Fund manager of Rs 77,700 crore explains optimism for consumer discretionary sector

Rajat Chandak stands out at ICICI Prudential Mutual Fund as he favours a growth-oriented investment style, contrasting with the fund house's general preference for value investing. But "it's not as difficult as it seems" he says, adding he gets "enough freedom" as he has been in the organisation for 16 years. Currently a senior fund manager, Chandak oversees three funds - ICICI Prudential Balanced Advantage Fund, ICICI Prudential Flexicap Fund and ICICI Prudential Transport and Logistics Fund. These funds have combined assets of around Rs 77,700 crore. In this interview, Chandak discusses his experiences in the equity markets, his unique investing approach and provides insights into the recent underperformance of the ICICI Prudential Balanced Advantage Fund. What initially drew you to equity investing right after completing your MBA in 2008? My brother-in-law deserves a great deal of credit for introducing me to equity markets. He is older and was on the debt side of the market; I always looked up to him as my mentor. I asked him about my career prospects, and given my passion for finance, he guided me in entering this field. In fact, when I was doing my summer internship, I worked at ICICI Prudential Mutual Fund and got even more interested in equities. So, in a nutshell, I had a mentor who guided me, and I liked my days at ICICI Pru during the internship. That got me into the equity markets. After completing your MBA, did you try to get into another organisation? I had another offer from a bank, but I got a pre-placement offer from ICICI Prudential Mutual Fund. And since I wanted to be in equity and worked with them during my internship days, I gladly took up the offer. You've climbed the ladder from investment analyst to fund manager at ICICI Pru. Could you share some key moments or insights from your journey? Equity markets are, in a way, very interesting, and there will be many moments during the last 16 years that have shaped my journey. However, one of the biggest takeaways from the market is that there is no right or wrong way to invest. You must have observed someone who follows a growth style, value