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Bandhan Large Cap fund invests over 80% in large cap stocksand actively utilizes the balance 15-20% to pick promising alpha potentialstocks in the mid and small caps spaces – an ability that Sumit emphasizesindex funds do not possess.
His large cap fund’s top quartile performance and modest alphain the most challenging segment (large caps) is attributable to his stockselections in smaller companies as well as sector calls within the large capsspace.
Attribution analysis suggests that 80% of alpha was drivenby stock selection and 20% by allocation (sectoral) calls.
Zero exposure to globally exposed sectors including metalsand energy coupled with overweight stance in BFSI and a contrarian buy into ITlarge caps after a steep correction – have all contributed to alpha. Thisability to take very active sector level calls is also what differentiates anactively managed large cap fund from an index fund, says Sumit.
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The large cap category is very essential for our conservatively aggressive portfolios. Look forward to this fund performing well.
