Rakesh Jhunjhunwala's biggest portfolio gains came after the age of 55

The value of his disclosed portfolio quadrupled in the past seven years

Rakesh Jhunjhunwala was wary of providing investment ideas despite being constantly badgered for them, but once said he was unable to refuse a woman when she persisted.

He suggested a stock he expected to double in two or three years. The woman was disappointed and it showed on her face, and she asked, “Just double?”

While some may have found unexciting the pace of long-term compounding, its effect on the growth of Jhunjhunwala’s fortune has only become more pronounced with every passing year. More than 75 per cent of the value of Jhunjhunwala’s disclosed portfolio emerged in the past seven years.

He had a disclosed portfolio of Rs 7,319 crore in March 2015. The value rose to Rs 32,338 crore as of March 2022. The subsequent market volatility has meant the figure is down to Rs 30,652 crore.

The additions since 2015 account for 76 per cent of his latest available portfolio holdings.

Companies are required to disclose the names of people holding more than a 1 per cent stake in the outfits. Business Standard calculated the sum of his holdings, using the disclosures that involved 15 names and their combinations. These do not include private assets not listed on the stock exchanges. The amount would be higher if this was included.

Forbes, whose list of billionaires also considers private holdings, puts his net worth at $5.8 billion, or over Rs 46,000 crore, at an exchange rate of Rs 80 per dollar.

The surge in the stock market since the pandemic came has significantly increased the value of his holdings. While the gains since he turned 55 were large, the largest were in the past two years as seen in chart 1.

The listing of private companies like Star Health and Allied Insurance Company, of which he is the principal owner or promoter, has significantly added to his fortune.

His biggest holding remains Titan. It accounted for over Rs 11,000 crore. Other holdings, apart from Chennai-based Star Health and Allied Insurance (Rs 7,014 crore), are footwear company Metro Brands (Rs 2,232 crore), automobile major Tata Motors (Rs 1,857 crore or Rs 2,205 crore including securities with differential voting rights), and rating agency CRISIL (Rs 1,306 crore).

The top five holdings accounted for over three-quarters of his disclosed fortune (see chart 2).

A sectoral analysis shows wide-ranging positions over the years. Consumption has been a major theme mostly because of his holding in Titan.

Insurance has emerged as a major bet in the last two quarters after the listing of Star Health in December 2021. The share of construction companies has gone up from 1.6 per cent in March 2022 to 1.8 per cent, according to the latest disclosures (see chart 3).