Overview

Q3 FY24 has continued the momentum from the first two quarters but at a frantic pace. The index rallied in two out of three months of this quarter and made an All Time High at 21800, nearly 1600 points higher than the highest point of last quarter.

The global headwinds softened dramatically in the months of Nov and Dec with the US Dollar index weakening, US yields dropping from 5% to 4.2% during the second half of the quarter and FII buying picking up on consensus that rate hikes are past us.  However, There continues to remain a spectre of global recession, IT slowing down in CY24 and lack of overseas fund flow. India had another tailwind in this quarter with the ruling party securing regional elections and bolstering the chances of a full majority in the upcoming important National elections in May 2024.  

The Indian market has incredibly sustained all the headwinds in the past year and is now forging ahead on the renewed confidence of political stability and sustained GDP growth.  India remains one of the very few countries that have seen an All Time High in 2023. An all-time high occurrence is an important parameter in the journey of a stock or an Index as the probability of continuation becomes very high for the ensuing period.

Nifty gained over 10.7% this quarter and the surprise was the big move in the Nifty next 50 stocks at 18.5% !  Small Cap 250 and Midcap400 index continued the good run gaining 14.8% and 13.50% respectively.

For Q3 FY 2024 within Weekendinvesting strategies notably, Mi MT Allcap was up 25.1%, Mi NNF 10 at 23.7%, and India Top 10 at 19%. All other strategies performed in line or beat the respective benchmarks.

Our belief in the concept of BBC (Bhav Bhagwan Che), a Gujarati saying which means that “Price is God” helps us follow the markets in a non-discretionary manner and we allow the markets to do the talking. This has been our sole mantra in the last nearly 8  years that we have been offering these services to tens of thousands of Weekendinvestors.  Our 100% non-discretionary approach at times can lag the markets when markets make trend changes but over time, we have seen this perform much better than many other styles of investing. The historical CAGR returns experienced by clients and the resulting thousands of testimonials are proof to this claim.

The forecast for next few quarters as it stands today is that of optimism given the political and economic strong position and the potential of the culmination of hiking interest rates. 

At Weekendinvesting, we will continue to walk our established chosen path of following our strategies to the Tee. All our strategies have a self-healing and self-correcting approach and will come around strongly after any drawdown period that we may face. The whole setup is like a high probability winning machine provided you give the strategies adequate time to heal if the market undergoes some damage.

This last quarter we have taken many new initiatives at Weekendinvesting.

(a) We had the Second Weekendinvesting Hangout meet in Bengaluru which was well received. We intend to meet in a new city every quarter or even earlier.

(b) We started the WI Chat Service on the weekendinvesting.com website that any new user coming to the website can ask direct queries from.  

(c) The Weekendinvesting App now has more than 7500 users who use it for its super content and a free educational US strategy available there. The online chat system on the app has reduced the already quick response time for all Weekendinvestors. Download the app using the links below

(d) The online appointment system that was added in the App is gaining traction where you can have a one on one google meet based video call with our team to discuss anything.

(e) Our new daily newsletter that goes out to a large audience has gained traction and we have a good engagement with our audience there.

(f) We had a successful launch of the exclusive HNI segment and the first product therein called the HNI Wealth Builder that was sold out in 10 minutes of its opening given that this segment will have limited slots and a direct email and phone support service for the users.

In the coming quarter we intend to enhance our HNI portfolio,  refresh our existing product portfolio, and plan to upgrade our content delivery through YouTube and other channels to meet our target to educate youngsters on the importance of saving, investing and having a planned approach.

We strongly believe in the long-term India story and we believe that momentum strategies will continue to do very well in this India scenario of continuity of growth and liquidity flows. All we need to do is to ensure that we are riding the winners when it is favorable to us and defending our position when it isn’t.

Please write to [email protected] if you have any questions.