kr.senthilnathan

Director - Investments @ NAFA AMC P Ltd
Interested in Equities/Analysis/ Views are personal/No Recos

[Balaji Vaidyanath ⚡️ @nbalajiv]

India may finally be entering its own Berkshire moment. Our largest business groups now command ₹136.7 lakh crore in market cap which is almost twice the size of the entire PSU universe. Presenting NAFA's latest.

[Balaji Vaidyanath ⚡️ @nbalajiv]

#3 flips #2 player in topline and earnings, market cap still at a 30% discount to #2. #ratings

[Balaji Vaidyanath ⚡️ @nbalajiv]

Absolutely thrilled to see close friends and the passionate team behind Shree Anandhaas Sweets & Snacks mark a phenomenal milestone — a successful fundraise from one of the most respected names in private equity (A91).
From quietly building a trusted brand in Coimbatore to now making serious waves in Chennai, their journey is a true testament to what vision, grit, and values can accomplish — even outside the usual startup corridors.
This is not just capital raised — it’s validation of a business built right. Of knowing your customers deeply. Of winning one neighbourhood at a time. And of staying true to roots while scaling new heights. The best part? This is still just the beginning. Wishing them continued success as they enter the next phase of growth — bigger cities, bolder bets, and even stronger impact.
Onwards and upwards! 🚀

[Balaji Vaidyanath ⚡️ @nbalajiv]

Why PMS Isn’t the Villain Mutual Fund Loyalists Claim It Is

There have been numerous articles proclaiming Mutual Funds (MF) to be the superior investment vehicle over Portfolio Management Services (PMS). But these arguments rarely address certain key gaps that PMS providers see on the ground every day. This article aims to provide a balanced perspective by highlighting what investors often miss in the pro-MF narrative.

A Lesson from Krishna at Govardhan Hill

When torrential rains threatened the people of Vrindavan, Krishna didn’t tell them to pray to Indra and wait passively for help. Instead, he lifted the Govardhan Hill himself, offering them direct, personal shelter that they could see and rely on.

This story offers an apt metaphor for how PMS works for investors. A PMS gives you direct visibility, personal customization, and protection in changing market conditions. Mutual Funds, in contrast, can sometimes resemble the ritual prayer to Indra: pooled faith, collective action—but little transparency about what really happens behind the scenes.

Holding Statement Transparency

A PMS investor can see an updated holding statement with portfolio weights as of the previous day. By contrast, Mutual Fund investors typically have to wait 30–45 days to see portfolio disclosures. In volatile markets, this lag hides crucial allocation shifts from the investor.

Trade-Level Transparency

Mutual Funds are opaque about short-term trading. Suppose your mutual fund manager buys a stock on the 5th of a month and sells it on the 25th—you will never know this trade even happened. In PMS, every buy or sell is immediately reflected in your holding statement and transaction reports. Even sell transactions trigger depository SMS alerts directly to the client. The transparency is real-time and unavoidable.

Style Integrity

This opacity creates the risk of style drift in Mutual Funds. A "dividend yield" fund can, in theory, trade non-dividend paying stocks for short-term gains without the investor knowing. While style drift can also occur in PMS, it’s easily tracked and questioned by clients thanks to the visibility of holdings.

Disciplined Entry Into Pre-IPO Opportunities

Mutual Funds often rush into "anchor book" allocations of overheated IPOs, chasing brand names and short-term optics. PMS managers face practical challenges in pre-IPO investments—paperwork, registrar coordination, and individual share registry updates make these deals difficult and slow. This operational hurdle ironically acts as a natural check, discouraging impulsive, overvalued IPO entries.

Strategic Tax Management

The Mutual Fund industry often highlights the tax efficiency of avoiding short-term capital gains tax at the fund level. But they rarely acknowledge that PMS offers personalized, strategic tax-loss harvesting. A client with ₹50 lakh or more typically has multiple asset exposures: MFs, PMS, real estate, international assets. Losses realized in PMS can be carried forward for years, helping offset gains from other asset classes. This kind of personalized tax planning is simply not available in pooled MF structures.

Conclusion

Just as Krishna’s direct lifting of Govardhan Hill gave the people of Vrindavan visible, reliable shelter from the storm, PMS gives investors transparency, accountability, and control over their wealth. Mutual Funds have their merits, but let’s not pretend they are flawless. They remain, in many ways, an opaque structure that asks investors for pooled trust without offering full visibility.

It’s also worth remembering that PMS regulations in India date back to 1993, even before Mutual Fund regulations were formalized in 1996. This isn’t an unregulated or fly-by-night space—it is a well-oiled, well-seasoned regulatory framework that has evolved over decades to protect sophisticated investors seeking more direct, personalized portfolio management.

It’s time to have a balanced discussion about these two investment vehicles—one that respects the investor’s right to see, question, and participate in the management of their own wealth.

