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00:00Hi, thanks so much for joining in. You're watching The Mutual Fund Show on NDTV Profit.
00:12My name is Alex Mathew. Now, this show gets you actionable insight on everything mutual
00:16fund related, and we're talking about a very interesting topic today. If you've looked
00:21at the performance of the equity markets, it's obvious that we are in the midst of a
00:26bull run, and it's been broad based. The texture of the market has shifted on account of the
00:34rally that we've seen over the last two and a half, three years or thereabouts. In fact,
00:39at this juncture, you have the nifty 50 and the weight of the nifty 50 as a percentage
00:46of the whole market at its lowest that it has ever been. And the broader markets, because
00:52of the broad based rally that we've seen, you have the small cap 250 index, and you
00:58have the mid cap 150 index that have the highest weight in the overall market than they have
01:03ever had. And we're going to talk about how we reached this point, and what this means
01:08for your portfolio, whether or not this is another trigger for you to consider rebalancing.
01:13We've got Pratibha Girish, who's founder of Finwise Personal Finance Solutions, as well
01:18as Varun Fatehpuria, who's a founder and chief executive officer of Daulat Wealth Management.
01:25Thank you so much to both of you for taking the time. Pratibha, I'll come to you first.
01:32It seems a little stark when you look at it, as things stand right now, but it has been
01:36developing for some time. Is this something that you talk about with your clients?
01:42Absolutely, Alex, thanks for having me on the show. You know, as is always the case,
01:47when there is an uptrend in the market, mid cap and small cap tend to perform significantly
01:52better than large caps. So it's a kind of a vicious cycle. And money flows, where there
01:57is performance, money flows there, thereby pushing up the returns even further. The other
02:02thing which you need to look at is, you know, after COVID, we've not seen a significant
02:06correction in the markets, except for the time correction, which happened in FY22-23.
02:13Even the COVID correction, you know, recovered really quickly. So the earnings have also
02:17supported this upward trend, broad based earnings. So given the recency bias, many investors
02:23feel that they can be aggressive in the market cap allocation and maximize the returns in
02:27the short term. This has resulted in a share of mid and small cap being the highest ever.
02:33You know, the market cap, 50-50, which you're saying is currently at 63% as compared to
02:38about 68-70% a few months back. The monthly average inflows also into, you know, large
02:45cap and mid cap, it's starkly different. If you see in FY23, it was about 698 monthly
02:53average inflow in large cap, vis-a-vis, you know, 4000 is the total, you know. So, and
03:00it was minus 51 last year, but it's picked up recently. And this year it's about 1060
03:05crores in the large cap space. So even if you take into account large cap component
03:10of the money into various sectors, like, you know, flexi cap categories, if you look at
03:14that, still it's 60% mid and small and 40% large cap, which is not seen in many, many
03:22years, actually.
03:23Absolutely, that's a fair point. And there's a reason why that has happened. Varun's been
03:27looking at it as well. Varun, I asked, and I sent this data across and asked what you
03:32think about it. And you pointed out that there's a reason behind this. There is earnings
03:36growth also that has pushed this to happen.
03:39Right. Hi, Alex. Firstly, thank you so much for having me on back on the Mutual Fund Show.
03:44It's great to be talking to you. So as you correctly pointed out, obviously, I mean,
03:48if you look at the earnings for both large cap, mid cap and small cap, over the last
03:52few years, there has definitely been some sort of a support that has been provided by
03:56the earnings itself. So let's quickly look at the numbers. Large cap earnings have grown
04:00close to about 22 to 23% over the last three to four years, compared to about 36% for mid
04:06cap and 48% for small cap segment. So returns have been a combination of both strong earnings
04:12growth and definitely as some sort of a re-dating of the stocks that was a long overdue in the
04:17mid and the small cap segment over the last three to four years.
04:20So it has been a combination of both earnings growth and a PE expansion. And obviously needless
04:25to say, as Pratibha pointed out, the kind of flows that we are seeing into the small
04:29and the mid cap segment over the last few years have only provided support to a lot
04:33of these stocks, especially one with a very high promoter shareholding or a low float
04:38stock where there is a concentrated holding. So obviously there is no true price discovery,
04:43so to speak. So I think, yes, definitely, I think earnings have provided that sort of
04:48a support to the kind of returns that we are seeing in the mid and the small cap segment.
