{"id":13990,"date":"2018-07-19T13:28:37","date_gmt":"2018-07-19T07:58:37","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=13863"},"modified":"2019-11-08T11:19:01","modified_gmt":"2019-11-08T05:49:01","slug":"changes-to-select-funds-july18","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/mf-research\/changes-to-select-funds-july18\/13990","title":{"rendered":"Changes to FundsIndia’s Select Funds"},"content":{"rendered":"

Over the past five months, mutual fund<\/a> houses have been overhauling their funds and strategies to comply with SEBI categorisation rules. This re-categorisation has made peer\u00a0comparison of funds challenging.<\/p>\n

For one, there are entirely new categories. Funds slotted into these come from a variety of\u00a0other categories and share little similarity. Second, even in existing categories, some funds\u00a0may have moved from other categories and thus may not yet show the characteristics of that\u00a0category. For example, funds moving to the corporate bond category may still have a high\u00a0allocation to low-rated credit.<\/p>\n

As a result of the challenges, fund ratings may not fully explain a fund’s performance. For\u00a0example, a fund slipping to 3-star or 2-star may be simply because of new funds entering its\u00a0category or it moving to a more aggressive category and not because of a performance\u00a0deterioration. As funds adjust to changes, these issues will eventually resolve. We will put out\u00a0a separate article on how we went about tweaking our rating methodology to ensure, to the best of our ability, that we compared the right set of funds using the right parameters.<\/p>\n

We have always had a process to define categories based on fund strategies and portfolios.\u00a0This ensured that we categorised them appropriately (even before SEBI’s rules) and\u00a0compared them with the right set of peers. We also ensured that the Select Funds comprised\u00a0funds with a unique and clearly defined strategy and avoid, wherever possible, multiple\u00a0funds that follow like-styles. Therefore, the bulk of the Select Funds list hasn’t seen a change in strategy or category.<\/p>\n

We bucket the Select Funds based on a fund\u2019s portfolio, strategy and risk levels and not only on its category. Therefore, each bucket comprises funds from different categories. We do this to keep the list simple and self-explanatory, and to focus on risk and time frame to choose\u00a0funds. We have always maintained this approach and will continue to do so.<\/p>\n

Equity funds<\/strong><\/h3>\n

Equity fund returns, in general, don’t look like they are in good shape. One-year double-digit returns have given way to the single digits. Since January this year, domestic stock markets have corrected based on global and local factors.<\/p>\n

This correction has been steep in mid-cap and small-cap stocks more than large-caps. Given the almost unidirectional rise in the mid & small-cap segments in the past three years.<\/p>\n

without an underlying improvement in earnings, a correction serves to bring some\u00a0rationality in markets. Large-cap indices have held strong. The Sensex is up 7% on a year-to-\u00a0date basis while the Nifty Midcap 100 is down 13% and the Nifty Smallcap 100 is down 22%.<\/p>\n

Market movements, especially in 2017, defied what conventional fundamental metrics had to say. Equity funds<\/a>, sticking to stock fundamentals, turned more cautious. This is also the\u00a0reason why most equity funds seem to be undershooting their benchmarks. Mid-cap funds\u00a0have, in fact, been able to weather the mid-cap correction because of this caution.<\/p>\n

In large-cap funds, apart from fund caution, a factor causing underperformance is that, of\u00a0late, only a handful of stocks have contributed to index gains while others languished.\u00a0Consider the BSE 100. In the past 1 year, only a third of the stocks managed to deliver\u00a0returns above that of the BSE 100 or even the BSE Sensex. The other stocks are laggards. Of\u00a0the stocks that gained more than the index, equity funds raised stakes in just about three-quarters. Therefore, other stocks where equity funds raised stakes are underperformers. In\u00a0some of the gainers, such as HDFC Bank, Kotak Mahindra Bank, or Bajaj Finance, several\u00a0funds may already have high weights and would not be able to increase it further.<\/p>\n

The bottom line is that, yes, several equity funds are lagging the market indices. But that is\u00a0due to a mix of caution in the face of exuberant markets, gainers being concentrated in only a\u00a0few stocks, and the market-cap weighted construction of indices themselves. Funds need\u00a0time for markets to move back into more rational zones and for broader earnings and\u00a0economic recovery to push stocks back up. This is a time for being patient and averaging, as far as equity funds are concerned.<\/p>\n

Our choice of funds in the equity category is one, based on the extent of risk a fund takes and\u00a0its return, consistency and so on in comparison with similar funds regardless of the category\u00a0to which it belongs. Two, we prefer funds where the strategy is clear and there will not see\u00a0change. We\u2019ve steered clear of funds that can see a potential change in strategy, which are\u00a0recent outperformers, or which are extremely aggressive.<\/p>\n

Debt funds<\/strong><\/h3>\n

The April-June quarter was a turbulent period for debt mutual funds<\/a>. With the 10-year gilt\u00a0making a steep climb from 7.3% to 7.9% on the back of a rate hike, debt funds with longer\u00a0maturities faced a setback. But almost all categories of funds barring some long duration\/gilt\u00a0funds, managed to generate positive returns over the quarter.<\/p>\n

Besides, the good news is that all funds right from liquid to medium duration categories,\u00a0sport very attractive yields (yield to maturity or YTM) now. Sample this: the average YTM of\u00a0liquid funds is now 7.2% against 6.5% a year ago. For short duration funds it is 8.5% now versus 7.4% year ago. For medium duration and corporate bonds funds it is 8.85% as\u00a0opposed to 7.9% a year ago! With these yields set to transpire into returns over the time frame of the respective fund categories, debt fund investors would be in for handsome\u00a0returns if they waited.<\/p>\n

Our choice of select funds, in the debt category, has taken into account possible impact of\u00a0category changes, where it is evident. In all other cases, we have stuck to assessing\u00a0consistency in performance, the yield of the portfolio and the risks that a category can afford\u00a0to take to generate optimal returns.<\/p>\n

As a FundsIndia investor, you would have received a mail from us detailing the fund changes\u00a0this quarter and the reasoning for the same. You can also see the updated Select list by\u00a0logging in at www.fundsindia.com\/select-funds<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past five months, mutual fund houses have been overhauling their funds and strategies to comply with SEBI categorisation rules. This re-categorisation has made peer\u00a0comparison of funds challenging. For one, there are entirely new categories. Funds slotted into these come from a variety of\u00a0other categories and share little similarity. Second, even in existing categories, […]<\/p>\n","protected":false},"author":18,"featured_media":13996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[506,6,72,509,510],"tags":[515,209,22,23,148,36,518,177],"yoast_head":"\nChanges to FundsIndia's Select Funds<\/title>\n<meta name=\"description\" content=\"With funds and strategies made to comply with SEBI categorisation rules, peer comparison has become challenging. So we\u2019ve tweaked our ratings methodology to make the right comparisons. What's changed in Select Funds?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/mf-research\/changes-to-select-funds-july18\/13990\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changes to FundsIndia's Select Funds\" \/>\n<meta property=\"og:description\" content=\"With funds and strategies made to comply with SEBI categorisation rules, peer comparison has become challenging. So we\u2019ve tweaked our ratings methodology to make the right comparisons. 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