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Charting the Course

The value of active portfolio management becomes evident when we invest our own money in the same strategy as yours.

Founder's Portfolio

2008 - 2024

To give you an insight into the performance of our expertise over the past decade, we present Chinmay's (Founder) portfolio as a testament to his 15 years of experience in the wealth management industry.



Portfolio change


  • Q4: Global markets stagnated, India stood out.

  • Regulatory actions: SEBI & RBI targeted overvaluation & credit lending, emphasizing India's reliance on solid fundamentals.

  • Pick in commercial real estate demand

  • Reduced small & mid cap exposure for risk management. Continuing SIPs for long-term growth.

  • Capitalizing on interest rate cycle with medium-term high-yield debt.

  • Invested in quality CRE funds.

  • The market surged in the first half on optimism for India's 2024 election year, driven by policy expectations and stable inflation. But regulatory changes later caused a shift to pessimism.

  • Growing startup culture and improved business environment driving commercial real estate demand

With the interim budget allocation and proposed growth plan for India, there has been a surge in market optimism during the first half of the quarter. Therefore, in light of policy consistency, we are bullish on Indian growth.

However, to safeguard against the volatility stemming from upcoming elections and regulatory changes, we have allocated a significant portion to debt, offering downside protection while leveraging market upturns.



Portfolio change


  • India's stock market ranks 4th globally.

  • Growing at 15% annually, outpacing the global average of 9.32%.

  • In November, 58 companies raised ₹53 crore, boosting India's market value by $50 billion.

  • Rebalancing gains to large-cap-biased multi-cap strategies.

  • Allocating to consumption & infra funds for Capex trend.

  • Market surge fueled by optimism for India's 2024 election year with Anticipated policy consistency, Growing consumption metrics, Increased domestic participation & Stable inflation rates.

Given the upcoming elections and potential market volatility, we're being cautious. Our preference is for hybrid funds, especially those focusing on large-cap investments. These funds have good profit potential and typically hold up well during volatile times, thanks to strong industrial fundamentals.



Portfolio change


  • Despite short term volatility, market still had a positive outperformance

  • India's Q2 2023 GDP Surges at 7.8% on Robust Consumption & FII Investments.

  • The volatility pertained globally over renewed weakness in the Chinese real estate sector.

  • Increasing allocation towards hybrid structures to take advantage of growth opportunities while maintaining a secure position through bonds.

  • Despite the volatility experienced throughout the quarter, the prevailing sentiment has remained optimistic. However, as we approach the end of September, concerns on volatility are becoming more prominent.

While it's true that the markets have performed quite decently over the last quarter, it's also worth noting that this might not be a trend that continues indefinitely.  It might be a good idea to prepare for a potentially higher market volatility as we approach the 2024 elections.



Portfolio change


  • Nifty at all-time highs on strong FII inflows.

  • RBI adopts rate hike stance amid easing inflation.

  • Increased market demand, robust corporate earnings, strong banking system, & govt. capex boost market sentiment, attracting FIIs

  • Increased equity allocation to seize market highs and minimized debt to capitalize on potential equity growth

  • The market is optimistic due to improving macroeconomic indicators, stable geopolitical conditions, reduced inflation, and stable global interest rates.

In a market rally, avoid impulsive decisions. Prioritize quality by seeking companies with strong fundamentals, solid earnings growth, and resilience to market downturns. Notably, such a rally has been constantly observed with an approaching general election, fueled by increased capital spending



Portfolio change


  • Indian & developed equity markets rose sharply.

  • Central bank inflation policies impact global equities.

  • Domestic demand recovered to/pre-COVID levels.

  • Continuing with the position composition.

  • Domestic demand surpasses pre-COVID levels.

  • India appears more economically stable.

A balanced approach to the portfolio with a focus on both equity and debt investments could be the key to weathering any potential volatility in the markets while still positioning for long-term growth.



Portfolio change


  • FII flows turned positive since Sep-21.

  • RBI eased rules to boost forex inflows, allowing easier foreign investment in Indian debt.

  • Market participants are now fearing a possibility of a US recession but India is still in a good space.

  • Increasing position to debt as recession fears continues.

With the possibility of a US recession, it's a good idea to keep your portfolio balanced. Try combining high-growth and defensive stocks to protect against any ripple effects on global markets, including India.


- 7.12%

Portfolio change


  • US recession fears & rising rates weakened markets.

  • Resulted into huge FII outfolow

  • Global growth is expected to moderate in 2022

  •  Adding to debt. selling off equities as recession fears.

  • Heightened uncertainty due to inflation & global central banks raising interest rates to tame it.

It appears that the market is currently experiencing a period of heightened uncertainty. focusing on defensive stocks that are less sensitive to macroeconomic risks.


- 7.12%

Portfolio change


  • Europe's biggest attack since WWII.

  • Inflation fears, growth derailment.

  • Commodity price surge, supply chain disruption.

  • Continuing with the position composition. No changes due to uncertainty

  • Equity markets tend to overreact to adverse geopolitical events due to the uncertainty factor.

Equity markets tend to overreact due to the uncertainty factor due to fear of higher inflation and the potential for economic growth derailment.



Portfolio change


  • Strong corporate earnings despite the 2nd wave.

  • Healthy macro data indicating economic recovery

  • FPI flows turn positive after 10 months of selling

  • Optimism on the back of economic recovery from COVID disruption

  • Continuing with the position composition. Rebalancing equities with growth opportunities.

