CA Vidit Trivedi

Common narrative - Sell Mid/Small and move to Large Caps? In our latest quarterly newsletter, we addressed in detail the widely discussed narrative: "𝗦𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗲𝗹𝗹 𝗺𝗶𝗱- 𝗮𝗻𝗱 𝘀𝗺𝗮𝗹𝗹-𝗰𝗮𝗽𝘀 𝗮𝗻𝗱 𝗺𝗼𝘃𝗲 𝗲𝗻𝘁𝗶𝗿𝗲𝗹𝘆 𝘁𝗼 𝗹𝗮𝗿𝗴𝗲-𝗰𝗮𝗽𝘀?" In case you missed it, we wanted to highlight a few important observations that we believe are worth your attention: 𝗖𝗼𝗺𝗺𝗼𝗻 𝗻𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲 – 𝘀𝗵𝗼𝘂𝗹𝗱 𝘄𝗲 𝘀𝗲𝗹𝗹 𝗠𝗶𝗱/𝗦𝗺𝗮𝗹𝗹 𝗮𝗻𝗱 𝗺𝗼𝘃𝗲 𝘁𝗼 𝗟𝗮𝗿𝗴𝗲 𝗖𝗮𝗽𝘀? A common narrative in today's market is that large caps offer better value compared to mid and small caps—and we acknowledge that on headline valuations, that does hold true. As of now: • 𝗡𝗶𝗳𝘁𝘆 𝟱𝟬 𝘁𝗿𝗮𝗱𝗲𝘀 𝗮𝘁 𝟮𝟬𝘅 𝟭-𝘆𝗲𝗮𝗿 𝗳𝗼𝗿𝘄𝗮𝗿𝗱 𝗣𝗘, 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝗱 𝘁𝗼 𝟮𝟯𝘅 𝗳𝗼𝗿 𝗡𝗶𝗳𝘁𝘆 𝗠𝗶𝗱𝗰𝗮𝗽 𝟭𝟱𝟬 𝗮𝗻𝗱 𝟮𝟮𝘅 𝗳𝗼𝗿 𝗡𝗶𝗳𝘁𝘆 𝗦𝗺𝗮𝗹𝗹𝗖𝗮𝗽 𝟮𝟱𝟬 • 𝗧𝗵𝗲 𝗽𝗿𝗲𝗺𝗶𝘂𝗺 𝘁𝗼 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀 𝗶𝘀 𝟭𝟱% 𝗳𝗼𝗿 𝗹𝗮𝗿𝗴𝗲 𝗰𝗮𝗽𝘀, 𝘃𝗲𝗿𝘀𝘂𝘀 𝟮4% 𝗳𝗼𝗿 𝗺𝗶𝗱𝗰𝗮𝗽𝘀. At first glance, these numbers make a compelling case for relatively inexpensive large caps. However, headline valuations can often be misleading. In the next section, we take a closer look at what’s driving these averages—and why a deeper lens is essential when making allocation decisions. There are certain fundamental changes in the Mid/Small Cap space worth highlighting…

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We are afraid we still do not have jurisdiction in Pakistan. But, would like to know how come you are tweeting when the internet has been shut down in your country!