AMFI’s July 2026 mutual fund data has raised an important question for investors: SIP contributions are rising, but equity fund inflows are falling. So where is the money actually going?
In this episode of Earnings from SIP, we speak with Sandeep Bagla, CEO of Trust Mutual Fund, to understand the changing investor strategy, Small Cap and Mid Cap opportunities, Large Cap weakness, market correction risks, Flexi Cap funds, Multi-Asset funds and the ideal portfolio allocation for long-term investors.
The discussion also covers crude oil risks, geopolitical uncertainty, India’s long-term growth story, AI and data-centre opportunities, infrastructure, power, pharma and premium consumption sectors.
इस वीडियो में Trust Mutual Fund के CEO Sandeep Bagla से समझिए—क्या Equity में investors का भरोसा कम हो रहा है? Small Cap और Mid Cap में बढ़ता निवेश मौका है या FOMO? क्या Market में बड़ा correction आ सकता है? Flexi Cap Funds कितने useful हैं और अगले 6 महीने में investors को SIP, Multi-Asset और Equity allocation को लेकर क्या strategy अपनानी चाहिए?
साथ ही जानिए ₹100 के ideal portfolio में Fixed Income, Gold, Large Cap, Flexi Cap, Mid Cap और Small Cap का कितना allocation होना चाहिए।
#SIP #MutualFunds #Equity #SmallCap #MidCap #FlexiCap #StockMarket #Investment #AMFI #PersonalFinance
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~HT.178~PR.474~ED.472~GR.508~VG.HM~
In this episode of Earnings from SIP, we speak with Sandeep Bagla, CEO of Trust Mutual Fund, to understand the changing investor strategy, Small Cap and Mid Cap opportunities, Large Cap weakness, market correction risks, Flexi Cap funds, Multi-Asset funds and the ideal portfolio allocation for long-term investors.
The discussion also covers crude oil risks, geopolitical uncertainty, India’s long-term growth story, AI and data-centre opportunities, infrastructure, power, pharma and premium consumption sectors.
इस वीडियो में Trust Mutual Fund के CEO Sandeep Bagla से समझिए—क्या Equity में investors का भरोसा कम हो रहा है? Small Cap और Mid Cap में बढ़ता निवेश मौका है या FOMO? क्या Market में बड़ा correction आ सकता है? Flexi Cap Funds कितने useful हैं और अगले 6 महीने में investors को SIP, Multi-Asset और Equity allocation को लेकर क्या strategy अपनानी चाहिए?
साथ ही जानिए ₹100 के ideal portfolio में Fixed Income, Gold, Large Cap, Flexi Cap, Mid Cap और Small Cap का कितना allocation होना चाहिए।
#SIP #MutualFunds #Equity #SmallCap #MidCap #FlexiCap #StockMarket #Investment #AMFI #PersonalFinance
Also Read
Stocks To Buy: Kansai Nerolac, Marico To Colgate Palmolive | Check Full List And Target Price :: https://www.goodreturns.in/news/stocks-to-buy-kansai-nerolac-marico-to-colgate-palmolive-check-full-list-and-target-price-1526685.html?ref=DMDesc
10 Best Brokers With Free API in India :: https://www.goodreturns.in/partner-content/10-best-brokers-with-free-api-in-india-1525473.html?ref=DMDesc
NSE Announces New F&O Trading Timings From August 3; Equity Derivatives Market to Trade Till 3:40 PM :: https://www.goodreturns.in/news/nse-announces-new-f-o-trading-timings-from-august-3-equity-derivatives-market-to-trade-till-3-40-pm-1525167.html?ref=DMDesc
~HT.178~PR.474~ED.472~GR.508~VG.HM~
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NewsTranscript
00:04Hello and welcome to this episode of SIP from Kamii.
00:08Before starting this episode, we will be very careful about the numbers.
00:13The numbers are coming from mutual fund industry related to the last few years.
00:20We will talk about these numbers, but first I will tell you the numbers.
