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I live in India, I've invested in some equity mutual funds (that invest in the domestic market). Each of them has some money in mid-cap stocks and some in large-cap. In fact, one of my funds was primarily mid-cap when I started investing, but now has a substantial large cap component.

Keep in mind that there aren't consistent definitions of where the boundaries lie. So I'll go with the one BSE uses:

Eligible universe shall comprise of companies aggregating 98.5% of average market capitalization. This list shall be categorised under large-cap, mid-cap and small-cap segment based on 80%-15%-5% market capitalization coverage respectively.

Given all this, how do I find out what percentage of my money is in large-, medium- or small-caps? The reason I ask is that if I find that more than 80% of my corpus is large-cap, I'll make further investments in mid-cap. Conversely, if I find that less than 80% of my corpus is large-cap, I'll make further investments in large-cap.

I want to rebalance my portfolio to not have a bias towards or against large-cap. I can do that only if I know what percentage of my portfolio is large-cap.

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All mutual funds disclose their investments, funds are large cap only or midcsp etc. So it depends on what funds you choose.

  • It's not true that funds invest only in large-cap or mid-cap. For example, the ICICI Value Discovery Fund straddles both. Even a primarily large-cap fund usually has some mid-cap investments. – Vaddadi Kartick Nov 21 '15 at 9:18
  • Yes. There are mixed cap and multi cap funds. There offer different benefits, and your objective is not met by buying these funds. – Dheer Nov 21 '15 at 12:09
  • My goal is just to determine, given a fund, what percentage of its assets are in large cap as defined by BSE above. – Vaddadi Kartick Nov 21 '15 at 13:24
  • Every fund declare the investment periodically. You can take it from there. – Dheer Nov 21 '15 at 14:22
  • By manually counting each stock and its percentage in the fund, and checking against the BSE list of large-, mid- or small-cap funds? – Vaddadi Kartick Nov 21 '15 at 15:20
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The portfolio manager at Value Research Online does this very nicely. It tracks the underlying holdings of each fund, yielding correct calculations for funds that invest across the board. Take a look at the screenshot from my account: The analysis view of the Value Research Portfolio Manager

If you have direct equity holdings (e.g., not through a mutual fund), that too gets integrated. Per stock details are also visible.

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    Thanks, Vivek. The problem is that different people use different definitions of large- vs mid cap, so I want to use the definition the BSE uses, as I wrote in my question. Do you know if there's any tool that tells me what percentage of my portfolio is large-cap according to that definition? – Vaddadi Kartick Nov 24 '15 at 6:09
  • I didn't know there was an official definition. Is it given somewhere on the BSE website? – Vivek Nov 24 '15 at 11:38
  • It's linked from the question. – Vaddadi Kartick Nov 24 '15 at 16:10
  • Funds don't follow the BSE definition, nor are they obliged to. Also, most of them have language that has escape clauses. Examples: Birla Mid Cap fund's official document says 'Upto 65%-100% in equity and equity related instruments of Companies with a market capitalization between Rs.150 crores to Rs.1,500 crores.' HDFC Midcap Opport says 'portfolio that is substantially constituted of equity and equity related securities of mid- and small-cap companies.' Each one does its own thing. Best bet is a 3rd party tool like above that at least standardises and makes them comparable. – Vivek Nov 26 '15 at 2:07
  • I know that the percentage can vary over time. I'm just looking for a point-in-time snapshot. I also know that funds don't use the BSE definition, but I want to. And that's because I do not want to be either overweight or underweight large caps. If large caps are 80% of the market as BSE defines them, then I want to put 80% of my equity money in large caps. This works only if I use the BSE definition. – Vaddadi Kartick Nov 26 '15 at 10:00

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