Key Points
Pharma was not going anywhere in the last seven, eight years, except for the last one year or so..
At the end of last year, everyone's consensus call was that FIIs are going to come back, money is going to flow into private banks, private banks at large are going to be the best trade for 2024...
But in general, I think somewhere middle of last year, we pivoted towards PSU Banks because we think there is a big transformation happening and as a result of that PSU bank as a basket would outperform the private sector bank..
But I have no doubt that banking as a segment will do well because there is no way India can get built or India can grow without growth in credit and large private sector banks..
Our approach has been to buy good quality companies, good in the middle of mega themes or good themes run by great management and sit on them for 5-10 years as long as the story continues and if it brings a couple of quarters of here and there underperformance, we are okay with it..
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