Nearly 70% of India’s largest portfolio schemes by assets lagged the benchmarks in the last fiscal amid volatility.
As many as 14 of the top 20 schemes—with cumulative assets under management worth Rs 1.17 lakh crore—tracked by BloombergQuint, underperformed, according to data disclosed on the Securities and Exchange Board of India’s website.
The benchmark returns in FY22 were less than a year ago as markets turned choppy amid uncertainties around costlier commodities, foreign selling, the U.S. Federal Reserve’s rate hike cues, crude surge and Russia's Ukraine invasion.
On an average, total returns for the top 20 schemes stood at 20.89% during the fiscal compared with the benchmarks’ 20.95%. That was mostly aided by three portfolio schemes comprising mid- and small-cap companies.
The top 20 schemes accounted for 53% of the total assets under management of the portfolio managers. These schemes together witnessed a net inflow of Rs 9,688 crore in FY22.
Portfolio schemes of White Oak Capital Management and IIFL saw the highest inflows during the year. The IIFL scheme outperformed the Nifty 50.
The three schemes that returned the most gains in FY22 were Old Bridge All Cap Fund and Alchemy High Growth Select Stock—benchmarked against the BSE 500—and Unifi’s Blended Rangoli, benchmarked against the BSE Midcap Index.
Overall Performance
Twenty-nine of India’s top 60 portfolio managers—that manage Rs 1.91 lakh crore or 86.6% of the total assets under management—saw net outflows in FY22.
On an aggregate basis, they saw net inflows of Rs 10,494 crore, led by White Oak Capital, IIFL AMC and Marcellus Investment Managers.
The total assets managed by the portfolio managers stood at Rs 2.21 lakh crore as of March 2022.
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