No Goal Investing Update: Month 6 – July 2025
What goes up must come down—especially in the markets. Reversion to mean isn’t a theory, it’s just how the world works. After running up for the last couple of months, when it had every reason to stop but didn’t, the market seems to have remembered that it can fall too.
Why now? Honestly—God only knows. But if we must pretend to understand, there are a few whispers doing the rounds.
Some of the big names—especially in financials and IT—posted results that didn’t exactly light a fire. A few profit beats here and there, but the street found more reasons to frown than cheer. Meanwhile, the foreign investors seem to be packing their bags. Over ₹10,000 crore pulled out just this month. Whether they know something or they’re just bored, we’ll never know.
The India–US trade deal is also doing its usual tango—lots of talk, little clarity. We got the India UK Free Trade Agreement done, while waiting for the India-US trade deal, that’s how long this has been going on. And the global mood? A bit like the Delhi weather these days. Hot, stormy, uncertain. Oil, the dollar, and the Fed are all taking turns playing villain.
Some technical folks are talking about resistance levels and head-and-shoulder patterns, but that’s never been my thing.
So yes, the market is falling. And as usual, no one really knows why.
Anyways, our three stalwarts are being disciplined in their approach and they have continued their investing journey. Below is an update on all the three portfolios.
The Update
As planned, Indu, Muthu and Shekhar invested additional INR 20000 this month. The prices shown below are closing prices of 25th July. 26th and 27th of July fall on weekend. Let’s take a look.
Indu’s portfolio (The index fan) –
| Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| ICICI Pru Nifty 100 ETF | 7499.149 | 20000 | 28.28 | 707.214 | 8206.363 | 232075.94 |
| Invested Amount | 220000 |
| Current Value | 232075.9 |
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 | 42.894 | 4000 | 989.3 | 4.043 | 46.937 | 46434.69 |
| 2 | HDFC Mid-cap Opportunities fund | 224.318 | 4000 | 194.48 | 20.568 | 244.886 | 47625.35 |
| 3 | Parag Parikh Flexi Cap fund | 498.400 | 4000 | 84.46 | 47.360 | 545.760 | 46094.89 |
| 4 | Nippon India Multi Cap fund | 146.425 | 4000 | 299.09 | 13.374 | 159.799 | 47794.19 |
| 5 | HDFC Small Cap fund | 313.784 | 4000 | 141.94 | 28.181 | 341.965 | 48538.57 |
| Invested Amount | 220000 |
| Current Value | 236487.7 |
Shekhar’s Portfolio (the stock picker) –
| Stock | Existing Shares | New Investment | Buy Price | New Shares | Total Shares | Value |
| Aarti Industries | 9.20 | 400 | 430.25 | 0.93 | 10.13 | 4357.762 |
| Aarti Pharma | 5.76 | 400 | 944.15 | 0.42 | 6.18 | 5834.961 |
| Asian Paints | 1.74 | 435.85 | 2336.2 | 0.19 | 1.93 | 4505.413 |
| Astral | 2.79 | 400 | 1440.2 | 0.28 | 3.07 | 4421.283 |
| Axis Bank | 3.87 | 400 | 1086.1 | 0.37 | 4.24 | 4601.576 |
| Bajaj Finance | 4.50 | 400 | 913.75 | 0.44 | 4.94 | 4511.875 |
| Bajaj Finserv | 2.16 | 400 | 1985.8 | 0.20 | 2.36 | 4693.709 |
| Bajaj Housing Finance | 34.98 | 400 | 117.02 | 3.42 | 38.40 | 4493.577 |
| Britannia | 0.77 | 400 | 5594 | 0.07 | 0.84 | 4724.762 |
| Chola Investment | 2.94 | 400 | 1503.8 | 0.27 | 3.20 | 4815.552 |
| Dabur | 7.88 | 400 | 511.35 | 0.78 | 8.67 | 4431.289 |
| Deepak Nitrite | 1.88 | 400 | 1902.6 | 0.21 | 2.09 | 3976.476 |
| Devyani International | 23.51 | 400 | 171.76 | 2.33 | 25.84 | 4437.445 |
| Divis Labs | 0.67 | 400 | 6616.5 | 0.06 | 0.73 | 4842.317 |
| DMART Avenue Supermart | 1.05 | 400 | 3997 | 0.10 | 1.15 | 4613.421 |
