Industry and Tata Asset Management AUM has grown by a healthy 29% till YTD 2024. Our Equity and Balanced AUM growth has been in line with the industry. Our AUM has grown higher in Debt and Ultra compared to the industry.
Q. The year saw large caps return in focus. Do you think that they will continue to be favoured as valuations in the mid- and small-cap segments remain overstretched, especially post Q2FY25 earnings season?
Mid and small caps are trading at premium to large caps. Some of that is justified by the nature of the economic growth that has been led by the investment cycle recovery which benefits the sectors that are small cap and midcap dominated. However, the risk reward seems better in large caps at this stage. In a significant part of the large cap sectors, the valuations have become reasonable, and growth could surprise on the upside in FY26. On the other hand, the expectations on mid and small caps in terms of earnings growth are on the higher side and could see disappointment if there are execution challenges or persistent macro slowdown.
Q. Thematic funds had a dream run in 2023 but failed to meet expectations in 2024. Do you think they’re on track to make a strong comeback in 2025?
The trend for thematic returns in the market in the last 12-24 months has come to an end in our view. While sectors like manufacturing, defence, Capital goods and Power still offer potential over the long run, it is likely to be a more stock-specific market from now on, even in these sectors with tailwinds. This is because of the raised expectations and valuations.
Q. What kind of investors do you think can take exposure to this category of funds?
この記事は Investors India の January 2025 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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この記事は Investors India の January 2025 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
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