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Vijay Krishnamurthy
Associate Director – Funds & Fixed Income Research
vijay.krishnamurthy@crisil.com
Industry highlights
The Indian mutual fund industry grew a robust 26% in the Chart 1 – Mutual fund net flows and AUM trend
fiscal year ended March 2018 (fiscal 2018) according to the 24 2.0
Association of Mutual Funds in India (AMFI). Average assets
22 1.5
under management (AUM), excluding fund of funds,
Mar-16
Mar-17
Mar-18
Dec-16
Dec-15
Dec-17
Jun-16
Sep-16
Jun-17
Sep-17
Equity funds continued to be investors’ favourites as
reflected in the inflows trend. The category saw progressive Net flows (Rs trillion) Industry AUM (Rs trillion)
increase in inflows: Rs 2.85 trillion in fiscal 2018, Rs 1.31 Source – AMFI
trillion in fiscal 2017, Rs 1.02 trillion in fiscal 2016 and Rs 831
billion in fiscal 2015. Robust inflows clubbed with mark-to- Table 1 – Category-wise average AUM (Rs billion)
market (MTM) gains prompted assets to cross the Rs 10 1 yr
trillion mark, up 62.7%, or by Rs 3.95 trillion, to a new high of Jan-Mar Oct-Dec Absolute % % change
Mutual fund category
Rs 10.25 trillion in fiscal 2018. On a quarterly basis, the 2018 2017 Change change (fiscal
2018)
category’s assets increased 8.73%, or by Rs 824 billion. The
Equity* 10253.75 9430.12 823.63 8.73 62.70
equity market - represented by Nifty 50 - gained 10.25% in
Liquid/money market 4607.67 4176.81 430.85 10.32 15.85
the fiscal but fell around 4% in Q4.
Debt** 6869.54 7563.81 -694.28 -9.18 4.97
Most debt funds posted subdued growth in the fiscal as Fixed maturity plans
1228.42 1114.99 113.44 10.17 -10.09
interest rate uncertainty weighed on the underlying (FMPs)
6% to Rs 2.78 trillion and Rs 2.10 trillion, respectively, in Gold ETFs 48.59 49.56 -0.96 -1.95 -13.88
fiscal 2018 following robust growth of 81% and 49% in the Others 24.90 23.19 1.72 7.40 -44.35
preceding year. Among longer duration funds, income funds’ Total 23052.12 22376.03 676.08 3.02 25.93
* Includes equity-oriented funds, balanced funds and ETFs other than gold
assets posted modest growth of 8.2% to Rs 1.18 trillion in
ETFs
fiscal 2018, while gilt funds’ assets fell 2.3% to Rs 155 billion. ** Includes long-term, gilt, short-term, ultra short-term and other debt-
However, liquid funds were an exception and maintained oriented funds
steady growth of 16% in fiscal 2018 to reach an asset base of Source - CRISIL Mutual Fund Database
erosion of 9% on a consolidated basis. quarter and six posted a fall in fiscal 2018. The industry
continued to be highly concentrated, with the share of the
Investors continued to withdraw money from gold exchange top five and top 10 fund houses almost unchanged at 57.1%
traded funds (ETFs) for the fifth consecutive fiscal. The and 80.81%, respectively.
category’s average AUM fell 13.88%, or by Rs 7.83 billion, to
Rs 48.59 billion owing to outflows of Rs 8.35 billion. On a
quarterly basis, too, assets fell nearly 2%. International gold
prices rose 2% in the quarter and 6.3% in the year ended
March 2018.
1
ICICI Prudential Mutual Fund continued to be the industry ● Sebi asked mutual fund houses to prominently disclose
leader in terms of assets managed in fiscal 2018. Its assets daily the total expenses they charge customers for all
grew 25.84%, or by Rs 628 billion, on-year to Rs 3.06 trillion. schemes under a separate head on their websites.
HDFC Mutual Fund came second with a rise of Rs 634 billion
● Sebi said the new framework with regard to tenure of
or 26.72% to Rs 3.01 trillion. Aditya Birla Sun Life Mutual independent trustees as well as directors will be
Fund was in the third position with Rs 2.48 trillion, up by Rs complied with in a phased manner within two years,
525 billion or 26.91%. Assets of HDFC Mutual Fund and ICICI which will ensure smooth transition at fund houses.
Prudential Mutual Fund rose the highest in absolute terms.
