Paisa Vaisa with Anupam Gupta PMS vs Mutual Funds: The Hidden Tax Truth | Deepak Shenoy | Paisa Vaisa | Anupam Gupta
Mar 2, 2026
Deepak Shenoy, founder and CEO of Capitalmind and quantitative investment thinker, explains why Capitalmind moved from PMS to mutual funds. He discusses multi-asset funds, tax advantages over PMS, dynamic allocation across equity, debt and commodities, volatility reduction, global diversification and who benefits from these structures.
AI Snips
Chapters
Transcript
Episode notes
Diversification Lets You Stay Invested During Fads
- Multi-asset funds smooth volatility by combining uncorrelated assets so investors tolerate market cycles and stay invested longer.
- Deepak uses examples: gold, REITs, silver, commodities and dynamic allocation captures whichever asset is in a bull run without frequent taxable rebalances.
Hero Honda IPO Story About Selling Too Early
- Deepak recounts his father's Hero Honda IPO investment: ₹10,000 in 1984 could've become ~₹7 crore if held uninterrupted.
- He uses this to show investors often sell or use holdings as loan collateral and miss long-term gains.
35% Non Debt Unlocks Equity Tax Treatment
- Holding at least 35% in non-debt (equity or commodities) changes tax treatment: the fund can be taxed like equity after two years with LTCG at 12.5%.
- Deepak notes Capitalmind will maintain 35% equity minimum so investors get equity-style long-term tax rates after two years.