Finistry

Traditionally, PMS strategies have been flexicap, market-cap focused or built around themes like banking and IT. So when dedicated healthcare PMS strategies emerged, it made me wonder: "Does healthcare deserve to be a standalone investment theme?" Earlier this week, Trump’s 100% tariff announcement on imported generics from August 2028 brought that question back into focus. But healthcare is much bigger than generics. It spans domestic formulations, hospitals, diagnostics, medical devices, APIs, CDMOs, biosimilars, specialty drugs and preventive care. To be honest, I would not downplay the tariff risk, especially for low-margin Indian exporters dependent on the US. Even so, healthcare remains an attractive long-term theme for 3 reasons: 1. It has already shown its defensive strength. Pharma demand is largely non discretionary, giving the sector resilience that many industries lack. While Nifty Pharma does not represent the entire ecosystem, it remains a useful proxy. The index has a beta of around 0.58, annualised volatility of roughly 14.2 percent and a five year CAGR of nearly 13 percent, versus 10 percent for the Nifty 50. So, healthcare has not only protected capital better during difficult periods but also compounded reasonably well, making it more than just a defensive allocation. 2. "China+1" is becoming a genuine opportunity. India supplies about ~20% of the world’s generic medicines, supported by scale, globally certified facilities, lower costs and deep scientific talent. However, it still depends heavily on China for key starting materials and APIs, but the relationship is becoming more balanced. So as global drugmakers diversify beyond China, Indian manufacturers and CDMOs could gain share. Meanwhile, Indian companies are selling more generics into China after securing approvals and government procurement contracts. This is no longer a one way dependency. Rising two way trade could open a meaningful growth avenue for Indian pharma. 3. Trump’s tariff framework remains ambiguous. Imported generics are expected to remain tariff free until August 1, 2028, giving Indian manufacturers two years to localise production, renegotiate contracts, diversify sourcing and seek exemptions. However, the treatment of essential medicines, APIs, existing US facilities and company specific arrangements remains unclear. Since nearly half of US generic prescriptions are filled by medicines made in India, tariffs of 100 to 200% could sharply raise prices and increase shortage risks in America. Implementation may therefore be far more complex than the social media post suggests. This does not mean every pharma company is a buy, the opportunity will become increasingly selective hereon. Likely winners will have strong domestic brands, US manufacturing capacity, differentiated products, diversified revenue, and the balance sheet to invest through the transition. #IndianPharma #HealthcareInvesting #IndianMarkets #Longterminvesting

Gold trading near ₹1.43 lakh per 10 grams after touching highs of around ₹1.75 lakh just months ago raises a familiar question: Has the rally ended, or is this simply another phase of the cycle? The recent correction reflects a shift in the macro environment. Sticky US inflation has pushed Treasury yields higher, increasing the opportunity cost of holding a nonyielding asset like gold. At the same time, central bank buying has cooled for now, removing an important source of support for gold prices, although purchases are widely expected to pick up again over time. But does a softer near term outlook change gold's long term role in a portfolio? To challenge my own thinking, I recently spoke with a jeweller Khushboo Gala who has spent decades buying and selling precious metals. One point we agreed on immediately was that both gold and silver move in cycles. Neither has ever appreciated in a straight line. Every major rally has eventually been followed by consolidation or correction. That is why experienced buyers rarely chase momentum. They accumulate with discipline. I then asked how much of her wealth was invested in precious metals. Her first answer surprised me. “Nearly 70%!!!!”, she said. Only to clarify later that the 70% represented her business inventory, not her personal investments. Her own portfolio allocation was closer to 20%. It was a valuable reminder that business exposure and personal portfolio allocation are entirely different decisions. Even someone whose livelihood revolves around precious metals chooses not to let them dominate her personal wealth. And as often happens, our conversation eventually shifted to silver. Some industry veterans believe silver's long term demand could weaken as manufacturers continue reducing usage and finding substitutes, particularly in solar technology. While that risk exists, I believe the long term picture is more balanced. Silver's unmatched electrical conductivity continues to make it indispensable across electronics, electric vehicles, medical technology, data centres, semiconductors and the infrastructure powering artificial intelligence. And oh, before we wrapped up, she left me with a thought that has stayed with me. "Gold should preserve your wealth. If you are buying it only because it has rallied, you are buying it for the wrong reason." That, perhaps, is the simplest framework for thinking about precious metals. For most investors, allocating around 10 to 15% of a portfolio to precious metals is generally sufficient. That number should only move materially higher when it is supported by a genuine investment thesis rather than recent price performance. Gold's job isn't to dazzle you every year. Its job is to preserve purchasing power, diversify risk and be there when the rest of your portfolio isn't. #Gold #Silver #AssetAllocation #WealthManagement #Investing #PortfolioManagement #HNI Indian Institute of Management Ahmedabad Goldman Sachs

There are some opportunities that make you pause before you celebrate them, that’s because you know they will ask more of you. For me, being selected for the 12-week Goldman Sachs 10,000 Women Program at IIM Ahmedabad is one of them. It comes at a time when life is already full. I am building Finistry, managing money for clients who trust us with their hard-earned wealth, and raising a child who needs me just as much as my work does. I guess what I am trying to say is that saying yes to this was not effortless. It meant admitting that I may not have all the time, energy, or bandwidth, while also knowing that growth rarely arrives when life feels convenient. So yes, I’m genuinely excited and grateful to be back in a learning environment, surrounded by inspiring women who are building with purpose. And because learning becomes more meaningful when it is shared, I will be sharing key lessons from this 12-week journey here on LinkedIn. I hope you’ll follow along as I bring back ideas, experiences, and perspectives from this new chapter. ✨ #10KWomen #IIMAhmedabad #WomenInFinance #Finistry