What should investors do if their mutual fund makes cash calls?
Cash calls by MF can be beneficial in the current market conditions, but they can also be risky. Continue reading to learn what investors should do if their mutual funds are sitting on cash.
If you have ever looked at the portfolio of a mutual fund in which you have invested, you may have noticed that a specific percentage of the assets are allocated to cash or cash equivalents. This is particularly noticeable in equity funds, where cash holdings range from 5 per cent to 7 per cent on average. This is frequently done to properly handle redemptions without damaging the overall portfolio.
However, if the fund has less cash, excessive redemptions will force managers to sell assets from the portfolio to meet the redemptions. As a result, keeping a reasonable quantity of cash on hand is ideal. However, there are a few mutual funds that may have more cash on hand at times. There are two primary reasons for keeping extra cash on hand. Receiving a high inflow (often in the case of a New Fund Offer), but existing opportunities are less appealing is one rationale. The other is a straight cash call to cushion market volatility.
Few mutual funds have taken cash calls in the current market environment. As a result, in these unpredictable periods, such funds tend to do well, and the majority of those with a recency bias end up investing in them. When the market reverses and rises to new highs, the same funds fail to capitalise on the rally.
Rather than focusing just on results, it is critical to examine mutual funds holistically. When choosing a mutual fund, consider the consistency of the fund's returns, the risk taken by the fund, its portfolio, its sector allocation, and so on. Although cash calls are not a red flag, they are a double-edged sword that, if used incorrectly, may severely reduce fund returns.
Axis Mutual Fund is an example of a mutual fund company that accepts cash calls. So, nothing better than comparing the performance of Axis Bluechip Fund and Axis Mid-Cap Fund to their respective categories and indices.
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)
The preceding graph clearly shows that the cash holdings of these funds increased prior to August 2020. As a result, when cash holdings were high, we would examine the performance of these funds.
Particulars
|
Returns (%) *
|
Axis Bluechip Fund
|
-4.58
|
Large-Cap Category Average
|
-2.70
|
Nifty 50 TRI
|
0.08
|
Axis Mid-Cap Fund
|
-3.93
|
Mid-Cap Category Average
|
-6.28
|
Nifty Midcap 150 TRI
|
-5.43
|
* Returns are for the period from March 2020 to July 2020
|
The above table contains two scenarios: a) when markets were positive and b) when markets were negative. As can be seen, when the markets were up (as in the case of the Axis Bluechip Fund), the fund not only underperformed the index but also its category. On the other hand, when markets were negative (as in the case of the Axis Mid-Cap Fund) and cash holdings were larger, the fund outperformed not just the index, but also its category.