Why did this month feel so long!
The lockdown, the Virus that gnawed at you.
Plus a 25% down month (for Indian investors) made it a long night without end.
And of course globally, the carnage seen in March was unprecedented.
So how did we do this month?
Well, March was like getting a chance to bat against Dennis Lillee and Jeff Thomson on a bouncy Perth track.
These are markets that bring out the Best In A Man (& Woman) + Machine Model, which is First Global's unique approach to Investing.
Marrying Human Intelligence with Artificial Intelligence.
These markets tell you whether your Fund Manager has the range of shots to be able to play well on any surface.
Or is he just a flat pitch bully, who plays the lazy trades of "Buy Banks & Consumers" and collects 2%.
India PMS
In our India PMS products, the IMAAP Product came through with flying colours.
It was down just 3.2% in March.
Vs the market that was down 24% in March.
And for the year...hold your breath... the IMAAP is up 2.8%.
Vs the market that's down 30% YTD.
The All Equity IS50, thanks to very strong risk management, lost some money, but far less than the market. It is down 10.5% for the year vs a market that's down 30% YTD.
We didn't get a Hundred.
Definitely not.
But it was a fighting 54.
Against an attack that had Lillee, Thomson, Holding, Roberts, Garner, Croft, Imran, Bob Willis, Kapil, Wasim, Waqar, Warne, Murli, Kumble, Bumrah, Shami, Chahal.
17 lethal bowlers.
That's just how difficult batting in March was.
Global Investment Products
We are specially happy with our Global Products Performance for March.
We were down only 7-8% (in USD terms) vs MSCI World that was down 15%. Even the mighty S&P500 was down 13% in March.
Of course, in INR terms, our Global products were down just around 3-4% in March.
We will take that.
What all did we do in March
Our Human+AI engine picked up some very good stuff in both India and globally.
In India
In India, we had stocks like IPCA, Abbott, diagnostic chains, etc.
These stocks did very well and helped the portfolios come out with as little damage as was possible under the circumstances.
Also note: we didn't have a single Bank or NBFC. Not one.
Lastly, remember, and don't ever forget: March, for India, was so brutal that there was absolutely no place to hide. No place. Save for cash.
Globally
We are never Bullish.
We are never Bearish.
We are always Hare-ish.
The Hare in us took us to pretty large cash position within the first 10 days of March.
We just had US Treasuries and Gold.
Which helped us come through with relatively less damage.
But around the middle of March (March 19th to be precise, when Global markets were near lows, The Hare turned.
And went from a high cash position to just around 15% cash today.
And as a result of being Hare-ish, we nicely rode the global rally that saw most of the world rally 5-7%. (Except India, of course, which is staring down an abyss as we write this....)
So what are the learnings from March
Be quick.
Be nimble.
Keep scanning ahead, to the side, and behind you.
Turn around and be prepared to go in a completely different direction.
Don't have a rigid philosophy.
Better still, have no philosophy at all.
Because philosophies make prisoners out of rational people.
Keep things flexible.
Be unemotional.
Don't storify any stock or theme.
Never, ever fall in love with it.
And diversify globally (but not through Feeder Funds or ETFs, because they suffer from serious problems). Read about those problems here. https://www.moneycontrol.com/news/business/companies/how-not-to-do-international-investment-diversification-5085891.html
You need to avoid SCCARS (Single Country Single Currency Single Asset Risks).
Want to open your India PMS & Global Fund & PMS account with us? Email us on info@firstglobalsec.com and we will get you started super fast!!
Or WhatsApp us on +91 8850169753
Chat soon!
From Your Friends at First Global
Economists Think Dollar's Fall May Explain the Recent ‘Rally’ by Steve Liesman
Einstein taught us about relativity in nature. Now come Devina Mehra and Shankar Sharma of First Global to teach us about relativity in financial markets -- and raise some serious questions about just what is driving stock prices.
First Global reports are quite credible and, on occasion, more than that.
What prompts this mention is Intel's earnings report and the fact that First Global has had a pretty good bead on the company and its stock.
AMD up again following First Global upgrade to ‘buy’ (AMD) By Tomi Kilgore
Analyst Kuldeep Koul at First Global upgraded Advanced Micro Devices (AMD) to "buy" from "outperform," given the "exceptional traction" that the chipmaker's Opteron line of processors has been able to get.
Baidu Climbs on First Global’s ‘Outperform’ Outlook
Baidu Inc., the operator of China’s most-used Internet search engine, rose to the highest price in two weeks after First Global rated the shares “outperform? in new coverage.
Personality counts: Walmart's frugal, but Target charms
"It's better to take a slight hit on [profit] margins and keep on moving and inventing," says First Global Securities. And at least for now, Target is inventing in a way that appeals to consumers with money to spend.
Dead Batteries
At 11 times trailing earnings, Energizer is cheaper; Gillette's multiple is 25. But cheaper doesn't mean better, says First Global.
Bipinchandra Dugam @bipinchandra90
@devinamehra @firtglobalsec
invested in both GFF-GTS and Super I50. Thank you very much for such wonderful investing experience with completely new approach. In my 15years of investing first product I felt which close to what customer want.
