New Delhi, July 26 -- As India's retail investors grow more confident and markets evolve, Capitalmind's Deepak Shenoy breaks down why a new Flexi-Cap fund still makes sense, the shift from HNI to retail investing, sectoral trends to watch, and the nuanced role of international diversification. Edited excerpts:

First and foremost, we wanted to choose a category that allows you to be flexible because tomorrow, when data changes and times change, you cannot be wedded to one particular way of doing things. You have to change according to the times.

The second one is our confidence in a back-tested research that would allow us to use objective criteria to select portfolios and manage them. And we have a history of doing that in the PMS befor...