10 midcap stocks that rewarded MF investors in 2023
Within the midcap space, PSU stocks in power finance, capital goods, oil marketing, defence, and also power and realty stocks attracted healthy buying interest
Midcap stocks demonstrated an impressive performance in 2023, with the Nifty Midcap 150 TRI delivering an absolute return of 38 percent year-to-date (YTD). Many midcap stocks rallied and traded near their lifetime highs. Deepak Jasani, Head of Retail Research at HDFC Securities, says, “Investors focused on midcaps where the float and institutional ownership were limited while searching for Alpha. While the largecap segment became expensive, some midcaps looked cheap on a relative basis, given that their earnings could grow faster than the largecaps. Large MF inflows in small- and midcap schemes also meant that more money needed to be deployed in these categories. Within the midcap space, PSU stocks in power finance, capital goods, oil marketing, Defence, and also power and realty stocks attracted more buying interest.” Here are the top midcap stocks that delivered multi-bagger returns, rewarding the equity mutual fund schemes that held those stocks. Portfolio data as of November 2023. Source: ACEMF.
2/11
REC Schemes that held notable allocation to the stock: JM Value, 360 ONE Quant and Mahindra Manulife Mid Cap Fund
Power Finance Corporation Schemes that held notable allocation to the stock: Nippon India Growth, Kotak Multicap and Mirae Asset Midcap Fund
4/11
Indian Railway Finance Corporation Schemes that held notable allocation to the stock: HDFC Balanced Advantage Fund, Parag Parikh Conservative Hybrid and HDFC Dividend Yield Fund
Rail Vikas Nigam Schemes that held notable allocation to the stock: Bank of India Mfg & Infra and Bank of India Flexi Cap
6/11
Jindal Stainless Schemes that held notable allocation to the stock: ICICI Pru Commodities, Tata Resources & Energy and Bank of India Mid & Small Cap Equity & Debt Fund-Reg(G)
Prestige Estates Projects Schemes that held notable allocation to the stock: HDFC Housing Opp, Tata Housing Opportunities and Franklin India Prima Fund
8/11
Aurobindo Pharma Schemes that held notable allocation to the stock: Bandhan Equity Savings, UTI Large & Mid Cap and HSBC Balanced Advantage Fund
Bharat Heavy Electricals Schemes that held notable allocation to the stock: Taurus Discovery (Midcap), Tata Business Cycle and Nippon India Focused Equity Fund
10/11
KPIT Technologies Schemes that held notable allocation to the stock: HSBC ELSS Tax saver, Sundaram Small Cap and Franklin India Smaller Cos Fund
11/11
Polycab India Schemes that held notable allocation to the stock: Tata Housing Opportunities, Canara Rob Mid Cap and DSP Midcap Fund
