Amid turbulent times, even start PMS fund managers are losing money in stocks

With multiple global macro headwinds creating a perfect storm for the domestic equity market, almost 85 per cent of PMS funds, used by HNIs to park their surplus funds, failed to beat Nifty in May. Only one recently-launched PMS scheme managed to eke out a return out of over 280 schemes on offer.

Green Portfolio’s Super 30 fund was the top loser as it eroded 14.8 per cent of wealth. Other losers included

‘s Focused Midcap fund (-11.88 per cent) and India Opportunities Portfolio (IOP) V2 (-11.22 per cent), Right Horizon’s Alphabots India Prime (-11.17 per cent), Sunil Singhania’s Abakkus Emerging Opportunities (-10.7 per cent) and Ask Investment Managers’ Indian Entrepreneurship Portfolio (-9 per cent), shows data from PMSBazaar.

Agreya Capital Advisors’ Portfolio Return Optimiser Strategy managed a meagre return of 1.79 per cent in the month of May. The fund, launched just 2 months ago, focuses on capturing short-term trends in the equity market indices.

While the headline index Nifty50 lost 3.03 per cent in May, the selloff was sharper in the broader market. Nifty Midcap 100 lost 5.33 per cent and Nifty Smallcap 100 slipped 10.2 per cent during the period.

Among the big names, Singhania’s Emerging Opportunities fund, which focuses on small and midcaps, was the worst performer – down 10.7 per cent. Ask Investment Managers’ schemes lost up to 9 per cent while Saurabh Mukherjea‘s midcap-focused Rising Giants lost 7.44 per cent. His widely-tracked Consistent Compounders portfolio also eroded 6.62 per cent of its value.

Devina Mehra-run First Global’s Indian Multi-Asset Fund lost 4.6 per cent while Samir Arora-run Helios Capital’s India Rising multicap fund lost nearly 4 per cent.

Arora said one can be bullish if the US market settles down and stops reacting to bad news related to particular stocks, inflation, comments from the Federal Reserve, etc. “I do not think we can be bullish on India until at least that market stabilises,” he told ET Now.

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