Mumbai, May 5 -- Sandeep Tandon, 55, founder and chief investment officer of Quant Mutual Fund, has started seeing opportunities in small caps even as he stays cautious about mid-caps, about 10 months after his asset management company moved towards large-caps amid 'risk-off' conditions.

"We are seeing a minor risk-on environment now," said Tandon, whose firm manages close to Rs.90,000 crore in investor assets. Quant Small Cap Fund is the largest scheme for the fund house with assets of around Rs.26,000 crore.

His own equity portfolio has 60% exposure to large-caps, 15% to mid-caps and 25% to small-caps, Tandon said in an interaction with Mint on 'Guru Portfolio', a series whereleaders from the financial services industry share how they...