Fund Managers Interview
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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)
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)

Mr Rupesh Patel
In an interview with Anjali Raulgaonkar from Capital Market Publishers, Rupesh Patel, Fund Manager, Tata Asset Management said, Equity market corrections can be considered as good opportunities by investors to increase their equity exposures.


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

Indian equity markets have delivered very strong returns in last 12 months with benchmark Sensex delivering about 28% returns and BSE Midcap Index about 46%. It would be prudent for investors to moderate their return expectations and not to extrapolate the returns. We believe from hereon; stock performances would be a function of earnings growth. As effects of demonetization and GST abate, the earnings growth should start improving in coming quarters. With the outlook on global growth improving and credit costs normalizing for the banking sector, the outlook for earnings growth on aggregate basis in FY'19 and FY'20 is positive and in high double digits. In terms of portfolio construction, we continue to maintain our overweight on beneficiaries of government sector capex and consumer plays.

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

I regret missing on some of the long term structural compounding stories, particularly the ones where I did not buy or exited early considering high near-term valuations.

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. In terms of earnings, we are at the cusp of recovery in corporate earnings and market returns would be reflective of the same. Hence, equity market corrections can be considered as good opportunities by investors to increase their equity exposures.

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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