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Moderating Equity Returns, Weak Flows, and Tactical Asset Allocation

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Summary:

S. Naren (ED & CIO, ICICI Prudential AMC) (11-Mar-2026) flags a transition to moderate equity returns amid uninspiring valuations and weakening flows. With FIIs and retail exiting, markets turn trigger-driven. Opportunities emerge in energy, SIPs at better valuations, and unconstrained strategies, while gold remains a preferred stabilizer

Key Takeaways

  • Absence of deep value limits conviction for aggressive equity positioning
  • FII and retail outflows signal weakening marginal demand support
  • Market direction increasingly dependent on unpredictable macro/geopolitical triggers
  • Energy stands out as the only near-term sectoral momentum play
  • Flexible allocation strategies outperform rigid mandates in volatile cycles
  • Gold preferred over silver for stability within multi-asset portfolios

Fundyantra Insights

In a low-conviction market, flexibility and disciplined allocation may matter more than directional bets.

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully.

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  • Registered mutual fund distributor ARN:152411
  • Registered mutual fund distributor – Code No - 18016

Pictern Technologies LLP is AMFI Registered mutual fund distributor with registration no ARN – 152411 and a BSE registered mutual fund distributor (code – 18016) with registered office at Hyderabad, India

disclaimer

Mutual Fund investments are subject to market risks, read all scheme information and other related documents carefully before investing. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of future performance of the schemes. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability and adequacy of distributable surplus. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to your specific requirements, legal, tax and financial implications of the investment/participation in the scheme before investing.

  • Registered mutual fund distributor ARN:152411
  • Registered mutual fund distributor – Code No - 18016

Pictern Technologies LLP is AMFI Registered mutual fund distributor (registration no ARN – 152411) and a BSE registered mutual fund distributor (code – 18016) with registered office at Hyderabad, India

disclaimer

Mutual Fund investments are subject to market risks, read all scheme information and other related documents carefully before investing. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of future performance of the schemes. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability and adequacy of distributable surplus. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to your specific requirements, legal, tax and financial implications of the investment/participation in the scheme before investing.

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