Moneycontrol’s MC30 is a curated list of the top-performing mutual funds. It comprises 30 best schemes to make choosing from thousands of mutual funds a manageable task. All the schemes featured in MC30 have been carefully curated based on their merits and fundamentals.
However, unfortunately, five schemes have been taken out of MC30 recently. The reason for this could range from poor performance, lack of consistency and better alternatives. Let’s have a look at some of the funds that have left Moneycontrol’s list:
Axis Midcap Fund, Axis Smallcap Fund and Axis Focused 25 Fund have all been moved out of MC30 due to corporate and governance episode with fund house’s ex-chief dealer Viresh Joshi. While, DSP Midcap Fund has seen average performance due to sectors like pharmaceuticals, specialty chemicals, agriculture-based companies, midcap banks and NBFC stocks not performing well. While, Invesco India Mid Cap Fund has seen underperformance due to growth investment style and being relatively underweight in PSU and banking sectors.
Moneycontrol has appointed B Gopkumar as the new CEO for Axis-AMC, and Ashish Gupta as the fund house’s new CIO. The response from the new leadership and how the fund house plans to turn itself around will be keenly observed.
The company behind MC30 is Moneycontrol, one of India’s leading financial and business portals. It is considered as a one-stop shop for all stock market, financial and investment information. It is owned and operated by Network18, part of the Reliance Group, a business conglomerate. Moneycontrol has a wide range of readers and regular visitors, including leading financial professionals, institutional investors and retail investors in India.
One of the people mentioned in the article is Viresh Joshi, former chief dealer at Axis AMC. Joshi was named as the chief conspirator in front-running at Axis Mutual Fund by the Securities and Exchange Board of India in February 2021 and was barred from accessing capital markets. However, due to the recent changes at the fund house’s leadership, it is likely that an improvement in performance and corporate governance can be expected.