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Focused <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which invest in a concentrated portfolio of <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, are gaining traction among investors with the <keyword id="22748135" type="General" weightage="20" keywordseo="asset-base" source="keywords">asset base</keyword> of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31% from a year ago. Interestingly, some of the focused funds offered by the mutual fund houses such as <keyword id="22748136" type="General" weightage="20" keywordseo="Invesco-India-Focused-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Invesco India Focused Fund" meta.hostid="261" meta.entityid="Invesco India Focused Fund">Invesco India Focused Fund</keyword>, Mahindra Manulife Focused Fund, JM Focused Fund, and <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> Focused 30 Fund delivered a remarkable return of 40-60% in the past year, industry data showed. Focused funds are a type of mutual fund where the fund manager selects a concentrated portfolio of stocks, typically limited to a maximum of 30 due to regulatory constraints. This requires the fund manager to be highly skilled in stock selection, as they need to identify the best investment opportunities across the market without bias toward any specific market cap or sector. According to data from the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi), the assets under management (AUM) of the focused funds were at Rs 1.43 lakh crore in the June quarter 2024-25 as compared to Rs 1.09 lakh crore in April-June FY24. This growth highlights the appeal of focused funds as an alternative to portfolio management services (<keyword id="19950020" type="General" weightage="20" keywordseo="pms" source="keywords">PMS</keyword>), especially with recent tax changes that make PMS less attractive due to higher costs and tax implications, Feroze Azeez, Deputy CEO, of Anand Rathi Wealth Ltd, said. "With the increase in taxation on both small-term capital gain tax and long-term capital gain tax, PMS portfolios are expected to see a drop in post-tax returns. For example, a PMS portfolio generating a pre-tax return of 14 % could see post-tax returns drop from 11.73 % to 11.29 %. This shift could lead to fund managers churning portfolios less frequently, which in turn will be affecting returns for investors," he added. Focused funds follow a similar concentrated portfolio strategy where the fund manager picks the top stocks and offers flexibility across market caps. Thus, becoming a more attractive option for investors looking to optimize their returns. Industry experts recommend investing in focused funds through systematic investment plans (SIPs) as a smart strategy in the current market environment of sector rotation and high valuations. Since these funds invest in a small number of stocks, SIPs can help reduce risk by spreading out investments over time. Overall, there are 31 focused schemes offered by different mutual fund houses in the category. These schemes have given returns of 19-60% in the last one year. In terms of returns, smaller funds have performed exceptionally well. The Invesco India Focused Fund delivered a remarkable return of over 60% in the past year, while Mahindra Manulife Focused Fund provided around 50% returns and JM Focused Fund offered a return of 45% during the period. With a corpus of Rs 1,552 crore as of June 2024, Mahindra Manulife Focused Fund has consistently performed well, securing the second rank for 1, 2, and 3-year periods. The fund delivered returns of 50%, 32%, and 26% over these periods, respectively. HDFC Focused 30 Fund achieved the top rank over the 3 years with a return of 28.63 %, while JM Focused Fund secured the third rank with a 25 % return during the same period. "The success of focused funds underscores the importance of skilled fund management and strategic stock selection," an industry expert said. Focused funds opt for a more targeted strategy rather than the broad diversification typical of traditional mutual funds. This approach helps fund managers make investments in a carefully selected group of stocks, reflecting their strongest investment beliefs. The concentrated nature of these portfolios requires careful selection of each stock, as the fund's performance heavily depends on these choices. Although these funds hold a limited number of stocks, they are structured to be sufficiently diversified to effectively manage risk. Overall, the assets of the equity mutual funds rose to Rs 27.6 lakh crore in June 2024 from Rs 17.43 lakh crore in June 2023.

Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

Mumbai, The share of women investors in mutual funds has increased from 15 per cent in March 2017 to nearly 21 per cent in December 2023, according the latest data of Amfi (Association of Mutual Funds). The overall asset under management in mutual funds crossed the Rs 50 lakh crore-mark in February this year as a large number of passive investors are flocking to mutual funds to save and earn more. The Amfi data showed the share of women investors in mutual funds increased from 15 per cent in March 2017 to nearly 21 per cent in December 2023. This pace of growth was more prominent in the hinterland versus the urban centres during the period. The share of women folios and assets in B-30 cities has increased from 15 per cent to 18 per cent and from 17 per cent to 28 per cent, respectively, the data showed. The report, prepared by <keyword id="19898320" type="General" weightage="20" keywordseo="crisil" source="keywords">Crisil</keyword> for Amfi and released by Sebi chairperson <keyword id="19922107" type="General" weightage="20" keywordseo="madhabi-puri-buch" source="keywords">Madhabi Puri Buch</keyword>, further said that almost 50 per cent of women investors fall in the 25-44 age group as against around 45 per cent for overall set of individual investors. Goa boasts the highest share of women in the mutual fund industry at 40 per cent, followed by northeastern states with high 30s percentages. <keyword id="20911260" type="General" weightage="20" keywordseo="chandigarh-maharashtra" source="keywords">Chandigarh, Maharashtra</keyword>, and <keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> also have over 30 per cent share of women in assets under management. Most female MF investors continue to invest through the regular plan route and stay invested for longer when investing through a mutual fund distributor. The number of women MF distributors has also increased and was near the 42,000-mark as of December 2023 with their total AUM (assets under management) of over Rs 1 lakh crore. Releasing the report, Buch said women can lead and champion the right investment causes by leveraging their perspectives, advocating for inclusive decision-making processes, and fostering environments where diverse voices are heard and valued. <keyword id="20911259" type="General" weightage="20" keywordseo="navneet-munot" source="keywords">Navneet Munot</keyword>, Amfi chairman, said the increasing participation of women in <keyword id="19975903" type="General" weightage="20" keywordseo="mfs" source="keywords">MFs</keyword> is a testament to their growing economic empowerment and greater financial literacy. According to <keyword id="20111053" type="General" weightage="20" keywordseo="venkat-chalasani" source="keywords">Venkat Chalasani</keyword>, Amfi chief executive, increase in the number of women distributors shows their ability to make financial decisions for themselves and guide others reflecting a growing confidence and financial awareness among women.

Women investors' share in MFs grows from 15% in March 2017 to 21% in December 2023

<ul><li>Investments in gold ETFs grew by a whopping 472% at ₹841 crore in October ‘23.</li><li>Despite words of caution by experts, <keyword id="6416579" type="General" weightage="20" keywordseo="retail-investors" source="Orion">retail investors</keyword> continue to bet on midcap funds for better returns, thanks to government policies.</li><li>The weight of automobiles in overall allocation jumped to an almost 5-year high of 8.4% (up 10 bps MoM and 70 bps YoY) in October 2023. </li></ul> All that glitters is gold when it comes to the festive season in India. A month ahead of Diwali, retail investors chose to tank up on gold funds, going by data released by the Association of Mutual Funds of India (AMFI). Moreover, the weightage on sectors like auto, utilities and insurance stocks increased significantly while sectors such as banking saw a moderation. Investments in gold ETFs (exchange traded funds) grew by a whopping 472% at ₹841 crore in October compared to ₹147 crore in the same period last year. But that is not all, retail investors are now mature and picking themes with a view on higher value creation over the long term. The month of October reflects this trend quite clearly. As large caps continue to struggle, retail investors continue to bulk up on small and midcap funds that have already delivered over 40% returns this year. After a short blip in September, small cap funds attracted higher inflows to the tune of around ₹4,495 crore in October, up from ₹2,678 crore in September. According to ICRA Analytics, for a country to grow it should grow intrinsically strong and adopt a bottoms-up approach. The government is focusing on this and is making policies to strengthen such small companies. This is likely to augur well for small and mid-sized firms and would help in higher value creation. G. Pradeepkumar, CEO, Union Mutual Fund, says: “If one takes into account the allocations to mid and small caps in categories such as multicap, flexicap and large &amp; mid Cap, it appears that anywhere from 40% to 50% of the total net flows could have gone to mid and small-cap stocks. While the long-term outlook for these companies is positive, investors should remain cautious about the possibility of short-term market volatility and consider a staggered approach to their investments.” It is not just betting on smaller stocks that will lead to higher value creation that shows that the Indian retail investor has evolved. Analysis shows that the pace of redemptions slowed down to Rs 26,000 crore (down 14.8% month-on-month). Consequently, net inflows accelerated to ₹22,000 crore in October from ₹15,500 crore in September 2023. Financialisation of savings is a big trend that has been playing out since 2016 in India. The retail investor’s faith in the India story has not faded despite the headwinds. Explains Ashwini Kumar, Head Market Data, ICRA Analytics, “Net inflows during the month of October 2023 have grown by a whooping 473% at ₹80,528 crore, as against ₹14,047 crore in October 2022.” The sectoral shift The story gets even more interesting when one digs deeper into the monthly flows. Net inflows into equity-oriented schemes grew by 113% at ₹19,957 crore in October, up from ₹9,390 crore in the same period last year. According to analysis done by Motilal Oswal Financial Services (MOFS), the month saw notable changes in the sector and stock allocation of funds. Retail investors are doubling down on automobiles, utilities, consumer and insurance sectors. On a MoM basis, the weights of all these sectors increased while that of banks (Private &amp; PSU) , technology, capital goods, and metals moderated. The weight of automobiles jumped to an almost five-year (59-month) high of 8.4% (up 10 basis points month-on-month and +70 basis point year-on-year) in October 2023. Utilities’ weight climbed for the second consecutive month to a 38-month high of 3.9% (+10bp MoM, +60bp YoY), says MOFS. The weightage for private banks moderated for the fourth consecutive month to 18.7% (-20bp MoM, flat YoY) in October 2023. PSU Banks overall weight declined to 3% (-20bp MoM, -70bp YoY) and this is the lowest since February 2021.

