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Mid-Year 2023 Update

Market & Performance After ~18 months of correction, markets have scaled to new highs in 2023 with strong up-move seen in last few months. And Indices scaling to new highs after a decent period of consolidation is a strong indication of a new up-trend. Our stocks have been performing quite well, leading to a strong YTD (year-to-date) returns of +21.4% for Surge vs +6.4% for NIFTY500. This has more than covered up for last year’s underperformance and has led the portfolio to new highs.

Portfolio Updates Every new bull market creates a new set of leaders and thus it is very important to rotate one’s portfolio to new ideas during a bear market. Holding onto past ideas is not the best strategy when a new bull market starts. We have written about this in detail back in November’22 in our post- “Market Correction: An Opportunity in Disguise” Over last 18-months, we had to let go of ~70% of our old stock ideas to make room for new emerging trends. These new investments made last year is what is leading to current year’s strong performance and we expect that the remaining past ideas (which have now recovered & are sitting at new highs) plus the new investments made in 2023 would further add to this performance over coming periods. In first six months of 2023, we have initiated Buy on 4 new stocks-

  • First being a housing finance company wherein some management related issues led to the stock being available at extremely low valuations while the business kept performing well.

  • A consumer discretionary company wherein there has been a major transformation that is happening within the company that will accelerate company’s growth trajectory for the future. This opportunity was available at extremely good valuations given the near-term challenges being faced by the industry.

  • Two platform companies, both of which are extremely well placed to grow at above average growth rates for extended time periods, while also holding some major optionalities.

Other Updates Key highlight for 2023 has been our new initiative of Weekly Insights. Through Weekly Insights we are sharing some very interesting insights on stocks, businesses, markets and investing frameworks every Saturday. These are curated insights based on our readings & research which are actionable in nature. Some of our most read insights includes-

You can sign-up here to receive future insights directly in your mailbox-

Ill end this update by saying that like how swimming against the river flow is futile; trying to make money against market trend is also futile. There are times when one needs to act & make money and then there are times when one is better not doing anything & focusing on protecting his/her capital.

And there is no better time to act & position oneself to make money than at the start of a new bull market; because the initial leg of uptrend is among the strongest of the entire bull run.

Happy Investing!



Surge Capital is a trade/brand name used by Ankush Agrawal (Individual SEBI Registered Research Analyst INH000008941) to provide equity research services in the Indian Equity Markets.

“Registration granted by SEBI, and certification from NISM in no way guarantee performance of the Research Analyst or provide any assurance of returns to investors”

“Investments in securities market are subject to market risks. Read all the related documents carefully before investing.”

“The securities quoted are for illustration only and are not recommendatory”


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