MF Stress Test Round 2: Have top small-cap funds improved their liquidity positions?

Mutual funds have disclosed the results for the round 2 of stress test for their mid-cap and small-cap schemes. The numbers give investors an idea of how many days it would take for a mid-cap or a small-cap scheme to liquidate its portfolio in case of adverse scenarios. As per the second round results, small-cap funds would need 13.7 days on an average, to liquidate 50 percent of their portfolios, which is slightly lower than the category average of 14 days that was disclosed a month ago. Here is the comparison in the days to liquidate the 25 percent and 50 percent of their portfolio of the top 10 small-cap funds over the last one month. [Source: AMFI and ACEMF]

Nippon India Small Cap Fund
Corpus as of March 31, 2024: Rs 45,248 crore (Previous month: Rs 46,044 crore)
No. of stocks newly added in the portfolio in March: 4
No. of stocks exited the portfolio in March: 7

HDFC Small Cap Fund
Corpus as of March 31, 2024: Rs 27,573 crore (Previous month: Rs 28,599 crore)
No. of stocks newly added in the portfolio in March: 5
No. of stocks exited the portfolio in March: 1

Also see: MF stress test, round 2: How did the 10 largest midcap funds do?

SBI Small Cap Fund
Corpus as of March 31, 2024: Rs 25,435 crore (Previous month: Rs 25,534 crore)
No. of stocks newly added in the portfolio in March: 1
No. of stocks exited the portfolio in March: Nil

Axis Small Cap Fund
Corpus as of March 31, 2024: Rs 19,029 crore (Previous month: Rs 19,604 crore)
No. of stocks newly added in the portfolio in March: 1
No. of stocks exited the portfolio in March: 2

Also read: 10 years of Modi regime: How mutual funds turned into a must-have investment

Quant Small Cap Fund
Corpus as of March 31, 2024: Rs 17,383 crore (Previous month: Rs 17,233 crore)
No. of stocks newly added in the portfolio in March: 5
No. of stocks exited the portfolio in March: 6

Also see: Mutual funds call for easing RBI's limit on overseas investments amid growing opportunities

Kotak Small Cap Fund
Corpus as of March 31, 2024: Rs 13,882 crore (Previous month: Rs 14,196 crore)
No. of stocks newly added in the portfolio in March: 1
No. of stocks exited the portfolio in March: 1

HSBC Small Cap Fund
Corpus as of March 31, 2024: Rs 13,401 crore (Previous month: Rs 13,744 crore)
No. of stocks newly added in the portfolio in March: Nil
No. of stocks exited the portfolio in March: Nil

DSP Small Cap Fund
Corpus as of March 31, 2024: Rs 13,039 crore (Previous month: Rs 13,703 crore)
No. of stocks newly added in the portfolio in March: Nil
No. of stocks exited the portfolio in March: 2

Franklin India Smaller Companies Fund
Corpus as of March 31, 2024: Rs 11,540 crore (Previous month: Rs 11,825 crore)
No. of stocks newly added in the portfolio in March: 3
No. of stocks exited the portfolio in March: 2

Canara Robeco Small Cap Fund
Corpus as of March 31, 2024: Rs 9,401 crore (Previous month: Rs 9,595 crore)
No. of stocks newly added in the portfolio in March: Nil
No. of stocks exited the portfolio in March: 2

Also read: MF stress test: Check whether your smallcap fund has these illiquid stocks