Indian markets recorded their second-highest monthly gains in November, rising more than 11 percent. Positive developments on the COVID-19 vaccine, record contribution from foreign institutional investors (FIIs) and Democratic Party's win in the US presidential elections helped the Sensex and the Nifty scale record highs but it were the broader markets that stole the show.
The Sensex and Nifty rose about 11.4 percent each in November, while the Nifty midcap and smallcap posted gains of 15.5 percent and 13 percent, respectively. FIIs net bought Rs 65,317.13 crore worth of equities in November, the highest-ever inflow in a single month.
The stellar performance of the Indian market was also visible in the returns of Portfolio Management Schemes (PMSes), as all the schemes PMSBazaar.com, a portfolio management information provider, looked at reported positive returns for the month.
Of the 189 PMSes, 73 posted gains greater than the Nifty. Lakewater Advisors' Lakewater PMS was the top gainer, rising a whopping 30.12 percent on a month-on-month basis.
The multicap strategy, managed by Pankaj Singhania, focuses heavily on financials, as they constitute about 33 percent of its entire portfolio. Chemicals, computer software and specialty chemicals were the other major sectors it has exposure to. Its top five holdings are Bajaj Finance, Aarti Industries, L&T Technology Services, 3M India and Aarti Surfactants.
Trivantage Capital Management's Super Six (24.8 percent), Basant Maheshwari Wealth Advisers' Equity Fund (22.04 percent) and Credent Asset Management's Growth Portfolio (21.75 percent) were the other top performers.
Five of the top 10 schemes were from the mulitcap space. In fact, over 42 percent of the multicap-focused strategies managed to outperform the Nifty.
In comparison, only 15 percent of the schemes from the largecap space beat the benchmark. Varanium Capital Advisors' Largecap Focused Fund (12.8 percent), Nippon India's Absolute Freedom (12.4 percent), Concept Investwell's Legend (11.92 percent) and Asit C Mehta's Ace 15 (11.1 percent) were some of the top-performing strategies from this space.
Almost 50 percent of the schemes focused on mid & smallcaps posted gains greater than the Nifty. Marcellus' Little Champs (17.3 percent), Tata PMS' Emerging Opportunities (17.03 percent), Ambit Investment Advisors Emerging Giants (16.3 percent), Renaissance Midcap Portfolio (14.8 percent) were some of the top-performing strategies in this space.