Is the Golden Era of Mutual Fund Returns Over? Ft. Varun Goel

Is the Golden Era of Mutual Fund Returns Over? Ft. Varun Goel

In this special episode of Mutual Fund Ki Baat, Mr. Varun Goel, Senior Fund Manager – Equity at Mirae Asset Mutual Fund, breaks down how investors can identify early turnarounds in mutual funds and evaluate whether a fund’s performance recovery is truly sustainable. With 17 years of experience across leading institutions, he shares practical frameworks on analysing fund portfolios, understanding sector weight changes, reviewing quarterly updates, and using metrics like ROE, earnings growth, and risk-adjusted returns to make informed decisions. He also explains how fund managers increase or reduce stock positions, what signals to track during a fund’s recovery phase, and why studying economic indicators like GST collections can help investors stay aligned with broader market trends. For anyone trying to refine their mutual fund selection process or decode performance shifts in 2026, this conversation offers clear, actionable insights backed by real market experience.


0:00 Coming up
1:27 About Mr Varun Goel
3:41 What does Mr Varun Goel tell investors who are starting their investment journey in mutual funds?
5:34 How to spot a mutual fund which is turning around early?
8:28 Is Mirae Asset Small Cap Fund a rising star and if so why?
9:44 If a stock falls 40–50% does Mr Varun Goel review, exit, or add more of these stocks to equity funds he manages?
12:47 What triggers a stock in a Small Cap Fund’s portfolio to move from a 1% position to a 3–4% position?
15:17 How do unique investment approaches help equity funds turnaround or become rising stars?
21:33 How can you identify if the turnaround is broad-based or concentrated in a few positions?
25:07 Is it possible that a turnaround in equity funds has happened because of higher risk-taking? How do we identify that?
28:53 How does one spot signs that newly rising equity funds may not perform or be the right choice for the long run?
31:42 How to build a checklist to monitor a recovering equity fund?
33:07 Mr Varun Goel had said that the Euphoric phase of the Indian equity market is over. What does he mean by this statement?
36:01 What should you look for when picking a small cap fund?
42:47 What are the signs that an equity fund rally is temporary despite short term gains?
46:41 What role do investment styles play in an equity fund's performance and turnaround?
48:46 What are Mr Varun Goel’s learnings and mistakes from the equity markets?
50:31 Summary of the discussion



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