Strong balance sheets are preventing markets from falling and weak P&Ls are constraining them from rising strongly.
We are gradually coming out of a growth slump and it maybe a couple of quarters more for strong growth numbers to become more visible. Expect markets to continue grinding up for next few months before they can aim for stronger rallies.
Groww MF’s multicap fund – which will complete its first year in December – is off to a strong start posting a top decile performance over the last 6 months.
Anupam focusses on sustainable growth over cyclical upticks in growth when picking stocks – which has helped fund performance as markets have been rewarding this set of stocks.
Opportune bargain hunting in good quality small cap stocks during the Jan-Mar 25 correction has also helped performance as these have rebounded sharply in recent months.
Anupam tends to pay less attention to narratives and more to bottom up stock picking – which has led him to bulk up on small and midcaps (55% of portfolio) when most experts are talking up large caps.
This has also led him to take meaningful positions in engineering and infra stocks while the market focuses on discretionary consumption as he sees strong export prospects in his stock picks that can more than offset slower domestic growth.
He sees good prospects for private sector banks going forward and believes they can outperform markets in 2026. His multicap portfolio is well positioned for this anticipated move.
Two ignored sectors he is keeping a close eye on are IT and cement.