India Strategy - Nifty50 Benchmarked Portfolios To Be Driven By Cyclicals, Select Defensives: ICICI Securities
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ICICI Securities Report
Nifty50 exchange traded funds with a combined assets under management of ~$17 billion currently have a ‘look through’ earnings collectively of ~$632 million.
According to Warren Buffet, for calculating their look through earnings, investors should determine the underlying earnings attributable to the shares they hold in their portfolio and total these (Warren Buffet's Letter to shareholders, 1991).
Analogy for ‘look through earnings’ from an equity fund’s perspective with holdings of let’s say 50 stocks would be to imagine a conglomerate company with 50 subsidiaries, which get consolidated at the end of each financial year proportionate to their minority holding in each company.
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