Canara Robeco Small Cap Fund vs HDFC small cap fund

Canara Robeco Small Cap Fund vs. HDFC Small Cap Fund: Unbiased Mutual Fund Review 2023

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Small-cap funds are often considered high-risk, high-reward players in the mutual fund arena. Investors eyeing this segment might be torn between Canara Robeco Small Cap Fund and HDFC Small Cap Fund. In this comprehensive analysis, we’ll dive into their annualized returns, lumpsum investment values, SIP returns, and more to help you make an informed investment decision.

Return Analysis

1. Annualized Returns (NAV as of 30th October, 2023)

Period Invested forCanara Robeco Small Cap FundHDFC Small Cap FundCategory Avg
1 Year20.17%34.82%26.46%
2 Years15.48%19.07%15.31%
3 Years39.42%41.67%37.54%

Analysis: HDFC Small Cap Fund outshines Canara Robeco Small Cap Fund in the 1-year and 2-year annualized returns. However, Canara Robeco has taken the lead in the last three years. The Category Average provides a benchmark to gauge their performance against broader market trends.

2. Lumpsum Investment Value (NAV as of 30th October, 2023)

Period Invested forCanara Robeco Small Cap FundHDFC Small Cap Fund
1 Year₹12,017.3₹13,482.1
2 Years₹13,334.7₹14,178.1
3 Years₹27,100.3₹28,435.3

Analysis: Canara Robeco Small Cap Fund consistently lags in lumpsum investment values across all periods, indicating HDFC Small Cap Fund’s potential for higher capital appreciation.

SIP Returns: Riding the Wave of Systematic Investment

1. SIP Returns (NAV as of 30th October, 2023)

Period Invested forCanara Robeco Small Cap FundHDFC Small Cap Fund
1 Year28.88%38.12%
2 Years20.26%29.60%
3 Years25.56%29.70%

Analysis: HDFC Small Cap Fund consistently outperforms Canara Robeco Small Cap Fund in SIP returns. Investing through SIPs in the HDFC fund seems more lucrative, especially in the next two years.

2. SIP Investment Value (NAV as of 30th October, 2023)

Period Invested forInvestmentsCanara Robeco Small Cap FundHDFC Small Cap Fund₹1000 SIP Started on
1 Year₹12,000₹13,806.49₹14,358.0828-Oct-22
2 Years₹24,000₹29,253.15₹31,799.3729-Oct-21
3 Years₹36,000₹52,133.83₹55,131.7330-Oct-20

Analysis: Despite the higher SIP returns in HDFC Small Cap Fund, the investment values of both funds show substantial growth, making them attractive options for systematic investors.

Comparative Performance

1. Category Performance Comparison

Category1 Year2 Years3 Years
Canara Robeco Small Cap Fund20.17%15.48%39.42%
HDFC Small Cap Fund34.82%19.07%41.67%
Nifty 506.52%3.86%17.64%
Category Average26.46%15.31%37.54%

Analysis: HDFC Small Cap Fund consistently outperforms Canara Robeco in each period, showcasing its potential to beat both the benchmark (Nifty 50) and the category average.

2. Rolling Returns

Funds1 Year3 Years5 Years9 Years
Canara Robeco Small Cap Fund36.82%39.30%
HDFC Small Cap Fund24.54%19.70%16.80%19.96%

Analysis: Canara Robeco Small Cap Fund exhibits higher rolling returns in the 1-year and 3-year periods. HDFC Small Cap Fund, while trailing in the short term, shows consistent performance in the long run.

Best Quarters: A Glimpse of Triumph

1. Q2 – 2020: A Race to the Top

PeriodCanara Robeco Small Cap FundHDFC Small Cap FundNifty 50
Q2 – 202025.70%24.05%24.82%

Analysis: Q2 of 2020 witnessed a race to the top, and both Canara Robeco and HDFC Small Cap Funds performed exceptionally well, surpassing the Nifty 50. It was a quarter of triumph for small-cap investors.

