End of April, Nifty hovered around 23,900. May, around 23,900. June, still around 23,900. And today, once again, around 23,900. If someone looked only at the headline index, they would conclude that the market has forgotten how to move. Last month I called it boring, and little has changed on that front. Meanwhile, geopolitics has once again returned to the headlines. Tensions involving Iran and the United States have kept global markets cautious, a reminder that uncertainty never really leaves investing. But as I look at the portfolios, there seem to be signs of revival.

Whether this is the beginning of a broader market recovery or merely strength in a handful of stocks and mutual funds is still difficult to say. Indu’s index portfolio, after all, remains only marginally above the invested amount.

This month, several financial publications reported the return of Foreign Portfolio Investors (FPIs) to Indian equities. After months of selling, they have once again turned net buyers. If this trend sustains, it could indicate two things. First, valuations have finally become attractive enough for large institutional money. Second, the rupee appears to be finding stability. Both would be encouraging developments.

But then, who knows? The geopolitical uncertainties are like bubbles from a bubble gun. One bursts and another appears almost immediately. Markets have learnt to live with them, and so must investors.

The range of 23,500 to 24,000 is still where most of the movement is. If you are an options trader, you have opportunities. But our three investors are not. So, let’s see how their investments look.

The Update –

As always, they invested their planned INR 22,000 this month, trusting the process rather than trying to build butterflies.

Let’s take a look. Here is how each portfolio stands after eighteen months of investing.

Indu’s portfolio (The index fan) –

Mutual Fund Scheme	Existing Units	New Investment	NAV	New Units	Total Units	Value
ICICI Pru Nifty 100 ETF	16341.146	22000	27.66	795.372	17136.518	473996.09

Invested Amount	472000
Current Value	473996.1

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	92.442	4400	1021.44	4.308	96.749	98823.55
2	HDFC Mid-cap Opportunities fund	477.712	4400	205.14	21.449	499.161	102397.9
3	Parag Parikh Flexi Cap fund	1093.196	4400	81.86	53.750	1146.946	93889.02
4	Nippon India Multi Cap fund	315.640	4400	295.66	14.882	330.522	97722.04
5	HDFC Small Cap fund	682.561	4400	137.48	32.005	714.566	98238.51

