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BoI MF’s multicap fund completed its 1st year with a commendable top quartile ranking (3rd out of 19). Nitin says bets in financials (PSU banks and NBFCs), real estate and underweight in consumer staples aided performance.
Another big performance contributor has been agile allocation between cap sizes based on a proprietary relative valuation model. Small caps went from being the largest segment in the fund 4 months ago to the smallest segment in a timely manner, just ahead of the steep correction we’ve seen in small caps. Large caps are now the largest segment.
Nitin continues to wait on the sidelines on export oriented businesses as outlook for global growth remains somewhat hazy. Domestic focused businesses continue to dominate the portfolio.
Nitin continues to prefer capex theme over consumption. While Govt spending may slow down in the coming quarters, he expects private sector capex to build momentum significantly. Premiumization is the only story within consumption that continues to play out well – mass consumption products continue to witness sluggish growth.
Really great news that Multi cap fund completes one year and that our fund is ranked third. Fantastic
