India’s leading fund managers and market veterans weighed in on the global factors and the recent selling in equities, during a panel discussion at the Moneycontrol Global Wealth Summit in Mumbai, where they discussed opportunities in finding the next multi-billion-dollar titans.
Sunil Singhania, Founder of Abakkus Asset Manager, emphasised the need for realistic expectations in the current market. “We should not focus on making multi-bagger returns—just consistently beating the 10-12% long-term average,” he said, highlighting that while select sectors can add incremental returns, overall market conditions do not favour extraordinary gains.
Singhania pointed to financials, chemicals, and metals as potential alpha-generating spaces, but cautioned against expecting outsized returns.
Rashi Talwar Bhatia, Partner & Portfolio Manager at Ashmore Investment India, highlighted a structural shift in consumption driven by increasing female workforce participation. “As more women enter the labour force, consumption patterns are changing and changing dramatically,” she said, identifying opportunities in quick commerce, personal mobility, and beauty products. With the beauty segment projected to grow significantly, she sees this as a long-term trend rather than a short-term opportunity.
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She noted that the beauty and fashion market is already worth $110 billion, with beauty products alone expected to grow from $20 billion to $90 billion by 2037, a large part of which will come through e-commerce platforms.
Prashant Jain, Founder of 3P Investment Managers remains constructive on industrials and capex-related plays. “Capex should grow faster than gross domestic product (GDP), but margin expansion in some companies looks unsustainable,” he said, cautioning against overpaying for growth.
While infrastructure and industrials remain promising, Jain stressed the need to differentiate between companies with lasting competitive advantages and those that may see short-lived profitability.
Utpal Sheth, Senior Partner and CEO of Rare Enterprises focused on management quality rather than specific sectors. “This is the time to focus on superlative management teams who demonstrated the ability to pivot and to adapt,” he said, arguing that companies with strong leadership and the ability to navigate market volatility will provide the best long-term compounding opportunities.
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With valuations cooling, panellists agree that steady compounding, rather than chasing multi-baggers, is the way forward. Singhania sums it up by saying, “It’s always better to have low expectations—if it turns out better, you are happy.”
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