{"id":258,"date":"2026-07-21T10:07:54","date_gmt":"2026-07-21T10:07:54","guid":{"rendered":"https:\/\/mfportfolio.com\/blog\/?p=258"},"modified":"2026-07-23T10:31:51","modified_gmt":"2026-07-23T10:31:51","slug":"mutual-fund-montly-digest-june-2026","status":"publish","type":"post","link":"https:\/\/mfportfolio.com\/blog\/mutual-fund-montly-digest-june-2026\/","title":{"rendered":"Mutual Fund Monthly Digest &#8211; June 2026"},"content":{"rendered":"\n<div id=\"nmd\">\n<style>\n@import url(\"https:\/\/fonts.googleapis.com\/css2?family=Funnel+Display:wght@400;500;600;700;800&family=IBM+Plex+Sans:ital,wght@0,400;0,500;0,600;0,700;1,400&family=IBM+Plex+Mono:wght@400;500;600&display=swap\");\n#nmd{--ink:#1E2C2C;--teal:#006D6F;--teal-deep:#083B3B;--teal-line:#0d5a5b;--paper:#F4F6F4;--line:#DBE1DC;--line-soft:#E9EDE9;--pos:#1F7A5A;--neg:#B23A2E;--amber:#B07B12;--muted:#5C6B66}#nmd,#nmd 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h2{font-size:23px}#nmd section h2.lead{font-size:25px}#nmd .lede{font-size:16px}#nmd thead th,#nmd tbody td{padding:8px 9px;font-size:13px}#nmd tbody td:first-child{min-width:130px}}\n\n\/* --- WordPress container + theme-reset overrides --- *\/\n#nmd{width:100%;max-width:100%;margin:0;border-radius:0}\n#nmd .wrap{max-width:100%!important;width:100%;margin:0}\n#nmd .scroll{overflow-x:auto;-webkit-overflow-scrolling:touch}\n#nmd table{width:100%!important;max-width:none!important;display:table!important;table-layout:auto;border-collapse:collapse!important;margin:0!important;border:0!important;background:transparent!important;font-size:14px;white-space:normal!important;float:none!important}\n#nmd thead{display:table-header-group!important}\n#nmd tbody{display:table-row-group!important}\n#nmd tr{display:table-row!important;width:auto!important}\n#nmd th,#nmd td{display:table-cell!important;float:none!important;max-width:none!important}\n#nmd colgroup{display:table-column-group!important}\n#nmd thead,#nmd tbody,#nmd tr{background:transparent!important;border:0!important;overflow:visible!important}\n#nmd th,#nmd td{border-left:0!important;border-right:0!important;border-top:0!important;vertical-align:middle}\n#nmd .holdcard table{min-width:0!important}\n#nmd svg,#nmd img{max-width:100%;height:auto;display:block}\n#nmd h1,#nmd h2,#nmd h3,#nmd h4{clear:none;text-transform:none}\n#nmd p:last-child{margin-bottom:0}\n#nmd ul,#nmd ol{margin:0 0 14px;padding-left:20px}\n<\/style>\n<div class=\"wrap\">\n\n<header class=\"hero\">\n  <div class=\"issue\">June 2026 \u00b7 Data as on 30\/06\/2026<\/div>\n  <h1>A Fall,<br>Then a Bounce<\/h1>\n  <p class=\"thesis\">The market fell 14.8% from January to March, then rose 12.0% from April to June. It nearly got back to where it started. This issue looks at which funds handled the full fall and rise, not just the bounce.<\/p>\n  <div class=\"spark\"><div class=\"cap\">Nifty 500 \u00b7 the round trip<\/div><svg viewBox=\"0 0 680 200\" role=\"img\" aria-label=\"Nifty 500 fell 14.8 percent then rose 12.0 percent\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;display:block\"><defs><linearGradient id=\"sf\" x1=\"0\" y1=\"0\" x2=\"0\" y2=\"1\"><stop offset=\"0\" stop-color=\"#5FD0C4\" stop-opacity=\"0.30\"\/><stop offset=\"1\" stop-color=\"#5FD0C4\" stop-opacity=\"0\"\/><\/linearGradient><\/defs><polygon points=\"54.0,48.1 239.3,41.9 424.7,153.7 610.0,76.4 610.0,164.0 54.0,164.0\" fill=\"url(#sf)\"\/><line x1=\"239.3\" y1=\"41.9\" x2=\"610.0\" y2=\"41.9\" stroke=\"#EAF3F1\" stroke-width=\"1\" stroke-dasharray=\"3 4\" opacity=\"0.30\"\/><polyline points=\"54.0,48.1 239.3,41.9 424.7,153.7 610.0,76.4\" fill=\"none\" stroke=\"#5FD0C4\" stroke-width=\"3\" stroke-linejoin=\"round\" stroke-linecap=\"round\"\/><circle cx=\"239.3\" cy=\"41.9\" r=\"5\" fill=\"#EAF3F1\" stroke=\"#083B3B\" stroke-width=\"1.5\"\/><circle cx=\"424.7\" cy=\"153.7\" r=\"5\" fill=\"#F2B8B0\" stroke=\"#083B3B\" stroke-width=\"1.5\"\/><circle cx=\"610.0\" cy=\"76.4\" r=\"5\" fill=\"#9FE6DC\" stroke=\"#083B3B\" stroke-width=\"1.5\"\/><text x=\"239.3\" y=\"29.9\" font-size=\"12.5\" fill=\"#EAF3F1\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">24,099<\/text><text x=\"424.7\" y=\"174.7\" font-size=\"12.5\" fill=\"#F2B8B0\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">20,528<\/text><text x=\"610.0\" y=\"64.4\" font-size=\"12.5\" fill=\"#9FE6DC\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">22,996<\/text><text x=\"322.0\" y=\"91.8\" font-size=\"14\" font-weight=\"700\" fill=\"#F2B8B0\" text-anchor=\"end\" font-family=\"IBM Plex Sans,sans-serif\">\u221214.8%<\/text><text x=\"527.3\" y=\"133.1\" font-size=\"14\" font-weight=\"700\" fill=\"#9FE6DC\" text-anchor=\"start\" font-family=\"IBM Plex Sans,sans-serif\">+12.0%<\/text><text x=\"54.0\" y=\"190\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"start\" font-family=\"IBM Plex Mono,monospace\">31 Dec<\/text><text x=\"239.3\" y=\"190\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">02 Jan<\/text><text x=\"424.7\" y=\"190\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">30 Mar<\/text><text x=\"610.0\" y=\"190\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">30 Jun<\/text><\/svg><\/div>\n<\/header>\n\n<div class=\"pad\">\n\n<section id=\"s1\">\n  <div class=\"eyebrow\"><span class=\"n\">01<\/span> The Pulse<\/div>\n  <h2>A sharp bounce, led by smaller companies<\/h2>\n  <p class=\"lede\">The Nifty 500 rose 12.0% from April to June. This came after a fall of 13.3% from January to March. Over six months the index is about flat, down 2.8%. Over one year it is down 2.6%. The market won back most of its loss, but did not make a new high.<\/p>\n  <p>Smaller companies rose the most. The table shows the return of each part of the market over the quarter.