Monthly Archives: January 2015

India Research Analyst Regulations January 25, 2015

India Research Analyst Regulations  January 25, 2015

Due to new regulation within India (here), analysts providing research and recommendations must be certified with India’s securities regulatory body SEBI. We will no longer be providing recommendations on companies in India or our holdings. We will maintain our current holdings of PC Jeweller and Zensar Technologies. Hopefully the businesses continue to grow in line with expectations and we never have to modify our positions. In case we do, we will not increase our position size due to regulations but will decrease the position sizes, with notification of course.

Reperio Capital Model Portfolio Q4 & 2014 Results Review

Reperio Capital Model Portfolio Q4 & 2014 Results Review

In the fourth quarter of 2014, the Reperio Capital Model Portfolio fell by 0.76%. PC Jeweller fell 8.1%, Zensar fell 2.5% and the Indian Rupee fell 2.9%. In the quarter, the Reperio Model Portfolio outperformed EEM by 5.5% and EEMS by 6.6%.

 

For 2014 (inception date May 25, 2014), the Reperio Capital Model Portfolio increased by 12.67% in absolute terms.

2014 Absolute Performance Chart

The model portfolio outperformed EEM by 20.9% and EEMS by 21.3%.

2014 Relative Performance Chart

During the quarter, we decreased our position in PC Jeweller after the share price exceeded the no growth target price for PC Jeweller. At the end of 2014, the Reperio Model Portfolio consists of PC Jeweller at 6.4%, Zensar Technologies at 4.8% and cash at 89.8%. Cash is not an asset allocation decision but a residual. We are highly selective and are constantly searching for new ideas.