Monthly Portfolio Update Time!

What’s Good, Folks?

Hey everyone! Welcome back to another monthly update. If you’re new here, this is where I crack open the portfolio, show you what I’m buying, what I’m selling, and just generally talk through what I’m seeing in the market right now.

Let’s grab a coffee and get into it.

The Big Picture: Market Thoughts

Before we dive into the specific trades, let’s talk about the vibe right now. The market has been... interesting.

VIX has crept back up to 16, and it feels like everyone is holding their breath waiting for the conflict in Iran to resolve.

But here’s the thing: crude oil hasn’t corrected much. It’s actually been grinding higher with the Strait of Hormuz still closed, and I personally feel this situation is far from over.

If you’ve read my last couple of posts, you know I’ve been trading crude whenever “it dips on hopes of a potential ceasefire or US-Iran negotiations”. But those talks just aren’t materializing. Worse, the Iranians aren’t even showing up to the table—instead, we just saw Iran’s FM Araghchi meeting with Putin.

Meanwhile, the US markets are operating in their own little bubble. They seem completely detached from global geopolitics, completely absorbed by the massive investments pouring into the AI infrastructure boom and Korean markets are behaving like our manipulated SME index.

KOSPI is up 190% in last one year and why it shouldn’t be ?

Samsung reported $220 billion net income this year.

SK Hynix reported $120 billion net income this year.

For comparison: Do you know what is the defence budget of India ?

~$85.6 billion.

Fund managers who sold you india story were just fools or fooling you in my view, we have nothing to offer to the world today and our government is busy investing in statues.

and we can’t ignore reality i think US and Iran are into forever war: sustained high crude prices are terrible for the global economy, and especially for India. It’s already pressuring our currency and driving up inflation (have you noticed LPG prices lately?). The government won’t be able to suppress fuel prices forever, and when they inevitably go up, it’s not going to be great for the broader economy or the markets.

This macro backdrop is exactly why I’ve been actively trying to build a more defensive portfolio. Keeping all these risks in mind, I’ve made some key adjustments—mainly increasing my weightage in KRT REIT and trimming profits on my QSR (Quick Service Restaurant) plays.

I’m still super bullish on my core growth bets: E2E, Entero, and IKS Health. All of them are growing north of 30%. (If you want the deep dive on those, just Google “dhruva + [company name]” to find my dedicated thesis posts).