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Axis Long Term Equity Fund

 

Axis Long Term Equity Fund

  • Investment Style: Large Growth
  • Investment Process: High-conviction portfolio based on the team's ability to identify under-researched stocks
  • Fund Manager: Jinesh Gopani

Jinesh Gopani has been managing Axis Long Term Equity since April 2011 and has been able to execute the strategy with consistency so far. We think that he stands out as an efficient stock-picker. This is the largest fund in the Tax Savings (ELSS) Morningstar Category. Although the growth in fund size is consistently monitored by the fund house, we are wary of the pressure that it puts on existing resources.

Gopani looks for companies that have the capability to grow over a 3- to 5-year time period and places a lot of emphasis on finding quality names at reasonable valuations. The portfolio typically invests about 50% to 70% in large-cap names with the remaining portion of the portfolio invested in small- and mid-cap stocks. The team follows a detailed research process that aims to identify under-researched ideas. The portfolio is made up of Gopani's high-conviction ideas and has a distinct character. The portfolio is markedly benchmark-agnostic and typically shares a very low overlap of about 25% to 30% with the S&P BSE 200 Index. From a valuation perspective, the team tends to invest in stocks that are slightly expensive in relative terms as long as they meet its internal quality and growth criterion.

The fund has remained true to its mandate. Despite its recent short-term underperformance and the changes in the investment team, we think that Gopani is capable of turning things around. Our conviction in Gopani, his consistent and efficient execution of the strategy, and the positive long-term performance lead





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