Overweight positions in banks, industrials helped HDFC: CIO Prashant Jain

Given this background, an outperformance of nearly 9 percentage points over the Nifty 100 benchmark is no small feat

A number of factors have made life difficult for the country’s large-cap fund managers in the past few years. For instance, in 2017, market regulator Securities and Exchange Board of India (Sebi) mandated large-cap mutual funds to invest 80 per cent of their assets in top 100 stocks by full market capitalisation. This put an end to the opportunistic practice of style drift whereby funds bumped up holding in mid or small-cap stocks to shore up returns. The introduction of the total return index (TRI), which includes dividend as part of returns, also raised the bar for active fund managers.