● AMFI issued a list of stocks based on their market
capitalisation for mutual funds.
Major regulations and developments
● The Pension Fund Regulatory and Development Authority
● Securities and Exchange Board of India (Sebi) reduced
(PFRDA) allowed partial withdrawal under the National
the number of cities where mutual fund houses can pay
Pension System for purchase of residential premises,
higher distribution fees to brokers. Earlier, fund houses
treatment of critical illness, higher education and
could pay additional brokerage only beyond the top 15
marriage of children.
cities. Now, they can pay additional brokerage only
● Employees Provident Fund Organisation (EPFO) lowered
beyond top 30 cities, thereby reducing the number of
the rate of interest on employees provident fund to
cities.
8.55% for its subscribers for 2017-18 from 8.65% in the
● The Sebi board approved the proposal to reduce the
previous fiscal.
maximum additional expense allowed for a mutual fund
● BSE launched a paperless e-mandate facility on its
to 5 basis points (bps) from 20 bps.
mutual fund platform.
● Sebi finalised norms for allowing mutual funds and
● BSE Star decided to charge a nominal fee on 26 asset
portfolio management services to participate in
management companies for using its services.
commodity derivatives.
● Punjab National Bank signed an agreement with
● Sebi is considering allowing ETFs based on metals such
Principal Financial Group to sell its stake in their mutual
as silver and platinum to encourage participation of
fund joint venture for an undisclosed sum.
retail and institutional investors in these instruments.
2
OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices However, further losses were prevented after the central
Quarter ended Year ended government reduced its additional borrowing plan for fiscal
Index Mar-18 Mar-18 2018 by Rs 300 billion to Rs 200 billion and announced a
(% change) (% change) lower-than-expected borrowing programme for the first half
Nifty 50 -3.96 10.25 of fiscal 2019. Sentiments got a boost after the GST Council
Nifty 100 -4.61 10.68 reduced tax rates on 29 goods and 53 categories of services,
Nifty IT Index 7.25 16.89 and after the International Monetary Fund said India will
Nifty FMCG -2.70 10.98 regain the title of the world’s fastest growing major economy
Nifty Bank -5.00 13.15 in 2018-19. Inflows by foreign institutional investors (FIIs)
Nifty Energy Index -7.26 13.44 into domestic equities coupled with some encouraging
Nifty Infrastructure -8.49 7.49 domestic corporate earnings induced more buying. FIIs
Nifty Auto -9.89 9.53 bought equities worth Rs 139 billion in the March quarter
Nifty Commodities -9.96 6.40 compared with buying of Rs 164 billion in the previous
Nifty Metal -10.85 13.43 quarter. Value buying in beaten-down stocks, release of
Nifty Midcap 100 Index -11.25 9.07 strong domestic growth and industrial output data, and
Nifty Pharma -13.12 -19.72 easing of inflation supported the benchmarks further.
15
the GDP at $13.5 billion in the December quarter; and f)
Nifty 50
10500
renewed domestic political uncertainty after the Telugu 10300 -5
Desam Party decided to quit the National Democratic 10100
24-Jan-18
28-Dec-17
6-Jan-18
1-Mar-18
11-Feb-18
20-Feb-18
28-Mar-18
2-Feb-18
10-Mar-18
19-Mar-18
3
Debt market overview
Interbank call money rates remained below the repo rate for borrowing for fiscal 2018 from Rs 500 billion to Rs 200 billion
most of the quarter amid comfortable liquidity in the banking and also moved to ease debt supply burden in the first six
system. Surplus funds prompted the RBI to conduct reverse months of FY19 by deciding to borrow Rs 2.88 trillion via sale
repo auctions to drain away excess liquidity. However, some of dated securities during April-September, which is about
stress was witnessed in the call rates market owing to Goods 48% of its annual borrowing plan, and lower than the
and Services tax (GST)-related outflows. Meanwhile, the corresponding figure in prior years. More gains were seen
central bank will soon have greater flexibility in terms of following moderation in domestic consumer inflation and
managing liquidity operations with the addition of one more sporadic value buying. Sentiment was boosted for dated
tool – Standing Deposit Facility Scheme. securities after the RBI said it will inject additional Rs 1
trillion through longer tenor instruments to enable flexibility
Government bond prices ended lower in the March quarter
towards meeting fund needs in March-end.
