March 2014

We are ending FY 2013-14 on a new high. This has come inspite of high pessimism and heavy selling by domestic investors. We at Jain Investment believe that the bull market started on Dec 20, 2011 when we were at 15100 on the Sensex. In the last 2 years and 4 months we have gained more than 7000 points on that level. The process was slow and grinding and in this period we made higher top and higher bottom. The recent rise has been very strong while the few corrections have been weak on the back of low volumes. We have witnessed that leadership in stocks has clearly changed in this market. As such we have benefitted from our stock selection in this period.

In this period where the market has delivered close to 50% absolute returns we have been able to deliver more than 100% absolute return on our portfolios. 2013 – 2014 was a rewarding year for some of our stock finds like Cummins & Bluedart. Like always we will continue to focus on identifying new opportunities within the high quality space. In the end I would like to share that we ended the year with a life time high returns on all our portfolios. As we enter the new financial year our endeavor remains to sustain this momentum while sticking to our stock selection principles.