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Top 25 equity mutual funds failed to deliver positive returns in June

NEW DELHI: Top 25 mutual fund schemes, managing retail money in excess of $1 billion (Rs 7,000 crore) each, failed to deliver positive returns in June. The month saw continued polarisation in the market, with only a few largecap stocks advancing even as the broader market remained depressed.

Data showed 25 top mutual fund schemes saw a drop in net asset values (NAVs) during the month.

Among the largest MF schemes, Kotak Standard Multicap Fund, which manages Rs 25,800 crore in assets, saw its NAV fall 1.4 per cent in June. Around Rs 23,900 crore of the scheme’s corpus is invested in equities. SBI BlueChip Fund, which has Rs 20,900 crore invested in equities out of its total asset of Rs 22,700 crore, saw the NAV value fall 0.7 per cent.

This was in line with the poor show during the month by portfolio management schemes that cater to wealthy investor.

BSE Sensex gained 1.8 per cent during the month, even as 18 of 30 index constituents ended lower. In BSE Smallcap index, 703 of the 857 stocks ended lower, while only 36 of 105 stocks could end higher.

Among others, HDFC Mid-Cap Opportunities Fund, ICICI Pru Bluechip Fund, Aditya Birla SL Frontline Equity Fund, AXIS Long Term Equity Fund and ICICI Pru Value Discovery Fund were among the top equity fund schemes by assets that failed to generate positive returns for investors in June.

MF schemes source Motilal Oswal Securities

Among the worst performers were HDFC Small Cap Fund (down 4 per cent MoM), Reliance Small Cap Fund (down 3.5 per cent MoM), Aditya Birla SL Tax Relief '96 (down 2.3 per cent MoM), HDFC Mid-Cap Opportunities Fund (down 1.8 per cent MoM) and Reliance Tax Saver (ELSS) Fund (down 1.6 per cent MoM). Only HDFC Equity Fund and HDFC Top 100 Fund saw a rise in NAVs by 0.5 per cent and 0.1 per cent, respectively.

GAIL, Cadila, Godrej Consumer, Hindustan Zinc and JSW Steel were some of the stocks that saw highest buying by mutual funds during the month, according to a study by ICICIdirect.

UPL, Piramal Enterprises, YES Bank, Indiabulls Housing Finance and Bandhan Bank were among the largecap stocks that saw brisk selloff by MFs.

Here are market cap-wise stocks that MF houses bought and sold in June:

MF largecap buy

MF large sell

MF midcap buy

MF midcap sell

MF smallcap buy

MF smallcap sell

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