Markets exhibiting confidence, signalling better times ahead: Navneet Munot

HDFC Asset Management Company’s managing director and chief executive officer Navneet Munot, addressing shareholders said that as India continues on its growth journey, the fund house aspires to be a wealth creator for every Indian. He also expressed optimism about the decline of fresh covid 19 cases and recovery in the Indian economy.

According to Munot, despite strong growth in the past decade, mutual fund penetration remains extremely low in India. He added, “I believe the economy should come back to a steady recovery path, with the covid curve showing signs of flattening, and the nationwide vaccination drive gathering steam. The markets are clearly exhibiting confidence, signalling better times ahead. Our people are well equipped with top class digital infrastructure to function seamlessly. We have created the tools to provide best-in-class user interface and user experience to our customers and partners. We will continue to strengthen our digital capabilities with a focus on delivering customer delight."

While addressing the shareholders on expansion of the equity product portfolio, Munot said, “Today, we offer a broad range of products across asset classes/ risk spectrum which address varied customers’ needs. We constantly evaluate opportunities but refrain from creating a product or solution, unless we strongly believe that it will add value to our customers’ portfolios over the long term. During FY21, we launched HDFC Dividend Yield Fund and HDFC Banking ETF. With equity markets near record highs, and interest rates at the lower end of the spectrum, investors are searching for the right balance to optimize their portfolio returns. Our hybrid funds and asset allocation-oriented products enable investors to balance their asset allocation, optimize portfolio returns and ride out market gyrations. In the next few quarters, we would like to expand our equity product portfolio to cover sector/specific themes, international markets and passive strategies." HDFC Mutual Fund lost its top ranking in terms of assets under management (AUM) to SBI Mutual Fund in 2020.

Investment management is all about developing a culture—of doing right for the customer. Munot emphasized that HDFC AMC’s fiduciary duty is to its customers. Transparency and good governance are the key pillars in upholding the highest standards of fiduciary responsibilities. He added, “Our customers entrust us with their savings, with a strong belief that we would help them achieve their financial goals. Our culture reflects a deep sense of trusteeship towards them."