Kotak Standard Multicap Fund

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Kotak Standard Multicap Fund
Morningstar India - 08 September 2019

The Kotak Standard Multicap Fund was known as the Select Focus Fund prior to SEBI’s categorisation and is currently the largest fund in its category. The fund has been managed by Harsha Upadhyaya since 2012 and has been run with a predominant focus on large-cap companies.

Harsha Upadhyaya constructs the portfolio using a model portfolio compiled from sector-based portfolios prepared by analysts who use a combination of DCF models and quantitative measures to evaluate companies. Upadhyaya favours growth companies having sustainable competitive advantages such as brand name, business capabilities, or market share that generate steady cash flow, have capable management teams, and trade at reasonable valuations. Upadhyaya combines absolute and relative valuation measures to determine the fair value of stocks. He invests based on a stock’s intrinsic value, valuations versus industry peers, and historical valuations. The top-down approach is not entirely ignored as Upadhyaya over or underweights sectors based on their growth prospects and relative valuations compared with the broader index and with itself on a historical basis. Although stock picks in the small or mid cap space are largely a result of bottom-up stock selection, Upadhyaya also considers relative valuations between large caps and small  or mid-caps.

The focus is on protecting the downside risk by paying special attention to capital efficiency, corporate governance, and liquidity while constructing the portfolio.

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