By Suhel Khan
When Manish Gupta parted ways with RARE in 2014, his ex-boss and mentor, Rakesh Jhunjhunwala was supportive of his entrepreneurial dream. At the same time, he worried that asset management was a tough business to scale, very competitive and unsure if Manish was ready.
But in an Interview with NDTV Profit back in 2022 days after the investment maestro passed, Manish revealed how Jhunjhunwala’s big brotherly support and expertise had shaped him in his years at RARE, to be ready for this challenge.
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Since 2014, Manish Gupta’s firm Solidarity Investment Managers has been guiding investors make the most of their investments by means of a streamlined approach.
And in the recent quarterly letter to partners, Solidarity revealed their portfolio picks for the quarter ending December 2024.
And the list has some really “out of favour” names like Solidarity calls them in the letter.
Let’s take a look at these holdings…
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Restaurant Brands Asia Ltd (RBA)
The company with a market cap of Rs 3,866 cr is the national master franchisee for the brand, Burger King. It holds exclusive rights to develop, open, operate, and franchise Burger King restaurants in India.
Solidarity in its letter says that it believes RBA is being punished because the market is giving a negative value to its Indonesia business which is still burning cash even 3 years after been acquired by RBA.
Solidarity has bought into RBA for its India opportunity and track record and as they were willing to take a leap of faith that the Indonesian business will be worth at least its acquisition price.
RBA was listed in Dec 2020,
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