amid high volatility, with yield on the 10-year benchmark
8.50% 7.50%
8.00% 7.30%
7.50% 7.10%
7.00% 6.90%
6.70%
6.50%
6.50%
6.00%
6.30%
5.50%
23-Oct-17
29-Mar-17
02-Mar-18
28-Mar-18
09-Jan-18
15-Jun-17
11-Jul-17
06-Aug-17
18-Nov-17
14-Dec-17
01-Sep-17
27-Sep-17
20-May-17
04-Feb-18
24-Apr-17
29-Mar-17
19-Jul-17
28-Feb-18
28-Mar-18
26-Apr-17
11-Oct-17
08-Nov-17
06-Dec-17
16-Aug-17
13-Sep-17
24-May-17
21-Jun-17
03-Jan-18
31-Jan-18
7.17% 2028 paper ending at 7.40% on March 28, 2018 Key developments in the quarter:
compared with 7.33% on December 29, 2017. Gilts took a hit
● The Ministry of Finance notified that PSB
earlier amid fears of an interest rate hike by the central bank.
recapitalisation bonds - the bonds that are split into six
Sentiments were dented further after comments by RBI
instalments - will bear interest rates between 7.35% and
Deputy Governor Viral Acharya suggested that the central
7.68% and will mature between 2028 and 2033.
bank will not take measures to reduce mark-to-market
losses suffered by some banks recently on their bond ● The government decided that the EPFO will be mandated
portfolios. However, in April, the RBI allowed banks to spread to invest a minimum of 20% of its incremental corpus in
bond trading losses over four quarters. Intermittent rise in US debt-related instruments, against the present
Treasury yields and global crude oil prices also weighed on requirement of 35%.
gilts. Prices dipped following the budget announcement as a ● Further, it asked PSBs to seek its permission before
sharp hike in MSP of crops and a rise in the government's floating additional tier-1 bonds.
rural spending stoked fears of an increase in domestic
● The RBI and Sebi created a separate Rs 50 billion limit
inflation in the near term. Gilts declined further after the
for foreign investors in the interest rate futures segment.
government revised the fiscal deficit to 3.3% of GDP for FY19,
deviating from the fiscal glide path, and setting the target at ● Sebi made electronic platform mandatory for all private
a higher 3.5% for fiscal 2018. However, losses were capped placement issues on debt basis that have a threshold of
after the government decided to reduce its additional market Rs 2 billion.
4
Aligning CMFR with Sebi categorisation
Owing to the circular on categorisation /rationalisation of mutual fund schemes as prescribed by the Securities and Exchange
Board of India (Sebi), CRISIL has aligned CRISIL Mutual Fund Ranking (CMFR) with the new scheme categorisation. In doing so,
we have introduced new ranking categories in the March 2018 quarter ranking. Also, certain changes have been made in the
scheme shortlisting criteria and scheme ranking criteria for some of the categories.
On aligning with the Sebi circular, the number of categories being ranked under CMFR have been increased from 14 to 24.
5
CRISIL mutual fund categories
Equity funds Debt Funds
2. Large & Mid Cap funds 14. Banking & PSU funds
If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for
CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th
percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.
6
Large Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility Industry Company
Large Cap funds Rank - Rank - Return - Return - Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg Dir
Weightages 55% 25% 10% 5% 5%
ICICI Prudential Bluechip Fund 1 1 1 1 3 3 3 3 4
SBI Blue Chip Fund 1 2 2 2 2 2 1 1 5
EQUITY FUNDS
Reliance Large Cap Fund 2 2 1 2 4 4 3 2 4
7
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility - Volatility - Industry Company
Large & Mid Cap funds Rank - Rank - Return - Return - Liquidity
Reg Dir Concentration Concentration
Reg Dir Reg Dir
8
Multi Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Active Active
Mar 18 Volatility- Volatility- Industry Company
Multi Cap funds Rank- Return- Return- Liquidity
Rank- Dir Reg Dir Concentration Concentration
Reg Reg Dir
9
Mid Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility Industry Company
Mid Cap funds Rank - Rank - Return - Return - Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg Dir
10
Small Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean
Volatility Volatility Industry Company
Small Cap funds Rank - Rank - Return - Return - Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg Dir
11
Value / Contra funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility - Industry Company
Value / Contra Funds Rank - Rank - Return Return - Liquidity
- Reg Dir Concentration Concentration
Reg Dir - Reg Dir
Weightages 55% 25% 10% 5% 5%
Tata Equity PE Fund 1 2 1 2 3 3 3 3 2
12
Focused funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility Industry Company
Focused Funds Rank - Rank - Return - Return Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg - Dir
13
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean
Volatility Volatility - Industry Company
Thematic - Infrastructure funds Rank - Rank - Return - Return - Liquidity
