{"id":3440,"date":"2019-08-24T05:27:47","date_gmt":"2019-08-24T05:27:47","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=3440"},"modified":"2019-08-29T07:59:21","modified_gmt":"2019-08-29T07:59:21","slug":"small-cap-stimulus-credit-risk","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/","title":{"rendered":"Small cap, stimulus &#038; credit risk!"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d0fd8a72975\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d0fd8a72975\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#Index_Returns\" title=\"Index Returns\">Index Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#Top_5_best_performing_funds\" title=\"Top 5 best performing funds\">Top 5 best performing funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#Top_5_worst_performing_funds\" title=\"Top 5 worst performing funds\">Top 5 worst performing funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#What_Investors_Bought\" title=\"What Investors Bought\">What Investors Bought<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#What_Investors_Sold\" title=\"What Investors Sold\">What Investors Sold<\/a><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#Movers_Shakers\" title=\"Movers &amp; Shakers\">Movers &amp; Shakers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#Quote_of_the_week\" title=\"Quote of the week:\">Quote of the week:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#Feature_Showcase_Tax_Harvesting\" title=\"Feature Showcase:\u00a0Tax Harvesting\">Feature Showcase:\u00a0Tax Harvesting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/#i-2\" title=\"\u00a0\">\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\"><strong>The BSE Small-Cap index fell 3.2% over the course of this week.<\/strong> BSE defines small-cap as the 250 smallest companies in the BSE 500 index which itself is the 500 largest market cap companies in India. Historical the BSE SmallCap 250 Index has outperformed the BSE Sensex Index, but with higher volatility i.e it rises and falls a lot more than the BSE Sensex index does.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-3459\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/Sensex-Vs-SmallCap-LT-2.png\" alt=\"\" width=\"782\" height=\"517\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/Sensex-Vs-SmallCap-LT-2.png 782w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/Sensex-Vs-SmallCap-LT-2-300x198.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/Sensex-Vs-SmallCap-LT-2-768x508.png 768w\" sizes=\"(max-width: 782px) 100vw, 782px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><strong>While the average returns for small caps are higher, have small caps delivered any &#8220;alpha&#8221;?<\/strong> Alpha, in investing, is defined as the ability of an investment to beat the market after adjusting for risk. Simply put does your investment have better risk-adjusted characteristics than the market?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Globally,\u00a0 there has been evidence of small-cap alpha, first documented by <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/0304405X81900180\" target=\"_blank\" rel=\"noopener noreferrer\">Rolf Banz in 1981<\/a> &#8211;<\/span><\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><em><strong>It is found that smaller firms have had higher risk-adjusted returns, on average, than larger firms.<\/strong><\/em><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>The India evidence, so far, shows otherwise. We ran a monthly regression of BSE SmallCap 250 index returns against the BSE Sensex index returns. We find that the BSE SmallCap 250 Index has produced no alpha over and above the BSE Sensex index.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-3454\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/smallcap-regression.png\" alt=\"\" width=\"884\" height=\"524\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/smallcap-regression.png 884w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/smallcap-regression-300x178.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/smallcap-regression-768x455.png 768w\" sizes=\"(max-width: 884px) 100vw, 884px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The evidence so far is not favouring smaller cap companies in India over their larger-cap brethren. If you are already invested in small-caps though, then you should think about it as a lesson learned and wait to get out of your investment. