Value Research

When policy becomes unpredictable, rational planning becomes impossible

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.

Why the iPhone frenzy reveals everything wrong with our spending priorities

The Sunjay Kapur estate battle shows why proper will-making matters - and why India needs blockchain authentication

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?