Finfluencer claims mutual funds missed rallies in gold, silver, crypto, and AI; Radhika Gupta calls it a false narrative

A finfluencer recently sparked debate, claiming that Indian mutual funds caused retail investors to miss major rallies in gold, silver, cryptocurrencies, and artificial intelligence (AI) stocks over the past year.

The finfluencer said that instead of coming on business news channels and talking about asset allocation, 'Mutual Fund Sahi Hai', and do SIP and buy on the dip, fund managers should be held accountable for the opportunity cost retail investors missed during these rallies.

Responding to this, Radhika Gupta, MD and CEO of Edelweiss Mutual Fund, dismissed the claim as “false”, and said that the mutual fund industry already provides a wide range of options across asset classes and geographies.


Gupta said that the mutual fund industry runs gold and silver funds. Many AMCs have had individual funds for a longer period, and Edelweiss Mutual Fund launched a combo product in 2022. The industry also offers broad-based US funds, US Tech funds, China, ASEAN, and EM funds.

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Gupta added that investors have a wide range of hybrid funds to choose from, including multi-asset allocation funds and FoFs that blend different assets. Mutual funds also offer domestic thematic funds, as well as thematic funds combining domestic and global stocks, such as the Edel Tech Fund.

The CEO also mentioned that mutual funds are a financial food court, and investors choose what they want.


Aashish P Sommaiyaa, Executive Director & Chief Executive Officer at WhiteOak Mutual Fund, also called this claim by the influencer false.

In response to the finfluencer’s post, Sommaiyaa noted that mutual funds investing in the USA, NASDAQ, or FANG stocks have been around since 2011, and the same applies to gold and silver, albeit introduced later when the market regulator allowed it.

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Currently, no mutual fund is permitted to launch crypto products, and the industry faces RBI restrictions on overseas investments. To provide alternatives, AMCs have created GIFT City vehicles under the LRS, explained the CEO of WhiteOak Capital Mutual Fund.

Sommaiyaa also mentioned that further rallies will be in emerging markets, and based on that, mutual funds are already available well in advance.