Since July 2011, Sensex has declined 14 percent but majority of the schemes have beaten their relative benchmarks
Since July 2011, the Indian markets has been highly volatile following a chain of negative cues led by a series of weak economic data from the US, swelling credit crisis within the Euro-zone, escalating inflation, the moderating domestic growth rate and corporate earnings.
In the three months since July 2011, Sensex has declined 14 percent whereas fund-of-funds, mid-and small-cap (both down 8% each) and the specialty (down 9%) category have been the least impacted.
|
Category |
Category Avg Return | ||
|
Jul11-26Sep11 |
Aug11-26Sep11 |
Sep11-26Sep11 | |
|
FOF |
-8% |
-8% |
-3% |
|
Mid-cap & Small-cap |
-8% |
-9% |
-3% |
|
Specialty |
-9% |
-9% |
-3% |
|
ELSS |
-11% |
-10% |
-3% |
|
Multi-cap |
-11% |
-11% |
-3% |
|
Large cap |
-12% |
-11% |
-3% |
|
Sector |
-12% |
-11% |
-3% |
On further analysis, we found that majority of the schemes have beaten their relative benchmarks, as is evident from the table below. Specialty funds that include commodity, contra, international and dividend yield funds had the highest percentage of schemes beating their benchmarks while sector funds had the lowest percentage of schemes.
|
Category |
Outperformance against respective Benchmark | ||
|
Jul11-26Sep11 |
Aug11-26Sep11 |
Sep11-26Sep11 | |
|
Specialty |
95% |
81% |
86% |
|
FOF |
91% |
91% |
91% |
|
Mid-cap & Small-cap |
91% |
87% |
83% |
|
ELSS |
89% |
87% |
67% |
|
Large cap |
89% |
83% |
81% |
|
Multi-cap |
88% |
82% |
80% |
Note: While calculating these categories performances we have excluded all those funds whose benchmark data are not available in the public domain.
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