Widely read:
Anup Maheshwari is Fund Manager, DSPML Opportunities and DSPML Balanced
Fund Manager since July 2001
Investment style
Combination of a top-down approach and a bottom-up stock selection approach. Top-down approach to analyse the broad macro trends that contribute to the momentum and direction of economic growth, and bottom-up approach to focus on various qualitative and quantitative variables that influence corporate performance.
Current outlook
Equities remain an attractive asset class to invest in. We see the long-term returns from equities ranging between 10 to 15 per cent, in line with the earnings growth of corporations, though a carefully constructed portfolio could deliver higher returns. A systematic approach to investing is a good way to participate in the long-term return from equities.
Your favourite industries/themes
Our focus typically is on industries/ sectors with pricing power and structural themes, which are scalable. Some of the industries that demonstrate these characteristics are engineering, cement, pharmaceuticals, auto-ancillaries, sugar, insurance and capital goods.
Industries/themes that you would avoid
Rising input costs pose a key risk to corporate earnings. Companies/sectors that are unable to pass on cost increases are likely to see operating margin compression, creating stock price underper-formance.
This article was originally published on December 15, 2004.
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