Mutual Fund Review

October 18, 2024

Equity Market
Update
Indian equity markets after its continued uptrend and making new all-time

Monthly Report
in high in last week of the month of September, witnessed profit booking
during the month of October.
Nifty 50 index has seen a correction of around 6% from its recent highs while
Midcap and Smallcap indices are down by about 4% during similar period.
Prior to the recent correction, markets continued its upward trajectory and
continue to made new highs amidst volatility during last few months. Mid-
cap and Small-cap indices continue to outperform.
In last few months, markets have conquered volatility surrounding domestic
election results, geo-political tension, slowdown in China and have shown
remarkable resilience particularly the broader markets as represented by
smallcap and midcaps.
Global market also remain supportive helping the ongoing strong
undercurrent among domestic investors. Global markets particularly U.S.
markets continue to make new highs as interest rate cut cycle starts in U.S.
Markets are experiencing the heaviest selling pressure from FIIs since Covid
times. During the first half of the month itself, FIIs have sold nearly USD7.5 The tug-of-war is at play particularly in
Billion in equities while in March 2020, they have sold nearly USD8 Billion. If small caps where rich valuations is

ICICI Securities – Retail Research

we include the last day of September, then the sell-off has already discomforting and leading to selling
surpassed March 2020 figure. Despite all the selling pressure, Nifty has pressure at higher levels while liquidity and
strong policy outlook leading to buying
shown extreme resilience and has declined by less than 6% so far where as
interest at every minor corrections
we have seen circuit like situations in the past in such selling. Continued
support from domestic funds has helped Nifty to exhibit the recent
performance. Domestic mutual funds have deployed more than 53000
crores while retail investors have deployed nearly 12500k crores during the
month.

Outlook
The market has been volatile over the last few weeks due to several events,
Research Analyst
including stimulus measures in China that affected flows to India, the
prolonged war in the Middle East, state elections, etc. The focus will now Sachin Jain
shift to the earnings for the September quarter. sachin.ja@icicisecurities.com

The recent correction of 6% from its recent highs in September provides a

good entry point for investors to start their equity allocation. Indian markets
have not corrected more than 5-6% so far this year and therefore the recent
correction provides a good entry point to start staggered allocation.
In the last few months. the tug-of-war is at play particularly in small caps
where rich valuations is discomforting and leading to selling pressure at
higher levels while liquidity and strong policy outlook leading to buying
interest at every minor corrections
Valuations are rich relatively but we expect the premium to sustain based
on expectations of improvement in corporate profitability and stable
domestic macros and strong liquidity inflows. However, many of the
Smallcap and midcap stocks clearly are extremely expensive. Exposure to
smallcap and Midcap funds should be taken only through staggered
investments.
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Debt Market
Update
Indian bond yields traded in a narrow range after being pushed down to
6.72% on the benchmark 10-year paper during the month of September.
Bond yields earlier continue to drift down slowly and gradually in the run up
to the first U.S. Fed rate-cut which ultimately materialised on September
18th, 2024.
RBI as expected maintained the status quo on rates and changed its liquidity FTSE recently said it will add India to its
stance to “neutral” from “withdrawal of accommodation”. RBI emerging markets government bond index
acknowledged improved outlook for inflation on good kharif sowing, from September 2025. FTSE Russell is the
third index provider to include Indian bonds
adequate buffer stocks, and good soil moisture conditions which are in its emerging market bond index after
conducive for rabi sowing due to better monsoon and crop output while core JPMorgan and Bloomberg Index Services.
inflation is expected to be broadly contained. While the guidance for FY25 AUM of this index is at USD 4.7 trillion.
is maintained at 4.5%, medium term inflation for Q4FY25/Q1FY26 is reduced Indian bonds will represent 9.35% of the
index. Inclusion will be phased-in on a
by 10bps at 4.2%/4.3%. monthly basis over a six-month period in
Barring last few days, foreign investors have been consistent buyers in six equal tranches. The inflows expectation
is around USD4-5 billion over a period of
Indian debt market since the announcement of the inclusion of Indian bonds six months
in global bond indices in September 2023.

Outlook
RBI in its latest monetary policy meeting has taken a first step towards the
rate cut cycle by changing the liquidity stance to “neutral” from “withdrawal
of accommodation.
Argument in favour of a rate cut in December:
❖ Many market participants have started factoring in a rate cut in
December citing RBI GDP growth projection is on a higher side and
high frequency data is coming weak and RBI will acknowledge that
in its next meeting.
❖ By next policy, one more rate cut from U.S Fed would have
happened.
❖ With core inflation at 3.4%, Food inflation which has averaged
above 7.5% was the only concern. Better monsoons and showing
has improved the outlook significantly and now RBI can easily take
a benign view on all inflation components.
Argument against rate cut in December:
❖ There is no urgency to front load the rate cut to support growth and
in fact RBI continue to cite concerns over bank credit flow towards
unsecured segment.
❖ Inflation for FY25 is still pegged at 4.5%, 50bps above target.
❖ Rate cut cycle in India is going to be very shallow (75bps in 3
meetings). No need to immediately match US Fed as US rate cut
cycle is going to be very long (8 rate-cut meeting still left assuming
further 200bps rate cut of 25bps each)

Debt market will now start focusing on the terminal rate rather than the
timing of the first rate cut (in December or February) and accordingly will
move lower albeit with volatility surrounding global (U.S.) bond yield
movement. Yields are already down 45-50 bps in 2024 discounting 50bps
rate cut. Once the rate cut starts, 10-year will move towards 6.50% from the
current 6.75% discounting 75bps cut.

