Interviewee: Sunil Singhania, Founder, Abakkus Asset Manager
Interviewer: Mint
Subject: Why This Correction Is A Big Opportunity For Investors / How to Navigate the Markets Right Now
Date: 29 November 2024
On how Abakkus selects investments
Our core investment philosophy:
- We want to be investors, not allocators; we analyse if we will make returns from the stock rather than just being overweight or underweight
- The balance sheet: we are number focussed; we don’t invest in loss-making companies; profits and visibility of profits is very important
- We don’t mind being the first and the only investor
- We are very flexible; we don’t follow a particular style; we don’t say no to any sector or stock as long as it fulfils our criteria
- We look at investing in stocks as becoming a partner in the business and hence, we invest in the stock from a 3-4 year perspective
- We are value-focussed. Valuations are very important; the best stock is not necessarily the best company, and vice versa. There are good companies but priced beyond perfection.
Our framework is:
- Profit making
- Return on capital employed/ return on equity should be at least 14-15%
- The profits of the company should double over 4-5 years
- Valuations are important
One should stick to one’s philosophy to avoid moving to momentum
We focus on:
- Buying good companies
- Making less mistakes
We exit a stock based on:
- We buy something with a particular perspective in mind, and that is not working
- The stock offers target returns over a much shorter time period than expected, and fundamentals have not kept pace
- If we find investments that look better than some stocks in our portfolio, then we switch
Sectors in focus
- We are optimistic on the banking sector.
- We are seeing green shoots in the consumption sector. We have the wedding season on, good monsoons and crop, which should see rise in demand.
- Capital goods/infra looks very good. These stocks have been overpriced so the current correction may give an opportunity to look at those sectors.
Markets are like a cardiogram; there will always be ups and downs; in the large caps, the ups and downs are lower; in the small caps, they are higher.
Broader market will give growth in a growing economy like India. Valuations are not cheap, but we are able to find pockets of value.
Investors should focus on India (and not other markets); this is where growth is.
Based on events that can be foreseen, no big corrections are anticipated. However, unforeseen events can result in big corrections.
Next year, we’ll be 4 trillion dollars in economy. Our view is that this 4 trillion will become 8 trillion in a matter of 7-8 years. If an investor has this view, returns will definitely be made.
To access the interview, click here.
Disclaimer: The key points of the interview presented here are not a substitute to listening to the full interview. To get the interviewee’s holistic message requires listening to the entire interview.
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