After two successive months of rise, the benchmark BSE500TRI ended at -3.22% with BSE MidcapTRI and BSE Smallcap TRI at -2.05% and -0.56%, respectively in September 2022. This month started with a positive sentiment. However, the FII outflows, weaker rupee, interest rate hikes and recession fears led to a fall by the end of the …
Underperformance In A Volatile Month, Top Decile Rankings Retained For Three And Five Year Periods
While this month was graced with favorable Q1FY23 results across sectors and continued retracting inflation rates, it was faced with several headwinds such as rate hikes by RBI, fear of recession, and uncertainties in global monetary policies. In this month, the broader markets ended with ~ 4.81% returns following a strong July 22 with 9.76% …
Annual Investor Letter : Year Ending Mar 31, 2022
Introduction When we started our investment firm six years ago, our objective was to manage our investors’ assets just as we manage our own by investing in businesses that were durable and were managed by stewards who view their company capital with the same care that we manage our investor assets. Investing in public market …
Absolute Gains And Relative Underperformance In A Hopeful Month, Sustained Top Decile Rankings In The Three And Five Year Periods
This month gave a ray of hope after a rather challenging 2022. While RBI has continued with its hawkish stance towards rate hikes, the inflation has cooled off marginally and the crude oil prices have come off as well. There was also a turnaround in the FPI sentiments where the FPIs became net buyers in …
Marginal Outperformance And Average One Year Performance, Top Decile Rankings For The Three Year And Five Year Periods Retained
Broader markets remained volatile and mostly bearish throughout the month of June 2022 with a weak performance by benchmark BSE500 TRI that returned -5.08% whereas BSE Midcap TRI (-6%) and BSE SmallCap TRI (-5.9%) suffered more. Notwithstanding ~48% exposure to small and midcap in the fund versus ~21% in the benchmark, Sameeksha PMS has marginally …
Fall Along With The Market, Retained Top Decile Three And Five Year Rankings
While April called for cautious moves, May brought in its share of surprises to the Indian stock markets. In May, RBI shocked the Indian markets with a 40-basis-point repo rate hike after an unscheduled MPC meeting. With headline retail inflation surging and global commodity prices remaining elevated, it is taken as a given that the …
Marginal Alpha Despite A Cautious Start To The Fiscal Year
From the prolonged Russia-Ukraine war disrupting supply chains and the hawkish notes by the US Fed on the interest rates to the continued selling by the FPIs, the fiscal year of 2022-23 started off on a cautious note. One can say that the slew of volatility experienced in the last six months has entered the …
Capping A Year Of Average Performance, Retaining Top Decile Three And Five Year Ranking
Despite continued global uncertainty, Indian equity markets recovered in March 2022 with our benchmark generating returns of 4.2% . Our PMS also generated returns of 3.8% before fees but with application of performance fees our after fees returns came down to 0.5%. Our conversation with PMS Bazaar suggests that there might be some differences in …
Underperformance In A Volatile Month
Broader markets remained volatile for the month of January 2022 with a return of -0.4%. Sameeksha PMS underperformed both on an absolute as well as relative basis for the month, generating a return of -2.2%. Volatility has continued in the month of February as well. We will be coming out with a separate note to …
Closing 2021 With Number One Rank For For Three Year Performance Among Multi Cap PMSes
We continue to rank among the best for the long term performance. For the three year period ending December 2021, we are ranked 1st out of 91 multicap PMSes reporting to PMS Bazaar. For the five year period as well, we are ranked 2nd out of 56 multicap PMSes. Though a strong rally in small and mid cap stocks over the last 21 …
