{"id":287,"date":"2026-10-27T03:36:10","date_gmt":"2026-10-27T03:36:10","guid":{"rendered":"https:\/\/mfportfolio.com\/blog\/?p=287"},"modified":"2026-10-27T03:36:11","modified_gmt":"2026-10-27T03:36:11","slug":"mutual-fund-monthly-digest-september-2026","status":"publish","type":"post","link":"https:\/\/mfportfolio.com\/blog\/mutual-fund-monthly-digest-september-2026\/","title":{"rendered":"Mutual Fund Monthly Digest &#8211; September 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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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;color:var(--ink);font-family:\"Funnel Display\",\"IBM Plex Sans\",sans-serif}\n#nmd .hero h1{color:#fff}\n#nmd p,#nmd li,#nmd td,#nmd th{font-family:\"IBM Plex Sans\",system-ui,sans-serif}\n#nmd p{color:inherit;font-size:inherit;line-height:1.6}\n#nmd .num{font-family:\"IBM Plex Mono\",monospace}\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\">September 2026 \u00b7 Data as on 30\/09\/2026<\/div>\n  <h1>Nifty 500 Fell 6%.<br>Large-Cap Funds Lost Half&nbsp;Their&nbsp;Gains.<\/h1>\n  <p class=\"thesis\">The Nifty 500 fell 5.9% in September and 271 of 274 diversified funds lost money. Large-cap funds gave back half of what they had gained since March. Small-cap funds kept 88% of their gains.<\/p>\n  <div class=\"spark\"><div class=\"cap\">Nifty 500 \u00b7 peak, trough, recovery, and September<\/div><svg viewBox=\"0 0 680 200\" role=\"img\" aria-label=\"Nifty 500 fell 5.9 percent in September to 22072, 8.4 percent 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=\"14.0,38.6 231.3,160.5 448.7,60.8 666.0,107.8 666.0,170.0 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=\"14.0,38.6 231.3,160.5 448.7,60.8 666.0,107.8\" 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=\"448.7\" cy=\"60.8\" r=\"4.4\" fill=\"#9FE6DC\"\/><circle cx=\"666.0\" cy=\"107.8\" r=\"4.8\" fill=\"#F2B8B0\"\/><text x=\"14.0\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"start\" 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 Aug<\/text><text x=\"666.0\" y=\"192\" font-size=\"11\" fill=\"#9FBFBA\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">30 Sep<\/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=\"448.7\" y=\"50.8\" font-size=\"11\" fill=\"#9FE6DC\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">23,450<\/text><text x=\"660.0\" y=\"127.8\" font-size=\"11\" fill=\"#F2B8B0\" text-anchor=\"end\" font-family=\"IBM Plex Mono,monospace\">22,072<\/text><text x=\"557.4\" y=\"72.3\" font-size=\"12\" font-weight=\"600\" fill=\"#F2B8B0\" text-anchor=\"middle\" font-family=\"IBM Plex Mono,monospace\">&#8722;5.9%<\/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>Every index fell. Microcaps fell least.<\/h2>\n  <p class=\"lede\">The Nifty 500 closed September at 22,072.1, down 5.9%. It is 8.4% below its January peak and has given back half of the rally since March.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Segment<span class=\"hint\">large to small<\/span><\/th><th>Sep (1M)<\/th><th>Rolling 3M<\/th><th>Rolling 6M<\/th><th>12M<\/th><\/tr><\/thead><tbody>\n<tr class=\"hi\"><td>Nifty 50 (large)<\/td><td class=\"num neg\">&#8722;6.1%<\/td><td class=\"num neg\">&#8722;5.2%<\/td><td class=\"num pos\">+1.3%<\/td><td class=\"num neg\">&#8722;8.1%<\/td><\/tr>\n<tr><td>Nifty 100<\/td><td class=\"num neg\">&#8722;5.9%<\/td><td class=\"num neg\">&#8722;4.7%<\/td><td class=\"num