List of funds that have outperformed Nifty 200 & Nifty Midcap 150 Total Return Indices

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Here is a list of mutual funds that have outperformed Nifty 200 & Nifty Midcap 150 Total Return Indices as on October 2018. The data is sourced from the October 2018 Equity Mutual Fund Performance Screener. The Nifty 200 is a common benchmark in the ELSS, large and midcap, and multi-cap categories. Nifty 200 consists of all the stocks in NIFTY 100 and NIFTY Full Midcap 100. The Nifty Midcap 150 has 150 stocks that have lower market capitalization than the Nifty 100  (top 100). The total returns indices (dividends are treated as reinvested) as used for comparison. Let us find out how easy or hard these indices are to beat.

We define the demand the following as “outperformance”. For every 3,4,5 year period considered between Jan 1st 2013 to Oct 15th 2018, the fund should have beat the benchmark index at least 70% of the time. For example, if there are 1000 3-year durations considered, the fund should have had a higher return for at least 700 durations.

In addition to the above reward-outperformance, we shall define a risk-outperformance. For each of those 3, 4,5 year periods, the fund should have registered a loss that is lower than the benchmarks at least 70% of the time. In other words, if over a single 3Y period, the benchmark registered a loss of say 20%, the fund should have registered a loss less than 20%. This is known as downside protection. The fund should have exhibited such downside protection at least 70% of the 3,4,5 year durations considered.

While the return outperformance is measured point to point (start date to end date), the risk outperformance is measured monthly between the start and end dates. This is because returns are in hindsight and risk is in real-time.

List of funds that have outperformed Nifty 200 & Nifty Midcap 150 Total Return Indices

List of funds that have outperformed Nifty 200 TRI

A total of 86 funds were considered from the ELSS, Large and Midcap and Multicap categories. Only 40 out of those 86 came out as “performers” as defined above! This is quite poor as the chances of your fund beating Nifty 200 essential becomes a coin-toss: Heads you lose, tails you lose. We earlier saw that the situation is similar with Nifty 100: Will large cap mutual funds struggle to beat Nifty 100 Equal Weight Index?

Thus, it is time to move to index funds (stay away from ETFs). At least young investors with small portfolios should seriously consider this. Ravikiran Suryanarayana suggested a portfolio of 50% Nifty 50 and 50% nifty next 50 as a Nifty 100 or Nifty 200 index fund is not available. I will backtest this 50:50 portfolio rigorously in the next post.

  • 17 out of 28 ELSS funds were performers
  • 8 out of Large and Midcap funds were performers
  • 15 out of 39 multicap funds were performers.

Here is the full list of outperformers

Category Fund
EQ-ELSS Quantum Tax Saving Fund – Direct Plan Growth Option
EQ-ELSS HDFC TaxSaver -Direct Plan – Growth Option
EQ-ELSS BOI AXA Tax Advantage  Direct Plan Growth
EQ-ELSS Aditya Birla Sun Life Tax Relief ’96 – Growth – Direct Plan
EQ-ELSS Axis Long Term Equity Fund – Direct Plan – Growth Option
EQ-ELSS BNP Paribas Long Term Equity Fund – Direct Plan – Growth Option
EQ-ELSS DSP BlackRock Tax Saver Fund – Direct Plan – Growth
EQ-ELSS IDFC Tax Advantage  (ELSS) Fund-Direct Plan-Growth
EQ-ELSS Invesco India Tax Plan – Direct Plan – Growth
EQ-ELSS JM Tax Gain Fund (Direct) – Growth Option
EQ-ELSS L&T  Tax Advantage Fund-Direct Plan-Growth
EQ-ELSS Taurus Tax Shield-Direct Plan-Growth Option
EQ-ELSS UTI – Long Term Equity Fund (Tax Saving) – Direct Plan – Growth Option
EQ-ELSS LIC MF Tax Plan-Direct Plan-Growth
EQ-ELSS Quant Tax Plan-Growth Option-Direct Plan
EQ-ELSS Edelweiss Long Term Equity Fund (Tax Savings) – Direct Plan-Growth Option
EQ-ELSS IDBI Equity Advantage Fund – Growth Direct
EQ-L&MC Aditya Birla Sun Life Equity Advantage Fund – Growth – Direct Plan
EQ-L&MC Canara Robeco Emerging Equities-Direct Plan-Growth Option
EQ-L&MC ICICI Prudential Large & Mid Cap Fund – Direct Plan – Growth
EQ-L&MC IDFC Core Equity Fund-Direct Plan-Growth
EQ-L&MC Invesco India Growth Opportunities Fund – Direct Plan – Growth
EQ-L&MC Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth
EQ-L&MC Principal Emerging Bluechip Fund – Direct Plan – Growth Option
EQ-L&MC Tata Large & MId Cap Fund -Direct Plan Growth
EQ-MLC Franklin India Focused Equity Fund – Direct – Growth
EQ-MLC BNP Paribas MULTI CAP Fund – Direct Plan – Growth Option
EQ-MLC DSP BlackRock Focus Fund – Direct Plan – Growth
EQ-MLC IDFC Multi Cap Fund-Direct Plan-Growth
EQ-MLC JM Multicap Fund (Direct) – Growth Option
EQ-MLC L&T Equity Fund-Direct Plan-Growth
EQ-MLC Mirae Asset India Equity Fund – Direct Plan – Growth
EQ-MLC Principal Multi Cap Growth Fund-Direct Plan – Growth Option
EQ-MLC Reliance Focused Equity Fund – Direct Plan Growth Plan – Growth Option
EQ-MLC SBI FOCUSED EQUITY FUND – DIRECT PLAN -GROWTH
EQ-MLC Kotak Standard Multicap Fund – Growth – Direct
EQ-MLC Tata Retirement Savings Progressive Plan
EQ-MLC Quant Growth Plan-GROWTH OPTION-Direct Plan
EQ-MLC Quant High Yield Equity Plan – Growth Option-Direct Plan
EQ-MLC Parag Parikh Long Term Equity Fund – Direct Plan – Growth