00:25The SIP contribution is again big.
00:27In July, we will talk about the numbers.
00:31The numbers are going to be higher than 31,781 crore,
00:36and now the SIP contribution is higher than 31,961 crore.
00:41But in this SIP contribution, there is a contradiction.
00:47The fact is that equity mutual funds are going on.
00:54The numbers are going to be higher than 32,961 crore.
01:00The equity fund inflow was in June, which is now 20,685 crore.
01:09Small cap and mid cap, if I talk about inflow,
01:13in small cap, it is 5,602 crore.
01:16In flow, 7,767 crore.
01:19If we talk about mid cap inflow, this is 6,192 crore.
01:24But last month, this is 6,090 crore.
01:26This is a big picture.
01:40The investment in the market is also going to be higher than 32,000 crore.
01:48In flow, we are going to be higher than 32,000 crore.
01:52The investment in the market is also going to be higher than 32,000 crore.
01:57But it is not a huge amount of equities.
01:59So what strategy is going to be higher than 32,000 crore?
02:03What is going to be higher than 32,000 crore?
02:05In the market, in mutual funds, we are going to try to understand these things.
02:09We have a very special guest.
02:12Sandeep Baglaji, we are here with our trust mutual fund.
02:16Sir, welcome to Good Returns.
02:19Thank you. Thank you for having me on the show.
02:22Sir, we will come to mutual fund industry.
02:24But before that, we want to go a little overview and outlook.
02:28We are talking about the bazaar.
02:29It is quite volatile.
02:31There is also a recovery.
02:33But once again, there is still uncertainty in the bazaar.
02:36Because the geopolitical tensions are not low.
02:39The crude is still going to be higher.
02:42Now, how is the bazaar's outlook?
02:44How does it show you?
02:46If we talk about the bazaar,
02:48we need to understand what time we are talking about.
02:54If you talk about 1-2 months,
02:56we will see that the market will move sideways.
03:00This is what we think. Broad markets.
03:02And the outlook is a little uncertain.
03:04Because you have said that the oil prices are oil and crude oil.
03:08And there are still some rates of the shares.
03:08they are not the only price of oil prices.
03:09They are at the price of oil prices,
03:14who are at least a part of the economy.
03:22So, the investors in the beefs,
03:24they are not the only price of oil prices,
03:34and the price of oil prices.
03:34And in the market,
03:35you will see that the oil prices,
03:42foreign
04:19foreign
04:44foreign
05:07So, this is the uncertainty in today's question and uncertainty in the market, this will be a good thing for
05:15you and if you don't want to do this, it will be good for you.
05:19So, in the market, there is a little bit of uncertainty in the market, but it will be a little
05:23bit for me and a few days later it will be less.
05:26So, this is a very common term that is used in the market when there are geopolitical tensions and Middle
05:36East tensions.
05:37Trump always chickens out, that is taco effect basically in the market.
05:41Is this taco threat now made in the bazaar?
05:45If Trump is not a common term, one of the largest market, the market has become a common term.
05:59from a risk management perspective, from a risk management perspective, we can ignore
06:02not.
06:03Today, Iran has been working with a lot of months, and proof of the pudding is in the
06:10eating.
06:11Brent prices are $90.00, and now the geopolitical environment has been made, if we don't think
06:20that Trump will chicken out, we should look at our financial goals, how will we meet,
06:53how will we meet as well as ?
06:55So, I think that these are all the things that we have in the market.
07:00And it can happen that the market has no return for two years.
07:04But some of the funds are like small-cap, mid-cap funds, which have a good alpha generated.
07:13So, there are no opportunities for you.
07:15You have to invest in a good fund manager, a good advisor.
07:19And India's growth is very important.
07:22You have to invest in a long time, for many years.
07:26So, there will be compounding.
07:28So, you have to pay attention to this.
07:31Sir, do you have any sectors that you have seen better opportunities?
07:35And in these sectors, if you invest in these sectors,
07:38it will be more useful in the portfolio build-up.
