Buying the fear? Check out top stock ideas of best performing PMS funds of May
ADVERTISEMENT 'Any correction coming would be an opportunity,' said Vikas Khemani of Carnelian Asset Management. 'India's earnings growth this year will be very robust, thanks to RBI easing, low inflation, and credit growth. I don't see a major risk, though the short term is hard to call.'
Leading the pack is NAFA Asset Managers' Clean Tech Portfolio, which returned a stellar 16.01% in May, the highest among PMS peers. The fund is riding hard on industrial and energy transition plays — with Precision Camshafts (18.37%), Hitachi Energy India (18.03%), and Linde India (11.82%) commanding hefty allocations. This portfolio is essentially a powertrain of cleantech conviction, according to data sourced from PMS Bazaar.
Negen Capital's Special Situations & Technology Fund, up 15.35%, isn't far behind. Its top holdings include Camlin Fine Sciences, Nuvama Wealth, and HEG Ltd, reflecting a tilt toward platform plays and special situation beneficiaries. Interestingly, Nuvama Wealth Management — a capital markets business — features in three top-performing PMS portfolios this month.'We have a significant allocation to the capital markets story — AMCs, brokerages, exchanges,' said Siddharth Vora of PL Asset Management. 'It's a structural story, but we are not structural participants. We'll stay as long as the quantitative triggers remain.'One of the month's more repeated names is Interarch Building Products, showing up in four portfolios — including Accelt, Bonanza, Waya, and Anand Rathi. It's a quiet favourite among PMS managers riding the infra and pre-engineered buildings theme.
ADVERTISEMENT Among small-cap plays, Nine Rivers Capital's Aurum Small Cap Opportunities delivered a solid 14.4%, thanks to high-conviction allocations to Intellect Design Arena (9.6%), Astra Microwave, and CCL Products — the latter also held by Ambit Investment's Emerging Giants portfolio.Another PMS manager with twin strategies in the top 10 — Samvitti Capital — is doubling down on mid-cap manufacturers and pharma exporters, including Kaynes Technology, Force Motors, Strides Pharma, and Gokaldas Exports, all of which appear in both its Aggressive Growth and Active Alpha portfolios.
ADVERTISEMENT Blue Jet Healthcare, a relatively new pharma listing, has found favour with both Accelt and Waya, while Camlin Fine Sciences, TD Power Systems, and Shankara Building Products show up in PMS strategies with more than 13% monthly returns.
'We expect markets to pause after the ~10% Nifty rally,' said Seshadri Sen of Emkay Global. 'Valuations are stretched, and if Middle East tensions escalate, a sell-off is possible. But we remain positive on discretionary, tech, and materials for the medium term.'
ADVERTISEMENT Despite the nerves, fund managers remain anchored in India's structural story — and they're placing their bets accordingly. From precision auto parts and building solutions to electronics, pharma, and financial services, this month's PMS portfolios offer a snapshot of what smart money believes will ride out the global storm.Morgan Stanley noted in its recent India strategy that this is likely to be a 'stock pickers' market,' adding: 'We are capitalization agnostic.'
ADVERTISEMENT With that in mind, for investors looking to buy the fear, these stocks might just be your roadmap.
Also Read | Rs 1 lakh gold, $78 oil, 1,300 point Sensex crash: Israel's Friday the 13th bombshell
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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Hindustan Times
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News18
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Investment strategy: Saurabh Mukherjea on 3 ways to approach consumption basket
Live Events You Might Also Like: We are holding 14-15% in cash in this slightly bearish undertone market: Siddharth Vora You Might Also Like: Portfolio reshuffling contributing to market volatility? Deven Choksey explains (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel , Founder,, discusses the current spending habits in India, pointing out that dwindling household savings and less access to credit are putting pressure on urban consumption. He recommended putting money into leading private banks like HDFC and ICICI, the pharma and healthcare sectors (mainly path labs and hospitals), as well as small and midcap companies in Europe and the first couple of years after Covid, we benefited from two different things. One was obviously revenge spending. People saved up in those two years of sitting at home during Covid and when they came out of their houses, from Diwali '21 to Diwali '23, the revenge spending piece played out. But also, what helped consumption in that aftermath of Covid was easy availability of credit. The RBI increased money supply to deal with Covid and that made the system flushed with credit demand, consumer borrowing, personal loans, credit cards, the whole piece took off and we had three blazing years, 2022, 2023, and the early part of 2024, three blazing years for consumption. As we all know, government capex also added to the party atmosphere. That consumer borrowing piece, especially in urban India, is under pressure as the results of the banks and NBFCs show delinquencies are up, first cheque bounces are going up even in affluent cities like Hyderabad and IT job creation story is non-existent and even bigger banks are letting go of people. So, the lack of job creation, the depletion of savings are very clear in RBI data. The net household savings are at 50-year lows and that is the driver of urban consumption being under the pump. You are right in saying the rural piece is recovering. The rural piece did not take off as much after Covid and therefore, now that the damage of Covid on rural India has gone. The rural piece seems to be showing signs of life and we are optimistic that a good monsoon will give further fillip to rural are three things that we are trying to do and I will quickly highlight them. The first piece is if you want a place to play the highest quality end of Indian consumption, then look at the two best private sector banks – HDFC Bank and ICICI Bank. We have both in various portfolios. Their asset quality is holding up. The liability piece is stronger than ever before. I suspect again that once again the public sector banks are going to fall behind. But it is interesting, that this time barring HDFC and ICICI, the rest of the private sector banks also look to be struggling on both sides of the balance sheet. This is very both sides of the balance sheet, we are seeing the private sector banks having a challenge. So, the best of Indian consumption, and in a way, the best of Indian retail has been locked in by these two premier private sector second piece is, as is always the case in an economic downturn, the pharma, healthcare piece holds up and the good thing about India now is that it is no longer just pharma, hospitals, and diagnostics. Those are good places to be, the rise of medicare, the rise of medical insurance, the government doing Ayushman Bharat has created a big and fast growing private sector hospital, diagnostics ecosystem. There is money to be made by deploying funds there. There are obviously valuation issues, but there are still attractive valued plays third piece is, we are going abroad. We are investing significant sums of our own money and encouraging clients to join us in investing in European and American small and midcap companies which are available at half the valuations prevalent in India and for double the earnings growth. For example, in America, household debt is at 25-year lows and the consumption piece is holding up nicely and valuations there are half of what we are getting here, for double the earnings healthcare piece is actually very exciting. We are at the beginning of the healthcare story. Neither the state government nor the central government is adding meaningfully to the hospital beds piece in India and naturally with the population growing at 2%, with growing desire of the middle class to be treated well, we will see the private hospital sector grow leaps and bounds. We have been long-standing shareholders now in Narayana Hrudayalaya; it sits in many of our portfolios. But there are other smaller high-quality hospital chains that we have owned in the past, we might own them in the Rainbow Healthcare, which focuses on maternity gynaecology, is a well-run company, but there are plenty of plays in hospitals and more and more of these private hospital chains are going to go public. As is well known, every PE company, every PE investor in India is building a hospital platform. Diagnostics has been a long source of wealth creation for our clients; Dr Lal PathLabs for many years has been a big part of our core portfolios. We also believe Vijaya Diagnostic in southern India is doing a good job. Through acquisitions, they have grown in Pune and Kolkata. Southern India is now roughly twice as rich as the rest of India and naturally as in richer parts of the country, the desire for diagnostics and healthcare is path labs and hospitals are plenty to play for. Valuations are still in the realms of sanity rather than in the realms of fantasy.
