CRISIL computed the returns of equity-oriented funds for the latest quarter as well as longer time frames. The small and mid-cap category emerged as the chartbuster beating its large-cap, diversified and ELSS peers, and the category benchmark, CNX Midcap Index over two-year, three-year and five-year periods. In fact, for the quarter ended December, which saw all equity categories outperform their respective category benchmarks, the CRISIL – AMFI Small & Midcap Fund Performance Index generated absolute return of 19.21%, higher than not only the CNX Midcap Index's 15.34%, but also the broader-market barometer CNX Nifty's 9.92%.
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 (see Table 2). 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.
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.
Unlike most other ranking models that are purely based on returns or net asset value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAV and portfolio-based attributes for evaluation. This provides a single-point analysis of mutual funds, taking into consideration key parameters like risk-adjusted returns, asset concentration, liquidity, asset quality and asset size. The rankings also include categories that focus specifically on long-term consistency in performance. The ranks are assigned on a scale of 1 to 5, with CRISIL Fund Rank 1 indicating 'very good performance'. In any peer group, the top 10 percentile of funds are ranked as CRISIL Fund Rank 1 and the next 20 percentile are ranked as CRISIL Fund Rank 2. For further details on rankings and methodology, investors can refer to www.crisil.com.
Table 1: Category and Benchmark Returns (%) - quarter ended December 2013
| Categories | 3 months | 6 months | 9 months | 1 Year | 2 Years | 3 Years | 5 Years |
| Absolute | Absolute | Absolute | Absolute | Annualised | Annualised | Annualised | |
| CRISIL – AMFI Large Cap | 12.22 | 10.52 | 12.3 | 5.74 | 17.05 | 2.47 | 18.04 |
| Fund Performance Index | |||||||
| CRISIL – AMFI Diversified | 15.73 | 12.91 | 12.53 | 3.92 | 17.55 | 1.25 | 18.13 |
| Equity Fund Performance Index | |||||||
| CRISIL – AMFI Small & | 19.21 | 16.84 | 16.02 | 4.78 | 21.84 | 4.33 | 23.7 |
| Midcap Fund Performance Index | |||||||
| CRISIL – AMFI ELSS | 15.64 | 13.72 | 14.97 | 6.54 | 19.36 | 2.73 | 19.26 |
| Fund Performance Index | |||||||
| CRISIL – AMFI Balance | 14.72 | 10.55 | 11.23 | 4.35 | 16.14 | 4.21 | 18.24 |
| Fund Performance Index | |||||||
| CNX NIFTY Index | 9.92 | 7.9 | 10.94 | 6.76 | 16.71 | 0.91 | 16.32 |
| CNX 500 Index | 11.9 | 8.95 | 10.74 | 3.61 | 16.83 | -0.18 | 16.43 |
| CNX Midcap Index | 15.34 | 9.93 | 9.05 | -5.1 | 14.87 | -3.05 | 16.65 |
| CRISIL BalanceEx | 7.3 | 4.64 | 7.94 | 6.05 | 13.37 | 3.26 | 13.19 |
Table 2: Sectoral Indices Return (%) - quarter ended December 2013
| Scheme/Index Name | 3 Months Absolute | 1 Year Absolute | 2 Years Annualised | 3 Years Annualised |
| CNX Auto Index | 12.88 | 9.41 | 24.77 | 7.9 |
| CNX Bank Index | 18.38 | -8.73 | 19.47 | -1.16 |
| CNX Finance Index | 14.57 | -7.32 | 18.62 | 0 |
| CNX Pharma Index | 3.72 | 26.51 | 29.08 | 14.49 |
| S&P BSE Capital Goods | 33.19 | -5.56 | 12.76 | -12.67 |
| S&P BSE Oil & Gas | 7.52 | 3.71 | 8.3 | -5.89 |
| S&P BSE Power | 11.69 | -14.57 | -2.68 | -17.12 |
| CNX Midcap Index | 15.34 | -5.1 | 14.87 | -3.05 |
Table 3 - CRISIL Fund Rank 1 Schemes
| Large Cap-oriented Equity Funds | Long Term Income Funds |
| Birla Sun Life Top 100 Fund | HSBC Flexi Debt Fund |
| Canara Robeco Large Cap+ Fund | IDFC Dynamic Bond Fund |
| ICICI Prudential Top 100 Fund | SBI Dynamic Bond Fund |
| UTI India Lifestyle Fund | |
| Short Term Income Funds | |
| Diversified Equity Funds | DSP BlackRock Short Term Fund |
| Birla Sun Life India GenNext Fund | HDFC Short Term Opportunities Fund |
| ICICI Prudential Dynamic Plan | Morgan Stanley Short Term Bond Fund |
| ICICI Prudential Exports and Other Services Fund | Sundaram Select Debt ST Asset Plan |
| Tata Ethical Fund | Tata Short Term Bond Fund |
| UTI MNC Fund | |
| Ultra Short Term Debt Funds | |
| Small and Mid-cap Equity Funds | Religare Invesco Credit Opportunities Fund |
| Birla Sun Life MNC Fund | UTI Floating Rate Fund - STP |
| Franklin India Smaller Companies Fund | UTI Treasury Advantage Fund |
| Mirae Asset Emerging Bluechip Fund | |
| Liquid Funds | |
| Thematic - Infrastructure Funds | HSBC Cash Fund |
| Birla Sun Life Infrastructure Fund | ICICI Prudential Liquid Plan |
| Morgan Stanley Liquid Fund | |
| Equity-Linked Savings Scheme (ELSS) | Peerless Liquid Fund |
| Axis Long Term Equity Fund | |
| BNP Paribas Tax Advantage Plan | Consistent Performers - Equity Funds |
| Birla Sun Life India GenNext Fund | |
| Index Funds | Birla Sun Life MNC Fund |
| Kotak Nifty ETF | ICICI Prudential Discovery Fund |
| IDFC Premier Equity Fund | |
| Balanced Funds | Reliance Equity Opportunities Fund |
| ICICI Prudential Balanced Advantage Fund | SBI Emerging Businesses Fund |
| UTI Equity Fund | |
| Monthly Income Plan – Aggressive | UTI MNC Fund |
| Birla Sun Life MIP II - Wealth 25 Plan | UTI Opportunities Fund |
| FT India Monthly Income Plan | |
| Consistent Performers - Balanced Funds | |
| Monthly Income Plan – Conservative | ICICI Prudential Balanced Fund |
| Birla Sun Life MIP II - Savings 5 Plan | |
| Consistent Performers - Debt Funds | |
| Long Term Gilt Funds | IDFC Dynamic Bond Fund |
| IDFC G Sec Fund - Investment Plan | UTI Bond Fund |
| IDFC G Sec Fund - PF Plan |
Anda sedang membaca artikel tentang
Small mid-cap funds outshine all equity schemes: CRISIL
Dengan url
http://sehatgayahidup.blogspot.com/2014/01/small-mid-cap-funds-outshine-all-equity.html?m=0
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Small mid-cap funds outshine all equity schemes: CRISIL
namun jangan lupa untuk meletakkan link
Small mid-cap funds outshine all equity schemes: CRISIL
sebagai sumbernya
0 komentar:
Posting Komentar