Select Bets Help Portfolio Managers Cushion Losses In February

India’s top portfolio managers suffered losses on average for the second straight month in February, mirroring the broader market which has fallen due to uncertainty over the upcoming general election.

Still, about 21 of the 50 portfolio managers tracked by BloombergQuint—with Rs 1.03 lakh crore in assets—returned gains in February, according to data by Securities and Exchange Board of India. That compares with three firms that returned gains in January.

The top 50 managers delivered a loss of 0.55 percent in February compared with a loss of 3.15 percent in January. What helped them fare better in February are bets on select mid-cap and thematic stocks that bounced back from their 52-week lows. Shares of some power and sugar companies and non-banking lenders recovered in February.

Losses in February came as the S&P BSE Sensex and NSE Nifty declined 1.1 percent and 0.4 percent, respectively. The benchmark indices have fallen so far this year.

Top Performers

Basant Maheshwari Wealth Advisers LLP was the best performer in February with 4.7 percent gains. Enam Asset Management and Anvil Wealth also returned gains.

Worst Performers

The uncertainty in markets led to a loss of up to 5 percent for some portfolio managers. Care Portfolio, Old Bridge Capital, Valuequest Investment and Aequitas, were the worst performers.

Here's how the top 50 portfolio managers performed.