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Mutual fund schemes trim allocations to small and mid-cap stocks
In yet another indication of exorbitant valuations of small- and mid-cap stocks, mutual fund schemes dedicated to such stocks have reduced allocation, with one even temporarily suspending fresh investments. This is despite the sharp gains registered by the underlying indices in recent months. Estimated net inflows into small- and mid-cap schemes in July declined to a six-month low of Rs. 224.6 crore, showed an analysis by Morningstar Investment Adviser India Pvt. Ltd, an arm of the US-headquartered mutual fund tracking and research firm. The balance of the total Rs. 2,506 crore of equity inflows last month went towards large- and flexi-cap schemes, said industry experts and fund managers. This means for every Rs. 1 invested into small- and mid-cap schemes in July, about Rs. 9.84 was allocated towards large- and flexi-cap schemes. On an average, year-to-date, for every Rs. 1 invested into small-sized companies, Rs...
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