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

Published: October 24, 2018 at 10:56 am

Last Updated on December 29, 2021 at 11:56 am

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.


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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

CategoryFund
EQ-ELSSQuantum Tax Saving Fund – Direct Plan Growth Option
EQ-ELSSHDFC TaxSaver -Direct Plan – Growth Option
EQ-ELSSBOI AXA Tax Advantage  Direct Plan Growth
EQ-ELSSAditya Birla Sun Life Tax Relief ’96 – Growth – Direct Plan
EQ-ELSSAxis Long Term Equity Fund – Direct Plan – Growth Option
EQ-ELSSBNP Paribas Long Term Equity Fund – Direct Plan – Growth Option
EQ-ELSSDSP BlackRock Tax Saver Fund – Direct Plan – Growth
EQ-ELSSIDFC Tax Advantage  (ELSS) Fund-Direct Plan-Growth
EQ-ELSSInvesco India Tax Plan – Direct Plan – Growth
EQ-ELSSJM Tax Gain Fund (Direct) – Growth Option
EQ-ELSSL&T  Tax Advantage Fund-Direct Plan-Growth
EQ-ELSSTaurus Tax Shield-Direct Plan-Growth Option
EQ-ELSSUTI – Long Term Equity Fund (Tax Saving) – Direct Plan – Growth Option
EQ-ELSSLIC MF Tax Plan-Direct Plan-Growth
EQ-ELSSQuant Tax Plan-Growth Option-Direct Plan
EQ-ELSSEdelweiss Long Term Equity Fund (Tax Savings) – Direct Plan-Growth Option
EQ-ELSSIDBI Equity Advantage Fund – Growth Direct
EQ-L&MCAditya Birla Sun Life Equity Advantage Fund – Growth – Direct Plan
EQ-L&MCCanara Robeco Emerging Equities-Direct Plan-Growth Option
EQ-L&MCICICI Prudential Large & Mid Cap Fund – Direct Plan – Growth
EQ-L&MCIDFC Core Equity Fund-Direct Plan-Growth
EQ-L&MCInvesco India Growth Opportunities Fund – Direct Plan – Growth
EQ-L&MCMirae Asset Emerging Bluechip Fund – Direct Plan – Growth
EQ-L&MCPrincipal Emerging Bluechip Fund – Direct Plan – Growth Option
EQ-L&MCTata Large & MId Cap Fund -Direct Plan Growth
EQ-MLCFranklin India Focused Equity Fund – Direct – Growth
EQ-MLCBNP Paribas MULTI CAP Fund – Direct Plan – Growth Option
EQ-MLCDSP BlackRock Focus Fund – Direct Plan – Growth
EQ-MLCIDFC Multi Cap Fund-Direct Plan-Growth
EQ-MLCJM Multicap Fund (Direct) – Growth Option
EQ-MLCL&T Equity Fund-Direct Plan-Growth
EQ-MLCMirae Asset India Equity Fund – Direct Plan – Growth
EQ-MLCPrincipal Multi Cap Growth Fund-Direct Plan – Growth Option
EQ-MLCReliance Focused Equity Fund – Direct Plan Growth Plan – Growth Option
EQ-MLCSBI FOCUSED EQUITY FUND – DIRECT PLAN -GROWTH
EQ-MLCKotak Standard Multicap Fund – Growth – Direct
EQ-MLCTata Retirement Savings Progressive Plan
EQ-MLCQuant Growth Plan-GROWTH OPTION-Direct Plan
EQ-MLCQuant High Yield Equity Plan – Growth Option-Direct Plan
EQ-MLCParag Parikh Long Term Equity Fund – Direct Plan – Growth

