alok, it is a turnaround, will be holding these kinds of stocks and monitoring the management-commentary/results closely.
I understand that most of the portfolio is green because of the bull run in the market, but even if half of these returns are sustainable will be more than happy.
Will start adding a bit more detailed rationales in some time.
Some ideas may be contradictory, incomplete or completely wrong, open to all kinds of suggestions/ideas.
Other investments - Mutual funds (SIPs), ESOPs, FD, PF etc. The above portfolio is ~20% of all investments
Disclaimer: This is not investment advice, only personal opinions.
Good idea. But since you are just starting up, make sure to allocate less to each satellite bets.
Your portfolio has some good stocks, some cyclical companies, some hot (& thus overvalued) companies. So, allocate accordingly. However, all depends on how much of your portfolio you are investing via direct equity.
I don’t understand the companies and so the high valuation accorded to Axtel, Happiest Minds and may be Indiamarts. You have very high allocation to Indiamarts, as you’ve entered before the run-up. Suggest you to be very careful and probably reduce allocation.
ALOKINDS is sure a turnaround bet, but the valuation accorded to it is huge which is probably completely unjustifiable. You should never allocate 7.5% of your portfolio to such bets. It has higher market cap than even Trident, Raymonds, KPR Mills etc. Do you think it is justified?
Yes, I try to initially cap the allocation to 3-4 percent and have thought of averaging up as the idea continues to deliver across quarters.
True, the direct portfolio is around ~20% of total.
Axtel - yes that is true, was waiting for dip to add but recently it started running up
Happiest Mind - 100% Digital driven and blue chip promoter with diversified sources of revenue
IndiaMART - Good revenue visibility, govt. focus on improving MSME health, high value addition in a duopoly B2B e-commerce market (udaan). Future visibility - still ver large chunk of MSME have to come online, inorganic acquisitions for more value addition, etc. More details in the thread as well. Don’t think will be reducing the allocation anytime soon.
Alok - right, such high allocation to company which still hasn’t shown any improvement in numbers ( maybe because of covid) is not justfied. Actually Alok was a noob copying mistake I am stuck with, will mostly never be adding to this, will just try to follow along the revival story.
Thanks for the feedback
So, are you waiting for the ~5% loss to recover for you to exit? If so don’t bother. Move out as soon as you identify a mistake. Market may not give you another chance. If for some reason the script hits a LC next day, you will be staring at a bigger loss. 5% is nothing, although considering that you have bigger allocation, in absolute terms it is big sum. This is a kind of mental lock (price anchoring) every investor faces in his/her early years.
Actually, Alok has kind of consolidated in a small band, since so many months. So don’t think there is any more downside technically. But the mistake led me to study it in more depth. The only things which can play out are -
Increased capacity utilisation, currently at ~25%, thus operating leverage can kick in to provide some profitability, this will depend on the management able to find end customers for there goods, which i am postively biased on.
Balance sheet clean up, a lot balance sheet cleanup has been done since change of management, still a lot has to be done, considering company has been reporting losses since so many quarters.
Revenues are inc. QoQ so, OL will kick in at some point and we will be able to see the profits.
Overall, i think, like most turnaround cases this is a bet on new management. So i will keep some more patience and give more time to management.
Also have made considerable changes to my thought process. Will post soon.
Since the last post, my thought process has improved**, Now, I don’t think I want to manage Coffee can portfolio myself so will be moving that part to MFs and going forward would be tracking the ratio b/w the amount invested in PF and the amount invested in MFs will want this number to be 0.5. Also moved out of sectoral diversification bets as now I think you don’t need to expose your portfolio to all the sectors under the sun. This will also help me in reducing the number of Companies that I want to track to sub 15. Thus have got out of most of the companies as committed to me 4 months back.
Instrument
Percent (LTP basis)
EMBASSY-RR
28.95%
INDIAMART
13.42%
POLYCAB
5.22%
INTELLECT
4.63%
LAURUSLABS
4.48%
HAPPSTMNDS
4.45%
ALOKTEXT
4.33%
ITC
4.29%
IDFCFIRSTB
4.16%
KRBL
3.80%
AARTIIND
3.70%
IEX
2.96%
GRANULES
2.16%
JUBLINGREA
2.12%
BATAINDIA
2.05%
NEULANDLAB
2.04%
MASTEK
2.04%
RACLGEAR
1.96%
ULTRAMAR
1.55%
DIGISPICE
1.08%
SAREGAMA
0.61%
Have always wanted to have an RE exposure, read about REIT’s, considering the tax free yield (78% of ~6-6.5%) and that too from the best commercial properties of Bangalore, astute management (read the concall and presentation) with some capital appreciation so went ahead with Embassy
Still reading more about Saregama and Ultramarine.
