Global Equity Gurus

Rakesh Jhunjhunwala Portfolio - June'07

2007-07-28T17:35:00.000+05:30

Rakesh Jhunjhunwala Portfolio as on 30th June'07 filed with stock exchanges:

No	Company Name	% stake
1	Aptech	18.4
2	Viceroy Hotels	12.7
3	Titan Inds.	9.2
4	Geojit Fin. Ser.	8.6
5	Praj Inds.	8.2
6	CRISIL	7.6
7	Prime Focus	6.9
8	Agro Tech Foods	6.3
9	Nag. Constructn.	6.1
10	Karur Vysya Bank	4.8
11	Mid-Day Multimed	4.4
12	Geometric Soft.	4.0
13	Hind.Oil Explor.	3.9
14	Lupin	3.5
15	Vadilal Inds.	2.9
16	Provogue (India)	2.5
17	Garware-Wall Rop	2.4
18	Bhushan Steel	2.4
19	Punj Lloyd	1.9
20	Pantaloon Retail	1.6

Garware Wall Ropes is the latest entrant in the above portfolio, brought in qtr ended June'07

Note: The above portfolio is for companies that have filed their June'07 shareholdings till date.

Portfolio of HSBC Mutual Fund as on March'07

2007-07-25T18:48:00.000+05:30

Key portfolio investee companies of HSBC Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake) :

No	Company Name	% stake
1	PVR	4.4
2	Mastek	2.7
3	Viceroy Hotels	2.4
4	B.L.Kashyap	2.1
5	Royal Orchid Hot	2.1
6	Usha Martin	1.7
7	S Kumars Nation	1.4
8	Kalpataru Power	1.4
9	SpiceJet	1.3
10	Indoco Remedies	1.2
11	PTC India	1.2
12	Escorts	1.2
13	Kirl.Pneumatic	1.1
14	EMCO	1.1
15	Binani Inds.	1.1
16	Hinduja TMT	1.0

Portfolio of ICICI Prudential Mutual Fund as on March'07

2007-07-25T18:45:00.000+05:30

Key portfolio investee companies of ICICI Prudential Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake) :

No	Company Name	% stake
1	Kewal Kiran Clot	8.8
2	M M Forgings	8.6
3	Rane (Madras)	8.3
4	Megasoft	7.7
5	GEI Industrial	7.5
6	Rallis India	7.1
7	Orient Paper	7.0
8	Vivimed Labs	7.0
9	Usha Martin	7.0
10	Stone India	7.0
11	India Glycols	6.6
12	RPG Transmission	6.4
13	Deccan Chronicle	6.4
14	Siyaram Silk	6.2
15	JK Paper	5.9
16	India Nipp.Elec.	5.9
17	T N Newsprint	5.8
18	Mirza Internatio	5.4
19	Adhunik Metal	5.3
20	Zenith Infotech	5.3
21	Webel Sl Energy	5.2
22	Nucleus Software	5.1
23	Sterlite Optical	5.1
24	Electrost.Cast.	5.1
25	Shree Ganesh Frg	5.0
26	Alembic	4.8
27	Mukand	4.8
28	ABG Heavy Inds.	4.7
29	Subex Azure	4.7
30	Zuari Inds.	4.7
31	Finolex Cables	4.6
32	Enkei Castalloy	4.6
33	Rajshree Sugars	4.5
34	Phillips Carbon	4.5
35	Patel Engg.	4.4
36	Kamdhenu Ispat	4.4
37	Auto.Corp.of Goa	4.3
38	Ramco Inds.	4.3
39	AIA Engg	4.2
40	Sundaram Brake	4.2
41	Ipca Labs.	4.2
42	Synergy Multi.	4.2
43	Hind.Oil Explor.	4.0
44	Precot Meridian	3.9
45	Lloyd Electric	3.9
46	Seshasayee Paper	3.8
47	Gokaldas Exports	3.8
48	Elder Pharma	3.7
49	Harr. Malayalam	3.7
50	Numeric Power Sy	3.7
51	Gwalior Chemical	3.7
52	HOV Services	3.6
53	FDC	3.6
54	Orbit Corporatio	3.5
55	Hyd.Industries	3.4
56	Texmaco	3.3
57	Polyplex Corpn	3.3
58	Venky's (India)	3.3
59	Guj. Inds. Power	3.2
60	Kesoram Inds.	3.1
61	Rane Holdings	3.1
62	Bharati Shipyard	3.0
63	Novartis India	3.0
64	Elantas Beck	2.9
65	IBP Co.	2.9
66	Mastek	2.9
67	Rane Brake Lin.	2.8
68	Vardhman Textile	2.8
69	Alfa Laval (I)	2.8
70	Action Construct	2.7
71	Shivam Autotech	2.7
72	Jain Irrigation	2.7
73	G S F C	2.6
74	Graphite India	2.5
75	Federal Bank	2.5
76	Fedders Lloyd	2.4
77	Paper Products	2.4
78	Kalpataru Power	2.3
79	Clariant Chemica	2.3
80	Dredging Corp.	2.3
81	HEG	2.2
82	Ruchi Soya Inds.	2.2
83	Atul	2.2
84	Provogue (India)	2.2
85	Greaves Cotton	2.1
86	Plethico Pharmac	2.1
87	EID Parry	2.1
88	Coromandel Fert.	2.0
89	Andhra Sugars	1.9
90	Ahlcon Parent(I)	1.8
91	Birla Corp.	1.8
92	Bosch Chassis	1.8
93	Aventis Pharma	1.7
94	Kesoram Inds.	1.7
95	Trent	1.7
96	Raymond	1.6
97	Amtek India	1.6
98	Geodesic Inform.	1.6
99	3i Infotech	1.6
100	Kirl.Pneumatic	1.6
101	ICI (India)	1.5
102	India Infoline	1.5
103	Prime Focus	1.5
104	Esab India	1.5
105	Global Broadcast	1.4
106	Sangam India	1.4
107	Apollo Tyres	1.4
108	Kalyani Steels	1.4
109	Unity Infra	1.3
110	Sintex Inds.	1.3
111	Indoco Remedies	1.3
112	Nava Bharat Vent	1.3
113	Cadila Health	1.3
114	Tata Tea	1.3
115	Subros	1.2
116	Hind.Sanitarywar	1.2
117	Sadbhav Engg.	1.2
118	Jindal Steel	1.1
119	Dishman Pharm.	1.1
120	B.L.Kashyap	1.1
121	Zee Entertainmen	1.1
122	Sundaram Clayton	1.1
123	Cummins India	1.0

