The index is largely still in the same range as in previous months, but a stock picker like Shekhar lives for months such as these. After languishing in third place for more than a year, his portfolio has finally beaten the index investing plan.

Last month I wrote that it was still difficult to say whether this was the beginning of a broader market recovery or merely strength in a handful of stocks and mutual funds. But given the diversification Shekhar has maintained, perhaps this is a sign that strength is beginning to broaden beyond the headline index. Indu’s index portfolio, after all, still remains only marginally above the invested amount.

This month, the news cycle has turned slightly more positive for Indian equities. Raamdeo Agrawal recently suggested that the Nifty could reach 50,000 over a sensible horizon of six to nine years, depending on valuations. Predictions are predictions, of course, but at least this is the sort of horizon investors can take seriously.

At the start of the month, it looked as though there might finally be a breakout, but Nifty has once again settled near the 24,000–24,200 zone. Still, that is better than where we were a few months ago. Let’s take a look at the three portfolios.

But then, who knows? The uncertainties are too many to account for. Patience and discipline are still the best friends that an investor can have.

The Update –

As always, they have invested their planned INR 22,000 this month. Discipline matters after all.

Here is how each portfolio stands after nineteen 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	17136.518	22000	28.22	779.433	17915.951	505588.14

Invested Amount	494000
Current Value	505588.1

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	96.749	4400	1064.64	4.133	100.882	107402.9
2	HDFC Mid-cap Opportunities fund	499.161	4400	213.82	20.577	519.738	111130.4
3	Parag Parikh Flexi Cap fund	1146.946	4400	83.08	52.958	1199.905	99688.07
4	Nippon India Multi Cap fund	330.522	4400	304.14	14.466	344.988	104924.6
5	HDFC Small Cap fund	714.566	4400	140.5	31.315	745.881	104796.3

Invested Amount	494000
Current Value	527942.3

Shekhar’s Portfolio (the stock picker) –

Stock	Existing Shares	New Investment	Buy Price	New Shares	Total Shares	Value
Aarti Industries	23.07	500.00	540.35	0.92	24.00	12967.85
Aarti Pharma	13.80	500.00	840.7	0.59	14.39	12100.27
Asian Paints	4.10	500.00	2608.7	0.19	4.29	11183.55
Astral	6.74	500.00	1532.3	0.33	7.07	10833.61
Axis Bank	8.55	508.55	1265	0.40	8.95	11322.05
Bajaj Finance	11.00	565.97	1079.9	0.52	11.52	12439.57
Bajaj Finserv	5.20	507.81	2002	0.25	5.46	10927.39
Bajaj Housing Finance	61.75	0.00	85	0.00	61.75	5249.124
Britannia	1.81	663.51	5308.5	0.12	1.93	10253.98
Chola Investment	6.53	504.57	1862.9	0.27	6.80	12664.12
Dabur	20.28	611.54	386	1.58	21.86	8439.086
Deepak Nitrite	3.50	0.00	1762.9	0.00	3.50	6164.551
Devyani International	42.07	0.00	139.94	0.00	42.07	5887.817
Divis Labs	1.58	573.62	9239	0.06	1.64	15168.06
DMART Avenue Supermart	2.47	500.00	3830.6	0.13	2.60	9949.918
Eicher	1.60	630.80	8059	0.08	1.67	13484.8
Garware Technical	8.86	0.00	799	0.00	8.86	7075.572
Havells	6.98	500.00	1222.9	0.41	7.39	9032.399
HCL Tech	6.71	500.00	1316.1	0.38	7.09	9332.89
HDFC Bank	11.32	647.17	720.3	0.90	12.22	8800.874
HUL	4.29	500.00	2010.4	0.25	4.54	9130.154
ICICI Bank	7.41	588.98	1422.8	0.41	7.83	11138.05
Indian Hotels	13.62	500.00	706.4	0.71	14.32	10117.69
Infosys	6.97	500.00	1144.2	0.44	7.41	8473.211
Jio Finance	37.90	522.74	238.4	2.19	40.09	9557.16
Kotak Mahindra Bank	24.51	515.93	423.7	1.22	25.73	10900.4
L&T Technologies	1.49	0.00	3568.7	0.00	1.49	5311.223
LTI Mindtree	2.04	500.00	4675	0.11	2.14	10016.14
Mankind Pharma	4.11	500.00	2382.9	0.21	4.32	10286.19
Manyavar Vedant Fashions	8.75	0.00	547.8	0.00	8.75	4790.956
Metro Shoes	8.90	500.00	936.7	0.53	9.43	8835.175
Muthoot Finance	3.67	500.00	3091	0.16	3.83	11837.41
Naukri Info Edge	7.73	500.00	1354	0.37	8.10	10965.61
Nestle	8.10	556.72	1454.6	0.38	8.49	12342.88
Nykaa	45.35	500.00	335.65	1.49	46.84	15721.08
Page Industries	0.16	0.00	35985	0.00	0.16	5719.749
PayTM	9.89	500.00	1650.9	0.30	10.20	16831.29
Pidilite	6.74	577.46	1629.5	0.35	7.09	11552.97
Reliance	7.34	500.00	1287	0.39	7.73	9949.385
SRF	3.58	517.91	2589.9	0.20	3.78	9791.954
Tata Consumer	9.11	505.09	1040.7	0.48	9.60	9990.441
Tata Elxsi	1.94	500.00	3685	0.14	2.08	7655.282
Tata Commercial Vehicles	7.40	500.00	466.3	1.07	8.47	3950.02
Tata Motors PV	18.84	500.00	319.4	1.56	20.40	6515.903
TCS	3.39	500.00	2342	0.21	3.60	8431.688
Titan	2.64	539.59	5169.2	0.10	2.74	14181.65
Torrent Pharma	2.69	500.00	5050	0.10	2.78	14059.68
Trent	3.13	500.00	2898	0.17	3.30	9558.063
Tube Investments	3.39	505.08	2840	0.18	3.56	10119.77
Varun Beverages	20.15	510.07	414	1.23	21.38	8849.999
Zomato	39.09	500.00	328	1.52	40.61	13320.59
Kwality Walls	2.54	0.00	45.55	0.00	2.54	115.697