pos\">+3.8%<\/td><td class=\"num neg\">&#8722;6.2%<\/td><\/tr>\n<tr><td>Nifty 500<\/td><td class=\"num neg\">&#8722;5.9%<\/td><td class=\"num neg\">&#8722;4.0%<\/td><td class=\"num pos\">+7.5%<\/td><td class=\"num neg\">&#8722;2.9%<\/td><\/tr>\n<tr class=\"hi\"><td>Midcap 150<\/td><td class=\"num neg\">&#8722;7.1%<\/td><td class=\"num neg\">&#8722;4.0%<\/td><td class=\"num pos\">+12.5%<\/td><td class=\"num pos\">+3.9%<\/td><\/tr>\n<tr><td>Smallcap 250<\/td><td class=\"num neg\">&#8722;3.1%<\/td><td class=\"num pos\">+0.4%<\/td><td class=\"num pos\">+24.6%<\/td><td class=\"num pos\">+6.6%<\/td><\/tr>\n<tr class=\"hi\"><td>Microcap 250<\/td><td class=\"num neg\">&#8722;1.1%<\/td><td class=\"num pos\">+4.4%<\/td><td class=\"num pos\">+38.9%<\/td><td class=\"num pos\">+14.7%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p>Midcaps fell hardest. Microcaps barely fell. This was not a flight to safety. Money did not move from small companies to large ones. It left large and mid companies and stayed in small ones.<\/p>\n  <p>Two in three funds beat the index. Almost none made money. Only three of 274 finished the month positive, all of them small-cap funds.<\/p>\n  <p>The fall has continued since. The Nifty 500 closed at 21,427.6 on 23\/10\/2026, another 2.9% lower.<\/p>\n<\/section>\n\n<section id=\"s2\">\n  <div class=\"eyebrow\"><span class=\"n\">02<\/span> Lead Story<\/div>\n  <h2 class=\"lead\">The funds that rallied least gave back the most.<\/h2>\n  <p class=\"lede\">From March to August, small-cap funds rose the most and large-cap funds the least. In September the order held on the way down. The funds that had gained least gave back the most.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Category<\/th><th style=\"white-space:normal\">Rally, Mar to Aug<\/th><th>September<\/th><th class=\"sk\" aria-sort=\"descending\">Given back<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n<tr class=\"hi\"><td>Large Cap<\/td><td class=\"num pos\">+12.7%<\/td><td class=\"num neg\">&#8722;5.8%<\/td><td class=\"num\">52%<\/td><\/tr>\n<tr><td>Contra<\/td><td class=\"num pos\">+14.6%<\/td><td class=\"num neg\">&#8722;6.0%<\/td><td class=\"num\">47%<\/td><\/tr>\n<tr><td>Value<\/td><td class=\"num pos\">+13.8%<\/td><td class=\"num neg\">&#8722;5.1%<\/td><td class=\"num\">43%<\/td><\/tr>\n<tr><td>Large &amp; Mid<\/td><td class=\"num pos\">+18.8%<\/td><td class=\"num neg\">&#8722;6.1%<\/td><td class=\"num\">39%<\/td><\/tr>\n<tr><td>Focused<\/td><td class=\"num pos\">+18.7%<\/td><td class=\"num neg\">&#8722;5.8%<\/td><td class=\"num\">38%<\/td><\/tr>\n<tr><td>Flexi Cap<\/td><td class=\"num pos\">+18.4%<\/td><td class=\"num neg\">&#8722;5.2%<\/td><td class=\"num\">34%<\/td><\/tr>\n<tr><td>Mid Cap<\/td><td class=\"num pos\">+22.4%<\/td><td class=\"num neg\">&#8722;6.4%<\/td><td class=\"num\">33%<\/td><\/tr>\n<tr><td>Multi Cap<\/td><td class=\"num pos\">+23.3%<\/td><td class=\"num neg\">&#8722;4.9%<\/td><td class=\"num\">25%<\/td><\/tr>\n<tr class=\"hi\"><td>Small Cap<\/td><td class=\"num pos\">+32.2%<\/td><td class=\"num neg\">&#8722;2.5%<\/td><td class=\"num\">12%<\/td><\/tr>\n<tr><td><strong>All funds<\/strong><\/td><td class=\"num pos\">+20.2%<\/td><td class=\"num neg\">&#8722;5.3%<\/td><td class=\"num\">33%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Median fund in each category. Given back is the September loss as a share of the March to August gain.