Worst Quarters: Navigating the Troughs

1. Q1 – 2020: Facing the Storm

PeriodCanara Robeco Small Cap FundHDFC Small Cap FundNifty 50
Q1 – 2020-22.02%-32.84%-29.43%

2. Q2 – 2022: Weathering the Turbulence

PeriodCanara Robeco Small Cap FundHDFC Small Cap FundNifty 50
Q2 – 2022-10.89%-10.12%-10.70%

Analysis: Q1 of 2020 presented a storm, hitting both funds hard. HDFC Small Cap Fund experienced a more significant downturn. In Q2 of 2022, turbulence persisted, but both funds managed to weather it better than the Nifty 50.

Maximum Drawdown: Gauging the Depths

1. 3-Year Maximum Drawdown

Funds3-Year
Canara Robeco Small Cap Fund-10.51%
HDFC Small Cap Fund-14.75%

Analysis: In the three years, Canara Robeco Small Cap Fund demonstrated a lower drawdown than HDFC Small Cap Fund, indicating better resilience during market downturns.

Annualized Results: Unveiling the Growth Story

1. Annualized Results (NAV as of 30th October, 2023)

PeriodCanara Robeco Small Cap FundHDFC Small Cap FundNifty 50
202320.72%31.16%5.68%
20228.64%5.64%3.24%
202170.80%63.74%23.79%
202043.52%20.50%14.77%
2019-3.10%-9.05%11.53%

Analysis: Canara Robeco Small Cap Fund showcases competitive annualized results across the years, with notable outperformance in 2023. It consistently outperformed the HDFC Small Cap Fund in four out of five years.

Outperformance Analysis: A Measure of Consistency

OutperformanceCanara Robeco Small Cap FundHDFC Small Cap Fund
No. of Times Outperformance41

Analysis: Canara Robeco Small Cap Fund has outperformed HDFC Small Cap Fund four times, indicating a more consistent performance over the analyzed periods.

Quarterly Results (NAV as of 30th October, 2023)

Q4 – 2023: Navigating Challenges

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q4 – 2023-0.12%-0.97%

Analysis: Both funds experienced a minor dip in Q4 2023, with Canara Robeco Small Cap Fund showing slightly better resilience.

Q3 – 2023: Riding the Crest

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q3 – 20239.24%12.17%

Analysis: HDFC Small Cap Fund took the lead in Q3 2023, showcasing robust growth compared to Canara Robeco Small Cap Fund.

Q2 – 2023: Surging Forward

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q2 – 202315.46%17.98%

Analysis: Q2 2023 witnessed both funds surging ahead, with HDFC Small Cap Fund maintaining a slightly higher growth rate.

Q1 – 2023: Facing Headwinds

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q1 – 2023-4.17%0.08%

Analysis: Q1 2023 was challenging for both funds, but Canara Robeco Small Cap Fund faced slightly more headwinds.

Q4 – 2022: Steady Growth

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q4 – 20221.38%5.13%

Analysis: HDFC Small Cap Fund outperformed in Q4 2022, showcasing steady growth compared to Canara Robeco Small Cap Fund.

Q3 – 2022: A Leap Forward

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q3 – 202213.32%17.21%

Analysis: HDFC Small Cap Fund continued its strong performance in Q3 2022, outpacing Canara Robeco Small Cap Fund.

Q2 – 2022: Navigating Turbulence

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q2 – 2022-10.89%-10.12%

Analysis: Both funds faced a downturn in Q2 2022, with Canara Robeco Small Cap Fund experiencing a slightly higher dip.

Q1 – 2022: Bouncing Back

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q1 – 20225.72%-6.68%

Analysis: Canara Robeco Small Cap Fund showcased resilience in Q1 2022, returning from the previous quarter’s dip.

Q4 – 2021: Closing the Year on a High

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q4 – 20215.97%3.64%

Analysis: Both funds closed the year positively in Q4 2021, with Canara Robeco Small Cap Fund exhibiting slightly higher growth.

Q3 – 2021: Riding the Wave

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q3 – 202116.85%10.46%

Analysis: Canara Robeco Small Cap Fund outshone in Q3 2021, riding the market wave with a higher growth rate.