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Industry Synopsis
Inflows into equity schemes continue to remain strong though declined
marginally during the month of September 2024. The month of September
saw ex-NFO inflows at ₹24500 crore as compared to ₹27200 crore in
August 2024. Inflows saw marginal decline, as equity markets continue to
trend upwards during most part of the month of September. Inflows
including NFOs were at ₹34400 crore as compared to ₹38200 crore in
August 2024.
The year 2024 has witnessed significantly higher inflows since the start of
the calendar year. Inflows in the first nine months of the year from January
till September 2024 has touched ₹2.75 lakh crore. Inflows received in the
calendar year 2023 was at ₹1.6 lakh crore. Ex-NFOs, monthly average
inflows in CY2024 is 2x at Rs 22500 crore Vs 2023 average of Rs 10400
crore.
The month of September 2024 saw the total industry AUM risen to ₹67.1
lakh crore as compared to ₹66.7 lakh crore in August 2024. The rise in AUM
was attributed to both inflows and mark to market gains in equity markets.
The AUM of equity schemes has grown 63% in last one year and stands at
₹31.1 lakh crore.
Sectoral Funds continue to witness higher inflows on the back of continuous
Small and Midcap funds continue witness
NFOs. In September, including NFOs, flows were at ₹13300 crore Vs ₹18100
higher inflows despite sharp run-up as
crore in August. investors continue to chase higher returns.
Smallcap and midcap funds continue to attract higher inflows at ₹3100 The trend of NFOs in thematic funds
each. Largecap funds saw change in trend with higher inflows since last 2 continue.
months with inflows in September at ₹1800 crore.
SIP inflows continue to rise at ₹24509 crore Vs ₹23547 crore. One year
before (September 2023), SIP inflow was ₹16420 crore, a rise of 49% rise
YoY.

Exhibit 1: Total AUM, break-up of major AMCs

1134051

901179

199701
564982

100%
481841

321862
780166

378541

351965

59% 187265
1100000
79%
72%

80%
64%

64%

900000
58%
49%

60%
48%
46%
45%

₹ crore
700000
42%
32%

30%

40%
28%

26%
26%

500000
21%

24%
20%

20%
19%

16%
14%

13%

20% 300000
9%

9%
9%
8%
6%

4%

0% 100000
ICICI Pru

Mirae
Nippon Life
SBI

DSP
Axis
HDFC

Kotak

Birla

UTI

Equity % Debt% Others% AUM

Source: ACE MF. Data as on month-end September 2024

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Funds performance: Rotation on the card !!

As witnessed historically, performance of the funds cyclical in nature.
Recently, funds which were among top performers in their respective
category since last few years have underperformed in last 6 months.

Exhibit 2: Many of the funds which outperformed in last few years seen underperforming in last 6 months
Category: Large Cap Fund Absolute Return Rank
Scheme Name 2020 2021 2022 2023 6 Months 2020 2021 2022 2023 6 Months
Motilal Oswal Large Cap Fund-Reg(G) - - - - 24.8 - - - - 1
DSP Top 100 Equity Fund-Reg(G) 7.5 19.5 1.4 26.6 19.3 23 25 17 9 2
Invesco India Largecap Fund(G) 14.0 32.5 -3.0 27.8 18.7 13 3 26 5 3
Bandhan Large Cap Fund-Reg(G) 17.4 26.8 -2.3 26.8 18.0 5 14 25 8 4
WOC Large Cap Fund-Reg(G) - - - 23.2 17.8 - - - 15 5
Aditya Birla SL Frontline Equity Fund(G) 14.2 27.9 3.5 23.1 17.5 12 10 9 16 6
Franklin India Bluechip Fund(G) 13.6 32.8 -2.2 21.7 17.3 16 1 24 24 7
Kotak Bluechip Fund(IDCW) 16.3 27.7 2.0 22.9 17.1 8 11 13 17 8
LIC MF Large Cap Fund-Reg(G) 13.8 23.8 -1.6 16.9 16.5 14 17 22 30 9
Canara Rob Bluechip Equity Fund-Reg(G) 23.0 24.5 0.8 22.2 16.5 1 16 18 21 10
SBI BlueChip Fund-Reg(G) 16.3 26.1 4.4 22.6 16.4 9 15 6 18 11
HSBC Large Cap Fund(G) 15.8 22.7 0.5 23.5 16.3 10 20 19 14 12
Baroda BNP Paribas Large Cap Fund-Reg(G) 16.8 22.1 4.2 24.8 16.3 7 21 7 11 13
Mirae Asset Large Cap Fund-Reg(G) 13.7 27.7 1.6 18.4 16.0 15 12 15 28 14
Edelweiss Large Cap Fund-Reg(G) 17.2 23.4 3.4 25.7 15.1 6 18 11 10 15
UTI Large Cap Fund-Reg(IDCW) 18.6 29.6 -1.8 20.8 15.0 3 6 23 26 16
ICICI Pru Bluechip Fund(G) 13.4 29.2 6.9 27.4 14.5 17 7 3 6 17
Nippon India Large Cap Fund(G) 4.9 32.4 11.3 32.1 14.4 25 4 1 1 18
Tata Large Cap Fund-Reg(G) 8.3 32.7 3.3 24.5 13.8 21 2 12 12 19
Taurus Large Cap Fund-Reg(G) 10.1 18.0 6.7 21.8 13.7 20 26 4 23 20
JM Large Cap Fund-Reg(G) 18.1 23.2 3.4 29.6 13.6 4 19 10 4 21
HDFC Top 100 Fund(G) 5.9 28.5 10.6 30.0 13.5 24 9 2 2 22
Groww Largecap Fund-Reg(G) 8.1 17.5 4.4 22.3 13.0 22 27 5 19 23
Mahindra Manulife Large Cap Fund-Reg(G) 11.9 29.7 1.9 21.9 12.6 19 5 14 22 24
Sundaram Large Cap Fund-Reg(G) 27.5 4.0 21.1 12.5 13 8 25 25
Axis Bluechip Fund-Reg(G) 19.7 20.6 -5.7 17.4 12.2 2 24 28 29 26
PGIM India Large Cap Fund(G) 13.3 21.0 1.5 19.7 11.6 18 23 16 27 27
Union Largecap Fund-Reg(G) 15.0 28.6 -0.5 22.3 10.3 11 8 21 20 28
ITI Large Cap Fund-Reg(G) - 21.4 -0.2 23.9 10.3 - 22 20 13 29
Bank of India Bluechip Fund-Reg(G) - - -3.0 29.8 10.0 - - 27 3 30
Quant Large Cap Fund-Reg(G) - - - 26.8 8.2 - - - 7 31
Source: ACE MF. Returns as on 15th October 2024