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Segment<\/th><th>Apr&#8211;Jun<\/th><\/tr><\/thead><tbody>\n    <tr><td>Nifty 50 (large)<\/td><td class=\"num pos\">+6.9%<\/td><\/tr>\n    <tr><td>Nifty 100<\/td><td class=\"num pos\">+8.9%<\/td><\/tr>\n    <tr><td>Nifty 500<\/td><td class=\"num pos\">+12.0%<\/td><\/tr>\n    <tr><td>Midcap 150<\/td><td class=\"num pos\">+17.2%<\/td><\/tr>\n    <tr><td>Smallcap 250<\/td><td class=\"num pos\">+24.0%<\/td><\/tr>\n    <tr><td>Microcap 250<\/td><td class=\"num pos\">+33.1%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>The pattern is simple. The smaller the company, the larger the gain. One part of the market did not join in. IT stocks fell 9.5% in the quarter and are down 32% over the year.<\/p>\n  <div class=\"callout\"><div class=\"h\">Beating the index was a size bet<\/div>\n  <p>71% of 282 diversified funds beat the Nifty 500. But every small-cap fund beat it, and only 13% of large-cap funds did. Beating the index this quarter mostly meant owning smaller companies that had fallen further.<\/p><\/div>\n<\/section>\n\n<section id=\"s2\">\n  <div class=\"eyebrow\"><span class=\"n\">02<\/span> Lead Story<\/div>\n  <h2 class=\"lead\">The rebound is only half the story<\/h2>\n  <p class=\"lede\">We look at 282 diversified equity funds. These are the direct plans, growth option, across nine categories: Flexi Cap, Large Cap, Large &amp; Mid Cap, Mid Cap, Small Cap, Multi Cap, Contra, Value, and Focused.<\/p>\n  <p>On the rebound, funds that held smaller companies made more. The table below shows how much of the market&#8217;s 12.0% rally each type of fund captured. Above 100% means the fund rose more than the index.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Category<\/th><th>Funds<\/th><th>Capture of the rally<\/th><\/tr><\/thead><tbody>\n    <tr><td>Small Cap<\/td><td class=\"num\">38<\/td><td class=\"num\">204%<\/td><\/tr>\n    <tr><td>Mid Cap<\/td><td class=\"num\">37<\/td><td class=\"num\">144%<\/td><\/tr>\n    <tr><td>Multi Cap<\/td><td class=\"num\">32<\/td><td class=\"num\">144%<\/td><\/tr>\n    <tr><td>Flexi Cap<\/td><td class=\"num\">46<\/td><td class=\"num\">121%<\/td><\/tr>\n    <tr><td>Large &amp; Mid Cap<\/td><td class=\"num\">35<\/td><td class=\"num\">117%<\/td><\/tr>\n    <tr><td>Focused<\/td><td class=\"num\">29<\/td><td class=\"num\">116%<\/td><\/tr>\n    <tr><td>Contra<\/td><td class=\"num\">3<\/td><td class=\"num\">97%<\/td><\/tr>\n    <tr><td>Value<\/td><td class=\"num\">22<\/td><td class=\"num\">95%<\/td><\/tr>\n    <tr><td>Large Cap<\/td><td class=\"num\">40<\/td><td class=\"num\">78%<\/td><\/tr>\n    <tr class=\"hi\"><td>All diversified<\/td><td class=\"num\">282<\/td><td class=\"num\">125%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Small-cap funds captured twice the rally. Large-cap funds captured three-quarters of it. This is not skill. It is size. Small companies fell further, so they had more ground to win back.<\/p>\n  <p>The full story is the round trip: the fall and the rise together. Over the round trip, the funds that fell hard and then bounced hard ended up ahead of the funds that fell less but did not bounce. The table sorts every fund into four groups by how it did on the way down and on the way up.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Group<\/th><th>Funds<\/th><th>Avg 6M return<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Caught the rally, lost less in the fall<\/td><td class=\"num\">159<\/td><td class=\"num pos\">+5.6%<\/td><\/tr>\n    <tr><td>Lost less, but missed the rally<\/td><td class=\"num\">62<\/td><td class=\"num neg\">&#8722;3.2%<\/td><\/tr>\n    <tr><td>Caught the rally, but fell hard<\/td><td class=\"num\">36<\/td><td class=\"num pos\">+0.9%<\/td><\/tr>\n    <tr><td>Missed the rally, and fell hard<\/td><td class=\"num\">15<\/td><td class=\"num neg\">&#8722;5.7%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Read the last two rows together. Funds that lost less but missed the rally were down 3.2%. Funds that fell hard but caught the rally were up 0.9%. So catching the rally mattered more than cushioning the fall. The full picture is in <a href=\"#s10\">The Chart<\/a>.<\/p>\n\n  <h3 style=\"font-size:20px;margin:30px 0 8px\">Did holding cash help? Only when the timing was right.<\/h3>\n  <p>The simple way to limit a fall is to hold cash. On its own, this did not help. Funds that held more than 10% cash at the December peak gained just 0.3% over six months. Funds that were nearly fully invested gained 2.5%. Holding cash did not protect them, and holding a lot of it hurt.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Cash held at the Dec peak<\/th><th>Funds<\/th><th>6M return<\/th><\/tr><\/thead><tbody>\n    <tr><td>Under 3%<\/td><td class=\"num\">149<\/td><td class=\"num pos\">+2.5%<\/td><\/tr>\n    <tr><td>3 to 6%<\/td><td class=\"num\">77<\/td><td class=\"num pos\">+2.3%<\/td><\/tr>\n    <tr><td>6 to 10%<\/td><td class=\"num\">31<\/td><td class=\"num pos\">+2.4%<\/td><\/tr>\n    <tr><td>Over 10%<\/td><td class=\"num\">13<\/td><td class=\"num pos\">+0.3%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Timing was a different thing from level. A few funds did it well. They were fully invested at the top. They raised cash as the market fell. They put that cash back to work at the bottom. Seventeen funds did this. Their median return over six months was 6.9%, against 1.0% for the rest, and 12 of the 17 ended up positive. Very few managed it, and doing it badly was worse than not trying at all.<\/p>\n  <div class=\"chartwrap\"><svg viewBox=\"0 0 680 300\" role=\"img\" aria-label=\"Cash trajectories of three funds December to April\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;display:block\"><rect x=\"48\" y=\"26\" width=\"612\" height=\"230\" fill=\"none\" stroke=\"#CBD3CE\"\/><line x1=\"48\" y1=\"256.0\" x2=\"660\" y2=\"256.0\" stroke=\"#EEF1EE\"\/><text x=\"42\" y=\"260.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">0%<\/text><line x1=\"48\" y1=\"198.5\" x2=\"660\" y2=\"198.5\" stroke=\"#EEF1EE\"\/><text x=\"42\" y=\"202.5\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">25%<\/text><line x1=\"48\" y1=\"141.0\" x2=\"660\" y2=\"141.0\" stroke=\"#EEF1EE\"\/><text x=\"42\" y=\"145.