The 10-year return quilt highlights that asset-class leadership is highly cyclical, with no single asset class delivering consistent outperformance across different market cycles. Strategic asset allocation, not return chasing, remains the primary driver of long-term portfolio outcomes. Over the last decade, leadership across asset classes has been highly cyclical. No single asset has delivered persistent […]
After a strong rally in 2025, Precious metals are currently trading in a stretched zone and appear to have entered a phase where price momentum is increasingly driven by financial flows (ETFs). History suggests that such phases often lead to heightened volatility and meaningful drawdowns. While the strategic long-term case for Precious metals (especially Gold) […]
Our analysis shows that whenever Indian equity markets trade at stretched levels, FIIs turn net sellers, a pattern consistent across (1) 12-month Forward P/E, (2) Earnings yield vs. Bond yield, and (3) Trailing PEG frameworks. Strong growth alone is not enough; when price outruns fundamentals, foreign capital pauses. We believe that FIIs are not abandoning […]
The Indian stock market saw a strange situation this year where strong local interest was cancelled out by a massive amount of new shares entering the market. While local investors and mutual funds have stepped up to buy shares, their buying power is being used up by record-breaking company listings (IPOs) and heavy selling by […]
When the rupee weakens, it doesn’t just move a chart – it shows up in prices, EMIs and your investment returns. Imported goods, foreign trips and overseas education start to feel more expensive, while exporters, gold and global funds often get a boost. This note breaks down, in plain English, what rupee depreciation is, why […]
The year 2025 witnessed a stark divergence across global equity markets. While major developed economies and select emerging markets experienced a strong rally, fueled by easing inflationary pressures, robust corporate earnings (especially in AI/tech), and monetary policy shifts, Indian equities found themselves on a slightly different trajectory. Following years of outperformance, the MSCI India delivered […]
2024 HDFC TRU