Vaibhav Sanghavi, CEO of ASK Hedge Solutions, told ET Now that his fund is currently positioned “pretty neutralish” with low deployment — essentially waiting for the dust to settle before going aggressive. But he is far from pessimistic about where India is heading over the next three to five years.
“Every decline is a buying opportunity”
Sanghavi says once geopolitical conditions stabilise, a sharp recovery could follow. Until then, he expects FPI-heavy stocks to remain under pressure. But from a longer-term lens, his conviction is clear: “Investments probably make a lot of sense, especially in parts at every decline.”
“From a longer-term perspective like a three- to five-year horizon, investments probably make a lot of sense — especially in parts at every decline.”
Sectors Sanghavi is bullish on
Here are the four key themes the fund manager is backing for the long run:
Consumer discretionary & staples
India’s structural consumer story remains intact. With growing incomes and aspirational demand, this segment tops Sanghavi’s conviction list.
Data centres & the supply chain
His highest-conviction theme. He is specifically bullish on cooling solutions companies, switchgear and transformer makers, and power companies — not land or real estate plays.
Industrials & capital goods
Government capex momentum is expected to continue into the next couple of years. Though valuations remain marginally expensive in absolute terms, Sanghavi sees them as pricing in a real opportunity ahead.
Private sector banks
With price-to-book valuations at compelling levels and a cleaner NPA cycle, private banks look attractive — though continued FPI selling could keep short-term pressure on.
What about IT stocks?
Sanghavi is cautious on the IT sector for now. While prices have corrected significantly from highs and free cash flow yields look more appealing, he says the role of AI in reshaping the sector’s revenue model remains unclear. In the short to medium term, AI could cause revenue headwinds; long-term, software companies will be critical for enterprise-level implementation. His verdict: a possible technical bounce, but stay on the sidelines until the story becomes clearer.
The bottom line
Sanghavi’s playbook is patient, selective, and anchored in structural themes: India’s consumption engine, the global data centre buildout, government-led capex, and a banking sector whose worst may be behind it. For investors with a three- to five-year view, he sees the current volatility less as a warning sign — and more as a window.