If you need help with your finances, fill out this short form: https://topc.typeform.com/youtube – In this episode of Finance With Sharan, we sit down with Mr. Aniruddha Naha - Chief Investment Officer of PGIM AMC, with 22+ years of experience in investment management, to decode the real playbook for investing in 2025 and 2026. From growing a mutual-fund AUM from ₹1,500 crores in 2018 to ₹22,000 crores by 2023 during his previous role , to navigating cycles with a cashflow-first philosophy, Aniruddha breaks down how serious investors can avoid mistakes, protect downside, and position themselves for the next major wealth-creation cycle. He explains why his team begins every analysis by defining what not to do, the importance of buying good cash-flow businesses going through temporary tough phases, and how COVID 2020 became a “transformative year” when valuations collapsed and they aggressively bought into high-quality companies while the world was panicking . We also dig into how his research team conducts deep ground-level checks: speaking to suppliers, distributors, competitors, visiting stores unannounced, validating promoter claims, and even commissioning forensic audits when needed . Across the conversation, Aniruddha walks us through sectors he’s tracking today, chemicals, agrochemicals, IT, QSR, consumption, and discretionary categories and explains why India’s gold-driven “wealth effect” and rising borrowing power are quietly boosting lower-ticket spending . He also breaks down where he would invest if he were living in Dubai with a ₹1 crore portfolio: 25% in gold/silver, commodity-driven markets like South America, 35% in China, and the remaining in Indian consumption and healthcare plays, while staying underweight US due to valuation and inflation risks . We then explore why he avoids lending-focused financials despite their index weight, how PMS/AIF structures allow for concentrated positions and cash calls, and why he would still keep 25–30% cash even today while waiting for the right prices including the story of his biggest winner ever: buying India’s largest NBFC at ₹50 (pre-split, pre-bonus) back in 2009 through deep fundamental conviction . If you want a practical, cycle-aware, ground-researched playbook on how to think about asset allocation, global investing, sector timing, PMS vs. mutual funds, and downside protection, this episode is for you. Listen closely, note the framework, and let us know which insight opened your eyes the most. — Subscribe: The 1% Club: YouTube: https://www.youtube.com/@onepercentclub12 Instagram: https://www.instagram.com/onepercentclub/ LinkedIn: https://www.linkedin.com/school/the-1-clubfws Sharan Hegde: Instagram: https://www.instagram.com/financewithsharan/ LinkedIn: https://www.linkedin.com/in/sharanhegde95/ Twitter/X: https://x.com/financewsharan – Sharan Hegde is a personal finance creator & founder of the 1% Club, simplifying money, markets, and mindset for India’s next generation of wealth builders. – Timeline: 00:00 — Precap 01:54 — How they actually pulled off 15x returns 04:39 — His process for spotting multibaggers before everyone else 16:41 — Sectors where undervalued gems still exist 24:19 — Best countries to invest your money in 25:34 — Aniruddha’s personal investment mix 32:32 — Why he’s not bullish on the banking sector 39:23 — Should Indians seriously invest in US markets? 41:38 — Why the ultra-rich love PMS 46:23 — Why most PMS don’t give good returns 49:56 — How a customized PMS really works 52:08 — His take on real estate as an investment