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Premium: Our Brand New Interactive Big Whales Report – Portfolios of Top Investors

ashish-dhawan.jpeg

Premium: Our Brand New Interactive Big Whales Report - Portfolios of Top Investors

Introducing our Brand New Interactive Big Whales Report!

A Big Whale is a large investor. We get data of investors who own a large stake (greater than 1%) in listed companies. We accumulate this data, and list the top investors of the lot in the Big Whales Report, with the companies they have invested in, and what they are buying or selling.
We have for you a curated report on the holdings of 31 Big Whales in the Indian Stock Market. These investors both individual and investment management firms (just to clear the ambiguity, these are anyone other than individuals).
This report is free for Capitalmind Premium Subscribers. Access the full interactive report here. You will need to be logged in to Capitalmind Snap. (Trial subscribers: You will get your login details when you subscribe).

Who’s in?

The 20 Individuals included are

  • Akash Bhanshali
  • Anil Kumar Goel
  • Anuj Sheth
  • Ashish Dhawan – an accomplished private equity investor
  • Ashish Kacholia – the darling of many value investors
  • Azim Hasham Premji – a business tycoon (Wipro), investor and philanthropist;
  • Bharat Jayantilal Patel
  • Bhavook Tripathi – youngest Indian Investor to hit 1 Billion INR at the age of 40;
  • Dilipkumar Lakhi – Mumbai’s highest individual tax payer and the CEO of Lakhi Group;
  • Dolly Khanna – the Chennai-based mystical homemaker;
  • Haresh Keshwani
  • Hitesh Satishchandra Doshi;
  • Co-founder and Director of Enam Holdings Nemish Shah;
  • The financial markets teacher – Professor Shivanand Mankekar;
  • Radhakishan Damani – referred to as “guru” by the following investor;
  • Rakesh Jhunjhunwala – Big Bull Badshah of Dalal Street,
  • Ricky Ishwardas Kirpalani;
  • Satpal Khattar – prominent lawyer, Indian community leader and businessman; and
  • Vijay Kishanlal Kedia – the magician who unearths multi-bagger stocks out of thin air.

The 11 Non-Individuals include Aberdeen Asset Management – one of the world’s largest independent asset managers; Abu Dhabi Investment Authority – world’s leading investment fund; Alchemy CapitalAmansa CapitalArisaig Partners – employee-owned, investment management company; Blackstone GPV Capital PartnersClearwater Capital; N R Narayana Murthy’s  – Catamaran VenturesGovernment of Singapore Investment Corporation – a sovereign wealth fund; Nalanda CapitalSteadview Capital – an investor in Flipkart and Ola; and WestBridge Capital – the same team of four who co-founded Sequoia Capital India.
We call these investors Big Whales (there is no pun intended with reference to the size) but a general comparison to whales which are the largest sea creatures. These investors have substantial exposure to the market such that their trades results in stocks getting locked in upper circuits and rallying on their entries and also drop dead when these investors feel the dry growth from the investments.
This is the 6th edition of the Big Whales Report. This time, we go interactive. Unlike the previous editions (PDF) wherein the search functionality was very limited, this web based report allows the user to pivot the information to their liking (You can read more about these below). Remember though that this is not complete or exhaustive – a person may hold less than 1% in a company (in which case his shareholding information is not public) or may have positions in futures, options or other equity related products which we cannot track.
Here is a sneak peek for non-premium users and a short guide on how to read through the report for our premium users who can login here and read the report.

Take a Sneak Peek:

Let’s first take a quick look at the Summary Page and then proceed ahead with the holdings of Big Whale Ashish Dhawan.

The Overview

This is the Hawk eye view of the report. It summarizes all the investors along with the numbers of companies that they are invested in, the diversification to the number of sectors (we follow the Industry Classification Benchmark i.e. Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services, Healthcare, Industrials, Real Estate, Technology, Textile Manufacturing and Utilities). These are followed by the total shares held by the investor and the market value of the holdings as on 30th December, 2016 which was the last trading day for the third quarter. You can just search for an investor by name name.
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Highlights

This section shows you the Fresh Buys and the Exits by Big Whale Investors.
This table shows the investors and the stocks that they have either completely exited in the third quarter or have newly bought in. Ex: Aberdeen’s entry into City Union Bankwith a fresh buy of 95.5 lakh shares or Akash Bhansali’s exit from Pratibha Industrieswhich he entered in the 4th quarter last year.
You can also search for a stock that you are invested along with the Big Whale Investor to see if they have made any new entries or exits.
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Now let us take a detailed look at one Ashish Dhawan’s Portfolio:

Big Whale Ashish Dhawan

The Introduction of every Big Whale Investor is accompanied by a short biography and a photo. We have tried our best to get the photos of most of the investors, but some have not appeared in the public very often. Ex: The left half of the screen has the image of Ashish Dhawan and the right half has a short biodata of his past and what he is been doing recently.
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The Summary is split in to 2 separate parts. First is the Breakdown by Sector while the second one is Investor Activity accompanied by the Market Value of the Holdings.
Breakdown by sector gives you a graphical overview of how the portfolio is weighed across all the sectors. So in this case, Big Whale Ashish Dhawan is more bullish or weighted on Financial Services which constitutes 31.4% of his portfolio. (31.4% is arrived at by taking the market value of the holdings in Financial Services stocks divided by the Total portfolio value).
In a similar fashion, since he does not hold shares of companies that come under Basic Materials and Consumer Defensive, his exposure to those sectors remain Nil which they are the only 2 sectors not showing up on the graphical chart.
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  • Investor Activity gives you a short curated information as to the number of stocks (companies) that have had some changes or movements. We categorize them into 4 different buckets and stocks that haven’t had any change in holding in the Big Whale Investor’s Portfolio will not show up in the table. The 4 bucket categorized under are Increased Stake, Reduced Stake, Exited and Newly Added.

  • Increased Stake – When the Big Whale Investor has increased his exposure in a particular stock quarter-on-quarter, then the change is classified as Increased Stake. In the case of Big Whale Ashish Dhawan, the investor has increased stakes in Greenlam Industries and JB Chemicals & Pharmaceuticals. Since there are 2 companies wherein he has increased his stake, the Investor Activity table has the value (2) against Increased Stake.

  • Reduced Stake – similar to Increased Stake but this is the complete opposite. When the Big Whale Investor has reduced his exposure in a particular stock quarter-on-quarter, then the change is classified as Reduced Stake. In the case of Big Whale Ashish Dhawan, the investor has reduced stakes in Manappuram Finance and Nahar Industrial Enterprises. Since there are 2 companies wherein he has reduced his stake, the Investor Activity table has the value (2) against Reduced Stake.

  • Exited – the first most interesting piece of the report. When the Big Whale Investor has completely exited his position in a particular stock quarter-on-quarter, then the transaction is classified as Exited. In the case of Big Whale Ashish Dhawan, the investor has exited Radico Khaitan wherein he held 1,947,356 shares in the quarter ended September, 2016. Since there is just 1 company which he has completely exited, the Investor Activity table has the value (1) against Exited. But do remember the caveathere: The Stock Exchange and the Companies disclose the holdings of investors who holds more than 1% stake. If in this case, Ashish Dhawan has reduced his holding to 0.99% or lower, then his exposure in the stock is not disclosed by the Exchange or the Company. In such cases, we assume that the Big Whale Investor has actually exited the stock.

  • Newly Added – the second most interesting piece of the report. When the Big Whale Investor has bought into a stock that wasn’t part of their holdings in the previous quarter, then the change is classified as Newly Added. In the case of Big Whale Ashish Dhawan has bought fresh stake in Dish TV India to the extent of 15,800,000 shares or 1.48% of the share capital. Since there is just 1 company which he has newly bought into, the Investor Activity table has the value (1) against Newly Added.

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The Portfolio – this table has remained consistent in relation to our previous reports. This table shows the movements in individual stocks held by the investor. Let us take a deeper look at each of the scenarios.
Breaking down the headers:

  • Shares Held shows the number of shares held by the investor currently. The value that bottoms the shares held is the change in shares quarter on quarter.
  • column which indicates the % of the total share capital of the company.
  • Share Price (Rs.) is the price of the stock on the last trading day of the quarter i.e. 30-Dec-16 or the day trading day of the stock during the period Oct-Dec.
  • Portfolio Value (Cr.) – valued in Crore, this is the shares held multiplied into the Share Price.
  • % Holding and Portfolio graphs – the bar chart displays how over the previous 8 quarters the quantum of shares held by the investor has changed while the line chart displays the change in the valuation of the portfolio for the same 8 quarters. The Portfolio graphs also indicate the high and low values i.e. the lowest and the highest value the holding has moved to.

