Why Christy Mathai finds value in private sector banks now

economictimes.indiatimes.com:

Christy Mathai, Fund Manager -Equity, Quantum AMC, says what offers value to us currently is banks, especially the private sector banks where we have invested quite a bit heavily and even if there is more correction, we would love to add to some of these pockets. So, some of the consumption linked themes, be it FMCG, consumer discretionary, even with some correction we do not think they would come to our buy price in the sense if you were to look at stocks. So, even going forward, we would look to add more into some of these pockets where valuations have been reasonable, be it banks, be it consumer discretionary, especially autos. Two years back we added quite aggressively in the two-wheeler names.”
Where do you stand on that argument that Indian midcap and smallcaps are way expensive right now and it is the largecap which have more value? What are your thoughts there?
Christy Mathai: Clearly if you were to look at how the small and midcap index have done post COVID, it has done phenomenally well and especially last year. Last year, it was a combination of earnings growth plus the flows which came in a big way in the markets, especially in the small and midcap segment, especially the smallcaps.

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Now, if you were to look at the various pockets within smallcaps, if you