In this financial year 2023-24, Sameeksha PMS has managed to generate positive absolute return as well as meaningful outperformance as compared to the benchmark BSE500 TRI. For the year, the PMS outperformed the benchmark by 19.9%, with an average cash level of 8.8% during the year. Moreover, compared to BSE Midcap TRI and BSE SmallCap TRI we had an outperformance of 3.5% and 8.2% respectively.

As shown in Table 2, we reduced the cash levels of the portfolio around the middle of FY24. The markets moved up sharply over Mar’23 to Jul’23, following which we exited some of positions leading to higher cash levels. The CPI inflation print in the US declined to 3.0% for the month of June and was followed by a pause in the Fed’s rate hike cycle at its Sep ’23 meeting. Subsequently, expectations of a ‘Fed Pivot’ and a peak in interest rates led to improvement in the US markets starting Oct’23. In India, the ruling party at the centre won three of the four key state elections that were held in Nov ’23, further supporting the rally. Our portfolio cash levels reduced as we deployed cash in existing and new stocks.

As such, early in the year, we took a decision to reduce our exposure and even exited some positions that we saw were high risk. The performance of stocks we exited has been mixed. (Table 3). 

Meanwhile, we saw deeper correction in small and mid cap stocks and that presented us with many opportunities. We chose to take advantage of that and redeployed capital in the small cap space as clearly visible from our increasing exposure to small cap (Table 2). The performance of stocks that were bought during the year has been fairly strong overall (Table 4). 

Overall, our decision to shift positions has worked out well with the exception of one stock that appreciated quite sharply.  We will review our investment decisions more in detail in a separate note. 


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Appendix 2: Key Performance Contributors in FY2024

Appendix 3: Current view on top seven positions

Appendix 4: Analysis of our performance over last Eight years

Appendix 5: Outlook for Indian Economy

Among The Most Successful Professionals In Equities; Rated The #1 Technology Sector Analyst In Institutional Investors Polls For A Decade. Highly Respected Among Peers For His Path-Breaking Work And Thought Leadership. Rose From An Associate To Managing Director Within A Span Of Six Years In The Investment Banking Industry

Twenty Years Of Experience Building Top Research Franchises: Seven Years As Managing Director And The Global Head Of Technology At JP Morgan, Six Years As Director And Head Of Asia Pacific Technology At Credit Suisse And Five Years As Founder Of Equirus SecuritiesTrack Record Of Innovation And Excellence In Equity Research

Anchored The Rise Of Credit Suisse  From An Unknown Name In Asian Equities To A Number One Ranked Firm In Asian Equities; Head Of Asia Pacific Tech Research

Credited For Building Top Ranked Global As Well As Asian Tech Research Practice At JP Morgan As MD And Global Head Of Tech Research; Made Defining Contribution To Enable JPMorgan To Move From An Also-Ran Player To A Top Global Name In Equity Research

Built A Very Profitable And Award Winning Indian Equity Business At Equirus From Scratch On A Tiny Budget; Achieved Number Two Ranking In Asia For Idea Performance

Impeccable Track Record Of Identifying True Long Term Winners Ahead Of Others Including Samsung Electronics, TSMC, Infosys And TCS And Guiding Investors To Stay Clear Of Laggards Such As UMC And SMIC Years Ahead Of Consensus.

Mind Of An Engineer, Worked In A Team That Designed The World’s Fastest Microprocessor With A Manta “Paranoia Is The Safest Frame Of Mind”. Awarded Two US Patents.

Work Experience Of Designing The World’s Fastest Microprocessors Based On Cutting Edge Technology For Which He Jointly Holds Two US Patents

Best In Class Business Education From The World Renowned Business School: Double Major In Economics And Finance, Beta Gamma Sigma Cum Laude From The University Of Chicago Booth. Excelled In Studies Under World Renowned Faculty Such As Dr. Raghuram Rajan, Former Governor Of The Reserve Bank Of India