{"id":276,"date":"2026-09-18T06:09:39","date_gmt":"2026-09-18T06:09:39","guid":{"rendered":"https:\/\/mfportfolio.com\/blog\/?p=276"},"modified":"2026-09-19T14:05:32","modified_gmt":"2026-09-19T14:05:32","slug":"mutual-fund-monthly-digest-august-2026","status":"publish","type":"post","link":"https:\/\/mfportfolio.com\/blog\/mutual-fund-monthly-digest-august-2026\/","title":{"rendered":"Mutual Fund Monthly Digest &#8211; August 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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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;width:100%}\n#nmd table,#nmd .scroll table,#nmd .wrap .scroll 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,#nmd .wrap .scroll thead{display:table-header-group!important}\n#nmd tbody,#nmd .wrap .scroll tbody{display:table-row-group!important}\n#nmd tr,#nmd .wrap .scroll tr{display:table-row!important;width:auto!important}\n#nmd th,#nmd td,#nmd .wrap .scroll th,#nmd .wrap .scroll 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\">August 2026 \u00b7 Data as on 31\/08\/2026<\/div>\n  <h1>A Month Of<br>Two Markets<\/h1>\n  <p class=\"thesis\">The Nifty 500 did not move in August. Underneath it, microcaps rose 5.4% and the Nifty 50 fell 1.2%. July&#8217;s rotation into large caps lasted exactly one month.<\/p>\n  <div class=\"spark\"><div class=\"cap\">Nifty 500 \u00b7 peak, trough, and a flat August<\/div><svg viewBox=\"0 0 680 200\" role=\"img\" aria-label=\"Nifty 500 flat in August at 23450, still below the January peak\" 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=\"14.0,38.6 231.3,160.5 448.7,60.4 666.0,60.7 666.0,170.0 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=\"14.0,38.6 231.3,160.5 448.7,60.4 666.0,60.7\" 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=\"60.7\" 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\">31 Jul<\/text><text x=\"666.0\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">31 Aug<\/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=\"50.7\" font-size=\"11\" fill=\"#9FE6DC\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">23,450<\/text><text x=\"557.3\" y=\"89.8\" font-size=\"12\" font-weight=\"600\" fill=\"#9FE6DC\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">&#8722;0.0%<\/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 Nifty 500 was flat. Microcaps hit a 2026 high.<\/h2>\n  <p class=\"lede\">The Nifty 500 closed August at 23,450.4, down 0.04% on the month and 2.7% below its January peak. The flat headline hides the widest size spread of the year: 6.6 points between microcaps and the Nifty 50.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Segment<span class=\"hint\">large to small<\/span><\/th><th>Aug (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 neg\">&#8722;1.2%<\/td><td class=\"num pos\">+2.3%<\/td><td class=\"num neg\">&#8722;4.4%<\/td><\/tr>\n    <tr><td>Nifty 100<\/td><td class=\"num neg\">&#8722;1.0%<\/td><td class=\"num pos\">+2.5%<\/td><td class=\"num neg\">&#8722;2.6%<\/td><\/tr>\n    <tr><td>Nifty 500<\/td><td class=\"num\">&#8722;0.0%<\/td><td class=\"num pos\">+3.5%<\/td><td class=\"num pos\">+1.2%<\/td><\/tr>\n    <tr><td>Midcap 150<\/td><td class=\"num pos\">+1.7%<\/td><td class=\"num pos\">+4.3%<\/td><td class=\"num pos\">+7.7%<\/td><\/tr>\n    <tr><td>Smallcap 250<\/td><td class=\"num pos\">+2.5%<\/td><td class=\"num pos\">+8.1%<\/td><td class=\"num pos\">+15.7%<\/td><\/tr>\n    <tr class=\"hi\"><td>Microcap 250<\/td><td class=\"num pos\">+5.4%<\/td><td class=\"num pos\">+12.3%<\/td><td class=\"num pos\">+24.6%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Read the first column from the bottom up. The smaller the segment, the better the month, and the order is unbroken. Last month this table ran the other way. The Microcap 250 closed August at its highest level of 2026, while the broad index is still below where it started the year.<\/p>\n  <div class=\"callout\"><div class=\"h\">Beating a flat index meant making money<\/div>\n  <p>The Nifty 500 was flat, so beating it meant little more than finishing the month positive: 87% of 270 diversified funds did, and 39 lost money. The gap between categories is the real signal. Every Mid Cap, Small Cap and Multi Cap fund beat the index. Only 57% of Large Cap funds did, on a median return of 0.0%. In July the same table read 80% for large caps and 19% for small caps.<\/p><\/div>\n  <p>The sector picture was quiet. The best theme, manufacturing, returned 3.8% and the worst, energy, lost 0.6%. In July that spread ran from 11.9% to &#8722;0.9%. August was about size, not sector.<\/p>\n  <p>One caution before the tables. These figures are as on 31\/08\/2026. The market has fallen since. The Nifty 500 closed at 22,654.7 on 17\/09\/2026, 3.4% below the August close, and the Midcap 150 is down 4.1%. Small and micro caps have fallen least. August was a good month for most funds in this issue. September so far has not been.