![]() This will assist in funding a long term credit growth cycle. ![]() Our PSU lender has improved significantly on the provision coverage ratio and has a favourable credit to deposit ratio. The enjoy very low cost of liabilities on their book. Noticeably, the trouble of competitors helped the private sector lender in gaining a substantial market share in credit card spending by around 12%, leading to a 21% market share. Both these lenders have very large mortgage assets on their books are leading market share gain in the mortgage sector. ![]() The private sector lender gained market share in advances on the majority of the counts, by 60 bps to 6.8% in overall credit, and by 1.5% to 11.3% in mortgages. Our key holdings in the two large lenders (corporate and PSU) of India performed very well during the course of year. Our weighted average market cap of the strategy increased by more than 50% in the last two years. Keeping in mind the various counterbalancing forces acting in the market, we made a tactical shift to a higher market cap over the course of the year. The mutual funds saw a record Rs 4 trillion inflows into risk-seeking schemes in FY22, nearly thrice the Rs 1.4 trillion equity outflows from the foreign investors. ![]() Similar to the FED, the RBI is also behind the curve, in containing inflation. Outside the US, it is already leading to serious problems in countries like Sri Lanka, Pakistan and Peru.įor the last two years, the impact of repressed interest rates on asset prices and has led to revival of real estate and buoyancy in equity markets. This tightening will is resulting in volatility in the risk based assets in the US and outside. Parallels, the US Federal Reserve has already begun raising its interest rates and will begin shrinking its balance sheet at its next meeting in May. Europe has become the epicentre of energy crises, hyperinflation. More on this topic stakeholder can read here on this Link. The performance of Vallum’s strategy of buying growth companies at a Reasonable Price (GARP) was satisfactory, beating its relevant index by 800 bps, considering the dramatic changes in the investing landscape during the course of the year.įor most Westerners, the March 2022 images of Russian tanks rolling into Ukraine have been more traumatic than the March 2020 images of Italian and Chinese patients overflowing local hospitals. ![]() The year was also marked by the Xi Jinping-led, Chinese government’s Common Prosperity goal, the ongoing war in Ukraine and its cascading impact on various asset classes. The value has started shifting to cyclical, downtrodden energy and real assets. History suggests that such rotations can be powerful and can provide considerable investment opportunities to those who are able to foresee these tectonic shifts. The year separated the wheat from the chaff, companies disguised as high growth Innovators and Disruptors companies having so-called unique Intangible assets, destroyed shareholder value. Ann's lunches who franshises the kitchen from the vallum has been cooking top quality food for over 30 years before the vallum she had the turn Pike at chapel park and the ship at wylam originally the 3 tunns at heddon on the wall Ann has had a following of scranners over this period at heddon franchise one guy moved to Carlisle and travelled a round 120 mile trip for a takeaway she refuses to have help in the kitchen as every meal has to leave the kitchen at her high standard the veg yorkies are all cooked fresh the meat is supplied by a local butcher and the gravy is made from meat juices this is what you can call man as Sunday lunch so when you go you have to be patient because of what I mention above this is not a wetherspoons where the food is all bought in ready bagged and served by kitchen assistants that are not cooks and put on the table 5 minutes after ordering it this is in response to some negative reviews on this site a Sunday lunch at a country pub can be between £8 to £11 Ann's are £6.50 bargin,a pudding normally £4.50 to £4.95 Ann's are home made are£2.The biggest story of the year 2022 is not “the gyrations of the market,” but rather a significant shift in market leadership from growth to value investing, currently unimaginable to many investors. ![]()
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