Managing Mid-Caps in High Valuations with Kirti Dalvi

Amid stretched valuations in the Indian equity market — especially in the mid-cap space — how should investors think about opportunities, risks, and portfolio positioning? In this episode, we speak with Kirti Dalvi, Fund Manager at Mahindra Manulife Mutual Fund, who shares her perspective on: Why she remains constructive on India despite elevated valuations. Her investment philosophy and bottom-up stock-picking approach. How she evaluates high P/E businesses for growth visibility and sustainability. Key lessons learned from her mid-cap fund’s recent underperformance. Sector outlooks, including financials and industrials. Non-negotiables on risk management, position sizing, and sell discipline. Dalvi also explains how she balances conviction with caution in an expensive market, what triggers a reallocation or exit, and why flexibility and humility are essential in volatile times. This deep-dive conversation is a must-listen for investors navigating Indian equities, especially those interested in mid-caps, fund management strategy, and lessons from market cycles.