All good choices, maybe a bit too many, if there is good level of conviction then those bets should have higher weights. Some of the large caps can maybe eased out, the point of smaller caps is the low discovery and hence disproportionate gains on elevated growth profile.
Aditya vision has an unexplained margin jump while sales declined during covid period. Any of its retail strategies cannot be said to be exclusive to it. Such a dominant market share in one state will put limits on growth to just the overall market level. The business group is savvy no doubt, running 9to9 supermarket and fastfood franchises at their retail complexes and saturating the visibility. Such a large position, if it had grown organically to this size in your folio, would have been better, just placing an initial bet of this size has risks which seem to outweigh the reward.
We share more than a few names, so there we mostly agree. KEI is a good one definitely, Waaree, RACL too you can ride for long term. Some are not that much tracked by me so I will leave it at this point only. Personally I would trim #5, 7, 8, 11, 13, 15, 18 and 19. Keeping total below 20 seems reasonable. It is better to exit 15 and 18 at their peak, rest is largely due the large cap avoidance unless very well-deserved spectacular, sustained outperformer like KEI, Chola etc. There is enough safety in your choices and diversity as it is.
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