Emkay Investment Managers pushed its AUM to $131.23 million in August 2026, a 12% lift from the previous quarter, according to the firm’s latest investor briefing.
But Manish Sonthalia, the firm’s chief investment officer, argues that mid‑ and small‑cap stocks now outpace large‑caps, noting that the Nifty 50’s 50% exposure to banks, IT and FMCG is mired in sluggish growth.
Sonthalia points to high‑growth themes—energy transition, AI data centers, semiconductors, high‑tech manufacturing—where smaller companies lead the charge, and says thematic funds can outperform diversified ones.
He remains bullish on auto, citing festive demand and a recent pullback that makes the sector attractive over a 2‑3 year horizon, and names Eicher Motors, Maruti Suzuki, Lumax Auto, and Sansera Engineering as picks.
On the banking side, lower funding costs and a potential retail‑lending rebound give large private banks a margin of safety, though management changes loom; the firm urges cautious allocation.
Looking ahead, Emkay recommends systematic investment plans with a 3‑5 year horizon to capture early‑stage growth in emerging sectors, as the manufacturing index hits an all‑time high and China’s currency headwinds may tilt the balance.