04:53Going forward, if the earnings continue to deliver at the rate in which it is forecasted,
04:59we can perhaps expect the returns to follow as well, though the expansion of the PE would
05:04not take place at the same level.
05:06Okay, I'm coming back to you for this next question, because I'm curious what you think.
05:11Generally, you would see in the more diversified scheme categories that there is a rotation
05:19that takes place. Fund managers take cognizance of the kind of shift that you see in various
05:24market capitalizations and they shift themselves, particularly in the flexi cap category and
05:29in the in the multi cap category as well, where if there is a feeling that there is
05:34a little bit of froth in the broader end of the spectrum, they would rotate to the large
05:39cap space. Is that something that you've been witnessing in the in the schemes that
05:43you're paying attention to?
05:46Absolutely not, just I think we have schemes, especially that's in the flexi cap and the
05:50multi cap space where some of those schemes have not just only taken a very high cash
05:55call, right, where they're not only, let's say, finding opportunities to deploy in the
05:58large cap space, and they have significantly also pruned down their exposure to the mid
06:02and the small cap segment.
06:04Multi cap, by definition, need to maintain at least 25 percent of the exposure to mid and
06:09small on a combined basis, 50 percent.
06:11So let's say investors wanting to have exposure to that kind of segment could perhaps look
06:17at multi cap as a category, as opposed to let's taking a pure vanilla exposure to a
06:22mid and a small cap segments where funds or fund houses typically like to stay true to
06:28label. But if you look at, let's say, the other end of the spectrum, flexi cap, which
06:32sort of is really a quasi large cap fund in that segment, definitely, I think the fund
06:39manager has really increased their exposure to large cap and pruned down the exposure
06:43to mid and the small cap segment.
06:45So that's been the case for the last three to six months.
06:49I think ultimately it is for the investors to decide whether they want to continue staying
06:54invested with them. Yeah, that's a fair point.
06:56In fact, we will talk about what investors should do in just a bit.
06:58But Pratima, I'm curious, in cycles that have taken place in the past, and you pointed out
07:03that we've not really seen deep, deep drops and every dip has been bought into, you've
07:11seen some amount of time wise correction, but it's been broadly a rally upwards.
07:15So from that perspective, in past cycles, is it true that large caps help you alleviate
07:22the pain of a large drawdown?
07:25And from that perspective, is it good to rotate out of the broader markets, especially if
07:31you've seen that in your portfolio, the rise in the broader markets has caused that skew
07:36to take place in your portfolio as well?
07:39Absolutely.
07:40If you're looking at a tactical move, I think this makes a lot of sense.
07:43As we know, the markets tend to mean revert.
07:45If there is any market cap or any sector which has done very, very well in a sustained manner
07:51and grown very well over the last few years, couple of years, then it's likely that the
07:55one which is underperformed is going to take over at some point of time and it'll mean
07:59revert.
08:00Now, it's all very easy to say it'll mean revert and therefore you should move into
08:03underperforming sector.
08:04How do you know we've reached the absolute bottom?
08:08It's not possible to know whether you've reached the absolute bottom, but if you look at the
08:12divergence between the returns of mid-cap, small-cap and large-cap, large-cap is doing
08:18well, but relatively it's underperforming in a big way.
08:22So there was a graph which I was seeing, which is given by D.S.
08:26Puneetra, which shows the amount of deviation from the returns to small-cap and mid-cap
08:31is far, far higher than large-cap.
08:33And in the past, whenever this has happened, it's completely the wrong time to be invested
08:37in mid and small-cap.
08:39It would be better to invest in mid and small-cap or increase your exposure to mid and small-cap
08:43when it's bottoming out.
08:45So it's definitely not, it may or may not be at the highest, but it's very close to
08:50that and therefore it makes sense to rotate.
08:52But having said that, there is going to be exit loss, there's going to be taxation, there's
08:56a huge impact cost.
08:57So I think it's preferable to leave that choice to the fund manager, like Varun also just
09:03discussed.
09:04FlexiCap, though only Flexi in name and largely has been large-cap, may be a good idea to
09:09be in at this point of time.
09:11It will be nice to have a true-to-label FlexiCap which will move to mid and small-cap at the
09:15correct opportunity and it will minimize the cost of moving from one to the other in a
09:20very significant way.
09:22That's a fair point.
