Markets have become harder to read amid shifting domestic and global dynamics. Anup Maheshwari, cofounder and chief investment officer at 360 ONE Asset, tells Puneet Wadhwa in an email interview that real outperformance often comes from being right and early — not from following the herd. Edited excerpts:

1) Have the markets now started ignoring Donald Trump’s tariff-related threats? How can investors make the most of this?

Yes, to a large extent, markets have become more resilient to tariff-related noise. Investors recognize that such rhetoric often attracts attention but rarely results in lasting policy shifts or major disruptions. Consequently, markets tend to discount these threats more swiftly, especially when macro fundamentals and central bank support remain solid. For investors, the focus should remain on quality companies with strong earnings resilience and global competitiveness. Staying diversified and maintaining a long-term view helps capitalize on volatility-driven opportunities rather than reacting to headline noise.

2) How has the investment paradigm changed in the last few years across the HNI and ultra HNI segments? Are they more open now to alternatives rather than traditional avenues?

The investment mindset among HNIs and ultra-HNIs has seen a marked shift from traditional, one-size-fits-all portfolios to more goal-based, risk-adjusted approaches. Investors today are more informed and focused on portfolio diversification and differentiated alpha, recognizing the limits of conventional strategies amid increasingly efficient and cyclical public markets.

Where once the focus was primarily on chasing past returns, conversations now revolve around efficiently expressing market views and financial goals within a holistic portfolio - balancing risk, return, liquidity, and tax considerations. Alternatives like PMS, AIFs, private equity, private credit, real assets and global diversification have moved from peripheral to core, as investors seek agile, forward-looking strategies that capture long-term megatrends and market dislocations not yet priced in. This shift reflects a maturing investor base with a growing appetite for bespoke, actively managed solutions.

3) What has been your investment strategy in the last few months? Which sectors caught your attention and why?

Over the past few months, our strategy has been balanced and anchored in bottom-up stock selection while staying alert to macro shifts. We’ve leaned into high-conviction ideas across financials, industrials, and select consumption plays. Financials continue to offer strong earnings visibility and reasonable valuations. Industrials benefit from a multi-year capex cycle, policy tailwinds, and improving operating leverage. In consumption, we’ve focused on companies with pricing power and margin recovery potential. We've also selectively reduced exposure in pockets where valuations ran ahead of fundamentals. The goal remains consistent: participate in upside while managing downside risks.