AAA Insights

Insights
23/04/2025

Navigating Tariff Uncertainty

Major U.S. policy shifts have stoked uncertainty. In his bid to reduce trade deficit and Make America Great Again, Mr. Trump announced increased import tariffs followed up with reciprocal tariffs…
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Insights
07/03/2025

Is the worst behind us?

When bear markets occur and the investment mistakes of the prior cycle are revealed, bearish investment commentary tends to intensify. There is a confessional, self-flagellating quality to some of this…
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Insights
06/01/2025

2025 Market Outlook: Steering Through Crosscurrents

In 2025, global equity markets could face an environment characterized by several crosscurrents. Global investors expect next year to witness a higher dispersion across stocks, styles, sectors, countries and themes.…
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Insights
11/10/2024

Don’t Dance to the Market Tunes

Markets can go up, down, or sideways. Keeping your calm during such moves is imperative for long-term wealth creation. Dancing to the market tunes, be it bullish or bearish, may…
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Insights
08/07/2024

Sector Spotlight: Capital Goods

Capital Goods is a deeply cyclical sector. If identified timely, capital goods companies have a potential to generate outsized multi-decadal returns. For instance, the BSE Capital Goods Index appreciated by…
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Insights
02/04/2024

(s)Election?

Selecting/Exiting stocks based on election assumptions? Just a one-word answer – “Don’t”. Benjamin Graham, the father of value investing, famously noted that “In the short run, the market is a…
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Insights
05/03/2024

Mr. Economy <> Mr. Market

FOMO (Fear Of Missing Out) has modestly crept back into the market narrative. The irony is that sidelined cash may keep a relative floor on how far markets correct. Do…
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Insights
07/02/2024

Be Bullish, Be Prudent

2024 started with a bang, as all major market indices – Nifty, Nifty Midcap and Nifty Small cap – surged to new highs. With increasing retail investor participation, risk appetites…
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Insights
02/01/2024

Expect the Unexpected

As everyone looks forward to 2024, the street is trying to predict the new theme which will catch the eye. In 2020, it was the pandemic. In 2021 supply chain…
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Insights
05/12/2023

IPO Gala: The Good, The Bad & The Ugly

Despite the global wall of worry over the last two years, the Indian equity markets stood resilient, outperforming many of its emerging market peers. Consequently, Indian markets witnessed a great…
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Insights
01/11/2023

Trick or Treat

It is worthwhile to consider a Halloween landmark for markets as the world cleans up from this year's night of extravagant costumes and way too much candy. Halloween 2007 marked…
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Insights
06/10/2023

The Bigger Picture

Markets are noisy. Together, US federal government shutdown fears, Fed hawkishness, and lingering inflation have led to increasing fear in the minds of investors. In India too, many have been…
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Insights
03/09/2023

Market Eccentricity

To say the past few months have been a whirlwind for markets doesn’t begin to describe it. Ever since commodities’ November sell-off, commodities have been caught in a tug of…
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Insights
03/08/2023

Market Resonance – Quality Amplified

Times are tricky. Some tend to find solace in the Nifty50’s ~7% year to date rally, while others see the recent spike as a sign to become cautious. The global…
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Insights
04/07/2023

Nifty50 at 19,000 – the best is yet to come

Nifty50 has finally crossed 19000, a reason to celebrate considering this achievement when many global economies are likely to undergo recession in 2023. With this new mark, many investors perceive…
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Insights
02/06/2023

Three C’s for FY24

India is in an advantageous position amid global uncertainty. According to the Recession Probabilities Worldwide 2023 data, India has a 0% recession probability this year vs. 75% and 65% for…
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Insights
03/05/2023

QuAgility: The need of the hour

"After hard work, the biggest determinant is being in the right place at the right time”, says Michael Bloomberg. In hindsight, it does seem like the perfect determinant for superior…
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Insights
03/04/2023

Future – From the lenses of Global CEOs (Series III)

