'We are overweight on BFSI, Healthcare and Telecom'

Roshi Jain, Senior Fund Manager - Equities, HDFC Asset Management Co. Ltd., is one of the most reputed fund managers in the industry. After a successful stint at Franklin Templeton Mutual Fund, she took over the reins at HDFC AMC, where she seems to have seamlessly translated her performance. This is reflected in the sustained performance of the funds managed by her - HDFC Flexi Cap, HDFC ELSS Tax Saver and HDFC Focused Fund. These funds have an aggregate value of Rs 75,000 crore. Recently, we caught up with Roshi to discuss her views on the impact of elections, her investing strategy, the reasons for her funds' success and whether investors should anticipate any significant portfolio overhauls in the future. How do you read the market in the medium term amid the ongoing geopolitical conflict? How do you view the mid- and small-cap space in terms of growth prospects and valuations? Geopolitical issues certainly have ramifications on markets in the medium term through the impact on economic growth and cost of capital. While we generally think of geopolitical conflict as only having a negative short-term impact, largely I believe that in the Indian context, global issues have also brought about opportunities as global companies think about risk mitigation strategies through offshoring, supply chain diversification and cost-cutting. As far as the mid- and small-cap space is concerned, while good growth prospects and a comfortable leverage situation hold them in good stead, valuations are discounting a lot of the medium-term positives. Val