9 Lessons from the Nifty50’s journey

9 Lessons from the Nifty50’s journey

Nifty50 has had an eventful ride filled with structural changes and macro-economic cycles, right since 1995. In this period, the index has given a CAGR return of ~11% in ~27 years or an absolute return of 1700% as it has made its journey from 1000 to 17000+.

The NIFTY is in its 27th year running and there are several vital lessons from its journey. In SAMCO Mutual Fund’s first edition of the “SAMCO MF Food for thought” series, we try to spell out some of the lessons we’ve learnt from the NIFTY’s journey. The source of our learnings is a detailed look at the NIFTY’s entries and exits since inception.

1. Strike Rate is Overrated – The NIFTY has a strike rate of only 55%

Most investors try to over optimize for win rates i.e. they anchor their investments to try and achieve a near 100% win rate on the trades/investments they make. Investors and even fund managers often want all their bets to end with a positive return. After all, who likes to be wrong?


Let us tell you a startling fact – The NIFTY has been right only 55% of the times and despite that delivered a handsome 11.31% CAGR

There have been an aggregate of 152 positions that the NIFTY has taken since inception of which only 85 have generated a win and the rest 67 have been losing positions. A complete list of all positions of the NIFTY is annexed.

Myth Busted – Generating a high return is possible even by being right just about half the times!

An obsession with win rate in investing and money management is ego driven and clearly the NIFTY has no Ego ;)

As long as investors are able to manage the overall risk-reward equation (some of which we’ve highlighted in our other learnings below), anything above a 50-60% win rate can deliver exceptional returns.

Source: Internal Research, NSE

2. Let your winner’s run – NIFTY’s winners are 33 times bigger than its losers

Too often investors talk about “taking a profit” and waiting to “at least recover cost”. The fact is that if you have a profit on an investment it might be an indication that you own a share in a business which is worth holding on to. Conversely, we are all prone to run our losers, hoping they will get back to what we paid for them. This is commonly also known as the “Disposition Effect”.

Gardeners nurture flowers and pull up weeds, not the other way around.

Startling Fact # 2 – NIFTY’s average winning position is +1500% and average losing position is -45%

Because of the Nifty’s algorithmic, methodical and un-emotional investing process, the NIFTY is free from cognitive biases and let’s its winners run to infinity and beyond, literally! It doesn’t book profits on its winners.

Myth Busted – You need to book profits from time to time!

The math works for Nifty, if you make money on 55% of the trades with winners being at 1500%+ and losers only at -45%, you end up with a mathematical edge and can deliver exceptional returns.

However counterintuitive it may sound, it is true that no one ever went broke taking profits but serious wealth is made only by letting your winners run for years.

Source: Internal Research, NSE

3. Not only ride, let your winner’s age – NIFTY holds its winners for 3x the time it holds its losers

If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.” – Warren Buffett

The NIFTY has taken Mr. Buffett’s suggestion on holding period quite seriously. When the NIFTY initiates a position, it holds the patience of holding onto its stock for several years.

Startling Fact # 3 – NIFTY’s average winning position is held for an average of 12.5 years and the average losing position is held for about ~ 4 years

9 Stocks have been a part of the current NIFTY 50 since inception. The top contributors have been in the index for 23+ years. Losers in the NIFTY have been cut relatively faster with losers’ life in the NIFTY at ~4 years on an average since their entry i.e. 1/3rd of the time that winners are held.

This is important since most investors often give their losers a lot more time to recover in hope and give very little time to winning positions. Winning stocks in a portfolio often age like fine wine.

Source: Internal Research, NSE
Source: Internal Research, NSE

The Stock(s)/ Issuer(s) referred in the article, should not be construed as an investment advice or a recommendation by Samco Mutual Fund.  Investors should consult their financial advisors before making any investment decision.

4. Don't need to be Hyper-active to make money – The NIFTY makes only about 4 trades a year

Buffett says, ‘The stock market is designed to transfer money from the active to the patient.’

In the urge to be busy and active, investors including fund managers engage in a lot of dealing activity. Brokers want investors to trade. Several investment advisers and mutual fund investors want their fund managers to be “active”. There are often people who ask, “Why pay a fund manager any fees. if he’s not constant churning the portfolio?.”

Startling Fact # 4 – NIFTY makes only about 4 trades a year!

