SBI Focused Equity Fund can only invest in up to 30 stocks as per the mandate. Driven by bottom-up stock picking, the fund boasts an exceptional long-term performance track record. However, the last two years have been a slog. Despite a promising start to 2023, the fund struggled in the last quarter, delivering a return of just 7.4 per cent compared to 11-12 per cent gunned out by benchmark and an average peer. It's important to note that a focused fund like this is typically more volatile than other diversified equity funds. Reasons for underperformance In our recent interaction, fund manager R Srinivasan attributed the underperformance to three reasons: a) being overweight on Financials, b) the fund's defensive stance and c) relative underperformance of its core holdings such as Page Industries,
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