CLSA initiates investment in Indiabulls Ventures

CLSA has initiated investment in consumer finance company Indiabulls Ventures in its Asia ex-Japan long-only portfolio with a weightage of three percentage points, said the Hong Kong-headquartered firm's chief equity strategist Christopher Wood in his widely followed newsletter Greed & Fear on Thursday.

To make up for the investment in Indiabulls Ventures, CLSA has cut existing investments in HDFC Bank, Indiabulls Housing Finance and Bajaj Finance by one percentage point each.

On the Indian equity market front, Wood said that the base case for net inflows into Indian equity mutual funds, which surged to a record high in August, is that these flows are likely to continue.