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Buffet, Lynch and other legends - Investing Strategies
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basant
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Quote basant Replybullet Topic: Rakesh Jhunjhunwala's Portfolio - March 2
    Posted: 30/Apr/2009 at 8:55pm

 

Company

             Quantity

   Price

Value

Wts

PE

Mkt

 

 31.12.08

 31.03.09

29.04.09

Rs cr

 %

 

Cap

Titan industries

3714756

3593756

748

278

19.89

16

3322

Lupin

2777635

2911635

717

199

14.26

15

5938

Crisil

550000

550000

3000

165

11.81

16

2172

Aptech

14754403

14754403

92

136

9.72

91

422

Nagarjuna Const.

15300000

14200000

69

106

7.56

9

1583

Praj Industries

15526624

15526624

64

99

7.11

9

1183

Bilcare

2025000

2025000

312

63

4.52

9

537

Punj lloyd

5040000

5040000

115

58

4.15

9

3516

Karur Vysya Bank

1843724

2018724

237

57

4.06

6

1280

Geojit

18000000

18000000

26

47

3.35

42

590

Pantaloon Retail

2330895

1630895

189

44

3.15

24

3314

HOEL

3700643

2300643

79

29

2.09

24

1036

Agrotech Foods

1703259

2003259

105

18

1.28

13

255

Rallis india

255250

255250

524

13

0.96

10

628

Viceroy Hotels

4750000

4750000

22

10

0.75

22

92

Infomedia

1506062

1506062

69

10

0.74

    -

137

Prime Focus

882500

882500

111

10

0.70

7

143

Autoline Industries

1231622

1251233

66

8

0.58

6

80

Zen technologies

675000

900000

119

8

0.58

11

101

Geometric Software

3865000

4515000

20

8

0.55

4

120

Provogue

1900000

1900000

30

6

0.41

13

351

ION Exchange

650000

650000

76

5

0.35

25

96

JB Chemicals

1251650

1251650

37

5

0.33

4

320

Kajaria Ceramics

1502642

1502642

27

4

0.29

16

198

MidDay Multimedia

2250000

2250000

13

3

0.21

    -

70

Champagne Indage

500000

500000

58

3

0.21

3

88

Dwarikesh Sugars

450000

450000

49

2

0.16

    -

80

Alphageo

125000

125000

102

1

0.09

8

52

Rishi Lazer

380000

380000

26

1

0.07

21

26

Vadilal Industries

200000

200000

35

1

0.05

25

28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total value of the disclosed Portfolio (Rs crores)

1397

 

15

925

 

Colors in blue represent stocks where holdings have gone up and in red represent stocks where holdings have gone down.

 Piquant 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 Price Earnings ratio  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 mid caps only. The 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.

·          Almost all these companies are looking at a huge external scale of opportunity whether it is a 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.

·          To know more about investing legends see the section World's greatest Investors.

'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
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prabhakarkudva
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Quote prabhakarkudva Replybullet Posted: 30/Apr/2009 at 9:48pm
Geometric looks like a niche player and would probably be a beneficiary of infra/engg development in India.May be someone who has looked in depth can answer better.
Also one of their customers chrysler seems to be in trouble.Dunno what will be the impact of that.Stock however was up abt 10% last trading session,up 90% from 52 week low.
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chimak10
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Quote chimak10 Replybullet Posted: 30/Apr/2009 at 10:47pm
why did RJ didn't add any new major position in his portfolio.................i am wondering.............did he not find any good script...........or the big man busy shorting and minting money.

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Quote FutureBull Replybullet Posted: 30/Apr/2009 at 10:57pm
I see a clear trend in this holding.. he used to be bullish on domestic consumption but not quite so now..he seems to be going for high knowledge driven companies with capability to innovate and succeed.. even on that parameter geometric is not doing well but due to external environment..may be he is trying to average
‘The market always does what it’s supposed to — BUT NEVER WHEN’.
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Quote shadows Replybullet Posted: 01/May/2009 at 2:38pm
thnaks basant ji.,for update.Smile

RJ is interested in viceroy hotels., iam interested in country club.
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Quote mahesh004 Replybullet Posted: 01/May/2009 at 11:47pm
Agro tech foods is turning corners...This stock will give good solid return in next 3 years. RJ now holds around 8%.
 
Autoline is tomorrow's Titan or Praj. This stock is very ignored but will surprise people.
 
Any take?
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Quote chimak10 Replybullet Posted: 01/May/2009 at 11:50pm
can u share u r views on autoline?
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Quote mahesh004 Replybullet Posted: 01/May/2009 at 10:25am
Trades at 70 crores MCap for 300 crores revenues.
 
Have acquired companies in tool room, engineering and artwork parts of sheet metal life cycle to become 'art to part' company. This can change fortunes of company overnight. They can now serve customer with an idea in mind to producing componenet for it.
 
They are sole vendors for Ace trucks in India and have starting seeting orders from GM, VW etc.
 
This company has good management, huge opportunity, scalability.
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