Here is the list of non-performers wrt Nifty 200 TRI

Category Fund
EQ-ELSS Principal Tax Savings Fund
EQ-ELSS Franklin India TAXSHIELD – Direct – Growth
EQ-ELSS Canara Robeco Equity Taxsaver Fund – Direct Plan – Growth Option
EQ-ELSS HSBC Tax Saver Equity Fund – Growth Direct
EQ-ELSS ICICI Prudential Long Term Equity Fund (Tax Saving) – Direct Plan –  Growth
EQ-ELSS Kotak Tax Saver-Scheme-Growth – Direct
EQ-ELSS Reliance Tax Saver Fund – Direct Plan Growth Plan – Growth Option
EQ-ELSS SBI MAGNUM TAXGAIN SCHEME 1993 – DIRECT PLAN -GROWTH
EQ-ELSS Union Tax Saver Scheme – Direct Plan – Growth Option
EQ-ELSS Tata India Tax Savings Fund-Growth-Direct Plan
EQ-ELSS Baroda Pioneer ELSS 96 Plan B(Direct) -Growth Option
EQ-L&MC Franklin India Equity Advantage Fund – Direct – Growth
EQ-L&MC BOI AXA Large & Mid Cap Equity Fund Direct Plan-Growth
EQ-L&MC DSP BlackRock Equity Opportunities Fund – Direct Plan – Growth
EQ-L&MC Kotak Equity Opportunities Fund – Growth – Direct
EQ-L&MC L&T Large and Midcap Fund-Direct Plan-Growth
EQ-L&MC Reliance Vision Fund – Direct Plan Growth Plan – Growth Option
EQ-L&MC SBI LARGE & MIDCAP FUND -DIRECT PLAN -Growth
EQ-L&MC UTI – Core Equity Fund – Direct Plan – Growth Option
EQ-L&MC HDFC Growth Opportunities Fund – Direct Growth Plan
EQ-L&MC LIC MF Large & Mid Cap Fund-Direct Plan-Growth
EQ-L&MC Edelweiss Large & Mid Cap Fund – Direct Plan – Growth Option
EQ-MLC Quantum Equity Fund of Funds – Direct Plan Growth Option
EQ-MLC Franklin India Equity Fund – Direct – Growth
EQ-MLC HDFC Equity Fund -Direct Plan – Growth Option
EQ-MLC HDFC Focused 30 Fund -Direct Plan – Growth Option
EQ-MLC BARODA PIONEER MULTI CAP FUND – Plan B (Direct) – Growth Option
EQ-MLC Canara Robeco Equity Diversified Fund-Direct Plan -Growth Option
EQ-MLC DSP BlackRock Equity Fund – Direct Plan – Growth
EQ-MLC HSBC Multi Cap Equity Fund – Growth Direct
EQ-MLC ICICI Prudential Multicap Fund – Direct Plan –  Growth
EQ-MLC IDFC Focused Equity Fund-Direct Plan-Growth
EQ-MLC Principal Focused Multicap Fund- Direct Plan – Growth Option
EQ-MLC Reliance Multi Cap Fund – Direct Plan Growth Plan – Growth Option
EQ-MLC Union Equity Fund – Direct Plan – Growth Option
EQ-MLC Taurus Starshare-Direct Plan-Growth Option
EQ-MLC UTI Children’s Career -Investment Plan
EQ-MLC UTI equity
EQ-MLC LIC MF Multicap Fund-Direct Plan-Growth
EQ-MLC ICICI Prudential Focused Equity Fund – Direct Plan – Growth
EQ-MLC Motilal Oswal Multicap 35
EQ-MLC IDBI DIVERSIFIED EQUITY FUND Growth Direct
EQ-MLC IIFL Focused Equity Fund-Direct Plan-Growth
EQ-MLC Reliance Retirement Fund- Wealth Creation Scheme- Direct Plan- Growth Plan – Growth Option
EQ-MLC DHFL Pramerica Diversified Equity Fund – Direct Plan – Growth Option
EQ-MLC Edelweiss Multi-Cap Fund – Direct Plan – Growth Option

