Age: 41 years
Qualification: B.Com, PGDM (IIM Bangalore)
Current position: Head, Equity Funds, Religare Mutual Fund
What is the Vetri Subramaniam way of investing?
I don't have a bias in terms of growth or value orientation. To be able to create alpha, it is important to have a large, in-house research-driven process. This should be combined with a disciplined framework in terms of fund management.
What factors do you consider while choosing a stock?
I am uncomfortable with companies that tend to raise capital and dilute frequently. The best firms are those that need little and infrequent capital infusion and are self-sustaining. The company should either generate a healthy return on capital and equity, or indicate clearly that in the future, it will be able to deliver an economical return on the capital.
The premise on which we offer our funds is that we will outperform the benchmark. So, more than anything else, we are guided by our alpha relative to the benchmark.
Which has been your best decision?
Avoiding the infrastructure sector in late 2007-8 turned out to be a good proposition because the valuations were very unattractive at that point of time.
....and your worst decision?
Missing out on the commodity upcycle, which played out from 2002 to 2007. I regret not having participated in it well enough.
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