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Key Points:
- The fund was launched on 25 June 2007 as 3 year closed-ended fund and has been converted into open-concluded fund from 25 June 2010 onwards.
- The fund has outperformed its benchmark 12 out of 16 times since inception, quarter-on- quarter (q-o-q) basis
- The fund aims to generate skillful returns by focusing on mid-cap stocks.
HDFC Midcap Opportunity fund is a relatively new fund with a runway record of simply five years. The fund promises to deliver good returns and manage take a chance through a well diversified portfolio.
Fund versus Benchmark
| Here, we have compared the daily NAV of the fund with the daily market place level. The daily NAV of the fund has been rebased to 100 since the fund inception engagement (vi June 2007). Similarly, the daily market level since inception of the fund has been rebased to 100. Rebasing has been done to compare the fund returns with the market weather condition from engagement the fund was launched. Therefore, the information as at six June 2007 has been considered as the base value which is 100 with the subsequent information expressed relative to 100. The secondary vertical axis (%) maps the outperformance and the underperformance of the fund with respect to its index (q-o-q) since inception. The outperformance of a fund indicates the excess returns of the fund over its criterion. The underperformance of a fund indicates the deficit in fund returns against its benchmark.
| Nautical chart 1: HDFC Midcap Opportunity Fund versus CNX Midcap Index Source: iFAST Compilations |
Table one: Fund Returns versus Index Returns on a y-o-y ground
| Fiscal Yr (1 Apr to 31 March) | HDFC Midcap Opportunity Returns | CNX Midcap Index Returns |
| 2007-2008 | -9.13%* | x% |
| 2008-2009 | -37% | -45% |
| 2009-2010 | 121% | 129% |
| 2010-2011 | 14% | iii% |
| 2011-2012 | 29%** | -iv% |
*Annualized (The fund was launched in June 2007) * *Annualized (Data available till xxx June 2011)
The fund has delivered negative performance in the initial two years because the fund was launched in June 2007 amid the volatile marketplace weather condition in 2008-2009. However, the fund has stabilized with the marketplace and has provided consistent positive returns for the last iii years. The close-ended nature of the fund till 25 June 2010 likewise helped it perform well in the last 3 years.
Highlight #i: Fund five/southward Category Functioning
T able 2: Fund Returns since inception on a Year-on-Year Footing
| Fiscal Year (1 April to 31 March) | HDFC Midcap Opportunity Returns | Category Boilerplate Returns |
| 2007-2008 | -nine.13%* | twenty.16 |
| 2008-2009 | -37% | -46.64 |
| 2009-2010 | 121% | 122.16 |
| 2010-2011 | fourteen% | 4.93 |
| 2011-2012 | 29%** | 17.92** |
*Annualised (The fund was launched in June 2007) * *Annualised (Information available till thirty June 2011)
The fund has outperformed other funds belonging to the same category across all periods except, 2007-2008 and 2009-2010. The fund underperformed in 2007-2008 as it was launched on 25 June 2007. In 2008-2009, although the returns delivered past the funds were negative, it has managed to outperform other funds. In 2009-2010, the fund has underperformed other funds past a small margin and since then, it has been able to outperform other funds by a huge departure.
Highlight #ii: Positive Operation in Down Market:
The table shows the fund returns (q-o-q) for the periods when the markets take been best performing and the worst performing.
Table three: Fund Performance in the Upwardly Market
| Duration | HDFC Midcap Opportunity | CNX Midcap Index | Market Scenario | Fund Motility | Out/Under Performance of the Fund |
| Apr-June 2009 | 51.67% | 60.13% | up | upwardly | -8.46% |
| Oct-December 2007 | 21.15% | 34.xiv% | upwardly | up | -13.00% |
| July-September | 24.51% | 24.54% | up | up | -0.03% |
Table 4: Fund Performance in the Downwards Marketplace
| Duration | HDFC Midcap Opportunity | CNX Midcap Index | Marketplace Scenario | Fund Movement | Out/Nether Performance of the Fund |
| -12.08% | -fifteen.65% | down | downwardly | iii.57% | |
| -23.25% | -23.48% | downward | down | 0.23% | |
| -27.68% | -32.00% | down | down | four.33% |
The 'up' and 'down' conditions hither, indicate the market and the fund movement on a quarterly ground. These conditions are accomplished on the ground of post-obit assumptions:
- Up - The benchmark, CNX Midcap Index has moved upwardly past five.0% (q-o-q)
- Down - The criterion, CNX Midcap Alphabetize has fallen by -5.0% (q-o-q)
- Side - The benchmark, CNX Midcap Alphabetize has moved in the range of -v.0% to v.0% (q-o-q)
If we observe both the tables, the fund has underperformed the index in the upwards market merely, has outperformed the index in the down market. This fund has protected the investor against downside in a bear market.
