Ashish Dhawan Investment Portfolio

• Ashish Dhawan is one of the wealthiest investors and philanthropists in India. His business, Chrysalis Capital, ranks among the country’s largest funds.
• Ashish Dhawan’s portfolio, which comprises high-quality stocks, has increased his net worth to around Rs. 3,187.3 crores.
• The top stocks in Ashish Dhawan’s portfolio include IDFC Ltd., Glenmark Pharmaceuticals Ltd., Mahindra and Mahindra Financial Services Ltd., Equitas Small Finance Bank Ltd. and Quess Corp Ltd.

Ashish Dhawan’s portfolio, rich with quality stocks, has boosted his net worth to over Rs. 3,187.3 crores. He has a diverse portfolio that spans multiple sectors, such as healthcare, technology, and consumer goods. His investments often focus on high-growth companies and startups, highlighting a strategy aimed at long-term value creation.

This article highlights Ashish Dhawan's journey, investment strategies, and insights into his portfolio, as well as his contributions to the broad financial community as a whole.

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In 1992, Ashish Dhawan embarked on his investment career as the only Indian analyst at a boutique investment bank on Wall Street. He studied MBA in leadership at Harvard Business School from 1993 to 1995. Following his MBA, Dhawan joined the Risk Arbitrage Group at Goldman Sachs in New York.

When he was 28, Dhawan decided to return to India. In 1999, with his Harvard classmate Raj Kondur, Dhawan co-founded ChrysCapital, a private equity business. The firm prospered despite initial hurdles in the emerging private equity market. Within just five to six years, under Dhawan's leadership, ChrysCapital grew its managed funds to US $1 billion, establishing itself as one of India's most prominent investment firms.

Today, ChrysCapital stands as the country’s premier equity fund. After spending two decades in investment management, Dhawan shifted from his full-time role at ChrysCapital to focus on philanthropy.

In 2012, Ashish Dhawan launched the Central Square Foundation (CSF), an initiative dedicated to improving the quality of education in India through financial support. The foundation also conducts in-depth research and strategic planning to enhance education policies.

In 2014, Mr. Dhawan collaborated with 40 other committed individuals to co-found Ashoka University. This pioneering institution is India’s first liberal arts university, offering a comprehensive range of subjects to provide students with a well-rounded education.

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Ashish Dhawan’s portfolio is a testament to his expertise in identifying promising startups and established companies alike, positioning him as a well-known figure in the investment community. With over 20 years of experience in investment management, he has built a solid portfolio reflective of his net worth. By the end of the June 2023 quarter, he held 12 primary stocks:

A closer look at Ashish Dhawan’s portfolio reveals a strategic balance between high-risk, high-reward investments and stable, long-term holdings.

Suzlon Investment (2004)

In 2004, ChrysCapital made a significant investment of Rs. 100 crores in Suzlon. By 2007, this investment yielded substantial returns, amounting to Rs. 1,300 crores.

Portfolio in 2017

By the second quarter of 2017, Ashish Dhawan's portfolio included around 15 different stocks. Among these holdings, IDFC Limited and V Mart Retail Ltd. were the largest investments.

Portfolio in 2018

In 2018, Ashish Dhawan took a diversified approach to his portfolio, broadening his investments to mitigate risk and increase diversification. He added three new stocks — Dish TV India Ltd., AllCargo Logistics Ltd., and Karur Vysya Bank Ltd. — to his six-stock portfolio, increasing the total number of holdings to nine.

Portfolio in 2019

By 2019, Ashish Dhawan expanded his portfolio further, increasing the number of stocks from 9 to 11. His investments were spread across a range of sectors, with a notable emphasis on financial companies, technology stocks, logistics, and retail markets. This represented a significant shift from the previous year’s portfolio composition.

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1. Diversified investments:
   During the Dot Com crash, his strategy of diversification shielded him from adverse losses in the telecom sector, resulting in substantial gains from his investment in SpectraMind. ChrysCapital's broad portfolio, including Shriram Transport Finance and Axis Bank, generated significant profits.
2. Market analysis:
   Dhawan emphasises the importance of thorough market analysis in evaluating profits and risks. His experiences with losses in Allsec Technologies, Mastek, and Orient Green Power taught him the importance of factoring in associated risks.
3. Long-term focus:
   Dhawan's commitment to a long-term investment strategy is demonstrated by his investment in Mphasis. Despite facing price declines, his patience eventually paid off with returns five times his initial investment. This underscores the value of maintaining investments over the long term to achieve substantial returns.

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Ashish Dhawan’s early success in his investment journey afforded him the freedom to pivot and build multiple careers in the education sector and philanthropy. He emphasises the importance of making informed decisions, focusing on long-term investments, and conducting thorough research. He advises against allowing fear to lead to poor choices. By examining the portfolio of Ashish Dhawan, one can grasp the principles of risk management and opportunity identification that have driven his success in the investment world.