The best equity fund managers

Sep 03, 2019

Every year, ET Wealth teams up with Morningstar India to bring you its comprehensive annual study of the best equity fund managers based on their 5-year performance.

The ranking is not based on the returns alone. The aggregate returns were adjusted for risk to evaluate how much risk was taken by the managers to generate the returns.

2015: Best fund managers

2016: Best fund managers

2017: Best fund managers

2018: Best fund managers

Large Cap

  • Neelesh Surana, Mirae Asset Global Investments
  • Sohini Andani, SBI Mutual Fund
  • Shreyash Devalkar, Axis Mutual Fund
  • Sailesh Raj Bhan, Reliance Mutual Fund
  • Harish krishnan, Kotak Mahindra Mutual Fund

Multi Cap

  • Neelesh Surana, Mirae Asset Global Investments
  • Jinesh Gopani, Axis Mutual Fund
  • Harsha Upadhyaya Kotak Mahindra Mutual Fund
  • Rajeev Thakkar, Parag Parikh Mutual Fund
  • Dhimant Shah, Principal Mutual Fund

Mid and Small Cap

  • Shreyash Devalkar, Axis Mutual Fund
  • Srinivasan, SBI Mutual Fund
  • Pankaj Tibrewal, Kotak Mahindra Mutual fund
  • Jankiraman, Franklin Templeton Mutual Fund
  • S.N. Lahiri, L&T Mutual Fund

How the universe was narrowed down:

  • The study was restricted to open-ended, actively managed, diversified equity funds segregated into three distinct categories— large cap, multi cap (includes ELSS and ‘large & mid’ cap) and mid & small cap. Funds eliminated were passive, index, ETFs, thematic, sector, balanced, non-equity.
  • Schemes with a corpus of at least Rs 200 crore were considered.
  • Only funds that had a performance track record between July 1, 2014 and June 30, 2019.
  • Only funds managed continuously for the 5-year period under study were considered, with the exception of fund managers who have up to four month gap between two stints. Track record only for completed months was considered for this analysis. For a fund to qualify, the fund manager needed a minimum two-year track record with that fund as a lead manager.
  • The study was restricted to fund managers cumulatively managing an AUM of at least Rs 500 crore, across all qualifying funds. Only the primary fund manager is considered as a manager for the fund in this analysis.

How the returns were calculated

  • After shortlisting the fund managers, the aggregate returns generated by each fund manager were calculated over the 5-year period for all the funds managed by him which satisfied the qualifying criteria.
  • The returns were then adjusted for risk. This is to account for the degree of risk taken by the fund manager to generate the return. To get the risk-adjusted score, the asset-weighted monthly returns of all the funds satisfying the above-mentioned criteria were calculated. Weighing scheme performance by its corpus size helps give due importance to the size of each fund.
  • The annualised geometric mean for the 5-year period was calculated to arrive at the annualised 5-year returns. Further, the annualised standard deviation of the monthly asset-weighted returns was calculated.
  • The final risk-adjusted return was calculated by deducting the risk-free return—return of FBIL MIBOR Overnight—from the annualised geometric returns generated by each fund manager, and dividing these by the respective standard deviation.
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S Kumar
Sep 14 2019 10:22 PM
No Fund Manager from HDFC MF could make it to the list for last few years. This is reflected in the performance of their flagship schemes, but what surprising is that investors continue to keep faith in this fund house.
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