<\/p>\n  <p>Large-cap funds gained 12.7% in the rally and lost half of it in one month. Small-cap funds gained 32.2% and kept 88% of it. Every small-cap fund beat the index in September. Only a third of mid-cap funds did.<\/p>\n  <p>Owning bigger, steadier companies did not soften the fall. It only meant there was less to lose.<\/p>\n<\/section>\n\n<section id=\"s3\">\n  <div class=\"eyebrow\"><span class=\"n\">03<\/span> Movers<\/div>\n  <h2>Quant Large Cap went from 3 to 94. Three Invesco funds fell fifty places.<\/h2>\n  <p class=\"lede\">Each fund&#8217;s rank within its category over three months, last issue against this one. A rank of 94 means the fund beat 94% of its category.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Biggest moves<span class=\"hint\">by size of move<\/span><\/th><th>Category<\/th><th style=\"white-space:normal\">Rank last issue<\/th><th style=\"white-space:normal\">Rank now<\/th><th>Move<\/th><\/tr><\/thead><tbody>\n<tr class=\"hi\"><td>Quant Large Cap<\/td><td>Large Cap<\/td><td class=\"num\">3<\/td><td class=\"num\">94<\/td><td class=\"num pos\">+91<\/td><\/tr>\n<tr><td>Bandhan Focused<\/td><td>Focused<\/td><td class=\"num\">11<\/td><td class=\"num\">89<\/td><td class=\"num pos\">+78<\/td><\/tr>\n<tr><td>Quant Large &amp; Mid Cap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">3<\/td><td class=\"num\">70<\/td><td class=\"num pos\">+67<\/td><\/tr>\n<tr><td>LIC MF Large &amp; Midcap<\/td><td>Large &amp; Mid<\/td><td class=\"num\">72<\/td><td class=\"num\">15<\/td><td class=\"num neg\">&#8722;57<\/td><\/tr>\n<tr class=\"hi\"><td>Invesco India Flexi Cap<\/td><td>Flexi Cap<\/td><td class=\"num\">89<\/td><td class=\"num\">34<\/td><td class=\"num neg\">&#8722;55<\/td><\/tr>\n<tr class=\"hi\"><td>Invesco India Smallcap<\/td><td>Small Cap<\/td><td class=\"num\">74<\/td><td class=\"num\">23<\/td><td class=\"num neg\">&#8722;51<\/td><\/tr>\n<tr class=\"hi\"><td>Invesco India Midcap<\/td><td>Mid Cap<\/td><td class=\"num\">91<\/td><td class=\"num\">41<\/td><td class=\"num neg\">&#8722;50<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p>Quant Large Cap ranked 97 in July, 3 in August and 94 in September. The fund did not change three times. The market did. Three month rankings are a snapshot, not a track record.<\/p>\n  <p>The fallers are a house story. Three Invesco funds, in three different categories, fell about fifty places together.<\/p>\n<\/section>\n\n<section id=\"s4\">\n  <div class=\"eyebrow\"><span class=\"n\">04<\/span> Top Performers<\/div>\n  <h2>In a down quarter, the top tables are full of losers.<\/h2>\n  <p class=\"lede\">Ranked on the three months to September. Only one large-cap fund made money over the quarter. The second best lost 0.7%.<\/p>\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\">+10.9%<\/td><td class=\"num\">1<\/td><td class=\"num neg\">&#8722;3.5%<\/td><td class=\"num pos\">+12.8%<\/td><\/tr>\n<tr><td>Taurus Flexi Cap<\/td><td class=\"num pos\">+7.9%<\/td><td class=\"num\">16<\/td><td class=\"num neg\">&#8722;0.7%<\/td><td class=\"num pos\">+8.9%<\/td><\/tr>\n<tr><td>Motilal Oswal Flexi Cap<\/td><td class=\"num pos\">+5.1%<\/td><td class=\"num\">2<\/td><td class=\"num neg\">&#8722;5.5%<\/td><td class=\"num pos\">+3.6%<\/td><\/tr>\n<tr><td>Groww Multicap<\/td><td class=\"num pos\">+4.1%<\/td><td class=\"num\">9<\/td><td class=\"num neg\">&#8722;3.4%<\/td><td class=\"num pos\">+18.6%<\/td><\/tr>\n<tr><td>360 ONE Flexicap<\/td><td class=\"num