- Reg Dir Concentration Concentration
Reg Dir Reg Dir
14
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean
Volatility Volatility Industry Company
Equity Linked Savings Scheme (ELSS) Rank - Rank - Return Return Liquidity
- Reg - Dir Concentration Concentration
Reg Dir - Reg - Dir
15
Index funds (Cluster ranks are arranged alphabetically)
Index funds Mar 18 Rank - Reg Mar 18 Rank - Dir
Weightages
ETFs, which have only single option, have been ranked in both regular & direct categories
16
Aggressive Hybrid (Cluster ranks are arranged alphabetically)
Industry
Mar 18 Mar 18 Mean Mean Concentration Debt
Volatility Volatility Company Debt Equity
Aggressive Hybrid Funds Rank - Rank - Return Return / Exposure to Asset
- Reg - Dir Concentration Liquidity Liquidity
Reg Dir - Reg - Dir Sensitive Quality
Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
HYBRID FUNDS
L&T Hybrid Equity Fund 3 3 3 3 3 3 3 3 2 2 4
Reliance Equity Hybrid
3 3 2 2 4 4 4 5 4 5 3
Fund
SBI Equity Hybrid Fund 3 3 3 3 2 2 3 3 3 4 5
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
17
Conservative Hybrid (Cluster ranks are arranged alphabetically)
Industry
Mar 18 Mar 18 Mean Mean Concentration Debt
Conservative Volatility Volatility Company Debt Equity Modified
Rank - Rank - Return Return / Exposure to Asset
Hybrid Funds - Reg - Dir Concentration Liquidity Liquidity Duration
Reg Dir - Reg - Dir Sensitive Quality
Sector*
7.5%
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
*(100-K)
IDFC Regular
1 1 4 4 3 3 1 2 1 1 3 3
Savings Fund
UTI Regular Savings
1 1 2 2 3 3 3 2 3 3 3 4
Fund
BNP Paribas
Conservative Hybrid 4 2 4 3 1 1 3 5 3 4 3 1
Fund
Canara Robeco
4 4 5 5 3 3 2 3 2 2 1 4
Income Saver Fund
Franklin India Debt
4 4 4 4 2 2 3 1 3 4 1 2
Hybrid Fund
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
18
Gilt funds (Cluster ranks are arranged alphabetically)
Mar 18 Mean Mean
Mar 18 Volatility Volatility Modified
Gilt Funds Rank - Return - Return - Liquidity
Rank - Dir - Reg - Dir Duration
Reg Reg Dir
DEBT FUNDS
19
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Banking and PSU funds Rank - Rank - Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir - Reg - Dir
Sector
20
Credit Risk funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Credit Risk funds Rank - Rank - Return Return - Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir - Reg Dir
Sector
21
Corporate Bond funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Corporate Bond funds Rank - Rank - Return Return - Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
Reg Dir - Reg Dir Sector
ICICI Prudential
3 3 2 3 3 3 1 3 3 4 3
Corporate Bond Fund
IDFC Corporate Bond
3 3 4 3 3 3 1 4 2 3 2
Fund
DHFL Pramerica
4 4 4 4 4 4 1 3 3 3 2
Premier Bond Fund
Sundaram Corporate
5 5 5 5 5 5 1 4 1 5 3
Bond Fund
22
Dynamic Bond funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean Exposure to
Volatility Volatility Modified Company Asset
Dynamic Bond Funds Rank - Rank - Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Reg Dir - Reg - Dir Sector
23
Medium to Long Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Medium to Long Duration Volatility Volatility Modified to Company Asset
Rank - Rank - Return Return Liquidity
Funds - Reg - Dir Duration Sensitive Concentration Quality
Reg Dir - Reg - Dir
Sector
Kotak Bond 4 4 5 4 4 4 3 1 4 3 4
UTI Bond Fund 4 4 2 2 3 3 3 5 4 3 3
24
Medium Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean Company
Volatility Volatility Modified to Asset
Medium Duration Funds Rank - Rank - Return Return Concentrat Liquidity
- Reg - Dir Duration Sensitive Quality
Reg Dir - Reg - Dir ion
Sector
25
Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Short Duration funds Rank - Rank - Return - Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir Reg - Dir
Sector
26
Money Market funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Money Market funds Rank - Rank - Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
Reg Dir - Reg - Dir Sector
27
Low Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Low Duration funds Rank - Rank - Return Return - Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir - Reg Dir
Sector
28
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short Duration Funds Rank - Rank - Return - Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir Reg - Dir
Sector
Kotak Savings 3 4 3 4 3 3 1 4 3 3 3
Reliance Ultra Short Duration
3 2 4 4 1 1 4 4 3 2 3
Fund
29
Liquid funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility - Volatility to Company Asset
Liquid funds Rank - Rank - Return - Return - Liquidity
Reg - Dir Sensitive Concentration Quality
Reg Dir Reg Dir
Sector
30
Annexure I – Selection criteria for schemes in CMFR
Owing to changes in the categorisation /rationalisation of
mutual fund schemes as prescribed by Sebi, CRISIL has 2. Hybrid funds
increased its ranking categories in CMFR - March 2018 from Aggressive hybrid
14 to 24.
