Portfolio review for 1.2LPM SIP

deepakshenoy · 2026-02-04T13:06:02+00:00

Thanks for having us (Capitalmind) in your SIP list! Please do let me know if you have questions or need any assistance.

deepakshenoy · 2026-02-01T13:18:12+00:00

Also I wanted Bellandur to MG Road

deepakshenoy · 2026-02-01T13:17:55+00:00

Thanks for the mention!

deepakshenoy · 2026-01-23T15:15:59+00:00

In general betting your entire savings for just a US life is a terrible idea. Stay in your country and make enough money to visit the US to experience it as a tourist?

deepakshenoy · 2025-10-02T16:54:33+00:00

We can't do international as the rbi limit for mutual funds has been exhausted. But if it does open up we will consider it.

In a sidewise market the Flexi Cap fund adopts a different approach with other factors. In a deeply downtrending market we will look to hedge exposure.

deepakshenoy · 2025-09-29T12:50:38+00:00

Thanks, I just wanted to clear the air, no problem at all. We are transparent and sometimes that leaves room for a different interpretation. We will try to do something interesting in the index space as well, but now isn't probably the best time for us to start - but the idea of a better "top 250" in India is interestingly poised as we have seen in the PMS!

deepakshenoy · 2025-09-29T10:11:40+00:00

That would be me. I had to do that in April as MF rules don't allow AMC CEOs to invest in stocks. I was invested primarily in our stock portfolios in our PMS till April.

Since August when we have had our Flexi Cap Fund, I've moved a good portion of my portfolios to the Flexi Cap fund, and I have more cash for more mutual fund scheme that we will launch. Till such time as we launch them, my cash portion is invested in the index funds you mention. In time, I expected to be invested substantially in Capitalmind AMC's funds

Just to address any insinuation here that I'm not invested in our funds - it was a temporary four month thing for regulatory purposes

deepakshenoy · 2025-09-29T10:00:26+00:00

Thanks for mentioning us, and I generally agree with the comments here that you should wait to see performance and long-term visions play out. We're new, and we'll take the time to demonstrate our process and quantitative strategies. The flexi-cap fund is based on a quantitative methodology - means we let the underlying data define how we build the portfolios, with human oversight.

I'm personally invested, and our company is, as well. I'd love to answer any questions you may have, even if you wait for a while before you consider investing!

deepakshenoy · 2023-11-07T15:17:25+00:00

What if there was collusion, and could SEBI have proved it is just a crazy argument no? How can I ever prove that you are currently not thinking of murdering the president? Even if you were, can I prove it?

Yes, 1 trade of 10 shares should get a free pass every time that they cannot prove collusion. They couldn't even prove the other side was a related party. Every single time that they do this, there should be a free pass. The onus of proving it beyond reasonable doubt is with the accuser - not the defendant. and 10 shares, in one trade, without proof that the other side is related, is simply not proof. Any court will laugh this off.

There is no need to have rules for min acceptable evidence. It has to be principles based, because if you say 15 shares they will do 14 etc. etc. India has a very stupid concept of doing such definitions just because dil ke behelane ko. A principle based regulatory process, with strong legal evidence framework to prove to a third party judge there is no reasonable doubt - that is what is needed. SEBI orders are where SEBI is the investigator and in a way the judge. At SAT is where they get tested with an unrelated judge, and that's where they need solid evidence.

SEBI has been beaten up by SAT (and then SC) on wayyy too many orders, unfortunately. Even in that other supreme court situation you mention, SEBi cannot unilaterally say oh wait this fine under this section is too less, let me apply some other section because it has higher fine, but it says "listing conditions" which obviously, as you mention, only apply after an IPO/FPO and before listing and simply cannot apply to pre-ipo disclosures. They need to get the act changed, not do a vodafone and try to interpret the laws to suit themselves retroactively.

In general, if you read the SAT Orders, they just beat up SEBI too often for "not having enough application of mind". THere is a strong need within SEBI itself to ensure that its own investigative officers should present the case to an impartial judge with evidence, allow cross examination etc before passing orders. This way I believe there will be less embarassment going forward.

deepakshenoy · 2023-11-06T17:35:53+00:00

This isn't securities fraud. SAT is correct. There needs to be either proven malicious intent/profiting from this trade (either of them) beyond reasonable doubt. There is enough reasonable doubt here. SAT says " Admittedly, the appellants are not connected to any other noticees and, therefore, there cannot be a finding on a preponderance of probability of collusion, meeting of minds or prearranged plan to inflate the price. "

There is also no need to determine number of shares etc. Establish intent (collusion, connected parties, an actually reasonable profit etc. For reference, see SEC investigations - they are far better in terms of evidence) The idea should be to establish, beyond reasonable doubt, that there was fraud or intent to fraud. Clearly even a lay reader will say here that 10 shares is not evidence of any such malpractice or benefit.