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">50%<\/text><line x1=\"48\" y1=\"83.5\" x2=\"660\" y2=\"83.5\" stroke=\"#EEF1EE\"\/><text x=\"42\" y=\"87.5\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">75%<\/text><line x1=\"48\" y1=\"26.0\" x2=\"660\" y2=\"26.0\" stroke=\"#EEF1EE\"\/><text x=\"42\" y=\"30.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">100%<\/text><line x1=\"507.0\" y1=\"26\" x2=\"507.0\" y2=\"256\" stroke=\"#1E2C2C\" stroke-dasharray=\"3 3\" opacity=\"0.45\"\/><text x=\"507.0\" y=\"18\" font-size=\"10.5\" fill=\"#1E2C2C\" text-anchor=\"middle\" font-family=\"IBM Plex Sans,sans-serif\">market bottom<\/text><text x=\"48.0\" y=\"274\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Dec<\/text><text x=\"201.0\" y=\"274\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Jan<\/text><text x=\"354.0\" y=\"274\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Feb<\/text><text x=\"507.0\" y=\"274\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Mar<\/text><text x=\"660.0\" y=\"274\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Apr<\/text><polyline points=\"48.0,255.5 201.0,229.1 354.0,210.0 507.0,245.6 660.0,249.3\" fill=\"none\" stroke=\"#006D6F\" stroke-width=\"2.6\" stroke-linejoin=\"round\"\/><circle cx=\"48.0\" cy=\"255.5\" r=\"3.2\" fill=\"#006D6F\"\/><circle cx=\"201.0\" cy=\"229.1\" r=\"3.2\" fill=\"#006D6F\"\/><circle cx=\"354.0\" cy=\"210.0\" r=\"3.2\" fill=\"#006D6F\"\/><circle cx=\"507.0\" cy=\"245.6\" r=\"3.2\" fill=\"#006D6F\"\/><circle cx=\"660.0\" cy=\"249.3\" r=\"3.2\" fill=\"#006D6F\"\/><polyline points=\"48.0,242.9 201.0,90.2 354.0,255.8 507.0,71.3 660.0,254.8\" fill=\"none\" stroke=\"#B23A2E\" stroke-width=\"2.6\" stroke-linejoin=\"round\"\/><circle cx=\"48.0\" cy=\"242.9\" r=\"3.2\" fill=\"#B23A2E\"\/><circle cx=\"201.0\" cy=\"90.2\" r=\"3.2\" fill=\"#B23A2E\"\/><circle cx=\"354.0\" cy=\"255.8\" r=\"3.2\" fill=\"#B23A2E\"\/><circle cx=\"507.0\" cy=\"71.3\" r=\"3.2\" fill=\"#B23A2E\"\/><circle cx=\"660.0\" cy=\"254.8\" r=\"3.2\" fill=\"#B23A2E\"\/><polyline points=\"48.0,228.2 201.0,228.2 354.0,232.1 507.0,233.9 660.0,231.8\" fill=\"none\" stroke=\"#B07B12\" stroke-width=\"2.6\" stroke-linejoin=\"round\"\/><circle cx=\"48.0\" cy=\"228.2\" r=\"3.2\" fill=\"#B07B12\"\/><circle cx=\"201.0\" cy=\"228.2\" r=\"3.2\" fill=\"#B07B12\"\/><circle cx=\"354.0\" cy=\"232.1\" r=\"3.2\" fill=\"#B07B12\"\/><circle cx=\"507.0\" cy=\"233.9\" r=\"3.2\" fill=\"#B07B12\"\/><circle cx=\"660.0\" cy=\"231.8\" r=\"3.2\" fill=\"#B07B12\"\/><text x=\"16\" y=\"141.0\" font-size=\"12\" fill=\"#1E2C2C\" text-anchor=\"middle\" font-family=\"IBM Plex Sans,sans-serif\" font-weight=\"600\" transform=\"rotate(-90 16 141.0)\">Cash held (% of portfolio)<\/text><\/svg>\n    <div class=\"legend\">\n      <span><span class=\"dot\" style=\"background:#006D6F\"><\/span>Bank of India Flexi: raised cash into the fall, spent it at the bottom (+6.9%)<\/span>\n      <span><span class=\"dot\" style=\"background:#B23A2E\"><\/span>Samco Large Cap: went to cash at the bottom, missed the rally (&#8722;3.4%)<\/span>\n      <span><span class=\"dot\" style=\"background:#B07B12\"><\/span>SBI Contra: held cash the whole time, never spent it (&#8722;5.6%)<\/span>\n    <\/div>\n  <\/div>\n  <p>Bank of India Flexi held almost no cash in December. It raised cash to 20% by February as the market fell. It spent that cash near the bottom in March, then rode the recovery. Samco did the opposite: it went to about 80% cash at the March bottom, the worst possible moment, and missed the rally. SBI Contra held about 11% cash the whole time and never spent it. Same tool, three very different results.<\/p>\n<\/section>\n\n<section id=\"s3\">\n  <div class=\"eyebrow\"><span class=\"n\">03<\/span> Movers<\/div>\n  <h2>Which funds moved up, and which moved down<\/h2>\n  <p class=\"lede\">We rank each fund against others in its category, twice. Once for the fall, using returns to the end of March. Once for the rally, using returns to the end of June.<\/p>\n  <div class=\"callout\"><p><strong>A percentile rank of 100 is the best in the category. A percentile rank of 0 is the worst.<\/strong><\/p><\/div>\n  <p>Some funds were near the bottom in the fall and near the top in the rally. They fell more than their peers, then rose more.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Moved up<\/th><th>Category<\/th><th style=\"white-space:normal\">Fall percentile rank<\/th><th style=\"white-space:normal\">Rally percentile rank<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Motilal Oswal Multi Cap<\/td><td>Multi Cap<\/td><td class=\"num\">0<\/td><td class=\"num\">100<\/td><\/tr>\n    <tr class=\"hi\"><td>JM Small Cap<\/td><td>Small Cap<\/td><td class=\"num\">3<\/td><td class=\"num\">100<\/td><\/tr>\n    <tr class=\"hi\"><td>Quant Focused<\/td><td>Focused<\/td><td class=\"num\">4<\/td><td class=\"num\">100<\/td><\/tr>\n    <tr class=\"hi\"><td>Invesco India Flexi Cap<\/td><td>Flexi Cap<\/td><td class=\"num\">2<\/td><td class=\"num\">98<\/td><\/tr>\n    <tr class=\"hi\"><td>Invesco India Midcap<\/td><td>Mid Cap<\/td><td class=\"num\">9<\/td><td class=\"num\">94<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Other funds did the reverse. They were near the top in the fall and near the bottom in the rally. These are the defensive funds. Several are the same cash-heavy funds from the cash section.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Moved down<\/th><th>Category<\/th><th style=\"white-space:normal\">Fall percentile rank<\/th><th style=\"white-space:normal\">Rally percentile rank<\/th><\/tr><\/thead><tbody>\n    <tr><td>Samco Large &amp; Mid Cap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">100<\/td><td class=\"num\">0<\/td><\/tr>\n    <tr><td>Capitalmind Flexi Cap<\/td><td>Flexi Cap<\/td><td class=\"num\">100<\/td><td class=\"num\">2<\/td><\/tr>\n    <tr><td>Samco Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">100<\/td><td class=\"num\">3<\/td><\/tr>\n    <tr><td>Parag Parikh Flexi Cap<\/td><td>Flexi Cap<\/td><td class=\"num\">93<\/td><td class=\"num\">0<\/td><\/tr>\n    <tr><td>Mahindra Manulife Focused<\/td><td>Focused<\/td><td class=\"num\">93<\/td><td class=\"num\">4<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>The two tables are mirror images. The funds that led the fall led it because they held back, in cash or in large, steady stocks. That same caution left them behind in the rally.