JP Morgan India Mid and Small Cap Fund - Invest Online
The scheme aims to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies.
A three-star fund since 2011, this fund has climbed to four-star from mid-2014. 65 per cent of the portfolio is invested in companies that fall in the bottom 25 per cent of the market, measured by their market capitalisation. The portfolio composition has tilted towards owning 80-90 per cent in mid- and small-cap stocks. The fund hunts for companies that offer high reinvestment opportunities (profit growth) relative to their sizes. The style is a blend of growth and value, with the fund also investing in cyclical businesses.
The fund's trailing one-, three- and five-year returns have outpaced the benchmark by double-digit percentages. The year-to-year performance is less impressive, with the fund just slightly ahead of its category until 2012. Despite a lower large-cap weight than its category, the fund has been good at containing volatility, with good shows in the down markets of 2011 and 2013. The bulk of the fund's portfolio has been deployed in the mid-segment of the market, with a 65 to 75 per cent allocation to mid-cap stocks at most times. However, the fund does seem to make some tactical calls between market caps to contain risk. In the last one year, large-cap allocations have climbed to near 18 per cent while mid-cap allocations have been pruned.
Given its relatively recent improvement in ratings, investors can add to holdings in a phased manner after watching for sustained performance.
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