Where this fund manager is finding value today

Summary: Contrarian investing isn’t about bold bets, but about patience when sentiment turns sour. This piece explores how a value-biased approach is being applied today, where expectations are low, valuations offer comfort, and earnings recovery could quietly do the heavy lifting. Contrarian investing is often misunderstood as making bold calls against the market. In practice, it is far more restrained. The approach looks for businesses where near-term disappointment has weighed on sentiment, but fundamentals are stabilising and valuations offer a margin of safety. That framework shapes how Shibani Kurian, senior fund manager and head of equity research at Kotak Mutual Fund, is positioning her portfolios today. Kurian manages the Kotak Contra Fund alongside the Kotak Focused Fund and oversees several other equity strategies. Rather than leaning on macro predictions, the contra strategy stays anchored in valuation discipline and diversification. The portfolio typically holds 50-60 stocks and retains the flexibility to move across market capitalisations. The emphasi