‘Small & midcap funds do well in second quarter’

Over the ranking period spanning 3 years, the category gave 26% annualised returns, over 6% higher than the nearest equity mutual fund category including ELSS (represented by Crisil-AMFI ELSS Mutual Fund Performance Index).

The category also outperformed all other equity categories across all periods analysed, the ratings agency said.

The out-performance of small and midcap funds also came with lesser volatility at 13.92% (measured by standard deviation), compared with 15.37% for large cap funds (represented by CRISIL-AMFI Large Cap Fund Performance Index) over the last three years, ending September, 2015.

Unlike other models, which are usually based on returns or net asset value, Crisil MF ranking uses a combination of net asset value (NAV) and portfolio-based attributes. The rankings also include categories that assign specific focus on consistent performance in the long run.

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