Automatic consumer of gold? How to blame Sambre DSP Mutual Fund Selects shares after GST reforms
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Due to the insufficient performance of its own capital in the last year and the complete overcoming of gold and silver, higher interest has been recorded nowadays. What was your strategy in the allocation of multiple DSP assets? Do you think precious metals will outperform stocks for the rest of the year 2025?
We live in the world of Vuca – marked by volatility, uncertainty, complexity and ambiguity – and this is unlimited changes at any time soon. Volatility and uncertainty can even intensify. At the same time, risk appetite and investor temperament differ very much. Note that everyone can sit for a longer time with low capital. Rare metals may have seen a large part of their assembly, but a period of uncertainty can still support their performance. Although we expect the shares to catch up at the end of 2025, it is reasonable to not take a one -dimensional view and instead is a diversified approach.
As for its own capital, do you think there is a correction of time behind us and now is it time for overweight and deployment of spare cash?
Although it is difficult to accurately call a market bottom or the exact length of the consolidation phase, it seems that other consolidation may continue to grow the growth of business gains. It seems that we are behind us a large part of the correction of time and this view supports the relative performance of India versus further developing markets. As soon as the growth is clearer, we believe that the market will begin to look for a positive direction.
In 2025, GST is considered the largest trigger for the market. Would you agree? And how has your portfolio changed since the announcement of the new GST rats?
I believe that GST rationalization is a much needed and positive step, especially after a period of stagnation of consumption. This step should gradually increase the momentum of demand, with clear advantages for sectors such as cars, consumer durable and renting institutions. Our portfolios are well placed well for this shift, with a meaningful exposure across cars, cars, creditors and a wide consumer basket, allowing us to participate in a potential rise.
The car is considered to be the largest sectoral winner of the GST reformMS. How would you play an automatic cycle that is quite wide with tractors, auxiliary, CVS and PVS players?
We need to attract Broade access within the auto-falling on OEMS and auxiliary sets that are diversified across the product segments and well placed for multiple technologies, including. We are currently more constructive on two and passenger vehicles, while the benefits of commercial vehicles are likely to be played gradually. It is also worth noting that most OEM automatic reserves have already seen a sharp start. For other upside, they will have to bring a meaningful estimate to grow. Otherwise, there may be a better way to capture this opportunity through car accessories.
It not only has the worst sector from 2025, but the view now looks more pugular due to the noise around the rental account. Is it a serious threat from the first point of view? How much weight do you give in your portfolios?
We are currently on the same weight in the IT sector, supported by attractive awards. While risks such as the proposed rental account create noise and the results are difficult to predict, we have devoted to the structural importance of Indian IT for global societies provides a strong pillow.
The sector is vital to India and contributes 7.3% of GDP and employs 5.8 million people. It is equally critical worldwide – 60% of the Fortune 500 was founded in India GCC (Global Captive Centers). India with its deep group of high-tech talents represents a significant part of the global source market. Due to the absence of a comparable scale of talents elsewhere, we have seen a medium to long -term risk for the Indian IT service industry.
In a month we will have income numbers Q2 that flows per month. Do you think that the September quarter would be the last of the growth of one -digit earnings and we can expect a two -digit growth from the 3rd quarter?
Yes, my infpert is also that September will mean the bottom for the growth of earnings. In addition, we hang up recovery supported by several factors: GST rationalization, low interest rats, tax advantages of income, favorable base and improvement as soon as the festive season begins.
How would you do in the basket, how would you choose to store stores?
The landscape is becoming increasingly complex. We must continue to monitor the pacific shifts as consumption patterns evolve. Younger generations, especially Millennials and Gen Z, are much digital in their behavior – they use technologies and online platforms. Customer loyalities are also weaker and consumers are ready to experiment with new brands. Online brand proliferation also intensified compresses.
In this background we focus on business that remain in terms of growth and capital efficiency. Cars and choose a sustainable consumer – if air conditioning and electronic production seem to be a long -term advantage. We also indirectly acquired institutions, which makes us positive in space.
In addition, we are witnessing the financing of savings, with increasing interest in areas such as capital markets and insurance, which we consider to be another important topic of growth.
In addition to consumption and car, which other industries do you think will lead another leg of market growth and what leads your beliefs?
In addition to consumption, we see new opportunities that appear in the semiconductor value chain. The specific activity is now visible and companies show the intention to build capacity and ability. Although this remains in time and uncertain that players capture the highest value, this space has the potential to become a meaningful investment opportunity in the next 3-4 years, because domestic production collects dynamics.
Another main topic is the transition of energy. Since extensive investments in renewable sources, storage, green hydrogen and modernization of the grid flow through the intestification challenges of climate. This evolving ecosystem is to create strong, scalable companies that could lead to another wave of growth in Indian markets.
If you had RS 10 lakh right now, how would you expand it to gold/silver, stocks and debt?
Shares would be 60%, rare commodities such as gold and silver 25% and balance in debt.
Finally, what is the contradictory idea that you would return for the next 12 months?
I believe the IT sector was under the press from the global geopolic slowdown. Over the next 12 months, we expect the conditions to improve, which gives companies better visibility on tasks and growth. As a result, the industry is an attractive contractual bet on current levels. Institutional possession in it is also relatively light, which increases the potential for reuse, as it feels.
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