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- How will 2024 pan out for Mutual Funds? - What's the outlook on debt funds for this year?   Niraj Shah speaks to Edelweiss Mutual Fund's Radhika Gupta on 'The Mutual Fund Show'. #NDTVProfitLive _______________________________________________________   For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia Visit NDTV Profit for more news: https://www.ndtvprofit.com/ Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports   Follow NDTV Profit here Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit LinkedIn: https://www.linkedin.com/company/ndtvprofit Instagram: https://www.instagram.com/ndtvprofit/   #ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket   Share Market News | NDTV Profit LIVE | NDTV Profit LIVE News | Business News LIVE | Finance News | Mutual Funds | Stocks To Buy | Stock Market LIVE News | Stock Market Latest Updates | Sensex Nifty LIVE | Nifty Sensex LIVE

Transcript

00:00 The next 25 minutes we'll talk about the middle path with a shark

00:03 Now if that confused you let me try and simplify it for you our guest today is

00:10 Radhika Gupta of Edelweiss AMC. Can I call you Radhika Gupta of Edelweiss AMC?

00:16 So why did we why did why do you think I introduce you the way I did I don't know you know because I'm

00:25 Making an appearance on a show called shark tank. You suddenly think I'm shocking

00:28 You guys have known me so for so many years and I'm the last person to be shocking

00:33 No, but wouldn't investors in AMC schemes be happy that you know

00:38 As the saying goes bulls make money bears make money pigs get slaughtered

00:41 I would want my money to be with a shark as opposed to a very

00:45 Neither here nor there kind of kind of a mammal so it's great to be with a shark

00:52 Yeah, firstly, it's my personal money, but I say that each time no, but

00:56 Yes, I think it's an investor. You want your fund manager to be

00:59 Prudent and sensible and buy at the right price, which which I think is shocking

01:05 But sometimes you have this perception that sharky is also

01:08 Unfair to the other side, you know pushing someone to do something in a rush mean and that's not a very nice

01:16 I think finally investing is about partnering with

01:19 asset-managements whether in the context of funds or in the context of personal investing

01:23 So nothing should be a lose-lose deal because you know investing should be a bit of a win-win deal

01:30 But yes, you want your

01:32 Asset management professional to buy at the right price to be thoughtful all of that. So if that's shocking then all shocking for you

01:39 No, I also want the investment professional. I want to understand the thoughts of

01:44 the house

01:46 Which is managing my money and want to understand how what's the house view and try and see if my view aligns with that?

01:52 So I'm trying to ask Radhika Gupta today at this virtually at the start of the new calendar

01:57 About what does Radhika think is in store for?

02:00 2024 after what's arguably been a banner year for the broader end of the spectrum and a miserable year

02:06 For for the fixed income market. So to say so I think

02:11 2024 is a year of transitions. That's that that's what we call it

02:15 You're transitioning into a new interest rate regime

02:18 You had zero interest rates

02:20 Then you had hiked interest rates and now that regime is coming in to an end. You have elections in

02:27 two major economies

02:29 One of which is India. So I think you have a couple of these transitions that were that are happening. I agree 2023

02:37 Was a phenomenal year for the equity markets

02:40 But if you look at the forecast that happened in 2022 at the end of 2022 most most people said we won't make money in

02:46 23 we were worried about you know a hard landing in the US

02:50 We were worried about so many things and I think for me

02:52 2023 is a year that tells you that momentum turns in markets and no one can really predict how sharply

02:58 Momentum can turn but 2024 really should be a year of more muted expectations

03:06 My biggest worry going into this year is the kind of expectations that people have when I talk to

03:13 especially ordinary investors

03:15 I mean, they're whacked someone came and told me

03:18 Invest in a micro cap fund rose other percent Malaga and then I get not and then I get nervous

03:23 Okay. Okay. Okay, so so

03:26 You are not saying that

03:29 Let's divide let's give it this up into two

03:32 We'll talk about fixed income and other asset classes on the other side of the break in this side of the break

03:36 Let's talk about equity because that's that's what we starting off with you are saying that it's not that

03:42 You expect equity markets to do badly and thereby equity funds to do badly

03:47 Not at all saying don't expect the sky what you'd probably end up getting is the clouds and you should be happy with that