<\/p>\n<\/section>\n\n<section id=\"s4\">\n  <div class=\"eyebrow\"><span class=\"n\">04<\/span> Top Performers<\/div>\n  <h2>The best funds of the quarter<\/h2>\n  <p class=\"lede\">The top five funds in each of four fund groups, ranked by return from April to June, direct growth. The two columns after show the quarter before, January to March, and the past year. Every fund here fell in the first quarter and rose in the second. The size of the swing tracks the size of the companies: small-cap funds swung most, large-cap funds least.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Multicap mandate<\/th><th>Apr&#8211;Jun<\/th><th>Jan&#8211;Mar<\/th><th>1 year<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Quant Large &amp; Mid Cap<\/td><td class=\"num pos\">+25.5%<\/td><td class=\"num neg\">&#8722;12.7%<\/td><td class=\"num\">+5.7%<\/td><\/tr>\n    <tr><td>Invesco India Large &amp; Mid Cap<\/td><td class=\"num pos\">+25.2%<\/td><td class=\"num neg\">&#8722;12.9%<\/td><td class=\"num\">+7.2%<\/td><\/tr>\n    <tr><td>Quant Flexi Cap<\/td><td class=\"num pos\">+24.1%<\/td><td class=\"num neg\">&#8722;10.8%<\/td><td class=\"num\">+10.4%<\/td><\/tr>\n    <tr><td>Motilal Oswal Multi Cap<\/td><td class=\"num pos\">+23.0%<\/td><td class=\"num neg\">&#8722;17.7%<\/td><td class=\"num neg\">&#8722;2.2%<\/td><\/tr>\n    <tr><td>Quant Multi Cap<\/td><td class=\"num pos\">+22.7%<\/td><td class=\"num neg\">&#8722;11.2%<\/td><td class=\"num\">+3.3%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"scroll\"><table><thead><tr><th>Large Cap<\/th><th>Apr&#8211;Jun<\/th><th>Jan&#8211;Mar<\/th><th>1 year<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Quant Large Cap<\/td><td class=\"num pos\">+20.3%<\/td><td class=\"num neg\">&#8722;13.7%<\/td><td class=\"num\">+3.4%<\/td><\/tr>\n    <tr><td>Invesco India Largecap<\/td><td class=\"num pos\">+15.9%<\/td><td class=\"num neg\">&#8722;12.9%<\/td><td class=\"num\">+1.0%<\/td><\/tr>\n    <tr><td>Bank of India Large Cap<\/td><td class=\"num pos\">+13.0%<\/td><td class=\"num neg\">&#8722;10.6%<\/td><td class=\"num\">+4.0%<\/td><\/tr>\n    <tr><td>ITI Large Cap<\/td><td class=\"num pos\">+12.5%<\/td><td class=\"num neg\">&#8722;14.3%<\/td><td class=\"num neg\">&#8722;3.5%<\/td><\/tr>\n    <tr><td>SBI Large Cap<\/td><td class=\"num pos\">+11.9%<\/td><td class=\"num neg\">&#8722;12.2%<\/td><td class=\"num\">+0.2%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"scroll\"><table><thead><tr><th>Mid Cap<\/th><th>Apr&#8211;Jun<\/th><th>Jan&#8211;Mar<\/th><th>1 year<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>HSBC Midcap<\/td><td class=\"num pos\">+27.0%<\/td><td class=\"num neg\">&#8722;8.6%<\/td><td class=\"num\">+17.7%<\/td><\/tr>\n    <tr><td>Invesco India Midcap<\/td><td class=\"num pos\">+25.1%<\/td><td class=\"num neg\">&#8722;13.7%<\/td><td class=\"num\">+8.9%<\/td><\/tr>\n    <tr><td>Helios Mid Cap<\/td><td class=\"num pos\">+25.0%<\/td><td class=\"num neg\">&#8722;13.5%<\/td><td class=\"num\">+14.9%<\/td><\/tr>\n    <tr><td>JM Midcap<\/td><td class=\"num pos\">+24.6%<\/td><td class=\"num neg\">&#8722;10.7%<\/td><td class=\"num\">+8.9%<\/td><\/tr>\n    <tr><td>LIC MF Midcap<\/td><td class=\"num pos\">+20.7%<\/td><td class=\"num neg\">&#8722;12.8%<\/td><td class=\"num\">+2.1%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"scroll\"><table><thead><tr><th>Small Cap<\/th><th>Apr&#8211;Jun<\/th><th>Jan&#8211;Mar<\/th><th>1 year<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>JM Small Cap<\/td><td class=\"num pos\">+37.0%<\/td><td class=\"num neg\">&#8722;13.7%<\/td><td class=\"num\">+10.4%<\/td><\/tr>\n    <tr><td>Bank of India Small Cap<\/td><td class=\"num pos\">+34.7%<\/td><td class=\"num neg\">&#8722;8.4%<\/td><td class=\"num\">+16.4%<\/td><\/tr>\n    <tr><td>Motilal Oswal Small Cap<\/td><td class=\"num pos\">+31.8%<\/td><td class=\"num neg\">&#8722;11.5%<\/td><td class=\"num\">+14.2%<\/td><\/tr>\n    <tr><td>TRUSTMF Small Cap<\/td><td class=\"num pos\">+31.7%<\/td><td class=\"num neg\">&#8722;8.3%<\/td><td class=\"num\">+24.8%<\/td><\/tr>\n    <tr><td>Helios Small Cap<\/td><td class=\"num pos\">+31.4%<\/td><td class=\"num neg\">&#8722;13.3%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>The next table is the funds we do not count as diversified: sector, thematic, and overseas funds. Here the winners are global. US and AI technology funds led. One Taiwan fund is up 177% over the year.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Sector \/ thematic \/ global fund<\/th><th>Apr&#8211;Jun<\/th><th>Jan&#8211;Mar<\/th><th>1 year<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Mirae Global X AI &amp; Technology FoF<\/td><td class=\"num pos\">+46.2%<\/td><td class=\"num neg\">&#8722;8.3%<\/td><td class=\"num\">+65.6%<\/td><\/tr>\n    <tr class=\"hi\"><td>Edelweiss US Technology FoF<\/td><td class=\"num pos\">+41.9%<\/td><td class=\"num neg\">&#8722;11.4%<\/td><td class=\"num\">+42.8%<\/td><\/tr>\n    <tr><td>Motilal Oswal Nasdaq 100 FoF<\/td><td class=\"num pos\">+40.7%<\/td><td class=\"num\">+0.1%<\/td><td class=\"num\">+68.5%<\/td><\/tr>\n    <tr><td>Nippon India Taiwan Equity<\/td><td class=\"num pos\">+38.8%<\/td><td class=\"num pos\">+43.2%<\/td><td class=\"num pos\">+177.3%<\/td><\/tr>\n    <tr><td>Quant Manufacturing<\/td><td class=\"num pos\">+36.7%<\/td><td class=\"num neg\">&#8722;14.1%<\/td><td class=\"num\">+12.8%<\/td><\/tr>\n    <tr><td>HDFC Defence<\/td><td class=\"num pos\">+35.7%<\/td><td class=\"num neg\">&#8722;5.2%<\/td><td class=\"num\">+16.0%<\/td><\/tr>\n    <tr><td>Quant ESG Integration<\/td><td class=\"num pos\">+34.4%<\/td><td class=\"num neg\">&#8722;13.2%<\/td><td class=\"num\">+15.3%<\/td><\/tr>\n    <tr><td>PGIM India Global Equity Opp FoF<\/td><td class=\"num pos\">+33.1%<\/td><td class=\"num neg\">&#8722;11.2%<\/td><td class=\"num\">+26.0%<\/td><\/tr>\n    <tr><td>Motilal Oswal Innovation Opportunities<\/td><td class=\"num pos\">+33.0%<\/td><td class=\"num neg\">&#8722;12.8%<\/td><td class=\"num\">+14.3%<\/td><\/tr>\n    <tr><td>Invesco Global Consumer Trends FoF<\/td><td class=\"num pos\">+32.0%<\/td><td class=\"num neg\">&#8722;10.9%<\/td><td class=\"num\">+31.9%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Direct growth plans. A blank one-year figure means the fund is less than a year old. These are the funds that returned the most; this is a record of what happened, not a list of what to buy.