{"id":269,"date":"2026-08-17T09:17:44","date_gmt":"2026-08-17T09:17:44","guid":{"rendered":"https:\/\/mfportfolio.com\/blog\/?p=269"},"modified":"2026-08-17T13:31:06","modified_gmt":"2026-08-17T13:31:06","slug":"mutual-fund-digest-july-2026","status":"publish","type":"post","link":"https:\/\/mfportfolio.com\/blog\/mutual-fund-digest-july-2026\/","title":{"rendered":"Mutual Fund Monthly Digest &#8211; July 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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var(--teal-line);margin-top:16px;padding-top:14px;color:#9FC4BF;font-size:12px}@media (max-width:640px){#nmd{font-size:15px}#nmd .hero{padding:24px 18px 22px}#nmd .hero h1{font-size:31px}#nmd .pad{padding:0 18px}#nmd section{padding:26px 0 6px}#nmd section 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 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\">July 2026 \u00b7 Data as on 31\/07\/2026<\/div>\n  <h1>The Rally<br>Changed Hands<\/h1>\n  <p class=\"thesis\">The market rose again in July and is nearly back at its January peak. But the funds and sectors that carried the April to June recovery trailed, and the year&#8217;s losers led. Same climb, new legs.<\/p>\n  <div class=\"spark\"><div class=\"cap\">Nifty 500 \u00b7 peak, trough, recovery, and July<\/div><svg viewBox=\"0 0 680 200\" role=\"img\" aria-label=\"Nifty 500: peak 24099, trough 20528, June 22996, July 23461\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;display:block\"><defs><linearGradient id=\"hg\" x1=\"0\" y1=\"0\" x2=\"0\" y2=\"1\"><stop offset=\"0\" stop-color=\"#5FD0C4\" stop-opacity=\"0.35\"\/><stop offset=\"1\" stop-color=\"#5FD0C4\" stop-opacity=\"0.02\"\/><\/linearGradient><\/defs><polygon points=\"14.0,38.6 231.3,160.5 448.7,76.2 666.0,60.4 666.0,170.0 14.0,170.0\" fill=\"url(#hg)\"\/><line x1=\"14.0\" y1=\"38.6\" x2=\"670.0\" y2=\"38.6\" stroke=\"#7FD3C8\" stroke-dasharray=\"5 6\" opacity=\"0.5\"\/><polyline points=\"14.0,38.6 231.3,160.5 448.7,76.2 666.0,60.4\" fill=\"none\" stroke=\"#5FD0C4\" stroke-width=\"2.6\" stroke-linejoin=\"round\" stroke-linecap=\"round\"\/><circle cx=\"14.0\" cy=\"38.6\" r=\"4.4\" fill=\"#083B3B\" stroke=\"#EAF3F1\" stroke-width=\"2\"\/><circle cx=\"231.3\" cy=\"160.5\" r=\"4.4\" fill=\"#F2B8B0\"\/><circle cx=\"666.0\" cy=\"60.4\" r=\"4.8\" fill=\"#9FE6DC\"\/><text x=\"14.0\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">02 Jan<\/text><text x=\"231.3\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">30 Mar<\/text><text x=\"448.7\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">30 Jun<\/text><text x=\"666.0\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">31 Jul<\/text><text x=\"22.0\" y=\"29.6\" font-size=\"11\" fill=\"#EAF3F1\" font-family=\"IBM Plex Mono,monospace\">24,099 peak<\/text><text x=\"231.3\" y=\"178.5\" font-size=\"11\" fill=\"#F2B8B0\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">20,528<\/text><text x=\"660.0\" y=\"50.4\" font-size=\"11\" fill=\"#9FE6DC\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">23,461<\/text><text x=\"122.7\" y=\"100.0\" font-size=\"12\" font-weight=\"600\" fill=\"#F2B8B0\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">&#8722;14.8%<\/text><text x=\"340.0\" y=\"130.7\" font-size=\"12\" font-weight=\"600\" fill=\"#9FE6DC\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">+12.0%<\/text><text x=\"557.3\" y=\"47.3\" font-size=\"12\" font-weight=\"600\" fill=\"#9FE6DC\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">+2.0%<\/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>The market rose. The leaders swapped.<\/h2>\n  <p class=\"lede\">The Nifty 500 gained <strong>+2.0%<\/strong> in July and closed the month at its high, 23,460.7, just 2.6% below the January peak. About 82% of the fall has now been retraced. Read the three columns below together: over one month large caps led; over three and six months, the small-cap order still holds.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Segment<span class=\"hint\">large to small<\/span><\/th><th>July (1M)<\/th><th>Rolling 3M<\/th><th>Rolling 6M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Nifty 50 (large)<\/td><td class=\"num pos\">+2.2%<\/td><td class=\"num pos\">+1.6%<\/td><td class=\"num neg\">&#8722;3.7%<\/td><\/tr>\n    <tr><td>Nifty 100<\/td><td class=\"num pos\">+2.3%<\/td><td class=\"num pos\">+2.4%<\/td><td class=\"num neg\">&#8722;1.6%<\/td><\/tr>\n    <tr><td>Nifty 500<\/td><td class=\"num pos\">+2.0%<\/td><td class=\"num pos\">+3.4%<\/td><td class=\"num pos\">+1.7%<\/td><\/tr>\n    <tr><td>Midcap 150<\/td><td class=\"num pos\">+1.6%<\/td><td class=\"num pos\">+5.2%<\/td><td class=\"num pos\">+7.7%<\/td><\/tr>\n    <tr><td>Smallcap 250<\/td><td class=\"num pos\">+1.1%<\/td><td class=\"num pos\">+7.1%<\/td><td class=\"num pos\">+13.7%<\/td><\/tr>\n    <tr class=\"hi\"><td>Microcap 250<\/td><td class=\"num pos\">+0.1%<\/td><td class=\"num pos\">+9.6%<\/td><td class=\"num pos\">+18.4%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Last month this table ran in one direction: the smaller, the better. In July&#8217;s column it runs in exactly the other direction. And the sector that broke the mood in June broke it again, the other way: <strong>technology was July&#8217;s best theme at +11.9%<\/strong>, after being the worst place in the market for a year.