Its (absolutely) crazy
MENA – Middle East, North Africa
The Determined MENA portfolio delivered strong 12% returns in 2Q24 (Apr-June24). This would have been considered quite exceptional, notably given we trimmed investments and raised cash levels to 30% in May24. Except, the Nifty MidSmallcap400 Index benchmark reported stronger 15% gains during this period. This has been record 5 consecutive quarters of 10+% returns in the benchmark! Since inception, the Determined MENA portfolio delivered exceptional 80% returns. Yet the Nifty MidSmallcap400 Index benchmark reported even stronger 85% gains during this period – hence portfolio performance has primarily been driven by Beta (or very strong correlation to the market). That is the real story here – 400 stocks, up 80+% on average, in 15 months! Technically, we should cut the portfolio down to size right here – we can hit 100% absolute return by reinvesting in Bank FDs for the remaining 21 months. But then where is the fun in that…
Determined investments 