Daiwa is betting on the infrastructure sector with a long-term view in mind
With the government planning to invest a trillion dollars in the infrastructure space during the 12th Plan period, leading Japanese mutual fund house Daiwa is betting on the sector with a long-term view in mind.
"We have to get back to the infrastructure space. That has to be the space in India for the next couple of decades. But minus the infrastructure space, the growth story is going to take a hit in this market," Daiwa Asset Management India chief investment officer Sethuram Iyer told PTI.
He says the fund house would like to cherry pick its stock across the different sectors, for the short-term, but would be averse to do so in the realty space.
"As of now, most sectors look promising... the market has corrected across the board. Now it has moved down to individual stocks. We feel individual companies will do better than their respective sectors. It is going to be a completely bottomed-up kind of a market in the near term," he said.
Daiwa India AMC, which has Rs244 crore worth assets under management as of end March, is likely to keep away from investing in the stocks of real estate companies, though.
"Real estate has always remained a taboo for us. Real estate and interest rate-sensitive sectors need to be watched carefully," Iyer cautioned.
He, however, pointed out that one could look at selectively investing in auto stocks and said the interest rate-neutral sectors such as pharma would be a better option.
ICICI Prudential Mutual Fund new issue closes on 30th June
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 58-1 Year Plan B, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenure of the scheme is 367 days.
The new issue closes on 30th June. The minimum investment amount is Rs5,000.
Crisil Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.
Tata Mutual Fund new issue closes on 11th July
Tata Mutual Fund has launched Tata Fixed Maturity Plan Series 32 (736 days maturity), a close-ended income scheme.
The investment objective of the scheme is to generate income and/or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the scheme. The tenure of the scheme is 736 days.
The new issue closes on 11th July. The minimum investment amount is Rs10,000.
Crisil Short Term Bond Fund Index is the benchmark index. Murthy Nagarajan is the fund manager.