These are the top bets from a $15 billion fund manager

Taher Badshah, Chief Investment Officer at Invesco Mutual Fund, which managed assets worth ₹1.3 lakh crore ($15 billion) at the end of September 2025, expects gold to outperform equities in the near future.However, there are pockets of opportunities for stock market investors. “More recently, we have been very excited about the consumption space,” he added.

The latest reduction in goods and services tax (GST) had led to hopes of a consumption revival in India, particularly for carmakers.

The Nifty Auto index is among the top three sectoral gainers in 2025, but the bulk of the nearly 17% rally started after early August in anticipation of the GST cuts, which eventually took effect in October.“We like the two-wheeler space, particularly the electric-vehicle (EV) players,” Badshah said. In four-wheelers, the fund focuses on companies with strong model pipelines. His fund has limited exposure to the commercial vehicle segment, but maintains positions in auto components.

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On Gold and SilverBadshah said the fund has maintained around 20% allocation to gold and silver, with an increase in allocation for silver. “We were almost fully in gold a few months back,” he said. “We’re now more like 12:8 between gold and silver.”

Gold price is up nearly 52% in the last one year, largely driven by a spike in demand from global central banks looking to diversify their reserves.  “Gold now probably forms about 35% of global reserves, up from around 10% three years ago,” Badshah highlighted.

“We think precious metals could outperform equities in the near term, but not at the 30-40% levels seen in the recent past,” he added.

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For the full interview, watch the accompanying video

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