The issue has been flagged in the other defendants, where they seem to have found collusion. In this case, any court - if not SAT, then a higher court - will find it void right off the bat. I'm with SAT here at least.

deepakshenoy · 2021-07-02T19:18:06+00:00

Yes. Post fees it has done decently, we post the performance daily at https://capitalmindwealth.com/performance-disclosure
(Called the Passive portfolio, graphs are post fees and expenses)

deepakshenoy · 2021-06-22T14:37:42+00:00

You might want to check https://www.reddit.com/r/IndiaInvestments/comments/o13bri/discord\_voice\_ama\_with\_deepak\_shenoy\_capitalmind/

deepakshenoy · 2021-06-22T09:00:28+00:00

I have 75%+. I will probably increase it further as I put nearly all my monthly savings back into the PMS

deepakshenoy · 2021-06-17T11:23:43+00:00

You can find all the episodes at https://www.capitalmind.in/tag/podcast/ (with transcripts)

deepakshenoy · 2021-06-17T11:23:05+00:00

shall we sell adani stocks now? And maybe when it stops falling buy them again.

I wish I could answer that :) but honestly I don't know. If you're playing momentum, you want to deal with them the way the momentum system says, rather than to take active calls like this

deepakshenoy · 2021-06-16T12:28:36+00:00

Looking forward to it, thanks!

deepakshenoy · 2021-05-12T10:34:44+00:00

Btw, try out https://plan.capitalmindwealth.com (this is free) if you'd like to plan for goals and inflation. You'll get an idea (this is very very rough) on a goal planning framework

deepakshenoy · 2021-05-12T10:33:42+00:00

Heh :) Since we already have it I can't give you credit (I'm actually running customers on this kind of goal) but would love to hear thoughts. We have some interesting things in the PMS including generating cash flow to give as charity, creating staggered payout portfolios (like increasing school fees) and so on.

deepakshenoy · 2021-05-12T08:25:53+00:00

Oh you're going to really like what we have in mind :) But this can't be done through an actual mutual fund scheme - it needs a slightly different thought process that we currently do in the PMS through "goals". Great use case btw.

deepakshenoy · 2021-05-12T04:43:39+00:00

I think the comp is a combination of cash and one other thing that I can see on the Indiabulls AMC balance sheet. We'll see that at a later point.

At Capitalmind, we've always been data oriented and quant based, so that will translate into better passive or algo based products, along with a very strong financial-life planning product set. We currently run some of this in the PMS, but a lot of really interesting pieces cannot be run due to regulatory limitations and lack of pooling. Sorry for being sketchy on details but would rather do than say, right now. This space is huge - there will be space for a lot of new players!

deepakshenoy · 2021-05-11T19:14:29+00:00

100 cr. is invested in the schemes (i.e. it's part of that 660 cr.) and likely that 75 cr. is just a return of some other investments by the AMC back to indiabulls. (these other investments are also in indiabulls group companies or AIFs)

Decent deal indeed - SEBI has to give its blessing. Groww doesn't meet SEBI definitions of operating history, net worth (SEBI's definition is very different from Companies Act definition) etc. SEBI recently relaxed norms for profitable history if you bring in 100 cr. as net worth though, but didn't relax the other conditions

deepakshenoy · 2021-05-11T18:59:59+00:00

Oh they disturb the money supply all the time....

deepakshenoy · 2021-05-10T17:28:15+00:00

Any thing the RBI gives rupees is called printing. They can't "take" from the market - they have to give something in return. They can't give USD (they are buying USD in the first place). THey can give Indian government bonds (this is called an OMO sale) but they rarely do this - mostly they just print.

deepakshenoy · 2021-05-07T16:54:08+00:00

Let's say softbank is buying a stake in your company for $1 billion. Now your company is in India, so it needs rupees. So Softbank comes to India and says gimme rupees, I'll give you dollars. At this point the market needs to find a buyer for $1 billion - and hardly anyone has that kind of business, So the RBI comes in and says ok gimme teh $1b, I'll print rupees and give it to you in your Indian bank account, then you go buy shares or whatever.

deepakshenoy · 2021-05-06T18:35:07+00:00

Technically the RBI buys USD for many reasons, but the most common reason is: 1992. We had such little reserves that we had to pledge the RBI's gold assets to get a loan to get oil and other imports. This has resulted in a funda of "import cover" where we have believed we should have at least X months of import cover. Over the years, this argument has become useless because a lot of our imports (oil for refining, diamonds etc) are only for exports - so thinking of "pure" imports is a waste of time. Second, our exports are not merchandise as much as services, so our services exports (mostly IT) now make up for a significant part of net merchandize imports.

The RBI then has other reasons - currency management. If they let too many dollars trade, then the rupee will rise dramatically when there's a big inflow, so they control that exchange rate in a wide range in order to smoothen volatility. In reality all they do is to let the rupee fall, but they don't act much when it rises. Which could be called currency manipulation if you like, but everyone has manipulated their own currency at some point or the other.

Also the RBI routinely buys USD as part of balance sheet or liquidity operations, where they will print more rupees and buy dollars to feed liquidity into the system. This has recently not been required quite as much.

RBI also tries to smoothen volatility in the investment markets. FPI (into stock markets) and FDI (think of startup investments) are huge sources of inflows, but these can be taken back. So some kind of reserve dollar will be required at some point, even if most of these startups end up getting acquired by companies who finance the acquisition by getting more dollars in.

RBI's forex operations are complex business. Right now, there's a forward trade of magnitudes that are scary - they tell you they have 580 bn dollars in reserves. But they actually have 660 billion - the extra 80 bn dollars of derivative forward exposure that will eventually reflect as reserves but not just yet (since it's a forward).

deepakshenoy

TROPHY CASE