Value Research

In this episode, Ajay Argal, Senior Vice President and Portfolio Manager at Franklin Templeton Emerging Markets Equity – India, shares his perspective on Indian market valuations, mid- and small-cap caution, and Franklin Templeton's investment philosophy. Managing over Rs 30,000 crore across seven schemes, including the top-rated Templeton India Value Fund and Franklin Build India Fund, Argal explains why India’s long-standing valuation premium over other emerging markets is rooted in fundamentals like higher GDP growth and consistently strong return on equity. He also discusses: Why India's valuation premium remains justified, though not excessive. The risks still present in mid- and small-cap segments despite recent corrections. How the QGSV framework (quality, growth, sustainability, valuation) and GARP style guide investment decisions. How Franklin Templeton evaluates sustainability, long-term growth, and management quality across cycles. The rationale behind the current large-cap tilt in funds like Focused, Value, and Dividend Yield, and how style cycles affect short-term performance. This conversation offers valuable insights for mutual fund investors, equity market enthusiasts, and anyone looking to understand how professional fund managers navigate valuations, style shifts, and market cycles in India.

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In this episode, Ramesh Mantri, Chief Investment Officer at WhiteOak Capital AMC, shares his insights on where opportunity lies in today’s volatile markets. Despite tariffs, sticky inflation, and global uncertainty, Indian equities have shown surprising resilience. Mantri explains why long-term corporate cash flow growth is the real driver of equity returns, and why this is an ideal environment for active fund managers. With Rs 24,000 crore in AUM and WhiteOak's flexi-cap fund carrying a strong four-star Value Research rating, he outlines how their disciplined, bottom-up process works across both 'flat' and 'turning pitches,' ensuring performance in varied cycles. We also discuss: Why small and mid caps still hold alpha potential despite premium valuations. How WhiteOak builds a diversified mid-cap portfolio of 100+ stocks with a SIP-focused design and low-beta strategy. The reasoning behind staying overweight in IT despite near-term pain, and why smaller IT names continue to deliver alpha. Key opportunities in financials, healthcare, asset management, travel & hospitality, real estate, and high-end manufacturing. Whether you're an SIP investor, a mutual fund enthusiast, or a long-term equity investor, this conversation is packed with practical insights on navigating uncertainty while building wealth.

Why your first fund shouldn't be your best fund

Are SIPs letting investors down — or are investors quitting before the payoff? To understand, watch Investors' Hangout.

In this episode, we speak with Harish Bihani, Senior Fund Manager at Kotak Mutual Fund, about how recent GST slab cuts could boost demand and earnings over the next 6–24 months, and which sectors are best positioned to benefit. With over 16 years of equity research and fund management experience, Harish shares insights into his approach to managing the Kotak Business Cycle Fund, Kotak Pioneer Fund, and Kotak Small Cap Fund, which together oversee assets of around Rs 23,700 crore. He explains why nimble businesses with pricing power and strong distribution could emerge as the real winners of the GST policy shift, where value still lies in small and mid caps despite stretched valuations, and the principles guiding his investment style: scalable models, hungry management teams, and disciplined monitoring. We also discuss how sectoral filters, management quality, and market share gains shape his stock-picking decisions, and how funds like Business Cycle and Pioneer fit into an investor's portfolio. Whether you're an equity investor, mutual fund enthusiast, or simply keen to understand India's evolving market dynamics, this episode offers practical takeaways for smarter long-term investing.

In investing, unlearning the wrong things matters more than learning new ones

Can you really retire with a 100% equity portfolio — or is it a risk that could derail your retirement?

With small- and mid-cap valuations running hot, many investors are wondering: Will earnings growth keep pace, or are we heading for disappointment? In this episode, we sit down with Aditya Khemani, Fund Manager at Invesco Mutual Fund, who manages over ₹25,000 crore across large-, mid- and small-cap strategies. He shares candid insights on: Why earnings risk never disappears—but matters less over 3, 5, or 10 years. How India’s macro backdrop is one of the strongest in two decades, even as cyclical slowdowns remain inevitable. Why valuations must be judged through the lens of long-term growth and cash flows, not just near-term P/E ratios. The importance of stock selection vs sector bets in generating alpha. Why investors should temper return expectations to realistic low-teen outcomes. Key structural themes—from healthcare to financialisation—that continue to drive resilience in his funds. Khemani also explains why quality, growth, and cash flow conversion remain at the heart of his stock-picking framework, and how patient investors can still create meaningful wealth in India’s evolving markets. If you’ve been anxious about stretched valuations or confused about how to navigate today’s mid- and small-cap rally, this conversation will give you much-needed clarity.

