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Explore Now NEW DELHI: As the domestic stock market came under selling pressure in April, fund managers at ICICI Prudential Mutual Fund got busy buying oil & gas explorers and select midcap names in April even as they rushed to completely exit some of the recent debutant stocks. The team led by S Naren bought nearly 5 crore shares of Hathway Cable & Datacom, which came out with an impressive earnings report for March quarter. Recently, Reliance Industries also sold some shares in the firm to trim its overall stake. Besides the Reliance group firm, India s second largest fund house also bought 1-3 crore shares of ONGC, Ashok Leyland, JM Financial and Axis Bank. The first two are being seen as re-rating candidates ahead of the emerging growth cycle. ....
✖ Synopsis As fundamental factors get priced into stocks faster, it’s been challenging for value investors to find strong businesses at great prices. Even Warren Buffett, who popularised the cigar-butt style of investing, has moved away from it. But value stocks have proved many wrong, delivering superior returns in the last fiscal. Will the rally continue? “The value investor of today should dig in with an open mind and a desire to deeply understand things, knowing that in the world we live in, there’s likely more to the story than what appears on the Bloomberg screen,” Oaktree Capital Management co-founder Howard Marks wrote in a January 11 memo to clients. After a long hiatus, value stocks have staged a strong comeback to reclaim their position among the top performers despite being written off ....
Covid is haunting market once again. What should mutual fund investors do? Synopsis Sensex crashed 1,400 points in early trade and recovered later to close 871 points down on Monday because of a record single-day jump in Covid-19 cases in India. Sensex crashed 1,400 points in early trade and recovered later to close 871 points down on Monday because of a record single-day jump in Covid-19 cases in India. With new restrictions in place, the economic activity might be hit in many parts of India and the world. Sensex has been volatile in the recent past and experts believe that the volatility might continue in the near future as well. What should equity mutual fund investors expect? ....
The portfolios which you manage are centred around buying into utilities. They are cheap and are big beneficiaries of low interest rates. What is the way forward for utilities which normally do well when rates are coming down rather than a pro inflation environment? Actually we were looking at it recently. We researched stocks where valuations are very cheap relative to history and we came out with utilities. It is still the cheapest sector relative to history at this point of time. And that continues despite the move in the last three months because you have to look at how it is on a one-year basis or a three-year basis and I believe that what Covid showed us in the last one year is that there are things which you cannot live without electricity, IT and telecom. These are the three things which you cannot live without and that is why utilities have to get rerated more. ....