Vikas Pershad, Portfolio Manager – Asian Equities at M&G Investments, picks defence and autos as his top investment themes for 2026. “We became overweight in this sector in 2022, not long after the Russia-Ukraine conflict kicked off,” he said, referring to defence. The firm has since increased its exposure, seeing sustained government spending and strong order books.

Within autos, Pershad stated that M&G has shifted some allocation from original equipment manufacturers (OEMs) to auto parts makers, where innovation and export potential are driving growth.

On the other hand, Pershad remains cautious on IT services and consumer staples, calling IT “one of our largest underweights” due to weak earnings visibility and limited artificial intelligence (AI) upside. Foreign investor sentiment, ho

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