Veteran fund manager Siddhartha Bhaiya, known for his contrarian style and small-cap bets, has passed away. In his final views, Bhaiya expressed caution on Indian equities due to high valuations but identified selective opportunities globally. He favored defensive sectors in Europe, non-tech themes in the U.S., and consumption-led plays in China. Bhaiya had recently reduced equity exposure, significantly increasing his allocation to gold ETFs.