As can be seen from NIFTY’s trades, In its long and continuing lifespan it has undergone only ~150 trades with an average of 4 stock rejigs in a year. Despite such a low churn, it has managed to deliver a 11%+ CAGR return.

Myth busted – You need to constantly churn your portfolio!

Results can be delivered even without frequent churning. In fact, as Mr. Buffett suggested, if you are patient, the market will transfer wealth back to you from the hyper active folks.

Also, another drawback of being hyper active with constant entries and exits in investing is the drag trading costs can cause to one’s portfolio.

Source: Internal Research, NSE

5. For a stock to be a 100-bagger it needs to be a 10-bagger first – The NIFTY only picks proven winners

Most investors are constantly in the search of the next multi-bagger. The entire investment community believes investing is a prediction game where you can only win if you are able to predict the next set of winners.

Startling Fact # 5 – NIFTY only buys proven winners. It doesn’t predict winners but instead waits for actual winners to emerge and in many cases ends up buying after a stock would be up many-fold.

A stock has always entered Nifty50 after it has already been proven a winner. This is because only if its price increases, will its free-float market capitalization increase enough for it to be added in the index. So, a stock first needs to be a 10-bagger, then a 25-bagger, then eventually it could be a 100-bagger!

Myth Busted – You need to be early to identify a stock and only then can you make a decent return!

Unlike most participants, the NIFTY doesn’t predict winners. The NIFTY waits for winners to be proven by market forces and then buys the winners. Time and again, the NIFTY has bought stocks after serious run-ups and yet has managed to deliver a great 11%+ CAGR over its lifetime. In the process of betting winners, the NIFTY has saved itself from the prediction game!

To demonstrate what we are saying as an example, Asian Paints was only included in the index in April 2012, when it had already gone up by 10 times since 2002. However, since then, the stock price has gone up by almost 10 times again.

Source: Internal Research , Tradingview.com

Out of the 135+ unique stocks which have entered the index since inception, 10 stocks managed to post a 25X return, out of which 6 have advanced to become 50-baggers and 3 have emerged as “100-baggers”.

Source: Internal Research, NSE

Investors would be served much better if they ended up buying companies that were already multi baggers instead of predicting which companies could be future multi baggers.

6. All you need is just 3-5 ideas in a lifetime – More than half of NIFTY’s returns have come from just 3 stocks!

Billionaire investor Warren Buffett puts it quite succinctly: “You only have to be right on a very, very few things in your lifetime as long as you never make any big mistakes. An investor needs to do very few things right as long as he or she avoids big mistakes.”

Holding a large number of stocks in your portfolio doesn’t guarantee the highest returns.

Startling Fact # 6 – If you observe Nifty50’s history, out of the 135+ unique stocks that entered, exited or have stayed in the index ONLY 3 stocks have contributed to more than half of Nifty50’s absolute returns in 27 years. HDFC Bank, Infosys and Reliance Industries have collectively delivered a sum of ~66,800% absolute returns which is more than half the returns contributed by all other constituents in the index on an absolute basis.

Myth Busted – As investors we constantly need to search for new ideas and trends to profit!

One just needs to find the right 3-5 stocks in their lifetime rather than chasing hundreds of stocks that may be subject to current fads and fancies of the market for time to time. As you can see in the below chart, only few businesses have given outsized positive returns in absolute terms while the majority have given less than 500% returns.

Source: Internal Research, NSE

7. You can cut losers even faster – The NIFTY waits too long sometimes to cut its losers

While there are many things that we love about the NIFTY, there are some things that an active investor could do much better than NIFTY’s mechanical approach.

Startling Fact #7 – Despite a clearly large losing position, the NIFTY waits for a stock to fall below to its lowest rank to exit.

Nifty50 follows a strategy wherein it holds the top 50 liquid stocks by free float. Now unless a stock’s free float market cap falls below the 50th stock or the 51st stock’s free float market cap rises above the 50th stock, there will not be any rejig in the index. That means even if the fundamentals of the stock deteriorates or if a company is on the verge of extinction/bankruptcy, until and unless the above conditions are fulfilled the stock is not removed from the index. More often than not, it is too late and exits usually happen after the stock has deteriorated significantly which would just add to Nifty50’s losses. Hence, it is better to cut your losses even faster and not let the pain prolong.

