Wednesday, January 28, 2015

The Rakesh Jhunjhunwala Portfolio estimate

I have made an earnest attempt to find out all the positions of fabled investor Rakesh Jhunjhunwala (RJ). Unfortunately I don't know of a good shareholding screener that will give you the history. The best one out there is from moneycontrol.com but it is not able to give you the exact data - maybe because it runs with the exact investor name and does not group across investor vehicles. All the data for this article has been taken from the BSE and NSE websites.

These are purely estimates and I have no clue about several other stocks that RJ might own. I have arbitrarily assumed 10% cash on 1 Apt 2015. He of course owns the right stuff given that he has outperformed the index by a large number.

Learning from the portfolio:


  • For a portfolio that is worth 0.1% of the market the number of positions is relatively few - at around 30
  • High concentration in top few positions - Top 2 positions account for 50% or so and 66% in top 4
  • Net trading is very low - less than 20% of original portfolio value over 3 quarters. Maybe there is more trading in and out but this is the net change in position.
  • There are 5 names that are listed only on the BSE



Numbers are in INR Crores.


Return from 1 Apr 2014 50% 42% 41% 31%
Total       8,731       8,271       8,219       7,606       5,816
Cash (assuming zero on 31 Mar 2014)         236         236         431         529         500
Portfolio Value        8,496        8,035        7,788        7,077        5,316
Stock 23-Jan-15 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14
Titan       3,220       3,012       3,213       2,767       2,110
Lupin       1,066       1,022         998         737         690
CRISIL         840         760         806         717         492
Rallis         461         426         443         442         340
Karur Vysya         211         201         186         196         158
Delta Corp         149         141         138         144         154
Aurobindo Pharma         354         339         289         222         153
Geometric         167         156         177         178         142
VIP Industries         115         111         106         103         131
DHFL         238         194         167         185         112
NCC         487         551         116         239         106
Agrotech Foods         136         120         115         118           92
Praj Industries           -             -             -             -             79
Escorts           85           86         102           91           77
TV18 Broadcast         104           90           82           82           64
Firstsource solutions           74           87         101         103           63
Kesoram Industries           92           92           81           81           54
Anant Raj           35           35           41           57           43
Geojit BNP Paribas Finacial Services           81           76           82           73           40
Pipavav Defense and Offshore         126         127           99         145           35
Prime Focus           -             -             28           56           31
Radico Khaitan           -             -             -             -             29
Sterling Holiday Resorts           70           57           50           42           24
DB Realty           -             -             18           20           15
Spicejet           -             -             -             19           14
McNally Bharat Engineering Company           -             -             14           15           10
Viceroy Hotels           11           11           13           15           10
Bilcare           13            9           14           18           10
Hindustan Oil Exploration           -             -             -             -              9
Autoline Industries            9            9           12           12            9
Ion Exchange           23           22           18           16            8
A2Z Maintenance & Engineering Services            5            5            7            5            8
Prozone Capital Shopping Centers           11           10            5            7            6
Adinath Exim resources            0            0            0            0            0
MCX         175         169         161           45           -  
Edelweiss Capital           70           54           47           62           -  
Orient Cement           46           38           33           24           -  
Prakash Industries           21           23           23           44           -  

Other companies that he was involved in but no longer seems to be invested in are: 
Pantaloons Fashion Retail
Orchid Chemicals & Pharma
Zen Technologies
Provogue
Subex
Future Retail B-DVR
Alphageo
Reliance Broadcast Network
Aptech
HT Media

I will try to cover a few of these names over time.

If there are companies I have missed from news stories or the BSE website please post them on the blog comments.