<\/p>\n<\/section>\n\n<section id=\"s2\">\n  <div class=\"eyebrow\"><span class=\"n\">02<\/span> Lead Story<\/div>\n  <h2 class=\"lead\">July&#8217;s rotation lasted exactly one month.<\/h2>\n  <p class=\"lede\">Last month large caps led, technology led, and this publication asked whether the rotation would hold. It did not. In August the money went straight back down the size ladder, and the funds that won July gave most of it back. The universe: 270 diversified direct growth funds across nine categories.<\/p>\n  <p>The share of funds beating the index, by category, this month 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 August<span class=\"cx\">&#9660;<\/span><\/th><th style=\"white-space:normal\">Beat N500, rolling 3M<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Mid Cap<\/td><td class=\"num\">100%<\/td><td class=\"num\">94%<\/td><\/tr>\n    <tr class=\"hi\"><td>Small Cap<\/td><td class=\"num\">100%<\/td><td class=\"num\">100%<\/td><\/tr>\n    <tr><td>Multi Cap<\/td><td class=\"num\">100%<\/td><td class=\"num\">97%<\/td><\/tr>\n    <tr><td>Focused<\/td><td class=\"num\">93%<\/td><td class=\"num\">86%<\/td><\/tr>\n    <tr><td>Large &amp; Mid<\/td><td class=\"num\">91%<\/td><td class=\"num\">83%<\/td><\/tr>\n    <tr><td>Flexi Cap<\/td><td class=\"num\">84%<\/td><td class=\"num\">89%<\/td><\/tr>\n    <tr><td>Contra<\/td><td class=\"num\">75%<\/td><td class=\"num\">50%<\/td><\/tr>\n    <tr><td>Value<\/td><td class=\"num\">65%<\/td><td class=\"num\">61%<\/td><\/tr>\n    <tr class=\"hi\"><td>Large Cap<\/td><td class=\"num\">57%<\/td><td class=\"num\">80%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">The &#9660; marker in a table header shows which column that table is ranked on. Rankings use the rolling three month return throughout; one month figures are context only.<\/p>\n  <p>Read the ranking rather than the level. Large caps sit at the bottom of both columns. Everything below them in size sits at the top.<\/p>\n  <p>The cleanest test is what happened to the nine funds named in the July issue:<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Fund<\/th><th style=\"white-space:normal\">Role in the July issue<\/th><th class=\"sk\" aria-sort=\"descending\">August<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Motilal Oswal Multi Cap<\/td><td>Featured fund<\/td><td class=\"num pos\">+7.6%<\/td><\/tr>\n    <tr><td>Union Small Cap<\/td><td>June feature, follow-up<\/td><td class=\"num pos\">+6.3%<\/td><\/tr>\n    <tr><td>JM Small Cap<\/td><td>Rally leader<\/td><td class=\"num pos\">+4.5%<\/td><\/tr>\n    <tr><td>Invesco India Flexi Cap<\/td><td>Rally leader<\/td><td class=\"num pos\">+2.4%<\/td><\/tr>\n    <tr><td>Samco Flexi Cap<\/td><td>Slider (cash whipsaw)<\/td><td class=\"num pos\">+2.2%<\/td><\/tr>\n    <tr><td>Samco Large &amp; Mid<\/td><td>Slider (cash whipsaw)<\/td><td class=\"num pos\">+1.7%<\/td><\/tr>\n    <tr><td>Samco Large Cap<\/td><td>Slider (cash whipsaw)<\/td><td class=\"num pos\">+0.4%<\/td><\/tr>\n    <tr><td>Quant Focused<\/td><td>Rally leader<\/td><td class=\"num pos\">+0.4%<\/td><\/tr>\n    <tr class=\"hi\"><td>Parag Parikh Flexi Cap<\/td><td>Rescued by July&#8217;s rotation<\/td><td class=\"num neg\">&#8722;1.4%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>The order has inverted almost exactly. Parag Parikh Flexi Cap, which July&#8217;s rotation rescued, is the only one of the nine to lose money in August. The three Samco funds, which lost money in a rising July, all made money in a flat August. Quant Focused went from rally leader to nearly nothing.<\/p>\n  <p>The whip was systematic, not anecdotal. Four HSBC funds moved from the bottom decile of the universe in July to the top decile in August. Four Motilal Oswal funds beat in both months, which almost nothing else did. One fund house was positioned for the reversal and another for the reversal of the reversal.<\/p>\n  <p>Two months, two opposite answers. The rolling three and six month columns still belong to small caps, and now the one month column does too. That makes August a resumption rather than a new question.<\/p>\n<\/section>\n\n<section id=\"s3\">\n  <div class=\"eyebrow\"><span class=\"n\">03<\/span> Movers<\/div>\n  <h2>Four Quant funds fell from top to bottom.<\/h2>\n  <p class=\"lede\">Each fund&#8217;s percentile within its category on the rolling three month window, last issue against this one. The fallers are not a scattered group. Four of the five come from the same house.