Flexi cap funds received the highest inflows of nearly ₹10,000 crore this month, significantly outperforming large cap funds (₹2,000-2,500 crore) and midcap/small cap funds (₹6,000 crore), because they offer fund managers flexibility to hold stocks across market capitalizations without forced selling when stocks change category, unlike large cap funds which must realign to 80% allocation within 13 months. Indian retail investors are demonstrating maturity by allocating sensibly across categories, with mutual fund investments showing disciplined SIP flows despite market volatility. However, gold allocation should remain disciplined and limited, as India's household gold holdings (₹2 crore) are already four times higher than equity mutual funds and ETFs combined (₹48 lakh crore), and with rupee depreciation already providing protection, additional gold purchases at current prices may not be justified.
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Best Asset Allocation Strategy Now? | Feroze Azeez on Equities vs GoldAjouté :
Hi, good morning uh Feroze and Suranjana. Great to see both of you uh on the program today. Welcome to money control. Thank you Surabhi and uh it's such a pleasure to be on your show. Okay. And uh imagine that why shouldn't flexiap funds get the money right and by by the way 10,000 crores came in. I just want to tell our viewers that flexi cap funds got 10,000 crores this month. Large cap funds are hardly getting flows. They just get between two to two and a half,000 rupees to two to 2 and a half thousand cr rupees. uh midcap funds and small cap funds have received about 6,000 cr rupees this uh this month but flexi cap is a category getting 10,000 crores that really uh says something fose hi I mean imagine you just had the head of institutional equities of ambit saying please don't go headlong into equities you know spread out your investments look at various asset classes now we know that fose has always loved equity and Indian equity at that but fose it's been a challenging time as well right for the market. I mean what do you make of just investor sentiment overall and what we've seen in the last one two months? Uh Suri uh you're absolutely right Indian equities have not delivered over the last year and couple of months if I look at last financial year but one thing which people have to keep reminding themselves is equity unlike gold and other asset classes have multiple prices multiple funds. Gold has two prices at best 24 karat maybe four prices rupee and dollar from an Indian standpoint but uh if you look at uh what should you buy depends on what is your time frame what's your objective now let's assume now people are very sad between yesterday and today that market by my model portfolio 14 schemes as of 8th of May from 1st of April is 13.58% compound the return over the last 8th May of course couple of percent would go away if you incorporate yesterday's and today's NA but uh the portfolio has beaten nifty by about 5.4%.
There'll be good times and bad. If you look at 1st April 2025 where is when Trump has created havoc from a trade war on 7th of April last year my investor who bought on 1st of April last year has made baj right 6 and a half%. So point I'm trying to make is if your objective of being in equities every month I should be at peak. It's definitely not going to happen. Will you be able to from here on if you don't buy equity and if you say that if you buy equity today and then hold it for 3 four years will you make more than opportunity cost? In my mind it's all about the odds there is 90% plus odds and that's what has happened. year and 1 month one year and 1 month has delivered 7% return this this period then wise should hope be lower and the reason why equity is getting money is media houses like you sur I'm not uh I'm not saying it just because I'm on your show but you've done Abhan after abhan right uh to make this happen right when every like last month was not the most positive sentiment in that getting 40,000 crores or 38,000 crores I don't know why people forget ETFs Those are index funds. If you add it, it's 53,821 crores in equity. So that's a large amount of money and in the last four days, last four five days of May we've got,000 crores. Okay. So um Fose, now what are you telling investors? I mean I know that you run a a model portfolio. It comprises of a whole range of actively managed uh equity funds. But as we can see the uh the interest is very high in mid and small caps. The interest is very high in flexi cap funds. So going forward given how uncertain things are and most managers are talking about earnings cuts you know at least another tough two three quarters. So given this environment what are you advising investors now fose? Uh Suri uh you're absolutely right. Midcap and small cap has had interest. Flexi cap has had interest. In my judgment, India's uh retail uh assuming mutual fund investments are a proxy to retail's behavior. They're doing the most sensible thing.
See if you've got 40 50,000 crores and if you put 67,000 crores in small cap as a proportion, it's 13 14%. If you put 6 7,000 crores in midcap, it's again 13 14%. And then you have the implied exposures through other schemes another 10 12%. So very similar to what uh doing all the research I come to 55 20 and 20 for example 22 and 22 that's precisely how India has invested. So that's a great thing to see one. Second, I love the fact that flexi caps are being favored a lot more by the Indian retail because what happens in large cap for example uh there is a mandate that if this if the stock moves from large to mid and mid to small that keeps happening every 6 months uh the fund manager is given one year 1 month to to actually realign to 80%. Now that's uh that's to my mind create can create a lot of selling unwarranted selling. So in a flexi cap because there's a flexibility if I like a stock if it has moved from large and mid unlike in a large cap category I don't have to sell that just because I it has moved to midcap I'm wanting to own that share for the next 10 years maybe so flexi cap requires lesser forced management this is a very nuance point and that's one reason why I like flexiap having said which if you look at the SIP number that's very heartening people say SIPs have fallen 3% yeah in March you had four days uh lesser, right? So, so in April you had March had four days more because February ended and all the February SIPs got spilled over because 26th was the last day of February. So, March was a larger base. I was reading an article on one of the media uh reports saying that there is an SIP drop of 3%. It's actually not a drop. It's a 1% one and a half% amortized if you rightly amortize the number of days or a portion the number of days it's gone up. last year uh same April was 26,000 and in the same year where there has been such bad sentiment 26,000 has become 31,000 and I said this 5 years back that by FYI 25 you'll reach 25,000 and I'm still saying that by FY FI 28 29 you will reach 50,000 crores and that's disciplined investing for sonified okay all right well stay invested keep the faith I think that is the mantra uh for investors across the board any final advice any final tips or advice. Uh, of course, we've not discussed uh, you know, precious metals, but I mean those ETFs are constantly getting a little bit money here and there. Finally, what would you like to tell the investor? Suri, I would say that listen to Modi G, don't buy gold. Uh, why would I say that? See, if an asset, why am I saying that? Let's see we have 2 crores 2 crores of gold holding in Indian households equity mutual funds ETF put together is 48 lakh crores and if we as an industry sell what sells then how will we do right asset allocation you have to look at asset allocation at a total balance sheet level not at what I get as a business right if India's asset allocation is 2 crores four times more in gold I am also saying manage may not be right because on Minisha's Manisha's show I've said it several times at 3,500 she asked me 4,000 because that's the momentum now you are at 20% lower than where it had gone 5,600 down to 4,700 gold has been saved by the rupee depreciation to my mind if you have enough gold and other forms please don't use mutual funds and force uh uh we have 5070 billion of imports of gold which on a base of uh two crores uh is is 2 3% for one year. If you don't buy two, if you don't as add an asset allocation of 2 3% further in gold, I don't think you will miss out too much. Especially at $4,800, $4,700, it was just about $1,800. In thousands of years, it comes to $1,800. And what happened in a in a year uh that you got a more than thousands of years of rally and you still you can avoid that is my point. would it not make 6 7%, yes I think it can uh 8%, but I think rupee is already depreciated enough to not buy foreign assets be it gold or foreign uh equity. Okay, so FOS is saying go with what the premise is saying and don't buy gold not just the jewelry and the coins and bars but maybe even the ETFs. All right, got that point. Uh good conversation as always Feroze and Suranjana. Thanks for joining in.
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