PL Wealth Management study is based on the analysis of 277 open-ended equity diversified funds
FinTech BizNews Service
Mumbai, March 14, 2024: PL Wealth Management, Prabhudas Lilladher’s wealth management arm, in its latest mutual fund performance analysis cited that the AUM (assets under management) of equity mutual funds has surged by 2.76% sequentially to INR 23,12,396 crore in February 2024 from INR 22,50,336 crore in January 2024.
The study which is based on the analysis of 277 open-ended equity diversified funds cited that 64% of the funds have outperformed their respective benchmarks over the past one month, ended February 29, 2024. The cumulative total of funds that outperformed stood at 176 during the month ended February 2024 (one month). This marks a significant improvement as compared to only 51% of funds were able to beat their respective benchmarks for the previous month that ended on January 31, 2024.
Category
| Benchmark | Number of Schemes | Number of schemes that Outperformed | Scheme Outperformance (%) |
Large Cap funds | S&P BSE 100 - TRI | 30 | 23 | 77% |
Multi Cap Funds | NIFTY 500 - TRI | 24 | 12 | 50% |
Large & Mid Cap Funds | NIFTY Large Midcap 250 - TRI | 27 | 23 | 85% |
Mid Cap Funds | Nifty Midcap 150 - TRI | 29 | 24 | 83% |
Small Cap Funds | Nifty Smallcap 250 - TRI | 27 | 6 | 22% |
Flexi Cap Funds | NIFTY 500- TRI | 38 | 25 | 66% |
Focused Funds | NIFTY 500 - TRI | 28 | 15 | 54% |
Value Contra Div. Yield Funds | NIFTY 500 - TRI | 32 | 24 | 75% |
Equity Linked Savings Schemes | NIFTY 500 - TRI | 42 | 24 | 57% |
Total |
| 277 | 176 | 64% |
Source: Ace MF
Large & Mid Cap funds was the best performing category where 85% of the schemes outperformed the benchmark. It was followed by schemes of Mid Caps and Large Caps which outperformed their respective benchmarks by 83% and 77% respectively during the month of February 2024.
Small Caps were the worst performing fund category with only 22% of funds outperforming the benchmark.
Mid Cap funds generated the highest alpha in February 2024 |
On the aspect of aggregate alpha generation, Mid Cap funds were the best performing categories registering an alpha of 1.2 which was followed by Value Contra Div. Yield Funds registering an alpha of 1.1, ELSS and Large & Mid Cap Funds with an Alpha generation of 1.
Category | Benchmark | 1M % Return of the benchmark | 1M % Weighted Average Return of the category | Alpha Generation |
Large Cap funds | S&P BSE 100 - TRI | 2.00% | 1.70% | -0.3 |
Multi Cap Funds | NIFTY 500 - TRI | 2.00% | 2.40% | 0.4 |
Large & Mid Cap Funds | NIFTY LargeMidcap 250 - TRI | 1.70% | 2.70% | 1 |
Mid Cap Funds | Nifty Midcap 150 - TRI | 2.20% | 1.00% | 1.2 |
Small Cap Funds | Nifty Smallcap 250 - TRI | 1.70% | 1.00% | -0.7 |
Flexi Cap Funds | NIFTY 500 - TRI | 2.00% | 2.50% | 0.5 |
Focused Funds | NIFTY 500 - TRI | 2.00% | 1.40% | -0.6 |
Value Contra Div. Yield Funds | NIFTY 500 - TRI | 2.00% | 3.10% | 1.1 |
Equity Linked Savings Schemes | NIFTY 500 - TRI | 2.00% | 3.00% | 1 |
Source: Accord MF
