Вы находитесь на странице: 1из 224

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


MutualFund
Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Editorial Policy
Value Research is an independent investment research company.
Our editorial coverage aims to help readers make more informed
investment decisions. We take quantitative data and add qualitative
analyses so that our readers can get a better perspective on invest-
ing. The editorial content will therefore be educational, to the point,
and well researched. We endeavour to write in a simple format, but
we will not over-simplify.

Disclaimer
The contents of Mutual Fund Yearbook 2015 (the Book) published by Value Research India Private Limited are
not intended to serve as professional advice or guidance and the publisher takes no responsibility or liability,
express or implied, whatsoever for any investment decisions made or taken by the readers of this Book based
on its contents thereof. You are strongly advised to verify the contents before taking any investment or other
decision based on the contents of this Book. The Book is meant for general reading purposes only and is not
meant to serve as a professional guide for investors. The readers of this Book should exercise due caution
and/or seek independent professional advice before entering into any commercial or business relationship or
making any investment decision or entering into any financial obligation based on any information, statement or
opinion which is contained, provided or expressed in this Book.

The Book contains information, statements, opinions, statistics and materials that have been obtained from
sources believed to be reliable and the publishers of the Book have made best efforts to avoid any errors and
omissions, however the publishers of this Book make no guarantees and warranties whatsoever, express or
implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of
the information, statistics, statements, opinions and materials contained and/or expressed in this Book or of the
results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and
materials. The publishers of this Book do not certify and/or endorse any opinions contained, provided, published
or expressed in this Book.

All disputes shall be subject to the jurisdiction of Delhi courts only.

All Rights Reserved

Copyright 2015 by Value Research India Pvt. Ltd.

All rights reserved. No part of this publication may be reproduced or redistributed in any formed or by any means, or
stored in a database or retrieval system, without the prior written permission of the publisher.

ISBN 978-93-83177-05-9

Published by Value Research India Pvt. Ltd., 5 Commercial Complex, Chitra Vihar, New Delhi 110092 and printed
at Options Printofast, 46, Patparganj Industrial Area, Delhi 110 092.

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Contents
Index of Funds - Categories 5
Index of Funds - Alphabetical 8
Foreword 11
How to Build a Winning Portfolio 13
SIP Returns 19
How to Track your Portfolio 21
Value Research Fund Classification 23
Reading a Fund Report 25
Analysts Choice - Cover - Description 31
Analysts Choice - Conservative Growth 33
Analysts Choice - Stable Growth 47
Analysts Choice - Aggressive Growth 67
Analysts Choice - Income 85
Analysts Choice - Liquid 97
Analysts Choice - ETFs 107
Analysts Choice - International 135
Scorecard Guide 154
Scorecard: Equity 156
Scorecard: Hybrid 174
Scorecard: Fixed Income 182
Scorecard: Closed-end 190
Scorecard: FMP 197
Scorecard: Index 209
About Value Research 220

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
Index of Funds - Categories
Fund Value Research Category Role in Portfolio Page No.
Franklin India Taxshield Fund Equity: Tax Planning Conservative Growth 35
SBI Magnum Taxgain Scheme Equity: Tax Planning Conservative Growth 36
Canara Robeco Balance Fund Hybrid: Equity-oriented Conservative Growth 37
HDFC Balanced Fund Hybrid: Equity-oriented Conservative Growth 38
ICICI Prudential Balanced Advantage Fund Hybrid: Equity-oriented Conservative Growth 39
L&T India Prudence Fund Hybrid: Equity-oriented Conservative Growth 40
Tata Balanced Fund Hybrid: Equity-oriented Conservative Growth 41
HDFC Index Fund - Sensex Plus Plan Equity: Large Cap Conservative Growth 42
ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative Growth 43
L&T Equity Fund Equity: Large Cap Conservative Growth 44
Tata Pure Equity Fund Equity: Large Cap Conservative Growth 45
UTI Equity Fund Equity: Large Cap Conservative Growth 46
BNP Paribas Long Term Equity Fund Equity: Tax Planning Stable Growth 49
ICICI Prudential Tax Plan Equity: Tax Planning Stable Growth 50
Quantum Tax Saving Fund Equity: Tax Planning Stable Growth 51
BNP Paribas Equity Fund Equity: Large & Mid Cap Stable Growth 52
Birla Sun Life Frontline Equity Fund Equity: Large & Mid Cap Stable Growth 53
Franklin India Prima Plus Fund Equity: Large & Mid Cap Stable Growth 54
HDFC Equity Fund Equity: Large & Mid Cap Stable Growth 55
ICICI Prudential Dynamic Fund Equity: Large & Mid Cap Stable Growth 56
Kotak Select Focus Fund Equity: Large & Mid Cap Stable Growth 57
Mirae Asset India Opportunities Fund Equity: Large & Mid Cap Stable Growth 58
Quantum Long Term Equity Fund Equity: Large & Mid Cap Stable Growth 59
Religare Invesco Equity Fund Equity: Large & Mid Cap Stable Growth 60
SBI Bluechip Fund Equity: Large & Mid Cap Stable Growth 61
BNP Paribas Dividend Yield Fund Equity: Multi Cap Stable Growth 62
L&T India Special Situations Fund Equity: Multi Cap Stable Growth 63
Principal Growth Fund Equity: Multi Cap Stable Growth 64
Templeton India Equity Income Fund Equity: Multi Cap Stable Growth 65
Axis Long Term Equity Fund Equity: Tax Planning Aggressive Growth 69
IDFC Tax Advantage Fund Equity: Tax Planning Aggressive Growth 70
Principal Tax Savings Fund Equity: Tax Planning Aggressive Growth 71
Reliance Tax Saver Fund Equity: Tax Planning Aggressive Growth 72
Birla Sun Life Pure Value Fund Equity: Mid & Small Cap Aggressive Growth 73
BNP Paribas Midcap Fund Equity: Mid & Small Cap Aggressive Growth 74
Canara Robeco Emerging Equities Fund Equity: Mid & Small Cap Aggressive Growth 75
DSP BlackRock Micro Cap Fund Equity: Mid & Small Cap Aggressive Growth 76
Franklin India Smaller Companies Fund Equity: Mid & Small Cap Aggressive Growth 77
HDFC Mid-Cap Opportunities Fund Equity: Mid & Small Cap Aggressive Growth 78
ICICI Prudential Value Discovery Fund Equity: Mid & Small Cap Aggressive Growth 79
Mirae Asset Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 80
Principal Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 81

Mutual Fund Yearbook 2015 5

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Index of Funds - Categories
Reliance Small Cap Fund Equity: Mid & Small Cap Aggressive Growth 82
SBI Magnum Midcap Fund Equity: Mid & Small Cap Aggressive Growth 83
UTI Mid Cap Fund Equity: Mid & Small Cap Aggressive Growth 84
Birla Sun Life Dynamic Bond Fund Debt: Income Income 87
Franklin India Income Builder Fund Debt: Income Income 88
HDFC Medium Term Opportunities Fund Debt: Income Income 89
ICICI Prudential Long Term Fund Debt: Income Income 90
Reliance Regular Savings Fund - Debt Option Debt: Income Income 91
Tata Dynamic Bond Fund Debt: Income Income 92
UTI Dynamic Bond Fund Debt: Income Income 93
Peerless Short Term Fund Debt: Short Term Income 94
Sundaram Select Debt Short Term Asset Plan Debt: Short Term Income 95
UTI Short Term Income Fund Debt: Short Term Income 96
Franklin India Ultra Short Bond Fund Debt: Ultra Short Term Liquid 99
SBI Magnum Inc.- FR Plan - Savings Plus Bond Debt: Ultra Short Term Liquid 100
Taurus Ultra Short Term Bond Fund Debt: Ultra Short Term Liquid 101
Birla Sun Life Floating Rate Fund - ST Plan Debt: Liquid Liquid 102
Franklin India TMA Fund Debt: Liquid Liquid 103
Peerless Liquid Fund Debt: Liquid Liquid 104
Tata Money Market Fund Debt: Liquid Liquid 105
Taurus Liquid Fund Debt: Liquid Liquid 106
Birla Sun Life Nifty ETF Fund ETF 109
Goldman Sachs Banking BeES Fund ETF 110
Goldman Sachs CNX Nifty Shariah BeES Fund ETF 111
Goldman Sachs CPSE Exchange Traded Fund ETF 112
Goldman Sachs Infra BeES Fund ETF 113
Goldman Sachs Nifty ETS Fund ETF 114
Goldman Sachs Nifty Junior BeES Fund ETF 115
Goldman Sachs PSU Bank BeES Fund ETF 116
ICICI Prudential CNX 100 ETF Fund ETF 117
ICICI Prudential Nifty ETF Fund ETF 118
ICICI Prudential SPIcE Fund ETF 119
IIFL Nifty ETF Fund ETF 120
Kotak Nifty ETF Fund ETF 121
Kotak PSU Bank ETF ETF 122
Kotak Sensex ETF Fund ETF 123
Motilal Oswal MOSt Shares M100 ETF Fund ETF 124
Motilal Oswal MOSt Shares M50 ETF Fund ETF 125
Quantum Index Fund ETF 126
R*Shares Banking ETF ETF 127
R*Shares CNX 100 ETF ETF 128
R*Shares Consumption ETF ETF 129
R*Shares Dividend Opportunities ETF ETF 130

6 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Index of Funds - Categories
R*Shares Nifty ETF ETF 131
Religare Invesco Nifty Exchange Traded Fund ETF 132
SBI Sensex ETF ETF 133
Birla Sun Life Commodity Equities - Global Agri International 137
Birla Sun Life Global Commodities Fund International 137
Birla Sun Life Global Real Estate Fund International 138
Birla Sun Life International Equity Fund - Plan A International 138
Birla Sun Life Latin America Equity Fund International 139
DSP BlackRock US Flexible Equity Fund International 139
DSP BlackRock World Agriculture Fund International 140
DSP BlackRock World Energy Fund International 140
DSP BlackRock World Gold Fund International 141
DSP BlackRock World Mining Fund International 141
DWS Global Agribusiness Offshore Fund International 142
DWS Top Euroland Offshore Fund International 142
Franklin Asian Equity Fund International 143
Franklin India Feeder Franklin US Opp Fund International 143
Goldman Sachs Hang Seng BeES Fund International 144
HSBC Brazil Fund International 144
HSBC Emerging Markets Fund International 145
ICICI Prudential Global Stable Equity Fund International 145
ICICI Prudential US Bluechip Equity Fund International 146
JP Morgan JF ASEAN Equity Off-shore Fund International 146
JP Morgan JF Greater China Equity Off-shore International 147
JP Morgan US Value Equity Off-shore Fund International 147
Kotak Global Emerging Market International 148
L&T Global Real Assets Fund International 148
Mirae Asset China Advantage Fund International 149
Mirae Asset Global Commodity Stocks Fund International 149
Motilal Oswal MOSt Shares NASDAQ - 100 ETF International 150
PineBridge India US Equity Fund International 150
PineBridge World Gold Fund International 151
Principal Global Opportunities Fund International 151
Sundaram Global Advantage Fund International 152
Tata Growing Economies Infrastructure Fund International 152

Mutual Fund Yearbook 2015 7

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Index of Funds - Alphabetical
Fund Value Research Category Role in Portfolio Page No.
Axis Long Term Equity Fund Equity: Tax Planning Aggressive Growth 69
Birla Sun Life Commodity Equities - Global Agri International 137
Birla Sun Life Dynamic Bond Fund Debt: Income Income 87
Birla Sun Life Floating Rate Fund - ST Plan Debt: Liquid Liquid 102
Birla Sun Life Frontline Equity Fund Equity: Large & Mid Cap Stable Growth 53
Birla Sun Life Global Commodities Fund International 137
Birla Sun Life Global Real Estate Fund International 138
Birla Sun Life International Equity Fund - Plan A International 138
Birla Sun Life Latin America Equity Fund International 139
Birla Sun Life Nifty ETF Fund ETF 109
Birla Sun Life Pure Value Fund Equity: Mid & Small Cap Aggressive Growth 73
BNP Paribas Dividend Yield Fund Equity: Multi Cap Stable Growth 62
BNP Paribas Equity Fund Equity: Large & Mid Cap Stable Growth 52
BNP Paribas Long Term Equity Fund Equity: Tax Planning Stable Growth 49
BNP Paribas Midcap Fund Equity: Mid & Small Cap Aggressive Growth 74
Canara Robeco Balance Fund Hybrid: Equity-oriented Conservative Growth 37
Canara Robeco Emerging Equities Fund Equity: Mid & Small Cap Aggressive Growth 75
DSP BlackRock Micro Cap Fund Equity: Mid & Small Cap Aggressive Growth 76
DSP BlackRock US Flexible Equity Fund International 139
DSP BlackRock World Agriculture Fund International 140
DSP BlackRock World Energy Fund International 140
DSP BlackRock World Gold Fund International 141
DSP BlackRock World Mining Fund International 141
DWS Global Agribusiness Offshore Fund International 142
DWS Top Euroland Offshore Fund International 142
Franklin Asian Equity Fund International 143
Franklin India Feeder Franklin US Opp. Fund International 143
Franklin India Income Builder Fund Debt: Income Income 88
Franklin India Prima Plus Fund Equity: Large & Mid Cap Stable Growth 54
Franklin India Smaller Companies Fund Equity: Mid & Small Cap Aggressive Growth 77
Franklin India Taxshield Fund Equity: Tax Planning Conservative Growth 35
Franklin India TMA Fund Debt: Liquid Liquid 103
Franklin India Ultra Short Bond Fund Debt: Ultra Short Term Liquid 99
Goldman Sachs Banking BeES Fund ETF 110
Goldman Sachs CNX Nifty Shariah BeES Fund ETF 111
Goldman Sachs CPSE Exchange Traded Fund ETF 112
Goldman Sachs Hang Seng BeES Fund International 144
Goldman Sachs Infra BeES Fund ETF 113
Goldman Sachs Nifty ETS Fund ETF 114
Goldman Sachs Nifty Junior BeES Fund ETF 115
Goldman Sachs PSU Bank BeES Fund ETF 116
HDFC Balanced Fund Hybrid: Equity-oriented Conservative Growth 38

8 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Index of Funds - Alphabetical
HDFC Equity Fund Equity: Large & Mid Cap Stable Growth 55
HDFC Index Fund - Sensex Plus Plan Equity: Large Cap Conservative Growth 42
HDFC Medium Term Opportunities Fund Debt: Income Income 89
HDFC Mid-Cap Opportunities Fund Equity: Mid & Small Cap Aggressive Growth 78
HSBC Brazil Fund International 144
HSBC Emerging Markets Fund International 145
ICICI Prudential Balanced Advantage Fund Hybrid: Equity-oriented Conservative Growth 39
ICICI Prudential CNX 100 ETF Fund ETF 117
ICICI Prudential Dynamic Fund Equity: Large & Mid Cap Stable Growth 56
ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative Growth 43
ICICI Prudential Global Stable Equity Fund International 145
ICICI Prudential Long Term Fund Debt: Income Income 90
ICICI Prudential Nifty ETF Fund ETF 118
ICICI Prudential SPIcE Fund ETF 119
ICICI Prudential Tax Plan Equity: Tax Planning Stable Growth 50
ICICI Prudential US Bluechip Equity Fund International 146
ICICI Prudential Value Discovery Fund Equity: Mid & Small Cap Aggressive Growth 79
IDFC Tax Advantage Fund Equity: Tax Planning Aggressive Growth 70
IIFL Nifty ETF Fund ETF 120
JP Morgan JF ASEAN Equity Off-shore Fund International 146
JP Morgan JF Greater China Equity Off-shore International 147
JP Morgan US Value Equity Off-shore Fund International 147
Kotak Global Emerging Market International 148
Kotak Nifty ETF Fund ETF 121
Kotak PSU Bank ETF ETF 122
Kotak Select Focus Fund Equity: Large & Mid Cap Stable Growth 57
Kotak Sensex ETF Fund ETF 123
L&T Equity Fund Equity: Large Cap Conservative Growth 44
L&T Global Real Assets Fund International 148
L&T India Prudence Fund Hybrid: Equity-oriented Conservative Growth 40
L&T India Special Situations Fund Equity: Multi Cap Stable Growth 63
Mirae Asset China Advantage Fund International 149
Mirae Asset Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 80
Mirae Asset Global Commodity Stocks Fund International 149
Mirae Asset India Opportunities Fund Equity: Large & Mid Cap Stable Growth 58
Motilal Oswal MOSt Shares M100 ETF Fund ETF 124
Motilal Oswal MOSt Shares M50 ETF Fund ETF 125
Motilal Oswal MOSt Shares NASDAQ - 100 ETF International 150
Peerless Liquid Fund Debt: Liquid Liquid 104
Peerless Short Term Fund Debt: Short Term Income 94
PineBridge India US Equity Fund International 150
PineBridge World Gold Fund International 151
Principal Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 81

Mutual Fund Yearbook 2015 9

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Index of Funds - Alphabetical
Principal Global Opportunities Fund International 151
Principal Growth Fund Equity: Multi Cap Stable Growth 64
Principal Tax Savings Fund Equity: Tax Planning Aggressive Growth 71
Quantum Index Fund ETF 126
Quantum Long Term Equity Fund Equity: Large & Mid Cap Stable Growth 59
Quantum Tax Saving Fund Equity: Tax Planning Stable Growth 51
R*Shares Banking ETF ETF 127
R*Shares CNX 100 ETF ETF 128
R*Shares Consumption ETF ETF 129
R*Shares Dividend Opportunities ETF ETF 130
R*Shares Nifty ETF ETF 131
Reliance Regular Savings Fund - Debt Option Debt: Income Income 91
Reliance Small Cap Fund Equity: Mid & Small Cap Aggressive Growth 82
Reliance Tax Saver Fund Equity: Tax Planning Aggressive Growth 72
Religare Invesco Equity Fund Equity: Large & Mid Cap Stable Growth 60
Religare Invesco Nifty Exchange Traded Fund ETF 132
SBI Bluechip Fund Equity: Large & Mid Cap Stable Growth 61
SBI Magnum Inc.- FR Plan - Savings Plus Bond Debt: Ultra Short Term Liquid 100
SBI Magnum Midcap Fund Equity: Mid & Small Cap Aggressive Growth 83
SBI Magnum Taxgain Scheme Equity: Tax Planning Conservative Growth 36
SBI Sensex ETF ETF 133
Sundaram Global Advantage Fund International 152
Sundaram Select Debt Short Term Asset Plan Debt: Short Term Income 95
Tata Balanced Fund Hybrid: Equity-oriented Conservative Growth 41
Tata Dynamic Bond Fund Debt: Income Income 92
Tata Growing Economies Infrastructure Fund International 152
Tata Money Market Fund Debt: Liquid Liquid 105
Tata Pure Equity Fund Equity: Large Cap Conservative Growth 45
Taurus Liquid Fund Debt: Liquid Liquid 106
Taurus Ultra Short Term Bond Fund Debt: Ultra Short Term Liquid 101
Templeton India Equity Income Fund Equity: Multi Cap Stable Growth 65
UTI Dynamic Bond Fund Debt: Income Income 93
UTI Equity Fund Equity: Large Cap Conservative Growth 46
UTI Mid Cap Fund Equity: Mid & Small Cap Aggressive Growth 84
UTI Short Term Income Fund Debt: Short Term Income 96

10 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Foreword

When you go to a restaurant to eat out, what kind of place do you pre-
fer? Are you the kind of person who likes a set thali meal, or one who
chooses la carte out of the menu, or one who likes to go to a buffet
and create a meal out of what the chef has laid out?
No, this isnt a book on food; this is still a book on investing. Even
so, the question on your restaurant preferences is very much like ask-
ing how you use Value Research. We have an array of digital and print
offerings on investing, and within those there are thalis, buffets as
well as la carte menus. In fact, we also have everything you need to
learn investing so that you can go ahead and be a chef in your own
kitchen!
So where does this Mutual Fund Yearbook fit in? Well, its like a
buffet one where our chefs have limited the choice to a set of care-
fully chosen dishes from our full menu. From this buffet, you can pick
and choose and create any kind of meal that youd like to have. And
you can do so with complete confidence that all the dishes will be
tasty, healthy, nutritious and satisfying!
The reason why something like this book is needed is, of course, to
deal with the embarrassment of plenty that the Indian fund investor
is faced with. There are over 2,400 mutual funds in India, up 22 per
cent from 2,000 when Yearbook 2014 was published and from 1,600
when the first Yearbook was published in 2008.
These numbers are ridiculous. Personally, if you ask me, I would
say that no AMC needs to have more than ten funds: two or three
equity funds, one ELSS fund, a couple of hybrid funds and perhaps
threefour fixed income funds. In an ideal world, each AMC would run
a minimal number of funds and concentrate on running them well.
Obviously, the reality is nothing like that. What our Yearbook does
is it delivers to you a situation that is effectively like the ideal sce-
nario. We have narrowed down thousands of funds to 63 funds of five
types. These funds are all you need to create a portfolio of mutual
funds that are suited to any type of investing need. However, the
Yearbook is also a lot more than just a listing. Its effectively a toolkit
that helps you do the entire job.

Mutual Fund Yearbook 2015 11

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Foreword

In the pages that follow, you will find three types of tools that will
help with mutual fund investing. Firstly, there are articles that will
teach you the basics of fund investing and constructing a portfolio
suited to your needs. Then there is the core of the book, which is a set
of funds that have been hand-picked by our analysts to serve any
kind of investing need. And thirdly, there is a comprehensive fund
scorecard with details of all mutual funds. The way we classify funds
as per different needs in this book is different from, and complemen-
tary to, the standard Value Research classification system. The Value
Research classification system is based on what funds are, while the
classification system used in this book is based on what you will use
the funds for.
As in all the years earlier, this book can be used both as a source
book for exactly what to do as well as a learning aid. Wed like you to
start with the former, if necessary, and graduate to the latter eventu-
ally. The Yearbook is designed to help you think and learn about what
you need. It will show you how you can create your own unique invest-
ing solution that is suited to your own needs.
Best wishes and happy investing!

Dhirendra Kumar
Chief Executive
Value Research

12 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Its an unfortunate fact that most of us
like to spend the least amount of time
on the most important things because
they are so boring. So, in case your
eyelids have started getting heavy at
the thought of reading five pages on
how to build a portfolio,
heres a two-minute version:
Make a list of likely future financial needs, listing the amounts
needed and the likely dates. These should be specific goals,
ranging from emergency fund all the way to retirement.
For goals that are further than about seven years, invest in bal-
anced funds or equity funds through SIPs.
For shorter-term goals, invest in fixed-income funds.
Reading the points above may not have taken even two minutes.
And if you are familiar with the basics of mutual funds, this is gen-
uinely all you need to know no exaggeration! However, we do
hope that the points will help whet your appetite for a slightly more
detailed understanding of what you need to do in order to build,
track and maintain a portfolio suited to your needs.

Mutual Fund Yearbook 2015 13

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Build a Winning Portfolio

Build, Track and


Maintain the
Perfect Portfolio

14 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Build a Winning Portfolio

Set Your Goals


Predicting the future is not all that difficult.
The big financial needs of your life are mostly
predictable. Once they grow up and start
working, people get married, have children,
buy a house, educate their children and retire.
There are individual variations, of course.
For example, some spend a big amount on
their childrens weddings, and some are
lucky enough to have an inherited house and
even rental income to take care of retirement. Of course, there are unfore-
seen emergencies, but those have to be tackled separately. However, its
not difficult to make a rough estimate of the big-ticket ones.
The most important question you will need to answer is this: How
much should I invest? We have created a simple way of finding this out.
The accompanying table shows you how much you need to invest every
month in order to accumulate `10 lakh in a given period. To help you
see the difference between different kinds of investments, we have
shown typical figures that
Monthly Investment (`) Needed to
you can expect from a
Accumulate `10 Lakh
post office recurring
Typical Typical Conservative
deposit, a typical balanced Period (Years) Post Office RD Balanced Fund Equity Fund
fund and a typical conser- 10 5,400 4,450 3,600
vative equity fund. You 15 2,850 2,100 1,500
can just double the invest- 20 1,650 1,100 650
ment sum to `20 lakh or
halve it to `5 lakh and so on.

Choosing Funds
In Value Researchs way of thinking, goals that need to be fulfilled in the
short term are fundamentally different from long-term goals. Short-term
goals are best fulfilled using fixed-income investments. These could be a
bank or a post office deposit, or a fixed income fund.
However, long-term financial goals are best fulfilled using a portfolio
comprising of equity mutual funds. Equity is the only type of asset that can
ensure that your money grows faster than inflation and does not actually
lose value. However, equity mutual funds can be volatile and thus are suit-
able only for long-term investments. Over the short term, the ups and
downs of the stock market could very well lead to temporary losses.
Because of this, we do not recommend investing in equity mutual funds if
your financial goal is nearer than about five to seven years.

Mutual Fund Yearbook 2015 15

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Build a Winning Portfolio

After you have figured out how much to invest in different kinds of
funds, you need to choose what the actual funds are that you have to
invest in. Normally, investors tend to choose funds based on their
recent performance. However, in this book, we have for you a different,
far easier way of choosing funds. This is the way of selecting funds
where our analysts have done almost the entire job, and we have put
in the time and effort to prepare a ready list of funds for you to invest
in and create a portfolio with.
The most distinctive thing about this approach is the simple and
self-evident mapping from your investment goals to the kind of fund
that you should be investing in. Whereas the core categorisation sys-
tem that you see on our website would say that some fund is Hybrid
Equity Oriented (among 25 other categories), this book has just five
simple classes of funds: conservative
growth, stable /moderate growth, aggres-
sive growth, income funds and liquid funds.
This is the pinnacle of simplicity. Hardly
anything but the names are needed for an
investor to figure out which class of funds
best suits his needs.
Within each of these classes, there are
funds of two or three categories whose pur-
pose becomes easy to understand, given the
context. All in all, you will rarely have to understand and evaluate more
than three or four funds for a given purpose. Moreover, you neednt do
even this much. These are hand-picked funds, which our analysts have
selected. There is a choice, but you wont go wrong even if you pick one
randomly or indeed distribute your investments across a number of them.
Unlike what is normally done, this book incorporates tax-saving
(ELSS) funds in the same framework instead of giving them a separate
category of their own. In fact, depending on their investment strategies,
tax-saving funds have been split between our Stable Growth and
Aggressive Growth categories. The logic is simple: tax savers are invest-
ments first and tax savers later. If your investment needs are better met
by a more conservative tax saver, then you must select for that charac-
teristic first.

Numbers Matter, but so Do Opinions


The key feature of fund analysts choices is the two-step method of
selection. Firstly, there is the normal quantitative, number-driven

16 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Build a Winning Portfolio

method that is based on the same inputs


as our ranking, star ratings and other
data. We look at returns, risk measures,
portfolio construction and a number of sta-
tistical measures.
However, the second layer of evaluation
is more important as it is what makes fund
analysts choices unique. This level of selec-
tion is qualitative. It is based on the opinion
that our team has about the fund, the AMC,
the fund manager, objective of the fund, the prospects of the countrys
economy, etc.
An important source of inputs is the access that Value Research has
to fund managers and chief investment officers (CIOs). As the countrys
most influential mutual fund research house for decades, we have
earned the privilege of being able to directly access anyone in the fund
industry. This directly benefits our readers by enhancing the quality of
our analyses.

How Many Funds?


How many funds should your portfolio ide-
ally have? After all, it is entirely possible to
invest in just one balanced fund and be
done with your portfolio. While this ultra-
simple approach has its good points, in
practice you should diversify because any
individual fund manager can make mis-
takes. Moreover, diversification helps you
guard against such mistakes.
In our view, two or three equity funds and one or two debt funds are
enough for each type of fund that you need. So, if you want a portfolio
that needs conservative equity funds and liquid funds, then two liquid
funds and perhaps three equity funds are good enough. Beyond this,
you are adding complexity to portfolio management without getting any
additional stability.

Track and Maintain Your Portfolio


Even a great portfolio must be monitored and must evolve to suit chang-
ing conditions. One major reason for this is that formerly good funds
could start consistently underperforming. Of course, you must not jump

Mutual Fund Yearbook 2015 17

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Build a Winning Portfolio

the gun and fire a fund for short periods of


underperformance. But if a fund is perform-
ing considerably worse than others funds of
the same type for more than a year, you
should think of switching to a better per-
forming fund.
The other reason for changing a portfolio
is that you are approaching the time when
you will need the money. A portfolio that
started out as a five-year, medium-term
investment will be a short-term portfolio four years later. The solution
is clear; portfolios must be reworked as the time to liquidate them gets
closer. Otherwise, your hard-earned equity returns could get wiped out
in a bear market just when you need the money. As the time approach-
es closer, you must start moving the money into debt funds gradually,
perhaps a year or two in advance, which is crucial to protect your
returns.

Peace of Mind
In a nutshell, portfolio construction is not
rocket science. All it requires is a great deal
of carefully thought-out systematic actions.
Besides great returns with the right amount
of risk, the most important payoff from
building a portfolio methodically is the
peace of mind it provides to investors. You
will know what you are doing and why you
are doing so, and you will sleep peacefully at
night without worrying about the fate of
your investments.

18 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


SIP returns
How much is `10,000 monthly SIP over the past 15 years, adding up to `18 lakh, worth today?
15-year history
15 Year 15 Year
Scheme Name Rating Returns (%) Value (` Lakh) Scheme Name Rating Returns (%) Value (` Lakh)
Reliance Growth Fund 27.31 175.99 Baroda Pioneer ELSS 96 Fund 16.40 67.94
Franklin India Prima Fund 26.16 159.08 HDFC Large Cap Fund Not Rated 16.04 65.88
SBI Magnum Global Fund 25.73 153.21 LIC Nomura MF Growth Fund 15.81 64.59
HDFC Equity Fund 25.68 152.53 Principal Balanced Fund 15.17 61.15
HDFC Taxsaver Fund 25.09 144.82 Principal Index Fund - Nifty 14.94 59.97
HDFC Top 200 Fund 25.00 143.69 Taurus Discovery Fund 14.58 58.17
SBI Contra Fund 24.92 142.72 LIC Nomura MF Equity Fund 14.25 56.54
ICICI Prudential Tax Plan 24.65 139.36 JM Equity Fund 14.01 55.42
SBI Magnum Taxgain Scheme 24.53 137.87 JM Balanced Fund 13.18 51.66

Reliance Vision Fund
DSP BlackRock Equity Fund
24.34
23.70
135.56
128.22
5- and 10-year history
5 Year 10 Year
Franklin India Prima Plus Fund 23.59 127.02 Return Value Return Value
HDFC Prudence Fund 23.39 124.83 Scheme Name Rating (%) (` lkhs) (%) (` lkhs)
HDFC Capital Builder Fund 23.32 124.00 ICICI Pru Value Discovery Fund 29.73 11.95 23.54 40.29
Franklin India Taxshield Fund 22.58 116.24 Sundaram Select Midcap Fund 27.31 11.31 21.61 36.40
SBI Magnum Multiplier Plus Scheme 22.44 114.81 UTI Mid Cap Fund 33.00 12.85 21.43 36.06
Birla Sun Life Equity Fund 22.38 114.29 SBI Magnum Global Fund 27.57 11.38 20.33 34.03
Sundaram Taxsaver 21.95 109.99 HDFC Equity Fund 23.00 10.26 20.03 33.50
Franklin India Bluechip Fund 21.71 107.74 Franklin India Prima Fund 29.96 12.01 20.03 33.48
Templeton India Growth Fund 21.45 105.37 SBI Emerging Businesses Fund 25.10 10.76 19.69 32.89
Tata Pure Equity Fund 21.40 104.87 Canara Robeco Equity Tax Saver 21.15 9.84 19.65 32.83
Birla Sun Life Tax Plan 21.11 102.30 L&T Midcap Fund 28.07 11.51 19.51 32.59
Taurus Starshare Fund 20.83 99.80 HDFC Prudence Fund 21.98 10.03 19.46 32.49
UTI Equity Fund 20.68 98.50 Tata Equity PE Fund 23.90 10.47 19.15 31.98
Kotak 50 20.36 95.82 Birla Sun Life Frontline Equity Fund 22.39 10.12 19.15 31.97
Tata Balanced Fund 20.31 95.40 Franklin India Prima Plus Fund 23.87 10.47 19.12 31.93
Sahara Tax Gain Fund 19.96 92.52 Tata Midcap Growth 29.09 11.78 19.05 31.81
ICICI Prudential Top 100 Fund 19.96 92.52 HDFC Balanced Fund 23.05 10.27 19.01 31.74
SBI Magnum Equity Fund 19.88 91.87 Franklin India Taxshield Fund 24.28 10.57 19.00 31.72
Tata Tax Saving Fund 19.70 90.40 HDFC Top 200 Fund 20.99 9.80 18.98 31.69
Birla Sun Life 95 Fund 19.53 89.15 ICICI Pru Tax Plan 24.39 10.59 18.79 31.38
Birla Sun Life Tax Relief 96 19.48 88.72 ICICI Pru Dynamic Fund 21.22 9.85 18.72 31.26
Canara Robeco Balance Fund 19.32 87.49 HDFC Childrens Gift - Investment Plan 23.15 10.30 18.72 31.25
Principal Tax Savings Fund 19.31 87.43 ICICI Pru Midcap Fund 29.80 11.96 18.61 31.07
DSP BlackRock Balanced Fund 18.30 80.07 HDFC Capital Builder Fund 23.44 10.36 18.58 31.03
Birla Sun Life Advantage Fund 18.19 79.36 Birla Sun Life Mid Cap Fund 23.06 10.27 18.49 30.88
ICICI Prudential Balanced Fund 18.03 78.21 Tata Balanced Fund 22.65 10.18 18.35 30.66
Franklin India Balanced Fund 17.93 77.56 HDFC Taxsaver Fund 22.96 10.25 18.27 30.53
UTI Mastershare Fund 17.80 76.67 Birla Sun Life Dividend Yield Plus 20.43 9.68 18.26 30.50
Sundaram Growth Fund 17.78 76.54 DSP BR Equity Fund 20.36 9.66 18.24 30.47
Taurus Tax Shield Fund 17.73 76.21 UTI Equity Fund 22.55 10.16 18.06 30.19
Taurus Bonanza Fund 17.47 74.56 SBI Magnum Multiplier Plus Scheme 22.31 10.10 17.86 29.87
UTI Equity Tax Savings Fund 16.93 71.14 Sahara Midcap Fund 22.83 10.22 17.80 29.79
Kotak Balance 16.80 70.33 Tata Dividend Yield Fund 19.76 9.53 17.74 29.68

Mutual Fund Yearbook 2015 19

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


5 Year 10 Year 5 Year 10 Year
Return Value Return Value Return Value Return Value
Scheme Name Rating (%) (` lkhs) (%) (` lkhs) Scheme Name Rating (%) (` lkhs) (%) (` lkhs)
Canara Robeco Equity Diversified 19.72 9.52 17.68 29.59 DWS Investment Opportunity Fund 17.41 9.03 14.37 24.88
Birla Sun Life 95 Fund 20.71 9.74 17.58 29.44 Birla Sun Life Asset Allocation - Agg. 15.68 8.67 14.36 24.87
Reliance Growth Fund 20.62 9.72 17.51 29.34 Goldman Sachs Nifty ETS Fund 16.97 8.94 14.23 24.71
Tata Ethical Fund 22.27 10.09 17.36 29.10 Principal Personal Tax Saver Fund 18.97 9.36 14.15 24.60
Reliance NRI Equity Fund 19.54 9.48 17.29 28.99 Principal Growth Fund 23.51 10.38 14.06 24.48
Canara Robeco Balance Fund 20.40 9.67 17.21 28.88 Escorts Growth Fund Not Rated 20.88 9.78 13.98 24.38
Sahara Tax Gain Fund 19.30 9.43 17.14 28.77 Principal Dividend Yield Fund 18.52 9.26 13.76 24.11
Birla Sun Life Equity Fund 23.09 10.28 17.04 28.62 Franklin India Index - NSE Nifty Plan 16.59 8.86 13.52 23.80
Kotak Opportunities 21.07 9.82 17.03 28.60 UTI Nifty Index Fund 16.79 8.90 13.47 23.74
SBI Magnum Equity Fund 19.93 9.57 17.02 28.58 Taurus Discovery Fund 24.99 10.74 13.45 23.72
HDFC Long Term Advantage Fund 22.02 10.03 17.01 28.56 UTI Balanced Fund 16.83 8.91 13.43 23.70
Templeton India Growth Fund 19.63 9.50 16.86 28.34 Principal Balanced Fund 17.99 9.15 13.41 23.67
SBI Magnum Taxgain Scheme 22.32 10.10 16.85 28.34 UTI CCP Advantage Fund 18.79 9.32 13.38 23.63
ICICI Pru Top 100 Fund 21.27 9.86 16.85 28.33 Tata Index Nifty Fund 16.41 8.82 13.36 23.61
ICICI Pru Balanced Fund 23.01 10.26 16.64 28.02 Baroda Pioneer ELSS 96 Fund 19.66 9.51 13.24 23.46
DSP BR Top 100 Equity Fund 17.70 9.09 16.63 28.01 Sundaram Select Focus Fund 15.50 8.64 13.19 23.40
HDFC Growth Fund 17.80 9.11 16.62 27.99 ICICI Pru Advisor Sr - LT Savings Plan 14.65 8.47 13.17 23.38
DSP BR Opportunities Fund 20.48 9.69 16.60 27.97 Escorts Balanced Fund Not Rated 19.27 9.42 13.15 23.35
ICICI Pru Top 200 Fund 21.92 10.01 16.56 27.91 UTI Equity Tax Savings Fund 18.53 9.26 13.13 23.33
Franklin India Bluechip Fund 18.30 9.21 16.53 27.87 Principal Index Fund - Nifty 16.72 8.88 13.06 23.24
ICICI Pru Child Care Plan - Gift Plan 22.54 10.15 16.46 27.76 Kotak Balance 15.47 8.63 13.05 23.23
Goldman Sachs Nifty Junior BeES 19.96 9.57 16.30 27.53 Birla Sun Life Index Fund 16.24 8.79 13.04 23.22
Birla Sun Life Tax Relief 96 22.48 10.14 16.24 27.44 Tata Index Sensex Fund 16.50 8.84 13.03 23.20
BNP Paribas Equity Fund 23.02 10.27 16.09 27.23 HSBC Equity Fund 15.64 8.67 12.93 23.08
Reliance Vision Fund 21.26 9.86 16.00 27.10 HDFC Index Fund - Sensex Plan 17.29 9.00 12.92 23.07
HSBC India Opportunities Fund 23.30 10.33 15.95 27.03 SBI Nifty Index Fund 16.29 8.80 12.87 23.01
HDFC Index Fund - Sensex Plus Plan 18.39 9.23 15.93 27.00 LIC Nomura MF Growth Fund 18.33 9.22 12.69 22.80
Tata Equity Opportunities Fund 21.13 9.83 15.91 26.97 Birla Sun Life Tax Savings Fund 17.76 9.10 12.66 22.77
Birla Sun Life Tax Plan 23.10 10.28 15.80 26.82 HDFC Index Fund - Nifty Plan 16.91 8.92 12.63 22.73
Tata Pure Equity Fund 17.93 9.14 15.80 26.81 LIC Nomura MF Equity Fund 18.41 9.24 12.59 22.69
SBI Magnum Balanced Fund 21.05 9.82 15.77 26.77 LIC Nomura MF Index-Sensex Plan 16.75 8.89 12.48 22.55
Franklin India Balanced Fund 20.46 9.68 15.74 26.72 LIC Nomura MF Tax Plan 19.89 9.56 12.25 22.28
Sundaram Taxsaver 18.98 9.36 15.69 26.66 Sundaram Growth Fund 15.05 8.55 12.23 22.26
HDFC Core & Satellite Fund 18.87 9.34 15.63 26.58 HDFC Large Cap Fund Not Rated 15.63 8.66 12.11 22.13
Franklin India Life Stage FoF 20s 18.30 9.21 15.62 26.56 LIC Nomura MF Index-Nifty Plan 16.57 8.85 12.11 22.12
Birla Sun Life Advantage Fund 23.31 10.33 15.52 26.43 LIC Nomura MF Index-Sensex Adv Not Rated 17.05 8.95 11.95 21.95
Tata Tax Saving Fund 21.04 9.81 15.35 26.19 ICICI Pru Advisor Sr - Very Agg. Plan Not Rated 12.24 8.01 11.89 21.87
DSP BR Balanced Fund 17.42 9.03 15.34 26.18 JM Balanced Fund 18.75 9.31 11.43 21.36
UTI Mastershare Fund 19.28 9.42 15.34 26.17 LIC Nomura MF Balanced Fund 15.90 8.72 11.26 21.17
Kotak 50 18.59 9.28 15.22 26.01 Taurus Bonanza Fund 15.48 8.63 11.19 21.10
Franklin India Opportunities Fund 22.22 10.08 15.15 25.92 Sundaram Balanced Fund 12.13 7.99 11.10 21.00
Taurus Starshare Fund 18.84 9.33 15.14 25.91 Baroda Pioneer Balance Fund 15.21 8.58 10.51 20.37
DWS Alpha Equity Fund 19.16 9.40 15.03 25.75 JM Equity Fund 17.43 9.03 10.14 19.98
Principal Tax Savings Fund 23.82 10.45 14.86 25.53 LIC Nomura MF Unit Linked Insurance 14.77 8.49 10.06 19.90
ICICI Pru SPIcE Fund Not Rated 18.13 9.18 14.78 25.42 Escorts Tax Plan Not Rated 13.16 8.18 7.18 17.17
Baroda Pioneer Growth Fund 17.68 9.08 14.74 25.37
There are 53 funds including diversified equity funds, tax planning funds and balanced funds,
SBI Contra Fund 17.43 9.03 14.65 25.25
that have a 15-year history. If you had invested `10,000 monthly SIP adding up to `18 lakh
Taurus Tax Shield Fund 16.12 8.76 14.61 25.20 over the past 15 years, it would have grown to `52 lakh in the worst case and `1.76 crore in
Sahara Growth Fund 16.29 8.80 14.55 25.12 the best case.

