Small and mid caps expensive; stagger your investment, says Quantum MF SECTIONS Share Synopsis Fund managers at Quantum Mutual Fund, that follows a value style of investing, believe the Indian markets are trading at a premium relative to its history and mid and small caps are expensive. Getty Images Fund managers at Quantum Mutual Fund, that follows a value style of investing, believe the Indian markets are trading at a premium relative to its history and mid and small caps are expensive. They believe retail investors should stagger their investments to achieve the best results from their equity allocations. "The benchmark BSE S&P Sensex is trading close to 22.6x FY22 consensus earnings, while the long-term average PE is close to 18x," says Sorbh Gupta, Fund Manager, Quantum Mutual Fund.