L&T Mutual Fund
L&T Mutual Fund
Introduction
L&T Mutual Fund was the asset management arm of L&T Finance Holdings Ltd., a subsidiary of the diversified Indian conglomerate Larsen & Toubro (L&T). L&T Mutual Fund had grown to be a significant player in the Indian mutual fund industry, known for its strong distribution network and a broad range of schemes. The fund house had also expanded its presence by acquiring Fidelity Mutual Fund's Indian assets in 2012.
However, as part of L&T Finance Holdings' strategy to focus on its core lending business, they decided to divest their mutual fund business. In December 2021, it was announced that HSBC Asset Management (India) Private Limited would acquire L&T Investment Management Limited (the AMC of L&T Mutual Fund). The acquisition was completed in November 2022, and the schemes were subsequently merged or transferred, leading to the official cessation of L&T Mutual Fund as a separate entity in April 2023.
Fund Managers
Prior to the acquisition, L&T Mutual Fund had a robust team of experienced fund managers overseeing its equity, debt, and hybrid portfolios. Some of the notable names associated with L&T Mutual Fund's investment team in the past included:
- Mr. Venugopal Mangat: (Previously Head of Equities at L&T MF, now CIO - Equity at HSBC Mutual Fund).
- Mr. Sriram Ramanathan: (Previously Head of Fixed Income at L&T MF, now CIO - Fixed Income at HSBC Mutual Fund).
Following the merger, the fund management responsibilities, along with the merged schemes, were transferred to HSBC Mutual Fund's investment team. Therefore, any investments previously held under L&T Mutual Fund schemes are now managed by the fund managers at HSBC Mutual Fund.
Scope and Investment Philosophy
During its operational tenure, L&T Mutual Fund adhered to a philosophy of disciplined, research-intensive investing focused on generating consistent and long-term risk-adjusted returns. Key aspects of their approach included:
- Rigorous Research: Emphasizing in-depth fundamental research to identify quality businesses and securities.
- Process-Driven Investing: Following a well-defined and repeatable investment process across all their funds.
- Risk-Adjusted Returns: Prioritizing not just returns, but returns adjusted for the level of risk undertaken.
- Diversification: Advocating for diversification across market capitalizations, sectors, and asset classes to manage portfolio risk effectively.
- Broad Product Basket: Offering a wide array of products spanning equity, fixed income, hybrid, and passive strategies to cater to diverse investor needs.
This investment philosophy and scope have now been integrated into HSBC Mutual Fund's operations.
List of Funds (Historical Context - now part of HSBC Mutual Fund)
Since L&T Mutual Fund's operations were fully acquired and its schemes merged with HSBC Mutual Fund, there are no active funds being offered under the "L&T Mutual Fund" brand name today.
All the schemes that were previously part of L&T Mutual Fund have either been merged into existing HSBC Mutual Fund schemes or have been renamed under the HSBC brand. If you were an investor in L&T Mutual Fund, your investments would now reflect under HSBC Mutual Fund.
Here's a representative list of some key L&T Mutual Fund schemes and their corresponding or merged HSBC Mutual Fund schemes post-acquisition:
| Erstwhile L&T MF Scheme (Examples) | Corresponding/Merged HSBC MF Scheme | Brief Explanation of Category/Fund Type |
|---|---|---|
| L&T Emerging Businesses Fund (Small Cap) | HSBC Small Cap Fund | Invests predominantly in small-cap companies. |
| L&T India Value Fund | HSBC Value Fund | Follows a value investing strategy. |
| L&T Triple Ace Bond Fund (Corporate Bond) | HSBC Corporate Bond Fund | Primarily invests in corporate bonds. |
| L&T Liquid Fund | HSBC Liquid Fund | Invests in highly liquid money market instruments. |
| L&T Nifty 50 Index Fund | HSBC Nifty 50 Index Fund | Tracks the performance of the Nifty 50 Index. |
| L&T Flexicap Fund | HSBC Flexi Cap Fund | Flexible to invest across large, mid, and small-cap stocks. |
| L&T Arbitrage Opportunities Fund | HSBC Arbitrage Fund | Aims to generate returns from arbitrage opportunities. |
| L&T Conservative Hybrid Fund | HSBC Regular Savings Fund (or similar) | Invests in a mix of equity and debt, with a higher debt allocation. |
| L&T ELSS Tax Saver Fund | HSBC ELSS Fund | An Equity Linked Savings Scheme for tax benefits. |
| L&T Midcap Fund | HSBC Midcap Fund | Invests predominantly in mid-capitalization companies. |
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