Portfolio of Fidelity Mutual Fund as on March'07

2007-07-25T18:22:00.000+05:30

Key portfolio investee companies of Fidelity Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Ess Dee Aluminiu	5.2
2	CEAT	5.1
3	McNally Bharat	4.7
4	Everest Kanto	3.9
5	Astra Microwave	2.8
6	Orchid Chemicals	2.5
7	V I P Inds.	2.1
8	Suven Life Scie.	2.1
9	Hind.Sanitarywar	2.0
10	Fag Bearings	1.8
11	Guj. Gas Company	1.6
12	Eicher Motors	1.6
13	Jagran Prakashan	1.6
14	Raymond	1.6
15	EMCO	1.5
16	K E C Internatio	1.3
17	Texmaco	1.3
18	IL & FS Investsmart	1.3
19	Network 18	1.3
20	Voltas	1.2
21	Shringar Cinemas	1.2
22	Radico Khaitan	1.2
23	SKF India	1.1
24	Crompton Greaves	1.1
25	Deccan Chronicle	1.1
26	ING Vysya Bank	1.1
27	Sasken Comm.Tech	1.1
28	Max India	1.0
29	Sintex Inds.	1.0
30	Bharat EarthMove	1.0
31	Navin Fluorine	1.0

Portfolio of Templeton Mutual Fund as on March'07

2007-07-23T17:35:00.000+05:30

Key portfolio investee companies of Templeton Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	PRICOL	9.8
2	TIL	9.3
3	CCL Products	8.8
4	Simplex Infrastr	8.3
5	Amara Raja Batt	7.8
6	Vesuvius India	7.7
7	L G Balakrishnan	7.3
8	Ipca Labs.	7.2
9	Esab India	7.1
10	TVS Motor Co.	7.1
11	Fag Bearings	7.1
12	Kajaria Ceramics	6.5
13	Sundaram Finance	6.5
14	Ciba Specialty	6.0
15	Kansai Nerolac	5.9
16	Merck	5.6
17	India Infoline	5.3
18	India Cements	5.1
19	Unichem Labs.	5.1
20	Deepak Fert.	4.9
21	Cummins India	4.6
22	Ruchi Soya Inds.	3.8
23	Allsec Tech	3.8
24	Clariant Chemica	3.0
25	Torrent Pharma.	2.8
26	Vardhman Textile	2.8
27	Alfa Laval (I)	2.8
28	FDC	2.7
29	JMC Projects	2.5
30	Blue Dart Exp.	2.4
31	Tata Invest.Corp	2.4
32	Everest Inds.	2.4
33	NDTV	2.4
34	Royal Orchid Hot	2.4
35	Sundram Fasten.	2.1
36	T N Newsprint	2.1
37	Vimta Labs	2.0
38	Zee Entertainmen	1.9
39	Federal-Mogul Go	1.9
40	EMCO	1.8
41	Raymond	1.8
42	Sical Logistics	1.8
43	IFGL Refractor	1.8
44	Federal Bank	1.8
45	D S Kulkarni Dev	1.5
46	Voltas	1.5
47	Kesoram Inds.	1.4
48	ING Vysya Bank	1.3
49	Infotech Enterpr	1.3
50	Trent	1.3
51	Tata Chemicals	1.2
52	Elecon Engg.Co	1.2
53	Ballarpur Inds.	1.1
54	TV 18 India	1.1
55	Indraprastha Gas	1.1
56	Aditya Birla Nuv	1.1
57	Geojit Fin. Ser.	1.0
58	Ansal Properties	1.0
59	Shanthi Gears	1.0

Portfolio of ABN Amro Mutual Fund as on March'07

2007-07-23T17:29:00.000+05:30

Key portfolio investee companies of ABN Amro Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Phoenix Lamps	3.6
2	Galaxy Ent.Corp.	2.8
3	XL Telecom	2.6
4	SMS Pharma	2.5
5	Paramount Comm.	1.9
6	RPG Transmission	1.8
7	Northgate Techno	1.4
8	Shringar Cinemas	1.3
9	D S Kulkarni Dev	1.2
10	Deepak Fert.	1.2
11	Crew B.O.S. Prod	1.2
12	Genus Power	1.1
13	Aptech	1.1

