Series 93 – Breaking down our Annual Letter 2024 (Episode 1)

A few episodes from here we would like to breakdown our Annual Letter 2024, that speaks about our journey through 2024, changes made in the portfolio, some of the themes and companies under focus, and the expectation going forward.

2024 – A year driven by domestic investors- India is experiencing a structural cycle driven by domestic participation in equity markets, like the US in the 90s and China from 2003-2013. Over the past three years, domestic institutions have invested around USD 120 billion, while foreign investors have net sold USD 70 billion. Despite foreign outflows, domestic inflows are on the rise, increasing financialization. In 2024, mutual fund inflows into equities reached USD 42 billion, with 30% into sector-based funds.  This trend suggests a shift in market dynamics, presenting opportunities in undervalued sectors. While 2025 might be a volatile year, it also presents us opportunities for strategic capital allocation. We are considering allocation towards sectors where we anticipate growth and margin expansions, like pharmaceutical, non-banking financial, FMCG, auto, and auto components sectors on 2W (playing a rural recovery theme), capital goods, power, etc. We have spoken about specific sectors of interests our previous episode.

Our Annual Letter is available in this link – Itus Capital Annual Letter 2024

We also keep writing to you about our SIP program that presents investors with a convenient avenue to regularly infuse capital into the client’s portfolios. To know more details about this, please write back to [email protected]. Stay tuned for more detailed insights over the coming weeks.

These weekly episodes are now available in our website for your quick read and you may access the same in the below link.

Weekly Enlightenment Archives – ITUS Capital