<\/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\">Last issue percentile<\/th><th style=\"white-space:normal\">Current percentile<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Motilal Oswal Large &amp; Midcap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">9<\/td><td class=\"num pos\">94<\/td><\/tr>\n    <tr><td>Tata Value<\/td><td>Value<\/td><td class=\"num\">33<\/td><td class=\"num pos\">76<\/td><\/tr>\n    <tr><td>SBI Small Cap<\/td><td>Small Cap<\/td><td class=\"num\">9<\/td><td class=\"num pos\">51<\/td><\/tr>\n    <tr><td>Capitalmind Flexi Cap<\/td><td>Flexi Cap<\/td><td class=\"num\">7<\/td><td class=\"num pos\">48<\/td><\/tr>\n    <tr><td>HSBC Focused<\/td><td>Focused<\/td><td class=\"num\">48<\/td><td class=\"num pos\">89<\/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\">Last issue percentile<\/th><th style=\"white-space:normal\">Current percentile<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Quant Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">97<\/td><td class=\"num neg\">3<\/td><\/tr>\n    <tr><td>Quant Large &amp; Mid Cap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">94<\/td><td class=\"num neg\">3<\/td><\/tr>\n    <tr><td>Quant Focused<\/td><td>Focused<\/td><td class=\"num\">89<\/td><td class=\"num neg\">7<\/td><\/tr>\n    <tr><td>Quant Value<\/td><td>Value<\/td><td class=\"num\">76<\/td><td class=\"num neg\">5<\/td><\/tr>\n    <tr><td>Quantum Small Cap<\/td><td>Small Cap<\/td><td class=\"num\">74<\/td><td class=\"num neg\">6<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Quant and Quantum are different fund houses despite the similar names. Four of these five funds are Quant; Quantum Small Cap is not one of them.<\/p>\n  <div class=\"callout\"><div class=\"h\">How to read percentile ranks<\/div>\n  <p>A percentile rank of 94 means the fund beat 94% of its own category on that window. The first column is the rank on the May to July window, which is what last issue showed. The second is the rank on the June to August window. Large moves mean the newest month changed the story, not that the fund changed.<\/p><\/div>\n  <p>Motilal Oswal Large &amp; Midcap is the mirror image. It was the biggest faller in last month&#8217;s table, dropping from 94 to 9. It is the biggest riser in this one. Nothing about the fund changed in thirty days. The market changed direction twice.<\/p>\n<\/section>\n\n<section id=\"s4\">\n  <div class=\"eyebrow\"><span class=\"n\">04<\/span> Top Performers<\/div>\n  <h2>A newly launched fund leads the small caps.<\/h2>\n  <p class=\"lede\">Tables rank on the rolling three month return, June to August. The bracketed number is where the fund stood in last issue&#8217;s table on the May to July window.<\/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\">+19.2%<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+7.6%<\/td><td class=\"num pos\">+13.1%<\/td><\/tr>\n    <tr><td>Motilal Oswal Flexi Cap<\/td><td class=\"num pos\">+14.4%<\/td><td class=\"num\">5<\/td><td class=\"num pos\">+5.9%<\/td><td class=\"num pos\">+7.4%<\/td><\/tr>\n    <tr><td>LIC MF Flexi Cap<\/td><td class=\"num pos\">+13.2%<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+4.6%<\/td><td class=\"num pos\">+14.4%<\/td><\/tr>\n    <tr><td>ICICI Pru Flexi Cap<\/td><td class=\"num pos\">+12.9%<\/td><td class=\"num\">11<\/td><td class=\"num pos\">+3.0%<\/td><td class=\"num pos\">+14.2%<\/td><\/tr>\n    <tr><td>UTI Flexi Cap<\/td><td class=\"num pos\">+12.7%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+1.6%<\/td><td class=\"num pos\">+3.7%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\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>Taurus Large Cap<\/td><td class=\"num pos\">+10.9%<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+1.9%<\/td><td class=\"num pos\">+10.9%<\/td><\/tr>\n    <tr><td>Invesco India Largecap<\/td><td class=\"num pos\">+8.9%<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+1.9%<\/td><td class=\"num pos\">+10.2%<\/td><\/tr>\n    <tr><td>Axis Large Cap<\/td><td class=\"num pos\">+7.3%<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+0.2%<\/td><td class=\"num pos\">+3.2%<\/td><\/tr>\n    <tr><td>HSBC Large Cap<\/td><td class=\"num pos\">+6.6%<\/td><td class=\"num\">13<\/td><td class=\"num pos\">+0.9%<\/td><td class=\"num pos\">+5.0%<\/td><\/tr>\n    <tr><td>Franklin India Large Cap<\/td><td class=\"num pos\">+6.3%<\/td><td class=\"num\">7<\/td><td class=\"num pos\">+0.5%<\/td><td class=\"num pos\">+2.9%<\/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>Motilal Oswal Midcap<\/td><td class=\"num pos\">+16.1%<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+6.6%<\/td><td class=\"num pos\">+5.6%<\/td><\/tr>\n    <tr><td>TRUSTMF Mid Cap<\/td><td class=\"num pos\">+12.1%<\/td><td class=\"num\">1<\/td><td class=\"num pos\">+5.3%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr><td>Taurus Mid Cap<\/td><td class=\"num pos\">+11.2%<\/td><td class=\"num\">5<\/td><td class=\"num pos\">+2.7%<\/td><td class=\"num