Portfolio of DSP Merill Lynch Mutual Fund as on March'07

2007-07-23T17:28:00.000+05:30

Key portfolio investee companies of DSP Merill Lynch Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Bartronics India	4.2
2	UTV Software	3.3
3	Jindal Saw	3.2
4	GVK Power Infra	3.1
5	Federal-Mogul Go	2.9
6	Yes Bank	2.8
7	Essel Propack	2.7
8	Sangam India	2.5
9	JK Tyre & Indust	2.4
10	NIIT Tech.	2.3
11	Orient Paper	2.2
12	RPG Cables	2.1
13	TV 18 India	2.1
14	Navin Fluorine	2.1
15	Rico Auto Inds	2.0
16	Amtek India	1.9
17	Bajaj Electrical	1.9
18	K E C International	1.9
19	NIIT	1.8
20	Electrost.Cast.	1.8
21	KEI Inds.	1.8
22	Indoco Remedies	1.7
23	Hikal	1.6
24	Jain Irrigation	1.6
25	NDTV	1.5
26	CEAT	1.5
27	Eveready Inds.	1.5
28	iGate Global Sol	1.5
29	Federal Bank	1.4
30	Karur Vysya Bank	1.4
31	Mount Everest	1.4
32	W S Inds.	1.2
33	Revathi Equipmnt	1.2
34	Jyoti Structures	1.2
35	Mcleod Russel	1.1
36	EMCO	1.1
37	Subex Azure	1.1
38	Gateway Distripa	1.1
39	Bharat EarthMove	1.0
40	CESC	1.0
41	Graphite India	1.0

Portfolio of Sundaram BNP Mutual Fund as on March'07

2007-07-19T18:45:00.000+05:30

Key portfolio investee companies of Sundaram BNP Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Rane Holdings	5.6
2	Samtel Color	5.3
3	Suprajit Engg.	5.1
4	Spentex Inds.	5.0
5	Precot Meridian	4.3
6	Shasun Chemicals	3.7
7	Valecha Eng.	3.6
8	Fiem Inds	3.6
9	Spanco Telesys	3.5
10	Super Sales Ind	3.2
11	Prithvi Info	2.9
12	SEAMEC Ltd	2.8
13	TIL	2.7
14	Ashapura Minech.	2.5
15	McNally Bharat	2.4
16	Polaris Software	2.3
17	Royal Orchid Hot	2.2
18	Rane (Madras)	2.1
19	Madhucon Project	2.1
20	Emami	2.1
21	Esab India	1.9
22	Bimetal Bearings	1.9
23	Universal Cables	1.9
24	Dredging Corp.	1.7
25	Elgi Equipment	1.6
26	IFGL Refractor	1.6
27	Greenply Inds.	1.5
28	Prec. Wires (I)	1.5
29	Thirumalai Chem.	1.4
30	Guj. Inds. Power	1.4
31	Sundaram Clayton	1.4
32	Indo Tech	1.4
33	Monnet Ispat	1.3
34	Chambal Fert.	1.3
35	Alok Inds.	1.3
36	Paramount Comm.	1.3
37	Usha Martin	1.3
38	Bosch Chassis	1.3
39	NIIT Tech.	1.2
40	Micro Inks	1.2
41	Orient Paper	1.1
42	Simplex Infrastr	1.1
43	NRB Bearings	1.1
44	Hind.Dorr-Oliver	1.1
45	KEI Inds.	1.1
46	Madras Cement	1.0
47	M M Forgings	1.0

Portfolio of HDFC Mutual Fund as on March'07

2007-07-16T17:44:00.000+05:30

Key portfolio investee companies of HDFC Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Savita Chemicals	8.9
2	Apollo Tyres	8.8
3	CMC	8.2
4	Heritage Foods	8.2
5	Eveready Inds.	7.9
6	Aarti Inds.	7.8
7	GlaxoSmith C H L	7.7
8	Crompton Greaves	7.3
9	JK Tyre & Indust	7.1
10	AIA Engg	7.1
11	Exide Inds.	7.0
12	Shanthi Gears	6.5
13	Amtek Auto	6.5
14	Ahmednagar Forg.	6.4
15	Esab India	6.4
16	Eimco Elecon(I)	6.1
17	Micro Techno.	5.7
18	Godawari Power&I	5.6
19	K E C Internatio	5.5
20	T.V. Today	5.2
21	Vesuvius India	5.2
22	ISMT Ltd	5.2
23	Ipca Labs.	5.1
24	V I P Inds.	5.1
25	Punj Lloyd	4.7
26	Indo Rama Synth.	4.7
27	Elecon Engg.Co	4.6
28	Megasoft	4.5
29	Tata Elxsi	4.4
30	Uniphos Enterp.	4.3
31	Balkrishna Inds.	4.1
32	Kewal Kiran Clot	3.9
33	Kajaria Ceramics	3.8
34	Ginni Filaments	3.7
35	Ucal Fuel Sys.	3.6
36	Paper Products	3.3
37	Trent	3.3
38	Vimta Labs	3.2
39	Himatsing. Seide	3.0
40	Page Industries	3.0
41	Macmillan India	3.0
42	Rallis India	2.9
43	India Glycols	2.8
44	Kopran	2.8
45	Himatsing. Seide	2.8
46	Jagran Prakashan	2.8
47	Hind.Oil Explor.	2.7
48	Lumax Auto Techn	2.6
49	Deccan Chronicle	2.5
50	Man Inds.	2.5
51	Solar Explosives	2.5
52	Dishman Pharm.	2.4
53	Abbott India	2.3
54	Navin Fluorine	2.3
55	Pidilite Inds.	2.2
56	Hind.Sanitarywar	2.2
57	Global Vectra	2.1
58	United Phosp.	2.1
59	Eicher Motors	2.1
60	Shrenuj & Co.	2.1
61	SKF India	2.0
62	Manugraph India	2.0
63	Elgi Equipment	2.0
64	Divi's Lab	1.8
65	Amtek India	1.8
66	Zee Entertainmen	1.8
67	Federal Bank	1.7
68	Sintex Inds.	1.7
69	SRF	1.7
70	Zee News	1.7
71	Indraprastha Gas	1.7
72	Fulford (India)	1.6
73	Carborundum Univ	1.6
74	Biocon	1.6
75	H P C L	1.4
76	Bank of Baroda	1.4
77	Infotech Enterpr	1.3
78	Blue Star	1.3
79	H T Media	1.3
80	Bombay Ryn Fash	1.2
81	Hanung Toys and	1.2
82	Monsanto India	1.2
83	Rico Auto Inds	1.2
84	Kansai Nerolac	1.1
85	Aventis Pharma	1.1
86	MRF	1.1
87	Phoenix Lamps	1.0

