Investor Portfolios

Introduction

Ashish Dhawan is a prominent figure in private equity investments and is recognized for his wealth and philanthropy in India. Through his firm, Chrysalis Capital, Dhawan manages a portfolio of high-performing stocks, propelling Ashish Dhawan’s net worth past Rs.3,794 crore (Q4 FY 2023-24). 

Whether navigating the intricacies of investments or effecting meaningful change, Ashish Dhawan stands out as a notable figure. How did he make it this far? What are his investing principles? Let’s analyze his portfolio to study how ace investors think. 

Who is Ashish Dhawan?

Ashish Dhawan, born in 1969 in New Delhi, is a 54-year-old private equity investor. In India, he is a prominent figure in finance and education, known for wearing many hats as an investor, philanthropist, and entrepreneur. Ashish Dhavan graduated from Yale University and later earned an MBA from Harvard. He is a member of Harvard’s India Advisory Board and Yale’s Development Council.

Ashish Dhawan began his career in 1992 at the boutique Wall Street bank Wasserstein Perella and Company. He then worked for Goldman Sachs in New York and, in 1999, co-founded ChrysCapital, one of India’s largest private equity funds, with Raj Kondur.

Dhawan is the founder and CEO of the Convergence Foundation (TCF), which aims to boost India’s economic growth and development. He also serves as the chairperson of Ashoka University, a leading liberal arts institution, and the Central Square Foundation, a nonprofit dedicated to improving the quality of education for all children in India. 

Ashish Dhawan Portfolio:

The following is the list of Ashish Dhawan’s portfolio stocks (as per the quarter ending March 2024)-

Stock	Percentage share in the company	Number of shares	Value of shares (Rs. in crores)
RPSG Ventures Limited	3.73	1234286	81.51
Religare Enterprises Limited	2.31	7605608	166.05
Quess Corp Limited	3.95	5861223	356.16
Palred Technologies Limited	5.54	678189	7.86
Mahindra and Mahindra Financial Services Limited	1.18	14600000	414.71
IDFC Limited	3.50	56000000	641.31
Greenlam Industries Limited	3.77	4814210	290.78
Glenmark Pharmaceuticals Limited	2.55	7200000	868.39
Equitas Small Finance Bank Limited	3.56	40370000	392.72
Dish TV India Limited	1.57	28957491	43.15
Arvind Fashions Limited	4.94	6564065	309.27
AGI Greenpac Limited	4.79	3100000	221.87

Ashish Dhawan Portfolio Analysis

1. Sectoral analysis:

Ashish Dhawan’s portfolio holds a major share of medium and small computer software stocks, nearly 18.9%. Media and entertainment stocks, computer software training company stocks, pharmaceuticals, private bank stocks, engineering company stocks, and finance and investment stocks each have an 8.9% share in the portfolio. 

2. Portfolio changes:

During FY2023, Ashish Dhawan acquired a 3.6% stake in Equitas Small Finance Bank at Rs.355.9 crores. The acquisition followed the increase in the company’s quarterly revenue and profits. He also increased his holdings in Glenmark Pharmaceuticals by 0.1% in March 2023. 

3. Dividend:

Six of the 12 stocks in Ashish Dhawan holdings gave dividend yields as of the March 2024 quarter. The quarterly dividend yields were as follows-

Stock	Dividend Yield (%)
Arvind Fashions Limited	0.26
AGI Greenpac Limited	0.84
Quess Corp Limited	1.64
Greenlam Industries Limited	0.27
Glenmark Pharmaceuticals Limited	0.21
Mahindra and Mahindra Financial Services Limited	2.17

Ashish Dhawan Net Worth

Ashish Dhawan’s net worth for the quarter ending March 2024 was Rs.3454.31 Cr., which is 3.01% lower than the previous quarter. But by the end of the first quarter of FY24-25, on 30th June 2024, the net worth rose by 13.66% to reach Rs.3926.21 Cr. The rise was seen owing to the returns brought in by the top picks of the stock portfolio-

• Glenmark Pharmaceuticals Ltd.- 32.68%
• Mahindra and Mahindra Financial Services Ltd.- 6.85%
• Quess Corp Ltd.- 25.63%