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Exhibit 3: Funds performance and their return based ranking

Category: Mid Cap Fund Absolute Return Rank
Scheme Name 2020 2021 2022 2023 6 Months 2020 2021 2022 2023 6 Months
Motilal Oswal Midcap Fund-Reg(G) 9.3 55.8 10.7 41.7 37.0 23 2 3 5 1
Invesco India Midcap Fund(G) 24.3 43.1 0.5 34.1 32.2 8 13 17 21 2
Edelweiss Mid Cap Fund-Reg(G) 26.4 50.3 2.4 38.4 30.2 5 7 12 13 3
Kotak Emerging Equity Fund(G) 21.8 47.3 5.1 31.5 29.2 15 10 6 26 4
Bandhan Midcap Fund-Reg(G) - - - 37.4 29.0 - - - 15 5
LIC MF Midcap Fund(G) 24.3 36.6 -4.1 35.9 28.9 9 20 22 17 6
HSBC Midcap Fund-Reg(G) 19.0 30.4 1.1 40.0 28.8 18 23 15 10 7
Nippon India Growth Fund(G) 22.0 46.5 5.8 48.6 27.7 14 11 5 1 8
DSP Midcap Fund-Reg(G) 23.6 28.3 -4.9 38.4 27.4 12 24 23 12 9
Sundaram Mid Cap Fund-Reg(G) 11.8 37.5 4.8 40.4 27.3 22 19 8 9 10
JM Midcap Fund-Reg(G) - - - 44.5 27.2 - - - 3 11
Franklin India Prima Fund(G) 17.7 32.6 2.2 36.8 26.8 20 22 13 16 12
WOC Mid Cap Fund-Reg(G) - - - 41.5 26.7 - - - 6 13
Axis Midcap Fund-Reg(G) 25.9 39.9 -5.1 29.6 26.0 6 17 24 28 14
Aditya Birla SL Midcap Fund(G) 15.5 50.4 -5.3 39.9 24.1 21 6 25 11 15
UTI Mid Cap Fund-Reg(IDCW) 32.6 43.1 -0.8 30.5 24.0 3 14 19 27 16
Mahindra Manulife Mid Cap Fund-Reg(G) 18.7 49.8 0.2 47.0 23.9 19 8 18 2 17
Canara Rob Mid Cap Fund-Reg(G) - - - 31.6 23.9 - - - 25 18
Baroda BNP Paribas Mid Cap Fund-Reg(G) 23.1 41.5 4.7 32.6 23.1 13 15 9 23 19
Union Midcap Fund-Reg(G) - 52.0 -2.3 32.2 22.9 - 4 21 24 20
ICICI Pru Midcap Fund(G) 19.1 44.8 3.1 32.8 22.4 17 12 10 22 21
ITI Mid Cap Fund-Reg(G) - - 1.7 41.1 21.5 - - 14 7 22
PGIM India Midcap Opp Fund-Reg(G) 48.2 63.8 -1.7 20.8 21.1 1 1 20 29 23
HDFC Mid-Cap Opportunities Fund(G) 21.7 39.9 12.3 44.5 20.7 16 18 2 4 24
Tata Mid Cap Growth Fund-Reg(G) 24.2 40.0 0.6 40.5 19.3 11 16 16 8 25
Mirae Asset Midcap Fund-Reg(G) 24.2 48.4 4.9 34.5 19.1 10 9 7 19 26
SBI Magnum Midcap Fund-Reg(G) 30.4 52.2 3.0 34.5 18.2 4 3 11 20 27
Taurus Mid Cap Fund-Reg(G) 25.5 32.7 6.7 38.4 13.5 7 21 4 14 28
Quant Mid Cap Fund(G) 41.9 50.4 17.1 34.6 10.3 2 5 1 18 29
Source: ACE MF. Returns as on 15th October 2024

