We have been neutral as far as pharmaceutical goes, said Taher Badshah, Director and CIO-Equities at Invesco Mutual.
He said that they have exposure in a few names where the risk reward is okay and where multiples are, on the basis of projections for the next year.
He added that many of the pharmaceuticals names are still quite expensive even on basis of forward expected earnings.
According to Badshah, compared to the situation about six months ago, many midcaps as a basket and even individually were in a touch me not kind of a scenario where valuations were not comfortable.
He believes that we have moved to a situation where some of these have come into a range where we can at least evaluate and assess them and a little more constructively at that, and therefore there have been few opportunities.
“From a sector perspective, we found some of these in auto ancillary space, there have been couple of them in IT and pharmaceutical as well. There have been a few in auto space, OEMs, and FMCG category also. So for us it has been just about spotting opportunities on a bottom up basis and wherever we think the overall business case has not been affected by recent fundamental changes, or macro changes, and yet valuations have come into a more reasonable range,” he added.
He also spoke at length about aviation, banking, and various midcap stocks.
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