Uday

Fin Researcher

[Manu Rishi Guptha @manurishiguptha]

The Nifty 50 is down over 10% in six months and most Flexicap funds are in the red.

MRG Capital's PMS is up 4.4% on the year and has compounded at 18.4% over three. Our AIF, just past its first anniversary, is up 8.7% since inception, while the Nifty is down 6.3%.

No unnecessary churn. No FOMO. No theme of the month.

Just conviction in what we own and patience for it to compound.

[Manu Rishi Guptha @manurishiguptha]

Built to hold. Even when markets refuse to..

The Nifty 50 is down nearly 6% over the last three months and almost 8% year to date. Most Flexicap funds are sitting in the red.

MRG Capital's PMS is roughly flat over three months and up over 10% on the year (YOY).

Our AIF, in its first year, is up close to 8% since inception, with a churn rate of less than 2%.

because....
-We refuse to chase trends
-We refuse to be FOMOed into deploying in a hurry
-And we don't pretend to be disciples of Buffett & Munger while destroying the very values that they have professed over decades.

[Manu Rishi Guptha @manurishiguptha]

Narratives and Stories fade.
Discipline and Fundamentals endure.

MRG Capital’s PMS strategies, Wealth Maximizer & Wealth Enhancer, have been ranked among the Top 10-performing strategies in the Country.

In a period where Indian markets remained range-bound and many active portfolios struggled to generate meaningful alpha, strategies built on valuation discipline, risk filters, and patience stood apart.

Not the result of chasing themes and being greedy
But of adhering to the process patiently.

Because markets eventually reward discipline.

[MRG CAPITAL @MRGCAPITAL1]

Narratives and Stories fade.
Discipline and Fundamentals endure.

MRG Capital’s PMS strategies, Wealth Maximizer & Wealth Enhancer have been ranked among the Top 10 performing strategies in the Country.

In a period where Indian markets remained range-bound and many active portfolios struggled to generate meaningful alpha, strategies built on valuation discipline, risk filters, and patience stood apart.

Not the result of chasing themes and being greedy
But of adhering to process patiently.

Because markets eventually reward discipline.

[Manu Rishi Guptha @manurishiguptha]

In a market defined by turbulence, the true measure of a portfolio isn't found in its peak momentum, but in its unwavering resilience.

The last year has been a brutal litmus test for fund managers, where volatility exposed the fragile underbelly of hype-driven strategies and companies.

In this challenging environment, MRG's portfolios stood as a testament to a different philosophy - one built on discipline and a deep understanding of risk.

Defensive Outperformance:
While the NIFTY and many Flexicap MFs saw their values erode (-3.21% and -0.25% respectively),
The MRG Capital PMS delivered a positive return of +2.20%.

This wasn't about catching a wave; it was about navigating the storm.

Superior Risk-Adjusted Returns:
Our Sharpe Ratio of 0.24, in stark contrast to the NIFTY's -0.20, demonstrates that we achieved these returns with far greater efficiency, generating more reward for every unit of risk taken.

Calculated Stability:
With a low Beta of 0.89 and disciplined portfolio churn, we've shown that true strength lies not in constant motion, but in a stable, well-constructed foundation.

MRG portfolios are not engineered to chase transient market highs. They are built to endure, to protect, and to compound wealth sustainably through all market cycles.

MRGCapital
PortfolioPerformance RiskAdjustedReturns WealthManagement SmartInvesting

[Uday @uday2210]

@anishcshah1 @manurishiguptha Dont think the article justifies what Jane street has done but very aptly highlights the short sightedness of the system which developed such lopsided indices like Bank Nifty which can be easily manipulated by somebody having deep pockets

[Uday @uday2210]

@moneycontrolcom Retribution Gukesh

[Uday @uday2210]

@Nigel__DSouza Markets back to the levels seen on June 4th election result day. Wiped out all BJP 3rd term gains

[Uday @uday2210]

@blitzkreigm Markets back to the levels seen on June 4th election result day. Wiped out all BJP 3rd term gains

[Uday @uday2210]

@piyushchaudhry Back to the levels seen on June 4th electin result day. Wiped out all BJP 3rd term gains

[Uday @uday2210]

@dmuthuk Only way for India to be rich in my opinion is our working age population remain high while other countries age. Exporting our labor and servicing entire world can make us rich.

[Manu Rishi Guptha @manurishiguptha]

#KalyanJewellers

..Is still trading at a PE of nearly 100 even after a `40% correction from the top.

"The next Titan" doesn't behave like this.

#WarburgPincus exited at less than Rs 600, and the gullible retail investors kept buying it till Rs 800 in the subsequent four months, orchestrated by dubious commentary and complicit analysts.

80% of the current stocks might be in the same category awaiting a similar fate.

[Manu Rishi Guptha @manurishiguptha]

Naked Shorts

Approx .....