Portfolio of SBI Mutual Fund as on March'07

2007-07-16T17:41:00.000+05:30

Key portfolio investee companies of SBI Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Zicom Electronic	6.1
2	Atul	6.0
3	KEI Inds.	5.3
4	Crew B.O.S. Prod	4.9
5	Infotech Enterpr	4.7
6	Raymond	4.7
7	Kajaria Ceramics	4.6
8	Teesta Agro Ind.	4.6
9	Crest Animation	4.3
10	Crompton Greaves	4.3
11	Godawari Power&I	4.0
12	Mirza Internatio	4.0
13	Shree Cement	3.9
14	Ramkrishna Forg.	3.8
15	Indo Asian	3.7
16	Bharati Shipyard	3.5
17	Havell's India	3.3
18	Rajshree Sugars	3.3
19	Vimta Labs	3.3
20	Thermax	3.2
21	Gayatri Starchem	3.1
22	Sri Adhik. Bros.	3.1
23	Usha Martin	3.1
24	Lupin	2.9
25	ESI	2.8
26	Shasun Chemicals	2.8
27	KPIT Cummins Inf	2.7
28	Welspun India	2.6
29	Adlabs Films	2.6
30	Praj Inds.	2.4
31	K E C infra	2.4
32	Indoco Remedies	2.3
33	Mysore Cement	2.3
34	Elecon Engg.Co	2.3
35	T N Newsprint	2.2
36	Apollo Tyres	2.1
37	Balmer Lawrie	2.1
38	Dishman Pharm.	2.1
39	Marksans Pharma	2.1
40	Omax Autos	2.1
41	Hind.Sanitarywar	2.1
42	Man Inds.	2.0
43	Petron Engg	2.0
44	Milestone Global	2.0
45	Apar Inds.	2.0
46	Dredging Corp.	1.9
47	Mangalam Cement	1.9
48	Nahar Indl. Ent.	1.8
49	Guj. Mineral Dev	1.8
50	Royal Orchid Hot	1.7
51	K E C Internatio	1.6
52	Orchid Chemicals	1.6
53	Cosmo Films	1.6
54	Arvind Mills	1.5
55	Kesoram Inds.	1.5
56	Zee Entertainmen	1.4
57	Balkrishna Inds.	1.4
58	D S Kulkarni Dev	1.4
59	RPG Transmission	1.4
60	Phillips Carbon	1.4
61	Deepak Fert.	1.4
62	Tulip IT	1.3
63	Alok Inds.	1.3
64	Sintex Inds.	1.3
65	IVRCL Infrastruc	1.3
66	NRB Bearings	1.2
67	Tata Elxsi	1.2
68	UTV Software	1.2
69	Zee News	1.1
70	Gitanjali Gems	1.1
71	KRBL	1.1
72	Carborundum Univ	1.1
73	Nag. Constructn.	1.1
74	Guj. Alkalies	1.1
75	Subex Azure	1.1
76	Gabriel India	1.0
77	Jindal Saw	1.0

Portfolio of Reliance Mutual Fund as on March'07

2007-07-16T17:38:00.000+05:30

Key portfolio investee companies of Reliance Mutual Fund as on March'07

(list only includes companies in which the fund has more than 1% stake)

