Mutual Fund Insight September 2019

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CONTENTS SEPTEMBER 2019

27 Cover Story

Volume XVI, Number 12

Editorial Principles Value Research is an independent investment research company. Our goal is to serve our readers with data, information and knowledge that inform them about savings and investments and help them learn how to make better choices.

Retirement Planning Essentials z

Plan for the future zAccumulate while working z Earn after retirement

The basis of our work is the trust reposed in us by our readers. We are independent, fair and honest. We are committed to achieving the highest level of accuracy and impartiality in everything that we publish. We recognise that the nature of our work is such that it influences decisions that affect our readers’ future. We strive to bear this responsibility with humility. We recognise that while it is not possible to be 100 per cent accurate, it is possible to always strive to achieve that standard to the best of our abilities.

Editor Dhirendra Kumar Research and Editorial Aakar Rastogi, Aarati Krishnan, Ashutosh Gupta, Debjani Chattopadhyay, Sandeep P, Shivani Gola, Sneha Suri, and Vibhu Vats Design Mukul Ojha and Kiran Sindhwal Production Hira Lal

ADVERTISING Venkat K Naidu: 09664048666 Biswa Ranjan Palo: 09664075875

Address your correspondence to: Editor, Mutual Fund Insight 5 Commercial Complex, Chitra Vihar, Delhi-110092, India e-mail: [email protected]

24 Spotlight

‘I don’t take balance-sheet risks’ AMIT GANATRA Fund Manager, Invesco Mutual Fund

© 2019 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092. Editor: Dhirendra Kumar. Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi 110 092. Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi -92. Registered with the Registrar of Newspapers for India, Registration Number DELENG/2003/11417

4

Mutual Fund Insight September 2019

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11 First Page

39 Direct Advice

DHIRENDRA KUMAR

AARATI KRISHNAN

A comfortable old age

Investing in turbulent times

8 Value Research Online )LQGRXWWKH6,3UHWXUQVRIWKHIXQGVLQDFDWHJRU\ 12 Readers’ Viewpoints 0DLOVIURPRXUUHDGHUV 14 Fund Reporter 8SGDWHVRQPXWXDOIXQGV 15 SIP Sahi Hai +RZWRDFKLHYH\RXUJRDOVZLWK6,3V 18 Fund Radar $QDO\WLFDODQGWUHQGVWRULHVRQPXWXDOIXQGV

42 Ask Value Research $OO\RXUVDYLQJVDQGLQYHVWPHQWTXHULHV DQVZHUHG 44 Category Watch /DUJHFDSIXQGV 49 Fund Analyst’s Choice 7HQKDQGSLFNHGODUJHFDSIXQGV 61 Scoreboard 7KHPRVWFRPSUHKHQVLYHIXQGVFRUHFDUG ZLWKNH\SHUIRUPDQFHQXPEHUVDQG LQYHVWPHQWGHWDLOV

20 Portfolio Moves 5HOLDQFH0XOWL&DS)XQG

87 SIP Returns :RUWKRIWKHPRQWKO\6,3RI`LQYDULRXV HTXLW\IXQGVRYHUILYHDQG\HDUV

21 Quick Chat 6DLOHVK5DM%KDQ)XQG0DQDJHU 5HOLDQFH0XOWL&DS)XQG

89 Top-Rated Funds )XQGVWKDWVWDQGRQWKHKLJKHVWUXQJRIWKH 9DOXH5HVHDUFKIXQGUDWLQJODGGHU

22 Inside Funds ,QWHUHVWLQJGDWDRQIXQGV

DISCLAIMER The contents of Mutual Fund Insight published by Value Research India Private Limited (the “Magazine”) are not intended to serve as professional advice or guidance and the Magazine takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Magazine 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 Magazine. The Magazine is meant for general reading purposes only and is not meant to serve as a professional guide for investors. The readers of this Magazine 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 Magazine. The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best efforts to avoid any errors and omissions, however the publishers of this Magazine 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 Magazine or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Magazine do not certify and/or endorse any opinions contained, provided, published or expressed in this Magazine. Reproduction of this publication in any form or by any means whatsoever without prior written permission of the publishers of this Magazine is strictly prohibited. All disputes shall be subject to the jurisdiction of Delhi courts only. ALL RIGHTS RESERVED