As a continuation of our "Future from the lenses of the Global CEO" series (link1, link2), we are providing insights into the perspectives of global CEOs regarding the future of…
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Insights
02/03/2023

Looking beyond the surface: Bottom-up focus

The global macro environment has made investors nervous during the last few weeks. The recent US inflation data suggest that the monetary policy fight to tame inflation may be long-drawn,…
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Insights
04/02/2023

Mid & Small-Cap Cos – The Budding Beasts

On both a one-year and five-year basis, India's mid-cap and small-cap indices have significantly underperformed their large-cap counterparts (refer Fig1) as investors sought shelter during the difficult times. Focus is…
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Insights
03/01/2023

Zoom in on India

The year 2022 has finally come to an end. S&P 500 was down almost 20% by the year's conclusion, and Nasdaq was down about 32%. Nifty 50, however, was up…
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Insights
02/12/2022

AAA Portfolio: Going strong

The AAA portfolio delivered robust sales and EBITDA growth during 2QFY23. The strong performance was due to a combination of factors – the right sectoral allocation as well as the…
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Insights
03/11/2022

Equity Market ≠ Economy

During the last nine months, most investors' concerns are centered around the impact of rising inflation and surging interest rates on the equity market. As inflation spiked from 1% to…
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Insights
03/10/2022

Europe + 1: Advantage India

European and American markets have broken the June lows. Fed continues to push hard on interest rates, with Jerome Powell declaring 4.5% as the terminal interest rate by next year.…
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Insights
02/09/2022

Winning the Game of Change

The average S&P500 company’s life duration has reduced from 90 years in 1935 to 18 years in the present, according to a Mckinsey study. The fast-changing dynamics make the world…
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Insights
02/08/2022

Five Reasons to be positive on Indian equity markets

Inflation, higher interest rates and recession fears continue on D-street. However, every cloud has a silver lining. The famous investor, Howard Marks says “The consensus opinion of market participants is…
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Insights
01/07/2022

Diversified Equity Portfolio – Recipe to Navigate Volatility

We are living through an unprecedented time in history, marked by geopolitical tensions, high inflation, fear of stagflation, highly volatile and unpredictable financial markets, and the end of a 40-year…
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Insights
02/06/2022

Resilient Earnings show by AAA Portfolio Companies

Corporate India 4QFY22 result season is over and we must say that Corporate India Inc delivered a reasonable satisfactory performance in challenging times. While India faced the third wave of…
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Insights
02/05/2022

Exports: The Surprise Growth Lever of Corporate India

In FY22, India hit a major milestone of merchandise exports of over USD400bn for the first time. This is a strong 44% higher than FY21 and a full 27% higher…
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Insights
01/04/2022

Future – From the lenses of Global CEOs (Series II)

“Change is inevitable in life. You can either resist it and potentially get run over by it, or you can choose to cooperate with it, adapt with it, and learn…
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Insights
02/03/2022

Dodging the bullets of uncertainty

Geopolitical tensions involving Russia and Ukraine have been a source of market volatility in recent weeks. As Russia is one of the largest commodity producers, any delay in resolving the…
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Insights
02/02/2022

Opportunity in Volatility

The year 2022 has had a rocky start. Equity markets globally witnessed sharp sell-off. India also witnessed similar trends. The BSE-30 and Nifty-50 rose around 5% by January 17, only…
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Insights
03/01/2022

Three Investment Mantras for 2022

2021 was a winning year for Indian equity investors as Nifty rallied by ~24%, outperforming most emerging markets. Corporate India delivered robust earnings growth despite a severe second wave of…
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Insights
02/12/2021

Winning Against Inflation

"… favored business must have two characteristics: (1) an ability to increase prices rather easily without fear of significant loss of either market share or unit volume, and (2) an…
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Insights
02/11/2021

Earnings Flurry

We have been bullish on Indian equity market as we believe that corporate India to deliver strong earnings growth. 2QFY22 results of corporate India, reconfirms our view on revival of…
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Insights
01/10/2021

Sensex @60k, What next?