For example, Yes Bank fell 29% in a single day on 21st September 2018 when the hints of fraud at the bank came to light when RBI pointed out irregularities in the bank. The close price on that day was Rs. 226.5 while the exit from the index happened on 19th March 2020 when it’s close price was Rs. 53.85 i.e. it was 76% further down since 21st September 2018. As traders often say, the first loss is the best loss. As investors, we need not be subject to mechanical ranking based exits on free float and hence can actually exit the party as soon as we see the first set of people puking!

Source: Internal Research, Tradingview.com

8. It’s better to buy high and sell higher than merely buying low and selling high – NIFTY makes most of its entries at All Time Highs without worrying about being late

As we have established earlier that Nifty50 only includes a business in its portfolio after it has become a proven winner. Nifty50 has a history of buying many stocks at their all-time highs. But despite that, the stocks have continued to perform well and have generated returns for investors. Hence, as counterintuitive as it may seem, it is never too late to enter a stock.

Source: Internal Research, Tradingview.com

The goal is to make more on your winners than you lose on your losers and do it repeatedly. It's not about buying low and selling high, it's about buying lower than you sell. It's about making money!

9. Pick a style/method of investing and stick to it – NIFTY’s style is “Bhav Bhagwan Che”

No one can practically know EVERYTHING about a business or a company before investing in it. In fact, with proper rules and processes in place, you can still make money by investing even when you do not know anything about a company’s fundamentals, its industry or its promoter?

Wondering how is that even possible? Nify50 has done it! The criteria for a stock to enter or exit the Nifty50 “Portfolio” is the growth of its free float market capitalisation and fulfilling other criteria like impact cost, frequency of trading, etc.

It does not evaluate the financials of the business, does not meet its management, does not know what the business or industry the company operates. It doesn't track the day to day activities of the businesses but it still manages to makes money.

It is the discipline in its strategy which has enabled it to deliver a CAGR of 11% since 27 years. Because as per its discipline whichever stock experiences an increase in its free float market capitalisation to be among the top 50 band will make an entry into the index and vice versa with its exit.

Source: Internal Research, Refinitiv.

Even Warren Buffett has widely quoted that ‘An idiot with a plan can beat a genius without a plan.’ Given that Nifty50 follows a process driven strategy and sticks to its process without any human interventions, it has been able to generate such returns in the long period.

List of NIFTY Entries and Exits

Scrip Name

Buy Date

Exit Date

Buy Price (Close as on Buy Date)

Exit Price (Close as on Exit Date)