Will get out of Bata (still think it is really undervalued as compared to pre-covid), Digispice (took a tracking bet good penetration but very low and unstable margin business prone to disruption).
ALOK is very risky but has explained my rationale in the earlier post. KRBL risk has increased with the arrest of MD but here also downside is very limited. Anyways will never be adding to these stocks anymore.
Converted Intellect and Neuland from tracking to core holding.
New additions - Jubilant Ingrevia (huge CAPEX for spec. chem., better margins vs Laxmi, guidance for forward integrations), Mastek (a large number of deal wins globally, cross-sell with Evosys, new CEO from the US, etc.), Raclgear(EV readiness/disruption resilience, Export orientation, stable margin guidance)
Coming to the bets where I will like to buy in dips, average up, etc. are all stocks other than mentioned in 2,3,4 points. So overall I will have 21-6=15 companies in my portfolio to invest actively in.
Disclaimer: This is not an investment advice, only personal opinions.
Got convinced for Saregama (thanks to the forum thread and some youtube videos) and increased the allocation, will have to track the quality/quantity of song-rights they acquire, the margins and any new capex in other segments like Caravaan and yoodlee, etc.
Not convinced for Ultramarine fully yet (very large commodity segment and not comfortable with holding in Thirumalai and other capital allocation), not sure what to do with this, will most likely sell to reduce diversification
Got out of Bata and reduced Digispice substantially. Also want to concentrate Pharma bets away from non-branded generics, so will get out of Granules.
Got out of KRBL also (management is good in terms of running the company/ brand building but the legal overhangs will make the rerating (undervalued in my opinion) difficult), Alok remains as it is.
As discussed in IDFC first bank thread, converted IDFC first bank to IDFC fully.
Small additions to Neuland, Jubilant ingrevia, Indiamart and Raclgear
New additions - Kilpest, Strides Pharma, still studying them.
Overall will try to get out of Granules and Ultramarines and will be adding on dips to Intellect, IEX, IDFC, Neuland lab, and Jubliant ingrevia. Also as a sub theme to reduce diversification will identify stocks (digispice, ultramarine, granules, possibly itc, aarti) which I can let go to make the number of stocks sub 15 and invest the same capital in existing bets.
Instrument
Percent (LTP basis)
EMBASSY
25.37%
INDIAMART
10.57%
POLYCAB
5.56%
SAREGAMA
4.93%
LAURUSLABS
4.93%
ALOKINDS
4.90%
HAPPSTMNDS
4.86%
INTELLECT
4.21%
NEULANDLAB
3.47%
IDFC
3.42%
AARTIIND
3.39%
ITC
3.37%
JUBLINGREA
3.10%
IEX
2.93%
KILPEST
2.38%
RACLGEAR
2.37%
STAR
2.37%
MASTEK
2.28%
ANGELBRKG
2.13%
GRANULES
1.61%
ULTRAMAR
1.28%
DIGISPICE
0.57%
Disclaimer: This is not an investment advice, only personal opinions.
First, pruned the portfolio further to reduce low conviction bets, got out of Granules, Ultramarines, Digispice, ITC, and Aarti fully. Booked small profits in the process of pruning.
ITC - Did not want to remove ITC but as I have significant exposure to ITC via mutual funds also and I believe it is one of the companies for which one should ignore most of the news and stop tracking it daily/weekly/monthly
Granules, Ultramarine and Digispice - explained earlier
Aarti - Found Jubilant Ingrevia to better priced and also better placed wrt triggers like expansion in spec chemicals CDMO, Diketenes, agro subsidiary etc.
The switch from IDFC First bank to IDFC has started playing, I think the AMC sale and demerger will further unlock the value for IDFC shareholders. Thanks a lot to forum members.
New additions - Started tracking Fairchemor, still making up my thesis for Kilpest.
Converted Strides Pharma from tracking to a permanent part of PF. Most imp triggers Stelis demerger (would like to own stelis after demerger also), entry into injectables, debt reduction etc. Again thanks to forum members.
Increased allocations - IDFC, Intellect, Strides Pharma, Angel Broking, Jubilant Ingrevia, also smaller additions to other stocks.
