Observation on Kotak AMC Choice of Themes, Sectors and Asset Allocation
# Maintaining nearly 52% allocation in Domestic Equities and nearly 6% in Foreign Equities ; 23% in Debt and 15% in Gold.
# In The Debt Space it is a majorly a call on Duration with long term Debt constituting it. The split is almost equal in Dynamic category and Gilts.
# The increase in Equity Exposure in the recent market action has come up mainly through addition on the PSU Bank side. PSU Bank index which saw an all time high of 8053 is currently at 6495 down nearly 20%. It saw an all time low of 6188 during October month.
Observation on Nippon India AMC Choice of Themes, Sectors and Asset Allocation
# Maintaining nearly 52% in Equity, 21% in Gold and 24% in Debt.
# In the Debt side the choice is clearly on the long duration and high duration category on the Gilt side and negligible on short term debt side.
# On the asset class front what is being observed over a span of last few months- equities exposure in small cap and mid caps in being brought down and increased towards Debt side.
Observation on ICICI PRU AMC Choice of Themes, Sectors and Asset Allocation
# Preference for Banking and Financial Services themes along with Pharma and consumption.
# Have cut down exposure in Technology vis a vis last month.
# On The debt hasn’t started playing on the duration yet and overweight exposure in ultra short term category.
Backdrop to Methodology
This section deals with understanding how India’s Top Fund Managers and Fund houses are navigating the investment landscape.
I believe actions speak louder than words. The real insights about market trends, macro situations, sectoral preference lies in observing what calls they are taking in regards to asset allocation, asset class choice, sectoral preference, weights adjustments etc.
This section helps our investors to ascertain and understand these insights.
This is truly not a recommendation to buy or sell any particular fund or sector or theme- but is to be used as an observation tool to gain insight of how the professional fund managers are positioning themselves in the market. Also, the subtle difference in position of different fund houses, their preferences and positioning.
We observe the execution of top three to four Fund houses about changes made in portfolios on asset classes choice, asset allocation weights , sector choice, themes choice hinting towards optimum level of equity, debt and gold. I also try to observe the re-balancing and sector rotation executed by these fund houses in their Go anywhere strategies in order to generate capital appreciation in the optimum way.
Also note that these observations are based on the latest available data as disclosed by Fund Houses in their monthly fact-sheets and are public information
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