[Balaji Vaidyanath ⚡️ @nbalajiv]

It's a fresh start to yet another earnings' season. From BlackRock to Abbott, top global corporations are making India central to their growth strategies — driven by a booming economy, rising middle class, and expanding manufacturing capabilities.

Whether it’s healthcare, wealth tech, industrial manufacturing, or aerospace — India is no longer an option, it’s a priority.

[Balaji Vaidyanath ⚡️ @nbalajiv]

While US markets fell 4-5%, a certain sector with heavy reliance on international supply chains fell 3-4x of the market.

Ralph Lauren: (-15%)
Tommy Hilfiger: (-16%)
Guess: (-12%)
GAP: (-20%)

[Sudhakar Vemparala @srianalytics]

Three Month's Performance of #20_20Summit #IASummit_22ndDec2024 #AI #2020IAS
The Virtual 20-20 Investing Accelerator Summit @cautkarshpandey @AI_Feb21 @ias_summit @raghavwadhwa @suru27 @MashraniVivek @persistencecap @itsTarH @ValueEducator @vikasvgupta @anuj9183 @kanodiaankit12 @ishmohit1 @prosperotree @AdityaKhemka5 @Alchemist1320 @nrmangal @Shubham_TLI @amitabhvatsya @CongruenceA @krsenthilnathan @KabraGunjan @RusmikOza @safiranand
Note:- Stock ideas shared here are for study purpose.

[Investing Accelerator Summit 🚀 @ias_summit]

🎯 The Virtual 20-20 Investing Accelerator Summit returns!

Twenty expert investors. Twenty business deep-dives. Pure insights, zero fluff.

Dec 22nd, 2024

🎁Early Bird Offer: Use code IAS2024 (valid till Dec 18th only!)

Register NOW at https://t.co/tTEzaAYMNt

#20_20Summit

[Balaji Vaidyanath ⚡️ @nbalajiv]

Thanks much for the opportunity @TIA_Investors #tia2020

[TN Investors' Assn @TIA_Investors]

The man who says "Ghar ka kaana" will be great again !!!! Presenting Speaker 2

[Kiran D @kirandhanwada]

Some of the realizations in 2024:

1) Long arc of time - "you have more time than you think" is generally true across areas - research, politics, career, investing etc. etc. Just need to keep at it without going out/blowing up. Said "generally" because well..."sudden death".

[Moneycontrol @moneycontrolcom]

#MarketsWithMC | In a conversation with Moneycontrol, Balaji Vaidyanath, director and CEO of NAFA Asset Managers, spoke about his strategy, observations, learnings and how his investment philosophy has evolved over time.

Here's what he said 👇
https://t.co/th5yMo5vCF

@sant0nair | #Markets

[Balaji Vaidyanath ⚡️ @nbalajiv]

Thangamayil: A company with significant presence in Tier II and Tier III cities of Tamilnadu reports a 48% volume growth in diamonds. Are we beginning to see change in taste and preference amongst rural India from gold to Diamond? Will be interesting to track.

[Anand Mohan @AnandMohan1977]

Brady and Morris Engineering Company Ltd is requesting to remove their shares from ESM. 🤣🤣

[Balaji Vaidyanath ⚡️ @nbalajiv]

If you run a SME or MSME business and are at cross roads about whether to invest incremental capital into the business or outside of business, then this video is for you. Alternatively, if you are some one who’s made decent returns in the market over the last 3 years and are lured by a physical business opportunity, this is video is for you too.

https://t.co/7Gj04fdfyu

[Hindustan Chamber of Commerce @hindcham]

House full Investment Saturday again @hindcham

Kudos to @nagapps @shyamsek and @VivekKarwa

With support from @chordia7 and @lineshss

Thank you @nbalajiv 🙏

[Anand Mohan @AnandMohan1977]

So much for ease of doing business... Both, Central and State Government not paying dues to entity even after Supreme Court has given its final verdict on arbitration 1.5 years ago.

Joke that Opposition calls this is a government for Ambani-Adani. 🧐🤔

https://t.co/NpSeJg3sqi

[TN Investors' Assn @TIA_Investors]

On popular demand, we are making the event available online. Read the instructions carefully before registering
https://t.co/7EziauOr9q

[TN Investors' Assn @TIA_Investors]

Thanks everyone for the wonderful reception to the 7th Edition of our 20-20 Ideas Summit. We will be closing registrations in the next couple of days
@deepakshenoy , @balajispice ,@suru27 , @ravidharamshi77 , @krsenthilnathan , @StallionAsset
https://t.co/kOuNMH9dWv

[kr.senthilnathan @krsenthilnathan]

Four companies in the smallcap space have shown margin expansion (QoQ and YoY) in 3QFY2023 so far

1. KEI 2. Route Mobile 3. Just Dial 4. DCX Systems