*This month we had dividends coming in from Axis Bank, Bajaj Finance, Bajaj Finserv, Britannia, Chola, Dabur, Deepak Nitrite, Divis, Eicher, HDFC Bank, ICICI Bank. Jio Financial, Kotak Mahindra Bank, Nestle, Pidilite, SRF, Tata Consumer, Titan, Tube Investments and Varun Beverages.  We are assuming a reinvestment of the dividends in the same stocks except for Deepak Nitrite. Deepak Nitrite’s dividend gets invested in Divis.

Invested Amount	494000
Current Value	513295

As is evident, Muthu’s portfolio still maintains its comfortable lead. But the revival in Shekhar’s portfolio has started to look threatening. If his stocks can replicate this performance over the next few months, Shekhar might become the number one portfolio for the first time since the experiment began.

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	358187.2	362000
Mar-26	364801.9	369107.5	346026.3	384000
Apr-26	408022.7	416609.5	395188.7	406000
May-26	431203.3	444583.3	420256.6	428000
Jun-26	454447.3	468556.2	439652.6	450000
Jul-26	473996.1	491070.1	468221.3	472000
Aug-26	505592.5	527943.4	513295	494000

I am writing this post on the last day of August, and the main economic headline today is that India’s GDP growth for Q1 FY27 has beaten the RBI’s forecast. If that momentum sustains, perhaps we are in for a good run. The index is still almost 8% below its all-time high, but the diversified portfolios have begun showing healthier returns.

Shekhar is happy this month, but he also recognizes that Muthu’s portfolio only looks like a collection of mutual funds. Underlying those mutual funds are baskets of stocks selected and managed in a far more sophisticated manner than his own portfolio.

Let us see how things go for them next month.

You may also like:

No Goal Investing – An Experiment – The philosophy and rules for the experiment

No Goal Investing Update: Month 12 – January 2026 – One year completion and end of year progress review

No Goal Investing – Shekhar’s Adjustment – Adjustments for the stock picker after the first year