Shreyash Devalkar on Market Trends, Stock Picking & New Age Companies | Exclusive Interview

In this exclusive interview with Shreyash Devalkar, Head of Equity at Axis Mutual Fund, we dive deep into his insights on the current state of equity markets, the driving factors behind market highs, and his stock-picking strategies during periods of high valuations. Shreyash shares valuable perspectives on the performance of mid-cap and small-cap stocks, the evolving role of quality in investing, and the potential of New Age companies like EVs and platform businesses. He also discusses sector rotation, fund performance, and the impact of interest rate cycles on value and growth stocks.
‪@AxisMutualFund‬
Topics covered:
- Key drivers behind market rallies
- Value investing vs. growth investing in today's market
- Stock selection in mid-cap and small-cap funds
- How to evaluate New Age and tech-driven businesses
- The future of Indian markets amidst global rate cuts
𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀:
00:06 Introduction
00:24 Equity markets are hitting new highs. What's driving this rally, and can it continue in the long term?
03:08 With valuations at record highs, are you finding it tougher to spot good opportunities? How are you still finding value in this market?
05:49 When you started, what investment philosophy did you follow, and how has it changed? How should investors adapt as market conditions evolve?
07:35 How do you identify growth stocks that offer a good balance between risk and reward, especially in times of high valuations like now?
10:24 When markets get overheated, do you shift towards more resilient sectors?
12:24 You mentioned making portfolio adjustments and increasing stock holdings nine months ago to improve performance. Yet, some key funds-like Axis Bluechip and ELSS,-are still struggling. When do you think investors will see a turnaround?
14:34 You've been a relatively recent player in the value category. With global rate cuts on the horizon, how do you see this impacting both growth and value stocks moving forward?
15:53 The midcap fund's performance has improved since the start of the year. We've noticed that over the past 8 months, the number of stocks has risen, with the new additions contributing positively. At the same time, you've sold some long-term holdings that were underperforming. Could you share your criteria for deciding when to sell a stock, particularly with these recent portfolio adjustments?
21:40 How long do you give a stock to prove your investment rationale before making a sell decision?
22:51 In funds like the ELSS, Focused, and Growth Opportunities Fund, your exposure to mid- and small-caps is relatively low. What's driving that decision, especially since mid- and small-caps have been doing well?
24:58 The Axis Multicap Fund has performed strongly in 2023 and 2024, partly due to mid- and small-cap exposure. Would you agree? What's worked for this fund?
28:12 Are there any sectors you think might outperform the broader market right now? What makes you optimistic about them?
29:41 Given the current challenges in the banking sector, when can we expect a turnaround?
32:30 As a bank-owned AMC, what informational edge do you bring to the table?
33:31 New-age companies are getting mixed reviews. Do you see the long-term potential here, or are they more of a gamble?
38:08 Close
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