Portfolio update – November 2023
Hi all, thanks for reading up on my investment journey. Many of you liked my content and specially write-up on Sandhar and Mapmyindia. Thanks again.
Asset allocation:
I have now reached my target asset allocation with now non-equity (cash/bond/REIT) at 51% and Equity at 49%. Given that my non-equity portfolio provides a monthly steady income for my household expenses I am unlikely to increase non-equity allocation in near future. However, I continue to find very attractive opportunities in bond markets with yields in 10-12% range for AA rated bonds.
Equity allocation:
My number of stocks have remained largely same around 20. However, there is substantial change within it. Some new entries – Nuvama, 360 One, Nippon Life, Divgi Toqrue, Deepak Fertilizers, medplus, Indiamart etc. Barring Nuvama everything else is small and in ramp-up mode. I exited: Tips Industries, ICICI Lombard, XPRO, Birla Precision, Salzer electronics, Pitti engineering, and many of the R&D stocks. I don’t have any R&D stock at this point.
Disclaimer: I am not a financial advisor and nor a SEBI registered Analyst. The content shared here is only for learning purpose. All the names mentioned here are for example purpose. I may buy more, exit or partly sell the stock/bonds without any prior intimation.
My top 5 allocations at 48% and top 10 are 78%. So concentration factor has increased mainly due to sharp rise in Rategain since last update.
Highlight of this quarter:
Nuvama Wealth Management (6% allocation): Thanks to Neil Bahal (Negen Capital) who talked about this special situation about 6-7 months back in his one of the presentations. When Nuvama listed in September 2023, I did my research and found it to be in 20-25 PE. While I found an interview of its CEO where he mentioned they shall hire 1000 more relationship managers (RMs) over next 3 to 4 years, which basically meant doubling RMs.
Neil’s interview: https://www.youtube.com/watch?v=c8mPTrlYTIM
I ramped up my position very fast at an average price of 2381. This has already resulted in 36% returns in the last 2 months.
I was positively surprised by results from Rategain, Paytm, and PB Fintech.
Disclaimer: I am not a financial advisor and nor a SEBI registered Analyst. The content shared here is only for learning purpose. All the names mentioned here are for example purpose. I may buy more, exit or partly sell the stock/bonds without any prior intimation.
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