6

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www.valueresearchonline.com

Find out the SIP returns of the funds in a category The SIP Returns tool on the Value Research website lets you know the SIP returns of the funds in equity and hybrid categories across various time frames Access the Tools menu on the home page of the Value Research website

8

Mutual Fund Insight September 2019

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FIRST PAGE

A comfortable old age

A

lot of retirees feel that they could have made better choices and no doubt they could. However, as the old saying goes, “The best time to have planted a tree was 10 years ago. The second best time is today.” The basic investment and retirement landscape in India has changed so much in the last 10-20 years that many retirees have been caught out by old savings decisions that, in hindsight, have not turned out to be optimal. Even so, many things are fixable and can be optimised. However, those who are still in the saving (accumulation) stage of their lives must ensure that they fix any problematic issues now, and that is something that we have tried to do in this issue. If you thought that getting to a goodsized retirement corpus by the time you turned 60 was tough, then it’s better to face the bad news now. After retirement, in order to earn a life-long and sustainable income from your kitty, you will have to ignore everything that you have ever been told about your post-retirement finances. The standard view in our

country has been that after retirement, all (or almost all) of your savings must be in ‘safe’ fixed-income investments. At Value Research, we have always argued that this standard view of retirement finances is wrong. In fact, not only is it wrong, it is positively dangerous and if it’s followed, it almost always dooms senior citizens to old-age poverty. ‘Retirement’ is an event that takes place on one appointed day, but retired life is something that lasts for a long time. Confusing the two could lead to your senior years being seriously uncomfortable financially. This is a sort of a paradox but the only way to be ‘safe’ after retirement is to invest in equity or equity-heavy hybrid funds. Here’s why. During the decades of retired life, inflation destroys the value of your savings relentlessly. Many, many people find that as the years pass, their savings are just not enough. Eventually, at some point, they realise that they are running out of money. Nothing is worse than a long period of old age where an old couple gradually loses prosperity and then eventually enters poverty. And yet, all around us, all of us can see any number of senior citizens to whom this is happening. It’s not my goal to frighten you, but if fear is what it takes, then sure, let it be fear. None of this is theoretical. We all know people who are in this situation. I have neighbours who retired 20 years

ago and thought they had plenty of money to last a lifetime. After a lifetime of earning in thousands, having retirement savings denominated in lakhs must have seemed like a big deal. However, against the relentless march of inflation, the lakhs start draining away faster and faster. They used to buy milk at about `15 for a litre; now it’s `50. That’s what has already happened. However, we never manage to project this forward because it seems a little unbelievable. And yet it will happen, as surely as night follows day. There is no doubt that during your lifetime, you will have to pay `100 or `150 for a litre of milk. If you get a fever, a basic medicine like Crocin will cost maybe `20 a tablet. Petrol will be `200 a litre and electricity will be `25 a unit. All this is inevitable. Even so, none of this needs to be the disaster it looks like. Inflation is an enemy, but investment returns can be your friends that will help you fight it. There are definitely investment strategies that will enable you to accumulate enough for retirement and earn enough from it so that you can happily make such expenditures long after retirement and still leave plenty left to bequeath to your descendants. And it’s all here in this issue of Mutual Fund Insight.

DHIRENDRA KUMAR Editor Mutual Fund Insight September 2019

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11

READERS’ VIEWPOINTS COVER STORY

Keep expenses low

The next revolution

Fund expenses can make or break your portfolio returns. While they shouldn’t be the primary criterion for picking a fund, if you have to choose between two or more good funds, they become a determining factor. Hence, going with direct plans makes sense as they don’t entail distributor commission. Another way to reduce expenses is to go for index funds and ETFs. Though there are still not ample options and volumes, passive funds have started to take off in India. That’s a welcome trend.