Schemes investing more than 65%, but less than 80% of the
assets under management (AUM) in equity securities and 20-
1. Equity funds 35% in debt instruments, are considered. All funds that have
Equity-oriented funds have been retained in their respective historically maintained the stated equity exposure (three-
categories as defined by the AMCs. year average) have been included in this category.
Equity linked savings schemes (ELSS) invest in equity and In the medium duration category, funds with three-year
equity-related instruments, and are aimed to enable average duration below four years have been retained.
investors to avail tax deduction under Section 80 C of the
In the short duration category, funds with one-year average
Income Tax Act.
duration between 1-3 years are classified as defined by Sebi.
Index funds / ETFs: Schemes launched with an objective to
In the credit risk category, funds that were historically
generate returns that are commensurate with the
classified as credit opportunities funds in CMFR are
performance of their benchmark’s total return index (TRI),
considered. Funds with other historical classifications have
subject to tracking errors, are considered.
been excluded.
The following will be excluded:
In the corporate bond category, funds that maintained one-
● Index schemes that allow the fund manager to take year average exposure >60% to corporate bonds, with the
overweight investment positions on stocks that comprise highest credit rating (i.e. AA+ and above), have been
their benchmark index. considered.
31
In the banking and PSU bond category, funds that maintained In the ultra short duration and money market categories,
one-year average exposure >60% to debt instruments of funds that were considered under the erstwhile ultra-short
banks, public sector undertakings, and public financial term and liquid categories have been retained.
institutions have been considered.
Link of Sebi circular on categorisation and rationalisation of
In the liquid and dynamic bond categories, funds have been mutual fund schemes:
retained in their respective categories as defined by the https://www.sebi.gov.in/legal/circulars/oct-
AMCs. 2017/categorization-and-rationalization-of-mutual-fund-
schemes_36199.html
In the low duration category, funds with one-year average
duration below 1.3 years have been retained.
32
Annexure II – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within
Portfolio concentration analysis
a peer group. The basic criteria for inclusion in the ranking
universe are three-year / one-year NAV history and AUM in Concentration measures the risk arising out of improper
excess of category cut-off limits, and complete portfolio diversification. For equity securities, diversity score is used
disclosure. Three-year NAV history is considered across all as the parameter to measure industry as well as company
equity, hybrid, dynamic bond, medium duration, medium to concentration. In case of debt schemes, the company
long duration and gilt categories; whereas one-year for concentration is analysed at an individual issuer specific
banking & PSU, corporate bond, credit risk, short duration , limit. The limit is linked with the credit rating of the issuer;
low duration, money market, ultra short duration and liquid a high rated issuer will have higher limits and as the rating
● NAV history
34
Parametric weights
Equity categories:
Volatility (%) 25 25 -
Time (years) 3 3 3
Hybrid categories:
Volatility (%) 25 10
Time (years) 3 3
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio
35
Debt categories:
Volatility (%) 25 10 10 10
Time (years) 3 3 1 1
36
Annexure III – Exclusion list
For CMFR - March 2018, the following Sebi-defined categories have been excluded from the rankings.
Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme funds)
Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds
Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, arbitrage funds, equity savings fund
Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)
Miscellaneous: Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for
which new category has not been disclosed
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these
funds is as follows:
Aditya Birla Sun Life Sensex ETF Index/ETF Does not have three-year NAV history
The criteria to be classified in the banking & PSU fund category was not
Aditya Birla Sun Life Treasury Optimizer Plan Banking & PSU
met
Axis Gilt Fund Gilt Historical portfolio attributes do not match the new category definition
Axis Corporate Debt Fund Corporate Bond Does not have one-year NAV history
Axis Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition
Axis Multicap Fund Multi Cap Does not have three-year NAV history
Axis Nifty ETF Index/ETF Does not have three-year NAV history
Axis Strategic Bond Fund Medium Duration Historical portfolio attributes do not match the new category definition
Baroda Pioneer Balance Fund Aggressive Hybrid Did not meet AUM criteria
Baroda Pioneer Credit Opportunities Fund Credit Risk Did not meet AUM criteria
Baroda Pioneer Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
Baroda Pioneer Gilt Fund Gilt Did not meet AUM criteria
Baroda Pioneer Income Fund Medium to Long Did not meet AUM criteria
Baroda Pioneer Mid-cap Fund Mid Cap Did not meet AUM criteria
Baroda Pioneer MIP Fund Conservative Hybrid Did not meet AUM criteria
Baroda Pioneer Short Term Bond Fund Short Duration Did not meet AUM criteria
BNP Paribas Corporate Bond Fund Corporate Bond Did not meet AUM criteria
BNP Paribas Focused 25 Equity Fund Focused Does not have three-year NAV history
BNP Paribas Low Duration Fund Low Duration Did not meet AUM criteria
BNP Paribas Short Term Fund Short Duration Did not meet AUM criteria
BNP Paribas Substantial Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history
37
Short name New category Reason for exclusion
BOI AXA Large & Mid Cap Fund Large & Mid Cap Did not meet AUM criteria
BOI AXA Manufacturing & Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
BOI AXA Mid & Small Cap Equity & Debt Fund Aggressive Hybrid Does not have three-year NAV history
BOI AXA Short Term Income Fund Short Duration Did not meet AUM criteria
BOI AXA Tax Advantage Fund ELSS Did not meet AUM criteria
Canara Robeco Bluechip Equity Fund Large Cap Did not meet AUM criteria
Canara Robeco Corporate Bond Fund Corporate Bond Did not meet AUM criteria
Canara Robeco Income Fund Plan Medium to Long Did not meet AUM criteria
Canara Robeco Short Duration Fund Short Duration Did not meet AUM criteria
Canara Robeco Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
DHFL Pramerica Diversified Equity Fund Multi Cap Did not meet AUM criteria
DHFL Pramerica Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
DHFL Pramerica Hybrid Debt Fund Conservative Hybrid Did not meet AUM criteria
DHFL Pramerica Large Cap Fund Large Cap Did not meet AUM criteria
DHFL Pramerica Long Term Equity Fund ELSS Does not have three-year NAV history
DHFL Pramerica Midcap Opportunities Fund Mid Cap Did not meet AUM criteria
DHFL Pramerica Strategic Debt Fund Medium to Long Historically managed as an inflation indexed bond fund
DSP BlackRock Bond Fund Medium Duration Historical portfolio attributes do not match the new category definition
DSP BlackRock Savings Fund Money Market Did not meet AUM criteria
Edelweiss Corporate Bond Fund Corporate Bond Did not meet AUM criteria
Edelweiss ETF - Nifty 50 Index/ETF Does not have three-year NAV history
Edelweiss Large and Mid Cap Fund Large & Mid Cap Did not meet AUM criteria
Edelweiss Large Cap Fund Large Cap Did not meet AUM criteria
Edelweiss Low Duration Low Duration Did not meet AUM criteria
Edelweiss Mid Cap Fund Mid Cap Did not meet AUM criteria
Edelweiss Multi-Cap Fund Multi Cap Did not meet AUM criteria
Edelweiss Short Term Fund Short Duration Did not meet AUM criteria
Essel Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history
Essel Flexible Income Fund Dynamic Bond Did not meet AUM criteria
Essel Large & Midcap Fund Large & Mid Cap Does not have three-year NAV history