03:52 Yeah

03:53 because if you look at the context of last year see

03:55 India has had a period where earnings in the last decade were a little bit like

04:00 Rakhi and Karan Arjun you kept saying it then I engage it

04:03 And then ever showed up and then you know in the last few years

04:07 Especially post covid what you're seeing is an earnings rebound and you're seeing double-digit earnings growth and all of that was happening

04:13 Now in early 2023 when people were asking me the same question about equities

04:17 Including about small caps and mid caps, which were the story of last year. I said don't panic

04:23 We may look okay from a valuations point of view, but we're very early in the earning cycle

04:28 And I think that's what you started to see

04:30 Companies are delivering the numbers and companies are delivering the numbers across the board now that

04:36 Okay in the valuation cycle is stretched to a little price here on the valuation cycle

04:42 Fundamentally companies are doing well. The economy is expanding across

04:47 Manufacturing across financial services across most segments of the economy you are seeing earnings contribution

04:54 But it's important to moderate expectations because remember last year you had mid cap and small cap funds deliver 20 to 40 percent

05:00 And that isn't an outcome you're going to have every year

05:04 So every year, you know not being same moderate expectations doesn't mean equity markets are going to do badly

05:11 It literally means the middle part

05:13 Could it also be a year? I mean wherein it typically when the index has such a

05:19 Flourishing move not every fund is able to outperform the benchmark and we've seen instances of that in the last calendar, too

05:27 Could it happen that the index by itself is a lot more sedate as you said

05:32 but because individual pockets could have gains and therefore it don't actually be for an opportunity for fund managers to be able to

05:39 Outperform the index especially in flexi caps slash multi caps last mid caps. That's not small cap categories

05:46 I think it is more of a stock picking year

05:48 And you know these these periods happen

05:52 I remember when I joined the industry in 17 me Raj everyone was writing off large cap funds saying there's no alpha left

05:58 I mean, I remember this story now if you look at last year large cap funds have done super well versus the index most large

06:06 Cap funds have meaningfully beaten the index or done something mid cap funds

06:10 by the way

06:11 have trailed indices in some part because of the kind of names that have contributed to the mid cap rally or

06:17 Small cap funds for instance

06:19 So these things are more hard to figure out if you have a more muted year or a more normal year for medium small cap growth

06:26 By the way, you will see alpha starting to come back and that's true of large cap as well

06:31 These things are very difficult to predict most certainly but what might be easy to predict

06:35 I'm just trying to understand if you believe in the same way as well because most of your peers who've come to me

06:41 On whether the CEO side or the CEO side are all of the opinion that you know, it's the year of the large caps

06:47 Versus the mid caps and the small caps and sometimes what worries me is consensus

06:51 So my view is a little different from the consensus trade and I'll tell you why I think we need to

06:57 Look at the fact that the structure of India's market has changed, you know, we grew up

07:02 So if you went back 25 years in India's history, the average size of a large cap company was about three or thousand crores

07:09 Today a large cap amid by the way today a small cap company has an average size of twelve thirteen thousand crores

07:15 A mid cap is thirty eight thousand crores large caps are in lakhs of crores

07:18 Our kids have grown up in some sense

07:21 So the perception of what mid and small cap were twenty years ago or even ten years ago has meaningfully changed

07:28 In fact the way mid caps interact with the market in terms of earnings calls governance. All of that has changed

07:34 I also think that if you need participation in India's economy over the next ten years

07:39 A pure play large cap approach doesn't work because large cap is tech energy and financial services

07:46 These are very concentrated in disease

07:48 If you want a China plus one team if you want a chemicals team if you want a capital goods team

07:54 If you want a capital markets team, I mean, I am hopefully in a good industry

07:57 Then these plays are in mid and small cap

08:00 So I think the approach to the year and I you know

08:04 One of the mistakes that we make in the context of mutual funds is try to do this

08:08 What's the approach for the year with where we are in India?

