How the major equity style factors — value, momentum, quality and low volatility — are performing in India, tracked through their flagship NSE factor indices. Free, and updated every month.
Ranked by trailing 1-year total return. Each factor is represented by its flagship NSE index (tracked via a low-cost index fund, Direct Plan). Nifty 50 is shown as the broad-market baseline.
Value ran away with it. Over the trailing year the Nifty500 Value 50 returned about +14% while the broad Nifty 50 was slightly negative — a wide, decisive spread. Cheaply-valued cyclicals, PSUs and capital-goods names did the heavy lifting as the market rewarded earnings over narrative.
Low Volatility held up; Momentum and Quality did not. Low-vol eked out a small positive return, cushioning the broad-market drawdown as designed. Momentum (−2.4%) edged out the index but still fell, and Quality (−3.8%) was the weakest factor of all — a reminder that the "safe compounders" trade can de-rate hard when leadership rotates toward value.
Our strategies are built on these same style factors — combined, risk-weighted and rebalanced monthly, so no single factor's bad year sinks the book.
Every month's edition, kept for the record.
This is the first edition. Past reports will be archived here as new months publish.
Each factor is represented by its flagship NSE factor index, measured through a low-cost index fund tracking that index (Direct Plan). Returns are trailing 1-year total returns as of the date shown, so every factor is compared on the same clock. Nifty 50 is the broad-market baseline.
Factor and index returns are historical and will change. This report is educational commentary, not investment advice or a recommendation of any index, fund or security. Past performance does not guarantee future results.