07:41Look, my salary is typically this.
07:45I want to invest in a mutual fund that you want to invest in a diversity fund.
07:50And this is it.
07:51The fund manager, the fund manager, the specialist has known to become a project.
07:55He knows who may or are we are working with.
08:04Those things are going to invest in a sector in which sector is the market.
08:11You will have to invest in the fund manager.
08:16And some of these technologies will stay up a lot.
08:19You will have to invest in a lot of sectors.
08:20But you will have to invest in the financial sector.
08:20For example, premium consumption, today's new PD, the people who want to experience new experiences
08:26from this sector, premium consumption, liquor, hotels, travel, so many industries, premium
08:37of goods, hospitals, so we think that these sectors will be a secular growth, but again
08:45we think that these sectors are very attractive. Some sectors are attractive, such as in India
09:01to create infrastructure. If we need growth in India for a long time, then it is possible
09:08that we don't want to invest in our infrastructure and don't do capex. Data centers also come
09:13in India with artificial intelligence related infrastructure, there will be growth. So
09:20there will be some sectors that are very good, the power sector is very good, there will be
09:26good companies. If you look at our portfolio, you will understand that there will be some
09:31themes that we think that India's growth is very good. For example, CDMO APIs, these drugs
09:41we build in India, we do a lot of exports, but we also think that there is a lot of
09:47scope.
09:48These sectors are good, such as infrastructure, capital markets, pharma, some companies are good.
10:24So these sectors are good. Okay.
10:25We have seen that in the past few years. We have seen some numbers, and we have seen equity inflow
10:29that has been an increase in the next few years. On the other side, mid-cap and small-cap,
10:33large-cap is not shown in the next few years. Because this is a lot of outflow,
10:381000 crores more than 1000 crores. Now, in such situation, what is the picture of the mutual fund
10:42industry picture how are you showing the picture of the fund industry?
10:46Look, my understanding is that SIP that are coming in 31,000 crores every month,
10:54they are only coming in equity funds.
10:58What is happening is that some negotiations that people have invested in 5-10 years
11:01before, they are doing a little bit of profit because the market
11:05returns are slightly reduced. Some money goes into real estate,
11:08some money goes into real estate, some money goes into real estate
11:11and some money goes into real estate.
11:12So, people do a normal profit booking and invest in real estate.
11:17So, the retail investors, the US$3,000 per month,
11:23which is the retailization process of mutual fund industry,
11:26that is increased.
11:30There are more and more investments and small SIPs
11:33in different funds, different mutual schemes.
11:47Which is available, there are more and more And now,
11:48the price of thisel, the retail investor is going to be lost
11:50for the sale.
11:55So, this is a very important question,
11:58that we are looking at a total interest,
12:01some real estate investment.
12:02if we are looking at a dollar in the treasury industry,
12:04we are looking at some things like that,
12:04we are looking at some rootергers,
12:05from our stocks,
12:05of free float, there are no returns in a year or two years. So there was a little disappointment
12:12of investors who were waiting for them. And the small and mid-caps are not good at that.
12:18Our own portfolios have a lot of alpha generated in our own portfolios. Because we are overweight
12:23in mid- or small-caps. And that's the reason that the growth of opportunities, the growth
12:32sector, growth companies are probably small, small and mid-caps companies, which are more
12:40classification. Look, one thing I want to do here is that our industry classification
12:47of large-caps, there are only 100 companies. In four or five years, the company's skill
12:52has increased. So small, small and mid-cap companies have increased. Three, four, five
13:09companies, so, you can translate the behavior into the quarter of the country. So,
13:15that is one of the main or the grandest companies. We know that we need to build
13:15it. We need to look at that. So, the other companies have increased, we need to
13:16believe that. The third-party companies, whereas the third-party companies, all
13:22the major companies and all the investors that can be used in a car, we need to
13:25see either a fair market. So this is a factor, you know, near-state, as well,
13:28the growth of India, the growth of the earnings, the growth of the corporate sector, the growth is typically in
13:36the mid-caps.
