Indian markets continued to rise despite the macro-uncertainty around both growth and inflation. The realised volatility remained low, while average pair-wise correlation between the stocks dropped. Both broad and concentrated All-Season portfolios continue to outperform the benchmark since inception on a risk-adjusted basis, despite their underperformance in August. September 2022 portfolio consists of Nestle India, Cipla, Hindustan Unilever (HUL), Tata Consultancy Services (TCS) and Larsen & Toubro (L&T). Low-volatility consumer staples and IT services underperform in August Momentum the sole outperformer; low-volatility and fundamental underperform Momentum had a good month in August. However, other single factors underperformed the index by …
