Portfolio

The embedded Google Sheet is self explanatory

Though we started investing before 2010 we have kept accurate data only from April 2015 onwards.

This is neither audited by anyone nor this is a suggestion to invest in these stocks.

We are complete amateurs.


* Deepak works for Amazon currently

Comments

  1. hey Deepak, Thanks for sharing your pf. Just curious would you be looking to make changes in your direct equity (core holdings - India) especially given the fall?

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  2. Hi. As per my money management rules I have reduced some positions and got rid of small positions. But I don't think I will be exiting yet. Fundamental earnings havebhave impacted but for how long I or others haven't been able to figure that out.

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  3. Hey thanks for sharing your portfolio. We have a lot in common.

    (1) Do you still have conviction for Bajaj Finance?

    (2) Which brokerage service you use for investing in US equities?

    Thanks
    Hiren

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  4. Hi

    Thanks for your comment. Please don't take this as investment advice.

    1) In my discretionary portfolio I continue to hold Baj Fin. Though the business has tremendous headwinds in the short to medium term.
    2) I would suggest Interactive Brokers if you are based in India. Else look at Indian MFs investing in US also.

    Regards.

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  5. VST industries u r holding only small position..

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    Replies
    1. Yes we do hold it but not a significant position as of end of August 2020.

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  6. Hi Deepak, Thanks for sharing, do you believe that the upside in mid cap IT is capped ( persistent and NIIT exits)? Also, curious on exiting castrol and Kaveri at a loss? Appreciate insights. Thanks

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    Replies
    1. Our IT picks were pure trading bets. Both of us do not have knowledge of IT industry. Sorry.

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    2. I'll take the question on two others.
      Kaveri - pure trading bet. Cut losses quickly
      Castrol - Though an excellent company we think we committed a mistake in investing in this (we started building a position). Castrol does not have avenues to reinvest capital we think.

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  7. Hello Deepak/Rachita, what prompted you sold so many positions in SEP 20, US elections and trying to stay light? That's a hell a lot of selling in a month.

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  8. Mainly to move into cash and concentrate on few core pickings. If you see all the ones sold never were in our core portfolio. Some were even trading bets. We have exited entire pharma barring 3 holdings Divis, Alembic and Abbott (more like an FMCG in our view).
    None of this stock advice as usual.

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  9. Did I read that right? PF is up 57x from 2015? Thats More than double every year!!

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    Replies
    1. Read the full paragraph please. Both CAGR and portfolio value is mentioned.

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    2. Has this page been edited or am I missing something? I don't see any CAGR or portfolio value mentioned anywhere. Can you point me towards the CAGR value? I only see the expectation of 10%.

      I think a 10% expectation post 2022 could be a tough thing to achieve. I would expect almost all of the developed world to have entered zero or negative rates by then. So inflation would at best average around 4% in India(oil dependence will go down globally, so demand for crude will vane and price will follow). So a 10% expectation is like expecting to beat inflation growth by a 150%. Its quite hard with that core portfolio, those companies are actually building in expectations of a few years in them and they are discounted. The only saving grace would be bonds going bust and people move more money to equity(TINA), we are already seeing that around the world, the only problem to this would be sky high valuation and no real fundamental basing for it. Eventually it would need to be popped.

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    3. We have moved content to a Google spreadsheet. The note on the Cagr is still there. As next step we will link the actual cagr on the Google sheet. There was confusion amongst a few readers on out total networth growth and cagr so we removed that paragraph.
      Our goal is to stay a little ahead of the index with our core and non core direct equity (not etfs and MFs, which we use more as a savings tool).
      I get your point of view on expected returns. But will stick to our process to find good businesses.

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  10. Great step ahead and Full marks for max transparency. I have a very dumb question. For me to actually invest a meaningful money into all these entities and also make a meaningful trade on the remaining names would mean I need to put up a capital for few crores. Is that how we should see this? If we have a minimal capital of less than 25L, how should we go about inspiring from this folio? Any thoughts on that.

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    Replies
    1. Thanks. When we started out we had only a few bets. Some went dud and some we continue to hold. I don't suggest you build a portfolio of many things. Try to build around a few large caps and index funds. And then expand from there. The lure of smallcap is quite dangerous to us small investors.

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  11. Deepak, your overseas direct equity positions and the ETFs (china, US, vietnam, singapore) - are these core holdings (like HDFC bank) or positional (like IDFC first, mayur uniquoteres)
    Also, these international ETFs you mentioned, you buy from interactive brokers? I read above that direct equity can be purchased with interactive brokers if one is in India but what about ETFs?

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    Replies
    1. Hi Harish.
      1. Except S&P and Nifty all the others are positional. I use Index to force savings in a way.
      2. I have Interactive brokers account but dont use them. Yes in IB you can purchase these. I believe there are more options now for us in India.

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    2. Thanks Deepak. So which platform, if not IB, you use for buying these ETF?

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    3. Two of them. But they don't service in India. Saxo for US, China & Vietnam. And I have a 'demat' equivalent for Singapore.

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  12. As mentioned in blog you follow strict asset allocation between Equity/Debt.
    As you have MFs/ETFs/Conc. Holdings/Stock Positions,
    How you rebalance?

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    Replies
    1. If you see as we have mentioned is that we calculate Indian Direct Equity + Foreign Direct Equity + Fixed Income as Total Capital Market Portfolio. We omit MFs/ETFs from it. Why? Two reasons: 1. It is very small (our top 5 stocks consist of over 50% of our networth actually for instance). 2. We just use it as a savings mechanism nothing else. We wanted to mention it for the sake of having all our holdings completely in one place.
      Rebalancing between equities and debt is a long topic. Please see the tab on money management.
      ETFs/MFs I dont do anything. Its a forced saving that's all (US and India ETF & India MF only).

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  13. This comment has been removed by the author.

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  14. Hi Deepak, great initiative with transparency. Some questions:
    - What is your India vs non-India holdings allocation? And do you measure CAGR in INR? [tricky thing for NRIs who arent sure if they will move back]
    - When you say positional - what is the period you have in mind? (as I see you have stocks held since 2017 as positional)
    - You seem to have booked many trades in Sep-20, and also Dec-20. How often do you review positional holdings and trade?

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    Replies
    1. Hey. It's close to 60-40 I think in favour of India. And I do real time fx conversion. I have currency exposure to USD, SGD, SEK and a little to China and Vietnam (not much in these two). Just for tracking my script actually day end does this calculation with fx changes. I don't do any fx hedging. Don't have bandwidth to do.
      Positional is something which I don't want to call core that's all. Could be a month and even a decades (eg Biocon).
      Yes I take short term trades also both on equities and FnO - index futures or stock options. But this is only India. Every week I review equity. And every night I review open FnO positions if any.

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  15. Hi Deepak,

    Good initiative, found it useful. Qn - apart from the SIPs, how do you determine whether a particular stock/ETF should be Add or Hold ? And how do you allocate your monthly savings at any given point of time - distribute to SIP and Add status stock/ETF?

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