Managing Partner, Ampersand Investment Advisors

Rahul Singh

Managing Partner

Ampersand Investment Advisors

Thematic (Sector/Industry)

India Industrials / Thematic (Sector/Industry)

<p>We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations. While we expected a correction, it came from completely unexpected quarters. The beneficiaries from the favorable macro tidings (monsoons, pay commission) in what was supposed to be a very strong 2HFY17 have suffered a setback post-demonetization. This prompts us to re-evaluate our sector and market cap preferences in this edition of the Ampersand newsletter.</p>

We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations. While we expected a correction, it came from completely unexpected quarters. The beneficiaries from the favorable macro tidings (monsoons, pay commission) in what was supposed to be a very strong 2HFY17 have suffered a setback post-demonetization. This prompts us to re-evaluate our sector and market cap preferences in this edition of the Ampersand newsletter.

Adani Ports & Special Economic Zone (ADSEZ IN)

Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

CG Power and Industrial Solutions (CGPOWER IN)

Samvardhana Motherson International Ltd (MOTHERSO IN)

ZF Commercial Vehicle Control Systems India Limited (WIL IN)

ZF Commercial Vehicle Control Systems India Limited

L&T Technology Services Limited (LTTS IN)

ICICI Prudential Life Insurance (IPRU IN)

Taking Fresh Guard - Nov 16 Newsletter