The days of regular plans are numbered. AMCs still want to retain them because they get a post-paid sales force aka distributors. With websites like that of Value Research providing a lot of useful information, anyone can pick winning funds without the help of an advisor. The next revolution in the mutual fund industry will be phasing out of regular plans.

– JAGRITI

– SIDDHARTHA

FUND RADAR

HOW I DID IT

Need for insurance overhaul Your analysis on open-end and closed-end funds presented an interesting history. This tells us about the shenanigans in the financial industry. There are many ingenious minds out there that want to take your money away. They set such rules that naturally work in their favour. Thanks to the efforts by the regulator, the mutual fund space is much reformed now. Time and

again, the regulator has tried to bring more transparency to the industry. Compare that with what IRDA has done so far. Because of the limited initiatives by the regulator, the insurance sector is still marred by lack of transparency, mis-selling and bad products. It’s time that IRDA pulled up its socks. It can simply be brought under SEBI. – MATTHEW

Correction: In the Portfolio Moves section of the August issue, Cholamandalam Investment

erroneously appeared as a failed bet. In reality, the company had undergone a stock split of one into five, which had lowered its stock price. The error is regretted.

MAIL YOUR LETTERS TO

12

Mutual Fund Insight

C-103, Sector 65, Noida - 201301

The right balance Upbringing plays a significant role in determining your financial destiny. If you have been taught the importance of money from childhood and if you have been taught to be disciplined, you will likely carry those qualities in your adulthood also. But if you have been spendthrift in your childhood or your guardians were indulgent towards you, it’s likely that you will grow a careless attitude about money. It’s very difficult to reform an adult as he feels whatever he is doing is right. An adult also finds company in other like-minded ones, who further motivate him to do what he has been doing. Hence, teaching good money habits to your children is crucial.

PHONE: 0120-4201008, 4571008, 9868891830

Mutual Fund Insight September 2019

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– RADHE

E-MAIL

[email protected]

Investing in Canara Robeco Equity Tax Saver Fund is like having twins. You get a dual advantage. The Canara Robeco Equity Tax Saver Fund offers you the twin advantage of growth potential from investing in equities as well as tax savings under Sec 80C*. The three-year lock in period aids the potential for your money to grow, as the fund has the flexibility to invest in large and medium-sized companies that have strong fudamentals. It’s just one of the many funds from Canara Robeco that has the potential for you to have a smart tomorrow.

CANARA ROBECO Equity Tax Saver Fund

RISKOME TER MODERATE

M

LOW

• Investment in equity and equity related securities with a statutory lock in of 3 years and tax benefit

MO DE HI RA GH T E

H HIG

• Capital appreciation over long term

LY TE RA DE W O LO

LY

This product is suitable for investors who are seeking* :

LOW

HIGH

Investors understand that their principal will be at Moderately High Risk

To know more, please contact your Financial Adviser or visit www.canararobeco.com

*Under Section 80C of Income Tax Act 1961, Tax benefit upto INR 46800** per annum (assuming highest tax bracket) for an investment upto Rs. 1.5 lac. **Assuming tax rate of 30% plus 4% cess. Information on tax benefits are based on prevailing taxation laws. Kindly consult your tax advisor for actual tax implication before investment.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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FUND REPORTER UPDATES ON MUTUAL FUNDS +:7^YP[LZVMMWLYJLU[ L_WVZ\YL[V**+ DSP Mutual Fund wrote off 50 per cent of its exposure to the NCDs issued by Cafe Coffee Day. The exposure was secured with the pledged shares of the company, which fell by more than half after the demise of the company’s founder.

7.04HJX\PYLZ+/-3»ZZ[HRLPU T\[\HSM\UK1= DHFL has sold its 50 per cent stake in the mutual fund joint venture to its partner Prudential Global Investment Managers (Pramerica). The fund house is to be renamed as PGIM Mutual Fund.