ICICI Pru Index Fund 17.28 9.00 14.49 25.04

20 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Track your Portfolio

reating a good portfolio is only the first step. To make sure that

C you actually achieve those goals, you will need to make sure that
the portfolio stays suitable for your goals over the long-term
continuosly. As time passes, many things change, which need to be
monitored and adjusted. The biggest problem that investors face in
monitoring their portfolios is lack of information. To be able to track
various aspects of your investments that need to be monitored, you need
an easy and automated way of analysing your investments in detail. This
isnt easy for an individual investor to do.
Fortunately, Value Research provides a set of highly sophisticated,
yet completely free web-based service tools that will do exactly that.
These tools are built into the revolutionary Portfolio Manager on
ValueResearchOnline.com. To use it, all you have to do is to visit the site
and register. Once you have registered, just click on the My Portfolio
link to create your portfolio and enter details of the funds (and stocks)
that you have invested in. You can create up to five different portfolios to
track separate financial goals.
And heres a list of what you should track, along with details of how
the Value Research Portfolio Manager will help you do that.

Mutual Fund Yearbook 2015 21

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


How to Track your Portfolio

TO TRACK USE FEATURE


Current portfolio value and gains The Snapshot view of the portfolio tells you
the latest value of each individual holding,
as well as the total. Total returns and gains
are also available for the portfolio as a
single entity. This data is updated every
evening soon after the fund companies
release the days NAVs. It is based on the
live prices in case of stocks.
Returns generated by individual The Snapshot view gives the internal rate
investments. Use this to monitor of return for each investment. You can go to
whether investments are the Gain & Loss view to get a detailed
generating the rate of return that analysis of returns. The rupee gains, split
you expect and if any investment is into realised and unrealised are available for
underperforming any other each investment.
Whether the target asset allocation The Analysis view tells how much of your
is holding true. Each of your money is in debt and how much in equity.
portfolios should have a target
equity and debt percentage, as
explained in Build a Winning
Portfolio. As either of the two earn
more than the other, this balance
deviates from what it should be
What your exposure to specific The Analysis view tells how much of your
sectors and companies is money is in which sector and in which
specific company.
News about the funds you have The News view has links to all news and
invested in articles on ValueResearchOnline.com
related to the funds you have invested.
How your funds have done in The Index Compare view lets you compare
comparison to the stock market any of your funds with any stock market
indices index. The software automatically generates
a graph to help you visualise the difference
to ascertain how your fund has fared
compared to the market index.
Investment performance of various The Performance view gives you the
funds returns that each fund generated over
standard periods like 1-week, 1-month,
1-year, 3-years and 5-years besides the
funds rank in its own category.

22 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Value Research Fund Classification

The over 150 funds in the Yearbook 2015 are selected from a universe
of nearly 2,500 funds that are in operation in India. Value Research
divides this entire universe into 27 categories. The reason for such an
approach is to enable every possible type of investor to build a portfo-
lio from a combination of funds. The investor profile can vary from an
aggressive risk-taker in equities, to a retired person looking for a
monthly income, to a CFO looking to park a huge chunk of cash over
a weekend. In short, anything that an investor needs, funds for that
purpose can be sifted from this list.
Of the 27 categories, 12 are pure equity categories, 6 are hybrids
(equity and debt) and 8 are pure debt categories with the last one
being gold. For equity fund categories, the basic characteristic that is
used to slot funds is the size (market capitalisation) of the companies
that these funds invest in, except the tax planning category which
consists of all funds that are compliant with the section 80C of the
Income Tax Act. For hybrid fund categories, the categorisation is
based on the balance between debt and equity that a fund maintains.
For debt fund categories, funds are slotted according to the residual
maturity of the securities they invest in. Across all these three cate-
gories, the underlying principle is to slice the universe along a risk-
return continuum.
This process serves two goals. First, readers can zero in on the exact
balance of risk and return that they are looking for; and second, funds
can be compared with others that are genuinely their peers without the
comparison getting muddied by whatever marketing positioning a fund
might take. The entire categorisation is based on the actual portfolios
that the fund managers are running, and not their self-stated inten-
tions. The actual portfolios that have been considered are those spread
over the last three years and the Value Research fund rating and both
the fund Scorecard, rest on this fund classification.

Mutual Fund Yearbook 2015 23

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Value Research Fund Classification

Equity Funds Debt Funds Hybrid Funds


Large-Cap: Funds with more than 80 per cent Income: Funds which can Equity-oriented: Hybrid
of assets in large-cap companies over the last vary their average maturity funds whose average equity
three years widely, as per their declared exposure over the last one
Large & Mid-Cap: Funds with between 60 to objective year is greater than 60 per
80 per cent of assets in large-cap companies Gilt: Medium & Long-term: cent
over the last three years Funds which invest in gilt Debt-oriented Aggressive:
Multi-Cap: Funds with between 40 to 60 per securities and can vary their Hybrid funds whose average
cent of assets in large-cap companies over the average maturity widely, as equity exposure over the last
last three years per their declared objective one year is between 25 and
Short-Term: Funds whose 60 per cent
Mid & Small-Cap: Funds with at least 60 per
cent of assets in small and mid-cap companies average maturity over the last Debt-oriented
over the last three years 6 months is between 1 year Conservative: Hybrid funds
and 4.5 years whose equity exposure over
Tax Planning: Funds which offer a tax rebate the last one year is less than
under section 80C of the Income Tax Act Gilt: Short Term: Funds
which invest in gilt securities 25 per cent
International: Funds with more than 65 per cent and whose average maturity Arbitrage: Funds which seek
of assets invested abroad over the last 6 months is returns from arbitrage
Sector Funds between opportunities between equity
Banking sector funds: as per declared 1 year and 4.5 years and derivatives, and invest in
objective Ultra Short Term: Funds debt when no arbitrage is
whose average maturity over possible
FMCG funds: as per declared objective
the last 6 months is less than Asset Allocation: Funds
Infrastructure sector funds: as per declared 1 year, but which are not which may invest fully in
objective liquid funds equity or debt depending on
Pharma sector funds: as per declared Liquid: Funds which do not the market conditions
objective invest any part of assets in Miscellaneous: Other funds,
Technology, IT sector funds: as per declared securities with a residual which cannot be classified in
objective maturity of more than 91 any of the existing categories
Miscellaneous: Other funds, which cannot be days and which do not have the
classified in any of the existing categories and FMPs: tenure fixed by the numbers to warrant a
which do not have the numbers to warrant a issuer separate category such as
separate category such as Birla Sun Life Buy Axis Triple Advantage,
India, Reliance Diversified Power Sector Retial Peerless MF Child and
and TATA Life Sciences and Technology Fidelity India Childrens
amongst others. Marriage amongst others

24 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Reading a Fund Report - Equity

Value Research Rating, Risk and Return


Fund Performance vs Index
z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an
equity fund has generated over the previous five years, while taking into account the risks that the fund has The graph has been prepared to
Top Holdings taken. This rating is relative to other fund of the same type. show the funds performance over
A detailed report about the invest- z Return Grade : A measure of funds risk adjusted return compared to its peers the benchmark over the years.
ment portfolio of a fund. z Risk Grade : A measure of funds risk of loss compared to its peers Above the graph, the funds invest-
Equity Holding: The name of each z Launch : The launch date of the fund ment style is portrayed in each year
company, its sector, the maxi- z Benchmark : The index against which the fund compares its performance has been shown.
mum allocation in the last 3-years z Category : The Value Research category under which the fund is classified. Below the graph is the quartile
and the minimum allocation in the z Net Assets (` Cr) : The Net Assets of the fund position of the fund in each calen-
company has seen in the last 3- z Plans & NAV : The NAV under its Growth and Dividend plans dar year.
years. It also has the current allo-
cation of the portfolio as Assets.

History
Top Sector Weights Birla Sun Life Frontline Equity Fund 
Risk Data on the funds performance since
The percentage of the equity invest- Return 19,000
its launch.
Launch : August 2002
ments of the fund that fall under each z NAV (Year End) : The last NAV
16,000
Benchmark : S&P BSE 200
Category : Equity: Large & Mid Cap Fund 13,000
sector of the economy. Net Assets (` Cr) : 7377.56 S&P BSE 200 10,000 of each year.
Plans & NAV : Growth (157.04), Dividend (29.00) (Index is continuously
rebased to 10,000)
7,000 z Total Return : The percentage
Top Holdings (%)
Company Sector 3Y-High 3Y-Low Assets returns that an investor would
History 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 5.19 1.75 5.05
have got over the year.
Portfolio Characteristics & Fund ICICI Bank Financial 6.72 3.82 4.78 NAV (`) 33.94 50.13 81.34 41.89 79.78 94.70 72.99 99.32 108.51 157.04
ITC
Tata Motors
FMCG
Automobile
6.42
3.22
3.61
0.00
3.69
3.21
Total Return (%)
+/- CNX Nifty (%)
41.77 47.70 62.26 -48.50 90.45 18.70 -22.93 36.07 9.25 44.72 z +/- : In the given year, a compari-
5.43 7.87 7.49 3.29 14.69 0.75 1.69 8.37 2.49 13.33

Style State Bank of India


Infosys
Financial
Technology
3.34
6.35
0.44
2.18
3.17
3.13
+/- S&P BSE 200 (%)
Rank (Fund/Category)
7.97 8.12
5/41
1.82 7.96 1.94 2.48 4.02 5.09 4.87
12/48 12/59 14/61 24/65 34/69 10/73 11/74 61/119
9.25 son of the funds returns with that
Reliance Industries Energy 6.37 2.09 2.73 52 Week NAV High (`)
20/31
33.94 50.76 81.46 83.52 79.78 97.94 95.16 99.59 108.51 160.72
of two stock market indices
Portfolio Characteristics: Total num- HCL Technologies
HDFC
Technology
Financial
3.89
4.97
0.42
1.72
2.49
2.39
52 Week NAV Low (`) 22.34 32.26 46.06 36.49 36.44 74.37 71.96 72.94 88.64 102.92 z Rank : The funds performance
Expense Ratio (%) (Sep.) 2.50 2.50 2.35 2.31 2.09 1.88 1.85 1.86 2.48 2.21
ber of stocks and bonds that are part Tech Mahindra Technology 3.16 0.00 2.36 Net Assets (` Cr) 140.54 124.74 374.84 367.25 1603.8 2719.8 2805.9 2935.7 3585.8 7377.6 rank within its category for the
Larsen & Toubro Diversied 4.84 2.11 2.28
of the portfolio. Aggregate measures Axis Bank Financial 2.55 0.00 2.26 year and the total number of
Trailing Returns (%) Quarterly Returns (%)
regarding the funds investments. The Wipro Technology 2.52 0.00 2.16
Return Rank S&P BSE SIP Year Q1 Q2 Q3 Q4 funds out of which it has been
Indusind Bank Financial 3.09 1.35 2.11 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
market capitalisation, P/B ratio and Motherson Sumi Sys Automobile 2.11 0.00 2.06 1-Year 44.72 45.20 61/119 35.47 45.51 2014 7.06 18.65 5.45 8.04 ranked.
Grasim Industries Diversied 2.86 1.52 2.04
P/E ratio are weighted averages of the ING Vysya Bank Financial 2.27 1.23 2.00
3-Year
5-Year
29.04
14.50
26.15
12.73
17/62
17/57
22.76
9.47
31.23
20.86
2013
2012
-4.68
13.81
2.66
1.00
-0.30
9.87
11.98
7.75 z 52-Week NAV Range : The high-
latest numbers of the companies that Cummins India
Maruti Suzuki India
Engineering
Automobile
2.81
2.67
1.59
0.00
1.91
1.81
10-Year 20.68 18.26 5/23 14.47 18.63 2011 -5.07 -1.62 -11.19 -7.07 est and the lowest NAV that the
15-Year - - - - - 2010 1.23 2.58 12.88 1.27
the fund is invested in. Three Year Federal Bank Financial 1.85 0.00 1.79 Return less than 1-year are absolute and over 1 year are annualised fund recorded during that year
Earnings Growth is the weighted aver- Top Sector Weights (%) Best & Worst Returns (%) Risk Measures z Expense Ratio : The percentage
Fund S&P BSE 200 Cat Average
age of the compounded average Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month
Period
11/05/09 - 10/06/09
Fund
33.57
S&P BSE 200
35.82 Standard Deviation 15.42 16.00 15.40 of the average daily assets that
Financial 33.35 29.61 33.35 19.71
growth in the net profits of each com- Technology 11.84 12.31 16.66 9.60
Worst 1-Month 24/09/08 - 24/10/08 -30.85 -37.49 Sharpe Ratio
Beta
1.31
0.99
0.95
-
1.17
0.95
the fund charged as its manage-
Best 3-Month 09/03/09 - 10/06/09 80.16 94.73
Automobile 11.00 9.23 12.83 6.31
pany. Energy 7.99 11.10 17.42 7.00
Worst 3-Month 02/09/08 - 02/12/08 -35.11 -44.03 R-Squared 0.96 - 0.88 ment expenses during the year.
Best 1-Year 09/03/09 - 11/03/10 117.37 124.07 Sortino Ratio 2.54 1.84 2.26
Fund Style : A nine-cell matrix of the FMCG
Healthcare
7.95
5.60
10.36
7.11
11.52
8.86
7.07
5.43
Worst 1-Year 04/12/07 - 03/12/08 -50.51 -58.90 Alpha 6.40 - 4.64 z Net Assets : The total amount of
overall style of investment that the Diversied 4.32 4.11 7.76 3.95
Strategy & Review investors assets that the fund was
Engineering 3.19 2.61 4.72 1.86
fund follows, based on its latest portfo- Beating its benchmark in every one of the and 7-year returns are both ahead of the managing at the end of the year.
Portfolio Characteristics FUND STYLE
last ten years, Birla Sun Life Frontline Equity category by a good margin. Returns relative
lio. On the vertical axis, the three steps Total Stocks 73
Investment Style
Growth Blend Value has enjoyed an average Value Research rat- to category have been a little sluggish in
denote the weighted average market
Large Medium Small

Avg Mkt Cap (` Cr) 70113 ing of 4-stars over a decade. True to its 2014, but beat the benchmark. The fund has
Capitalisation

Portfolio P/B Ratio 3.19 name, the fund invests 70-80 per cent of its been an easy winner over three different
capitalisation of the funds invest- Portfolio P/E Ratio 20.81 portfolio in large-cap stocks and the remain- market cycles and is backed by a stable
3Y Earnings Growth (%) 6.89 ing 20-25 per cent in midcaps. The fund management team too.
ments. The horizontal axis denotes, on does not invest in small caps. It has usually
a weighted average basis, whether the Top 5 Holdings (%) Asset Allocation (%)

companies that the fund has invested


Equity
95.74
been overweight in large-caps compared to
its peers. The fund has enhanced large-cap
PORTFOLIO MANAGER
Mahesh Patil (Since November 2005): Quarterly Returns
exposure and cut mid-cap allocations as Patil has a B.E (Electrical), MMS in Finance
markets soared in 2014. It pegs sector and is Chartered Financial Aanalyst from
in are value stocks, growth stocks, or a 19.88
Debt
4.29 weights to the BSE 200 index, only some- ICFAI Hyderabad. Prior to joining Birla Sun
The funds returns over each quarter
blend of the two. Cash Eq times selecting stocks outside the index. Life AMC he has worked with Reliance of the last five years, along with the
-0.03 This discipline has helped ensure that the Infocom Ltd., Motilal Oswal Securities and
fund doesnt fall much more steeply than the Parag Parikh Financial Advisory Services entire years returns
Investment Information market during bear phases. Ltd.
AMC : Birla Sun Life Asset Mgmt Co. Ltd A steady management team has led to
Website : mutualfund.birlasunlife.com continuity of style and market cap bias.

Top 5 holdings and Asset Registrar


Min Inv (`)
: Computer Age Mgmt Services Ltd
: 5,000
Whether up, down or sideways market, this
fund has managed to outperform its bench-
Min SIP Inv (`) : 1,000 mark. A good record at containing downside
Allocation Exchange Availability : BSE, NSE
Exit Load : 1% for redemption within 365 days
in the falling markets has ensured a smooth-

Top 5 holdings: The percentage of All data as on 31/12/2014


er ride for investors too. The funds 5-year
Trailing Returns
allocation to the top 5 holdings of the Performance data for various stan-
fund. dard periods, all ending on December
Asset Allocation: The distribution of 31st. All returns are in percentage.
its investments between equity, debt Strategy & Review Best & Worst Returns & Risk Periods greater than a year are annu-
and cash. alised, shorter periods are not.
Investment Strategy : The structural Measures z Fund : The funds own returns.
guideline that the fund manager will use z Category : The average returns
Best & Worst Returns : The best and
to invest in the securities market. for all funds in the category.
worst one, three and twelve months
Investment Information Analysis : A subjective view on the
periods in the funds history, along with z Rank : The funds rank, out of the
fund by a Value Research analyst. total number of funds in the cate-
Basic investment information for the fund. its benchmark index during the period.
The analysis projects the funds gory
AMC : The name of the AMC All possible periods (rather than just
prospects and takes a view on the ori- z Index : The returns of the funds
Website : The name of the AMC calendar months, quarters and years)
gins and the attributes of the funds benchmark index.
Registrar : The registrar to be reached for information are evaluated for this.
past performance. z SIP Return (Annualised) : The
Min Inv : Minimum amount to be invested in the fund Risk Measures : A range of statistical
Min SIP Inv (`) : Minimum amount required for SIP measures that can be used to evaluate return that an investor would
Exchange Availability : Fund trades on exchanges the performance, risk, and return of a have made by investing in the
Exit Load : Charges on exit from the fund mutual fund funds monthly systematic invest-
ment plan over the period.

Mutual Fund Yearbook 2015 25

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Reading a Fund Report - Hybrid

Top Holdings Value Research Rating, Risk and Return


A detailed report about the invest- z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an Fund Performance vs Index
ment portfolio of a fund. equity fund has generated over the previous five years, while taking into account the risks that the fund has
Equity Holding: The name of each taken. This rating is relative to other fund of the same type. The graph has been prepared to
company, its sector, the maximum z Return Grade : A measure of funds risk adjusted return compared to its peers show the funds performance with
allocation in the last 3-years and z Risk Grade: A measure of funds risk of loss compared to its peers reapect to the benchmark over the
the minimum allocation in the com- z Launch: The launch date of the fund years. Above the graph, the funds
pany has seen in the last 3-years. z Benchmark: The index against which the fund compares its perfomance investment style is portrayed in
It also has the current allocation of z Category: The Value Research category under which the fund is classified. each year.
the portfolio as Assets. z Net Assets (` Cr) : The Net Assets of the fund Below the graph is the quartile
Debt Holding- This has the name z Plans & NAV: The NAV under its Growth and Dividend plans position of the fund in each calen-
of the company, the sector it rep- dar year.
resents, debt instrument it holds,
and the current allocation.

Canara Robeco Balance Fund 


History
Top Sector Weights Risk
Return 19,000
Data on the funds performance since
Launch : January 1993 16,000
its launch.
The percentage of the equity invest- Benchmark
Category
: Crisil Balanced Fund Index
: Hybrid: Equity-oriented Fund 13,000 z NAV (Year End): The last NAV of
ments of the fund that fall under each Net Assets (` Cr) : 268.60 VR Balanced 10,000 each year.
Plans & NAV : Growth (108.01), Dividend Quarterly (Index is continuously
sector of the economy. (80.49) rebased to 10,000)
7,000
z Total Return: The percentage
Top Equity Holdings (%)
Company Sector 3Y-High 3Y-Low Assets
returns that an investor would
History 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ICICI Bank
HDFC Bank
Financial
Financial
5.20
5.05
1.38
2.63
3.36
3.34
NAV (`) 27.60 37.41 53.69 32.93 53.24 62.48 56.38 71.25 74.15 108.01 have got over the year.
Yes Bank Financial 2.32 0.00 2.32
Total Return (%) 43.45 35.54 43.52 -38.67 61.68 17.36 -9.76 26.37 4.07 45.66
z +/-: In the given year, a compari-
Portfolio Characteristics & Fund Indusind Bank
Infosys
Financial
Technology
2.17
5.51
0.00
0.72
2.17
2.13
+/- VR Balanced (%)
+/- CNX Nifty (%)
18.72
7.11
6.69 0.66 1.09 12.38 2.82 8.36 3.83 -2.31 19.71
-4.29 -11.25 13.12 -14.08 -0.59 14.86 -1.33 -2.69 14.27 son of the funds returns with that
Style
Rank (Fund/Category) 3/27 3/28 15/26 8/27 13/24 9/28 5/28 15/29 23/32 21/59
Gulf Oil Lubricants India Energy
HPCL Energy
2.00
2.28
0.00
0.00
2.00
1.76 52 Week NAV High (`) 27.99 38.17 53.69 55.54 53.24 64.92 62.80 71.47 74.15 108.89 of two stock market indices
JK Lakshmi Cement Construction 1.70 0.00 1.70 52 Week NAV Low (`)
Expense Ratio (%) (Sep.)
18.25 27.54 34.65 28.33 28.04 51.36 55.64 56.32 63.38 70.98 z Rank: The funds performance
Portfolio Characterstic : Total number Ahluwalia Contracts
VA Tech Wabag
Construction
Engineering
1.65
1.98
0.00
0.62
1.65
1.54 Net Assets (` Cr)
-
61.44
1.00 1.23 2.44 2.43 2.39 2.38 2.38 2.76 2.80
81.45 96.77 101.57 161.54 186.46 179.20 202.95 194.34 268.6 rank within its category for the
of stocks and bonds that are part of the Tata Motors DVR Automobile 1.76 0.00 1.53
year and the total number of
Federal Bank Financial 1.56 0.00 1.53 Trailing Returns (%) Quarterly Returns (%)
portfolio. Aggregate measures regard- Texmaco Rail & Engg Engineering 1.51 0.00 1.51 Return Rank SIP Year Q1 Q2 Q3 Q4 funds out of which it has been
Credit Analysis & Resear. Financial 1.71 0.00 1.50 VR Bal
ing the funds investments. The market CESC Energy 1.86 0.00 1.48 1-Year
Fund
45.66
Category Fund/Cat
40.22 21/59 25.95
Return
49.37 2014
Jan-Mar
5.34
Apr-Jun
18.86
Jul-Sep
7.48
Oct-Dec
8.25 ranked.
capitalisation, P/B ratio and P/E ratio Top Debt Holdings (%) 3-Year 24.15
15.19
23.37
12.89
15/29
7/26
17.94
9.01
28.35
19.75
2013
2012
-5.28
11.33
0.34
2.53
-0.93
5.48
10.52
4.95 z 52-Week NAV Range: The high-
Company Instrument Assets 5-Year
are weighted averages of the latest Rural Electrication 9.38% 2018-11-06 Bonds 4.66 10-Year 18.82 15.17 3/22 12.26 17.06 2011 -3.47 2.44 -4.44 -4.51
est and the lowest NAV that the
Tata Sons 9.71% 2016-12-13 Debenture 3.55 15-Year 16.10 15.39 4/10 - 19.13 2010 2.99 5.75 9.90 -1.95
numbers of the companies that the fund GOI 9.20% 2030-09-30 CGL 2.71 Return less than 1-year are absolute and over 1 year are annualised fund recorded during that year
is invested in. Three Year Earnings PFC 9.30% 2019-09-04
GOI 8.24% 2033-11-10
Bonds
CGL
1.80
1.80 Best & Worst Returns (%) Risk Measures z Expense Ratio: The percentage
Growth is the weighted average of the Top Sector Weights (%) Best 1-Month
Period
28/04/09 - 28/05/09
Fund
25.70 19.67
VR Bal
Standard Deviation
Fund
12.15
VR Bal
11.57
Cat Average
12.41 of the average daily assets that
compounded average growth in the net Fund CNX Nifty 3Y-High 3Y-Low Worst 1-Month 24/09/08 - 24/10/08 -25.79 -27.46 Sharpe Ratio 1.30 0.91 1.24
the fund charged as its manage-
Financial 19.07 31.74 23.42 12.30 Best 3-Month 09/03/09 - 10/06/09 63.09 50.99 Beta 0.95 - 0.98
profits of each company. Construction 11.16 2.29 11.16 3.19 Worst 3-Month 02/09/08 - 02/12/08 -27.88 -29.77 R-Squared 0.81 - 0.84
ment expenses during the year.
Energy 6.68 12.83 11.51 5.12 Best 1-Year 02/05/05 - 02/05/06 95.61 56.12 Sortino Ratio 2.51 1.79 2.29
Fund Style : A nine-cell matrix of the Technology 5.71 15.72 15.69 4.27 Worst 1-Year 26/10/07 - 27/10/08 -43.75 -43.34 Alpha 5.85 - 4.87 z Net Assets : The total amount of
overall style of investment that the Automobile
Engineering
5.19
5.14
9.29
0.86
7.44
5.14
2.23
1.03 Strategy & Review investors assets that the fund was
fund follows, based on its latest portfo- FMCG 4.31 9.26 11.33 1.90 Canara Robeco Balance is the oldest bal- actual portfolio choices, a combination of managing at the end of the year.
Services 3.83 0.74 3.83 1.38
lio. On the vertical axis, the three steps anced fund. The period since 2001 has seen top-down and bottom up strategy is followed.
Portfolio Characteristics FUND STYLE
Investment Style
it make its mark as a quintessential balanced All things considered, this is a conservatively
denote the weighted average market Total Stocks 59 Growth Blend Value fund, registering substantial gains when the run fund that will deliver mild positive sur-
equity markets are doing well, and limiting prises and almost no negative ones.
Large Medium Small

capitalisation of the funds invest- Avg Mkt Cap (` Cr) 14861


Capitalisation

Portfolio P/B Ratio 2.95 losses in falls. In keeping with its steady
ments. The horizontal axis denotes, on Portfolio P/E Ratio 21.86 performance, it has underperformed the cat-
egory average only for two calendar years in
PORTFOLIO MANAGER
Krishna Sanghvi (Since Sep 2012): He is a
3Y Earnings Growth (%) -4.42
a weighted average basis, whether the
companies that the fund has invested
Top 5 Holdings (%) Asset Allocation (%)
Equity
the last ten. In the comparison with the
benchmark, this fund comes off even better.
B.Com (H), CWA from ICWAI, Master of
Management Studies (Finance) from Quarterly Returns
Except for a lag of 2.3 per cent in 2013, it has NMIMS, Mumbai and CFA from ICFAI. Prior
74.89
in are value stocks, growth stocks, or a Debt
always beaten the index. To be sure, in many
of these years it has beaten the benchmark
to joining Canara Robeco AMC he worked
with Kotak Mahindra AMC and Kotak
The funds returns over each quarter
13.32 25.10
blend of the two. by only a small margin, but that is character- Mahindra Old Mutual Life Insurance. of the last five years, along with the
Cash Eq istic of a conservative fund. Surely, there are Avnish Jain (Since Oct 2013): He is a
0.01 many investors who prefer the tortoise to the B.Tech from IIT Kharagpur and PGDM from entire years returns.
Investment Information hare. IIM Kolkata. Prior to joining Canara Robeco
AMC : Canara Robeco Asset Mgmt Co Ltd This fund is essentially a large cap fund, AMC he worked with ICICI Prudential AMC,
Website : www.canararobeco.com with the mid-cap exposure staying within the Deutsche Asset Management, Misys

Top 5 holdings and Asset Registrar


Min Inv (`)
: Karvy Computershare Pvt Ltd.
: 5,000
20 to 30 per cent range. Sector distribution
has stayed close to that of the benchmark.
Software Solutions, Yes Bank and ICICI
Bank.
Min SIP Inv (`) : 1,000 The debt-equity ratio is rebalanced not by
Allocation Exchange Availability : NSE
Exit Load : 1% for redemption within 365 days
the calendar but depending on a number of
macro and micro-level variables. In terms of
Trailing Returns
Top 5 holdings: The percentage of All data as on 31/12/2014

allocation to the top 5 holdings of the Performance data for various stan-
fund. dard periods, all ending on December
Asset Allocation: The distribution of 31st. All returns are in percentage.
its investments between equity, debt Strategy & Review Best & Worst Returns & Risk Periods greater than a year are annu-
and cash. alised, shorter periods are not.
Investment Strategy: The structural Measures z Fund: The funds own returns.
guideline that the fund manager will use z Category: The average returns
Best & Worst Returns: The best and
to invest in the securities market. for all funds in the category.
worst one, three and twelve months
Investment Information Analysis: A subjective view on the
periods in the funds history, along with z Rank: The funds rank, out of the
fund by a Value Research analyst. total number of funds in the cate-
Basic investment information for the fund. its benchmark index during the period.
The analysis projects the funds gory
AMC: The name of the AMC All possible periods (rather than just
prospects and takes a view on the ori- z Index: The returns of the funds
Website: Website of the AMC calendar months, quarters and years)
gins and the attributes of the funds benchmark index/internal index.
Registrar: The registrar to be reached for information are evaluated for this.
past performance. z SIP Return (Annualised): The
Min Inv: Minimum amount to be invested in the fund Risk Measures: A range of statistical
Min SIP Inv (`): Minimum amount required for SIP measures that can be used to evaluate return that an investor would
Exchange Availability: Fund trades on exchanges the performance, risk, and return of a have made by investing in the
Exit Load: Charges on exit from the fund mutual fund funds monthly systematic invest-
ment plan over the period.

26 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Reading a Fund Report - Debt

Value Research Rating, Risk and Return


z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that the
fund has generated over the previous 18 months, while taking into account the risks that the fund has
taken. This rating is relative to other fund of the same type. Fund Performance
z Return Grade : A measure of funds risk adjusted return compared to its peers The graph has been prepared to
z Risk Grade : A measure of funds risk of loss compared to its peers show the funds performance over
Top Holdings z Launch : The launch date of the fund the years. Above the graph, the
z Benchmark : The index against which the fund compares its performance funds investment style is portrayed
A detailed report about the invest- z Category : The Value Research category under which the fund is classified. in each year.
ment portfolio of a fund. z Net Assets (` Cr) : The Net Assets of the fund Below the graph is the quartile
This has the name of the compa- z Plans & NAV : The NAV under its Growth and Dividend plans position of the fund in each calen-
ny, the sector it represents, debt
dar year.
instrument it holds, and the cur-
rent allocation.

