Saurabh Shroff

QRC Investor Letter 4QFY23

Dear Investor, We hope this letter finds you well. Market & Performance Update January to March ‘23 was a tough period for the markets. The major developments in the Indian markets were the Hindenburg report on the Adani group and ensuing deep correction in the group’s stocks. Globally, the liquidity challenges on Silicon Valley and

QRC Investor Letter 4QFY22

Dear Investor, We hope this letter finds you and your loved ones safe and well. It is indeed a relief to hopefully see the end of the pandemic. One of the characteristics of stocks that we buy in the portfolio is what we internally call ‘Quality in a Spot of Bother’ (SoB). These are companies

QRC Investor Letter 3QFY22

Dear Investor, We hope this letter finds you and your loved ones safe and healthy as we are once again grappling with another (but hopefully the last) major covid wave. Suprajit Engineering Limited (SEL) is one of our larger holdings in the portfolio and one which have now owned for over 3 years. SEL has

QRC Investor Letter 2QFY22

Dear Investor, We hope this letter finds you and your loved ones safe and healthy. Investing at Lifetime Highs Marico is one of our largest holdings and 2021 marks its 25th year as a listed company. We want to use Marico as an example to highlight the power of long-term investing in a high-quality business

QRC Investor Letter – July 2021

Dear Investor, We hope this letter finds you and your loved ones safe and healthy. Conservative Does Not Mean Low Returns Off late some people have asked us if we are being too conservative in our investment approach. So, we thought we would use this opportunity to put things in perspective. The way we see

QRC Investor Letter – April 2021

Dear Investor, We hope this letter finds you and your loved ones safe and healthy. Performance Update For the 2nd Half of FY21 (October 202 to March 2021), the QRC Long Term Opportunities Portfolio (LTOP) was up ~25% on top of the ~26% return delivered in the April to September 2020 period. Consistent and strong

QRC Investor Letter – October 2020

Dear Investor, We hope this letter finds you and your loved ones safe and healthy. We have witnessed one of the steepest falls and the fastest recovery in the history of global equity markets in these past few months. This time last year, we were looking at the Indian economy on the cusp of a

QRC Investor Letter – April 2020

Dear Investor, First and foremost, we hope this letter finds you and your loved ones healthy and well. During the last six months, we have gone from an economy which was just starting to get back on its feet to one that will most likely have no growth or perhaps even de-grow given the

QRC Market Musings – March 2020

Dear Investor, Local and global events have resulted in the Nifty and small and mid-market cap indices fall by 18-20% over the last four weeks. This has resulted in a lot of the froth being removed from the market. The deep and swift correction in market has been global with markets everywhere reacting to

QRC Investor Letter – October 2019

Dear Investor, Stock Market Update The first half of financial year 2019-20 has been very eventful with India having its fair share of headline grabbing developments. From a resounding re-election of Narendra Modi and BJP to a very uninspiring budget session in parliament followed by backlash from industrialists to a host of economic reforms