We considered the passive small cap schemes that are benchmarked against Nifty Smallcap 50 - TRI, and Nifty Smallcap 250 - TRI. These benchmarks offered 65.47% and 49.09% respectively. These small cap index schemes offered around 46-62% in 2023. The underperformance, as said earlier, was around 1.79-3.46%. (See table) We considered the regular and growth options.
The scheme will allocate 95-100% in equity and equity related securities of companies constituting the underlying index (Nifty50 Value 20 Index) and 0-5% in money market instruments including TREPs and units of debt schemes.
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