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Fund Managers Interview
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In the near to mid-term, if OMOs are regularly announced it should be positive for bond markets
04-Jun-2018 (12:07)
In the next 2-3 years select midcaps should show fair earnings growth and should do well as a result
01-Jun-2018 (16:48)
India is likely to grow faster than many nations
30-May-2018 (14:30)
Investors to have a longer time frame if they invest in bond funds and should also consider the possibility of capital losses in the short time horizo
28-May-2018 (17:04)
We are overweight on automobile and media stocks, we are underweight on pharma
16-May-2018 (13:33)
We continue to maintain our positive stance on construction companies, private sector banks and consumer facing businesses
30-Mar-2018 (17:48)
While managing allocation across debt funds, one could look at adding interest rate risk at earlier stages
28-Mar-2018 (15:44)
Government sticking close to fiscal numbers will likely improve market sentiment
01-Feb-2018 (11:44)
The synchronous global growth, continuous reforms from government and earnings rebound in second half of fiscal augur well for markets
02-Jan-2018 (11:07)

Mr Mahesh Patil

In an interview with Anjali Raulgaonkar from Capital Market Publishers, Mahesh Patil, Co-CIO, Aditya Birla Sun Life AMC said, We could see broad based growth across sectors and the pressure points on some of the sectors are easing off. We continue to follow the philosophy of investing in companies that could show growth and are available at reasonable valuations.


1. Equity markets are already up. Is there more room to grow? How are you approaching market right now?

The performance of markets in 2017 has been impressive with a return of about 30% on large cap indices. However, if you look at longer term returns on a 3/5/10 year basis, it is low. The important thing to note is that both in terms of economy and corporate earnings, we are at the bottom of the cycle. While the P/E expansion may not happen much but the catch up with earnings growth is possible. We are estimating 19% growth for FY19 for Nifty 50 companies. We could see broad based growth across sectors and the pressure points on some of the sectors are easing off. We continue to follow the philosophy of investing in companies that could show growth and are available at reasonable valuations.

2. What is your investment space? Any stock specific traits which makes it part of your portfolio? What?

We have more than 300 companies in our investment universe across market capitalizations. We look at companies that have strong competitive advantage, faster growth, good management, large addressable market, superior product, technology etc.

3. What kind of stocks you avoid, why?

We are particular about investing in quality stocks that correct less in market correction and rebound quickly in case of market recovery. We keep our portfolio well-diversified portfolio, while staying away from high momentum stocks.

4. Is there any pre-emptive miss you regret (for instance, not adding a particular stock in your list or not possessing enough of it)?

When we invest, we formulate a certain thesis on each individual investment to predict what should be our target price. There are certain periods where that thesis does not play out and plays out different. This could lead to misses. Most times we get back to basics to re-analyse our assumptions and how we defer from market opinion. It is part and parcel of fund management. As long as we capture more correctly than missing opportunities, our fund performance should be alright.

5. What will be your advice to investors?

There is full conviction that India has strong growth potential in the medium to long term and the stock markets provide an opportunity to participate in it. However, the return expectation should be reasonable. As long as investors are seeking lower double digit returns for a 3- 5 year investment, they should not be disappointed. The synchronous global growth, continuous reforms from government that should bear results going forward and earnings rebound in second half of fiscal augur well for markets.

We expect 10-year benchmark yields to remain in range of 7.10% to 7.40%
27-Dec-2017 (15:47)
We believe from hereon; stock performances would be a function of earnings growth
26-Dec-2017 (12:23)
We believe that over the long term there is a definite room to grow amongst global stagnancy
01-Oct-2017 (21:06)
Fixed income continues to be driven by both local and global events, though local factors have far more weightage
30-Sep-2017 (20:30)
With low probability of rate cuts, developments over fiscal deficit will drive the market in near term
06-Nov-2017 (11:38)
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