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Don&#8217;t rush to sell, as a drawdown of 30% plus in the smallcap index may not be the right time to sell your investments. If you are feeling restless, spend some <a href=\"https:\/\/twitter.com\/Kuvera_In\/status\/1164404946831196160\" target=\"_blank\" rel=\"noopener noreferrer\">time reading<\/a> (instead of placing orders)!\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Nirmala Sitharaman, the <\/strong><span style=\"font-weight: 400;\"><strong>Finance Minister, announced that the Government would<\/strong> rollback the enhanced surcharge levied on long and short term gains arising from the transfer of equity and shares. The higher tax surcharge on Foreign Portfolio Investors (FPIs) and Domestic Investors has been withdrawn. The higher surcharge will continue to apply for HNIs (high net-worth individuals).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Finance Minister has also said that the corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25%. No timeframe has been specified for the same. In her maiden Budget last month, Sitharaman had cut the corporate tax for companies with an annual turnover of up to Rs 400 crore to 25% from the earlier rate of 30%.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>In <a href=\"https:\/\/kuvera.in\/blog\/category\/conversations\/\" target=\"_blank\" rel=\"noopener noreferrer\">Conversations<\/a>, we spoke with Mr Manish Banthia, Senior Credit Fund Manager who has been with <a href=\"https:\/\/kuvera.in\/explore\/funds\/icici\" target=\"_blank\" rel=\"noopener noreferrer\">ICICI Prudential AMC<\/a> in several roles including fixed income trading, credit analysis and product development. We talked about current credit conundrum, how to select credit funds and the opportunities in this space going forward.<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><em><strong>Thus far, while investing in credit risk funds, investors were largely looking at the overall Yield to Maturity (YTM) of a portfolio rather than the underlying risks in their investments.<\/strong><\/em><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Index_Returns\"><\/span><strong>Index Returns<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table border=\"0\" width=\"585\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Index<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"19\">NIFTY 50<\/td>\n<td>-2.0%<\/td>\n<td>-6.5%<\/td>\n<td>7.8%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">NIFTY NEXT 50<\/td>\n<td>-2.5%<\/td>\n<td>-17.1%<\/td>\n<td>3.8%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P BSE SENSEX<\/td>\n<td>-1.7%<\/td>\n<td>-4.3%<\/td>\n<td>9.5%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P BSE SmallCap<\/td>\n<td>-3.2%<\/td>\n<td>-27.9%<\/td>\n<td>-0.7%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P BSE MidCap<\/td>\n<td>-2.1%<\/td>\n<td>-20.4%<\/td>\n<td>0.7%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">NASDAQ 100<\/td>\n<td>-1.8%<\/td>\n<td>0.7%<\/td>\n<td>15.7%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P 500<\/td>\n<td>-1.4%<\/td>\n<td>-0.3%<\/td>\n<td>9.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: BSE \/ NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Top_5_best_performing_funds\"><\/span><strong>Top 5 best performing funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table border=\"0\" width=\"585\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/edelweiss-greater-china-equity-off-shore-growth--EDGCD1-GR\">Edelweiss Greater China Equity Off Sh&#8230;<\/a><\/td>\n<td>4.5%<\/td>\n<td>7.1%<\/td>\n<td>12.4%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/kotak-us-equity-growth--KO06GD-GR\">Kotak US Equity<\/a><\/td>\n<td>3.4%<\/td>\n<td>1.9%<\/td>\n<td>11.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/icici-prudential-us-bluechip-equity-growth--8133-GR\">ICICI Prudential US Bluechip Equity<\/a><\/td>\n<td>3.2%<\/td>\n<td>7.6%<\/td>\n<td>13.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/reliance-us-equity-opportunites-growth--RLUEAG-GR\">Reliance US Equity Opportunites<\/a><\/td>\n<td>3.1%<\/td>\n<td>13.0%<\/td>\n<td>16.2%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/principal-global-opportunities-growth--PCGOZG-GR\">Principal Global Opportunities<\/a><\/td>\n<td>3.0%<\/td>\n<td>-7.7%<\/td>\n<td>8.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Top_5_worst_performing_funds\"><\/span><strong>Top 5 worst performing funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table border=\"0\" width=\"585\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/dsp-natural-resources-new-energy-growth--DS785-GR\">DSP Natural Resources &amp; New Energy<\/a><\/td>\n<td>-6.1%<\/td>\n<td>-20.2%<\/td>\n<td>4.