Friday, January 30, 2015

Dolly Khanna's ridiculous 89% return in FY2015 so far

Yes - the Rajiv / Dolly Khanna portfolio is up 89% this year. I have tried to break this down in as many positions as I could find. All the December 2014 shareholding patterns are not out yet so some changes might happen to this portfolio as well. Wherever numbers for Dec 2014 were not available I used Sep 2014 numbers. I arbitrarily assumed around 10% (10 Cr to be exact) of cash at 31 Mar 2014.

Learning:
  • 17 open positions - concentration level is a bit lower than most value investing portfolios
  • High concentration in the top 4 - Over 50%
  • Only 2 loss making positions - Selan Exploration (due to wild swing on the oil prices) & Nucleus software
  • Returns so far from the reconstructed portfolio via public filings seems to be better than RJ as well - but yes this is a much smaller portfolio and to be fair RJ at this scale might have been generating similar returns
  • 25% portfolio turnover so far in FY2015 is fairly low
  • Several multi-baggers in a single year





Return from 1 Apr 2014 89% 83% 87% 35%
Total         196         191         195         141         104
Cash (assuming zero on 31 Mar 2014)           10           10           15            2           10
Portfolio Value           186           181           179           139              94
Stock 23-Jan-15 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14
Cera Sanitaryware           27           23           21           17           13
Hawkins Cooker           25           21           18           21           18
RS Software           24           26           33           14            7
Huhtamaki PPL           17           15           17           13            9
Avanti Feeds           14           15           15            7           -  
Nilkamal           11           11            9            7            3
Liberty Shoes            9            8            9            7            5
Wim Plast            9            9            9            6            4
Aditya Birla Chemicals            9            9           11            8            6
Selan Exploration Technology            7            8           15           18           15
Nucleus Software            7            6            8            8            8
IFB Industries            6            6           -             -             -  
Manjushree Technopack            6            6            6            4            2
Asian Granito            6            6           -             -             -  
IFB Agro Industries            4            5            3           -             -  
Premier Explosives            3            3            2            2           -  
Mold-Tek Packaging            3            3            2            1           -  
Heritage Foods           -             -             -              7            5
Relaxo Footwears           -             -             -             -             -  

I don't understand the rationale behind the Asian Granito or the IFB recent acquisitions. Still working on figuring that out.

My opinions on the rest were covered in a previous article on the Dolly Khanna Q2 FY2015 Portfolio.