08:11 We should really think decade L not individually and I think the decade L story is a multi cap story

08:18 I'm not even saying flexi cap by the way

08:20 There is a nuance there because flexi cap tends to be about 70% large cap the definition

08:25 Not by definition, but by benchmark and therefore by outcome

08:29 So there is a difference people think flexi and multi is the same but flexi if you look at the benchmark

08:34 It's NSE 500 and so most funds end up being close to their multi is more

08:39 I mean like when we think of a multi cap fund, it's 40 30 30 something like that 40 large 30 mid 30 small

08:44 I think that's a much more accurate reflection of where India will be over the next 10 years and I get very worried

08:52 The reason I'm away from this consensus trade is I get very worried with this today large cap tomorrow small cap this for an

08:58 Ordinary investor you get the timing terribly wrong and you end up paying a lot of taxes and fees in the churn

09:04 Which is not something most of us like to do. I'm a big fan of

09:07 Bundled solutions and that's why I think multi cap the middle path

09:12 Multi-cap so, okay some would argue that

09:15 Multi an exposure to a multi cap fund which has had a great year by the way

09:22 But an exposure to multi cap fund would mean that my fund manager or the fund house is

09:27 A lot more constructive on returns from the broader end of the spectrum than others

09:33 And yet we are of course talking about how maybe just for 2024

09:37 I know equities are a long-term game, but for 2024 large caps might do better. So where is the dichotomy here?

09:41 So firstly multi cap funds have a little bit of flexibility building it could be 50 20 20 25 25 large mid small

09:48 It could be 40 30 30. So there is a little bit of that leeway

09:52 Now, I don't know if large caps are going to outperform mid caps and small caps in 2024

09:58 What I'm saying is I don't want to make a decision for an investor based on

10:02 2024 because I firmly believe equity investing can never be about a year or even three years and in today when India sitting it has

10:09 To be decade. It has to be at least five years to be judged by what your fund performs

10:15 Sadly, yes, I will in 2024 relative to others relative to benchmark. I will I will talk

10:20 I'll get over there and look we all offer a wide basket of funds. I offer a mid cap fund

10:26 I offer a small cap fund and I offer a pure play large cap fund

10:29 So finally investors will make decisions based on what their advisor tells them based on their own market view and based on their own

10:36 sense of asset allocation

10:38 But as someone who runs an asset management company, if you would ask me where I put my fresh money

10:43 That's the answer I can give you a multi cap a multi cap fund

10:46 Okay, which also means that you don't believe that it'll be a year wherein yes middle part average returns

10:52 But it's also a year wherein mid caps and small caps need not

10:55 Necessarily have a poor year not necessarily because earnings growth is finally supporting and I really think you can't

11:03 Have a bulk of capital in a category, which is 40% one sector, which is financial services

11:08 in which case a recap and

11:11 Hand on heart. I'm just trying to understand before we take that break a large cap fund

11:16 You know and the SPV scorecard is out there for everybody's to the I mean, you know, listen

11:20 We can debate all we want but the fact remains that a large portion of the industry is not able to outperform the benchmark

11:25 right if flexi cap is 70%

11:27 let's say large caps anyways, and if I want a large cap bias would a flexi cap fund be a better option and

11:33 Con and and and then join to that is that if I as an investor believe as well because I also have my beliefs

11:40 I like to have my opinions while I trust my money with a mutual fund that if I believe that no

11:45 That's not necessarily the case. I'll go with a multi cap fund

11:48 Why bother with a large cap fund?

11:50 Which is anyways not been able to even beat the benchmark if I really want that large cap performance

11:55 I'll put it in an exchange

11:57 Answers if you want a large cap fund if you want to be a tad aggressive as I said

12:02 My multi cap option is the right one

12:04 If you don't want to be I don't think the alternative is flexi cap fund

12:08 This is going to sound very counter

12:10 But let me explain I think the alternative is a balanced advantage or aggressive hybrid fund

12:15 If you look at an aggressive hybrid fund that's 75% equity 25% debt

12:20 The long-term performance of that is going to be the same as large cap funds with 75% equity exposure. So personally I

12:27 Do my large cap allocation?

12:30 Despite having a large cap fund with either balanced advantage or hybrid funds because I get the same outcome

12:36 But at least with lower risk and that's worth it

12:40 Yeah, and that's that's overlooked so much people don't understand risk adjustment returns person, but this is fabulous. Thank you

12:46 Thank you for so much so many great insights in this first half of the conversation. Stay tuned. Stay on Radhika viewers

12:51 Stay tuned. We'll slip into a quick break

12:53 We've discussed equities and nozzle and thought I I think I got some

12:58 really cool answers in the in this segment from an equity investors or

13:03 Seeker of what to do with equities perspective. We'll come back and try and talk beyond equity funds as well. Stay tuned

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15:42 - Back on the Mutual Fund Show

15:49 with the CEO of Edelweiss Asset Management, Radhika Gupta.

