franklintempletonprod.widen.net Open in urlscan Pro
18.66.122.61  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Miniaturansichten Dokumentstruktur Anhänge Ebenen

Aktuelles Struktur-Element
Slide 1
Slide 2



Zurück

Weiter
Alle hervorheben Groß-/Kleinschreibung beachten
Match Diacritics Ganze Wörter


Präsentationsmodus Öffnen Drucken Speichern Aktuelle Ansicht

Erste Seite anzeigen Letzte Seite anzeigen

Im Uhrzeigersinn drehen Gegen Uhrzeigersinn drehen

Textauswahl-Werkzeug Hand-Werkzeug

Einzelseitenanordnung Vertikale Seitenanordnung Horizontale Seitenanordnung
Kombinierte Seitenanordnung

Einzelne Seiten Ungerade + gerade Seite Gerade + ungerade Seite

Dokumenteigenschaften…
Sidebar umschalten

Suchen
Zurück

Vor
von 2
Präsentationsmodus Öffnen Drucken Speichern Speichern Aktuelle Ansicht

Werkzeuge
Verkleinern

Vergrößern
Automatischer Zoom Originalgröße Seitengröße Seitenbreite 50 % 75 % 100 % 125 %
150 % 200 % 300 % 400 %

Edited excerpts:
What is your reading of the Union budget?
The budget reiterates a continued focus on
maintaining fiscal discipline along with
medium-term growth. The budget priorities
further substantiate the emphasis on
sustaining medium-term growth through
stable capex outlay, thrust on manufacturing
and infrastructure. Welfare spending being
undertaken focuses on enhancing human
capital as a key resource, again a key
aspect to support structural growth.
As opposed to the general market
expectations of increased spending in social
welfare and benefit transfers, the profile of
government spending has remained
consistent this year. There has been a
steady decline in subsidies, slower growth in
revenue expenditure and steady capex
spending. This shows the intent of the
government to maintain fiscal prudence.
The dividend received from RBI amounting
to 40 basis points (bps) of GDP roughly
aided a 20 bps fall in fiscal deficit.
1Increased thrust on incentivizing new
employment in the formal sector will
enhance a shift in labour from informal to
formal sectors.
Quality of growth estimates remains good.
The projected tax growth rate is lower year-
on-year, than the levels seen in the previous
three years. Tax buoyancy rate is also
moderate.
Are the same themes expected to remain
prominent even after the budget?
Manufacturing and infrastructure continue to
remain key themes that have received
emphasis even in the budget. In addition to
the ongoing incentivization through the PLI
scheme, there is an emphasis on enhancing
skilled labour participation in the
manufacturing sector as well as support to
the MSME sector.
Consumption growth has lagged the capex
growth trend over the last few years, led by
pandemic disruptions and inflationary
conditions. The K-shaped recovery reiterated
affluent consumption leading the trend while
rural and mass consumption demand lagged.
The current budget focuses on measures
that could boost demand recovery and
general consumption trends.
The announcements in the agriculture sector
are intended at productivity enhancement.
With an aim to increase job creation in the
formal sector, the new employment-related
incentives could boost consumption.
Revision in the personal income tax slab
under the new regime could further aid
consumption at the middle-income levels.
What’s your sense on the path ahead for
equities? Is it promising for both
domestic and foreign investors, or do
you think sentiment has dimmed
somewhat after the budget?
The government’s stance of adhering to the
fiscal consolidation path of 4.9% for FY25
(down from 5.1% stated in the interim
budget) and 4.5% for FY262 is a strong
positive for the markets. This focus on fiscal
discipline also sends a strong message to
domestic and foreign investors alike on the
measures taken to ensure sustainability of
growth in the economy.
Tax hikes on STT, capital gains and removal
of indexation benefits may have soured the
sentiment. However, in comparison with the
higher taxation rates in other developed
economies, India is still well-placed.
What should investors focus on now?
While investors may continue to invest as per
their specific risk appetite and investment
goals, they may seek incremental
diversification based on asset class,
geographies, investment style and market
capitalization segments for their portfolios.
It is recommended to consider staggered
investment in diversified fund categories.
How have corporate earnings been so
far, and what are your expectations for
the future?
Earnings growth was robust in FY24 after a
weak show in FY23. Lower input costs
helped this recovery. A mid-teen growth is
expected in FY25. Telecom, industrials,
materials, consumer discretionary sectors
are likely to lead the growth.
The consensus estimate for Nifty 50
earnings growth stands at 12% for FY25
and 16% for FY26. 3
What factors could continue driving the
market to new highs? Do you see any
hurdles to the ongoing rally?
Ongoing robust macro growth and the
resultant growth in corporate earnings will
be the key drivers that are likely to drive
equity returns. Both these are well-placed
for the medium term, and investors have
taken much confidence from this visibility.
Risks to the present rally could emanate in
the form of geopolitical conflict-led
commodity price spikes (food, energy and
transport-related) that could hamper the
ongoing deflation process and delay
monetary policy easing; and a prolonged
delay in Chinese economic recovery
impeding on domestic demand and impacting
global growth. On the domestic front, risks
could arise from any unforeseen spike in
inflation that could upset expectations of a
shallow interest rate cut cycle.
Will mid-caps and small-caps remain the
flavour of 2024, or could large-caps take
the spotlight?
The small- and mid-cap segments have
witnessed robust performance over the past
two years.
As Published in HT Mint
29 Jul 2024
Summary
Tax hikes on STT, capital gains and removal of indexation benefits may have
soured the
sentiment. However, in comparison with the higher taxation rates in other
developed
economies, India is still well-placed, said R Janakiraman, CIO-Emerging Markets
Equity-
India, Franklin Templeton.
Earnings growth at Indian companies rebounded in FY24, after a weak show in the
year
before. Robust economic growth and rising corporate earnings will drive equity
returns in
future, said R. Janakiraman, Chief Investment Officer–Emerging Markets
Equity-India at
Franklin Templeton.
In an interview, Janakiraman, who manages assets worth around ₹1 trillion, said
he expects
earnings growth in the mid-teens in FY25, led by telecom, industrials,
materials, and
consumer discretionary sectors. He also anticipates small- and mid-cap earnings
to outpace
large-caps over the next two years. He recommends a staggered investment
approach
across various diversified fund categories.
R. Janakiraman, Chief Investment Officer—
Emerging Markets Equity-India at Franklin
Templeton.
1RBI, MOSPI | 2Union Budget 2024-25 | 3Factset, Bloomberg

