India’s top portfolio managers returned gains in May despite increased volatility stemming from elections.
The 50 largest portfolio management firms—that manage Rs 1.17 lakh crore worth of investor money—returned an average gain of 2.3 percent last month, according to data compiled by BloombergQuint from disclosures made to the market regulator. That compares with a 1.75 percent and 1.5 percent rise in the Sensex and Nifty 50 Index, respectively.
The average monthly returns of these managers beat the benchmark indices for the first time since February. That comes after a loss in April and a volatile May as Indian equities tumbled in the run-up to the results of the general election. The stocks surged after the exit polls suggested Prime Minister Narendra Modi’s return to power with a bigger majority. And the benchmark indices scaled records as the results only confirmed the predictions. And Nifty Midcap 100 beat large-cap indices.
The returns of the portfolio managers, however, continued to lag the Sensex and Nifty year-to-date and for the 12-month period. That’s because broader market indices are still lagging the large-cap gauge.
28 of the 50 portfolio managers tracked by BloombergQuint managed to beat the Sensex. Among the best performers in May were Club Millionaire Financial Services Pvt. Ltd., which posted a 12.8 percent return, followed by Basant Maheswari Wealth Advisers with 6.2 percent.
The top 10 portfolio managers by assets continued to see inflows. The 50 managers added close to Rs 12,173 crore in assets since December—the top 10 accounted for 84 percent of the increase in assets under management.
Here is the list of top 50 portfolio managers:
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