We take decisions primarily on a security level as we are bottom-up stock pickers. Typically, a company’s weight in the portfolio is a function of a combination of greatness of business, upside potential, market capitalization and liquidity. Largest weights are typically given to companies with the most upside potential relative to the strength of the business.
We do not make any top-down allocation decision on sector weights or thematic exposures. The sectoral weights are an outcome of our bottom-up stock selection process. We are always abreast of macroeconomic environment in which we invest, but our portfolio weights are a result of our bottom-up approach. We never have specific top-down targets for any sector/factor exposures, though we may have exposure limits from a risk management perspective. Our sector/factor exposures are an outcome of bottom-up stock selection decisions. We take decisions primarily at a security level. We determine individual security weights based on upside potential, research conviction, liquidity, market capitalization, and contribution to portfolio risk.
Larger weights are typically given to companies with the most upside potential within the context of their market capitalization, liquidity and other risk considerations. Since we do not indulge in any market timing activity, we typically stay close to fully invested with cash levels expected to remain in single digits at most times.
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Cnergy, B2/B3, 6th Floor, Appasaheb Marathe
Marg, Prabhadevi, Mumbai, Maharashtra 400025.