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2021-06-09

A $57 Billion Manager is Betting Big on Cyclical Stocks in India<blockquote>一位价值570亿美元的经理在印度周期性股票上下了大赌注</blockquote>

(Bloomberg) -- Shares of some lenders, telecom firms and utilities are among the top picks for India

A $57 Billion Manager is Betting Big on Cyclical Stocks in India<blockquote>一位价值570亿美元的经理在印度周期性股票上下了大赌注</blockquote>

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The firm oversees about 4.1 trillion rupees ($56.6 billion) in assets.<blockquote>ICICI保诚资产管理公司(ICICI Prudential Asset Management Co.)首席投资官桑卡兰·纳伦(Sankaran Naren)表示，随着印度在最近更致命的第二波冠状病毒中坚持局部限制，而不是全国封锁，对经济活动和企业的影响要低得多。该公司管理着约4.1万亿卢比（566亿美元）的资产。</blockquote> “India is yet to see a cyclical economic recovery and the business cycle is not as elevated as we see in some of the developed world,” Naren wrote in an email interview. “Unlike in a deflationary economy during which sectors like consumer staples and high-quality names gain, the current environment is best placed for cyclicals to do well.”<blockquote>纳伦在电子邮件采访中写道：“印度尚未出现周期性经济复苏，商业周期也不像我们在一些发达国家看到的那样高。”“与消费必需品和优质股票等行业上涨的通货紧缩经济不同，当前的环境最适合周期性股票表现良好。”</blockquote> Stocks in India have climbed to record levels even as it grappled with the worst of the health crisis, as investors continued to snap up shares on optimism over the economy’s long-term growth potential and central bank stimulus. The Reserve Bank of India this month expanded its version of quantitative easing and said it expects gross domestic product to grow 9.5% in the current fiscal year.<blockquote>尽管印度正在努力应对最严重的健康危机，但印度股市仍攀升至创纪录水平，投资者因对经济长期增长潜力和央行刺激措施的乐观情绪而继续snap上涨。印度央行本月扩大了量化宽松政策，并表示预计本财年国内生产总值将增长9.5%。</blockquote> Meanwhile, infection rates in India are now falling. New daily cases on Tuesday fell below 100,000 for the first time in two months, down from a peak of more than 400,000 in May.<blockquote>与此同时，印度的感染率正在下降。周二每日新增病例两个月来首次降至10万以下，低于5月份超过40万的峰值。</blockquote> “The Indian business cycle is attractive given that corporates have deleveraged, credit growth is very low, the capex cycle is yet to revive and profit-to-GDP ratio is low too,” said Naren. “On the other hand, U.S. corporate profit-to-GDP ratio is high and the country has pursued extremely aggressive fiscal and monetary policy.”<blockquote>纳伦表示：“鉴于企业已经去杠杆化，信贷增长非常低，资本支出周期尚未恢复，利润与GDP的比率也很低，印度的商业周期很有吸引力。”“另一方面，美国企业利润占GDP的比例很高，该国奉行了极其激进的财政和货币政策。”</blockquote> New Fund<blockquote>新基金</blockquote> Focusing on cyclical and value stocks has already shown results for the money manager. The ICICI Prudential Opportunities Fund directly managed by Naren has returned 36% year-to-date, beating 96% of its peers, data compiled by Bloomberg show. Wireless operator Bharti Airtel Ltd., power-generation firm NTPC Ltd. and Axis Bank Ltd. were three of the fund’s top five holdings at the end of April, the data show.<blockquote>专注于周期性股票和价值股票已经为基金经理带来了成果。彭博社汇编的数据显示，Naren直接管理的ICICI保诚机会基金今年迄今的回报率为36%，超过96%的同行。数据显示，无线运营商Bharti Airtel Ltd.、发电公司NTPC Ltd.和Axis Bank Ltd.是该基金4月底前五大持股中的三家。</blockquote> While the immediate focus for investors is the pace of India’s vaccine rollouts and its recovery from the pandemic, Naren said that one of the biggest risks to local stocks could come when global central banks take steps to taper their buying program significantly.<blockquote>虽然投资者当前关注的焦点是印度疫苗推出的速度及其从疫情中复苏，但纳伦表示，当全球央行采取措施大幅缩减购买计划时，当地股市面临的最大风险之一可能会到来。</blockquote> “At that point, we expect to see a meaningful correction in asset prices and economy,” he said. “One needs to be cognizant of the fact that Indian equity valuation is no longer like what it was in March 2020.”<blockquote>“届时，我们预计资产价格和经济将出现有意义的调整，”他表示。“人们需要认识到这样一个事实，即印度股票估值已不再像2020年3月那样。”</blockquote> The combined value of all shares traded in India recently rose above $3 trillion for the first time, burnishing its status as the world’s eighth-largest stock market. The benchmark S&amp;P BSE Sensex is trading at about 22 times its 12-month forward earnings estimates, versus a five-year average multiple of 18.5 times, data compiled by Bloomberg show.<blockquote>印度所有股票交易的总价值最近首次升至3万亿美元以上，巩固了其作为全球第八大股票市场的地位。彭博汇编的数据显示，基准S&amp;P BSE Sensex的交易价格约为其12个月预期收益预期的22倍，而五年平均市盈率为18.5倍。</blockquote> ICICI Prudential Asset Management is preparing to launch a “flexicap” fund by the end of this month, which Naren said will give it the freedom to deploy money across large-, medium- and small-size companies in the initial year, when the market is likely to be volatile.<blockquote>ICICI保诚资产管理公司正准备在本月底推出一只“flexicap”基金，Naren表示，这将使其能够在第一年自由地在大、中、小型公司中配置资金，届时市场可能会波动。