Axis AMC's Devalkar on Where He's Investing After the Drought

Shreyash Devalkar, a fund manager at Axis Asset Management, offered an update on his portfolio thinking in a recent interview. After a stretch of flat returns in parts of the market, he is turning attention to areas that have corrected, he said.

Devalkar did not name specific companies but pointed to sectors where valuations have compressed enough to offer a margin of safety. He stressed the importance of buying when expectations are low – a stance that has worked for him in previous cycles.

The comments come at a time when Indian equities have rallied broadly, making value plays harder to find. Devalkar's tilt suggests he sees more room in beaten-down segments than in the momentum-driven names that have led the recent charge.

For investors tracking his approach, the practical question is whether his picks can regain their edge after a period of underperformance relative to the index. His fund's history shows he is willing to wait through short-term noise if the thesis remains intact.

The full interview, published by ETMarkets, includes details on his sector weights and the reasoning behind the shift. Readers can find that piece for the granular allocation numbers.