Source:John Kemp
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Chart:India’s soaring fuel consumption
Source:John Kemp
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Linkfest:May 12,2016
Some stuff I am reading today morning:
India has a new law on bankruptcy (Mint)
End son-in-law treatment for FIIs (Rakesh Jhunjhunwala)
Parag Milk IPO sails through (BS)
Hong Kong property market in a ‘free fall’ (Bloomberg)
Technicals: Bank Charts (Nooresh)
Why God sent financial advisors into the world (TRB)
Jeremy Grantham’s latest Quarterly Letter (GMO)
Bubble Indemnity (NYTimes)
Donald Trump wants to default on US debt (Bill Bonner)
The sweet simplicity of ‘core explore’ (Alpha Baskets)
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Catch -22 of Value Driven Investing
Value has always been a risky strategy, particularly for those trying to run an investment business.
The drivers of mean reversion are not hugely powerful at any given time, meaning asset prices and even the underlying fundamentals can move in unexpected ways for disappointingly long periods. It is a little glib to say that without this risk, it would be difficult for asset prices to get meaningfully out of line in the first place, but the reality is that the only way you can get really exciting opportunities for mean reversion is to have misvalued assets become even more misvalued before they revert to fair value.
This is the catch-22 of value-driven investing. Your best opportunities will almost always come just at the time your clients are least interested in hearing from you, and might possibly come at the times when you are most likely to be doubting yourself.-wrote Jeremy Grantham
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Portfolio of Steadview Capital
This post is in continuation of my coat tailing series (see here)
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Steadview Capital is a well known FII known for its investments in the midcap space.
Its significant holdings in India as on 31 March,2016 as per Stock Exchanges is given below:
| Company Name | Symbol | Entity Name | Date End | # of Shares | % | Value (In Crores) |
| Astral Poly Technik Limited | ASTRAL | STEADVIEW CAPITAL MAURITIUS LIMITED | 201603 | 4418624 | 3.69 | 194.33 |
| Cera Sanitaryware Limited | CERA | STEADVIEW CAPITAL MAURITIUS LIMITED | 201603 | 236655 | 1.82 | 48.75 |
| Kajaria Ceramics Limited | KAJARIACER | STEADVIEW CAPITAL MAURITIUS LIMITED | 201603 | 1549412 | 1.95 | 162.44 |
| La Opala RG Limited | LAOPALA | STEADVIEW CAPITAL MAURITIUS LTD | 201603 | 2392036 | 4.31 | 137.1 |
| Page Industries Limited | PAGEIND | STEADVIEW CAPITAL MAURITIUS LIMITED | 201603 | 416028 | 3.73 | 539.68 |
| Shriram City Union Finance Limited | SHRIRAMCIT | Steadview Capital Mauritius Limited | 201603 | 1087799 | 1.65 | 182.1 |
| Strides Shasun Limited | STAR | STEADVIEW CAPITAL MAURITIUS LIMITED | 201603 | 1464829 | 1.64 | 166.16 |
| V-Guard Industries Limited | VGUARD | STEADVIEW CAPITAL MAURITIUS LIMITED | 201603 | 1054131 | 3.5 | 125.19 |
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Linkfest:May 11,2016
Some stuff I am reading today morning:
Mauritius based investors will now be taxed (Capital Mind)
Craters,not cracks,are emerging at ICICI Bank (Wire)
Rajan’s bank debt headache isn’t over yet (Bloomberg)
Investors are out of the realty market (ET)
We are in initial stages of a bear market (DR)
How to handle inherited portfolios (Subramoney)
How brokers are avoiding to pay short term tax (Money Control)
Why its best to stay away from buying LIC’s policies (Vivek Kaul)
How insurance policies are sold as 4.99% loans in India (Charles Assisi)
The real reason for the decline of crony capitalism in India (Firstpost)