Abs. % Change

Period

CAGR %

Win Loss

Indian Rayon & Industries Ltd

11/3/1995

9/8/1999

460.75

71.8

-84.42%

       3.85

-38.30%

Loss

Kochi Refineries Ltd

11/3/1995

1/17/2002

161.5

26.6

-83.53%

       6.21

-25.20%

Loss

Ashok Leyland Ltd

11/3/1995

10/7/1998

6.71

1.15

-82.87%

       2.93

-45.25%

Loss

Arvind Mills Ltd

11/3/1995

5/26/1999

50.18

11.72

-76.65%

       3.56

-33.53%

Loss

Industrial Finance Corporation Of India Ltd

11/3/1995

9/8/1999

37.2

10.2

-72.58%

       3.85

-28.55%

Loss

Reliance Capital Ltd

11/3/1995

5/26/1999

95.75

28.27

-70.47%

       3.56

-29.00%

Loss

Industrial Development Bank of India Limited

11/3/1995

5/24/2000

68.13

21

-69.17%

       4.56

-22.75%

Loss

Essar Gujarat Ltd

11/3/1995

12/24/1997

48.5

15.55

-67.94%

       2.14

-41.19%

Loss

Mangalore Refinery & Petrochemicals Ltd

11/3/1995

10/7/1998

35.2

13.25

-62.36%

       2.93

-28.37%

Loss

Great Eastern Shipping Company Limited

11/3/1995

5/26/1999

41.58

17.49

-57.94%

       3.56

-21.59%

Loss

Indo Gulf Corporation Ltd

11/3/1995

10/7/1998

57.5

29.9

-48.00%

       2.93

-20.01%

Loss

Thermax Ltd

11/3/1995

10/7/1998

63.25

34.06

-46.15%

       2.93

-19.05%

Loss

SCICI Ltd

11/3/1995

5/14/1997

36.65

22.05

-39.84%

       1.53

-28.28%

Loss

Nagarjuna Fertilizers & Chemicals Ltd

11/3/1995

9/18/1996

23.85

14.4

-39.62%

       0.88

-43.76%

Loss

Chambal Fertilizers & Chemicals Ltd

11/3/1995

9/18/1996

20

12.1

-39.50%

       0.88

-43.63%

Loss

Madras Refineries Ltd

11/3/1995

9/18/1996

58.55

37

-36.81%

       0.88

-40.76%

Loss

ICICI LTD

11/3/1995

5/31/2002

93.65

61.8

-34.01%

       6.58

-6.12%

Loss

Dr Reddy's Laboratories Ltd

11/3/1995

5/14/1997

67.97

52.55

-22.68%

       1.53

-15.49%

Loss

Andhra Valley Power Supply Co Ltd

11/3/1995

10/7/1998

84

71.65

-14.70%

       2.93

-5.28%

Loss

Colgate Palmolive (I) Ltd

11/3/1995

9/26/2005

144.98

124.2

-14.33%

       9.90

-1.55%

Loss

Castrol (India) Ltd

11/3/1995

5/2/2003

26

23.22

-10.66%

       7.50

-1.49%

Loss

Apollo Tyres Ltd

11/3/1995

9/18/1996

13.99

13.26

-5.18%

       0.88

-5.89%

Loss

Hero Honda Motors Limited

11/3/1995

9/18/1996

25.68

24.86

-3.18%

       0.88

-3.62%

Loss

BAJAJ AUTO

11/3/1995

3/14/2008

791

778.35

-1.60%

     12.37

-0.13%

Loss

HDFC Bank Ltd

11/3/1995

5/4/2022

3.41

1356

39695.56%

     26.52

25.33%

Win

Reliance Industries Ltd

11/3/1995

5/4/2022

24.56

2693.65

10867.76%

     26.52

19.38%

Win

HDFC Ltd

11/3/1995

5/4/2022

27

2206.95

8073.89%

     26.52

18.06%

Win

I T C Ltd

11/3/1995

5/4/2022

6.4

259.75

3960.84%

     26.52

14.99%

Win

Hindustan Unilever Ltd

11/3/1995

5/4/2022

62.11

2171.55

3396.22%

     26.52

14.34%

Win

State Bank of India

11/3/1995

5/4/2022

20.75

479.65

2212.06%

     26.52

12.57%

Win

Ambuja Cements Ltd

11/3/1995

4/2/2018

18.33

240.2

1210.19%

     22.43

12.16%

Win

ACC Ltd

11/3/1995

9/29/2017

154.44

1656.9

972.87%

     21.92

11.43%

Win

Tata Steel Ltd

11/3/1995

5/4/2022

131.08

1261.35

862.28%

     26.52

8.91%

Win

Hindalco Industries Ltd

11/3/1995

5/4/2022

54.85

461.65

741.70%

     26.52

8.36%

Win

Tata Power Co Ltd

11/3/1995