<\/p>\n<\/section>\n\n<section id=\"s5\">\n  <div class=\"eyebrow\"><span class=\"n\">05<\/span> Holdings<\/div>\n  <h2>What the funds own<\/h2>\n  <p class=\"lede\">The ten largest holdings in each type of fund at the end of June. Each figure is the combined money across all funds in the group, shown as a share of the group&#8217;s equity. Banks sit near the top of almost every list. Small-cap funds are the exception: their biggest single holding is just 1.3%, so they spread their money across many names.<\/p>\n  <div class=\"holdgrid\">\n    <div class=\"holdcard\"><h4>Large Cap<\/h4><table><tbody>\n      <tr><td>ICICI Bank<\/td><td class=\"num\">9.0%<\/td><\/tr><tr><td>HDFC Bank<\/td><td class=\"num\">8.8%<\/td><\/tr><tr><td>Reliance<\/td><td class=\"num\">5.2%<\/td><\/tr><tr><td>Larsen &amp; Toubro<\/td><td class=\"num\">4.3%<\/td><\/tr><tr><td>Axis Bank<\/td><td class=\"num\">4.0%<\/td><\/tr><tr><td>Bharti Airtel<\/td><td class=\"num\">3.8%<\/td><\/tr><tr><td>Infosys<\/td><td class=\"num\">3.1%<\/td><\/tr><tr><td>Kotak Bank<\/td><td class=\"num\">2.7%<\/td><\/tr><tr><td>SBI<\/td><td class=\"num\">2.6%<\/td><\/tr><tr><td>M&amp;M<\/td><td class=\"num\">2.2%<\/td><\/tr>\n    <\/tbody><\/table><\/div>\n    <div class=\"holdcard\"><h4>Multi, Flexi &amp; Large-and-Mid<\/h4><table><tbody>\n      <tr><td>HDFC Bank<\/td><td class=\"num\">5.6%<\/td><\/tr><tr><td>ICICI Bank<\/td><td class=\"num\">5.3%<\/td><\/tr><tr><td>Axis Bank<\/td><td class=\"num\">3.0%<\/td><\/tr><tr><td>SBI<\/td><td class=\"num\">2.1%<\/td><\/tr><tr><td>Bharti Airtel<\/td><td class=\"num\">2.0%<\/td><\/tr><tr><td>Eternal<\/td><td class=\"num\">1.9%<\/td><\/tr><tr><td>Larsen &amp; Toubro<\/td><td class=\"num\">1.7%<\/td><\/tr><tr><td>Kotak Bank<\/td><td class=\"num\">1.7%<\/td><\/tr><tr><td>Reliance<\/td><td class=\"num\">1.6%<\/td><\/tr><tr><td>Maruti<\/td><td class=\"num\">1.6%<\/td><\/tr>\n    <\/tbody><\/table><\/div>\n    <div class=\"holdcard\"><h4>Mid Cap<\/h4><table><tbody>\n      <tr><td>Federal Bank<\/td><td class=\"num\">3.1%<\/td><\/tr><tr><td>Fortis<\/td><td class=\"num\">2.0%<\/td><\/tr><tr><td>Max Financial<\/td><td class=\"num\">1.9%<\/td><\/tr><tr><td>AU Small Fin Bank<\/td><td class=\"num\">1.8%<\/td><\/tr><tr><td>Ipca Labs<\/td><td class=\"num\">1.6%<\/td><\/tr><tr><td>Bharat Forge<\/td><td class=\"num\">1.5%<\/td><\/tr><tr><td>BSE<\/td><td class=\"num\">1.5%<\/td><\/tr><tr><td>Eternal<\/td><td class=\"num\">1.4%<\/td><\/tr><tr><td>Indian Bank<\/td><td class=\"num\">1.4%<\/td><\/tr><tr><td>Coforge<\/td><td class=\"num\">1.4%<\/td><\/tr>\n    <\/tbody><\/table><\/div>\n    <div class=\"holdcard\"><h4>Small Cap<\/h4><table><tbody>\n      <tr><td>KIMS<\/td><td class=\"num\">1.3%<\/td><\/tr><tr><td>Aster DM<\/td><td class=\"num\">1.3%<\/td><\/tr><tr><td>RBL Bank<\/td><td class=\"num\">1.0%<\/td><\/tr><tr><td>Apar Industries<\/td><td class=\"num\">1.0%<\/td><\/tr><tr><td>City Union Bank<\/td><td class=\"num\">1.0%<\/td><\/tr><tr><td>Karur Vysya Bank<\/td><td class=\"num\">0.9%<\/td><\/tr><tr><td>Navin Fluorine<\/td><td class=\"num\">0.9%<\/td><\/tr><tr><td>MCX<\/td><td class=\"num\">0.8%<\/td><\/tr><tr><td>Kirloskar Oil<\/td><td class=\"num\">0.8%<\/td><\/tr><tr><td>Kalpataru Projects<\/td><td class=\"num\">0.8%<\/td><\/tr>\n    <\/tbody><\/table><\/div>\n    <div class=\"holdcard\"><h4>Contra<\/h4><table><tbody>\n      <tr><td>ICICI Bank<\/td><td class=\"num\">5.5%<\/td><\/tr><tr><td>Reliance<\/td><td class=\"num\">4.7%<\/td><\/tr><tr><td>HDFC Bank<\/td><td class=\"num\">4.2%<\/td><\/tr><tr><td>Biocon<\/td><td class=\"num\">2.6%<\/td><\/tr><tr><td>Larsen &amp; Toubro<\/td><td class=\"num\">2.5%<\/td><\/tr><tr><td>Axis Bank<\/td><td class=\"num\">2.4%<\/td><\/tr><tr><td>Kotak Bank<\/td><td class=\"num\">2.4%<\/td><\/tr><tr><td>SBI<\/td><td class=\"num\">2.3%<\/td><\/tr><tr><td>Indus Towers<\/td><td class=\"num\">2.1%<\/td><\/tr><tr><td>Torrent Power<\/td><td class=\"num\">1.9%<\/td><\/tr>\n    <\/tbody><\/table><\/div>\n    <div class=\"holdcard\"><h4>Value<\/h4><table><tbody>\n      <tr><td>HDFC Bank<\/td><td class=\"num\">7.8%<\/td><\/tr><tr><td>ICICI Bank<\/td><td class=\"num\">7.4%<\/td><\/tr><tr><td>Reliance<\/td><td class=\"num\">4.1%<\/td><\/tr><tr><td>Infosys<\/td><td class=\"num\">3.5%<\/td><\/tr><tr><td>Axis Bank<\/td><td class=\"num\">3.0%<\/td><\/tr><tr><td>ITC<\/td><td class=\"num\">2.7%<\/td><\/tr><tr><td>Sun Pharma<\/td><td class=\"num\">2.6%<\/td><\/tr><tr><td>Maruti<\/td><td class=\"num\">2.4%<\/td><\/tr><tr><td>SBI<\/td><td class=\"num\">2.4%<\/td><\/tr><tr><td>Bharti Airtel<\/td><td class=\"num\">2.3%<\/td><\/tr>\n    <\/tbody><\/table><\/div>\n  <\/div>\n  <p>The book also rotated. The table shows how sector weights changed from January, near the market top, to June. Managers cut IT hard and trimmed banks. They added to industrials, retail, healthcare, and pharma.