Q2 – 2021: Scaling New Heights

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q2 – 202120.92%23.15%

Analysis: HDFC Small Cap Fund led in Q2 2021, scaling new heights compared to Canara Robeco Small Cap Fund.

Q1 – 2021: Starting Strong

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q1 – 202113.75%13.99%

Analysis: Both funds started the year strong in Q1 2021, with a neck-to-neck performance.

Q4 – 2020: Ending on a Positive Note

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q4 – 202016.60%20.59%

Analysis: HDFC Small Cap Fund closed the year 2020 on a higher note, outperforming Canara Robeco Small Cap Fund.

Q3 – 2020: Surpassing Benchmarks

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q3 – 202026.43%19.01%

Analysis: Canara Robeco Small Cap Fund demonstrated robust growth in Q3 2020, surpassing benchmarks.

Q2 – 2020: Navigating the Crisis

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q2 – 202025.70%24.05%

Analysis: Both funds navigated the crisis effectively in Q2 2020, showcasing resilience and positive growth.

Q1 – 2020: Weathering the Storm

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q1 – 2020-22.02%-32.84%

Analysis: Q1 2020 presented a storm, with both funds facing significant downturns, HDFC Small Cap Fund experiencing a more substantial dip.

Q4 – 2019: Ending the Year Positively

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q4 – 20194.42%0.48%

Analysis: Both funds closed the year 2019 positively, with Canara Robeco Small Cap Fund exhibiting slightly higher growth.

Q3 – 2019: Navigating Challenges

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q3 – 2019-6.83%-7.63%

Analysis: Both funds faced challenges in Q3 2019, with Canara Robeco Small Cap Fund demonstrating slightly better resilience.

Q2 – 2019: A Mild Downturn

PeriodCanara Robeco Small Cap FundHDFC Small Cap Fund
Q2 – 2019-5.01%-5.10%

Analysis: Q2 2019 presented a mild downturn for both funds, with similar growth rates.

Outperformance Analysis: A Measure of Consistency

OutperformanceCanara Robeco Small Cap FundHDFC Small Cap Fund
No. of Times Outperformance109

Analysis: Canara Robeco Small Cap Fund has outperformed HDFC Small Cap Fund ten times, showcasing a higher level of consistency over the analyzed periods.

CAGR Returns: The Growth Gauge

1-Year CAGR Returns

CategoryCanara Robeco Small Cap FundHDFC Small Cap FundNifty 50
1 Y25.94%38.60%6.52%

Analysis: Over the past year, HDFC Small Cap Fund outshone its counterparts, showcasing an impressive 38.60% growth, surpassing Canara Robeco Small Cap Fund and the benchmark Nifty 50.

3-Year CAGR Returns

CategoryCanara Robeco Small Cap FundHDFC Small Cap FundNifty 50
3 Y39.42%36.66%17.64%

Analysis: Canara Robeco Small Cap Fund takes the lead in the 3-year category, exhibiting a robust 39.42% growth, outperforming HDFC Small Cap Fund and Nifty 50.

Risk Analysis: Navigating Market Waters

Understanding the risk associated with an investment is crucial. Let’s delve into the risk analysis of Canara Robeco Small Cap Fund and HDFC Small Cap Fund.

Risk Metrics Comparison

Risk MetricsCanara Robeco Small Cap FundHDFC Small Cap Fund
Mean Return (%)34.1536.27
Std Dev (%)15.7717.32
Sharpe (%)1.881.83
Sortino (%)3.543.24
Beta (%)0.80.9
Alpha (%)7.767.12

Analysis:

  • Mean Return: Both funds have commendable mean returns, with the Canara Robeco Small Cap Fund at 34.15% and the HDFC Small Cap Fund at 36.27%.
  • Std Dev (Risk): Canara Robeco Small Cap Fund has a slightly lower standard deviation, indicating lower risk than HDFC Small Cap Fund.
  • Sharpe Ratio: Canara Robeco Small Cap Fund’s higher Sharpe ratio (1.88) implies a better risk-adjusted performance.
  • Sortino Ratio: Canara Robeco Small Cap Fund exhibits a higher Sortino ratio (3.54), emphasizing a better risk-adjusted return concerning downside volatility.
  • Beta: Both funds have betas less than 1, indicating lower volatility than the market.
  • Alpha: Canara Robeco Small Cap Fund’s higher alpha (7.76) suggests it has provided better risk-adjusted returns compared to the benchmark.