No	Company Name	% stake
1	Bharat Gears	9.7
2	Federal-Mogul Go	9.7
3	Rasandik Engg.	9.7
4	Gwalior Chemical	9.7
5	Automotive Axles	9.6
6	Ramkrishna Forg.	9.2
7	Fairfield Atlas	9.1
8	Divi's Lab	9.0
9	R Systems Inter.	8.9
10	Walchan. Inds.	8.8
11	Munjal Auto Inds	8.8
12	Kamla Dials	8.7
13	G S F C	8.7
14	Shree Ganesh Frg	8.6
15	DCM	8.5
16	Govind Rubber	8.4
17	DCM Shriram Inds	8.3
18	Lak. Prec. Screw	8.2
19	Voltamp Trans	8.2
20	Murudesh Ceramic	8.1
21	Brescon Corp Adv	8.0
22	Everest Inds.	8.0
23	Nitco Tiles	7.9
24	Swaraj Mazda	7.8
25	Ganesh Housing	7.7
26	Kirl.Pneumatic	7.6
27	Punjab Tractors	7.5
28	Themis Medicare	7.4
29	Ankur Drugs	7.3
30	Escorts	7.1
31	Orient Paper	6.8
32	Jindal Saw	6.7
33	Indus Fila	6.5
34	Harita Seating	6.5
35	Rico Auto Inds	6.5
36	KSB Pumps	6.4
37	Solectron Centum	6.4
38	Shivam Autotech	6.3
39	Gabriel India	6.2
40	Avaya Global	6.2
41	Jindal South We.	6.1
42	Shri Ramrupai	6.1
43	BASF India	6.0
44	Ador Welding	5.8
45	Banswara Syntex	5.7
46	T N Newsprint	5.6
47	Greaves Cotton	5.3
48	Gontermann Peip	5.2
49	Alstom Projects	5.1
50	Jindal Stainless	4.9
51	Grabal Alok Impx	4.9
52	Bharati Shipyard	4.8
53	Hind.Motors	4.8
54	Strides Arcolab	4.8
55	Cummins India	4.8
56	Areva T&D	4.8
57	Polyplex Corpn	4.8
58	Deccan Aviation	4.6
59	Mawana Sugars	4.6
60	Anuh Pharma	4.5
61	Prit. Nandy Comm	4.4
62	Dena Bank	4.4
63	Bharat EarthMove	4.4
64	Cambridge Soluti	4.4
65	Alkyl Amines	4.3
66	Ambika Cotton	4.2
67	Wyeth	4.1
68	Sri Adhik. Bros.	4.0
69	Saksoft	3.9
70	Oswal Chem & Fer	3.9
71	Ramkrishna Forg.	3.8
72	Hikal	3.8
73	Guj. Ambuja Exp	3.8
74	Jain Irrigation	3.7
75	G N F C	3.7
76	Manugraph India	3.7
77	Sunflag Iron	3.7
78	Aztecsoft	3.6
79	Northgate Techno	3.6
80	Anil Chemicals	3.6
81	Navneet Publicat	3.6
82	Shiv-Vani Oil	3.6
83	Micro Inks	3.6
84	Macmillan India	3.5
85	SSI	3.5
86	Apollo Tyres	3.5
87	JK Tyre & Indust	3.4
88	Greaves Cotton	3.4
89	House of Pearl	3.4
90	Ingersoll-Rand	3.3
91	Bombay Ryn Fash	3.2
92	NDTV	3.2
93	Mold-Tek Technol	3.2
94	Oricon Enter.	3.1
95	Rallis India	3.1
96	Nahar Spinning	3.1
97	Apar Inds.	3.0
98	Radico Khaitan	2.9
99	Aurionpro Solu	2.9
100	Kirl. Brothers	2.6
101	Mangalam Cement	2.6
102	NIIT Tech.	2.6
103	Punj Lloyd	2.6
104	EID Parry	2.5
105	Mah. Seamless	2.5
106	Zee News	2.4
107	T.V. Today	2.4
108	SPL Inds.	2.4
109	Torrent Power	2.4
110	Subhash Projects	2.4
111	Kennametal India	2.3
112	EIH Assoc.Hotels	2.3
113	Bombay Dyeing	2.3
114	Rain Calcining	2.2
115	CEAT	2.2
116	Info Edge (India	2.1
117	Manugraph India	2.0
118	Binani Inds.	2.0
119	Adani Enterprise	2.0
120	Vardhman Textile	2.0
121	Triveni Engg.	1.9
122	JSW Steel	1.9
123	Texmaco	1.9
124	Nirma	1.9
125	Hinduja TMT	1.9
126	Aptech	1.9
127	Cyber Media Ind	1.8
128	Prism Cement	1.8
129	Century Plyboard	1.8
130	Ciba Specialty	1.8
131	Aurobindo Pharma	1.8
132	EMCO	1.8
133	Tulip IT	1.7
134	AIA Engg	1.7
135	Kesoram Inds.	1.6
136	M T N L	1.6
137	Balaji Telefilms	1.6
138	Datamatics Tech.	1.6
139	Allcargo Global	1.6
140	Lupin	1.6
141	TV 18 India	1.6
142	Nahar Exports	1.6
143	Sonata Software	1.5
144	Technocraft Indu	1.5
145	Network 18	1.5
146	Automotive Axles	1.5
147	Hexaware	1.5
148	FDC	1.5
149	Raymond	1.5
150	Visaka Inds.	1.4
151	Novartis India	1.4
152	I P C L	1.4
153	TVS Motor Co.	1.4
154	Infotech Enterpr	1.3
155	Crompton Greaves	1.3
156	Sical Logistics	1.3
157	Wire & Wireless	1.3
158	Eicher Motors	1.3
159	Asahi India Glas	1.3
160	Clutch Auto	1.2
161	Lak. Mach. Works	1.2
162	Numeric Power Sy	1.2
163	Bank of Baroda	1.2
164	Cadila Health	1.2
165	Tata Tea	1.2
166	GHCL	1.2
167	Zee Entertainmen	1.1
168	Deepak Fert.	1.1
169	Indian Hotels	1.0
170	Yes Bank	1.0

Enam Group Portfolio - March'07

2007-07-12T16:21:00.000+05:30

Company Name	% stake
Bannari Amman	3.4
Champagne Indage	1.4
Educomp Solution	5.9
Elder Health	2.8
Elgi Equipment	1.7
Ess Dee Aluminiu	7.2
FDC	1.5
Greenply Inds.	3.8
Guj. Flourochem.	1.3
Helios Matheson	1.0
Hi-Tech Gears	3.1
IP Rings	7.1
Kar Mobiles	4.3
Kernex Microsyst	1.1
Khaitan Elect.	4.4
Lak. Mach. Works	2.4
Motherson Sumi	1.4
MRF	5.1
Munjal Showa	7.1
Pantaloon Retail	1.0
Plethico Pharmac	1.3
Polyplex Corpn	3.6
Prima Agro	2.0
Prithvi Info	1.2
Rane Engine Val.	3.9
Rane Holdings	1.1
Rico Auto Inds	2.3
Shree Ram Mills	3.7
SPL Polymers	1.2
Sterling Tools	1.8
Super Spinning	1.4
Taneja Aerospace	2.6
XL Telecom	3.5

Note: The above information is source based and has not been confirmed or verified by the author or any other party mentioned in the blog.