Exhibit 4: Funds performance and their return based ranking

Category: Small cap Fund Absolute Return Rank
Scheme Name 2020 2021 2022 2023 6 Months 2020 2021 2022 2023 6 Months
Bandhan Small Cap Fund-Reg(G) - 52.4 -6.1 53.6 35.6 - 19 22 2 1
LIC MF Small Cap Fund(G) 18.9 64.7 2.4 33.4 33.1 17 10 10 21 2
Motilal Oswal Small Cap Fund-Reg(G) - - - - 32.8 - - - - 3
Tata Small Cap Fund-Reg(G) 23.0 70.5 8.2 33.5 32.1 12 7 2 20 4
Invesco India Smallcap Fund-Reg(G) 24.8 62.3 -0.7 44.1 30.8 11 11 15 10 5
UTI Small Cap Fund-Reg(G) - 55.3 -0.6 35.3 29.7 - 18 14 17 6
Kotak Small Cap Fund(G) 34.1 70.9 -3.1 34.8 28.9 5 4 19 18 7
Bank of India Small Cap Fund-Reg(G) 52.1 70.8 -1.6 40.8 28.5 2 5 17 14 8
HSBC Small Cap Fund-Reg(G) 15.4 77.4 1.0 46.1 26.8 19 2 12 7 9
Mahindra Manulife Small Cap Fund-Reg(G) - - - 57.2 26.6 - - - 1 10
Union Small Cap Fund-Reg(G) 30.1 62.1 -1.0 41.4 26.2 8 12 16 12 11
Nippon India Small Cap Fund(G) 29.1 74.3 6.5 48.9 25.8 9 3 5 5 12
DSP Small Cap Fund-Reg(G) 33.0 58.9 0.5 41.2 25.4 7 15 13 13 13
ITI Small Cap Fund-Reg(G) 32.0 -4.3 51.9 25.3 22 20 4 14
Edelweiss Small Cap Fund-Reg(G) 34.7 67.5 1.7 42.1 25.1 4 8 11 11 15
Aditya Birla SL Small Cap Fund(G) 19.7 51.4 -6.5 39.4 25.0 16 20 23 15 16
Axis Small Cap Fund-Reg(G) 22.3 58.2 2.6 34.0 24.6 14 16 9 19 17
Canara Rob Small Cap Fund-Reg(G) 41.7 70.8 6.8 32.3 24.1 3 6 4 22 18
PGIM India Small Cap Fund-Reg(G) - - -5.3 23.9 23.2 - - 21 24 19
SBI Small Cap Fund-Reg(G) 33.5 47.6 8.1 25.3 22.7 6 21 3 23 20
Baroda BNP Paribas Small Cap Fund-Reg(G) - - - - 22.2 - - - - 21
Sundaram Small Cap Fund(G) 26.1 60.3 -2.1 45.3 20.9 10 14 18 8 22
Franklin India Smaller Cos Fund(G) 18.6 56.4 3.6 52.1 20.8 18 17 8 3 23
ICICI Pru Smallcap Fund(G) 22.7 61.0 5.7 37.9 19.5 13 13 6 16 24
HDFC Small Cap Fund-Reg(G) 20.1 64.9 4.6 44.8 16.9 15 9 7 9 25
Quantum Small Cap Fund-Reg(G) - - - - 15.8 - - - - 26
Quant Small Cap Fund(G) 74.8 88.0 9.5 46.4 14.9 1 1 1 6 27
Source: ACE MF. Returns as on 15th October 2024

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Equity funds: Pharma and IT funds stage a comeback,

Infrastructure funds saw profit booking
Pharma funds continue to outperform on the back of strong earnings
momentum driven by benign raw material prices and continuing business
traction in the U.S.
Infra funds continue to underperform as investors booked profit in
infrastructure related stocks after significant outperformance in last two
years as investors booked profit in segments like defence, railways, PSUs
etc.
Public sector companies, particularly PSU banks have underperformed
significantly since last 3 months as investors booked profit after sharp run
up in most of the stocks.
IT funds have also seen buying interest at lower levels. However, after
having outperformed, performance has turned volatile given mixed growth
outlook as exhibited by initial quarterly results declared by companies.
Smallcap and midcap funds continue to outperform defying general market
consensus of avoiding the same. The outperformance is driven by higher
earnings growth prospects and continuous direct and indirect domestic
retail participation. Overall positive market sentiments both domestically
and globally also helped sentiments in broader markets.
Consumption funds also witnessed a rebound in performance as
underperforming sectors like FMCG, retail, media, textile etc. saw investors
interest.
Retail investors have been the mainstay of the ongoing rally in the broader
market. While inflows have been higher into smallcap/midcap funds at every
lower market levels, direct investment by retail investors have also been
higher at every sharp market fall.
Focused funds also witnessed rebound in performance as few of the quality
growth oriented stocks rebound as investors shifted focus on low beta
stocks to prevent from any potential downside.

Exhibit 5: Pharma funds bounced back to outperform along with IT funds. Infrastructure funds underperform on profit booking.
Largecap funds continue to underperform.

60

50

40
Returns (%)

30

20

10

0
Consumption Funds
Midcap

Large and Midcap

Multicap

Infra
Small Cap
Pharma Funds

Banking Funds
ELSS

Focused Funds
IT Funds

Large Cap
Flexicap

Value and Contra

International Equities

6 Months 1 Year 2 Years

Source: CRISIL. Category average returns as on September 15 , 2024. th

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Exchange traded funds (ETFs)

ETFs have already taken the world by storm, with assets under
management (AUM) in such funds already surpassing that in traditional
mutual funds in many countries. Passive funds emerged in the US more than
two decades ago. The first modern day exchange traded fund (ETF) S&P
SPDR (Spiders) started trading in the US in 1993. The market for ETFs has
grown tremendously since then. Today, more than 2,000 ETFs are listed in
the US. In India, the ETF landscape has gained traction since 2015 and has
not only become much bigger but also more diverse. AUM for ETFs has
grown from ~₹ 5400 crore in December 2014 to more than ₹ 8.0 lakh crore
currently. While growth in ETF is driven by institutional flows led by EPFO in
Nifty 50 and BSE Sensex ETF along with CPSE ETFs, inflows from individual
investors have also started gaining traction.
This trend of allocation towards ETF is increasing and is likely to gain further
traction. The ETF market is expected to grow on the back of continued thrust
from the government and rising acceptance of such products as an
investment vehicle by the retail segment.
ETFs are best placed from an asset allocation perspective as they do not
carry any stock selection risk. Indian equity ETF market has grown with
many categories of ETFs now available in large cap, midcap, thematic
segments.
ETFs have a number of attractive features. Usually, they have much lower
fees and can be bought and sold during the day as opposed to mutual funds
that usually execute at the close. Earlier, there was primarily the Nifty or
Sensex ETF but now there are many ETFs in the large cap space like Nifty
Next 50 ETF. Similarly, in midcaps, Nifty Midcap 100 ETF and Nifty Midcap
150 ETF are available to take exposure to midcaps. Many thematic ETFs are
also available like banking ETFs and Nasdaq 100 ETFs.
Within largecap ETFs, Nifty Next 50 ETF has been become a consistent
performing ETF. In last 1-Year, Nifty Next 50 ETF has outperformed
significantly headline Nifty 50 ETF with 67% return as compared to 28%
return delivered by Nifty 50 ETF. The outperformance of Nifty Next 50 was
led by sectors like Capital Goods, PSU Banks, Oil & Gas and Power stocks
and particularly PSEs in these sectors.

