Stocks Euphoria in India Draws Warning From Top-Performing Fund

The chief investment officer at Nippon Life India Asset Management Ltd. says it’s increasingly difficult to find opportunities in the $3.8 trillion market, where benchmarks have just hit record highs. That’s after a focus on high-conviction bets at reasonable prices helped place three of his firm’s equity funds among this year’s 10 top-performing Indian mutual funds, the strongest showing among peers.

The Nifty Smallcap Index and the Nifty Midcap Index have each jumped about 30% year-to-date. The benchmark NSE Nifty 50 Index has risen over 11%, beating broader gauges of Asian and emerging-market stocks by at least six percentage points. “It’s very simple — this euphoria is the single biggest risk because you are mis-allocating capital at these times,” he said, adding that investors are making decisions with “emotions over logic.”Early wagers on state-backed manufacturing and banking shares have helped the Nippon India Equity Opportunities Fund, the largest among those managed by Bhan, beat 96% of peers in 2023 and 91% over the past five years, according to data compiled by Bloomberg.

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