9H]P.VWHSRYPZOUHUPZOLHKVM LX\P[`H[7YPUJPWHS Principal Mutual Fund has appointed Ravi Gopalkrishnan as head of equity. He was earlier working with Canara Robeco Mutual Fund as head of equity. Mr Gopalkrishnan has over 25 years of experience in equity investing.

(UUV\UJLTLU[Z /+-*4\[\HS-\UK Introduces weekly SIPs in its funds. The minimum amount for a weekly SIP will be `1,000 for all the schemes except ELSS, where it will be `500, and the minimum number of installments will be six.


14

3VHKJOHUNLZ Scheme

Date

New load

Edelweiss Arbitrage Fund

Aug 1, 2019

0.10% for redemption within 30 days

Indiabulls Bluechip Fund, Indiabulls Equity Hybrid Fund

Aug 1, 2019

1% for redemption within 7 days

-\UKTHUHNLYJOHUNLZ Schemes Existing Î New BOI AXA Equity Debt Rebalancer Nitish Gupta & Saurabh Kataria Î Nitish Gupta & Ajay Khandelwal

Kotak Equity Savings Fund Deepak Gupta, Abhishek Bisen and Arjun Khanna Î Harish Krishnan, Abhishek Bisen and Arjun Khanna

BOI AXA Liquid Nitish Gupta & Amit Modani Î Amit Modani

Kotak Global Emerging Market Fund, Kotak US Equity Fund, Kotak World Gold Fund Deepak Gupta Î Arjun Khanna

BOI AXA Midcap Tax Fund Series 1 Saurabh Kataria Î Aakash Manghani & Dhruv Bhatia BOI AXA Midcap Tax Fund Series 2 Saurabh Kataria Î Ajay Khandelwal & Dhruv Bhatia BOI AXA Small Cap Fund Saurabh Kataria & Ajay Khandelwal Î Ajay Khandelwal BOI AXA Tax Advantage Saurabh Kataria Î Aakash Manghani DSP Equal Nifty 50 Fund, DSP Nifty 50 Index Fund, DSP Nifty Next 50 Index Fund, DSP Liquid ETF Gauri Sekaria Î Anil Ghelani Essel Arbitrage Fund Dhaval Choksi, Archit Shah Î Pradeep Sukte, Archit Shah HSBC Asia Pacific (Ex Japan) Dividend Yield Kapil Punjabi & Ranjithgopal K A Î Priyankar Sarkar HSBC Brazil, HSBC Global Emerging Markets Fund Ranjithgopal K A Î Priyankar Sarkar HSBC Equity Hybrid Fund Kapil Punjabi & Neelotpal Sahai Î Kapil Punjabi, Neelotpal Sahai & Ranjithgopal K. A. HSBC Global Consumer Opportunities Fund Kapil Punjabi & Ranjithgopal K A Î Priyankar Sarkar HSBC Large and Mid Cap Equity Fund Neelotpal Sahai Î Neelotpal Sahai & Amaresh Mishra HSBC Regular Savings Fund Kapil Punjabi & Aditya Khemani Î Kapil Punjabi & Gautam Bhupal HSBC Small Cap Equity Fund Neelotpal Sahai Î Ankur Arora HSBC Tax Saver Equity Aditya Khemani Î Gautam Bhupal Kotak Asset Allocator Fund Deepak Gupta Î Devender Singhal and Arjun Khanna Kotak Balanced Advantage Fund Deepak Gupta, Harish Krishnan, Abhishek Bisen and Arjun Khanna Î Harish Krishnan, Abhishek Bisen and Arjun Khanna Kotak Banking ETF Deepak Gupta Î Devender Singhal and Satish Dondapati Kotak Equity Arbitrage Deepak Gupta Î Rukun Tarachandani

