No Goal Investing Update: Month 10 – November 2025
As you know, I use the date of 26th of every month to report the fate of the three portfolios I’m running as an experiment. However, as has happened in the past, the post gets delayed when the 26th is a weekday and I can’t find time. That’s what happened this month.
As I sit today to write this post, I can’t help but feel hopeful about Indian equities. Nifty was nearing its all-time high on the 26th and even breached it for a few hours the next day—barely, but still. And that is important. After nearly fourteen months of market churn, Nifty is finally back where it was in September 2024. Naturally, the question is: are the days of subpar returns over? Will we now see sustained growth?
Last month, I wrote that markets had turned bullish but we needed confirmation. I think this month gives us that confirmation.
The update –
In October, when the markets turned bullish, it resulted in hope for all three of our experts. Indu and Muthu seemed happy with the growth. Shekhar, meanwhile, was excited to see the growth keeping pace with his friends. He was behind, but he had hope that he will catchup soon. Let’s see where they are this month.
This month, they all stayed true to plan and invested another INR 20,000 each.
Indu’s portfolio (The index fan) –
| Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| ICICI Pru Nifty 100 ETF | 10303.133 | 20000 | 29.67 | 674.082 | 10977.214 | 325693.95 |
| Invested Amount | 300000 |
| Current Value | 325694 |
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 | 58.779 | 4000 | 1053.99 | 3.795 | 62.574 | 65952.54 |
| 2 | HDFC Mid-cap Opportunities fund | 306.712 | 4000 | 204.99 | 19.513 | 326.226 | 66872.97 |
| 3 | Parag Parikh Flexi Cap fund | 686.313 | 4000 | 86.97 | 45.993 | 732.306 | 63688.67 |
| 4 | Nippon India Multi Cap fund | 199.741 | 4000 | 304.19 | 13.150 | 212.890 | 64759.15 |
| 5 | HDFC Small Cap fund | 426.945 | 4000 | 141.42 | 28.285 | 455.230 | 64378.57 |
| Invested Amount | 300000 |
| Current Value | 325651.9 |
Shekhar’s Portfolio (the stock picker) –
| Stock | Existing Shares | New Investment | Buy Price | New Shares | Total Shares | Value |
| Aarti Industries | 13.31 | 400.00 | 377.95 | 1.06 | 14.37 | 5430.614 |
| Aarti Pharma | 7.66 | 400.00 | 710.45 | 0.56 | 8.22 | 5839.32 |
| Asian Paints | 2.42 | 400.00 | 2874 | 0.14 | 2.56 | 7356.1 |
| Astral | 3.93 | 400.00 | 1466 | 0.27 | 4.21 | 6167.075 |
| Axis Bank | 5.29 | 400.00 | 1290.2 | 0.31 | 5.60 | 7225.735 |
| Bajaj Finance | 4.50 | 400.00 | 1010.7 | 0.40 | 4.90 | 4948.15 |
| Bajaj Finserv | 2.96 | 400.00 | 2085.1 | 0.19 | 3.15 | 6567 |
| Bajaj Housing Finance | 49.21 | 400.00 | 105 | 3.81 | 53.02 | 5567.329 |
| Britannia | 1.06 | 400.00 | 5880.5 | 0.07 | 1.13 | 6625.23 |
| Chola Investment | 3.96 | 400.00 | 1712.9 | 0.23 | 4.19 | 7183.542 |
| Dabur | 11.11 | 430.54 | 517.2 | 0.83 | 11.94 | 6174.437 |
| Deepak Nitrite | 2.76 | 400.00 | 1569.5 | 0.25 | 3.01 | 4731.102 |
| Devyani International | 32.95 | 400.00 | 139.2 | 2.87 | 35.82 | 4986.352 |
| Divis Labs | 0.93 | 400.00 | 6510 | 0.06 | 0.99 | 6460.757 |
| DMART Avenue Supermart | 1.42 | 400.00 | 4019.1 | 0.10 | 1.52 | 6117.145 |
| Eicher | 1.02 | 400.00 | 7198.5 | 0.06 | 1.07 | 7726.447 |
| Garware Technical | 6.98 | 400.00 | 703.7 | 0.57 | 7.54 | 5309.242 |
| Havells | 3.66 | 400.00 | 1439.8 | 0.28 | 3.94 | 5668.051 |
| HCL Tech | 3.46 | 441.47 | 1617.9 | 0.27 | 3.73 | 6033.076 |
| HDFC Bank | 6.26 | 400.00 | 1003.9 | 0.40 | 6.66 | 6686.819 |
| HUL | 2.36 | 444.86 | 2425.2 | 0.18 | 2.54 | 6170.898 |
| ICICI Bank | 4.28 | 400.00 | 1375 | 0.29 | 4.57 | 6284.576 |
