Large-cap exposure varies sharply
Motilal Oswal Midcap Fund has the highest large-cap allocation among the 18 funds at 25.3%, according to the snapshot. It is followed by Nippon India Mid Cap Fund at 21.3%, ICICI Prudential Mid Cap Fund at 21% and Axis Midcap Fund at 20.3%.
At the other end, Helios Mid Cap Fund has just 4% allocated to large-cap stocks. JM Mid Cap Fund has 4.6%, while HSBC Mid Cap Fund has 5.1%.
The overall category median for large-cap exposure stands at 15.2%, highlighting how significantly individual portfolios can deviate from the middle of the category.
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Quant leads mid-cap allocation
The variation is also visible in exposure to the stocks that form the core of the midcap category.
Quant Mid Cap Fund has the highest mid-cap allocation at 74.6%, followed by Canara Robeco Mid Cap Fund at 73.9%, Axis at 73.7% and Mirae Asset Midcap Fund at 71.2%.
The category median stands at 70.3%.
Motilal Oswal, meanwhile, has 70.7% in midcaps despite having the highest large-cap allocation in the group. Its small-cap exposure is only 3.9%.
Helios has highest small-cap exposure
The sharpest contrast emerges in small-cap allocation. Helios leads with 30.1%, followed by HSBC at 26.1%, JM at 25.1% and WhiteOak at 23.8%.
This compares with the category median of 15.8%. Motilal Oswal sits at the other end with just 3.9% in small caps.
The figures show that investors choosing a midcap fund may still get substantially different levels of exposure to smaller companies depending on the scheme.
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| Fund | Large Cap | Mid Cap | Small Cap | Equity | Debt | Cash |
|---|---|---|---|---|---|---|
| Motilal Oswal | 25.3% | 70.7% | 3.9% | — | — | — |
| Nippon | 21.3% | — | — | 98.8% | — | — |
| ICICI Prudential | 21.0% | — | — | — | — | — |
| Axis | 20.3% | 73.7% | — | — | — | 1.0% |
| Quant | — | 74.6% | — | — | — | — |
| Canara Robeco | — | 73.9% | — | — | — | — |
| Mirae Asset | — | 71.2% | — | — | — | — |
| Helios | 4.0% | — | 30.1% | 99.5% | — | — |
| HSBC | — | — | 26.1% | 99.2% | — | — |
| JM | — | — | 25.1% | 99.0% | — | — |
| WhiteOak | — | — | 23.8% | — | — | — |
| Franklin | — | — | — | — | — | 4.0% |
| Category median | 15.2% | 70.3% | 15.8% | 97.5% | 2.8% | 0.0% |
Equity exposure is high across the category
Most of the funds have portfolios overwhelmingly invested in equities. Helios has the highest equity allocation at 99.5%, followed by HSBC at 99.2%, JM at 99% and Nippon at 98.8%.
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The category median equity allocation is 97.5%, with debt at 2.8% and cash at 0%.
Cash allocation also varies. Franklin Mid Cap Fund has the highest cash allocation at 4%, while Axis has 1% and Kotak has 0.9%.
Overall, the August snapshot suggests that the midcap label does not translate into identical portfolio construction. The differences in large-, mid- and small-cap exposure can materially change the underlying risk and market-cap profile of individual schemes.
Disclaimer: Business Today provides market and personal news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risks. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