Now just tracking 17 + 1(Embassy) stocks -
Instrument
Percent (LTP basis)
EMBASSY
22.35%
INDIAMART
9.10%
INTELLECT
5.99%
STAR
5.82%
JUBLINGREA
5.51%
IDFC
5.24%
HAPPSTMNDS
5.08%
POLYCAB
4.91%
SAREGAMA
4.63%
ALOKINDS
4.15%
LAURUSLABS
4.15%
ANGELBRKG
3.88%
NEULANDLAB
3.85%
RACLGEAR
3.40%
IEX
3.27%
KILPEST
3.21%
MASTEK
2.90%
FAIRCHEMOR
2.58%
Results - Good to see resilience in the results of Indiamart, angelbroking, Mastek. Alok is testing patience like a true turnaround, still no growth in revenue and no profits.
Disclaimer: This is not an investment advice, only personal opinions.
Thought of updating the portfolio since the quarter is ending. Very less capital addition after the last update.
Have put Strides (US business is mostly generics, was wrong here and management seems to be beating the bush on Stelis without any clarity of thought) and Kilpest (very competitive space) on hold will not be allocating any further but will trim both of them to <2%.
New Stocks that I have started tracking - RPSG ventures and Devyani (highly overvalued on P/BV basis because of debt), still not fully convinced.
Still not fully convinced on Fairchemor, but will wait and watch on this.
Added small IDFC first bank on dips, will convert it to IDFC ltd. Also, added RACLGEAR, Intellect, IDFC, Neuland labs on dips
Got out of Happiest minds for now but will look to re-enter on dips.
Instrument
Percent (LTP basis)
EMBASSY
20.31%
INDIAMART
10.75%
INTELLECT
7.17%
JUBLINGREA
5.93%
POLYCAB
5.83%
IDFC
5.75%
SAREGAMA
4.78%
STAR
4.16%
IEX
4.02%
NEULANDLAB
4.02%
LAURUSLABS
3.76%
ANGELBRKG
3.50%
ALOKINDS
3.45%
RACLGEAR
3.39%
MASTEK
2.84%
FAIRCHEMOR
2.75%
KILPEST
2.10%
RPSGVENT
2.10%
IDFCFIRSTB
1.89%
DEVYANI
1.48%
Disclaimer: This is not an investment advice, only personal opinions.
I like to think of Embassy as a Debt portfolio + fungible RE investment. Embassy has the best possible commercial properties in Bangalore, professional management, REITs are strongly SEBI regulated etc.
Hi all,
Due to some personal financial issues was almost out of markets (other than ELSS) for almost 1.5 years, so could not participate in the rally last year. Got the issue sorted and had started reading the forum and took the 4th june as an opportunity to enter the market. In process of building my portfolio again. Many of the bets are from 4th June and some of them I don’t want to hold for long. Will get out of these as and when I find a better opportunity, currently looking at pharma, consumables and chemical sectors to find some good bet
Entity
Allocation
Rationale
PHANTOMFX-SM
9.68%
Will not hold for long, not confident of their partnering with producers and AI uncertainty
CONCOR
9.48%
Short term bet
ALLETEC-SM
8.85%
Very conservative and experienced management with customer stickiness and long way ahead with expanding to NA, etc. markets
ZAGGLE
8.18%
Like the Management, they are aggressive and also a bet on increasing organised jobs
IWEL
7.59%
Arbitrage (632 INOX), renewables play with reducing leverage etc.
TITAN
6.83%
Short term bet
SAMHI
5.34%
Play on travel/consumption, improving debt levels
IPL
4.85%
Techo funda short term bet, we are at bottom of agrochem cycle
RACLGEAR
3.78%
Good and transparent Management
IEX
3.21%
Cash generating machine
ZOMATO
3.17%
Efficiently managed Food Tech with a lot side verticals etc.
INTELLECT
2.60%
Temenos facing headwinds, low valuation good time to accumulate as they are implementing bunch of AI solutions
Most of the results/concalls are done. Can feel the volatility increasing in the market and wanted to concentrate my portfolio below 10 stocks. Exited, Concor, Titan, Intellect and carrying 15-20% cash.
Currently at 12 stocks, Next exit candidates - Zodiac, Titanin, phantom and raclgear (not fully sure on this one).
Entered Rategain - ~4% at 770, feel like have entered at sub-optimal levels, but looking to hold it for longer term and might add more at lower levels.
Short Thesis -
Ambitious, prudent and experienced Management
Large cash for inorganic expansion (good history of the same)
Solid set of long-standing customers
Studying Krishca, Jash, CNC companies, protean, aarti pharmalabs etc.
a. raclgear (got out on 19/8 and news of reducing capex etc. came,
not very bullish on this in medium term)
b. got out of titanin (read more about it, was disappointed so got out),
c. Phantom (may wait for commentary for one more quarter
but not fully sure, can see a lot of challenges going ahead)
d. Zodiac - Same as titanin, will RUN as far as i can.
