Portfolio Commentary

May 17, 2023

11:57 am

Taking stock of market internals • The market has spent longer in the current consolidation than its historical average. • Despite a lot of pressure from laggard sectors, markets have been resilient. • More than half of the sectors that make up Nifty are already leading the market. • As the selling in laggard sectors…

Read More

Really?

May 16, 2023

11:21 am

• The drop in US inflation leaves long-term interest rates closer to real returns but not quite • US inflation expectations are still on the rise potentially pushing the case that bonds yields are not yet attractive enough for wholesale buying. • Mixed economic data shows robust growth but clouds on the horizon from higher…

Read More

Stuck in the Grey Zone

May 9, 2023

2:00 am

• Economic data points to robust growth and persistence of inflation • Bonds price recession – investor worry building in high yield spreads • Dollar weakness has helped gold to push higher • Emerging market may see the earlier peak in policy rates and be the first to benefit from a cut in rates. Recent…

Read More

Investment Strategy

May 5, 2023

9:31 am

• Continued macro ambiguity as both growth and inflation remain elevated. • US corporate earnings have surprised positively but could enter an earnings recession. • Indian corporate earnings have been mixed so far. • In uncertain times, revisiting overall strategic asset allocation may be prudent. • A slowdown in private market deal velocity suggests more…

Read More