Essel Large Cap Equity Fund Large Cap Did not meet AUM criteria
38
Short name New category Reason for exclusion
Essel Long Term Advantage Fund ELSS Does not have three-year NAV history
Essel Regular Savings Fund Conservative Hybrid Did not meet AUM criteria
Essel Short Term Fund Short Duration Did not meet AUM criteria
Essel Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
Franklin India Banking & PSU Debt Fund Banking & PSU Did not meet AUM criteria
Franklin India Income Builder Account Corporate Bond Historical portfolio attributes do not match the new category definition
Franklin India Savings Plus Fund Money Market Did not meet AUM criteria
HDFC Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria
HDFC NIFTY ETF Index/ETF Does not have three-year NAV history
HDFC Balanced Fund, which is slated to merge with this fund, is being
HDFC Premier MultiCap Fund Aggressive Hybrid
ranked for this quarter
HDFC Sensex ETF Index/ETF Does not have three-year NAV history
HSBC Debt Fund Medium to Long Did not meet AUM criteria
HSBC Low Duration Fund Low Duration Did not meet AUM criteria
HSBC Tax Saver Equity Fund ELSS Did not meet AUM criteria
The criteria to be classified in the banking & PSU fund category was not
ICICI Prudential Banking & PSU Debt Fund Banking & PSU
met
ICICI Prudential Indo Asia Equity Fund Small Cap Used to historically maintain significant exposure in foreign equities
ICICI Prudential Ultra Short Term Fund Ultra Short Duration Historically maintained some equity exposure (including derivatives)
ICICI Prudential Sensex ETF Index/ETF Did not meet AUM criteria
ICICI Prudential Sensex Index Fund Index/ETF Does not have three-year NAV history
IDBI Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition
IDBI Diversified Equity Fund Multi Cap Did not meet AUM criteria
IDBI Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
IDBI Focused 30 Equity Fund Focused Does not have three-year NAV history
IDBI Hybrid Equity Fund Aggressive Hybrid Does not have three-year NAV history
IDBI Midcap Fund Mid Cap Does not have three-year NAV history
IDBI Short Term Bond Fund Short Duration Did not meet AUM criteria
IDBI Small Cap Fund Small Cap Does not have three-year NAV history
IDBI Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
IDFC Hybrid Equity Fund Aggressive Hybrid Does not have three-year NAV history
IDFC Large Cap Large Cap Did not meet AUM criteria
IDFC Nifty ETF Index/ETF Does not have three-year NAV history
IDFC Sensex ETF Index/ETF Does not have three-year NAV history
IIFL Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
39
Short name New category Reason for exclusion
Indiabulls Income Fund Medium Duration Did not meet AUM criteria
Indiabulls Savings Income Fund Conservative Hybrid Does not have three-year NAV history
Indiabulls Short Term Fund Short Duration Did not meet AUM criteria
Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history
Indiabulls Value Discovery Fund Value Fund Does not have three-year NAV history
Invesco India Banking & PSU Debt Fund Banking & PSU Did not meet AUM criteria
Invesco India Corporate Bond Fund Corporate Bond Did not meet AUM criteria
Invesco India Credit Risk Fund Credit Risk Did not meet AUM criteria
Invesco India Gilt Fund Gilt Did not meet AUM criteria
Invesco India Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Invesco India Largecap Fund Large Cap Did not meet AUM criteria
Invesco India Mid Cap Fund Mid Cap Did not meet AUM criteria
Invesco India Money Market Fund Money Market Did not meet AUM criteria
Invesco India Multicap Fund Multi Cap Did not meet AUM criteria
Invesco India Nifty Exchange Traded Fund Index/ETF Did not meet AUM criteria
Invesco India Regular Savings Fund Conservative Hybrid Did not meet AUM criteria
JM Dynamic Debt Fund Dynamic Bond Historical portfolio attributes do not match the new category definition
JM Ultra Short Duration Fund Ultra Short Duration Did not meet AUM criteria
JM Money Market Fund Money Market Did not meet AUM criteria
JM Low Duration Fund Low Duration Did not meet AUM criteria
JM Short Term Fund Short Duration Did not meet AUM criteria
Kotak Classic Equity Fund Contra Fund Did not meet AUM criteria
L&T Conservative Hybrid Fund Conservative Hybrid Did not meet AUM criteria
L&T Flexi Bond Fund Dynamic Bond Did not meet AUM criteria
L&T India Large Cap Fund Large Cap Did not meet AUM criteria