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/hdfc-infrastructure-growth--INFGT-DP\">HDFC Infrastructure<\/a><\/td>\n<td>-5.3%<\/td>\n<td>-20.4%<\/td>\n<td>-3.9%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-banking-financial-services-growth--BS1180Y-GR\">Aditya Birla Sun Life Banking &amp; Finan&#8230;<\/a><\/td>\n<td>-5.1%<\/td>\n<td>-13.9%<\/td>\n<td>8.1%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-small-cap-growth--BS295GZ-GR\">Aditya Birla Sun Life Small Cap<\/a><\/td>\n<td>-5.1%<\/td>\n<td>-26.4%<\/td>\n<td>-1.2%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/reliance-banking-growth--BFAG-GR\">Reliance Banking<\/a><\/td>\n<td>-5.1%<\/td>\n<td>-12.2%<\/td>\n<td>9.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"What_Investors_Bought\"><\/span><strong>What Investors Bought<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>We saw the most inflows in these 5 Funds \u2013<\/p>\n<table border=\"0\" width=\"585\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/mirae-asset-large-cap-growth--MAFIOD1-GR\">Mirae Asset Large Cap<\/a><\/td>\n<td>-1.8%<\/td>\n<td>-3.4%<\/td>\n<td>11.0%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/kotak-standard-multicap-growth--KO168D-GR\">Kotak Standard Multicap<\/a><\/td>\n<td>-2.0%<\/td>\n<td>-4.9%<\/td>\n<td>10.1%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/uti-nifty-index-growth--UTNID2-GR\">UTI Nifty Index<\/a><\/td>\n<td>-1.9%<\/td>\n<td>-5.3%<\/td>\n<td>9.0%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/uti-nifty-next-50-index-growth--UTNYG1-GR\">UTI Nifty Next 50 Index<\/a><\/td>\n<td>-2.4%<\/td>\n<td>-16.4%<\/td>\n<td>NA<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/mirae-asset-emerging-bluechip-growth--MAFEBD1-GR\">Mirae Asset Emerging Bluechip<\/a><\/td>\n<td>-1.8%<\/td>\n<td>-2.1%<\/td>\n<td>12.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"What_Investors_Sold\"><\/span><strong>What Investors Sold<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>We saw the most outflows in these 5 Funds \u2013<\/p>\n<table border=\"0\" width=\"585\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/reliance-pharma-growth--PHAG-GR\">Reliance Pharma<\/a><\/td>\n<td>-0.1%<\/td>\n<td>-11.9%<\/td>\n<td>0.2%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/edelweiss-arbitrage-growth--EDATDG-GR\">Edelweiss Arbitrage<\/a><\/td>\n<td>0.2%<\/td>\n<td>7.4%<\/td>\n<td>6.9%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/sbi-arbitrage-opportunities-growth--SBD114G-GR\">SBI Arbitrage Opportunities<\/a><\/td>\n<td>0.1%<\/td>\n<td>7.2%<\/td>\n<td>6.7%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-india-gennext-growth--BS291GZ-GR\">Aditya Birla Sun Life India Gennext<\/a><\/td>\n<td>-1.8%<\/td>\n<td>-6.0%<\/td>\n<td>9.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/icici-prudential-balanced-advantage-growth--8180-GR\">ICICI Prudential Balanced Advantage<\/a><\/td>\n<td>-0.8%<\/td>\n<td>2.6%<\/td>\n<td>8.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Movers_Shakers\"><\/span><b>Movers &amp; Shakers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><b>1\/ <\/b><a href=\"https:\/\/kuvera.in\/explore\/amc\/uti\" target=\"_blank\" rel=\"noopener noreferrer\"><b>UTI Mutual Fund<\/b><\/a><span style=\"font-weight: 400;\"> has appointed Ankit Agarwal as Equity Fund Manager and Key Personnel of UTI AMC, with effect from 16 August 2019.<\/span><\/p>\n<p><b>2\/ <\/b><a href=\"https:\/\/kuvera.in\/explore\/amc\/tata\" target=\"_blank\" rel=\"noopener noreferrer\"><b>Tata Mutual Fund<\/b><\/a><span style=\"font-weight: 400;\"> has appointed Aurobinda Prasad Gayan as the key personnel at Tata Asset Management Ltd, with effective from 09 September 2019.<\/span><\/p>\n<p><b>3\/ <\/b><a href=\"https:\/\/kuvera.in\/explore\/amc\/canara\" target=\"_blank\" rel=\"noopener noreferrer\"><b>Canara Robeco Mutual Fund<\/b><\/a><span style=\"font-weight: 400;\"> has announced that Achal Kumar Gupta, Independent Director, has retired from the Board of Directors of Canara Robeco Asset Management Company Limited, with effect from 22 August 2019.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"i\"><\/span><em><span lang=\"EN-US\">\u00a0<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5><span class=\"ez-toc-section\" id=\"Quote_of_the_week\"><\/span><strong>Quote of the week:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<blockquote><p>&nbsp;<\/p>\n<p class=\"thin-quote investor-quote\"><strong>Before, you are wise; <\/strong><strong>after, you are wise. <\/strong><\/p>\n<p class=\"thin-quote investor-quote\"><strong>In between you are otherwise.