09:23You know, it's actually quite interesting that the multi-cap funds, and we've discussed
09:27this on this very program, that the multi-cap funds have done better in the recent past
09:32on account of their forced allocation towards mid and small-cap stocks.
09:38But another factor that we've been witnessing is that in the large-cap space, the actively
09:44managed schemes have managed to beat the benchmark over the last 12 months, quite a few of them
09:50in fact.
09:51And this is not something that we've seen on a consistent basis for a long period of
09:55time.
09:58I would think that that's also because of the ability to deviate from the index, which
10:04some fund managers have managed to do.
10:06Varun, what is your reading and why do you think that certain actively managed large-cap
10:11funds, in fact quite a few of them, have managed to beat the benchmark?
10:15So, Alex, you correctly pointed out, obviously, if we just look at the last one year data,
10:20close to about 60 to 70% of the actively managed funds have actually been able to outperform
10:25the benchmark.
10:27But if we try and just extrapolate that to the next three to five years, over the past
10:31three to five years, on a three-year basis, I think not more than 25% of the funds have
10:38been able to beat the benchmark.
10:40And on a five-year basis, in fact, about 70% of the funds have underperformed.
10:44So definitely, I think in a more polarized market that we have seen over the last year,
10:48the fund managers were able to find bottom-up stock picking opportunities and deviated significantly
10:55from what we call as an active share, where they have a higher proportionate of their
11:00portfolio, which is different from the benchmark itself.
11:03And that could work both ways.
11:05That could obviously provide you with that key to outperformance, but there could be
11:09periods where the portfolio is underperforming the benchmark itself due to the high active
11:14share, and which is required to deliver that alpha, especially since 2018, when SEBI came
11:22in and reclassified large-cap funds, where the fund manager has mandated to take 80%
11:27exposure to large-cap stocks, right?
11:29So the only sort of source of alpha for large-cap fund managers is to be able to deviate from
11:35the benchmark in the large-cap category and not so much from the mid and the small-cap
11:39space.
11:41Okay, that's a fair point.
11:42You want to add to that, Pratik, have you noticed something specific with regard to
11:46the ones that have outperformed?
11:48And we've been playing that list on the screen.
11:50Of course, Varun spoke about longer timeframes where the outperformance kind of falls off.
11:54But particularly over the last three years, you've had schemes like Nippon India that
11:58have outperformed HDFC Top 100, ICICI Prudential Blue Chip.
12:02And the degree of outperformance is not small, four and a half or thereabouts percentage
12:07points over the benchmark.
12:10Absolutely.
12:11Varun spoke about long-term.
12:12If you look at the very, very short term, one month, three months, six months, out of
12:1832 large-cap funds, you see in one month, 20 of them have outperformed.
12:22In three months, 19 have outperformed.
12:24And in six months, 16 have outperformed.
12:27And not only outperformed, outperformed is one thing.
12:31Second, the quantum of outperformance of the alpha has been quite large.
12:35The top three, four funds have given a very large alpha over the index.
12:40But I don't think it's so much a question of active or passive.
12:44At all points of time, it has to be active and passive, no or in between, because we
12:48are only comparing with index.
12:50But we have very smart funds now, factor funds, different factors performing very well.
12:55So I think you need to have a combination of both to do well.
12:59Yeah, that's an interesting perspective.
13:01I have a combination of both active and passive.
13:04But to that end, I'd like to talk to you both about what you think are the foremost
13:10strategies and schemes that you've been looking at in the active space.
13:14We have played a few of the names of the schemes that have outperformed.
13:18But Varun, what stood out to you in the large cap actively managed space?
13:23So a couple of schemes that we have been recommending or at least have been in the radar are ones
13:28from ICICI Pro, HDFC Top 100 and the Nippon India Blue Chip Fund.
13:33I think these are the three funds that we have been recommending clients who want an
13:37active exposure to large cap space, even though we continue to caution them from a longer
13:43term perspective.
13:44But let's say seeing the consistency of the performance, the kind of fund manager views
13:48that they have, where they are seeing opportunities today in the current market.
13:52So it's not so much of just, let's say, sectoral calls, but also very specific stock
13:58calls as well that has led to this kind of outperformance that we are seeing.
14:03So anyone looking at, let's say, specific names on a large cap actively managed fund
14:07could look at these three funds that we have been recommending.