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Sector<\/th><th>Jan<\/th><th>Jun<\/th><th>Shift<\/th><\/tr><\/thead><tbody>\n    <tr><td>Electrical Equipment<\/td><td class=\"num\">2.2%<\/td><td class=\"num\">3.2%<\/td><td class=\"num pos\">+1.0<\/td><\/tr>\n    <tr><td>Retailing<\/td><td class=\"num\">4.2%<\/td><td class=\"num\">4.8%<\/td><td class=\"num pos\">+0.6<\/td><\/tr>\n    <tr><td>Healthcare Services<\/td><td class=\"num\">2.3%<\/td><td class=\"num\">2.8%<\/td><td class=\"num pos\">+0.6<\/td><\/tr>\n    <tr><td>Pharma &amp; Biotech<\/td><td class=\"num\">5.6%<\/td><td class=\"num\">6.1%<\/td><td class=\"num pos\">+0.5<\/td><\/tr>\n    <tr><td>Capital Markets<\/td><td class=\"num\">2.6%<\/td><td class=\"num\">3.0%<\/td><td class=\"num pos\">+0.4<\/td><\/tr>\n    <tr><td>Insurance<\/td><td class=\"num\">2.4%<\/td><td class=\"num\">2.2%<\/td><td class=\"num neg\">&#8722;0.3<\/td><\/tr>\n    <tr><td>Petroleum Products<\/td><td class=\"num\">2.9%<\/td><td class=\"num\">2.4%<\/td><td class=\"num neg\">&#8722;0.5<\/td><\/tr>\n    <tr><td>Banks<\/td><td class=\"num\">19.2%<\/td><td class=\"num\">18.3%<\/td><td class=\"num neg\">&#8722;0.9<\/td><\/tr>\n    <tr class=\"hi\"><td>IT &#8211; Software<\/td><td class=\"num\">6.2%<\/td><td class=\"num\">4.0%<\/td><td class=\"num neg\">&#8722;2.2<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Diversified direct-growth funds. Holdings breakdown covers the six cap and style groups above; Focused funds are counted in the return figures elsewhere but not split out here.<\/p>\n<\/section>\n\n<section id=\"s6\">\n  <div class=\"eyebrow\"><span class=\"n\">06<\/span> New Buys<\/div>\n  <h2>The stocks funds bought for the first time<\/h2>\n  <p class=\"lede\">These are stocks that no diversified fund held at the end of May, but at least one fund held at the end of June. They are fresh buys. In June, funds added 18 new names worth &#8377;536 Cr in all. That is a tiny slice of the more than &#8377;27 lakh crore these funds hold in equity, so these are small, early positions. What they show is where managers are starting to look. The two return columns are the stock&#8217;s own price, first over June, then from the end of June to 21 July.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>New stock<\/th><th>Position<\/th><th>Funds<\/th><th>May&#8211;Jun<\/th><th>Jun&#8211;21 Jul<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Paras Defence &amp; Space<span class=\"subnote\">Defence &amp; space<\/span><\/td><td class=\"num\">&#8377;198 Cr<\/td><td class=\"num\">7<\/td><td class=\"num pos\">+57.3%<\/td><td class=\"num neg\">&#8722;5.2%<\/td><\/tr>\n    <tr><td>Turtlemint Fintech<span class=\"subnote\">Fintech &middot; IPO 29 Jun<\/span><\/td><td class=\"num\">&#8377;75 Cr<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+0.9%*<\/td><td class=\"num neg\">&#8722;0.7%<\/td><\/tr>\n    <tr><td>CMR Green Technologies<span class=\"subnote\">Aluminium recycling &middot; IPO 10 Jun<\/span><\/td><td class=\"num\">&#8377;64 Cr<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+3.9%*<\/td><td class=\"num neg\">&#8722;11.6%<\/td><\/tr>\n    <tr><td>Jash Engineering<span class=\"subnote\">Industrial equipment<\/span><\/td><td class=\"num\">&#8377;39 Cr<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+25.9%<\/td><td class=\"num pos\">+2.3%<\/td><\/tr>\n    <tr><td>Borosil Renewables<span class=\"subnote\">Solar glass<\/span><\/td><td class=\"num\">&#8377;27 Cr<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+20.0%<\/td><td class=\"num neg\">&#8722;1.0%<\/td><\/tr>\n    <tr><td>Anlon Technology<span class=\"subnote\">Engineering &middot; NSE SME<\/span><\/td><td class=\"num\">&#8377;24 Cr<\/td><td class=\"num\">1<\/td><td class=\"num neg\">&#8722;2.1%<\/td><td class=\"num neg\">&#8722;0.2%<\/td><\/tr>\n    <tr><td>Hexagon Nutrition<span class=\"subnote\">Nutrition &middot; IPO 12 Jun<\/span><\/td><td class=\"num\">&#8377;19 Cr<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+25.2%*<\/td><td class=\"num pos\">+9.5%<\/td><\/tr>\n    <tr><td>Advit Jewels<span class=\"subnote\">Jewellery &middot; pre-listing, listed 1 Jul<\/span><\/td><td class=\"num\">&#8377;16 Cr<\/td><td class=\"num\">4<\/td><td class=\"num\">n\/a<\/td><td class=\"num pos\">+13.2%&dagger;<\/td><\/tr>\n    <tr><td>Waterways Leisure Tourism<span class=\"subnote\">Tourism &middot; pre-listing, listed 1 Jul<\/span><\/td><td class=\"num\">&#8377;15 Cr<\/td><td class=\"num\">1<\/td><td class=\"num\">n\/a<\/td><td class=\"num pos\">+35.7%&dagger;<\/td><\/tr>\n    <tr><td>SML Mahindra<span class=\"subnote\">Trucks &amp; LCVs<\/span><\/td><td class=\"num\">&#8377;14 Cr<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+9.4%<\/td><td class=\"num neg\">&#8722;0.4%<\/td><\/tr>\n    <tr><td>Indo Tech Transformers<span class=\"subnote\">Transformers<\/span><\/td><td class=\"num\">&#8377;13 Cr<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+28.6%<\/td><td class=\"num pos\">+5.7%<\/td><\/tr>\n    <tr><td>Horizon Reclaim<span class=\"subnote\">Rubber recycling &middot; BSE SME, listed 19 Jun<\/span><\/td><td class=\"num\">&#8377;12 Cr<\/td><td class=\"num\">1<\/td><td class=\"num\">n\/a<\/td><td class=\"num pos\">+8.8%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Position is the combined money across all diversified funds. * A June listing, so there is no May price; the May&#8211;Jun figure is the gain from its listing price to 30 June. &dagger; Advit Jewels and Waterways listed on 1 July, so have no June-end price; their figure is the move from the listing price to 21 July. Horizon Reclaim is a BSE SME stock; its June-to-July figure uses BSE prices.<\/p>\n  <p>Two things stand out. First, funds bought into strength and much of it has since cooled. Paras Defence, the largest new buy, entered seven funds after already rising 57% in June, then gave back 5% by 21 July; CMR Green is down 12% since June-end. Hexagon Nutrition is the exception, still climbing, up another 9.5%. Second, half of these names are fresh IPOs, and funds even took pre-listing allotments in Advit Jewels and Waterways, both up double digits since they listed on 1 July.