It’s not banks but insurance that the retail investors now fancy

<ul><li>If you are looking at equity funds that deliver superior returns, look no further. Here are the top 20 equity funds collated by Value Research.</li><li><keyword id="5647500" type="General" weightage="20" keywordseo="BHARAT-22-ETF" source="Orion">BHARAT 22 ETF</keyword> and ICICI Prudential BHARAT 22 FOF were on the top of the list as they delivered 28% returns in the last one year.</li><li>Another analysis of the report shows that most funds in the top performing list were from the mid cap category.</li></ul>Mutual funds have been witnessing record inflows by investors every month, thanks to the systematic investment trend that is now a savings pattern of retail investors. This is applaudable because it is happening at a time when foreign institutional investors are selling Indian stocks aggressively, which fortunately did not impact domestic investors. Inflows into <keyword id="15961802" type="General" weightage="20" keywordseo="equity-oriented-mutual-funds" source="Orion">equity oriented mutual funds</keyword> hit a nine-month high in February with an infusion to the tune of ₹15,686 crore. The inflows stood at ₹12,546 crore in January, as per Association of <keyword id="864677" type="General" weightage="20" keywordseo="Mutual-Funds-in-India" source="Orion">Mutual Funds in India</keyword> (AMFI) data. High inflows were seen in thematic and <keyword id="497338" type="General" weightage="20" keywordseo="small-cap-funds" source="Orion">small cap funds</keyword> at ₹3,856 crore and ₹2,246 crore respectively. Mutual funds’ <a href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">interest in mid and small caps has been growing </a>in the last three quarters. In fact, mutual fund categories that have performed relatively better include small, mid and thematic funds. Here are the top 20 equity funds collated by Value Research report on ‘Best Funds for wealth, income, short term goals and tax saving 2023’ as per their performance in the last one year. BHARAT 22 ETF and ICICI Prudential BHARAT 22 FOF were on the top of the list as both delivered 28% returns each to investors in the last one year. ICICI Prudential BHARAT 22 FOF is a fund-of-funds scheme that tracks BHARAT 22 ETF. Bharat 22 ETF was introduced by the government in the Union Budget 2017 as a vehicle to achieve its divestment target. The index is collectively comprised of 22 stocks of central public sector enterprises (CPSE), public sector banks and private companies which are strategic holding of specified undertakings of unit trust of India (SUUTI). Another analysis of the report shows most funds in the list were from the mid cap category that have higher returns. Note that interest in <a href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">mid caps has been growing </a>in the last three quarters as it saw inflows of ₹14,632 crore at a time when large-cap funds witnessed inflows worth less than half of it at ₹6,392 crore in the last three quarters. <div type="image" title="Top 20 equity funds (1)" msid="99388894" hostid="261"></div>Source: Value Research Meanwhile, the bottom 20 funds that have delivered poor returns in the last one year included most of the small and flexi cap stocks. This comes at a time when markets have been extremely volatile in the last one year due to high inflation and macroeconomic challenges. This led to heavy outflows in stocks that couldn't stand through the testing times. Nifty Smallcap 100 index has lost 15% in the last one year while Nifty Midcap 100 lost 2.38%. <div type="image" title="Bottom 20 equity funds" msid="99388896" hostid="261"></div>Source: Value Research SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-to-double-its-economy-to-7-trillion-by-2030/articleshow/99381185.cms">India set to be a $7 trillion economy by 2030, powered by triple engines of rapid financialisation, clean energy transition and digital revolution</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">FPIs offload IT, oil &amp; gas stocks worth ₹13,734 crore in March; remain net sellers of Indian stocks for 2 years running</a>

