Small and mid-cap equity funds, as represented by the CRISIL – AMFI Small & Midcap Fund Performance Index, have given the highest returns among equity-oriented funds across 3 & 5 year periods ended December 31, 2013.
Category and benchmark returns - (%) - quarter ended December 2013
|
Categories |
1 Year |
3 Years |
5 Years |
|
Absolute |
Annualised |
Annualised |
|
|
CRISIL – AMFI Large Cap |
5.74 |
2.47 |
18.04 |
|
Fund Performance Index |
|||
|
CRISIL – AMFI Diversified |
3.92 |
1.25 |
18.13 |
|
Equity Fund Performance Index |
|||
|
CRISIL – AMFI Small & |
4.78 |
4.33 |
23.7 |
|
Midcap Fund Performance Index |
|||
|
CRISIL – AMFI ELSS |
6.54 |
2.73 |
19.26 |
|
Fund Performance Index |
|||
|
CRISIL – AMFI Balance |
4.35 |
4.21 |
18.24 |
|
Fund Performance Index |
|||
|
CNX NIFTY Index |
6.76 |
0.91 |
16.32 |
|
CNX 500 Index |
3.61 |
-0.18 |
16.43 |
|
CNX Midcap Index |
-5.1 |
-3.05 |
16.65 |
|
CRISIL Balance Ex |
6.05 |
3.26 |
13.19 |
What helped the small- and mid-cap funds excel?
Better sector selection – specifically, higher allocation to sectors such as industrial products coupled with lower exposure to oil & gas and power in the latest quarter. The absolute returns for sectoral indices are S&P BSE Capital Goods (33.19%), S&P BSE Oil & Gas (7.52%) and S&P BSE Power (11.69%) compared to CNX Midcap Index (15.34%) over the quarter. Within the small and mid-cap category, CRISIL Fund Rank 1 funds (as of the quarter ended December 2013) had higher exposure to sectors such as pharmaceuticals, auto & auto ancillaries and were underweight banking & financial services, oil & gas and power over the three-year period.
Sectoral indices return (%) - quarter ended December 2013
|
Scheme/Index Name |
1 Year Absolute |
2 Years Annualised |
3 Years Annualised |
|
CNX Auto Index |
9.41 |
24.77 |
7.90 |
|
CNX Bank Index |
-8.73 |
19.47 |
-1.16 |
|
CNX Finance Index |
-7.32 |
18.62 |
0.00 |
|
CNX Pharma Index |
26.51 |
29.08 |
14.49 |
|
S&P BSE Capital Goods |
-5.56 |
12.76 |
-12.67 |
|
S&P BSE Oil & Gas |
3.71 |
8.30 |
-5.89 |
|
S&P BSE Power |
-14.57 |
-2.68 |
-17.12 |
|
CNX Midcap Index |
-5.10 |
14.87 |
-3.05 |
At the fund house level, UTI Mutual Fund and Birla Sun Life Mutual Fund led the tally of top-ranked funds for the quarter ended December 2013 with eight funds each under CRISIL Fund Rank 1, followed by ICICI Prudential Mutual Fund with seven and IDFC Mutual Fund with five funds. The latest CRISIL Mutual Fund Ranking covers close to 90% of the average assets under management of open ended schemes at the end of December 2013.
CRISIL Fund rank 1 schemes
|
Categories |
Schemes |
|
Large Cap-oriented Equity Funds |
Birla Sun Life Top 100 Fund, Canara Robeco Large Cap+ Fund, ICICI Prudential Top 100 Fund and UTI India Lifestyle Fund |
|
Diversified Equity Funds |
Birla Sun Life India GenNext Fund, ICICI Prudential Dynamic Plan, ICICI Prudential Exports and Other Services Fund, Tata Ethical Fund and UTI MNC Fund |
|
Small and Mid-cap Equity Funds |
Birla Sun Life MNC Fund, Franklin India Smaller Companies Fund and Mirae Asset Emerging Bluechip Fund |
|
Thematic - Infrastructure Funds |
Birla Sun Life Infrastructure Fund |
|
Equity-Linked Savings Scheme (ELSS) |
Axis Long Term Equity Fund and BNP Paribas Tax Advantage Plan |
|
Index Funds |
Kotak Nifty ETF |
|
Balanced Funds |
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