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Kunal Kapoor

Chief Executive Officer & Director, MORNINGSTAR INC

Search every verified Kunal Kapoor interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Kunal Kapoor, Chief Executive Officer and Director at Morningstar, appeared on NDTV Profit's "Your Money Matters" program on September 25, 2026, to discuss trends in India's investment landscape. During the interview, he commented on the resilience of systematic investment plan (SIP) flows despite market volatility, describing this as a positive signal that investors have "stayed the course" and "fought their worst instincts," while also acknowledging that some performance chasing and FOMO exist. Kapoor framed the active-versus-passive investing debate in terms of cost rather than strategy, stating, "I don't think of this as active versus passive. I think of it as low cost versus high cost," and noted that passive funds have gained share globally because their returns are less reduced by expenses. Kapoor also discussed anticipated structural changes in investing, predicting greater availability of private credit to a broader range of investors and an increase in Indian investors owning non-Indian investments as options for global diversification become more meaningful. He suggested that technology would enable more personalized investment experiences, a service historically limited to high-net-worth individuals and family offices, which he said could help sustain interest in investing.

Recent appearances

Notable quotes

“I don't think of this as active versus passive. I think of it as low cost versus high cost. And you can take whatever time period makes sense as an investor, but generally you want to keep more of what you earn, and you do that when you pay lower expenses. And one of the simple truths as to why passive funds around the world have garnered more share is because their returns are not reduced too much by expenses. And s”

“There's always a little bit of FOMO, investors always have a little bit of that, and so there's a little bit of performance chasing and you see that even with the SIPs. But the way I think about it and what I think is important is investors have stayed the course and they fought their worst instincts. You know, usually it's interesting right, in life most people love a discount. If you're going to the market one day ”

“AI is really particularly good at answering what I'll call first-order questions. Maybe the type of question you'd be asked 30 years ago when a client first walked into your office. What should I buy? How should I think about allocating my money based on certain things? How has something performed? These are increasingly what I think about as the 80% of questions that AI is going to handle well enough. You may not th”

“A typical semi-liquid fund costs three times what a liquid alternative would cost. And so, in the example, it actually erased the outperformance of the semi-liquid fund relative to a liquid fund. And that is what you need to care about ultimately, because if you're going to put it in a client's portfolio, that's what matters.”

“What does that mean? Many companies are staying private longer and reshaping industries even before they get into the hands of your clients' portfolios. And while the headlines are about SpaceX, you should also be paying attention to private credit, which is changing tremendously and becoming a bigger part of the debt capital markets.”

“Even though markets have been well and doing well, that means the future outlook is perhaps more muted. If you look at our capital market assumptions, they suggest that things are going to slow down. Investors may keep doing well. You don't need to have a bear market, but you're not going to earn 10, 12, 14% in the way that you perhaps have for the last few decades.”

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