WATCH­ING OUT

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - —Bloomberg

The mid­cap gauge on Fri­day halted two weeks of gains as data on May 31 showed the econ­omy grew last quar­ter at a slower pace than economists ex­pected

In­vestor con­fi­dence was also shaken by the cri­sis faced by shadow banks after the de­fault of IL&FS Group in Septem­ber

This past week, the bad news roared back, with trou­bled De­wan Hous­ing Fi­nance Corp.’s rat­ing cut to de­fault.

Sam­bre said he used the soft patch for mid-cap stocks to con­sol­i­date his fund by re­duc­ing the num­ber of hold­ings to 50 from as high as 70. The fund ex­ited non­bank fi­nance stocks, while adding in­sur­ers and con­sumer-fo­cused firms that are likely to be less im­pacted from the slow­down, he said. The fund is also bet­ting on pri­vate-sec­tor banks, drug­mak­ers and pro­duc­ers of spe­cialty chem­i­cals and auto parts. Sam­bre also said there’s less room for dis­ap­point­ment as mar­ket mul­ti­ples re­main at the higher end.

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