Mirae Asset CEO urges risk-mitigated investing as India growth story endures
Mirae Asset CEO Swarup Mohanty says he’s staying fully invested in Indian equities, but urges patience and diversified, risk-mitigated portfolios as geopolitical and currency volatility tests markets.
Markets are wobbling, but Mirae Asset’s Swarup Mohanty says his strategy is not to step aside from India’s equity story.
Mohanty, Chief Executive Officer and Vice President at Mirae Asset Mutual Fund, remains fully invested in Indian equities despite heightened geopolitical uncertainty and shifting global capital flows.. His argument is simple: difficult phases can also create openings to buy quality businesses at more reasonable valuations—if investors are willing to think beyond short-term noise.. “Stay invested” becomes the headline takeaway, but his framing is more specific: build portfolios that can handle volatility, rather than chasing every move.
A big driver behind the current mood is global risk reassessment.. Mohanty points to a structural change in how capital is being allocated as the world’s largest economy alters its behavior, with sovereign reserves showing a tilt toward gold rather than the dollar for the first time in decades.. While he does not claim a sudden end to the dollar’s influence, the signal matters for investors who track cross-border flows and currency dynamics.. That shift, he says, has to be watched carefully because it can reshape the cost of capital and sentiment in markets that rely on global liquidity.
Geopolitical tensions, including the West Asia conflict, have added another layer.. Mohanty links it to supply-chain disruptions and a quick change in investor mood—effects that, in his view, few had fully priced months earlier.. He also brings the discussion back to India’s immediate market narrative: what looked like a straightforward, fundamentally strong story can start to feel “vulnerable,” not because of domestic damage, but because currency and macro-linked perceptions can change quickly.. His point is that investors should not treat currency-driven worries as purely temporary.
There’s also a second, more market-specific pressure point: global money flows into India appear more cautious, with some investors viewing India’s exposure to artificial intelligence as limited.. At the same time, he notes that corporate earnings have underwhelmed and growth concerns have lingered over the last year or two.. When earnings momentum and global capital appetite weaken together, it can push liquidity-driven markets into a more defensive stance—exactly the kind of environment where valuations can disconnect from fundamentals.
In that setting, Mohanty’s emphasis on “risk mitigation” becomes central.. He says it’s not a moment for investors to be heroes or take unmeasured bets.. The practical takeaway: thread through opportunities carefully, stay disciplined, and use valuation corrections to strengthen holdings rather than abandon positions.. Misryoum observes that this mindset often resonates with long-term investors because it avoids the emotional whipsaw of switching completely in and out of the market.
He says the fund house is strengthening existing positions and filling gaps in the portfolio as valuations adjust.. The approach is “fully invested,” not “fully aggressive,” and that distinction matters.. Mohanty also highlights the banking sector as an area of interest, describing it as available at attractive prices.. The logic is tied to how credit and financial intermediation can respond when the economy keeps expanding, even if near-term data points are uneven.
The consumer angle is another pillar of his outlook.. As per capita income rises from around $2,500 to $3,500, he expects spending patterns to shift—from staples toward more discretionary purchases.. For investors, that can mean a broader set of opportunities, especially for companies positioned to benefit from aspirational demand.. Misryoum notes that this is where portfolio construction becomes important: growth beneficiaries may be spread across sectors, and concentration can increase risk when the market’s mood changes.
Mohanty also links his stance to how India’s capital markets are broadening.. He points to a surge in IPO activity over recent years, particularly in mid- and small-cap areas such as hospitals, asset management, textiles, and chemicals.. His takeaway is that the investable universe is widening—and that fund managers now need more than just large-cap exposure.. He puts it in perspective by saying the Nifty 500 reflects the broader Indian stock market better than the narrower Nifty 50.. “More stocks” can mean “more ways to diversify,” but it also demands more careful selection.
On the debt side, he expects a potential rise in yields at the longer end of the debt curve at some point and suggests positioning to capture that move.. Even so, his message stays anchored in equity fundamentals and portfolio discipline.. For investors trying to navigate a cycle that can turn quickly, the practical message is about staying present in the market while managing risk—through diversification, valuation awareness, and patience.
Looking ahead, Mohanty’s macro view remains constructive.. He projects India’s growth from roughly $3.5–4 trillion to something closer to $7–8 trillion over the long term, arguing that capital markets can be a key channel for everyday investors to participate in that expansion.. The market’s path may not be smooth, but his central call—remain invested, build risk-mitigated portfolios, and stay patient—tries to translate a growth narrative into an approach that can survive volatility.