pos\">+9.4%<\/td><\/tr>\n    <tr><td>Invesco India Midcap<\/td><td class=\"num pos\">+10.9%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+2.5%<\/td><td class=\"num pos\">+16.1%<\/td><\/tr>\n    <tr><td>Bandhan Mid Cap<\/td><td class=\"num pos\">+10.1%<\/td><td class=\"num\">9<\/td><td class=\"num pos\">+5.2%<\/td><td class=\"num pos\">+16.3%<\/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>Groww Small Cap<\/td><td class=\"num pos\">+17.6%<\/td><td class=\"num\">9<\/td><td class=\"num pos\">+7.4%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr><td>Motilal Oswal Small Cap<\/td><td class=\"num pos\">+15.6%<\/td><td class=\"num\">2<\/td><td class=\"num pos\">+4.3%<\/td><td class=\"num pos\">+28.5%<\/td><\/tr>\n    <tr><td>ITI Small Cap<\/td><td class=\"num pos\">+15.0%<\/td><td class=\"num\">7<\/td><td class=\"num pos\">+5.7%<\/td><td class=\"num pos\">+26.4%<\/td><\/tr>\n    <tr><td>Bank of India Small Cap<\/td><td class=\"num pos\">+14.6%<\/td><td class=\"num\">3<\/td><td class=\"num pos\">+6.0%<\/td><td class=\"num pos\">+32.1%<\/td><\/tr>\n    <tr><td>Mahindra Manulife Small Cap<\/td><td class=\"num pos\">+14.5%<\/td><td class=\"num\">13<\/td><td class=\"num pos\">+6.1%<\/td><td class=\"num pos\">+24.0%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">TRUSTMF Mid Cap and Groww Small Cap launched in 2026 and have no one year record yet.<\/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 class=\"hi\"><td>Aditya Birla SL Transportation and Logistics<\/td><td class=\"num pos\">+20.8%<\/td><td class=\"num pos\">+6.0%<\/td><td class=\"num pos\">+26.8%<\/td><\/tr>\n    <tr><td>Motilal Oswal Consumption<\/td><td class=\"num pos\">+20.5%<\/td><td class=\"num pos\">+4.8%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n    <tr><td>SBI Innovative Opportunities<\/td><td class=\"num pos\">+20.2%<\/td><td class=\"num pos\">+6.8%<\/td><td class=\"num pos\">+14.6%<\/td><\/tr>\n    <tr class=\"hi\"><td>HDFC Transportation and Logistics<\/td><td class=\"num pos\">+19.8%<\/td><td class=\"num pos\">+5.2%<\/td><td class=\"num pos\">+19.6%<\/td><\/tr>\n    <tr><td>SBI Automotive Opportunities<\/td><td class=\"num pos\">+19.0%<\/td><td class=\"num pos\">+7.0%<\/td><td class=\"num pos\">+38.3%<\/td><\/tr>\n    <tr><td>Bajaj Finserv Healthcare<\/td><td class=\"num pos\">+17.7%<\/td><td class=\"num pos\">+5.6%<\/td><td class=\"num pos\">+27.1%<\/td><\/tr>\n    <tr><td>PGIM India Healthcare<\/td><td class=\"num pos\">+17.4%<\/td><td class=\"num pos\">+3.7%<\/td><td class=\"num pos\">+29.3%<\/td><\/tr>\n    <tr><td>Axis Innovation<\/td><td class=\"num pos\">+15.8%<\/td><td class=\"num pos\">+7.7%<\/td><td class=\"num pos\">+19.9%<\/td><\/tr>\n    <tr><td>Motilal Oswal Business Cycle<\/td><td class=\"num pos\">+15.7%<\/td><td class=\"num pos\">+4.3%<\/td><td class=\"num pos\">+3.1%<\/td><\/tr>\n    <tr class=\"hi\"><td>ICICI Pru Transportation and Logistics<\/td><td class=\"num pos\">+15.7%<\/td><td class=\"num pos\">+2.8%<\/td><td class=\"num pos\">+19.0%<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Three transportation and logistics funds and one automotive fund sit in this table. Auto and transport was the best theme of the quarter at 15.7%. No overseas fund appears at all this month.<\/p>\n\n  <div class=\"callout\"><div class=\"h\">The month in one line<\/div>\n  <p>Best single month among diversified funds: Samco Small Cap, +7.7%. Worst: NJ Value, &#8722;2.0%. Thirty-nine of 270 funds lost money.<\/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>Funds sold IT and bought LIC.<\/h2>\n  <p class=\"lede\">Sector weights barely moved. Nothing shifted by more than a third of a percentage point, against 0.6 points last month. The action was in single names, not sectors.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Sector<\/th><th>Jul<\/th><th>Aug<\/th><th class=\"sk\" aria-sort=\"descending\">Shift<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Auto Components<\/td><td class=\"num\">4.62%<\/td><td class=\"num\">4.93%<\/td><td class=\"num pos\">+0.31<\/td><\/tr>\n    <tr><td>Financial Technology<\/td><td class=\"num\">1.08%<\/td><td class=\"num\">1.36%<\/td><td class=\"num pos\">+0.28<\/td><\/tr>\n    <tr><td>Insurance<\/td><td class=\"num\">2.08%<\/td><td class=\"num\">2.33%<\/td><td class=\"num pos\">+0.25<\/td><\/tr>\n    <tr><td>Finance \/ NBFC<\/td><td class=\"num\">5.90%<\/td><td class=\"num\">5.65%<\/td><td class=\"num neg\">&#8722;0.25<\/td><\/tr>\n    <tr><td>Banks<\/td><td class=\"num\">17.78%<\/td><td class=\"num\">17.47%<\/td><td class=\"num neg\">&#8722;0.31<\/td><\/tr>\n    <tr class=\"hi\"><td>Power<\/td><td class=\"num\">2.77%<\/td><td class=\"num\">2.45%<\/td><td class=\"num neg\">&#8722;0.32<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p>Last month this section reported that IT weights rose while funds barely bought the sector. August answers the question. Funds sold IT hard: a net &#8377;3,389 crore out of the sector, with 15 names cut against 9 added. The IT weight fell from 5.07% to 4.92%. Managers used the rally to leave.