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

CategoryFund
EQ-ELSSPrincipal Tax Savings Fund
EQ-ELSSFranklin India TAXSHIELD – Direct – Growth
EQ-ELSSCanara Robeco Equity Taxsaver Fund – Direct Plan – Growth Option
EQ-ELSSHSBC Tax Saver Equity Fund – Growth Direct
EQ-ELSSICICI Prudential Long Term Equity Fund (Tax Saving) – Direct Plan –  Growth
EQ-ELSSKotak Tax Saver-Scheme-Growth – Direct
EQ-ELSSReliance Tax Saver Fund – Direct Plan Growth Plan – Growth Option
EQ-ELSSSBI MAGNUM TAXGAIN SCHEME 1993 – DIRECT PLAN -GROWTH
EQ-ELSSUnion Tax Saver Scheme – Direct Plan – Growth Option
EQ-ELSSTata India Tax Savings Fund-Growth-Direct Plan
EQ-ELSSBaroda Pioneer ELSS 96 Plan B(Direct) -Growth Option
EQ-L&MCFranklin India Equity Advantage Fund – Direct – Growth
EQ-L&MCBOI AXA Large & Mid Cap Equity Fund Direct Plan-Growth
EQ-L&MCDSP BlackRock Equity Opportunities Fund – Direct Plan – Growth
EQ-L&MCKotak Equity Opportunities Fund – Growth – Direct
EQ-L&MCL&T Large and Midcap Fund-Direct Plan-Growth
EQ-L&MCReliance Vision Fund – Direct Plan Growth Plan – Growth Option
EQ-L&MCSBI LARGE & MIDCAP FUND -DIRECT PLAN -Growth
EQ-L&MCUTI – Core Equity Fund – Direct Plan – Growth Option
EQ-L&MCHDFC Growth Opportunities Fund – Direct Growth Plan
EQ-L&MCLIC MF Large & Mid Cap Fund-Direct Plan-Growth
EQ-L&MCEdelweiss Large & Mid Cap Fund – Direct Plan – Growth Option
EQ-MLCQuantum Equity Fund of Funds – Direct Plan Growth Option
EQ-MLCFranklin India Equity Fund – Direct – Growth
EQ-MLCHDFC Equity Fund -Direct Plan – Growth Option
EQ-MLCHDFC Focused 30 Fund -Direct Plan – Growth Option
EQ-MLCBARODA PIONEER MULTI CAP FUND – Plan B (Direct) – Growth Option
EQ-MLCCanara Robeco Equity Diversified Fund-Direct Plan -Growth Option
EQ-MLCDSP BlackRock Equity Fund – Direct Plan – Growth
EQ-MLCHSBC Multi Cap Equity Fund – Growth Direct
EQ-MLCICICI Prudential Multicap Fund – Direct Plan –  Growth
EQ-MLCIDFC Focused Equity Fund-Direct Plan-Growth
EQ-MLCPrincipal Focused Multicap Fund- Direct Plan – Growth Option
EQ-MLCReliance Multi Cap Fund – Direct Plan Growth Plan – Growth Option
EQ-MLCUnion Equity Fund – Direct Plan – Growth Option
EQ-MLCTaurus Starshare-Direct Plan-Growth Option
EQ-MLCUTI Children’s Career -Investment Plan
EQ-MLCUTI equity
EQ-MLCLIC MF Multicap Fund-Direct Plan-Growth
EQ-MLCICICI Prudential Focused Equity Fund – Direct Plan – Growth
EQ-MLCMotilal Oswal Multicap 35
EQ-MLCIDBI DIVERSIFIED EQUITY FUND Growth Direct
EQ-MLCIIFL Focused Equity Fund-Direct Plan-Growth
EQ-MLCReliance Retirement Fund- Wealth Creation Scheme- Direct Plan- Growth Plan – Growth Option
EQ-MLCDHFL Pramerica Diversified Equity Fund – Direct Plan – Growth Option
EQ-MLCEdelweiss Multi-Cap Fund – Direct Plan – Growth Option

List of outperformers wrt Nifty Midcap 150 TRI

CategoryFund
EQ-MCL&T Mid Cap Fund-Direct Plan-Growth
EQ-MCKotak Emerging Equity Scheme – Growth – Direct
EQ-SCFranklin India Smaller Companies Fund – Direct – Growth
EQ-SCDSP BlackRock Small Cap Fund – Direct Plan – Growth
EQ-SCKotak Small Cap
EQ-SCReliance Small Cap Fund – Direct Plan Growth Plan – Growth Option
EQ-SCAditya Birla Sun Life Small Cap Fund – Growth – Direct Plan
EQ-SCHDFC Small Cap Fund – Direct Growth Plan
EQ-SCL&T Emerging Businesses Fund – Direct Plan – Growth
EQ-SCSBI Small Cap Fund – Direct Plan – Growth

List of non-performers wrt Nifty Midcap 150 TRI

CategoryFund
EQ-MCFranklin India Prima Fund – Direct – Growth
EQ-MCHDFC Mid Cap Opportunities Fund -Direct Plan – Growth Option
EQ-MCAditya Birla Sun Life Midcap Fund – Growth – Direct Plan
EQ-MCAxis Midcap Fund – Direct Plan – Growth
EQ-MCBNP Paribas Mid Cap Fund – Direct Plan – Growth Option
EQ-MCDSP BlackRock Midcap Fund – Direct Plan – Growth
EQ-MCICICI Prudential MidCap Fund – Direct Plan –  Growth
EQ-MCInvesco India Midcap Fund – Direct Plan – Growth Option
EQ-MCReliance Growth Fund – Direct Plan Growth Plan – Growth Option
EQ-MCSBI Magnum MIDCAP FUND – DIRECT PLAN – GROWTH
EQ-MCTata Mid Cap Growth Fund – Direct Plan Growth
EQ-MCTaurus Discovery Fund-Direct Plan-Growth Option
EQ-MCUTI Mid Cap Fund-Growth Option- Direct
EQ-MCMOF30-Direct Plan-Growth Option
EQ-MCDHFL Pramerica Midcap Opportunities Fund – Direct Plan – Growth Option
EQ-MCEdelweiss Mid Cap Fund – Direct Plan – Growth Option
EQ-SCHSBC Small Cap Equity Fund – Growth Direct
EQ-SCUnion 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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