No Goal Investing Year 2 Month 1 February 2026
A new year starts for the three investing stalwarts. And what a month this past one has been.
There were moments when the markets seemed ready to break previous highs, and then came the pullback. The sharp drop at the beginning of the chart below reflects the impact of India’s budget. The next day saw euphoria after a deal announcement with the United States. But global political uncertainty has taken its toll, and we are almost back to where we were last month.
A new year also means that in our experiment, the disposable income of our three participants increases such that they are able to put in additional 10% in there chosen strategy. So, starting from this month we will have a monthly allocation of INR 22000 from the three participants.
Indu and Muthu are reasonably happy with how their strategies have performed so far. Shekhar, on the other hand, has not seen outcomes in line with his expectations. As noted in my previous post, he has already made adjustments to his stock selection for Year 2.
Let’s get into the details.
The Update
In the previous update, I had mentioned that the Nifty was down almost 4% from the prior month. Despite the volatility and upward swings during the month, it remains around the same level.
This week, I was slightly late in capturing the data. So instead of 26th February, the numbers below are based on closing prices from Friday, 27th February.
Indu’s portfolio (The index fan) –
| Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| ICICI Pru Nifty 100 ETF | 12357.058 | 22000 | 28.87 | 762.037 | 13119.095 | 378748.26 |
| Invested Amount | 362000 |
| Current Value | 378748.3 |
Muthu’s portfolio (the mutual funds sahi hai guy) –
| Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| ICICI Large and Mid Cap fund | 70.390 | 4400 | 1034.42 | 4.254 | 74.644 | 77213.23 |
| HDFC Mid-cap Opportunities fund | 366.394 | 4400 | 202.57 | 21.721 | 388.115 | 78620.36 |
| Parag Parikh Flexi Cap fund | 825.358 | 4400 | 84.05 | 52.350 | 877.708 | 73771.33 |
| Nippon India Multi Cap fund | 240.452 | 4400 | 296.65 | 14.832 | 255.285 | 75730.17 |
| HDFC Small Cap fund | 514.880 | 4400 | 133.86 | 32.870 | 547.750 | 73321.79 |
| Invested Amount | 362000 |
| Current Value | 378656.9 |
Shekhar’s Portfolio (the stock picker) –
| Stock | Existing Shares | New Investment | Buy Price | New Shares | Total Shares | Value |
| Aarti Industries | 16.57 | 500.00 | 447.15 | 1.12 | 17.68 | 7907.08 |
| Aarti Pharma | 9.28 | 500.00 | 723.7 | 0.69 | 9.97 | 7214.68 |
| Asian Paints | 2.86 | 500.00 | 2376.2 | 0.21 | 3.07 | 7289.546 |
| Astral | 4.79 | 500.00 | 1667.9 | 0.30 | 5.09 | 8486.044 |
| Axis Bank | 6.24 | 500.00 | 1383.9 | 0.36 | 6.61 | 9141.239 |
| Bajaj Finance | 7.83 | 500.00 | 995.9 | 0.50 | 8.33 | 8298.149 |
| Bajaj Finserv | 3.55 | 500.00 | 1993.4 | 0.25 | 3.80 | 7582.507 |
| Bajaj Housing Finance | 61.75 | 0.00 | 87.04 | 0.00 | 61.75 | 5375.103 |
| Britannia | 1.26 | 500.00 | 6002.5 | 0.08 | 1.34 | 8072.174 |
| Chola Investment | 4.67 | 500.00 | 1730.8 | 0.29 | 4.96 | 8587.661 |
| Dabur | 13.53 | 500.00 | 518.5 | 0.96 | 14.49 | 7514.397 |
| Deepak Nitrite | 3.50 | 0.00 | 1580.7 | 0.00 | 3.50 | 5527.43 |
| Devyani International | 42.07 | 0.00 | 127.44 | 0.00 | 42.07 | 5361.893 |
| Divis Labs | 1.12 | 500.00 | 6408.5 | 0.08 | 1.20 | 7685.258 |
| DMART Avenue Supermart | 1.74 | 500.00 | 3847.6 | 0.13 | 1.87 | 7182.337 |
| Eicher | 1.19 | 500.00 | 8010.5 | 0.06 | 1.25 | 9995.009 |
| Garware Technical | 8.86 | 0.00 | 642.2 | 0.00 | 8.86 | 5687.024 |
| Havells | 4.53 | 500.00 | 1397.1 | 0.36 | 4.89 | 6828.223 |
| HCL Tech | 4.20 | 500.00 | 1389.1 | 0.36 | 4.56 | 6339.94 |
| HDFC Bank | 7.50 | 500.00 | 887.75 | 0.56 | 8.06 | 7158.711 |
| HUL | 2.89 | 500.00 | 2338.1 | 0.21 | 3.10 | 7246.644 |
| ICICI Bank | 5.16 | 500.00 | 1378.9 | 0.36 | 5.53 | 7621.414 |
