Ferrer: What are the differences between Reliance Religare Saving Equity (RRSE) and Reliance Vision, besides the fact that RRSE is managed actively?
Kuckian: RRSF is a multi-cap fund. This allows it to invest irrespective of any market-cap restriction. Vision is a large-cap with some exposure to large scalable mid-cap firms.
Livemint: How do you see the Greek crisis affecting Indian markets?
Also See | Reliance Regular Savings - Equity Gr (Graphic)
Behind the NAV (Graphic)
Kuckian: Given that capital markets have a lot of global capital flows, in the short-term, this event does increase volatility. The essential thing is to evaluate the follow-on issues, which might come up in Europe. On the ground, the domestic demand environment remains robust and as stability returns internationally, investors will pile back to emerging markets like India.
Ferrer: Do you think the valuations of small- and mid-cap firms have gone up too much?
Kuckian: Valuations vary across sectors even in the mid-cap space. The run up has happened on a low base. Stock selection and investment processes will differentiate the performance of mid-caps.
Rimjhim: What are the sectors that hold promise?
Kuckian: Pharma, infrastructure and banking appear interesting, given the growth opportunity in the medium term.
Rimjhim: What is your view on the markets? Will the recent rehabilitation package in the foreign market help India?
Kuckian: Markets are passing through a consolidation phase and are able to absorb a lot of bad news from international markets. The rehabilitation package is releasing a lot of liquidity into the system and does help emerging markets in the short term.
SI: Do you think this is a good time to go for gold exchange-traded funds? If so what percentage of your investment should be in gold?
Kuckian: Gold has its own relevance in investor asset allocation and is a good hedge against inflation. Investment levels depend on individuals time frame and risk profile.