Buoyant on industrials, financial, real estate, infra, says Jiten Doshi of Enam AMC
MintGenie, Doshi said that the concurrent uncertainties on global eco-politics and volatility in asset classes can build up to a rare period where almost every asset class (equities, bonds, real estate, and gold) can participate in terms of returns. We are perma-bulls on Indian equities. India ended the CY23 on a high note, with the Nifty delivering 20% returns, marking the eighth consecutive year of a positive close.
Even over the long term, India continues to be one of the top-performing markets with a 3/5/10-year return CAGR of 16%/15%/13%. We are in an era where we are witnessing the convergence of all the core variables like democracy (the law of the land), demography (scale, diversity), digitization (DPI, G2C, etc), and development (soft & hard infra, policy & execution) to create a multi-year growth runway for the Indian economy. We expect megatrends such as premiumization, digital money, financialization, industry consolidation, formalisation, urbanisation, health care, import substitution, manufacturing renaissance, and once-in-a-century capex creation to pan out during this period.
This makes segments like aspirational consumption, consumer discretionary (durables, mobility, retail, QSR, etc), home improvement, BFSI, capex recovery, and healthcare interesting investments from long-term perspectives. Any investment has three core objectives to serve – returns, risks, and time horizon. Every investor (small or big) needs to get this sorted before he starts exploring opportunities.
When we look at HNI as a class, we get varied strata of investors in each of these counts. As a category, these investors are primed to hold longer-term and consummate higher risks than an average investor. Concentrated, low-churn,
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