Lower taxes and cheaper goods sound wonderful, but are we creating a generation that can't save?

Amid stretched valuations in the Indian equity market — especially in the mid-cap space — how should investors think about opportunities, risks, and portfolio positioning? In this episode, we speak with Kirti Dalvi, Fund Manager at Mahindra Manulife Mutual Fund, who shares her perspective on: Why she remains constructive on India despite elevated valuations. Her investment philosophy and bottom-up stock-picking approach. How she evaluates high P/E businesses for growth visibility and sustainability. Key lessons learned from her mid-cap fund’s recent underperformance. Sector outlooks, including financials and industrials. Non-negotiables on risk management, position sizing, and sell discipline. Dalvi also explains how she balances conviction with caution in an expensive market, what triggers a reallocation or exit, and why flexibility and humility are essential in volatile times. This deep-dive conversation is a must-listen for investors navigating Indian equities, especially those interested in mid-caps, fund management strategy, and lessons from market cycles.

Dipping into your equity for short-term needs? It could cost you crores in the long run.

Why boring businesses often win big

Unravel the answer to every investor’s dilemma: how to balance returns and peace of mind.

Sometimes, exceptional circumstances genuinely justify breaking investment rules. Or do they?

Why retail investors mistake trading for investing and pay the price

Why Buffett's biggest regrets should reassure, not alarm you

Got 20 funds in your portfolio? That's not smart diversification — that's clutter. learn how to cut the fat and boost returns in this podcast.

What makes an Innovation Fund different from a Flexi Cap Fund — and why does it carry higher risk? In this episode, we sit down with Vinay Sharma, Senior Fund Manager at Nippon India Mutual Fund, who manages over ₹18,500 crore across three equity schemes, including the five-star-rated Nippon India Banking & Financial Services Fund. Vinay shares his investment philosophy built on probability, patience, and contrarian calls, and explains why labels like 'growth' and 'value' don't matter as much as spotting true value creation. We cover: How the Indian equity market is shaping up in 2025 The rebound in Nippon India Focused Fund after a tough 2024 How to define and identify innovation in Indian markets Why Innovation Fund stocks differ from Flexi Cap portfolios The role of risk tolerance, earnings visibility and technology-driven change Why stock selection and sector focus matter in today's neutral market If you're an investor exploring new strategies, curious about thematic funds, or trying to understand the difference between innovation-driven opportunities and diversified approaches, this episode offers practical insights straight from one of India's leading fund managers.

How the investment industry complicates what should be investing's simplest concept

In this episode, we break down the newly launched Mirae Asset Gold Silver Passive Fund of Funds — a unique investment product that combines gold and silver exposure in a single portfolio. Joining us is Siddharth Srivastava, Head – ETF Products and Fund Manager at Mirae Asset Investment Managers, along with Dhirendra Kumar, to explain how this Fund of Funds works, the allocation strategy, and why now is the right time to bring these two metals together. We explore: How the fund dynamically allocates between gold and silver ETFs The distinct roles of gold and silver in a portfolio Historical return patterns and volatility of both metals How this product can fit into a core or satellite allocation strategy Who should consider investing — conservative or aggressive investors Whether you’re looking for a safe-haven asset, a diversification tool, or a tactical commodities play, this conversation will help you understand the risk-reward of holding both gold and silver in one product.

Before you chase FIRE, find out if your foundation is even solid.

Insurance defenders miss the point about systematic problems that go beyond individual bad actors

Two popular hybrid funds, one tough choice.

When markets stumble, investors stumble too – often right into their own traps

In this exclusive conversation, Gaurav Misra, Head – Equity at Mirae Asset Investment Managers (India), shares his nuanced take on why he remains optimistic about India’s small-cap and mid-cap segments despite rich valuations. With nearly 30 years of experience, Misra discusses how a disciplined, valuation-driven, and contrarian investment philosophy has powered the turnaround in Mirae’s Focused and Large Cap funds. He breaks down the fund’s successful calls in IT, banking, and fintech, why he’s betting on a revival in the consumption and real estate cycle, and how Mirae’s revamped sectoral research and stock-picking framework is positioning it for the $7-trillion India opportunity.

