The Indian market turned volatile in March as the resurgence of coronavirus forced investors to revisit their expectations of economic recovery. Bulls, however, managed to come out on top as the Nifty rose 1.11 percent on a month-on-month (MoM) basis. The broader market moved in line with the frontliners—the Nifty midcap 100 gained 1.83 percent and smallcap 100 rose 0.79 percent during the month.
Around 50 percent of the Portfolio Management Schemes (PMSes) managed to do better than the Nifty during the period. Of the 213 schemes PMSBazaar.com looked at, 153 (72 percent) generated positive returns in March.
Nine Rivers Capital Aurum Smallcap Opportunities was the top-performing scheme, rising 15.6 percent MoM. The smallcap fund, managed by Sandeep Daga and Vivek Ganguly, focuses on companies with a market capitalisation of less than Rs 3,500 crore and a low turnover. The fund has the highest exposure in the technology sector that comprises nearly 27 percent of its portfolio, followed by FMCG, healthcare, financials and engineering.
Valentis Advisors Rising Star Opportunity (11.16 percent), Alchemy Ascent (8.2 percent), NJ Asset Management Bluechip (7.18 percent), Centrum PMS Micro (7.16 percent) were the other top performers in March.
Five of the top 10 funds were from the multicap space, four from mid and small-cap space and one was a thematic fund.
In comparison, 60 funds ended March in the red, falling as much as 7.63 percent. Most of the worst-performing schemes, too, were from the multicap space.
Who led the charge?
Of the 119 multicap funds, 53 outperformed the BSE 500. These include Alchemy Ascent that rose 8.2 percent, NJ Asset Management Bluechip 7.18 percent, Anvil Wealth Management Private Ltd Long Holding Strategy 5.95 percent and Estee Advisors Long Alpha 5.9 percent.
About 50 percent of the largecap schemes beat the Nifty. Ambit Investment Advisors Coffee Can (4.96 percent), Asit C Mehta Investment Intermediates Ace 15 (2.6 percent), JM Financial Services Growth & Value (2.44 percent) were some of the best performing funds in this space.
From the large and midcap space, Bonanza Growth (3.36 percent), Care Portfolio Managers Large & Midcap Strategy (1.67 percent), IDFC Asset Management Neo Equity Portfolio (1.43 percent) were among the top gainers.
In comparison, 48 percent of the midcap-focused funds outperformed the Nifty Midcap 100. These include Right Horizons Super Value (4.22 percent), Master Portfolio Services Vallum India Discovery (3.68 percent) and Asit C Mehta Investment Intermediates Ace Midcap (3.6 percent).
Of the 14 smallcap schemes PMSBazaar.com looked at, 11 strategies outperformed the benchmark Nifty smallcap 100. Nine Rivers Capital Aurum Smallcap, with gains of 15.6 percent, was the best performing PMS from this space.
Centrum PMS Micro (7.16 percent), Fort Capital Investment Advisory Value Fund (6.26 percent) and Sageone Small & Microcap (5.01 percent) were some of the other top-performing smallcap schemes.
From the mid and small category, Valentis Advisors Rising Star Opportunity at 11.16 percent was the best performing PMS.
Anand Rathi Advisors MNC PMS at 6.9 percent and Kotak Pharma at 2.17 percent led the charge in thematic and sector fund category.
Portfolio Management Services cater to wealthy investors and the professional fee charged by them is higher than regular mutual funds.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
