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 66% of his portfolio and his top 10 holdings account for almost 87% 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 Aptech, Lupin, Nagarjuna Construction. He has reduced exposure to Titan,  Karur Vysya Bank while completely exiting Pantaloon.

·         There are several companies with highest 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 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 necessary 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  25 times! But most of these smaller capitalized companies in sectors that are scalable.

·         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, 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.

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