Synopsis : Five leading market experts, including fund managers from ICICI Prudential AMC, Kotak Mahindra AMC and Motilal Oswal Private Wealth, have shared how they would invest ₹10 lakh in 2026. Their strategies highlight a balanced mix of equities, debt, gold and global assets while identifying the sectors and themes expected to outperform over the coming years.
If you had ₹10 lakh to invest today, where should you put your money?
To answer that question, five leading investment professionals have revealed their model portfolios, preferred sectors and long-term investment themes. While each strategy differs, they all agree that India's structural growth story remains intact despite global uncertainty.
Here is how India's top fund managers are positioning their portfolios for 2026.
ICICI Prudential AMC: Stay balanced with large caps at the core
Anand Shah, CIO – PMS & AIF at ICICI Prudential AMC, continues to maintain a balanced allocation focused on stability and long-term growth.
Portfolio Allocation
- Large Cap: 50%
- Mid Cap: 10%
- Small Cap: 15%
- Gold: 15%
- Debt: 10%
Shah believes India's long-term growth drivers remain strong, although geopolitical risks, crude oil prices, inflation, interest rates and corporate earnings could create short-term volatility.
He prefers large-cap companies as the portfolio's foundation while maintaining selective exposure to quality mid- and small-cap businesses. Gold remains an important hedge against uncertainty, while debt provides stability and liquidity.
Favourite sectors
- Private Banks
- Asset Management & Insurance
- Capital Goods & Infrastructure
- Power & Energy
- Export-Oriented Manufacturing
Contrarian idea
Companies benefiting from India's structural transformation through manufacturing, financialisation, logistics, healthcare and premium consumption.
Kotak Mahindra AMC: Increase exposure to mid and small caps
Brijesh Ved, Head PMS at Kotak Mahindra AMC, has slightly reduced large-cap exposure while increasing allocations to mid- and small-cap stocks.
Portfolio Allocation
- Large Cap: 40%
- Mid Cap: 15%
- Small Cap: 15%
- Debt: 20%
- Gold & Silver: 10%
Ved believes India continues to outperform global peers thanks to strong domestic demand, infrastructure spending and macroeconomic stability.
With recent corrections making valuations more attractive, he sees better opportunities emerging in mid- and small-cap companies.
Favourite sectors
- Banking & Financial Services
- Auto & Auto Components
- Capital Goods
- Healthcare
- Consumption
Contrarian idea
Private sector banks and select NBFCs.
Motilal Oswal Private Wealth: Focus on emerging themes
Sandipan Roy, CIO at Motilal Oswal Private Wealth, has completely removed direct large-cap allocations, preferring hybrid funds instead.
Portfolio Allocation
- Mid & Small Caps: 25%
- Hybrid Funds: 15%
- Emerging Markets: 20%
- High Yield Credit: 30%
- Commodities: 10%
Roy believes hybrid funds provide downside protection while allowing investors to benefit from market volatility.
He remains overweight on mid- and small-cap companies due to India's long-term investment cycle, digitalisation and formalisation trends.
Favourite sectors
- Energy & Power
- Metals & Mining
- China Funds
- Tourism
- Defence
Contrarian idea
Indian real estate and construction.
Ajay Bagga: Diversify across India, US and China
Market veteran Ajay Bagga believes investors should combine India's resilience with selective global exposure.
Portfolio Allocation
- Indian Large Caps: 30%
- Mid Caps: 15%
- Small Caps: 15%
- US Broad Market ETF: 10%
- China ETF: 10%
- Silver: 10%
- Gold: 5%
- US Magnificent Seven Stocks: 5%
Bagga believes Indian large caps are currently trading below historical valuation averages, creating an attractive opportunity.
He also expects AI-driven productivity gains to continue benefiting major U.S. technology companies.
Favourite sectors
- US Technology
- Indian Banking
- Silver
- Chinese Technology
- Indian Power, Infrastructure & Defence
Contrarian idea
The U.S. "Magnificent Seven" technology companies, which he believes offer attractive long-term opportunities despite recent corrections.
DRChoksey Finserv: Focus on India's structural growth
Deven R. Choksey, Founder and Managing Director of DRChoksey Finserv, continues to favour India's core growth sectors.
Portfolio Allocation
- Financial Services: 50%
- Industrial & Energy: 30%
- Automotive & EV: 20%
He believes India's economic resilience, improving capital expenditure cycle and upcoming mega IPO pipeline provide attractive investment opportunities.
Favourite sectors
- Power & Energy
- Financial Services
- Automotive & EV
- Large Cap Leaders
- Upcoming IPO Opportunities
He also expects major listings such as NSE, SBI Mutual Fund and Jio Platforms to become key market events over the coming quarters.
Contrarian idea
No specific contrarian position at present.
Overall Takeaways
Despite different investment styles, several common themes emerged across all five experts.
Most continue to remain optimistic on India's long-term growth story while acknowledging global geopolitical and macroeconomic uncertainties.
Large-cap stocks remain the foundation for many portfolios, although there is growing optimism toward quality mid- and small-cap companies following recent market corrections.
Financial services, capital goods, power, infrastructure and manufacturing remain among the most preferred sectors.
Gold continues to serve as a portfolio hedge, although several managers have reduced commodity allocations in favour of equities.
Global diversification through U.S. equities, emerging markets and selective international funds also features prominently in several portfolios.
Conclusion
While each fund manager has a different approach, the broader message remains consistent: maintain diversification, stay invested in India's structural growth story and avoid making concentrated bets. Asset allocation, quality stock selection and long-term discipline are expected to remain the key drivers of portfolio performance in 2026.
Disclaimer : This article is intended solely for informational and educational purposes. The portfolio allocations, sector preferences and investment views expressed are those of the respective fund managers and should not be interpreted as investment recommendations. Market conditions, valuations and asset performance may change over time, and past performance does not guarantee future returns. Investors should assess their own financial goals, risk appetite and consult a SEBI-registered investment advisor before making any investment decisions.
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