<\/p>\n  <div class=\"callout\"><div class=\"h\">Breadth flipped with the leadership<\/div>\n  <p>45% of 268 diversified funds beat the Nifty 500 in July. Underneath: 80% of large-cap funds beat it and only 19% of small-cap funds did. In the June quarter those numbers were 13% and 100%. A near-perfect inversion in one month.<\/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 bounce trades stopped working<\/h2>\n  <p class=\"lede\">Last month&#8217;s issue read the recovery as a bottom-up rally: small and micro caps carried it, participation beat protection, and technology was the worst place to be. July kept the recovery going and reversed every one of those legs. The universe this month: 268 diversified direct-growth funds across nine categories.<\/p>\n  <p>Large caps beat small caps for the first time since the recovery began. By category, the share of funds beating the index in July against the rolling quarter:<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Category<\/th><th class=\"sk\" style=\"white-space:normal\" aria-sort=\"descending\">Beat N500 in July<span class=\"cx\">&#9660;<\/span><\/th><th style=\"white-space:normal\">Beat N500, rolling 3M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Large Cap<\/td><td class=\"num\">80%<\/td><td class=\"num\">69%<\/td><\/tr>\n    <tr><td>Focused<\/td><td class=\"num\">68%<\/td><td class=\"num\">82%<\/td><\/tr>\n    <tr><td>Contra<\/td><td class=\"num\">50%<\/td><td class=\"num\">50%<\/td><\/tr>\n    <tr><td>Flexi Cap<\/td><td class=\"num\">47%<\/td><td class=\"num\">78%<\/td><\/tr>\n    <tr><td>Large &amp; Mid<\/td><td class=\"num\">47%<\/td><td class=\"num\">85%<\/td><\/tr>\n    <tr><td>Value<\/td><td class=\"num\">36%<\/td><td class=\"num\">45%<\/td><\/tr>\n    <tr><td>Multi Cap<\/td><td class=\"num\">32%<\/td><td class=\"num\">90%<\/td><\/tr>\n    <tr><td>Mid Cap<\/td><td class=\"num\">30%<\/td><td class=\"num\">91%<\/td><\/tr>\n    <tr class=\"hi\"><td>Small Cap<\/td><td class=\"num\">19%<\/td><td class=\"num\">100%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>The driver sat in one sector. The Nifty IT index rose about 16.7% in July, its best month in two years, while the global AI hardware trade sold off sharply. Global money rotated out of crowded chip positions and into markets and sectors that had lagged, and Indian software had lagged more than almost anything. The rally reached India as a positioning trade, not an earnings verdict.<\/p>\n  <p>The cleanest test of a reversal is what happened to last month&#8217;s named funds. We tracked both lists:<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Fund<\/th><th style=\"white-space:normal\">Role in the June issue<\/th><th class=\"sk\" aria-sort=\"descending\">July<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Motilal Oswal Multi Cap<\/td><td>Rally leader<\/td><td class=\"num pos\">+6.8%<\/td><\/tr>\n    <tr><td>Parag Parikh Flexi Cap<\/td><td>Slider (large-cap tilt)<\/td><td class=\"num pos\">+2.5%<\/td><\/tr>\n    <tr><td>Invesco India Flexi Cap<\/td><td>Rally leader<\/td><td class=\"num pos\">+2.2%<\/td><\/tr>\n    <tr><td>Quant Focused<\/td><td>Rally leader<\/td><td class=\"num pos\">+2.1%<\/td><\/tr>\n    <tr><td>Union Small Cap<\/td><td>Featured fund<\/td><td class=\"num pos\">+1.7%<\/td><\/tr>\n    <tr><td>JM Small Cap<\/td><td>Rally leader<\/td><td class=\"num pos\">+0.1%<\/td><\/tr>\n    <tr><td>Samco Large Cap<\/td><td>Slider (cash whipsaw)<\/td><td class=\"num neg\">&#8722;0.1%<\/td><\/tr>\n    <tr><td>Samco Large &amp; Mid<\/td><td>Slider (cash whipsaw)<\/td><td class=\"num neg\">&#8722;1.9%<\/td><\/tr>\n    <tr><td>Samco Flexi Cap<\/td><td>Slider (cash whipsaw)<\/td><td class=\"num neg\">&#8722;2.0%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>The pattern is precise. The sliders whose problem was <em>style<\/em>, a large-cap tilt like Parag Parikh&#8217;s, were rescued by the rotation and beat the index. The sliders whose problem was the <em>cash whipsaw<\/em> stayed broken: all three Samco funds lost money in a rising month. And among the rally leaders, most drifted back to the pack; the exception is the fund in Section 09.<\/p>\n  <p>So the reader&#8217;s question for August is simple: is this a one-month positioning snap, or the start of a leadership change? The rolling 3M and 6M columns still belong to small caps. July&#8217;s column does not. When the windows disagree, the honest answer is to watch, not to extrapolate.