13:38This is why the risk of smaller mid-cap funds is higher than large-cap, where the risk of less.
13:45But mid-cap and small-cap, we have seen that when they are volatile,
13:49they have a lot of mistakes.
13:51Now, in mid-cap and small-cap,
13:57there is no big risk in the FOMO.
14:00The equity market is a risky investment,
14:05in which there is a volatility.
14:07Some of the returns come in one year.
14:10After that, the market will correct, time correct, or price correct.
14:14In this case, there are more companies,
14:17there are mid-cap companies,
14:19there are about 4,000 companies in small-cap.
14:21There are 2,000 crores of the market cap,
14:24there are more companies,
14:26there are 1,000 companies,
14:28just because we can invest directly,
14:32it doesn't mean that we need to invest.
14:35We need fund management experts.
15:04People in terms of insider-investment,
15:07we will invest in a million dollars,
15:13foreign
15:37So you have an advisor and a good mutual fund, which is not going to be able to earn money.
15:47Okay.
15:48Sir, the market is volatile.
15:49The mid-cap value is also known to you.
15:52But before that, let us understand that the market can be corrected.
15:58The expectation is that there will be a big correction in the Bazaar.
16:01Because there is already confusion in Bazaar.
16:06The market, as I said earlier, is a risky investment.
16:11Risky means that there will be things in the market.
16:15What do you want to do is that there is not a permanent loss of capital.
16:20This is a fund manager's work.
16:23Fund managers, which I am talking about in trust mutual fund.
16:26So they feel that there are a lot of opportunities.
16:42If you are interested in your investment, this is a reasonable thing.
16:43What's the goal of the investment?
16:43If you are interested in how the investment is a significant difference.
16:48So, if you are interested in this value,
16:51these are the great things that you have to be able to make a market.
16:51Then, it will be a great loss.
16:51The market will make a market difference.
16:52When you are interested in a market,
16:53the market will make a market difference.
16:56So, what do you want to do?
17:10foreign
17:12foreign
17:12I think that the environment is bad and the uncertainty is growing, so people think that
17:17the correction will come, whether it will come or not, which sector will come, which company
17:23will come.
17:23This work can be done by our fund managers.
17:27They have experience and passion.
17:31So I think the correction will come.
17:33I don't have a big deal.
17:35But if you have a long time, then you should have advantage of this.
17:40You should invest and make a new investment.
17:45If you have a new investment, you have a new investment.
17:48How do you understand the mid-cap or small-cap?
17:50How do you understand the expected time horizon?
17:56If you want to invest in 10-15 years for new investment,
18:03I understand that the state will be less than 20-25-30 years.
18:07You can invest in the next 20-25 years.
18:11If you want to invest in the next 15-15 years, you will not get the extra money.
18:20So you can invest in the next few years.
18:39foreign
19:03It will increase the price growth in sectors, companies will list, companies will increase their profitability, their price will grow.
19:08So that will increase your portfolio.
19:10But you have to have patience.
19:12In a new way, you will have to take a professional's help.
19:17And I think that if you don't do it yourself, it will be better.
19:21Yes.
19:21Portfolio allocation or market cap allocation is the tension between investors.
19:27Can flexi cap funds reduce this tension?
19:33Flexi cap funds are about 70% of the index.
19:38That 70% index is about large cap allocation.
19:44Hmm.
19:45So in flexi cap, the other thing is that the fund manager, if you invest in the index,
19:51it will be 30% in small and mid cap.
19:54And it will be 70% in large cap.
19:56Yes.
19:57But the name of flexi cap is that it is flexible.
20:00Fund manager, if you think that the large cap's value has been done,
20:06and the mid cap's will be profitable.
20:08So the whole portfolio can be added in large caps.
20:11Or in any combination of large, mid or small.
20:13So definitely flexi cap is our industry's biggest category.
20:18And you should invest in the market,
20:22that you should invest in the fund manager.
