Even as the talks of froth in small and midcap stocks have regained ground following market regulator Sebi issuing an advisory to industry body Association of Mutual Funds in India (Amfi) to moderate flows and rebalance portfolios, an ETMarkets analysis found that there were 29 midcap mutual funds whose absolute returns were between 27% and 63% over a 1 year period.
Out of these 15 midcap mutual funds have delivered returns of 50% or more. Average 1-year returns by these funds stood at 49% as on February 28 while the median returns stood at 50%. ETMarkets brings five mutual funds from this pack with highest absolute returns in the last 1 year.
These funds are benchmarked against Nifty Midcap 150 – TRI whose returns are 56%.
1) Quant Mid Cap Fund Direct-Growth Fund
Launched in March 2001, Quant Mid Cap Fund(G)-Direct Plan has delivered absolute returns of 63% over a period of 1 year as on February 28, 2024 while its returns since inception is nearly 19%. The scheme invests majorly in mid-cap stocks from both a medium and long-term perspective. The fund is benchmarked against Nifty Mid Cap 150 TRI.
2) Mahindra Manulife Mid Cap Fund(G)-Direct Plan
This scheme invests a minimum of 65% in midcap companies and up to 35% in stocks other than midcaps. Launched in January 2018, Mahindra Manulife Mid Cap Fund(G)-Direct Plan has given 1-year absolute returns of 61% while returning 20% since its inception. The NAV as on February 28, 2024 stood at 30.32.
3) ITI Mid Cap Fund(G)-Direct Plan
On-year returns by ITI Mid Cap Fund(G)-Direct Plan stand at 61% while its returns since inception in March 2021 are just over 23%. The scheme which is benchmarked against Nifty Midcap 150 TRI has Rs 676.68 crore as AUM while its NAV stood at Rs 18.84.
4) JM Midcap Fund(G)-Direct Plan
Launched by JM Financial Mutual Fund in November 2022, this fund boasts of absolute returns of 57.45% over a 1 year period and its returns since inception stand at 42%. The average monthly AUM of this scheme is Rs 667 crore while its NAV as on February 28 stood at Rs 15.22.
5) Nippon India Growth Fund(G)-Direct Plan
This is an open ended equity scheme predominantly investing in mid cap stocks and was launched in October 1995. Its 1-year returns are at 55% while returns since inception stand at 19%. The latest NAV stood at Rs 3,230.46. The AUM as on January 31, 2024 stood at Rs 24,365.53 crore. It is benchmarked against NIFTY Midcap 150 TRI.
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