Discover and read the best of Twitter Threads about #ilfs

Most recents (5)

I am revisiting the topic of Public Issue of Non-Convertible Debentures (NCDs) covered a couple of days back. Only this time, I am focusing on Subordinated (Tier II) NCDs that are slipped in (sometimes slyly) along with senior secured NCDs of NBFCs. Thread (1/9)
Refer to the picture, below (the pic is representative only). A subordinated NCD (circled in red) appears as one of the many maturity options. A naive investor may think that it is similar to other NCDs on offer, just that it has a longer maturity. (2/9)
What many investors are unaware of is the fact that subordinated NCDs are paid after senior NCD holders in-case the company goes into liquidation i.e. subscribers to option I to VIII NCDs, in the pic above, would be paid before payments are made to option IX to XI NCDs. (3/9)
Read 13 tweets
Here is a list of lemons (troubled assets) held by debt schemes of various Mutual Funds -

Qualification - at least 3 lemons post Aug 2018

1. BoI AXA - 6
a) Sintex
b) DHFL
c) Kwality
d) ILFS
e) Coffee Day
f) Avantha Holdings

Thread (1/10)
2. Reliance Nippon - 6
a) ZEE LAS
b) DHFL
c) Morgan Credit (Yes Bank promoter)
d) Reliance Commercial Finance (ADAG)
e) Reliance Home Finance (ADAG)
f) Avantha Realty

(2/10)
3. Birla Sunlife - 5
a) ZEE LAS
b) Wadhawan Global (DHFL Promoter)
c) ILFS Tamil Nadu Power
d) Jharkhand Road Project (ILFS)
e) ILFS Education

(3/10)
Read 14 tweets
Day 2 on Twitter. Coming to the next set of awards - The "Foot in Mouth" Awards. A clear winner in this category is DSP Mutual Fund. I have shortlisted them for their sheer cockiness. Thread. (1/10)
In September, 2018, the Fund House triggered a panic by selling DHFL bonds at distressed levels. It was a business call; and hence a benefit of doubt could be given. (2/10)
What cannot be forgiven though, is the brazenness with which the Fund house eulogised their portfolio selection capabilities. 3/10
Read 17 tweets
Alright! Here I am, making my debut on Twitter. To mark the occasion, I am handing out the "Lemon of the Year" Award to one of the worst performing Debt Mutual Funds.

A clear winner in this category, by a mile, is BoI AXA Credit Risk Fund. Thread (1/9)
The fund has achieved a rare feat of burning almost 90% of its AUM within a span of last 11 months i.e. the AUM contracted from ~1700 Cr in Aug 2018 to ~200 Cr in Jul 2019.

The one year return is a whopping minus 48%. 2/9
The Fund Managers successfully caught all the lemons that fate threw at them viz DHFL, IL&FS, Kwality, Sintex, Cox & Kings, Coffee Day etc. 3/9
Read 15 tweets
The ghosts of 2008 are back. We had #Lehman. Today we have #ILFS and #RupeeAt75. The bulls have given up. #Sensex is down 4500 points in 25 sessions. As shared by @Prashanth_Krish over 50% of stocks traded on NSE are down 50% or more. Friday’s fall would have made it more brute.
Most of serious investors are fully invested. With the kind of sell-off witnessed in #Bajaj twins, #HDFC twins, #Reliance, #Kotak, quality midcaps/largecaps, no one is spared. Even Portfolios of respected investors like Rakesh J, @porinju, @VijayKedia1, SP Tulsian are down!!
In 2017 everyone made easy money. 2018 made you realise how difficult it is for traders and investors to make money in #stocks. I wish @adhia03 realises the gravity of his mistake by imposing #LTCG by referring stock markets as easy money making medium. #Nifty #Sensex
Read 27 tweets

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