<\/p>\n  <p>The single largest trade of the month, by a wide margin:<\/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 class=\"hi\"><td>Life Insurance Corporation of India<span class=\"subnote\">Held by 12 funds in July, 47 in August<\/span><\/td><td class=\"num pos\">+&#8377;10,347 Cr<\/td><\/tr>\n    <tr><td>Aster DM Quality Care<\/td><td class=\"num pos\">+&#8377;2,472 Cr<\/td><\/tr>\n    <tr><td>TD Power Systems<\/td><td class=\"num pos\">+&#8377;2,389 Cr<\/td><\/tr>\n    <tr><td>Manipal Health Enterprises<span class=\"subnote\">Bought pre-listing in July, added after listing<\/span><\/td><td class=\"num pos\">+&#8377;2,146 Cr<\/td><\/tr>\n    <tr><td>One97 Communications<\/td><td class=\"num pos\">+&#8377;2,118 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>ICICI Bank<\/td><td class=\"num neg\">&#8722;&#8377;3,579 Cr<\/td><\/tr>\n    <tr><td>Eternal<\/td><td class=\"num neg\">&#8722;&#8377;2,211 Cr<\/td><\/tr>\n    <tr><td>Reliance Industries<\/td><td class=\"num neg\">&#8722;&#8377;1,411 Cr<\/td><\/tr>\n    <tr><td>Infosys<\/td><td class=\"num neg\">&#8722;&#8377;1,350 Cr<\/td><\/tr>\n    <tr><td>Power Finance Corporation<\/td><td class=\"num neg\">&#8722;&#8377;1,087 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-August price.<\/p>\n  <p>The LIC position went from &#8377;1,829 crore to &#8377;12,147 crore, and from 12 funds to 47. The share price barely moved across the month, so this is buying rather than a price effect. It was funded by selling, not by cash: average cash rose from 2.19% to 2.57%, and the five largest trims above come to roughly &#8377;9,600 crore. The government sold part of its stake in LIC through an offer for sale in early August, which is the likely source of the shares. That last point comes from outside this data.<\/p>\n  <p>Two funds account for more than half the position. ICICI Pru Value Fund holds &#8377;3,536 crore, which is 5.89% of the fund, and ICICI Pru Multi Asset holds &#8377;3,349 crore. LIC now makes up 0.42% of the diversified equity book, against 0.06% in July.<\/p>\n  <p>State owned companies were otherwise sold. Power Finance lost a quarter of its shares and went from 44 funds to 34. Indian Oil fell 21%, GAIL and ONGC 9% each, NTPC and Bharat Petroleum 5%. LIC was the exception, not the pattern.<\/p>\n<\/section>\n\n<section id=\"s6\">\n  <div class=\"eyebrow\"><span class=\"n\">06<\/span> Fresh Positions<\/div>\n  <h2>Funds took the big listings and skipped the small ones.<\/h2>\n  <p class=\"lede\">Funds opened positions in 24 companies absent from the July book, worth &#8377;5,511 crore. As in July, almost all of them are new listings. What changed is how unevenly the money was spread.<\/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\">To 31 Aug<\/th><th style=\"white-space:normal\">Since 31 Aug<\/th><\/tr><\/thead><tbody>\n    <tr class=\"hi\"><td>Dhoot Transmission<span class=\"subnote\">Listed 17\/08<\/span><\/td><td class=\"num\">&#8377;2,162 Cr<\/td><td class=\"num\">33<\/td><td class=\"num pos\">+24.2%*<\/td><td class=\"num pos\">+7.1%<\/td><\/tr>\n    <tr><td>Shiprocket<span class=\"subnote\">Listed 19\/08<\/span><\/td><td class=\"num\">&#8377;572 Cr<\/td><td class=\"num\">21<\/td><td class=\"num neg\">&#8722;3.2%*<\/td><td class=\"num neg\">&#8722;13.0%<\/td><\/tr>\n    <tr class=\"hi\"><td>Milky Mist Dairy Food<span class=\"subnote\">Listed 18\/08<\/span><\/td><td class=\"num\">&#8377;559 Cr<\/td><td class=\"num\">14<\/td><td class=\"num pos\">+16.2%*<\/td><td class=\"num pos\">+30.3%<\/td><\/tr>\n    <tr><td>Lalithaa Jewellery Mart<span class=\"subnote\">Listed 24\/08<\/span><\/td><td class=\"num\">&#8377;347 Cr<\/td><td class=\"num\">7<\/td><td class=\"num pos\">+3.8%*<\/td><td class=\"num pos\">+12.6%<\/td><\/tr>\n    <tr><td>Leap India<span class=\"subnote\">Listed 14\/08<\/span><\/td><td class=\"num\">&#8377;259 Cr<\/td><td class=\"num\">13<\/td><td class=\"num pos\">+15.8%*<\/td><td class=\"num neg\">&#8722;18.8%<\/td><\/tr>\n    <tr><td>Horizon Industrial Parks<span class=\"subnote\">Listed 24\/08<\/span><\/td><td class=\"num\">&#8377;254 Cr<\/td><td class=\"num\">12<\/td><td class=\"num neg\">&#8722;2.2%*<\/td><td class=\"num neg\">&#8722;8.3%<\/td><\/tr>\n    <tr><td>Symbiotec Pharmalab<span class=\"subnote\">Listed 01\/09, after the book date<\/span><\/td><td class=\"num\">&#8377;211 Cr<\/td><td class=\"num\">24<\/td><td class=\"num\">n\/a<\/td><td class=\"num neg\">&#8722;4.7%&#8224;<\/td><\/tr>\n    <tr><td>Molbio Diagnostics<span class=\"subnote\">Listed 17\/08<\/span><\/td><td class=\"num\">&#8377;209 