Should you sell your mutual funds when returns disappoint, or give your investments more time? In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers (INDIA), about weak mutual fund returns, stock market uncertainty and what investors should consider before deciding to exit.

Swarup Mohanty argues that disappointing returns can reveal a gap between investors’ expectations and their tolerance for risk. He explains why he believes corporate earnings and valuations have improved despite the difficult market environment. Before you sell your mutual funds, he suggests examining what makes you uncomfortable and whether your investments still align with your financial goals.

The conversation explores Mirae Asset’s investment approach, its reluctance to chase expensive stocks and why it resisted launching a small-cap fund without the right manager. Mohanty also discusses how new listings have broadened India’s investment opportunities and why he believes the Nifty 500 offers a fuller picture of the Indian stock market than the Nifty 50.

Looking beyond large-cap, mid-cap and small-cap categories, Swarup Mohanty examines thematic investing in manufacturing, healthcare, financial services, consumption and energy. He explains how these businesses are evolving and where AI adoption could influence competitiveness. The discussion also explores overseas diversification and the opportunity to own global businesses that are not readily available in India.

How should investors combine active mutual funds, ETFs, debt and gold? Mohanty discusses portfolio diversification, the role of gold ETFs and why higher return expectations require a closer look at risk. He explains why retirement planning should begin with the amount an investor needs and the time available, rather than a race to find the highest-performing fund.

At the heart of the conversation is a bigger question. Before you sell your mutual funds, are you responding to a change in your financial needs or frustration with recent performance? Mohanty shares why he sees no immediate trigger for a market turnaround, while making the case for goal-based investing, thoughtful asset allocation and reviewing selling decisions as carefully as buying decisions.

Chapters:

01:40 Why Investors Chase Past Returns

04:01 Corporate Earnings, Valuations and Market Fundamentals

06:30 Mirae Asset's Long-Term Investment Strategy in India

10:02 Why Mirae Asset Resisted the Small-Cap Rally

11:47 Inside Mirae Asset's Equity, Debt and ETF Portfolio

13:54 India's IPO Boom and the Expanding Mid-Cap Market

16:50 Why the Nifty 50 No Longer Represents the Broader Market

18:51 The Disconnect Between Market Performance and Economic Growth

20:42 Investing Beyond Large-, Mid- and Small-Caps

22:14 Healthcare, Innovation and Emerging Investment Themes

23:42 India's Shift Towards Discretionary Consumption

25:25 The Case for International Equity Diversification

27:11 Mirae Asset's Global Investment Footprint

29:46 Active vs Passive Investing: Building a Balanced Portfolio

33:27 Gold ETFs and Portfolio Diversification

35:02 Market Outlook: What to Expect Over the Next Six Months

36:30 Retirement Planning and the Case for Multi-Asset Investing

Watch the full conversation for a deeper understanding of mutual fund returns, long-term investing and how to align your portfolio with your financial goals. Subscribe to The Core Report for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.

#MutualFunds #StockMarket #LongTermInvesting #RetirementPlanning #TheCoreReport #TheCore

In this premiere episode of Legacy Forward, financial journalist Govindraj Ethiraj speaks with Arjun Chowgule, MD of Chowgule Group, a century-old business group that has lived through industrial shifts, family transitions, global competition and now, the green transition.Chowgule’s shipbuilding journey began with barges used to transport iron ore along Goa’s rivers. Today, the business builds hybrid vessels for Scandinavian clients. When Arjun took on the shipbuilding business in 2021, the pandemic had strained cash flows and the family had undergone a restructuring. Arjun discusses acquiring the former Bharati Shipyard facility in Mangalore, bringing the shipyard back into operation, investing in its facilities and delivering its first vessel under the new ownership.Behind this manufacturing story is a more personal question. How do you take an inherited business forward while respecting the people who built it?Arjun reflects on family business succession, the cost of prolonged disputes and why he sees stewardship as a duty to employees, customers and future generations. His experience offers a perspective on Indian manufacturing exports, global competition and the decisions that shape a family-owned enterprise.Chapters 01:10 Inside Chowgule’s Goa shipyard02:50 From mining logistics to shipbuilding07:09 Professional management and generational change08:19 Taking charge and winning hybrid vessel orders11:46 Reviving the Mangalore shipyard12:50 Family businesses and customer trust15:48 Meeting overseas technical requirements17:37 Delivering ships during COVID19:19 A new generation takes the helm20:47 Stewardship, ownership and responsibility23:29 Lessons from family business disputes25:15 Succession and the family’s role in business27:12 Building on the work of earlier generationsLegacy Forward is a series that dives deep into how India’s family businesses actually work, the structures, the legacies, and the tensions that come with passing the torch. Produced by The Core, in association with CII - FBN.Producer: ManjooshaEditor: Mandar Sawant#IndianShipbuilding #Chowgule #FamilyBusiness

