Raymond James strategist adds travel, digital payments to portfolio; trims ICICI Bank

Matt Orton, Chief Market Strategist at Raymond James Investment, said he is shifting some of his portfolio away from financials and adding exposure to travel, quick commerce, and digital payments.“I’ve reduced ICICI Bank in my portfolio just because I have to respect technicals,” he explained. Orton said he has added InterGlobe Aviation and MakeMyTrip to strengthen his travel holdings and is also looking at Swiggy and Paytm. “Analysts continue to upgrade their estimates… you’re starting to see a reduction in their cash burn,” he said about Swiggy, pointing to growth from its Max Saver program.

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On India’s Goods and Services Tax (GST) reforms, Orton called it an important step for investors. “The GST is the right focus… this is a massive simplification,” he said. According to him, India’s consumption-driven economy makes GST an encouraging signal for foreign investors who have been cautious about regulatory complexity.
Orton also spoke about broader global markets. He expects near-term volatility but believes the long-term trend is intact. “Would I be surprised to see a 5-10% pullback? Absolutely not. But we are still very much in a secular bull market,” he said.Also Read | India a core holding but short-term headwinds remain: Standard Chartered Bank

He added that artificial intelligence investments are backed by strong earnings and cash flows, rejecting the idea of a bubble.

While Orton expects the US market to continue to do well, he sees more promise in emerging markets. “When I look at the full global stage, I’m a lot more excited about emerging markets… I would lean into the Indian markets, lean into some of this weakness, especially as a long-term investor.”

For the full interview, watch the accompanying video

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