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Kotak Gold ETF Abhishek Bisen Î Abhishek Bisen and Satish Dondapati Kotak India EQ Contra Fund Deepak Gupta Î Shibani Kurian Kotak India Growth Fund Series 7 Devender Singhal Î Shibani Kurian Kotak Nifty ETF, Kotak NV 20 ETF, Kotak PSU Bank ETF, Kotak Sensex ETF Deepak Gupta Î Devender Singhal and Satish Dondapati Motilal Oswal M50 ETF, Motilal Oswal Midcap 100 ETF Ashish Agarwal Î Swapnil Mayekar Motilal Oswal Multicap 35 Fund Swapnil Mayekar & Akash Singhania Î Herin Visaria & Akash Singhania Motilal Oswal NASDAQ 100 Exchange Traded Fund Swapnil Mayekar Î Herin Visaria Motilal Oswal Nasdaq 100 FOF Ashish Agarwal & Abhiroop Mukherjee Î Swapnil Mayekar & Abhiroop Mukherjee Principal Balanced Advantage Fund, Principal Hybrid Equity Fund Bekxy Kuriakose & P V K Mohan Î Bekxy Kuriakose & Ravi Gopalakrishnan Principal Equity Savings Fund Gurvinder Singh Wasan & P V K Mohan Î Gurvinder Singh Wasan & Ravi Gopalakrishnan Principal Multi Cap Growth Fund Siddarth Mohta & P V K Mohan Î Siddarth Mohta & Ravi Gopalakrishnan Principal Personal Tax Saver, Principal Retirement Savings Fund Conservative Plan, Moderate Plan, Progressive Plan, Principal Tax Savings P V K Mohan Î Ravi Gopalakrishnan Principal Small Cap Fund P V K Mohan & Siddarth Mohta Î Ravi Gopalakrishnan & Siddarth Mohta SBI Banking & Financial Services Fund Sohini Andani Î Milind Agrawal, Sohini Andani

SIP SAHI HAI

An Investor Education Initiative SPECIAL FEATURE

How to achieve your goals with SIPs Doing your SIPs in a disciplined manner can help you achieve large goals that otherwise look daunting

Y

ou must have heard the story of the ant and the grasshopper. Knowing that the winters are approaching, the ant, along with the others in her colony, works hard to gather food grains and store them. The grasshopper sees the ant working and mocks her. He believes that one should enjoy one’s present and not worry about the future. He also finds it futile to look for single food grains and accumulate them. After all, how much can one gather doing that? The ant tries to persuade the grasshopper that he should also make provisions for the future, lest he would not find any food in the winters. But the grasshopper turns a deaf ear to her advice. When the winters arrive, the ant has accumulated more than enough food. A severe winter and the snowfall covers all vegetation, leaving absolutely no food for the grasshopper. Out of hunger, he falls unconscious. When the ant gets to know about that, it offers food to the grasshopper, thus saving his life. It would not be wrong to call the ant an SIP investor. She kept accumulating grains – one at a time – and eventually reached a stage where she had enough for the full season. She realised her goal through small investments. For the grasshopper, the contributions were too minuscule to make any appreciable difference. While SIPs may look small at the time you make them, over time they accumulate to become a large amount. When you make those SIPs in an equity fund, you also stand to gain from capital appreciation over the long run. For instance, if you invest `5,000 monthly in an equity fund that returns 12 per cent, in 10 years you

will have accumulated `11.62 lakh. This amount is almost magical to someone who only sees the end result. No matter how formidable your goal may appear, you can start saving towards it. Just break it into small parts and this is what SIPs do for you. They help you overcome the inertia that may develop by just looking at the sheer size of the corpus required. However, do revise your SIP amounts regularly as your income increases. This will help you accumulate the desired corpus faster. Also, if your SIPs weren’t enough for the goal amount, you can make up for the shortfall. In the above illustration, if you also increase your SIPs by 10 per cent annually, you can accumulate `15.36 lakh. We all have multiple goals to accomplish: retirement, children’s education and weddings, buying a house or a car, vacation and so on. It’s advisable that you run separate SIPs for each goal. This will help you gauge your investment in a better way. Choose the right category of funds for each goal, depending on its timeline. For goals that are more than five years away, go for equity funds. For goals that are three to five years away, equity-savings and conservative hybrid funds can do the job. For goals that are one year to three years away, accumulate your corpus in short-term debt funds. For goals that are due in the next one year, ultra-shortduration funds or liquid funds are just fine. While investing in equity, go through the SIP route. This will ensure that you don’t invest all your money at a market peak. And last but not least, be disciplined with your SIPs and have faith in them. Mutual Fund Insight September 2019

