Don't judge market views by old videos, look at allocation in multi-asset fund portfolios instead: Nilesh Shah
Markets keep changing, new facts keep coming in, and investment views change with them. That’s why judging a fund house or fund manager based on old videos or half-heard presentations can be misleading and often leads to wrong conclusions. According to Nilesh Shah of Kotak Mutual Fund, judging a fund house or a fund manager based on old videos, old statements, or half-heard presentations can easily give the wrong picture.
He explains that listening to a part of the presentation can give a wrong picture as many of the nuances get missed, or as and when facts change, the fund manager or the fund house change their views.
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Shah posted on social media platform X that, “Markets teach humility—gold & silver have rallied strongly on structural factors like central bank buying, geopolitics & diversification needs. Since 2020 (post-COVID), our monthly outlooks & Multi asset allocation funds / fund of funds have consistently been constructive on gold, we turned more bullish in 2022 post Russian FX reserves getting frozen.
Gold and silver, he says, have gone up not because of hype, but because of real reasons — central banks buying more gold, rising global tensions, currency uncertainty, and the need for safety in portfolios.
Since 2020, after the COVID period, multi-asset strategies have consistently kept exposure to gold. This confidence became even stronger in 2022, when Russia’s foreign reserves were frozen, which made many countries and investors rethink how safe their money really is in different currencies and financial systems.
This positive view continued through 2024 and into 2025–26, but with balanced exposure given no yield or intrinsic value. Shah further said that while we go wrong many times on our calls, precious metal isn’t one of them.
So simple advice to investors is: don’t judge fund managers by what they say — judge them by what they do with money and what allocation they take.
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Gold and silver are not for quick profits. They are for safety and balance. When used properly, they protect wealth during uncertain times.
He explains that listening to a part of the presentation can give a wrong picture as many of the nuances get missed, or as and when facts change, the fund manager or the fund house change their views.
Also Read | Railway-focused mutual funds lose up to 8% since last Budget. Is 2026 time to stay invested or exit?
Shah posted on social media platform X that, “Markets teach humility—gold & silver have rallied strongly on structural factors like central bank buying, geopolitics & diversification needs. Since 2020 (post-COVID), our monthly outlooks & Multi asset allocation funds / fund of funds have consistently been constructive on gold, we turned more bullish in 2022 post Russian FX reserves getting frozen.
Gold and silver, he says, have gone up not because of hype, but because of real reasons — central banks buying more gold, rising global tensions, currency uncertainty, and the need for safety in portfolios.
Since 2020, after the COVID period, multi-asset strategies have consistently kept exposure to gold. This confidence became even stronger in 2022, when Russia’s foreign reserves were frozen, which made many countries and investors rethink how safe their money really is in different currencies and financial systems.
This positive view continued through 2024 and into 2025–26, but with balanced exposure given no yield or intrinsic value. Shah further said that while we go wrong many times on our calls, precious metal isn’t one of them.
So simple advice to investors is: don’t judge fund managers by what they say — judge them by what they do with money and what allocation they take.
Also Read | Every mutual fund offers positive XIRR on SIP investments in 5 years. Did you miss out by exiting early?
Gold and silver are not for quick profits. They are for safety and balance. When used properly, they protect wealth during uncertain times.
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