AUM (assets under management) of equity mutual funds has surged by 2.76% sequentially to INR 23,12,396 crore in February 2024 from INR 22,50,336 crore in January 2024. 64% of the funds have outperformed their respective benchmarks over the past one month, ended February 29, 2024, a report from Prabhudas Lilladher Wealth Management revealed , which analysed 277 open-ended equity diversified funds.
The cumulative total of funds that outperformed stood at 176 during the month ended February 2024 (one month). This marks a significant improvement as compared to only 51% of funds were able to beat their respective benchmarks for the previous month that ended on January 31, 2024, the report stated.
Large & Mid Cap funds was the best performing category where 85% of the schemes outperformed the benchmark. It was followed by schemes of Mid Caps and Large Caps which outperformed their respective benchmarks by 83% and 77% respectively during the month of February 2024.
Small Caps were the worst performing fund category with only 22% of funds outperforming the benchmark.
On the aspect of aggregate alpha generation, Mid Cap funds were the best performing categories registering an alpha of 1.2 which was followed by Value Contra Div. Yield Funds registering an alpha of 1.1, ELSS and Large & Mid Cap Funds with an Alpha generation of 1.