In this episode of Fund Focus, we sit down with Alok Singh, Chief Investment Officer at Bank of India Mutual Fund, to dive deep into the fund house's latest launch — the Bank of India Mid Cap Fund NFO. Mid-cap funds promise high growth, but also come with volatility. So how is this fund different? What strategy does it follow? Who should invest — and how much? Alok shares: What makes mid-caps a compelling opportunity today His unique investment lens focused on ROE improvement and allocation sizing How to identify real multibaggers and avoid survivorship bias His approach to risk, momentum, and portfolio construction Why this fund deserves a place in your core portfolio

Multi-asset funds are often called 'all-weather portfolios'—but what truly sets them apart? In this episode, we sit down with Raghav Iyengar, CEO of 360 ONE Asset Management, to discuss the launch of their new Multi Asset Allocation Fund and what makes it unique in a crowded market. Learn how this fund balances equity, debt, gold, silver, REITs, and InvITs. Raghav walks us through the fund’s asset allocation strategy, the role of the Asset Allocation Committee, and how their flexible, macro-driven approach helps manage volatility without compromising returns. He also shares insights into their SCDV-based equity selection philosophy, real-time defensive shifts, and how this fund fits into different investor profiles—from first-time savers to seasoned portfolio builders. Key topics covered: What makes 360 ONE’s multi-asset fund unique Strategic asset mix: equity, debt, gold/silver, REITs/InvITs Behavioural edge & investor suitability Why it’s ideal for 3–5 year goals or defensive allocation How fund managers stay flexible in a VUCA world

The insurance industry's predatory practices demand a collective response from customers

What’s really driving the markets right now—and where might they head next? In this exclusive interview, Atul Bhole, fund manager at Kotak Mutual Fund, breaks down market trends, valuation concerns, and smart shifts in portfolio strategy. With over ₹65,000 crore in assets under management and two four-star-rated funds—Kotak Midcap Fund and Kotak Aggressive Hybrid Fund—under his watch, Bhole brings deep insights on how he’s navigating a volatile environment. Tune in to hear: Why recent market fatigue may be temporary Whether mid- and small-cap valuations are frothy—or justified What festive season indicators Bhole is watching closely The non-negotiables in his investment playbook: management, business strength, and growth The sectoral rotation that powered Kotak Midcap Fund’s rebound from third to first quartile What signals he tracks before buying or trimming a stock This episode is a must-listen for serious investors, mutual fund followers, and anyone interested in understanding how a fund manager thinks through volatility, fundamentals, and opportunity.

Small-caps are sizzling — but is it time to cash out or stay the course?

Why investors chase expensive stocks and shun bargains

In this episode, Meenakshi Dawar—Senior Fund Manager, Equity Investments at Nippon India Mutual Fund—shares her market outlook and investment strategy amid today’s uncertain environment. With over ₹22,000 crore in AUM, she manages the four-star-rated Nippon India Aggressive Hybrid Fund and Nippon India Value Fund. Meenakshi discusses: Why Indian markets are in a consolidation phase How she’s managing risk amid stretched valuations and slower growth Her top-down sector and bottom-up stock selection framework How to avoid value traps and identify undervalued opportunities Why she’s bullish on power and consumer durables The differences in positioning between Nippon’s Value, Flexi Cap and Aggressive Hybrid Funds Risk management in mid- and small-cap allocations Whether you're a long-term investor or tracking tactical opportunities, this conversation is packed with real insights from one of India's top-performing fund managers.

What should a retiree’s investment plan really look like? And how do you invest when the next market cycle might look nothing like the last? In this episode, Rajeev Thakkar, CIO of PPFAS Mutual Fund, joins us to talk about their Dynamic Asset Allocation Fund — a strategy designed not for market timing, but for real-life goals like cash flows, capital preservation, and inflation protection. We explore: Why equity returns aren't guaranteed in the short term How PPFAS balances debt and hedged equity The logic behind staying in the 35–65% equity tax bracket Why this fund may underperform in bull markets — by design And who it’s really meant for: conservative investors, especially retirees If you’re looking for a calmer, more predictable way to stay invested — this episode is for you.