15:52 I chose my words carefully.

15:54 - There you go.

15:55 - No, okay.

15:56 So great first segment.

15:58 Thanks for the equity view.

16:00 Now let's talk about beyond that.

16:03 Now we've done some macro conversations

16:06 on the channel thus far.

16:08 There's been this overarching view

16:10 that rates predominantly in the US,

16:13 even in India, will come off.

16:15 And by virtue of just that alone,

16:18 it makes bonds a reasonably attractive place even now,

16:21 because not everything is discounted.

16:22 I would love to understand

16:24 how does one approach fixed income investing

16:28 via mutual funds in the current calendar,

16:30 not just for 12 months, maybe for 18,

16:31 maybe for 24 months, whatever it is.

16:33 - So I run the largest book of long-term bond products

16:37 in mutual funds in India

16:39 by virtue of target maturity funds in Bharatwan.

16:42 And it's reasonable to believe that yields will come down

16:47 and you will make money by holding long duration,

16:51 fixed income, and there are lots of those products.

16:54 I also, despite being the largest holder,

16:56 so I like the target maturity structure.

16:59 I've always liked it because the timing is taken care.

17:03 I do believe that people do a slightly poor job

17:07 of timing when to enter long duration mutual funds,

17:10 not the target maturity kinds,

17:12 but the gilt funds, et cetera.

17:14 They enter them at the wrong time,

17:15 they don't exit them, and they have a patchy experience.

17:19 So if you are a sophisticated fixed income investor

17:22 and by all means know how to do this, go ahead and do that.

17:25 Now you have to remember there was a very significant event

17:28 in the debt fund world in 2023,

17:30 which was called tax change in March.

17:32 Now we can debate whether it's good or bad, but it's done.

17:35 I think if you have to play fixed income today,

17:38 if you're making 7%, 8% return,

17:40 you're giving away 1/3 in tax.

17:42 The better way to do this is through a hybrid fund,

17:45 and I think we are seeing that already.

17:47 Now whether it is WAFs, equity savings funds,

17:50 aggressive hybrid funds, multi-asset funds,

17:53 all these constructs are a far more tax efficient way

17:58 to address the debt fund allocation problem.

18:01 So again, if you come back to my favorite 75/25 category,

18:05 let's say Neeraj, you really believed in debt,

18:07 and I do believe people's portfolios should have

18:09 a meaningful amount of debt,

18:12 it might be just more tax efficient to do it in 75/25

18:16 as a one pot kichadi meal,

18:18 rather than eat dal and rice separately.

18:21 So I think that's the story for debt fund investors.

18:23 Don't ignore debt in 2024.

18:26 Very high temptation to do so

18:27 because equities had such a great year.

18:29 These days if I go talk about debt,

18:30 people are like, "What debt?

18:32 "Why hybrid funds?"

18:33 Don't ignore debt.

18:34 If you're sophisticated and know how to play

18:36 the rate timing game, by all means do it.

18:39 Otherwise, hybrid funds are a great tax efficient answer

18:42 for most of us.

18:43 - So in effect, for an average retail investor

18:46 who may not know the exact time to enter and exit,

18:50 most people don't, but let's assume

18:52 an average retail investor definitely doesn't,

18:54 then just avoid that route.

18:56 Choose-- - And just do a hybrid fund.

18:58 - Do a hybrid fund. - And just decide,

19:00 I want to do 75 equity, 25 debt.

19:02 Do it in a fund that has 75 equity, 25 debt.

19:06 I mean, we all work very hard,

19:07 and if there's a more tax efficient solution,

19:10 it's good for everybody.

19:11 And I think people don't realize the range

19:13 of hybrid products that are available today.

19:15 Like there's a construct called equity savings

19:18 that's only 35 equity, 65 fixed income, and arbitrage.

19:22 That's a great product if you want to be conservative.

19:25 There's balanced advantages, there's 65, 35.

19:28 There's a 75, 25.

19:29 So you pick your answer, but do it in a one pot meal.

19:33 - Got it.

19:34 And these bifurcations, if I can use that term,

19:40 you would say are constant across fund houses,

19:42 if you will? - Broadly.

