Foreign investors continued to pare their exposure to Indian equities, withdrawing Rs 27,048 crore so far this month, indicating cautiousness among global investors amid an evolving global macroeconomic and geopolitical environment.

With this, total outflows by Foreign Portfolio Investors (FPIs) from the equity market have reached Rs 2.2 lakh crore in 2026, higher than the Rs 1.66 lakh crore pulled out during the entire 2025, according to data with the NSDL.

FPIs were net sellers in all months of 2026, except February. They withdrew Rs 35,962 crore in January before turning net buyers in February, when they invested Rs 22,615 crore, the highest monthly inflow in 17 months.

However, the trend reversed in March, when foreign investors pulled out a record Rs 1.17 lakh crore. The selling continued in April with net outflows of Rs 60,847 crore and extended into May with withdrawals of over Rs 27,000 crore so far.

Himanshu Srivastava, Principal – Manager Research at Morningstar Investment Research India, said the latest outflow trend reflected persistent uncertainty surrounding global growth, elevated geopolitical tensions across key regions and volatility in crude oil prices, which continued to weigh on risk appetite towards emerging markets, including India.

He added that a stronger US dollar and elevated US bond yields remained key drivers behind the selling activity, as higher returns in developed markets improved the relative attractiveness of safer assets and prompted investors to adopt a more defensive stance.
Srivastava further said concerns over the trajectory of global inflation and uncertainty regarding the pace and timing of future interest rate cuts by major central banks continued to influence capital allocation decisions globally.Geojit Investments Chief Investment Strategist V K Vijayakumar said sustained FPI selling, coupled with a widening current account deficit, has exerted pressure on the rupee.

“At the beginning of the year, the rupee was at 90 to the US dollar. On May 15, it breached the 96-mark to touch 96.14,” he said.

Vijayakumar said the rupee could weaken further if FPI outflows persist and crude oil prices remain elevated. He also noted that the continuing flow of capital into artificial intelligence-focused companies globally has led to some diversion of funds away from markets such as India, which are seen as lagging in the AI space.

“This trend could reverse when the AI trade, which appears to be in bubble territory, eventually cools off,” he added. PTI

To the Editor:
The current airline business model may be wrong (“Farewell, Ultra-Cheap Flights. What Spirit’s Demise Means for You—and Airline Stocks,” Cover Story, May 8). A hundred years ago, Boeing was vertically integrated. It manufactured the airframe and engine, owned an airline, and operated its airliners. The antitrust bureaucrats and the courts forced Boeing into being only an original equipment manufacturer. Maybe there will be an opportunity to replicate such a model in the future.

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AAR Corp. (AIR) Analyst/Investor Day May 12, 2026 8:30 AM EDT

Company Participants

Christopher Tillett – Vice President of Investor Relations
John Holmes – Chairman, President & CEO
Christopher Jessup – Senior VP & Chief Commercial Officer
Frank Landrio – Senior Vice President of Distribution
Tom Hoferer – Senior Vice President of Repair & Engineering
Andrew Schmidt – Senior Vice President of AAR Digital Services & Trax
Nicholas Gross – Senior Vice President of Integrated Solutions
Dylan Wolin – Chief Financial Officer & Senior VP

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Conference Call Participants

Kenneth Herbert – RBC Capital Markets, Research Division
Scott B. Blumenthal – Emerald Research
Sheila Kahyaoglu – Jefferies LLC, Research Division
Noah Levitz – William Blair & Company L.L.C., Research Division
Joshua Bennett – Weatherbie Capital, LLC
Kyle Wenclawiak – Jefferies LLC, Research Division
Michael Leshock – KeyBanc Capital Markets Inc., Research Division
Scott Mikus – Melius Research LLC
Matthew Hayes

Conversation

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Operator

Please welcome Vice President, Investor Relations, Chris Tillett.

Christopher Tillett
Vice President of Investor Relations

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Good morning, everyone. It’s great to be here with you today at our — and thank you for coming to AAR’s 2026 Investor Day. I see many familiar faces in the crowd, but for those of you I don’t know, my name is Chris Tillett. I’m the Vice President of Investor Relations here at AAR.

So before we begin, a couple of mandatory housekeeping items. Today’s presentation contains forward-looking statements, which are subject to a number of risks. Actual results may vary for reasons that we cite in our Form 10-K and other SEC filings, and reconciliations to any non-GAAP financial measures discussed during today’s presentation can be found in the back of the deck.

So on the basis of presentation, you may have seen last week that we announced a resegmenting of our business and repositioning of our portfolio with the intended wind down of our Commercial

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Pershing Square Capital Management, the hedge fund run by billionaire Bill Ackman, added Microsoft as a core holding during the first quarter of 2026, betting that the software giant will be a winner in the artificial-intelligence race.

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Patrick Kron

Good afternoon, ladies and gentlemen, dear shareholders. It’s a bit after 03:00 p.m., and I’d like to open our session. I’d like to inform you that in line with legal requirements, the presentations that will be made in the context of this meeting will be filmed and broadcast on our website and the meeting will also be available as a replay. Alongside me here today, we have Alessandro Dazza, who is our CEO; Pierre Lebreuil, the CFO, the new CFO of the group whom we greet, and we’re very happy to have him with us here in this new post and to Emmanuelle Vaudoyer, whom you know, who is the Group General Counsel and Secretary of the Board of Directors. And Ms. Annette Messemer also who is the lady Chair of the Appointments and Compensation Committee, she will be joining us a bit later on to present the items concerning corporate governance.

Also, we have in the room with us members of our Board of Directors whom i like to greet including Johannes Huth and Michael Ogrin, who will be introduced to you later on. Johannes Huth will hopefully, be [ indiscernible ] by you at this meeting to the Board and Michael Agrin is a candidate to be a Board member. And we also have Nadia Laadouli, who is a partner in Deloitte and Associated and Pierre Olivier Etienne, who is a partner in PriceCooper House — PricewaterhouseCoopers Audit representing the joint auditors.

The general meeting is being held today on the

Bill Ackman’s Pershing Square has taken a new stake in Microsoft MSFT 3.05%increase; green up pointing triangle, a bet that the software giant’s investments in artificial intelligence aren’t reflected in the company’s slumping share price.

Ackman said in a Friday post on X that Pershing Square had started building the position in February, after the company’s shares declined following an earnings report. The stake was worth $2.4 billion as of the end of Friday, according to a Pershing Square regulatory filing.

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