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A $57 Billion Manager is Betting Big on Cyclical Stocks in India<blockquote>一位价值570亿美元的经理在印度周期性股票上下了大赌注</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA $57 Billion Manager is Betting Big on Cyclical Stocks in India<blockquote>一位价值570亿美元的经理在印度周期性股票上下了大赌注</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-06-09 14:47\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Shares of some lenders, telecom firms and utilities are among the top picks for India’s second-largest asset manager, as it bets on the economy to gradually emerge from the world’s worst Covid-19 outbreak.<blockquote>（彭博社）-一些贷款机构、电信公司和公用事业公司的股票是印度第二大资产管理公司的首选，因为该公司押注经济将逐渐摆脱全球最严重的Covid-19疫情。</blockquote> With India sticking to localized curbs instead of a nationwide lockdown amid the deadlier second coronavirus wave recently, the impact on economic activity and businesses has been much lower, according to Sankaran Naren, chief investment officer at ICICI Prudential Asset Management Co. The firm oversees about 4.1 trillion rupees ($56.6 billion) in assets.<blockquote>ICICI保诚资产管理公司(ICICI Prudential Asset Management Co.)首席投资官桑卡兰·纳伦(Sankaran Naren)表示，随着印度在最近更致命的第二波冠状病毒中坚持局部限制，而不是全国封锁，对经济活动和企业的影响要低得多。该公司管理着约4.1万亿卢比（566亿美元）的资产。</blockquote> “India is yet to see a cyclical economic recovery and the business cycle is not as elevated as we see in some of the developed world,” Naren wrote in an email interview. “Unlike in a deflationary economy during which sectors like consumer staples and high-quality names gain, the current environment is best placed for cyclicals to do well.”<blockquote>纳伦在电子邮件采访中写道：“印度尚未出现周期性经济复苏，商业周期也不像我们在一些发达国家看到的那样高。”“与消费必需品和优质股票等行业上涨的通货紧缩经济不同，当前的环境最适合周期性股票表现良好。”</blockquote> Stocks in India have climbed to record levels even as it grappled with the worst of the health crisis, as investors continued to snap up shares on optimism over the economy’s long-term growth potential and central bank stimulus. The Reserve Bank of India this month expanded its version of quantitative easing and said it expects gross domestic product to grow 9.5% in the current fiscal year.<blockquote>尽管印度正在努力应对最严重的健康危机，但印度股市仍攀升至创纪录水平，投资者因对经济长期增长潜力和央行刺激措施的乐观情绪而继续snap上涨。印度央行本月扩大了量化宽松政策，并表示预计本财年国内生产总值将增长9.5%。</blockquote> Meanwhile, infection rates in India are now falling. New daily cases on Tuesday fell below 100,000 for the first time in two months, down from a peak of more than 400,000 in May.<blockquote>与此同时，印度的感染率正在下降。周二每日新增病例两个月来首次降至10万以下，低于5月份超过40万的峰值。</blockquote> “The Indian business cycle is attractive given that corporates have deleveraged, credit growth is very low, the capex cycle is yet to revive and profit-to-GDP ratio is low too,” said Naren. “On the other hand, U.S. corporate profit-to-GDP ratio is high and the country has pursued extremely aggressive fiscal and monetary policy.”<blockquote>纳伦表示：“鉴于企业已经去杠杆化，信贷增长非常低，资本支出周期尚未恢复，利润与GDP的比率也很低，印度的商业周期很有吸引力。”“另一方面，美国企业利润占GDP的比例很高，该国奉行了极其激进的财政和货币政策。”</blockquote> New Fund<blockquote>新基金</blockquote> Focusing on cyclical and value stocks has already shown results for the money manager. The ICICI Prudential Opportunities Fund directly managed by Naren has returned 36% year-to-date, beating 96% of its peers, data compiled by Bloomberg show. Wireless operator Bharti Airtel Ltd., power-generation firm NTPC Ltd. and Axis Bank Ltd. were three of the fund’s top five holdings at the end of April, the data show.<blockquote>专注于周期性股票和价值股票已经为基金经理带来了成果。彭博社汇编的数据显示，Naren直接管理的ICICI保诚机会基金今年迄今的回报率为36%，超过96%的同行。数据显示，无线运营商Bharti Airtel Ltd.、发电公司NTPC Ltd.和Axis Bank Ltd.是该基金4月底前五大持股中的三家。</blockquote> While the immediate focus for investors is the pace of India’s vaccine rollouts and its recovery from the pandemic, Naren said that one of the biggest risks to local stocks could come when global central banks take steps to taper their buying program significantly.<blockquote>虽然投资者当前关注的焦点是印度疫苗推出的速度及其从疫情中复苏，但纳伦表示，当全球央行采取措施大幅缩减购买计划时，当地股市面临的最大风险之一可能会到来。</blockquote> “At that point, we expect to see a meaningful correction in asset prices and economy,” he said. “One needs to be cognizant of the fact that Indian equity valuation is no longer like what it was in March 2020.”<blockquote>“届时，我们预计资产价格和经济将出现有意义的调整，”他表示。“人们需要认识到这样一个事实，即印度股票估值已不再像2020年3月那样。”</blockquote> The combined value of all shares traded in India recently rose above $3 trillion for the first time, burnishing its status as the world’s eighth-largest stock market. The benchmark S&amp;P BSE Sensex is trading at about 22 times its 12-month forward earnings estimates, versus a five-year average multiple of 18.5 times, data compiled by Bloomberg show.