| Nautical chart 2: HDFC Midcap Opportunity Fund, 2007 to 2011 (q-o-q Basis) The fund is outperforming its index in all the quarters except September 2010 and March 2011, since September 2009. A fund outperforms its index when information technology does ameliorate and provides greater returns than the market in the same time frame. In this instance, the HDFC Midcap Opportunity Fund provides excess returns over CNX Midcap Alphabetize since September 2009. |  |
Fund Information
The fund carries an get out load of 1.00% if the units are redeemed or switched within i yr of allotment.
Equally the name suggests, the fund primarily focuses on midcap stocks. The big-cap stocks business relationship for 2.0% of the portfolio, mid-cap stocks business relationship for approximately 83.5% of the portfolio and pocket-sized-cap stocks account for 7.01% of the portfolio as on June 2011. Every bit on xxx June 2011, the fund invested in following industries:-
Table 5: Industry Resource allotment of Disinterestedness holdings of the Fund for June 2011
| Industry | % Resource allotment |
| Industrial Products | 17.05 |
| Pharmaceuticals | 14.39 |
| Banks | 11.05 |
| Consumer Non Durables | 11 |
| Auto Ancillaries | 9.05 |
| Consumer Durables | three.64 |
| Software | iii.06 |
| Media & Entertainment | 2.98 |
| Petroleum Products | 2.nine |
| Fertilisers | 1.81 |
| Structure | 1.48 |
| Construction Project | 1.36 |
| Finance | 1.fourteen |
| Pesticides | 1.11 |
| Ability | 0.82 |
| Steel | 0.63 |
| Cloth Products | 0.42 |
| Ferrous Metals | 0.38 |
The fund is well diversified as it invests through varied sectors. This is washed, in order to reduce its risk and provide stable returns to the investor even during the market downturn.
| Nautical chart iii: Peak 3 Sector Allocation in the Fund The chart shows the industry allocation of equity holdings of HDFC Midcap Opportunities on a monthly basis since June 2010 expressed every bit a pct of its Internet Assets. Therefore, the fund manager does not change the sector allotment of the fund and invest in almost the same proportion through the sectors since June 2010. Determination The fund is a well-diversified fund and moves in line with the market since its inception.The fund has been outperforming the market though by a narrow range since 2 years. |  |
The fund can be considered as a good investment option when the markets are down as a issue of its take chances mitigation feature. The fund is more volatile than the marketplace and therefore, the investors with a significant risk appetite and a time horizon of iii- v years can consider investing in the fund.
The Content Team is part of iFAST Financial Republic of india Pvt Ltd
Disclaimer: iFAST and/or its content and research team's licensed representatives may ain or have positions in the mutual funds of any of the Asset Management Visitor mentioned or referred to in the commodity, and may from time to fourth dimension add or dispose of, or be materially interested in whatever such. This article is not to exist construed as an offer or solicitation for the subscription, purchase or sale of any common fund. No investment decision should be taken without first viewing a common fund's scheme information document including argument of boosted information. Any advice herein is fabricated on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Investors should seek for professional investment, tax, and legal advice before making an investment or any other decision. Past functioning and any forecast is non necessarily indicative of the time to come or probable performance of the mutual fund. The value of mutual funds and the income from them may fall likewise as rise. Opinions expressed herein are subject to alter without notice. Please read our disclaimer on the website.Please read our disclaimer in the website. Adventure Factors: Mutual funds, like securities investments, are subject to market risks and in that location is no guarantee against loss in the Scheme or that the Scheme's objectives will be accomplished. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on various factors and forces affecting capital markets. Past performance of the Sponsor/the AMC/the Mutual Fund does non indicate the future performance of the Scheme. The name of the Scheme does not in any manner indicate the quality of the Scheme, its future prospects or returns. Please read the Statement of Additional Information and Scheme Information Document carefully before investing.
Source: https://www.fundsupermart.co.in/main/research/viewHTML.tpl?articleNo=795
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