To add:
Hdfc Amc also declares most of it’s profits as dividends which is a good thing. MF industry has a long way to go and probably why many new companies are entering. So, the question really is why should Hdfc Amc deserve a premium / high valuation. They already lost market share. Moved to 3rd position from being no. 1 till early 2020 in total AUM and I don’t see them catch up with SBI anytime soon in terms of AUM, however lesser profitable ETF AUM is for SBI
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