Birla Sun Life Dynamic Bond Fund 


Risk
NA NA
History
Return 25,000
Launch : September 2004
20,000 Data on the funds performance since
Credit Rating & Instrument Benchmark
Category
:
:
Crisil Short-Term Bond Index
Debt: Income
Fund
15,000 its launch.
Net Assets (` Cr) :
z NAV (Year End) : The last NAV
9638.23
Break-up
(Rebased to 10,000) 10,000
Plans & NAV : Growth (23.79), DQ (11.09), DM
5,000
(10.84), Dividend (10.34), Discipline
Advantage Plan (16.46) of each year.
Credit Rating Break-up : The propor-
Top Holdings (%) History 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 z Total Return : The percentage
tion of the portfolio that is invested in Company Instruments Assets
NAV (Rs)
Total Return (%)
10.65 11.29 12.32 14.16 15.22 16.07 17.55 19.40 20.72 23.79
returns that an investor would
5.39 6.01 9.16 14.96 7.45 5.55 9.24 10.53 6.79 14.85
instruments of different credit quality. GOI 8.15% 2026-11-24 CGL 31.17
20.23
+/- NSE G-Sec 1.92 5.25 3.87 -5.82 13.85 3.00 6.35 1.77 4.10 3.12 have got over the year.
GOI 8.12% 2020-12-10 CGL
z +/- : In the given year, a compari-
Rank (Fund/Category) 13/61 19/57 10/52 28/54 4/63 19/79 15/86 29/89 33/100 44/175
Instrument Break-up : The propor- GOI 8.27% 2020-06-09 CGL 8.21
52 Week NAV High (`) 10.65 11.29 12.32 14.16 15.22 16.07 17.55 19.40 20.72 23.80
GOI 8.83% 2023-11-25 CGL 3.74
tion of the funds holdings that are GOI 8.32% 2032-08-02 CGL 2.64
52 Week NAV Low (`) 10.11 10.65 11.28 12.35 14.11 15.22 16.08 17.58 19.43 20.72 son of the funds returns with that
Expense Ratio (%) (Sep.) 0.75 0.75 0.15 0.28 1.48 0.98 0.88 1.14 1.08 1.21
held in different types if fixed-income GOI 9.20% 2030-09-30
GOI 8.24% 2033-11-10
CGL
CGL
2.39
2.35 Net Assets (` Cr) 25.00 5.52 9.62 292.18 6221.6 5305.2 3593.4 14,481 12,930 9638.2 of index.
instruments. GOI 7.80% 2020-05-03 CGL 1.99
Trailing Returns (%) Quarterly Returns (%)
z Rank : The funds performance
GOI 8.08% 2022-08-02 CGL 1.95
GOI 9.23% 2043-12-23 CGL 1.91 Return Rank NSE NSE Year Q1 Q2 Q3 Q4 rank within its category for the
Reliance Jio Infocomm 9.25% 2024-06-16 Debenture 1.42 Fund Category Fund/Cat G-Sec T-Bill Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Birla SL Floating Rate ST Direct -G MF-Debt 0.93 3-Month 6.67 4.99 43/201 4.66 2.20 2014 2.42 3.15 1.91 6.67 year and the total number of
8.71 7.17 43/195 7.21 4.33 2013 2.28 3.37 -1.55 2.60
GOI 8.30% 2040-07-02
GOI 8.33% 2026-07-09
CGL
CGL
0.92
0.81
6-Month
1-Year 14.85 13.15 44/175 11.73 8.78 2012 2.35 2.57 2.97 2.25
funds out of which it has been
Power Finance Corp. 2019-11-20 Bonds 0.73 3-Year 10.65 9.61 8/84 7.65 8.52 2011 1.90 2.22 2.36 2.45 ranked.
GOI 8.40% 2024-07-28 CGL 0.60 5-Year 9.34 8.29 4/67 5.66 7.46 2010 1.89 1.50 1.12 0.94
GOI 8.60% 2028-06-02 CGL 0.56 Return less than 1-year are absolute and over 1 year are annualised z 52-Week NAV Range : The high-
Punjab State 9.69% 2024-02-12 SDL 0.46
Best & Worst Returns (%) Risk Measures est and the lowest NAV that the
Portfolio Characteristics & Fund Assam State 8.84% 2024-06-11
Reliance Gas Transp. Infra. 10.25% 2021
SDL
Bonds/NCD
0.29
0.29 Period Fund NSE G-Sec
Standard Deviation
Fund
3.59
NSE G-Sec
6.51
Cat Average
3.99
fund recorded during that year
Best 1-Month 03/12/08 - 02/01/09 4.95 7.43
Style Worst 1-Month 15/07/13 - 14/08/13 -3.02 -4.97 Sharpe Ratio 0.72 -0.39 0.47 z Expense Ratio : The percentage
Best 3-Month 06/10/08 - 05/01/09 7.28 18.82
Credit Rating Break-up (%) Instrument Break-up (%) Worst 3-Month 21/05/13 - 20/08/13 -3.68 -8.93 of the average daily assets that
Portfolio Characterstic: Aggregate SOV 82.11 CGL 79.66 Best 1-Year 04/01/08 - 05/01/09 15.75 21.31
the fund charged as its manage-
AAA 3.03 Net Receivables 13.62 Worst 1-Year 08/06/05 - 08/06/06 4.54 -0.74
measures regarding the funds invest- P1+ 0 State Development Loan 2.43 ment expenses during the year.
AA 0.27 Debenture 1.85 Strategy & Review
ments. It carries total number of secu- A and Below 0 Bonds 1.01 z Net Assets : The total amount of
If youre confused about interest rates, this is mid-2013. In July 2013, when RBIs surprise
rities. The average maturity, the 52 Term Deposit 0 Mutual Funds-Debt 0.93
a good fund to make the most of the interest move to hike overnight rates materialised, investors assets that the fund
Bill Rediscounting 0 Bonds/NCDs 0.29
week high and low in terms of maturi- Cash Equivalent 13.66 rate situation as it unfolds. Though dynamic the fund suffered a 2.5 per cent reversal in its
was managing at the end of the
Unrated / Others 0.93 bond funds are supposed to actively navi- NAV, but quickly bounced back.
ty. And the average credit rating of the gate the rate cycle, quite a few funds in this Recent changes in the macro environ- year.
category have not managed this feat. ment, including a stronger rupee, shrinking
fund. Consistently scoring 4 to 5 stars from its current account deficit and a constructive
FUND STYLE
Fund Style: A nine-cell matrix of the Portfolio Characteristics Credit Quality launch in March 2006, this fund has navi- view on CPI inflation has prompted the fund
Interest Rate Sensitivity

High Medium Low


Total Securities 60 gated choppy debt markets very well and to take a more aggressive stance. The fund
overall style of investment that the
High Medium Low

Avg Maturity (Yrs.) - that too over an extended period. A sea- manager decided to increase the upper limit
Avg Maturity 52W High (Yrs.) - soned manager at the helm for a long period on average maturity from 3.5 to 5 years to
fund follows, based on its latest portfo- Avg Maturity 52W Low (Yrs.) -
NA
has aided predictability of returns mainly better play the falling rate scenario. The fund
lio. On the vertical axis, the three steps Avg Credit Rating AAA through good calls on portfolio duration. The has steadfastly stuck to its bullish rate view

denote the weighted average market


fund has not missed out on the recent bond
market rally, and has been a category topper
and this has paid off in a big way this year. Quarterly Returns
Investment Information in 2014. After maintaining a limited portfolio PORTFOLIO MANAGER
capitalisation of the funds invest- AMC : Birla Sun Life Asset Mgmt Co Ltd duration of 1-3 years over much of 2011 and Maneesh Dangi (Since Sep 2007): He is an The funds returns over each quarter
Website : mutualfund.birlasunlife.com
ments. The horizontal axis denotes, on Registrar : Computer Age Mgmt Services Ltd
2012 and relying mainly on an accrual strat- MBA and FRM. Prior to joining Birla Sun Life
of the last five years, along with the
egy amid a falling rate cycle, the fund began Asset Management Company he worked
a weighted average basis, whether the Min Inv (`)
Min SIP Inv (`)
: 5,000
: 1,000
to slightly increase its maturities from the with Pioneer Investcorp. entire years returns.
end of 2012, with a view to taking advantage
companies that the fund has invested Exchange Availability :
Exit Load : 1% for redemption within 365 days of a further fall in rates. The funds average
in are value stocks, growth stocks, or a maturity rose to nearly 7 years by end of
2012, only to moderate to about 4-5 years by
blend of the two. All data as on 31/12/2014

Trailing Returns
Performance data for various stan-
Strategy & Review Best & Worst Returns & Risk dard periods, all ending on December
Investment Strategy: The structural Measures 31st. All returns are in percentage.
Investment Information guideline that the fund manager will use
Best & Worst Returns : The best and
Periods greater than a year are annu-
to invest in the securities market. alised, shorter periods are not.
Basic investment information for the fund. worst, three months and one year peri- z Fund : The funds own returns.
Analysis: A subjective view on the fund
AMC : The name of the AMC ods in the funds history, along with its z Category : The average returns
by a Value Research analyst. The
Website : Website of the AMC benchmark index during the period. All for all funds in the category.
analysis projects the funds prospects
Registrar : The registrar to be reached for information possible periods are evaluated for this. z Rank : The funds rank, out of the
and takes a view on the origins and the
Min Inv : Minimum amount to be invested in the fund Risk Measures : A range of statistical total number of funds in the cate-
attributes of the funds past perform-
Min SIP Inv (`) : Minimum amount required for SIP measures that can be used to evaluate gory
ance.
Exchange Availability : Fund trades on exchanges the performance, risk, and return of a z Index : The returns of the funds
Exit Load : Charges on exit from the fund mutual fund benchmark index.

Mutual Fund Yearbook 2015 27

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Reading a Fund Report - ETF

Fund Performance vs Index,


Volume Traded and
Top Holdings Value Research Rating, Risk and Return Premium/Discount
A detailed report about the invest- z Launch: The launch date of the fund The graph has been prepared to
ment portfolio of a fund. z Benchmark: The index against which the fund compares its performance show the funds performance over
Equity Holding: The name of each z Category: The Value Research category under which the fund is classified. the benchmark over the years.
company, its sector, the maxi- z Net Assets (` Cr): The Net Assets of the fund Above the graph, the funds invest-
mum allocation in the last 3-years z Plans & NAV: The NAV under its Growth and Dividend plans ment style is portrayed in each year
and the minimum allocation in the has been shown.
company has seen in the last 3- Volume Traded: This shows the
years. It also has the current allo- volumes traded at the exchange.
cation of the portfolio as Assets. Premium/Discount: If the fund is
available at premium or discount.
Below the graph is the quartile
Goldman Sachs Banking BeES Fund  position of the fund in each calen-
Top Sector Weights Risk dar year.
Return 60,000
The percentage of the equity invest- Launch : May 2004 50,000
Benchmark : CNX Bank Index 40,000
ments of the fund that fall under each Category : Equity: Banking
Fund
30,000
Net Assets (` Cr) : 591.74 20,000
sector of the economy. Plans & NAV : Dividend (1,890.52)
Rebased to 10,000) 10,000
0

Top Holdings (%)


Company Sector 3Y-High 3Y-Low Assets
History
ICICI Bank Financial 30.18 26.43 27.61 Volume Traded
HDFC Bank Financial 32.39 24.07 24.07 Data on the funds performance since
Portfolio Characteristics &
150000 28,33,937 9,29,859
State Bank of India
Axis Bank
Financial
Financial
15.80 10.23
11.40 7.06
13.02
11.40
100000 64,57,972 its launch.
Fund Style Kotak Mahindra Bank Financial 7.38 5.34 7.33 50000
z NAV (Year End): The last NAV of
Indusind Bank Financial 4.68 2.95 4.68
Yes Bank Financial 3.39 0.00 3.39 each year.
z Total Return: The percentage
Bank of Baroda Financial 3.92 2.46 2.75 Premium Discount to NAV (%)
Portfolio Characteristics: Total num- Punjab National Bank Financial 3.46 1.89 2.20 3.0
ber of stocks and bonds that are part Federal Bank Financial 1.91 0.00 1.76
1.5 returns that an investor would
Bank of India Financial 1.89 0.82 0.87
of the portfolio. Aggregate measures Canara Bank Financial 1.99 0.75 0.87
0
have got over the year.
-1.5
regarding the funds investments. The -3.0 z +/- : In the given year, a compari-
market capitalisation, P/B ratio and History 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 son of the funds returns with that
P/E ratio are weighted averages of the Avg. Premium/Discount (%) 0.05 -0.01 0.32 0.23 -0.01 -0.03 0.00 -0.59 0.13 -0.03 of two stock market indices
52 Week High - Premium (%) 3.91 2.97 2.53 5.57 2.26 1.08 3.08 2.40 7.64 4.93
latest numbers of the companies that 52 Week Low - Discount (%) -3.13 -3.13 -2.26 -3.09 -1.31 -1.32 -1.51 -2.35 -1.63 -1.17 z Rank: The funds performance
the fund is invested in. Three Year Market Return (%)
NAV (`)
26.06
463.61
38.57
608.75
61.56 -48.75
987.62 507.35
77.07
901.96
31.93 -32.46 57.09 -8.66
1184.87 807.07 1267.60 1152.01
64.94
1890.5
rank within its category for the
Earnings Growth is the weighted aver- Top Sector Weights (%) Total Return (%) 30.85 33.62 65.34 -48.63 77.78 31.37 -31.89 57.06 -9.12 64.11 year and the total number of
+/- CNX Bank Index (%) 1.20 1.10 1.19 0.66 -2.75 0.78 0.53 0.52 -0.39 -0.46
age of the compounded average Financial
Fund
99.95
CNX Bank
100
3Y-High
99.95
3Y-Low
98.70 Rank (Fund/Category) 1/3 1/3 4/4 5/6 5/12 10/12 4/11 7/11 3/13 11/23 funds out of which it has been
growth in the net profits of each com- 52 Week NAV High (`) 479.49 640.85 1010.6 1070.88 952.49 1325.5 1193.43 1271.48 1330.4 1895.9
ranked.
52 Week NAV Low (`) 312.91 350.20 490.35 412.72 335.77 822.76 790.00 809.71 878.80 1023.1
pany. Expense Ratio (%) (Sep) 0.45 0.45 0.50 0.50 0.50 0.50 0.50 0.50 0.54 0.53 z 52-Week NAV Range: The high-
Net Asset (` Cr)
Fund Style: A nine-cell matrix of the 2668.4 7398.6 5468.2 1315.9 91.11 44.86 52.68 71.33 37.01 591.74
est and the lowest NAV that the
overall style of investment that the Trailing Returns (%) Quarterly Returns (%) fund recorded during that year
Return Rank SIP Q1 Q2 Q3 Q4
fund follows, based on its latest portfo- Portfolio Characteristics FUND STYLE
Fund Category Fund/Cat CNX Bank Return Year Jan-Mar Apr-Jun Jul-Sep Oct-Dec z Expense Ratio: The percentage
Investment Style 3-Month 21.55 20.81 7/23 21.73 86.58 2014 11.01 20.55 0.89 21.55
lio. On the vertical axis, the three steps Total Stocks 12 Growth Blend Value
1-Year 64.11 63.21 11/23 64.57 74.07 2013 -10.37 3.49 -17.09 18.18 of the average daily assets that
Large Medium Small

Avg Mkt Cap (` Cr) 140814


denote the weighted average market 3-Year 32.74 29.80 4/11 32.91 33.81 2012 26.67 2.53 11.23 8.72
Capitalisation

Portfolio P/B Ratio 2.30 5-Year 15.94 14.63 5/10 15.71 21.39 2011 -0.85 -3.00 -15.77 -15.92
the fund charged as its manage-
capitalisation of the funds invest- Portfolio P/E Ratio 17.54
3Y Earnings Growth (%) 18.69
10-Year 18.96 19.80 2/3 18.26 18.99 2010 4.74 0.92 30.49 -4.76 ment expenses during the year.
Return less than 1-year are absolute and over 1 year are annualised
ments. The horizontal axis denotes, on
Top 5 Holdings (%) Asset Allocation (%) Strategy & Review
z Net Assets: The total amount of
a weighted average basis, whether the OBJECTIVE TRADING STATISTICS
investors assets that the fund was
Equity
companies that the fund has invested 99.95 The investment objective of GS Bank BeES Trading days: 243 managing at the end of the year.
is to provide returns that, before expenses, Trading volume range: 28 and 39,956 units
in are value stocks, growth stocks, or a 83.44
Cash Eq closely correspond to the total returns of Daily average trading volume: 3171 units
Daily average turnover: `46.08 lakhs
blend of the two. 0.05 securities as represented by the CNX Bank
Index. Average discount: 0.03 per cent
Range: -1.17 per cent to 4.93 per cent
Investment Information
AMC
Website
:
:
Goldman Sachs Asset Mgmt Pvt Ltd
www.gsam.in Quarterly Returns
Portfolio Concentration & Asset Registrar
Min Inv (`)
:
:
Karvy Computershare Pvt Ltd.
10,000
The funds returns over each quarter
Min SIP Inv (`) : -
Allocation Exchange Availability
Exit Load : Nil
: -
of the last five years, along with the
entire years returns
Portfolio Concentration: The per- All data as on 31/12/2014

centage of the portfolio formed by the


top 10, 5 and 3 holdings of the fund.
Asset Allocation: The distribution of
its investment between equity, debt Strategy & Review Trailing Returns
and cash
Objective: The scheme objective that the Performance data for various standard periods, all ending on
fund manager will use to invest in the secu- December 31st. All returns are in percentage. Periods greater
rities market.. than a year are annualised, shorter periods are not.
Investment Information Trading Statistics: Details on all trading z Fund: The funds own returns.
related data for the fund scheme in the past z Category: The average returns for all funds in the category.
Basic investment information for the fund. year such as trading volume, range, number z Rank: The funds rank, out of the total number of funds in the
AMC: The name of the AMC of trading days and average premium or dis- category
Website: The name of the AMC count. z Index: The returns of the funds benchmark index.
Registrar: The registrar to be reached for information
z SIP Return (Annualised): The return that an investor would
Min Inv: Minimum amount to be invested in the fund
have made by investing in the funds monthly systematic
Min SIP Inv (`): Minimum amount required for SIP
investment plan over the period.
Exchange Availability: Fund trades on exchanges
Exit Load: Charges on exit from the fund

28 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Reading a Fund Report - International

Investment Information Top Holdings


Basic investment information for the fund. A detailed report about the invest-
z Launch : The launch date of the fund ment portfolio of a fund and includes
z Benchmark : The index against which the fund compares its performance the top companies in which the fund
z Category : The Value Research category under which the fund is classified. invests.
z Net Assets (` Cr) : The Net Assets of the fund
z Plans & NAV : The NAV under its Growth and Dividend plans
z AMC : The name of the AMC
z Website : Website of the AMC
z Registrar : The registrar to be reached for information
z Min Inv : Minimum amount to be invested in the fund
z Min SIP Inv (`) : Minimum amount required for SIP
z Exchange Availability : Fund trades on exchanges
z Exit Load : Charges on exit from the fund

Birla
BirlaSun
SunLife
LifeCommodity
CommodityEquities-Global
Equities Fund -Agri
Global Agri Plan
Launch : :October
October2008
Launch 2008 Top
TopHoldings
Holdings(%)
(%)
Benchmark
Benchmark : :S&P
S&PGlobal
GlobalAgribusiness
AgribusinessIndex
Index 16000
Company
Company Assets
Assets
Category
Category : :Equity:
Equity:International
International
14000 Monsanto
MonsantoCo(USA) 9.22
9.62
Plans
Plans& &NAV
NAV : :Growth
Growth(19.8579), Dividend(18.21)
(21.20), Dividend (18.5944)
Fund
Fund Syngenta Ltd RegMidland
Archer Daniels Shs Co. (Chicago) 8.46
9.21
Total
TotalAssets
Assets(`(`Cr)
Cr) : :16.16
11.79 12000
(Rebased
(Rebasedtoto10,000)
10,000) Deere And CoBritish
Associated Ltd Foods 8.16
8.44
AMC
AMC : :Birla
BirlaSun
SunLife
LifeAsset
AssetMgmt
MgmtCo.
Co.Ltd
Ltd Archer-Daniels-Midland
10000 BRF Brasil Foods SA Co 8.10
7.91
Website
Website : :mutualfund.birlasunlife.com
mutualfund.birlasunlife.com Associated
Syngenta AG (Foreign) Plc
British Foods 7.99
7.19
8000
Registrar
Registrar
Min
MinInv
Inv(`)(`)
: :Computer
ComputerAge
: :5000
5000
AgeMgmt
MgmtServices
ServicesLtd
Ltd
History
History Sector AllocationDistribution
Geographical Distribution
Min
2011
2012 2012
2013 2013
2014 Geographical
MinSIP
SIPInv Inv(`)(`): :1000
1000 NAV
NAV(`)(`) 15.24
17.61 17.61
19.86 19.86
21.20 (%)
Exchange
ExchangeAvailability
Availability: :BSE,
BSE,NSE
NSE Total
TotalReturn
Return(%) (%) -13.53
15.53 15.53
12.75 12.75
6.75
(%)
Details on the gaographical spread in
Quarterly Returns Exit
ExitLoad
Load: : : :3% 3%if ifredeemed
redeemedwithin
if ifredeemed
redeemedwithin
within3030days
daysand
within3131toto364
and1%
364days
days
1% +/-+/-CNX
CNXNifty
5252Week
Nifty(%)
WeekNAV
NAVHigh
(%)
High(`)(`)
11.09
-12.17 -12.17
18.77
6.00
17.90 17.90
19.88
6.00
-24.63
19.88
21.47
FMCG
China
Others
South Korea
Chemicals
37.40
33.90
23.96
23.20
21.18
which the fund invests.
Hong Kong 15.70
5252Week
WeekNAV
NAVLow Low(`)(`) 12.56
15.14 15.14
16.64 16.64
18.75 Emgineering 12.55
The funds returns over each quarter of Quarterly
QuarterlyReturns
Returns(%)
(%) Expense
Expense Ratio (%)(Sep)
Ratio (%) (Sep) 2.50
2.50 2.50
2.30 2.30
1.74
Taiwan
Diversified
Malaysia
14.00
0.48
3.60
Q1Q1 Q2Q2 Q3Q3 Q4Q4
the last five years, along with the entire 2013
2014 0.38
-2.19 -0.14
4.42 5.20
-0.96 6.91
5.54
Net
NetAssets
Assets(`(`Cr)Cr) 11.67
11.01 11.01
16.16 16.16
11.79

years returns. 2012


2013
2011
8.75
0.38
0.10
-2.46
-0.14
-8.07
4.34
5.20
-15.17
4.39
6.91
10.76
Strategy
Strategy&&Review
Review
2012 8.75 -2.46 4.34 4.39
This
Thisscheme
schemeinvests
investsininstocks
stocksissued foods,
foods, fertilizer
issuedeither
either fertilizer producing
producing companies,
companies, etc.etc.
Trailing
TrailingReturns
Returns(%)
(%) ininIndia
India(up(uptoto3535per
percent)
cent)ororoverseas Moreover,
Moreover,the
overseas(at
(at thescheme
schemecan canalso
alsoinvest
investup
uptoto
Returns
Returns least
least 65
65 perper cent)
cent) ofof specific
specific commodity-
5050 per
commodity- per cent
cent ofof itsits net
net assets
assets inin such
such
Fund
Fund Nifty
Nifty SIP
SIP focused
focusedcompanies,
companies,and/or
and/oroverseas
overseasmutualderivative
derivativefor
mutual forhedging
hedgingand andportfolio
portfoliobalanc-
balanc-
3-Month
3-Month 8.22
5.54 9.92
3.99 34.40
25.49 fund schemes (up to 35 per
fund schemes (up to 35 per cent) havingcent) having
ing.
ing.ItsItsperformance
performanceisisbenchmarked
benchmarkedtotoS&P S&P
6-Month 12.62 7.90 29.50 similar
6-Month 4.52 8.82 16.10 similar investment
investment objectives
objectives focused
focused on
Global
GlobalAgribusiness
on AgribusinessIndex.Index.The
Thefund's
fund'sexpo-
expo-
1-Year
1-Year
3-Year
3-Year
10.07
6.75
3.87
11.60
6.76
31.39
0.91
21.40
19.32
11.63
10.79
10.75
agriculture
agriculturecommodities.
The stocks
commodities.
or mutual funds that this fund
The stocks or mutual funds that this fund
sure
suretotoglobal
potential
potential
globalagricultural
to
to
agriculturalcommodity
benefit
benefit from
from
commodityhas
the
the food
food
hasthe
the
situation
situation
History
5-Year
5-Year 14.26
6.93 16.32
9.75 9.87
8.98 invests
investscould
couldinclude
includeproducers agricultur- that
producersofofagricultur- thatthetheworld
worldfaces.
faces.
Return
Returnless
lessthan
than1-year
1-yearareareabsolute
absoluteand
andover
over1 1year
yearareareannualised
annualised alalproducts,
products,crop
cropgrowers,
growers,owners
ownersofofplanta-
planta- Data on the funds performance since
AllAlldata
dataasasonon31/12/2013 tions,
tions,companies
companiesthatthatproduce
produceand
andprocess
31/12/2014 process
its launch.
DSPBR USLife
Flexible Equity z NAV (Year End) : The last NAV
Birla Sun Global Commodities Fund
Launch : :July 20122008 of each year.
Launch August Top
TopHoldings
Holdings(%)
(%)
Benchmark
Benchmark : :Russell 1000 World
Dow Jones Index Basic Materials (40),
12000 Company
Company Assets
Assets
z Total Return : The percentage
Category : Equity: International
Dow Jones World Oil and Gas (40),
Plans & NAV MSCI AC
: Growth World inDividend
(15.0421), INR Terms (20)
(15.0421)
Fund
11000 Google
Monsanto Co
3M
3.50
9.22
2.80
returns that an investor would
Fund Syngenta Ltd Reg Shs 8.46
Category
Total Assets (` Cr) : :107.68
Plans & NAV
AMC
Equity: International
: :DSP
Growth (12.22), Dividend
BR Investment (12.21)
Managers Ltd
(Rebased
(Rebasedtoto10,000)
10,000) 10000 Bank of America
Deere Corp
And Co Ltd 2.70
8.16 have got over the year.
JPMorgan Chase 2.70
Total Assets (` Cr) : :www.dspblackrock.com
Website 2.57
9000 Archer-Daniels-Midland
MasterCard
Co
Associated British Foods Plc
8.10
2.70
7.99 z +/- : In the given year, a compari-
AMC
Registrar : :Computer
Birla SunAgeLifeMgmt
Asset Services
Mgmt Co.Ltd Ltd 8000
Website
Min Inv (`) : :5000
mutualfund.birlasunlife.com son of the funds returns with that
History
History 2011 2012 2013 Geographical Distribution
Sector Allocation
Registrar
Min SIP Inv (`) : :500
Computer Age Mgmt Services Ltd
NAV
NAV(`)(`)
2012
-
13.09
2013
10.26
13.63 15.04
2014
12.22
of index.
Min Inv (`) : 5000 (%)
(%)
Exchange Availability : -
Min SIP Inv (`)
Exit Load :
: 1000
: 1% if redeemed less than 12 months
Total
TotalReturn
Return(%) (%) -1.25 -
4.14 46.66
-10.35 USFMCG 94.80
37.40 z 52-Week NAV Range : The high-
Exchange Availability : - +/-+/-CNX
CNXNifty
Nifty(%)
(%) -
-26.44 -
-2.61 39.91
-41.74 Canada 2.90
Exit Load : : 1% if redeemed within 1 year
5252Week
WeekNAV
NAVHigh High(`)(`) -
14.09 10.52
14.39 15.05
14.94
Others
Ireland
Chemicals
23.96
1.20
21.18
est and the lowest NAV that the
Quarterly
QuarterlyReturns
Returns(%)
(%)
5252Week
Expense
Week NAVLow
NAV Low(`)(`) -
12.03 9.77
10.92 10.52
11.46 Switzerland
Emgineering 1.10
12.55 fund recorded during that year
ExpenseRatio
Ratio(%) (%)(Sep)
(Sep) -0.69 1.33
0.94 2.090.88
z Expense Ratio : The percentage
Q1Q1 Q2Q2 Q3Q3 Q4Q4
Diversified 0.48
Net
NetAssets
Assets(`(`Cr)
Cr) -5.90 24.98
3.78 107.68
2.57
2013
2014 9.90
-0.76 9.88
6.84 10.97
-6.32 9.45
-9.74
2012
2013 -
-6.17 -
-5.78 -
18.11 2.49
-0.26 Strategy
Strategy&&Review
Review
of the average daily assets that
2011
2012 -
4.19 -
-8.58 -
4.11 -
2.10
This
Thisscheme
schemeinvests at least
primarily 70 per
invests in cent
units ofof money market
converted securities
to Indian and/ or money mar-
Rupees.
the fund charged as its manage-
Trailing
TrailingReturns
Returns(%)
(%) itsglobal
total mutual
companies
assets funds
in the which
domiciled,
equityinvest
securities
or exercising
in com-
the pre-
of ket/liquid
The fund
Mutual
schemes
managerofcanDSP keep BlackRock
up to 25 per ment expenses during the year.
cent of Fund, in order to meet liquidity
Returns
Returns modity-related securities. This open end the scheme's assets in mutual funds
3-Month
Fund
Fund
10.96
Nifty
Nifty
9.92
SIP
SIP
43.35
dominant part of their economic activity,
fund of funds (FoF) invests in units of over- in requirements
investing in fixed incometime.
from time to securities, and up z Net Assets : The total amount of
3-Month -9.74 3.99 -23.35 the US.mutual
seas The investments are predominantly
funds investing in companies to This fund normally
as directinvests in securities
6-Month
6-Month 20.96
-15.45 7.90
8.82 33.59
-31.55 inacross
units the
of commodity
BlackRock spaceGlobal Fundsminer-
(metals, US that,
10 per
andincash
cent
the opinion
investments
of the Investment
equivalents. By investing
in cash
Adviser,
in this
investors assets that the fund
1-Year 43.80 6.76 44.33 Flexible
1-Year -10.35 31.39 -18.44 als, oil,Equity Fund
precious (BGF -ItsUSFEF).
metals). performance is exhibit either
fund, you get growth
exposure or invalue investment
companies in the was managing at the end of the
3-Year
3-Year -
-1.85 0.91
21.40 -
-4.58 At the discretion
benchmarked to a ofcustomised
the investment
indexman-
com- characteristics,
metals, minerals, placing an emphasis
oil and precious as the
metals
5-Year
5-Year
Return
-
0.33 16.32
9.75 -
-2.24 ager, the Dow
prising scheme may World
Jones also invest in the
Basic units
Materials market
business outlook warrants. The across
for diversification investments
global year.
Returnless
lessthan
than1-year
1-yearareareabsolute
absoluteand
andover
over1 1year
yearareareannualised
annualised ofIndex
other similar
(40%), Dow overseas
Jones World mutual
Oil andfund
Gas are well diversified and provides access to a
commodities.
Returns
All dataasasonon31/12/2013,
31/12/2014Portfolio-related data as on 31/10/2013 schemes. Investments
Index (40%) and MSCIcould also be
AC World in
(20%), vast universe of global companies.

Trailing Returns Strategy & Review Sector Allocation


Performance data for various standard periods, all ending on Objective: The investment objective of the fund and what Sector Allocation: Indicates the inter-
December 31st. All returns are in percentage. Periods greater it does. national funds spread of investments
than a year are annualised, shorter periods are not. The trailing Investment Strategy: The structural guideline that the across sectors.
returns are for different time frames of 3-month, 6-month, 1-year, fund manager will use to invest in the securities market.
2-year and 3-year Why Invest? The case for investment in this fund.

Mutual Fund Yearbook 2015 29

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
Analysts Choice
63 funds selected by Value Research Analysts. These funds
are classified by the role they can play in your portfolio:
Conservative Growth, Stable Growth, Aggressive Growth,
Income and Cash.

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
Conservative Growth Funds
This class comprises of funds from two of our categories:
Balanced, Tax Saving, and Large Cap Equity. All will give a
healthy dose of equities growth, but will have volatility on
the lower side. Ideal for equity investors who would like
invest for a period of four to five years or above, but would
like to avoid the steep collapses in value that can come with
the more aggressive types of funds. Even so, investors must
enter gradually and not through a lump sum.

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
Franklin India Taxshield Fund 
Risk
Return 17,500
Launch : April 1999
15,000
Benchmark : CNX 500
Category : Equity: Tax Planning Fund 12,500
Net Assets (` Cr) : 1500.10 CNX 500 10,000
Plans & NAV : Growth (401.94), Dividend (44.49) (Index is continuously
7,500
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
ICICI Bank Financial 7.98 4.69 5.78 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 5.56 4.26 5.45 NAV (`) 98.86 125.72 196.15 99.61 178.12 219.92 186.52 241.32 256.14 401.94
Infosys Technology 9.07 4.68 5.09 Total Return (%) 48.93 27.17 56.02 -49.22 78.81 23.47 -15.19 29.38 6.14 56.92
Indusind Bank Financial 4.09 2.32 4.09 +/- CNX Nifty (%) 12.59 -12.66 1.25 2.57 3.05 5.52 9.43 1.68 -0.62 25.53
Yes Bank Financial 3.98 0.00 3.98 +/- CNX 500 (%) 12.68 -6.82 -6.49 7.91 -9.76 9.34 12.00 -2.46 2.53 19.10
Bharti Airtel Comm. 8.22 3.93 3.93 Rank (Fund/Category) 10/20 16/23 13/26 3/29 20/32 11/37 3/36 22/37 25/37 12/73
Eicher Motors Automobile 3.43 1.78 3.32 52 Week NAV High (`) 98.86 129.40 196.92 199.71 178.12 225.16 221.21 241.32 256.59 405.89
Torrent Pharmaceuticals Healthcare 3.28 0.00 3.06 52 Week NAV Low (`) 61.46 89.19 113.60 89.04 85.19 169.01 182.62 186.21 210.69 246.33
Kotak Mahindra Bank Financial 3.11 1.48 2.78 Expense Ratio (%) (Sep.) 2.42 2.34 2.28 2.24 2.21 2.12 2.07 2.11 2.47 2.42
Amara Raja Batteries Engineering 2.74 1.32 2.74 Net Assets (` Cr) 202.68 346.86 628.45 373.17 745.55 881.19 786.93 905.21 966.96 1500.1
Dr. Reddy's Lab Healthcare 5.12 2.25 2.72
Bosch Automobile 2.71 1.95 2.45 


 


Pidilite Industries Chemicals 2.39 0.99 2.39 Year Q1 Q2 Q3 Q4
Return Rank SIP
Larsen & Toubro  3.36 0.00 2.35 Fund Category Fund/Cat
CNX 500
Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Gujarat Pipavav Port Services 2.85 0.00 2.32 1-Year 56.92 50.79 12/73 37.82 61.96 2014 8.41 17.49 11.04 10.96
Grasim Industries  4.60 1.80 2.13 3-Year 29.10 27.73 12/37 23.43 34.78 2013 -5.23 1.44 -1.89 12.52
Cummins India Engineering 2.32 1.11 1.93 5-Year 17.67 13.51 3/36 9.36 23.43 2012 14.47 -1.18 7.66 6.24
Karur Vysya Bank Financial 1.94 0.00 1.84 10-Year 19.72 16.39 4/19 14.13 18.78 2011 -3.19 -0.19 -5.86 -6.77
Axis Bank Financial 2.00 0.00 1.80 15-Year 20.45 15.39 2/15 12.19 22.33 2010 4.94 1.74 14.24 1.23
Cadila Healthcare Healthcare 2.22 1.18 1.76 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 500 Fund CNX 500 Cat Average
Fund CNX 500 3Y-High 3Y-Low
Best 1-Month 03/12/99 - 04/01/00 57.81 24.36 Standard Deviation 13.85 16.46 15.69
Financial 31.19 28.91 31.60 18.61
Worst 1-Month 24/09/08 - 24/10/08 -29.18 -37.49 Sharpe Ratio 1.44 0.96 1.23
Engineering 11.04 3.16 11.04 3.63
Best 3-Month 22/11/99 - 22/02/00 137.13 65.20 Beta 0.85 - 0.96
Automobile 8.91 8.87 9.45 5.18
Worst 3-Month 02/09/08 - 03/12/08 -34.66 -43.31 R-Squared 0.87 - 0.87
Healthcare 8.23 6.76 13.80 5.90
Best 1-Year 10/05/99 - 09/05/00 214.23 37.71 Sortino Ratio 2.54 1.87 2.32
Technology 8.02 12.00 13.96 7.04
Worst 1-Year 14/01/08 - 13/01/09 -51.50 -60.32 Alpha 8.20 - 5.84
Services 5.68 3.58 6.16 2.37
 5.28 4.06 7.02 3.05



Chemicals 4.45 2.56 4.45 1.17
This reliable performer is ideal for conserva- stocks also makes it a perfect choice for
*
+'$ $ 

Investment Style tive or even first-time investors shopping for investors with a low appetite for risk. Its
Total Stocks 59 Growth Blend Value equity-linked savings schemes. It doesnt large-cap bias, however, doesnt prevent it
Large Medium Small

Avg Mkt Cap (` Cr) 40916 stand out on the performance chart in a ris- from picking a few small- and mid-cap stocks
Capitalisation

Portfolio P/B Ratio 3.83 ing market, but it clearly stands out in a with long-term growth potential, to help it
Portfolio P/E Ratio 22.91 market downturn with its ability to restrict its deliver superior risk-adjusted returns in
3Y Earnings Growth (%) -5.62 fall admirably vis--vis its peers. The fund every market cycle. However, the stocks are
tends to be large-cap focused with stringent selected without compromising on funda-
"
0
!# 
 . 
.$
 quality parameters for stocks. A few critics mentals. A good option for equity investors
point out that the funds tendency to play who like to play it safe.
Equity
ultra-safe may be actually denying investors
95.60
an opportunity to make more money. They PORTFOLIO MANAGERS
24.39
argue that a tax-saving fund can afford to Anand Radhakrishnan (Since Apr 2007):
Cash Eq
4.40 take a little extra risk as it has the freedom to He is a B.Tech, CFA and PGDM from IIM
buy and hold stocks because of the manda- Ahmedabad. Prior to joining Franklin
tory three-year lock-in period. However, not Templeton Investments, he worked with
   
  all ELSS investors may prefer high risks, and Sundaram Asset Management Ltd., SBI
AMC : Franklin Templeton Asset Mgmt Pvt Ltd the investors flocking to this fund swear by Funds Management and Asian Convertible
Website : www.franklintempletonindia.com the conservative approach. and Income Fund.
Registrar : Franklin Templeton International Ser Pvt Ltd The funds safety-first approach works Anil Prabhudas (Since Feb 2011): He is a
Min Inv (`) : 500 very well to preserve investors capital in a Chartered Accountant. Prior to joining
Min SIP Inv (`) : 500 bearish or sideways market. The funds Franklin Templeton AMC, he worked with ITI
Exchange Availability : - investment strategy of focusing mostly on AMC, Petrosil Oil Company and L.U.
Exit Load : Nil large-cap stocks and ignoring momentum Krishnan and Co.
All data as on 31/12/2014