<\/p>\n<\/section>\n\n<section id=\"s3\">\n  <div class=\"eyebrow\"><span class=\"n\">03<\/span> Movers<\/div>\n  <h2>The ranks turned over<\/h2>\n  <p class=\"lede\">Each fund&#8217;s percentile within its category on the rolling 3-month window, this issue against last issue. The climbers are large and mid-cap funds the bounce had left behind; the fallers include names that sat in June&#8217;s top-performer tables.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Moved up<span class=\"hint\">by size of move<\/span><\/th><th>Category<\/th><th style=\"white-space:normal\">Fall\/Rally percentile rank<\/th><th style=\"white-space:normal\">Current percentile rank<\/th><\/tr><\/thead><tbody>\n    <tr><td>Taurus Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">6<\/td><td class=\"num pos\">91<\/td><\/tr>\n    <tr><td>Taurus Mid Cap<\/td><td>Mid Cap<\/td><td class=\"num\">9<\/td><td class=\"num pos\">88<\/td><\/tr>\n    <tr><td>Franklin India Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">9<\/td><td class=\"num pos\">82<\/td><\/tr>\n    <tr class=\"hi\"><td>HDFC Mid Cap<\/td><td>Mid Cap<\/td><td class=\"num\">0<\/td><td class=\"num pos\">72<\/td><\/tr>\n    <tr><td>Franklin India Large &amp; Mid Cap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">9<\/td><td class=\"num pos\">63<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"scroll\"><table><thead><tr><th>Moved down<span class=\"hint\">by size of move<\/span><\/th><th>Category<\/th><th style=\"white-space:normal\">Fall\/Rally percentile rank<\/th><th style=\"white-space:normal\">Current percentile rank<\/th><\/tr><\/thead><tbody>\n    <tr><td>Motilal Oswal Large &amp; Midcap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">94<\/td><td class=\"num neg\">9<\/td><\/tr>\n    <tr class=\"hi\"><td>Bank of India Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">94<\/td><td class=\"num neg\">12<\/td><\/tr>\n    <tr><td>ITI Value<\/td><td>Value<\/td><td class=\"num\">81<\/td><td class=\"num neg\">24<\/td><\/tr>\n    <tr><td>SBI Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">85<\/td><td class=\"num neg\">29<\/td><\/tr>\n    <tr><td>The Wealth Company Flexi Cap<\/td><td>Flexi Cap<\/td><td class=\"num\">66<\/td><td class=\"num neg\">11<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"callout\"><div class=\"h\">How to read percentile ranks<\/div>\n  <p>A percentile rank of 91 means the fund beat 91% of its own category on that window. The first column is the rank on the April to June window (last issue); the second is the rank on the May to July window (this issue). Big moves mean the newest month changed the story, not that the fund suddenly changed.<\/p><\/div>\n  <p>Bank of India Large Cap and SBI Large Cap both sat in June&#8217;s large-cap top five. One rolled month removed them. The notable climber is HDFC Mid Cap: one of the largest funds in the category, bottom of the table in June, now above the median. When giants move off the floor, flows follow.<\/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\">Tables rank on the rolling 3-month return (May to July). The bracketed number is where the fund stood in last issue&#8217;s table on the April to June window. Small caps show almost pure persistence; the multicap mandate shows the reshuffle.<\/p>\n\n  <div class=\"scroll\"><table><thead><tr><th>Multicap mandate (Flexi, Multi, Large &amp; Mid)<\/th><th class=\"sk\" aria-sort=\"descending\">3M<span class=\"cx\">&#9660;<\/span><\/th><th style=\"white-space:normal\">Rank last issue<\/th><th>1M<\/th><th>1Y<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Motilal Oswal Multi Cap<\/td><td class=\"num pos\">+14.5%<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+6.8%<\/td><td class=\"num pos\">+5.1%<\/td><\/tr>\n    <tr class=\"hi\"><td>UTI Flexi Cap<\/td><td class=\"num pos\">+12.2%<\/td><td class=\"num\">54<\/td><td class=\"num pos\">+6.7%<\/td><td class=\"num pos\">+1.9%<\/td><\/tr>\n    <tr><td>Invesco India Large &amp; Mid Cap<\/td><td class=\"num pos\">+12.0%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+1.5%<\/td><td class=\"num pos\">+10.0%<\/td><\/tr>\n    <tr><td>LIC MF Flexi Cap<\/td><td class=\"num pos\">+11.2%<\/td><td class=\"num\">22<\/td><td class=\"num pos\">+2.3%<\/td><td class=\"num pos\">+8.8%<\/td><\/tr>\n    <tr><td>Motilal Oswal Flexi Cap<\/td><td class=\"num pos\">+10.7%<\/td><td class=\"num\">51<\/td><td class=\"num pos\">+5.1%<\/td><td class=\"num pos\">+0.5%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">UTI Flexi Cap, 54th last issue and 2nd now, is the reversal in one line: a quality-growth book the bounce left behind, pulled up by July&#8217;s rotation.