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Sunil Jhaveri Profile picture
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17 Dec, 4 tweets, 3 min read
Stupendous #returns in various schemes of 6 wound up schemes including flows from segregated portfolios. I do not think anyone in their wildest dreams had thought of such an outcome a year back. #XIRR is the right way to gauge returns as payments were recd in different tranches.
Also, give credit where it is due. All this has happened only due to sale of the so called quote-unquote, #ILLIQUID, #LOWQUALITYDEBT. These were sold at huge premiums within a span of 12 months (6-8 months were wasted in court cases, voting for winding up etc).
These securities were sold seamlessly by another Fund House due to Court Order. This was possible only because underlying securities, structures, quality, etc was good to start with created by the #FundManager of @FTIIndia
Hope #Investors have realised having #patience and giving time to #FundManager to recover funds when markets turned normal.

Await my note on #LessonsLearnt from this #FTSaga. Releasing soon.

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More from @IamMisterBond

Sunil Jhaveri Profile picture
28 Sep
Market participants are going ga-ga over past one & half year returns since March 2020 till now. They are analysing returns in Bits & Pieces.

I do not think many have even participated in this rally as most exited in March 2020, waiting for further corrections
They are conveniently forgetting recent past corrections and drawdown.

Lower the drawdown, faster the bounce backs
Ideal way to look at returns is as a continuous journey. That can give true picture of what Investors would have generated in any scheme.

In spite of euphoria - look at NIFTY Small or Mid Cap 100 returns from 01-01-2018 till 27-09-2021 + attached volatility v/s other DAAFs
Read 4 tweets
Sunil Jhaveri Profile picture
26 Sep
Two major incidents in Debt Markets & learnings from that:

1. @FTIIndia saga of #Winding up 6 #DebtSchemes

2. Delay in @KotakMF #FMPs repayments to Investors & giving time to Borrowers to repay

Disclaimer: Not justifying their actions/inactions/investments etc.
Hugely negative reactions by Media/Investors/MFDs - vociferously blaming respective AMCs, filing Court cases, knocking on doors of the regulator and beyond

Did not make an effort to understand actions of the #AMCs which were done to protect #InvestorInterests
What were choices with AMCs:

1. Winding up by FT/ Delay by Kotak or,

2. Sell underlying collateral at huge discounts, pay what is recovered to #Investors & raise their hands as this is part of #CreditRisk
Read 12 tweets
Sunil Jhaveri Profile picture
8 Sep
My thoughts on NFO of @KotakMF Multi Cap Scheme:

Post recategorizations of schemes, most erstwhile Multi Cap Schemes were converted to Flexi Cap schemes where Fund Managers can decide what Allocation to which Market cap bias.

bit.ly/3BCX9mW

@NileshShah68
Thanks to that, there are very few Multi Caps available now which allocates min 25% each to Large, Mid and Small Caps and balance 25% that can be at the discretion of the Fund Manager.
What is the benefit of Multi Caps?

1. It takes away Fund Manager bias of going overweight or underweight in any market Cap bias

2. Most Flexi Caps are overweight on Large Caps
Read 7 tweets
Sunil Jhaveri Profile picture
6 Sep
10 Reasons why Investment Returns are not Investor Returns.

Do not miss this session. It may give you many answers in how to behave in current market valuations.

Get your own invite after registering on:

https:misterbond.in/jigyasa
Bull market horror stories:

1. Did an investor whose portfolio value go up from 10,000 to 1,75,000 finally end up making huge money?

Register here to know outcome for above investor:

misterbond.in/jigyasa
2. Did a Genius investor who booked profits worth 200 months of his salary ended up enjoying it?

To know answer to above question, get your own invite after registering on:

https:misterbond.in/jigyasa
Read 4 tweets
Sunil Jhaveri Profile picture
4 Aug
My interview with @MubinaKapasi on the Money Show on @ETNOWlive : what is #AssetAllocation and how does #DAAF fit into AA:



Currently it makes sense to do SIP/STP into DAAF and then switch to Equity on corrections

Don't worry it is my interview only😀😉
At this juncture if you have FOMO, you may regret in future. As Harry Markowitz said in his Thesis on Risk-Reward Tradeoff:

VISUALISED MY GRIEF WHEN MARKETS WENT DOWN AND I WAS 100% IN IT OR WHEN MARKETS WENT UP, I WAS'T IN IT. INTENTION SHOULD BE TO MINIMISE FUTURE REGRET
Our Value STP follows 1X, 3X, 100X formula:

Lumpsum in Liquid/Equity Saving and switch into:

1X - in DAAF in Red Zone (current)
3X - in Equity in Yellow Zone
100X - Equity in Green Zone
Read 7 tweets
Sunil Jhaveri Profile picture
18 Jul
Many have asked me about spate of IPOs and NFOs launches and my thoughts. Should they invest or not?

Another question: why are AMCs launching NFOs at expensive valuations?

My thoughts on this subject:
If you had bought 5kg of sugar from a grocer & you order another 2kgs next day, will the grocer not sell you more? They are in the business of selling you day to day groceries.

What and how much you need is your choice as a customer. You cannot blame the grocer for selling
Put differently:
Which medicine(scheme) needed for which patient(Investor) is job of a Doctor(MFD) or patient(DIY Investor). It is not job of Pharma Companies(AMCs).

Just because Pharma Cos repackage the medicines, does not mean patients should increase their dose
Read 8 tweets

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