Blackstone-backed ASK Investment Managers (ASK), one of India’s leading PMS houses, remains highly optimistic about India’s long-term growth prospects. The firm highlighted India’s resilience, with corporate earnings projected to grow at approximately 15% CAGR over FY24-26, signaling steady growth in the coming years.
During a media interaction in Jaipur, ASK’s leadership pointed to substantial opportunities for reinvestment in Indian markets. This comes as global central banks, including the US Federal Reserve and the European Central Bank (ECB), pivot towards more accommodative monetary policies, and India’s growth remainsa lot more structural.
“India is on a sustained growth trajectory,” said Sumit Jain, Deputy CIO at ASK Investment Managers. “While global uncertainties persist, India’s markets have shown remarkable resilience, and the RBI’s neutral stance provides the flexibility needed to navigate these complexities. Inflation in India is under control, barring the transitory spike in food inflation. Current earnings multiples and valuations are backed by superior margins and superior capital efficiencies. Balance sheets of all stakeholders are much better than in the past, so a comparison with the past may not be the right thing from a valuation perspective.” he added.
Areas like manufacturing, engineering, infrastructure, energy transition, consumer, and healthcare offer long-term investment opportunities. Indian manufacturing is cashing on Make in India for India and Make in India for the world. Supply chain dislocation is an opportunity that has a long runway for growth. Also, the improving demographics and the resulting consumption patterns present huge opportunities in consumption space – especially discretionary.
Nimesh Mehta, Director and Head of Sales and Products at ASK Investment Managers,
underscored the firm’s strategic focus on Jaipur and Rajasthan’s rapidly expanding investor base. As per AMFI data, Jaipur’s MF AUM stands at Rs. 51,519 crores, which is 0.84% of India’s total MF AUM.
reinforcing its position as a key financial hub in North India. “Jaipur’s investors have shown a remarkable appetite for long-term wealth creation,” Mehta remarked. “Our investment philosophy, focused on secular growth opportunities and businesses with solid execution, has resonated strongly here. We are committed to deepening our presence and providing tailored solutions that align with the ambitions of our growing client base.”
Rajasthan and Jaipur continue to be strong markets for ASK. Rajasthan’s Total MF AuM stands at Rs 1.28 lakh crores, with Equity MF AuM at Rs 1.11 lakh crores as of September’24, making it the 10th largest state by MF Equity AuM, growing at 36% CAGR over the last five years. Jaipur alone contributes approx. 45% to the state’s total MF AuM, with a total MF AuM of Rs 51.4 thousand crores as of June’24, growing at 29% CAGR over the last three years. ASK’s AuM in Jaipur has outpaced this growth, increasing at 33% CAGR during the same period.
Looking ahead, ASK continues to focus on sectors that promise multi-year growth. These include manufacturing, automation, energy transition, and discretionary consumption—all areas where India’s stable macroeconomic environment and solid corporate fundamentals provide fertile ground for significant investment opportunities. ASK Investment Managers is well-positioned to capitalize on the opportunities in these high-growth sectors.