14:12So you spoke a little bit about the schemes, but I'm curious about what you have to say
14:17about the strategies that they employ and how they differentiate themselves from each other.
14:22You spoke about specifically the Nippon, the HDFC and ICICI, if I remember correctly.
14:28What stands out about the strategies that they employ?
14:31I think one of the things which have been common with all of these funds is the
14:36deviation in the portfolio holdings compared to the benchmark itself.
14:40And what I was talking about as having a high percentage of active share in the
14:44portfolio vis-a-vis the benchmark.
14:46So the higher the active share that you have, I think it is the lower the alpha that
14:51you need to generate to actually outperform the benchmark.
14:54Just to give you an example, let's say today on an average close to 40% of the
15:00large cap space has an active share.
15:03And in that case, we see that they need to deliver close to, I would say about 5%
15:08alpha just to break even and a 10% alpha to outperform the benchmark by 2%.
15:13So that is how important active share actually tends to be.
15:16And these all the three funds that we have talked about obviously definitely tend
15:21to have a higher percentage of active share where the portfolio was different
15:25from let's say the composition point of view, but also the weightage point of view
15:29which has led to that sort of an outperformance in these three specific funds.
15:34Pratibha, the point is well taken about a combination between active and passive.
15:39But from my perspective, it's always been that the returns over the long term are
15:44comparable, at the very least comparable with passive quite often beating active.
15:50And then you have to have active beat passive by at least a percentage point
15:55for it to make sense post cost, right?
15:58So how do you reckon that fits into the decision making?
16:05As long as the time horizon is long, you're not looking at, which I just spoke
16:09about three months and six months and now I'm saying long term, but if you're
16:12looking at a time horizon, which is long, I think there's plenty of space, especially
16:17in our country where, you know, active management can be, for example, if
16:20somebody's got really punished a Mirai or a Canada Robeco funds, I think the
16:24time will come back if you are consistent in wanting to stay with them
16:28irrespective of short term underperformance.
16:31There is a lot of merit to what they're doing in terms of their philosophy,
16:35et cetera, which they are using.
16:37And they should be able to beat that, you know, that TR difference, which they
16:41have a 1% should be done over a period of time.
16:45Not necessarily in short periods of time.
16:48Last question on this particular topic.
16:51And I'm curious what you think about this.
16:53Of course, there is no one size fit all solution, but Varun and Pratibha,
16:57in your opinion, a moderately aggressive, a balanced portfolio that is based
17:03on your market capitalization, that you are doing it yourself, DIY.
17:07And you're not saying fund manager managed for me.
17:10What according to you is the ideal allocation to large cap, mid cap and
17:15cap? Varun, you first.
17:17So, Alex, if you want to talk about today where we sign, definitely.
17:20I think predominantly we would be constructing our portfolios with a
17:24large cap buyer.
17:25So anywhere between 70 to 75% in today's market, right, is where we would
17:29be allocating our money across a combination of, let's say, large cap.
17:32That could be a index fund.
17:34That could be a factor based fund.
17:36That could be a flexi cap fund with a large cap buyer.
17:38So I would put my bets over there.
17:40We're having 70, 75% of my portfolio today to large cap.
17:45I think once the valuation starts to become attractive, once we see a
17:48certain amount of correction in the mid and the small cap segment and
17:51what Pratibha alluded to earlier as well, I think it is when at that
17:55point in time, we need to double down on your mid and small cap
17:58allocation to really generate alpha over a longer period of time.
18:01So 70, 75% to large cap, about 50% to 20% to mid cap and about close
18:09to 5% to small cap.
18:11Small cap exposure could either be taken through a dedicated small cap
18:15fund or if you are taking an exposure to the multi-cap fund, then that
18:19could also suffice, though we today prefer the former compared to the latter.
18:24And remember, this is a moderately aggressive portfolio that I've asked
18:28about.
18:29I'm not even talking about a conservative portfolio.
18:31Pratibha, do you have a similar opinion?
18:33Absolutely.
18:3465% to 70% large cap, largely taken through large and flexi cap.
18:39The idea being not to do too much of churning, you know, if it's going
18:42to be a long-term portfolio.
18:43The rest can be mid cap and small cap, very with clear expectations
18:47that the same performance will not continue.
18:49It will probably, you know, there will be a correction.
18:51But if you're there for the long haul, 7 years and 10 years, then it
18:54shouldn't matter.
