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Thu, 12 Jan 2023 | Fortune India

We are positive on the investment cycle and, therefore, domestic cyclicals like financials, auto and capital goods are well-placed in the current environment: Mayur Patel

The most efficient wealth creators bought into quality companies and did nimble risk management to deliver stupendous returns.

Flexi-cap

THE YOUNGEST EQUITY MUTUAL FUND category was launched in November 2020 after market regulator Sebi came out with new reclassification norms to ensure that funds stick to their stated investment mandate. Before this, funds used to even invest in stocks not in their universe; for example, multi-cap funds used to buy mostly large-caps and not stocks across market caps. Flexi-cap funds were given freedom to invest in stocks across market capitalisations. Two years since launch, flexi-cap has become the biggest equity MF category in terms of assets under management (AUM). It accounted for 16.29% (₹2.48 lakh crore) of equity MF AUM of ₹15.22 lakh crore as on October 31. IIFL Focused Equity Fund is one of the top three funds in the category. It was a multi-cap fund before Sebi re-categorisation.

IIFL Focused Equity Fund gave 22% returns in last three years as on December 5, 2022. The top five stocks in its portfolio are ICICI Bank, HDFC Bank, Infosys, Bharti Airtel and Larsen & Toubro. The top four sectors owned by IIFL Focused Equity are financials, IT, auto and capital goods. "Sectors that are inward facing (dependent on domestic economy) are better placed than sectors that are outward facing (dependent on global economy). We are positive on the investment cycle and, therefore, domestic cyclicals like financials, auto and capital goods are well-placed in the current environment," says Mayur Patel, SVP & fund manager for listed equity, IIFL AMC.