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We continue to maintain our positive stance on construction companies, private sector banks and consumer facing businesses
30-Mar-2018 (17:48)

Mr. Rupesh Patel
In an interview with Anjali Raulgaonkar from Capital Market Publishers, Rupesh Patel, Fund Manager, Tata Asset Managementsaid, Igenerally desist from investing in companies which, in the past have shown scant regard for minority share holders' interest and the ones which have a history of bad capital allocations.

Excerpts:

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

Like most of emerging markets, Indian equity markets have delivered stellar returns in CY'17. Those returns came on the back of improving macro as reflected in lower current account deficit, benign outlook on inflation and interest rates and soft crude prices. Lot of those macro tail winds seem to be normalizing. Further, on the domestic front, lot of volatility is expected on account of important state elections over next few months. In such an environment, stock performances would be a function of earnings visibility. We continue to maintain our positive stance on construction companies, private sector banks and consumer facing businesses.


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

In terms of our investment universe, we broadly focus on two sets of companies. First would be companies which can compound their earnings over a long period of time, are efficient users of capital, run by decent managements and have innate strengths in their business models. These form the core of our portfolio. Second set is of opportunities, which are more tactical in nature, exist in market due to stock specific/industry specific/market specific developments and makes sense to buy at certain price.


3. What kind of stocks you avoid, why?

In investing you never say never. However, I generally desist from investing in companies which, in the past have shown scant regard for minority share holders' interest and the ones which have a history of bad capital allocations.


4. Have you made any changes in your funds after the Union Budget 2018-19? What and Why?

We keep evaluating opportunities based on the intrinsic values of the businesses and prices at which they are available in the market. Changes to portfolio are often done to capture a relatively better risk reward opportunity as compared to our existing holdings. Thus announcements in the budget have not led to any specific changes in the portfolio and our core portfolio holdings have continued to remain same.


5. What will be your advice to investors?

Equity is a volatile asset class and has delivered superior tax adjusted returns over longer periods. However, to benefit from the same, one has to remain invested through the volatile phases. Hence, investors should not get too much worried about events which may have near term impact. We believe, India offers a long term growth opportunity on account of its demographic profile, rising per capita incomes, increasing urbanization and shift from unorganized to organized players. Hence, equity market corrections can be considered as good opportunities by investors to increase their equity exposures.

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)
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)
We suggest that investors looking to make a lump sum investment to stagger their investments
28-Oct-2017 (15:49)
We believe that there will be a long pause in RBI's rate action and this will lead to bond yields remaining in a very tight range in the near term
01-Sep-2017 (11:05)
We believe that Indian equity is a very promising asset class to invest in, over the medium term, despite the recent smart run up in the market
01-Aug-2017 (14:52)
One has to be selective in identifying the companies /sectors with high growth potential
05-Jul-2017 (18:30)
Match the investment horizon and risk appetite to the scheme selection
08-May-2017 (14:53)
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