During the last six months, as Sensex is making new lifetime high, the investors are increasingly getting concerned about the market valuations. The common perception is that liquidity is a…
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Insights
04/09/2021

Automation & Innovation: The special sauce of long-term investing

In our September 2020 insights titled “Key Investment Themes to Capitalize on the Covid-19 Crisis”, we highlighted how companies at the forefront of automation and innovation would be the big…
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Insights
04/08/2021

Opportunity in Quality caused by Paradox

"We’ve really made the money out of high-quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But…
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Insights
01/07/2021

AAA Portfolio Leaders – Marching Ahead in Turbulence!

FY21 was one of the most challenging years for corporate India as the world grappled with the pandemic. During the last financial year, each quarter had its own set of…
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Insights
03/06/2021

Resilience – Key to tide over Rising Inflation

As the world is still recovering from the pandemic shock, Corporate India has faced another problem with rising global commodity prices. Today, several commodities are trading near their lifetime highs…
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Insights
04/05/2021

Why we remain Pro-Equity?

“Your success as an investor will be determined by how you respond to punctuated moments of terrors, not the years spent on cruise control” –by Morgan Housel in his book…
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Insights
02/04/2021

Future – Through the Lens of Global CEOs

March 2021 will mark one year since the WHO declared Covid19 as a global pandemic, upending lives and livelihoods. The pace of disruption is accelerating at an unprecedented rate. As…
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Insights
05/03/2021

3QFY21: Robust delivery by AAA IOP PMS

Early FY21, we mentioned three themes to play India’s economic recovery – 1. Acceleration of formalisation 2. China + 1 strategy and 3. Automation and Innovation (refer Key Investment Themes…
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Insights
03/02/2021

Union Budget 2021: No Compromise, only Maximise

In our December 2020, AAA Insights, titled “2021: Embrace Optimism”, we had mentioned that the Indian economy is poised for faster growth as 1) the pain of structural reforms is behind…
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Insights
04/01/2021

2021: Embrace Optimism

From shock to a positive surprise... While pandemic Covid19 was the biggest shock to the world, discovering a vaccine in a record time of fewer than 12 months is a…
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Insights
08/12/2020

Indian Equity – Rally has more legs

In our December 2020, AAA Insights, titled “2021: Embrace Optimism”, we had mentioned that the Indian economy is poised for faster growth as 1) the pain of structural reforms is behind…
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Insights
03/11/2020

2QFY21: Positive Surprise by India Inc

Indian economy surprised positively contrary to extreme pessimism during the early days of Covid-19. The economy witnessed significant improvement in high-frequency data indicators like GST collection, diesel consumption, power consumption,…
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Insights
08/10/2020

Do not focus on market cap instead focus on net profit + growth

During the last 3 years, we often got a question from the investors "Which Market cap category is expected to outperform? Large or Mid or Small?" Market-cap based allocation is…
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Insights
03/09/2020

Key Investment Themes to Capitalize on the Covid-19 Crisis

The COVID-19 pandemic has upended daily life and disrupted traditional asset valuations, leaving investors of all stripes bewildered and questioning how to tide through this crisis intelligently. Recent market volatility…
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Insights
05/08/2020

FY20: AAAPMS Portfolio demonstrates superior earnings growth

FY20 was a challenging year for corporate India as pandemic hit the country in March. This usually being one of the best month resulted in a significant dent in corporate…
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Insights
02/07/2020

Leaders Are Winners!

Global: Economic re-openings are leading to fears of a second wave of COVID-19 infections as several states in the U.S. are reporting rising. However, on the other hand, policy support…
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Insights
02/06/2020

On Path to Recovery!

Global: The Covid19 curve is being flattened in key countries - China, US, Japan, Germany, France - which are most important for global economy. For the first time, in Europe,…
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Insights
06/05/2020

Central banks to the rescue.

Global: After the total doom in March, equity markets rallied 20%-30% from the lows. Unlike the previous bear markets when the response was delayed, this time the Central Bankers and…
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