multi cap funds: Distributors to avoid lumpsum investments in multi cap schemes


Financial planners and distributors will not make a lumpsum or fresh allocations to existing schemes in the multicap category until there is clarity on what fund houses plan to do with multi cap schemes to comply with the new Sebi rule.

“We will not recommend multicap funds till clarity emerges. We will allocate money to other categories such as a mix of large, large and mid, or small cap based on investor needs,” says Amol Joshi, Founder, Plan rupee Investment services.

For example, a investor looking to allocate a lumpsum amount of Rs 1 lakh, could see Rs 80,000 go to a large fund and Rs 20,000 to a mid / small cap fund. However, Joshi asks investors in existing multicap funds to continue to hold their investments and contnue their systematic investment plan (SIP) till clarity emerges from the fund house.

“Till there is clarity on how the large funds in this category are going to function, I would avoid putting fresh money there,” says Viral Bhatt, Founder, Money Mantra. Viral prefers to allocate fresh money to focused category, where there is no restriction on allocating any particular category.

Multicap funds manage total assets of Rs 1.47 lakh crore. In a circular last Friday, the regulator has mandated that such category of funds need to have a minimum of 25% allocation each to large, mid and small cap stocks. Late Sunday evening the regulator clarified “Apart from rebalancing their portfolio in the Multi Cap schemes, they could inter-alia facilitate switch to other schemes by unitholders, merge their Multi Cap scheme with their Large Cap scheme or convert their Multi Cap scheme to another scheme category, for instance Large cum Mid Cap scheme.”

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