A report released on Monday stated that over a hundred open-ended equity diversified mutual funds—aside from sectoral and theme funds—have surpassed their corresponding benchmarks in July.
Out of the 283 open-ended equity diversified mutual funds, 109 have outperformed, according to Prabhudas Lilladher’s wealth management company, PL Wealth Management. The assets under management (AUM) of these equity mutual funds, excluding sectoral/thematic funds, has increased by 5.37 percent sequentially to Rs 25,12,845.59 crore in July 2024 from Rs 23,84,727.69 crore in June 2024.
In the category with the best performance, value contra dividend yield funds outperformed the benchmark with 78% of the schemes. Large-cap fund and multi-cap fund schemes came next, surpassing their corresponding benchmarks by 58% and 40%, respectively, in July 2024.
Just 24% of large and mid-cap funds beat the benchmark, making them the least successful fund category. Funds in the smallcap category have underperformed.
The benchmark Nifty Smallcap 250 index has yielded worse returns than any of the 28 small mutual fund schemes.
The flexicap funds category has seen returns greater than the benchmark Nifty 500 in 13 out of 39 schemes (33%).
In the midcap funds category, eleven schemes out of 29 (38%) have produced returns higher than the benchmark Nifty Midcap 150. In the targeted funds category, 10 out of 28 funds, or 36%, have outperformed the Nifty 500 benchmark in terms of returns.
Comparing July to June, the aggregate assets under management (AUM) of the whole mutual fund industry, which includes sectoral and theme funds, was Rs 64.69 lakh crore as opposed to Rs 60.89 lakh crore. In July, the mutual fund industry in India saw its highest-ever SIP inflow of Rs 23,332 crore, up from Rs 21,262 crore in June.
