Its been 6 years since I have been maintaining my monthly investing records, the performance according to calendar years is shown below.

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.

Order win of 258 cra. To be executed within 90 days so all revenue should be booked Q4. That means 800 cr revenue should be booked in q4?

There is a significant dip in revenues from FY 28 and same is available in the valuation report . Although management confirmed Rs 3 quarterly distribution for current FY but they indicated some dip in next year. Acquisition of balance 25 percent from Power Grid for 4 balance assets is also not going to contribute much to distribution. Conservative commentary by PSU employees and no enthusiasm for other asset additions has led to gradual decline from 130 levels. Investors who invested at those levels have already seen significant capital depreciation with only solace of 3rs quarterly distribution.

I am watching the scrip for last one year and looking for an entry and current yield is luring but risk of capital depreciation is keeping me at bay. Looking for initiating position from 95 levels and increasing one every fall as these yields for AAA rated govt instrument is already at lucrative levels .

Thank you Hiteshji for bringing clarity.