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basant
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Quote basant Replybullet Topic: Rakesh Jhunjhunwala's Portfolio March 2010
    Posted: 02/Jul/2010 at 11:15am

Company

             Quantity

   Price

Value

Wts

PE

Mkt

 

30.12.09

31.03.10

29.03.10

Rs cr

 %

 

Cap

Titan industries

3860861

3826061

1827

699

23.67

51

8110

Lupin

3252835

3248835

1636

532

18.00

25

14555

Crisil

550000

550000

5200

286

9.69

25

3757

Aptech

15706503

15706503

171

269

9.10

16

800

Nagarjuna Const.

15150000

15150000

158

239

8.11

24

4050

HOEL

7272416

6672416

236

157

5.33

81

3088

Praj Industries

14476624

14476624

87

126

4.27

13

1593

Bilcare

2002925

2002925

590

118

4.00

19

1330

Karur Vysya Bank

2041224

2041224

462

94

3.19

8

2494

Rallis india

803088

746588

1220

91

3.08

18

1582

Geojit

18000000

18000000

37

67

2.26

17

820

Punj lloyd

3790000

3790000

175

66

2.25

20

5825

Agrotech Foods

2003259

2003259

251

50

1.70

26

612

VIP Industries

1263000

1263000

254

32

1.09

18

718

Geometric Software

5315000

4710000

65

31

1.04

    -

400

Prime Focus

882500

882500

240

21

0.72

    -

308

Viceroy Hotels

4750000

4750000

41

19

0.66

-

148

Kajaria Ceramics

2502642

2502642

59

15

0.50

19

434

Provogue

1900000

1900000

49

9

0.32

17

555

JB Chemicals

1251650

1251650

73

9

0.31

8

617

ION Exchange

650000

650000

138

9

0.30

20

176

MidDay Multimedia

2250000

2250000

27

6

0.21

60

141

Alphageo

125000

125000

204

3

0.09

11

104

Rishi Lazer

380000

380000

58

2

0.07

    -

30

Vadilal Industries

200000

200000

78

2

0.05

8

48

Zen technologies

900000

0

177

0

0.00

5

158

Autoline Industries

1251233

0

110

0

0.00

16

134

Infomedia

700177

0

29

0

0.00

    -

143

 

 

 

 

 

 

 

 

Total value of the disclosed Portfolio (Rs crores)

2953

 

22

1758

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 68% of his portfolio and his top 10 holdings account for almost 88% of his portfolio.

·    The average Market cap the portfolio is around Rs 1758 crores and the average PE is 22 times trailing. These are as per the Money control website.

·    There are several companies with high trailing PEs in the portfolio  Makes one think the usefulness of an absolute PE based Investment strategy.

·    Companies like Titan, Crisil, and Praj where Rakesh Jhunjhunwala has made most of 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 necessary but not a comprehensive tool for creating a multibagger.

·    The underlying theme in the portfolio remains domestic consumption (Titan), 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,  Lupin  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.



Edited by basant - 02/Jul/2010 at 11:32am
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nikhil090
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Quote nikhil090 Replybullet Posted: 02/Jul/2010 at 11:28am
Basantjee,

thanks for the analysis. He remains consistent with his strategy and does not try to do any change as it is working for him..

Just a minor point, there is a little bit of pasting error in the data - For ex - HOEL shares should also have decreased but it is pasted in blue.

Also in VIP,kajaria and jb chemical the shares have remained constant but it is pasted in blue color.

Pl see for that.
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Quote kailasp4u Replybullet Posted: 08/Jul/2010 at 8:49pm
RJ added SREI INFRA FINANCE 1.25Mn shares in MARCH-10 QRTR.
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Quote vinvestor2010 Replybullet Posted: 08/Jul/2010 at 11:28pm
Hi just had a query, while RJ is a great value investor , is he a concentrated investor or a diversified investor.
To me it looks he is a diversified investor, the appearance of concentration occurs because some of his winners have heavily outperformed the losers.
This is important because when we try to mimic his portfolio , we should also be diversified.
If we take an RJ pick and it is big part our folio and it underperforms while it is small part of RJ folio, it can lead to confusion.
What do u ppl think??I am still slightly confused
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Quote basant Replybullet Posted: 08/Jul/2010 at 12:04pm
Originally posted by vinvestor2010

the appearance of concentration occurs because some of his winners have heavily outperformed the losers.
This is important because when we try to mimic his portfolio , we should also be diversified.
If we take an RJ pick and it is big part our folio and it underperforms while it is small part of RJ folio, it can lead to confusion.
What do u ppl think??I am still slightly confused


Absolutely. ALso merely copying his portfolio can land an investor in serious trouble!

'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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Quote vishalkejriwal Replybullet Posted: 08/Jul/2010 at 12:26pm
where is Visaka Industries,Mcnally Bharat.........
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Quote nannu_68 Replybullet Posted: 09/Jul/2010 at 1:35pm
consolidation in portfolio happens automatically, if you are not shuffling your stocks in portfolio.. In my case, I invested 3% of my funds in Titan,with no new fund allocation, the whole networth has grown almost 100% since then but Titan is close to 10% of my portfolio. In addition to outperformance, with time we build conviction in good stocks and more funds get diverted there..

Edited by nannu_68 - 09/Jul/2010 at 1:35pm
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Quote go4lalit Replybullet Posted: 19/Jul/2010 at 6:22pm
Strides Arcolab is missed in the list . RJ has a stake in it.
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