Pulak Shah’s Nalanda India Fund portfolio. Pulak Prasad says in his book “What I Learned About Investing from Darwin” that he will never invest in PSUs because Govt’s objectives may not be for enhancing investors’ value & may be destructive (loan waiver). Babus without skills to run competitive business get appointed CMD. Cash rich Cos are used as piggy bank to manage fiscal deficit.
He also says that Nalanda has, since inception, bought only when stocks are abandoned by investors due to adverse events. They never buy In normal times. After the Lehman crisis of 2008, they waited 12 years for Covid in 2020. Both crisis were unprecedented buying opportunities.
| COMPANY | VALUE (Rs Cr) | Nos of shares |
| Havells India | 5,419.5 | 33,044,930 |
| Thermax | 3,571.4 | 8,176,668 |
| AIA Engineering | 3,564.0 | 9,127,809 |
| Page Industries | 2,691.6 | 765,022 |
| Supreme Industries | 2,419.0 | 5,575,626 |
| MRF | 2,395.1 | 183,900 |
| Info Edge | 2,272.1 | 3,853,000 |
| Berger Paints | 2,154.6 | 42,825,828 |
| Sundaram Finance | 2,012.4 | 4,197,714 |
| Amara Raja | 1,878.2 | 16,880,938 |
| Ratnamani Metals | 1,832.3 | 6,096,233 |
| Triveni Turbine | 1,585.5 | 29,597,575 |
| Great Eastern Shipping | 1,147.3 | 10,524,139 |
| Voltamp Transformers | 961.9 | 937,576 |
| Cera Sanitaryware | 935.2 | 1,298,143 |
| Jyothy Labs | 930.1 | 22,121,523 |
| V-Guard Industries | 886.8 | 25,888,887 |
| Ahluwalia Contracts (India) | 714.8 | 6,395,874 |
| Vaibhav Global | 615.3 | 15,343,090 |
| Elgi Equipments | 577.9 | 8,884,770 |
| DB Corp | 490.8 | 17,385,302 |
| Advanced Enzyme Technologies | 390.3 | 9,963,685 |
| TTK Prestige | 337.3 | 4,841,580 |
| NRB Bearings | 303.6 | 9,682,667 |
| Matrimony.com | 125.7 | 2,214,292 |
| TOTAL | 40212.7 |
