Kotak CIO Harsha Upadhyaya on why largecaps still offer best risk-reward in 2025

Harsha Upadhyaya of Kotak AMC favors large-caps in the Kotak Flexicap Fund, citing better risk-reward amid macro volatility. The fund’s strategy focuses on strong fundamentals, valuation discipline, and sectors with clear earnings visibility like financials and cement. While cautiously optimistic about consumption, Upadhyaya emphasizes stock-specific approaches and long-term structural growth in Indian equities.