Thread by @saxena_puru

1) Portfolio summary - April-end



Rentals

Performance since 1 Sept '16 -

Portfolio +116.17%
+18.03%
+34.16%

2) CAGR since 1 Sept '16 -

Portfolio +23.31%
+4.62%
+8.34%

YTD return -

Portfolio +52.24%
(-)12.85%
(-)9.85%

3) Commentary -

After the crash in March, April turned out to be a strong month for stocks. The major indices rallied sharply and my ecommerce and software companies outperformed.

On the other hand, my fintech companies with exposure to SMEs ( and ),...

4)... asset management business ( ) and ride hailing business ( ) stayed under pressure.

During the month, I significantly reduced my exposure to Chinese companies by selling my shares in and invested those proceeds in

Both and...

5) rallied hard after my investment so in terms of timing, I got a bit lucky!

In addition to selling my Chinese companies (except and ), I also closed out my positions in and . These weren't high conviction holdings anyway and the ongoing crisis...

6)...made me realise that I only want to own the highest conviction businesses (with clear visibility and no currency risk). Therefore, I took sizeable losses on both positions (around 25-30%) and used the sale proceeds to increase my stakes in my other companies.

I consider...

7)...taking losses and moving on as one of my strengths and although the losses annoyed me, it made me realise that henceforth, I only want to be invested in my strongest, highest conviction companies.

Turning to the macro situation, I am of the view that the global economy...

8)...will remain weak for another couple of quarters but it should rebound towards the end of the year.

In terms of the financial markets, it is my belief that March-end was a major low and that any stock market pullback will probably end at a higher level.

Of course, I....

9)...don't have a crystal ball and my view could be *very* wrong but if the stock market turns ugly again, my portfolio hedges will reduce the drawdown.

In any event, I feel my holdings are some of the best secular growth opportunities and they should thrive over the long run..

10) Finally, although the world is passing through a very severe crisis right now, I am confident that better times will return and people will work, socialise and travel again.

Throughout history, humans have overcome many severe crises and this too shall pass.

THE END.