<\/p>\n\n  <div class=\"scroll\"><table><thead><tr><th>Large Cap<\/th><th class=\"sk\" aria-sort=\"descending\">3M<span class=\"cx\">&#9660;<\/span><\/th><th style=\"white-space:normal\">Rank last issue<\/th><th>1M<\/th><th>1Y<\/th><\/tr><\/thead><tbody>\n    <tr><td>Invesco India Largecap<\/td><td class=\"num pos\">+7.9%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+2.7%<\/td><td class=\"num pos\">+7.3%<\/td><\/tr>\n    <tr><td>Quant Large Cap<\/td><td class=\"num pos\">+7.8%<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+2.4%<\/td><td class=\"num pos\">+8.5%<\/td><\/tr>\n    <tr><td>Axis Large Cap<\/td><td class=\"num pos\">+6.1%<\/td><td class=\"num\">15<\/td><td class=\"num pos\">+3.3%<\/td><td class=\"num pos\">+2.2%<\/td><\/tr>\n    <tr><td>Taurus Large Cap<\/td><td class=\"num pos\">+5.9%<\/td><td class=\"num\">32<\/td><td class=\"num pos\">+7.8%<\/td><td class=\"num pos\">+6.4%<\/td><\/tr>\n    <tr><td>WOC Large Cap<\/td><td class=\"num pos\">+5.3%<\/td><td class=\"num\">12<\/td><td class=\"num pos\">+3.4%<\/td><td class=\"num pos\">+4.3%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n\n  <div class=\"scroll\"><table><thead><tr><th>Mid Cap<\/th><th class=\"sk\" aria-sort=\"descending\">3M<span class=\"cx\">&#9660;<\/span><\/th><th style=\"white-space:normal\">Rank last issue<\/th><th>1M<\/th><th>1Y<\/th><\/tr><\/thead><tbody>\n    <tr><td>TRUSTMF Mid Cap<\/td><td class=\"num pos\">+11.2%<\/td><td class=\"num\">9<\/td><td class=\"num pos\">+2.1%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr><td>Invesco India Midcap<\/td><td class=\"num pos\">+10.8%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+1.4%<\/td><td class=\"num pos\">+11.5%<\/td><\/tr>\n    <tr><td>Motilal Oswal Midcap<\/td><td class=\"num pos\">+10.4%<\/td><td class=\"num\">20<\/td><td class=\"num pos\">+6.7%<\/td><td class=\"num neg\">&#8722;0.9%<\/td><\/tr>\n    <tr><td>JM Midcap<\/td><td class=\"num pos\">+10.2%<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+0.5%<\/td><td class=\"num pos\">+10.7%<\/td><\/tr>\n    <tr><td>Taurus Mid Cap<\/td><td class=\"num pos\">+9.9%<\/td><td class=\"num\">30<\/td><td class=\"num pos\">+8.0%<\/td><td class=\"num pos\">+4.9%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n\n  <div class=\"scroll\"><table><thead><tr><th>Small Cap<\/th><th class=\"sk\" aria-sort=\"descending\">3M<span class=\"cx\">&#9660;<\/span><\/th><th style=\"white-space:normal\">Rank last issue<\/th><th>1M<\/th><th>1Y<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>JM Small Cap<\/td><td class=\"num pos\">+15.3%<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+0.1%<\/td><td class=\"num pos\">+14.3%<\/td><\/tr>\n    <tr class=\"hi\"><td>Motilal Oswal Small Cap<\/td><td class=\"num pos\">+15.2%<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+3.0%<\/td><td class=\"num pos\">+20.2%<\/td><\/tr>\n    <tr><td>Bank of India Small Cap<\/td><td class=\"num pos\">+13.8%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+1.9%<\/td><td class=\"num pos\">+18.8%<\/td><\/tr>\n    <tr><td>TRUSTMF Small Cap<\/td><td class=\"num pos\">+13.4%<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+0.8%<\/td><td class=\"num pos\">+26.7%<\/td><\/tr>\n    <tr><td>Helios Small Cap<\/td><td class=\"num pos\">+12.9%<\/td><td class=\"num\">5<\/td><td class=\"num pos\">+0.3%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">The same five funds as last issue, reshuffled within themselves. On the rolling quarter the small-cap leaderboard has not changed; only July&#8217;s contribution has.<\/p>\n\n  <div class=\"scroll\"><table><thead><tr><th>Non-diversified top 10 (sector, thematic, overseas)<\/th><th class=\"sk\" aria-sort=\"descending\">3M<span class=\"cx\">&#9660;<\/span><\/th><th>1M<\/th><th>1Y<\/th><\/tr><\/thead><tbody>\n    <tr><td>WOC Special Opp<\/td><td class=\"num pos\">+9.9%<\/td><td class=\"num pos\">+3.3%<\/td><td class=\"num pos\">+12.8%<\/td><\/tr>\n    <tr><td>Kotak Active Momentum<\/td><td class=\"num pos\">+9.8%<\/td><td class=\"num pos\">+6.1%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr class=\"hi\"><td>Aditya Birla SL Digital India<\/td><td class=\"num pos\">+9.8%<\/td><td class=\"num pos\">+13.7%<\/td><td class=\"num neg\">&#8722;4.5%<\/td><\/tr>\n    <tr><td>SBI MNC<\/td><td class=\"num pos\">+9.7%<\/td><td class=\"num pos\">+3.2%<\/td><td class=\"num pos\">+12.4%<\/td><\/tr>\n    <tr><td>Sundaram Business Cycle<\/td><td class=\"num pos\">+9.7%<\/td><td class=\"num pos\">+1.8%<\/td><td class=\"num pos\">+3.6%<\/td><\/tr>\n    <tr class=\"hi\"><td>Edelweiss Technology<\/td><td class=\"num pos\">+9.6%<\/td><td class=\"num pos\">+8.2%<\/td><td class=\"num pos\">+9.0%<\/td><\/tr>\n    <tr><td>Franklin Asian Equity<\/td><td class=\"num pos\">+9.6%<\/td><td class=\"num neg\">&#8722;2.6%<\/td><td class=\"num pos\">+40.9%<\/td><\/tr>\n    <tr><td>Nippon India Active Momentum<\/td><td class=\"num pos\">+9.6%<\/td><td class=\"num pos\">+2.8%<\/td><td class=\"num pos\">+13.3%<\/td><\/tr>\n    <tr><td>Invesco Pan European Equity FoF<\/td><td class=\"num pos\">+9.6%<\/td><td class=\"num pos\">+4.0%<\/td><td class=\"num pos\">+39.7%<\/td><\/tr>\n    <tr><td>Union Active Momentum<\/td><td class=\"num pos\">+9.4%<\/td><td class=\"num neg\">&#8722;2.5%<\/td><td class=\"num pos\">+10.5%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Last issue this table was wall-to-wall US and AI overseas funds. All of them are gone. Domestic technology funds entered instead: Digital India made +13.7% in July and is still negative over a year, which is the whole reversal in two numbers.