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An analysis of the performance of top 20 active equity funds in terms of AUM shows nine of them have outperformed their respective benchmarks in five-year period ending on June 2023.
Nippon India Small Cap Fund leads the pack by generating alpha of 7.52% in five years. The fund, which manages close to Rs.32,000 crore has delivered over 21% returns as against its benchmark returns of close to 14%.
SBI Small Cap Fund having AUM of Rs.18600 crore is the next scheme in terms of alpha generation. It has delivered 19% returns compared to 14% of the benchmark, an alpha of over 5% in five-year period.
Next in the list is Parag Parikh Flexi Cap Fund with AUM of Rs.37,700 crore. The fund has delivered 4.76% excess returns in five years.
HDFC Small Cap Fund and HDFC Flexi Cap Fund individually report the next-highest alpha of 2.71% and 2.57%.
The alpha in the case of other four alpha-generating funds i.e. Axis Midcap Fund, ICICI Prudential Bluechip Fund, HDFC Top 100 Fund and Kotak Emerging Equity Fund range between 0.36% and 0.84%.
The remaining eleven funds among the top 20 funds based on their AUM did not generate alpha in 5-year period.
Here is how the performance chart looks like:
|
Scheme Name |
Regular Return 5 Year (%) |
Return 5 Year Benchmark (%) |
Alpha (%) |
Daily AUM (Cr.) |
|
Nippon India Small Cap Fund |
21.40 |
13.88 |
7.52 |
31,945.15 |
|
SBI Small Cap Fund |
19.25 |
14.00 |
5.24 |
18,624.54 |
|
Parag Parikh Flexi Cap Fund |
18.40 |
13.64 |
4.76 |
37,699.02 |
|
HDFC Small Cap Fund |
16.71 |
14.00 |
2.71 |
18,999.05 |
|
HDFC Flexi Cap Fund |
16.21 |
13.64 |
2.57 |
36,345.36 |
|
Axis Midcap Fund |
17.05 |
16.20 |
0.84 |
21,765.26 |
|
ICICI Prudential Bluechip Fund |
13.53 |
12.98 |
0.55 |
38,734.11 |
|
HDFC Top 100 Fund |
13.45 |
12.98 |
0.47 |
24,819.04 |
|
Kotak Emerging Equity Fund |
17.25 |
16.89 |
0.36 |
29,758.50 |
|
HDFC Mid-Cap Opportunities Fund |
16.75 |
16.89 |
-0.14 |
42,731.64 |
|
Mirae Asset Large Cap Fund |
12.78 |
12.98 |
-0.20 |
35,547.61 |
|
SBI Bluechip Fund |
13.18 |
13.73 |
-0.56 |
38,338.04 |
|
Aditya Birla Sun Life Frontline Equity Fund |
12.06 |
12.98 |
-0.92 |
23,272.90 |
|
UTI Flexi Cap Fund |
12.53 |
13.64 |
-1.11 |
26,032.53 |
|
Canara Robeco Emerging Equities Fund |
13.87 |
15.00 |
-1.12 |
17,381.84 |
|
Kotak Flexicap Fund |
12.26 |
13.64 |
-1.38 |
39,236.78 |
|
SBI Flexicap Fund |
12.35 |
13.86 |
-1.51 |
17,447.98 |
|
Aditya Birla Sun Life Flexi Cap Fund |
11.93 |
13.64 |
-1.71 |
17,024.65 |
|
Axis Bluechip Fund |
11.01 |
13.73 |
-2.72 |
33,921.20 |
|
Axis Long Term Equity Fund |
10.57 |
13.64 |
-3.07 |
32,295.63 |
To spot out these performers, we first listed the top 20 funds in terms of AUM across seven categories - large cap, large and mid cap, mid cap, small cap, flexi cap, ELSS, and sectoral/thematic. Notable, 6 large cap, 6 flexi cap, 3 mid cap, 3 small cap, 1 large and mid cap and 1 ELSS made it to the list.
However, in the value segment, ICICI Prudential Value Discovery Fund has made it to the top spot with an alpha of 2.48%. The fund reports the highest AUM of Rs 30,705 crore as on June 30, 2023.
