No Goal Investing Year 2 Month 2 March 2026
We have gone through a March that probably most of us didn’t see coming at all. As a popular meme proclaims – we saw Holi, Navratri, Eid, war, Cricket world cup, IPL kickoff, uncommon hot weather, uncommon cold weather, rains, thunderstorms, LPG shortage, oil shortage and a market that corrected sharply. And we are still in March.
There are several reasons given for the war in Iran. But as it became clear, especially if you follow The Intelligence by The Economist podcast, the reasons seemed to change almost every day. Maybe you understand why the world is at war. I don’t pretend to. And even over the last 3-4 days, we have heard – talks are on, big beautiful gift of 10 ships, ground invasion planned, and God only knows what else. I have said multiple times in this series no one knows why Mr. Market acts the way it does. This time, however, he seems to have too many reasons. I need not comment further on the state of market, the graph below says it all.
I am again late with my post due to certain personal engagements. The data below is from 27th March.
The three stalwarts continue with their monthly investments. We will treat this as a buying opportunity. Let’s get into the details.
The update –
We are not trending very well. January saw the market fall by almost 4%. February stayed flat. And this month, we are down by more than 10%. A buying opportunity, as I said.
Discipline continues, even when the market doesn’t.
Indu’s portfolio (The index fan) –
| Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| ICICI Pru Nifty 100 ETF | 13119.095 | 22000 | 26.13 | 841.944 | 13961.039 | 364801.94 |
| Invested Amount | 384000 |
| Current Value | 364801.9 |
Muthu’s portfolio (the mutual funds sahi hai guy) –
| Sr No | Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| 1 | ICICI Large and Mid Cap fund | 74.644 | 4400 | 941.23 | 4.675 | 79.319 | 74657.16 |
| 2 | HDFC Mid-cap Opportunities fund | 388.115 | 4400 | 184.47 | 23.852 | 411.967 | 75995.48 |
| 3 | Parag Parikh Flexi Cap fund | 877.708 | 4400 | 78.97 | 55.717 | 933.425 | 73712.57 |
| 4 | Nippon India Multi Cap fund | 255.285 | 4400 | 272.01 | 16.176 | 271.460 | 73839.96 |
| 5 | HDFC Small Cap fund | 547.750 | 4400 | 121.41 | 36.241 | 583.991 | 70902.31 |
| Invested Amount | 384000 |
| Current Value | 369107.5 |
Shekhar’s Portfolio (the stock picker) –
| Stock | Existing Shares | New Investment | Buy Price | New Shares | Total Shares | Value |
| Aarti Industries | 17.55 | 440.00 | 417.4 | 1.05 | 18.60 | 7764.995 |
| Aarti Pharma | 9.91 | 440.00 | 608.85 | 0.72 | 10.63 | 6471.734 |
| Asian Paints | 3.04 | 440.00 | 2207.4 | 0.20 | 3.24 | 7155.975 |
| Astral | 5.05 | 440.00 | 1619.1 | 0.27 | 5.32 | 8619.512 |
| Axis Bank | 6.56 | 440.00 | 1205.2 | 0.37 | 6.93 | 8348.599 |
| Bajaj Finance | 8.27 | 440.00 | 843.8 | 0.52 | 8.79 | 7419.968 |
| Bajaj Finserv | 3.77 | 440.00 | 1694.7 | 0.26 | 4.03 | 6835.3 |
| Bajaj Housing Finance | 61.75 | 0.00 | 75.85 | 0.00 | 61.75 | 4684.071 |
| Britannia | 1.33 | 440.00 | 5500 | 0.08 | 1.41 | 7781.434 |
| Chola Investment | 4.93 | 440.00 | 1416.3 | 0.31 | 5.24 | 7423.089 |
| Dabur | 14.38 | 440.00 | 419.6 | 1.05 | 15.43 | 6472.526 |
| Deepak Nitrite | 3.50 | 0.00 | 1345.8 | 0.00 | 3.50 | 4706.026 |
| Devyani International | 42.07 | 0.00 | 99.56 | 0.00 | 42.07 | 4188.874 |
| Divis Labs | 1.19 | 440.00 | 5997.5 | 0.07 | 1.26 | 7576.223 |
| DMART Avenue Supermart | 1.85 | 440.00 | 3903.2 | 0.11 | 1.96 | 7665.259 |