9/29/2017

11.51

77.8

575.78%

     21.92

9.11%

Win

Tata Motors Ltd

11/3/1995

5/4/2022

79.56

423.5

432.32%

     26.52

6.51%

Win

Grasim Industries Ltd

11/3/1995

4/8/2010

84.92

395.9

366.22%

     14.44

11.25%

Win

Indian Petrochemicals Corporation Ltd

11/3/1995

10/5/2007

127

483.1

280.39%

     11.93

11.85%

Win

Ranbaxy Laboratories Ltd

11/3/1995

3/28/2014

100

363.85

263.85%

     18.41

7.27%

Win

Oriental Bank of Commerce

11/3/1995

4/4/2007

61.2

176.55

188.48%

     11.42

9.72%

Win

Reliance Infrastructure Ltd

11/3/1995

9/27/2013

150.3

392.35

161.04%

     17.91

5.50%

Win

Tata Tea Limited

11/3/1995

9/1/2006

35.77

81.87

128.88%

     10.84

7.94%

Win

Larsen &toubro ltd

11/3/1995

5/24/2004

42.53

76.29

79.39%

       8.56

7.06%

Win

Ponds (India) Ltd

11/3/1995

10/7/1998

852

1223.05

43.55%

       2.93

13.14%

Win

Brooke Bond Lipton India Ltd

11/3/1995

5/7/1997

318.65

452.35

41.96%

       1.51

26.12%

Win

Reliance Petroleum Ltd

11/3/1995

10/10/2002

18.9

21.6

14.29%

       6.94

1.94%

Win

Indian Aluminium Co Ltd

11/3/1995

9/18/1996

54.85

59.07

7.69%

       0.88

8.82%

Win

Tata Chemicals Ltd

11/3/1995

6/27/2006

88.99

94.69

6.41%

     10.65

0.58%

Win

Indian Hotels Co Ltd

11/3/1995

2/25/2005

42.63

45.26

6.18%

       9.32

0.65%

Win

TVS Suzuki Ltd

11/3/1995

5/10/2000

264

271

2.65%

       4.52

0.58%

Win

East India Hotels Ltd

9/18/1996

5/24/2000

47.36

12.87

-72.82%

       3.68

-29.80%

Loss

Mahindra & Mahindra Ltd

9/18/1996

5/4/2022

42.97

896.1

1985.41%

     25.64

12.58%

Win

ABB India Ltd

9/18/1996

10/1/2010

109.69

830.15

656.78%

     14.04

15.50%

Win

Glaxo (India) Ltd

9/18/1996

3/14/2008

114.77

518.49

351.75%

     11.49

14.02%

Win

Nestle India Ltd

9/18/1996

8/4/2003

245

572

133.47%

       6.88

13.12%

Win

Asian Paints Ltd

9/18/1996

10/28/2002

15.4

22.18

44.02%

       6.11

6.15%

Win

Mahanagar Telephone Nigam Ltd

5/7/1997

12/12/2007

282.05

193.2

-31.50%

     10.61

-3.50%

Loss

Bharat Heavy Electricals Ltd

5/14/1997

3/31/2017

28.24

108.57

284.49%

     19.89

7.00%

Win

Hindustan Petroleum Corporation Ltd

5/14/1997

12/12/2007

62.41

73.79

18.24%

     10.59

1.60%

Win

Bharat Petroleum Corporation Ltd

12/24/1997

10/7/1998

30.18

17.44

-42.22%

       0.79

-50.22%

Loss

NIIT Ltd

10/7/1998

3/1/2004

119.97

25.29

-78.92%

       5.40

-25.03%

Loss

Bank of India

10/7/1998

9/1/2000

25.55

10

-60.86%

       1.90

-38.90%

Loss

Procter & Gamble India Ltd

10/7/1998

10/28/2002

477.98

230.52

-51.77%

       4.06

-16.44%

Loss

Smithkline Beecham Consumer Healthcare Ltd

10/7/1998

3/1/2004

480

277.3

-42.23%

       5.40

-9.66%

Loss

Infosys Technologies Limited

10/7/1998

5/4/2022

9.39

1535.55

16247.76%

     23.59

24.12%

Win

Cipla Ltd

10/7/1998

5/4/2022

23.28

957.55

4012.81%

     23.59

17.07%

Win

Hero Honda Motors Limited

10/7/1998

5/4/2022

119.55

2409.5

1915.53%

     23.59

13.58%

Win

Novartis India Ltd

5/26/1999

5/2/2003

900

219.5

-75.61%

       3.94

-30.12%

Loss

Reckitt & Colman India Ltd

5/26/1999

1/25/2002

475

159.35

-66.45%

       2.67

-33.56%

Loss

Dr Reddy's Laboratories Ltd

5/26/1999

9/10/2008

