Mutual Fund Schemes that lost most since Budget Day

The Indian equity markets are going through one of their worst phases in the last six months. The benchmark equity indices are down by more than 5 per cent in last four trading session and broader equity market indices are down by some more percentage points. Such huge fall has its ramification on mutual fund schemes performance also. There are schemes that have lost more than the leading equity indices.

Here is a list of top 5 open-ended equity mutual funds that saw most fall in their net asset value (NAV) during the trading session between February 1 to 6. There are no clear trends either in terms of style of investment or fund houses in the fall of NAV. Funds across the style of investments and fund houses have fallen.

Analysing the portfolio of the above schemes, we do not get a clear indication whether the fall was due to large-cap holdings or small and mid-cap holdings. For example, MOST Focused Long-Term fund holds 68 per cent of their holding in large-cap, while HSBC Infrastructure Equity Fund holds 84 per cent in small and mid-cap companies. One thing that is common among the above funds is that their holdings are somewhat concentrated and top 5 holdings have a larger share of the total portfolio and more exposure towards infrastructure sector. Hence, if you are risk-averse investors you should try avoiding such funds.