<\/p>\n\n  <div class=\"callout\"><div class=\"h\">The month in one line<\/div>\n  <p>Best single month among diversified funds: Taurus Mid Cap, +8.0%. Worst: Quant Value, &#8722;2.8%. Sixteen of 268 funds lost money in a rising month.<\/p><\/div>\n  <p>These tables are 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> What Funds Are Holding<\/div>\n  <h2>IT rose faster than funds bought it<\/h2>\n  <p class=\"lede\">Sector weights of the diversified book, end-June against end-July. IT is the biggest riser; banks the biggest cut.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Sector<\/th><th>Jun<\/th><th>Jul<\/th><th class=\"sk\" aria-sort=\"descending\">Shift<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>IT &#8211; Software<\/td><td class=\"num\">4.46%<\/td><td class=\"num\">5.07%<\/td><td class=\"num pos\">+0.61<\/td><\/tr>\n    <tr><td>Automobiles<\/td><td class=\"num\">3.88%<\/td><td class=\"num\">4.19%<\/td><td class=\"num pos\">+0.31<\/td><\/tr>\n    <tr><td>Retailing<\/td><td class=\"num\">4.75%<\/td><td class=\"num\">4.94%<\/td><td class=\"num pos\">+0.19<\/td><\/tr>\n    <tr><td>Finance \/ NBFC<\/td><td class=\"num\">5.73%<\/td><td class=\"num\">5.90%<\/td><td class=\"num pos\">+0.17<\/td><\/tr>\n    <tr><td>Consumer Durables<\/td><td class=\"num\">3.87%<\/td><td class=\"num\">4.03%<\/td><td class=\"num pos\">+0.16<\/td><\/tr>\n    <tr><td>Industrial Products<\/td><td class=\"num\">3.53%<\/td><td class=\"num\">3.33%<\/td><td class=\"num neg\">&#8722;0.20<\/td><\/tr>\n    <tr><td>Construction<\/td><td class=\"num\">2.27%<\/td><td class=\"num\">2.03%<\/td><td class=\"num neg\">&#8722;0.24<\/td><\/tr>\n    <tr><td>Electrical Equipment<\/td><td class=\"num\">3.21%<\/td><td class=\"num\">2.84%<\/td><td class=\"num neg\">&#8722;0.37<\/td><\/tr>\n    <tr class=\"hi\"><td>Banks<\/td><td class=\"num\">18.34%<\/td><td class=\"num\">17.76%<\/td><td class=\"num neg\">&#8722;0.58<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Read the IT row carefully. The weight rose 0.61 points, but IT prices rose about 16% in the month; the price move alone accounts for nearly all of it. The trades were mixed. Funds sold <strong>Infosys<\/strong>, cutting 4% of their shares, about &#8377;1,753 crore, while adding elsewhere in the sector: net buying of &#8377;897 crore across the 27 names traded, small change against a &#8377;1.3 lakh crore IT book. The book got more IT-heavy mostly because IT went up. Managers leaned in only slightly.<\/p>\n  <p>The real trades of the month, measured by change in shares held, valued at month-end prices:<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Biggest additions to existing positions<\/th><th class=\"sk\" aria-sort=\"descending\">Bought<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n    <tr><td>Torrent Pharmaceuticals<span class=\"subnote\">Mostly the JB Chemicals merger: JB shares converted into Torrent shares<\/span><\/td><td class=\"num pos\">+&#8377;5,016 Cr<\/td><\/tr>\n    <tr><td>Adani Enterprises<\/td><td class=\"num pos\">+&#8377;4,595 Cr<\/td><\/tr>\n    <tr><td>Biocon<\/td><td class=\"num pos\">+&#8377;2,149 Cr<\/td><\/tr>\n    <tr><td>Mahindra &amp; Mahindra<\/td><td class=\"num pos\">+&#8377;1,846 Cr<\/td><\/tr>\n    <tr><td>PB Fintech<\/td><td class=\"num pos\">+&#8377;1,658 Cr<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <div class=\"scroll\"><table><thead><tr><th>Biggest trims<\/th><th class=\"sk\" aria-sort=\"descending\">Sold<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n    <tr><td>Reliance Industries<\/td><td class=\"num neg\">&#8722;&#8377;2,636 Cr<\/td><\/tr>\n    <tr><td>Infosys<\/td><td class=\"num neg\">&#8722;&#8377;1,753 Cr<\/td><\/tr>\n    <tr><td>Larsen &amp; Toubro<\/td><td class=\"num neg\">&#8722;&#8377;1,531 Cr<\/td><\/tr>\n    <tr><td>Bajaj Auto<\/td><td class=\"num neg\">&#8722;&#8377;1,065 Cr<\/td><\/tr>\n    <tr><td>Apollo Hospitals<\/td><td class=\"num neg\">&#8722;&#8377;994 Cr<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Diversified direct-growth funds, month-end disclosures. Trade value approximated as the change in shares held, valued at the end-July price. The Torrent addition and the JB Chemicals exit in the next section are two sides of one merger, not two decisions.<\/p>\n<\/section>\n\n<section id=\"s6\">\n  <div class=\"eyebrow\"><span class=\"n\">06<\/span> Fresh Positions<\/div>\n  <h2>New money went into IPOs<\/h2>\n  <p class=\"lede\">Funds opened positions in 34 companies absent from the June book, worth &#8377;6,576 crore, twelve times last month&#8217;s total. The character changed too: June&#8217;s new buys were small-cap fishing trips; July&#8217;s are institutional-size IPO anchor allocations, plus three demerger allotments that arrived without anyone buying anything.