Portfolio update

Hey guys,

Th markets have done well since my last portfolio post. We made some changes most of which were tweeted at the same time. To reiterate:

Den networks: profit booked at 220, stock exited
Hathway: 60 pct booked at 275, rest held with zero cost and in fact positive fund flow
Dish: position closed at 72
Sun tv: we closed out trading position at 475. However I re entered at 424, this time as core.
Tbz: booked 50 pct at 250 rs. Residual holding is free of cost, in fact net fund positive.

Tilaknagar: position exited at 82 rs

Bata: added at 735 as core

Tv 18: added at 32, 26. Position enhanced as also portfolio weightage.

While I continue to be bullish on digitization, I chose to concentrate on sun TV, tv18. Also the temptation of booking handsome gains in den and hathway was inspired by some rather tempting opportunity costs in other companies.

Thus, I added some mnc plays. Just as there was euphoria on the upside on delisting hopes, there was undue panic and price correction due to management focus on compliance with 75 pct shareholding. Some pessimism was also on royalty increase fears after Hindustan unilever chose this path. However simple as it may sound, royalties usually increase with increased sales and as mnc’s enjoy high margins, it means more profits and using historic price to earnings, more value for the stocks.

I have been bearish on capital goods, infra and psu banks. This bearishness worked for us. I have now revoked bearishness on names like bhel, Crompton, hindalco, sterlite, ivrcl, gmr, gvk, psu banks etc. as the prices have corrected well.

I now look forward to a meaningful budget.
Happy investing and good luck.


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