Mutual Fund Yearbook 2015 35

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


SBI Magnum Taxgain Scheme 
Risk
Return 19,000
Launch : March 1993
16,000
Benchmark : S&P BSE 100
Category : Equity: Tax Planning Fund 13,000
Net Assets (` Cr) : 5002.53 S&P BSE 100 10,000
Plans & NAV : Growth (107.04), Dividend (47.95) (Index is continuously
7,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
ICICI Bank Financial 7.73 4.39 6.99 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 7.93 5.67 6.03 NAV (`) 51.37 55.65 68.66 30.99 57.77 65.27 49.93 67.05 71.77 107.04
Tata Motors DVR Automobile 6.17 0.00 5.31 Total Return (%) 96.06 44.96 55.27 -54.86 86.41 12.98 -23.50 34.29 7.04 49.14
Infosys Technology 4.56 2.28 4.13 +/- CNX Nifty (%) 59.72 5.13 0.50 -3.07 10.65 -4.97 1.12 6.59 0.28 17.75
TCS Technology 6.84 3.65 4.04 +/- S&P BSE 100 (%) 57.71 3.99 -4.47 0.42 1.37 -2.68 2.23 4.33 1.17 16.86
Axis Bank Financial 3.97 1.21 3.97 Rank (Fund/Category) 1/20 1/23 16/26 14/29 13/32 33/37 19/36 14/37 20/37 37/73
State Bank of India Financial 4.26 0.46 3.95 52 Week NAV High (`) 51.74 59.31 68.66 70.63 57.77 68.11 65.56 67.17 71.77 109.54
Shree Cement Construction 3.72 1.62 3.72 52 Week NAV Low (`) 30.74 34.64 40.79 27.69 27.19 53.59 49.05 49.90 57.62 69.18
VA Tech Wabag Engineering 4.33 0.73 3.69 Expense Ratio (%) (Sep.) 2.41 2.14 1.89 2.50 2.50 1.78 1.81 1.82 2.21 2.28
Lupin Healthcare 4.07 1.85 3.62 Net Assets (` Cr) 310.23 1163.6 3782.5 2315.8 5264.9 6059.9 4632.7 4788.6 4074.9 5002.5
HDFC Financial 4.47 2.34 3.59
Larsen & Toubro  4.60 1.19 3.08 


 


CESC Energy 3.65 0.84 2.65 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
SKF India Engineering 2.56 1.34 2.56 Fund Category Fund/Cat 100 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Blue Dart Express Services 2.86 1.72 2.50 1-Year 49.14 50.79 37/73 32.28 47.11 2014 7.78 21.12 8.29 5.50
Page Industries Textiles 2.23 0.99 2.23 3-Year 28.88 27.73 13/37 22.05 31.65 2013 -6.64 2.45 -1.69 13.82
Reliance Industries Energy 5.80 2.12 2.12 5-Year 13.12 13.51 21/36 9.34 20.62 2012 16.86 0.39 9.37 4.65
BPCL Energy 2.83 1.50 2.04 10-Year 21.26 16.39 1/19 14.95 16.41 2011 -7.97 -1.35 -8.37 -8.05
HCL Technologies Technology 5.83 1.59 2.02 15-Year 14.44 15.39 9/15 12.02 23.95 2010 0.05 2.89 9.55 0.18
Sun Pharma Inds. Healthcare 2.51 0.00 1.96 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 100 Fund S&P BSE 100 Cat Average
Fund S&P BSE 100 3Y-High 3Y-Low
Best 1-Month 03/12/99 - 04/01/00 60.94 26.83 Standard Deviation 14.61 15.89 15.69
Financial 27.15 31.13 28.82 18.88
Worst 1-Month 31/03/00 - 02/05/00 -52.41 -23.08 Sharpe Ratio 1.36 0.91 1.23
Technology 13.47 13.42 20.32 9.96
Best 3-Month 30/10/99 - 01/02/00 117.90 41.69 Beta 0.91 - 0.96
Automobile 10.05 8.49 11.41 5.36
Worst 3-Month 25/02/00 - 26/05/00 -61.55 -41.93 R-Squared 0.90 - 0.87
Engineering 9.43 2.06 9.83 5.60
Best 1-Year 05/03/99 - 06/03/00 371.36 114.16 Sortino Ratio 2.42 1.87 2.32
Energy 8.43 11.92 13.64 8.43
Worst 1-Year 13/03/00 - 13/03/01 -74.61 -45.11 Alpha 7.27 - 5.84
Healthcare 8.40 6.13 10.63 6.76
Construction 4.40 2.28 4.40 2.08



 4.08 4.68 8.03 4.08
This equity linked savings scheme, one of than 8 per cent and 4 per cent respectively.
*
+'$ $ 

Investment Style the oldest in the category, is a conservative It can hold a maximum of 10 per cent cash.
Total Stocks 45 Growth Blend Value fund and strives for consistency in perfor- This fund is suitable for investors looking for
Large Medium Small

Avg Mkt Cap (` Cr) 53034 mance. It has beaten the category average consistent returns without much volatility.
Capitalisation

Portfolio P/B Ratio 3.77 in 13 out of the last 20 years, and boasts of The fund is not likely to surprise with stupen-
Portfolio P/E Ratio 23.83 a ten-year annualized return of over 20 per dous returns in a rising market. It is likely to
3Y Earnings Growth (%) 6.85 cent. It outperformed the benchmark by a be a middle-of-the-road performer in bull
large margin last year. markets. But it shines during unfavourable
"
0
!# 
 . 
.$
 The fund follows a very conservative market conditions, when it contains losses
Equity investment strategy, with a mix of both bot- better than its peers.
97.73 tom-up and top-down approaches. For the
Debt last five years, it has had a bias towards PORTFOLIO MANAGER
26.50 3.65
large-cap stocks. It held an average of 71 Jayesh Shroff (Since Oct 2007): He is a
Cash Eq per cent large-cap stocks in its portfolio and B.Com (H) and PGD (MBFS) from ICFAI.
-1.38
the rest was invested in mid- and small-cap Prior to joining SBI AMC he has worked with
stocks. The number of stocks in the portfolio Bank of Baroda AMC.
   
  is usually in line with the category average
AMC : SBI Funds Management Ltd except for a brief phase between February
Website : www.sbimf.com 2007 and August 2010. As a risk contain-
Registrar : Computer Age Mgmt Services Ltd ment measure, the fund has constraints on
Min Inv (`) : 500 the degree of deviation permitted from the
Min SIP Inv (`) : 1,000 benchmark - BSE 100. It also adheres to
Exchange Availability : BSE, NSE sector and stock- weight constraints which
Exit Load : Nil cannot deviate from the benchmark by more
All data as on 31/12/2014

36 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Canara Robeco Balance Fund 
Risk
Return 19,000
Launch : January 1993 16,000
Benchmark : Crisil Balanced Fund Index
Category : Hybrid: Equity-oriented Fund 13,000

Net Assets (` Cr) : 268.60 VR Balanced 10,000


Plans & NAV : Growth (108.01), Dividend Quarterly (Index is continuously
7,000
(80.49) rebased to 10,000)
"
12
!# 

Company Sector 3Y-High 3Y-Low Assets
!  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ICICI Bank Financial 5.20 1.38 3.36
NAV (`) 27.60 37.41 53.69 32.93 53.24 62.48 56.38 71.25 74.15 108.01
HDFC Bank Financial 5.05 2.63 3.34
Total Return (%) 43.45 35.54 43.52 -38.67 61.68 17.36 -9.76 26.37 4.07 45.66
Yes Bank Financial 2.32 0.00 2.32
+/- VR Balanced (%) 18.72 6.69 0.66 1.09 12.38 2.82 8.36 3.83 -2.31 19.71
Indusind Bank Financial 2.17 0.00 2.17
+/- CNX Nifty (%) 7.11 -4.29 -11.25 13.12 -14.08 -0.59 14.86 -1.33 -2.69 14.27
Infosys Technology 5.51 0.72 2.13
Gulf Oil Lubricants India Energy 2.00 0.00 2.00 Rank (Fund/Category) 3/27 3/28 15/26 8/27 13/24 9/28 5/28 15/29 23/32 21/59
HPCL Energy 2.28 0.00 1.76 52 Week NAV High (`) 27.99 38.17 53.69 55.54 53.24 64.92 62.80 71.47 74.15 108.89
JK Lakshmi Cement Construction 1.70 0.00 1.70 52 Week NAV Low (`) 18.25 27.54 34.65 28.33 28.04 51.36 55.64 56.32 63.38 70.98
Ahluwalia Contracts Construction 1.65 0.00 1.65 Expense Ratio (%) (Sep.) - 1.00 1.23 2.44 2.43 2.39 2.38 2.38 2.76 2.80
VA Tech Wabag Engineering 1.98 0.62 1.54 Net Assets (` Cr) 61.44 81.45 96.77 101.57 161.54 186.46 179.20 202.95 194.34 268.6
Tata Motors DVR Automobile 1.76 0.00 1.53
Federal Bank Financial 1.56 0.00 1.53  

 


Texmaco Rail & Engg Engineering 1.51 0.00 1.51 Return Rank SIP Year Q1 Q2 Q3 Q4
Credit Analysis & Resear. Financial 1.71 0.00 1.50 Fund Category Fund/Cat VR Bal Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
CESC Energy 1.86 0.00 1.48 1-Year 45.66 40.22 21/59 25.95 49.37 2014 5.34 18.86 7.48 8.25
Top Debt Holdings (%) 3-Year 24.15 23.37 15/29 17.94 28.35 2013 -5.28 0.34 -0.93 10.52
Company Instrument Assets 5-Year 15.19 12.89 7/26 9.01 19.75 2012 11.33 2.53 5.48 4.95

    Bonds 4.66 10-Year 18.82 15.17 3/22 12.26 17.06 2011 -3.47 2.44 -4.44 -4.51
Tata Sons 9.71% 2016-12-13 Debenture 3.55 15-Year 16.10 15.39 4/10 - 19.13 2010 2.99 5.75 9.90 -1.95
GOI 9.20% 2030-09-30 CGL 2.71 Return less than 1-year are absolute and over 1 year are annualised
PFC 9.30% 2019-09-04 Bonds 1.80
GOI 8.24% 2033-11-10 CGL 1.80  

 

  
 
Period Fund VR Bal Fund VR Bal Cat Average
"
$
'
 Best 1-Month 28/04/09 - 28/05/09 25.70 19.67 Standard Deviation 12.15 11.57 12.41
Fund CNX Nifty 3Y-High 3Y-Low Worst 1-Month 24/09/08 - 24/10/08 -25.79 -27.46 Sharpe Ratio 1.30 0.91 1.24
Financial 19.07 31.74 23.42 12.30 Best 3-Month 09/03/09 - 10/06/09 63.09 50.99 Beta 0.95 - 0.98
Construction 11.16 2.29 11.16 3.19 Worst 3-Month 02/09/08 - 02/12/08 -27.88 -29.77 R-Squared 0.81 - 0.84
Energy 6.68 12.83 11.51 5.12 Best 1-Year 02/05/05 - 02/05/06 95.61 56.12 Sortino Ratio 2.51 1.79 2.29
Technology 5.71 15.72 15.69 4.27 Worst 1-Year 26/10/07 - 27/10/08 -43.75 -43.34 Alpha 5.85 - 4.87
Automobile 5.19 9.29 7.44 2.23
Engineering 5.14 0.86 5.14 1.03 


FMCG 4.31 9.26 11.33 1.90 Canara Robeco Balance is the oldest bal- actual portfolio choices, a combination of
Services 3.83 0.74 3.83 1.38 anced fund. The period since 2001 has seen top-down and bottom up strategy is followed.
*
+'$ $ 

Investment Style
it make its mark as a quintessential balanced All things considered, this is a conservatively
Total Stocks 59 Growth Blend Value fund, registering substantial gains when the run fund that will deliver mild positive sur-
equity markets are doing well, and limiting prises and almost no negative ones.
Large Medium Small

Avg Mkt Cap (` Cr) 14861


Capitalisation

Portfolio P/B Ratio 2.95 losses in falls. In keeping with its steady
Portfolio P/E Ratio 21.86 performance, it has underperformed the cat- PORTFOLIO MANAGER
3Y Earnings Growth (%) -4.42 egory average only for two calendar years in Krishna Sanghvi (Since Sep 2012): He is a
the last ten. In the comparison with the B.Com (H), CWA from ICWAI, Master of
"
0
!# 
 . 
.$
 benchmark, this fund comes off even better. Management Studies (Finance) from
Equity
Except for a lag of 2.3 per cent in 2013, it has NMIMS, Mumbai and CFA from ICFAI. Prior
74.89
always beaten the index. To be sure, in many to joining Canara Robeco AMC he worked
Debt
13.32 of these years it has beaten the benchmark with Kotak Mahindra AMC and Kotak
25.10
by only a small margin, but that is character- Mahindra Old Mutual Life Insurance.
Cash Eq istic of a conservative fund. Surely, there are Avnish Jain (Since Oct 2013): He is a
0.01 many investors who prefer the tortoise to the B.Tech from IIT Kharagpur and PGDM from
   
  hare. IIM Kolkata. Prior to joining Canara Robeco
AMC : Canara Robeco Asset Mgmt Co Ltd This fund is essentially a large cap fund, AMC he worked with ICICI Prudential AMC,
Website : www.canararobeco.com with the mid-cap exposure staying within the Deutsche Asset Management, Misys
Registrar : Karvy Computershare Pvt Ltd. 20 to 30 per cent range. Sector distribution Software Solutions, Yes Bank and ICICI
Min Inv (`) : 5,000 has stayed close to that of the benchmark. Bank.
Min SIP Inv (`) : 1,000 The debt-equity ratio is rebalanced not by
Exchange Availability : NSE the calendar but depending on a number of
Exit Load : 1% for redemption within 365 days macro and micro-level variables. In terms of
All data as on 31/12/2014

Mutual Fund Yearbook 2015 37

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


HDFC Balanced Fund 
Risk
Return 19,000
Launch : August 2000 16,000
Benchmark : Crisil Balanced Fund Index
Category : Fund 13,000
Hybrid: Equity-oriented
Net Assets (` Cr) : 2658.93 VR Balanced 10,000
Plans & NAV : Growth (105.30), Dividend (28.87) (Index is continuously
7,000
rebased to 10,000)
"
12
!# 

Company Sector 3Y-High 3Y-Low Assets
!  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
State Bank of India Financial 4.06 1.27 3.89
NAV (`) 25.31 31.99 40.86 25.95 45.00 56.47 50.50 63.91 69.52 105.30
Infosys Technology 3.77 1.47 3.77
Total Return (%) 27.85 26.40 27.73 -36.50 73.42 25.49 -10.57 26.56 8.78 51.47
HDFC Bank Financial 3.70 0.00 3.70
+/- VR Balanced (%) 3.12 -2.45 -15.13 3.26 24.12 10.95 7.55 4.02 2.40 25.52
ICICI Bank Financial 3.44 1.93 3.16
+/- CNX Nifty (%) -8.49 -13.43 -27.04 15.29 -2.34 7.54 14.05 -1.14 2.02 20.08
Larsen & Toubro  3.36 0.99 3.10
Axis Bank Financial 3.18 1.48 2.60 Rank (Fund/Category) 21/27 16/28 26/26 3/27 5/24 3/28 6/28 14/29 8/32 10/59
Aurobindo Pharma Healthcare 2.91 0.00 2.44 52 Week NAV High (`) 25.48 32.62 40.86 41.98 45.00 58.38 58.97 63.91 69.52 105.70
Reliance Industries Energy 3.27 1.34 2.09 52 Week NAV Low (`) 19.07 23.87 28.01 23.64 23.23 44.38 50.07 50.60 56.59 67.90
Bank of Baroda Financial 2.29 0.85 2.08 Expense Ratio (%) (Sep.) 2.21 2.23 2.21 2.24 2.23 2.15 2.05 1.91 2.29 2.18
Torrent Pharmaceuticals Healthcare 2.37 0.95 1.93 Net Assets (` Cr) 100.73 115.32 118.82 81.50 134.00 224.97 502.58 991.18 1156.7 2658.9
Union Bank of India Financial 2.35 0.00 1.86
MindTree Technology 3.27 0.00 1.75  

 


Solar Industries Chemicals 2.18 0.72 1.65 Return Rank SIP Year Q1 Q2 Q3 Q4
Bayer CropScience Chemicals 2.32 0.00 1.53 Fund Category Fund/Cat VR Bal Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Federal Bank Financial 1.53 0.86 1.53 1-Year 51.47 40.22 10/59 25.95 51.62 2014 6.59 22.49 5.99 9.46
Top Debt Holdings (%) 3-Year 27.70 23.37 5/29 17.94 32.58 2013 -5.12 0.06 -1.43 16.24
Company Instrument Assets 5-Year 18.52 12.89 2/26 9.01 22.66 2012 15.74 -0.40 6.66 2.94
GOI 8.28% 2027-09-21 CGL 4.97 10-Year 18.18 15.17 4/22 12.26 18.93 2011 -2.90 5.00 -5.08 -7.60
GOI 8.32% 2032-08-02 CGL 3.52 15-Year - - - - - 2010 4.89 7.45 9.57 1.63
GOI 8.30% CGL 2.19 Return less than 1-year are absolute and over 1 year are annualised
GOI 8.83% 2023-11-25 CGL 1.82
GOI 8.97% 2030-12-05 CGL 1.76  

 

  
 
Period Fund VR Bal Fund VR Bal Cat Average
"
$
'
 Best 1-Month 11/05/09 - 10/06/09 23.11 21.38 Standard Deviation 12.70 11.57 12.41
Fund CNX Nifty 3Y-High 3Y-Low Worst 1-Month 26/09/08 - 27/10/08 -25.59 -26.11 Sharpe Ratio 1.47 0.91 1.24
Financial 21.28 31.74 21.28 9.97 Best 3-Month 09/03/09 - 10/06/09 59.06 50.99 Beta 0.96 - 0.98
Technology 9.26 15.72 14.70 7.09 Worst 3-Month 02/09/08 - 02/12/08 -31.66 -29.77 R-Squared 0.77 - 0.84
Healthcare 7.51 6.05 12.08 5.39 Best 1-Year 09/03/09 - 11/03/10 100.65 63.07 Sortino Ratio 2.60 1.79 2.29
Automobile 6.60 9.29 7.60 3.13 Worst 1-Year 14/01/08 - 13/01/09 -39.43 -43.52 Alpha 8.61 - 4.87
Chemicals 4.68 1.22 6.26 1.25
Engineering 4.21 0.86 6.63 1.21 


 4.06 5.13 4.06 0.99 If you compare data about HDFC Balanced should balanced investors go for this roller-
Metals 3.47 3.13 4.90 2.92 to the other funds in our selection here, coaster fund? In our opinion, it has consider-
*
+'$ $ 

Investment Style
youll immediately realize that this one is able value for high returns seekers. Its track
Total Stocks 49 Growth Blend Value cast in a very different mould. The basic idea record speaks for itself. Heres an example,
behind equity-centric balanced funds is to when the markets crashed in the 2008 crisis,
Large Medium Small

Avg Mkt Cap (` Cr) 26620


Capitalisation

Portfolio P/B Ratio 2.83 limit volatility by keeping part of their assets the fund declined by 44 per cent from its
Portfolio P/E Ratio 19.45 in fixed income and regularly rebalancing peak but is now 68 per cent above that peak.
3Y Earnings Growth (%) 10.36 the portfolio. On both counts, it has done better than many
HDFC Balanced does this, but with an good equity and balanced funds. However,
"
0
!# 
 . 
.$
 aggressively managed equity portfolio that such volatility may not be every balanced
Equity does result in significant swings in returns. fund investors cup of tea and this argues for
71.07 While other balanced funds maintain a 20 to using the SIP route for cost averaging, espe-
Debt
17.62 30 per cent mid-cap exposure, this fund cially on this fund.
28.69
owns 40 to 50 per cent. This emphasis on
Cash Eq
0.24
smaller companies makes for a track record PORTFOLIO MANAGER
that is just as good as the others in aggre- Chirag Setalvad (Since Apr 2007): He is a
   
  gate and is yet very different in its details. B. Sc and MBA from University of North
AMC : HDFC Asset Mgmt Co Ltd Over the last ten years, this fund has under- Carolina. Prior to joining HDFC AMC he
Website : www.hdfcfund.com performed the category for as many as five worked with New Vernon Advisory Services,
Registrar : Computer Age Mgmt Services Ltd years, and yet has ended up ranked 6 out of HDFC AMC and ING Barings N.V.
Min Inv (`) : 5,000 23 over ten years and 2 out of 28 over the
Min SIP Inv (`) : 500 last five years. The equity exposure is main-
Exchange Availability : BSE, NSE tained at about 70-72 per cent and rebalanc-
Exit Load : 1% for redemption within 540 days ing is ongoing. However, the question is,
All data as on 31/12/2014

38 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


ICICI Prudential Balanced Advantage Fund 
Risk
NA NA
Return 13,000
Launch : December 2006 11,500
Benchmark : Crisil Balanced Fund Index
Category : Fund 10,000
Hybrid: Equity-oriented
Net Assets (` Cr) : 4462.86 VR Balanced 8,500
Plans & NAV : Growth (24.62), DQ (10.39), DM (Index is continuously
7,000
(13.55), Dividend (16.02) rebased to 10,000)
NA NA NA
"
12
!# 

Company Sector 3Y-High 3Y-Low Assets
!  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Infosys Technology 5.02 1.96 4.07
NAV (`) - - 13.04 8.20 12.27 14.14 12.90 17.20 19.08 24.62
ITC FMCG 3.79 0.00 3.35
Total Return (%) - - - -37.12 49.63 15.24 -8.77 33.33 10.93 29.04
HDFC Bank Financial 6.02 0.00 3.05
+/- VR Balanced (%) - - - 2.64 0.33 0.70 9.35 10.79 4.55 3.09
Reliance Industries Energy 6.15 1.41 3.02
+/- CNX Nifty (%) - - - 14.67 -26.13 -2.71 15.85 5.63 4.17 -2.35
ICICI Bank Financial 5.10 0.00 2.99
Power Grid Corp. Energy 2.75 0.00 2.51 Rank (Fund/Category) - - - 4/27 20/24 14/28 3/28 5/29 5/32 51/59
Tech Mahindra Technology 5.48 0.00 2.40 52 Week NAV High (`) - - 13.04 13.16 12.27 14.35 14.69 17.26 19.09 24.65
HCL Technologies Technology 2.13 0.00 2.13 52 Week NAV Low (`) - - 9.76 7.23 7.64 11.81 12.78 12.86 16.00 18.47
Wipro Technology 5.45 0.00 2.04 Expense Ratio (%) (Sep.) - - 2.02 2.17 2.29 2.33 2.40 2.40 2.82 2.41
HDFC Financial 2.24 0.00 1.98 Net Assets (` Cr) - 1161.8 1122.3 410.64 381.85 277.35 149.61 182.86 691.73 4462.9
Mahindra & Mahindra Automobile 1.96 0.00 1.96
NTPC Energy 1.82 0.00 1.82  

 


Bajaj Finserv Financial 1.96 0.00 1.62 Return Rank SIP Year Q1 Q2 Q3 Q4
State Bank of India Financial 2.52 0.00 1.59 Fund Category Fund/Cat VR Bal Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
ONGC Energy 1.78 0.00 1.47 1-Year 29.04 40.22 51/59 25.95 29.43 2014 4.98 10.83 5.81 4.81
Top Debt Holdings (%) 3-Year 23.99 23.37 17/29 17.94 23.69 2013 -3.43 1.87 2.30 10.23
Company Instrument Assets 5-Year 14.94 12.89 9/26 9.01 18.40 2012 14.03 1.22 8.66 6.30
Exim Bank 62-D 01/01/2015 CP 7.85 10-Year - - - - - 2011 -1.56 2.59 -5.11 -4.80
GOI 8.60% 2028-06-02 CGL 7.76 15-Year - - - - - 2010 2.93 2.38 7.42 1.80
GOI 1.44% 2023-06-05 CGL 7.41 Return less than 1-year are absolute and over 1 year are annualised
Canara Bank 2015-01-15 CD 3.98
ICICI Bank 4.00% 91-D 04/03/2015 Fixed Depo 2.54  

 

  
 
Period Fund VR Bal Fund VR Bal Cat Average
"
$
'
 Best 1-Month 11/05/09 - 10/06/09 16.85 21.38 Standard Deviation 9.52 11.57 12.41
Fund CNX Nifty 3Y-High 3Y-Low Worst 1-Month 24/09/08 - 24/10/08 -25.94 -27.46 Sharpe Ratio 1.61 0.91 1.24
Financial 14.95 31.74 21.77 8.92 Best 3-Month 09/03/09 - 10/06/09 42.54 50.99 Beta 0.76 - 0.98
Energy 12.70 12.83 14.60 3.30 Worst 3-Month 28/07/08 - 27/10/08 -28.77 -30.18 R-Squared 0.86 - 0.84
Technology 9.18 15.72 13.82 4.82 Best 1-Year 09/03/09 - 11/03/10 62.43 63.07 Sortino Ratio 2.78 1.79 2.29
Automobile 4.47 9.29 11.75 4.17 Worst 1-Year 26/10/07 - 27/10/08 -41.22 -43.34 Alpha 7.38 - 4.87
FMCG 4.19 9.26 8.03 3.04
Healthcare 3.70 6.05 9.46 1.83 


Engineering 2.23 0.86 4.85 0.16 A balanced fund with a dynamic asset allo- ties, the fund has a conservative, large cap
Services 2.00 0.74 5.19 0.00 cation strategy, this fund increases equity oriented portfolio with 50 per cent in large
*
+'$ $ 

Investment Style
exposure when market valuations are low cap stocks. For the last five years, the mid-
Total Stocks 65 Growth Blend Value and raises it when they are high. A combina- cap exposure has been steady between 20
tion of equity exposure, equity derivatives and 30 per cent. While we generally dont
Large Medium Small

Avg Mkt Cap (` Cr) 68942


Capitalisation

Portfolio P/B Ratio 2.83 and debt in the portfolio contains the funds commit to a fund with a short history, we are
Portfolio P/E Ratio 19.75 risk profile and makes it tax efficient too. The more than willing to make an exception for
3Y Earnings Growth (%) 4.56 equity allocation is determined by a model this fund. The fund has had a baptism with
based primarily on the Price-to-Book Value fire and has passed the difficult test well.
"
0
!# 
 . 
.$
 ratio of the market. Launched at the end of
Equity 2006, just before the Lehman-induced mar- PORTFOLIO MANAGERS
66.25 ket crash, the fund suffered a severe set- Manish Gunwani (Since Jan 2012): He is a
Debt
16.48 back in 2008. B.Tech. and PGDM. He has over a decade of
34.86
The NAV hit a low of 6.85 in October 2008 experience and joined ICICI Prudential in
Cash Eq
-1.11
and stayed below par value until July 2009. 2012.
But the period since that low has been one Ashwin Jain (Since Oct 2014): He is a B.E.
   
  of admirable resilience and recovery that has and PGDM. Prior to joining ICICI Prudential
AMC : ICICI Prudential Asset Mgmt Co Ltd seen the fund become a top ranking choice AMC he worked with HCL Technologies,
Website : www.icicipruamc.com for balanced fund investors. In the last four Irevna and Merrill Lynch.Bank and ICICI
Registrar : Computer Age Mgmt Services Ltd years, this fund has performed handsomely Bank.
Min Inv (`) : 5,000 against both the category average and the
Min SIP Inv (`) : 1,000 benchmark. Since mid-2011, the fund has
Exchange Availability : - pulled decisively ahead of the benchmark
Exit Load : 1% for redemption within 540 days and is also ahead of the category. In equi-
All data as on 31/12/2014

Mutual Fund Yearbook 2015 39

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


L&T India Prudence Fund 
Risk NA NA NA NA NA NA
Return 13,000
Launch : January 2011 12,000
Benchmark : S&P BSE 200 (70%), Crisil ST Bond (30%)
Category : Fund 11,000
Hybrid: Equity-oriented
Net Assets (` Cr) : 127.46 VR Balanced 10,000
Plans & NAV : Growth (18.08), Dividend (17.29) (Index is continuously
9,000
rebased to 10,000)
NA NA NA NA NA NA NA
"
12
!# 

Company Sector 3Y-High 3Y-Low Assets
!  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
State Bank of India Financial 4.51 0.00 3.60
NAV (`) - - - - - - 8.73 11.47 12.51 18.08
HDFC Bank Financial 3.48 1.14 3.09
Total Return (%) - - - - - - - 31.36 9.10 44.48
ING Vysya Bank Financial 2.48 0.57 2.48
+/- VR Balanced (%) - - - - - - - 8.82 2.72 18.53
Maruti Suzuki India Automobile 2.40 0.00 2.40
+/- Nifty (%) - - - - - - - 3.66 2.34 13.09
Sundaram Finance Financial 2.26 0.00 2.26
Axis Bank Financial 2.83 0.00 2.13 Rank (Fund/Category) - - - - - - - 6/29 7/32 26/59
Infosys Technology 4.01 0.44 1.97 52 Week NAV High (`) - - - - - - 10.45 11.47 12.51 18.19
Bharat Electronics Engineering 1.63 0.00 1.63 52 Week NAV Low (`) - - - - - - 8.68 8.76 10.58 12.11
ICICI Bank Financial 3.33 1.01 1.55 Expense Ratio (%) (Sep.) - - - - - - 2.50 2.50 2.97 3.03
Larsen & Toubro  2.63 0.74 1.54 Net Assets (` Cr) - - - - - - 14.39 23.88 40.76 127.46
Gateway Distriparks Services 1.45 0.00 1.45
Lupin Healthcare 1.93 0.00 1.40  

 


State Bank of Bikaner Financial 1.30 0.00 1.30 Return Rank SIP Year Q1 Q2 Q3 Q4
Techno Electric & Engg Construction 1.28 0.00 1.28 Fund Category Fund/Cat VR Bal Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Punjab National Bank Financial 1.28 0.00 1.26 1-Year 44.48 40.22 26/59 25.95 46.41 2014 5.65 19.14 6.24 8.04
Top Debt Holdings (%) 3-Year 27.40 23.37 6/29 17.94 30.30 2013 -5.41 2.89 0.46 11.60
Company Instrument Assets 5-Year - - - - - 2012 14.53 0.16 7.22 6.80
GOI 9.20% 2030-09-30 CGL 12.64 10-Year - - - - - 2011 - -1.58 -6.40 -7.62
GOI 8.60% 2028-06-02 CGL 11.74 15-Year - - - - - 2010 - - - -
GOI 9.23% 2043-12-23 CGL 1.37 Return less than 1-year are absolute and over 1 year are annualised
GOI 8.32% 2032-08-02 CGL 1.24
HDFC 9.20% 2017-10-08 Debenture 1.21  

 

  
 
Period Fund VR Bal Fund VR Bal Cat Average
"
$
'
 Best 1-Month 07/05/14 - 06/06/14 14.83 11.03 Standard Deviation 11.66 11.57 12.41
Fund CNX Nifty 3Y-High 3Y-Low Worst 1-Month 27/07/11 - 26/08/11 -10.06 -10.74 Sharpe Ratio 1.58 0.91 1.24
Financial 20.81 31.74 25.01 8.00 Best 3-Month 10/03/14 - 09/06/14 21.41 13.72 Beta 0.93 - 0.98
Construction 8.77 2.29 10.09 1.87 Worst 3-Month 06/07/11 - 05/10/11 -9.71 -11.77 R-Squared 0.84 - 0.84
Automobile 7.77 9.29 7.84 2.52 Best 1-Year 03/09/13 - 03/09/14 56.16 39.76 Sortino Ratio 2.89 1.79 2.29
Technology 6.02 15.72 13.04 5.02 Worst 1-Year 02/06/11 - 01/06/12 -4.85 -8.02 Alpha 8.65 - 4.87
Engineering 5.52 0.86 9.50 2.36
Healthcare 4.94 6.05 7.01 2.93 


FMCG 3.79 9.26 10.04 1.84 A recent debutant to the balanced category, PORTFOLIO MANAGERS
Services 3.39 0.74 5.54 1.07 L&T India Prudence Fund flagged off only in Soumendra Nath Lahiri (Since Nov 2012):
*
+'$ $ 

Investment Style
January 2011. But it has managed to secure He is a B.Tech and PGDM from IIM
Total Stocks 63 Growth Blend Value a position among the top ranked balanced Bangalore. Prior to joining L&T Mutual Fund
funds. Both one year and three-year returns he worked with Canara Robeco AMC, Emkay
Large Medium Small

Avg Mkt Cap (` Cr) 25445


Capitalisation

Portfolio P/B Ratio 3.30 have beaten the category and benchmark by Investment Managers, Fortuna Capital and
Portfolio P/E Ratio 23.07 a comfortable margin. The fund manager DSP Black Rock Investment Managers.
3Y Earnings Growth (%) 2.09 primarily focuses on quality names through Mr. Vikram Chopra (Since Feb 2012): He is
bottom-up stock picking as opposed to a top- a B.Com (H) and MBA from Indian Institute
"
0
!# 
 . 
.$
 down approach for the debt portion of the of Management. Prior to joining L&T Mutual
Equity portfolio. The funds name is not as widely Fund, he has worked with Fidelity AMC, IDBI
66.40 recalled as some of the category stalwarts. Bank Ltd and Axis Bank Ltd
Debt
13.83 But its performance since launch has helped
28.64
it carve a niche for itself.
Cash Eq
4.97

   
 
AMC : L&T Investment Management Ltd
Website : www.lntmf.com
Registrar : Computer Age Mgmt Services Ltd
Min Inv (`) : 5,000
Min SIP Inv (`) : 1,000
Exchange Availability : BSE, NSE
Exit Load : 1% for redemption within 365 days

All data as on 31/12/2014

40 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Tata Balanced Fund 
Risk
Return 19,000
Launch : October 1995 16,000
Benchmark : Crisil Balanced Fund Index
Category : Fund 13,000
Hybrid: Equity-oriented
Net Assets (` Cr) : 1437.90 VR Balanced 10,000
Plans & NAV : Growth (158.32), Dividend Monthly (Index is continuously
7,000
(66.54), Dividend (80.92) rebased to 10,000)
"
12
!# 

Company Sector 3Y-High 3Y-Low Assets
!  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 5.07 2.81 5.07
NAV (`) 36.55 49.33 76.64 42.61 74.58 85.67 75.38 98.40 105.82 158.32
Eicher Motors Automobile 3.88 0.00 3.38
Total Return (%) 31.27 34.95 55.35 -44.40 75.04 14.87 -12.02 30.55 7.54 49.61
Axis Bank Financial 3.72 0.00 3.38
+/- VR Balanced (%) 6.54 6.10 12.49 -4.64 25.74 0.33 6.10 8.01 1.16 23.66
HCL Technologies Technology 4.71 2.64 2.68
+/- CNX Nifty (%) -5.07 -4.88 0.58 7.39 -0.72 -3.08 12.60 2.85 0.78 18.22
Shree Cement Construction 3.52 0.00 2.64
Sadbhav Engineering Construction 2.64 0.00 2.64 Rank (Fund/Category) 14/27 4/28 6/26 20/27 4/24 15/28 8/28 7/29 9/32 13/59
Glenmark Pharma. Healthcare 2.16 0.00 2.16 52 Week NAV High (`) 36.55 49.56 76.64 78.91 74.58 89.39 86.17 98.98 105.82 159.24
Asian Paints Chemicals 2.43 0.00 2.11 52 Week NAV Low (`) 26.55 35.62 46.26 38.19 38.85 71.17 74.67 75.41 88.65 102.02
ICICI Bank Financial 5.33 0.98 1.98 Expense Ratio (%) (Sep.) 2.46 2.42 2.42 1.37 2.50 2.34 2.33 2.32 3.00 2.57
VA Tech Wabag Engineering 2.68 0.00 1.65 Net Assets (` Cr) 130.76 153.07 245.98 162.14 261.72 296.81 315.37 445.62 602.59 1437.9
ITC FMCG 4.75 1.54 1.65
Bharat Electronics Engineering 1.64 0.00 1.64  

 


Yes Bank Financial 2.04 0.00 1.52 Return Rank SIP Year Q1 Q2 Q3 Q4
TCS Technology 4.05 0.00 1.43 Fund Category Fund/Cat VR Bal Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Astral Poly Technik Chemicals 1.38 0.00 1.38 1-Year 49.61 40.22 13/59 25.95 53.22 2014 5.56 20.36 7.83 9.22
Top Debt Holdings (%) 3-Year 28.01 23.37 3/29 17.94 31.85 2013 -4.58 2.25 0.44 9.74
Company Instrument Assets 5-Year 16.24 12.89 5/26 9.01 22.17 2012 12.73 1.61 9.14 4.43
GOI 8.28% 2027-09-21 CGL 4.53 10-Year 18.97 15.17 2/22 12.26 18.29 2011 -3.73 2.27 -6.04 -4.89
GOI 8.24% 2027-02-15 CGL 3.98 15-Year 16.56 15.39 2/10 - 20.17 2010 1.94 3.79 8.35 0.21
GOI 8.12% 2020-12-10 CGL 2.82 Return less than 1-year are absolute and over 1 year are annualised
GOI 7.16% 2023-05-20 CGL 2.01

   ! NCD 1.68  

 

  
 