Crisil, Value Research, Morning Star Ratings: The Star Struck Analysis

Crisil Rating Comparison

Crisil RatingCanara Robeco Small Cap FundHDFC Small Cap Fund
30th September 20232 Star4 Star
30th June 20233 Star4 Star
31st March 20234 Star4 Star
31st December 20224 Star3 Star
30th September 20225 Star3 Star

Analysis: Canara Robeco Small Cap Fund has consistently performed, maintaining a competitive edge over HDFC Small Cap Fund in Crisil ratings.

Value Research Rating Comparison

Value Research RatingCanara Robeco Small Cap FundHDFC Small Cap Fund
3 Star3 Star

Analysis: Both funds share an equivalent 3-star rating in Value Research, reflecting a balanced performance.

Morning Star Rating Comparison

Morning Star RatingCanara Robeco Small Cap FundHDFC Small Cap Fund
4 Star3 Star

Analysis: Canara Robeco Small Cap Fund has a higher Morning Star rating, signifying a more favourable outlook than HDFC Small Cap Fund.

Portfolio Overlapping Comparison

Total Portfolio Overlap Percentage

FundsCanara Robeco Small Cap FundHDFC Small Cap Fund
Overlap %18.6816.68

Analysis: Both funds share a moderate level of portfolio overlap, with Canara Robeco Small Cap Fund having a slightly higher overlap at 18.68%.

Portfolio Composition

Equity, Debt, and Other Breakdown

FundsCanara Robeco Small Cap FundHDFC Small Cap Fund
Equity (%)96.6293.87
Debt (%)0.00.0
Others (%)4.886.13

Analysis: Canara Robeco Small Cap Fund holds a slightly higher percentage of equity in its portfolio, while HDFC Small Cap Fund allocates a marginally higher percentage to other instruments.

Market Cap Allocation

Number of Stocks and Market Cap Breakdown

FundsCanara Robeco Small Cap FundHDFC Small Cap Fund
No of Stocks8777
Large Cap (%)8.993.94
Mid Cap (%)11.884.60
Small Cap (%)51.5170.21

Analysis: Canara Robeco Small Cap Fund has a more diversified portfolio with more stocks and a significant allocation to small-cap stocks, providing a broader market exposure.

Sector Allocation

Sector-wise Breakdown

SectorCanara Robeco Small Cap FundHDFC Small Cap Fund
Capital Goods14.7113.57
Financial16.9312.66
Services14.9720.85
Chemicals4.544.05
Healthcare9.3110.54
Consumer Staples6.414.02
Technology2.604.33
Automobile3.645.51
Construction4.702.05
Metals & Mining2.873.52
Materials10.725.45
Consumer Discretionary1.653.74
Textiles0.871.49
DiversifiedNA2.09
Energy1.20NA

Analysis: The sector allocation shows variations, with Canara Robeco Small Cap Fund having a more balanced distribution across sectors. Both funds exhibit strengths in different sectors, providing investors with diverse exposure.

Fund Management Comparison

Fund Manager Details

FundsCanara Robeco Small Cap FundHDFC Small Cap Fund
Shridatta BhandwaldarOct 01, 2019 – till dateN/A
Ajay KhandelwalDec 16, 2021 – till dateN/A
Chirag SetalvadN/AJun 28, 2014 – till date
Dhruv MuchhalN/AJun 22, 2023 – till date

Analysis: Canara Robeco Small Cap Fund has a team of experienced fund managers, whereas HDFC Small Cap Fund has a long-standing fund manager in Chirag Setalvad, providing stability.

