INSUBCONTINENT EXCLUSIVE:
On Dalal Street, the bears have not spared even the most experienced investors.
As the tide turned in the market after a long bull run,
funds managed by portfolio management services (PMS) of renowned investors took a big hit in September.
BSE Sensex, BSE Midcap index and BSE
Smallcap index slipped 6.25 per cent, 12.54 per cent and 16 per cent, respectively, during the month.
Kochi-based investor Porinju
The fund, managed by Veliyath-owned Equity Intelligence, had gained 6.33 per cent and 3.70 per cent in August and July, respectively.
In a
recent interaction with ETNow, Porinju said investors should not forget that such fearful situations, corrections and crashes have happened
many times in the past and every time the market has bounced back
We have gone through many such corrections and cycles
Every cycle is a learning opportunity for investors
The fund, managed by Basant Maheshwari, an investor of repute, delivered 2.4 per cent and 15.90 per cent returns in August and July,
respectively.
A PMS managed by Motial Oswal AMC slipped 12 per cent last month
to ETMarkets.com.
Data available with the market regulator showed other PMS funds run by Enam AMC, ASK Investment Managers, Kotak Mahindra
AMC, ICICI Prudential AMC, Old Bridge Capital Management, Sundaram Asset Management Company, Reliance Wealth Management, 2Point2 Capital
Advisors and ValueQuest Investment Advisors all slipped between 10 per cent and 17 per cent in September.
The selloff in stocks has
intensified this month and dragging the 30-share index some 4 per cent so far
Analysts have attributed this correction to sustained withdrawals by foreign portfolio investors (FPIs) amid a falling rupee, rising crude
oil prices and subdued global cues
effect and fears of contagion thereon, or the ever increasing fuel prices due to the combined effect of weakening rupee and rising global
comments against the Fed and the consequent sharp fall in all major Asian markets.
Two reports published on the eve of the annual IMF-World
Bank meeting in Bali, Indonesia, have also contributed to market jitters.
An IMF report projected the world economy to grow at a slower pace
sanctions on Iran, while a World Bank report highlighted the risks of extremely high debt levels (public and private) in the major economies
