Most mid, small-caps still trading below fair value: Umang Papneja

Risk-on sentiment has returned, with late-stage PE and pre-IPO investment gaining traction among wealthy investors, says Umang Papneja, senior managing partner and chief investment officer, IIFL Wealth. In an interview with Ashley Coutinho, Papneja says credit funds offer a good investment opportunity over a three-year period but one needs to dig deeper into the constituents of the portfolio before investing. Edited excerpts:

Indian equities are now trading at all-time highs. Has the market run ahead of fundamentals?

The equity markets rallied sharply after the unprecedented stimulus of the central bank earlier this year. The November rally was triggered by vaccine announcements while