Flat month despite sharp sell off towards the end

We registered essentially zero returns on a month on month basis in February 2020 compared to sharp declines in all key benchmark indices (Table 1).  Over the last one and three years respectively,our PMS has delivered 30% and 11% returns respectively suggesting meaningful outperformance versus the indices as well all the categories of Mutual funds (Table 2).

We recognize that the Corona Virus outbreak has added great near term uncertainty to the global economy. We were monitoring the developments in China and things appeared to have started to limp back towards normalcy last week. However, what has clearly spooked the global markets is developments outside China. As such, we viewed a sharp rebound in Indian market on the morning of the 1st trading day of March with great suspicion. Having said that, corrections can offer some opportunities and we will look to identify such opportunities. Investors who have some additional cash to deploy should reach out to us.














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