Last Updated on August 30, 2020 at 12:53 pm
It seems incredulous to think that the Nifty was 12,174 on 13th Feb and fell 37.5% over the next 39 days to 7610 on March 23rd. Then over the next 158 days, it gained 53% to close at 11647 on Aug 28th 2020. These are 10 mutual funds (from 9 categories) that have moved up by more than 75% in this 158 day period.
With the full benefit of hindsight, we know (as of now) that March 23rd is the current bottom. So the 158-day return of 890 funds across 40 fund categories was compared. First, we consider the benchmark returns over this period. Kindly note that these numbers should not be construed as investment advice. They are provided only for the purpose of information and observation.
Nifty Pharma gained 81% and S&P BSE Health Care 75.6% (both total return indices lead the pack). Nifty Smallcap 100 – TRI gains 74% and Nasdaq 100 (in USD) 70%. The top ten is tabulated below.
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| Benchmark | 158 Day return as on 28th Aug 2020 |
| NIFTY PHARMA – TRI | 81.1 |
| S&P BSE Health Care – TRI | 75.6 |
| Nifty Smallcap 100 – TRI | 74.5 |
| Nasdaq-100 | 70.2 |
| S&P BSE 250 Small Cap – TRI | 69.6 |
| S&P BSE Small-Cap – TRI | 69.5 |
| S&P BSE METAL Index | 69.5 |
| Nifty Smallcap 250 – TRI | 69.4 |
| S&P BSE Information Technology – TRI | 63.8 |
| S&P BSE 400 MidSmallCap Index – TRI | 62.5 |
In a welcome development, two equal-weighted indices gained more than their corresponding capitalization-weighted indices. This might reduce the market imbalance we have been witnessing since Feb 2018. See: after the market crash, 80% of active large cap funds outperform Nifty, Nifty 100. Also see: Is this market rally bad for equity mutual funds (active/passive)?
| Benchmark | 158 Day return as on 28th Aug 2020 |
| NIFTY 50 Equal Weight Index | 55.7 |
| NIFTY 50 | 53.0515 |
| NIFTY 100 Equal Weight Index – TRI | 56.2 |
| NIFTY 100 – TRI | 53.5 |
Note: in the above table, price return is used for the Nifty 50 indices. The worst affected index was Nifty 50 Arbitrage Index with a -0.03% change. See: Arbitrage mutual fund returns reduce due to negative spreads. Other notable index movements are given below.
| Benchmark | 158 Day return as on 28th Aug 2020 |
| S&P 500 | 55.7 |
| NIFTY 500 – TRI | 55.2 |
| NIFTY NEXT 50 – TRI | 51.8 |
| NIFTY MNC – TRI | 48.9 |
| NIFTY BANK – TRI | 45.0 |
The Gold-London AM price moved up 29.7%. These are the changes in debt and hybrid indices.
| Benchmark | 158 Day return as on 28th Aug 2020 |
| CRISIL Short Term Debt Hybrid 60+40 Fund Index | 24.0 |
| CRISIL Short Term Debt Hybrid 75+25 Fund Index | 17.3 |
| CRISIL Hybrid 85+15 – Conservative Index | 13.4 |
| Crisil Composite Bond Fund Index | 7.3 |
| Crisil Short Term Bond Fund Index | 6.8 |
| Crisil 1 Yr T-Bill Index | 3.0 |
| Crisil Liquid Fund Index | 2.2 |
| Crisil 10 Yr Gilt Index | 2.1 |
| Crisil 91 Day T-Bill Index | 2.0 |
| Nifty 10 yr Benchmark G-Sec Index | 1.5 |
| Nifty 1D Rate Index | 1.2 |
10 mutual funds gain more than 75% after the market crash
| Scheme Name | 158 Day return as on 28th Aug 2020 |
| Quant Small Cap Fund(G)-direct Plan | 101.4 |
| DSP World Gold Fund(G)-Direct Plan | 90.6 |
| Quant Tax Plan(G)-Direct Plan | 85.7 |
| Edelweiss US Technology Equity FOF-(G)-Direct Plan | 82.6 |
| ICICI Pru Technology Fund(G)-Direct Plan | 81.7 |
| ICICI Pru Commodities Fund(G)-Direct Plan | 81.2 |
| Quant Active Fund(G)-Direct Plan | 79.8 |
| Quant Consumption Fund(G)-Direct Plan | 77.8 |
| ICICI Pru Pharma Healthcare & Diagnostics (P.H.D) Fund-(G)-Direct Plan | 75.7 |
| DSP Healthcare Fund(G)-Direct Plan | 75.3 |
Note that the DSP World Gold Fund is a fund of fund investing in BlackRock Global Funds – World Gold Fund. This invests “at least 70% of its total assets in the equity securities of companies whose predominant economic activity is gold-mining”.
15 equity mutual funds that have gained the least
We wrap up with the bottom 15. It is dominated by gold and hybrid funds with variable asset allocation.
| Category | Scheme Name | 158 Day return as on 28th Aug 2020 |
| Balanced Advantage | ITI Balanced Advantage Fund(G)-Direct Plan | 26.3 |
| Gold | ICICI Pru Regular Gold Savings Fund(FOF)(G)-Direct Plan | 24.9 |
| Gold | Axis Gold Fund(G)-Direct Plan | 24.9 |
| Dynamic Asset Allocation | SBI Dynamic Asset Allocation Fund(G)-Direct Plan | 24.9 |
| Gold | IDBI Gold Fund(G)-Direct Plan | 23.6 |
| Large Cap Fund | JM Large Cap Fund(G)-Direct Plan | 23.1 |
| Dynamic Asset Allocation | Shriram Balanced Advantage Fund(G)-Direct Plan | 21.7 |
| Gold | Aditya Birla SL Gold Fund(G)-Direct Plan | 21.7 |
| Gold | HDFC Gold Fund(G)-Direct Plan | 21.2 |
| Balanced Advantage | Sundaram Balanced Advantage Fund(G)-Direct Plan | 21.0 |
| Dynamic Asset Allocation | UTI ULIP 10Y-Direct Plan | 20.3 |
| Gold | SBI Gold(G)-Direct Plan | 19.7 |
| Dynamic Asset Allocation | Principal Balanced Advantage Fund(G)-Direct Plan | 19.5 |
| Dynamic Asset Allocation | BOI AXA Equity Debt Rebalancer Fund(G)-Direct Plan | 18.3 |
| Dynamic Asset Allocation | Axis Dynamic Equity Fund(G)-Direct Plan | 17.4 |
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