Performance analysis of Nippon India MF Equity Funds
It’s now been more than six months post change of name and sponsor of the erstwhile Reliance MF to Nippon India MF (NIMF). The new name came after Nippon Life Insurance of Japan completed the acquisition of 75 per cent stake in Reliance Nippon Life Asset Management from Reliance Capital. Such a change usually raises question on the performance of the funds managed by the AMC.
In Indian context, it is not the first time that a new investor has taken over the old one in the mutual fund industry. There are cases, such as Invesco’s takeover of Religare Invesco Mutual Fund, which has actually improved the performance of the fund house in general. Besides, there is also an instance when BlackRock parted ways with its partner-DSP in the asset management business in 2018 with no material impact on the performance of the fund.
Prior to the change in management, the AUM of the fund house was continuously declining; however, it got arrested in the quarter ending December. There was a marginal increase in the AUM of the fund house in the same period. NIMF is now India’s fifth-largest asset management firm with MF Quarterly Average Assets Under Management (QAAUM) at Rs 2,04,370 crore at the end of December 2019. It used to hold a pole position before 2011.
Now, let us check the performance of the equity mutual funds managed by the fund house.
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)
The above table clearly shows that the fund has done well in the international and sectoral funds however, has lagged in the performance when it comes to the pure equity funds such as multi-cap, focussed and large-cap dedicated funds. In their category, they find the place in the bottom quartile when it comes to the performance.
Going one step ahead, we tried to understand if such performance has to do anything with the size of the asset managed by the fund. We see that even fund with a lower base has performed badly in its category. For example, Nippon India Large-cap Fund, a fund dedicated to large-cap stocks, stands twenty-ninth out of 34 funds, in terms of performance. It has generated return of mere 10.68 per cent in the last one year, ending January 28, 2019. Against this, the category on an average has generated return of 15 per cent and the large-cap benchmark such as BSE 100 generated return of 13 per cent in the same period.
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)
The worst part of the performance is that not a single fund from the fund house features in the top quartile in terms of performance while, 64 per cent of the total equity AUM lies in the fourth quartile.
One year may be a short period to judge a product meant for long-term, so, one should not ignore the trend.