Holds -
a. Thesis holds in Alletec, Zomato, IEX, Samhi.
b. More confidence in Zaggle (+ive commentary and order wins),
c. IWEL (Order book, RE bullishness - govt targets, low competition in wind,
prudent management decisions - demerger etc.)
d. Rategain - though i am sure it will do good but it can be a laggard
and drag the returns down, so not fully sure, will wait for 1-2 quarters.
e. IPL - bottom of cycle, short term bet, no high hopes here
expecting 30-40% upside in less than a year here.
Entries -
a. Krishca - bullish on promoter (aggressive and hard-working, could take
out company from covid lows and communicates transparently in concall),
good order pipeline, small TAM, so not attractive for big fishes,
Middle-east expansion etc. multiple short term triggers.
b. Radhika - bullish on gold retail, slightly risky bet (no concalls) but
it seems they have good margins and roce vs other retailers, with
reasonable valuations. new store will contribute in the coming festival
season, wanted to buy RBZ (into retail and manufacturing both)
but it is locked in UC, may shift to RBZ if i get chance.
c. Jash - Well researched counter, astute management with a history
of acquisitions and turnarounds, ever increasing order book in ever
growing sector, (water/waste management), is avlbl at good
support technically so plunged in.
d. Piccadily - one of the least confidence stock for me in my portfolio,
it seems indri has done good, should do good in future as well but
not very confident on the management, might get out if
there is better opportunity, that is why low allocation
MFs - They are mostly for tax saving purpose, I never sell them even after 3 years.
Cash - reduced to ~13%
Learnings -
Since I am into small caps, so expectation is not to ride till they become large cap (most will never, many will take keynesian long term) but expectation is to ride atleast for 3-4 years or till the story is intact or i get desired ~30-35% CAGR in 3-4 years.
I wanted to list down some thoughts on when should I take entry, since many companies i read about seem lucrative but want to have a some level of concentration in portfolio -
Read about 10-12 companies before buying one (may take week or more). Narrow down to atmost 2 companies. This ensures that I say no to most of the companies. Inculcates reading habit etc.
Ideally, I want to own companies for which I have multiple engines of compounding/mental-models
Sectoral tailwinds - like tourism now, e.g. samhi & rategain, power sector IEX & inox
Aggressive yet achievable Growth outlook - e.g. Zaggle (100 percent growth guidance)
Fairly small market cap - < 10000 cr. less discovered or non investible for many Instt. investors at present, so growth will lead to discovery and thus entry of institutes will become another engine.
Debt reduction - like samhi and inox wind.
Confidence in Management - read concalls, background, employee feedback - linkedin, glassdoor etc. any social profile etc. e.g. liked the conservative tone of Ajay Mian from all e tech, at same time the aggression of Inox wind management
The Q2 earnings are just around the corner. Wanted to to do a quick update on portfolio.
Instrument
Percent (LTP basis)
ALLETEC-SM
14.07%
KRISHCA-SM
7.59%
RADHIKAJWE-T
7.22%
IWEL-T
7.17%
ZAGGLE-T
6.38%
SAMHI
5.60%
EMERALD-XT
4.37%
MONEYBOXX
3.88%
SWSOLAR
3.83%
RBZJEWEL-T
3.78%
RATEGAIN
3.64%
JASH
3.10%
ZOMATO
2.95%
IEX
2.54%
INDOTECH
1.95%
EXICOM
1.72%
PICCADIL6-T
1.19%
VERITAS6-T
0.95%
AXIS ELSS
7.74%
PARAG PARIKH ELSS
4.28%
QUANT ELSS
6.06%
Exits -
Zodiac & Phantom - Got out of these as discussed last time. Luckily got out of phantom at 382 after which it has broken the support at ~375 as well. May be it will do good but i don’t have any confidence beyond one year with advancement and adoption of GEN-AI in videos etc.
IPL - it is bottom of cycle, has some significant upside technically but i thought i can invest the same capital somewhere longer term and non-cyclical so got out of it. It reduces me bandwidth of tracking one more company just for some xx% upside.
