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360 One Flexicap Fund has got off to a strong start with a top decile performance in its 1st year. Agile profit taking in cyclicals coupled with bullish positions in consumer discretionary stocks drove performance. Participation across market cap segments helped, given the continued strong rally in mid and small caps over the last year.
The AMC’s flagship Focused Equity Fund struggled relative to its own top quartile long term performance, with 6 month and 1 year numbers dipping below peer group average. Low exposure to mid and small caps hurt performance.
Within the AMC’s SDCV (securlars – defensives – cyclicals– value traps) framework, Mayur has been increasing weights in seculars, taking profits in some value stocks, has gone underweight cyclicals and added to defensives.
He is particularly bullish on the EV play in autos and auto ancillary stocks.
One relatively ignored sub-segment he is bullish on now is good quality NBFCs – which will benefit from the coming rate cut cycle and are now available at attractive valuations.