Period Fund VR Bal Fund VR Bal Cat Average
"
$
'
 Best 1-Month 11/05/09 - 10/06/09 28.00 21.38 Standard Deviation 12.02 11.57 12.41
Fund CNX Nifty 3Y-High 3Y-Low Worst 1-Month 24/09/08 - 24/10/08 -25.07 -27.46 Sharpe Ratio 1.57 0.91 1.24
Financial 20.53 31.74 26.91 13.48 Best 3-Month 09/03/09 - 10/06/09 56.94 50.99 Beta 0.94 - 0.98
Construction 11.82 2.29 11.82 1.98 Worst 3-Month 23/02/00 - 24/05/00 -33.70 -17.59 R-Squared 0.82 - 0.84
Engineering 8.53 0.86 11.85 3.88 Best 1-Year 04/01/99 - 04/01/00 120.81 - Sortino Ratio 2.79 1.79 2.29
Technology 7.06 15.72 16.39 3.67 Worst 1-Year 14/01/08 - 13/01/09 -47.16 -43.52 Alpha 9.05 - 4.87
Healthcare 6.49 6.05 11.18 3.54
Automobile 6.01 9.29 9.06 3.22 


Chemicals 4.84 1.22 4.84 0.00 The tightrope walk between safety and stocks are selected from niche businesses
FMCG 2.96 9.26 10.56 2.82 returns that a balanced fund has to perform with high entry barriers such as technology,
*
+'$ $ 

Investment Style
is not straightforward, but Tata Balanced has brand franchise, distribution network and
Total Stocks 65 Growth Blend Value done this better than most of its peers. This relatively higher growth rate. Over 2014, the
fund has handsomely outperformed the fund has been underweight on metals and
Large Medium Small

Avg Mkt Cap (` Cr) 23380


Capitalisation

Portfolio P/B Ratio 3.65 benchmark as well as the category over the energy and occasionally overweight on
Portfolio P/E Ratio 19.60 last ten years. The fund ranks third among FMCG. All in all, despite its rakish bearing, a
3Y Earnings Growth (%) 15.66 balanced funds that have been around for good choice for all but the most fearful equity
this period. The fund is a tad more adventur- investors.
"
0
!# 
 . 
.$
 ous than others in our selection. The likely
Equity reason for this is its tendency to hunt for PORTFOLIO MANAGERS
74.07
gains amongst smaller companies. Mid-cap Atul Bhole (Since Jan 2012): He is a B.
Debt
17.15 exposure has varied sharply between 47 and Com (H), Chartered Accountant and MMS.
25.27
just 7 per cent, but has mostly been between Prior to joining this fund, he worked with JP
Cash Eq
0.66 30 and 40 per cent in the past two years. Morgan Services and SBI Treasury.
Having said that, the fund has still been rela- Raghupathi Acharya (Since Oct 2013): He
   
  tively steady in its lead over the benchmark, is a B.Com (H), CA and ICWA. Prior to join-
AMC : Tata Asset Management Private Ltd with there being a lag (a small one) in just ing Tata Mutual Fund he worked with
Website : www.tatamutualfund.com one year out of the last ten. In terms of abso- Karnataka Bank, Pant & Co and M/s PM
Registrar : Computer Age Mgmt Services Ltd. lute returns, the fund has dealt well with the Hedge & Co.
Min Inv (`) : 5,000 shock of the global crisis of 2008.
Min SIP Inv (`) : 1,000 The fund follows the growth-at-reason-
Exchange Availability : BSE, NSE able-price (GARP) style and stocks are
Exit Load : 1% for redemption within 540 days selected on a bottom-up basis. Mid-cap
All data as on 31/12/2014

Mutual Fund Yearbook 2015 41

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


HDFC Index Fund - Sensex Plus Plan 
Risk
Return 13,000
Launch : July 2002
12,000
Benchmark : S&P BSE Sensex
Category : Equity: Large Cap Fund 11,000
Net Assets (` Cr) : 118.44 Sensex 10,000
Plans & NAV : Growth (358.75) (Index is continuously
9,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
ITC FMCG 9.75 6.52 7.08 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ICICI Bank Financial 6.99 5.03 6.99 NAV (`) 100.68 146.53 214.80 113.68 205.31 244.59 194.14 249.53 264.60 358.75
Infosys Technology 8.67 5.35 6.61 Total Return (%) 41.44 45.54 46.59 -47.08 80.60 19.13 -20.63 28.53 6.04 35.58
HDFC Bank Financial 6.77 5.19 6.23 +/- CNX Nifty (%) 5.10 5.71 -8.18 4.71 4.84 1.18 3.99 0.83 -0.72 4.19
HDFC Financial 6.77 5.23 5.98 +/- S&P BSE Sensex (%) -0.89 -1.16 -0.56 5.37 -0.43 1.70 4.01 2.83 -2.94 5.69
Reliance Industries Energy 8.24 5.42 5.42 Rank (Fund/Category) 10/33 9/35 28/36 7/39 5/46 13/55 17/73 28/82 59/81 66/143
TCS Technology 6.49 3.64 5.19 52 Week NAV High (`) 101.16 147.95 215.40 219.74 205.31 253.89 246.15 249.73 266.64 372.22
Larsen & Toubro  5.27 3.23 4.24 52 Week NAV Low (`) 65.89 95.66 132.59 103.20 96.08 188.91 190.93 194.64 221.10 251.01
Axis Bank Financial 3.72 0.00 3.38 Expense Ratio (%) (Sep.) 1.50 1.50 1.50 1.23 1.00 1.00 1.00 1.00 1.06 1.06
Tata Motors Automobile 3.64 2.41 3.20 Net Assets (` Cr) 5.42 10.96 33.89 29.41 51.55 56.27 75.71 89.52 77.99 118.44
State Bank of India Financial 4.13 1.93 3.03
Sun Pharma Inds. Healthcare 2.79 1.40 2.54 


 


ONGC Energy 3.48 2.44 2.44 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Solar Industries Chemicals 4.09 0.00 2.21 Fund Category Fund/Cat Sensex Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
BPCL Energy 2.60 0.00 2.14 1-Year 35.58 35.81 66/143 29.89 33.43 2014 5.15 18.46 4.62 4.05
Canara Bank Financial 2.63 0.00 2.08 3-Year 22.67 22.34 30/76 21.13 23.80 2013 -3.78 2.88 -2.67 10.05
Hindustan Unilever FMCG 3.67 1.80 2.02 5-Year 11.80 10.83 18/62 9.50 16.31 2012 13.43 1.15 7.71 4.00
Mahindra & Mahindra Automobile 2.39 1.83 1.97 10-Year 17.54 15.48 10/34 15.33 15.13 2011 -3.78 -1.63 -10.90 -5.88
Maruti Suzuki India Automobile 1.69 0.84 1.65 15-Year - - - - - 2010 0.00 3.29 14.47 0.76
Allahabad Bank Financial 2.08 0.00 1.65 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund Sensex Fund Sensex Cat Average
Fund Sensex 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 30.95 32.39 Standard Deviation 14.73 14.26 14.85
Financial 29.34 32.01 29.34 22.34
Worst 1-Month 24/09/08 - 24/10/08 -28.66 -36.45 Sharpe Ratio 1.01 0.95 0.99
Energy 13.08 12.86 19.03 13.08
Best 3-Month 09/03/09 - 10/06/09 79.80 89.53 Beta 0.95 - 0.94
Technology 13.07 15.42 16.67 10.28
Worst 3-Month 02/09/08 - 02/12/08 -35.04 -41.93 R-Squared 0.97 - 0.94
Automobile 9.36 11.17 10.04 7.57
Best 1-Year 09/03/09 - 11/03/10 109.79 110.38 Sortino Ratio 1.92 1.80 1.93
FMCG 9.10 11.23 17.19 8.63
Worst 1-Year 14/01/08 - 13/01/09 -50.02 -56.24 Alpha 1.70 - 1.51
 6.90 5.28 8.06 3.23
Healthcare 5.31 5.81 5.67 3.57



Chemicals 3.30 - 6.37 1.46
This fund follows a somewhat differentiated basis irrespective of the market cycle, some-
*
+'$ $ 

Investment Style strategy that is a blend of passive manage- thing that is quite commendable for a portfo-
Total Stocks 40 Growth Blend Value ment (index investing) with some leeway for lio that is based on the Sensex. It was able
Large Medium Small

Avg Mkt Cap (` Cr) 118441 active stock selection. HDFC Sensex Plus to restrict its fall to -47 per cent and 21 per
Capitalisation

Portfolio P/B Ratio 2.86 invests 80 to 90 per cent of its portfolio in cent in 2008 and 2011 respectively which
Portfolio P/E Ratio 19.46 stocks that are part of the Sensex and the was lower than the benchmarks declines.
3Y Earnings Growth (%) 1.15 remaining 10 to 20 per cent in non-index The unique strategy ensures good returns
stocks. Do note that the Sensex stocks are with limited risk. Most active funds in India
"
0
!# 
 . 
.$
 not held in the same proportion as the beat the index in bull markets but struggle to
Equity Sensex and so this fund is not a mirror do so in bear markets. This fund fares well
96.72 image of the index. It is just that the Sensex on both counts.
Debt holdings help the fund remain focused on the
32.89 4.16 giant caps that make up the bellwether PORTFOLIO MANAGER
Cash Eq index, besides ensuring that there is reason- Vinay Kulkarni (Since Dec 2006): He is a
-0.88 able correlation with the indexs perfor- B.Tech from IIT, Mumbai and PGDM from IIT
mance. Non-Sensex stocks chosen are Bangalore., Prior to joining HDFC Mutual
   
  those having a high probability of outper- Fund he has worked with Tata AMC,
AMC : HDFC Asset Management Company Ltd forming the index. Deutsche Mutual Fund, UTI Mutual Fund
Website : www.hdfcfund.com The funds track record is outstanding. and Patni Computer Systems.
Registrar : Computer Age Mgmt Services Ltd Since its 2002 launch, it has bettered its
Min Inv (`) : 5,000 category in each year since 2007. It has
Min SIP Inv (`) : 500 been in the top two quartiles in 9 out of 11
Exchange Availability : - years of its existence. The fund manages to
Exit Load : 1% for redemption within 30 days deliver superior returns on a year-to-year
All data as on 31/12/2014

42 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


ICICI Prudential Focused Bluechip Equity Fund 
Risk NA NA NA
Return 19,000
Launch : May 2008
16,000
Benchmark : CNX Nifty
Category : Equity: Large Cap Fund 13,000
Net Assets (` Cr) : 8013.64 CNX Nifty 10,000
Plans & NAV : Growth (28.63), Dividend (23.74) (Index is continuously
7,000
rebased to 10,000)
"
!# 
 NA NA NA NA

Company Sector 3Y-High 3Y-Low Assets


ICICI Bank Financial 8.17 4.56 8.04 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 9.14 5.74 7.28 NAV (`) - - - 7.15 13.67 17.37 14.52 18.41 20.29 28.63
Infosys Technology 8.49 4.41 5.73 Total Return (%) - - - - 91.19 27.07 -16.41 26.79 10.21 41.10
ITC FMCG 7.71 4.35 4.35 +/- CNX Nifty (%) - - - - 15.43 9.12 8.21 -0.91 3.45 9.71
Reliance Industries Energy 7.14 3.17 4.22 +/- BSE Sensex (%) - - - - 10.16 9.64 8.23 1.09 1.23 11.21
State Bank of India Financial 5.67 0.00 3.71 Rank (Fund/Category) - - - - 2/46 2/55 5/73 49/82 8/81 40/143
Tech Mahindra Technology 4.57 0.00 3.47 52 Week NAV High (`) - - - 10.09 13.67 17.87 17.38 18.53 20.42 29.44
HDFC Financial 3.39 0.00 3.11 52 Week NAV Low (`) - - - 6.06 6.45 12.86 14.31 14.46 16.95 19.37
Tata Motors Automobile 3.03 0.00 3.03 Expense Ratio (%) (Sep.) - - - 2.11 2.19 1.97 1.85 1.82 2.30 2.20
Bajaj Finserv Financial 2.97 0.00 2.97 Net Assets (` Cr) - - - 432.45 988.41 1658.2 3532.2 4230.7 4704.6 8013.6
Wipro Technology 5.63 0.00 2.88
Larsen & Toubro  4.09 0.77 2.73 


 


United Spirits FMCG 2.80 0.00 2.71 Year Q1 Q2 Q3 Q4
Return Rank SIP
Motherson Sumi Sys Automobile 4.84 0.00 2.59 Fund Category Fund/Cat CNX Nifty Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Maruti Suzuki India Automobile 4.58 0.00 2.39 1-Year 41.10 35.81 40/143 31.39 40.92 2014 6.60 16.83 6.37 6.51
Power Grid Corp. Energy 3.25 0.00 2.32 3-Year 25.34 22.34 9/76 21.40 28.39 2013 -4.13 2.04 1.89 10.57
Punjab National Bank Financial 2.94 0.00 2.17 5-Year 15.92 10.83 2/62 9.75 19.95 2012 12.26 -0.25 8.24 4.60
Axis Bank Financial 5.24 0.00 2.09 10-Year - - - - - 2011 -2.59 -1.42 -9.35 -3.97
ONGC Energy 3.10 0.00 2.04 15-Year - - - - - 2010 3.88 3.52 14.35 3.33
HCL Technologies Technology 2.86 1.02 2.01 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX Nifty Fund CNX Nifty Cat Average
Fund CNX Nifty 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 28.52 30.96 Standard Deviation 14.30 15.26 14.85
Financial 34.13 31.74 35.62 21.68
Worst 1-Month 24/09/08 - 24/10/08 -33.51 -37.90 Sharpe Ratio 1.19 0.91 0.99
Technology 14.17 15.72 17.17 9.32
Best 3-Month 09/03/09 - 10/06/09 75.08 80.92 Beta 0.92 - 0.94
Energy 13.09 12.83 19.73 11.82
Worst 3-Month 28/07/08 - 27/10/08 -36.74 -41.73 R-Squared 0.96 - 0.94
Automobile 11.47 9.29 14.87 5.67
Best 1-Year 09/03/09 - 11/03/10 114.40 99.50 Sortino Ratio 2.45 1.82 1.93
FMCG 7.46 9.26 9.69 5.10
Worst 1-Year 31/12/10 - 02/01/12 -16.75 -24.42 Alpha 4.28 - 1.51
Healthcare 3.97 6.05 8.51 3.75
 3.68 5.13 7.52 3.68



Engineering 3.14 0.86 3.14 0.00
ICICI Focused Bluechip Fund has raced far for a `8300 crore fund (Dec 2014). The
*
+'$ $ 

Investment Style ahead of its benchmark as well as peers funds value-oriented and contrarian strategy
Total Stocks 51 Growth Blend Value from the word go for the last six years. The in stock selection has helped it keep two
Large Medium Small

Avg Mkt Cap (` Cr) 93726 fund has been rated 5-star in 35 out of 38 steps ahead of the market. The fund follows
Capitalisation

Portfolio P/B Ratio 3.00 months for which it has been rated by Value a buy-and-hold approach, with five stocks
Portfolio P/E Ratio 19.93 Research. Starting out in the depressed featuring in the portfolio right from inception.
3Y Earnings Growth (%) 1.81 markets of May 2008, the fund put in a block- The funds 5-year CAGR has beaten the
buster performance in its first year itself and benchmark and category by a good margin.
"
0
!# 
 . 
.$
 has since never looked back. Despite an Though fund managers have been shuffled,
Equity ever-expanding asset size, the fund has this hasnt had a material impact on style or
97.49 stayed true-to-label with a strict large-cap returns. A great fit for the investors core
Debt focus. This is quite a departure from its cat- equity portfolio.
29.62 3.58 egory, where funds usually park 15 per cent
Cash Eq or so of their assets in mid and small-cap PORTFOLIO MANAGER
-1.08 stocks. Although an expanding fund size has Manish Gunwani (Since Jan 2012): He is a
not been a problem in terms of stock selec- B.Tech. and PGDM., He has over a decade
   
  tion, growing assets could force the fund to of experience in the industry and joined ICICI
AMC : ICICI Prudential Asset Mgmt Co Ltd water down its focused strategy. However, Prudential in 2012.
Website : www.icicipruamc.com there are no signs of such constraints so far,
Registrar : Computer Age Mgmt Services Ltd. as the funds returns have outpaced the cat-
Min Inv (`) : 5,000 egory consistently. As assets expanded, the
Min SIP Inv (`) : 1,000 fund increased its stock count, but has nev-
Exchange Availability : - ertheless stayed with a focused portfolio.
Exit Load : 1% for redemption within 365 days The present stock count of is still quite low
All data as on 31/12/2014

Mutual Fund Yearbook 2015 43

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


L&T Equity Fund 
Risk
NA
Return 16,000
Launch : April 2005
14,000
Benchmark : S&P BSE 200
Category : Equity: Large Cap Fund 12,000
Net Assets (` Cr) : 2520.27 S&P BSE 200 10,000
Plans & NAV : Growth (59.89), Dividend (29.83) (Index is continuously
8,000
rebased to 10,000)
"
!# 
 NA

Company Sector 3Y-High 3Y-Low Assets


ICICI Bank Financial 8.01 4.83 5.71 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 7.80 4.25 5.39 NAV (`) 14.45 20.83 32.35 16.07 29.91 37.95 30.00 37.79 39.85 59.89
Infosys Technology 7.41 3.21 5.07 Total Return (%) - 44.14 55.32 -50.33 86.14 26.91 -20.96 25.98 5.45 50.27
Axis Bank Financial 3.99 0.83 3.99 +/- CNX Nifty (%) - 4.31 0.55 1.46 10.38 8.96 3.66 -1.72 -1.31 18.88
Larsen & Toubro  4.85 1.39 3.94 +/- S&P BSE 200 (%) - 4.56 -5.12 6.13 -2.37 10.69 5.99 -5.00 1.07 14.80
Kotak Mahindra Bank Financial 3.56 0.00 3.56 Rank (Fund/Category) - 7/41 23/48 19/59 22/61 2/65 20/69 61/73 36/74 2/143
Shree Cement Construction 3.74 0.00 3.36 52 Week NAV High (`) 14.47 20.97 32.35 32.77 29.91 39.31 38.04 37.98 39.85 60.48
State Bank of India Financial 4.17 0.51 3.33 52 Week NAV Low (`) 10.03 13.03 19.31 14.47 14.14 28.15 29.71 30.00 32.97 37.92
ING Vysya Bank Financial 3.00 0.00 3.00 Expense Ratio (%) (Sep.) 1.91 1.86 1.85 1.86 1.87 1.85 1.84 1.85 2.26 2.27
Tech Mahindra Technology 3.45 0.00 2.92 Net Assets (` Cr) 2756.8 2612.9 4026.7 1783.4 2866.5 3269.4 3370.8 2614.6 2010.4 2520.3
Gateway Distriparks Services 2.71 0.00 2.71
Maruti Suzuki India Automobile 2.87 1.43 2.40 


 


Lupin Healthcare 2.36 0.97 2.36 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Divi's Laboratories Healthcare 2.69 0.00 2.35 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Bank of Baroda Financial 2.21 0.00 2.21 1-Year 50.27 35.81 2/143 35.47 52.29 2014 7.30 19.98 7.00 9.09
Hero Motocorp Automobile 2.48 0.00 2.16 3-Year 25.86 22.34 6/76 22.76 30.78 2013 -6.67 2.55 -1.54 11.90
Exide Inds. Engineering 2.14 0.00 2.14 5-Year 14.89 10.83 4/62 9.47 19.91 2012 13.68 -1.41 8.29 3.80
Gujarat Pipavav Port Services 2.13 0.00 2.01 10-Year - - - - - 2011 -4.08 -1.94 -8.63 -8.03
TCS Technology 5.23 1.77 1.77 15-Year - - - - - 2010 3.15 7.65 13.34 0.84
Indusind Bank Financial 1.61 0.00 1.61 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 200 Fund S&P BSE 200 Cat Average
Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 29.93 35.82 Standard Deviation 15.28 16.00 14.85
Financial 29.90 29.61 32.80 19.38
Worst 1-Month 24/09/08 - 24/10/08 -30.04 -37.49 Sharpe Ratio 1.15 0.95 0.99
Construction 11.37 2.50 11.37 1.26
Best 3-Month 09/03/09 - 10/06/09 71.83 94.73 Beta 0.96 - 0.94
Technology 9.76 12.31 17.76 8.52
Worst 3-Month 02/09/08 - 02/12/08 -36.39 -44.03 R-Squared 0.92 - 0.94
Automobile 8.12 9.23 9.32 4.98
Best 1-Year 09/03/09 - 11/03/10 113.49 124.07 Sortino Ratio 2.09 1.84 1.93
Services 6.80 2.66 6.80 1.47
Worst 1-Year 14/01/08 - 13/01/09 -51.75 -59.81 Alpha 4.21 - 1.51
Healthcare 6.01 7.11 10.52 3.74
Engineering 5.46 2.61 6.11 0.54



 3.94 4.11 6.13 3.94
An above-average performer in the large- L&T Equity has kept large-cap allocations at
*
+'$ $ 

Investment Style cap space, L&T Equity Fund has climbed in 65-70 per cent, with the rest going into mid
Total Stocks 52 Growth Blend Value the Value Research rating in the past one or small-caps. Mid cap allocations have risen
Large Medium Small

Avg Mkt Cap (` Cr) 46960 year due to a sharp improvement in returns in the last one year and provided a kicker to
Capitalisation

Portfolio P/B Ratio 3.61 in this bull-run. The funds average ratings returns.
Portfolio P/E Ratio 23.88 which have hovered between 3 and 4-stars The long-term returns of appear middling,
3Y Earnings Growth (%) -3.91 for much of its life, have improved to 5-star in but the recent improvement offers promise
2014. While many funds in the large-cap for the long term. The funds recent run has
"
0
!# 
 . 
.$
 space consciously adopt a concentrated largely helped lift its overall returns, which
Equity strategy to outperform the index; L&T Equity had suffered a setback in 2012 and 2013.
93.23 prefers the other extreme. It owns a very Buy in small lots and raise exposures if the
Debt large number of stocks in its portfolio with fund keeps up the good work.
24.10 0.07 average holdings usually under 3 per cent, a
Cash Eq reason why the stock count is usually higher PORTFOLIO MANAGERS
6.70 than the category average. However, it is Soumendra Nath Lahiri (Since Nov 2012):
way below the 70-80 stocks it held under He is a B.Tech and PGDM from IIM
   
  Fidelity. An extremely fragmented portfolio Bangalore. He has worked with Canara
AMC : L&T Investment Management Ltd requires a rather large number of the funds Robeco AMC, Emkay Investment Managers,
Website : www.lntmf.com calls to pay off, to deliver stand-out returns. Fortuna Capital and DSPBR Investment
Registrar : Computer Age Mgmt Services Ltd Yet, the move has helped the fund contain Managers.
Min Inv (`) : 5,000 downside. The other distinct feature is the Abhijeet Dakshikar (Since June 2013): He
Min SIP Inv (`) : 1,000 sizeable mid-cap allocation compared to is a B.E and M.M.S from Finance, Prior to
Exchange Availability : BSE, NSE peers. While the typical large-cap funds hold joining L&T Mutual Fund, he has worked with
Exit Load : 1% for redemption within 365 days over 90 per cent of their assets in bluechips, Mirae and RBS Equity
All data as on 31/12/2014

44 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Tata Pure Equity Fund 
Risk
Return 13,000
Launch : May 1998
12,000
Benchmark : S&P BSE Sensex
Category : Equity: Large Cap Fund 11,000
Net Assets (` Cr) : 772.14 Sensex 10,000
Plans & NAV : Growth (158.23), Dividend (48.11) (Index is continuously
9,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
HDFC Bank Financial 7.38 5.10 6.88 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ITC FMCG 7.41 3.24 4.96 NAV (`) 43.22 61.65 99.45 50.51 89.49 106.45 83.86 107.73 116.31 158.23
Axis Bank Financial 5.49 0.00 4.95 Total Return (%) 44.35 42.63 61.32 -49.21 77.18 18.95 -21.22 28.47 7.96 36.05
ICICI Bank Financial 7.69 4.31 4.31 +/- CNX Nifty (%) 8.01 2.80 6.55 2.58 1.42 1.00 3.40 0.77 1.20 4.66
Infosys Technology 7.91 2.91 4.27 +/- S&P BSE Sensex (%) 2.02 -4.07 14.17 3.24 -3.85 1.52 3.42 2.77 -1.02 6.16
HCL Technologies Technology 5.94 2.73 3.70 Rank (Fund/Category) 15/31 13/41 14/48 14/59 38/61 22/65 23/69 49/73 25/81 62/143
Maruti Suzuki India Automobile 4.09 0.00 3.57 52 Week NAV High (`) 43.22 62.23 99.45 102.91 89.49 112.59 107.14 108.71 116.43 161.95
Bharat Electronics Engineering 3.38 0.00 3.38 52 Week NAV Low (`) 28.09 41.31 55.24 43.13 43.86 84.60 82.52 83.77 98.65 112.11
TCS Technology 7.15 0.00 3.04 Expense Ratio (%) (Sep.) 2.40 2.27 2.33 2.33 2.50 2.20 2.21 2.22 2.73 2.66
State Bank of India Financial 3.28 0.00 3.00 Net Assets (` Cr) 231.42 303.00 411.16 245.22 451.96 668.38 566.68 585.97 628.20 772.14
HDFC Financial 8.65 2.54 2.85
ONGC Energy 3.95 1.14 2.70 


 


Ultratech Cement Construction 3.32 0.00 2.66 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Divi's Laboratories Healthcare 3.11 0.00 2.48 Fund Category Fund/Cat Sensex Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Shriram Transport Fin Financial 2.81 0.00 2.47 1-Year 36.05 35.81 62/143 29.89 37.25 2014 4.81 15.58 5.95 6.01
Lupin Healthcare 3.48 1.32 2.44 3-Year 23.52 22.34 24/76 21.13 24.96 2013 -4.26 2.77 0.81 8.84
Glenmark Pharma. Healthcare 2.36 0.00 2.36 5-Year 12.07 10.83 15/62 9.50 16.90 2012 13.44 1.05 8.65 3.15
Asian Paints Chemicals 2.42 0.00 2.30 10-Year 18.10 15.48 5/34 15.33 15.47 2011 -8.84 0.18 -7.87 -6.38
Hero Motocorp Automobile 2.42 0.00 2.24 15-Year 18.29 13.82 3/13 12.02 21.03 2010 2.28 4.48 13.17 -1.63
Bank of Baroda Financial 2.47 0.00 2.12 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund Sensex Fund Sensex Cat Average
Fund Sensex 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 34.59 32.39 Standard Deviation 12.26 14.26 14.85
Financial 30.81 32.01 33.53 18.92
Worst 1-Month 24/09/08 - 24/10/08 -30.88 -36.45 Sharpe Ratio 1.25 0.95 0.99
Technology 13.44 15.42 20.62 8.46
Best 3-Month 23/11/99 - 22/02/00 74.91 26.89 Beta 0.77 - 0.94
Automobile 10.22 11.17 12.10 4.28
Worst 3-Month 25/02/00 - 26/05/00 -39.10 -27.36 R-Squared 0.93 - 0.94
Healthcare 8.99 5.81 11.79 3.43
Best 1-Year 22/02/99 - 22/02/00 195.88 78.07 Sortino Ratio 2.25 1.80 1.93
FMCG 6.69 11.23 12.18 3.24
Worst 1-Year 14/01/08 - 13/01/09 -52.60 -56.24 Alpha 4.52 - 1.51
Energy 6.60 12.86 20.84 6.36
Engineering 5.54 1.04 5.54 0.00



Construction 3.49 - 5.02 0.00
Predictability is its middle name and the Tata notable achievement. It has proved a good
*
+'$ $ 

Investment Style Pure Equity has been consistently rated fund to own in falling markets, losing much
Total Stocks 45 Growth Blend Value between 3 and 4-star in the Value Research less value than peers or the indices in 2008
Large Medium Small

Avg Mkt Cap (` Cr) 90650 ratings for the last ten years. The fund has and 2011. But the fund doesnt manage to
Capitalisation

Portfolio P/B Ratio 3.52 outperformed the benchmark almost every beat the indices by a big margin during the
Portfolio P/E Ratio 21.76 year in the last decade, that too with a low tear-away bull phases. In 2007, the funds 61
3Y Earnings Growth (%) 13.57 risk score. But this consistency comes at a per cent return placed it in the middle of its
cost, as the fund doesnt make exceptional category. In 2009, the fund trailed the bench-
"
0
!# 
 . 
.$
 returns in bull markets. mark. Performance in the last one year has
Equity The fund had a wavering strategy in the also been not too hot, with the funds gain
95.36 initial years, with mid-cap allocations swing- lagging the category average by a bit. If pre-
Debt ing between 15 and 50 per cent up to the dictability is what you prefer over chart-
25.37 4.57 end of 2009. But it has acquired the charac- busting performance, this fund is a good
Cash Eq ter of a true large-cap fund from 2010. Mid- long-term bet.
0.06
caps have been scaled down to sub-10 per
cent since 2013. Apart from a preference for PORTFOLIO MANAGER
   
  giant caps, the fund runs a diversified portfo- Pradeep Gokhale (Since Jan 2012): He is
AMC : Tata Asset Management Private Ltd lio with 35-40 stocks, a sizeable number a B.com (H), CA and CFA. Prior to joining
Website : www.tatamutualfund.com given its modest assets. The funds top hold- Tata AMC in 2004 he worked with Credit
Registrar : Computer Age Mgmt Services Ltd ings are mostly drawn from the Nifty or Analysis and Research.
Min Inv (`) : 5,000 Sensex basket with sector weights also not
Min SIP Inv (`) : 500 straying much from the benchmark. The
Exchange Availability : BSE, NSE fund has trailed its benchmark only in four of
Exit Load : 1% for redemption within 365 days the 16 years that it has been in existence, a
All data as on 31/12/2014

Mutual Fund Yearbook 2015 45

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


UTI Equity Fund 
Risk
Return 14,000
Launch : May 1992
12,000
Benchmark : S&P BSE 100
Category : Equity: Large Cap Fund 10,000
Net Assets (` Cr) : 3780.45 S&P BSE 100 8,000
Plans & NAV : Growth (99.00), Dividend (83.10) (Index is continuously
6,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
HDFC Bank Financial 5.36 3.58 5.36 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ICICI Bank Financial 5.43 3.46 5.33 NAV (`) 26.52 32.56 48.02 26.29 48.68 58.66 47.46 62.72 67.46 99.00
Infosys Technology 6.60 2.94 5.23 Total Return (%) 40.22 22.78 47.48 -45.25 85.17 20.50 -19.09 32.15 7.56 46.76
TCS Technology 7.31 3.69 5.08 +/- CNX Nifty (%) 3.88 -17.05 -7.29 6.54 9.41 2.55 5.53 4.45 0.80 15.37
Reliance Industries Energy 5.83 3.30 3.92 +/- S&P BSE 100 (%) 1.87 -18.19 -12.26 10.03 0.13 4.84 6.64 2.19 1.69 14.48
Shree Cement Construction 3.24 1.67 3.19 Rank (Fund/Category) 22/31 40/41 36/48 4/59 23/61 15/65 13/69 23/73 31/81 7/143
Sun Pharma Inds. Healthcare 4.83 3.02 3.02 52 Week NAV High (`) 26.53 33.74 48.02 49.51 48.68 60.50 58.97 62.74 67.57 101.28
Maruti Suzuki India Automobile 2.92 0.00 2.78 52 Week NAV Low (`) 19.25 22.90 29.24 23.99 23.63 45.03 46.66 47.37 55.63 64.56
ITC FMCG 6.23 2.54 2.57 Expense Ratio (%) (Sep.) 1.92 1.83 1.54 1.94 1.95 1.90 1.90 1.90 2.08 2.23
State Bank of India Financial 3.53 0.00 2.54 Net Assets (` Cr) 1508.7 1555.8 2108.9 1088.4 1904.4 2187.4 1857.6 2278.8 2385.9 3780.5
Axis Bank Financial 2.96 1.43 2.43
Bosch Automobile 2.36 1.75 2.36 


 


Eicher Motors Automobile 2.34 0.86 2.34 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Larsen & Toubro  3.05 1.69 2.09 Fund Category Fund/Cat 100 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Bank of Baroda Financial 2.07 0.87 2.06 1-Year 46.76 35.81 7/143 32.28 48.90 2014 6.49 18.63 8.10 7.47
Lupin Healthcare 2.18 1.30 2.00 3-Year 27.72 22.34 2/76 22.05 30.74 2013 -5.92 3.42 -0.68 11.31
Hero Motocorp Automobile 2.03 0.83 1.91 5-Year 15.25 10.83 3/62 9.34 21.10 2012 15.04 0.68 8.51 5.15
Indusind Bank Financial 2.02 1.44 1.82 10-Year 17.99 15.48 7/34 14.95 17.55 2011 -5.32 -0.67 -8.28 -6.21
Nestle India FMCG 2.83 1.65 1.72 15-Year 15.91 13.82 4/13 12.02 20.25 2010 -0.68 4.28 13.09 2.88
Ultratech Cement Construction 1.72 1.01 1.72 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 100 Fund S&P BSE 100 Cat Average
Fund S&P BSE 100 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 24.73 34.95 Standard Deviation 14.61 15.89 14.85
Financial 23.97 31.13 23.97 14.31
Worst 1-Month 12/05/06 - 13/06/06 -28.74 -27.79 Sharpe Ratio 1.30 0.91 0.99
Automobile 16.66 8.49 16.67 8.62
Best 3-Month 09/03/09 - 10/06/09 58.61 93.51 Beta 0.93 - 0.94
Technology 13.18 13.42 19.34 7.65
Worst 3-Month 21/02/00 - 22/05/00 -35.67 -49.77 R-Squared 0.93 - 0.94
Energy 11.34 11.92 16.09 11.34
Best 1-Year 24/04/03 - 23/04/04 132.08 117.67 Sortino Ratio 2.41 1.87 1.93
Construction 8.24 2.28 8.24 4.65
Worst 1-Year 14/01/08 - 13/01/09 -47.56 -58.94 Alpha 6.12 - 1.51
Healthcare 8.05 6.13 10.99 8.05
FMCG 5.31 10.62 12.38 5.17



 2.82 4.68 5.69 2.82
UTI Equity Fund is one of the oldest funds in and healthcare stocks.
*
+'$ $ 

Investment Style the Indian mutual fund space with a 22 year The fund has rarely been a chart-topper,
Total Stocks 70 Growth Blend Value history. Launched as UTI Mastergain, its ini- but has nevertheless created sizeable wealth
Large Medium Small

Avg Mkt Cap (` Cr) 70422 tial years were not impressive, but in the past for its investors through its slow-and-steady
Capitalisation

Portfolio P/B Ratio 3.28 seven years it has emerged as one of the approach. It is among the top five large-cap
Portfolio P/E Ratio 21.08 most consistent large-cap funds. The ten- funds on 10, 5 and 3 year returns. The fund
3Y Earnings Growth (%) 5.27 year CAGR of 20 per cent is ahead of the has been particularly good in bear markets,
benchmark and category on an annual basis. containing downside to levels far lower than
"
0
!# 
 . 
.$
 The fund has widened its gap over the cate- the index. As a consistent fund that navi-
Equity gory in the last five years and moved up to a gates choppy markets really well, it suits a
97.78 5-star Value Research rating in 2014. From conservative investor to a tee.
Debt being an index-hugger in its initial years, UTI
24.93 0.38
Equity Fund has evolved to take substantial PORTFOLIO MANAGER
Cash Eq active calls that have paid off well in recent Anoop Bhaskar (Since Apr 2007): He is a
1.83
years. The fund has added a mid-cap flavour B.Com (H) and MBA from Pune University.,
to the portfolio with a 15 per cent plus weight Prior to joining UTI AMC, he worked with
   
  to such stocks. Though the fund isnt the Sundaram AMC, Franklin Templeton AMC,
AMC : UTI Asset Management Company Ltd largest in its category with an asset size of Shriram Financial Services, Brisk Financial
Website : www.utimf.com `3964 crore (Dec 2014), it has always been Services and Cross Borders Finance &
Registrar : Karvy Computershare Pvt Ltd. extremely diversified. In recent times, the Projects.
Min Inv (`) : 5,000 fund has remained more defensive than its
Min SIP Inv (`) : 500 peers, with lower weights in market favou-
Exchange Availability : BSE, NSE rites such as financials and metals, but
Exit Load : 1% for redemption within 364 days higher weights in automobiles, technology
All data as on 31/12/2014

46 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Stable Growth Funds
Our Stable Growth class contains funds from a selection of
three of our categories: Large & Midcap, Multicap, and Tax
Saving, the latter being those ELSS funds that fit the stable
growth criteria. Ideally equity investors who would like to
invest for a minimum of four to five years but are willing to
take a somewhat higher risk of the occasional severe dip in
value, which might take time to recover from. The risk from
investing in a lump sum is very high so SIPs are a must.

