In this edition of the fund performance report, we review Edelweiss Large & Mid Cap Fund. The fund was launched in June 2007 by JP Morgan and was known as JPMorgan India Equity Fund. After Edelweiss acquired the fund house it became Edelweiss Equity Opportunities Fund and then Edelweiss Large & Mid Cap Fund to comply with SEBI regulations. The scheme has assets of only Rs. 1,270 Crores as of June 30th 2022.
Disclaimer: Fund performance reports present return and risk analysis of a fund with representative benchmarks and not investment recommendations. It must be expressly understood that the data below reflect only past performance and is in no way an indication of future performance. Our investment recommendations can be found here: Handpicked List of Mutual Funds (PlumbLine).
The Market Cap allocation history of Edelweiss Large & Mid Cap Fund is shown below. The “others” represents bonds or cash components. The fund has a healthy dose of midcaps and a pinch of small caps.
We find out how consistently the Fund has performed wrt Nifty 200 TRI and Nifty Largemidcap 250 TRI. We will use three metrics to analyze performance consistency versus benchmarks. Analysis such as this can be found for 350+ equity funds in our monthly mutual fund screener.
1 Rolling return outperformance consistency: the fund returns are compared with category benchmark returns over every possible 1Y, 2Y,3Y,4Y, and 5Y period. Higher the outperformance consistency, the better. Suppose 876 fund returns were compared with 876 benchmark returns, and the fund has beaten the benchmark 675 times. The consistency score will be 675/876 ~ 77%.
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One year
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| No of rolling return entries Index (1 Year) | 1124 | 1136 |
| No of rolling return entries Fund (1 year) | 1124 | 1136 |
| No of times fund outperformed index (1 year) | 857 | 761 |
| rolling return outperformance Consistency Score (1 year) | 76% | 67% |
Two year
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| No of rolling return entries Index (2 Years) | 876 | 888 |
| No of rolling return entries Fund (2 years) | 876 | 888 |
| No of times the fund outperformed the index (2 years) | 766 | 699 |
| rolling return outperformance Consistency Score (2 years) | 87% | 79% |
Three years
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| No of rolling return entries Index (3 Years) | 645 | 645 |
| No of rolling return entries Fund (3 years) | 645 | 645 |
| No of times the fund has outperformed index (3 years) | 645 | 645 |
| rolling return outperformance Consistency Score (3 years) | 100% | 100% |
Four years
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| No of rolling return entries Index (4 Years) | 401 | 401 |
| No of rolling return entries Fund (4 years) | 401 | 401 |
| No of times fund outperformed index (4 years) | 401 | 401 |
| rolling return outperformance Consistency Score (4 years) | 100% | 100% |
Five years
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| No of rolling return entries Index (5 Years) | 153 | 153 |
| No of rolling return entries Fund (5 years) | 153 | 153 |
| No of times fund outperformed index (5 years) | 153 | 153 |
| rolling return outperformance Consistency Score (5 years) | 100% | 100% |
That is reasonably consistent outperformance.
2 Upside performance consistency over every possible 1Y,2Y,3Y,4Y, 5Y: Higher the better. A score of 70% means, 7 out of 10 times, the Fund performed better than the category benchmark when the benchmark was moving up. This is a measure of reward. It is computed from rolling upside capture data (see link below).
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| upside performance consistency (1 years) | 54% | 39% |
| upside performance consistency (2 years) | 73% | 51% |
| upside performance consistency (3 years) | 100% | 55% |
| upside performance consistency (4 years) | 100% | 24% |
| upside performance consistency (5 years) | 100% | 11% |
The fund has reasonable upside performance wrt the Nifty 200 but not wrt Nifty Largemidcap 250 TRI.
3 Downside performance consistency over every possible 3Y,4Y, 5Y. Higher, the better. A score of 60% means, 6 out of 10 times, the Fund performed better than the category benchmark when the benchmark was moving down. This is a measure of risk protection. It is computed from rolling downside capture data. Read more: An introduction to Downside and Upside Capture Ratios.
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| downside protection consistency (1 years) | 75% | 70% |
| downside protection consistency (2 years) | 98% | 93% |
| downside protection consistency (3 years) | 100% | 100% |
| downside protection consistency (4 years) | 100% | 100% |
| downside protection consistency (5 years) | 100% | 100% |
The fund has reasonable downside protection wrt both indices.
The trailing return performance is also quite reasonable.
Versus Nifty Largemidcap 250 TRI
| Trailing Returns | Nifty Largemidcap 250 TRI | Edelweiss Large & Mid Cap Fund – Direct Plan – Growth Option |
| 1Y | 2.54% | 2.68% |
| 2Y | 29.20% | 29.90% |
| 3Y | 17.02% | 17.76% |
| 4Y | 12.13% | 13.29% |
| 5Y | 11.93% | 13.66% |
Versus Nifty 200 TRI
| Trailing Returns | N200TRI | Edelweiss Large & Mid Cap Fund – Direct Plan – Growth Option |
| 1Y | 2.59% | 2.68% |
| 2Y | 24.94% | 29.90% |
| 3Y | 13.93% | 17.76% |
| 4Y | 11.10% | 13.29% |
| 5Y | 11.35% | 13.66% |
In summary, Edelweiss Large & Mid Cap Fund has a reasonable performance consistency record. The fund may be suitable for an active MF fan looking for a “quiet” fund in the large and mid cap space. Standard past performance disclaimers as noted above apply. Kindly do your own research before investing.