pos\">+3.6%<\/td><td class=\"num\">20<\/td><td class=\"num neg\">&#8722;2.2%<\/td><td class=\"num pos\">+10.1%<\/td><\/tr>\n<\/tbody><\/table><\/div>\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 class=\"hi\"><td>Taurus Large Cap<\/td><td class=\"num pos\">+7.7%<\/td><td class=\"num\">1<\/td><td class=\"num neg\">&#8722;1.9%<\/td><td class=\"num pos\">+7.5%<\/td><\/tr>\n<tr><td>ITI Large Cap<\/td><td class=\"num neg\">&#8722;0.7%<\/td><td class=\"num\">17<\/td><td class=\"num neg\">&#8722;2.4%<\/td><td class=\"num neg\">&#8722;0.1%<\/td><\/tr>\n<tr><td>Quant Large Cap<\/td><td class=\"num neg\">&#8722;1.5%<\/td><td class=\"num\">34<\/td><td class=\"num neg\">&#8722;2.9%<\/td><td class=\"num pos\">+4.9%<\/td><\/tr>\n<tr><td>Bank of India Large Cap<\/td><td class=\"num neg\">&#8722;1.8%<\/td><td class=\"num\">24<\/td><td class=\"num neg\">&#8722;3.8%<\/td><td class=\"num pos\">+3.8%<\/td><\/tr>\n<tr><td>Bajaj Finserv Large Cap<\/td><td class=\"num neg\">&#8722;1.9%<\/td><td class=\"num\">10<\/td><td class=\"num neg\">&#8722;5.9%<\/td><td class=\"num\">0.0%<\/td><\/tr>\n<\/tbody><\/table><\/div>\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 class=\"hi\"><td>Taurus Mid Cap<\/td><td class=\"num pos\">+8.2%<\/td><td class=\"num\">3<\/td><td class=\"num neg\">&#8722;2.4%<\/td><td class=\"num pos\">+6.3%<\/td><\/tr>\n<tr><td>Motilal Oswal Midcap<\/td><td class=\"num pos\">+5.4%<\/td><td class=\"num\">1<\/td><td class=\"num neg\">&#8722;7.4%<\/td><td class=\"num pos\">+1.0%<\/td><\/tr>\n<tr><td>TRUSTMF Mid Cap<\/td><td class=\"num pos\">+0.8%<\/td><td class=\"num\">2<\/td><td class=\"num neg\">&#8722;6.2%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n<tr><td>Bandhan Mid Cap<\/td><td class=\"num pos\">+0.6%<\/td><td class=\"num\">5<\/td><td class=\"num neg\">&#8722;5.4%<\/td><td class=\"num pos\">+9.6%<\/td><\/tr>\n<tr><td>Bank of India Mid Cap<\/td><td class=\"num pos\">+0.1%<\/td><td class=\"num\">23<\/td><td class=\"num neg\">&#8722;4.3%<\/td><td class=\"num pos\">+5.1%<\/td><\/tr>\n<\/tbody><\/table><\/div>\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><td>Samco Small Cap<\/td><td class=\"num pos\">+18.2%<\/td><td class=\"num\">11<\/td><td class=\"num pos\">+6.2%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n<tr><td>Groww Small Cap<\/td><td class=\"num pos\">+10.2%<\/td><td class=\"num\">1<\/td><td class=\"num neg\">&#8722;0.5%<\/td><td class=\"num\">n\/a<\/td><\/tr>\n<tr class=\"hi\"><td>Bank of India Small Cap<\/td><td class=\"num pos\">+8.5%<\/td><td class=\"num\">4<\/td><td class=\"num pos\">+0.4%<\/td><td class=\"num pos\">+30.9%<\/td><\/tr>\n<tr><td>TRUSTMF Small Cap<\/td><td class=\"num pos\">+5.4%<\/td><td class=\"num\">7<\/td><td class=\"num neg\">&#8722;2.0%<\/td><td class=\"num pos\">+32.5%<\/td><\/tr>\n<tr><td>DSP Small Cap<\/td><td class=\"num pos\">+5.3%<\/td><td class=\"num\">8<\/td><td class=\"num neg\">&#8722;2.2%<\/td><td class=\"num pos\">+20.3%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Rank last issue is the fund&#8217;s position in last month&#8217;s table. Samco Small Cap launched in December 2025, manages &#8377;270 crore and holds 17.7% in cash. Groww Small Cap and TRUSTMF Mid Cap launched in 2026. None of the three has a one year record.<\/p>\n  <p>Taurus leads the large-cap and mid-cap tables and is second among multicaps. Motilal Oswal Multi Cap has led its table for three issues running.