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
BNP Paribas Long Term Equity Fund 
Risk
NA
Return 11,500
Launch : December 2005
10,000
Benchmark : CNX 200
Category : Equity: Tax Planning Fund 8,500
Net Assets (` Cr) : 292.08 CNX 200 7,000
Plans & NAV : Growth (27.73), Dividend (16.95) (Index is continuously
5,500
rebased to 10,000)
"
!# 
 NA NA
Company Sector 3Y-High 3Y-Low Assets
HDFC Bank Financial 8.02 4.06 8.02 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bharti Airtel Comm. 8.45 2.29 6.52 NAV (`) - 14.00 21.89 7.54 12.83 14.74 12.53 16.83 18.12 27.73
Indusind Bank Financial 5.02 0.00 3.95 Total Return (%) - - 56.31 -65.56 70.18 14.92 -15.00 34.31 7.67 53.02
Infosys Technology 5.49 1.72 3.84 +/- CNX Nifty (%) - - 1.54 -13.77 -5.58 -3.03 9.62 6.61 0.91 21.63
Idea Cellular Comm. 6.73 0.00 3.65 +/- CNX 200 (%) - - -7.53 -8.95 -16.50 0.72 11.97 2.67 3.23 17.49
Axis Bank Financial 4.54 0.00 3.50 Rank (Fund/Category) - - 12/26 29/29 27/32 28/37 2/36 13/37 17/37 24/73
HPCL Energy 3.50 0.00 3.50 52 Week NAV High (`) - 14.91 21.89 22.70 12.83 15.76 14.85 16.83 18.12 28.00
Jet Airways India Services 3.37 0.00 3.37 52 Week NAV Low (`) - 9.04 11.30 6.95 6.48 11.90 12.33 12.52 15.26 17.33
Repco Home Finance Financial 2.94 0.00 2.94 Expense Ratio (%) (Sep.) - 2.45 2.41 2.44 2.50 2.50 2.50 2.50 2.92 2.89
VA Tech Wabag Engineering 3.68 1.38 2.84 Net Assets (` Cr) - 157.43 243.82 81.15 74.45 57.71 55.80 96.46 144.77 292.08
JK Cement Construction 2.62 0.00 2.59
BPCL Energy 3.04 0.00 2.54 


 


ICICI Bank Financial 5.37 0.00 2.46 Year Q1 Q2 Q3 Q4
Return Rank SIP
Lupin Healthcare 2.90 0.00 2.34 Fund Category Fund/Cat
CNX 200
Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
ACC Construction 2.91 0.00 2.27 1-Year 53.02 50.79 24/73 35.53 55.60 2014 6.66 21.66 9.98 7.23
TCS Technology 5.13 0.00 2.16 3-Year 30.25 27.73 10/37 23.01 34.15 2013 -6.35 1.94 2.78 9.72
Bharat Electronics Engineering 2.10 0.00 2.10 5-Year 16.66 13.51 5/36 9.21 23.39 2012 15.23 0.96 7.37 7.53
Shriram City Union Fin Financial 2.12 0.00 2.09 10-Year - - - - - 2011 -6.61 3.38 -4.85 -7.47
Cadila Healthcare Healthcare 2.10 0.00 2.07 15-Year - - - - - 2010 1.09 4.60 11.49 -2.52
Hero Motocorp Automobile 2.55 0.00 2.01 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 200 Fund CNX 200 Cat Average
Fund CNX 200 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 28.70 35.49 Standard Deviation 14.12 16.40 15.69
Financial 27.82 29.83 30.66 12.43
Worst 1-Month 12/05/06 - 13/06/06 -35.74 -29.11 Sharpe Ratio 1.48 0.94 1.23
Communication 11.17 2.47 14.51 3.45
Best 3-Month 09/03/09 - 10/06/09 66.72 88.71 Beta 0.85 - 0.96
Services 10.57 2.59 10.57 0.50
Worst 3-Month 04/01/08 - 04/04/08 -42.28 -31.39 R-Squared 0.84 - 0.87
Technology 9.03 12.86 16.24 5.44
Best 1-Year 09/03/09 - 09/03/10 98.04 111.88 Sortino Ratio 3.06 1.85 2.32
Construction 8.42 2.79 10.69 0.65
Worst 1-Year 14/01/08 - 13/01/09 -66.41 -59.89 Alpha 9.14 - 5.84
Engineering 6.57 2.64 9.41 2.53
Automobile 6.53 9.36 8.32 3.34



Energy 6.04 11.36 20.17 5.76
BNP Paribas Long Term Equity has been the The fund is currently betting on private
*
+'$ $ 

Investment Style rising star among ELSS funds this past year. sector banks, telecom and cement. The fund
Total Stocks 44 Growth Blend Value Among the top five performers in the five- is also positive on the oil and gas sector as
Large Medium Small

Avg Mkt Cap (` Cr) 33640 year period, the fund has performed well in well as on the consumers of crude deriva-
Capitalisation

Portfolio P/B Ratio 3.54 both bear and bull phases. The fund was tives as it believes that falling commodity
Portfolio P/E Ratio 20.28 rated five stars for the first time in October prices, especially crude oil, will benefit them.
3Y Earnings Growth (%)-14.17 2013 and since then, has held on to this rat- It is underweight on mining, metals and
ing in ten out of the last 13 months. The fund FMCG sectors. This tiny fund is suitable for
"
0
!# 
 . 
.$
 turned around in 2010 after struggling in its investors with a moderate risk appetite.
Equity initial years. It posted its highest returns in
98.41 the choppy market of 2011 when it beat its PORTFOLIO MANAGER
Debt benchmark by 12 percentage points. The Shreyash Devalker (Since Oct 2011): He is
25.98 3.40 improved performance coincided with a a B.Tech from UDCT Mumbai and PGDM
Cash Eq change in the management in the same year. (Management) from JBIMS Mumbai
-1.81
It is biased towards large-cap stocks in its University. Prior to joining BNP Paribas
portfolio and its exposure to mid-cap stocks Mutual Fund he worked with IDFC Capital,
   
  is lower than its peers. In end 2014, the fund JP Morgan Services India and Calyon Bank.
AMC : BNP Paribas Asset Management Pvt Ltd was overweight on stocks in sectors such as
Website : www.bnpparibasmf.in communications, services, financials and
Registrar : Sundaram BNP Paribas Fund Services engineering as compared to its benchmark.
Min Inv (`) : 500 The fund believes that companies make
Min SIP Inv (`) : 500 money for investors and it picks companies
Exchange Availability : BSE, NSE based on its investment philosophy of BMV:
Exit Load : Nil business, management and valuations.
All data as on 31/12/2014

Mutual Fund Yearbook 2015 49

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


ICICI Prudential Tax Plan 
Risk
Return 19,000
Launch : August 1999
16,000
Benchmark : CNX 500
Category : Equity: Tax Planning Fund 13,000
Net Assets (` Cr) : 2340.53 CNX 500 10,000
Plans & NAV : Growth (262.60), Dividend (24.84) (Index is continuously
7,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
HDFC Bank Financial 9.91 2.87 9.02 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Reliance Industries Energy 10.30 2.16 8.53 NAV (`) 73.41 92.61 130.53 57.40 121.69 151.03 114.85 158.07 174.12 262.60
ICICI Bank Financial 7.45 2.98 4.39 Total Return (%) 68.80 26.15 40.95 -56.03 112.00 24.11 -23.96 37.63 10.15 50.82
Infosys Technology 10.16 2.13 4.12 +/- CNX Nifty (%) 32.46 -13.68 -13.82 -4.24 36.24 6.16 0.66 9.93 3.39 19.43
HDFC Financial 4.07 0.00 3.99 +/- CNX 500 (%) 32.55 -7.84 -21.56 1.10 23.43 9.98 3.23 5.79 6.54 13.00
ING Vysya Bank Financial 3.30 0.00 3.24 Rank (Fund/Category) 3/20 17/23 22/26 16/29 1/32 9/37 21/36 5/37 5/37 30/73
Wipro Technology 3.48 0.00 2.99 52 Week NAV High (`) 73.41 103.28 130.53 133.64 121.69 155.09 151.62 158.08 174.12 269.54
Cipla Healthcare 4.83 0.00 2.99 52 Week NAV Low (`) 40.79 62.04 80.08 49.88 48.36 116.16 113.64 115.29 136.11 166.29
GE Shipping Co. Services 3.64 0.00 2.87 Expense Ratio (%) (Sep.) 2.30 2.28 2.17 2.10 2.12 2.00 1.98 1.98 2.40 2.40
Power Grid Corp. Energy 3.44 0.00 2.87 Net Assets (` Cr) 209.13 574.66 1035.3 472.48 1011.0 1320.3 1197.2 1468.0 1511.2 2340.5
NTPC Energy 3.38 0.00 2.79
Tata Motors Automobile 2.99 0.00 2.72 


 


Unichem Laboratories Healthcare 2.35 0.00 2.35 Year Q1 Q2 Q3 Q4
Return Rank SIP
SJVN Energy 2.33 0.86 2.33 Fund Category Fund/Cat CNX 500 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
ACC Construction 2.90 0.00 2.21 1-Year 50.82 50.79 30/73 37.82 48.73 2014 7.39 25.13 6.69 5.20
Bharat Electronics Engineering 4.16 0.00 2.14 3-Year 31.67 27.73 5/37 23.43 34.72 2013 -8.31 -0.28 3.01 16.95
Tech Mahindra Technology 3.97 0.00 2.04 5-Year 16.62 13.51 6/36 9.36 22.84 2012 18.28 0.13 8.18 7.42
Tata Chemicals Chemicals 2.00 0.00 1.99 10-Year 19.69 16.39 5/19 14.13 18.29 2011 -6.69 0.56 -10.47 -9.48
IDFC Financial 1.99 0.00 1.96 15-Year 18.68 15.39 3/15 12.19 24.15 2010 4.64 3.77 12.29 1.79
State Bank of India Financial 3.09 0.00 1.94 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 500 Fund CNX 500 Cat Average
Fund CNX 500 3Y-High 3Y-Low
Best 1-Month 03/12/99 - 04/01/00 41.05 24.36 Standard Deviation 16.12 16.46 15.69
Financial 28.21 28.91 33.08 13.03
Worst 1-Month 11/04/00 - 12/05/00 -38.84 -31.65 Sharpe Ratio 1.38 0.96 1.23
Energy 21.49 10.53 21.84 11.03
Best 3-Month 22/11/99 - 22/02/00 85.19 65.20 Beta 0.95 - 0.96
Technology 10.35 12.00 16.89 5.07
Worst 3-Month 22/02/00 - 23/05/00 -55.59 -47.73 R-Squared 0.80 - 0.87
Healthcare 6.76 6.76 13.73 5.77
Best 1-Year 05/03/09 - 05/03/10 158.38 115.54 Sortino Ratio 2.66 1.87 2.32
Automobile 5.20 8.87 5.90 0.00
Worst 1-Year 13/03/00 - 13/03/01 -57.93 -46.07 Alpha 9.14 - 5.84
Services 4.61 3.58 6.29 1.94
Engineering 4.53 3.16 9.40 3.50



Construction 4.26 3.54 6.16 0.65
Among the most stable of tax savings funds, mandatory three-year lock-in period by
*
+'$ $ 

Investment Style ICICI Prudential Tax Plan has been rated a investing in mid-cap stocks that can deliver
Total Stocks 48 Growth Blend Value five-star fund in Value Research ratings. The long term returns. The strategy of holding
Large Medium Small

Avg Mkt Cap (` Cr) 49078 fund has beaten its benchmark by over 7 per onto right mid-cap stocks without bothering
Capitalisation

Portfolio P/B Ratio 2.33 cent across time frames such as one, three about their short-term performance has
Portfolio P/E Ratio 17.79 and five years. In fact, it has outperformed its helped it to offer better risk-adjusted returns.
3Y Earnings Growth (%) 6.26 benchmark in ten out of the last twelve A good option for investors who seek a
years. The fund has managed to perform in dependable and category beating tax saving
"
0
!# 
 . 
.$
 both bear and bull phases in the market and fund.
Equity has consistently stayed ahead of its peers.
94.98 The portfolio favours large-cap stocks, PORTFOLIO MANAGER
Debt making it a suitable bet for conservative Chintan Haria (Since May 2011): He is a
30.05 5.92 investors. However, the low risk profile hasnt Chartered Accountant, M.Com and Grad.
Cash Eq stopped the fund from finding a place among C.W.A. He brings with him experience of 4
-0.90 the top performers in the tax-saving catego- years as Equity Dealer at ICICI Prudential
ry. Investors also seem to have placed tre- Mutual Fund.
   
  mendous faith in this fund as its assets under
AMC : ICICI Prudential Asset Mgmt Co Ltd management has gone up significantly in the
Website : www.icicipruamc.com last two years. The portfolio of the fund fea-
Registrar : Computer Age Mgmt Services Ltd tures stocks mostly picked up on the basis of
Min Inv (`) : 500 their cheaper valuations and their potential
Min SIP Inv (`) : 500 for future growth. The fund makes it a point
Exchange Availability : - to avoid stocks that dont meet its valuation
Exit Load : Nil parameters. It also makes good use of the
All data as on 31/12/2014

50 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Quantum Tax Saving Fund 
Risk
NA NA NA
Return 16,000
Launch : December 2008
14,000
Benchmark : S&P BSE TRI-Sensex
Category : Equity: Tax Planning Fund 12,000
Net Assets (` Cr) : 27.83 Sensex 10,000
Plans & NAV : Growth (37.92), Dividend (37.92) (Index is continuously
8,000
rebased to 10,000)
"
!# 
 NA NA NA NA
Company Sector 3Y-High 3Y-Low Assets
HDFC Financial 7.32 4.01 6.38 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bajaj Auto Automobile 7.41 4.76 6.23 NAV (`) - - - 9.98 18.68 23.94 18.93 24.87 27.08 37.92
Infosys Technology 6.97 3.85 5.95 Total Return (%) - - - - 87.07 28.17 -20.92 31.36 8.89 40.03
Hero Motocorp Automobile 5.16 0.00 4.94 +/- CNX Nifty (%) - - - - 11.31 10.22 3.70 3.66 2.13 8.64
ING Vysya Bank Financial 4.74 2.78 4.74 +/- Sensex (%) - - - - 4.41 9.44 5.72 3.37 -1.81 17.99
Voltas ConsDurable 5.29 2.17 4.65 Rank (Fund/Category) - - - - 10/32 4/37 8/36 17/37 12/37 71/73
TCS Technology 6.58 2.94 4.56 52 Week NAV High (`) - - - - 18.68 24.50 24.01 24.87 27.23 39.04
Indian Hotels Services 4.80 2.82 4.48 52 Week NAV Low (`) - - - - 9.09 17.68 18.53 18.85 22.29 25.71
Tata Chemicals Chemicals 4.45 0.00 4.37 Expense Ratio (%) (Sep.) - - - - 2.50 1.80 1.33 1.25 1.25 1.25
ONGC Energy 4.65 3.06 3.87 Net Assets (` Cr) - - - 0.05 1.22 2.47 4.40 8.48 14.63 27.83
NTPC Energy 4.86 2.34 3.85
ACC Construction 4.64 0.00 3.79 


 


Petronet LNG Energy 3.52 0.00 3.36 Year Q1 Q2 Q3 Q4
Return Rank SIP
GAIL Energy 4.20 0.00 3.33 Fund Category Fund/Cat Sensex Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Indian Oil Corp. Energy 3.79 0.00 3.11 1-Year 40.03 50.79 71/73 28.89 37.43 2014 9.45 17.00 4.90 4.23
PTC India Energy 2.90 1.59 2.50 3-Year 26.00 27.73 21/37 21.13 27.43 2013 -3.43 0.04 0.47 12.18
Exide Inds. Engineering 2.57 0.00 2.19 5-Year 15.21 13.51 12/36 9.49 19.26 2012 16.40 -0.56 9.15 3.98
Bharti Airtel Comm. 2.57 1.57 2.09 10-Year - - - - - 2011 -6.32 -2.47 -8.38 -5.52
Power Grid Corp. Energy 1.99 0.00 1.99 15-Year - - - - - 2010 2.14 6.56 15.38 2.06
Maruti Suzuki India Automobile 4.95 1.92 1.92 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund Sensex Fund Sensex Cat Average
Fund Sensex 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 30.78 32.53 Standard Deviation 15.32 14.25 15.69
Energy 22.01 12.86 22.65 8.33
Worst 1-Month 27/07/11 - 26/08/11 -11.20 -13.87 Sharpe Ratio 1.16 0.94 1.23
Automobile 13.09 11.17 15.01 8.82
Best 3-Month 09/03/09 - 10/06/09 57.59 89.76 Beta 0.95 - 0.96
Financial 11.12 32.01 23.17 9.96
Worst 3-Month 10/11/10 - 09/02/11 -15.14 -15.64 R-Squared 0.89 - 0.87
Technology 10.51 15.42 12.25 6.79
Best 1-Year 09/03/09 - 10/03/10 105.27 111.45 Sortino Ratio 2.68 - 2.32
Cons Durable 4.65 - 5.29 2.17
Worst 1-Year 31/12/10 - 02/01/12 -21.26 -26.35 Alpha 4.53 1.79 5.84
Services 4.48 - 15.65 3.96
Chemicals 4.37 - 4.45 0.00



Construction 3.79 - 5.70 0.00
Quantum Tax Saving Fund has built up an approach and it still holds some stocks it had
*
+'$ $ 

Investment Style enviable track record of staying ahead of its bought at the time of its inception. It is the
Total Stocks 21 Growth Blend Value peers by a decent margin in its six year his- least expensive fund in the tax-saving cate-
Large Medium Small

Avg Mkt Cap (` Cr) 51917 tory. Barring 2013, it has always managed to gory. Apart from protecting downside by
Capitalisation

Portfolio P/B Ratio 2.61 outperform its benchmark (BSE Sensex keeping a watch on valuations, the fund also
Portfolio P/E Ratio 17.23 Total Return Index). It has managed a sig- takes on cash and debt allocations of up to
3Y Earnings Growth (%)-14.06 nificant cumulative outperformance over the 20 per cent to protect its NAV from sharp
benchmark since February 2012. falls in the market. The fund and the fund
"
0
!# 
 . 
.$
 The fund is conservatively managed with house behind it have already impressed
Equity a close watch on portfolio valuations. Any hard-nosed investors with their approach to
79.97 stock that doesnt meet its valuation expec- investing, and an investor with a moderate
Debt tations doesnt find a place in its portfolio. risk appetite should have this one in his
28.24 19.85 The fund is also quick to book profits on sec- equity portfolio.
Cash Eq tors or stocks that exceed comfort levels on
0.18 valuation. For example, the fund has stayed PORTFOLIO MANAGER
away from sectors like FMCG and pharma- Atul Kumar (Since Dec 2008): He is a
   
  ceuticals because of their high valuations in B.Com (H) Delhi University and PGDBM
AMC : Quantum Asset Management Co Pvt Ltd recent years. It follows a bottom-up or com- from ICFAI Business School., Prior to joining
Website : www.quantumamc.com pany-specific approach to select stocks and Quantum AMC he has worked with Sahara
Registrar : Karvy Computershare Pvt Ltd. picks up 2540 stocks in the portfolio. The AMC, K R Choksey Shares & Securities and
Min Inv (`) : 500 fund is sector agnostic and tries to have a Astute Consulting Pvt. Ltd.
Min SIP Inv (`) : 500 well-balanced representation of the bench-
Exchange Availability : BSE, NSE mark but without compromising on the valu-
Exit Load : Nil ations. It follows a buy-and-hold investment
All data as on 31/12/2014

Mutual Fund Yearbook 2015 51

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


BNP Paribas Equity Fund 
Risk
Return 13,000
Launch : September 2004
12,000
Benchmark : CNX Nifty
Category : Equity: Large & Mid Cap Fund 11,000
Net Assets (` Cr) : 494.27 CNX Nifty 10,000
Plans & NAV : Growth (63.25), Dividend (16.74) (Index is continuously
9,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
HDFC Bank Financial 8.51 4.75 7.90 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bharti Airtel Comm. 8.50 2.29 6.37 NAV (`) 19.73 27.19 45.76 19.89 31.18 36.82 30.26 39.49 42.91 63.25
Infosys Technology 7.39 1.92 4.76 Total Return (%) 54.38 37.81 68.30 -56.53 56.76 18.09 -17.82 30.50 8.66 47.40
Idea Cellular Comm. 6.66 0.00 4.47 +/- CNX Nifty (%) 18.04 -2.02 13.53 -4.74 -19.00 0.14 6.80 2.80 1.90 16.01
Indusind Bank Financial 6.23 0.99 3.97 +/- BSE Sensex (%) 12.04 -8.89 21.15 -4.08 -24.27 0.66 6.82 4.80 -0.32 17.51
Jet Airways India Services 3.82 0.00 3.82 Rank (Fund/Category) 5/31 18/41 5/48 49/59 58/61 28/65 7/73 12/82 22/81 54/119
Axis Bank Financial 5.09 0.00 3.46 52 Week NAV High (`) 19.75 27.57 45.76 48.12 31.32 37.61 36.93 39.49 43.02 64.21
HPCL Energy 3.43 0.00 3.43 52 Week NAV Low (`) 11.78 17.14 23.29 18.02 17.70 28.59 29.75 30.26 37.09 40.85
VA Tech Wabag Engineering 4.11 1.41 2.54 Expense Ratio (%) (Sep.) 2.39 2.38 2.36 2.43 2.49 2.50 2.47 2.45 2.85 2.75
ICICI Bank Financial 5.28 0.00 2.40 Net Assets (` Cr) 246.94 282.51 226.46 90.85 94.32 66.86 137.51 127.91 167.09 494.27
Repco Home Finance Financial 2.60 0.00 2.38
BPCL Energy 2.99 0.00 2.27 


 


Hero Motocorp Automobile 2.77 0.00 2.22 Year Q1 Q2 Q3 Q4
Return Rank SIP
Maruti Suzuki India Automobile 2.36 0.00 2.20 Fund Category Fund/Cat
CNX Nifty
Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
TCS Technology 6.20 0.97 2.20 1-Year 47.40 45.20 54/119 31.39 48.84 2014 5.71 21.19 8.66 5.89
Asian Paints Chemicals 5.09 0.00 2.17 3-Year 27.80 26.15 22/62 21.40 31.02 2013 -4.23 2.91 2.60 7.46
Lupin Healthcare 3.20 0.97 2.09 5-Year 15.19 12.73 12/57 9.75 21.44 2012 13.88 0.81 6.30 6.93
Ultratech Cement Construction 3.92 0.00 2.01 10-Year 17.33 18.26 16/23 14.81 15.60 2011 -5.76 -1.61 -5.36 -6.34
Cadila Healthcare Healthcare 2.01 0.00 2.01 15-Year - - - - - 2010 -0.71 2.71 13.84 1.71
Wipro Technology 4.23 1.01 1.99 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX Nifty Fund CNX Nifty Cat Average
Fund CNX Nifty 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 27.69 30.96 Standard Deviation 13.86 15.26 15.40
Financial 29.80 31.74 31.41 12.05
Worst 1-Month 09/05/06 - 08/06/06 -31.60 -26.78 Sharpe Ratio 1.37 0.91 1.17
Technology 11.00 15.72 19.16 7.00
Best 3-Month 09/03/09 - 10/06/09 58.93 80.92 Beta 0.84 - 0.95
Communication 10.84 1.74 14.79 2.44
Worst 3-Month 04/01/08 - 04/04/08 -37.84 -25.94 R-Squared 0.85 - 0.88
Services 10.07 0.74 10.07 0.85
Best 1-Year 03/05/05 - 03/05/06 102.81 89.21 Sortino Ratio 3.02 1.82 2.26
Construction 7.39 2.29 12.17 0.67
Worst 1-Year 14/01/08 - 13/01/09 -58.86 -55.78 Alpha 7.30 - 4.64
Healthcare 7.09 6.05 11.46 3.98
Automobile 6.06 9.29 9.61 3.54



Energy 5.70 12.83 22.40 5.70
A nimble mover - BNP Paribas Equitys abil- fund has been a consistent performer as well
*
+'$ $ 

Investment Style ity to beat the benchmark and category have benchmark-beater in the five years to 2014,
Total Stocks 41 Growth Blend Value shown consistent improvement in the chop- with 5-year returns beating benchmark
Large Medium Small

Avg Mkt Cap (` Cr) 45471 py markets from 2011. The fund has shot returns by over 6 percentage points. The
Capitalisation

Portfolio P/B Ratio 3.66 into the limelight since 2011 to be a top-10 3-year return too is ahead by over 4 percent-
Portfolio P/E Ratio 20.52 fund within the large-cap category for the last age points. The improved performance has
3Y Earnings Growth (%) -9.85 5 years. The fund went through a rough coincided with new fund manager Shreyas
patch between 2008 and 2010 when it Devalker taking over as portfolio manager in
"
0
!# 
 . 
.$
 slipped behind its benchmark. It has man- 2011. After plunging more than the bench-
Equity aged a convincing comeback since 2011, mark in the 2008 stock market rout the fund
95.07 improving its Value Research ratings to did quite well in containing downside in the
Debt 4-star for the last year, from an average 2.7 bear market of 2011, its NAV falling 18 per
27.47 5.34 stars in the previous years. Not strictly large- cent against the index decline of nearly 25
Cash Eq cap, this fund is not averse to parking 10-25 per cent. BNP Paribas Equity is not yet the
0.41 per cent of its assets in mid-caps and top fund in its category, but one that certainly
another 8-12 per cent in small-caps. Both bears watching.
   
  mid- and small-cap allocations have climbed
AMC : BNP Paribas Asset Management Pvt Ltd in this bull market. The funds small asset PORTFOLIO MANAGER
Website : www.bnpparibasmf.in size has helped it blend giant caps like TCS Shreyash Devalker (Since Oct 2011): He is
Registrar : Sundaram BNP Paribas Fund Services and ICICI Bank with mid-sized picks like VA a B.Tech from UDCT Mumbai and PGDM
Min Inv (`) : 5,000 Tech Wabag and UltraTech Cement among (Management) from JBIMS Mumbai
Min SIP Inv (`) : 500 its top holdings. It usually owns a diversified University. Prior to joining BNP Paribas
Exchange Availability : BSE, NSE portfolio of 40-44 stocks. While its record Mutual Fund he worked with IDFC Capital,
Exit Load : 1% for redemption within 365 days before 2011 isnt much to rave about, the JP Morgan Services India and Calyon Bank.
All data as on 31/12/2014

52 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Birla Sun Life Frontline Equity Fund 
Risk
Return 19,000
Launch : August 2002
16,000
Benchmark : S&P BSE 200
Category : Equity: Large & Mid Cap Fund 13,000
Net Assets (` Cr) : 7377.56 S&P BSE 200 10,000
Plans & NAV : Growth (157.04), Dividend (29.00) (Index is continuously
7,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
HDFC Bank Financial 5.19 1.75 5.05 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ICICI Bank Financial 6.72 3.82 4.78 NAV (`) 33.94 50.13 81.34 41.89 79.78 94.70 72.99 99.32 108.51 157.04
ITC FMCG 6.42 3.61 3.69 Total Return (%) 41.77 47.70 62.26 -48.50 90.45 18.70 -22.93 36.07 9.25 44.72
Tata Motors Automobile 3.22 0.00 3.21 +/- CNX Nifty (%) 5.43 7.87 7.49 3.29 14.69 0.75 1.69 8.37 2.49 13.33
State Bank of India Financial 3.34 0.44 3.17 +/- S&P BSE 200 (%) 7.97 8.12 1.82 7.96 1.94 2.48 4.02 5.09 4.87 9.25
Infosys Technology 6.35 2.18 3.13 Rank (Fund/Category) 20/31 5/41 12/48 12/59 14/61 24/65 34/69 10/73 11/74 61/119
Reliance Industries Energy 6.37 2.09 2.73 52 Week NAV High (`) 33.94 50.76 81.46 83.52 79.78 97.94 95.16 99.59 108.51 160.72
HCL Technologies Technology 3.89 0.42 2.49 52 Week NAV Low (`) 22.34 32.26 46.06 36.49 36.44 74.37 71.96 72.94 88.64 102.92
HDFC Financial 4.97 1.72 2.39 Expense Ratio (%) (Sep.) 2.50 2.50 2.35 2.31 2.09 1.88 1.85 1.86 2.48 2.21
Tech Mahindra Technology 3.16 0.00 2.36 Net Assets (` Cr) 140.54 124.74 374.84 367.25 1603.8 2719.8 2805.9 2935.7 3585.8 7377.6
Larsen & Toubro  4.84 2.11 2.28
Axis Bank Financial 2.55 0.00 2.26 


 


Wipro Technology 2.52 0.00 2.16 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Indusind Bank Financial 3.09 1.35 2.11 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Motherson Sumi Sys Automobile 2.11 0.00 2.06 1-Year 44.72 45.20 61/119 35.47 45.51 2014 7.06 18.65 5.45 8.04
Grasim Industries  2.86 1.52 2.04 3-Year 29.04 26.15 17/62 22.76 31.23 2013 -4.68 2.66 -0.30 11.98
ING Vysya Bank Financial 2.27 1.23 2.00 5-Year 14.50 12.73 17/57 9.47 20.86 2012 13.81 1.00 9.87 7.75
Cummins India Engineering 2.81 1.59 1.91 10-Year 20.68 18.26 5/23 14.47 18.63 2011 -5.07 -1.62 -11.19 -7.07
Maruti Suzuki India Automobile 2.67 0.00 1.81 15-Year - - - - - 2010 1.23 2.58 12.88 1.27
Federal Bank Financial 1.85 0.00 1.79 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 200 Fund S&P BSE 200 Cat Average
Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 33.57 35.82 Standard Deviation 15.42 16.00 15.40
Financial 33.35 29.61 33.35 19.71
Worst 1-Month 24/09/08 - 24/10/08 -30.85 -37.49 Sharpe Ratio 1.31 0.95 1.17
Technology 11.84 12.31 16.66 9.60
Best 3-Month 09/03/09 - 10/06/09 80.16 94.73 Beta 0.99 - 0.95
Automobile 11.00 9.23 12.83 6.31
Worst 3-Month 02/09/08 - 02/12/08 -35.11 -44.03 R-Squared 0.96 - 0.88
Energy 7.99 11.10 17.42 7.00
Best 1-Year 09/03/09 - 11/03/10 117.37 124.07 Sortino Ratio 2.54 1.84 2.26
FMCG 7.95 10.36 11.52 7.07
Worst 1-Year 04/12/07 - 03/12/08 -50.51 -58.90 Alpha 6.40 - 4.64
Healthcare 5.60 7.11 8.86 5.43
 4.32 4.11 7.76 3.95



Engineering 3.19 2.61 4.72 1.86
Beating its benchmark in every one of the and 7-year returns are both ahead of the
*
+'$ $ 

Investment Style last ten years, Birla Sun Life Frontline Equity category by a good margin. Returns relative
Total Stocks 73 Growth Blend Value has enjoyed an average Value Research rat- to category have been a little sluggish in
Large Medium Small

Avg Mkt Cap (` Cr) 70113 ing of 4-stars over a decade. True to its 2014, but beat the benchmark. The fund has
Capitalisation

Portfolio P/B Ratio 3.19 name, the fund invests 70-80 per cent of its been an easy winner over three different
Portfolio P/E Ratio 20.81 portfolio in large-cap stocks and the remain- market cycles and is backed by a stable
3Y Earnings Growth (%) 6.89 ing 20-25 per cent in midcaps. The fund management team too.
does not invest in small caps. It has usually
"
0
!# 
 . 
.$
 been overweight in large-caps compared to PORTFOLIO MANAGER
Equity its peers. The fund has enhanced large-cap Mahesh Patil (Since November 2005):
95.74 exposure and cut mid-cap allocations as Patil has a B.E (Electrical), MMS in Finance
Debt markets soared in 2014. It pegs sector and is Chartered Financial Aanalyst from
19.88 4.29 weights to the BSE 200 index, only some- ICFAI Hyderabad. Prior to joining Birla Sun
Cash Eq times selecting stocks outside the index. Life AMC he has worked with Reliance
-0.03 This discipline has helped ensure that the Infocom Ltd., Motilal Oswal Securities and
fund doesnt fall much more steeply than the Parag Parikh Financial Advisory Services
   
  market during bear phases. Ltd.
AMC : Birla Sun Life Asset Mgmt Co. Ltd A steady management team has led to
Website : mutualfund.birlasunlife.com continuity of style and market cap bias.
Registrar : Computer Age Mgmt Services Ltd Whether up, down or sideways market, this
Min Inv (`) : 5,000 fund has managed to outperform its bench-
Min SIP Inv (`) : 1,000 mark. A good record at containing downside
Exchange Availability : BSE, NSE in the falling markets has ensured a smooth-
Exit Load : 1% for redemption within 365 days er ride for investors too. The funds 5-year
All data as on 31/12/2014

Mutual Fund Yearbook 2015 53

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Franklin India Prima Plus Fund 
Risk
Return 19,000
Launch : September 1994
16,000
Benchmark : CNX 500
Category : Equity: Large & Mid Cap Fund 13,000
Net Assets (` Cr) : 3278.65 CNX 500 10,000
Plans & NAV : Growth (417.60), Dividend (37.11) (Index is continuously
7,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
ICICI Bank Financial 7.99 4.66 5.44 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 5.51 4.23 5.25 NAV (`) 92.08 137.53 213.04 111.41 192.84 230.41 192.57 252.34 266.34 417.60
Infosys Technology 8.38 4.38 4.70 Total Return (%) 47.61 49.36 54.90 -47.71 73.10 19.48 -16.42 31.04 5.55 56.79
Bharti Airtel Comm. 8.25 3.88 3.88 +/- CNX Nifty (%) 11.27 9.53 0.13 4.08 -2.66 1.53 8.20 3.34 -1.21 25.40
Indusind Bank Financial 3.69 2.31 3.69 +/- CNX 500 (%) 11.36 15.37 -7.61 9.42 -15.47 5.35 10.77 -0.80 1.94 18.97
Yes Bank Financial 3.68 0.00 3.68 Rank (Fund/Category) 14/31 4/41 25/48 8/59 45/61 18/65 7/69 37/73 35/74 12/119
Eicher Motors Automobile 3.24 1.75 3.17 52 Week NAV High (`) 92.20 137.53 213.04 217.08 192.84 241.82 232.37 252.34 266.67 420.78
Torrent Pharmaceuticals Healthcare 3.12 0.00 2.98 52 Week NAV Low (`) 57.87 84.78 125.62 98.27 94.59 183.19 189.02 192.40 218.04 255.44
Kotak Mahindra Bank Financial 3.20 1.45 2.69 Expense Ratio (%) (Sep.) 2.25 2.19 1.99 1.96 1.95 1.91 1.89 1.92 2.28 2.28
Dr. Reddy's Lab Healthcare 5.13 2.37 2.64 Net Assets (` Cr) 594.47 836.32 1980.6 1054.8 1780.20 1871.5 1786.94 1938.14 1948.68 3278.7
Amara Raja Batteries Engineering 2.56 1.06 2.56
Cognizant TechSolutions Others - - 2.45 


 


Bosch Automobile 2.71 2.08 2.40 Year Q1 Q2 Q3 Q4
Return Rank SIP
Pidilite Industries Chemicals 2.22 0.52 2.22 Fund Category Fund/Cat CNX 500 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Gujarat Pipavav Port Services 2.72 0.00 2.20 1-Year 56.79 45.20 12/119 37.82 62.06 2014 8.39 17.66 10.48 11.28
Grasim Industries  4.59 1.79 2.09 3-Year 29.38 26.15 14/62 23.43 34.94 2013 -5.80 1.34 -2.00 12.82
Larsen & Toubro  2.54 0.00 1.88 5-Year 16.70 12.73 2/57 9.36 23.09 2012 14.46 -1.46 8.28 7.30
Cummins India Engineering 2.38 1.14 1.71 10-Year 20.93 18.26 4/23 14.13 18.97 2011 -2.74 -0.36 -7.20 -7.07
Reliance Industries Energy 5.35 1.09 1.70 15-Year 18.97 16.87 2/9 12.19 23.33 2010 4.35 0.81 15.34 -1.53
Axis Bank Financial 1.90 0.00 1.69 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 500 Fund CNX 500 Cat Average
Fund CNX 500 3Y-High 3Y-Low
Best 1-Month 03/12/99 - 04/01/00 36.25 24.36 Standard Deviation 14.34 16.46 15.40
Financial 29.20 28.91 30.14 18.54
Worst 1-Month 24/09/08 - 24/10/08 -28.97 -37.49 Sharpe Ratio 1.41 0.96 1.17
Engineering 10.51 3.16 10.51 3.85
Best 3-Month 09/03/09 - 10/06/09 74.29 89.79 Beta 0.88 - 0.95
Healthcare 8.79 6.76 13.84 6.50
Worst 3-Month 22/02/00 - 23/05/00 -39.73 -47.73 R-Squared 0.88 - 0.88
Automobile 8.77 8.87 9.21 5.09
Best 1-Year 04/01/99 - 04/01/00 233.99 115.33 Sortino Ratio 2.50 1.87 2.26
Technology 7.42 12.00 12.04 6.38
Worst 1-Year 14/01/08 - 13/01/09 -49.95 -60.32 Alpha 8.03 - 4.64
Services 5.12 3.58 8.25 4.36
 4.63 4.06 5.89 3.01



Communication 4.18 2.38 9.79 4.18
One of the oldest large and midcap schemes, years like 2007, 2009 and 2012. This reflects
*
+'$ $ 

Investment Style this fund has held on to a 4 star rating for its conservative stock selection which usu-
Total Stocks 60 Growth Blend Value much of its twenty-year history. It scores high ally does not follow the market flavour. Mid-
Large Medium Small

Avg Mkt Cap (` Cr) 39974 on 5, 7 and 10 year returns. The fund tends cap stocks can create a lot of long term
Capitalisation

