Profile |
|
Mr. Sameer Narayan - Head of Equities, Fortis Investment Management (India) Pvt. Ltd.
Mr. Narayan, 35, has more than 11 years experience in Equities markets covering areas of Private Equity, Equity Research and Fund Management. |
|
He began his career in Private Equity space in 1997 before becoming an Equity Research Analyst with Motilal Oswal, ENAM and SSKI tracking Pharma sector for 5 years. Prior to joining Fortis Investment Management (India) Private Limited, he was in a fiduciary role as an independent advisor to a group of High Net Worth (HNW) individuals on investment opportunities in Indian equities since July 2005. He has been responsible for managing equity investments for Discretionary Portfolio Management (DPM) business of Fortis Investment Management (India) Private Limited since September 2006.
Mr. Narayan, is an engineer with a post-graduate degree in management from Mumbai University.
|
(1) In your opinion is the current uptake in the equity market the beginning of another Bull Run or is it merely a bear market correction? |
We have seen risk appetite come back in a big way for equities as an asset class globally. This predominantly looks to be triggered by easy availability of credit by all Central bankers through coordinated quantitative easing measures. Although there are signs of ‘greenshoots’, we have yet to see concrete evidence of demand revival in the US. It might thus be too early to conclude the recent rally as a beginning of a bull market.
|
| (2) The equity allocation of all your equity funds has increased over March - April. Are you abandoning the high cash strategy? |
We have seen good valuation gaps across sectors to put cash to work in April ’09 within the parameters of our individual product mandates. Hence, cash levels have come down.
|
| (3) For all your schemes barring Future Leaders Fund you have maintained a very high allocation to the Oil & Gas sector. What are your views on this sector? |
We are positive on Energy sector as higher local availability of gas/oil could positively impact the current account situation of the country besides reducing overall cost structures of user industries.
|
| (4) Which sectors in your opinion will be the drivers to the recovery in the Indian market? |
Infrastructure and Energy.
|
| (5) Fortis Dividend Yield Fund has provided better returns among the diversified category over the 1 year and 2 year period. Do you think the dividend yield strategy will be sustainable in the Bull Run as well? |
Dividend Yield as a strategy works better when the markets are in severe stress as was the case in 2008 as the visibility of payouts (as a consequence of sound cashflows) provides downside cushion to stocks which are in investable universe. Bull markets make it challenging for the Div yield strategy to outperform.
|
| (6) Fortis Investments has inherited China-India Fund from ABN Amro Mutual Fund. How does the global presence of Fortis group help manage such global funds? What are your views on the recovery in the Chinese market with respect to the Fortis China - India Fund? |
Fortis Investment Management, India leverages the group’s global presence and takes inputs from our Hong Kong Asian Equities team to keep abreast of the H-share market and make investment decisions accordingly. The aggressive stimulus package by the Chinese Government has led to significant rise in fixed asset investments and has put the country on the growth path. However, we believe the recovery could be gradual considering it is an export-driven economy and the shift is now on increasing domestic consumption. We believe China & India will be at the forefront in the global economic recovery as they will still manage to clock robust GDP growth unlike the developed world.
|
| (7) For equity schemes what kind of risk management measures are in place at the AMC? |
We have in-built systems/processes to monitor various risk factors on a continuous basis. We have regular team meetings in which house view is reviewed & sector stance deviations, portfolio turnover, liquidity profile as per product characteristics, market capitalisation mix and investment style are monitored. This ensures adherence to the investment process in constructing & managing all products.
|
| Back << |