<\/p>\n  <div class=\"callout\"><div class=\"h\">The month in one line<\/div>\n  <p>Best: Samco Small Cap, +6.2%. Worst: Franklin India Focused Equity, &#8722;8.1%. 271 of 274 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 have been leaving IT since July.<\/h2>\n  <p class=\"lede\">In July funds bought a net &#8377;897 crore of IT stocks. In August they sold &#8377;3,389 crore. In September they sold &#8377;2,515 crore more. Infosys was the biggest trim for the third month running.<\/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>HDFC Bank<\/td><td class=\"num pos\">+&#8377;2,282 Cr<\/td><\/tr>\n<tr><td>DLF<\/td><td class=\"num pos\">+&#8377;2,132 Cr<\/td><\/tr>\n<tr><td>Kotak Mahindra Bank<\/td><td class=\"num pos\">+&#8377;1,945 Cr<\/td><\/tr>\n<tr><td>Gland Pharma<\/td><td class=\"num pos\">+&#8377;1,576 Cr<\/td><\/tr>\n<tr><td>Bajaj Finance<\/td><td class=\"num pos\">+&#8377;1,523 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 class=\"hi\"><td>Infosys<\/td><td class=\"num neg\">&#8722;&#8377;1,325 Cr<\/td><\/tr>\n<tr><td>State Bank of India<\/td><td class=\"num neg\">&#8722;&#8377;1,287 Cr<\/td><\/tr>\n<tr><td>Axis Bank<\/td><td class=\"num neg\">&#8722;&#8377;747 Cr<\/td><\/tr>\n<tr><td>Eternal<\/td><td class=\"num neg\">&#8722;&#8377;744 Cr<\/td><\/tr>\n<tr><td>Maruti Suzuki<\/td><td class=\"num neg\">&#8722;&#8377;723 Cr<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Change in shares held across diversified funds, valued at the end-September price.<\/p>\n  <p>Bank trades went both ways: HDFC Bank and Kotak bought, SBI and Axis sold. LIC, August&#8217;s big purchase, was trimmed by 6%. Cash rose as the market fell. The median fund now holds 3.3%, up from 2.7%.<\/p>\n  <p><strong>The year so far.<\/strong> September closes the third quarter. Here is how the book has shifted since January.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Sector<\/th><th>Jan<\/th><th>Sep<\/th><th class=\"sk\" aria-sort=\"descending\">Shift<span class=\"cx\">&#9660;<\/span><\/th><\/tr><\/thead><tbody>\n<tr class=\"hi\"><td>Pharmaceuticals &amp; Biotechnology<\/td><td class=\"num\">5.97%<\/td><td class=\"num\">7.11%<\/td><td class=\"num pos\">+1.14<\/td><\/tr>\n<tr><td>Retailing<\/td><td class=\"num\">4.17%<\/td><td class=\"num\">5.28%<\/td><td class=\"num pos\">+1.11<\/td><\/tr>\n<tr><td>Electrical Equipment<\/td><td class=\"num\">2.21%<\/td><td class=\"num\">3.07%<\/td><td class=\"num pos\">+0.87<\/td><\/tr>\n<tr><td>Auto Components<\/td><td class=\"num\">4.23%<\/td><td class=\"num\">5.00%<\/td><td class=\"num pos\">+0.77<\/td><\/tr>\n<tr><td>Petroleum Products<\/td><td class=\"num\">2.93%<\/td><td class=\"num\">2.06%<\/td><td class=\"num neg\">&#8722;0.87<\/td><\/tr>\n<tr><td>Banks<\/td><td class=\"num\">19.24%<\/td><td class=\"num\">17.30%<\/td><td class=\"num neg\">&#8722;1.93<\/td><\/tr>\n<tr class=\"hi\"><td>IT &#8211; Software<\/td><td class=\"num\">6.83%<\/td><td class=\"num\">4.51%<\/td><td class=\"num neg\">&#8722;2.32<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Share of all equity held by diversified funds.<\/p>\n  <p>IT has lost a third of its weight this year. Banks are down two points. Pharma and retailing took most of what they gave up.<\/p>\n<\/section>\n\n<section id=\"s6\">\n  <div class=\"eyebrow\"><span class=\"n\">06<\/span> Fresh Positions<\/div>\n  <h2>NSE took 43% of the money that went into new names.