Few names in the Indian stock market command as much respect and admiration as Rakesh Jhunjhunwala. Often referred to as India’s Warren Buffett, he was known for his unmatched conviction, long-term vision, and ability to identify multibagger stocks long before they caught the market’s attention. Even after his passing in 2022, his investment philosophy continues to guide millions of traders and investors across the country.
Today, the portfolio managed under Rakesh Jhunjhunwala & Associates still stands as one of the most closely watched in India. Its structure, stock choices, sector preferences, and recent changes offer deep insights into what made Jhunjhunwala a legend—and how his legacy continues to evolve. With a portfolio value of over ₹63,000 crore, it remains one of the most powerful investment portfolios in India.
This article explores the major themes, top holdings, buying and selling patterns, and underlying strategy shaping this iconic portfolio.
A Portfolio That Continues to Grow After His Passing
Despite the emotional blow of losing its visionary leader, the portfolio has continued to perform strongly in the years following Jhunjhunwala’s demise. The total value now stands at around ₹63,453 crore, showing steady growth with a recent 6.6% rise.
This growth is not accidental. The portfolio continues to be managed by his long-time investment team, often referred to as Rare Enterprises, named after the first two letters of Rakesh and Rekha Jhunjhunwala. The team still follows the principles and frameworks laid down by him—patience, research-based conviction, and a preference for high-quality businesses.
This adherence to a proven philosophy has kept the portfolio stable and profitable, even in challenging market cycles.
Recent Buying Activity: Strengthening Betting on Banking
One of the most noticeable moves in the portfolio recently is the increased stake in Federal Bank. The portfolio added around 0.94% more shares, signaling continued confidence in the Indian banking sector.
This aligns with Jhunjhunwala’s long-term belief that:
“India grows when its banks grow.”
Federal Bank, known for its steady asset quality and strong retail presence, fits perfectly into the kind of reliable businesses Jhunjhunwala traditionally favored. The increase in stake suggests a firm conviction that banking will remain one of the pillars of India’s long-term economic story.
Selective Selling: Trimming Va Tech Wabag
Just as buying reveals conviction, selective selling provides insight into shifting priorities. The portfolio trimmed its holdings in Va Tech Wabag, a global water treatment company.
This does not necessarily indicate a loss of faith in the business. Instead, it may represent:
- Portfolio rebalancing
- Profit-booking
- Strategic movement toward higher-conviction bets
- Adjustments based on valuations
Jhunjhunwala’s team has always maintained that staying flexible and disciplined is essential. Selling small portions of mid-cap positions is consistent with their typical approach to optimizing risk and reward.
Diversification: The Heart of the Portfolio’s Stability
One of the defining characteristics of the Rakesh Jhunjhunwala portfolio is its thoughtful diversification. Rather than loading up on a single sector or theme, the portfolio spreads across industries that reflect both India’s current economic strengths and its future potential.
Major Sector Allocations Include:
- Financial Services: Banks, NBFCs, and insurance
- Consumer Retail: A reflection of India’s booming middle-class consumption
- Healthcare: A long-term structural story driven by demographics
- Industrials & Manufacturing: Benefiting from India’s rising domestic production
- Technology & Services: Selective picks driven by long-term efficiency trends
This balanced allocation allows the portfolio to weather volatility while still capturing growth opportunities. The emphasis on core sectors also reflects Jhunjhunwala’s belief that returns come from understanding the India growth story—not chasing fads.
Top Holdings: The Core That Drives the Portfolio
The real strength of this portfolio lies in its top holdings—companies that Jhunjhunwala backed for years and which continue to deliver strong performance.
Some of the Major Holdings Include:
1. Titan Company
Titan is perhaps the most iconic part of Jhunjhunwala’s legacy. He once famously said:
“Titan is like my child.”
His early investment in the company turned into a multibagger worth thousands of crores.
2. Star Health & Allied Insurance
Jhunjhunwala was one of the early backers of Star Health, recognizing the massive untapped potential in India’s insurance sector.
3. Tata Motors
He believed strongly in India’s auto growth story and held a long-term conviction in Tata Motors’ leadership and electrification goals.
4. CRISIL
A high-quality business offering consistent cash flows and strong market leadership in ratings and analytics.
5. Other Select Businesses
IT, retail, pharma, manufacturing, and specialty companies that reflect both stability and high-growth potential.
These holdings demonstrate a powerful combination of blue-chip reliability and long-term compounding—cornerstones of the Jhunjhunwala investing philosophy.
Strategic Management After His Passing
A key question for investors after 2022 was: What happens to the portfolio now?
The reassuring answer is that the team he built is still managing it with the same discipline. There have been visible signs of strategic rebalancing over the years:
- Reducing stakes in mid-cap positions where valuations ran ahead
- Strengthening positions in banking and financials
- Maintaining strong exposure to high-quality large caps
- Evaluating new opportunities with the same framework
The portfolio today is not static—it is dynamic, evolving, and pragmatic. This shows that the philosophy lives on, not just the portfolio.
What the Portfolio Says About His Philosophy
Every stock in the portfolio tells a story. And together, they form a blueprint of how Jhunjhunwala thought about businesses and wealth creation.
His approach was built on:
- Long-term conviction, not short-term action
- Strong fundamentals over hype-driven momentum
- High-quality management teams
- India-focused growth themes
- Humility, patience, and discipline
His portfolio remains a testament to these principles. Even years after his passing, the structure reflects the same clarity he always displayed.
Conclusion: A Legacy That Lives Through Every Holding
Rakesh Jhunjhunwala may no longer be physically present in the markets, but his influence remains as strong as ever. His portfolio continues to inspire investors, teach valuable lessons, and demonstrate the timeless power of long-term conviction.
From Titan to Federal Bank, from insurance to autos, from buying to strategic trimming—the portfolio is a living expression of his unmatched understanding of markets and businesses.
As Rare Enterprises continues to manage his holdings, the essence of Jhunjhunwala’s philosophy stays alive:
Invest in India, believe in growth, stay patient, and back great companies.
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