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(Bloomberg) In a year when unprecedented moves in equity markets have whipsawed investors around the world, Ajay Tyagi says a rule that he has been sticking to in his two-decade investing career has served him well: focus on quality stocks.
The $1.8 billion UTI Equity Fund managed by him has returned 28% this year to be the top performer among Indian stock funds with at least $1 billion in assets. That’s versus a 13% gain in the benchmark S&P BSE Sensex. Tyagi’s preference for buying shares in firms with high return on capital resulted in zero holdings in the metals and aviation sectors, which were the worst hit during the pandemic.