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15

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FUND RADAR

SIPping the ELSS In place of investing lump sums in tax-saving funds at the last moment, investors are increasingly adopting the SIP route

E

quity-linked saving schemes (ELSS) have swiftly become a popular tax-saving destination. They have multiple factors working in their favour: good returns, transparent reporting, greater accountability, tax exemption up to `1.5 lakh under Section 80C and shorter lock-in period of three years. Since ELSS funds are generally multi-cap, they allow investors to own a multi-cap portfolio of stocks across sectors. However, thanks to the bad habit of delaying making tax-saving investments till the last moment, tax-saving funds have historically witnessed lump-sum investments in the last quarter of the financial year. While making one-time investments in traditional instruments like Public Provident Fund doesn’t hurt returns, with ELSS, doing so can cause investors to catch a market high and thus increase risk, not to mention the sub-optimal fund choice one might make in a hurry. However, this trend could be changing now. Our analysis of AMFI data shows that investors are increasingly adopting the SIP route for their ELSS investments. The

accompanying graph captures the proportion of the annual net flows into ELSS across the four quarters for the last five financial years. The data shows the flows getting gradually evened out, with a smaller bump-up in the last quarter. While the last quarter of FY15 saw ELSS bag 80 per cent of the total net flows for the full year, the fourth quarter of FY19 saw them collect only 39 per cent of the full-year flows. The quarterly net flows of FY19 have been almost evenly spread. This highlights a much-awaited shift in the habits of ELSS investors from lump sums to SIP investing. This is welcome. Rather than scrambling to plan their taxes at the last minute, investors now seem to be understanding the importance of planning in advance. The SIP route also helps disciplined investments with the benefit of rupee cost averaging. So, if you haven’t already started your tax-saving SIP, there’s still time as we are just in the second quarter of the current financial year. Go ahead and join the new trend!

Evening out The graph below shows net quarterly ELSS flows as per cent of total net flows in a financial year. The last quarter of the financial year sees a bump as investors rush to make their tax-saving investments. This trend has, however, been evening out. 80 % 60 40 20 0 -20 -40 Q1

Q2

Q3

Q4

FY15

Q1

Q2

Q3

Q4

Q1

Q2

FY16

Q3

FY17

Q4

Q1

Q2

Q3

FY18

Q4

Q1

Q2

Q3

Q4

FY19 Analysis based on AMFI data

18

Mutual Fund Insight September 2019

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PORTFOLIO MOVES

Reliance Multi Cap Fund

Protecting wealth

Amidst a rapid market fall, the fund has contained its downside well Beating the index Fund

1160

One-year returns (as on August 8, 2019) S&P BSE 500 TRI

-4.7%

-6.7

-6.5

Fund

S&P BSE 500 Total Return Index

Multi-cap category

1080

Fund portfolio

1000

Rebased to 1,000

840 July 2018

July 2019

Sector weights as compared to the index Overweight Services, engineering, construction Underweight FMCG, healthcare, metals financial, chemicals, automobiles, energy, technology

Mid caps

52.25% 78.62%

27.08 15.98

Small caps

19.32 Index 5.40 Average stocks in the portfolio 54

Fund

920

Large caps

Cash

1.35 –

Fund manager

Investment strategy

The fund has been managed by Mr Sailesh Raj Bhan since March 2005. He has over 24 years of experience in equity markets.

The fund follows the philosophy of growth at reasonable valuations. It seeks to invest in good-quality businesses with long-term growth potential, available at rational valuations.

