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Industry leader names likely dark horse sector for CY24Ruchit Mehta, SBI MF, Mumbai

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Markets are in good cheer on the back of strong GDP growth numbers, continuing strength in corporate earnings and receding fears of significant global slowdown. Expect markets to remain strong into FY25 as well.

Some sectors like capex/manufacturing may pause for breath after a strong run up. Likewise, small caps may underperform large caps inCY24. Ruchit sees IT as a dark horse for CY24 as fears of global slowdown are receding.

SBI MF’s equity savings fund stands at pole position among its peer group on a 1 year performance basis and its BAF has also posted a healthy performance. Due to the manner in which the asset allocation models are implemented in both funds, currently the net equity component in SBI MF’s equity savings fund is among the highest in its peer group (37% in a peer band of 15% - 40%) while that of its BAF is at the lower end of its peer group (44%in a peer band of 40% - 65%).

SBI MF’s multi asset allocation fund has a similar net equity allocation of around 44% like its BAF, but it also has a 13% allocation to gold, which is helping drive alpha as global gold prices have been firming up in recent weeks.

Cap-segment wise allocations within the MF’s hybrids range is influenced by fund size among other considerations: its BAF, being a 20,000+cr fund, has a much larger proportion of large caps compared to the relatively smaller sized equity savings and multi asset allocation funds which have larger allocations to mid and small caps.

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