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Different category of investment options available under ETFs

Exhibit 6: Currently around 42 categories of ETFs available in Indian market

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Nos. Types of ETFs Name of ETF AUM (Cr)

I Largecap oriented ETFs

1 Nifty 50 ETF Most AMCs 34093 (Highest- Nippon AMC)

2 Sensex ETF Most AMCs 13019 (Highest-ICICI Pru)

3 Nifty 50 Equal Weight ETF DSP Nifty 50 Equal Weight ETF 220

SBI Nifty50 Equal Weight ETF 20

4 Nifty Top 10 Equal Weight ETF DSP Nifty Top 10 Equal Weight ETF 99

4 BSE 100 ETF SBI-ETF BSE 100 10

5 Nifty 100 ETF LIC MF ETF-Nifty 100 773

Nippon ETF Nifty 100 270

ICICI Pru Nifty 100 ETF 102

HDFC Nifty 100 ETF 18

Zerodha Nifty 100 ETF 23

6 Nifty 100 Low Vol 30 ETF ICICI Pru Nifty 100 Low Volatility 30 ETF 3588

Kotak Nifty 100 Low Volatility 30 ETF 162

Mirae Asset Nifty 100 Low Volatility 30 ETF 12

HDFC NIFTY100 Low Volatility 30 ETF 14

7 S&P BSE Low Volatility ETF Motilal Oswal S&P BSE Low Volatility ETF 87

8 Nifty Alpha Low Vol 30 ETF ICICI Pru Alpha Low Vol 30 ETF 1549

9 NIFTY100 Quality 30 ETF HDFC NIFTY100 Quality 30 ETF 15

10 Nifty 200 Quality 30 ETF SBI Nifty 200 Quality 30 ETF 122

ICICI Pru Nifty 200 Quality 30 ETF 101

Aditya Birla SL Nifty 200 Quality 30 ETF 54

11 S&P BSE Quality ETF Motilal Oswal S&P BSE Quality ETF 19

12 Nifty 200 Momentum 30 ETF ICICI Pru Nifty 200 Momentum 30 ETF 305

Aditya Birla SL Nifty 200 Momentum 30 ETF 71

Motilal Oswal Nifty 200 Momentum 30 ETF 100

HDFC NIFTY200 Momentum 30 ETF 71

13 Nifty Next 50 ETF Nippon India ETF Nifty Next 50 Junior BeES 5698

SBI-ETF Nifty Next 50 3204

UTI-Nifty Next 50 ETF 2882

ICICI Pru Nifty Next 50 ETF 926

Mirae Asset Nifty Next 50 ETF 306

Aditya Birla SL Nifty Next 50 ETF 62

HDFC NIFTY Next 50 ETF 51

14 Sensex Next 50 ETF Nippon India ETF Sensex Next 50 45

SBI-ETF Sensex Next 50 20

UTI S&P BSE Sensex Next 50 ETF 24

15 Nifty 50 Value 20 ETF(NV20) ICICI Pru Nifty50 Value 20 ETF 169

Nippon India ETF Nifty 50 Value 20 178

Kotak Nifty 50 Value 20 ETF 75

HDFC NIFTY50 Value 20 ETF 34

16 Nifty Dividend Opportunities 50 ETF Nippon India ETF Dividend Opportunities 50 74

17 NIFTY Growth Sectors 15 ETF HDFC NIFTY Growth Sectors 15 ETF 12

II Midcap Oriented ETFs

18 Nifty Midcap 50 ETF Kotak Nifty Midcap 50 ETF 39

19 Midcap 100 ETF LIC MF Nifty Midcap 100 ETF 744

Motilal Oswal Nifty Midcap 100 ETF 554

20 Nifty Midcap 150 Nippon India ETF Nifty Midcap 150 1752

Mirae Asset Nifty Midcap 150 ETF 945

ICICI Pru Midcap 150 ETF 425

HDFC NIFTY Midcap 150 ETF 59

Zerodha Nifty Midcap 150 ETF 24

UTI Nifty Midcap 150 ETF 6

21 Midcap Select ETF ICICI Pru S&P BSE Midcap Select ETF 76

22 Nifty Midcap 150 Quality 50 ETF DSP Nifty Midcap 150 Quality 50 ETF 103

III Smallcap Oriented ETFs

23 Nifty Smallcap 250 Momentum Quality 100 Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF 357

Nifty Smallcap 250 ETF HDFC NIFTY Smallcap 250 ETF 530

Motilal Oswal Nifty Smallcap 250 ETF 102

III Multicap Oriented ETFs

24 S&P BSE 500 ETF ICICI Pru S&P BSE 500 ETF 303

HDFC S&P BSE 500 ETF 15

25 Nifty Alpha 50 ETF Kotak Nifty Alpha 50 ETF 340

26 Nifty 200 Alpha 30 ETF Mirae Asset Nifty 200 Alpha 30 ETF 305

Nifty 500 Momentum 50 ETF Motilal Oswal Nifty 500 Momentum 50 ETF 11

IV Sectors/Thematic/ Global ETFs

27 Banking ETF Nippon India ETF Bank BeES 6880

Kotak Nifty Bank ETF 5416

SBI Nifty Bank ETF 4573

ICICI Pru Nifty Bank ETF 2989

UTI Nifty Bank ETF 3620

Aditya Birla SL Nifty Bank ETF 2777

HDFC NIFTY Bank ETF 2550

Axis NIFTY Bank ETF 275

