Expert view, Oct. 21 -- Riddhiman Jain, Managing Director (MD) and Head - Investment Strategy and Solutions at Waterfield Advisors, believes developed markets now offer higher growth and higher ROE. In an interview with Mint, Jain said Q1 showed little to no impact of oil prices, so Q2 and Q3 become the key watch for inflation. Edited excerpts:

At the index level, it has been a tough year, and a tough two years. The Nifty is down about 13% YTD. US tariffs, the West Asia war, crude oil prices, the anti-AI trade and rupee volatility all hit at once. Beneath the headline, stock-specific opportunities in defence, power and autos were immense.

Asset allocation made the difference: REITs, InvITs, performing credit, private equity and gold anc...