• Annual letter 2019

    I manage my own and a few friends’ portfolios. The return since inception (June 2018) till 31 December 2019 is 32% CAGR. The biggest contributors to the return were Manappuram, Muthoot, and MCX. The biggest detractors were Ambika, Max Ventures and BSE. I have written about Manappuram/ Muthoot before here. Both Manappuram and Muthoot are very profitable franchises and have a long runway ahead of them. They should continue to gain market share in the gold loan market both as the overall market grows as well as by taking market share away from unorganized moneylenders. There are risks in the business emanating from diversification, and they are of course exposed…