18:55Yeah, it's a fair point.
18:56Protect your downside is a very important rule when you're investing
19:02in the long term.
19:04Because when you protect your downside, you're ensuring outperformance
19:07over the long term.
19:08There are several questions that have come through, queries that have
19:10come through.
19:11A lot of you have tuned in and asked.
19:13By the way, if you're writing in on that number that you see on your
19:16screen, make sure you tell us about the goal that you have.
19:19Why are you investing this money?
19:21What do you need the money for?
19:23Because that will help us ask your question in a better way.
19:25And how much do you think that you need to achieve that goal?
19:29Now, the first question is coming from Suresh Kumar.
19:32He's 50 years old.
19:34He has accumulated 20 lakhs while investing in an SIP form into the
19:39Franklin India FlexiCap and the HDFC Top 100 funds.
19:44Should he continue investing into these funds is the question.
19:47Varun, at least one of them is something that you named in your
19:50favorite large cap fund.
19:53So he seems to be doing a good job there.
19:56But do you think he should diversify more?
19:59So if you look at it just from a large cap exposure point of view,
20:02definitely both of the funds that we have selected, HDFC Top 100,
20:05Franklin India FlexiCap fund, definitely both of them,
20:08Quartile One funds, would recommend to continue investing through an SIP.
20:13I think it is just that maybe we need to understand what your longer
20:16term goals are and for what you are accumulating this kind of corpus.
20:20If it is the longer term goal, then definitely I think you need to
20:24diversify a bit, add in probably a mid and a small cap exposure,
20:29and also take some allocation to international funds as well.
20:32And you would suggest international funds through a passive approach?
20:38Or is there anything else that you should look at?
20:41So I would say a passive approach, a fund-to-fund approach is an
20:44easier way to get exposure rather than stock-picking individual
20:47stocks given the transaction cost and the taxation which is involved in that.
20:52So I think it is important to keep your portfolio simple,
20:55invest through a simple fund-to-fund that invests in the US markets,
20:59and I think that should suffice from providing a diversification point of view.
21:03Alright, the next question is coming from Suresh Babu, he is 52 years old,
21:07and he is asking, can a PSB, a public sector bank, sectoral mutual fund,
21:11be a good idea for a seasoned investor who does not mind high risk in investing?
21:16And this is, I think, it is a sign of the kind of trends that we are seeing
21:24in the industry as well, a lot of people gravitating towards your
21:27sectoral and thematic funds, but the question is for you Pratibha,
21:31would you suggest that this is a good idea?
21:34It depends on what percentage of your portfolio is going to be in this PSB fund.
21:38As you can see, sectoral funds have a time frame within which you need to
21:42get in at the right time and get out at the right time.
21:44I would think it would be easier for us to outsource this job of getting in
21:48at the right time and getting out at the right time to the fund manager
21:52by going to a business cycle fund, where they invest in the right sectors
21:56at the right time.
21:57However aggressive you are, this can be a small part of your overall percentage,
22:01not a very large part, because you want the journey to be smooth
22:06so that you can stay put investing, so I would think, yes, if it is a small part,
22:11yes, but otherwise, better to avoid.
22:14Got it, alright.
22:15The next question is from Jashu Patel, who says they are 40 years old,
22:20they are investing into the markets through a Rs 5,000 SIP for the last two years.
22:24Is this the right approach to have from the perspective of the next 15 years?
22:30And we don't have real details about where Jashu is investing,
22:34but it's a solid start.
22:37Jashu is 40 years old, though, and Rs 5,000, I'm not sure what the goal is.
22:42Should they be incrementing their investment?
22:46What could you say about having a step-up approach to investing
22:52in the mutual fund space?
22:55Varun, this one's for you.
22:58So Alex, yes, I mean, obviously, I think if you're looking at smaller sums of money,
23:02but you have a really long runway ahead of you,
23:05I think you should always look at stepping up your SIP amount every year,
23:09which is in line with what your income or your business growth is.
23:13So the people actually tend to fall off and keep their SIP amount consistent.
23:18So I think that that top-up that you're able to do actually helps you
23:23in definitely generating a significantly higher amount of wealth.
23:27And as I could see, I think, obviously, the portfolio is very small cap
23:31and mid cap heavy.
23:32So I definitely not recommend it.
23:35I think you need to add some large cap exposure,
23:38as we just talked about in the show.
