The mid cap schemes are benchmarked against Nifty Midcap 150 – TRI, S&P BSE 150 MidCap – TRI, and Nifty Midcap 100 – TRI. These benchmarks gave 3.59%, 4.89%, and 3.61% respectively in the January-March quarter in 2024.
Three midcap schemes gave double-digit returns in the January – March quarter in 2024. Quant Mid Cap Fund, the topper in the category, gave 12.99% in the quarter that ended in March 2024. Motilal Oswal Midcap Fund gave 10.84% in the said period.
ICICI Pru Midcap Fund gave 7.06%. Canara Robeco Mid Cap Fund offered 5.76% in the quarter.
Also Read | Tech-betting mutual fund investors lose over 4% in March. Will April be different?HDFC Mid-Cap Opportunities Fund, the largest scheme in the mid cap category based on assets managed, gave 5.58%. Kotak Emerging Equity Fund, the second largest scheme in the mid cap category based on assets managed, gave 2.07%.Franklin India Prima Fund, the oldest scheme in the mid cap category, offered 2.93% in the January – March quarter 2024.
ETMutualFunds also compared the performance of mid cap schemes for the quarter that ended in March 2024 with the performance of their respective benchmarks. Out of 29 schemes in the category, 15 mid cap schemes outperformed their respective benchmarks. In other words, 14 mid cap schemes failed to beat their respective benchmarks.
SBI Magnum Midcap Fund failed to beat its benchmark in the quarter. The scheme offered 3.39% against 3.59% by its benchmark (Nifty Midcap 150 – TRI). Franklin India Prima Fund underperformed against its benchmark. Kotak Emerging Equity Fund also failed to outperform its benchmark in the quarter. The scheme offered 2.07% in the January – March quarter in 2024. The scheme is benchmarked against Nifty Midcap 150 – TRI which gave 3.59% during the quarter.
Out of 29 mid cap schemes in the market, 28 mid cap schemes offered positive returns and one scheme gave negative return in the quarter.
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As per the last available AMFI data (as on February 29, 2024), the mid cap category in the quarter that ended in March 2024 received a total inflow of Rs 3,869.36 crore. The net asset under management for the mid cap category as on February 29, 2024 was Rs 2.95 lakh crore.
One should consider investing in mid cap schemes only if you have a long-term horizon, say, seven to 10 years as a longer horizon helps in managing the volatility better.
(Disclaimer: All mid funds, regular and growth options available for investment in the market were considered for this report. This exercise is not a recommendation. It was done to find how mid cap funds performed in the January – March quarter in 2024. One should not make investment or redemption decisions based on the above exercise. One should always consider risk appetite, investment horizon, and goal before making investment decisions. Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
