None of the PMS schemes run by Dalal Street’s popular fund managers made it to the top 10 list in FY24 when midcaps, smallcaps and SME stocks defeated bluechips by a wide margin. During the financial year, at least 3 PMS schemes more than doubled money.
Invasset’s Growth Pro Max, which is a multicap scheme, has won the crown of being the best performing PMS fund of FY24 with a staggering return of 128%, shows data collated from PMS Bazaar. Similarly, Green Lantern Capital’s Growth Fund and Asit C Mehta’s ACE Multicap gave an annual return of 111% and 103%, respectively.
Others in the top 10 list are Samvitti Capital’s Active Alpha, Asit C Mehta’s ACE Midcap, Ambit Global’s Alpha Growth, Carnelian’s YNG Strategy, Investsavvy’s Alpha Fund, Bonanza Portfolio’s Value fund and Equitree Capital’s Emerging Opportunities scheme.
On an average, PMSes delivered a stellar return of 44.34% on an average in FY24. Data shows that 330 out of 334 PMSes recorded double-digit returns, and 264 exceeded Nifty50 TRI in the financial year.
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The best performing PMS Invasset is known to follow a dynamic approach of four investment styles – value, growth and special situation, quality and pension fund investing.
“When our algorithm detects that the markets are undervalued and fear prevails, we lean towards value investing. The hypothesis here is that we look for value only when there is overall value in the market. What may seem value in a rising market may actually be a value trap. Conversely, when our algorithm signals a bullish market phase, we pivot towards growth investing, which constitutes a significant portion of our strategy,” Invasset’s Anirudh Garg had told ET Markets earlier.
Star fund managers
When it came to some of the most popular fund managers of Dalal Street, Shyam Sekhar-run ithought’s smallcap fund Vrddhi gave 58% return and multicap fund Solitaire recorded a growth of 57%.
Samir Arora’s Helios India Rising Fund delivered 50% return while Devina Mehra-owned First Global’s India Super 50 fund outperformed Nifty with 38% return. Her Indian Multi-Asset fund gave an annual return of 30%
Saurabh Mukherjea’s widely-tracked Consistent Compounder portfolio underperformed with 24% return. His Kings of Capital fund recorded an annual growth of 19%, Rising Giants 14% while the smallcap-focused Little Champs ended FY24 flat with just 0.3% upside.
During the year, mid and smallcap indices rallied by 60% and 63%, respectively, while the largecap Nifty50 went up by 28.6% over the same period. Realty, PSU banks, Auto, Energy, Infra, and Pharma indices were the biggest outperformers in FY24. On the other hand, Media, Private Banks, and FMCG indices delivered muted returns.
“A refreshing observation was the comeback made by the Value factor in FY24. In recent years, particularly since Covid, Momentum has consistently led market returns, while Value struggled to catch up. Finally, FY24 marked the year when the tables turned, and Value outperformed Momentum,” said Sujit Modi of Share.Market Research.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