<\/strong><\/p>\n<p class=\"thin-quote investor-quote\"><strong><span class=\"authorOrTitle\">: David Zindell<\/span><\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-3049\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/06\/Capture-5.png\" alt=\"\" width=\"1355\" height=\"703\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/06\/Capture-5.png 1355w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/06\/Capture-5-300x156.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/06\/Capture-5-768x398.png 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/06\/Capture-5-1024x531.png 1024w\" sizes=\"(max-width: 1355px) 100vw, 1355px\" \/><\/p>\n<h5 class=\"null\"><span class=\"ez-toc-section\" id=\"Feature_Showcase_Tax_Harvesting\"><\/span><strong>Feature Showcase:\u00a0Tax Harvesting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><a href=\"https:\/\/blog.kuvera.in\/save-up-to-%e2%82%b910000-in-ltcg-taxes-with-tax-harvesting\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Tax Harvesting<\/strong><\/a>\u00a0is a technique that utilises the \u20b91 Lakh annual LTCG exemption by selling and buying back part of your investment such that you \u201crealise\u201d gains and not pay taxes on them.\u00a0At a 10% LTCG tax rate, you could save up to Rs 10,000 in LTCG taxes every year by doing this diligently.<\/p>\n<p>Do not wait for February \/ March to harvest taxes. Do it as early in the financial year as possible \u2013\u00a0<em><strong>you may not have gains later to harvest!<\/strong><\/em><\/p>\n<p>Like all our features, Tax Harvesting optimizes on your entire portfolio \u2013 bought on Kuvera or\u00a0<a href=\"https:\/\/blog.kuvera.in\/automatic-tracking-of-your-external-transactions\/\" target=\"_blank\" rel=\"noopener noreferrer\">imported<\/a>\u00a0from elsewhere.<\/p>\n<p><strong><a href=\"https:\/\/kuvera.in\/feature\/tax-harvesting\" target=\"_blank\" rel=\"noopener noreferrer\">Start harvesting<\/a>\u00a0today.<\/strong><\/p>\n<h5><span class=\"ez-toc-section\" id=\"i-2\"><\/span><em><span lang=\"EN-US\">\u00a0<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BSE Small-Cap index fell 3.2% over the course of this week. BSE defines small-cap as the 250 smallest companies in the BSE 500 index which itself is the 500 largest market cap companies in India. Historical the BSE SmallCap 250 Index has outperformed the BSE Sensex Index, but with higher volatility i.e it rises [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/small-cap-stimulus-credit-risk\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":3465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[209,258,167,259,83,36,225,11,66,212,249,229,213],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Small cap, stimulus &amp; credit risk! - Kuvera<\/title>\n<meta name=\"description\" content=\"Small caps do not show any reliable alpha over and above large cap companies in India. We explore this more and compare to the global evidence.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cnbctv18.com\/personal-finance\/all-you-need-to-know-about-mutual-funds-last-week-2-4262181.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small cap, stimulus &amp; credit risk! - Kuvera\" \/>\n<meta property=\"og:description\" content=\"Small caps do not show any reliable alpha over and above large cap companies in India. We explore this more and compare to the global evidence.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cnbctv18.com\/personal-finance\/all-you-need-to-know-about-mutual-funds-last-week-2-4262181.html\" \/>\n<meta property=\"og:site_name\" content=\"Kuvera\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kuvera.in\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-24T05:27:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-29T07:59:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/08\/MostBought.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1421\" \/>\n\t<meta property=\"og:image:height\" content=\"746\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gaurav Rastogi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:site\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gaurav Rastogi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Small cap, stimulus & credit risk! - Kuvera","description":"Small caps do not show any reliable alpha over and above large cap companies in India. 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