Super 20 equity funds that have managed to not only beat benchmarks but delivered the best returns in the last one year

Telecom operator Bharti <keyword id="15491" type="General" weightage="100" keywordseo="airtel" source="Orion">Airtel</keyword> overtook <keyword id="6354504" type="General" weightage="50" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> in <keyword id="764355" type="General" weightage="20" keywordseo="5G" source="Orion">5G</keyword> roll-out with the expansion of the network to additional 235 cities, taking its total reach to 500 cities. Reliance Jio has so far announced the expansion of its ultra high-speed fifth generation (5G) network to 406 cities. "Bharti Airtel...ultra-fast 5G service is available to customers in 500 cities in the country. Airtel added 235 cities to its network, making it one of the largest roll-outs to date," the company said in a statement. Airtel said that it is adding 30-40 cities on its 5G network daily. "Airtel was the first to offer 5G services in October 2022, and today's mega launch is our promise to connect every Airtel customer in the country with ultra-fast <keyword id="4237866" type="General" weightage="20" keywordseo="Airtel-5G" source="Orion">Airtel 5G</keyword> Plus. We have already covered 500 cities and are adding 30 to 40 cities every single day. By September of 2023, we expect to expand our 5G footprint to all of urban India," Bharti Airtel CTO Randeep Sekhon said. According to industry players, India has become the fastest country in the world to roll-out 5G networks. Against the target of rolling out 5G in 200 cities before March 31 set by the government, the service is now available in over 900 cities. Airtel said that its 5G Plus runs on a technology that has the widest acceptance in the world with the most developed ecosystem which ensures that all 5G smartphones in India seamlessly work on the Airtel network. "Second, the company promises to deliver the best experience - between 20 to 30 times higher speeds than today (compared to 4G) coupled with a brilliant voice experience and super-fast call connect," the statement said. Airtel has also removed the 5G data usage limit cap to match with Jio's offer. Earlier 5G data usage was limited to the same as the daily quota which customers had in their 4G subscription plan. "Customers will now be able to experience ultra-fast, reliable and secure 5G Plus services without having to worry about data exhaustion as the company removes the capping on data usage across all existing plans," the statement said. The company has also deployed the first 5G private network at Bosch facility in Bengaluru, and also at Mahindra &amp; Mahindra's Chakan manufacturing facility to make it the first 5G-enabled auto manufacturing unit. SEE ALSO: <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a href="https://www.businessinsider.in/business/corporates/news/shinier-zomato-gold-better-commissions-makes-analysts-bullish-in-the-long-term/articleshow/98938279.cms">Shinier Zomato Gold, better commissions makes analysts bullish in the long term</a> <a href="https://www.businessinsider.in/stock-market/news/back-to-square-one-nifty-circles-back-to-levels-last-seen-in-september-2021-markets-likely-to-end-2023-in-the-red/articleshow/98898424.cms">Back to Square One: Nifty circles back to levels last seen in September 2021, markets likely to end 2023 in the red</a>