Reliance ADAG Portfolio - March'07

2007-07-12T16:18:00.000+05:30

Company Name	% stake
Bhartiya Intl.	2.8
HBL Power System	3.0
Zodiac Cloth. Co	6.4
Anant Raj Inds.	4.8
Champagne Indage	6.8
Hitachi Home	2.2
ICSA (India)	6.8
KLG Systel	3.7
Magma Shrachi	12.7
Mercator Lines	1.8
NDTV	1.6
Network 18	2.5
OCL India	1.4
Oswal Chem & Fer	5.0
PVR	1.3
Ramco Systems	2.2
Reliance Communi	0.7
Reliance Natural	0.0
Saregama India	6.0
Shri Lakshmi	2.0
TV 18 India	2.6
Venus Remedies	2.5
Viceroy Hotels	3.1
Hind.Dorr-Oliver	1.1

Note: The above information is source based and has not been confirmed or verified by the author or any other party mentioned in the blog

Rakesh Jhunjhunwala Unlisted Equity Investments

2007-07-09T18:05:00.000+05:30

First thanks to the readers of this blog who have contributed to this piece of information. Note this information is as per research by our blog readers, news articles and other sources.

Some of the key investments of Rakesh Jhunjhunwala in unlisted equity space are as follows:

Innovassynth Technologies (45% subsidiary of listed company - Futura Polyester)
Tops Security
Klt Auto
Concord Biotech
A2z Enggineering
Care hospitals
Dharti dredging
Manish Pharma,
John Energy
JBCN Mgmt Consulting
Nandan Biomatrix
Hungama Mobile
Inventurus
Leconcierge

Rakesh Jhunjhunwala Portfolio:March 2007 - Update 1

2007-05-13T18:08:00.000+05:30

No.	Company name	% stake
1	Agro Tech Foods	4.3
2	Aptech	2.0
3	Bharat EarthMove	1.5
4	Bhushan Steel	2.4
5	Bilcare	11.6
6	CRISIL	7.6
7	Geojit Fin. Ser.	8.6
8	Geometric Soft.	3.5
9	Hind.Oil Explor.	3.9
10	Infomedia India	5.4
11	Lupin	3.5
12	Mid-Day Multimed	4.5
13	Nag. Constructn.	6.6
14	Pantaloon Retail	1.7
15	Praj Inds.	10.7
16	Prime Focus	6.9
17	Provogue (India)	2.5
18	Punj Lloyd	1.9
19	Ramco Systems	1.0
20	Titan Inds.	6.7
21	TTK Prestige	1.1
22	Vadilal Inds.	2.9
23	Viceroy Hotels	13.1

Note: While RJ's direct shareholding in Aptech is just 2%, if one includes Margenta Textiles, his partnership firm's holding, the total holding increases to around 26%.

Rakesh Jhunjhunwala Portfolio - March 2007

2007-05-02T13:38:00.000+05:30

This is the first update of RJ's portfolio as on 31st March 2007:

No.	Company name	% stake
1	Agro Tech Foods	4.3
2	Bharat Earth Mov	1.5
3	Bhushan Steel	2.4
4	Bilcare	11.6
5	CRISIL	7.6
6	Geojit Fin. Ser.	8.6
7	Geometric Soft.	3.5
8	Lupin	3.5
9	Mid-Day Multi	4.5
10	Prime Focus	6.9
11	Provogue (India)	2.5
12	Punj Lloyd	1.9
13	Ramco Systems	1.0
14	Titan Inds.	6.7
15	Vadilal Inds.	2.9
16	Viceroy Hotels	13.1

I will post update as more companies file for their shareholding patterns.

Rakesh Jhunjhunwala buys 2.3% more of Infomedia

2007-04-15T13:37:00.000+05:30

RJ has on 13^th April, 2007 brought 2.3% or 4.5 lakh shares of Infomedia India Ltd (according to bulk deal data provided by BSE). This brings his total stake in Infomedia to 7.7% (refer Investments of RJ as on 31^st Dec’06).

This is an interesting and a classic RJ buy. Let’s see why:

1. Infomedia has remained an underdog compared to most benchmarks, returning far less. Also the company has not been able to scale up in spite of a huge and profitable opportunity.

2. In spite of all the above, Infomedia has certain key strengths, which might have appealed to the investor:

a. Company is a leader in yellow pages business, which provides it with a huge moat around this highly profitable and low capial intensive business.

b. The yellow pages business is highly scalable (company can start such ventures in each and every town of India).

c. Such a business has a tremendous pricing power, once it is established (much higher than a dominant newspaper)

d. The company is also all set to exploit the opportunity presented by the growth in Special Interest Publications (SIP) in India

e. Finance is not a constraint for the company (it had cash of about Rs.50 crore or Rs.25 per share in balance sheet as per March 2006 balance sheet).

f. The majority stake (63%) of Infomedia is held by ICICI Ventures, which itself is primarily an investor

g. Excluding cash, it trades at a multiple of 27x

Thus Infomedia has all the making of a classic RJ buy viz., huge size of opportunity (yellow pages, SIP), scalability (launch of yellow pages in new towns) and a reasonable price (Infomedia is currently in investment mode, hence depressing its short-tem earnings, making P/E based valuation appear deceptively expensive).

Warren Buffett announces a 10.9% stake in Burlington Northern Santa Fe Corp (BNSF)

2007-04-10T11:22:00.000+05:30

Warren Buffett's Investment vehicle - Berkshire Hathaway - disclosed in a regulatory filing that it held 10.9% stake in Burlington Northern Santa Fe Corp (BNSF), worth about $3.4 billion at current price of $88.08. Burlington Northern Santa Fe Corporation (BNSF), through its subsidiaries, is engaged primarily in the freight rail transportation business. BNSF's key business is to transport a range of products and commodities derived from manufacturing, agricultural and natural resource industries.

BNSF’s subsidiary BNSF Railway Company operates one of the largest North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces. BNSF Railway Company is among the world’s top transporters of inter-modal traffic, moves more grain than any other American railroad, carries the components of many of the products we depend on daily, and hauls enough low-sulphur coal to generate about ten percent of the electricity produced in the United States.

