Commentary:
1. There is a divergence from last week report, when we look at top 50 across all fund types based on 1M Return. Though the top 50 is dominated by commodity funds, based on the investment criteria which is to look for above average returns in 1M thru 1Y timeline within top 50, no commodity funds make it. This is because of two reasons: a. Top returning commodity funds have given below average 1M return this time b. The superior return of foreign equity based funds have elevated the average for some commodity funds to miss the criteria.
We can anticipate further divergence in fund behavior through next three to four weeks due to national and global dynamics across the quarterly results.
2. Based on 1M top 50, the following made the cut with above average returns for all timelines from 1M thru 1Y:
- Mirae Asset S&P500 Top 50 ETF FoF
- Mirae Asset NYSE FANG+ETF FoF
3. Based on 1Y Top 50, the following made the cut with above average returns for all timelines from 1M thru 1Y.
- Mirae Asset NYSE FANG+ETF FoF
- SBI PSU Fund
- Quant Infrastructure Fund
- Quant Value Fund
- Bandhan Infrastructure Fund
4. When we look at Equity only Top 50 based on 1M Return, the following made the cut for investment based on above average return in all timelines from 1M thru 1Y:
- Mirae Asset S&P500 Top 50 ETF FoF
- Mirae Asset NYSE FANG+ETF FoF
- Bandhan Infrastructure Fund
Bandhan Infrastructure Fund misses out in Top 50 across all fund types due to lower 1M return than top 50 average, though the 1M return is healthy 8.65%
5. The funds that made the investment worthiness in equity only Top 50 based on 1Y return are the same as those in Top 50 across all fund types, because when it comes to superior 1Y return, equity rules almost all top 50 positions.
6. When we look at the Top 50 hybrid funds based on 1M return, more funds have made the cut for investment criteria: They are:
- Quant Multi Asset Fund
- Quant Dynamic Asset Allocation Fund
- Bank of India Mid and Small Cap Equity & Debt Fund
- Axis Retirement Savings Fund - Dynamic Plan
- Nippon India Asset Allocator FoF
- Axis Retirement Savings Fund - Aggressive Plan
- ICICI Prudential Retirement Fund - Hybrid Aggressive Plan
- ICICI Prudential Multi Asset Fund
- Kotak Multi Asset Allocation Fund
- JM Aggressive Hybrid Fund
- Quant Multi Asset Fund
- ICICI Prudential Retirement Fund - Hybrid Aggressive Plan
7. When we look at Commodity only Top 50 Funds based on 1M Return, none make the cut on investment criteria. This is because there is a churn out of leaders across shorter term and medium term within 1Y, and effectively no fund makes cut with above average retrun across all timelines from 1M thru 1Y. We need to take a pause therefore and wait for better pattern emergence through upcoming weeks.
No comments:
Post a Comment