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Tuesday, January 15, 2008

Rakesh Jhunjhunwala's latest Portfolio

Rakesh Jhunjhunwala's latest Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY

 

30-Jun07

30-Sep07

PRICE 

VALUE

WEIGHT

PE

Market

 

 

 

NO. OF SHARES

4Jan08

Rs crore

 (%)

 

Cap

 

 

 

 

 

 

 

 

 

 

TITAN INDUSTRIES

 

4092756

4082756

1568

640.18

16.71

56

6961

APTECH

 

 

11434178

11434178

377

431.07

11.25

-

1648

NAGARJUNA CONSTRUCTION

12750000

12750000

325

414.38

10.82

46

7439

PRAJ INDUSTRIES

 

15026624

1426624

228

342.61

8.94

38

4163

PUNJ LOYD

 

5040000

5040000

528

266.11

6.95

162

15373

BILCARE

 

 

1650000

2025000

1405

231.83

6.05

35

2250

CRISIL

 

 

550000

550000

3508

192.94

5.04

51

2535

PANTALOON RETAIL

2330895

2330895

821

191.37

5.00

111

12378

GEOJIT FINANCE

 

18000000

18000000

104

187.20

4.89

68

2197

LUPIN

 

 

2811800

2811800

595

167.30

4.37

13

4805

BHUSHAN STEEL

 

1000000

1000000

1510

151.00

3.94

17

6408

KARUR VYSYA BANK

2569073

2569073

495

127.17

3.32

16

2671

PRIME FOCUS

 

882500

882500

1217

107.40

2.80

60

1549

GARWARE WALL ROPES

5000000

5000000

207

103.50

2.70

19

443

PROVOGUE

 

480000

480000

1400

67.20

1.75

109

2635

HINDUSTAN OIL EXPLORATION

3056605

3056605

142

43.40

1.13

107

1861

VICEROY HOTELS

 

3750000

4750000

110

41.25

1.08

77

410

AGROTECH FOODS

 

1525000

1900759

206

31.42

0.82

29

506

INFOMEDIA INDIA

 

1056062

1506062

252

26.61

0.69

275

497

GEOMETRIC SOFTWARE

2505000

2505000

83

20.79

0.54

17

517

ZENOTECH LABS

 

1150000

1150000

152

17.48

0.46

-

521

MID-DAY MULTIMEDIA

2250000

2250000

51

11.48

0.30

-

310

ALPHAGEO

 

125000

125000

905

11.31

0.30

27

445

RAMCO SYSTEMS

 

154755

0

192

2.97

0.08

-

295

VADILAL INDUSTRIES

205578

205578

75

1.54

0.04

9

54

BEML

 

 

538767

 

 

 

 

 

 

TTK Prestige

 

125000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 54.67% of his portfolio and his top 10 holdings account for almost 80.00% of his portfolio.

·               This portfolio has the latest market cap and the Price to earnings ratio as spruced from money control. The average weighted market cap of the portfolio is Rs 5276 crores only whereas the average Price Earnings ratio  adjusted for the companies that have no earnings is 52.77! But most of these smaller capitalized companies with earnings visibility and a big moat.

·               It is said that he has exited his holding in Hindustan Oil and increased his stake in Rishi lazer.

·               The underlying theme in the portfolio remains domestic consumption (Titan and Pantaloon,), Infrastructure (Nagarjuna Construction and Punj Lloyd) , pharma (Lupin and Bil Care) and financial Services (Crisil and Karur Vysya Bank.)

·               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 w hether 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 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.