Shibani Kurian says India’s innovation investment case extends beyond technology into healthcare, auto parts and industry, themes also reflected in the sector mix of Kotak Mahindra Asset Management Company’s Pioneer Fund.
Kotak’s portfolio data show that, as of Oct. 31, industrial manufacturing accounted for 8.65% of the fund, healthcare services 6.80%, auto components 4.15% and automobiles 4.48%. Overseas mutual fund units made up 16.36%.
In a Nov. 3 interview with The Economic Times, Kurian, Kotak’s head of equity research and senior fund manager, said innovation can arise in businesses outside technology. She named healthcare, auto components and industrials as areas where the company sees potential.
For healthcare, Kurian pointed to branded generic medicines for chronic conditions, hospital expansion and diagnostics. She said activity could grow as longer-term contracts ramp up for contract development and manufacturing organizations (CDMOs). In her view, drugmakers seeking partners beyond China to reduce supply-chain risk could provide a structural opportunity, though regulatory uncertainty poses a near-term concern.
On industrials, Kurian cited incoming orders, execution momentum and demand for industrial consumables. She said tighter fiscal conditions could restrain government purchasing in the near term, while private-sector spending showed signs of strengthening. She also named semiconductors, renewable energy, data centers and green hydrogen as potential growth areas.
Kurian described the fund’s India allocation as covering about 40 to 50 businesses, or roughly 85% of the portfolio, with the remainder including overseas funds. She said the investment team considers growth, business quality, market-share gains and valuation, describing its approach as “growth at a reasonable price.”
Kurian said nuclear orders may pick up in the medium term, but did not provide a schedule.
