Economy Re-Opens, Optimism Lifts Market Higher

We share with you a monthly update of our performance. As of June 8th, our portfolio has delivered CAGR returns of 10.7% on TWRR basis from inception versus CNX 500 at 6.3% suggesting a clear annualized Alpha of 4.4% (Table 1).  

An important observation we would like to make is that the portfolios we have had for a longer time have done exceedingly well. It is unclear to us if regulations allow us to publish such details and hence we refrain from doing that. However we would be happy to discuss this aspect with interested investors. Because of the way we invest, new clients may see a meaningful part of their investments stay in cash and hence short term performance may not look attractive. However, performance of client portfolios that have been around with us longer have been very strong. This gives us immense confidence in our strategy.

Either for one year or four years (we are operational for four years and two months), our performance compares very favorably with the averages for all the mutual fund categories (Table 2) .  However, we do reckon  negative absolute performance in FY20  and hence negative returns on a one year basis (just being much better than the benchmarks is not enough when we have the flexibility to shift into cash). 

Our return compares favourably with the PMS universe as tracked by PMS Bazaar (Table 3).

Risk adjusted performance is a far better measure of performance versus a simple comparison of returns. We have delivered very healthy risk adjusted performance when compared to various benchmarks. (Table 4).

Finally in Table 5, we compare our performance versus benchmarks for each of the financial years that we have been operational.

Disclaimer : The information contained in this newsletter has not been verified by SEBI.

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