PRODUCT LABEL
Franklin India Multi Cap Fund (Type of scheme: Multi Cap Fund – An open ended
scheme
investing across large, mid and small cap stocks.)
This product is suitable for investors who are seeking* – Long term capital
appreciation. A fund
that invests predominantly in equity and equity related securities across large
cap, mid cap and
small cap stocks.
*The above scheme risk-o-meter assigned during the New Fund offer (NFO) is based
on the
scheme characteristics. The same shall be updated in accordance with the
provisions of Para
17.4 of SEBI Master Circular dated June 27, 2024 on Product labelling in mutual
fund scheme on
an ongoing basis.
Although valuations are higher than
historical averages and relative to large-
caps, strong earnings growth could still lead
to respectable equity returns. However,
equity returns may trail earnings growth. A
long-term horizon and higher risk appetite is
recommended, while systematically
investing in these segments. An investment
approach which balances large-caps with
small and mid-caps could better manage
risk.
How has the traction been in your newly
launched Franklin India Multi Cap Fund?
Is it a good time to invest in multicap
funds at this juncture?
Our recently launched new fund offering –
Franklin India Multi Cap Fund received an
overwhelming response with a collection of
around ₹4,000 crore and over 200,000
applications. The new fund offer saw a
participation by over 7,600 distributors
across 200+ cities in India. The success of
this fund launch underscores the trust and
faith that our investors and partners
continue to place on Franklin Templeton.
The multicap category provides a holistic
exposure to large-, mid- and small-caps at
all points in time, thereby making it a well-
diversified product for long-term investment.
The recent rally in the SMIDs (Small and
Midcaps) was driven by their higher
exposure to cyclical sectors many of which
had seen a prolonged lull period for the last
few years. This implies that the catch-up
was in the offing as the economic tide
turned favourable. Besides, the continuing
opportunities entering SMIDs in terms of
disruptive business models (tech-led
disruptors, sunrise sectors from themes like
energy transition and Make in India) hold a
significant upside potential.
Disclaimer: The views expressed by the portfolio managers are based on current
market conditions and information available to them and
do not constitute investment advice. Statements/ opinions/ recommendations in
this document, which contain words, or phrases such as
“will”, “expect”, “should”, “believe” and similar expressions or variations of
such expressions, are “forward looking statements”. Actual results
may differ materially from those suggested by the forward-looking statements due
to risk or uncertainties associated with our expectations
with respect to, but not limited to, exposure to market risks, general economic
and political conditions in India and other countries globally,
which have an impact on our services and / or investments. Franklin Templeton is
not associated with the brands in any manner and may or
may not have these stocks / securities in their fund portfolio. This is neither
a recommendation to buy or sell nor an investment advice, a
view on quality or profitability of investing in these securities. The recipient
should not assume that investment in the securities listed was or
will be profitable. All portfolio holdings mentioned are subject to change.
The sectors mentioned in the material may not be considered as investment advice
or recommendation to buy or sell nor a view or opinion
on quality or profitability providing a basis of investment decision in the
same. The schemes managed by Franklin Templeton Asset
Management (India) Pvt. Ltd (the AMC) may or may not have any future exposure in
the same. The reader should not assume that
investment in the sectors mentioned was or will be profitable. Information is
historical and may not reflect current or future portfolio
characteristics. All portfolio holdings are subject to change. Past performance
may or may not be sustained in future and is not a guarantee
of any future returns.
Mutual Fund investments are subject to market risks,
read all scheme related documents carefully.

Mehr Informationen Weniger Informationen
Schließen


Geben Sie zum Öffnen der PDF-Datei deren Passwort ein.


Abbrechen OK
Dateiname:

-

Dateigröße:

-


Titel:

-

Autor:

-

Thema:

-

Stichwörter:

-

Erstelldatum:

-

Bearbeitungsdatum:

-

Anwendung:

-


PDF erstellt mit:

-

PDF-Version:

-

Seitenzahl:

-

Seitengröße:

-


Schnelle Webanzeige:

-

Schließen
Dokument wird für Drucken vorbereitet…
0 %
Abbrechen