Holds/Additions -
IEX - Market coupling news gives jitters to this, but I think in long term IEX has got better platform, new verticals (Carbon, gas, Coal Exchanges) which will help in mitigating reduced volumes if any due to it. Fundamentally i feel, coupling is needed between countries which can’t afford to have one exchange but in one country not much to gain in terms of price discovery after coupling as well. With time IEX has become smaller %age of portfolio so not to worry
Recent drop because of exit polls, middle-east war etc. gave good opportunity to deploy the cash 13-14% cash - Added some all e tech, iwel, samhi, rategain
Positives - Acquisitions by Zaggle, Samhi, Zomato. Orderbook of Jash, Krishca, Inox. Customer acquistions by Rategain and Zaggle. Trading volumes on IEX.
Picadilly - Not able to gain Confidence to either sell or hold so no change here.
New Entries -
After reading about the bottoming of interest cycle wanted to get exposure to some financials, so looking at small cap space have narrowed down to Moneyboxx and Emerald. A lot has been written about moneyboxx so nothing to add and emerald is very small business with EWA being the major business line promising no NPAs. Results came yesterday and the trajectory is looking good.
SWsolar - Order book is promising with a good management but some issues with promoters. I have not deep dived on this one. This is a FOMO buy, since SP group needs money and there selling drove the price down without any change in underlying business. But i am not fully confident so have to revisit this one.
Tracking positions - exicom, indotech and veritas. Will post a rationale if i convert them to long term holding
Just one thing I have noticed. You seem to change your composition quite frequently. Are you more of a swing trader? If you are seeking investments, then it is important to stay put for a while and only exit if your thesis breaks up.
No, I am not swing trader. As mentioned i am invested for minimum 3-4 years in most of portfolio stocks. Also i mostly rely on fundamentals, concalls etc. I exit only the tracking positions which i take if am not able to make my mind. Zodiac was tracking position. Phantom will see a lot of disruption to business model thus the exit and IPL was mentioned to be cyclical bet in any case. Other than that ~90% of portfolio remains as it is in last two posts. What makes u feel like i churn a lot?
Almost 2 months since last update, market swinged and is trending back, portfolio also swinged and is trending with better momentum vis-a-vis the market benchmarks. All results are out. Mentioning avg cost price so that i can get some better feedback for entry points
Instrument
Percent (LTP basis)
Avg. Cost Price
ALLETEC-ST
18.52%
352.52
IWEL
7.88%
8,791.89
ZAGGLE-T
6.87%
331.96
EMERALD-XT
6.14%
73.33
SAMHI
5.85%
182.68
KRISHCA-SM
5.78%
393
RADHIKAJWE-T
5.58%
124.6
EFCIL-X
4.73%
511.5
MONEYBOXX
4.34%
266.49
JASH
4.06%
404.46
RBZJEWEL-T
3.64%
170.97
SWSOLAR
3.35%
595.99
ZOMATO
2.76%
167.66
INDOTECH-T
2.64%
1,897.50
IEX
2.03%
143.22
VERITAS6-T
0.73%
1,126.25
PARAG PARIKH ELSS
3.88%
24.42
QUANT ELSS
5.12%
393.6
AXIS ELSS
6.11%
70.28
Updates - Exits
Rategain - Growth guidance reduced; Senior management’s exit; Customer loss because of acquisition and the acquirer has the martech capabilities in-house etc. confident of Bhanu growing this from here but it will take time and as i had mentioned earlier this will prove to be laggard in the portfolio. so exited with no profit no loss situation.
Exicom/Piccadily - Again management sounds depressing and it was tracking position so left it, piccadily will grow but i am not comfortable holding it as a tracking position where i don’t get confidence to add to it.
Holds/Additions
Alletec - hold with good and expected results, PE is expanding,
Zaggle - hold and over-delivered on guidance with further upside on guidance,
Emerald - good results with strong guidance on EWA expansion in coming quarter, need to see execution of same.
Jash - strong expected orderbook in coming months and new units coming online
Krishca - weak numbers with reducing steel prices, will wait or would like to get out of this as strappings are a commodity business only.
Radhika and RBZ - expecting this quarter to show the numbers of festive season. felt entry in Radhika was too hasty, without concalls it is very difficult might switch or get out of this in 1-2 quarters
Zomato - growing with aggression, firing with all cylinders
Indotech - Great boost from power, transimission sectoral tailwinds,
IEX - tested my patience but i am positively biased on this, ever increasing exchange volumes
SW solar - learnt to never entertain FOMO urges, without a proper deep dive and confidence holding a scrip is foolish, so will get out on this one as well
Addition - IWEL, Samhi - added on dips since results are expected and good, Moneyboxx - added on dips
New Additions
EFC - competitive business with no moat, but guidance and executions seems to be great, furniture business etc.
