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Large cap equity funds underperform their benchmark

Author: PTI/Wednesday, October 24, 2018/Categories: Stocks

Large cap equity funds underperform their benchmark

New Delhi - Most of the large cap as well as mid and small-cap equity funds underperformed their respective benchmark indices over a one-year period ended June, latest data from SPIVA India scorecard shows.

During the one-year period ending June 30, 2018, 88 per cent of large-cap equity funds underperformed their benchmark S&P BSE 100 index, as per the scorecard, which is produced by Asia index, a joint venture between BSE and S&P Dow Jones Indices.

Besides, 62 per cent of mid and small-cap equity funds underperformed S&P BSE 400 MidSmallCap index and 83 per cent of the government bond funds performed less than S&P BSE Indian Government Bond index during the same period.

The S&P BSE 100 in the one year period ended in black, registering a return of 12.94 per cent, S&P BSE 400 MidSmallCap index gave a return 6.08 per cent and S&P BSE Indian Government Bond index gained 1.18 per cent during the one-year ended June 30, 2018.

"Since the turn of the year, the Indian market has weathered headwinds, tackling a depreciating Indian rupee and a deteriorating current account deficit partially on account of sticky oil prices.

"It also witnessed notable developments such as the introduction of the long-term capital gains tax in the last annual budget and the style re-categorisation mandates for funds domiciled in India," the report said.

The large-cap equity funds saw a low survivorship rate (68 per cent ) and a low style consistency (13 per cent) over the 10-year period ended in June 2018, Akash Jain, associate director, Global Research & Design, Asia Index said.

The scorecard compares the performance of actively managed Indian mutual funds with their respective benchmark indices over one, three, five and 10-year investment horizons.

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rajyashree guha

PTI

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