10:00 a.m.–10:40 a.m. (IST)
In Conversation with Narayana Murthy
Murthy is one of the world’s most recognised leaders. Credit goes to him for conceptualising, articulating and implementing the Global Delivery Model, or GDM, that gave rise to the Indian software industry. Morningstar’s CEO Kunal Kapoor engages in a conversation with the legendary billionaire, philanthropist and cofounder of tech giant Infosys.
Narayan Murthy, Catamaran / Kunal Kapoor, Morningstar
11:00 a.m.–11:40 a.m. (IST)
Value Investing: Opportunity or Lost Cause?
Value has dramatically underperformed growth in the recent years, which leads investors to question the utility of the value style of investing. Observers of the market would disagree, knowing how ‘value’ has faced such dire circumstances in the past only to make a strong comeback, delivering superlative returns. But is it different this time around?
Sanjoy Bhattacharyya, Fortuna Capital / Safir Anand, Anand and Anand
12:00 p.m.–12:40 p.m. (IST)
Controlled Diversification or Concentrated Investing
There is an old investment saying: Concentrated wealth makes people wealthy, but diversified wealth keeps them wealthy. The concentrated vs. diversified portfolio debate is one of the oldest in investing history, with plenty of evidence supporting each thesis. A veteran investor shares his learnings and stance.
Samir Arora, Helios Capital / Moderator: Himanshu Srivastava, Morningstar
12:40 p.m.–1:20 p.m. (IST)
In Search of Alpha
The coronavirus sent markets into a tailspin. After a calamitous crash and an astounding bounce back, there is a glaring disconnect between economies and stock markets. The fear of COVID-19 is having a profound impact on consumer psychology, which in turn shall impact corporate profits. Fears are growing that the worldwide economic downturn could be especially deep and lengthy, with recovery limited by continued anxiety. How does one search for alpha given such an unprecedented and volatile backdrop?
Prashant Khemkha, White Oak Capital / Moderator: Larissa Fernand, Morningstar
1:20 p.m.–2:30 p.m. (IST)
2:30 p.m.–3:10 p.m. (IST)
Indian Economy in a Funk
India's economy was already in the throes of a slowdown before the beginning of the pandemic. Its GDP grew at 4.2% in 2019–20, its slowest pace in nearly a decade. Thanks to the COVID-19 pandemic and subsequent lockdown, the economy is now in contraction zone. Unemployment is expected to rise. NPAs are an unending nightmare for the Indian banking sector. A look at the challenges ahead and the road map we must embark upon to lift the economy out of its funk.
Samiran Chakraborty, Citigroup / Sonal Varma, Nomura Singapore Limited / Moderator: Ajay Bagga, private investor and director
3:30 p.m.–4:10 p.m. (IST)
Fund Industry at the Crossroads
Equity and debt funds have seen significant value erosion. Equity funds took a beating due to market volatility, while debt funds were knocked by a combination of credit events and illiquidity. This resulted in an increase of regulatory scrutiny. While there is much criticism of the regulator curbing the agility of fund managers, it is worth noting that regulatory moves have been reactive. Which forces us to address the issue of how proactive fund houses have been with respect to strong governance and oversight mechanisms for reviewing and monitoring investment decisions. Have they adopted best practices in investment and risk management? How does India fare in comparison to global best practices? What needs to be done? A discussion.
Sandeep Parekh, Finsec Law Advisors / Nilesh Shah, Kotak AMC / Aron Szapiro, Morningstar / Moderator: Jiju Vidyadharan, Morningstar
4:25 p.m.–5:00 p.m. (IST)
COVID-19 – A Sustainable Recovery
The impact of the current pandemic is evidence of how the natural world can unleash havoc on every facet of the economy. While the world continues to reel from the immediate challenges, another calamity looms—the climate crisis. Both underline the fact that we are all in this together. No country is immune from major global threats. While this current scenario will eventually pass, it is in the coming months that recovery strategies are likely to be formulated and the path set. It would be wise for governments to press the reset button towards a more sustainable future. Mitigating the effects of climate change takes a multifaceted approach with economic policy playing a pivotal role. Can the political will that has been summoned to fight this pandemic be applied to climate responses?
Lord Nicolas Stern, London School of Economics / Moderator: Michael Jantzi, Sustainalytics Morningstar
5:15 p.m.–5:45 p.m. (IST)
A Perspective on Investing Trends
Successful investing is about accumulated insights, not panaceas. Those words of wisdom are credited to Don Phillips. Morningstar’s first mutual fund analyst, he went on to become its chief executive officer and is currently the managing director. He will engage in a broad-ranging discussion on investor psychology, the draw of passive investing, the rise of ESG, and strategic guidance of regulators.
Don Philips, Morningstar / Kaustubh Belapurkar, Morningstar