Trust MF’s Vora prefers financials, infra, and premium consumption plays

Trust Mutual Fund is placing its bets on India’s domestic story, with a clear preference for sectors like financials, infrastructure, and premium discretionary consumption. Mihir Vora, Chief Investment Officer at the fund, which manages nearly ₹2,600 crore in assets, said these themes are being supported by strong macro fundamentals and steady structural inflows.

Domestic opportunities remain the focus, said Vora, adding that the fund continues to be overweight on capex-led segments, particularly those linked to government spending and early signs of private sector investment. Railways and defence are among the areas where policy focus remains sharp, he said.

Vora believes India’s position stands out globally, both in terms of stability and resilience. It is the only country that’s brought down its debt-to-GDP ratio over the past decade even after COVID. That’s not something many developed or developing economies can say. He attributes this strength to a decade of sound macroeconomic management.

He also noted that a steady stream of inflows from domestic sources like SIPs (systematic investment plans), pension funds, EPF, and insurance continues to widen the investor base and keep market sentiment buoyant.

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According to Vora, consumption is a bit of a mixed bag. While FMCG remains a low-growth area and urban consumption isn’t picking up as strongly as expected, he doesn’t see any structural concerns in the long run. In fact, premium discretionary consumption is already performing well. He adds that the fund remains overweight on premium domestic consumption, savings-related themes, and capex-driven opportunities.

When it comes to pharmaceuticals and healthcare, Vora says they are taking a stock-specific approach.

Trust MF is underweight on IT, especially on largecap names, since they are more exposed to the global environment and are not delivering the kind of growth they once did.

It is also underweight on steady-growth sectors like utilities, which offer 10–12% growth, as the fund is prioritising higher-growth segments.

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