Portfolio Managers Return Gains For Second Straight Month In July
India's top portfolio managers clocked gains for the second straight month as equities continue to rebound from the March lows.
The 60 biggest portfolio managers by assets tracked by BloombergQuint returned average gains of 5.4% in July compared with a 7.7% rise in the benchmark Sensex. They collectively manage Rs 1.13 lakh crore or nearly 80% of the industry's total assets.
The portfolio managers returned average gains of 11.8% in the last three months as the market recovered from the worst selloff in more than a decade as the pandemic stalled global trade. Still, year to date, they are down 4.6 %.
Of the 60, 11 beat the benchmark Sensex in July, with Valuequest Investment Advisers Pvt. and Nine Rivers Capital Holdings Pvt. leading the chart.
On a year-to-date basis, Invesco Asset Management has given best returns so far at 12% followed by Unifi Capital and Valuequest Investment Advisors.
The top 60 portfolio managers lost nearly Rs 7,000 crore worth of assets since the beginning of the year as equities fell and investors pulled out money. March saw the steepest fall with assets under management at Rs 1.14 lakh crore compared with Rs 1.53 lakh crore at the end of January.
Here is the snapshot of how the portfolio managers have performed this year and July.