19:43 I think these three categories, equity savings,

19:45 which is broadly 20 to 30% equity,

19:48 the rest safe instruments.

19:50 Balanced advantage, which is on average 50, 60 equity,

19:53 it's variable, balanced debt.

19:54 And aggressive hybrid, which is 75 equity, 25 debt.

19:58 This is very constant across fund houses.

20:01 - And then the tax advantages or the tax treatment

20:03 would be similar-- - All of these

20:04 are equity taxation products. - Equity taxation products.

20:05 - All of these are equity taxation.

20:06 And I picked these three categories in particular

20:09 because they are consistent across fund houses

20:12 and they don't have disputed taxation.

20:14 They all have equity taxation.

20:16 If you're looking to allocate short-term debt capital,

20:19 like three month capital, the most tax efficient category

20:22 today is called the arbitrage fund.

20:23 - Precisely, I was gonna ask you that as well.

20:25 But just before I come to arbitrage,

20:27 the advantage that an investor would have

20:29 when she or he chooses these funds

20:33 is that she doesn't have to think about

20:35 whether the maturity of my money

20:39 is tying with the maturity of the portfolio

20:41 of the fund or no, and all that research

20:43 doesn't need to be done.

20:43 - And all that research, because most people in India

20:46 understand equities.

20:47 Unfortunately, our understanding of fixed income

20:51 is extremely patchy, and I'm just being

20:53 a little bit of a realist here.

20:55 - Yeah, agreed, agreed.

20:57 So, no, no, and this is very helpful.

20:59 Now, arbitrage funds. - Yes.

21:00 - And I think there are a couple of advisors

21:03 who I talk to have said that if you want,

21:05 for example, that you have to make a tax payment

21:08 in September, or you have to make something else,

21:10 or you want to buy something,

21:12 instead of choosing other products,

21:13 choose arbitrage funds as the short-term answer

21:17 to saving, you concur there?

21:19 You believe that's the answer?

21:20 - I do, as long as you have money

21:21 that's greater than a month.

21:22 So this is not a liquid fund.

21:23 This is not like I have to make a payment

21:25 in three days, I'm gonna do in and out,

21:26 because that is expensive.

21:28 But if you have money in the one month plus two,

21:31 especially three year kind of bracket,

21:34 this is super efficient, because remember,

21:36 your taxation is equity taxation.

21:39 Under one year, it's 15%.

21:41 Over one year, it is 10%.

21:44 So that's very efficient.

21:45 What an arbitrage fund does is it puts 35% of its capital

21:48 into fixed income kind of instruments.

21:51 The other 65% is equity for the sake of taxation,

21:54 but it's perfectly hedged equity.

21:55 So I buy X stock, I sell X stock in the same quantity.

21:59 Very good construct.

22:01 I've been parking personal contingency money

22:03 in arbitrage funds for six, seven years now.

22:05 - Got it.

22:06 And the results have been fabulous.

22:07 - The results have been great.

22:08 Again, don't get agitated with one month higher return.

22:11 Try to have a longer term view on everything in life also.

22:15 - In life also, okay.

22:16 Radhika, what has,

22:18 okay, just one question on multi-asset funds

22:24 and then I'll get to this.

22:25 I don't know whether you have it under the investment fund,

22:28 but what kind of investors would a multi-asset fund

22:31 be best suited for?

22:32 The completely risk averse ones

22:33 or the ones which want bifurcation?

22:35 - Okay, so I have a multi-asset fund.

22:37 Mine is the most conservative multi-asset fund

22:40 in the industry because it's income oriented.

22:43 The problem with multi-asset funds

22:45 is the reason I can't give you this answer

22:46 is the industry has 40 fund houses

22:49 and 20 versions of multi-asset funds.

22:51 So I can't give you,

22:53 and each, many of them have different taxation treatments.

22:56 So some of them are equity taxation.

22:58 Some of them are the erstwhile debt taxation.

23:01 So you really have to check what it is

23:04 about your multi-asset fund.

23:06 - What about yours?

23:07 - So ours is an income oriented product.

23:09 So it's a conservative product.

23:11 So it's equity, fully hedged.

23:15 It's gold hedged and it's fixed income hedged.

23:18 So our alternative is to get a better solution to arbitrage.