L&T Triple Ace Bond Fund Corporate Bond Did not meet AUM criteria
LIC MF Balanced Fund Aggressive Hybrid Did not meet AUM criteria
LIC MF Equity Fund Multi Cap Did not meet AUM criteria
LIC MF ETF - Nifty 50 Index/ETF Does not have three-year NAV history
LIC MF ETF - Sensex Index/ETF Does not have three-year NAV history
LIC MF Growth Fund Large Cap Did not meet AUM criteria
40
Short name New category Reason for exclusion
The criteria to be classified in the banking & PSU fund category was not
LIC MF Income Plus Fund Banking & PSU
met
LIC MF Index Fund - Nifty Plan Index/ETF Did not meet AUM criteria
LIC MF Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria
LIC MF Midcap Fund Large & Mid Cap Did not meet AUM criteria
LIC MF Monthly Income Plan Conservative Hybrid Did not meet AUM criteria
LIC MF Tax Plan 1997 ELSS Did not meet AUM criteria
Mahindra Badhat Yojana Multi Cap Does not have three-year NAV history
Mahindra Kar Bachat Yojana ELSS Does not have three-year NAV history
Mahindra Low Duration Bachat Yojana Low Duration Did not meet AUM criteria
Mahindra Unnati Emerging Business Yojana Mid Cap Does not have three-year NAV history
Mirae Asset Cash Management Fund Liquid Did not meet AUM criteria
Mirae Asset Dynamic Bond Fund Dynamic Bond Does not have three-year NAV history
Mirae Asset Hybrid - Equity Aggressive Hybrid Does not have three-year NAV history
Mirae Asset Savings Fund Low Duration Did not meet AUM criteria
Mirae Asset Short Term Fund Short Duration Does not have one-year NAV history
Mirae Asset Tax Saver Fund ELSS Does not have three-year NAV history
Motilal Oswal M50 ETF (MOSt Shares M50) Index/ETF Did not meet AUM criteria
Parag Parikh Liquid Fund Liquid Does not have one-year NAV history
Parag Parikh Long Term Equity Fund Multi Cap Historically maintained significant exposure to foreign equities
Principal Cash Management Fund Liquid Did not meet AUM criteria
Principal Corporate Bond Fund Corporate Bond Did not meet AUM criteria
Principal Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition
Principal Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
Principal Focused Multicap Fund Focused Did not meet AUM criteria
The AMC has a ranked fund in the ELSS category. (Fresh subscriptions
Principal Personal Tax Saver Fund ELSS
have been discontinued until further notice)
Principal Short Term Debt Fund Short Duration Did not meet AUM criteria
Principal Tax Saving Fund ELSS Did not meet AUM criteria
Principal Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
Quantum Dynamic Bond Fund Dynamic Bond Does not have three-year NAV history
Quantum Tax Saving Fund ELSS Did not meet AUM criteria
Reliance Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria
SBI - ETF Nifty 50 Index/ETF Does not have three-year NAV history
41
Short name New category Reason for exclusion
The criteria to be classified in the banking & PSU fund category was not
SBI Banking and PSU Fund Banking & PSU
met
Shriram Equity and Debt Opportunities Fund Aggressive Hybrid Did not meet AUM criteria
Sundaram Balanced Fund Aggressive Hybrid Did not meet AUM criteria
Sundaram Bond Saver Medium Duration Did not meet AUM criteria
Sundaram Income Plus Credit Risk Historical portfolio attributes do not match the new category definition
Tata Index Fund - NIFTY Index/ETF Did not meet AUM criteria
Tata Index Fund - SENSEX Index/ETF Did not meet AUM criteria
Tata Medium Term Fund Medium Duration Did not meet AUM criteria
Taurus Discovery (Midcap) Fund Mid Cap Did not meet AUM criteria
Taurus Largecap Equity Fund Large Cap Did not meet AUM criteria
Taurus Nifty Index Fund Index/ETF Did not meet AUM criteria
Taurus Starshare (Multi Cap) Fund Multi Cap Did not meet AUM criteria
Union Corporate Bond Fund Corporate Bond Does not have one-year NAV history
Union Equity Fund Multi Cap Did not meet AUM criteria
Union Largecap Fund Large Cap Does not have three-year NAV history
Union Small Cap Fund Small Cap Did not meet AUM criteria
Union Tax Saver Scheme ELSS Did not meet AUM criteria
UTI - Medium Term Fund Medium Duration Did not meet AUM criteria
UTI Nifty Exchange Traded Fund Index/ETF Does not have three-year NAV history
UTI Sensex Exchange Traded Fund Index/ETF Does not have three-year NAV history
42
Notes
Notes
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