Update on Adani Stocks
In short: Prosperity Discovery Fund does not own any Adani stocks in its portfolio.
As you may be aware of the sharp correction in Adani stocks, post the recent research published by (https://hindenburgresearch.com/adani/).
*27th Jan 2023.
We would like to inform our investors that we do not own any Adani Companies in our portfolio.
Our guiding philosophy is value investing, which dictates that we buy companies with robust fundamentals and enduring business models, priced with a high margin of safety only.
Sharing below an excerpt for our quarterly letter published in September 2022.
Access to the full letter: https://www.pwm-india.com/post/prosperity-discovery-fund-quarterly-update-q1fy23
While it may be tempting to hold stocks with momentum eg. Adani companies (as many fund managers do) to deliver short term outperformance, it more often than not ends up in such difficult situations.
We only believe in investing in companies with sustainable growth and valuations, even if that means the outperformance is pushed a bit to the future.
Our portfolio is built on rigorous research and we are very confident of generating strong returns once the overall equity market scenario turns more sanguine.
MD, Prosperity Wealth Management.