Despite a volatile market in March, some Category 3 long-only Alternative Investment Funds (AIFs) surpassed the key benchmarks and delivered robust outperformance. Read to know more about the top performers.
The last month of the financial year saw the indices gyrate a bit. Despite the volatility, key market indices did manage to record moderate gains in March. The Nifty TRI gained 1.57% during the month, while the broader market BSE 500 TRI rose 0.86%.
A bunch of category 3 long-only Alternative Investment Funds (AIFs) went past the key benchmarks and delivered robust outperformance. Among the top 10 funds in the category, many strategies managed to give double the returns of the Nifty or higher in March and 1 to 2.5 percentage points more than the BSE 500 TRI during the month.
Category 3 long-only funds invest in firms that are listed in the exchanges and are available with ample liquidity. They do not have any rigid mandates and are thus unrestrained in their picks based on the fund manager’s perception of the markets.
During the month, 11 category III long-only funds managed to outperform the Nifty 50 TRI, while 15 strategies delivered better returns than the BSE 500 TRI.
The long-short category’s performance was a bit mixed. We had 5 such funds delivering more than the Nifty 50 TRI. Against the BSE 500 TRI, 12 funds outperformed in March.
Closed-ended funds did very well in the long-only category with seven of the top 10 being such schemes. However, open-ended strategies dominated the toppers’ chart in the long-short category during the month with nine in the top 10.
Top 10 long-only performers
In March, the top long-only funds scored above the standard benchmarks – Nifty 50 TRI and BSE 500 TRI.
As mentioned earlier, seven of the top 10 long-only funds were closed-ended, while the remaining three were open-ended.
Here is the list of the top 10 funds in the category 3 long-only funds segment.
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