203.31

567.6

179.19%

       9.30

11.67%

Win

Satyam Computer Services Ltd

9/8/1999

1/12/2009

92.67

34.4

-62.88%

       9.35

-10.05%

Loss

Britannia Industries Ltd

9/8/1999

12/10/2004

102.13

80

-21.66%

       5.26

-4.54%

Loss

Dabur India Ltd

5/10/2000

9/24/2007

11.91

53.5

349.30%

       7.38

22.59%

Win

HCL Infosystems Ltd

5/24/2000

1/17/2002

63.33

21.15

-66.60%

       1.65

-48.51%

Loss

Zee Telefilms Ltd

5/24/2000

3/27/2009

164

425.4

159.39%

       8.85

11.38%

Win

Digital Equipment (india) Ltd

9/1/2000

4/12/2004

533.8

834.55

56.34%

       3.61

13.16%

Win

Sun Pharmaceutical Industries Ltd

1/17/2002

5/4/2022

14.64

900.9

6052.23%

     20.31

22.49%

Win

Wipro Ltd

1/17/2002

4/1/2013

57.73

142.03

146.04%

     11.21

8.36%

Win

ICICI Bank Ltd

1/25/2002

5/4/2022

17.13

724.25

4128.64%

     20.28

20.27%

Win

Videsh Sanchar Nigam Ltd

5/31/2002

10/22/2009

186.7

281.6

50.83%

       7.40

5.71%

Win

Shipping Corporation of India Ltd

10/10/2002

6/27/2006

49.97

92.57

85.26%

       3.72

18.05%

Win

HCL Technologies Ltd

10/28/2002

5/4/2022

19.92

1044.95

5145.96%

     19.53

22.48%

Win

Bharat Petroleum Corporation Ltd

10/28/2002

5/4/2022

28.48

363.45

1175.94%

     19.53

13.93%

Win

Gas Authority of India Limited

5/2/2003

3/31/2021

15.16

135.5

793.84%

     17.93

13.00%

Win

National Aluminium Co Ltd

5/2/2003

10/22/2009

21.5

89.2

314.88%

       6.48

24.56%

Win

Steel Authority of India Ltd

8/4/2003

9/28/2012

24.05

85.45

255.30%

       9.16

14.85%

Win

Maruti Udyog Limited

3/1/2004

5/4/2022

514.55

7397.9

1337.74%

     18.19

15.79%

Win

Bharti Tele-Ventures Ltd

3/1/2004

5/4/2022

73.43

722.4

883.79%

     18.19

13.40%

Win

Oil & Natural Gas Corporation Ltd

4/12/2004

5/4/2022

97.19

162.25

66.93%

     18.07

2.88%

Win

Punjab National Bank

5/24/2004

4/1/2016

53.43

87.65

64.05%

     11.86

4.26%

Win

Larsen & Toubro Ltd

12/10/2004

5/4/2022

98.77

1633.95

1554.28%

     17.41

17.49%

Win

Tata Consultancy Services Ltd

2/25/2005

5/4/2022

164.61

3479.75

2013.97%

     17.20

19.41%

Win

Jet Airways (India) Ltd

9/26/2005

4/4/2007

1115.65

615.65

-44.82%

       1.52

-32.36%

Loss

Suzlon Energy Ltd

6/27/2006

3/25/2011

178.39

45.5

-74.49%

       4.75

-25.02%

Loss

Siemens Ltd

6/27/2006

4/1/2013

410.49

517.25

26.01%

       6.77

3.48%

Win

Reliance Communications Ltd

9/1/2006

4/27/2012

299.9

74.25

-75.24%

       5.66

-21.87%

Loss

Sterlite Industries (India) Ltd

4/4/2007

9/28/2012

117.43

99.55

-15.22%

       5.49

-2.96%

Loss

Reliance Petroleum Ltd

4/4/2007

6/17/2009

71.8

127.35

77.37%

       2.21

29.67%

Win

NTPC Ltd

9/24/2007

5/4/2022

149.04

158.65

6.45%

     14.62

0.43%

Win

Unitech Ltd

10/5/2007

10/1/2010

327.85

94.3

-71.24%

       2.99

-34.06%

Loss

Idea Cellular Ltd

12/12/2007

10/1/2010

83.87

44.42

-47.03%

       2.81

-20.27%

Loss

Cairn India Ltd

12/12/2007

4/1/2016

218

153.25

-29.70%

       8.31

-4.15%

Loss

DLF Ltd

3/14/2008

3/27/2015

653.6

154.95

-76.29%

       7.04

-18.50%

Loss

Power Grid Corporation of India Ltd

3/14/2008

5/4/2022

70.66

237.6

236.26%

     14.15

8.95%

Win

Reliance Power Ltd