23:22 But not all industry products are like that.

23:25 - Got it, okay.

23:27 - So then with multi-asset,

23:28 you actually have to do fund wise research.

23:31 - Okay, and if you can't do that,

23:32 please get an advisor.

23:33 - Yes, please get an advisor.

23:35 - Okay, Radhika, last couple of minutes left on the show.

23:37 What has surprised you the most

23:40 from a mutual fund investing person,

23:41 because this is a mutual fund show, about 2023.

23:44 And what is it that you're watching out for the most

23:48 as a mutual fund investor in 2024?

23:51 - So I think the SIP book of the industry

23:53 continues to surprise me in a positive way

23:56 and the stability of it.

23:57 I remember when I joined the industry in 2017,

24:00 the SIP book was 4,000 crores.

24:03 And everyone would always say,

24:05 oh, there'll be a correction, this will moderate.

24:07 And it structurally seems to be going up.

24:09 And I think, you know, you mentioned Shark Tank.

24:12 SIPs have become a little bit of a meme.

24:13 I think I did this poll on a Shark Tank set.

24:16 How many of you know what a mutual fund is?

24:18 Just with some crew members and all.

24:20 Probably 50, 60% people raised their hand.

24:22 How many of you know what an SIP is?

24:24 90% of people raised their hand.

24:26 So I think the popularity of SIPs

24:28 continues to surprise me very, very positively.

24:31 And I think that's a structural trend.

24:33 In fact, I have this bold belief

24:35 that India will have a 35,000 crore SIP book in five years.

24:38 And, you know, for those who think it's bold,

24:41 five years ago, we were at 4,000 crores.

24:43 So just imagine what that's gonna do to our capital markets.

24:47 What was the second question?

24:48 - The second question is,

24:49 what are you watching out for the most

24:51 when it comes to 2024 as a mutual fund investor?

24:54 - So what I'm watching out for the most

24:56 is actually behavior of people,

24:58 because obviously a lot of capital

25:00 has gone into chasing things, as it always does,

25:03 which are volatile,

25:04 and where past performance has been exceptional.

25:06 Not just mid-cap.

25:08 Mid-cap, I don't even worry about so much

25:09 because it's the next 150 companies.

25:11 I mean, they're not even mid-cap, in my opinion.

25:13 Small cap, micro cap, these themes,

25:16 these kind of things tend to worry me,

25:18 because I think we're at a phase in India

25:20 where a lot of new money is coming into markets,

25:23 and it has to have a good experience.

25:25 So I just worry about products

25:27 where expectations are very short-term

25:29 and expectations are very lofty,

25:31 and that's what I'd be watching out for.

25:33 - Okay, well, Radhika Gupta, give us a sneak peek, 30 seconds.

25:38 What should one expect from a judge

25:42 who is investing money in startups?

25:46 - Some of the straightforwardness

25:50 of an investment professional

25:52 who likes sustainable businesses

25:55 with sensible business models,

25:57 and who's selective about investments.

25:59 You can't take the investment professional

26:01 out of the individual,

26:04 but also, hopefully, the empathy of someone

26:06 who appreciates stories

26:08 and who's been an entrepreneur herself.

26:10 - Exactly, I was gonna say that.

26:11 Somebody who's had startup in her blood.

26:15 - Run one startup and build it.

26:16 Edelweiss Mutual Fund is also a startup.

26:18 It's a very small company.

26:19 - As the youngest CEO of an AMC.

26:23 Kudos, great.

26:24 Radhika, at some point of time in the year,

26:26 we'll try and do a show around

26:27 how to have more women investors into mutual funds.

26:31 - We should.

26:32 - We should, we should do that for sure.

26:33 So that's an appointment that I'm booking with you

26:34 sometime in the next one to three months.

26:36 - We should.

26:37 - But thank you for joining us at the start of this calendar,

26:40 at the start of our channel as well.

26:42 Lovely having you.

26:43 - Wish your channel good luck

26:44 and wish all of you a very happy new year.

26:46 - To you as well.

26:47 Thank you for joining in today.

26:49 And viewers, thanks for tuning in

26:50 to yet another episode of The Mutual Fund Show.

26:52 (upbeat music)

26:55 (upbeat music)

26:57 you

The Mutual Fund Show | Edelweiss Mutual Fund | NDTV Profit

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