<\/h2>\n  <p class=\"lede\">Funds opened positions in 28 companies in September, worth &#8377;4,697 crore. NSE alone took &#8377;2,006 crore across 61 funds. The next largest new position is a fifth of that size.<\/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\">Since 30\/09<\/th><\/tr><\/thead><tbody>\n<tr class=\"hi\"><td>National Stock Exchange of India<span class=\"subnote\">Trades on BSE only<\/span><\/td><td class=\"num\">&#8377;2,006 Cr<\/td><td class=\"num\">61<\/td><td class=\"num neg\">&#8722;5.4%<\/td><\/tr>\n<tr><td>Rentomojo<\/td><td class=\"num\">&#8377;400 Cr<\/td><td class=\"num\">16<\/td><td class=\"num pos\">+4.4%<\/td><\/tr>\n<tr><td>Kanohar Electricals<\/td><td class=\"num\">&#8377;375 Cr<\/td><td class=\"num\">11<\/td><td class=\"num pos\">+3.6%<\/td><\/tr>\n<tr><td>Hero Motors<\/td><td class=\"num\">&#8377;365 Cr<\/td><td class=\"num\">11<\/td><td class=\"num neg\">&#8722;27.4%<\/td><\/tr>\n<tr><td>Axiscades Technologies<\/td><td class=\"num\">&#8377;280 Cr<\/td><td class=\"num\">3<\/td><td class=\"num neg\">&#8722;14.1%<\/td><\/tr>\n<tr><td>Elevate Campuses<\/td><td class=\"num\">&#8377;266 Cr<\/td><td class=\"num\">8<\/td><td class=\"num neg\">&#8722;12.0%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Six largest of 28 new names. Price change from 30\/09\/2026 to 23\/10\/2026.<\/p>\n  <p>Most of the new names have fallen since month-end. Hero Motors has lost a quarter. Exits were small: 10 names and &#8377;291 crore in all.<\/p>\n<\/section>\n\n<section id=\"s7\">\n  <div class=\"eyebrow\"><span class=\"n\">07<\/span> Thematic Watch<\/div>\n  <h2>Small caps beat every theme.<\/h2>\n  <p class=\"lede\">A theme fund is a bet on one sector. Over the six months since the March low, no sector bet beat plain small-cap funds. Small-cap funds returned a median 29.3%. The best theme returned 22.9%.<\/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>Auto &amp; Transport<\/td><td class=\"num neg\">&#8722;5.7%<\/td><td class=\"num pos\">+6.2%<\/td><td class=\"num pos\">+22.9%<\/td><td class=\"num pos\">+7.1%<\/td><\/tr>\n<tr><td>Pharma &amp; Healthcare<\/td><td class=\"num neg\">&#8722;3.6%<\/td><td class=\"num pos\">+3.3%<\/td><td class=\"num pos\">+21.7%<\/td><td class=\"num pos\">+19.0%<\/td><\/tr>\n<tr><td>Manufacturing<\/td><td class=\"num neg\">&#8722;3.8%<\/td><td class=\"num pos\">+0.5%<\/td><td class=\"num pos\">+21.4%<\/td><td class=\"num pos\">+11.3%<\/td><\/tr>\n<tr><td>Infrastructure<\/td><td class=\"num neg\">&#8722;2.6%<\/td><td class=\"num neg\">&#8722;3.9%<\/td><td class=\"num pos\">+15.5%<\/td><td class=\"num pos\">+6.0%<\/td><\/tr>\n<tr><td>Consumption &amp; FMCG<\/td><td class=\"num neg\">&#8722;5.7%<\/td><td class=\"num neg\">&#8722;1.7%<\/td><td class=\"num pos\">+11.4%<\/td><td class=\"num neg\">&#8722;6.3%<\/td><\/tr>\n<tr><td>Banks &amp; Financials<\/td><td class=\"num neg\">&#8722;6.7%<\/td><td class=\"num neg\">&#8722;4.6%<\/td><td class=\"num pos\">+10.2%<\/td><td class=\"num pos\">+2.1%<\/td><\/tr>\n<tr><td>Energy &amp; Power<\/td><td class=\"num neg\">&#8722;3.4%<\/td><td class=\"num neg\">&#8722;3.8%<\/td><td class=\"num pos\">+8.0%<\/td><td class=\"num pos\">+4.5%<\/td><\/tr>\n<tr class=\"hi\"><td>Technology<\/td><td class=\"num neg\">&#8722;7.5%<\/td><td class=\"num pos\">+4.8%<\/td><td class=\"num pos\">+7.9%<\/td><td class=\"num neg\">&#8722;8.2%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Median fund return per theme, ranked on 6M.