Tata Massive & Mid Cap Fund Efficiency Assessment






This version of the fund efficiency document seems to be at Tata Massive & Mid Cap Fund. Even though introduced in March 1993 as Tata Fairness Alternatives Fund, the fund lately solely has an AUM of Rs. 3641 Crores.

After the SEBI MF categorization laws kicked in, Tata AMC merged Tata Fairness Alternatives Fund with Tata Dividend Yield Fund and renamed it Tata Massive and Mid cap Fund (from Would possibly 2018). Additional, from Jan 2020, the fund’s benchmark used to be modified from S&P BSE 200 TRI to Nifty LargeMidcap 250 TRI.

Disclaimer: Fund efficiency experiences provide go back and possibility research of a fund with consultant benchmarks and no longer funding suggestions. It will have to be expressly understood that the knowledge underneath replicate solely previous efficiency and is by no means a sign of long run efficiency. Our funding suggestions are Handpicked Checklist of Mutual Finances (PlumbLine).

As one can see from the marketplace cap allocation historical past, the fund does no longer shy clear of maintaining 30-40% of mid cap shares once in a while.

Market cap allocation history of Tata Large & Mid Cap Fund
Marketplace cap allocation historical past of Tata Massive & Mid Cap Fund

We learn the way persistently the Tata Massive and Midcap Fund has carried out wrt Nitfy 200 index and Nify Largemidcap 250 TRI. We can use 3 metrics to research efficiency consistency as opposed to benchmarks. Research equivalent to this can also be discovered for 350+ fairness finances in our per 30 days fairness mutual fund screener.

1 Rolling go back outperformance consistency: the fund returns are when put next with class benchmark returns over each conceivable  3Y,4Y, and 5Y length from 1st Jan 2013. Upper the outperformance consistency, the easier. Think 876 fund returns have been when put next with 876 benchmark returns, and the fund has crushed the benchmark 675 instances. The consistency ranking can be 675/876 ~ 77%.

Metric N200TRI Nifty Largemidcap 250 TRI
No of rolling go back entries Index (3 Years) 1730 1742
No of rolling go back entries Fund (3 years) 1730 1742
No of instances the fund has outperformed the index (3 years) 1279 814
rolling go back outperformance Consistency Rating (3 years) 74% 47%
No of rolling go back entries Index (4 Years) 1498 1498
No of rolling go back entries Fund (4 years) 1498 1498
No of instances the fund has outperformed the index (4 years) 1221 603
rolling go back outperformance Consistency Rating (4 years) 82% 40%
No of rolling go back entries Index (5 Years) 1252 1252
No of rolling go back entries Fund (5 years) 1252 1252
No of instances the fund has outperformed the index (5 years) 975 464
rolling go back outperformance Consistency Rating (5 years) 78% 37%

Sadly, Tata Massive and Midcap Fund has persistently underperformed its personal selection of benchmark Nifty Largemidcap 250 TRI.

2 Upside efficiency consistency over each conceivable 1Y,2Y,3Y,4Y, 5Y: Upper the easier. A ranking of 70% way, 7 out of 10 instances, the Fund carried out higher than the class benchmark when the benchmark used to be transferring upThis can be a measure of praise. It’s computed from rolling upside seize information (see hyperlink underneath).

Metric N200TRI Nifty Largemidcap 250 TRI
upside efficiency consistency (3 years) 29% 2%
upside efficiency consistency (4 years) 24% 0%
upside efficiency consistency (5 years) 10% 0%

The loss of upside efficiency is standard in lots of finances.

3 Drawback efficiency consistency over each conceivable 1Y, 2Y, 3Y,4Y, and 5Y. Upper, the easier. A ranking of 60% way 6 out of 10 instances, the Fund carried out higher than the class benchmark when the benchmark used to be transferring downThis can be a measure of possibility coverage. It’s computed from rolling drawback seize information. Learn extra: An advent to Drawback and Upside Seize Ratios.

Metric N200TRI Nifty Largemidcap 250 TRI
drawback coverage consistency (3 years) 100% 91%
drawback coverage consistency (4 years) 100% 96%
drawback coverage consistency (5 years) 100% 100%

The disadvantage efficiency is there, however that implies little if the fund does no longer beat the benchmark it most popular over an ordinary capitalization-weighted index just like the BSE 200 or Nifty 200. The Nifty Largemidcap 20 has 50% of huge cap shares and 50% of mid cap shares. So when the mid cap shares surge, it will be tricky for massive and mid-cap finances to overcome it. On the identical time, such finances would fall less than the index.

Sadly, we can not deliver ourselves to suggest Tata Massive and Midcap Fund. The similar is correct for lots of different finances within the class as smartly: Can I exploit a big and mid cap fund as an alternative of an index fund?

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