Quant Mutual Fund predicted rallies in India’s small-cap stocks in 2021 and state-owned companies in 2023, as seen in their disclosed holdings. Starting investments in smaller companies in 2020, their smallcap fund grew by 88% in the following year, surpassing the index returns of 63%. However, the firm held significant exposure to Adani Group firms (up to 20% of assets) just before Hindenburg Research revealed short interest in the conglomerate, leading to a massive stock plunge. Consequently, Quant Mutual Fund exited these positions.
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