<\/p>\n  <p>Auto and transport took the lead from pharma. Technology sits last over one month, six months and twelve months.<\/p>\n  <div class=\"callout warn\"><div class=\"h\">Concentration is the hidden risk in thematics<\/div>\n  <p>Franklin India Technology holds 22.5% of the fund in Bharti Airtel. ICICI Prudential FMCG holds over a third in two stocks, ITC and Hindustan Unilever.<\/p><\/div>\n<\/section>\n\n<section id=\"s8\">\n  <div class=\"eyebrow\"><span class=\"n\">08<\/span> International Corner<\/div>\n  <h2>US funds were the only thing that rose.<\/h2>\n  <p class=\"lede\">US and AI funds made a median 3.4% in September. Every other region, and every Indian category, lost money.<\/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><td>China \/ Hong Kong<\/td><td class=\"num neg\">&#8722;2.0%<\/td><td class=\"num pos\">+2.4%<\/td><td class=\"num pos\">+13.4%<\/td><td class=\"num pos\">+20.0%<\/td><\/tr>\n<tr class=\"hi\"><td>US \/ Nasdaq \/ AI<\/td><td class=\"num pos\">+3.4%<\/td><td class=\"num pos\">+2.0%<\/td><td class=\"num pos\">+33.3%<\/td><td class=\"num pos\">+33.7%<\/td><\/tr>\n<tr><td>Global \/ Diversified<\/td><td class=\"num neg\">&#8722;2.4%<\/td><td class=\"num pos\">+1.7%<\/td><td class=\"num pos\">+15.3%<\/td><td class=\"num pos\">+21.7%<\/td><\/tr>\n<tr><td>Emerging \/ Asia<\/td><td class=\"num\">0.0%<\/td><td class=\"num neg\">&#8722;1.8%<\/td><td class=\"num pos\">+20.3%<\/td><td class=\"num pos\">+29.9%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Median fund return per region, overseas fund-of-funds. Gold, commodity, bond and real estate funds excluded.<\/p>\n  <p>The gap in technology was the widest. Indian technology funds lost 7.5%. US technology funds gained 3.4%.<\/p>\n<\/section>\n\n<section id=\"s9\">\n  <div class=\"eyebrow\"><span class=\"n\">09<\/span> Fund Under the Lens<\/div>\n  <h2>Bank of India Small Cap: it held while the market fell.<\/h2>\n  <p class=\"lede\">The Nifty 500 lost 5.9% in September. This fund gained 0.4%. It manages &#8377;3,671 crore across 85 stocks.<\/p>\n  <p>Its longer record is weak. In the 2024 to 2025 fall it lost 24.5% against the index&#8217;s 18.0%. In the rally from September 2025 to January 2026 it gained 1.2% while the index gained 7.3%. This year is different.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>2026 so far<span class=\"hint\">oldest first<\/span><\/th><th>Nifty 500<\/th><th>Fund<\/th><th>Edge<\/th><\/tr><\/thead><tbody>\n<tr><td>Fall (02\/01 &#8594; 30\/03)<\/td><td class=\"num neg\">&#8722;14.8%<\/td><td class=\"num neg\">&#8722;10.4%<\/td><td class=\"num pos\">+4.4<\/td><\/tr>\n<tr class=\"hi\"><td>Rally (30\/03 &#8594; 30\/06)<\/td><td class=\"num pos\">+12.0%<\/td><td class=\"num pos\">+34.7%<\/td><td class=\"num pos\">+22.7<\/td><\/tr>\n<tr><td>July 2026<\/td><td class=\"num pos\">+2.0%<\/td><td class=\"num pos\">+1.9%<\/td><td class=\"num neg\">&#8722;0.1<\/td><\/tr>\n<tr><td>August 2026<\/td><td class=\"num\">&#8722;0.0%<\/td><td class=\"num pos\">+6.0%<\/td><td class=\"num pos\">+6.1<\/td><\/tr>\n<tr class=\"hi\"><td>September 2026<\/td><td class=\"num neg\">&#8722;5.9%<\/td><td class=\"num pos\">+0.4%<\/td><td class=\"num pos\">+6.3<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p class=\"tnote\">Month-end to month-end. 02\/01\/2026 is the Nifty 500&#8217;s peak. Edge is the fund&#8217;s return minus the index&#8217;s, in points.