<\/p>\n<\/section>\n\n<section id=\"s7\">\n  <div class=\"eyebrow\"><span class=\"n\">07<\/span> Thematic Watch<\/div>\n  <h2>Pharma led; technology was the worst place to be<\/h2>\n  <p class=\"lede\">Themes rose and fell far apart this quarter. Pharma was the one theme that beat small-cap funds over six months, up 15.0% against their 11.7%, and it beat them over the year too. Technology was the opposite, down 21% over six months.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Theme<\/th><th>3M<\/th><th>6M<\/th><th>12M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Pharma &amp; Healthcare<\/td><td class=\"num pos\">+18.4%<\/td><td class=\"num pos\">+15.0%<\/td><td class=\"num pos\">+14.3%<\/td><\/tr>\n    <tr><td>Infrastructure<\/td><td class=\"num pos\">+19.4%<\/td><td class=\"num pos\">+10.8%<\/td><td class=\"num pos\">+5.4%<\/td><\/tr>\n    <tr><td>Manufacturing<\/td><td class=\"num pos\">+16.3%<\/td><td class=\"num pos\">+7.9%<\/td><td class=\"num pos\">+11.5%<\/td><\/tr>\n    <tr><td>Energy &amp; Power<\/td><td class=\"num pos\">+11.7%<\/td><td class=\"num pos\">+6.5%<\/td><td class=\"num pos\">+5.8%<\/td><\/tr>\n    <tr><td>Auto &amp; Transport<\/td><td class=\"num pos\">+16.1%<\/td><td class=\"num neg\">&#8722;0.5%<\/td><td class=\"num pos\">+13.3%<\/td><\/tr>\n    <tr><td>Banks &amp; Financials<\/td><td class=\"num pos\">+16.2%<\/td><td class=\"num\">+0.3%<\/td><td class=\"num\">+2.6%<\/td><\/tr>\n    <tr><td>Consumption &amp; FMCG<\/td><td class=\"num pos\">+13.3%<\/td><td class=\"num neg\">&#8722;4.2%<\/td><td class=\"num neg\">&#8722;3.4%<\/td><\/tr>\n    <tr class=\"hi\"><td>Technology<\/td><td class=\"num\">+2.5%<\/td><td class=\"num neg\">&#8722;21.2%<\/td><td class=\"num neg\">&#8722;18.8%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"callout warn\"><div class=\"h\">Thematic funds carry single-stock risk<\/div>\n  <p>Some sector funds hold close to a fifth of the portfolio in one stock. Franklin India Technology holds 20.5% in Bharti Airtel. ICICI Prudential FMCG holds 18.5% in HUL and 18.3% in ITC, over a third of the fund in two names. If one stock falls, the fund feels it far more than a diversified fund would.<\/p><\/div>\n<\/section>\n\n<section id=\"s8\">\n  <div class=\"eyebrow\"><span class=\"n\">08<\/span> International<\/div>\n  <h2>The best returns were abroad<\/h2>\n  <p class=\"lede\">Overseas funds were the strongest part of the market. The table shows the median return of overseas funds by region. US, AI, and emerging-market funds led. Even the weakest region, China, was positive.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Region<\/th><th>Funds<\/th><th>3M<\/th><th>6M<\/th><th>12M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>US \/ Nasdaq \/ AI<\/td><td class=\"num\">8<\/td><td class=\"num pos\">+30.7%<\/td><td class=\"num pos\">+24.7%<\/td><td class=\"num pos\">+46.9%<\/td><\/tr>\n    <tr class=\"hi\"><td>Emerging \/ Brazil<\/td><td class=\"num\">6<\/td><td class=\"num pos\">+24.3%<\/td><td class=\"num pos\">+32.4%<\/td><td class=\"num pos\">+54.6%<\/td><\/tr>\n    <tr><td>Global \/ Diversified<\/td><td class=\"num\">39<\/td><td class=\"num pos\">+12.6%<\/td><td class=\"num pos\">+13.7%<\/td><td class=\"num pos\">+27.4%<\/td><\/tr>\n    <tr><td>China \/ Hong Kong<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+8.8%<\/td><td class=\"num pos\">+13.8%<\/td><td class=\"num pos\">+42.8%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>This is the sharpest contrast in the whole market. Indian IT funds fell about 21% over six months. US technology funds rose 25% or more over the same period. The trouble in technology was an Indian-IT story, not a global one.<\/p>\n<\/section>\n\n<section id=\"s9\">\n  <div class=\"eyebrow\"><span class=\"n\">09<\/span> Fund Under the Lens<\/div>\n  <h2>Union Small Cap: it wins by losing less<\/h2>\n  <p class=\"lede\">One fund is worth a closer look. Union Small Cap fell the least of any small-cap fund in the January to March fall, then caught the rally in full. That is why it went from 16th in its category on the three-month bounce to 4th over the round trip. Across the last ten market swings, it beat its index in seven.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Market swing<\/th><th>Index<\/th><th>Fund<\/th><th>Edge<\/th><\/tr><\/thead><tbody>\n    <tr><td>Rally (Mar&#8211;Jun 26)<\/td><td class=\"num\">+13.5%<\/td><td class=\"num pos\">+25.2%<\/td><td class=\"num pos\">+11.7<\/td><\/tr>\n    <tr class=\"hi\"><td>Fall (Jan&#8211;Mar 26)<\/td><td class=\"num\">&#8722;14.8%<\/td><td class=\"num\">&#8722;8.2%<\/td><td class=\"num pos\">+6.6<\/td><\/tr>\n    <tr class=\"hi\"><td>Fall (Jun&#8211;Aug 25)<\/td><td class=\"num\">&#8722;5.0%<\/td><td class=\"num\">&#8722;2.2%<\/td><td class=\"num pos\">+2.7<\/td><\/tr>\n    <tr><td>Rally (Feb&#8211;Jun 25)<\/td><td class=\"num\">+18.8%<\/td><td class=\"num pos\">+24.1%<\/td><td class=\"num pos\">+5.3<\/td><\/tr>\n    <tr><td>Fall (Sep 24&#8211;Feb 25)<\/td><td class=\"num\">&#8722;18.8%<\/td><td class=\"num\">&#8722;23.1%<\/td><td class=\"num neg\">&#8722;4.3<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>It has one weak spot. In the long, slow fall of late 2024 it dropped more than the index. Like most small-cap funds, it handles sharp falls well and slow ones poorly. The pattern is simple: lose less in the fall, then take part in the recovery.<\/p>\n<\/section>\n\n<section id=\"s10\">\n  <div class=\"eyebrow\"><span class=\"n\">10<\/span> One Chart That Matters<\/div>\n  <h2>272 funds, two questions: did it catch the rally, did it cushion the fall<\/h2>\n  <p class=\"lede\">Every diversified fund is placed by how much of the rally it caught, across the bottom, and how much of the fall it took, up the side. Higher up means it fell less. The best place to be is the top right: caught the rally and lost less.