Large-cap, small-mid and flexi cap: Best, worst performers in June quarter

Large-cap funds have been witnessing deteriorating net inflows over the last few quarters. These funds saw net outflows worth Rs 3,359 crore in the first quarter of fiscal 2023-24. The net outflows were at the back of net inflows to the tune of Rs 1,981 crore in the last quarter, shows data analysed by Morningstar.

Monthwise, the category received Rs 52.6 crore in April 2023, after which it saw outflows of Rs 1,362.2 crore and Rs 2,049.6 crore in May and June, respectively, thus finishing the quarter cumulatively on a somber note.

The Assets Under Management for the large-cap equity category regained its peak, with assets totaling Rs 2,59,583 crore, as of June 2023. said Morningstar. 

Large-Cap Flows and AUM Trend

 

Compared to the last quarter, the assets increased by 10%, whereas compared with the last year, the assets increased by 22%. Despite the category witnessing outflows, the assets scaled to new highs over the last quarter primarily on account of conducive market conditions whereby the S&P BSE 100 India TR INR registered a sharp rise of 11.84%

Here are Top 5 Large-Cap Funds AUM

5 Top and Bottom Estimated Flows First-Quarter Fiscal-Year 2024—Large-Cap Funds

"The regular exodus of funds from Axis Bluechip Fund over the last few quarters has toppled it off the top spot in the large-cap category in the last couple of quarters," said the report.

Mid-Cap Funds

The mid-cap category had net inflows for the 10th-consecutive quarter, wherein it managed to garner net inflows of Rs 4,735 crore in the first quarter of fiscal-year 2023-24. 

During the quarter, the mid-cap category received the second-highest net inflows in the open-end equity asset class, only behind the small-cap category. Flows in the mid-cap category have been consistently strong over the last few quarters.

The flows received in this quarter were the fifth highest in terms of amount over a quarterly period. 

Mid-cap AUM trend

Monthwise, the category received Rs 1,790.9 crore in April 2023, followed by Rs 1,195.6 crore and Rs 1,748.5 crore in May and June 2023, respectively.

Since the fourth quarter of 2019-20, the AUM for the mid-cap category have seen a phenomenal rise, courtesy of market movement coupled with positive net inflows every quarter. The AUM for the mid-cap equity category hit its peak again in the quarter ended June 2023, with assets totaling Rs 2,18,146 crore. 

Top 5 Mid-Cap Funds AUM

 During the quarter, the benchmark S&P BSE Midcap surged 19.92%. The AUM over the last quarter rose by 19%, whereas over the last one year, they rose by a sharp 45%.

Only seven out of 29 mid-cap funds witnessed net outflows during the quarter ended June 2023, with their amounts being negligible in nature.

Small-Cap Funds

The small-cap category had net inflows of Rs 10,937 crore in the first quarter of fiscal 2023-24, which is the highest the category has witnessed ever over a quarter. 

This was also the ninth-consecutive quarter in which the category witnessed net inflows. The category witnessed the highest net inflows for the open-end equity asset class during the quarter. 

Monthwise, the category received Rs 2,182.4 crore,  in April 2023, followed by Rs 3,282.5 crore and Rs 5,471.7 crore in May and June 2023, respectively.

The flows witnessed in June and May 2023 were the highest and second-highest net flows, respectively, that the category witnessed in its history for a single month.

The AUM for the small-cap equity category hit its peak of Rs 1,68,434 crore in the quarter ended June 2023. Strong consistent net flows and favourable market conditions propped up the assets under management for the small-cap category to reach new heights. 

S&P BSE Smallcap surged by 21.11% during the quarter. 

Top 5 Small-Cap Funds AUM 

 The AUM growth over the last quarter was up by an astounding 26%, whereas over the last year, it had been a huge 64%.

Only three out of 24 small-cap funds witnessed net outflows during the quarter ended June 2023, with their amounts being negligible in nature.

5 Top and Bottom Estimated Flows First-Quarter Fiscal-Year 2024—Small-Cap Funds

Flexi-Cap Funds

Flexi-cap funds are those funds which invest in companies across the market capitalisation spectrum, i.e. large-cap, mid-cap, and small-cap stocks. These funds invest in the stocks of all the large-cap, mid-cap, and small-cap companies.

The flexi-cap category saw net inflows of only Rs 166 crore in the first quarter of fiscal 2022-24, down from Rs 3,914 crore witnessed in the earlier quarter. This is the ninth-consecutive quarter in which the category witnessed net inflows.

Monthwise, the category received Rs 550.9 crore in April, followed by net outflows of Rs 367.7 crore and Rs 17 crore in May and June 2023, respectively.

Top 5 Flexi-cap funds

The AUM for the flexi-cap equity category hit its peak, with total assets amounting to Rs 2,72,743 crore during the quarter ended June 2023. Since the last quarter, the asset base grew by a healthy 13% despite its huge size, whereas over the last year, the assets grew by 29%. 

The flexi-cap category has the largest assets under management in the open-end category since it overtook the large-cap category during the quarter ended September 2022. 

5 Top and Bottom Estimated Flows First-Quarter Fiscal-Year 2024—Flexi-Cap Funds

Both PGIM India Flexi Cap (INR 2,558.8 crore) and Parag Parikh Flexi Cap (Rs 2,534.7 crore) garnered the lion's share of net inflows in the flexi-cap category during the quarter. 360 One Flexi Cap Fund, which received Rs 220 crore during the quarter, was launched in June 2023.