Waterfield Advisors

Meaningful conversations often begin around the breakfast table. At the latest edition of our Breakfast Dialogues series, we had the privilege of hosting Arindam Paul, Chief Business Officer and founding member of Atomberg Technologies, for an engaging discussion on building and scaling one of India's most disruptive consumer brands. Moderated by Kshitij Kumar Pandey and Kapil Sharma of our Marketing and Brand Communications team, the conversation explored: - Establishing trust in markets dominated by legacy brands - Transitioning from digital-first discovery to offline distribution at scale - Building businesses in categories that seem "fully solved" Attendees also received signed copies of Arindam's bestselling book, Zero to Scale, adding a memorable close to an insightful morning. Thank you to Arindam and everyone who joined us for yet another engaging edition of Breakfast Dialogues!

What should investors be watching as markets enter the next phase? In his conversation with Sunil Matkar of moneycontrol.com, Vipul Bhowar, our Executive Director & Head - Equities, shares his perspective on how to navigate markets amidst a complex mix of shifting monetary policy, evolving geopolitics, structural reforms, and rapid technological change. According to Vipul, understanding these interconnected forces is key for investors to making informed long-term decisions. Swipe for key insights and read the full interview - 🔗 in comments.

Has the tide begun to turn for foreign investors in India? After months of heavy selling, foreign portfolio investor (FPI) outflows have eased significantly. Riddhiman Jain, CFA, our Managing Director & Head - Investment Strategy & Solutions, spoke Ruchita Sonawane of The Economic Times on what is driving this shift. In June, FPIs sold ₹31,823 crore worth of Indian equities, the lowest monthly outflow since December 2025. Riddhiman highlighted the contributing factors, such as easing crude oil prices, receding geopolitical tensions, RBI measures to support the rupee, and cooling valuations in AI and semiconductor-heavy markets. He added that India is emerging as an attractive value story, but global investors are likely to remain in a wait-and-watch mode. Read the full article - link in the comments.

What does it take to build a brand in an age where the founder is often as visible as the business itself? At the HERitage Huddle 2026, Payal Singhal, Founder, Payal Singhal Design House, and Devita Saraf, Chairperson, Vu Televisions, joined moderator Deepika Gehani, Luxury Brand Advisor, for a candid conversation on the changing nature of brand building, where personal identity, public presence, and business leadership are increasingly intertwined. The discussion explored the many tensions of founder-led branding today: how visible one ought to be, how to remain authentic in a culture of constant performance, and why credibility is built not only through what one creates, but also through how one shows up. They also spoke about the value of building steadily before stepping too far into the spotlight, the limits of performative content, and the enduring power of real customer engagement over manufactured visibility. A thoughtful exchange on building while staying true to one’s voice in a world that is constantly asking for more of it. Watch the full conversation. Link in comments.

A few glimpses from our Investment Days learning session. Over the course of two days, team members from across all our locations gathered together for insightful sessions led by our team heads, engaging team-building activities, and creative storytelling and painting sessions. The event was a wonderful blend of learning, collaboration, and connection. Thank you to every Waterfielder who joined us! Soumya Rajan Subodh Kaistha Nitaa Shivdasani Tanvi Savla Samina Nalwala Apoorva Rai Saurabh Arora Himanshu Maheshwari Riddhiman Jain, CFA Vivek Rajaraman Rohan Paranjpey Abhishek Damani

Today, wealth and power both still mostly stay with the son. Zia Mody, Founder & Managing Partner, AZB & Partners, tells it like it is: daughters have their mothers' support when it comes to inheriting a share of the family wealth. But most of the time, sons are the ones who end up with the crown jewel. Watch the full episode - link in comments.

India has 20 crore+ demat accounts. It has fewer than 1,000 SEBI-registered investment advisers. That gap is the subject of the latest conversation between Soumya Rajan, our Founder & CEO, and Animesh Hardia of 1 Finance. Swipe for highlights. Soumya also talks about walking away from a private banking career in 2010 to bet that Indians would eventually pay for advice instead of being sold to. 14 years on, the bet has been vindicated, but the gap she set out to close has only widened. She talks about what real advice looks like once you strip away the products, why wealth doesn't make people more rational, and what it will take for fiduciary advice to scale to the families who need it most. Read the full conversation - link in comments.

Sixteen years ago, convincing consumers to pay more for organic milk was far harder than it is today. The same is true across categories. Whether it's food, appliances, or retail, Indian consumers are increasingly willing to pay for products that solve a problem, save time, improve health, or simply deliver a better experience. In a panel discussion at Waterfield Asset Managements' Fund of Funds Investor Day, Shashi Kumar of Akshayakalpa Organic, Meghna Manikanden of Shree Anandhaas Sweets, and ESHWAR K VIKAS of Beyond Appliances share what they've learned from building businesses at the intersection of quality, convenience, and trust. A discussion on India's premiumization wave, moderated by Rohan Paranjpey, Managing Partner & Head - Alternative Investments, Waterfield Asset Management Watch the full conversation - link in comments Soumya Rajan | Abhishek Damani | Subodh Kaistha

RBI's tax exemption could reshape the flow of global capital into India. In a significant policy shift, India has exempted foreign portfolio investors (FPIs) from both interest income tax and capital gains tax on investments in Government Securities (G-Secs). While the immediate impact is higher post-tax returns for foreign investors, the move strengthens India's appeal within global fixed-income markets and aligns the country's bond market more closely with international standards. Key implications: - Higher effective yields for foreign investors, with no tax leakage on interest income - Improved attractiveness of Indian G-Secs relative to competing sovereign debt markets - Greater efficiency for global index-tracking funds, as realised returns now align more closely with benchmark assumptions - Potential for stronger foreign participation, deeper bond market liquidity, and lower government borrowing costs over time While the government foregoes some tax revenue in the short term, the policy could support a larger strategic objective: attracting long-term global capital and strengthening India's position in global debt markets. Read the full article for more insights - 🔗 in comments. Riddhiman Jain, CFA

RBI's June policy has reshaped the long end of India's bond market. The expansion of the Fully Accessible Route (FAR) to all new 15-, 30- and 40-year Government Securities could have far-reaching implications for yields, foreign inflows and government borrowing costs. Let's understand what this means: - Foreign investors can now access eligible long-tenor G-Secs without investment caps. - Greater participation from global asset managers and index funds could increase demand for these bonds. - Higher demand may support bond prices and put downward pressure on long-term yields. - Lower yields can reduce government borrowing costs while supporting rupee stability through sustained foreign inflows. Tap the 🔗 in comments for deeper insights. Riddhiman Jain, CFA