Airtel pips Jio in 5G rollout, reaches 500 cities across the country

Debt MFs catch investor fancy as their returns go up to 23%

<ul><li>Budget amendment proposes to do away with long-term capital gains tax on debt investments. This effectively ends the tax arbitrage that used to exist between bank deposits and debt schemes. </li><li>Experts view this as a negative for <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> as investors may move capital from debt schemes to bank FDs or other long-term instruments like non-convertible debentures. </li><li>According to CLSA, the measure would have a moderate to low impact on profitability, as bulk of the revenue/profitability for AMCs accrues from equity assets and non-liquid debt AUMs are neither higher growth nor higher profitability segments. </li></ul> It is going to be a busy weekend for mutual fund advisors and distributors, with the government proposing to change the taxation structure of debt schemes. With the change in taxation, distributors and advisors are rushing to lock in large amounts of investments from their HNI customers before the financial year ends. As per the proposed changes in the Finance Bill, investors in debt funds will have to pay tax according to their income slabs. Investors have so far benefited from indexation while calculating long-term capital gains from debt funds but this will now longer be available from 1 April, 2023. However, all investments made before 31 March 2023 will continue to enjoy indexation and LTCG benefits. According to FY24’s Budget amendment, capital gains arising from any investments made after 1 April, 2023, in non-equity mutual fund schemes will not be eligible for long-term capital gains benefits. Mutual fund distributors have been spamming their HNI clientele all morning about these proposed changes so that they can lock in their investments before the new fiscal year to take advantage of the indexation benefits. Explains CA Manish. P Hingar, founder at Fintoo, “This move may have a negative impact on all debt funds…We may see a shift from long-term debt funds to equity funds, and money may be directed towards sovereign gold bonds, bank fixed deposits, and non-convertible debentures in the debt category. This is good news for banks as they can attract customers with higher interest rates and increase their borrowing and saving book sizes.” Fund houses are screaming blue murder, especially the non-bank backed ones, as the amendment has come as a complete surprise. Few fund houses wanted to go on record to speak on the subject, as they feel it is a negative for the bond funds. The government is seeking to do away with the tax arbitrage that currently existed between debt funds and bank deposits. So far interest income from bank deposits have been taxed at slab rates, while investments in debt funds of a duration of over 36 months have been taxed at a long-term capital gains tax rate of 20% with indexation benefits. Indexation is nothing but a methodology that helps reduce tax burden by adjusting for inflation. Now this option will no longer be available to debt investors. Mutual funds are an unhappy lot as this takes away the added benefit that investors of debt schemes had over bank deposits. Srikanth Subramanian, CEO, Kotak Cherry said, "The amendment in the finance bill will have significant structural changes to the way we invest. For mutual funds to get investor interest, it’ll now have to purely be on their ability to add extra ‘risk adjusted returns’ and not because of any tax arbitrage.” The advantage of paying lower tax on a debt instrument like mutual fund will no longer be available to investors or savers. The playing field is now more even, believe experts. However this will benefit the corporate bond market where there will be renewed interest from retail investors, and this will also add depth to the liquidity which again will mean better pricing for the end customer, explains Subramanian. Analysts believe that this is negative for mutual funds, as debt schemes (barring liquid) contribute to 19% of AUMs and anywhere up to 14% of revenues. According to CLSA, the measure would have a moderate to low impact on profitability, as bulk of the revenue/profitability for AMCs accrues from equity assets and non-liquid debt AUMs are neither higher growth nor higher profitability segments. The measure will also not impact liquid MFs of ₹6.6 trillion materially, as they are short-term products and there is no material change in tax attractiveness. For life insurers, there appears to be no change in the taxation structure in the budget. An unintended impact of this could be felt by non-banking financial institutions that rely on mutual funds for some of their funding requirements. With flows into debt schemes slowing after this move, NBFCs may have to rely more on bank funding than mutual funds.

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Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

PTI

Women investors' share in MFs grows from 15% in March 2017 to 21% in December 2023

PTI

It’s not banks but insurance that the retail investors now fancy

Malini Bhupta

Super 20 equity funds that have managed to not only beat benchmarks but delivered the best returns in the last one year

Bhakti Makwana

Airtel pips Jio in 5G rollout, reaches 500 cities across the country

PTI

Debt MFs catch investor fancy as their returns go up to 23%

Bhakti Makwana

Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG & indexation benefits

Malini Bhupta

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