| Eicher | 1.24 | 440.00 | 6811.5 | 0.06 | 1.30 | 8887.951 |
| Garware Technical | 8.86 | 0.00 | 592.45 | 0.00 | 8.86 | 5246.461 |
| Havells | 4.86 | 440.00 | 1231.6 | 0.36 | 5.21 | 6422.433 |
| HCL Tech | 4.56 | 440.00 | 1364.4 | 0.32 | 4.88 | 6657.826 |
| HDFC Bank | 8.00 | 440.00 | 756.2 | 0.58 | 8.58 | 6486.799 |
| HUL | 3.07 | 440.00 | 2074.4 | 0.21 | 3.29 | 6816.106 |
| ICICI Bank | 5.48 | 440.00 | 1233.8 | 0.36 | 5.84 | 7205.735 |
| Indian Hotels | 9.70 | 440.00 | 590.9 | 0.74 | 10.44 | 6171.044 |
| Infosys | 4.54 | 440.00 | 1269.7 | 0.35 | 4.89 | 6202.745 |
| Jio Finance | 27.18 | 440.00 | 232.55 | 1.89 | 29.07 | 6759.64 |
| Kotak Mahindra Bank | 17.79 | 440.00 | 366.15 | 1.20 | 18.99 | 6954.383 |
| L&T Technologies | 1.49 | 0.00 | 3198.4 | 0.00 | 1.49 | 4760.113 |
| LTI Mindtree | 1.35 | 440.00 | 4200.7 | 0.10 | 1.46 | 6131.209 |
| Mankind Pharma | 3.01 | 440.00 | 2038.8 | 0.22 | 3.23 | 6581.309 |
| Manyavar Vedant Fashions | 8.75 | 0.00 | 350.1 | 0.00 | 8.75 | 3061.909 |
| Metro Shoes | 6.33 | 440.00 | 910.6 | 0.48 | 6.81 | 6204.58 |
| Muthoot Finance | 2.84 | 440.00 | 3270.6 | 0.13 | 2.97 | 9728.967 |
| Naukri Info Edge | 5.22 | 452.53 | 991.4 | 0.46 | 5.68 | 5629.777 |
| Nestle | 6.20 | 440.00 | 1193.2 | 0.37 | 6.57 | 7833.984 |
| Nykaa | 36.08 | 440.00 | 239.65 | 1.84 | 37.91 | 9085.928 |
| Page Industries | 0.16 | 0.00 | 31805 | 0.00 | 0.16 | 5055.346 |
| PayTM | 7.61 | 459.87 | 1008.8 | 0.46 | 8.07 | 8141.805 |
| Pidilite | 4.99 | 440.00 | 1314.9 | 0.33 | 5.32 | 6997.348 |
| Reliance | 5.37 | 440.00 | 1348.1 | 0.33 | 5.70 | 7684.616 |
| SRF | 2.60 | 440.00 | 2494.9 | 0.18 | 2.77 | 6923.286 |
| Tata Consumer | 6.74 | 440.00 | 1048.5 | 0.42 | 7.16 | 7511.807 |
| Tata Elxsi | 1.27 | 440.00 | 4160.8 | 0.11 | 1.38 | 5723.319 |
| Tata Commercial | 7.40 | 440.00 | 427.6 | 1.03 | 8.43 | 3604.24 |
| Tata Motors | 11.23 | 440.00 | 303.2 | 1.45 | 12.69 | 3846.417 |
| TCS | 2.16 | 440.00 | 2389.8 | 0.18 | 2.35 | 5610.474 |
| Titan | 2.05 | 440.00 | 3981.5 | 0.11 | 2.16 | 8582.693 |
| Torrent Pharma | 2.11 | 501.15 | 4265.6 | 0.12 | 2.23 | 9496.028 |
| Trent | 1.47 | 440.00 | 3399.6 | 0.13 | 1.60 | 5427.606 |
| Tube Investments | 2.50 | 440.00 | 2566.3 | 0.17 | 2.67 | 6848.471 |
| Varun Beverages | 14.66 | 440.00 | 389.3 | 1.13 | 15.79 | 6148.26 |
| Zomato | 29.13 | 440.00 | 233.17 | 1.89 | 31.02 | 7232.079 |
| Kwality Walls | 2.54 | 0.00 | 23.6 | 0 | 2.54 | 59.944 |
*This month we had dividends from Info Edge, Page and Torrent Pharma. We are reinvesting the dividends for Info Edge and Torrent Pharma. We have stopped investment from Page, and we are reinvesting Page dividend in PayTM.
| Invested Amount | 384000 |
| Current Value | 340836.2 |
It was a punishing market and all three are below their total invested amount. The pain for Shekhar keeps increasing. He is more than 11% down on his investments after keeping a discipline for 14 months now. However, investing is a long game and he will keep the focus on. Meanwhile, the mix of mutual funds of Muthu have trumped Indu’s index. Let’s take a look at the comparison below.
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 | 355547.2 | 362000 |
| Mar-26 | 364801.9 | 369107.5 | 341042.7 | 384000 |
March will be over after tomorrow. We can hope for a better April. Today, Nifty is down more than 15% from its 2nd January high. By classic definitions, it is in correction territory.
Corrections test conviction. Crashes test character. Let’s see what this one reveals.