20:23So the fund manager should invest in the fund manager,
20:24who can trade the sector,
20:27the market caps,
20:29and invest in the market caps.
20:31Depending on the relative valuations.
20:33And the track record is good.
20:35So it is definitely a good category.
20:39And this is tension between that you have to do,
20:42this tension and your tension, which is the mutual fund manager, you give it to him and the tension will
20:48get it.
20:49Yes, but sir, if there is already a large cap, mid cap, small cap, and flexi cap, because it is
20:57very popular in this time,
20:58in this time, the flexi cap fund is very popular.
21:00If you already have large, small or mid cap funds, there will be diversification or overlap?
21:12Yes, see, whatever money you give to our fund managers, they are in large, mid or small caps.
21:18Yes.
21:19In my opinion, there will be no diversification, there will be no overlap, but when you do stock selection or
21:27fund selection,
21:29you will go with a good distributor, you will go with a registered AR holder distributor,
21:35you can give you a proper solution, because they research how much overlap there is,
21:41and how much volatility there is.
21:44In my opinion, this will also be a specialist for us, so I think it will be your job.
21:49In my opinion, there is diversification, but there is no overlap.
21:53Okay.
21:54Sir, the last question.
21:55Bazaar is the way the volatility is showing.
21:58If we are coming in the short term, you have also said that the market can remain in the near
22:01future.
22:04If we look in the long future, the optimism is showing in Bazaar.
22:08We talk about 6 months.
22:09If Bazaar is volatile, then what do we need to do with investors?
22:13If we take three options, we need to keep small caps and mid caps.
22:17We need to keep SIP or flexi caps.
22:20We need to keep the rest of the caps.
22:22We need to reduce our allocation a little bit.
22:24We need to reduce the portfolio of multi-asset funds.
22:27What do we need to do with the portfolio?
22:29What do we need to do with the strategy?
22:31I think multi-asset funds are also good.
22:34Because there is also a weightage of gold.
22:39I think it is 10-15% of gold.
22:43But if the situation is uncertain,
22:48then gold will be appreciated.
22:51And the equity market will not be good enough.
23:15We will have to look under yesterday.
23:16.
23:16.
23:16.
23:16So you should invest in small and mid-cap, and if there is a gap, don't do it from mark
23:25-to-marker
23:26and try to invest in other money.
23:32Sir, I have asked you the last question, but just out of curiosity, you have seen many portfolios
23:39that you have been a long career, and you will go through a daily portfolio.
23:46How is an ideal portfolio? How much is it? How much is it? How much is it?
23:51How much is it? How much is it? How much is it?
23:57How much is it?
24:00I think, it's my ideal portfolio of two-three characteristics.
24:06One is that you have a regular income. If you have a regular income, if you have a regular income,
24:13you can decide that you have to invest in it or you have to invest in it.
24:17The other thing, the inflation, you should beat inflation on a post-tax basis over a long period of time.
24:25So, the third thing, India's growth, you should get the growth and tax-efficient.
24:33So, these are all things that you have to keep in mind.
24:36I think that if you have a family of money, a family of money,
24:42then I think that it will be 40-50% of the regular income generating bonds, insurance companies, FDs,
24:50which you should be doing with the tax benefit, you should keep in private market.
24:57If you want to keep in equities, you should put eming money into the tax benefit you want to keep
24:58in equities.
24:59If you want to keep in equities, I think I also include the golds,
25:02you should be 10% of their golds.
25:04And other equities should be in equities.
25:07On equities, the flagship funds should be in flexi-cap or large cap.
25:11And roughly half-half-half and small-mid-cap means you should be in small and mid-cap.
25:14So, in 100 repetitions, it's fixed income,
25:185 rupees gold, 45 rupees, about 20 rupees, large and flexi cap and 15 rupees 25 rupees.
25:31So, you have a formula for the ideal portfolio.
25:35How much money can you keep in which percentage of your income so that your portfolio can be better.
25:42Thank you so much sir for joining us today.
25:52Thank you so much.
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