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DSP Nifty Bank ETF 508

Bajaj Finserv Nifty Bank ETF 377

Mirae Asset Nifty Bank ETF 171

Baroda BNP Paribas NIFTY Bank ETF 9

Edelweiss Nifty Bank ETF 16

28 PSU Bank ETF Nippon India ETF Nifty PSU Bank BeES 2475

Kotak Nifty PSU Bank ETF 1349

ICICI Pru Nifty PSU Bank ETF 82

HDFC Nifty PSU Bank ETF 28

DSP Nifty PSU Bank ETF 18

29 Private Bank ETF ICICI Pru Nifty Private Bank ETF 2570

HDFC Nifty Private Bank ETF 331

SBI Nifty Private Bank ETF 169

DSP Nifty Private Bank ETF 203

Tata Nifty Pvt Bank ETF 10

30 Financial Services ETF Mirae Asset Nifty Financial Services ETF 299

31 Nifty Financial Services Ex-Bank ICICI Pru Nifty Financial Services Ex-Bank ETF 92

32 Nifty IT ETF Nippon India ETF Nifty IT 2505

ICICI Pru Nifty IT ETF 483

Axis NIFTY IT ETF 174

Aditya Birla SL Nifty IT ETF 51

Kotak Nifty IT ETF 196

SBI-ETF IT 118

Tata Nifty India Digital ETF 139

HDFC NIFTY IT ETF 77

DSP Nifty IT ETF 43

Mirae Asset Nifty IT ETF 136

UTI Nifty IT ETF 6

33 Pharma/Healthcare Nippon India Nifty Pharma ETF 852

ICICI Pru Nifty Healthcare ETF 151

Aditya Birla SL Nifty Healthcare ETF 40

Axis NIFTY Healthcare ETF 20

Motilal Oswal S&P BSE Healthcare ETF 21

DSP Nifty Healthcare ETF 11

34 Nifty India Consumption ETF ICICI Pru Nifty Consumption ETF 55

Nippon India ETF Nifty Consumption 118

Axis NIFTY India Consumption ETF 14

SBI Nifty Consumption ETF 19

Kotak NIFTY India Consumption ETF 3

35 Nifty Infrastructure ETF ICICI Pru Nifty Infrastructure ETF 110

Nippon India ETF Nifty Infrastructure BeES 159

36 Nifty Realty ETF Motilal Oswal Nifty Realty ETF 52

37 Nifty 100 ESG Sector Leaders ETF Mirae Asset Nifty 100 ESG Sector Leaders ETF 136

38 Nifty 50 Shariah ETF Nippon India ETF Nifty 50 Shariah BeES 25

39 Global ETF Motilal Oswal Nasdaq 100 ETF 8299

Motilal Oswal NASDAQ Q 50 ETF 58

Mirae Asset NYSE FANG+ ETF 2369

Mirae Asset S&P 500 Top 50 ETF 7763

Nippon India ETF Hang Seng BeES 622

Mirae Asset Hang Seng TECH ETF 332

40 CPSE ETF CPSE ETF 44279

41 BHARAT 22 ETF BHARAT 22 ETF 20613

V Commodities: Gold ETFs

42 Gold ETF Most AMCs 13725 (Highest-Nippon AMC)

43 Silver ETF ICICI Prudential Silver ETF 3714

Nippon India Silver ETF 4477

Aditya Birla Sunlife Silver ETF 450

Kotak Silver ETF 713

SBI Silver ETF 423

HDFC Silver ETF 321

DSP Silver ETF 231

UTI Silver ETF 120

Edelweiss Silver ETF 71

Axis Silver ETF 137

Tata Silver ETF 100

Mirae Asset Silver ETF 82

VI Debt ETFs

44 BHARAT Bond ETF - April 2025 11588

BHARAT Bond ETF - April 2030 18869

BHARAT Bond ETF - April 2031 14088

BHARAT Bond ETF - April 2032 10575

BHARAT Bond ETF - April 2033 5979

Nippon India ETF Nifty 1D Rate Liquid BeES 13656

ICICI Pru S&P BSE Liquid Rate ETF 2990

DSP NIFTY 1D Rate Liquid ETF 823

Mirae Asset Nifty 1D Rate Liquid ETF 465

Zerodha Nifty 1D Rate Liquid ETF 2259

Aditya Birla SL CRISIL Liquid Overnight ETF 41

HDFC Nifty 1D Rate Liquid ETF 24

Kotak Nifty 1D Rate Liquid ETF 377

SBI NIFTY 1D Rate ETF 34

DSP S&P BSE Liquid Rate ETF 2180

Bajaj Finserv Nifty 1D Rate Liquid ETF 5

Shriram Nifty 1D Rate Liquid ETF 24

SBI Nifty 10 yr Benchmark G-Sec ETF 3047

ICICI Pru Nifty 10 yr Benchmark G-Sec ETF 507

UTI Nifty 10 yr Benchmark G-Sec ETF 1

Nippon India ETF Nifty 8-13 yr G-Sec Long Term Gilt 2222

LIC MF Nifty 8-13 yr G-Sec ETF 2200

Mirae Asset Nifty 8-13 yr G-Sec ETF 86

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 Monthly Report | Mutual Fund Review ICICI Direct Research

Source: ACE MF. AUM as on September 2024. In Sensex and Nifty ETFs, SBI and UTI AMC has higher AUM but dominated by institutional flows.

