Dalal Street’s biggest stocks may be monopolising portfolios, but they are no longer driving returns. Samco Mutual Fund CIO Umesh Mehta says Nifty’s mega caps are “languishing” as widespread institutional ownership leaves them with few incremental buyers, even as growth and earnings momentum migrate further down the market-cap ladder.
Samco has responded with an unusually aggressive positioning in its Flexicap fund, allocating around 70–75% of the portfolio to mid caps, small caps and select micro caps, while maintaining limited large-cap exposure. Although Mehta sees mega caps offering downside protection, he believes investors seeking growth must take calculated risks beyond the headline indices.