<\/p>\n  <p>It fell less than the market from January to March, then gained nearly three times as much in the rally. Since the January peak it is up 30.9%. The Nifty 500 is down 8.4%.<\/p>\n  <p>Cash moved with the market. The fund raised cash into the fall, spent it near the March low, and has been raising it again since June.<\/p>\n  <div class=\"scroll\"><table><thead><tr><th>Cash, share of fund<\/th><th>Dec 25<\/th><th>Feb 26<\/th><th>Mar 26<\/th><th>Sep 26<\/th><\/tr><\/thead><tbody>\n<tr class=\"hi\"><td>Bank of India Small Cap<\/td><td class=\"num\">1.5%<\/td><td class=\"num\">10.8%<\/td><td class=\"num\">2.8%<\/td><td class=\"num\">8.7%<\/td><\/tr>\n<tr><td>Median small-cap fund<\/td><td class=\"num\">3.4%<\/td><td class=\"num\">4.9%<\/td><td class=\"num\">4.8%<\/td><td class=\"num\">5.3%<\/td><\/tr>\n<\/tbody><\/table><\/div>\n  <p>At 8.7%, it now holds more cash than nearly three in four small-cap funds.<\/p>\n  <p>HSBC Small Cap, featured last month, fell 3.3% in September. The median small-cap fund fell 2.5%.<\/p>\n<\/section>\n\n<section id=\"s10\">\n  <div class=\"eyebrow\"><span class=\"n\">10<\/span> Where This Leaves Us<\/div>\n  <h2>Three things to carry into October.<\/h2>\n  <p class=\"lede\">September was the first real fall since March. It answered one question and left three open.<\/p>\n  <p><strong>The size order held in both directions.<\/strong> Small caps led the rally from March and fell least in September. Large caps did the opposite. The order broke only once, in July, and for one month. The next issue will show whether a second month of falls breaks it again.<\/p>\n  <p><strong>Funds are still leaving IT.<\/strong> Three months of net selling and a third of the sector&#8217;s weight gone this year. Infosys has been trimmed in each of the three months. There is no sign yet of the selling slowing.<\/p>\n  <p><strong>Cash is rising.<\/strong> The median fund went from 2.7% to 3.3% in a month, and the fund under the lens holds 8.7%. Rising cash in a falling market is a choice, not an accident. Whether it gets spent, and when, is the thing to watch.<\/p>\n  <p>Since month-end the Nifty 500 has fallen another 2.9%, to 21,427.6 on 23\/10\/2026. October&#8217;s data will show whether the small-cap cushion survived a second month.<\/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. The universe is 274 direct growth equity funds across nine diversified categories. Tables rank on three month returns unless marked; the &#9660; marker shows the ranked column.<\/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>September 2026 \u00b7 Data as on 30\/09\/2026 Nifty 500 Fell 6%.Large-Cap Funds Lost Half&nbsp;Their&nbsp;Gains. The Nifty 500 fell 5.9% in September and 271 of 274 diversified funds lost money. Large-cap funds gave back half of what they had gained since March. Small-cap funds kept 88% of their gains. Nifty 500 \u00b7 peak, trough, recovery, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-287","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 v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mutual Fund Monthly Digest - September 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-september-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 - September 2026 - mfportfolio.com\" \/>\n<meta property=\"og:description\" content=\"September 2026 \u00b7 Data as on 30\/09\/2026 Nifty 500 Fell 6%.Large-Cap Funds Lost Half&nbsp;Their&nbsp;Gains. 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