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Portfolio Commentary

Mar 22, 2023

Weathering the Storm It hasn’t been the best of times for equity investors. Twelve months index returns to end February were 3% for the Nifty, 6.7% for the Midcap 100 Index, and a negative 7% for the small-cap index. The broader indices – Nifty 200 and Nifty 500 – delivered marginally positive, low single-digit returns….

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Here We Go Again

Mar 21, 2023

• We retain our cautious view on both bonds and equities • The booming venture capital industry where exaggerated activity reflected ultra-easy monetary conditions for too long was an accident waiting to happen • The Fed is reversing balance sheet reduction while trying to keep its credibility to tackle inflation • The risk is of…

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The Venture Capital Industry Loses its Deposit

Mar 14, 2023

The global venture capital industry was in a significant crisis over the weekend as Silicon Valley Bank (SVB), the banker to the US VC industry, collapsed on Friday. SVB’s demise made it the largest bank failure in the United States since Washington Mutual went bust in 2008. The implosion of SVB – a storied US…

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Investment Strategy

Mar 9, 2023

• Global markets reassessed the Fed’s policy path and corrected last month. • Fed may keep rates higher for longer, which could impact US growth later this year. • US bond yields are attractive, but volatility could continue. • US equity valuations are still not cheap, leaving room for further downside. • Indian equity valuations…

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