Almost half of equity mutual funds surpassed their benchmarks in September 2024. A total of 137 funds outperformed their benchmarks by the end of the month, a recent report by Prabhudas Liladhar Wealth Management has stated. The assets under management (AUM) of equity mutual funds saw a sequential increase of 3.10% to Rs 26.43 lakh crore in September 2024, up from Rs 25.64 lakh crore in August 2024 (excluding sectoral/thematic funds). This data was obtained from the latest study on mutual fund performance analysis conducted by PL Wealth Management.
In September 2024, the equity mutual fund category saw a return of 2.19%, surpassing the NIFTY 500 TRI index. Small Cap Funds stood out as the highest-performing category, with 75% of schemes exceeding their benchmarks. Additionally, Mid Cap Funds demonstrated robust performance, with a 28.36% return over the last six months.
Top performers
The performance of equity mutual funds has been robust, with the NIFTY 50 – TRI benchmark delivering a return of 33% and the NIFTY 500 – TRI achieving a return of 41.54% during the same period. The Mid Cap and Small Cap indices also showed strong performance, with returns of 48.21% and 51.49%, respectively.
A thorough examination of the mutual fund industry reveals significant growth in total assets under management (AUM) across various equity categories. Large Cap funds, with a total AUM of Rs 2,53,727 crore, recorded a 1-year return of 36.80%. Meanwhile, Mid Cap funds with a total AUM of Rs 2,83,599 crore outperformed with a return of 49.31%.
Large cap funds
In terms of sectoral trends, Private Banks, Metals, Retail, Automobiles, Consumer, Utilities, and Consumer Durables experienced an uptick in allocations during September 2024.
In the Large Cap segment, Sandeep Tandon’s Quant Large Cap Fund-Reg(G) has shown an impressive return of 45.88%, leading the pack. closely following are the Baroda BNP Paribas Large Cap Fund-Reg(G) at 45.16% and the Bandhan Large Cap Fund-Reg(G) with 44.23%.
Fund name 1M 6M 1Y 3Y 5Y 10Y
Quant Large Cap Fund -7.41% 3.62% 43.52% N.A. N.A. N.A.
ICICI Prudential Bluechip Fund
-4.93% 11.97% 38.55% 17.51% 20.99% 15.54%
Baroda BNP Paribas Large Cap Fund
-5.65% 12.03% 41.32% 16.63% 19.88% 15.32%
Canara Robeco Bluechip Equity Fund
-5.8% 13.18% 35.4% 14.04% 20.19% 15.58%
Edelweiss Large Cap Fund
-6.18% 11.5% 34.93% 15.94% 19.88% 15.16%
Large and Mid Cap category
The Large and Mid Cap category has experienced substantial growth, with the Invesco India Large & Mid Cap Fund(G) outperforming all others with a 61.08% return under the leadership of Aditya Khemani. Following closely behind is the Motilal Oswal Large & Midcap Fund-Reg(G) with a 60.53% return.
Flexi Cap category
In the Flexi Cap category, the Motilal Oswal Flexi Cap Fund-Reg(G) has shown impressive performance with a return of 62.83%. The JM Flexicap Fund-Reg(G) also delivered strong results, achieving a return of 59.04%.
Midcap Funds
Moving on to the Mid Cap sector, the Motilal Oswal Midcap Fund-Reg(G) stands out with a return of 71.80%. The ITI Mid Cap Fund-Reg(G) and Edelweiss Mid Cap Fund-Reg(G) also exhibited strong performances, recording returns of 61.47% and 60.25% respectively.
Small cap funds
In the Small Cap funds category, the Bandhan Small Cap Fund-Reg(G) leads the pack with an outstanding return of 72.13%. The Mahindra Manulife Small Cap Fund-Reg(G) and ITI Small Cap Fund-Reg(G) closely follow with returns of 59.54% and 58.61% respectively.
Focused category
In the Focused category, the Invesco India Focused Fund-Reg(G) stood out with a return of 68.44%. The ICICI Pru Focused Equity Fund(G) and Mahindra Manulife Focused Fund-Reg(G) also demonstrated strong performance, with returns of 52.68% and 48.71% respectively.
Value-Contra-Dividend Yield funds
Value-Contra-Dividend Yield funds were led by the Quant Value Fund-Reg(G), showcasing an impressive return of 67.04%. Following closely behind is the LIC MF Dividend Yield Fund-Reg(G) with a return of 61.54%.
Equity Linked Savings Schemes
Equity Linked Savings Schemes (ELSS) saw the Motilal Oswal ELSS Tax Saver Fund-Reg(G) deliver exceptional results with a return of 66.56%, while the SBI Long Term Equity Fund-Reg(G) reported a return of 54.46%.