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Informist, Monday, Dec. 15, 2025

 

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--Mirae Asset MF: ETFs saw robust CAGR of 40% over last 5 years 
--Mirae Asset MF: Gold, silver ETFs led inflows in passive space in 2025 
--CONTEXT: Mirae Asset MF details annual market outlook at press conference 
--Mirae Asset MF:See some moderation in gold, silver ETFs, more inflows 2026 
--Mirae Asset MF: Inflation seen extremely stable in 2026 
--Mirae Asset MF: See continued yield curve steepening 2026 on supply fears 
--Mirae Asset MF: Foreign central banks hold more gold than treasuries

 

MUMBAI – Mirae Asset Investment Managers India expects some moderation in flows to gold as well as silver exchange-traded funds in 2026 after the surge in prices of the commodities this year. However, there will be some inflows in this space as there will be "some FOMO (fear of missing out) effect", Hardaman Seth, business head of ETF at Mirae Asset Investment Managers India, said. Gold and silver ETFs led inflows to passive funds this year, he said.

 

The ETF industry has maintained a decent compounded annual growth rate of 40% for the last five years. "We strongly feel that thematic and smart beta are the two categories which are upcoming (in the ETF space)," the fund house said. Foreign central banks currently hold more gold treasuries, which was not the case for more than four decades, it said. The fund house is also cautiously optimistic about gold and silver, and expects silver to have more upside, though with a higher drawdown risk.

 

So far in 2025, the price of silver traded on the Multi Commodity Exchange of India has risen 127% to INR 198,261 per kilogram. It had hit a record high of INR 201,615 per kg Friday. The price of gold has risen more than 76% to hit a new record high of INR 135,496 per 10 gram Monday.

 

The money market curve and corporate bonds up to three years remain attractive, with strategies relating to accruals and yield curve flattening expected to optimise risk adjusted returns, Basant Bafna, senior fund manager and dealer of fixed income at Mirae Asset Investment, said. The yield curve is expected to steepen as supply fears remain, the fund house said.

 

Corporate bonds are yet to see the rate cuts transmitted in the shorter end, the fund house said. The excess supply of bonds has been a constraint to the transmission, it said. The yield curve of government securities has steepened with rate cuts playing out at the shorter end of the curve, whereas the longer end shows stress from global uncertainty and currency volatility, it added.

 

The fund house said it expects inflation to be "extremely stable" in 2026. For context, India's CPI inflation rose to 0.7% in November from a record low 0.25% in October due to a rise in food prices and the fading favourable base effect. The country's GDP growth for the September quarter was higher than expected at 8.2% and also higher than the 5.6% growth recorded a year ago.

 

"India enters 2026 in a Goldilocks backdrop with real GDP remaining strong and inflation undershooting consensus expectations," Bafna said. With inflation expected to remain benign and within the Reserve Bank of India's tolerance band in 2026 and real GDP expected to remain above 7%, the focus is expected to tilt towards transmission of rate cuts next year, he said.  End

 

Reported by Anjana Therese Antony

Edited by Rajeev Pai

 

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