For 2006, BNSF achieved operating revenues of nearly $15 billion, a 15-percent increase over 2005, which includes double-digit increases in each of the Company’s four business groups. The increase in revenues and an improvement in the Company’s operating ratio enabled BNSF to reach $3.5 billion in operating income, an increase of 20 percent over 2005. As a result, BNSF achieved $5.10 earnings per diluted share for 2006 compared with $4.01 for 2005.

Conclusion:
The buy doesn’t appear to be a classic Buffett pick, as the stock of BNSF is already near its all-time high and does not appear to be a contra bet. However it does have an economic moat in the form of an infrastructure which is difficult to replicate and is much more costly that its book value (Book value of Property, Plant and Equipment in BNSF books was at $27.6 bn, which is at historical asset, current market value of which could be substantially higher). The stock is trading at a trailing twelve months earnings multiple of 17.3x earnings, which appears reasonable for a company which generates a RoE of about 19%. The book value of the stock stands at $28.11 per share, resulting in to a price-book ratio of 3.13x.

Bill Miller Q4 2006 Commentary: Discussing reasons for the 15 year streak.

2007-04-07T20:25:00.000+05:30

Excerpts from Q4 2006 commentary of Bill Miller of Legg Mason Value Trust:

According to Bill Miller (BM) there were two fold reasons for his outperformance:
1. Security Analysis
2. Portfolio Management

Security Analysis:
BM highlights the following key factors related to security analysis:
1. Valuation is inherently uncertain, since it involves the future. However, in spite of this uncertainty, he states that 100% of the value of a stock is determined by its future (though this may be an exaggeration, as large number of asset play stocks have more than 50% of their value derived from their past, i.e., assets creation, which resides in their balance sheet)

2. According to BM, the market discounts whatever information is already available regarding the stock into its price (called as market efficiency). However, there are sometimes, when this ‘discounting’ may be optimistic, while other times it may me pessimistic, giving opportunities to create value for patient investors. BM tries to take advantage of such anomalies in his portfolio. Thus he buys things other people hate, like Kodak, or companies that they think will never conquer their problems, like Sprint. Sometimes it involves owning things people don’t understand properly, such as Amazon, where investors wrongly believe today’s low operating margins are going to be the norm for years.

Portfolio Construction:
1. BM constructs portfolio in a way that is defined in portfolio theories, i.e., on a risk-adjusted rate of return basis.

2. According to BM, a key reason for his streak has been factor diversification, which means he owns a mix of companies whose fundamental valuation factors differ. Thus BM portfolios have high PE and low PE, high price-to-book and low price-to-book. According to him, most investors tend to be relatively undiversified with respect to these valuation factors, with traditional value investors clustered in low valuations, and growth investors in high valuations.

3. According to BM, although funds are subject to requirements regarding diversification by industry or company, they do not have to be diversified by factor, that is, by PE ratios, or price-to-book, or price-to-cash flow. And it has been seen that they mostly are not: value funds tend to have almost all their money in low PE, low price-to-book or cash flow, and growth funds have the opposite. Thus, sometimes growth funds beat value funds and the market, as from 1995 through 1999, and sometimes value funds beat growth funds, as from 2000 through 2006, whereas BM funds which are factor diversified tend to do well in both markets.

Warren Buffet 2006 Common Stocks Portfolio Analysis

2007-04-07T14:24:00.000+05:30

The real growth in the value of common stocks (excluding purchases and sales during the year) was 17%.
Growth in market value of new scripts purchased during 2006 was at 35%
The market value of the total common stock portfolio increased to US $61.5 bn, an increase of 32% over previous year, while the cost increased by 44% to US $23 bn.
Allocation to stocks present as on Dec’05 increased 5.3% (cost of those stocks increased from $10.8 bn to $11.4 bn. The market value of such stocks (including fresh purchases increased by 18.7% to $45.4 bn. These ‘old’ stocks formed about 74% of the total market value of the portfolio.
The largest old position in terms of portfolio weight was The Coca Cola Company, followed by American Express Company.
Among the stocks finding their entry in to the portfolio in Calendar year 2006, the highest gain was recorded by POSCO at 102%, and the lowest by Johnson & Johnson at 13%.

Latest ddition to stocks in Buffett's (Berkshire) Portfolio in 2006:

Figures in $ mn
No.	Name	Cost	Mkt Value	% weight	% chg
1	Conoco Phillips .	1066	1,291	17%	21%
2	Johnson & Johnson	1250	1,409	18%	13%
3	POSCO	572	1,158	15%	102%
4	Tesco .	1340	1,820	24%	36%
5	US Bancorp .	969	1,123	15%	16%
6	USG Corp	536	936	12%	75%
	Total 'New' Common Stocks	5733	7737	100%	35%

Warren Buffett Letter to Shareholders 2006 - Highlights

2007-03-04T16:03:00.000+05:30

1. Geico has continued to improve its profit margins by increasing its productivity by 47% over a 3 year period. At the same time the company has increased its advertising expenses substantially from $238 mn in 2003 to $631 mn in 2006.

2. Buffett measures the growth in intrinsic value of Berkshire by two yardsticks:
o The first is the amount of investments (including cash and cash-equivalents) that Berkshire owns on a per-share basis and
o The second yardstick is the pre-tax earnings from non-insurance businesses.

3. Berkshire has concluded 2 key acquisitions in 2006:
o ISCAR – a manufacturer of small, consumable cutting tools that are used in conjunction with large and expensive machine tools, and
o TTI – a distributor of electronic components.

4. One of the key highlights was the explanation of the economics of the media industry in general and newspapers in particular. Key points are:
o The fundamentals are definitely eroding for the US Newspaper industry in favor of the cable & satellite broadcasting and the internet. This has caused the profitability of Berkshire’s newspaper operating business, viz, Buffalo News to fall.
o The profitability of the media (newspaper, of news channel, or the internet website) business is dependent on its relative reach. If the relative reach is high, the media can charge a higher charge for advertisements, which can be raised annually to keep increasing the profitability.
o One of the best business to own is a media business with a very high relative market share, which is like a uncontrolled monopoly with a huge pricing power.