Conclusion:

In conclusion, the decision between Canara Robeco Small Cap Fund and HDFC Small Cap Fund hinges on individual preferences, risk appetites, and investment goals. While HDFC Small Cap Fund shines in short-term annualized returns, particularly in the one and 2-year periods, Canara Robeco Small Cap Fund takes the lead over a more extended 3-year horizon.

The comparative analysis across various parameters consistently favours HDFC Small Cap Fund, showcasing its potential to outperform the benchmark (Nifty 50) and the category average. Notably, the Canara Robeco Small Cap Fund exhibits higher rolling returns in the short term. However, when considering factors like SIP returns, lumpsum investment values, and overall portfolio composition, HDFC Small Cap Fund emerges as a more attractive option for investors with varying risk appetites.

The nuanced decision-making process involves weighing the broader market exposure of Canara Robeco Small Cap Fund against the stability offered by HDFC Small Cap Fund’s long-standing fund manager. Ultimately, choosing between these two funds is subjective, and investors are encouraged to align their selections with their unique financial objectives for a well-crafted investment strategy.

FAQs: Canara Robeco Small Cap Fund vs. HDFC Small Cap Fund

What distinguishes Canara Robeco Small Cap and HDFC Small Cap Fund from other small-cap funds?

Both funds boast competitive returns, but Canara Robeco offers a more diversified portfolio. At the same time, HDFC relies on the stability of a long-serving fund manager.

How do the annualized returns of Canara Robeco and HDFC Small Cap Funds compare?

HDFC Small Cap Fund outshines Canara Robeco in the 1-year and 2-year returns. Still, Canara Robeco has taken the lead in the three years, showcasing varied performances.

What is the lumpsum investment scenario in both funds?

Canara Robeco Small Cap consistently lags in lumpsum investment values across all periods, indicating HDFC Small Cap Fund’s potential for higher capital appreciation.

Which fund is more lucrative for SIP investors?

HDFC Small Cap Fund consistently outperforms Canara Robeco Small Cap in SIP returns. Investing through SIPs in the HDFC fund seems more lucrative, especially in the next two years.

How does the comparative performance of both funds fare against the category average and benchmark (Nifty 50)?

HDFC Small Cap Fund consistently outperforms Canara Robeco in each period, showcasing its potential to beat both the benchmark (Nifty 50) and the category average.

What does the rolling returns analysis reveal about the performance of these funds in different periods?

Canara Robeco Small Cap Fund exhibits higher rolling returns in the 1-year and 3-year periods. At the same time, the HDFC Small Cap Fund shows consistent performance in the long run.

Considering market challenges, How did both funds perform in the best and worst quarters?

In Q2 2020, Canara Robeco and HDFC Small Cap Funds performed exceptionally well, surpassing the Nifty 50. In Q1 2020, a storm hit both funds, but HDFC Small Cap Fund experienced a more significant downturn.

What insights do the risk metrics provide for Canara Robeco and HDFC Small Cap Funds?

Canara Robeco Small Cap Fund exhibits a slightly lower standard deviation, indicating lower risk than HDFC Small Cap Fund. Canara Robeco’s higher Sharpe and Sortino ratios imply better risk-adjusted performance.

How do the Crisil, Value Research, and Morning Star ratings compare for both funds?

Canara Robeco Small Cap maintains a competitive edge over HDFC Small Cap Fund in Crisil ratings. Both funds share an equivalent 3-star rating in Value Research. Canara Robeco holds a higher Morning Star rating, signifying a more favourable outlook.

What factors should investors consider when choosing between Canara Robeco and HDFC Small Cap Funds?

Consider your risk tolerance, investment goals, and the nuances of each fund’s portfolio. Canara Robeco offers a broader market exposure, while HDFC relies on the stability of a long-serving fund manager. Align your choices with your financial objectives for a well-rounded investment strategy.

How does the portfolio overlapping percentage influence the investment decision between Canara Robeco and HDFC Small Cap Funds?

Both funds share a moderate level of portfolio overlap, with Canara Robeco Small Cap Fund having a slightly higher overlap at 18.68%. Investors seeking diversification may find Canara Robeco appealing due to its broader market exposure.

