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UPL 690.00↑1.90(0.28%)
Wipro 399.80↓-1.90(-0.47%)

Mutual fund investors show bias towards riskier small-cap-oriented schemes

In March, inflows into small-caps highest among market cap-oriented fund categories

Abhishek Kumar Samie Modak Mumbai

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Illustration: Binay Sinha

4 min read Last Updated : Apr 20 2023 | 10:31 PM IST

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Notwithstanding sharp volatility in March, mutual fund (MF) investors didn’t fight shy of investing in riskier small-cap-oriented schemes. Inflows into small-cap funds were not just the highest in absolute terms, they were also the maximum as a proportion of assets under management (AUM) among all market capitalisation (m-cap)-oriented categories.

Investors funnelled Rs 2,430 crore down small-cap funds — 1.8 per cent of their AUM of Rs 1.33 trillion. Meanwhile, inflows into mid-cap schemes were 1.2 per cent of their AUM, while those into large-cap schemes were just 0.4 per cent of AUM.

“Active m-cap-based MF portfolios saw a much higher degree of buying by mid- and small-cap funds, compared to large-cap funds. This indicates a propensity to add ‘size risk’ by domestic investors,” wrote equity strategists Vinod Karki and Niraj Karnani of ICICI Securities in a note.