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Within the BSE smallcap segment, around 36 stocks saw a consistent decline in MF ownership over the past four quarters.

“FIIs are reducing their exposure to India, they will sell only what they own but then a time will come when the share prices will catch up with fundamentals and in comparison to other runups in the small and midcap space, financials still make reasonable sense. We are increasing exposure in the entire BFSI space.”

The analysis revealed seven stocks which were held by mutual funds across more than 100 schemes as of the last month, and have given high returns in 2023. Of the 7 stocks, four stocks have even turned multibaggers.

An analysis of the performance of stocks with a market capitalization of over Rs 1,000 crore showed that there were five such stocks which gave double-digit returns in each of the last six months and even turned multibaggers in H1FY24.

A study of 20-year data dissecting the performance of Dalal Street's biggest multibaggers shows that most stocks that compounded by a minimum of 25% during the period hail from traditional manufacturing companies like capital goods, engineering, commodities, consumption, etc.