From KPIT to Apollo Tubes: Inside Mark Mobius’ Final India Portfolio and 2026 Vision
The investment world mourns the loss of Mark Mobius, who passed away in Singapore at age 89. A steadfast bull on the Indian economy, Mobius maintained a heavy 30% allocation to India in his final months. His top holdings, valued at approximately ₹414 crore ($44.4 million), focused on technology, infrastructure, and wealth management.
Mark Mobius, the pioneer of emerging markets investing who famously dubbed India "the real future," passed away on Wednesday at the age of 89.
Even in his final months, Mobius remained a vocal proponent of the Indian growth story. He maintained a 30% portfolio allocation to the country. Data from recent regulatory filings and the Mobius Investment Trust reveal a portfolio strategically positioned to benefit from India's manufacturing and digital transformation.
Key Holdings
As of his final disclosures in early 2026, Mobius held approximately $44.4 million (₹414 crore) in Indian equities. His strategy was characterized by “kicking the tires," preferring mid-cap leaders with strong governance. His top positions included:
- APL Apollo Tubes ($10.5 Million): His largest single Indian holding, reflecting his confidence in the nation's infrastructure and construction boom.
- KEI Industries ($8.5 Million): A strategic bet on the electrical cables and wires sector, tied to India's massive power grid expansion.
- Nuvama Wealth ($8.1 Million) & 360 One WAM ($7.6 Million): Mobius heavily favored the financial services sector, specifically focusing on wealth management as India's middle class expands.
- CarTrade Tech ($5.4 Million): A play on the digitalization of the Indian automotive market.
- KPIT Technologies ($4.3 Million): His primary software bet, focused on the intersection of the IT sector and the global Electric Vehicle (EV) transition.
The 2026 Vision: 12-15% Expected Returns
In a final interview in January 2026, Mobius predicted that the Indian markets would deliver 12-15% returns this year. He advised a cautious but constructive approach, holding 20% of his portfolio in cash to navigate global uncertainty while staying heavily invested in India's reforms.
Mobius’ investment thesis for 2026 was built on three pillars:
- Technology Adopters: He favored companies that use technology to transform traditional businesses, like retail and delivery, rather than just the software creators.
- Manufacturing Pivot: He was a strong believer in India becoming a global hub for computer hardware, citing Apple’s shifting supply chains as a primary catalyst.
- Retail Revolution: He frequently highlighted the "excitement" in India's online shopping and logistics ecosystems.
India vs. China: The Great Shift
Mobius was one of the first global fund managers to publicly pivot his conviction from China to India. He argued that India’s demographic advantage and the "easing of investment bottlenecks" under current economic reforms gave it a superior growth potential. "Both markets are important, but India's potential for growth is greater," he noted in his final market outlook.
Born in 1936, Mobius spent over 30 years at Franklin Templeton before founding Mobius Capital Partners in 2018. Known for traveling 300 days a year to visit factories and meet management teams, his on-ground research style changed how global capital viewed developing nations.
His final portfolio remains a testament to his belief that India is not just an emerging market, but a cornerstone of the global financial future.
Published By : Shourya Jha
Published On: 16 April 2026 at 16:24 IST