May 22, 2026
Most investors obsess over finding the best mutual fund to
invest in. But what if avoiding the worst fund matters far more
than picking the absolute best?
In this episode, host Shrey Chandra sits down with Deepak Shenoy
(Founder & CEO, Capitalmind Mutual Fund) and Anoop Vijaykumar (Head
of Equity & Fund Manager, Capitalmind Mutual Fund) to tackle one of
the most searched questions in personal finance: how to pick mutual
funds that actually deliver long-term returns — without constantly
second-guessing your choices.
Using 10 years of FlexiCap fund data across 18 funds, they reveal
why even top-performing funds underperform 30–50% of the time — and
why that's completely normal. They also run a "reactive investor"
experiment that shows exactly how timing the market destroys
returns, and what a disciplined mutual fund portfolio strategy
looks like instead.
What you'll learn:
• The core vs. satellite portfolio framework and how to allocate
across funds smartly
• Why mutual fund underperformance doesn't always mean you should
exit — and when it does
• How fund size and AUM can quietly cap your returns — and the red
flags to watch
• Corporate governance issues and fund manager changes as early
warning signs
• The hidden tax impact of switching mutual funds that most
investors never calculate
• When multi-asset mutual funds make sense as a simplified core
holding
• How many mutual funds you should hold — and why more isn't always
better
• 3 questions to ask before picking any fund — covering philosophy,
size, and hygiene checks
Chapters:
0:00 – Intro
1:50 – Introduction to the topic: What’s the best mutual fund?
2:22 – Anoop begins: How to think about picking a mutual fund
3:26 – Analysis of FlexiCap funds over 10 years (18 funds
compared)
5:15 – Avoiding the worst funds vs. picking the best
5:35 – Rolling underperformance data - what it reveals
7:07 – Even good funds underperform 1/3 to 1/2 of the time
8:09 – Should you sell an underperforming fund?
8:28 – The “reactive investor” experiment - timing the market
backfires
9:51 – What to do before and after investing in a fund
12:07 – Argument for style diversification across funds
13:50 – Two types of successful investors
15:39 – Do multi-asset funds simplify everything?
17:45 – Deepak joins: How many mutual funds should you hold?
20:00 – Core vs. satellite portfolio framework
24:44 – Multi-asset funds as a core holding
28:45 – Can you predict the worst funds? (Size, AUM issues)
31:35 – Corporate governance & fund manager changes as red
flags
33:59 – Tax impact of switching funds - often overlooked
39:41 – Three questions to pick the right fund for you
49:46 – Expense ratios: are they really that important?
55:13 – Final framework: philosophy, size, hygiene checks
59:48 – Closing thoughts
If you've ever wondered why your mutual fund is underperforming or
made the common mutual fund mistakes of chasing last year's top
fund or switching too frequently — this conversation will reframe
how you think about investing entirely.
Whether you're a first-time investor or managing a mature
portfolio, this is the clearest framework we've put out on mutual
fund selection in India.
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