| Eicher | 0.75 | 400 | 5433 | 0.07 | 0.83 | 4498.954 |
| Garware Technical | 4.97 | 400 | 899.45 | 0.44 | 5.42 | 4873.521 |
| Havells | 2.60 | 400 | 1523.6 | 0.26 | 2.86 | 4361.185 |
| HCL Tech | 2.35 | 400 | 1490.1 | 0.27 | 2.62 | 3900.95 |
| HDFC Bank | 2.29 | 400 | 2004.6 | 0.20 | 2.48 | 4981.363 |
| HUL | 1.71 | 441.08 | 2415.4 | 0.18 | 1.89 | 4575.485 |
| ICICI Bank | 3.11 | 400 | 1477.1 | 0.27 | 3.38 | 4997.216 |
| Indian Hotels | 5.15 | 411.59 | 746.15 | 0.55 | 5.70 | 4256.702 |
| Infosys | 2.31 | 450.93 | 1515.7 | 0.30 | 2.61 | 3959.551 |
| Jio Finance | 15.98 | 400 | 311.25 | 1.29 | 17.27 | 5374.554 |
| Kotak Mahindra Bank | 2.00 | 400 | 2124.6 | 0.19 | 2.19 | 4658.178 |
| L&T Technologies | 0.82 | 400 | 4220.8 | 0.09 | 0.91 | 3841.118 |
| LTI Mindtree | 0.74 | 400 | 5096 | 0.08 | 0.82 | 4188.17 |
| Mankind Pharma | 1.63 | 400 | 2603.4 | 0.15 | 1.78 | 4636.8 |
| Manyavar Vedant Fashions | 4.32 | 400 | 787.9 | 0.51 | 4.83 | 3807.098 |
| Metro Shoes | 3.45 | 400.00 | 1217.6 | 0.33 | 3.77 | 4596.021 |
| Muthoot Finance | 1.83 | 400 | 2660.6 | 0.15 | 1.98 | 5274.649 |
| Naukri Info Edge | 2.72 | 400 | 1436.5 | 0.28 | 3.00 | 4308.236 |
| Nestle | 1.76 | 417.60 | 2274.6 | 0.18 | 1.94 | 4421.318 |
| Nykaa | 22.72 | 400 | 212.23 | 1.88 | 24.60 | 5221.687 |
| Page Industries | 0.09 | 400 | 46270 | 0.01 | 0.10 | 4463.754 |
| PayTM | 4.89 | 400 | 1067.75 | 0.37 | 5.26 | 5619.059 |
| Pidilite | 1.38 | 400 | 2889.6 | 0.14 | 1.52 | 4401.576 |
| Reliance | 3.10 | 400 | 1391.7 | 0.29 | 3.39 | 4716.387 |
| SRF | 1.46 | 400 | 3040.8 | 0.13 | 1.59 | 4830.385 |
| Tata Consumer | 3.88 | 400 | 1054.4 | 0.38 | 4.26 | 4492.276 |
| Tata Elxsi | 0.65 | 448.93 | 6062 | 0.07 | 0.73 | 4403.856 |
| Tata Motors | 5.64 | 400 | 687.4 | 0.58 | 6.22 | 4273.684 |
| TCS | 1.05 | 400 | 3135.8 | 0.13 | 1.17 | 3683.842 |
| Titan | 1.18 | 400 | 3462.8 | 0.12 | 1.30 | 4494.757 |
| Torrent Pharma | 1.25 | 400 | 3603.8 | 0.11 | 1.36 | 4889.97 |
| Trent | 0.74 | 403.68 | 5043 | 0.08 | 0.82 | 4118.646 |
| Tube Investments | 1.34 | 400 | 2889 | 0.14 | 1.48 | 4262.781 |
| Varun Beverages | 7.76 | 400 | 477.15 | 0.84 | 8.60 | 4101.304 |
| Zomato | 18.06 | 400 | 310.55 | 1.29 | 19.34 | 6007.372 |
*This month we had dividends coming in from Asian Paints, HUL, Indian Hotels, Infosys, Nestle, Tata Elxsi and Trent. We are assuming a reinvestment of the dividends in the same stocks.
| Invested Amount | 220000 |
| Current Value | 228753.8 |
A small flame that started during the last month update, is getting stronger. After 5 months of patiently putting his money in Active Mutual Funds, last month Muthu saw his portfolio inch past Indu’s Index fund. And this month, his portfolio has surged ahead.
I find it really interesting. Specially the performance of his small cap fund. Right now, it is his best performing fund. So, even though the Nifty has fallen this month, I believe that the broader market is optimistic.
Shekhar though, is still behind from both. And his returns are getting tepid in comparison. Whether its his picks, or it’s the correlation between his stocks, will require analysis. But for now, we wait and watch.
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 | 213219.9 | 200000 |
| Jul-25 | 232075.9 | 236487.7 | 228753.8 | 220000 |
This update completes the first half year of this experiment. Over the past 6 months, we have seen portfolios going up and down, market doing its own thing and the thrill of competition. The race is long, and we will keep an eye on these.
In the process of doing so, maybe we learn a thing or two.
Disclaimer: I hold all the stocks and mutual funds mentioned on this page in my personal portfolio.