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 Monthly Report | Mutual Fund Review ICICI Direct Research

Exhibit 7: Return of various category of ETFs

Name 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years

Largecap Oriented ETFs

Nifty 50 ETF -1.6 1.7 13.6 28.0 12.1 18.1 13.6

Sensex ETF -1.8 1.2 12.7 24.6 11.3 17.4 13.4

Nifty 50 Equal Weight ETF -1.6 3.2 15.8 36.5 - - -

BSE 100 ETF -1.4 2.0 15.0 32.6 13.7 19.4 -

Nifty 100 ETF -1.5 1.6 14.5 33.2 12.5 18.3 13.8

Nifty 200 Quality 30 ETF -1.9 4.9 24.0 39.7 14.9 20.0 -

Nifty 100 Low Vol 30 ETF -2.4 4.6 17.1 37.6 15.4 19.8 -

Nifty Alpha Low Vol 30 ETF -1.0 3.4 16.7 51.5 19.0 -

Nifty Next 50 ETF 0.2 2.5 22.2 67.3 20.0 23.3 17.2

Sensex Next 50 ETF -0.7 3.5 20.8 53.4 20.7 24.3 -

Nifty 50 Value 20 ETF(NV20) -1.8 2.8 18.3 37.1 16.7 23.2 -

Nifty Dividend Opportunities 50 ETF -1.4 2.3 18.4 47.8 22.4 24.1 15.6

NIFTY Growth Sectors 15 ETF -3.7 5.2 17.3 26.1 - - -

Midcap Oriented ETFs

Nifty Midcap 50 ETF -1.4 3.5 21.3 43.7 - - -

Midcap 100 ETF -1.3 3.2 21.2 47.3 22.9 31.2 18.7

Nifty Midcap 150 ETF -0.9 3.0 21.2 46.1 22.8 31.3 -

Midcap Select ETF -0.3 5.2 25.7 54.4 19.3 25.1 -

Nifty Midcap 150 Quality 50 ETF 0.5 4.1 25.7 37.4 - - -

Multicap Oriented ETFs

S&P BSE 500 ETF -1.4 1.9 16.2 36.4 15.2 21.5 -

Nifty Alpha 50 ETF -0.9 1.1 24.7 63.9 - - -

Sector/Thematic/Global ETFs

PSU Bank ETF -1.5 -10.7 -4.5 30.4 35.4 25.3 6.9

Nifty Bank ETF -0.7 -0.9 9.9 17.9 10.3 12.8 13.0

Nifty Pvt Bank ETF -1.7 -1.1 9.2 12.6 8.6 10.1 -

Nifty Financial Services ETF -0.5 1.2 14.1 21.5 8.9 - -

Nifty IT ETF -2.6 8.0 27.0 35.4 7.4 - -

Healthcare ETF 0.4 12.5 24.7 54.7 18.0 - -

Nifty India Consumption ETF -0.7 7.9 22.8 44.9 18.6 20.8 15.8

Nifty Infrastructure ETF -1.3 -1.0 10.8 45.8 20.4 23.3 12.4

Nifty 100 ESG Sector Leaders ETF -1.7 2.4 14.7 30.4 10.9 - -

Nifty 50 Shariah ETF -3.3 4.4 20.4 31.2 8.6 17.5 12.5

Hang Seng ETF 16.7 16.1 30.0 20.7 -0.5 0.4 4.3

Hang Seng TECH ETF 26.4 22.6 33.9 17.7 - - -

Nasdaq 100 ETF 4.0 -0.6 14.5 34.1 15.0 24.4 21.7

Nasdaq Q 50 ETF 5.7 4.3 14.0 29.5

NYSE FANG+ ETF 4.9 -1.0 18.9 52.1 20.6 - -

S&P 500 Top 50 ETF 4.1 2.0 18.3 38.9 16.7 - -

Bharat 22 ETF -0.8 -1.9 12.4 51.7 33.7 27.4

CPSE ETF -1.8 -5.5 14.8 79.8 44.4 32.1 14.8

Commodities ETFs

Gold ETF 3.9 3.6 3.9 28.0 15.5 13.6 9.8

Silver ETF 3.7 -0.6 9.3 28.2 - - -

Source: ACE MF. Return as on Oct 16, 2024

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 Monthly Report | Mutual Fund Review ICICI Direct Research

Hybrid funds
The hybrid funds category is dominated by aggressive hybrid funds
(erstwhile balanced funds) and balanced advantage or dynamic asset
allocation funds.
The trend of outflow continued in the aggressive hybrid category. The
category has witnessed consistent outflows in the last many months.
Balanced Advantage Funds or Dynamic Asset Allocation category have
been witnessing consistent inflows in the last few years as many investors
prefer to invest in dynamically managed equity funds due to higher equity
levels. The category has grown significantly over the last few years and
AUM of the category is currently around ₹ 3.0 lakh crore.
Arbitrage funds, as a category, have been popular among investors for
parking money temporarily in a tax efficient manner.

