Synopsis
Though he concentrates on valuations, Anand Shah is not a classic value investor. While he advocated buying consumer companies for long, he now feels they will not be able to generate the ROE levels they could in the last decade. He thinks FMCG, specialty chemicals and paints are overvalued. The top bets in his portfolio are Tata Steel and Hindalco.
For more than a decade, Anand Shah, head, PMS and AIF investments, at ICICI Prudential AMC, has advocated buying consumer-centric companies like paints and other B2C firms. However, over the past three years, he has shifted his belief to B2B companies — businesses that supply raw materials to other businesses. The bet has worked out well where his PMS (portfolio management services) fund, which invests in mid- and small-caps, has returned 27% at
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