New Delhi, May 20 -- Krishnan V R, Chief of Quantitative Research at Marcellus, believes that due to disruptive forces like Gen AI, tariffs and geopolitical tensions, elevated uncertainty will persist in the markets. In an interview with Mint, Krishnan said that due to the elevated valuations across segments, the returns could be muted in the medium term. Here are edited excerpts of the interview:

Given the elevated market valuations across the bulk of mid and small-cap space and even among large caps, I think return expectations would be muted over the medium term.

Market cap-weighted equity indices have delivered spectacular returns over the last five years.

As we wade further into the market cycle, I think company-specific fundament...