Harsha Upadhyaya, CIO-Equity at Kotak AMC, observed that mid and small-cap stocks have outperformed large-caps since the COVID lows. However, he noted a potential decline in this trend, anticipating similar earnings growth for mid, small, and large-caps by FY26. Pharma remains a sector with selective investment opportunities, while thematic mutual funds may see fluctuating inflows.
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