Top Finance Managers In India – Outstanding Equity Funds The most effective wealth creators have bought quality companies and managed significant risk to deliver high returns.
HIGH CAPACITY FUNDS are considered the safest in the category of equity mutual funds. The challenge is to find funds that can return more than the benchmark i.e. Nifty50. Conformable
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SecureNow study, Canara Robeco Bluechip Equity is the most important fund in the category. Mastershare unit of UTI and Kotak Bluechip are in the second and third positions respectively. The study considered not only one-year and three-year returns, but also standard deviation, risk-adjusted returns, leverage ratio and assets under management. The leverage ratio measures an investment manager’s performance in falling markets. Canara Robeco Bluechip offered three-year annualized returns of 18.74% as of Dec. 15, 2022, Morningstar data shows. UTI Mastershare Unit and Kotak Bluechip returned 17.43% and 17.68% respectively. The equity mutual fund category recorded 15.95% during the period.
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What worked for the winners? “Our portfolio is a combination of capitalization firms and alpha generators. This allows the portfolio to bridge money through economic cycles with protection against impairment,” says Shridatta Bhandwaldar, Head of Equity, Canara Robeco Asset Management Company. The core sectors of Canara Robeco Bluechip Fund are Banking, IT, Diversified FMCG and Automobiles.
UTI Mutual Fund followed a “growth at an affordable price” strategy and focused on companies with strong competitive advantages. “The fund wants to keep these names as long as their competitive edge is intact. This ensures that the portfolio underperforms,” says Swati Kulkarni, vice president and fund manager at UTI AMC. Kulkarni has been managing the fund since December 2006. It has returned 11.9% during this period. Karthikraj Lakshmanan, who co-manages the UTI Master Section Unit scheme with her from September 2022, will soon replace her as lead fund manager. The fund is overweight private sector banks, where valuations are relatively attractive.
He revealed a good car and also health care. In the consumer space, it is overweight discretionary and overweight staples. These are IT neutral and overweight, capital intensive and cyclical sectors such as energy, utilities and metals.
Kotak Bluechip benefited from exposure to traditional sectors like cement, gas utilities, capital goods, industrials and automobiles. “In the last three to six months, we have been underweight IT and overweight pharma from neutral. We have seen gains in capital goods and industrials, but we are still overweight autos and auto ancillaries,” says fund manager Harish Krishnan . “Our fund has three arms – Nifty50, NiftyNext50 and the mid-cap universe. In the Nifty50, the focus is on weeding out companies with little pricing power and competitive advantage. I have not held 20-30 companies in the Nifty50 in the last eight years. . In Nifty Next50, we select companies with clear earnings visibility and higher growth than others. These are our high conviction names. Then comes the mid-cap universe,” says Krishnan.
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MID-CAP FUND Managers look for multiple caps that can grow to become large caps. According to the Sebi classification, companies that are ranked 101 to 250 in market capitalization are called mid-cap companies. Mid-cap fund managers must build 65% of their portfolio from this basket. The rest can be large caps, small caps or cash.
According to the study, the top three midcap funds are PGIM India Midcap Opps Fund, Kotak New Equity Fund and Nippon Midcap Fund. “We focus on companies with strong cash flows and clean balance sheets. We don’t like companies with debt or corporate governance issues. These are our safety parameters. This helps us weed out bad businesses,” says Aniruddha Naha, director, capital, PGIM. . India. Data from PrimeInvestor shows that the fund generated alpha over periods (one year, three years and five years) compared to its benchmark Nifty150 Midcap index. The fund has delivered 4.88% in one year, 38.67% in three years and 19.43% in five years as on November 25, 2022. In comparison, the Midcap Nifty150 Index has returned 2.51%, 24% and 11, 41% in one, three and five. years, respectively.
Kotak Emerging Equity has been managed by Pankaj Tibrewal since its inception on March 30, 2007. The fund is co-managed by Arjun Khanna. “Kotak Emerging suits portfolios of five-seven years and above. It can be used as a single midcap exposure or together with another midcap fund or an aggressive large and midcap fund, depending on the size of your investment you need to limit the addition to the center.- 30% cap exposure, no matter how much of a risk taker you are,” says PrimeInvestor in its report on this fund.