5. Buffett expects his key investee companies to grow their earnings by 6% to 8% annually, a rate that would double their earnings every ten years or so.

6. Berkshire has, since 2002, made a profit of $2.2 billion from its bet on depreciation of US dollar.

7. According to Buffett, the slide in dollar is imminent due to the rise in US trade deficit, which has increased to an alarming 6% of GDP. This 6% of GDP is financed by capital account (foreigners buying into US dollar denominated assets). However, one of the most alarming trend is the investment income of US turning negative for the first time since 1915. According to Buffett, the US shall henceforth experience “reverse compounding”, i.e., pay net interest to foreigners on their investments in the USA.

8. Buffett has put out a disguised advertisement for a young fund manager who he wants to appoint to manage the portfolio of Berkshire. The key characteristics of the desired candidate are:
o He should have an impressive investment record
o He should be genetically programmed to recognize and avoid serious risks, including those never before encountered
o He should have independent thinking, emotional stability, and a keen understanding of both human and institutional behavior
o He should remain with Berkshire and not be lured away by money (having Berkshire on a resume would materially enhance the marketability of an investment manager)

9. Buffett has once again stressed the need for compensation to be tied to the operating performance of the manger and nothing else (like competitive payscales)

10. Buffett ridiculed market efficiency by giving the example of Walter Shloss, who has consistently beaten the markets by buying “Cheap Stocks”.

Rakesh Jhunjhunwala Portfolio - December 2006

2007-02-10T12:27:00.000+05:30

No.	Name	% stake
1	Aptech	18.4
2	Agro Tech Foods	4.3
3	Alphageo (India)	1.6
4	Bharat EarthMove	1.5
5	Bhushan Steel	2.4
6	Bilcare	11.6
7	CRISIL	8.1
8	Geojit Fin. Ser.	13.1
9	Geometric Soft.	2.9
10	Hind.Oil Exploration	3.9
11	Infomedia India	5.4
12	Karur Vysya Bank	4.8
13	Lupin	3.6
14	Mid-Day Multimed	5.0
15	Nag. Constructn.	6.7
16	Panama Petrochem	1.2
17	Pantaloon Retail	1.7
18	Praj Inds.	10.4
19	Prime Focus	6.9
20	Punj Lloyd	1.9
21	Ramco Systems	1.0
22	Titan	6.7
23	Vadilal Inds.	2.9
24	Viceroy Hotels	12.1
25	Zenotech Lab.	3.1
Source: Bseindia.com

Bill Miller's Legg Mason Value Trust Portfolio - December 2006

2007-01-31T12:20:00.000+05:30

No.	Name	% of Net Assets
1	Tyco International Ltd.	5.2
2	The AES Corp.	5.2
3	Sprint Nextel Corp.	5.0
4	UnitedHealth Group Inc.	4.7
5	Amazon.Com Inc.	4.5
6	J.P. Morgan Chase and Co.	4.4
7	Google Inc.	4.4
8	Qwest Communications International Inc.	4.2
9	Sears Holdings Corp.	4.0
10	Countrywide Financial Corp.	3.5
11	Aetna Inc.	3.4
12	The DIRECTV Group Inc.	3.2
13	Yahoo! Inc.	3.1
14	IAC/InterActiveCorp	3.0
15	Citigroup Inc.	2.8
16	Eastman Kodak Co.	2.6
17	eBay Inc.	2.6
18	Time Warner Inc.	2.5
19	The Home Depot Inc.	2.3
20	American International Group Inc.	2.3
21	Health Net Inc.	2.3
22	Expedia Inc.	1.9
23	Pulte Homes Inc.	1.7
24	Hewlett-Packard Co.	1.7
25	Centex Corp.	1.6
26	Capital One Financial Corp.	1.6
27	Pfizer Inc.	1.6
28	Cisco Systems Inc.	1.6
29	Dell Inc.	1.6
30	Seagate Technology	1.6
31	Electronic Arts Inc. (EA)	1.6
32	General Electric Co.	1.4
33	International Business Machines Corp.	1.4
34	KB HOME	1.0
35	WPP Group PLC	1.0
36	CA Inc.	1.0
37	NIKE Inc.	0.9
38	Masco Corp.	0.6
39	Waste Management Inc.	0.4
40	Symantec Corp.	0.3
41	General Motors Corp.	0.1
Source: Legg Mason

Update -Rakesh Jhunjhunwala Portfolio - September 2006

2006-11-09T15:43:00.000+05:30

As promised earlier, I am updating the list of portfolio stocks held by RJ as at end of September 2006. (you can access the previous post containing the portfolio here)

Lupin (4.09% stake, value of stake = Rs.164 crore)
Provogue (2.96% stake, value of stake = Rs.19 crore)
Alphageo (1.56% stake, value of stake = Rs.1 crore)

Total Portfolio value = Rs.1873 crore (up 16% over June 2006 quarter)

Note: The ace investor has added the following two new stocks in his portfolio in September 2006 quarter:
.Alphageo – for research click here.
.Panama Petrochem – for research click here

Rakesh Jhunjhunwala Portfolio - September 2006

2006-11-04T13:03:00.003+05:30

The above portfolio of RJ is as declared to stock exchanges as on Oct 31, 2006. I shall update the same as and when more information is filed with the exchanges.

Note: Panama Petrochem Ltd is the new stock addition to the master investor’s portfolio in September 2006 quarter. I shall shortly post more research on Panama Petrochem on this blog.