Valuations of many small caps are below 2013 levels. Taking a three-year view, returns will be a combination of underlying earnings growth and rerating due to price-earnings expansion, Janakiraman R, portfolio manager, emerging markets equity, India, Franklin Templeton, told Prashant Mahesh. Assuming moderate earnings growth, investors can make an annualised 12-13% gain over a three-year period. Edited excerpts:
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