What insights does the portfolio composition offer about the equity, debt, and other allocations in Canara Robeco and HDFC Small Cap Funds?

Canara Robeco Small Cap holds a slightly higher percentage of equity in its portfolio. HDFC Small Cap Fund allocates a marginally higher percentage to other instruments. Understanding the composition helps investors tailor their investment strategy based on their preferences.

How does the market cap allocation in both funds impact the risk and return profile?

Canara Robeco Small Cap has a more diversified portfolio with more stocks and a significant allocation to small-cap stocks, providing a broader market exposure. HDFC Small Cap Fund, with a higher concentration in small caps, may offer more substantial returns but with increased volatility.

What are the critical sector allocations for Canara Robeco and HDFC Small Cap Funds?

The sector allocation shows variations, with Canara Robeco Small Cap having a more balanced distribution across sectors. Both funds exhibit strengths in different sectors, providing investors with diverse exposure. Investors must understand sector allocations to align their investments with specific industry trends.

How does the fund management comparison reflect on the stability and experience of the teams?

Canara Robeco Small Cap has a team of experienced fund managers. In contrast, the HDFC Small Cap Fund has a long-standing fund manager in Chirag Setalvad, providing stability. Investors may consider the team’s experience and stability when evaluating the funds for long-term investments.

What are the key takeaways from the annualized results, especially in the context of the growth story?

Canara Robeco Small Cap showcases competitive annualized results across the years, consistently outperforming HDFC Small Cap Fund in four out of five years. Investors looking for consistent growth may find Canara Robeco Small Cap attractive.

How does the outperformance analysis help investors gauge the consistency of both funds?

Canara Robeco Small Cap has outperformed HDFC Small Cap Fund ten times, indicating a higher level of consistency over the analyzed periods. Investors seeking a more reliable performance track record may lean towards Canara Robeco.

What do the quarterly results reveal about the recent performance and resilience of Canara Robeco and HDFC Small Cap Funds?

Both funds experienced a minor dip in Q4 2023, with Canara Robeco Small Cap showing slightly better resilience. Understanding the recent performance helps investors assess how the funds navigate market challenges.

How do the CAGR returns provide insights into the growth trajectory of Canara Robeco and HDFC Small Cap Funds?

Over the past year, HDFC Small Cap Fund outshone its counterparts, showcasing an impressive 38.60% growth, surpassing both Canara Robeco Small Cap and the benchmark Nifty 50. Investors looking for short-term growth may find HDFC Small Cap Fund appealing.

20. What overarching advice can be given to investors considering Canara Robeco Small Cap or HDFC Small Cap Fund?

Choosing between these funds involves understanding your risk tolerance, investment goals, and the nuances of each fund’s portfolio. Whether you prefer the diversified approach of Canara Robeco Small Cap Fund or the seasoned management of HDFC Small Cap Fund, align your choices with your financial objectives for a well-rounded investment strategy. The investment puzzle is personal, and as you piece together your financial picture, may your choices lead to a masterpiece of wealth and prosperity.

Note: The FAQs aim to provide comprehensive insights into Fund Comparative Analysis/Mutual Fund Review. It is advisable to consult with financial experts before making investment decisions.

Disclaimer:

This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory. This is not an investment advisory. The blog is for information purposes only. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.

Past performance is not indicative of future returns. Please consider your specific investment requirements, risk tolerance, goal, time frame, risk and reward balance, and the cost associated with the investment before choosing a fund or designing a portfolio that suits your needs. The performance and returns of any investment portfolio can neither be predicted nor guaranteed. 

The information provided in this article is solely the author/advertisers’ opinion and not investment advice – it is provided for educational purposes only. Using this, you agree that the information does not constitute any investment or financial instructions by Ace Equity Research and the team. Anyone wishing to invest should seek their own independent financial or professional advice. Do conduct your research along with registered financial advisors before making any investment decisions. Ace Equity Research and the team are not accountable for the investment views provided in the article.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

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