No Goal Investing Update: Month 11 – December 2025
Last month of 2025. It is a time for reflections on the year gone by and it was an eventful year. Precious metals shone, geopolitical tensions held centre stage for quite a few of these months, the market followed its own whims, and our three investors followed their discipline.
In my last month’s post I had said that I’m hopeful about the Indian equities market, and when I write this month’s update, we are holding the status quo. Nifty has largely kept between 25800 and 26200. On a longer term basis, we are yet to breach September 2024 high meaningfully. Yes, there was a day last month when we broke that, but then Nifty has been in the range without going above.
This month the question again naturally is – are the days of subpar returns behind us, and will there be sustained growth?
I wrote in my last post that markets have given a confirmation of turning bullish. But I may have jumped the gun. While the Nifty broke its all time high, it was unable to sustain it even for a day. So, let’s wait for a confirmation.
The update –
This was a quiet month—and quiet months test conviction more than volatile ones. As you can see in the above chart, the market has largely stayed where it was at the end of last month. Indu and Muthu are hoping that their investments keep pace with the market, while Shekhar is expecting some recovery in his underperforming stocks.
This month, they maintained their discipline 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 | 10977.214 | 20000 | 29.57 | 676.361 | 11653.576 | 344596.23 |
| Invested Amount | 320000 |
| Current Value | 344596.2 |
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 | 62.574 | 4000 | 1043.18 | 3.834 | 66.409 | 69276.11 |
| 2 | HDFC Mid-cap Opprtunities fund | 326.226 | 4000 | 201.72 | 19.829 | 346.055 | 69806.21 |
| 3 | Parag Parikh Flexi Cap fund | 732.306 | 4000 | 86.97 | 45.993 | 778.299 | 67688.67 |
| 4 | Nippon India Multi Cap fund | 212.890 | 4000 | 299.95 | 13.336 | 226.226 | 67856.49 |
| 5 | HDFC Small Cap fund | 455.230 | 4000 | 138.15 | 28.954 | 484.184 | 66889.97 |
| Invested Amount | 320000 |
| Current Value | 341517.5 |
Shekhar’s Portfolio (the stock picker) –
| Stock | Existing Shares | New Investment | Buy Price | New Shares | Total Shares | Value |
| Aarti Industries | 14.37 | 400.00 | 376.4 | 1.06 | 15.43 | 5808.343 |
| Aarti Pharma | 8.22 | 400.00 | 742.5 | 0.54 | 8.76 | 6502.745 |
| Asian Paints | 2.56 | 411.52 | 2746.5 | 0.15 | 2.71 | 7441.277 |
| Astral | 4.21 | 406.31 | 1390 | 0.29 | 4.50 | 6253.673 |
| Axis Bank | 5.60 | 400.00 | 1228.2 | 0.33 | 5.93 | 7278.505 |
| Bajaj Finance | 4.50 | 400.00 | 1000 | 0.40 | 4.90 | 4900 |
| Bajaj Finserv | 3.15 | 400.00 | 2017.6 | 0.20 | 3.35 | 6754.41 |
| Bajaj Housing Finance | 53.02 | 400.00 | 95.13 | 4.20 | 57.23 | 5444 |
| Britannia | 1.13 | 400.00 | 6032.5 | 0.07 | 1.19 | 7196.48 |
| Chola Investment | 4.19 | 400.00 | 1698 | 0.24 | 4.43 | 7521.054 |
| Dabur | 11.94 | 400.00 | 488.2 | 0.82 | 12.76 | 6228.229 |
| Deepak Nitrite | 3.01 | 400.00 | 1765.2 | 0.23 | 3.24 | 5721.02 |
| Devyani International | 35.82 | 400.00 | 144.84 | 2.76 | 38.58 | 5588.385 |
| Divis Labs | 0.99 | 400.00 | 6427.5 | 0.06 | 1.05 | 6778.881 |
| DMART Avenue Supermart | 1.52 | 400.00 | 3787.4 | 0.11 | 1.63 | 6164.494 |
| Eicher | 1.07 | 400.00 | 7324 | 0.05 | 1.13 | 8261.152 |
| Garware Technical | 7.54 | 460.36 | 699.25 | 0.66 | 8.20 | 5736.026 |
| Havells | 3.94 | 400.00 | 1418.2 | 0.28 | 4.22 | 5983.019 |
| HCL Tech | 3.73 | 400.00 | 1660.9 | 0.24 | 3.97 | 6593.421 |
