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Let discipline and patience do the compounding, says Anup Maheshwari

Anup Maheshwari, cofounder and chief investment officer at 360 ONE Asset, urges investors to stay disciplined, avoid the noise, and focus on long-term growth

Puneet Wadhwa New Delhi

5 min read Last Updated : Jun 15 2025 | 11:30 PM IST

Markets have become harder to read amid shifting domestic and global dynamics. Anup Maheshwari, cofounder and chief investment officer at 360 ONE Asset, tells Puneet Wadhwa in an email interview that real outperformance often comes from being right and early — not from following the herd. Edited excerpts:

Have the markets now started ignoring Donald Trump’s tariff-related threats?

Yes, to a large extent, markets have become more resilient to tariff-related noise. Investors recognise that such rhetoric often attracts attention but rarely results in lasting policy shifts or major disruptions. Consequently, markets tend to discount these threats more swiftly, especially when macro fundamentals and central bank support remain solid.

For investors, the focus should remain on quality companies with strong earnings resilience and global competitiveness. Staying diversified and maintaining a long-term view helps capitalise on volatility-driven opportunities rather than reacting to headline noise.

How has the investment paradigm changed in the past few years across the high net-worth individual (HNI) and ultra-HNI segments?

The investment mindset has shifted markedly from traditional, one-size-fits-all portfolios to more goal-based, risk-adjusted approaches. Investors today are better informed and focused on portfolio diversification and differentiated alpha, recognising the limits of conventional strategies amid increasingly efficient and cyclical public markets.

Where the focus was once primarily on chasing past returns, conversations now revolve around efficiently expressing market views and financial goals within a holistic portfolio — balancing risk, return, liquidity, and tax considerations.

Alternatives like portfolio management services (PMS), alternative investment funds, private equity, private credit, real assets, and global diversification have moved from peripheral to core as investors seek agile, forward-looking strategies that capture long-term megatrends and market dislocations not yet priced in. This shift reflects a maturing investor base with a growing appetite for bespoke, actively managed solutions.

What has been your investment strategy in the past few months?

Our strategy has remained balanced and anchored in bottom-up stock selection while staying alert to macro shifts. We’ve leaned into high-conviction ideas across financials, industrials, and select consumption plays. Financials continue to offer strong earnings visibility and reasonable valuations. Industrials benefit from a multi-year capital expenditure cycle, policy tailwinds, and improving operating leverage.

In consumption, we’ve focused on companies with pricing power and margin recovery potential. We’ve also selectively reduced exposure in pockets where valuations ran ahead of fundamentals. The goal remains consistent: participate in the upside while managing downside risks.

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You have been in the markets for over two decades. What’s your advice to a fund manager who wants to beat index returns in the next year?

Don’t chase the index; focus on where inefficiencies and opportunities lie. In bull markets, it’s easy to look right, but sustainable alpha comes from differentiated research, high-conviction ideas, and the discipline to ride through volatility.

Be mindful of macro variables. Liquidity, rates, and capital flows often drive near-term outcomes more than fundamentals. Real outperformance usually comes from being right and early — not from following the herd.

Stay anchored to your process, manage risk actively, and remember: avoiding big mistakes is as important as spotting winners. Let discipline and patience do the compounding.

How should a first-time investor start building an equity portfolio now?

While systematic investment plans are a disciplined way to begin, first-time investors should go beyond just automation. My advice: start by understanding your risk appetite and investment horizon, then build a core portfolio with high-quality, diversified equity strategies. This could be either through well-managed mutual funds (MFs) or professional PMS solutions.

Stay focused on long-term compounding, avoid market timing, and stay invested through cycles. Education and consistency matter more than chasing trends.

Should retail investors remain cautious for the remaining part of 2025?

The dip in retail direct equity ownership in the January–March quarter of 2024–25 reflects rising caution, driven by volatility in mid and smallcaps and broader global uncertainties. However, overall household participation remains strong, indicating that retail investors are staying invested, albeit with more prudence.

While this cautious stance may persist in the near term, improving macro indicators — like easing inflation and supportive monetary policy — could gradually restore confidence and drive renewed retail interest over 2025–26.

Do you see a lot of takers for specialised investment funds (SIFs)?

We do have a relatively positive view on SIFs. They cater well to sophisticated investors seeking targeted, differentiated strategies like equity long-short, sector rotation, or hybrid allocations, which are not typically available in traditional MFs.

We’re seeing increasing interest from HNIs and institutional clients who value flexibility, alpha generation, and diversification. I believe this segment will continue to gain meaningful traction.