Portfolio P/B Ratio 3.85 to hold higher allocations to mid-cap stocks wealth and this fund delivers them to you in
Portfolio P/E Ratio 23.00 in its portfolio than its peers. In 2014, upto a carefully selected package along with
3Y Earnings Growth (%) -5.21 two thirds of its portfolio was invested in large-caps.
large-caps, with mid-cap allocations at upto
"
0
!# 
 . 
.$
 a third. Despite its mid-cap leanings, the PORTFOLIO MANAGERS
Equity fund has been good at protecting against Anand Radhakrishnan (Since Apr 2007):
93.02 downside, given its penchant for quality. The He is a B Tech, CFA and PGDM from IIM
fund sticks to its market cap mix and does Ahmedabad. Prior to joining Franklin
22.97
not unduly change its allocations with the Templeton Investments, he has worked with
Cash Eq market mood. Sundaram Asset Management Ltd., SBI
6.98 Not a fund to take cash calls, 95-96 per Funds Management and Asian Convertible
cent of the fund is always in equities. A bot- and Income Fund.
   
  tom-up and growth oriented fund, the funds Janakiraman (Since Feb 2011): He is a B.E
AMC : Franklin Templeton Asset Mgmt Pvt Ltd strategy and market cap biases are well set. and PGDM (Business Management). Prior to
Website : www.franklintempletonindia.com This is a function of a stable management joining Franklin Templeton Investments, he
Registrar : Franklin Templeton International Ser Pvt Ltd team. Usually a steady performer, the fund has worked with Indian Syntans Inv. Pvt.
Min Inv (`) : 5,000 has recorded impressive performance in the Ltd., Citicorp Information Tech Ltd. and UTI
Min SIP Inv (`) : 500 bull market last year. In the past the fund has Securities Exchange Ltd.
Exchange Availability : BSE, NSE protected downside nicely in falling markets
Exit Load : 1% for redemption within 365 days but just about matched the category in bull
All data as on 31/12/2014

54 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


HDFC Equity Fund 
Risk
Return 25,000
Launch : December 1994
20,000
Benchmark : CNX 500
Category : Equity: Large & Mid Cap Fund 15,000
Net Assets (` Cr) : 17295.02 CNX 500 10,000
Plans & NAV : Growth (468.44), Dividend (59.04) (Index is continuously
5,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
State Bank of India Financial 10.17 4.84 9.82 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ICICI Bank Financial 8.60 5.15 7.81 NAV (`) 107.01 145.39 223.32 112.38 231.01 298.50 218.74 293.42 304.63 468.44
Infosys Technology 9.83 3.85 6.90 Total Return (%) 62.70 35.86 53.61 -49.68 105.57 29.22 -26.72 34.14 3.82 53.77
Larsen & Toubro  6.24 0.00 6.24 +/- CNX Nifty (%) 26.36 -3.97 -1.16 2.11 29.81 11.27 -2.10 6.44 -2.94 22.38
Aurobindo Pharma Healthcare 4.78 0.00 4.57 +/- CNX 500 (%) 26.45 1.87 -8.90 7.45 17.00 15.09 0.47 2.30 0.21 15.95
Maruti Suzuki India Automobile 4.42 0.00 4.19 Rank (Fund/Category) 2/31 24/41 27/48 16/59 4/46 3/59 32/44 14/73 45/74 26/119
Bank of Baroda Financial 4.04 2.05 4.04 52 Week NAV High (`) 107.01 147.94 223.32 227.61 231.01 315.35 299.82 293.42 304.98 487.14
BPCL Energy 4.66 1.96 3.87 52 Week NAV Low (`) 59.92 97.94 134.74 97.09 91.23 216.96 215.06 219.41 236.65 285.48
Tata Motors DVR Automobile 5.29 3.44 3.65 Expense Ratio (%) (Sep.) 2.00 1.85 1.82 1.83 1.83 1.79 1.78 1.78 2.18 2.18
Bharti Airtel Comm. 4.08 0.00 2.58 Net Assets (` Cr) 2185.2 3937.7 5491.4 2580.8 5305.0 8353.3 9178.8 10555.7 10249.5 17295.0
P&G Hygiene & HC FMCG 2.69 0.92 2.39
Oil India Energy 2.93 1.52 2.31 


 


CESC Energy 2.83 0.00 2.25 Year Q1 Q2 Q3 Q4
Return Rank SIP
Info Edge (India) Services 2.92 0.00 2.10 Fund Category Fund/Cat CNX 500 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
HDFC Financial 2.61 0.00 1.97 1-Year 53.77 45.20 26/119 37.82 49.50 2014 8.98 27.61 4.58 5.73
Crompton Greaves Engineering 2.47 1.43 1.85 3-Year 28.84 26.15 19/62 23.43 32.65 2013 -7.61 -1.00 -4.68 19.07
Cipla Healthcare 2.23 0.00 1.83 5-Year 15.18 12.73 13/57 9.36 20.66 2012 19.63 -1.49 7.30 6.09

    Financial 2.03 0.00 1.83 10-Year 21.68 18.26 1/23 14.13 19.17 2011 -5.10 -0.73 -12.73 -10.87
Reliance Industries Energy 5.13 0.00 1.81 15-Year 22.02 16.87 1/9 12.19 24.99 2010 2.28 7.20 17.12 0.62
CMC Technology 2.67 1.62 1.81 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 500 Fund CNX 500 Cat Average
Fund CNX 500 3Y-High 3Y-Low
Best 1-Month 28/04/09 - 28/05/09 35.86 34.74 Standard Deviation 20.24 16.46 15.40
Financial 32.21 28.91 32.21 21.50
Worst 1-Month 26/09/08 - 27/10/08 -31.58 -36.82 Sharpe Ratio 1.03 0.96 1.17
Energy 12.99 10.53 18.81 11.68
Best 3-Month 09/03/09 - 10/06/09 95.14 89.79 Beta 1.25 - 0.95
Technology 11.64 12.00 16.21 8.25
Worst 3-Month 02/09/08 - 02/12/08 -40.02 -43.62 R-Squared 0.89 - 0.88
Automobile 9.25 8.87 10.97 5.07
Best 1-Year 20/10/98 - 20/10/99 179.39 98.51 Sortino Ratio 2.03 1.87 2.26
 7.47 4.06 7.47 0.00
Worst 1-Year 03/12/07 - 02/12/08 -52.70 -59.17 Alpha 3.41 - 4.64
Healthcare 6.40 6.76 6.73 2.74
Engineering 6.19 3.16 6.19 2.07



FMCG 3.66 9.13 10.06 3.51
The largest Indian equity fund is also the top- ety. The fund has been through a difficult
*
+'$ $ 

Investment Style of-mind recall for most investors seeking a patch in the years from 2011 to 2013, lagging
Total Stocks 53 Growth Blend Value managed equity exposure. It has made a the category average in 2013. But the sharp
Large Medium Small

Avg Mkt Cap (` Cr) 53545 strong comeback in the last one year after a improvement in the funds returns in the
Capitalisation

Portfolio P/B Ratio 2.32 sluggish show last year. This funds average ongoing rally has helped re-establish it as a
Portfolio P/E Ratio 16.44 Value Research Rating over nearly two bull market specialist. The funds 5 year and
3Y Earnings Growth (%)-13.62 decades is 4.43 stars. Despite its big asset 10-year records remain very strong. There
base, this is no index hugger. While 65-70 are very few equity funds out there which
"
0
!# 
 . 
.$
 per cent of the portfolio has been in large- have delivered the goods in every bull mar-
Equity caps in the last year or two, a fourth of ket over the last twenty years and have been
98.95 assets are devoted to mid-caps and 4-5 per steered by the same management team; this
Debt cent is parked in small-caps. This scheme is is one.
35.34 1.34 aggressively managed and remains fully
Cash Eq invested across market cycles. It is high on PORTFOLIO MANAGER
-0.29 conviction with its top stocks making up a Prashant Jain (Since Jun 2003): He is a B.
third of the portfolio. The fund does not get Tech. from IIT Kanpur, PGDM from IIM,
   
  swayed by market fancies and usually sticks Bangalore and CFA from AIMR, USA., Prior
AMC : HDFC Asset Management Company Ltd to stock and sector choices. to joining HDFC AMC he has worked with
Website : www.hdfcfund.com The fund management team has been Zurich AMC and SBI Mutual Fund.
Registrar : Computer Age Mgmt Services Ltd exceptionally stable with only three changes
Min Inv (`) : 5,000 since 1994. HDFC Equity has stood the test
Min SIP Inv (`) : 500 of time across four market cycles. Such is
Exchange Availability : BSE, NSE the popularity of this multicap fund that even
Exit Load : 1% for redemption within 365 days a small drop in its ratings causes great anxi-
All data as on 31/12/2014

Mutual Fund Yearbook 2015 55

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


ICICI Prudential Dynamic Fund 
Risk
Return 19,000
Launch : October 2002
16,000
Benchmark : CNX Nifty
Category : Equity: Large & Mid Cap Fund 13,000
Net Assets (` Cr) : 5450.48 CNX Nifty 10,000
Plans & NAV : Growth (185.13), Dividend (22.68) (Index is continuously
7,000
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
Power Grid Corp. Energy 10.01 0.00 10.01 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Infosys Technology 10.43 3.24 8.42 NAV (`) 41.57 65.81 92.64 51.15 92.03 111.60 88.93 116.12 135.08 185.13
HDFC Bank Financial 8.91 0.00 7.39 Total Return (%) 58.51 58.31 40.78 -44.79 79.93 21.26 -20.32 30.58 16.33 37.05
Wipro Technology 6.32 0.00 5.84 +/- CNX Nifty (%) 22.17 18.48 -13.99 7.00 4.17 3.31 4.30 2.88 9.57 5.66
Reliance Industries Energy 10.28 0.72 3.84 +/- BSE Sensex (%) 16.18 11.61 -6.37 7.66 -1.10 3.83 4.32 4.88 7.35 7.16
Mahindra & Mahindra Automobile 3.02 0.00 3.02 Rank (Fund/Category) 5/22 1/34 31/34 4/40 25/46 21/59 18/69 38/73 4/74 103/119
Bharti Airtel Comm. 10.82 0.34 2.85 52 Week NAV High (`) 41.57 65.81 92.64 95.37 92.03 112.71 111.90 116.12 135.08 188.79
ICICI Bank Financial 7.64 1.99 2.45 52 Week NAV Low (`) 24.17 40.25 59.93 43.46 44.28 87.97 87.79 89.51 105.93 129.74
Cairn India Energy 10.75 0.00 2.26 Expense Ratio (%) (Sep.) 2.30 2.04 1.88 1.94 1.95 1.87 1.45 1.82 2.24 2.29
Hindustan Zinc Metals 2.05 0.00 2.05 Net Assets (` Cr) 711.69 1533.3 2453.1 1033.7 1822.4 2785.4 3962.5 3961.1 3572.9 5450.5
Crompton Greaves Engineering 1.98 0.00 1.98
Tech Mahindra Technology 3.21 0.00 1.96 


 


GE Shipping Co. Services 2.55 0.00 1.96 Year Q1 Q2 Q3 Q4
Return Rank SIP
Bajaj Finserv Financial 1.68 0.00 1.51 Fund Category Fund/Cat CNX Nifty Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Aban Offshore Energy 2.04 0.00 1.32 1-Year 37.05 45.20 103/119 31.39 35.16 2014 6.28 17.76 4.35 4.93
Larsen & Toubro  3.31 0.00 1.30 3-Year 27.63 26.15 24/62 21.40 28.90 2013 -4.80 -1.00 7.44 14.88
Divi's Laboratories Healthcare 2.31 0.00 1.18 5-Year 14.99 12.73 15/57 9.75 19.86 2012 19.34 -0.85 5.89 4.21
State Bank of India Financial 8.09 0.00 1.11 10-Year 21.57 18.26 2/23 14.81 18.28 2011 -2.11 -1.20 -11.26 -7.16
Cyient Technology 2.29 0.00 1.11 15-Year - - - - - 2010 3.51 4.55 8.95 2.85
Hindalco Inds. Metals 1.11 0.00 1.11 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX Nifty Fund CNX Nifty Cat Average
Fund CNX Nifty 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 23.77 30.96 Standard Deviation 13.96 15.26 15.40
Energy 18.89 12.83 23.97 11.97
Worst 1-Month 24/09/08 - 24/10/08 -33.81 -37.90 Sharpe Ratio 1.35 0.91 1.17
Technology 18.10 15.72 18.10 9.78
Best 3-Month 09/03/09 - 10/06/09 61.97 80.92 Beta 0.83 - 0.95
Financial 16.84 31.74 32.63 12.31
Worst 3-Month 02/09/08 - 02/12/08 -38.60 -40.99 R-Squared 0.82 - 0.88
Metals 5.63 3.13 11.21 0.80
Best 1-Year 02/05/05 - 02/05/06 129.72 88.10 Sortino Ratio 2.89 1.82 2.26
Automobile 3.88 9.29 4.90 0.28
Worst 1-Year 03/12/07 - 02/12/08 -48.42 -54.68 Alpha 7.29 - 4.64
Communication 3.75 1.74 11.34 0.88
Services 3.22 0.74 4.33 1.31



Engineering 2.24 0.86 2.52 0.47
While most equity funds claim that timing in its category. The fund was impressive in
*
+'$ $ 

Investment Style isnt their forte, this fund has made market guarding downside both in 2008 and 2011,
Total Stocks 54 Growth Blend Value timing its USP, by actively taking debt/cash but lagged its benchmark in the raging bull
Large Medium Small

Avg Mkt Cap (` Cr) 56453 calls when markets are over-heated. This market of 2007. For investors who would like
Capitalisation

Portfolio P/B Ratio 2.17 strategy, combined with a value orientation to play it safe on valuations and yet partici-
Portfolio P/E Ratio 17.27 has helped the fund beat its benchmark and pate fully in a bull market, this is an ideal
3Y Earnings Growth (%) 1.31 category by a wide margin. The fund has fund.
climbed on the rating scale to be a top rated
"
0
!# 
 . 
.$
 fund in recent years. The fund has perfected PORTFOLIO MANAGERS
Equity the science of good timing. It uses the mar- Sankaran Naren (Since Feb 2012): He is a
81.02 kets price-to-book value ratio to assess B.Tech from IIT Chennai and MBA(Finance)
Debt over- or under-valuation. This has paid off from IIM Kolkata. Prior to joining ICICI
35.51 19.91 quite well. When most funds were bearish, Prudential AMC he has worked with Refco
Cash Eq the fund was almost fully invested in August Sify Securities India, HDFC Securities and
-0.94 last year, leading to strong participation in Yoha Securities.
the rally. Mittul Kalawadia (Since Feb 2012): He is a
   
  The funds market cap allocations are B.Com from Mithibai College, M.Com. from
AMC : ICICI Prudential Asset Mgmt Co. Ltd also actively managed. Mid-caps have been the University of Mumbai and CA from ICAI.,
Website : www.icicipruamc.com trimmed in the last one year. The fund leans He has been associated with ICICI Prudential
Registrar : Computer Age Mgmt Services Ltd towards contrarian picks based on funda- since 2012.
Min Inv (`) : 5,000 mental analysis. Though the core strategy
Min SIP Inv (`) : 1,000 hasnt changed, the funds portfolio manag-
Exchange Availability : - ers have seen a fair degree of shuffle in the
Exit Load : 1% for redemption within 365 days last ten years. It has the best 10 year returns
All data as on 31/12/2014

56 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Kotak Select Focus Fund 
Risk
NA NA NA NA
Return 14,500
Launch : August 2009
13,000
Benchmark : CNX 200
Category : Equity: Large & Mid Cap Fund 11,500
Net Assets (` Cr) : 1290.64 CNX 200 10,000
Plans & NAV : Growth (22.19), Dividend (18.91) (Index is continuously
8,500
rebased to 10,000)
"
!# 
 NA NA NA NA NA

Company Sector 3Y-High 3Y-Low Assets


ICICI Bank Financial 7.67 5.13 5.90 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
State Bank of India Financial 5.71 0.89 5.71 NAV (`) - - - - 10.64 12.77 9.93 13.24 14.06 22.19
Tech Mahindra Technology 6.07 0.00 4.20 Total Return (%) - - - - - 20.05 -22.29 33.45 6.13 57.87
Infosys Technology 8.16 3.27 4.03 +/- CNX Nifty (%) - - - - - 2.10 2.33 5.75 -0.63 26.48
Tata Motors Automobile 4.52 0.00 3.50 +/- CNX 200 (%) - - - - - 5.85 4.68 1.81 1.69 22.34
Bosch Automobile 3.24 0.00 3.00 Rank (Fund/Category) - - - - - 16/65 29/69 17/73 32/74 8/119
Ultratech Cement Construction 3.46 0.00 2.92 52 Week NAV High (`) - - - - - 13.61 12.82 13.26 14.08 22.57
Axis Bank Financial 3.24 0.00 2.91 52 Week NAV Low (`) - - - - - 9.87 9.82 9.90 11.67 13.41
Maruti Suzuki India Automobile 3.41 0.00 2.78 Expense Ratio (%) (Sep.) - - - - 1.72 2.40 2.43 2.32 2.73 2.49
HDFC Bank Financial 6.47 1.98 2.76 Net Assets (` Cr) - - - - 262.99 122.22 388.48 363.78 314.02 1290.6
Britannia Inds. FMCG 2.66 0.00 2.66
Hero Motocorp Automobile 2.99 0.00 2.60 


 


Hindustan Unilever FMCG 4.06 0.00 2.44 Year Q1 Q2 Q3 Q4
Return Rank SIP
Bank of Baroda Financial 2.44 0.00 2.44 Fund Category Fund/Cat CNX 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Shree Cement Construction 3.00 0.00 2.42 1-Year 57.87 45.20 8/119 35.53 63.48 2014 7.14 20.12 9.49 12.04
Petronet LNG Energy 2.99 0.00 2.41 3-Year 30.70 26.15 5/62 23.01 36.19 2013 -8.03 3.76 -0.85 12.16
Bajaj Finance Financial 2.93 0.00 2.35 5-Year 15.83 12.73 5/57 9.21 23.38 2012 12.89 1.26 8.66 7.44
TCS Technology 7.13 0.00 2.30 10-Year - - - - - 2011 -8.14 -0.36 -9.40 -6.29
Federal Bank Financial 2.68 0.84 2.29 15-Year - - - - - 2010 0.74 4.81 13.04 0.57
Bharat Electronics Engineering 2.14 0.00 2.14 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 200 Fund CNX 200 Cat Average
Fund CNX 200 3Y-High 3Y-Low
Best 1-Month 07/05/14 - 06/06/14 18.86 16.14 Standard Deviation 15.33 16.40 15.40
Financial 31.82 29.83 33.73 18.43
Worst 1-Month 27/07/11 - 26/08/11 -12.36 -14.44 Sharpe Ratio 1.40 0.94 1.17
Automobile 16.37 9.36 18.02 3.43
Best 3-Month 21/02/14 - 23/05/14 24.64 22.95 Beta 0.95 - 0.95
Technology 10.53 12.86 21.65 7.47
Worst 3-Month 10/11/10 - 09/02/11 -19.82 -18.92 R-Squared 0.89 - 0.88
Energy 8.93 11.36 20.56 4.96
Best 1-Year 03/09/13 - 03/09/14 67.73 56.62 Sortino Ratio 2.88 1.85 2.26
Construction 7.38 2.79 10.03 0.00
Worst 1-Year 31/12/10 - 02/01/12 -22.47 -26.83 Alpha 8.30 - 4.64
FMCG 5.69 9.19 13.81 1.68
Services 3.72 2.59 6.74 0.46



Healthcare 2.84 6.98 10.30 2.84
This relatively young fund has stayed ahead hostile market like 2008. But the funds man-
*
+'$ $ 

Investment Style of the benchmark in each of the five years date of focusing on select sectors may pay
Total Stocks 47 Growth Blend Value since launch. Although its mandate allows it off well in a bull market.
Large Medium Small

Avg Mkt Cap (` Cr) 52487 to focus on a few sectors at a time, in recent
Capitalisation

Portfolio P/B Ratio 3.40 times, the fund hasnt really gone overboard PORTFOLIO MANAGER
Portfolio P/E Ratio 21.03 on any of its top sector choices. Financials, Harsha Upadhyaya (Since Aug 2012): He
3Y Earnings Growth (%) -3.05 automobiles and technology have been the is a B.E (Mechanicial) from NIT Suratkal,
top sectors in 2014. The fund has a large- PGDM from IIM Lucknow and CFA from the
"
0
!# 
 . 
.$
 cap tilt, parking 70-75 per cent of its assets CFA Institute, USA. Prior to joining Kotak
Equity in large-cap stocks in 2014, with the rest in Mutual fund he has worked with DSP
96.52 mid-caps. It is overweight in large-caps and BlackRock Investment Managers Ltd. and
Debt underweight in small-caps relative to its UTI AMC.
23.34 3.80 peers. In recent months, with a rising market,
Cash Eq the fund has increased its fixed income allo-
-0.32
cation.
The fund has a relatively short tenure but
   
  has managed to consistently outperform the
AMC : Kotak Mahindra Asset Mgmt Co Ltd market in this period. Its trailing three and
Website : www.kotakmutual.com five year return reflect its good performance.
Registrar : Computer Age Mgmt Services Ltd It has managed to do well in both bull as
Min Inv (`) : 5,000 bear phases of the market. It fell 22 per cent,
Min SIP Inv (`) : 500 much less than its benchmark during 2011.
Exchange Availability : BSE, NSE While the going has been good so far, the
Exit Load : 1% for redemption within 365 days funds mettle is yet to be tested in a truly
All data as on 31/12/2014

Mutual Fund Yearbook 2015 57

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Mirae Asset India Opportunities Fund 
Risk NA NA NA
Return 19,000
Launch : March 2008
16,000
Benchmark : S&P BSE 200
Category : Equity: Large & Mid Cap Fund 13,000
Net Assets (` Cr) : 769.31 S&P BSE 200 10,000
Plans & NAV : Growth (31.03), Dividend (18.81) (Index is continuously
7,000
rebased to 10,000)
"
!# 
 NA NA NA NA

Company Sector 3Y-High 3Y-Low Assets


ICICI Bank Financial 7.71 4.89 7.20 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HDFC Bank Financial 5.89 3.67 5.87 NAV (`) - - - 6.75 14.13 17.40 13.98 18.63 20.30 31.03
State Bank of India Financial 4.73 1.19 4.42 Total Return (%) - - - - 109.33 23.12 -19.64 33.28 8.95 52.86
Larsen & Toubro  4.36 1.76 3.83 +/- CNX Nifty (%) - - - - 33.57 5.17 4.98 5.58 2.19 21.47
TCS Technology 4.18 0.34 3.63 +/- S&P BSE 200 (%) - - - - 20.82 6.90 7.31 2.30 4.57 17.39
Infosys Technology 8.60 3.18 3.18 Rank (Fund/Category) - - - - 2/61 7/65 14/69 18/73 15/74 27/119
HDFC Financial 5.27 2.96 2.96 52 Week NAV High (`) - - - 11.25 14.13 18.03 17.50 18.63 20.31 31.59
Tech Mahindra Technology 2.94 0.18 2.94 52 Week NAV Low (`) - - - 5.61 5.48 13.17 13.74 14.00 16.36 19.52
Sun Pharm Inds. Healthcare 2.91 0.61 2.90 Expense Ratio (%) (Sep.) - - - 2.32 2.41 2.40 2.39 2.35 2.69 2.53
Tata Motors DVR Automobile 3.68 0.00 2.83 Net Assets (` Cr) - - - 103.04 160.87 150.50 189.20 279.00 309.13 769.31
Hero Motocorp Automobile 2.80 0.00 2.80
ITC FMCG 5.63 2.66 2.77 


 


Divi's Laboratories Healthcare 3.23 0.00 2.33 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Indusind Bank Financial 2.28 0.00 2.28 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Axis Bank Financial 2.12 0.00 2.12 1-Year 52.86 45.20 27/119 35.47 52.03 2014 8.68 20.60 8.93 7.07
HPCL Energy 2.55 0.00 2.07 3-Year 30.38 26.15 7/62 22.76 34.32 2013 -5.96 1.12 -0.64 15.31
Amara Raja Batteries Engineering 3.05 1.64 2.00 5-Year 17.03 12.73 1/57 9.47 23.08 2012 15.71 -1.12 10.52 5.40
Gateway Distriparks Services 2.47 1.49 1.85 10-Year - - - - - 2011 -4.35 1.05 -10.88 -6.71
Maruti Suzuki India Automobile 2.69 0.77 1.82 15-Year - - - - - 2010 2.07 4.40 12.75 2.47
Reliance Industries Energy 5.82 1.79 1.82 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 200 Fund S&P BSE 200 Cat Average
Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month 29/04/09 - 29/05/09 34.70 32.36 Standard Deviation 15.07 16.00 15.40
Financial 30.26 29.61 30.26 20.56
Worst 1-Month 24/09/08 - 24/10/08 -34.84 -37.49 Sharpe Ratio 1.40 0.95 1.17
Technology 9.76 12.31 14.99 9.76
Best 3-Month 09/03/09 - 10/06/09 96.22 94.73 Beta 0.95 - 0.95
Healthcare 9.75 7.11 12.85 7.17
Worst 3-Month 28/07/08 - 27/10/08 -40.00 -42.41 R-Squared 0.92 - 0.88
Automobile 9.58 9.23 10.85 6.36
Best 1-Year 09/03/09 - 11/03/10 157.03 124.07 Sortino Ratio 2.70 1.84 2.26
Chemicals 5.33 2.01 5.33 0.94
Worst 1-Year 22/04/08 - 22/04/09 -31.13 -38.72 Alpha 7.95 - 4.64
Energy 5.32 11.10 16.41 5.32
FMCG 5.29 10.36 10.57 4.36



Services 4.79 2.66 6.66 4.74
A fairly young fund in a category of stalwarts, the returns so far, the fund lacks the long
*
+'$ $ 

Investment Style this fund has nevertheless built up an track record of other funds in its category
Total Stocks 56 Growth Blend Value impressive record in the five years since across multiple market cycles. If you want a
Large Medium Small

Avg Mkt Cap (` Cr) 51957 launch. It has been a 5 star fund in 32 out of small and nimble fund that can truly play mid
Capitalisation

Portfolio P/B Ratio 3.43 41 months it has been rated. The fund has a and small cap opportunities in bull markets,
Portfolio P/E Ratio 20.79 mid and smallcap tilt that has delivered a this fund fits the bill well.
3Y Earnings Growth (%) -0.14 return boost. Launched in an unfavourable
market, the fund has not let this keep it PORTFOLIO MANAGER
"
0
!# 
 . 
.$
 down. Its distinguishing feature is a higher Nilesh Surana (Since May 2008): He is B.E
Equity midcap and smallcap allocation compared to (Mechanical) and MBA in Finance. Prior to
97.26 the category. In 2014, while large-caps have joining Mirae AMC he has worked with ASK
Debt made up 64-70 per cent of assets, midcaps Investment Managers Pvt Ltd.
24.95 2.55 have accounted for about a fourth and small- Sumit Agarwal (Since Aug 2014): He is a
Cash Eq caps about a tenth. The last is far higher than B.Com, CS and PGDM (Finance). Prior to
0.19 peers. joining Mirae Asset Mutual Fund in 2010 he
The funds relatively small size allows it to has worked with Enam Securities and JP
   
  make the most of small and mid-cap oppor- Morgan India Services.
AMC : Mirae Asset Global Investments Pvt Ltd. tunities. The funds approach is buy-and-
Website : www.miraeassetmf.co.in hold and many stocks feature in the holdings
Registrar : Karvy Computershare Pvt Ltd. since inception. Both five and three-year
Min Inv (`) : 5,000 return records position it among the best in
Min SIP Inv (`) : 1,000 the category. In 2011, the funds NAV lost
Exchange Availability : BSE 19.6 per cent to the benchmarks 27 per cent
Exit Load : 2% for redemption within 182 days; 1% for redemp- fall. While theres nothing to worry about in
tion between 183 - 365 days
All data as on 31/12/2014

58 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Quantum Long Term Equity Fund 
Risk
NA
Return 16,000
Launch : February 2006
14,000
Benchmark : S&P BSE TRI-Sensex
Category : Equity: Large & Mid Cap Fund 12,000
Net Assets (` Cr) : 385.88 Sensex 10,000
Plans & NAV : Growth (38.08), Dividend (38.40) (Index is continuously
8,000
rebased to 10,000)
"
!# 
 NA NA

Company Sector 3Y-High 3Y-Low Assets


HDFC Financial 6.55 3.89 5.85 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bajaj Auto Automobile 7.25 5.03 5.24 NAV (`) - 11.84 17.26 9.15 18.60 23.96 19.13 25.10 27.40 38.08
ING Vysya Bank Financial 4.46 2.77 4.46 Total Return (%) - - 45.78 -46.99 103.28 28.82 -20.16 31.21 9.16 38.98
Voltas ConsDurable 4.92 2.41 4.34 +/- CNX Nifty (%) - - -8.99 4.80 27.52 10.87 4.46 3.51 2.40 7.59
Infosys Technology 7.19 3.85 4.32 +/- S&P BSE Sensex(%) - - -4.31 4.67 20.62 10.09 6.48 3.22 -1.54 16.94
Indian Hotels Services 4.26 2.91 3.91 Rank (Fund/Category) - - 41/48 6/59 5/61 4/59 5/44 36/73 13/74 84/119
Tata Chemicals Chemicals 3.94 0.00 3.91 52 Week NAV High (`) - 11.89 17.26 17.43 18.60 24.48 24.03 25.10 27.53 38.97
Hero Motocorp Automobile 3.97 0.00 3.47 52 Week NAV Low (`) - 8.80 10.87 7.98 8.12 17.61 18.72 19.05 22.41 25.99
NTPC Energy 3.71 2.21 3.42 Expense Ratio (%) (Sep.) - 2.50 2.49 2.50 2.29 1.56 1.33 1.25 1.25 1.25
ACC Construction 4.18 0.00 3.21 Net Assets (` Cr) - 29.70 49.71 21.29 46.86 61.78 89.98 140.04 201.33 385.88
ONGC Energy 4.79 3.21 3.21
TCS Technology 6.85 2.95 3.20 


 


GAIL Energy 3.86 0.00 3.12 Year Q1 Q2 Q3 Q4
Return Rank SIP
Indian Oil Corp. Energy 3.53 0.00 2.86 Fund Category Fund/Cat Sensex Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Petronet LNG Energy 2.83 0.00 2.60 1-Year 38.98 45.20 84/119 29.89 35.70 2014 9.78 16.69 4.39 3.93
Exide Inds. Engineering 2.76 0.00 2.39 3-Year 25.74 26.15 37/62 21.13 26.95 2013 -3.19 -0.04 0.08 12.71
PTC India Energy 2.63 1.57 2.07 5-Year 15.40 12.73 10/57 9.50 19.13 2012 16.57 -0.76 9.26 3.80
Maruti Suzuki India Automobile 4.99 1.96 1.96 10-Year - - - - - 2011 -5.51 -2.30 -8.41 -5.58
Bharti Airtel Comm. 2.41 1.49 1.69 15-Year - - - - - 2010 2.26 6.73 15.57 2.13
Tata Steel Metals 3.76 1.16 1.16 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund Sensex Fund Sensex Cat Average
Fund Sensex 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 33.62 32.53 Standard Deviation 15.37 14.25 15.40
Energy 18.40 12.86 18.77 8.59
Worst 1-Month 26/09/08 - 27/10/08 -31.18 -35.14 Sharpe Ratio 1.14 0.95 1.17
Automobile 10.67 11.17 14.98 9.22
Best 3-Month 09/03/09 - 10/06/09 73.77 89.76 Beta 0.95 - 0.95
Financial 10.31 32.01 24.08 8.34
Worst 3-Month 02/09/08 - 02/12/08 -38.89 -41.86 R-Squared 0.89 - 0.88
Technology 7.52 15.42 12.65 6.89
Best 1-Year 09/03/09 - 10/03/10 128.82 111.45 Sortino Ratio 2.64 1.80 2.26
Cons Durable 4.34 - 4.92 2.41
Worst 1-Year 03/12/07 - 02/12/08 -48.05 -54.62 Alpha 4.25 - 4.64
Chemicals 3.91 - 3.94 0.00
Services 3.91 - 15.36 3.39



Construction 3.21 - 5.60 0.00
Can there be an equity fund which outper- well ahead of the category. The funds ultra-
*
+'$ $ 

Investment Style forms in bull markets, contains losses well in low expense ratio of 1.25 per cent is an
Total Stocks 21 Growth Blend Value a bear market and also is the cheapest fund exception in a category where 2.5-3 per cent
Large Medium Small

Avg Mkt Cap (` Cr) 48947 in its category? Thats the Quantum Long is the norm. If you need an equity fund that
Capitalisation

Portfolio P/B Ratio 2.60 term Equity Fund for you. It has consistently works really hard to deliver great returns
Portfolio P/E Ratio 17.44 been a top rated fund on our rating scale. It while reducing risks, this is it.
3Y Earnings Growth (%)-12.44 follows a multi-cap approach with 65-75 per
cent of the portfolio in large cap stocks, PORTFOLIO MANAGER
"
0
!# 
 . 
.$
 25-30 per cent in mid-caps and a token Atul Kumar (Since Nov 2006): Mr. Kumar is
Equity exposure to small-caps. It takes cash and a B.Com (H) Delhi University and PGDBM
67.51 debt calls to shield investors from market from ICFAI Business School. Prior to joining
Debt falls. The fund had fully invested in end 2008 Quantum AMC he has worked with Sahara
24.21 32.62 and early 2009, when market bottomed. This AMC, K R Choksey Shares & Securities and
Cash Eq paid off handsomely when markets rose until Astute Consulting.
-0.13 the end of 2010. After taking up debt/cash Nilesh Shetty (Since Mar 2011): Mr. Shetty
levels to 20 per cent in late 2010, it cut back is a MMS and CFA. Prior to joining Quantum
   
  in the following months. In recent months, it AMC he worked with Edelweiss Securities
AMC : Quantum Asset Management Co Pvt Ltd has upped its debt levels once again. The and Pranav Securities.
Website : www.quantumamc.com fund follows a buy and hold strategy, book-
Registrar : Karvy Computershare Pvt Ltd. ing out of positions only if its valuation tar-
Min Inv (`) : 500 gets are met. It discourages short term
Min SIP Inv (`) : 500 investors by imposing a stiff exit load on
Exchange Availability : BSE, NSE early redemptions.
Exit Load : 4% for redd. within 180 days; 3% for 181 - 365 days; The funds 3 year and 5 year returns are
2% 366 - 540 days; 1% for 541 - 730 days.
All data as on 31/12/2014

Mutual Fund Yearbook 2015 59

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Religare Invesco Equity Fund 
Risk NA NA
Return 14,500
Launch : September 2007
13,000
Benchmark : S&P BSE 100
Category : Equity: Large & Mid Cap Fund 11,500
Net Assets (` Cr) : 50.72 S&P BSE 100 10,000
Plans & NAV : Growth (20.47), Dividend (18.50) (Index is continuously
8,500
rebased to 10,000)
"
!# 
 NA NA NA

Company Sector 3Y-High 3Y-Low Assets


HDFC Bank Financial 9.38 2.41 8.82 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Tech Mahindra Technology 7.37 0.00 7.37 NAV (`) - - 13.27 6.76 11.48 13.50 10.74 13.68 16.32 20.47
Hero Motocorp Automobile 7.20 0.00 7.20 Total Return (%) - - - -49.06 69.82 17.60 -20.44 27.37 19.30 25.43
Maruti Suzuki India Automobile 9.45 0.00 6.29 +/- CNX Nifty (%) - - - 2.73 -5.94 -0.35 4.18 -0.33 12.54 -5.96
Wipro Technology 7.78 0.00 6.22 +/- S&P BSE 100 (%) - - - 6.22 -15.22 1.94 5.29 -2.59 13.43 -6.85
Lupin Healthcare 6.13 0.00 6.05 Rank (Fund/Category) - - - 6/47 38/46 34/59 19/69 53/73 1/74 119/119
Axis Bank Financial 6.51 0.00 5.90 52 Week NAV High (`) - - - 13.83 11.48 14.03 13.61 13.79 16.32 21.08
Idea Cellular Comm. 5.75 0.00 5.64 52 Week NAV Low (`) - - - 5.66 5.81 11.01 10.61 10.73 13.37 15.35
HPCL Energy 7.15 0.00 5.59 Expense Ratio (%) (Sep.) - - - 2.50 2.50 2.50 2.50 2.50 3.04 2.91
Federal Bank Financial 5.15 0.00 5.15 Net Assets (` Cr) - - 113.40 40.88 34.66 23.57 17.92 17.23 22.99 50.72
TCS Technology 5.91 0.00 5.03
BPCL Energy 8.34 0.00 4.92 


 


