Portfolio managers with an exposure to mid caps gained for the third straight month as the gauge for such stocks continue to outperform the benchmark indices.
India's 60 biggest portfolio managers by assets—that collectively manage Rs 1.13 lakh crore, or nearly 84% of the industry's total assets—tracked by BloombergQuint returned average gains of 5.3% in August compared with a 2.72% and 2.84% rise in Sensex and Nifty 50, respectively. The Nifty Midcap 100 gained 7.8% during the month.
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In the last three months, the top 60 portfolio managers have returned average gains of 20.10%, according to BloombergQuint calculations, as the mid-cap stocks held by most of them recovered. The Nifty Midcap 100 gained 25.7% during the period.
The recovery in the last three months helped the portfolio managers recoup most of their loss in asset value. They have gained Rs 1,276 crore in assets since December-end as the recent equity rally brought in fresh investments. March had seen the steepest fall with assets under management at Rs 1.14 lakh crore compared with Rs 1.53 lakh crore in at the end of January.
Of the 60 portfolio managers, 12 outperformed the Nifty Midcap 100 in August. Aequitas Investment gained 15.9%, followed by Equity Intelligence and Nine Rivers Capital.
So far this year, Unifi Capital has given 20.9% return, followed by Invesco AMC and Nine Rivers Capital.
Here is the snapshot of how India's top 60 portfolio managers have performed in August and so far this year.
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