Kshitij Anand: Now, with US markets hovering near record highs while geopolitical risks remain elevated, does it still make sense for Indian investors to diversify globally?

Kshitij Anand: Now, how should Indian investors think about global allocation in a portfolio today? You just mentioned 20–30%. So, can we say it is a return enhancer, or is it primarily a risk diversifier? How should investors look at it?

Kshitij Anand: In fact, one big IPO that came recently was SpaceX, and that has highlighted the conversation around whether, over the next decade, the space economy could emerge as one of the biggest wealth creation themes globally, much like AI and the semiconductor theme that we are seeing today.

Kshitij Anand: In fact, the next question I am sure you must have also faced from your investors is whether they should use ETFs, international mutual funds, or direct stocks. How should they build that global exposure? What would be the right methodology? And what are the trade-offs in each approach?

Kshitij Anand: Now that people have decided where to park their money—whether in direct stocks or ETFs—I think the next big question that usually comes up is: what global themes should they invest in? Is it AI, healthcare innovation, defence, clean energy, or semiconductors, which we have already talked about, or something else? So, how should they approach this?

Kshitij Anand: In fact, you have talked about TSMC and other companies outside the US. So, I wanted to understand whether you are seeing opportunities in Europe, Japan, Taiwan, or other emerging markets outside India. Do they offer better risk-reward opportunities? How should investors look at them?

Kshitij Anand: Looking ahead, say over the next five years, what is more likely to outperform—Indian equities, US equities, or a well-diversified global portfolio?