Exits – Optiemus at 3x , management not credible, participated in AGM – they planted a few yes sir type shareholders , even CEO was not invited and peformance has been average too. Same reason for exit of Waa solar – Management comes reads voting instruction and AGM is over – cant trust such promoters. Frog missed guideline and lowered guidance – again crediblity issue exited , timescan – another laggard since the last one year exited , SEML – another laggard exited, Reliance exited full position it is 10x here in a decade with demergers and all but my goal is 100x not 10x , RIR not conviced with narrative exited, Affordable buy price was high hence may test patience exited , Coffee day trimeed exposure – debt resoluton taking time. Ind swift lab exited – doesnt seem attractive with main business gone. Bondada moves to long term portfolio. Basilic Fly new entry (management guidance of 50 to 80% CAGR for next couple of years).
Criteria to stay or exit – Management not transparent or not delivering (surprise is a big no no), Explosive growth with large TAM is a must to have 10x terminal value at least in 5 years, High ROCE,
Long term 75% of portfolio – As long as thesis remains intact (holding since 3 years KPIT, Tejas ) others are Max India, Kore digital, Cosmic CRF, Ecoreco, Insolation energy, Aurangabad distilleries, Bondada, Basilic fly
Second high risk not more than 5% of Portfolio to review by Dec 23 and if hypothesis is wrong then exit – Coffee day (trimmed), Sonalisconsumer,
Review by next Sept 20% of portfolio and if hypothesis is right then move to long term – Kamat hotels, Patel Engineering, Silicon Rental, Hazoor, SPML infra, Mercury EV
Tracking position – Shelter Pharma, Auro impex
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