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Silver has moved from the fringes of investor portfolios to the mainstream in 2025, mirroring the kind of enthusiasm small-cap equities saw in the previous market cycle, according to Radhika Gupta, Managing Director and CEO of Edelweiss Mutual Fund.
“Silver is today’s new small cap. Silver in 2025 is what smallcap was in 2023-24,” said Gupta while underscoring how the metal has transitioned from a niche investment to a mainstream portfolio component. Edelweiss Mutual Fund, which manages total assets of around ₹1,65,000 crore across equity and fixed income, has seen commodity funds — particularly silver — gain traction alongside traditional asset classes. The AMC’s asset base is spread across nearly 30 lakh folios and 58 locations nationwide. The scale of investor interest marks a sharp contrast to the early days of the product.
“Interestingly when we launched it three years ago, we struggled to collect ₹20 crore in a new fund offer. These days you get ₹10-20 crore in a day. So yes this category has come off age,” Gupta said during her recent visit to GIFT City in Gujarat.
While gold has long been an established hedge in Indian portfolios, silver’s growing appeal stems from its dual role as a precious metal and an industrial commodity. Edelweiss was the first in the industry to package the two metals together in a blended structure. “I think the fact that Gold and Silver ETF have existed but our construct of 50 gold and 50 silver was first in the industry. I think it is very powerful. Gold is a well-established asset class. It has its stability. Silver is largely industrial use and volatile. So from a consumer point of view when you package them, I think it is like packaging large and midcap together,” she added.
The momentum in commodities is also coinciding with Edelweiss Mutual Fund’s broader push into global investing through GIFT City. The asset manager has established a presence in GIFT City and has begun launching international products aimed at both domestic and NRI investors seeking offshore exposure in a regulated environment.
Through its GIFT City platform, Edelweiss has rolled out offerings that allow investors to participate in global markets without being constrained by domestic mutual fund overseas investment limits. The firm has already launched an India-focused multi-manager strategy from GIFT City and is expanding its international fund lineup, including the Greater China equity fund, which enables investors to access Chinese and broader regional equities via the Liberalised Remittance Scheme (LRS) route. The fund feeds into the same underlying portfolio as its domestic China offering, helping address strong investor demand amid existing regulatory caps on overseas investments.
Published on December 23, 2025
English (US) ·