Indian Railways could turn more than 500 old diesel engines into a new export opportunity as electrification changes the role of its diesel fleet.

In this episode of The Core Report Weekend Edition, Financial Journalist Govindraj Ethiraj speaks with Rahul Mithal, Chairman and Managing Director of RITES LTD, about diesel locomotive exports, India’s infrastructure investment and the business of finding new markets for existing railway assets.According to Mithal, more than 500 diesel locomotives have around 15 to 20 years of working life remaining. Refurbishing and adapting these engines for overseas networks could generate revenue for Indian Railways while giving buyers locomotives at around two-thirds the cost of new ones.RITES is targeting opportunities across 11 African countries that use Cape gauge railway networks. Mithal says its first two converted locomotives are ready for shipment, with overseas trials expected to help establish the opportunity. The company has also secured an order for a standard gauge locomotive for Australia.But turning old diesel engines into export winners involves more than changing the wheels. Mithal explains how engineers adapt underframes, bogies, wiring and control systems to make Indian locomotives work on different railway gauges. The commercial potential depends on translating that engineering into reliable products and repeat orders.The conversation also examines why India’s infrastructure projects run over time and budget. Mithal argues that spending more time and resources on Detailed Project Reports could reduce disputes, improve cost estimates and prevent capital from getting locked up in delayed projects.Artificial intelligence could help improve both planning and quality control. RITES is developing a tool using its archive of more than 5,000 project reports and has introduced VISTAR, an AI inspection system for rails during manufacturing.Beyond diesel locomotive exports, Mithal discusses plans to develop Vande Bharat trains for standard gauge export markets and pursue electric locomotive export orders. He also explains how the India–UAE virtual trade corridor could improve cargo information exchange, customs clearance and port efficiency.Could engines that India needs less become valuable assets in overseas markets?Watch the full conversation for insights into Indian Railways, RITES, locomotive refurbishment, railway exports, infrastructure planning, Vande Bharat, artificial intelligence, the IMEC corridor and India’s logistics economy.Chapters01:05 RITES' Role in India's Infrastructure Development02:59 Diversifying Beyond Indian Railways04:12 Order Growth and Global Expansion05:48 High-Speed Rail, Metro and Infrastructure Projects07:36 Why Infrastructure Projects Face Cost Overruns09:49 Challenges in Detailed Project Planning11:26 Using AI to Improve Project Reports13:51 The Economic Cost of Poor Infrastructure Planning15:30 Improving Project Design and Execution17:10 Converting Indian Locomotives for Export19:43 The Engineering Behind Locomotive Conversion21:40 Understanding India's Railway Gauge Network22:39 AI, Rail Safety and Network Modernisation25:25 Upgrading Tracks for Higher-Speed Trains27:56 Electric Locomotives and Vande Bharat Exports29:23 The Shift Towards Multimodal Infrastructure Corridors31:19 India-UAE Trade Corridor and the MAITRI Initiative33:21 How Digital Trade Corridors Can Speed Up Cargo Movement35:31 Balancing Road and Rail Freight37:14 Vande Bharat and the Future of Intercity Travel39:26 Why India Needs Integrated Transport PlanningCan Indian Railways turn old diesel engines into export winners? Govindraj Ethiraj speaks with RITES CMD Rahul Mithal on The Core about diesel locomotive exports, locomotive refurbishment, Vande Bharat exports and artificial intelligence in infrastructure planning. Could engines India needs less unlock new markets abroad?#IndianRailways #RITES #VandeBharat #RailwayExports