June 2016

In our March ‘16 diary we highlighted that globally markets have made a firm bottom on January 20, 2016. Since then globally equities along with commodities have recovered smartly. Indian markets are up more than 20% from bottom. This is in spite of two big events – Rajan Exit & Brexit – which could have had a major negative impact on our market. Contrary to popular expectations markets have remained firm with just a bit of volatility during these two events. The highlight of this quarter though was the US market which made all time high during these turbulent times.

We clearly mentioned in our last diary that after the correction of January ’16, prospect for market will be interesting. We are now witnessing multiple positive announcements like good monsoon, GST & announcement of Pay Commission which has made markets interesting for investors.

Last year was a period of consolidation for the market. Bad monsoon of 2015 had a negative impact on the performance of domestic facing companies. With concerns on global growth still abound domestic growth in India is a silver lining for international investors. All of the positive announcements mentioned earlier are a big boost for most of the companies owned by us. Our portfolios are perfectly positioned to take advantage of such big events. We are already seeing some strong momentum in our portfolios and India Equity Fund is already leading with strong performance.

Meanwhile government security rates have already fallen to a 30 month low. Falling interest rates and stable currency are making a strong base for equity markets. After a brief lull we are also seeing renewed buying interest by FII’s. In our opinion the last 15 months of patience will be handsomely rewarded in time to come.

For the past several months we have been developing strategies in the Fund of Funds space. We have been able to develop asset allocation based strategies which will dynamically modify portfolio allocation between equities and debt. It will also choose the right funds as underlying holdings. Our strategy will offer the unique opportunity to capture returns of the market with least volatility.

We are happy to announce the launch of STABLE ASSET and STABLE+ ASSET.


Vinod Jain

If you want to read our past views on the market you can read our blog below

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