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Fund Manager Speak

"As the earnings CAGR growth is expected to be 17-18% during FY14-17, the market may quote at above average valuations during the period of high earnings growth. Hence the Indian market still looks attractive from medium term perspective."

Market will rally only after the Budget is passed. By next March, it should fetch 10 to 12% return.

The policy tightening measures by the RBI to ease inflation is not anticipated at this moment, while at the same time a reduction in key policy rates is also not expected.

If one sticks to the fundamentals of maintaining a proper balance between risk and return, an actively managed fund has a better chance of delivering better returns than a passively managed fund.

"The year 2013 has been steady with large cap indices generating better returns compared to mid and small cap indices. As elections overhang remain for 2014, overall outlook for Equity markets would be Cautiously Optimistic."

Mutual fund industry is going through a tough phase. Investing at all possible market dips is an ideal situation, which can be availed by investing systematically.

Our research shows that a disciplined approach to buying companies that look attractive on this matrix provides significant longer term outperformance.

At Edelweiss, the core quant philosophy is to build adaptive strategies that beat the market consistently with diversified portfolios.

For the year 2012, we expect the Sensex to end with single digit returns.

RBI policy over the next two quarters will be key to market direction. There is a significant need for hikes in administered oil prices for market stability and fiscal prudence.

"The company will not restrict itself to only real estate funds but intends to grow its fund management business across different asset classes.

The precise mix of equity, fixed income and gold--either directly or via mutual fund investments--is a function of every investors needs, the time horizons, and the ability to withstand sharp and sudden erosions in investments.

Macro worries call for applying stringent filters while selecting stocks with respect to cash flows, pricing power, leverage, ability to withstand oil, interest rate and currency.

Inflation will peak out by the end of the calendar year, and thereafter interest rates are likely to be stable,

The current low valuations and the expectation that growth would rebound to over 8% in FY 2013, lead us to believe that the equity markets will rerate and deliver handsome returns over the next one year.

Investors also need to be told that debt funds are not just meant for 'institutional investors' and HNIs.

Speaking with Yash Ved and Poonam Chopra of IIFL, Kaushik Dani says, We expect inflation to be between 7-9% over the next 6-9 months.

Replying to Anil Mascarenhas of IIFL, Arvind Bansal says, "Multi Manager is one of the core engines for ING Investment Management India."

Replying to Yash Ved of IIFL, Akshay Gupta says, "Retail investors should go in for hybrid plans, which have a mix of both debt and equity."

Replying to Anil Mascarenhas of IIFL, Prateek Agarwal says "We are bearish on sectors like FMCG where the competitive intensity is rising and the growth rates are sub economy while the valuations are usually higher than the market average"

Replying to Anil Mascarenhas of IIFL, Sadanand Shetty says, "Periodic review and corrective action is important to get the optimal returns from the portfolio."

In an exclusive interaction with Hemant P. Maradia and Fahima Shaikh of IIFL, Mr. Sinha says, "India stands out due to strong pace of GDP growth, which should be sustained over the next few years."

Harsha Upadhyaya says, We may see some amount of volatility in 2010, but for the long term, we are bullish.

MR Pradeep Kumar says,Consumer staples, IT, healthcare and oil & gas should out-perform and industrial and materials should under-perform during the year.

Reliance Fund house says Investors should shift their focus from consumption related sectors to capex and Infrastructure sectors.

Mr Kenneth Andrade says, In light of current expectation for FY11 fiscal deficit and government borrowing programme, we expect bond yields to harden during the year by over 50bps and range between 8-8.25% yield.

Mr S. Naren says, Market will continue to demonstrate volatility and only a judicious asset allocation approach will give investors the opportunity to adopt the counter-cyclical investment philosophy of investing when the market goes down and booking profits when the market goes up.

Mr Jain says, The key expectation from this budget is a clear roadmap to reduce fiscal deficit. Apart from a phased / full roll back of fiscal stimulus, oil product pricing reforms are urgently needed.

Mr Naganath says, We expect that sectors focused on corporate capex and infrastructure should do well in 2010.

Mr Shah says, "We expect the equity market to remain range-bound for the next 12 months, especially till the time economic growth comes back fully and dependence on policy support is not reduced."

Mr Chawla says, "Inflation in India is more of a supply phenomena."

Speaking with Yash Ved and Fahima Shaikh of India Infoline, Mr. Sarker says, "The fundamental elements for a stable growth in India are all in place."

Speaking with Yash Ved of India Infoline, Krishna Sanghavi says"We are currently trading at reasonable valuations of around 15-16 times FY11 and we believe these valuations are justified."

Replying to Yash Ved of India Infoline, Ved Prakash Chaturvedi says, Economic growth in many emerging markets has decoupled from the economic growth in developed markets.

Speaking with Yash Ved of India Infoline, Anand Shah says Liquidity has taken the markets up so far, but we are not comfortable with the valuations right now.

Speaking with Yash Ved & Meenakshi Patki of India Infoline, Prateek Agrawal says, If issues like STT, short term capital gains are addressed in favour of the market, then participation would increase.

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