Despite all the noise, equity remains misunderstood by most savers

Capitalmind Mutual Fund has entered the Indian investing landscape—and it’s starting with a bold move: a Flexicap Fund built on a fully quantitative, factor-based investing approach. In this episode, we speak with Deepak Shenoy, Founder of Capitalmind Mutual Fund, about: Why Capitalmind transitioned from PMS to launching a fund house How their investing philosophy blends data, market sentiment, and adaptability The quantitative engine powering their Flexicap Fund What sets their approach apart in a crowded flexicap category Who should invest—and who shouldn’t We also dive into factor investing, momentum strategies, and how their fund dynamically shifts between large-, mid-, and small-cap stocks using market regime indicators. Whether you're a mutual fund enthusiast, a DIY investor, or a curious listener looking to understand the future of quantitative investing in India, this episode offers a front-row view into how a new-age fund house is thinking differently. Don’t forget to subscribe and follow us for more deep-dive conversations with India’s top money minds.

SIPs promise long-term wealth—but are you unknowingly sabotaging your own returns?

In this exclusive episode, Gopal Agrawal, Senior Fund Manager – Equity at HDFC Mutual Fund, offers deep insights into what’s powering the HDFC Balanced Advantage Fund’s 75% return over three years, and how his investing philosophy blends value and growth to outperform benchmarks. Agrawal manages over ₹1.54 lakh crore across four schemes and shares the behind-the-scenes decision-making that fuels his dynamic asset allocation, sector rotations, and the unique top-heavy-yet-diversified portfolio structure he favours. From the fund’s evolution post-Prashant Jain to navigating premium valuations and recovering from past missteps, Agrawal gets candid about what it takes to deliver consistent absolute returns in today’s volatile market. Whether you’re an investor in HDFC BAF, exploring multi-cap or large & mid-cap funds, or simply curious about how top fund managers navigate cycles—this conversation is a masterclass in real-world portfolio management. Topics Covered: What’s driving HDFC BAF’s 75% return and outperformance Balancing growth, valuation, and downside protection How dynamic sector calls shaped HDFC Large & Mid Cap Fund Avoiding liquidity traps in mid- and small-cap spaces The philosophy behind maintaining 200+ stock portfolios How Balanced Advantage Funds truly work (and why they’re misunderstood) Lessons learned from underperformance and course correction Categories/Genres: Business, Investing, Finance, Retirement Planning, Mutual Funds

In this episode, Rahul Bhagat, CEO of DSP Pension Fund, shares a rare insider's perspective on why the National Pension System (NPS) remains underpenetrated despite being one of India’s most promising retirement planning tools. He breaks down the barriers to adoption, the differences between auto vs active allocation, and explains how DSP’s value-driven investment approach helps manage risk and deliver long-term returns in the NPS space. Bhagat also explores the regulatory tweaks needed to boost NPS participation, what first-time investors should look for in a pension fund manager, and why the industry has the potential to grow from ₹15 lakh crore to ₹50 lakh crore—if the right ecosystem is built. Whether you’re an HR professional, financial advisor, or investor planning for retirement, this conversation will help you understand NPS from both a strategic and investor lens. Key topics covered: Why onboarding and distributor incentives are holding NPS back DSP’s investment philosophy for equity in pension portfolios How to choose between auto, balanced, and active allocation What sets DSP Pension Fund apart in terms of transparency and communication What regulatory changes can help NPS thrive Why paying a bit more for smarter fund management can yield better returns Categories/Genres: Business, Investing, Retirement Planning, Personal Finance, Government & Organizations

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You're probably judging your mutual funds all wrong—find out what really matters!

In this insightful conversation, Satish Ramanathan, Chief Investment Officer (CIO) – Equity at JM Financial Mutual Fund, discusses his approach to navigating the complexities of India’s equity market. With over ₹11,100 crore in assets under management, Satish shares his perspectives on how global volatility, sector rotations, and mid- and small-cap stock exposure have influenced the performance of key funds like JM Flexi Cap, ELSS, and Value Fund. He also highlights the strategic shifts being made to position the funds for recovery, focusing on large-cap stability, growth opportunities in corporate India, and the key role of liquidity in market recovery. Market outlook: Satish explores the sound fundamentals supporting India’s equity market, despite potential concerns around overvaluation and short-term market volatility. Investment philosophy: Learn about his philosophy of focusing on structural growth stories, earnings quality, ROE, and cash flows while selecting stocks. Performance insights: Hear Satish’s thoughts on the recent underperformance of key funds, the tactical shift toward large-cap stocks, and how they are positioning for future growth. New Fund Launch: Get insights into the upcoming JM Large & Midcap Fund, designed to balance growth and stability by providing better sectoral representation and reduced bias towards financials and oil & gas. Value Investing: Satish discusses his approach to value investing in mid- and small-cap stocks despite their current high valuations, and how he finds hidden gems with strong growth potential. Tune in to understand how JM Financial’s disciplined approach to stock selection and strategic shifts aims to capitalize on the evolving market dynamics and deliver long-term value for investors.