9/10/2008

4/27/2012

170.1

100.7

-40.80%

       3.63

-13.45%

Loss

Reliance Capital Ltd

1/12/2009

10/10/2011

367.15

282.33

-23.10%

       2.74

-9.13%

Loss

Axis Bank Ltd

3/27/2009

5/4/2022

86.21

707.2

720.32%

     13.11

17.41%

Win

Jindal Steel & Power Ltd

6/17/2009

3/27/2015

417.27

157.2

-62.33%

       5.78

-15.54%

Loss

Jaiprakash Associates Ltd

10/22/2009

3/28/2014

158.63

52.4

-66.97%

       4.43

-22.11%

Loss

Infrastructure Development Finance Company Limited

10/22/2009

5/29/2015

76.7

75.77

-1.21%

       5.60

-0.22%

Loss

Kotak Mahindra Bank Ltd

4/8/2010

5/4/2022

196.53

1775.6

803.50%

     12.08

19.99%

Win

Sesa Goa Limited

10/1/2010

4/1/2016

345.05

90.05

-73.90%

       5.50

-21.66%

Loss

Dr Reddy's Laboratories Ltd

10/1/2010

5/4/2022

1484.55

3992.35

168.93%

     11.60

8.90%

Win

Bajaj Auto Ltd

10/1/2010

5/4/2022

1547.45

3496.9

125.98%

     11.60

7.28%

Win

Grasim Industries Ltd

3/25/2011

5/26/2017

404.6

905.3

123.75%

       6.18

13.93%

Win

Coal India Ltd

10/10/2011

5/4/2022

343.65

187.35

-45.48%

     10.57

-5.58%

Loss

Bank of Baroda

4/27/2012

9/29/2017

152.05

137.6

-9.50%

       5.43

-1.82%

Loss

Asian Paints Ltd

27-Apr-12

5/4/2022

351.72

3100.85

781.63%

     10.02

24.25%

Win

UltraTech Cement Ltd

9/28/2012

5/4/2022

1967.85

6521.95

231.43%

       9.60

13.29%

Win

Lupin Ltd

9/28/2012

9/28/2018

595.95

900.95

51.18%

       6.00

7.13%

Win

NMDC Ltd

4/1/2013

9/28/2015

135.15

93.45

-30.85%

       2.49

-13.76%

Loss

IndusInd Bank Ltd

4/1/2013

5/4/2022

415.7

978.3

135.34%

       9.10

9.87%

Win

Wipro Ltd

9/27/2013

5/4/2022

178.44

491.75

175.58%

       8.61

12.50%

Win

United Spirits Ltd

3/28/2014

9/19/2014

531.91

470.7

-11.51%

       0.48

-22.51%

Loss

Tech Mahindra Ltd

3/28/2014

5/4/2022

435.12

1212.8

178.73%

       8.11

13.48%

Win

Zee Entertainment Enterprises Ltd

9/19/2014

9/25/2020

313.4

198.2

-36.76%

       6.02

-7.33%

Loss

Yes Bank Ltd

3/27/2015

19-Mar-20

163.2

53.85

-67.00%

       4.98

-19.95%

Loss

Idea Cellular Ltd

3/27/2015

3/31/2017

104.07

51.85

-50.17%

       2.01

-29.25%

Loss

Bosch Ltd

5/29/2015

4/2/2018

23668.85

18515

-21.77%

       2.85

-8.27%

Loss

Adani Ports and Special Economic Zone Ltd

9/28/2015

5/4/2022

307.2

812.8

164.58%

       6.60

15.88%

Win

Bharti Infratel Ltd

4/1/2016

9/25/2020

358.55

169.98

-52.59%

       4.49

-15.32%

Loss

Tata Motors Ltd DVR

4/1/2016

9/29/2017

286.05

222.3

-22.29%

       1.50

-15.51%

Loss

Aurobindo Pharma Ltd

4/1/2016

4/2/2018

729.9

592.55

-18.82%

       2.00

-9.89%

Loss

Eicher Motors Ltd

4/1/2016

5/4/2022

1925.41

2483.2

28.97%

       6.09

4.26%

Win

Indiabulls Housing Finance Ltd

3/31/2017

9/27/2019

997.75

390.1

-60.90%

       2.49

-31.39%

Loss

Indian Oil Corporation Ltd

3/31/2017

3/31/2022

193.53

118.95

-38.54%

       5.00

-9.27%

Loss

Vedanta Ltd

5/26/2017

7/31/2020

242.65

113.8

-53.10%

       3.18

-21.17%

Loss

Hindustan Petroleum Corporation Ltd

9/29/2017

3/29/2019

426.8

283.85

-33.49%

       1.50

-23.86%

Loss

Bajaj Finance Ltd

9/29/2017

5/4/2022

1838.05

6339.75

244.92%

       4.60

30.91%

Win

UPL Ltd

9/29/2017