Cr<\/td><td class=\"num\">7<\/td><td class=\"num pos\">+4.3%*<\/td><td class=\"num pos\">+18.3%<\/td><\/tr>\n    <tr><td>Gaja Alternative Asset Management<span class=\"subnote\">Listed 26\/08<\/span><\/td><td class=\"num\">&#8377;160 Cr<\/td><td class=\"num\">10<\/td><td class=\"num neg\">&#8722;10.5%*<\/td><td class=\"num neg\">&#8722;4.0%<\/td><\/tr>\n    <tr><td>Augmont Enterprises<span class=\"subnote\">Listed 31\/08, the last trading day<\/span><\/td><td class=\"num\">&#8377;158 Cr<\/td><td class=\"num\">4<\/td><td class=\"num\">n\/a<\/td><td class=\"num neg\">&#8722;10.7%<\/td><\/tr>\n    <tr><td>Tempsens Instruments<span class=\"subnote\">Listed 28\/08<\/span><\/td><td class=\"num\">&#8377;113 Cr<\/td><td class=\"num\">5<\/td><td class=\"num neg\">&#8722;3.9%*<\/td><td class=\"num neg\">&#8722;3.9%<\/td><\/tr>\n    <tr><td>Purple Style Labs<span class=\"subnote\">Listed 07\/09, after the book date<\/span><\/td><td class=\"num\">&#8377;100 Cr<\/td><td class=\"num\">3<\/td><td class=\"num\">n\/a<\/td><td class=\"num neg\">&#8722;2.5%&#8224;<\/td><\/tr>\n  <\/tbody><\/table><\/div>\n  <p class=\"tnote\">Top 12 of 24 new names by position size. * listing close to 31 August. &#8224; move since listing, for companies that listed after the book date. &#8220;Since 31 Aug&#8221; runs to 17\/09\/2026. New positions count only names an existing fund initiated, so four funds that did not file a July portfolio are excluded.<\/p>\n  <p>Participation was graded, not uniform. The largest listing drew 33 funds; the smallest names in the table drew three or four. Funds did not take everything on offer.<\/p>\n  <p>Crowding did not predict outcome. Milky Mist, held by 14 funds, is the best performer of the group and is up 30.3% since month end. Shiprocket, held by 21, is the worst and has fallen 13.0%. Symbiotec drew 24 funds and is below its listing price. The three most widely held new names are not the three best.<\/p>\n  <p>Two names from last month&#8217;s table grew after listing rather than appearing fresh. Manipal Health Enterprises, bought before listing in July at &#8377;1,003 crore, is now &#8377;3,435 crore across 35 funds. Juniper Green Energy went from &#8377;154 crore to &#8377;714 crore. Exits remain a non-event: six names and &#8377;79 crore in total, the largest being Man InfraConstruction at &#8377;41 crore.<\/p>\n<\/section>\n\n<section id=\"s7\">\n  <div class=\"eyebrow\"><span class=\"n\">07<\/span> Thematic Watch<\/div>\n  <h2>Pharma still leads. Small caps nearly caught it.<\/h2>\n  <p class=\"lede\">Last month pharma was the only theme beating small-cap funds over six months, by almost seven points. It still leads, but the gap is down to 1.4 points, because small-cap funds caught up rather than because pharma faltered.<\/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\">+3.1%<\/td><td class=\"num pos\">+13.4%<\/td><td class=\"num pos\">+21.7%<\/td><td class=\"num pos\">+21.6%<\/td><\/tr>\n    <tr><td>Manufacturing<\/td><td class=\"num pos\">+3.8%<\/td><td class=\"num pos\">+6.9%<\/td><td class=\"num pos\">+11.9%<\/td><td class=\"num pos\">+20.2%<\/td><\/tr>\n    <tr><td>Auto &amp; Transport<\/td><td class=\"num pos\">+3.1%<\/td><td class=\"num pos\">+15.7%<\/td><td class=\"num pos\">+10.8%<\/td><td class=\"num pos\">+19.0%<\/td><\/tr>\n    <tr class=\"hi\"><td>Technology<\/td><td class=\"num pos\">+2.1%<\/td><td class=\"num pos\">+9.9%<\/td><td class=\"num pos\">+8.6%<\/td><td class=\"num neg\">&#8722;3.6%<\/td><\/tr>\n    <tr><td>Infrastructure<\/td><td class=\"num pos\">+0.4%<\/td><td class=\"num pos\">+0.4%<\/td><td class=\"num pos\">+7.0%<\/td><td class=\"num pos\">+10.0%<\/td><\/tr>\n    <tr><td>Consumption &amp; FMCG<\/td><td class=\"num pos\">+0.2%<\/td><td class=\"num pos\">+7.5%<\/td><td class=\"num pos\">+6.1%<\/td><td class=\"num neg\">&#8722;0.3%<\/td><\/tr>\n    <tr><td>Banks &amp; Financials<\/td><td class=\"num pos\">+1.5%<\/td><td class=\"num pos\">+7.5%<\/td><td class=\"num pos\">+0.7%<\/td><td class=\"num pos\">+11.5%<\/td><\/tr>\n    <tr><td>Energy &amp; Power<\/td><td class=\"num neg\">&#8722;0.6%<\/td><td class=\"num neg\">&#8722;1.4%<\/td><td class=\"num pos\">+0.6%<\/td><td class=\"num pos\">+10.9%<\/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 +20.3%. Only pharma clears it.<\/p>\n  <p>Technology is the theme to watch. Its six month number has gone from &#8722;7.8% last month to +8.6%, a swing of more than sixteen points without a spectacular August. That is the January to March collapse dropping out of the window rather than new strength. The twelve month number, still &#8722;3.6%, is the honest one.