Major sells were Mastek (at 2050), Intellect Design Arena (at 600), Rain (at 180).
Probably a bit late to sell Mastek and Intellect while the writing has been on the wall for quite sometime about the pain in Europe, and possibly US.
Mastek in particular may be more vulnerable given their huge dependence on US spending. With the new PM talking about economic boost through tax cuts, the government may be left with even less money to pursue digital transformation initiatives in the medium term. I booked a 12% loss here. If it corrects to 1300-1400 levels, I will happily buy back with more margin of safety.
Intellect is guiding for lower growth and lower margins than they had last year, and they also depend on Europe for a sizable chunk of their business. Not worth the risk in my opinion. Got out with a slim 4% profit. I will buy it back if it dips to 450 levels.
About 60% of the money from these proceeds were moved to Newgen. This lowers my IT exposure to exactly 4% of the PF.
Sold Rain at about 180. May not be the best time for commodities for sometime. Made more than 2x on Rain in three years so fairly satisfied. Will continue to track it going forward.
Still hold tracking positions in IIFL Finance, Krsnaa and Xpro. Will probably exit all - they take my total companies to more than 20 which I don’t like.
No additions to the international portfolio (around 20%) - still hold Ark K (7%), Ark G (4.5%), KWEB (7%) and tracking position in Roundhill Ball Metaverse ETF (0.5%). I am at about 15% loss on the International portfolio (3% of total portfolio). These were always going to be volatile so I am not worried. If the lows are broken again, I may add more and then sit tight till the interest rate environment turns.
Have about 12% cash. Waiting for things to cool down a bit before deploying. Don’t have any screaming buys in sight yet, except for potentially additions to Stride, Valiant, Allcargo, Equitas. Tracking a whole host of micro and small companies which may become attractive when I understand them better.
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