FPI selling continued relentlessly in Mar-22. After FPIs sold Rs35,592cr in equities in Feb-22, they sold another Rs41,123cr in Mar-22. There were a number of headwinds resulting in aggressive FPI selling. The inflation was going up sharply, input costs were hurting, Fed was getting ultra-hawkish and the geopolitical situation was worsening with Russia and Ukraine officially at war. The sanctions and retaliations by Russia have created a lot of uncertainty.
After the sharp spike in bond yields in Jan-22, February and March were relatively quiet month. It may be recollected that in early Feb-22, the 10-year benchmark bond yields got perilously close to the 7% mark. For Mar-22, yields stayed in the range of 6.80% and 6.90% through the month. However, a lot will predicate on how the RBI eventually reacts to the Fed hawkishness and the first indications will only be out in April monetary policy.
1. Equity Large-Cap Funds
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Axis Blue-Chip Fund (G) | 15.564% | 16.785% | 16.680% |
| Canara Robeco Blue-Chip (G) | 15.701% | 18.343% | 15.727% |
| Mirae Asset Large Cap (G) | 18.385% | 15.059% | 14.414% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Active Fund (G) | 41.428% | 32.949% | 24.208% |
| Sundaram Multi-Cap Fund (G) | 31.704% | 18.487% | 14.950% |
| Baroda Multi Cap (G) | 32.953% | 21.294% | 14.705% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Mid-Cap Fund (G) | 48.178% | 29.999% | 21.642% |
| Axis Mid Cap Fund (G) | 22.440% | 22.698% | 19.344% |
| PGIM India Mid-Cap Fund (G) | 34.184% | 32.257% | 18.509% |
| Data Source: Morningstar |
4. Equity Small-Cap Funds
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Small Cap Fund (G) | 58.089% | 37.448% | 22.437% |
| Axis Small Cap Fund (G) | 39.941% | 30.432% | 20.807% |
| SBI Small Cap Fund (G) | 28.434% | 25.498% | 20.464% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Tax Plan (G) | 44.227% | 34.872% | 24.130% |
| BOI AXA Tax Advantage (G) | 23.844% | 25.441% | 18.837% |
| Mirae Asset Tax Saver (G) | 20.404% | 20.498% | 18.128% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Absolute Fund (G) | 35.778% | 27.527% | 20.427% |
| BOI AXA Mid and Small (G) | 33.698% | 21.353% | 15.646% |
| ICICI Pru Equity & Debt (G) | 32.543% | 19.151% | 14.871% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Kotak Debt Hybrid (G) | 11.443% | 11.655% | 8.965% |
| ICICI Pru Regular (G) | 9.396% | 9.474% | 8.888% |
| Canara Robeco Hybrid (G) | 8.324% | 10.277% | 8.393% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Kotak Equity Arbitrage (G) | 4.080% | 4.634% | 5.229% |
| Nippon India Arbitrage (G) | 3.977% | 4.579% | 5.222% |
| L&T Arbitrage Fund (G) | 3.648% | 4.659% | 5.192% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Kotak Gilt Fund (G) | 4.991% | 8.772% | 7.942% |
| Edelweiss G-Sec Fund (G) | 4.993% | 8.859% | 7.742% |
| IDFC G-Sec Fund (G) | 4.831% | 9.014% | 7.697% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| ABSL Corporate Bond (G) | 4.989% | 7.974% | 7.689% |
| L&T Triple Ace Bond (G) | 5.042% | 8.733% | 7.640% |
| HDFC Corporate Bond (G) | 4.835% | 7.887% | 7.613% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| ICICI Pru Credit Risk Fund (G) | 6.713% | 8.236% | 7.705% |
| HDFC Credit Risk Fund (G) | 6.925% | 8.469% | 7.505% |
| Baroda Credit Risk Fund (G) | 14.185% | 7.547% | 7.179% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 31st Mar-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Liquid Plan (G) | 3.924% | 4.996% | 5.799% |
| IDBI Liquid Fund (G) | 3.483% | 4.520% | 5.557% |
| Aditya Birla SL Liquid (G) | 3.381% | 4.417% | 5.499% |
| Data Source: Morningstar |
Bond funds were largely stable in Mar-22, with the 10-year benchmark bond yields stable in the range of 6.8% and 6.9%. While bond returns were stable in March, factors like a higher borrowing program of Rs14.3 trillion and chances of RBI following the hawkish path of the US Fed will be material. It would be useful to keep a close watch on the emerging retail inflation data, as that is likely to have a strong bearing on benchmark bond yields, as well as the RBI language in the Apr-22 monetary policy statement.
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