{"id":5164,"date":"2020-08-16T18:14:15","date_gmt":"2020-08-16T18:14:15","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=5164"},"modified":"2021-12-15T11:32:15","modified_gmt":"2021-12-15T11:32:15","slug":"but-what-about-pharma","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/but-what-about-pharma\/","title":{"rendered":"But what about Pharma?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d1040e50cf5\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d1040e50cf5\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/but-what-about-pharma\/#Index_Returns\" title=\"Index Returns\">Index Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/but-what-about-pharma\/#Announcement\" title=\"Announcement\">Announcement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/but-what-about-pharma\/#Quote_of_the_week\" title=\"Quote of the week:\">Quote of the week:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/but-what-about-pharma\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/nav><\/div>\n<p>Pharma and related sectors have been one of the best performing sectors in the last 12 months. Nifty Pharma index is up 50.37% in the last one year, while the Nifty 50, the market index is just about flat now. If we look at from the March lows, the Nifty Pharma index has roughly doubled from those levels.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><img loading=\"lazy\" class=\"aligncenter wp-image-5153 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/1Y-pv5.png\" alt=\"\" width=\"780\" height=\"505\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/1Y-pv5.png 780w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/1Y-pv5-300x194.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/1Y-pv5-768x497.png 768w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><\/strong><\/p>\n<p>Source: Google Finance<\/p>\n<p>&nbsp;<\/p>\n<p>Two big reasons have contributed to the recent outperformance in Pharma sector. First, the Pharma sector had been in a decline since the FDA clampdown post 2015. As you can see from below the Nifty Pharma index peaked late 2015 and then proceeded to loose 50% of its value over the next ~5 years till the turnaround in March of this year. Some or most of that FDA clampdown has been removed and the broader market belief is that it is not coming back. Second, COVID has created an opportunity for Indian Pharma majors to become one of the biggest suppliers of any vaccine as and when it is approved.<\/p>\n<p>&nbsp;<\/p>\n<p><strong> <img loading=\"lazy\" class=\"aligncenter wp-image-5152 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/MAx-pv5.png\" alt=\"\" width=\"780\" height=\"510\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/MAx-pv5.png 780w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/MAx-pv5-300x196.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/MAx-pv5-768x502.png 768w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><\/strong><\/p>\n<p>Source: Google Finance<\/p>\n<p>&nbsp;<\/p>\n<p>If we look at the AUM of the three largest Pharma funds we don\u2019t see any signs of large inflows on the back of good performance. The change in the AUM of the three largest funds is mostly inline with the re-rating of the sector.<\/p>\n<p>&nbsp;<\/p>\n<p>This is a good sign.<\/p>\n<p>&nbsp;<\/p>\n<p>Investors are not chasing returns in the Pharma sector. This is unlike what we have seen with international funds and gold where we do find some return chasing behaviour. We have said this time and again, sectors are hard to time and you have to time it right twice. Once is when to buy, and second is when to sell.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_5169\" aria-describedby=\"caption-attachment-5169\" style=\"width: 1400px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-5169 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/Top-3-Pharma-Fund-AUM.jpg\" alt=\"\" width=\"1400\" height=\"724\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/Top-3-Pharma-Fund-AUM.jpg 1400w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/Top-3-Pharma-Fund-AUM-300x155.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/Top-3-Pharma-Fund-AUM-768x397.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/08\/Top-3-Pharma-Fund-AUM-1024x530.jpg 1024w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><figcaption id=\"caption-attachment-5169\" class=\"wp-caption-text\">Source: AMFI<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>More than timing, there is one more subtle reason to not actively use sector funds. If you believe in active management, then it is your fund managers job and not yours to weight sectors appropriately as and when they find the opportunity tempting. What\u2019s the point of investing in active management if you have to keep tracking and augmenting your fund managers decision all the time? Aren\u2019t you paying her to ensure that you are appropriately invested in the best opportunities in the market? It is a good time to remind yourself that active management doesn\u2019t mean you have to keep in actively managing your portfolio but for your fund manager to actively find the best opportunities for you \ud83d\ude42<\/p>\n<p>&nbsp;<\/p>\n<p>If you believe in passive management, will then you wouldn\u2019t ask this to begin with. You would know it is the markets job to appropriately weight the sector in the index. Their is no reason for you to make an exception and add allocation to a sector just because it has done well or everyone believes it will continue to do well. Always remember, these believes can change quickly and you may not be able to rebalance fast enough.