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Company<\/th><th class=\"sk\" aria-sort=\"descending\">Position<span class=\"cx\">&#9660;<\/span><\/th><th>Funds<\/th><th style=\"white-space:normal\">July move<\/th><th style=\"white-space:normal\">Since 31 Jul<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>INDO-MIM<span class=\"subnote\">IPO, listed 30 Jul<\/span><\/td><td class=\"num\">&#8377;1,991 Cr<\/td><td class=\"num\">42<\/td><td class=\"num pos\">+4.6%*<\/td><td class=\"num pos\">+9.4%<\/td><\/tr>\n    <tr class=\"hi\"><td>SBI Funds Management<span class=\"subnote\">IPO, listed 21 Jul<\/span><\/td><td class=\"num\">&#8377;1,278 Cr<\/td><td class=\"num\">36<\/td><td class=\"num neg\">&#8722;3.4%*<\/td><td class=\"num neg\">&#8722;5.1%<\/td><\/tr>\n    <tr><td>Manipal Health Enterprises<span class=\"subnote\">Bought pre-listing; listed 05 Aug<\/span><\/td><td class=\"num\">&#8377;1,003 Cr<\/td><td class=\"num\">24<\/td><td class=\"num\">n\/a<\/td><td class=\"num pos\">+6.0%&#8224;<\/td><\/tr>\n    <tr><td>Lohia Corp<span class=\"subnote\">IPO, listed 30 Jul<\/span><\/td><td class=\"num\">&#8377;569 Cr<\/td><td class=\"num\">9<\/td><td class=\"num pos\">+8.2%*<\/td><td class=\"num neg\">&#8722;1.2%<\/td><\/tr>\n    <tr><td>Kusumgar<span class=\"subnote\">IPO, listed 15 Jul<\/span><\/td><td class=\"num\">&#8377;253 Cr<\/td><td class=\"num\">11<\/td><td class=\"num neg\">&#8722;3.3%*<\/td><td class=\"num pos\">+3.3%<\/td><\/tr>\n    <tr><td>GSPL Transmission<span class=\"subnote\">Demerger allotment, unlisted<\/span><\/td><td class=\"num\">&#8377;234 Cr<\/td><td class=\"num\">21<\/td><td class=\"num\">n\/a<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr><td>Laser Power &amp; Infra<span class=\"subnote\">IPO, listed 16 Jul<\/span><\/td><td class=\"num\">&#8377;228 Cr<\/td><td class=\"num\">7<\/td><td class=\"num pos\">+14.1%*<\/td><td class=\"num pos\">+1.2%<\/td><\/tr>\n    <tr><td>Triveni Power Transmission<span class=\"subnote\">Demerger allotment, unlisted<\/span><\/td><td class=\"num\">&#8377;178 Cr<\/td><td class=\"num\">4<\/td><td class=\"num\">n\/a<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr><td>Juniper Green Energy<span class=\"subnote\">Bought pre-listing; listed 06 Aug<\/span><\/td><td class=\"num\">&#8377;154 Cr<\/td><td class=\"num\">8<\/td><td class=\"num\">n\/a<\/td><td class=\"num neg\">&#8722;3.2%&#8224;<\/td><\/tr>\n    <tr><td>Hirect<span class=\"subnote\">Already-listed stock, fresh entry<\/span><\/td><td class=\"num\">&#8377;145 Cr<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+15.4%<\/td><td class=\"num neg\">&#8722;6.1%<\/td><\/tr>\n    <tr><td>Sigma Advanced Systems<span class=\"subnote\">Already-listed stock, fresh entry<\/span><\/td><td class=\"num\">&#8377;122 Cr<\/td><td class=\"num\">5<\/td><td class=\"num pos\">+12.3%<\/td><td class=\"num pos\">+5.9%<\/td><\/tr>\n    <tr><td>GSPL India Transco<span class=\"subnote\">Demerger allotment, unlisted<\/span><\/td><td class=\"num\">&#8377;102 Cr<\/td><td class=\"num\">5<\/td><td class=\"num\">n\/a<\/td><td class=\"num\">n\/a<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Top 12 of 34 new names by position size. * listing-day close to 31 July. &#8224; move since listing, for companies that listed after the July book date. &#8220;Since 31 Jul&#8221; runs to 14\/08\/2026. Demerger allotments have no traded price yet.<\/p>\n  <p>Two positions deserve the reader&#8217;s attention. INDO-MIM entered <strong>42 of 268 fund portfolios in its first month<\/strong>, the broadest instant adoption in this data, and is up 9.4% since month-end. And the largest AMC listing of the year is underwater: the SBI Funds Management anchor position closed July 3.4% below its listing price and has slipped another 5.1% since. Anchor books are locked in; the funds that took them are down on day one and cannot leave.<\/p>\n  <p>Exits were a non-event. The one large disappearance, JB Chemicals at &#8377;4,700 crore, is the Torrent amalgamation: shareholders received Torrent stock, so the position moved rather than sold. Genuine full exits totalled under &#8377;30 crore.<\/p>\n<\/section>\n\n<section id=\"s7\">\n  <div class=\"eyebrow\"><span class=\"n\">07<\/span> Thematic Watch<\/div>\n  <h2>Pharma held. Technology woke up.<\/h2>\n  <p class=\"lede\">Last month this section said pharma led and technology was the worst place to be. Half of that held: pharma remains the only theme still beating small-cap funds over six months. The other half inverted in four weeks: technology funds returned +11.9% in July, the best of any theme, and are still down 7.8% over six months. Both facts belong in the same sentence.