It is not possible to consistently time the sectoral winners and there may be prolonged cycle of outperformance and under performance. Furthermore, there may be a good company in an under-performing sector and an average company within the out-performing sector. Hence, taking top-down bets on sectors may not always deliver good consistent results.
Data for sectoral NSE TRI indices, except for Telecom which is for BSE Telecom TRI. For Metals sector, year 2012 and 2013 BSE Metals TRI is used, while for rest of the years NSE Index is used. Data as of October 18, 2023.
Source White Oak Mutual Fund Presentation
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