Valuations have been fairly expensive in Pharma sector: IV Subramaniam

In a chat with ET Now, IV Subramaniam, MD & CIO, Quantum Advisors, Director, Quantum AMC, shares his views on his portfolios.

ET Now: Can you give me a flavour of your top three holdings in your last declared portfolio? What I am trying to gather from you is that how are you investing right now.

IV Subramaniam: So if you look, we are still overweight on consumer discretionary. We have the automobile stocks which are quite high in their weights. We still like some of what you call among the industrials those which are into the logistics space, that is among the top 5 or 10 and finally in the IT space also, we still like the large cap companies. So that is where the portfolio is split right now. We do not have any exposure in consumer staples and neither do we have any exposure in pharmaceuticals.

ET Now: No pharma, that is a brave call, why is that?

IV Subramaniam: Again, it is a matter of valuations, what's the price at which you would like to buy and given some of the product profile of many of these companies, it becomes a problem and then you do not want to buy many of these stocks at very high valuations. So stocks have not been cheap. If you really look both at the MNCs and even the Indian companies, the valuations have been fairly expensive.

ET Now: HDFC Bank is not cheap, you still hold it.

IV Subramaniam: No, we do not have that. If you see our portfolio, we do not have HDFC Bank. We had sold out of that at the beginning of last year but the portfolio still holds on to HDFC.