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Thursday, December 7, 2017

L&T Midcap Fund

 
To generate capital appreciation by investing primarily in midcap stocks. L&T Midcap Scheme will invest primarily in companies whose market capitalization falls between the highest and the lowest constituent of the Nifty Free Float Midcap 100 Index.



L&T Midcap Fund features in the small-cap category due to its preference for smaller mid caps. The fund's asset allocation reveals a 25-30 per cent allocation to small-cap stocks, about 10-11 percentage points lower than the small-cap category, while mid-cap allocation is about 55 per cent, with the rest parked in large caps. This may result in a lower risk profile, while also moderating the returns from this fund. The fund has been a moderate but very consistent performer, which has earned it a three-star rating almost without break for the last four years. Like other L&T funds, this fund's strategy is a blend of growth and value styles of investing. The focus is on owning fundamentally strong and scalable businesses with good management track record, at reasonable valuations.


After a very nondescript debut, with the fund trailing its benchmark from 2006 to 2008, it managed to outpace its benchmark in seven of the eight years from 2009 to 2016, quite a challenging period for the stock market. While it has been a consistent beater of its benchmark, it has had greater trouble outpacing the category, probably due to its conservative bias. Trailing one-and three-year returns, however, show it to be improving its relative performance, with a 9-10 percentage-point outperformance of its benchmark and 3 percentage-point outperformance of the category in 2016.


Overall, a conservative choice in the volatile small-cap category.


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1 comment:

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