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Shashank Savla, Asia Income: Delhi election defeat not a major setback for Modi

Today’s defeat for the Bharatiya Janata Party (BJP) in the Delhi assembly elections was quite a surprise with the Aam Aadmi Party (AAP) winning 67 seats to the BJP’s three.  This is being reported by some as the first major setback for Narendra Modi’s government. We disagree with this interpretation, and the Indian equity market this morning also seemed relatively untroubled, closing 0.5% higher.

Assembly elections can be considered as equivalent to the UK’s council elections, where the local winners are not Members of Parliament and have no direct bearing on the national government. There are several parties in India who are strong at the assembly elections, but not at the national level, as people vote differently in both elections. In last year’s national elections for the Lok Sabha (Lower House) in May 2014, the BJP won all seven seats in Delhi on its way to the first single party majority in India for 30 years.

John Husselbee: The art and science of fund manager selection

One of the key lessons I have learnt from my thirty years’ experience in the industry is the importance of marrying the quantitative aspects of fund manager selection analysis with ‘softer’ qualitative considerations such as the skills and motivations of the manager. I like to think of this as combining the art and science of fund selection which, in simple terms, means that I have to not only crunch the numbers but meet the managers.

Disclaimer

Any opinions expressed should not be construed as advice for investment in any [product or] security mentioned or which may form the underlying content of any topics discussed in this blog.  The information and opinions provided in this blog take no account of the investors’ individual circumstances and should not be taken as specific advice on the merits of any investment decision.   Any opinions or information provided has been based on sources we believe to be reliable at the time of this blog’s preparation: no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of such information.  Neither Liontrust, nor any of its partners, employees, representatives or agents accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of our research or its contents.

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Shares in companies referred to may be relatively illiquid and hard to trade, therefore riskier than other investments and there could be a large bid/offer spread, so if you need to sell soon after you’ve bought, you might get less back than you paid. This can make them riskier than other investments.