A review of portfolios of Mukul Agrawal, Ashish Kacholia, Vijay Kedia, Rekha Jhunjhunwala and Dolly Khanna shows that losses dominated across the board, with only a small fraction of stocks delivering gains.
Mukul Agrawal had the widest exposure among the group of marquee names, holding 65 stocks. Of these, only 5 stocks, or about 8%, ended the quarter in the green, while 60 stocks, or over 92%, declined. Apollo Pipes rose 41% during the quarter, while KRN Heat Exchanger gained 17% and J&K Bank advanced 10%.
Strides Pharma Science and AYM Syntex also posted modest gains. However, these gains were outweighed by widespread declines across industrial, real estate and specialty chemical names in the portfolio. Stocks like Vikran Engineering, Ajmera Realty slumped nearly 50% in just three months of the year.
Ashish Kacholia, another star investors closely followed by retail investors, held 34 stocks at the end of December quarter. Of these, only 5 stocks, or about 14.7%, delivering positive returns and 29 stocks, or over 85%, slipped into into losses.
Aeroflex Industries, in his portfolio, rallied the highest at 24%, while Advait Energy gained 16% and Jain Resource Recycling was up about 10%. At the same time, several consumption and small-cap names in his portfolio saw sharp declines, reflecting the broader pressure on high-beta segments. His stocks like Agarwal Industrial, Vikran Engineering and Zaggle Prepaid posted losses over 40%.
Rekha Jhunjhunwala’s portfolio appeared relatively more stable compared to peers, though it was still largely in the red. Out of 27 stocks, 2 stocks, or about 7.4%, ended with gains, while 25 stocks, or over 92%, declined. Karur Vysya Bank rose 10% during the quarter, while Star Health gained a marginal 0.5%. On the downside, several midcap names like Advent International, Raghav Productivity saw corrections over 40%.Vijay Kedia, who held 17 stocks as of December 2025 end, saw one of the highest concentrations of losses. Only 1 stock, or about 5.9%, ended in positive territory, while 16 stocks, or over 94%, declined during the quarter. Advait Energy Transitions was the sole gainer, rising 16%. However, most of the other holdings, particularly in manufacturing and niche industrial segments, saw steep corrections as risk appetite faded.
Dolly Khanna’s portfolio was the most impacted in terms of breadth of losses. She held 10 stocks, and only 1 stock, or 10%, delivered positive returns, while 9 stocks declined. Savera Industries was a rare light in the portfolio with 15% gain during the quarter. The rest of the portfolio, including several agro, sugar and chemical-linked companies, saw significant declines. The concentrated nature of her portfolio amplified the impact of the downturn.
The common pattern across all five investors was very few stocks delivered gains, and even those were largely isolated cases. The majority of holdings across portfolios fell, many by a wider margin than the benchmark indices.
The quarter also highlighted the vulnerability of mid- and small-cap stocks during periods of global uncertainty. The Nifty mid and smallcap indices declined over 10% this year. Portfolios with higher exposure to these segments saw sharper drawdowns, while those with some allocation to financials or relatively stable businesses managed to limit losses to an extent.
Overall, the March quarter showed that macro shocks tend to override stock-specific strengths in the short term. Even seasoned investors with diversified portfolios were not insulated from the sell-off, as the impact of geopolitical tensions spread across sectors and market caps.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
