Where is Kotak's head of equity research investing?

With nearly two decades of experience in Indian equity markets, Shibani Kurian has built an astute expertise in fund management and equity research. Currently leading the equity research team at Kotak Mahindra AMC, Shibani's journey began at UTI AMC, followed by a stint at Dawnay Day AV Financial Services, before she joined Kotak over 11 years ago. Her philosophy of prioritising growth, quality, and reasonable valuations is a testament to her deep understanding of market dynamics. In this exclusive interview, Shibani shares how her investment approach has evolved, her outlook on market trends, and the structural themes she believes will shape 2025 and beyond. Edited excerpts: How would you summarise your investment philosophy, and how has it evolved with changing market conditions? The investment philosophy and process at Kotak Mutual Fund have greatly influenced my approach to managing money. When I started at UTI MF, I was a research analyst and very new to the job. Over time in the market, you understand the various strategies for portfolio management. In summary, our investment philosophy involves purchasing high-growth, high-quality companies that trade at reasonable valuations, thereby achieving growth at a reasonable price (GARP) with a quality overlay. Our investment philosophy first emphasises that the valuation multiple should not be the starting point of any evaluation. We often make the mistake of falling into value traps by solely focusing on companies trading at attractive multiples. The first step in evaluating any company in your portfolio should be the business itself. I look at scalable and sustainable businesses and companies gaining market share. The second most important factor is quality, and quality imbibes corporate governance and capital allocation. Lastly, companies that are friendly or consider the interests of minority shareholders are highly valued. Another crucial consideration is valuation, which I define as more than just a multiple. I've consistently emphasised the need to consider valuations alongside earnings growth and return ratio profiles. For instance, in the Kotak Focused Fund, which I manage, we look at companies where the return on capital employed is greater than the cost of capital. In summary, my investment philosophy prioritises growth and quality, while maintaining a reasonable price. After a two-year bull run, the market seems to be taking a breather and experiencing significant volatility. Does this mark the start of a consolidation phase, or is it merely a temporary pause? Structurally, Indian markets are well positioned, but after the great outperformance o