Investment Insights 

 

FSSA Monthly Manager Views – India

September 2021

As the saying goes, “There are two kinds of forecasters: those who don't know, and those who don't know they don't know.” Recently, we have seen hordes of the latter kind, garbed as analysts, Unicorn founders, freshly-minted CEOs and so-called “experts”, as they engage in modern-day snake oil salesmanship, which is what seems to pass for Fundamental Equity Research these days.

FSSA Monthly Manager Views – India

August 2021

As with global automotive manufacturers, several Indian automotive original equipment manufacturers (OEMs) including Maruti Suzuki, Mahindra & Mahindra (M&M), Tata Motors and Eicher Motors have recently announced that the shortage of semiconductor supply has impacted their production schedules. This has added to the persistent challenges faced by the industry over the last few years. 

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FSSA Monthly Manager Views – India

July 2021

Year to date, 34 companies have listed on the Indian exchanges raising a total of USD7.2 billion1, a figure which has been surpassed in India only twice before in the last 12 years on an annual basis. In our Monthly Manager Views in April 2021, we spoke about the initial public offering (IPO) rush that we had begun seeing in India early this year. Unsurprisingly, we have seen this frenzy continue, similar to what has been observed in many global markets.

1 Source: NSE Prime Database, Kotak Securities; as of 10th August 2021.

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FSSA Monthly Manager Views – India

June 2021

At a team discussion last month to track management and board changes across our investment universe, a notification on the stock exchanges piqued our interest. Mr Aditya Puri, who had only recently retired as the CEO of HDFC Bank, had joined the board of a small, unlisted pharmaceutical company, Stelis Biopharma.

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FSSA Monthly Manager Views – India

May 2021

As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These Monthly Manager Views are based on the team’s discussions with company management and the in-depth analysis that follows.

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FSSA Monthly Manager Views – India

April 2021

As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These Monthly Manager Views are based on the team’s discussions with company management and the in-depth analysis that follows. 

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FSSA Monthly Manager Views – India

March 2021

As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These Monthly Manager Views are based on the team’s discussions with company management and the in-depth analysis that follows.

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FSSA Investment Managers - India Equities Update

February 2020

The attributes we like in a company are a strong management team, an effective board, strong alignment with its majority owners and management, a conservative and introspective culture, a franchise which has pricing power and generates superior returns on capital employed, and the potential to become a bigger business over time.

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FSSA Investment Managers - India Equities Update

May 2019 

A worried client asked us recently, “Will Mr Modi be re-elected, or won’t he? How will the ongoing elections impact the investment case for Indian companies?” We don’t know whether Mr Modi will be re-elected. But we strongly believe that the results of the election will have little bearing on the long-term investment case for Indian equities.

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FSSA Investment Managers - India Equities Update

July 2018 

Over the last few years, valuations have generally become expensive in our universe of quality companies. Valuations reaching these levels remind me of the mistakes I made running into the 2008 crash.

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FSSA Investment Managers - India Equities Update

October 2017

Household savings in India has always been a big number (~US$500 billion) and only a small part of it was in financial instruments, let alone equities. The demonetization exercise in November 2016 encouraged the shift of household savings into financial assets.

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FSSA Investment Managers - India Equities Update

September 2016

In previous updates, we discussed the impact of generational changes amongst the owners of our holdings. We continue to monitor such developments very closely and, encouragingly, have encountered a number of positive changes in some of the companies that we have been watching. In this latest update on India, we highlight a few companies that we have taken stakes in as a result.

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FSSA Investment Managers - India Equities Update

February 2016

Imperfect companies in India - we find faults in our portfolio holdings and explain why we still consider them to be good investments.

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