Bajaj Asset Management’s latest portfolio shift, highlighted on CNBC‑TV18 on Sep 28, signals a cautious bet on insurance stocks amid rising crude and interest rates.
The asset‑management firm, which now has ₹39,660 crore under management, has added large‑cap private banks, pharma, and insurers, favoring big‑cap over small‑cap exposure.
Nimesh Chandan, the chief investment officer, points to AI as a structural driver, having allocated capital in 2023 to sectors like power equipment, copper, and AI infrastructure.
Despite regulatory pushes to trim insurance valuations, Chandan believes diversified insurers will benefit from both pull demand for term products and continued unit‑linked growth.
The move comes as the sector’s multiples have dropped sharply over the last two years, yet insurers remain resilient, with unit‑linked products holding strong.
Bajaj’s repositioning may prompt other funds to reassess exposure, but the market’s response will depend on upcoming sector reports and macro pressures.