“He listened to everything I said,” Meenakshi recalls, “and a couple of days later, came back and said—and I am not making this up—that he had a hunch gold would do well. I tried to talk him out of it, but he stuck to his guns and put all his money into a couple of gold ETFs. And of course, he’s the one laughing now.”
The incident forced Meenakshi to revisit one of his core investing biases. “The big lesson is to set aside your dogmas and preconceived notions and be unemotional when it comes to investing,” he says.
As part of Mint’s Portfolio guru series, where financial industry leaders open up about how they manage their own money, Meenakshi shared details of his current asset mix, recent shifts, and reflections on a turbulent market year.
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Mint asked Meenakshi how his portfolio has evolved, and what the past year has taught him about money, markets, and mindset. Edited excerpts:
How has your portfolio changed in the last year?
All but one change in my portfolio over the past year was organic—driven by market movements rather than any active decision on my part.
The one deliberate shift came from a personal milestone: I’ve begun constructing a new house, and that’s required a phased drawdown from my liquid and debt portfolios. This withdrawal will continue over the next year as construction progresses.
As it stands, my portfolio is composed of 68% equity, 24% debt, 5% cash, and 3% real estate. Roughly a fourth of my equity holdings are through a portfolio management service (PMS). Of the remaining equity portion, around 5% is in direct stocks, with the rest in mutual funds. On the debt side, half is managed through a debt PMS, while the other half is in mutual funds.
What kinds of mutual funds or instruments are you currently invested in?
My mutual fund investments are broad-based, with a strong emphasis on simplicity and low maintenance. I steer clear of sectoral funds—they require close monitoring, which doesn’t suit my investing style. Most of my mutual fund exposure lies in the flexi-cap space, while large-cap exposure is primarily through index funds. I avoid pure small-cap funds because of their high volatility and the attention they demand.
In general, I gravitate toward index funds and well-established, broad-market mutual funds—vehicles I can invest in and, for the most part, forget about. That “set-it-and-leave-it” approach, built on low maintenance and time-tested strategies, has served me well over the long term.
How did your portfolio perform in the last year?
The past year was a bit of a mixed bag. My equity PMS delivered about 6%, while my debt PMS returned around 9% post-tax. My mutual fund portfolio fared slightly better, with an average return of 9.5%. Overall, my total portfolio return came in close to 9%—just a touch ahead of the Nifty 50’s returns over the same period.
Any thoughts on gold?
Gold was my biggest miss this past year—and a humbling one. I carried a bias against the metal, seeing it as a less productive asset compared to equities. That turned out to be a costly assumption. The global economic uncertainty and market volatility made gold an ideal safe haven, and it ended up outperforming most asset classes.
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That experience taught me a valuable lesson about diversification—and about not letting dogma cloud judgment. The recent rally in gold may be stabilizing now, but if global headwinds persist or recession fears intensify, it could very well see another leg up.
How do you view the markets going forward?
I expect a choppy road ahead. The global economy is undergoing a reset—new tariff regimes and shifting power dynamics are redrawing the map. While many believe India stands to benefit from this transition, the bigger question is: Are we prepared to seize those opportunities?
For now, the Indian markets remain highly reactive to news cycles, and that’s likely to continue. Investors would do well to brace for volatility and remain nimble—ready to act when opportunity presents itself.
What’s your insurance strategy?
I don’t hold term life insurance, since my financial assets are more than sufficient to support my family.
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On the health side, though, I’ve beefed up coverage this year. I now hold a ₹15 lakh base policy and a ₹25 lakh top-up cover from separate providers.
Any memorable money moment from the past year?
Yes, and it circles back to gold. Around December, a cousin—he’s a high-school teacher and an investing novice—reached out for advice. I spent a fair bit of time walking him through the basics of equity markets and suggested a couple of balanced mutual funds. He listened patiently, then came back a few days later and said, “I have a hunch that gold will do well.” I tried to change his mind, but he stuck to his gut and put everything into a couple of gold ETFs.
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Well, he’s the one laughing now. His returns far outpaced mine this year.
That episode was a reminder that sometimes, instinct trumps analysis—and that diversification across all asset classes isn’t just a textbook principle. It’s real-world wisdom.