Tibrewal says the fund’s top three sectors are capital goods and manufacturing, consumer discretionary (footwear, wedding wear) and financials. “About 68% of the funds are mid-cap. The rest are small-cap, large-cap and cash,” he says. The ₹22,500 crore fund has outperformed its benchmark Nifty150 across timeframes, delivering 6.78%, 26.21% and 14.95% over one, three and five years, respectively.
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Nippon Midcap Fund is managed by Manish Gunwani, CIO-Equity & Dhrumil Shah, Fund Manager, Nippon India Mutual Fund. “We believe the fund has two key differentiators. First, the breadth and depth of our in-house research coverage is far better than the industry average. This is shown in parameters like size of the research team, number of stocks under Coverage and experience of the research team. style factors etc,” says Shah.
The core of the portfolio consists of four verticals – financial, consumer choice, healthcare and outsourcing to global corporations. “We think these large verticals generally tend to grow faster than nominal GDP.” Only this can ensure long-term success.
SMALL FUNDS, the riskiest of equity funds, can offer huge rewards to big risk takers. Small-cap funds are mandated to invest 80% of assets in small-cap companies, those ranked 250 and below in market capitalization. Pankaj Tibrewal, executive vice-president and fund manager at Kotak Mahindra Mutual Fund, says this equity universe is a “mine” of opportunities. “You have to avoid mistakes. Our elimination process helps us stay away from bad names. We only follow about 450 companies, 10% of the market, to avoid success,” says Tibrewal. Its Kotak Small Cap fund emerged as the best performer in the small cap category. The fund’s one-year and three-year rolling returns were 26.32% and 23.56%, respectively, as of November 24, 2022. It is bullish on companies in the Home Improvement, Industrial, and Chemical sectors. Tibrewal places great importance on the management of the company and how it deals with employees, vendors, distributors and customers. Equally important are cash flows and clean balance sheets. “The top line is vanity, the bottom line is kindness and money in the bank is reality,” he says.
Second place in the category went to SBI Small Cap Fund, led by R. Srinivasan, which outperformed the benchmark by a huge margin. PrimeInvestor data shows one-year returns of 9.68%, compared to a decline of over 11% in the Nifty100 Smallcap index since November 25, 2022. Its three- and five-year returns were 30.15% and 15, respectively. 98% The Nifty 100 Smallcap index returned 19.45% in three years and 2.42% in one year. “The fund has grown 10-fold in nine years since November 2013. Our USP is the great research team that drives investment decisions,” says Srinivasan.
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Nippon India Small Cap Fund, the third in the category, is over 12 years old. “We focus on comprehensive in-house research, supported by a dedicated research team, to identify opportunities from the bottom up. Our research meets management, supply chain stakeholders and end users. It also conducts quantitative financial analysis,” says Samir Rachh, fund manager, Nippon India Mutual Fund. The fund’s top three sectors are industrials, banks and auto components. “The fund follows a bottom-up approach. Allocations, at the sector and stock level, may change depending on market conditions,” says Rachh.
The YOUNGEST EQUITY MUTUAL FUND category was launched in November 2020 after market regulator Sebi came up with new reclassification norms to ensure funds adhere to their stated investment mandate. Previously, funds used to invest even in non-Earth stocks; for example, multi-cap funds that are mostly used to buy large caps and not above-market stocks. Flexible cap funds have been given the freedom to invest in stocks across different market capitalizations. Two years after launch, flex-cap has become the largest equity category in terms of assets under management (AUM). As of October 31, it accounted for 16.29% (INR 2.48 lakh crore) of the MF’s equity AUM of INR 15.22 lakh crore. The top three funds in the category are Parag Parikh Cap Fund, PGIM India Flexible Cap Fund and IIFL Focused Equity Fund. All three were multicap funds before Sebi’s recategorization.
Parag Parikh Flexible Cap Fund was launched by Neil Parikh, CEO, PPFAS Mutual Fund, who used to run a portfolio management service (PMS). After the global financial crisis, he decided to launch a mutual fund house to give investors a tax advantage and a way to invest in global stocks (PMS schemes are not allowed to invest in global stocks). This global diversification has helped PPFAS MF carve out a niche in the Indian MF industry and maintain consistent performance. IS
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