Veteran fund manager Sankaran Naren was among the first to sound alarm bells when the broader market experienced excesses in 2024. More recently, he cautioned that silver was akin to a small cap stock and should not be treated as an asset class. Now, he is calling for a shift in stance on equities but warns against expecting post-2020 market returns. He also explains why he places emphasis on macro calls and how his value philosophy has evolved over the years.

Your valuation indicator is now flashing green, for the first time since 2020. What does that mean for your fund strategies and investment calls?

As far as our equity funds are concerned, they are meant to remain invested in equities. They remain so, whether valuations are high or…