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Colors inblue represent stocks where holdings have gone up and inred represent stocks where holdings have gone down.
Observations:
· His top 5 holdings account for 63.24% of his portfolio and his top 10 holdings account for almost 86.44% of his portfolio.
· The
average Market cap of the portfolio is around Rs 925 crores and the
average PE is 16 times trailing. These are as per the Money control
website.
· The recent stock market crash this portfolio has seen a notional loss of around 70%. From the January highs.
· In the last quarter he has added to his holdings in Lupin, Agro Tech Foods, Autoline, Karur Vysa Bank. He has reduced exposure to Titan, Nagarjuna Construction, Provogue .
· Companies with highest trailing PEs in the portfolio Titan and CRISIL have outperformed the other stocks in this super carnage.
· Some
stocks in the portfolio like Nagarjuna Construction and Punj Lloyd are
down by close to 80% from the peak but if one can survive the market he
can live to fight another day and that is precisely what Rakesh
Jhunjhunwala is doing.
· Companies
like Titan, Pantaloon Retail, Crisil, and Praj where Rakesh
Jhunjhunwala has made most of the money are sector leaders. Karur Vysa
Bank has been a multibagger for him but as Buffett professes one need
not buy the biggest Bank to make most of the money.
· All
the companies where Rakesh jhunjhunwala has made most of his money
started as mid/small caps and later grew with time. But the ones with
the smallest market cap Vadilal Industries has done nothing. This
indicates that small market cap is anecessary but not a comprehensive
tool for creating a multibagger.
· This portfolio has the latest market cap and the Price to earnings ratio as sourced from money control. The average 16 times! But most of these smaller capitalized companies in sectors that are scalable.
· The underlying theme in the portfolio remains domestic
consumption (Titan and Pantaloon,), Infrastructure (Nagarjuna
Construction and Punj Lloyd) , pharma (Lupin and Bil Care) and
financial Services (Crisil and Karur Vysya Bank.)
· It is hard to find a cyclical or commodity stock in his portfolio.
· Unlike the general investor none of these stocks are large caps in
the true sense of the definition. Of Course he could be holding future
positions in large caps but the point that I am trying to make is money
is made in small and midcaps onlyThe
notional losses that an investor can suffer are also the highest in
these stocks. It is very important for an investor not to convert these
notional losses in actual losses by selling the shares in despair.
· Most
of these stocks are being held for over 5 years. Companies like Titan,
Pantaloon Retail fall in that category. Others like Crisil are being
held for as long as 10 years. – Clearly Time and not timing is the key
to these markets.
Titan or a Pantaloon a Nagarjuna Construction or Lupin the
sheer size of the addressable market is humongous. – Morale of the
story “See the Bigger Picture”.
· These
shares are held by Rakesh and his wife Rekha Jhunjhunwala and form a
part of his disclosed portfolio. He could be holding more shares
through companies, trusts, proprietary accounts which are not in the
public domain. The details have been procured from BSE India.com and
are from companies where he holds more then 1% stake.
Source :basant(equitydesk)
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