| Indian Hotels | 9.04 | 500.00 | 667.05 | 0.75 | 9.79 | 6529.61 |
| Infosys | 4.20 | 500.00 | 1300.1 | 0.38 | 4.58 | 5960.72 |
| Jio Finance | 25.45 | 500.00 | 255.4 | 1.96 | 27.41 | 7000.598 |
| Kotak Mahindra Bank | 16.73 | 500.00 | 415.2 | 1.20 | 17.94 | 7447.06 |
| L&T Technologies | 1.49 | 0.00 | 3512.4 | 0.00 | 1.49 | 5227.433 |
| LTI Mindtree | 1.26 | 500.00 | 4462 | 0.11 | 1.37 | 6105.224 |
| Mankind Pharma | 2.82 | 500.00 | 2247.6 | 0.22 | 3.04 | 6830.26 |
| Manyavar Vedant Fashions | 8.75 | 0.00 | 389.95 | 0.00 | 8.75 | 3410.43 |
| Metro Shoes | 5.90 | 500.00 | 1056.6 | 0.47 | 6.37 | 6731.145 |
| Muthoot Finance | 2.71 | 500.00 | 3353.5 | 0.15 | 2.86 | 9584.414 |
| Naukri Info Edge | 4.79 | 500.00 | 1029.6 | 0.49 | 5.28 | 5436.73 |
| Nestle | 5.82 | 500.00 | 1291.7 | 0.39 | 6.21 | 8023.593 |
| Nykaa | 34.42 | 500.00 | 265.48 | 1.88 | 36.30 | 9637.805 |
| Page Industries | 0.16 | 0.00 | 32110 | 0.00 | 0.16 | 5103.825 |
| PayTM | 7.21 | 500.00 | 1098.3 | 0.46 | 7.67 | 8423.472 |
| Pidilite | 4.69 | 500.00 | 1492 | 0.34 | 5.03 | 7500.537 |
| Reliance | 5.06 | 500.00 | 1393.9 | 0.36 | 5.42 | 7550.743 |
| SRF | 2.42 | 500.00 | 2562.2 | 0.20 | 2.62 | 6706.062 |
| Tata Consumer | 6.36 | 500.00 | 1141 | 0.44 | 6.80 | 7755.691 |
| Tata Elxsi | 1.17 | 500.00 | 4513 | 0.11 | 1.28 | 5790.537 |
| Tata Commecial | 7.40 | 500.00 | 505.3 | 0.99 | 8.39 | 4239.22 |
| Tata Motors | 10.09 | 500.00 | 382.65 | 1.31 | 11.39 | 4359.028 |
| TCS | 1.95 | 500.00 | 2637.4 | 0.19 | 2.14 | 5654.765 |
| Titan | 1.94 | 500.00 | 4327.5 | 0.12 | 2.06 | 8910.309 |
| Torrent Pharma | 2.01 | 500.00 | 4333.3 | 0.12 | 2.12 | 9197.635 |
| Trent | 1.35 | 500.00 | 3899.5 | 0.13 | 1.48 | 5781.017 |
| Tube Investments | 2.34 | 500.00 | 2753.4 | 0.18 | 2.52 | 6931.019 |
| Varun Beverages | 13.69 | 500.00 | 451.4 | 1.11 | 14.80 | 6678.825 |
| Zomato | 27.34 | 500.00 | 246.3 | 2.03 | 29.37 | 7234.547 |
| Kwality Walls | 2.54 | 0.00 | 26.12 | 0 | 2.54 | 66.3448 |
*This month we had dividends from Aarti Pharma, Chola, Havells, HCL Tech, Metro Shoes, Nestle, SRF, TCS and Tube Investments. We are reinvesting the dividends in the same stocks.
| Invested Amount | 362000 |
| Current Value | 357911.1 |
While the Nifty has lost roughly 4% over the broader period, the broader market appears to have corrected more sharply. This is visible in the comparison.
Indu tracks the top 100 stocks.
Muthu has diversified fund exposure.
Shekhar’s individual stock portfolio has taken a bigger hit.
He is currently sitting on a portfolio valued below his total invested amount.
The Comparison and the Graph
| Month | Indu | Muthu | Shekhar | Investment |
| Jan-25 | 100000 | 100000 | 100000 | 100000 |
| Feb-25 | 117247.7 | 115538.4 | 116557.2 | 120000 |
| Mar-25 | 142363.5 | 140184.6 | 138494.2 | 140000 |
| Apr-25 | 165366.2 | 162416 | 163500.4 | 160000 |
| May-25 | 192137 | 191789.2 | 189153.7 | 180000 |
| Jun-25 | 217175.4 | 217913.8 | 213291.5 | 200000 |
| Jul-25 | 232075.9 | 236487.7 | 229127.7 | 220000 |
| Aug-25 | 251337.4 | 255466.6 | 249919.1 | 240000 |
| Sep-25 | 270980.7 | 275483.7 | 266187.4 | 260000 |
| Oct-25 | 304457.6 | 304522.5 | 295892 | 280000 |
| Nov-25 | 325694 | 325651.9 | 313676.1 | 300000 |
| Dec-25 | 344596.2 | 341517.5 | 332826.2 | 320000 |
| Jan-26 | 351311.2 | 347628.1 | 335923.3 | 340000 |
| Feb-26 | 378748.3 | 378656.9 | 357911.1 | 362000 |
Both Indu and Muthu’s portfolios have recovered meaningfully this month. Muthu has nearly caught up with Indu again.
Shekhar is still trailing. However, with the adjustments already made to his allocation strategy, he believes his portfolio will close the gap over time. We will see how that plays out over the coming months.
Year 2 has begun. The monthly allocation is now INR 22,000 for each participant. The discipline remains the same.
In the meantime, wishing you a very Happy Holi.