5/4/2022

519

824.2

58.81%

       4.60

10.58%

Win

Bajaj Finserv Ltd

4/2/2018

5/4/2022

5267.4

14322.45

171.91%

       4.09

27.70%

Win

Titan Company Ltd

4/2/2018

5/4/2022

944.1

2289.95

142.55%

       4.09

24.19%

Win

Grasim Industries Ltd

4/2/2018

5/4/2022

1086.35

1622.25

49.33%

       4.09

10.30%

Win

JSW Steel Ltd

9/28/2018

5/4/2022

381.65

711.55

86.44%

       3.60

18.89%

Win

Britannia Industries Ltd

3/29/2019

5/4/2022

3074.09

3385.45

10.13%

       3.10

3.16%

Win

Nestle India Ltd

9/27/2019

5/4/2022

13740.9

18087.75

31.63%

       2.60

11.14%

Win

Shree Cement Ltd

3/19/2020

5/4/2022

17731.45

25193.5

42.08%

       2.13

17.96%

Win

HDFC Life Insurance Company Ltd

7/31/2020

5/4/2022

627.1

567.6

-9.49%

       1.76

-5.51%

Loss

Divi's Laboratories Ltd.

9/25/2020

5/4/2022

3060.75

4344.15

41.93%

       1.61

24.37%

Win

SBI Life Insurance Company Ltd.

9/25/2020

5/4/2022

797.05

1077.85

35.23%

       1.61

20.68%

Win

Tata Consumer Products Ltd.

3/31/2021

5/4/2022

638.9

803.3

25.73%

       1.09

23.30%

Win

Apollo Hospitals Enterprise Ltd

3/31/2022

5/4/2022

4516.1

4013.3

-11.13%

       0.09

-71.84%

Loss

Important Notes:

  1. Constituents' weightages have not been considered in calculating returns.
  2. Dividends have not been considered in calculating returns.
  3. Prices have been adjusted for corporate actions.

Disclosures

The Stock(s)/ Issuer(s) referred in the document, should not be construed as an investment advice or a recommendation by Samco Mutual Fund. As of April 30, 2022, Samco Mutual Fund is having an exposure in the following stocks in its Flexi Cap scheme.

Issuer

% to Net Assets

Tata Consultancy Services Ltd

9.52%

Bajaj Finserv Ltd

8.25%

Bajaj Finance Ltd

7.12%

Coforge Limited

6.94%

Divis Laboratories Ltd

5.84%

Muthoot Finance Ltd

5.69%

Jubilant Foodworks Ltd

5.53%

L&T Technology Services Limited

5.07%

ICICI Lombard General Insurance Company Ltd

4.65%

Pidilite Industries Ltd

4.63%

Asian Paints Ltd

4.26%

Dabur India Ltd

4.09%

Crompton Greaves Consumer Electricals Limited

3.85%

J B Chemicals and Pharma Ltd

3.73%

Computer Age Management Services Limited

3.55%

Supreme Industries Limited

3.48%

Larsen & Toubro Infotech Limited

2.50%

Meta Platforms Registered Shares A

1.14%

Intuit Inc

0.99%

Novo Nordisk A/S (ADR)

0.98%

Microsoft Corp

0.87%

Mastercard Incorporated

0.71%

IDEXX Laboratories Inc

0.55%

Alphabet Inc Registered Shares C

0.53%

Nvidia Corp Com

0.18%

Disclaimer

In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information developed in-house. However, the AMC does not warrant the accuracy, reasonableness and/ or completeness of any information.

The information provided is not intended to be used by investors as the sole basis for investment decisions, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific investor.

Investors are advised to consult their own legal tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of Samco Mutual Fund. The information contained herein should not be construed as a forecast or promise nor should it be considered as an investment advice.

The AMC (including its affiliates), the Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner.