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Canara Robeco Equity Diversified Fund has outperformed its benchmark in each of the last four years.
Fund Benchmark : BSE 200
Fund Strategy
- Canara Robeco Equity Diversified follows predominantly "bottom-up approach" of focusing on well-managed companies that are likely to deliver superior capital appreciation over the medium to long term.
- The Fund provides an investment opportunity in the "best-in-class" Indian companies with sustainable business models to gain from the India Growth Story.
- The portfolio composition is biased towards large caps which render stability and liquidity to the portfolio. The portfolio also boasts of few high conviction mid cap ideas which are aimed at generating higher returns in the long term as the companies grow in size and in market capitalization to become the large caps of tomorrow.
Thematic and sectoral preferences
- Banks, Consumer Non-Durables and Pharmaceuticals top the sectoral allocation in the portfolio accounting for more than 35% as on June 2011.
- Within the banking space, the high interest rate environment is expected to lead to contraction in the Net Interest Margins (NIMs) and rise in bad loans. However, we believe the Private banks are better placed to efficiently manage the above mentioned issues. Thus, we have maintained our bias towards Private Banks which accounted for around 12% in the portfolio in light of the current market conditions.
- We continue to remain bullish on the Domestic Consumption story, a theme which we have been following for some time now. However, we would be selective with respect to stock-picking given the current valuations which have jumped to the expensive side.
- Pharmaceuticals allocation in the portfolio goes with our defensive portfolio stance. Being a defensive sector, it is fairly insulated from the current volatility in the markets. We continue to hold the defensive stance in the current quarter as well
Fund Manager's Outlook
- Inflation being a structural problem, and we being at the mercy of global commodity prices, it would take some while to come off. With core inflation in India showing no signs of abatement and continued moderation of Real GDP, India is one of the few major economies whose inflation rate is higher than the Real GDP growth.
- Quick decision making by the government can help improve investor confidence and allay fears of further slowdown in growth rates. A pick up in policy momentum can also support a reversal in the slowing investment cycle.
- Markets at this level (15 x FY12 consensus earnings estimate) are fairly valued with valuations reflecting current market concerns and showing a clear preference for defensive names, which are trading at new highs.
- Earnings for the June quarter are expected to be moderate, given the fact that input prices have remained at elevated levels for sometime now. Good monsoons this year will act as positive trigger for the consumption basket.
Over the longer term, we continue to remain positive on the India growth story and recommend SIP to retail investors as it is a simple, convenient and disciplined way to meet one's financial goals.
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