Do believe that the outlook of large-cap companies in India is fairly negative and it is time to focus on the mid- and small-cap segment?
It is very difficult build a scenario where the returns are so granular that they will not be there in the large-cap space but be concentrated in the mid- and small-cap space. In my experience, there has never been a year in which large caps are negative and mid and small caps have given positive returns consecutively for years at a stretch.
So, it's like saying that you will play cricket but will drop every catch which comes your way and still win all the matches. It might happen for one or two matches, but in the end you'll keep losing games. So if you don't field, which is also part of the game, you can't win matches.
So to expect definite – positive returns only in the mid- and small-cap segment and not in the large-cap segment is a bit of a challenging statement to make.