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It is interesting how the same investor behaves so differently with two asset classes.

Attractive hermaphrodites that want you to understand them and admire them for who they are.The whole objective in these first 10 years had been to build a standalone, profitable, self-sustaining business in India.And we consciously took the equity AUM route because that’s where the margins are higher.Hundreds of local hermaphrodites are ready to connect!On an AUM (assets under management) to profits basis, we may be ranked among the best in the industry.

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While reviewing this change, we also realised that the leeway to invest in mid-caps in a typical large-sized multi-cap fund is 25-28 per cent, vs. The important point is that the gap is only 5-10 per cent if we consider the current industry pattern.

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