23:40Large cap and mid cap space also have their period of outperformance
23:43and underperformance relative to the large cap space.
23:47So just to give you an example, let's say most of the people think
23:50that a small cap would definitely outperform large cap on a longer-term basis.
23:54But just to throw you some interesting numbers,
23:56Nifty 50 TRI on a five-year average basis has delivered close to 12% returns.
24:01Nifty small cap 250 TRI on a five-year average basis has delivered
24:05close to 12.9% returns.
24:07So you could see the delta is not so much where people definitely tend
24:10to over-index on small cap.
24:12You need to definitely have a balanced exposure across all the market caps.
24:16Yeah, that's a very important point that you've raised.
24:18Of course, the timeframes are a little different,
24:20and let's see how that pans out.
24:21Sumi has got this question.
24:23She's 44 years old, and she's asking, she's started a Rs20,000 per month SIP
24:28and will additionally invest Rs3 lakhs per year on her portfolio.
24:32And she's asking for suggestions on funds that she can invest in.
24:36So, Pratibha, based on what we spoke about, 60% to 70% is what you're looking at
24:41in terms of large cap allocation.
24:43And just a caveat here, and none of the funds that we're speaking about,
24:47Pratibha or Varun, are recommendations.
24:49Please do your own research.
24:51Pratibha, from that perspective, which schemes would you suggest she can look at?
24:55If she's looking at a balanced portfolio, she can look at SIP of Rs5,000 each
25:00in Canada Robeco Blue Chip Fund, which is a totally large cap fund.
25:03Investco Contra Fund, Rs5,000.
25:06Access Growth Opportunities, Rs5,000.
25:08And Miria Asset Multicap, Rs5,000.
25:10So, this Multicap will also give the small and mid-cap exposure.
25:15However, when you're doing lump sum, if you're going to be doing it at this point of time,
25:18I would strongly suggest you do it as an STP, STP over 15 weeks.
25:24But there's no guarantee that the markets will correct in that 15 weeks.
25:27It may just happen to correct right after you're done with the STP,
25:30but still it makes for a good sleep in the night if you do it through STP.
25:33In the same funds, in the same proportion, Rs75,000 per fund to be allocated over 15 weeks.
25:42That's an interesting point that you've raised.
25:45STP gives you sound sleep at night.
25:48I must say that my own experience has been that I had to deploy a significant sum of money in 2020.
25:55And I did it by January or February of 2020.
25:59And it just so happened that I had deployed everything that I had to deploy in equity.
26:04I had, what, 15% to 20% in fixed income.
26:07And then the COVID-19 pandemic struck, markets crashed, and I was down 30-plus percent.
26:13So, I mean, you can't really guarantee anything.
26:16I've seen this myself. Rahul has his next question, 37 years old.
26:20He says that he wants to deploy Rs20 lakhs into mutual funds.
26:23He's got a time horizon of seven years, which is enough for equity.
26:27Would you suggest a similar approach, Varun, STP over 15 weeks?
26:31Yes, I would probably increase that time frame to about six odd months, right?
26:36Compared to 15 weeks, again, you're probably just giving yourself a sufficient amount of runway
26:41so that if the collection does arise in the near future, you're ready to take advantage of that.
26:46And also, one piece of advice is, obviously, we've been talking about markets remaining overheated for the last 15 months.
26:53So, in that, Rs20 lakhs, if you can sort of create some sort of a buffer in a liquid fund or an arbitrage fund,
26:59so you're much better prepared when the crash due comes, right, or a collection so occurs in the future,
27:05you are ready to take advantage of that opportunity.
27:08So, definitely look at staggering your investments over a six- to nine-month period.
27:12Create a portfolio. You have a sufficiently long time horizon in front of you.
27:16So, obviously, an aggressive portfolio is recommended for you.
27:19But do try to keep some sort of a cash buffer, not so much, maybe about 10-15% of your portfolio,
27:24so that you can deploy that when the market does correct.
27:26Yeah, fair point. Varun, Pratibha, thanks so much for taking the time.
27:30This was a pleasure having you on the program.
27:33And viewers, that brings us to the end of this particular edition of The Mutual Fund Show.
27:37Hopefully, it's been useful to you.
27:38And don't forget to send us your messages on that number that you see on your screen.
27:41Lots more coming up over the course of the day.
27:43And this is NDTV Profit.