<\/p>\n  <div class=\"callout warn\"><div class=\"h\">Concentration is the hidden risk in thematics<\/div>\n  <p>Franklin India Technology holds 20.7% of the fund in Bharti Airtel, up from 20.5% last month. Taurus Banking &amp; Financial Services holds 17.9% in ICICI Bank, ICICI Prudential FMCG holds 17.9% in Hindustan Unilever, and Aditya Birla Sun Life PSU Equity holds 17.8% in State Bank of India. 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>Every region rose. None kept up with Indian microcaps.<\/h2>\n  <p class=\"lede\">Every region made money in August. None of them kept up with Indian microcaps, and none of them made this month&#8217;s top ten non-diversified table.<\/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>Global \/ Diversified<\/td><td class=\"num pos\">+3.2%<\/td><td class=\"num pos\">+1.9%<\/td><td class=\"num pos\">+11.4%<\/td><td class=\"num pos\">+24.9%<\/td><\/tr>\n    <tr><td>US \/ Nasdaq \/ AI<\/td><td class=\"num pos\">+2.4%<\/td><td class=\"num neg\">&#8722;1.9%<\/td><td class=\"num pos\">+15.5%<\/td><td class=\"num pos\">+28.8%<\/td><\/tr>\n    <tr><td>China \/ Hong Kong<\/td><td class=\"num pos\">+4.1%<\/td><td class=\"num neg\">&#8722;3.6%<\/td><td class=\"num pos\">+12.7%<\/td><td class=\"num pos\">+34.4%<\/td><\/tr>\n    <tr class=\"hi\"><td>Emerging \/ Brazil<\/td><td class=\"num pos\">+3.0%<\/td><td class=\"num neg\">&#8722;4.0%<\/td><td class=\"num pos\">+12.2%<\/td><td class=\"num pos\">+39.8%<\/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>This section has run a contrast between domestic technology funds and global technology funds for two issues. It is retired this month. Domestic technology funds returned 2.1% in August and US and AI funds 2.4%. The two have converged, and a comparison that says nothing is not worth printing.<\/p>\n  <p>The twelve month column is the one to keep. Emerging markets at 39.8% and China at 34.4% remain the best returns available to an Indian investor over a year, and both beat every domestic theme in Section 07.<\/p>\n<\/section>\n\n<section id=\"s9\">\n  <div class=\"eyebrow\"><span class=\"n\">09<\/span> Fund Under the Lens<\/div>\n  <h2>HSBC Small Cap: third percentile, then ninety-eighth.<\/h2>\n  <p class=\"lede\">The most extreme example of the two month whip. In July this fund sat in the third percentile of the whole diversified universe. In August it sat in the ninety-eighth. It holds &#8377;19,076 crore across 113 stocks, and its record shows why the swing happened.<\/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><td>Fall (Sep 24 &#8594; Feb 25)<\/td><td class=\"num neg\">&#8722;18.0%<\/td><td class=\"num neg\">&#8722;24.7%<\/td><td class=\"num neg\">&#8722;6.7<\/td><\/tr>\n    <tr><td>Rally (Feb &#8594; Jun 25)<\/td><td class=\"num pos\">+18.8%<\/td><td class=\"num pos\">+25.6%<\/td><td class=\"num pos\">+6.8<\/td><\/tr>\n    <tr><td>Fall (Jun &#8594; Aug 25)<\/td><td class=\"num neg\">&#8722;4.9%<\/td><td class=\"num neg\">&#8722;6.6%<\/td><td class=\"num neg\">&#8722;1.7<\/td><\/tr>\n    <tr class=\"hi\"><td>Rally (Sep 25 &#8594; Jan 26)<\/td><td class=\"num pos\">+7.3%<\/td><td class=\"num pos\">+0.9%<\/td><td class=\"num neg\">&#8722;6.4<\/td><\/tr>\n    <tr><td>Fall (Jan &#8594; Mar 26)<\/td><td class=\"num neg\">&#8722;14.8%<\/td><td class=\"num neg\">&#8722;13.5%<\/td><td class=\"num pos\">+1.3<\/td><\/tr>\n    <tr class=\"hi\"><td>Rally (Mar &#8594; Jun 26)<\/td><td class=\"num pos\">+12.0%<\/td><td class=\"num pos\">+27.9%<\/td><td class=\"num pos\">+15.9<\/td><\/tr>\n    <tr><td>July 2026<\/td><td class=\"num pos\">+2.0%<\/td><td class=\"num neg\">&#8722;0.5%<\/td><td class=\"num neg\">&#8722;2.5<\/td><\/tr>\n    <tr class=\"hi\"><td>August 2026<\/td><td class=\"num\">&#8722;0.0%<\/td><td class=\"num pos\">+7.1%<\/td><td class=\"num pos\">+7.2<\/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>This is a size bet, not a stock picking record. The fund amplifies whatever small caps do, in both directions. Its best stretch was the March to June rally, where it returned 27.9% against the index&#8217;s 12.0%, an edge of nearly sixteen points. Its worst was the September 2025 to January 2026 rally, where it made 0.9% over four months while the index made 7.3%, because that rally was led by large caps.<\/p>\n  <p>July and August are that record in miniature. It lost 2.5 points in the month large caps led, then gained 7.2 in the month they did not. The fund did not change. Its market did.<\/p>\n  <p>Motilal Oswal Multi Cap, featured last month, returned 7.6% in August, second only to Samco Small Cap across the diversified universe. It finished first in the multicap mandate for the second issue running.<\/p>\n<\/section>\n\n<section id=\"s10\">\n  <div class=\"eyebrow\"><span class=\"n\">10<\/span> One Chart That Matters<\/div>\n  <h2>Two markets, one country<\/h2>\n  <p class=\"lede\">Both lines start at zero on 31\/01\/2026. The Microcap 250 ends the period 24.8% higher. The Nifty 50 ends it 4.9% lower. They fell together in March and have not travelled together since.