November Portfolio

“As of today, Indian markets are less than 5% away from their all time high it made in September 2024” - this is what i said last month and today we are still at the same spot more or less. While equities went nowhere in October Gold and Silver went up big and down big. Phew! Incase you are tired of these non performing markets IPO’s should keep you occupied especially the ones like Lenskart iykyk. But now that Lenskart ship has already sailed, you can look at Grow IPO. Not a recommendation at all though, since IPO’s are pure money grab plays and I intend to lose money on my own terms instead of IPO’s. Moving forward though, here’s how markets have performed in 2025,

After Silver started it’s massive run, Silver ETF’s started trading at almost 10-12% premium to market prices raising caution alarms throughout and with it’s correction many investors are seeing Silver investments in red due to correction as well as due to premium vanishing. I’ve myself booked partial profits in this run and trimmed exposure keeping the rest for an extended period incase there’s a run again, after running up 75% in just 10 months of which I was a member only for recent 4 months and still netting around 45-50% profit.

I’ve started taking positions in some microcaps and smallcaps, more on that thesis in months ahead…

Moving towards my Momentum portfolio for November,

I’ve still not entered into smallcaps and midcaps, just holding onto largecaps.

Before I end this month’s portfolio overview, here’s a nice chart on Gold

Gold has had a nice run in September and October and now it has started correcting, interestingly, it had a similar run of 35% last time at the beginning of 2025 and then corrected around 12% and took 3-4 months of sideways movement before beginning it’s next leg up. Now again Gold is up 35% and currently has peak correction of 11% in current leg. Will we see a similar pattern? Nobody knows, but atleast there’s a reference to look at.

That’s it for this week!

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- Manish Chandre