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Theme<\/th><th>1M<\/th><th>3M<\/th><th class=\"sk\" aria-sort=\"descending\">6M<span class=\"cx\">&#9660;<\/span><\/th><th>12M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Pharma &amp; Healthcare<\/td><td class=\"num pos\">+3.8%<\/td><td class=\"num pos\">+14.4%<\/td><td class=\"num pos\">+23.3%<\/td><td class=\"num pos\">+15.5%<\/td><\/tr>\n    <tr><td>Manufacturing<\/td><td class=\"num pos\">+2.9%<\/td><td class=\"num pos\">+6.9%<\/td><td class=\"num pos\">+13.8%<\/td><td class=\"num pos\">+15.0%<\/td><\/tr>\n    <tr><td>Auto &amp; Transport<\/td><td class=\"num pos\">+7.2%<\/td><td class=\"num pos\">+13.9%<\/td><td class=\"num pos\">+11.6%<\/td><td class=\"num pos\">+19.2%<\/td><\/tr>\n    <tr><td>Infrastructure<\/td><td class=\"num neg\">&#8722;0.9%<\/td><td class=\"num pos\">+1.4%<\/td><td class=\"num pos\">+9.4%<\/td><td class=\"num pos\">+6.5%<\/td><\/tr>\n    <tr><td>Energy &amp; Power<\/td><td class=\"num\">0.0%<\/td><td class=\"num neg\">&#8722;1.8%<\/td><td class=\"num pos\">+7.7%<\/td><td class=\"num pos\">+8.5%<\/td><\/tr>\n    <tr><td>Consumption &amp; FMCG<\/td><td class=\"num pos\">+3.9%<\/td><td class=\"num pos\">+6.9%<\/td><td class=\"num pos\">+6.0%<\/td><td class=\"num pos\">+0.9%<\/td><\/tr>\n    <tr><td>Banks &amp; Financials<\/td><td class=\"num pos\">+0.5%<\/td><td class=\"num pos\">+4.9%<\/td><td class=\"num pos\">+0.6%<\/td><td class=\"num pos\">+6.2%<\/td><\/tr>\n    <tr class=\"hi\"><td>Technology<\/td><td class=\"num pos\">+11.9%<\/td><td class=\"num pos\">+9.6%<\/td><td class=\"num neg\">&#8722;7.8%<\/td><td class=\"num neg\">&#8722;4.5%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Median fund return per theme, ranked on 6M (marked &#9660;). 1M is context, never a ranking basis. The standing benchmark: small-cap funds&#8217; 6M median is +16.4%. Only pharma clears it.<\/p>\n  <p>Infrastructure, June&#8217;s 3-month leader, is the quiet casualty of the rotation: barely positive on the quarter and negative in July. The rotation did not lift everything that was cheap; it lifted the one cheap sector with a global story attached.<\/p>\n  <div class=\"callout warn\"><div class=\"h\">Concentration is the hidden risk in thematics<\/div>\n  <p>Franklin India Technology now holds 21.8% of the fund in Bharti Airtel, up from 20.5% last month as the position rallied. ICICI Prudential FMCG holds 17.9% in HUL and 17.6% in ITC, over a third of the fund in two names. WOC Digital Bharat holds 17.8% in Airtel. A single-stock stumble hits far harder here than in any diversified fund.<\/p><\/div>\n<\/section>\n\n<section id=\"s8\">\n  <div class=\"eyebrow\"><span class=\"n\">08<\/span> International Corner<\/div>\n  <h2>The reversal was global<\/h2>\n  <p class=\"lede\">Last month&#8217;s line was that &#8220;tech is dead&#8221; was a domestic-IT story, not a global one: US and AI overseas funds were the best corner of the market while Indian IT bled. July inverted the pair. US and AI funds fell a median 6.2% as the AI hardware trade sold off, while domestic technology funds rose 11.9%. The money that left crowded global chip positions is part of what landed on Indian software.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Region<\/th><th>1M<\/th><th class=\"sk\" aria-sort=\"descending\">3M<span class=\"cx\">&#9660;<\/span><\/th><th>6M<\/th><th>12M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>US \/ Nasdaq \/ AI<\/td><td class=\"num neg\">&#8722;6.2%<\/td><td class=\"num pos\">+3.2%<\/td><td class=\"num pos\">+13.3%<\/td><td class=\"num pos\">+30.3%<\/td><\/tr>\n    <tr><td>Global \/ Diversified<\/td><td class=\"num pos\">+0.9%<\/td><td class=\"num pos\">+2.9%<\/td><td class=\"num pos\">+7.7%<\/td><td class=\"num pos\">+24.4%<\/td><\/tr>\n    <tr><td>Emerging \/ Brazil<\/td><td class=\"num neg\">&#8722;4.9%<\/td><td class=\"num pos\">+1.3%<\/td><td class=\"num pos\">+10.4%<\/td><td class=\"num pos\">+47.2%<\/td><\/tr>\n    <tr><td>China \/ Hong Kong<\/td><td class=\"num pos\">+0.7%<\/td><td class=\"num neg\">&#8722;2.3%<\/td><td class=\"num pos\">+4.3%<\/td><td class=\"num pos\">+33.7%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Median fund return per region, overseas fund-of-funds, gold and commodity funds excluded.<\/p>\n  <p>The 12-month columns are a reminder of what a year of the AI trade built: even after July&#8217;s fall, US and AI funds are up 30% over a year and emerging markets 47%. One bad month has not undone that. But the direction of travel flipped, and for the first time in this publication&#8217;s short life, the domestic technology fund beat the overseas 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>Motilal Oswal Multi Cap: it won both months<\/h2>\n  <p class=\"lede\">The outlier of the month&#8217;s data. In June&#8217;s rally it went from the bottom of the multicap mandate to the top, gaining 23.0% against the index&#8217;s 12.0%. Then July arrived, the bounce trade died, and every other rally leader drifted back to the pack. This one made +6.8%, near the top of the whole universe again, in a month that rewarded the opposite style. A &#8377;4,492 crore fund holding 38 stocks, and the only name that led both regimes.