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Mahindra Manulife Small Cap Fund has had a dream debut –clocking a blistering 50% return as it completes its 1st year – a performance that places it at the top of its peer group.
This performance has been hugely aided by the massive rally in small caps – the Nifty SmallCap 100 index recorded a 42% gain in the same period while the SmallCap 250 index recorded a 39% gain. Most small cap funds have however been unable to beat these benchmark returns – reinforcing the challenges of trying to outperform a mega rally.
Abhinav stresses that its time we temper our expectations from small caps after a massive 3 year bull run that culminated in very sharp gains over the last 6 months.
Fundamentals are intact, Abhinav continues to be comfortable with valuations of stocks he owns – but says that its time investors now look at small caps with a 5 year perspective and not as momentum plays.
He continues to like select stocks in auto ancillaries, textiles, mining, specialty steel and utilities which have helped him deliver alpha and which he plans to continue holding into CY24.
EXCELLENT
we have not been communicated properly for this fund.
Small Caps: Invest for the long term & keep expectations tempered is the Message. There are other schemes of Mahindra Manulife also which are performing well demanding our exposure to newer and smaller fund houses.
