Its been 6 years since I have been maintaining my monthly investing records, the performance according to calendar years is shown below.
Calendar year | My returns | Nifty returns | 100 invested in Harsh folio | 100 invested in Nifty |
---|---|---|---|---|
2018 | -0.63% | 3.15% | 99.37 | 103.15 |
2019 | 11.83% | 12.01% | 111.13 | 115.54 |
2020 | 27.18% | 14.89% | 141.33 | 132.75 |
2021 | 27.30% | 24.12% | 179.92 | 164.76 |
2022 | 8.26% | 4.33% | 194.78 | 171.89 |
2023 | 48.97% | 20.03% | 290.16 | 206.32 |
A more granular performance (on monthly returns) is shown below.
I have managed to outperform nifty over this period, with CY23 now being the best year, and CY18 being the year with maximum underperformance. My portfolio beta has consistently stayed below 1 (computed on monthly data with 1-year lookback). Its crazy that despite 80%+ allocation to small caps, my beta has stayed below 1.
Before I gloat too much on my crazy alpha, lets be realistic. Portfolio volatility has been quite high, and beta looks low because of increasing divergence of my returns with Nifty returns as a result of more bottom-up stock picking
Deep value: Its again doubled this year (110% returns), why am I doing anything other than deep value is something I have started asking myself
Given the good performance this year, I am looking to reinvest into stocks which are not doing well currently. A large part of 2023 outperformance was from contra stock selection made at peak of 2021. It seems watering my weeds and cutting my flowers has worked for me (who knew!)
Lets see how 2024 pans out. I wish everyone a lot of success in all their endeavours and a very happy new year
I have increased my goal post from doubling in 4 years (19%) to doubling in 3 years (26% CAGR). So far, IRRs from January 2018 has been in excess of 30% (excluding dividends, transaction costs and taxes). Obviously it will look higher in any other timeframe, but I prefer looking from peak of 2018 as it reduces the element of cyclicality in performance.
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