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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 latest Portfolio -March'07
    Posted: 05/Jun/2007 at 12:53pm

 

 

 

 

Rakesh Jhunjhunwala's latest Portfolio

 

 

 

 

 

 

 

 

 

COMPANY

 

31-Dec-06

31-Mar-07

PRICE AS ON

CURR VALUE

WEIGHT (%)

 

 

 

NO. OF SHARES

4-Jun-07

(Rs crore)

 

PRAJ INDUSTRIES

 

8700312

9000312

488

439.22

20.13

TITAN INDUSTRIES

 

2961062

2966062

1124

333.39

15.28

NAGARJUNA CONSTRUCTION

13750000

13750000

166

228.25

10.46

LUPIN

 

 

2887000

2817000

729

205.36

9.41

CRISIL

 

 

550000

550000

3170

174.35

7.99

BILCARE

 

 

1650000

1650000

892

147.18

6.74

PUNJ LOYD

 

5040000

5040000

218

109.87

5.03

PANTALOON RETAIL

2330895

2330895

440

102.56

4.70

KARUR VYSYA BANK

1716502

2606808

288

75.08

3.44

GEOJIT FINANCE

 

20000000

18000000

37

66.60

3.05

BEML

 

 

538767

538767

1062

57.22

2.62

Prime Focus

 

882500

882500

635

56.04

2.57

HINDUSTAN OIL EXPLORATION

3056605

3056605

114

34.85

1.60

VICEROY HOTELS

 

3250000

3250000

98

31.85

1.46

GEOMETRIC SOFTWARE

1780000

2175000

123

26.75

1.23

INFOMEDIA INDIA

 

1056062

1056062

230

24.29

1.11

PROVOGUE

 

480000

480000

478

22.94

1.05

ZENOTECH LABS

 

900000

1116381

129

14.40

0.66

AGROTECH FOODS

 

1051200

1051200

124

13.03

0.60

MID-DAY MULTIMEDIA

2250000

2250000

52

11.70

0.54

ALPHAGEO

 

77000

80000

360

2.88

0.13

RAMCO SYSTEMS

 

154755

154755

134

2.07

0.10

TTK Prestige

 

0

125000

128

1.60

0.07

VADILAL INDUSTRIES

205578

205578

41

0.84

0.04

TV TODAY

 

1288512

0

 

 

 

Panama Petrochem Ltd

50000

0

 

 

 

 

 

 

 

 

 

 

 

TOTAL VALUE OF PORTFOLIO

 

 

 

2182.32

100.00

 

 

 

Source: BSE India.com

 

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

 Piquant Observations:

  • One of the smartest investors in India believes in the benefits of portfolio concentration. His top 5 holdings account for 63.26% of his portfolio and his top 10 holdings account for almost 83.23% of his portfolio.
  • It is very 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 3 years. Companies like Titan, Pantaloon Retail fall in that category. Others like Crisil are being held for more then 5 years and some for even 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”.
  • We do cover companies with huge scale of opportunity in The Equity Desk - Report Card section.
  • Rakesh has a special corner for companies that are engaged in consumer, infrastructure and pharmaceutical space. Otherwise he is betting on rising crude prices by buying stocks like Hindustan oil exploration and Praj Industries The overall portfolio is well diversified except that he is not holding any metal or cyclical stocks.
  • 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.
  • To know more about investing legends see the section World's greatest Investors


Edited by basant - 22/Sep/2007 at 12:50pm
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kanagala
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Quote kanagala Replybullet Posted: 05/Jun/2007 at 1:12pm
Sir,
What could be the reason he is not investing in YESBANK, NW18, TV18 and some of the other TED stocks. I am just curious. Not trying to make any point.


Edited by kanagala - 05/Jun/2007 at 1:14pm
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Quote basant Replybullet Posted: 05/Jun/2007 at 1:21pm
Probably he does not read TED! On a serious note there cannot be any specific reason. He has exited TV today and is bullish on media so we now have to see where he puts in his money allocated for this sector.
'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 smartcat Replybullet Posted: 05/Jun/2007 at 1:34pm
he is not investing in YESBANK, NW18, TV18 and some of the other TED stocks
 
Every investor has a different perception about each stock. What's good for you and me might not be good for RJ, and vice versa. Just because RJ holds Titan, Lupin etc doesn't mean it is a good stock for us to buy. He might have a 10 year view on the stock while we make do with 3 years into the future.
 
When we look at our desi Warren Buffet's portfolio in this thread, we should give more attention to 'piquant observations' (and add to it) rather than look at individual stocks in his portfolio
 
 
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Quote xbox Replybullet Posted: 05/Jun/2007 at 1:52pm
One can buy stocks by seeing other's portfolio but conviction kaha se aayegaa...
People who makes big moves, first dreams about it aur dream to copy nahi kara ja sakta hai and there is no dearth of dreams [stocks].
Don't bet on pig after all bull & bear in circle.
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Quote deveshkayal Replybullet Posted: 05/Jun/2007 at 3:08pm
When I invested in Praj three years ago,the turnover was 100crs and I think this year it will be more than 1000crs.The ability to scale has played a crucial role.
 
Source: My Investment Approach by RJ
"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Quote kulman Replybullet Posted: 05/Jun/2007 at 3:20pm
Thanks Basant jee for compiling this information every quarter.
 
 
 
Life can only be understood backwards—but it must be lived forwards
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Quote basant Replybullet Posted: 05/Jun/2007 at 4:32pm
The wonderful thing with RJ is not that he does not go wrong but he goes wrong and messes up in companies that make no difference to his portfolio. For example he messed up in TV today and Midday but see these stocks have had no effect on his portfolio.
 
On the other hand the common premise of rebalancing the portfolio and cutting out the sharp edges in portfolio weightage seems to find no place in the big man's investing strategy.
 
Personally I have a policy of letting the profits run rather then tinker with the percentage holdings - people say that rebalancing is essential for reduction in portfolio risk but on the similar note a rebalancing also moves out the weightage from companies that are performing!
 
We had a really heated discussion on this forum on whether investoprs should sell shares of companies that have gone up and then keep the free shares. For the moment it does not appear that Rj participates in any such approach.
 
Quarter after quarter the top holdings remain the same. If Praj has ggone up 200% then the weightage also improves if Pantaloon falls by 20% then its weightage also falls. Clearly the joint familty system where the earnings of a few memebersare distributed amongst all the family men does not find conviction in RJ's strategy.
 
SOme one mentioned in the thread conviction vs. stubborness whether RJ's investment in Tv Today should be stubborness or conviction , well by existing from the same he has proved that it was neither.
 
In the meeting that I had with him he was candid enough to accept the drawbacks of having invested in that laggard. Any other person would have argued about patinece, value and long term and a little more of such nonsense!
 
'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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