Yes, your understanding is correct. These funds have around 40% overlap only and individual stock weightage differs as well.
What I meant is, when the fund manager is same, their thought process of investing will be same across the funds they manage (regardless of the Benchmark Index of the fund). Even with the restriction on Multicap fund to invest only 25-50% in small cap, they can still choose their best investment from their small cap fund and use that for the Multicap fund.
Hence isn’t it better to go for different fund managed by different manager? The reason I am asking is that I have Quant active fund and planning on adding one more fund from either small cap (Quant Small Cap) or Flexi cap category (Helios Flexi Cap).
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