Equity
funds have continued their buoyant run in the quarter ended September
2014, riding on small and mid-cap stocks, according to Crisil data.
Small and midcap funds were in the best performing category, with the
Crisil-AMFI Small & Midcap Fund Performance Index delivering
highest returns in all time frames ended September 30, 2014, a Crisil
release said here today. The category delivered absolute returns of
7.74 per cent for the quarter, compared to the Crisil-AMFI Equity
Fund Performance Index's 4.39 per cent and the CNX Nifty's 4.64 per
cent. As on September 30 too, the category gave an impressive 50.07
per cent as the CNX Midcap Index and the CNX Small Cap Index
delivered 41.47 per cent and 45.27 per cent, respectively, compared
to the CNX Nifty's 26.35 per cent, the release said. Across equity
categories, funds with higher exposure to small and mid-cap stocks
fared better than their peers. For instance, Crisil Fund Rank 1s (top
10 percentile of all ranked schemes) of small and midcap category had
89 per cent exposure to small and mid-cap stocks compared with 79 per
cent of Crisil Fund Rank 5 peers (bottom 10 per cent of all ranked
schemes. Even in the diversified and large cap categories, exposure
to small and midcap stocks in Crisil Fund Rank 1 funds of large cap
and diversified category increased gradually from 15 to 22 per cent
and 36 to 40 per cent respectively during the period between January
2014 and September 2014, the release said. At the fund house level,
UTI Mutual Fund led the tally of top-ranked funds for the quarter
with ten funds in Crisil Fund Rank 1, followed by Birla Sun Life
Mutual Fund, ICICI Prudential Mutual Fund and Reliance Mutual Fund
with five funds each, the release said. The latest Crisil MF Ranking
covers close to 90 per cent of average assets under management of
open ended schemes at the end of September 2014. Unlike most other
ranking models, which are based purely on returns or net asset value
(NAV), the ranking uses a combination of net asset value (NAV) and
portfolio-based attributes for evaluation. This provides a
single-point analysis of mutual funds, taking into consideration key
parameters like risk-adjusted returns, asset concentration,
liquidity, asset quality and asset size. The rankings also include
categories that focus specifically on long-term consistency in
performance. The ranks are assigned on a scale of 1 to 5, with Crisil
Fund Rank 1 indicating 'very good performance'. In any peer group,
the top 10 percentile of funds are ranked as Crisil Fund Rank 1 and
the next 20 percentile as Crisil Fund Rank 2.
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