Aditya Birla Nuvo – The shares held by the investor in the quarter ended December, 2016 stood at 1,461,109 shares which is equal to what was held in the quarter ended September, 2016. Hence in this case, there has been no change in holding. Hence the value in the column “Shares Held” shows the number of shares as 1,461,109 shares and the value i.e. “0” indicated right below this value is the change in shares – since there was no change (no additional buys or reductions). Similar logic applies to the “%” column which indicates the % of the total share capital.
Dish TV India – The shares held by the investor in the quarter ended December, 2016 stood at 15,800,000 shares while it is zero in the quarter ended September, 2016. Hence in this case, the complete holding in the stock has changed from zero 15,800,000 shares. Hence the current value displayed Is 15,800,000 and the change indicated in green is also 15,800,000 shares.
Manappuram Finance – The shares held by the investor in the quarter ended December, 2016 stood at 16,860,947 shares which is lower than 19,514,818 shares held in the quarter ended September, 2016. Hence in this case, the change i.e. 16,860,947 shares minus 19,514,818 shares i.e. -2,653,871 shares indicated in red has been the reduction in holding. Hence the value in the column “Shares Held” shows the number of shares as 16,860,947 shares and bottoming it is the change which is -2,653,871 shares. Same logic applies to the “%” column which indicates the % change.
Radico Khaitan – The shares held by the investor in the quarter ended December, 2016 stood at 0 shares which is lower than 1,947,356 shares held in the quarter ended September, 2016. Hence in this case, the complete holding has been sold. (or it’s fallen under 1%) Hence the value in the column “Shares Held” shows the number of shares as 0 shares and the value i.e. “1,947,356” shares indicated right below this value is the change in shares in red. Similar logic applies to the “%” column which indicates the % of the total share capital.

Methodology

We have considered the holdings of the individuals along with their relatives. Ex: The holdings of Rakesh Jhunjhunwala consists of holdings under his own name, his company RARE Enterprises and his wife Rekha Jhunjhunwala. The holdings of an investor is disclosed only when it is more than 1% of the outstanding share capital. If the holding of the Investors falls below 1%, then it is not disclosed (we consider such investments as Exits). The cut-off date for this report is 15-Feb-2017 i.e. if the shareholding data for any of these investors have been disclosed after the cut-off date, the holdings have been not been included in this report.

One-Click Access To The Big Whales Report:

This report is free for Capitalmind Premium Subscribers. Access the full interactive report here. You will need to be logged in to Capitalmind Snap. (Trial subscribers: You will get your login details when you subscribe)

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Data Sources

Capitalmind uses a broad range of sources to present the most complete picture possible. In addition to extensive primary sources, Capitalmind uses publicly-available data from National Stock Exchange (www.nseindia.com), Bombay Stock Exchange (www.bseindia.com), Securities and Exchange Board of India (www.sebi.com), and other public sources. Please send any questions, comments, or corrections to (premium@capitalmind.in) or drop in a message on any of the slack groups .

Disclaimer

This information has been prepared by Capitalmind solely for informational purposes. It is not, and should not be regarded as, investment advice, as a recommendation regarding any particular security, or as a course of action. Opinions expressed herein are current opinions as of the date appearing in this material only and are subject to change without notice.
No part of this document may be reproduced in any manner, in whole or in part, without the prior written permission of Capitalmind. This information is provided with the understanding that, with respect to the material provided herein, you will make your own independent decision with respect to any course of action based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action.
This report is generated from public data released by companies to stock exchanges. Capitalmind makes no guarantees about the accuracy or exhaustiveness of this data. Please do not assume that this information is sacrosanct.
Neither the information, nor any opinion contained herein, constitute a solicitation or offer by Capitalmind to buy or sell any securities, futures, options, or other financial instruments or provide any investment advice or service. Capitalmind does not purport to, and does not, in any fashion, provide broker/dealer, consulting, or any related services.

Our View

These shareholding patterns are about six weeks old and things do change over time. But since the Big Whales have such large positions, the very fact that they are adding or removing stocks from their portfolios can give you an indication of what they favor or do not. Typically such individuals have enough wealth to not need to exit stocks for liquidity – it’s usually their need to exit a stock or sector that drives sales. A similar argument can be made for entries as well.
Disclosure: We may have advised some of the stocks as part of our premium portfolio’s and have market positions in them. Please assume we are biased.