“There is a composition reality—FPI portfolios are heavily skewed towards large caps, the top 50 or 100 names,” said Swarup Mohanty, vice chairman and CEO, Mirae Asset Mutual Fund. “These FPI-heavy stocks recovered sharply in the latter part of the year. MF AUM reflects a far wider market, mid caps, small caps, thematic funds, segments that had a more uneven journey through 2025.”