Cipla Healthcare 3.37 0.00 3.37 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
HCL Technologies Technology 3.75 0.00 3.30 Fund Category Fund/Cat 100 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Sun Pharma Inds. Healthcare 3.16 0.00 2.78 1-Year 25.43 45.20 119/119 32.28 29.10 2014 0.43 13.48 7.31 2.56
3-Year 23.94 26.15 43/62 22.05 24.96 2013 -1.24 3.26 1.65 15.09
5-Year 12.26 12.73 40/57 9.34 17.10 2012 8.57 3.60 9.52 3.40
10-Year - - - - - 2011 -5.93 -0.71 -8.56 -6.85
15-Year - - - - - 2010 3.22 2.28 11.55 -0.15
Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 100 Fund S&P BSE 100 Cat Average
Fund S&P BSE 100 3Y-High 3Y-Low
Best 1-Month 09/03/09 - 09/04/09 22.03 32.22 Standard Deviation 11.80 15.89 15.40
Technology 21.92 13.42 25.51 4.17
Worst 1-Month 26/09/08 - 27/10/08 -30.21 -36.45 Sharpe Ratio 1.32 0.91 1.17
Financial 19.87 31.13 29.20 9.92
Best 3-Month 09/03/09 - 10/06/09 53.87 93.51 Beta 0.68 - 0.95
Automobile 13.49 8.49 16.35 0.00
Worst 3-Month 02/09/08 - 02/12/08 -33.37 -43.47 R-Squared 0.76 - 0.88
Healthcare 12.20 6.13 12.20 0.00
Best 1-Year 09/03/09 - 11/03/10 99.83 119.18 Sortino Ratio 2.78 1.87 2.26
Energy 10.51 11.92 19.36 0.00
Worst 1-Year 06/12/07 - 05/12/08 -50.93 -57.55 Alpha 6.17 - 4.64
Communication 5.64 2.28 6.51 0.00



A relatively new entrant into the multicap cap bias towards large-caps. This fund has
*
+'$ $ 

Investment Style category, this is a play-it-safe fund that been good at containing downside faring
Total Stocks 15 Growth Blend Value doesnt take undue risks either on valuations better than peers both in 2008 and 2011.
Large Medium Small

Avg Mkt Cap (` Cr) 79996 or market cap allocations. It holds a 3 star The fund had an exceptional run in 2013
Capitalisation

Portfolio P/B Ratio 3.60 rating. Quite good at protecting investors outperforming benchmark and category by
Portfolio P/E Ratio 16.86 during the choppy phases in the market, this 13 per cent. If youre looking for fund which
3Y Earnings Growth (%)-20.88 fund has seen its returns and ratings improve is good at managing risk and yet delivering
sharply since 2013. reasonable long term returns, this is the fund
"
0
!# 
 . 
.$
 The fund stands out from its peers for a for you.
Equity very compact portfolio and a very conserva-
83.63 tive allocation to mid and small cap stocks. PORTFOLIO MANAGER
Debt The fund takes an active allocation call Vetri Subramaniam (Since Dec 2008): He
35.90 16.97 between different market caps. In a category is a B.Com (H) and PGDBM (Finance) from
Cash Eq where the typical fund holds over 50 stocks IIM Bangalore. Prior to joining Religare
-0.60 in its portfolio, this fund owns only 14-20. Invesco Mutual Fund he worked with Motilal
This is probably a function of its tiny size (Rs Oswal Securities Ltd., Capris Investment
   
  51 crore). This compact size could be an Management, Kotak Mahindra Asset
AMC : Religare Invesco Asset Mgmt Co Pvt Ltd advantage as it allows the fund to focus only Management, SSKI Investors Services and
Website : www.religareinvesco.com on high conviction bets. The funds long term SSKI Securities.
Registrar : Karvy Computershare Pvt Ltd. performance is consistent rather than chart-
Min Inv (`) : 5,000 topping, with a 5 year CAGR of 13 per cent
Min SIP Inv (`) : 500 by end 2014. 3 year returns are quite good
Exchange Availability : BSE, NSE at 24 per cent. Returns in 2014 were below
Exit Load : 1% for redemption within 365 days category but reflect the conservative market
All data as on 31/12/2014

60 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


SBI Bluechip Fund 
Risk
NA
Return 11,000
Launch : January 2006
10,000
Benchmark : S&P BSE 100
Category : Equity: Large & Mid Cap Fund 9,000
Net Assets (` Cr) : 1265.94 S&P BSE 100 8,000
Plans & NAV : Growth (26.34), Dividend (18.05) (Index is continuously
7,000
rebased to 10,000)
"
!# 
 NA NA

Company Sector 3Y-High 3Y-Low Assets


HDFC Bank Financial 8.46 4.60 6.97 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Maruti Suzuki India Automobile 5.43 0.00 4.59 NAV (`) - 11.71 16.72 7.52 14.13 15.81 11.98 16.56 17.82 26.34
TCS Technology 6.30 1.74 3.75 Total Return (%) - - 42.78 -55.02 87.90 11.89 -24.23 38.23 7.58 47.86
ICICI Bank Financial 6.38 2.16 3.73 +/- CNX Nifty (%) - - -11.99 -3.23 12.14 -6.06 0.39 10.53 0.82 16.47
Motherson Sumi Sys Automobile 5.29 1.95 3.66 +/- S&P BSE 100 (%) - - -16.96 0.26 2.86 -3.77 1.50 8.27 1.71 15.58
Larsen & Toubro  6.46 0.06 3.36 Rank (Fund/Category) - - 32/36 40/59 17/61 58/65 39/69 5/73 22/74 53/119
HCL Technologies Technology 5.23 0.00 3.03 52 Week NAV High (`) - 11.92 16.72 17.07 14.13 16.67 15.90 16.60 17.84 26.74
HDFC Financial 7.44 1.54 2.95 52 Week NAV Low (`) - 8.28 10.21 6.82 6.58 13.02 11.83 11.98 14.47 17.32
Divi's Laboratories Healthcare 3.99 0.46 2.88 Expense Ratio (%) (Sep.) - 1.82 1.90 2.50 2.50 2.01 2.13 2.18 2.58 2.56
Sun Pharma Inds. Healthcare 3.46 0.00 2.78 Net Assets (` Cr) - 2284.0 1571.6 674.10 1135.1 988.37 692.87 740.93 734.51 1265.9
Tata Motors DVR Automobile 3.85 0.00 2.72
ITC FMCG 8.07 1.17 2.58 


 


The Ramco Cements Construction 2.64 0.00 2.57 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Bharat Forge Automobile 2.74 0.00 2.56 Fund Category Fund/Cat 100 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
State Bank of India Financial 3.35 0.00 2.45 1-Year 47.86 45.20 53/119 32.28 48.25 2014 7.40 17.60 9.65 6.77
Tech Mahindra Technology 3.06 0.00 2.42 3-Year 29.97 26.15 9/62 22.05 31.75 2013 -2.49 0.48 -1.65 11.64
Yes Bank Financial 5.52 0.00 2.37 5-Year 13.26 12.73 28/57 9.34 21.01 2012 15.03 1.16 10.90 7.12
Bharti Airtel Comm. 4.54 0.93 2.25 10-Year - - - - - 2011 -7.91 -1.51 -10.95 -6.19
Federal Bank Financial 2.75 0.00 2.23 15-Year - - - - - 2010 -0.21 1.56 10.61 -0.19
Lupin Healthcare 2.08 0.00 2.08 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 100 Fund S&P BSE 100 Cat Average
Fund S&P BSE 100 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 37.37 34.95 Standard Deviation 13.53 15.89 15.40
Financial 24.62 31.13 28.26 18.05
Worst 1-Month 24/09/08 - 24/10/08 -30.95 -37.51 Sharpe Ratio 1.52 0.91 1.17
Automobile 13.98 8.49 17.14 6.46
Best 3-Month 09/03/09 - 10/06/09 87.69 93.51 Beta 0.85 - 0.95
Technology 12.24 13.42 18.02 7.87
Worst 3-Month 02/09/08 - 02/12/08 -39.43 -43.47 R-Squared 0.92 - 0.88
Healthcare 8.97 6.13 12.13 6.44
Best 1-Year 09/03/09 - 11/03/10 111.70 119.18 Sortino Ratio 2.70 1.87 2.26
FMCG 8.73 10.62 11.48 5.60
Worst 1-Year 03/12/07 - 02/12/08 -57.11 -57.98 Alpha 8.80 - 4.64
Engineering 7.09 2.06 7.09 0.00
Energy 5.59 11.92 16.50 4.89



 4.73 4.68 7.25 0.06
Despite its name, SBI Bluechip runs a fairly lagging the category.
*
+'$ $ 

Investment Style diversified portfolio not limited to large caps. But with the fund altering both its invest-
Total Stocks 49 Growth Blend Value The fund had a disappointing start but has ment strategy and stock selection process
Large Medium Small

Avg Mkt Cap (` Cr) 60556 pulled up its socks and climbed steadily in from 2011, the improvement in performance
Capitalisation

Portfolio P/B Ratio 3.88 the rankings since 2012. The fund is pre- has been dramatic. The fund has convinc-
Portfolio P/E Ratio 22.67 dominantly a large cap fund with the flexibil- ingly beaten both benchmark and category
3Y Earnings Growth (%) 3.91 ity to invest upto 20 per cent of its assets in in the last three years. But the improvement
midcap stocks. It can take upto 8 percent in the funds returns have coincided with a
"
0
!# 
 . 
.$
 additional weight in a sector against its bullish market; the returns are yet to be
Equity benchmark and upto 4 per cent on a stock. tested in a market crash. The funds well-
96.28 These constraints impose both sector and articulated mandate and its performance in
Debt stock discipline on the fund which helps to recent years inspire confidence.
22.70 6.23
reduce risk. The fund is usually invested to
Cash Eq the extent of over 90 per cent. In the last one PORTFOLIO MANAGER
-2.51
year, debt exposures of upto 10 per cent Sohini Andani (Since Sep 2010): She is a
have also been used to smooth out the vola- B.Com (H) and CA. Prior to joining SBI
   
  tility. The fund started out with a large asset Mutual Fund she has worked with ING
AMC : SBI Funds Management Ltd base of nearly `3000 crore, lost assets when Investment Management, ASK Raymond
Website : www.sbimf.com its performance slowed and has recently James & Associates, LKP Shares &
Registrar : Computer Age Mgmt Services Ltd seen new inflows on the back of its improv- Securities, Advani Share Brokers, CRISIL,
Min Inv (`) : 5,000 ing show. This fund put up a middle of the and K R Choksey Shares & Securities.
Min SIP Inv (`) : 500 road performance in the first four years of its
Exchange Availability : BSE, NSE existence with returns from 2007 to 2010 just
Exit Load : 1% for redemption within 365 days about keeping pace with the benchmark and
All data as on 31/12/2014

Mutual Fund Yearbook 2015 61

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


BNP Paribas Dividend Yield Fund 
Risk
Return 12,000
Launch : August 2005
10,000
Benchmark : CNX 200
Category : Equity: Multi Cap Fund 8,000
Net Assets (` Cr) : 92.45 CNX 200 6,000
Plans & NAV : Growth (32.60), Dividend (15.57) (Index is continuously
4,000
rebased to 10,000)
"
!# 
 NA

Company Sector 3Y-High 3Y-Low Assets


HDFC Bank Financial 7.64 0.00 6.81 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bharti Airtel Comm. 7.13 0.00 5.39 NAV (`) 11.05 10.69 16.37 8.49 15.36 18.71 15.53 20.63 21.78 32.60
Infosys Technology 7.17 0.00 3.96 Total Return (%) - -3.20 53.07 -48.16 81.02 21.78 -17.00 32.90 5.56 49.69
HPCL Energy 3.50 0.00 3.47 +/- CNX Nifty (%) - -43.03 -1.70 3.63 5.26 3.83 7.62 5.20 -1.20 18.30
Idea Cellular Comm. 5.44 0.00 3.32 +/- CNX 200 (%) - = = = = = = = 1.12 14.16
Federal Bank Financial 3.29 0.00 3.08 Rank (Fund/Category) - 34/34 25/34 7/40 23/46 20/59 3/44 19/34 10/28 37/62
Indusind Bank Financial 4.30 0.00 3.06 52 Week NAV High (`) - 12.60 16.37 17.09 15.36 19.97 18.84 20.63 21.79 32.99
ICICI Bank Financial 4.69 0.00 3.03 52 Week NAV Low (`) - 8.23 9.29 7.46 7.61 14.40 15.37 15.49 18.55 20.67
Hero Motocorp Automobile 2.97 0.00 2.97 Expense Ratio (%) (Sep.) 2.22 2.48 2.49 2.50 2.50 2.50 2.50 2.50 2.87 2.87
Bharat Electronics Engineering 2.55 0.00 2.55 Net Assets (` Cr) 276.23 32.92 16.33 7.30 11.54 11.81 12.38 17.08 35.11 92.45
Britannia Inds. FMCG 2.46 0.00 2.46
BPCL Energy 3.01 0.00 2.42 


 


Shriram City Union Fin Financial 2.78 0.00 2.34 Year Q1 Q2 Q3 Q4
Return Rank SIP
Repco Home Finance Financial 3.01 0.00 2.24 Fund Category Fund/Cat
CNX 200
Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
TCS Technology 6.09 0.00 2.20 1-Year 49.69 52.62 37/62 35.53 52.39 2014 3.93 24.84 7.97 6.85
Munjal Showa Automobile 2.15 0.00 2.15 3-Year 28.00 27.91 14/32 23.01 31.62 2013 -6.04 0.03 3.22 8.81
Orient Cement Construction 2.48 0.00 2.05 5-Year 16.23 13.50 2/27 9.21 21.41 2012 15.01 -0.91 8.58 7.40
Asian Paints Chemicals 3.03 0.00 2.01 10-Year - - - - - 2011 -6.78 3.29 -3.21 -10.94
Axis Bank Financial 4.28 0.00 1.97 15-Year - - - - - 2010 0.66 9.90 13.35 -2.89
Wipro Technology 4.53 0.92 1.96 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund CNX 200 Fund CNX 200 Cat Average
Fund CNX 200 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 26.72 35.49 Standard Deviation 13.69 16.40 17.41
Financial 29.25 29.83 30.52 8.13
Worst 1-Month 12/05/06 - 13/06/06 -31.31 -29.11 Sharpe Ratio 1.39 0.94 1.16
Communication 10.60 2.47 11.55 0.00
Best 3-Month 09/03/09 - 10/06/09 51.57 88.71 Beta 0.79 - 1.02
Technology 10.06 12.86 17.72 2.14
Worst 3-Month 04/01/08 - 04/04/08 -34.97 -31.39 R-Squared 0.77 - 0.80
Construction 9.48 2.79 13.30 0.00
Best 1-Year 09/03/09 - 09/03/10 99.63 111.88 Sortino Ratio 2.75 1.85 2.11
FMCG 7.49 9.19 19.77 0.79
Worst 1-Year 12/12/07 - 11/12/08 -49.65 -57.58 Alpha 8.11 - 5.35
Energy 7.38 11.36 22.42 7.27
Engineering 6.44 2.64 9.93 0.81



Automobile 5.12 9.36 7.75 3.34
Though a dividend-yield fund by mandate, has been particularly resilient to market
*
+'$ $ 

Investment Style this fund is classified as a multi-cap fund in downturns, expected of a defensive strate-
Total Stocks 48 Growth Blend Value light of its 4060 per cent allocation to large- gy. Over most trailing periods, the fund has
Large Medium Small

Avg Mkt Cap (` Cr) 34132 cap stocks and the rest to mid- and small- consistently beaten its benchmark and other
Capitalisation

Portfolio P/B Ratio 3.14 caps. This fund has steadily gone up on the funds by a margin. Finding high dividend
Portfolio P/E Ratio 18.61 rating scale from a 1 star rating to a 5 star yield stocks may get tough as market valua-
3Y Earnings Growth (%)-12.46 rating in the last two years. The fund has tions rise, thus shrinking its investment uni-
proved remarkably resilient during market verse. But the funds conservative mandate
"
0
!# 
 . 
.$
 falls, true to its defensive mandate. It invests and focus on quality stocks makes it a good
Equity in stocks across sectors and market caps fund to ride out bumpy phases in the market
97.00 that offer a minimum dividend yield of 0.5 per cycle.
Debt cent. In its initial years (2005 to 2008), the
22.95 4.38 fund was overweight on mid-caps and deliv- PORTFOLIO MANAGER
Cash Eq ered sub-par returns. But a change in the Shreyash Dealker (Since Oct 2011): He is
-1.38
fund management in 2008 brought about a a B.Tech from UDCT Mumbai and PGDM
dramatic change in its fortunes. Since then, (Management) from JBIMS Mumbai
   
  the fund has focused on quality stocks with University. Prior to joining BNP Paribas
AMC : BNP Paribas Asset Management Pvt Ltd high dividend yield. In the last one year, its Mutual Fund he has worked with IDFC
Website : www.bnpparibasmf.in large-cap allocation has gone up to over 60 Capital, JP Morgan Services India and
Registrar : Sundaram BNP Paribas Fund Services per cent of assets. What was once a very Calyon Bank.
Min Inv (`) : 5,000 concentrated portfolio has also been diversi-
Min SIP Inv (`) : 500 fied in recent years.
Exchange Availability : BSE, NSE The fund has beaten its benchmark and
Exit Load : 1% for redemption within 365 days category average every year since 2010. It
All data as on 31/12/2014

62 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


L&T India Special Situations Fund 
Risk
NA
Return 14.500
Launch : April 2006
13.000
Benchmark : S&P BSE 200
Category : Equity: Multi Cap Fund 11.500
Net Assets (` Cr) : 845.32 S&P BSE 200 10.000
Plans & NAV : Growth (34.16), Dividend (29.20) (Index is continuously
8.500
rebased to 10,000)
"
!# 
 NA NA
Company Sector 3Y-High 3Y-Low Assets
ING Vysya Bank Financial 4.25 1.71 4.11 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Infosys Technology 4.53 0.74 4.04 NAV (`) - 12.80 18.58 8.90 16.13 19.74 15.29 21.40 22.62 34.16
Bayer CropScience Chemicals 3.95 0.51 3.95 Total Return (%) - - 45.11 -52.12 81.32 22.41 -22.58 39.98 5.71 51.02
Larsen & Toubro  4.59 1.62 3.46 +/- CNX Nifty (%) - - -9.66 -0.33 5.56 4.46 2.04 12.28 -1.05 19.63
ICICI Bank Financial 5.90 1.34 3.39 +/- S&P BSE 200 (%) - - -15.33 4.34 -7.19 6.19 4.37 9.00 1.33 15.55
Federal Bank Financial 4.03 0.63 3.37 Rank (Fund/Category) - - 43/48 13/40 22/46 15/59 12/44 7/34 9/28 34/62
Hero Motocorp Automobile 4.31 0.00 3.33 52 Week NAV High (`) - 12.90 18.58 19.05 16.13 20.73 19.83 21.43 22.62 34.42
Axis Bank Financial 3.30 0.79 3.21 52 Week NAV Low (`) - 8.00 11.26 7.90 6.71 15.31 15.20 15.32 18.38 21.55
HDFC Bank Financial 4.82 2.03 2.92 Expense Ratio (%) (Sep.) - 1.91 1.90 1.95 2.03 2.04 2.12 2.19 2.62 2.64
JK Cement Construction 3.24 0.20 2.86 Net Assets (` Cr) - 2073.9 2349.5 868.71 1134.61 985.30 695.56 643.49 565.50 845.32
Sundaram Finance Financial 3.34 0.00 2.80
ACC Construction 3.20 0.00 2.79 


 


Shriram Transport Fin Financial 3.79 0.00 2.57 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
State Bank of Bikaner Financial 2.40 0.00 2.40 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
HCL Technologies Technology 4.44 1.05 2.39 1-Year 51.02 52.62 34/62 35.47 53.40 2014 7.10 21.25 6.17 9.54
HPCL Energy 3.41 0.00 2.21 3-Year 30.68 27.91 5/32 22.76 32.75 2013 -5.98 0.89 -1.20 12.79
State Bank of India Financial 4.06 0.58 2.20 5-Year 16.18 13.50 3/27 9.47 22.01 2012 18.68 1.01 9.32 6.81
Jyothy Laboratories FMCG 2.17 0.00 2.17 10-Year - - - - - 2011 -5.21 -1.10 -10.10 -8.14
Kalpataru Power Trans Construction 2.27 0.00 1.97 15-Year - - - - - 2010 3.37 4.82 13.18 -0.18
Divi's Laboratories Healthcare 2.34 0.00 1.95 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 200 Fund S&P BSE 200 Cat Average
Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month 28/04/09 - 28/05/09 41.86 33.49 Standard Deviation 15.24 16.00 17.41
Financial 31.73 29.61 41.22 16.36
Worst 1-Month 26/09/08 - 27/10/08 -29.07 -36.52 Sharpe Ratio 1.40 0.95 1.16
Construction 11.24 2.50 11.24 4.02
Best 3-Month 09/03/09 - 10/06/09 102.45 94.73 Beta 0.94 - 1.02
Technology 10.60 12.31 17.08 8.65
Worst 3-Month 02/09/08 - 02/12/08 -41.10 -44.03 R-Squared 0.89 - 0.80
Engineering 6.80 2.61 8.53 4.01
Best 1-Year 09/03/09 - 11/03/10 142.69 124.07 Sortino Ratio 2.49 1.84 2.11
Healthcare 5.88 7.11 7.76 3.33
Worst 1-Year 14/01/08 - 13/01/09 -56.64 -59.81 Alpha 8.29 - 5.35
Energy 5.28 11.10 13.18 5.28
FMCG 5.03 10.36 9.89 2.79



Automobile 5.02 9.23 5.82 2.67
The objective of this fund is to discover com- stocks has worked in the funds favour in the
*
+'$ $ 

Investment Style panies that are undervalued by the market recent rally. This has led to an improvement
Total Stocks 52 Growth Blend Value due to exceptional circumstances. It figures in ratings from 3 stars and below until 2010
Large Medium Small

Avg Mkt Cap (` Cr) 27736 in the multi-cap category due to its alloca- to 45 stars in the last one year. The special
Capitalisation

Portfolio P/B Ratio 2.73 tions. The fund has outperformed its peers in situations mandate may work best in
Portfolio P/E Ratio 18.56 the last four years. A contrarian strategy depressed markets. Very few contrarian
3Y Earnings Growth (%) -5.37 entails a long waiting period for stock picks funds have managed to deliver good perfor-
to pay off, but this fund has managed the mance but this fund is an exception to bet
"
0
!# 
 . 
.$
 strategy well. The fund invests in companies on.
Equity that offer stock-picking opportunities due to
94.97 their being in a special situationturn- PORTFOLIO MANAGERS
Debt arounds, undervalued assets or acquisition/ SoumendraNath Lahiri (Since Nov 2012):
18.95 0.04 restructuring/ merger candidates. As per the He is a B.Tech and PGDM from IIM
Cash Eq fund manager, there are no hard limits on the Bangalore. Prior to joining L&T Mutual Fund
4.99 market cap or sector and the allocations are he worked with Canara Robeco AMC, Emkay
purely the result of bottom-up stock picking. Investment Managers, Fortuna Capital and
   
  The funds portfolio composition shows a DSP Black Rock Investment Managers.
AMC : L&T Investment Management Ltd consistent 5060 per cent allocation to large- Abhijeet Dakshikar (Since June 2013): He
Website : www.lntmf.com caps, with 2540 per cent parked in mid- is a B.E and M.M.S from Finance. Prior to
Registrar : Computer Age Mgmt Services Ltd caps and the rest in small-caps in recent joining L&T Mutual Fund, he worked
Min Inv (`) : 5,000 times. The fund has outpaced its benchmark
Min SIP Inv (`) : 1,000 sharply in 2014. Three-year returns place it
Exchange Availability : BSE, NSE well ahead of its category. The re-rating of
Exit Load : 1% for redemption within 365 days severely beaten-down industrial and cyclical
All data as on 31/12/2014

Mutual Fund Yearbook 2015 63

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Principal Growth Fund 
Risk
Return 11,500
Launch : October 2000
10,000
Benchmark : S&P BSE 200
Category : Equity: Multi Cap Fund 8,500
Net Assets (` Cr) : 382.01 S&P BSE 200 7,000
Plans & NAV : Growth (93.23), Dividend Half Yearly (Index is continuously
(37.33) 5,500
rebased to 10,000)
"
!# 

Company Sector 3Y-High 3Y-Low Assets
ICICI Bank Financial 7.32 4.31 5.33 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
State Bank of India Financial 4.16 1.23 4.08 NAV (`) 38.16 50.00 76.64 27.83 50.06 57.13 39.47 57.63 62.42 93.23
Maruti Suzuki India Automobile 3.28 0.77 3.28 Total Return (%) 39.22 31.03 53.28 -63.69 79.88 14.12 -30.91 46.01 8.31 49.36
Infosys Technology 4.76 1.57 2.63 +/- CNX Nifty (%) 2.88 -8.80 -1.49 -11.90 4.12 -3.83 -6.29 18.31 1.55 17.97
PC Jeweller ConsDurable 2.52 0.00 2.52 +/- S&P BSE 200 (%) 5.42 -8.55 -7.16 -7.23 -8.63 -2.10 -3.96 15.03 3.93 13.89
HDFC Bank Financial 4.73 1.64 2.49 Rank (Fund/Category) 24/31 26/41 28/48 59/59 34/61 51/65 66/69 1/73 4/28 38/62
ITC FMCG 8.49 2.48 2.48 52 Week NAV High (`) 38.16 51.22 76.64 80.06 50.06 59.98 57.42 58.12 62.42 95.83
Federal Bank Financial 2.80 1.03 2.42 52 Week NAV Low (`) 25.34 33.58 44.25 25.47 24.97 47.12 39.31 39.56 48.37 59.27
Axis Bank Financial 2.39 0.00 2.39 Expense Ratio (%) (Sep.) 2.30 2.32 2.34 2.34 2.37 2.38 2.36 2.37 2.56 2.52
Tata Motors Automobile 5.30 0.87 2.36 Net Assets (` Cr) 350.26 326.63 393.03 131.06 212.08 255.56 187.28 273.92 242.05 382.01
HCL Technologies Technology 4.12 1.76 2.30
Bharat Forge Automobile 2.30 0.00 2.30 


 


HDFC Financial 4.34 1.51 2.28 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
Lupin Healthcare 3.23 0.00 2.24 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Britannia Inds. FMCG 2.24 0.00 2.21 1-Year 49.36 52.62 38/62 35.47 47.43 2014 6.34 25.88 4.87 6.39
Bank of Baroda Financial 2.58 0.00 2.14 3-Year 33.11 27.91 3/32 22.76 34.29 2013 -8.61 1.03 -0.04 17.35
Tata Communications Comm. 2.14 0.00 2.14 5-Year 13.24 13.50 12/27 9.47 21.79 2012 20.78 0.13 10.39 9.38
JK Cement Construction 2.21 0.00 2.05 10-Year 13.01 17.35 14/15 14.47 13.52 2011 -10.03 -3.31 -11.77 -9.99
Reliance Industries Energy 6.27 2.05 2.05 15-Year - - - - - 2010 1.22 2.25 9.57 0.63
Tata Motors DVR Automobile 2.03 0.00 2.03 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 200 Fund S&P BSE 200 Cat Average
Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month 11/05/09 - 10/06/09 27.82 35.82 Standard Deviation 17.80 16.00 17.41
Financial 28.58 29.61 28.58 17.00
Worst 1-Month 24/09/08 - 24/10/08 -35.46 -37.49 Sharpe Ratio 1.33 0.95 1.16
Automobile 14.15 9.23 16.97 6.09
Best 3-Month 09/03/09 - 10/06/09 67.64 94.73 Beta 1.10 - 1.02
Technology 11.96 12.31 14.78 8.26
Worst 3-Month 02/09/08 - 02/12/08 -45.31 -44.03 R-Squared 0.89 - 0.80
Construction 8.02 2.50 9.98 2.17
Best 1-Year 24/04/03 - 23/04/04 122.77 125.31 Sortino Ratio 2.46 1.84 2.11
Healthcare 7.23 7.11 11.35 3.36
Worst 1-Year 14/01/08 - 13/01/09 -65.80 -59.81 Alpha 8.43 - 5.35
Metals 5.29 3.10 7.59 1.53
FMCG 4.69 10.36 12.42 4.68



 3.45 4.11 3.47 0.00
This multi-cap funds long-term record has cantly outperform. An early move into cycli-
*
+'$ $ 

Investment Style been patchy, but there is a sharp improve- cals has helped returns in the last one year.
Total Stocks 64 Growth Blend Value ment in returns since 2012. The good three- Its trailing three- and one-year returns beat
Large Medium Small

Avg Mkt Cap (` Cr) 36113 year trailing return has lifted the funds rating the benchmark returns by a sizeable margin.
Capitalisation

Portfolio P/B Ratio 2.28 to 4 stars in the last few months. A distinct tilt The sharp pick-up in returns post-manager
Portfolio P/E Ratio 18.72 towards large-cap stocks (6065 per cent of change is heartening. But exposures can be
3Y Earnings Growth (%) 2.21 assets) as compared to the peers in the last ramped up as the fund builds a track record
five yearsthe differential is as high as over an entire market cycle.
"
0
!# 
 . 
.$
 1011 per cent in some monthsand a very
diversified approach are the key features of PORTFOLIO MANAGER
Equity
99.32 this fund. Despite modest size, the fund PVK Mohan (Since Sep 2010): He is a B.E
owns a large number of stocks, making for a (Electrical) and MBA from IIM Bangalore.
17.84
Cash Eq very diversified portfolio. The fund tends to Prior to joining Principal AMC he has worked
0.68 invest in companies with superior manage- with UTI AMC.
ment quality, distinct and sustainable com-
petitive advantage, good growth prospects
   
  and strong financial strength. The fund likes
AMC : Principal PNB Asset Mgmt Co Ltd to own companies that are under-owned by
Website : www.principalindia.com institutional investors.
Registrar : Karvy Computershare Pvt Ltd. The improvement in the funds perfor-
Min Inv (`) : 5,000 mance since 2012 coincides with a change
Min SIP Inv (`) : 2,000 in the fund manager. The year-to-year
Exchange Availability : - returns since 2001 werent impressive, but it
Exit Load : 1% for redemption within 365 days has pulled up its socks since 2012 to signifi-
All data as on 31/12/2014

64 Mutual Fund Yearbook 2015

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Templeton India Equity Income Fund 
Risk NA
Return 14,500
Launch : April 2006
13,000
Benchmark : S&P BSE 200
Category : Equity: Multi Cap Fund 11,500
Net Assets (` Cr) : 1087.41 S&P BSE 200 10,000
Plans & NAV : Growth (33.36), Dividend (16.25) (Index is continuously
8,500
rebased to 10,000)
"
!# 
 NA NA
Company Sector 3Y-High 3Y-Low Assets
Tata Chemicals Chemicals 12.39 8.34 12.39 !  2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bajaj Holdings & Inv Financial 10.61 0.00 10.57 NAV (`) - 11.82 18.54 8.82 18.01 22.35 17.06 23.22 24.09 33.36
Sundaram Finance Financial 11.80 7.84 7.84 Total Return (%) - - 56.88 -52.45 104.22 24.13 -23.66 36.12 3.72 38.49
ICICI Bank Financial 7.54 4.20 7.54 +/- CNX Nifty (%) - - 2.11 -0.66 28.46 6.18 0.96 8.42 -3.04 7.10
Travelsky Tech (HK) Services - - 4.60 +/- S&P BSE 200 (%) - - -3.56 4.01 15.71 7.91 3.29 5.14 -0.66 3.02
Grasim Industries  7.22 4.51 4.51 Rank (Fund/Category) - - 19/48 29/59 4/61 11/59 20/44 12/34 15/28 60/62
Infosys Technology 4.28 0.00 3.98 52 Week NAV High (`) - 11.83 18.54 18.72 18.02 22.67 22.46 23.22 24.11 34.08
Tata Investment Corp. Financial 4.31 3.44 3.96 52 Week NAV Low (`) - 8.50 11.14 7.61 7.58 16.68 16.59 17.01 20.80 22.76
"# $<>? Services - - 3.74 Expense Ratio (%) (Sep.) - 1.74 1.93 1.98 2.03 2.01 2.02 2.06 2.45 2.46
Tata Motors DVR Automobile 3.55 0.00 3.55 Net Assets (` Cr) - 1282.0 1737.4 723.99 1190.8 1200.5 963.84 991.54 910.77 1087.4
JK Cement Construction 5.73 2.08 3.17
Cairn India Energy 3.85 0.00 3.13 


 


Lukoil-Holdings (Russia) Energy - - 2.97 Year Q1 Q2 Q3 Q4
Return Rank S&P BSE SIP
HDFC Bank Financial 2.88 0.00 2.88 Fund Category Fund/Cat 200 Return Jan-Mar Apr-Jun Jul-Sep Oct-Dec
ONGC Energy 7.20 2.74 2.74 1-Year 38.49 52.62 60/62 35.47 40.65 2014 2.27 19.36 10.69 2.49
GS Home Shopping (SK) FMCG - - 2.37 3-Year 24.99 27.91 25/32 22.76 26.36 2013 -6.15 1.48 -1.21 10.22
Reliance Industries Energy 3.57 2.29 2.29 5-Year 13.12 13.50 14/27 9.47 17.96 2012 13.87 -1.30 9.10 11.01
ING Vysya Bank Financial 7.83 2.25 2.25 10-Year - - - - - 2011 -6.85 -1.53 -14.23 -2.97
Dr. Reddy's Lab Healthcare 2.41 0.00 2.23 15-Year - - - - - 2010 2.75 -1.56 17.45 4.48
Novatek Microelectronics Engineering - - 2.21 Return less than 1-year are absolute and over 1 year are annualised

"
$
'
  

 

  
 
Period Fund S&P BSE 200 Fund S&P BSE 200 Cat Average
Fund S&P BSE 200 3Y-High 3Y-Low
Best 1-Month 09/03/09 - 09/04/09 33.20 31.87 Standard Deviation 13.82 16.00 17.41
Financial 35.14 29.61 37.89 23.14
Worst 1-Month 24/09/08 - 24/10/08 -39.78 -37.49 Sharpe Ratio 1.21 0.95 1.16
Chemicals 12.39 2.01 12.39 8.34
Best 3-Month 09/03/09 - 10/06/09 84.67 94.73 Beta 0.76 - 1.02
Energy 12.33 11.10 18.33 12.33
Worst 3-Month 28/07/08 - 27/10/08 -46.68 -42.41 R-Squared 0.71 - 0.80
Services 9.14 2.66 11.35 6.38
Best 1-Year 09/03/09 - 09/03/10 138.14 123.46 Sortino Ratio 2.03 1.84 2.11
Automobile 5.75 9.23 5.75 0.00
Worst 1-Year 26/10/07 - 27/10/08 -55.52 -57.11 Alpha 6.08 - 5.35
 5.52 4.11 9.62 5.52
Engineering 4.70 2.61 8.60 4.21



Technology 3.98 12.31 4.50 0.39
With a 30 per cent exposure to foreign secu- term. The track record suggests that this
*
+'$ $ 

Investment Style rities and the rest of the portfolio invested in fund does a good job of containing downside
Total Stocks 18 Growth Blend Value Indian equities, this fund diversifies its port- in falling markets like in 2008 and 2011 and
Large Medium Small

Avg Mkt Cap (` Cr) 29340 folio across market caps and geographies. It participates fairly well in rallies too. The low
Capitalisation

Portfolio P/B Ratio 2.36 has still managed to beat India-focused turnover and stringent dividend yield orienta-
Portfolio P/E Ratio 18.83 multi-cap funds in seven out of the last eight tion may prevent this fund from delivering
3Y Earnings Growth (%)-17.98 years. The stocks are identified by assessing quick results in a bull market. But global
price in relation to the intrinsic value through exposures, combined with the value and
"
0
!# 
 . 
.$
 an analysis of cash flows, earnings and multi-cap approach, makes it a good buy for
asset value. Three features make the fund conservative, truly long-term investors.
Equity
97.63 stand out from peers: value, bargain hunting
and long-term orientation. The domestic PORTFOLIO MANAGER
42.93
Cash Eq portfolio has generally tilted towards mid- Chetan Sehgal (Since Mar 2006): He is a
2.37 and small-cap stocks, with large-cap alloca- Mechanical Engineer, PGDBA from IIM
tions at 35-40 per cent. The funds portfolio Bangalore and CFA. Prior to joining
turnover is among the lowest in the category. Templeton AMC in 1995 he worked with
   
  The foreign component has dragged the CRISIL.
AMC : Franklin Templeton Asset Mgmt Pvt Ltd returns in the last one year but has also con- Vikas Chiranewal (Since Sep 2006): He is
Website : www.franklintempletonindia.com tributed to smoother returns over the long a B.Com (H), PGDM from IIM Lucknow and
Registrar : Franklin Templeton International Ser Pvt Ltd term. An exceptionally stable fund manage- CFA from USA. Prior to joining Franklin
Min Inv (`) : 5,000 ment team has also led to the continuity of Templeton Investments he worked with
Min SIP Inv (`) : 500 style. The funds 3- and 5-year returns are Morgan Stanley Advantage Services
Exchange Availability : - ahead of the category, suggesting that global and McKinsey Knowledge Centre
Exit Load : 1% for redemption within 365 days diversification has paid off over the long
All data as on 31/12/2014

Mutual Fund Yearbook 2015 65

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
Aggressive Growth Funds
The Aggressive Growth class is a mix of Mid & Small Cap
equity funds, as well as Tax-savers that fit this template.
These funds are for investors who want the maximum
chance of exploiting all opportunities for high returns that
equities offer. Obviously, such an investor would not worry
too much about facing market volatility, and would be will-
ing to invest for a five to seven year period in order to make
the most of this strategy.

Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.


Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
Axis Long Term Equity Fund 
Risk
NA NA NA NA NA
Return 19,000
Launch : December 2009
16,000
Benchmark : S&P BSE 200
Category : Equity: Tax Planning