NEW DELHI: Small and midcap heavy funds managed by Portfolio Management Services, where rich investors put their money, in March outperformed their peers who invested solely in largecap stocks.
The biggest gainer of the year was Growth Plus Value Strategy of Care Portfolio Managers that delivered 13.5 per cent. Launched over a decade ago, it gives higher weightage to lower valuation multiple, especially from smallcap companies.
Right Horizons’ Minerva India Underserved that holds stocks like JK Paper, Steel Strips Wheels, Fiem Industries, PVR and Dr Pathlabs, followed with monthly gains of 11 per cent, much thanks to rally in paper stocks.
Select paper stocks have been on a rally as investors believe they will deliver bigger margins given disproportionate gains towards raw material costs. Companies like JK Paper have raised prices despite raw material cost being stable because the overall market has raised prices.
Right Horizons’ strategy, along with Care’s Growth Plus Value have been rank outperformers for the last one year. They have delivered 91 per cent and 71 per cent in the period, respectively.
Abans Investment Managers’ smart beta portfolio, Nine River Capital’s Aurum Small Cap and Invesco’s Caterpillar portfolio were among other top gainers delivering 9-11 per cent.
This compared with 4 per cent gain in Nifty, 5 per cent gain in Nifty Midcap and 6 per cent jump in Nifty Smallcap indices in March.
Among celebrity fund managers, Basant Maheshwari’s Equity Fund, which is a multicap strategy, gained more than Nifty returns, delivering 4.5 per cent. Though, its returns in the last six months have been muted.
Shankar Sharma-founded First Global’ India Super 50 delivered 3.6 per cent returns to its investors, while its another fund India Multi Asset reported 2.85 per cent return. Prashant Khemka’s India Pioneer Equity – a flexi cap fund – delivered 3.2 per cent return. Samir Arora’s India Rising also failed to beat Nifty, delivering 2 per cent return.
Fund run by Saurabh Mukherjea’s Marcellus failed to beat benchmarks as well. Even Little Champs, which is invested in stocks like GMM Pfaudler, Alkyl Amines, Garware Technical Fibres and V-Mart failed to beat the market amid buying in small and midcap stocks in March.
Consistent Compounders and Kings of Capitals delivered flat returns as well.
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