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In this episode of<\/span><a href=\"https:\/\/www.youtube.com\/results?search_query=%23KuveraInsights\"> <span style=\"font-weight: 400;\">#KuveraInsights<\/span><\/a><span style=\"font-weight: 400;\">, Dhruv Agarwala, Group CEO &#8211; PropTiger.com, Housing.com and Makaan.com; Shubhra Tandon, Asst Editor \u2013 Financial Express and Gaurav Rastogi, Founder &amp; CEO \u2013 Kuvera.in discuss everything<\/span><a href=\"https:\/\/www.youtube.com\/results?search_query=%23realestate\"> <span style=\"font-weight: 400;\">#realestate<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; the historic rise in prices in India, the opportunity in the dip, the future trends, investing through REITS and the impact of RERA.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights: \u2018Investing in Real Estate \u2013 &#039;the right time, the right deal, the right structure\u2019\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/D7aLjTG76cs?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Index_Returns\"><\/span><strong>Index Returns<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table style=\"height: 210px;\" width=\"578\">\n<tbody>\n<tr>\n<td width=\"310\"><strong>Index<\/strong><\/td>\n<td width=\"91\"><strong>1W<\/strong><\/td>\n<td width=\"96\"><strong>1Y<\/strong><\/td>\n<td width=\"91\"><strong>3Y<\/strong><\/td>\n<td width=\"68\"><strong>P\/E<\/strong><\/td>\n<td width=\"65\"><strong>P\/B<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"310\">NIFTY 50<\/td>\n<td width=\"91\">-0.3%<\/td>\n<td width=\"96\">1.3%<\/td>\n<td width=\"91\">4.5%<\/td>\n<td>31.1<\/td>\n<td>3.2<\/td>\n<\/tr>\n<tr>\n<td width=\"310\">NIFTY NEXT 50<\/td>\n<td width=\"91\">0.5%<\/td>\n<td width=\"96\">5.2%<\/td>\n<td width=\"91\">-0.3%<\/td>\n<td>32.3<\/td>\n<td>3.9<\/td>\n<\/tr>\n<tr>\n<td width=\"310\">S&amp;P BSE SENSEX<\/td>\n<td width=\"91\">-0.4%<\/td>\n<td width=\"96\">1.5%<\/td>\n<td width=\"91\">6.4%<\/td>\n<td>26.5<\/td>\n<td>2.8<\/td>\n<\/tr>\n<tr>\n<td width=\"310\">S&amp;P BSE SmallCap<\/td>\n<td width=\"91\">1.4%<\/td>\n<td width=\"96\">10.2%<\/td>\n<td width=\"91\">-3.5%<\/td>\n<td>-242.9<\/td>\n<td>2.2<\/td>\n<\/tr>\n<tr>\n<td width=\"310\">S&amp;P BSE MidCap<\/td>\n<td width=\"91\">1.5%<\/td>\n<td width=\"96\">7.1%<\/td>\n<td width=\"91\">-1.5%<\/td>\n<td width=\"68\">31.45<\/td>\n<td width=\"65\">2.31<\/td>\n<\/tr>\n<tr>\n<td width=\"310\">NASDAQ 100<\/td>\n<td width=\"91\">0.2%<\/td>\n<td width=\"96\">48.8%<\/td>\n<td width=\"91\">23.6%<\/td>\n<td>36.1<\/td>\n<td>7.9<\/td>\n<\/tr>\n<tr>\n<td width=\"310\">S&amp;P 500<\/td>\n<td width=\"91\">0.6%<\/td>\n<td width=\"96\">18.6%<\/td>\n<td width=\"91\">11.0%<\/td>\n<td>26.3<\/td>\n<td>3.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: BSE \/ NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Announcement\"><\/span><b>Announcement<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><b>1\/<\/b> <a href=\"https:\/\/kuvera.in\/explore\/amc\/bnp\"><b>BNP Paribas Mutual Fund<\/b><\/a><span style=\"font-weight: 400;\"> has appointed Vineet Nayyar as Chief Financial Officer and Key Personnel of BNP Paribas Asset Management India Private Limited, with effect from 11 August 2020.<\/span><\/p>\n<p><b>2\/ <\/b><a href=\"https:\/\/kuvera.in\/explore\/amc\/principal\"><b>Principal Mutual Fund<\/b><\/a><span style=\"font-weight: 400;\"> has announced that O V Bundellu, Independent Director and Tess Downey, Associate Director have resigned from the services of Principal Trustee Company Private Limited.<\/span><\/p>\n<p><strong>3\/<\/strong> <span style=\"font-weight: 400;\">The Securities and Exchange Board of India <strong>(<\/strong><\/span><b>SEBI) has issued <\/b><a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/aug-2020\/resources-for-trustees-of-mutual-funds_47291.html\"><b>guidelines<\/b><\/a><b> which will help mutual fund trustees in monitoring the activities of the Asset Management Companies (AMCs)<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>4\/ Debt mutual funds saw inflows of Rs 91,392 crore in July, 31 times more than the inflows of the previous month<\/b><span style=\"font-weight: 400;\">. Low duration funds witnessed the most traction within the debt category with inflows of Rs 14,219 crore followed by liquid funds with inflows of Rs 14,055 crore.\u00a0<\/span><\/p>\n<p><b>5\/ Equity mutual funds witnessed outflows of Rs 2,480 crore in the month of July,<\/b> making it the first monthly net outflows in more than four years<span style=\"font-weight: 400;\">. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Quote_of_the_week\"><\/span><strong>Quote of the week:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<div class=\"css-1dbjc4n r-156q2ks\">\n<div class=\"css-901oao r-hkyrab r-1qd0xha r-1blvdjr r-16dba41 r-ad9z0x r-bcqeeo r-bnwqim r-qvutc0\" dir=\"auto\" lang=\"en\">\n<p>Life is choices, and they are relentless. No sooner have you made one choice than another is upon you.<\/p>\n<p><span class=\"authorOrTitle\">: Atul Gawande<\/span><\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights: \u2018Investing in Real Estate \u2013 &#039;the right time, the right deal, the right structure\u2019\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/D7aLjTG76cs?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pharma and related sectors have been one of the best performing sectors in the last 12 months. Nifty Pharma index is up 50.37% in the last one year, while the Nifty 50, the market index is just about flat now. If we look at from the March lows, the Nifty Pharma index has roughly doubled [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/but-what-about-pharma\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":5189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[209,359,167,259,83,36,225,11,66,387,280,281,154,212,360,226,249,274,229,213],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>But what about Pharma? - Kuvera<\/title>\n<meta name=\"description\" content=\"Pharma funds have outperformed recently and there is a growing sense in investors to invest in pharma funds. 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