In this exclusive interview, Abhishek Singh, Vice President and Fund Manager at DSP Investment Managers, offers valuable insights into his approach to fund management and his perspectives on the Indian equity market. Managing over ₹20,000 crore across four schemes, including the five-star-rated DSP Large Cap Fund, Abhishek shares his thoughts on the disconnect between market optimism and earnings, the importance of holding cash in uncertain times, and what’s been driving the outperformance of the DSP Large Cap Fund. Valuation discipline: Abhishek discusses how the fund avoids the common pitfalls of overvaluation and focuses on bottom-up fundamentals. Cash management: Understand the rationale behind the fund's rising cash levels and how it helps in creating flexibility during volatile markets. Portfolio strategy: Learn about the fund's concentrated portfolio of 30-32 stocks, and how this strategy differentiates the DSP Large Cap Fund from others in the space. Market outlook: Hear Abhishek’s take on the disconnect between macro optimism and bottom-up earnings, the potential impact of rising valuations, and how he’s positioning his portfolio for the future. Hybrid fund strategy: Abhishek also sheds light on his recent turnaround of the DSP Aggressive Hybrid Fund, and how a focus on valuations and concentration has driven its improvement. This episode is a must-listen for investors looking to understand value-conscious investment strategies, portfolio diversification, and the Indian market outlook through the lens of one of India’s top fund managers.

In this episode, we sit down with Manish Gunwani, the Head of Equities at Bandhan Mutual Fund, who manages over ₹37,700 crore in assets and oversees two 5-star rated funds — the Bandhan Smallcap Fund and Bandhan Large & Midcap Fund. With deep research and a long-term investment philosophy, Manish shares his insights on the Indian market, particularly the small-cap space, and his approach to valuations in today’s market environment. Discover his views on the current market valuations and whether small-caps are still presenting opportunities. Learn about Bandhan's deep research capabilities and their 600-700 stock universe in the small-cap sector. Manish talks about the long-term potential of the manufacturing sector, AI disruption, and how geopolitical tensions are shaping investment decisions. He shares his investment philosophy, focusing on quality businesses, even in a time of stretched valuations, and why the Indian currency’s stability is a positive for long-term foreign capital influx. Get insights on asset allocation models, macro parameters, and valuation strategies used at Bandhan Mutual Fund for funds like the Bandhan Balanced Advantage Fund. With a value bias in his portfolio, Manish explains how he balances growth and value investing to generate superior long-term returns. Join us for a deep dive into the Indian equity market, investment strategies, and the outlook for small-cap stocks with one of the leading voices in the industry.

Market manipulation exists, but it needn’t derail the sensible investor

Curious about how to safeguard your retirement? Tune in to learn how the 3-Bucket strategy can help!

In this insightful interview, Niket Shah, Chief Investment Officer at Motilal Oswal Asset Management, shares his perspective on the current Indian equity market, where valuations are stretched but opportunities still exist. Shah, who manages Rs 59,000 crore across multiple funds, discusses his high-conviction investment approach, focusing on quality businesses with strong growth potential. He explains the challenges of finding value in today’s market and how he navigates elevated valuations with a differentiated strategy. Shah also dives deep into his QGLP philosophy—emphasizing quality, growth, longevity, and price—and how he builds concentrated portfolios with carefully selected stocks. He sheds light on his approach to mid- and small-cap investments, allocation calls, and sector diversification, while offering insights on how his rigorous research and firsthand experiences drive his decision-making. Tune in for valuable lessons on how to build high-performing portfolios in a market where easy wins are harder to come by and learn about the emerging themes that continue to shape his investment strategy.

Success still depends on mastering your emotions, not the latest trends