Investment learnings from Ashish Dhawan Portfolio

With 20 years of experience, Ashish Dhawan’s portfolio remains strong, even in volatile markets. Here are key lessons from his investment approach:

1. Think Long-Term: 

Ashish Dhawan focuses on the long game. He holds his stocks for many years despite short-term fluctuations. For example, he invested in Mphasis at Rs. 350 per share. When the price dropped sharply to Rs.50, he didn’t panic. Instead, he maintained his belief in the company. Eventually, Mphasis delivered him 5x returns. To build wealth with investment, it is important to understand that while the stock market can be wild in the short run, it tends to rise over the long term.

2. Analyse stocks and their values: 

Dhawan excels at finding bargains. He identifies undervalued stocks – hidden gems cheaper than their substantial intrinsic value. Buying these stocks is like getting a great deal on something valuable. But remember, the core of such deals is detailed research. 

3. Risk Smartly: 

Dhawan is fearless in taking calculated risks. When Max Healthcare’s stock began to fall, he decided to exit and cut his losses without regret. He emphasizes understanding the basics of a company before investing and recognizes that not all trades will yield great returns. 

It’s better to cut losses early than wait for corrections. Dhawan is also open to investing in smaller companies, which can be riskier than larger ones. However, he is cautious and selects companies he believes will perform well in the long run.

4. Diversification:

Dhawan doesn’t put all his eggs in one basket. His portfolio includes a mix of different types of companies and sectors. This diversification helps balance out performance—if one sector isn’t doing well, others can compensate. 

For example, he held six telecom companies and invested in other sectors. During the Dot Com crash, his telecom stocks suffered, but his investment in SpectraMind delivered attractive returns that offset the losses. Even today, Ashish Dhawan’s portfolio remains a good guide to diversification. 

Conclusion:

Ashish Dhawan is one of the most successful equity investors. Watching his investment moves can teach valuable lessons on selecting stocks and making sound investment decisions. His portfolio shines brightly in the investment world, built through hard work and learning from challenges. His investment strategies offer priceless lessons in-stock selection and wise decision-making. So, after reading about the Ashish Dhawan portfolio, if you’re set to start your own investment journey, seek equity market guidance and learn all about ‘what is stock portfolio’ from SEBI-registered advisors.

*Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as recommendation or investment advice by Research & Ranking. We will not be liable for any losses that may occur. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQs

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Nemish S Shah Portfolio

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Ashish Kacholia Portfolio

Introduction:

Picture this: You are interested in chess and know the game inside out. You decide to appear in state-and-national-level matches and aim to prepare like a winner. You don’t just practice; you practice like the winners, the seasoned players whose games left people wondering if that move was even possible. 

You study a game to understand the players’ thoughts and analyze a situation, right? Similarly, it helps you greatly if you study the portfolio of ace investors and take it as a guide to smarter investments.

 In this article, we will explore Nemish Shah’s portfolio and follow his stock market journey to success. If you are new to the stock market, studying his portfolio can teach you how to pick stocks and build a well-diversified portfolio with your investments.

Who is Nemish Shah?

Nemish S Shah is the director and co-founder of ENAM Holdings, one of the country’s most reputed investment houses. He is a top investor in the equity market, known for his interesting and diversified portfolio. Nemish’s stock-picking skills are noteworthy, even though he trades in only a few stocks.

Nemish graduated from Lala Lajpat Rai College, under Mumbai University, in 1977. He began his journey in the stock market in 1984 when he co-founded ENAM Holdings, a stockbroking firm. Within a few years, he expanded into investment banking. It took him six months to join the top investment banks dealing in IPOs. Nemish’s exceptional research and investment skills led the company to multiple IPO deals in the country.

He is a leading philanthropist, and his views are highly respected today.  Investors closely follow his market views and anticipations. Regarding Nemish Shah’s investment style, his latest portfolio reflects his extraordinary stock-picking skills. Nemish prefers investing in traditional companies over technology-driven ones. He is particularly fond of industrial machinery and automobile businesses.

