How do you view real estate stocks, which have been criticised for their inconsistency?
After a longish bout of progress, the decline in real estate has been quite marked. However, it is not that this sector deserves to be wholly ignored. As things stand, we do see some pockets of value. You need to bear in mind the fact that the correction in real estate prices has caught some sections unawares. And this should discourage investors to just blindly get into one or more sector, without considering the possible adverse impact of such a move. Now that the market is off its high, do sector funds merit attention at all? That depends on an investor’s risk-profile. These funds are not broadbased and must remain dedicated to a small domain. JM MF has some sectoral products in its stable. Each is driven by a specific mandate and is run true to label. Let me tell you that we have done some restructuring in funds like JM Basic, which was at one point dedicated to the petro sector. It is now more diversified. How will your small- and mid-cap fund pick stocks? We have planned to have