The market's feeling optimistic with the economic recovery from COVID-19 disruptions. Serving a great time to review & adjust portfolio to seize potential upside while minimizing risks



Portfolio change


  • Reopening of economies post the lockdown

  • Economy's Reopening Fuels Increased Demand

  • Rise in FII & DII inflows

  • Increasing allocation in equity and rebalancing towards the non cyclical industry.

Market Mood
  • Market is optimistic as country controls case-fatality ratio and improves recovery rates.

In the short term, we are more positive on sectors that demonstrate resilience in revenue and earnings. Sectors such as consumer goods, Healthcare and Telecom are expected to perform well.



Portfolio change


  • 24 March 2020: 21-Day Lockdown to Combat Virus

  • Sharp corrections in various asset classes ob

  • US worst affected, followed by Italy and Spain.

  • Held on to equity even do 30% value was wiped off.

Market Mood
  • Panic all around

  • Disrupted supply chain

In India, the govt. took action by announcing a 21-day lockdown to control the virus spread. People are now being cautious and adopting a wait-and-watch approach before making big investment decisions.



Portfolio change


  • Corporate tax slashed to 22% for domestic firms.

  • Surcharge on equity capital gains lifted for all

  • Increase in FII inflows.

  • Increased equity due to positive domestics factors.

Market Mood
  • Equity market sentiments continued to remain in the positive territory led by global cues. 

Should consider adding quality stocks to portfolio that have potential for long-term growth. Should also keep a close eye on global cues & ensure portfolio is well-diversified to withstand any potential risks



Portfolio change


  • Rupee gained 2.3% against the US dollar

  • Strong FII buy - Invested over US$ 10 billion in the Indian market.

  • No change in current position and reviewing for any potential risks

Market Mood
  • Positive momentum and optimism in equity market

 I believe as an investors we should remain focussed on the opportunity that is offered by India's growth story. Continuing the SIP would be beneficial for a long-term investor in the current environment.



Portfolio change

- 10.58%

  • IL& FS crisis led to liquidity crisis in NBFC

  • FIIs turned net sellers due to rising FED rates.

  • Global issue, US china trade war escalated

  • Moving out from banking and finance sector and increasing holdings in commodities to mitigate volatility.

Market Mood
  • Market space dented by concerns of liquidy issues in the NBFC space

Concerns of liquidity issues in the NBFC space dented the market space, making it a challenging month for investors. The factors to closely track in the near to medium term would be corporate earnings, RBI’s policy actions.



Portfolio change


  • 10% LTCG tax on equities in Union Budget.

  • Tariffs on Chinese imports in US-China Trade War.

  • Faster interest rate hikes by Federal Reserve.

  • Holding on the current positions as these are short term fluctuations.

Market Mood
  • Fraud at top Public Sector Bank adversely affects market sentiment.

The introduction of a 10% LTCG Tax on equities will impact equity investment returns. Additionally, India's stock market performance has closely mirrored the global weak trends.



Portfolio change


  • Equity markets recorded fresh highs

  • GST implemented from July 1st

  • FII and DII strong buy

  • Continued adding equities as positive indicators continue to come in.

Market Mood
  • Large companies will handle GST better; smaller ones may face initial hurdles.

GST was positive for the economy, but smaller firms and the unorganized sector faced initial hurdles. Overall, the outlook remained positive.



Portfolio change


  • Strong rebound fueled by domestic & global markets

  • Positive US economic data indicators.

  • Demonetization impact on companies better than feared.

  • Started accumulating equity after the downfall.

Market Mood
  • Demonetization's lack of major negative surprises boosted investor sentiment, with markets now trading at pre-demonetization levels.

Equity markets bounced back in March on positive global cues. Consider investing in less-affected sectors like Pharma, Energy, and Telecommunication.


Demonetization a surprise!


Portfolio change


  • Indian government's surprise demonetization of INR 500 & 1000 rupee notes.

  • RBI imposed cash withdrawal & conversion restrictions until December 30, 2016.

  • Held on to the current composition. Liquidity would impact equity markets.

Market Mood
  • Panic all around

  • Liquidity crisis

Govt.'s focus on promoting digital payments &  reducing cash reliance has potential long-term benefits but may cause short-term issues due to mismanagement & a liquidity crisis.


New Year fails to remove gloom


Portfolio change


  • US Fed raises interest rate after nine years, causing volatility.

  • FII sell-off increases amid global economic slowdown and commodity price meltdown.

  • Further reduced position in volatile equities and added more in debt. 

Market Mood
  • Gloomy all around in the global market

Investing in fixed-income bonds can offer a hedge against market volatility, which may arise due to significant changes in global market dynamics & potentially impact the Indian market.


Concerns over slowing global growth


Portfolio change


  • China Crisis: Global currency market volatility, slowing growth, and Yuan devaluation.

  • Crude oil prices down with concerns over weak demand amid China's slowdown.

  • Booked some losses and reinvested in gold.

Market Mood
  • Weak sentiment across markets due to weak global outlook

Worries about China's economic slowdown spurred currency market instability. Investors eye safe-haven assets like gold for stability during economic turmoil


Equities ushered in 2015 on a new high


Portfolio change


  • RBI cuts the interest rate by 25bps

  • Global liquidity improves with ECB's Quantitative Easing program.

  • Planning minor rebalancing and profit booking to maintain desired asset allocation & capitalize on portfolio gains.