Nemish Shah’s Portfolio:

As of March 31, 2024, Nemish S Shah holds seven stocks, and his net worth is Rs 2,732.8 Cr, according to corporate filings. These holdings are reported in the shareholding data filed with the exchanges. As per the exchanges’ data, Nemish Shah’s portfolio includes the following stocks- 

Sr. No.	Companies	Holding value (Cr.)	Quantity Held	Percentage Changes in March 2024	% Holding in the company (March 2024)	% Holding in the company (Dec 2023)
1	The Hi-Tech Gears Ltd.	139.4	1347049	New	7.2%	–
2	EID Party (India) Ltd.	–	–	Less than 1%	–	1.2%
3	Asahi India Glass Ltd.	687.5	11119635	0	4.6%	4.6%
4	Bannari Amman Sugars Ltd.	84.6	325000	0	2.6%	2.6%
5	Elgi Equipments Ltd.	327	5360000	0	1.7%	1.7%
6	Lakshmi Machine Works Ltd.	1490.3	938873	0	8.8%	8.8%
7	Zodiac Clothing Company Ltd.	4.7	405124	0	1.6%	1.6%

(Source- Trendlyne)

What does Nemish Shah’s portfolio highlight?

Nemish Shah has diversified his portfolio into textile machinery, compressors, sugar-producing, and the textile sector. His portfolio has become a guide to diversification for many aspiring investors. 

Nemish Shah’s investment strategy focuses on long-term investments. He looks for companies with high return on capital employed (ROCE), sustainable competitive advantages, strong growth rates, and stable management. This disciplined method has helped him create a portfolio that consistently outperforms the market. His holdings reflect the principles he follows. His top stock, Lakshmi Machine Works Limited’s substantial holding worth Rs.1490.3 crores, is a testament to his disbelief in the company’s strong potential.

Nemish Shah’s Investment Philosophy:

His philosophy is similar to Warren Buffett’s, focusing on firms that benefit from growing consumption. He uses fundamental bottom-up research to find high-quality, structurally strong businesses with sustainable competitive advantages and consistent long-term growth.

According to Nemish Shah, the key difference when choosing investments in India is closely evaluating the quality of the management. He is comfortable with a business if the management is focused and understands capital allocation. Nemish Shah often ignores companies where the management doesn’t inspire confidence. 

He bought Asahi India Glass Ltd. when the share price was deeply undervalued due to the company’s solid fundamentals and management understanding. The company later led to significant gains. 

His principles are straightforward:

• A company is a wealth destroyer if its return on capital employed (ROCE) is less than 9%. To be worthwhile, a business must generate a sustainable ROCE.
• Nemish Shah dislikes situations where promoters constantly raise capital, which dilutes equity. The most important factor is how the fund’s future growth is planned.

For example, promoters often take money in the infrastructure sector based on high traffic projections, low interest rates, and quick project completion. This leaves little room for error. If projections fail, companies struggle to pay off their debt. Despite external problems affecting debt, Nemish Shah believes good management can find ways to survive and grow in challenging markets. 

In summary, he always mentions three parameters to measure a company before investing-

• Consider the size of the opportunity, and look for businesses that have room for growth in the industry. 
• Check the management quality
• Analyse and calculate the entry price 

Conclusion:

Nemish Shah’s success story in stock market investing has inspired many investors. He has an eye for the nitty-gritty of a company’s fundamentals, resulting in a portfolio of select rare gems that have consistently reaped returns over the years. You can also take inspiration and invest in value stocks like his. But before following his footsteps, consult a SEBI-registered securities advisory to see whether his investment style and philosophy align with your goals.

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*Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as recommendation or investment advice by Research & Ranking. We will not be liable for any losses that may occur. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQs

Also Read:

Ashish Dhawan Portfolio

President Of India Portfolio

Mohnish Pabrai Portfolio

Amit Shah’s Portfolio

Rahul Gandhi’s Portfolio

Allu Arjun’s Portfolio Analysis

Dolly Rajiv Khanna Portfolio

Raamdeo Agrawal’s Portfolio

Mukul Agrawal Portfolio

Sunil Singhania Portfolio

Porinju Veliyath Portfolio

Vijay Kedia’s Portfolio

Radhakishan Damani Portfolio

Ashish Kacholia Portfolio