Seven months after the launch, Jio BlackRock Mutual Fund has already over Rs 15,000 crore in AuM. In 2026, the fund house is planning to bring many of BlackRock's investment products in India. So far, it has 12 funds and another one -- a sector rotation fund -- is set to be launched soon. The New Indian Express spoke to the MD and CEO Sid Swaminathan to know the asset management company's future roadmap.
Could you tell us—at a broad level—for Jio BlackRock, what are the three or four big themes for 2026?
One of the biggest themes for us is asset allocation. We are now at a phase where we have launched a core set of building blocks for investors, and we want them to think more deeply about asset allocation—what kinds of funds they hold and how those funds contribute to their overall objectives.
You will see a lot more focus on this going forward. For instance, the model portfolios we launched a couple of weeks ago are a first step. As part of the wider JV, our advisory business will also be launching very soon. That will be another key pillar.
Within asset allocation, our focus will be on differentiated exposures and strong building blocks. Whether the funds are offered through mutual funds or ETFs, we are always looking at them through two lenses: first, how they fit into an overall asset-allocation framework; and second, what differentiated value they provide.
We want to do this using a combination of domestic and international building blocks, which is why we are also exploring GIFT City as an option.
For mutual fund investors, will there be options for global exposure?
At present, because of the caps on overseas investments by India-domiciled mutual funds, it is difficult. However, through GIFT City there are options. There are still some frictions in that process, and we are working hard to see how those can be eased for investors. For now, that is the main avenue we are pursuing for international exposure.
ETFs remain a key part of your strategy. Going forward, will you be more ETF-focused, or will it be a mix of active and passive?
It will definitely be both. For us, it’s not active versus passive—we call it active and index. Having a full suite of offerings is very important. Choice is also important, because different investors operate on different platforms and may prefer mutual funds or ETFs.
We have launched with mutual funds, we are bringing ETFs to the market, and we intend to grow both wrappers in parallel.
What are some of the key ETFs you are looking to launch in 2026?
The first ETFs we are focusing on are gold and silver. From an asset-allocation perspective, we want investors to have access to commodity building blocks as well.
Beyond that, we are thinking about interesting ideas in the factor and thematic spaces that can be delivered through the ETF wrapper. That would be more of a day-two strategy. On day one, the focus is on core building blocks.
You mentioned copper as an interesting investment option. Is it possible to launch a copper ETF in India?
Such products exist globally and can be accessed through international channels. In India, there is still work to be done, but it’s not impossible. It is something we will evaluate.
The sector rotation fund sounds interesting and relatively unique. How did that idea come about, and what kind of collections are you expecting from the NFO?
We see the sector rotation fund as a natural evolution of our Flexi Cap fund. When we launched the Flexi Cap fund, we brought data- and AI-powered investing to India, focusing on generating alpha through security selection.
The sector rotation fund complements that approach by aiming to generate alpha using similar data-driven insights, but at the sector level. The correlations between the two strategies are low, so they work well together in a portfolio. That is why this felt like a logical next step.
In terms of collections, we are not setting specific NFO targets. We were very pleased with the Flexi Cap NFO, which garnered around ₹1,500 crore, and the fund has since grown to over ₹2,500 crore, with strong post-NFO inflows. Our focus is on long-term adoption rather than just NFO numbers.
How does being part of the Jio ecosystem help in distributing or marketing your products?
Access is a big advantage. We are available on both the MyJio and Jio Finance platforms. MyJio has over 15 million users, and Jio Finance has over 18 million. That natural presence is very helpful.
We have not yet fully integrated with all parts of the ecosystem, but that will be a key phase two. For example, people who come to Jio Finance are already thinking about their financial needs—borrowing, insurance, investments. If we can make that experience more seamless and intuitive, it benefits both customers and the ecosystem as a whole.
You currently have around 12 funds, with another one set to launch. By the end of 2026, how many funds do you expect to have?
We don’t want to put hard targets on the number of funds. Every idea has to make financial sense, go through proper research, and clear regulatory approvals. Market conditions and regulations also change.
For instance, if you had asked me this question last year, SIFs (Specialised Investment Funds) would not have been part of the plan — but now they are. So, we want to remain adaptable and nimble.
Your AUM is over ₹15,000 crore. Do you have any specific AUM targets?
We are still very much in a growth phase. Right now, the priority is to ensure that our core building-block funds and other key pillars are well established. It is likely only in the next financial year that we will start setting formal AUM targets. At this stage, we are learning and observing how the market responds.
Any expectations from the upcoming Budget?
From our perspective, we are not expecting anything drastic. Perhaps there could be some changes around the edges—maybe related to STTs—but nothing major. Our focus remains on executing our product strategy.