Invested Amount	472000
Current Value	491071.1

Shekhar’s Portfolio (the stock picker) –

Stock	Existing Shares	New Investment	Buy Price	New Shares	Total Shares	Value
Aarti Industries	21.37	440.00	477.8	0.92	22.29	10651.89
Aarti Pharma	12.61	440.00	673.8	0.65	13.26	8935.91
Asian Paints	3.75	526.26	2637.9	0.20	3.95	10419.66
Astral	6.21	440.00	1468.1	0.30	6.51	9556.606
Axis Bank	7.91	440.00	1227.3	0.36	8.27	10152.42
Bajaj Finance	10.18	440.00	1012.8	0.43	10.62	10751.75
Bajaj Finserv	4.77	440.00	1876.7	0.23	5.01	9396.001
Bajaj Housing Finance	61.75	0.00	84.19	0.00	61.75	5199.103
Britannia	1.66	440.00	5379.5	0.08	1.74	9367.548
Chola Investment	6.05	440.00	1724.4	0.26	6.31	10873.91
Dabur	18.43	440.00	423.3	1.04	19.47	8241.752
Deepak Nitrite	3.50	0.00	1649.6	0.00	3.50	5768.361
Devyani International	42.07	0.00	112.3	0.00	42.07	4724.895
Divis Labs	1.46	440.00	7248.5	0.06	1.52	11051.84
DMART Avenue Supermart	2.27	440.00	4018.8	0.11	2.38	9562.61
Eicher	1.49	440.00	7628	0.06	1.55	11792.2
Garware Technical	8.86	0.00	748.45	0.00	8.86	6627.925
Havells	6.33	440.00	1226.9	0.36	6.69	8204.557
HCL Tech	6.07	440.00	1271	0.35	6.42	8159.53
HDFC Bank	10.27	440.00	742.8	0.59	10.86	8068.674
HUL	3.88	525.42	2145	0.24	4.13	8853.919
ICICI Bank	6.84	440.00	1432.9	0.31	7.14	10237.75
Indian Hotels	12.41	480.34	727.45	0.66	13.07	9508.912
Infosys	6.23	440.00	1040.9	0.42	6.65	6921.206
Jio Finance	34.53	440.00	234.71	1.87	36.41	8544.656
Kotak Mahindra Bank	22.43	440.00	384.75	1.14	23.58	9071.266
L&T Technologies	1.49	0.00	3418.1	0.00	1.49	5087.088
LTI Mindtree	1.84	440.00	4091.8	0.11	1.95	7964.321
Mankind Pharma	3.78	440.00	2507.2	0.18	3.95	9908.995
Manyavar Vedant Fashions	8.75	0.00	402.3	0.00	8.75	3518.44
Metro Shoes	8.11	440.00	1021.9	0.43	8.54	8730.323
Muthoot Finance	3.41	440.00	2986.7	0.15	3.56	10620.48
Naukri Info Edge	7.00	440.00	1165.5	0.38	7.38	8598.64
Nestle	7.53	440.00	1443.5	0.30	7.84	11313.61
Nykaa	42.68	440.00	322.8	1.36	44.04	14215.55
Page Industries	0.16	0.00	40275	0.00	0.16	6401.637
PayTM	9.23	440.00	1283.2	0.34	9.57	12285.12
Pidilite	6.21	440.00	1570.9	0.28	6.49	10196.18
Reliance	6.73	440.00	1278	0.34	7.07	9037.169
SRF	3.28	440.00	2664.7	0.17	3.44	9175.018
Tata Consumer	8.39	440.00	1088	0.40	8.79	9565.004
Tata Elxsi	1.73	440.00	3538	0.12	1.85	6553.426
Tata Commercial	7.40	440.00	406.15	1.08	8.48	3445.51
Tata Motors	16.29	488.86	323.8	1.51	17.80	5762.952
TCS	3.03	440.00	2254.3	0.20	3.23	7280.489
Titan	2.46	440.00	4677	0.09	2.56	11953.18
Torrent Pharma	2.52	440.00	4961.5	0.09	2.60	12921.28
Trent	2.84	440.00	2890.5	0.15	2.99	8656.899
Tube Investments	3.10	440.00	2767	0.16	3.26	9020.672
Varun Beverages	18.41	440.00	457.2	0.96	19.37	8858.007
Zomato	36.11	440.00	280	1.57	37.68	10550.25
Kwality Walls	2.54	0.00	32	0	2.54	81.28

*This month we had dividends coming in from Asian Paints, HUL, Indian Hotels and Tata Motors Passenger Vehicles. We are assuming a reinvestment of the dividends in the same stocks

Invested Amount	472000
Current Value	452346.4

Looking at the numbers, the stability of the market becomes apparent. Indu’s portfolio continues to hover around the invested amount. Muthu’s mutual fund portfolio continues to lead comfortably. However, Shekhar’s portfolio is showing some revival. On month-on-month basis, it has performed better than the other two. Are his stocks finally showing the much-awaited revival? We will know in a few months.

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
Apr-26	408022.7	416609.5	387260.3	406000
May-26	431203.3	444583.3	409661.4	428000
Jun-26	454447.3	468556.2	426581.2	450000
Jul-26	473996.1	491070.1	452346.4	472000

Again, looking at the comparison, we see a slight uptick in Muthu’s line, a flat line for Indu, and an upturn in Shekhar’s line.

If the FPIs have returned, and the support of domestic investors continues, it will be interesting to see where these portfolios go over the next few months.

Meanwhile, we rely on discipline. Setup a method and follow that for a certain duration. It gives these three investors the time to live the rest of their lives unhurried. Muthu certainly feels that his strategy is the best, but these are starting days and we are only into the second year of the experiment.

Disclaimer: I hold all the stocks and mutual funds mentioned on this page in my personal portfolio.