#GOLD 200 oz. for every 1 oz. available
#Silver 409 oz. for every 1 oz. available

A bank or a sovereign is soon going belly up

We just don't know who or when....

The signs are ominous...

[Manu Rishi Guptha @manurishiguptha]

The Minsky Moment of the #AI Narrative

3 years of brouhaha around AI that created the most concentrated bubble in #nasdaq ( ~40% MarketCap among just 7 stocks ) stood challenged by #deepseekai in just 2 days

Trillions of dollars of investment got disrupted overnight.

It would be interesting to see how this #ArtificialInteligence edifice of the West stands the test of time over the next few qtrs.

Fun Fact - All things 'Deep' have caused historical disruptions and significant pivots in their times.

Deep Throat
Deep Blue
Deep State and now
DeepSeek

[Manu Rishi Guptha @manurishiguptha]

Markets and God have both been kind to @MRGCAPITAL1 in the last year.

Not only did we outperform the markets, but we also did that with our client portfolios having a much higher Sharpe Ratio and a lower Beta.

We achieved this while maintaining our negative bias toward the Indian #Banking Sector and #Defence and #PSUs.

https://t.co/KVxV4yovOz

Sharpe Ratio:
https://t.co/kqIKTdY2VI

Beta:
https://t.co/ss12CKe9qy

#NiftyBank #Nifty50

[Manu Rishi Guptha @manurishiguptha]

https://t.co/HTztLLMzSS

[Manu Rishi Guptha @manurishiguptha]

Is it an eyewash?

Or some conscience has been ignited somewhere?

The biggest illegal, bulldozed and brazen heist of Rs 14000 crores is being orchestrated by @ICICIBank in collusion with @ICICI_Direct to cheat the minority shareholders in broad daylight.

Every rule has been broken
Every sense of propriety has been ignored

The two boards, it's board members, will definitely pay this debt in some court even if this court doesn't exist yet.

Unless better sense prevails

@moneycontrolcom @theburugula

[Manu Rishi Guptha @manurishiguptha]

#ICICIBANK and #ICICISecurities broke every norm of propriety while effecting the delisting of its subsidiary and shortchanging the minority shareholders.

ICICI Bank even misled the regulator into believing that they were doing everything by the book.

The entire story of the biggest corporate heist and data breach in the history of Corporate India @WIONews @saroyahem

Points to Ponder

#mutualfunds Sahi hai - But why did the Fund Managers not act in the interest of their Unitholders

Some complicit Mutual Funds bought ISec shares at a premium-to-swap Ratio only to vote "FOR" and later sold the shares at a discount

Mr. @AjitDayal2 of @QuantumAMC is the only sole voice in the matter who has truly gone out of the way in the interest of its Unit Holders

[Manu Rishi Guptha @manurishiguptha]

सत्यमेव जयते (Truth alone triumphs )

@ICICIBank @ICICI_Direct has spent tens of crores of shareholders' money in trying to prevent @SEBI_India (Despite SEBI's willingness right from day one) from handing over the pivotal document that is being used to bulldoze the fraudulent process of ISec delisting.

The loss to the shareholders in the present form of delisting is nearly 1200 per share. Multiple logical valuation methods determines a price of nearly 2100 per share of ICICI Securities.

#ICICIBank allegedly used every dirty trick in the trade including (self-nomenclated) Project Irongate to influence shareholder voting.

Finally, Hon'ble Bombay High Court has asked SEBI to disclose despite vehement opposition by #ICICIBank

A few questions need to be pondered over:

Why has no one in this country seen the very document that has been used to deviate from the reverse book-building process for delisting?

How has the exemption been interpreted internally by ICICI Bank to further its nefarious intention which even NCLT is unaware of till date?

Who-all in the 2 boards will be held responsible for launching an illegal nationwide project that the Bank used to influence the voting process?

Who will pay for the biggest data breach and compromise in the history of corporate India, the complicity facilitated by the 2 MD's of respective companies?

What has been the role of Independent Directors of the 2 organisations and how should their role be interpreted in future?

Should directors be made to pay for wasting shareholders' money in frivolous lawsuits in trying to push their illegality and questionable intentions?

Which all #mutualfunds managers will be held to account, for compromising the interests of their unitholders - by voting FOR delisting in its present form?

And Lastly

Will better sense prevail NOW among the 2 Boards to cancel this delisting and be fair towards the Minority Shareholders?

To read more about project Irongate click the link below
https://t.co/3CcjML5vMO

[MRG CAPITAL @MRGCAPITAL1]

Loan and Deposit data of some banks that reported figures for the quarter ending June 2024 is not encouraging. Tepid loan growth on slowing deposit mobilization and high Credit-Deposit ratios have no easy way outs other than rising deposit rates.

The QoQ drop in Deposits for some banks is also due to the aggressive mobilization of short-tenure deposits in the March quarter just to meet the year-end targets.