| Indian Hotels | 7.33 | 400.00 | 731.4 | 0.55 | 7.88 | 5762.699 |
| Infosys | 3.41 | 478.48 | 1557.9 | 0.31 | 3.72 | 5794.287 |
| Jio Finance | 21.23 | 400.00 | 308 | 1.30 | 22.52 | 6937.371 |
| Kotak Mahindra Bank | 2.78 | 400.00 | 2103.8 | 0.19 | 2.97 | 6253.182 |
| L&T Technologies | 1.20 | 421.54 | 4275.9 | 0.10 | 1.30 | 5539.543 |
| LTI Mindtree | 1.05 | 423.11 | 5890 | 0.07 | 1.12 | 6608.978 |
| Mankind Pharma | 2.27 | 400.00 | 2258.9 | 0.18 | 2.44 | 5521.351 |
| Manyavar Vedant Fashions | 6.57 | 400.00 | 606.8 | 0.66 | 7.23 | 4386.639 |
| Metro Shoes | 4.82 | 400.00 | 1175.2 | 0.34 | 5.16 | 6059.888 |
| Muthoot Finance | 2.39 | 400.00 | 3725.6 | 0.11 | 2.50 | 9308.051 |
| Naukri Info Edge | 3.89 | 400.00 | 1341.5 | 0.30 | 4.19 | 5616.992 |
| Nestle | 4.89 | 400.00 | 1276.8 | 0.31 | 5.20 | 6640.743 |
| Nykaa | 29.66 | 400.00 | 264.45 | 1.51 | 31.17 | 8243.94 |
| Page Industries | 0.13 | 400.00 | 39000 | 0.01 | 0.14 | 5278.684 |
| PayTM | 6.25 | 400.00 | 1286.5 | 0.31 | 6.56 | 8438.083 |
| Pidilite | 3.87 | 400.00 | 1484.4 | 0.27 | 4.14 | 6147.719 |
| Reliance | 4.26 | 400.00 | 1569.9 | 0.25 | 4.51 | 7085.215 |
| SRF | 2.00 | 400.00 | 2809.8 | 0.14 | 2.15 | 6029.257 |
| Tata Consumer | 5.33 | 400.00 | 1185.3 | 0.34 | 5.67 | 6723.104 |
| Tata Elxsi | 0.95 | 400.00 | 5229.5 | 0.08 | 1.02 | 5352.655 |
| Tata Commercial | 7.40 | 200.00 | 324.05 | 0.62 | 8.02 | 2597.97 |
| Tata Motors | 8.39 | 200.00 | 359.25 | 0.56 | 8.95 | 3214.195 |
| TCS | 1.57 | 417.32 | 3162.9 | 0.13 | 1.71 | 5396.078 |
| Titan | 1.64 | 400.00 | 3897.7 | 0.10 | 1.74 | 6796.803 |
| Torrent Pharma | 1.69 | 400.00 | 3755.8 | 0.11 | 1.80 | 6762.815 |
| Trent | 1.06 | 400.00 | 4292.4 | 0.09 | 1.15 | 4955.314 |
| Tube Investments | 1.86 | 400.00 | 2880.7 | 0.14 | 2.00 | 5766.115 |
| Varun Beverages | 11.16 | 400.00 | 465.5 | 0.86 | 12.02 | 5593.456 |
| Zomato | 23.07 | 400.00 | 306.85 | 1.30 | 24.38 | 7480.073 |
*This month the shares for Tata Motors Passenger vehicles and Commercial vehicles are listed and are trading on their respective prices. I have spit the investment in half between these two scrips. We had dividends coming in from Dabur, HUL,, HCL Tech, Infosys, L&T Tech, LTI Mindtree and TCS. We are assuming a reinvestment of the dividends in the same stocks.
| Invested Amount | 300000 |
| Current Value | 311550.2 |
There are varied views on Indian equities. Some believe the market peaked in September 2024 and may stay stagnant for a few years. For example, Shankar Sharma. While others feel that the slowdown is nearly over. I personally am optimistic. India is still a growth story. This experiment was born to track that very story as we head toward a developed India by 2047. There’s a long road ahead, and markets will find unexpected sources of momentum.
Both Indu and Muthu—the ones betting on India’s broader growth—are faring well. Indu edges slightly ahead of Muthu. Shekhar, who is betting on smart stock selection over the macro story, still lags behind. He’s tempted to prune, but plans to stay put till the experiment completes one full year.
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 |
| Aug-25 | 251337.4 | 255466.6 | 249173.3 | 240000 |
| Sep-25 | 270980.7 | 275483.7 | 264876.9 | 260000 |
| Oct-25 | 304457.6 | 304522.5 | 293999.8 | 280000 |
| Nov-25 | 325694 | 325651.9 | 311550.2 | 300000 |
Two more months before our next Republic Day celebration. Let’s see where we are then and whether we can draw some lessons from an year of these three strategies.
Disclaimer: I hold all the stocks and mutual funds mentioned on this page in my personal portfolio.