Exhibit 8: Flows have improved in BAFs since last 6 months Exhibit 9: BAFs AUM near 2.9 lakh crore
Inflow/(Outflow)
Hybrid Category AUM
4000
during Sep 2024
Dynamic Asset Allocation/Balanced Advantage 1,704 2,89,102
Balanced Hybrid Fund/Aggressive Hybrid Fund 516 2,29,297
Net Inflow ₹ Cr )

2000
Arbitrage Fund (3,532) 1,89,863
Multi Asset Allocation 4,070 98,516
0
Equity Savings 2,269 39,546
Conservative Hybrid Fund (126) 28,575
-2000 Source: ACE MF
Sep-22

Sep-23

Sep-24
Dec-22

Jun-23

Dec-23

Jun-24
Mar-23

Mar-24

Balanced Advantage Funds

Source: AMFI

Debt Funds
Exhibit 10: Duration funds continue to outperform as yields continue to swift downwards

16
14.0
13.0
12.5

14
12.0
12.0
11.7

11.5

11.3
11.0
10.7

10.7

10.7

12
10.3

10.0
9.9

9.6
9.5
9.5

9.3

9.2
9.1

9.1
8.9

8.9

10
8.8

8.7
Annualised Returns (%)

8.7

8.4
8.4
8.4

8.2
8.2

7.7
7.5

7.4

7.3
7.3

7.1

7.1
7.2
7.0

6.9

8
6.9

6.9
6.8

4
Medium to Long

Floater

Low Duration
Dynamic Bond

Ultra Short
Corporate Bond

Liquid
Gilt Funds

Short Duration
Long Duration

Money Market
Banking and PSU
10 year Gilt

Medium Duration

Credit Risk

Duration
Duration

3 Months 6 Months 1 Year

Source: CRISIL. Category average returns as on Oct 16, 2024.

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Mutual Fund Recommendation

Exhibit 11: Equity oriented funds Exhibit 12: Debt funds

Top Picks across category Top Picks across category
Largecap Funds Bandhan Largecap Fund Category Fund
ICICI Prudential Bluechip Fund Overnight / Liquid / Ultra Short Term Aditya Birla Sun Life Savings Fund
DSP Top 100 Fund HDFC Ultra Short Duration Fund
JM Large Cap Fund ICICI Pru Ultra Short Duration Fund
Kotak Bluechip Fund SBI Magnum Ultra Short Duration Fund
Nippon India Large Cap Fund Low Duration / Money Market Aditya Birla Sun Life Money Manager Fund
Quant Large cap Fund ICICI Prudential Savings Fund
Large and Midcap Funds HDFC Large and Midcap Fund Kotak Low Duration Fund
HSBC Large and Midcap Short Term Aditya Birla Sun Life Short Term Fund
ICICI Pru Large and Midcap Fund HDFC Short Term Debt Fund
Mahindra Large & Mid Cap Fund ICICI Prudential Short Term Fund
Flexicap/Multicap Funds Axis Multicap Fund Nippon India Short Term Fund
Franklin India Flexicap Fund Medium Term Axis Strategic Bond Fund
HDFC Flexicap Fund
HDFC Medium Term Debt Fund
ICICI Prudential Medium Term Bond Fund
HSBC Multicap Fund
Medium to Long Term/Long Term Nippon India Nivesh Lakshya Fund
JM Flexicap Fund
HDFC Long Duration Debt Fund
Motilal Oswal Flexicap Fund
SBI Long Duration Fund
Nippon Multicap Fund
Dynamic Bond Fund ICICI Prudential All Seasons Bond Fund
Parag Parikh Flexi Cap Equity
Bandhan Dynamic Bond Fund
Quant Active Fund
Kotak Dynamic Bond Fund
Midcap Funds HDFC Midcap Opportunities Fund
Corporate Bond Aditya Birla SL Corporate Bond Fund
Motilal Oswal Midcap Fund HDFC Corporate Bond Fund
Nippon India Growth Fund Bandhan Corporate Bond Fund
Quant Midcap Fund L&T Triple Ace Bond Fund
Tata Midcap Fund Gilt Aditya Birla Sun Life G-Sec Fund
Smallcap Funds Franklin India Smaller Companies Fund Bandhan G-Sec Fund - Investment Plan
HDFC Smallcap Fund
DSP Government Securities Fund
HSBC Smallcap Fund
ICICI Pru Smallcap Fund
ICICI Prudential Gilt Fund
Nippon Small Cap Fund Invesco India Gilt Fund
Quant Small Cap Fund Source: ICICI Direct Research
Focus Funds Franklin Focused Equity Fund
IIFL Focused Equity Fund
Tata Focused Equity Fund
Value/Contra Funds HSBC Value Fund
ICICI Pru Value Discovery Fund
Nippon India Value Fund
SBI Contra Fund
ELSS Bandhan Tax Advantage Fund
Franklin India Taxshiled Fund
HDFC Taxsaver Fund
ICICI Pru LT Equity Fund (Tax Saving)
SBI Long Term Equity Fund
Balanced Advantage Funds Aditya Birla SunLife Balanced Advantage Fund
Bandhan Balanced Advantage Fund
Baroda BNP Paribas Balanced Advantage Fund
DSP Dynamic Asset Allocation Fund
Edelweiss Balanced Advantage Fund
HDFC Balanced Advantage Fund
ICICI Prudential Balanced Advantage Fund
Kotak Balanced Advantage Fund
Nippon India Balanced Advantage Fund
Sundaram Balanced Advantage Fund
Source: ICICI Direct Research

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 Monthly Report | Mutual Fund Review ICICI Direct Research

Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Direct Research Desk,

ICICI Securities Limited,
Third Floor, Brillanto House,
Road No 13, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

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 Monthly Report | Mutual Fund Review ICICI Direct Research

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ICICI Securities | Retail Research 16