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 extended its lead. Over the trailing year the Nifty500 Value 50 returned about +17% — up from +14% last month — while the broad Nifty 50 finished slightly negative at −0.9%. That is a spread of roughly 18 percentage points between the best-performing style and the index. Cheaply-valued cyclicals, PSUs and capital-goods names continued to do the heavy lifting.
Every factor beat the market this month. That is the notable change from June, when three of the four were negative. Low Volatility rose to +6.7%, and the two styles that had been lagging both recovered into positive territory — Quality from −3.8% to +3.4%, and Momentum from −2.4% to +1.3%. Momentum now sits last of the four, but "last" this month still means ahead of the broad index.
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.