<\/p>\n  <div class=\"chartwrap\"><svg viewBox=\"0 0 680 470\" role=\"img\" aria-label=\"272 diversified funds by upside vs drawdown capture\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;display:block\"><rect x=\"268.6\" y=\"22\" width=\"393.4\" height=\"256.9\" fill=\"#006D6F\" opacity=\"0.06\"\/><rect x=\"54\" y=\"278.9\" width=\"214.6\" height=\"145.1\" fill=\"#B23A2E\" opacity=\"0.06\"\/><rect x=\"54\" y=\"22\" width=\"608\" height=\"402\" fill=\"none\" stroke=\"#CBD3CE\"\/><line x1=\"268.6\" y1=\"22\" x2=\"268.6\" y2=\"424\" stroke=\"#8FA39C\" stroke-dasharray=\"4 4\"\/><line x1=\"54\" y1=\"278.9\" x2=\"662\" y2=\"278.9\" stroke=\"#8FA39C\" stroke-dasharray=\"4 4\"\/><text x=\"89.8\" y=\"442\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">0%<\/text><text x=\"268.6\" y=\"442\" font-size=\"12\" fill=\"#5C6B66\" text-anchor=\"middle\" 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Display,sans-serif\">IDEAL \u00b7 159<\/text><text x=\"654.0\" y=\"53.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Sans,sans-serif\">caught rally, cushioned fall<\/text><text x=\"62.0\" y=\"38.0\" font-size=\"12.5\" font-weight=\"700\" fill=\"#5C6B66\" text-anchor=\"start\" font-family=\"Funnel Display,sans-serif\">DEFENSIVE \u00b7 62<\/text><text x=\"62.0\" y=\"53.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"start\" font-family=\"IBM Plex Sans,sans-serif\">missed rally, cushioned<\/text><text x=\"654.0\" y=\"402.0\" font-size=\"12.5\" font-weight=\"700\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"Funnel Display,sans-serif\">BOUNCE-ONLY \u00b7 36<\/text><text x=\"654.0\" y=\"417.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Sans,sans-serif\">caught rally, fell hard<\/text><text x=\"62.0\" y=\"402.0\" font-size=\"12.5\" font-weight=\"700\" fill=\"#9A2E24\" text-anchor=\"start\" font-family=\"Funnel Display,sans-serif\">WORST \u00b7 15<\/text><text x=\"62.0\" y=\"417.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"start\" font-family=\"IBM Plex Sans,sans-serif\">missed rally, fell hard<\/text><circle cx=\"463.5\" cy=\"96.6\" r=\"5.4\" fill=\"none\" stroke=\"#1E2C2C\" stroke-width=\"1.3\"\/><text x=\"457.5\" y=\"88.6\" font-size=\"11.5\" font-weight=\"600\" fill=\"#1E2C2C\" text-anchor=\"end\" font-family=\"IBM Plex Sans,sans-serif\">Union Small<\/text><circle cx=\"640.5\" cy=\"270.7\" r=\"5.4\" fill=\"none\" stroke=\"#1E2C2C\" stroke-width=\"1.3\"\/><text x=\"632.5\" y=\"274.7\" font-size=\"11.5\" font-weight=\"600\" fill=\"#1E2C2C\" text-anchor=\"end\" font-family=\"IBM Plex Sans,sans-serif\">JM Small<\/text><circle cx=\"118.4\" cy=\"63.4\" r=\"5.4\" fill=\"none\" stroke=\"#1E2C2C\" stroke-width=\"1.3\"\/><text x=\"128.4\" y=\"63.4\" font-size=\"11.5\" font-weight=\"600\" fill=\"#1E2C2C\" text-anchor=\"start\" font-family=\"IBM Plex Sans,sans-serif\">Samco Large<\/text><text x=\"358.0\" y=\"464\" font-size=\"12.5\" fill=\"#1E2C2C\" text-anchor=\"middle\" font-family=\"IBM Plex Sans,sans-serif\" font-weight=\"600\">Upside capture &#8594; (% of the +12.0% rally)<\/text><text x=\"16\" y=\"223.0\" font-size=\"12.5\" fill=\"#1E2C2C\" text-anchor=\"middle\" font-family=\"IBM Plex Sans,sans-serif\" font-weight=\"600\" transform=\"rotate(-90 16 223.0)\">&#8592; Drawdown capture (lower = fell less)<\/text><\/svg>\n    <div class=\"legend\"><span><span class=\"dot\" style=\"background:#006D6F\"><\/span>Small cap<\/span><span><span class=\"dot\" style=\"background:#C98A1B\"><\/span>Mid cap<\/span><span><span class=\"dot\" style=\"background:#B23A2E\"><\/span>Large cap<\/span><span><span class=\"dot\" style=\"background:#B7C0BB\"><\/span>Other diversified<\/span><\/div>\n  <\/div>\n  <p>The funds are spread wide left to right and packed tight top to bottom. That means they differed a lot in how much of the rally they caught, but hardly at all in how much of the fall they took. Nearly everyone lost about 90% of the fall. Small-cap funds sit to the right. Large-cap funds sit to the left. The rally, not the fall, is what set the year apart.<\/p>\n<\/section>\n\n<section id=\"s11\">\n  <div class=\"eyebrow\"><span class=\"n\">11<\/span> Notes<\/div>\n  <h2>How to read this issue<\/h2>\n  <p>Diversified means direct-growth equity funds across nine categories: Flexi, Large, Large &amp; Mid, Mid, Small, Multi, Contra, Value, and Focused. Upside capture is a fund&#8217;s rally return as a share of the Nifty 500&#8217;s +12.0%. Drawdown capture is its fall as a share of the index&#8217;s &#8722;14.8%. Ranks and percentiles are within category. All figures as on 30\/06\/2026 unless stated. This is a record of what happened; nothing here is a recommendation.<\/p>\n<\/section>\n\n<\/div>\n\n<footer>\n  <p>A monthly, data-first review of the Indian mutual fund market. Compiled by Nitya Analytics from month-end fund data.<\/p>\n  <div class=\"disc\">This is a descriptive market review, not investment advice. Nitya Analytics is not a SEBI-registered investment adviser or research analyst. Nothing here is a recommendation to buy, sell, or hold any security; fund names appear solely as data points in a factual performance review. Past performance does not indicate future results. Figures are drawn from third-party month-end data and may be subject to revision.<\/div>\n<\/footer>\n\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>June 2026 \u00b7 Data as on 30\/06\/2026 A Fall,Then a Bounce The market fell 14.8% from January to March, then rose 12.0% from April to June. It nearly got back to where it started. This issue looks at which funds handled the full fall and rise, not just the bounce. Nifty 500 \u00b7 the round [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,17],"tags":[],"class_list":["post-258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mutual-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mutual Fund Monthly Digest - June 2026 - mfportfolio.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mfportfolio.com\/blog\/mutual-fund-montly-digest-june-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mutual Fund Monthly Digest - June 2026 - mfportfolio.com\" \/>\n<meta property=\"og:description\" content=\"June 2026 \u00b7 Data as on 30\/06\/2026 A Fall,Then a Bounce The market fell 14.8% from January to March, then rose 12.0% from April to June. 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