The fund had a rather forgettable 2023, lagging nearly 6 per cent behind an average peer. As of the first quarter of 2024, things are looking better for SBI Equity Hybrid Fund. It has managed to stay ahead of its peers, albeit by a whisker. Reasons for performance Like every other fund, SBI Equity Hybrid also suffered from the relative underperformance of the financial sector. HDFC Bank, ICICI Bank, and NBFCs like Bajaj Finance and Muthoot Finance dragged the fund down. However, within financials, HDFC AMC and SBI have been exceptional performers since our last update and have helped the fund mount a comeback. The services sector has been a mixed bag. Interglobe Aviation emerged as a standout, whereas the rest—Avenue Supermarts, Westlife Foodworld (McDonald's), and Vedant Fashion—negated its outperformance. Sol
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