<\/p>\n  <div class=\"chartwrap\"><svg viewBox=\"0 0 680 380\" role=\"img\" aria-label=\"Microcap 250 up 24.8 percent and Nifty 50 down 4.9 percent since January 2026\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;display:block\"><rect x=\"52\" y=\"26\" width=\"610\" height=\"310\" fill=\"none\" stroke=\"#CBD3CE\"\/><line x1=\"52\" y1=\"237.4\" x2=\"662\" y2=\"237.4\" stroke=\"#8FA39C\" stroke-dasharray=\"4 4\"\/><text x=\"44\" y=\"241.4\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">0%<\/text><line x1=\"47\" y1=\"307.8\" x2=\"52\" y2=\"307.8\" stroke=\"#8FA39C\"\/><text x=\"44\" y=\"311.8\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">&#8722;10%<\/text><line x1=\"47\" y1=\"166.9\" x2=\"52\" y2=\"166.9\" stroke=\"#8FA39C\"\/><text x=\"44\" y=\"170.9\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">+10%<\/text><line x1=\"47\" y1=\"96.5\" x2=\"52\" y2=\"96.5\" stroke=\"#8FA39C\"\/><text x=\"44\" y=\"100.5\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">+20%<\/text><line x1=\"47\" y1=\"26.0\" x2=\"52\" y2=\"26.0\" stroke=\"#8FA39C\"\/><text x=\"44\" y=\"30.0\" font-size=\"11\" fill=\"#5C6B66\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">+30%<\/text><text x=\"52.0\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Jan<\/text><text x=\"139.1\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Feb<\/text><text x=\"226.3\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Mar<\/text><text x=\"313.4\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Apr<\/text><text x=\"400.6\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">May<\/text><text x=\"487.7\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Jun<\/text><text x=\"574.9\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Jul<\/text><text x=\"662.0\" y=\"354\" font-size=\"11.5\" fill=\"#5C6B66\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">Aug<\/text><polyline points=\"52.0,237.4 139.1,241.3 226.3,320.5 313.4,274.2 400.6,286.7 487.7,277.8 574.9,263.4 662.0,271.9\" fill=\"none\" stroke=\"#B23A2E\" stroke-width=\"2.6\" stroke-linejoin=\"round\" stroke-linecap=\"round\"\/><polyline points=\"52.0,237.4 139.1,236.4 226.3,316.1 313.4,181.2 400.6,158.7 487.7,109.0 574.9,107.8 662.0,62.7\" fill=\"none\" stroke=\"#006D6F\" stroke-width=\"2.8\" stroke-linejoin=\"round\" stroke-linecap=\"round\"\/><circle cx=\"52.0\" cy=\"237.4\" r=\"4.2\" fill=\"#006D6F\"\/><circle cx=\"52.0\" cy=\"237.4\" r=\"4.2\" fill=\"#B23A2E\"\/><circle cx=\"662.0\" cy=\"62.7\" r=\"4.2\" fill=\"#006D6F\"\/><circle cx=\"662.0\" cy=\"271.9\" r=\"4.2\" fill=\"#B23A2E\"\/><text x=\"654.0\" y=\"52.7\" font-size=\"12.5\" font-weight=\"600\" fill=\"#006D6F\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">+24.8%<\/text><text x=\"654.0\" y=\"289.9\" font-size=\"12.5\" font-weight=\"600\" fill=\"#B23A2E\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">&#8722;4.9%<\/text><text x=\"357.0\" y=\"374\" font-size=\"12\" fill=\"#1E2C2C\" text-anchor=\"middle\" font-family=\"IBM Plex Sans,sans-serif\" font-weight=\"600\">Rebased to 31\/01\/2026 = 0%<\/text><\/svg>\n    <div class=\"legend\"><span><span class=\"dot\" style=\"background:#006D6F\"><\/span>Microcap 250<\/span><span><span class=\"dot\" style=\"background:#B23A2E\"><\/span>Nifty 50<\/span><\/div>\n  <\/div>\n  <p>The gap is the story of 2026 so far. An investor in the largest companies has lost money this year. An investor in the smallest has made a quarter of their capital. The Nifty 500, which contains both, sits between them and tells you almost nothing on its own.<\/p>\n  <p>The chart also shows why one flat month can mislead. August moved the broad index by 0.04%. On these two lines, August is the steepest divergence of the year.<\/p>\n<\/section>\n\n\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>August 2026 \u00b7 Data as on 31\/08\/2026 A Month OfTwo Markets The Nifty 500 did not move in August. Underneath it, microcaps rose 5.4% and the Nifty 50 fell 1.2%. July&#8217;s rotation into large caps lasted exactly one month. Nifty 500 \u00b7 peak, trough, and a flat August 02 Jan30 Mar31 Jul31 Aug24,099 peak20,52823,450&#8722;0.0% 01 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,17],"tags":[],"class_list":["post-276","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 v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mutual Fund Monthly Digest - August 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-monthly-digest-august-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 - August 2026 - mfportfolio.com\" \/>\n<meta property=\"og:description\" content=\"August 2026 \u00b7 Data as on 31\/08\/2026 A Month OfTwo Markets The Nifty 500 did not move in August. 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