Shishir Kapadia @shishirkapadia1
@firstglobalsec @devinamehra
by far you are the best, I have not come across transparency, acumen, global expertise, exposure, protection of capital, delivering return from any fund/ fund managers. Invested very small size in 3 products will keep on increasing it over the period
Piyush Bhargava @PiyushB88762654
@devinamehra @firstglobalsec
Thanks you team FG specially Devina, my investment doubled in less than 3 years in SDPB As a investors & PMS distributor of your product looking to have a long-term relationship with the company.
@KarmathNaveen the person with whom I always interact
Sumeet Goel @GoelSumeet
Very happy & relaxed to be invested with first global pms
Shishir Kapadia@shishirkapadia1
Congratulations on super performance, above all transparency and systematic process are unmatchable.
One must opt this, if person consider him/her self as an investor. Very happy to be part of this since invested. FG has managed worst year (ie 2022) so efficiently and skillfully.
SY @SachinY95185924
With so much of volatility in the market, risk management is very important part & considering that FG is doing awesome work!!! Kudos to you Chief
Amit Shukla @amitTalksHere
Truly outstanding. As a retail subscriber to #fghum #smallcase, I can vouch for the Nifty beating returns (8% vs 3%) in last 1 year. Keep up the awesome work @firstglobalsec
We can load above testimonials on site as a scroller, and just below that we can add a section for compliments . Below tweets are comments and praises are related to our content, performance and some our direct compliments to you.
ADIT PATEL @ADITPAT11226924
Good team...
Special mention @KarmathNaveen .. he is soo helpful anytime of the day or night..
Hindustani @highmettle
Bought Peace with FG-Hum.Moving all funds from DIY investing to well managed and diversified PF at low cost.
It has doubled almost, excellent pick.Every small investor must invest in her FG-HUM Smallcase.
Suresh Nair @Suresh_Nair_23
I have 8 small cases and your has been the most rewarding ones .. thank you Devina.
Sayed Masood @SayedM375
There is absolutely no doubt that she is one of the best investors of India in modern times but more importantly, she shares the most sincere and sane advice with retail investors.
SY @SachinY95185924
Wow Superb Returns🔥 Congratulations Chief for being Number 1 among all PMS!!!
You are one of the sharpest mind in Global Stock Market
AnupamM @moitraanupam
Congratulations Devina, results talk in itself!
Abhishek @simplyabhi21
Congratulations ma’am @devinamehra ! The consistency you have in maintaining the top rank position is outstanding! 👏
Mihir Shah @Mihir41Shah
We are learning More about markets (& Life ) thanks to U than we learnt in our Professional courses.A BIg Thank You, Wish all get Teachers Like You!!
Sumit Sharma @MediaSumit
"The ability to be comfortable with being outside consensus is a superpower in investing...and in life." Devina ji hits the nail on its head!
Majid Ahamed @MajidAhamed1
Congratulations @devinamehra mam! All the best for long term returns as well.
Vinay Kumar @VinayKu05949123
This is the wonderful session I have ever attended till date. One of the most fruitful hour of my life. Devina madam, ur clarity on financial mkts is simply superb.The way u portray the facts supported by "data" about stock mkts is really astonishing.I will listen again.Thanks.
VIJAY @drippingashes
I loved to read your journey, insight and philosophy. It's a pleasure to read and know of your takes on market and life.
MNC🏹 @Focus_SME
Check & follow @devinamehra's timeline for lots of post debunking such rosy stories. Also, she gives amazing 🤩 sector directions/hints.
KLN Murthy @KLNMurthy2016
Good actionable insights, great article!
Suresh Nair @gkumarsuresh
Devina Madam is simply terrific... good knowledge, straight and simple thinking.
Very difficult to emulate such traits. I listen her past interviews from youtube.
Respect...!!!!
DD @AliensDelight
One of the brightest minds in the world of finance :)
Radhakrishnan Chonat @RCxNair
📣 Calling all investors! Just had an incredible interview with @devinamehra, Chairperson and MD of First Global. We discussed the importance of global diversification, effective asset allocation, and the risks of sitting on the sidelines. Trust me, you don't want to miss this!
siddarthmohta @siddarthmohta
Excellent performance. Flexibility is the key as you have mentioned it earlier also. Cannot have finite rules for infinite mkt opportunities.
Boom (বুম)@Booombaastic
To be honest, the insights which Devina madam brings in is very enriching..have learnt a lot from them...
Himanssh Kukreja @Himansh02428907
One of the most accurate analysts :)
I always look forward to you interviews mam
Abhijeet Deshpande @AbhijeetD2018
Madam, It is always a treat to read your insight, not only on business but on other topics also!!
Dada.AI @dada_on_twit
Thanks for this wisdom ma'am. Always love hearing your thoughts on everything equity. :-)
adil @zinndadil
Excellent points!
Can clearly feel this thread is a product of marination of many books and years of experience. 👍
Kamal thakur @Kamalgt10
Superb !!
Your knowledge, analysis & articulation is simply great 👍
Tanay @Tanay36232730
Follower on Twitter and Subsciber on YouTube of First Global, really helping me in my investment desicion. Thanks
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