Mumbai, July 23 -- The economic order that has guided investors for generations is being rewritten. As technology platforms, global capital and private businesses take on roles once dominated by governments, Saurabh Mukherjea, founder and chief investment officer of Marcellus Investment Managers Pvt. Ltd, argues that the assumptions underpinning traditional investment strategies are breaking down-and that investors need to rethink how they build portfolios.

At Marcellus, we invest in clean, well-managed companies. We do not invest in public sector undertakings or in companies in heavily regulated sectors such as real estate. Our style worked well in the five years running up to Diwali 2021. Then we hit four tough years as the economy boo...