Index vs Active, Equity inflows, and more!

SPIVA (S&P Index vs Active) published the Year-End report for 2019 this week. SPIVA studies the outperformance of active managers vs benchmark Indices all over the world. Their India report includes a 10-year comparison of Index Vs Active funds in the Indian Mutual Fund landscape.

The scorecard reveals that over a five year period, 82.29% of Indian Equity Large-Cap funds, 78.38% of Indian ELSS Funds and 40.91% of  Indian Mid-/Small-Cap Equity funds underperformed their respective benchmarks. The report shows that over the one year period ending December 2019, 40% of Indian Equity Large-Cap Funds and 70.73% of Indian ELSS Funds underperformed compared to their respective benchmarks. On the other hand, 72.09% of  Indian Mid-/Small-Cap Equity funds overperformed the benchmark over the one year period ending 31 December 2019.


Inflows into Equity funds touched a one-year high in March, despite market volatility. Mutual fund industry witnessed inflows of Rs 11,485 crore in equity schemes for the month of March, up 7.04% from February where the inflows stood at Rs 10,730 crore. Equity Inflows were mainly supported by inflows into large-cap and multi-cap which saw inflows of  Rs 2061 and Rs 2268 crore respectively. The assets under management (AUM) of the mutual fund industry dropped by 18% to Rs 22.26 lakh crore in March from Rs 27.23 lakh crore in the previous month.

SIP inflows reached a record high at Rs 8,641 crore in March, a rise of 7.3% from the same month last year. The total number of SIP folios in March jumped by 2.47 lakh to 3.12 crore. The total SIP contribution in the FY 19-20 rose to Rs 100,084 crore as compared with  Rs 92,693 crore in 2018-19. AMFI data indicates that mutual funds added an average of 9.55 lakh SIPs per month during the financial year, with an average ticket size of Rs 2,800.



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Index Returns

Index 1W 1Y 3Y
NIFTY 50 10.4% -21.8% -0.3%
NIFTY NEXT 50 10.8% -18.5% -3.6%
S&P BSE SENSEX 10.2% -19.9% 1.6%
S&P BSE SmallCap 8.3% -31.1% -11.2%
S&P BSE MidCap 10.0% -26.1% -7.2%
NASDAQ 100 7.9% 8.8% 14.9%
S&P 500 10.4% -3.1% 5.8%

Source: BSE / NSE

Top 5 best performing funds

Name 1W 1Y 3Y
ICICI Prudential Pharma  … 23.2% 15.7% NA
Nippon India Pharma 21.4% 13.6% 9.0%
UTI Healthcare 21.3% 12.7% 3.5%
Tata India Pharma.. 20.4% 18.1% 6.8%
Mirae Asset Healthcare 19.8% 19.7% NA


Top 5 worst performing funds

Name 1W 1Y 3Y
Edelweiss Banking  & PSU -3.0% 11.2% 8.4%
Invesco India Banking & PSU -2.9% 6.0% 6.9%
L&T Triple Ace Bond -2.9% 11.5% 8.0%
Axis Dynamic Bond -2.8% 10.4% 8.0%
Aditya Birla Sun Life Income -2.7% 9.0% 7.2%


What Investors Bought

We saw the most inflows in these 5 Funds –

Name 1W 1Y 3Y
Axis Bluechip 8.1% -3.6% 10.2%
UTI Nifty Index 10.4% -21.2% 0.7%
Kotak Standard Multicap 8.9% -18.8% 0.2%
Parag Parikh Long Term Equity 9.7% -8.6% 6.0%
Mirae Asset Large Cap 10.1% -18.4% 2.0%


What Investors Sold

We saw the most outflows in these 5 Funds –

Name 1W 1Y 3Y
Quantum Tax Saving 11.0% -28.8% -6.0%
BNP Paribas Mid Cap 5.4% -13.8% -3.2%
SBI Healthcare Opportunities 19.1% 12.2% 0.5%
ICICI Prudential Equity & Debt 8.8% -16.3% 0.5%
ICICI Prudential Long Term 11.5% -21.6% -2.0%


Most Watchlisted Fund

Top 5 funds added to watchlist by Kuverians

Name 1W 1Y 3Y
Axis Bluechip 8.1% -3.6% 10.2%
Axis Long Term Equity 8.8% -7.6% 6.1%
Edelweiss Greater China Equity 6.4% 15.4% 18.0%
Axis Focused 25 8.4% -10.0% 5.7%
Axis Small Cap 6.5% -6.9% 2.9%


Top ELSS funds

Name 1W 1Y 3Y
Quant Tax 14.0% -16.3% -0.2%
ICICI Prudential Long Term 11.5% -21.6% -2.0%
Quantum Tax Saving 11.0% -28.8% -6.0%
Canara Robeco Equity Tax 10.7% -9.6% 5.1%
Parag Parikh Tax Saver 10.6% NA NA



Movers & Shakers

1/ Mutual Fund houses have reopened lumpsum investments in certain small cap funds including DSP Small Cap Fund, SBI Small Cap Fund,and  Nippon India Small Cap Fund

2/ SEBI has temporarily revised the cut-off timings for mutual fund transactions between 7 April  to 17 April. Refer the revised cut-off timings for mutual fund transactions on Kuvera here and here.


Quote of the week:



For the strength of the Pack is the Wolf, and the strength of the Wolf is the Pack.

Rudyard Kipling



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