List of outperformers wrt Nifty Midcap 150 TRI

Category Fund
EQ-MC L&T Mid Cap Fund-Direct Plan-Growth
EQ-MC Kotak Emerging Equity Scheme – Growth – Direct
EQ-SC Franklin India Smaller Companies Fund – Direct – Growth
EQ-SC DSP BlackRock Small Cap Fund – Direct Plan – Growth
EQ-SC Kotak Small Cap
EQ-SC Reliance Small Cap Fund – Direct Plan Growth Plan – Growth Option
EQ-SC Aditya Birla Sun Life Small Cap Fund – Growth – Direct Plan
EQ-SC HDFC Small Cap Fund – Direct Growth Plan
EQ-SC L&T Emerging Businesses Fund – Direct Plan – Growth
EQ-SC SBI Small Cap Fund – Direct Plan – Growth

List of non-performers wrt Nifty Midcap 150 TRI

Category Fund
EQ-MC Franklin India Prima Fund – Direct – Growth
EQ-MC HDFC Mid Cap Opportunities Fund -Direct Plan – Growth Option
EQ-MC Aditya Birla Sun Life Midcap Fund – Growth – Direct Plan
EQ-MC Axis Midcap Fund – Direct Plan – Growth
EQ-MC BNP Paribas Mid Cap Fund – Direct Plan – Growth Option
EQ-MC DSP BlackRock Midcap Fund – Direct Plan – Growth
EQ-MC ICICI Prudential MidCap Fund – Direct Plan –  Growth
EQ-MC Invesco India Midcap Fund – Direct Plan – Growth Option
EQ-MC Reliance Growth Fund – Direct Plan Growth Plan – Growth Option
EQ-MC SBI Magnum MIDCAP FUND – DIRECT PLAN – GROWTH
EQ-MC Tata Mid Cap Growth Fund – Direct Plan Growth
EQ-MC Taurus Discovery Fund-Direct Plan-Growth Option
EQ-MC UTI Mid Cap Fund-Growth Option- Direct
EQ-MC MOF30-Direct Plan-Growth Option
EQ-MC DHFL Pramerica Midcap Opportunities Fund – Direct Plan – Growth Option
EQ-MC Edelweiss Mid Cap Fund – Direct Plan – Growth Option
EQ-SC HSBC Small Cap Equity Fund – Growth Direct
EQ-SC Union Small Cap Fund – Direct Plan – Growth Option

Summary

It is now becoming increasingly clear that active mutual funds (remember only direct plans were tested. If they were regular, it would be even worse) are finding it difficult to beat even broad market indices and indexing is the way forward. However, as of now, practical options are index funds based on Nifty 50 or Sensex, Nifty 50 equal weight, Nifty 100 Equal-weight.

If you are worried about the N100 Equal weight index funds from Sundaram and Principal as they have low AUM, a mix of Nifty 50 and Nifty Next 50 as per your risk appetite and goal requirements will keep volatility at with low costs. Else you can use aggressive hybrid funds or dynamic asset allocation funds where the fund manager fee is a lot more justified.

If you are interested you can explore the

Download the  October 2018 Equity Mutual Fund Performance Screener.

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7 Comments

  1. Franklin India Smaller Companies Fund – Direct is listed in both performer and non-performer w.r.t Nifty Midcap 150 TRI List !!

  2. If index investing is the way forward Professor, would it be prudent for beginners to go with only index funds provided they have asset allocation in place, their goals are at least 10-15 years away and are knowledgeable of index volatility or even they should start with a couple of active funds for a few years and then can migrate to index funds?

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