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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)

Mr. Nilesh Shetty
In an interview with Anjali Raulgaonkar from Capital Market Publishers, Nilesh Shetty, CFA, ACMA - Associate Fund Manager - Equity - Quantum AMC Pvt. Ltdsaid, We have a liquidity filter of at least $1 million daily trading volume in the stocks that we own; apart from that we do not have any market capitalization or sector bias.

Excerpts:

  1. Equity markets are already up. Is there more room to grow? How are you approaching markets right now?
  2. Earnings growth have not reflected the sharp rise in share prices significantly expanding the PE (Price/Earning) multiples. Despite factoring an earnings recovery, valuations look expensive. Our sense is downside risks are high at the current moment and investors need to be cautious. Markets can continue to rally based on flows but it will only further elevate downside risks.

  3. What is your investment space? Any stock specific traits which make it part of your portfolio?
  4. We have a liquidity filter of at least $1 million daily trading volume in the stocks that we own; apart from that we do not have any market capitalization or sector bias. We have a predetermined Buy and Sell limit for each stock actively covered by our research team. The limits are decided based on sustainable cash flow generating ability of a company and its long term valuation bands. Once a stock hits our buy limit it finds its way into our portfolio and once it hits our sell limit it exits our portfolio.

  5. What kind of stocks you avoid and why?
  6. Companies with weak corporate governance and a history of treating minority shareholders poorly do not come into our portfolio.

  7. Is there any pre-emptive miss you regret (for instance, not investing in a stock or not possessing enough of it)?
  8. There have been instances where companies have come very close to our buy limits but did not actually go below it for us to be able to buy, which later on have become multi baggers. But given that we follow a strict process, we do not regret not being able to buy the stock.

  9. What will be your advice to investors?

We remain positive on Indian equities over the long term. However, we are cautious in the near term. Markets have seen a significant rally not supported by earnings growth. Upside in Indian equities is limited in the near term. The same is reflected in high cash levels held in our schemes. We suggest that investors looking to make a lump sum investment to stagger their investments. SIP investors do not need to change their investment allocation plan.

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)
In India ETFs are still at a nascent stage and the retail participation is very low
27-Mar-2017 (14:06)
Earnings recovery would be important for the markets going ahead
02-Mar-2017 (14:47)
Given firm crude prices and rising commodity prices, we expect inflation to go up to 4%-4.50% in H1FY18
28-Feb-2017 (12:25)
Demonitisation has stalled the uptick in consumption cycle
31-Jan-2017 (13:21)
We expect inflation to undershoot RBI's target of 5% by March 2017
09-Dec-2016 (16:48)
In the medium to long term, the Indian equity market will be primarily swayed by the trajectory of earnings growth
08-Dec-2016 (16:41)
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