India's hot market still has bargains, Mawer manager says

Peter Lampert finds many smaller Indian companies aren't well followed.

Diana Cawfield 17 May, 2018 | 5:00PM

Wealth creation, excellent management teams and attractive valuations are three key stock-selection criteria for Peter Lampert, lead manager of Mawer Emerging Markets Equity. And while he admits that the Indian market as a whole isn't cheap, it's there that Lampert and his colleagues are finding ample opportunities. The fund's current weighting in Indian stocks is 16%, double the country's weight in the MSCI Emerging Markets Index. Only China, at 19%, has a larger weight in the fund.

"India's pretty hot right now," says Lampert, a portfolio manager at Mawer Investment Management Ltd. in Calgary. He has led the fund since its inception on Jan. 31, 2017. "Valuations are fairly expensive for markets as a whole, so we've been very selective with our investments in India," he says. "There are many fantastic companies that we've passed on because the stock prices are just too high by our valuation parameters."

Despite the heated market, the managers have found great Indian companies that meet their criteria, Lampert says. Mawer has more than $1 billion invested in India across the firm's mandates and has been investing in India for about eight years.

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About Author

Diana Cawfield

Diana Cawfield  Diana Cawfield is an award-winning writer who has been a regular Morningstar contributor since 2000. Her numerous publication credits include the Toronto StarAdvisor's Edge and Chatelaine, as well as the Canadian Securities Institute's online educational services.

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