Yes sir. Very nice to see you and speak with you
again. I think it's about what exactly I was
twelve months since last year. What I want to ask is not so much about
you know your traits but really how you've managed over the last 12 months
which really have been difficult for a fund manager especially if you're not a
macro fund given the challenges macro wise.
Thank you very much for having me on. Actually I'm the current market
environment in the last couple months has been better suited for the value
really. And instead if you like that we never
really ran off the momentum stocks last year.
And then that entire fleet unwound as a result of rates going up.
We were not as badly affected as the rest of the market.
There has been a tough environment. The value investing discipline price
choice has had to be in this environment better than their peers.
Well fair enough sir. That said though so a lot of things have
fallen this. I mean these last couple of months or
so. So I would imagine that that pool or
investment universe he now can pick from in terms of where you find your next
value trade has gotten bigger. Are you more active nicer in terms of
searching those new trades. He seems to be long term investors.
I returned to Phoenix for our position 65 years and the value something that's
looking up and we've been lucky that stopped that day campaign and headed
down for the market for those particularly in India and Vietnam where
we had significant overbought conditions have started to really pay off this
year. And that's what it's all about in a good
light. Rajesh Dave talked about the 60 40
portfolio giving you negative returns in fact it is minus 15 percent year to
date. I'm just wondering how should your
portfolio be looking like right now. Sir look I mean for example you have 40
percent of our funding financials reaping the credit cycle in our key
markets where we have the solutions such as India and Vietnam has NASDAQ about
the damn thing that we need. Hike cycle in the next two years will
have as much of a negative credit impact as global debt.
And we saw that cheap. Yet most of the boost view on how hot
anger around the value of one of the biggest provisions of India Emerson Bank
which we picked four years ago. It's up 25 percent this year.
In a flat market. And that's because they're limiting the
test about credit scores upselling the spreads are building up.
And I think what's good for those looking at buying on dips.
What should they be looking at. Look I routines that Southeast Asia
India are much better positioned because they didn't have the exception of
massive stimulus. And therefore when they don't have that
much of an inflation risk and therefore that debt has flowed out to financials.
We like we like financials with now like when I was in India it was a pretty good
lesson I suppose. And again if you see a correction like
that in the second quarter last year depositions Rajesh on our screen right
now I'm not sure if they're watching while you're talking to us.
We're flashing that one of your stock picks from last year Quan friends.
I remember you telling me and convincing us really why that seemed like a good
idea. And it was really just to clarify on on
this dual replay you have in Vietnam are you still long that that stock at the
moment. And how are you changing your positions
right now. It is still a tough time position for
us. It's up 80 percent this year.
They're having a blockbuster year big gain share sooner than they make.
So in a retail industry where the industry is down 20 percent this year
then the industry has come back. They're growing at 60 or 70 percent.
So this year should be a record year. There's a lot of pent up demand that
continues to drive earnings for them. And so we remain very optimistic.
It's a good management team and didn't exactly flawlessly.