Krishna Sanghavi, Chief Investment Officer (Equities) at Mahindra Manulife Investment Management, views manufacturing as India's primary long-term investment opportunity. According to reports from CNBC TV18, Sanghavi emphasized that the government is implementing the right policies to improve trade balance through initiatives such as the Production Linked Incentive (PLI) scheme and free trade agreements (FTAs). He noted that these policies are creating a supportive environment not only for industrial companies but also for sectors linked to manufacturing, including financials and metals.
Regarding the recent rebound in information technology stocks, Sanghavi highlighted that price movements are increasingly driven by global positioning around artificial intelligence (AI) rather than company fundamentals alone. As reported by CNBC TV18, he noted that leveraged global trades can amplify volatility in Indian IT stocks even when business fundamentals remain unchanged. While Mahindra Manulife owns both largecap and midcap IT companies across its portfolios, allocations depend on fund mandates, with largecap valuations appearing more attractive while flows remain stronger toward midcap names.
Sanghavi maintained a positive view on the banking sector, stating that the distinction between private and public sector banks has narrowed considerably over the past five years. According to CNBC TV18, he believes there is no conceptual difference between liking a public sector or private bank, pointing to improvements in asset quality, digital capabilities and operating performance across public sector lenders. He advised investors to focus on individual banks' liability franchises, loan mix and return ratios rather than sector distinctions.
According to the latest fund data, Mahindra Manulife Multi Cap Fund Growth maintains a diversified portfolio with ₹ 7,457.36 crore in assets under management. The fund's top sector allocations include Others (24.56%) at ₹ 1,831.378 crore, Pharmaceuticals (17.42%) at ₹ 1,298.937 crore, and Banks (13.61%) at ₹ 1,015.068 crore. Other significant holdings include IT-Software (4.82%), Capital Goods-Non Electrical Equipment (4.56%), and Financial Services (4.54%). Notable individual stock positions include Divi's Lab (5.01%), ICICI Bank (3.26%), and HDFC Bank (2.85%).
Discussing broader regulatory risks, Sanghavi emphasized that investors should avoid extreme positioning and instead focus on portfolio sizing and valuation discipline as the best tools for managing uncertainty. According to CNBC TV18, he noted that healthcare companies with diversified global operations are better positioned to absorb domestic regulatory changes, as overseas revenues can offset the impact of policy changes in India. He also highlighted that healthcare companies with global operations are better placed to absorb any domestic regulatory changes.
