Is the capacity to manage money constrained by the size of the funds ? Are there impact costs in managing huge funds?
Sankaran Naren: At one time, around five years ago, I held the view that could be. But our experience has been that as long as you create categories which are more flexible, like for example, value ends up buying what is out of favour, balanced advantage kind of category buys against the market. So, these kinds of categories actually lend itself to being able to manage scale. The ability to manage scale has become much, much more easier for us.
Bharat Shah: I think that our size of the economy at over $3 trillion and market at over $3 trillion, if you start worrying about limitation of the size and constraint, then it is more a description of capability deficiency rather than opportunity deficiency. Huge opportunities are there. And managing Rs 50,000 cr and Rs 100,000 crores, if that is going to weigh us down, then I think we have to raise internal issues rather than raise issues about externalities.
Prashant Jain: I could be mistaken, but I think the largest fund in the U.S. is roughly 1% of their market cap. And the largest fund in India would be 0.2% of our market cap.
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