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Episode<span class=\"hint\">oldest first<\/span><\/th><th>Nifty 500<\/th><th>Fund<\/th><th>Edge<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Fall (Sep 24 &#8594; Feb 25)<\/td><td class=\"num neg\">&#8722;18.0%<\/td><td class=\"num neg\">&#8722;9.0%<\/td><td class=\"num pos\">+9.0<\/td><\/tr>\n    <tr><td>Rally (Feb &#8594; Jun 25)<\/td><td class=\"num pos\">+18.8%<\/td><td class=\"num pos\">+20.1%<\/td><td class=\"num pos\">+1.3<\/td><\/tr>\n    <tr><td>Fall (Jun &#8594; Aug 25)<\/td><td class=\"num neg\">&#8722;4.9%<\/td><td class=\"num neg\">&#8722;0.7%<\/td><td class=\"num pos\">+4.2<\/td><\/tr>\n    <tr class=\"hi\"><td>Rally (Sep 25 &#8594; Jan 26)<\/td><td class=\"num pos\">+7.3%<\/td><td class=\"num neg\">&#8722;2.0%<\/td><td class=\"num neg\">&#8722;9.3<\/td><\/tr>\n    <tr class=\"hi\"><td>Fall (Jan &#8594; Mar 26)<\/td><td class=\"num neg\">&#8722;14.8%<\/td><td class=\"num neg\">&#8722;18.4%<\/td><td class=\"num neg\">&#8722;3.5<\/td><\/tr>\n    <tr><td>Rally (Mar &#8594; Jun 26)<\/td><td class=\"num pos\">+12.0%<\/td><td class=\"num pos\">+23.0%<\/td><td class=\"num pos\">+11.0<\/td><\/tr>\n    <tr><td>July 2026<\/td><td class=\"num pos\">+2.0%<\/td><td class=\"num pos\">+6.8%<\/td><td class=\"num pos\">+4.8<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Windows measured month-end to month-end (the January 2026 point uses the 02\/01 peak). Edge is the fund&#8217;s return minus the index&#8217;s, in percentage points.<\/p>\n  <p>The record is not a smooth one, and that is the point. This fund defended the 2024-25 falls better than almost anyone, then missed the late-2025 rally entirely, the stretch that left it with a negative 1-year number in our June issue. It fell harder than the index in the January crash, hitting the bottom of its category. Then it changed character completely: top of the category in the recovery, top again in July&#8217;s rotation. Five wins in seven episodes, but the two losses were the market&#8217;s most crowded moments.<\/p>\n  <p>Character: a concentrated book that swings between the bottom and the top of its category within a year. Its 12-month return, +5.1%, tells you nothing about the ride: category-worst and category-best sit inside that single number. The July test is the interesting one, because it won without its style tailwind. August tells us whether that was skill or a hot streak extending.<\/p>\n  <p>Union Small Cap, featured last month, returned +1.7% in July against a small-cap median of +1.3%: in character, modestly ahead, nothing to revise.<\/p>\n<\/section>\n\n\n\n<section id=\"s10\">\n  <div class=\"eyebrow\"><span class=\"n\">10<\/span> The Wrap &amp; Notes<\/div>\n  <h2>How to read this issue<\/h2>\n  <p><strong>Universe.<\/strong> All diversified direct-growth equity funds across nine categories (Flexi, Large, Large &amp; Mid, Mid, Small, Multi, Contra, Value, Focused): 268 funds this month against 282 last month. The difference is mostly new funds entering the universe as they accumulate the return history these tables need, plus schemes without a full one-month record on the anchor date.<\/p>\n  <p><strong>Windows.<\/strong> All rankings use the rolling 3-month return (May to July this issue). One-month figures appear only as context and are never a sort key. Rolling 6M spans end-January to end-July, almost exactly the fall-and-recovery episode. Percentile ranks are within category, direct growth.<\/p>\n  <p><strong>Holdings.<\/strong> Portfolio figures use month-end disclosures. Trade values are approximated as the change in shares held, valued at month-end prices; corporate actions (the Torrent and JB Chemicals amalgamation, the GSPL and Triveni demerger allotments) are flagged where they occur rather than counted as decisions.<\/p>\n  <p>All figures as on 31\/07\/2026 unless stated. Post-month-end prices run to 14\/08\/2026.<\/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>July 2026 \u00b7 Data as on 31\/07\/2026 The RallyChanged Hands The market rose again in July and is nearly back at its January peak. But the funds and sectors that carried the April to June recovery trailed, and the year&#8217;s losers led. Same climb, new legs. Nifty 500 \u00b7 peak, trough, recovery, and July 02 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","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 - July 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-digest-july-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 - July 2026 - mfportfolio.com\" \/>\n<meta property=\"og:description\" content=\"July 2026 \u00b7 Data as on 31\/07\/2026 The RallyChanged Hands The market rose again in July and is nearly back at its January peak. 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