<blockquote>印度所有股票交易的总价值最近首次升至3万亿美元以上，巩固了其作为全球第八大股票市场的地位。彭博汇编的数据显示，基准S&amp;P BSE Sensex的交易价格约为其12个月预期收益预期的22倍，而五年平均市盈率为18.5倍。</blockquote> ICICI Prudential Asset Management is preparing to launch a “flexicap” fund by the end of this month, which Naren said will give it the freedom to deploy money across large-, medium- and small-size companies in the initial year, when the market is likely to be volatile.<blockquote>ICICI保诚资产管理公司正准备在本月底推出一只“flexicap”基金，Naren表示，这将使其能够在第一年自由地在大、中、小型公司中配置资金，届时市场可能会波动。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/57-billion-manager-betting-big-061933143.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/57-billion-manager-betting-big-061933143.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138631471","content_text":"(Bloomberg) -- Shares of some lenders, telecom firms and utilities are among the top picks for India’s second-largest asset manager, as it bets on the economy to gradually emerge from the world’s worst Covid-19 outbreak.\nWith India sticking to localized curbs instead of a nationwide lockdown amid the deadlier second coronavirus wave recently, the impact on economic activity and businesses has been much lower, according to Sankaran Naren, chief investment officer at ICICI Prudential Asset Management Co. The firm oversees about 4.1 trillion rupees ($56.6 billion) in assets.\n“India is yet to see a cyclical economic recovery and the business cycle is not as elevated as we see in some of the developed world,” Naren wrote in an email interview. “Unlike in a deflationary economy during which sectors like consumer staples and high-quality names gain, the current environment is best placed for cyclicals to do well.”\nStocks in India have climbed to record levels even as it grappled with the worst of the health crisis, as investors continued to snap up shares on optimism over the economy’s long-term growth potential and central bank stimulus. The Reserve Bank of India this month expanded its version of quantitative easing and said it expects gross domestic product to grow 9.5% in the current fiscal year.\nMeanwhile, infection rates in India are now falling. New daily cases on Tuesday fell below 100,000 for the first time in two months, down from a peak of more than 400,000 in May.\n“The Indian business cycle is attractive given that corporates have deleveraged, credit growth is very low, the capex cycle is yet to revive and profit-to-GDP ratio is low too,” said Naren. “On the other hand, U.S. corporate profit-to-GDP ratio is high and the country has pursued extremely aggressive fiscal and monetary policy.”\nNew Fund\nFocusing on cyclical and value stocks has already shown results for the money manager. The ICICI Prudential Opportunities Fund directly managed by Naren has returned 36% year-to-date, beating 96% of its peers, data compiled by Bloomberg show. Wireless operator Bharti Airtel Ltd., power-generation firm NTPC Ltd. and Axis Bank Ltd. were three of the fund’s top five holdings at the end of April, the data show.\nWhile the immediate focus for investors is the pace of India’s vaccine rollouts and its recovery from the pandemic, Naren said that one of the biggest risks to local stocks could come when global central banks take steps to taper their buying program significantly.\n“At that point, we expect to see a meaningful correction in asset prices and economy,” he said. “One needs to be cognizant of the fact that Indian equity valuation is no longer like what it was in March 2020.”\nThe combined value of all shares traded in India recently rose above $3 trillion for the first time, burnishing its status as the world’s eighth-largest stock market. The benchmark S&P BSE Sensex is trading at about 22 times its 12-month forward earnings estimates, versus a five-year average multiple of 18.5 times, data compiled by Bloomberg show.\nICICI Prudential Asset Management is preparing to launch a “flexicap” fund by the end of this month, which Naren said will give it the freedom to deploy money across large-, medium- and small-size companies in the initial year, when the market is likely to be volatile.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1045,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

A $57 Billion Manager is Betting Big on Cyclical Stocks in India<blockquote>一位价值570亿美元的经理在印度周期性股票上下了大赌注</blockquote>

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