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Axis MF has launched its Manufacturing Fund to capitalize on the encouraging manufacturing revival in India which promises to be a decadal investment opportunity.
Axis MF has expanded active coverage to over 400 stocks –which now is 80% of the investible universe of top 500 stocks in India. While sticking to its quality focus, the fund house sees many old economy sectors and stocks now sporting strong balance sheets and robust growth prospects which complement its original focus on consumer facing asset-light businesses.
Asset heavy businesses have seen the widest dispersion of returns over cycles and tend to be more volatile over cycles. Raghav believes Axis MF’s emphasis on quality should help it avoid some of the minefields in these terrains even as it seeks out alpha opportunities.
The fund will likely have around 50 stocks, will have a multicap orientation and will avoid concentrated bets as a prudent risk management measure.
Raghav is just as enthusiastic about business prospects going into CY24 as most industry participants are, but cautions MFDs to temper their investors’ eagerness to make the most of this bull market by revisiting their risk profiles and reminding them of the benefits of sound asset allocation. Hybrids are a great way to invest in these markets in a measured manner. Raghav also sees opportunities in debt funds for conservative capital.
