FPI selling continued relentlessly in Apr-22, after the FPIs had sold Rs.1.40 trillion in FY22. In Apr-22, the FPIs sold Rs17,144cr in equities and amplified the effect with cumulative selling of Rs22,688cr across equity, debt and hybrids. FPI selling was driven by Fed hawkishness, Q4 concerns on margins, inflation worries, geopolitical risks in Ukraine and China lockdowns.
In Mar-22, the 10-year bond yields had stayed put in the range of 6.80% to 6.90%. However, post the monetary policy, which effectively raised the reverse repo rate through the back door by 60 bps, the 10-year bond yield surged above 7% and stayed put. In Apr-22, bond yields touched a high of 7.19%, before closing the month at 7.14%.
Equity Large-Cap Funds
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Axis Blue-Chip Fund (G) | 9.158% | 14.454% | 14.642% |
| Canara Robeco Blue-Chip (G) | 11.833% | 17.053% | 14.195% |
| Mirae Asset Large Cap (G) | 15.236% | 14.032% | 13.236% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Active Fund (G) | 30.312% | 32.400% | 22.872% |
| Sundaram Multi-Cap Fund (G) | 27.652% | 17.607% | 13.218% |
| Nippon India Multi-Cap (G) | 32.423% | 14.954% | 12.703% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Mid-Cap Fund (G) | 39.480% | 30.926% | 20.938% |
| Axis Mid Cap Fund (G) | 18.786% | 22.258% | 18.055% |
| PGIM India Mid-Cap Fund (G) | 26.037% | 31.839% | 17.007% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Small Cap Fund (G) | 38.827% | 38.928% | 22.081% |
| Axis Small Cap Fund (G) | 32.505% | 29.914% | 19.636% |
| SBI Small Cap Fund (G) | 27.134% | 26.712% | 19.579% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Tax Plan (G) | 34.408% | 34.808% | 22.967% |
| BOI AXA Tax Advantage (G) | 16.042% | 24.123% | 16.708% |
| Mirae Asset Tax Saver (G) | 17.112% | 19.620% | 16.672% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Absolute Fund (G) | 28.390% | 27.588% | 19.883% |
| ICICI Pru Equity & Debt (G) | 30.332% | 18.827% | 14.377% |
| BOI AXA Mid and Small (G) | 25.953% | 21.301% | 14.363% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Kotak Debt Hybrid (G) | 9.458% | 11.513% | 8.663% |
| ICICI Pru Regular Savings (G) | 8.275% | 9.387% | 8.562% |
| Canara Robeco Hybrid (G) | 6.215% | 10.110% | 8.024% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Kotak Equity Arbitrage (G) | 4.003% | 4.560% | 5.246% |
| Nippon India Arbitrage (G) | 3.838% | 4.479% | 5.233% |
| Edelweiss Arbitrage Fund (G) | 3.946% | 4.592% | 5.210% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Edelweiss G-Sec Fund (G) | 2.690% | 8.807% | 7.626% |
| ICICI Pru Gilt Fund (G) | 3.195% | 8.170% | 7.420% |
| IDFC G-Sec Fund (G) | 2.447% | 8.654% | 7.405% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| ABSL Corporate Bond (G) | 4.079% | 7.840% | 7.573% |
| L&T Triple Ace Bond (G) | 3.174% | 8.567% | 7.454% |
| HDFC Corporate Bond (G) | 3.708% | 7.750% | 7.446% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| ICICI Pru Credit Risk Fund (G) | 6.172% | 8.190% | 7.640% |
| HDFC Credit Risk Fund (G) | 5.894% | 8.371% | 7.367% |
| Baroda Credit Risk Fund (G) | 13.384% | 7.472% | 7.049% |
| Data Source: Morningstar |
Top performing Regular Plans (Growth Option) on 5-year returns (as on 30th Apr-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Liquid Plan (G) | 3.831% | 4.918% | 5.756% |
| IDBI Liquid Fund (G) | 3.508% | 4.434% | 5.513% |
| Mahindra Manulife Liquid (G) | 3.441% | 4.325% | 5.449% |
| Data Source: Morningstar |
In Apr-22, equity fund returns over the 1-year period were negatively impacted across large caps, mid-caps and small caps. This was due to a combination of the base effect and weak performance in April 2022. FPI selling, geopolitical risk and Fed hawkishness were the big risks for the market in April and they are likely to remain pain points in May-22 too. The good news is; longer term returns were not impacted meaningfully. One more important takeaway from the equity fund rankings is that the consistency of the top performers across categories sustained. This makes the rankings a reliable barometer of future performance.
Bond funds, especially the long duration bond holdings, were negatively impacted in Apr-22. That was largely on account of the 10 year benchmark bond yields rallying in Apr-22 from 6.8% to 7.2%, post the monetary policy announcement. In April 2022, the bond yields spiked after the monetary policy raised the inflation target for FY23 and also indirectly raised the reverse repo rates by 60 basis points. In the recent Mar-22 quarter, the debt fund AUM fell below active equity fund AUM for the first time. A lot of the reasoning behind that AUM shift is visible in the debt fund return numbers in the rankings above.
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