വിപണിയിലെ ചാഞ്ചാട്ടം കണ്ട് പരിഭ്രമിക്കരുത്: നിക്ഷേപകർക്കായി വിദഗ്ധരുടെ നിർദേശങ്ങൾ

Investors should resist the urge to chase daily market moves and instead use volatility to rebalance portfolios, preserve tactical liquidity and identify businesses that could emerge stronger from uncertainty, according to Lakshmi Iyer, group president-investments and managing director and chief executive officer of Bajaj Alts, and Anu Jain, president at 360 ONE Wealth.

Iyer said investors should not abandon their original asset-allocation plans every time markets fall sharply. A correction can alter portfolio weights, but the response should be to restore allocations in a measured manner rather than sell into panic or chase a sudden rebound.

“It isn’t about the fours and sixes every day. You should be happy with the ones and twos or to face the ball,” she said, making the case for consistency over the pursuit of short-term returns.

Brahma-Vishnu-Mahesh for portfolio construction

Iyer described her approach to long-term portfolio construction through a framework she calls Brahma-Vishnu-Mahesh, assigning different roles to equities, real assets and disruptive opportunities.

Equities, or Brahma, remain the principal engine of wealth creation. Iyer called them “the Red Bull or the caffeine of your portfolio”, highlighting their role in driving long-term growth.

Real assets such as gold and real estate form the Vishnu component, providing stability. The Mahesh component represents selective exposure to disruptors, including artificial intelligence and unlisted investment opportunities.

Cash, meanwhile, should be used judiciously as a tactical allocation, Iyer said. While liquidity can help investors take advantage of market dislocations, it is fickle and should not become a large, permanent holding at the expense of long-term wealth creation.

Keep cash ready for dislocations

Jain sees tactical liquidity as a way to exploit sharper price dislocations and rotate across asset classes over the next few years. The most attractive opportunities often emerge after an asset class has already corrected materially, she said.

That calls for patience: investors need to preserve the flexibility to deploy money when valuations become compelling rather than commit capital simply because prices have fallen.

Jain is also comfortable allocating to unlisted alternative investment funds (AIFs), provided the investments are backed by rigorous analysis. She argued that the depth of work involved in evaluating individual opportunities can make carefully selected investments relatively safer in uncertain times.

“This is the time and the best companies are born in times of great uncertainty and change,” she said.

Her argument is that periods of disruption can create the conditions for new winners, but identifying them requires detailed research rather than indiscriminate exposure to fashionable themes.

Use valuations as a guide, not a timing tool

For long-term investors, Jain pointed to the market’s price-to-book ratio as a historical valuation marker. Periods when the ratio falls below roughly 2.75-2.8 times have generally been associated with favourable subsequent returns, she said.

The measure offers a framework for assessing valuations, not a signal that the market has necessarily reached its bottom. Investors still need to assess individual companies, their growth prospects and the price they are paying.

That is particularly important when considering mid- and small-cap stocks, where valuations remain less comfortable than in large-caps despite the correction. Selectivity, rather than a broad bet on a market recovery, remains central to the approach.