| HDFC Bank | 6.66 | 400.00 | 992.1 | 0.40 | 7.06 | 7008.221 |
| HUL | 2.54 | 400.00 | 2285.4 | 0.18 | 2.72 | 6215.178 |
| ICICI Bank | 4.57 | 400.00 | 1350.4 | 0.30 | 4.87 | 6572.14 |
| Indian Hotels | 7.88 | 400.00 | 739.6 | 0.54 | 8.42 | 6227.307 |
| Infosys | 3.72 | 400.00 | 1656.1 | 0.24 | 3.96 | 6559.521 |
| Jio Finance | 22.52 | 400.00 | 296.95 | 1.35 | 23.87 | 7088.482 |
| Kotak Mahindra Bank | 2.97 | 400.00 | 2164.2 | 0.18 | 3.16 | 6832.711 |
| L&T Technologies | 1.30 | 400.00 | 4518.3 | 0.09 | 1.38 | 6253.579 |
| LTI Mindtree | 1.12 | 400.00 | 6035.5 | 0.07 | 1.19 | 7172.238 |
| Mankind Pharma | 2.44 | 400.00 | 2193 | 0.18 | 2.63 | 5760.274 |
| Manyavar Vedant Fashions | 7.23 | 400.00 | 578.8 | 0.69 | 7.92 | 4584.223 |
| Metro Shoes | 5.16 | 400.00 | 1145.4 | 0.35 | 5.51 | 6306.225 |
| Muthoot Finance | 2.50 | 400.00 | 3797 | 0.11 | 2.60 | 9886.437 |
| Naukri Info Edge | 4.19 | 410.05 | 1365.8 | 0.30 | 4.49 | 6128.788 |
| Nestle | 5.20 | 400.00 | 1272.6 | 0.31 | 5.52 | 7018.898 |
| Nykaa | 31.17 | 400.00 | 259.45 | 1.54 | 32.72 | 8488.071 |
| Page Industries | 0.14 | 416.92 | 36470 | 0.01 | 0.15 | 5353.165 |
| PayTM | 6.56 | 400.00 | 1315.3 | 0.30 | 6.86 | 9026.981 |
| Pidilite | 4.14 | 400.00 | 1458.6 | 0.27 | 4.42 | 6440.867 |
| Reliance | 4.51 | 400.00 | 1559.2 | 0.26 | 4.77 | 7436.924 |
| SRF | 2.15 | 400.00 | 3101.6 | 0.13 | 2.27 | 7055.4 |
| Tata Consumer | 5.67 | 400.00 | 1175.7 | 0.34 | 6.01 | 7068.652 |
| Tata Elxsi | 1.02 | 400.00 | 5348 | 0.07 | 1.10 | 5873.946 |
| Tata Commecial | 7.40 | 200.00 | 408.65 | 0.49 | 7.89 | 3224.01 |
| Tata Motors | 8.95 | 200.00 | 358.8 | 0.56 | 9.50 | 3410.169 |
| TCS | 1.71 | 400.00 | 3280 | 0.12 | 1.83 | 5995.857 |
| Titan | 1.74 | 400.00 | 3992 | 0.10 | 1.84 | 7361.243 |
| Torrent Pharma | 1.80 | 400.00 | 3816.6 | 0.10 | 1.91 | 7272.294 |
| Trent | 1.15 | 400.00 | 4285.3 | 0.09 | 1.25 | 5347.118 |
| Tube Investments | 2.00 | 400.00 | 2600.8 | 0.15 | 2.16 | 5605.857 |
| Varun Beverages | 12.02 | 400.00 | 482.85 | 0.83 | 12.84 | 6201.934 |
| Zomato | 24.38 | 400.00 | 281.75 | 1.42 | 25.80 | 7268.211 |
| Kwality Walls | 2.54 | 0 | 50 | 0 | 2.54 | 127 |
*This month Kwality Walls (the ice-cream business of HUL) went for a demerger in 1:1 ratio. I have listed the shares separately at an indicative price. I will decide what to do with these once the shares are listed for trading. We had dividends coming in from Asian Paints, Astral, Garware Technical, Info Edge and Page Industries. We are assuming a reinvestment of the dividends in the same stocks.
| Invested Amount | 320000 |
| Current Value | 330327 |
If you look at Nifty, the markets have not gone anywhere over the last month. However, the divergence between Indu and Muthu’s portfolio shows that the broader markets have underperformed. Indu has been able to pull ahead meaning fully and the gap between these two which was in in the range of a hundred rupees over the past couple of months has become quite large.
Meanwhile, Shekhar has quietly observed that his percentage growth over the past month is better than the other two and he is becoming hopeful of the recovery.
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 |
| Dec-25 | 344596.2 | 341517.5 | 330327 | 320000 |
We will be completing an year of this experiment in just another month. That will be the time to learn some lessons, do some adjustments, or do nothing of the sort and let this run. We will see when we reach there.
For now, wishing all of you a very happy new year.
Disclaimer: I hold all the stocks and mutual funds mentioned on this page in my personal portfolio.