Worked

Failed

Top bets

New entrants

151.1

-142.9

8.9

1.3

Divi’s Laboratories

Tata Motors

State Bank of India

Tata Global Beverages

146.8

-129.3

6.8

1.0

ICICI Bank

GE T&D India

ICICI Bank

United Spirits

129.1

-105.6

5.9

0.4

State Bank of India

Simplex Infrastructures

Axis Bank

Hero Motocorp

91.4

-86.3

5.5

0.03

Aditya Birla Fashion

Bharat Forge

Indian Hotels

HDFC Life Insurance

82.5

-76.0

5.0

0.02

Axis Bank

Shopper’s Stop

Larsen & Toubro

Fortis Healthcare

Successful stocks with gains (` cr) during Jul ’18–’19

Losing stocks and the amount of losses (` cr) during Jul ’18–’19

Top holdings with the asset allocations (%) as on Jul 31, ’19

Stocks added during May–Jul ’19, with asset allocations (%)

All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `9,706 crore as on July 31, 2019.

20

Mutual Fund Insight September 2019

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QUICK CHAT

Sailesh Raj Bhan Fund Manager, Reliance Multi Cap Fund

‘Growth at reasonable valuations is our guiding principle’ What is responsible for the outperformance by your fund in the last one year? The consistent performance of the Reliance Multi Cap Fund can be attributed to buying sustainable-growth businesses at reasonable price as an investment philosophy, avoiding momentum investing, and being disciplined on valuations. The emphasis on right businesses, along with right valuations and a medium-term investment horizon, has been critical to longterm wealth creation. Over the years, we have consciously avoided overpaying for growth, while giving high importance to sustainability of growth.

How do you pick stocks for this fund? Reliance Multi Cap Fund follows the investment philosophy of growth at reasonable valuations. Our focus is on investing in good-quality businesses with longterm growth potential, available at rational valuations. We seek to participate in good-quality structural-growth businesses without overpaying for growth. We like companies with established or scalable business models, long-term sustainable growth and a high ROE or a potentially high ROE.

When do you sell a stock? The fund has a medium-term investment horizon of three to five years. Investments are considered with the thought of these businesses scaling up faster over the medium to long term. Thus, investments continue to be in the portfolio if they are growing as per expectations and do not disappoint consistently. We decide to sell our holdings in the following instances: current valuations already reflect the expected medium-term growth and change in medium-term growth outlook.

What kinds of stocks do you generally avoid? We avoid pure momentum bets where the current valuations largely reflect the estimated medium-term growth. Also, we avoid businesses with corporate-governance challenges or fractured balance sheets.

Which sectors are you bullish on Corporate lenders, capital goods and engineering, and domestic cyclicals appear well-placed to capture the anticipated recovery. There are also opportunities in areas which can witness mean reversion, like healthcare, or return of operating leverage, like hospitality.

How do you allocate capital across large, mid and small caps? Growth at reasonable valuations is an important guiding principle to determine our allocations across market caps. Within the market-capitalisation range, our allocation is based on relative valuations. Portfolio shifts can take advantage of prevailing market distortions in terms of valuation differential between large, mid and small caps.

About 50 per cent of your fund is invested in mid and small caps. This is at a time when mid/small caps are witnessing a correction. How do you see that? Valuation differential provides an opportunity to capture potential growth opportunities at reasonable prices. Over the last few months, we have witnessed a significant correction in the mid- and small-cap space, providing an opportunity to capture the market shift. In line with the same, we have increased our allocations to this segment.

How do you contain volatility in mid and small caps? We attempt to use volatility to our advantage by shifting weights across the market-cap sub-segments based on the market conditions and a medium-term investment horizon. The fund maintains a well-diversified portfolio in general. Specifically, within the mid- and smallcap space, allocations to individual holdings usually do not exceed 3 per cent at the time of investment. Further, within mid and small caps, significant allocations are made to companies with market capitalisation of more than `10,000 crore, thereby ensuring adequate flexibility to manage the portfolio. Mutual Fund Insight September 2019

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21

INSIDE FUNDS

Catching funds in action Across funds, portfolios tell you a lot about sectors and companies One-month top buys: Large caps 21,962

879

1.98

HDFC Bank

74,847

817

6.76

HDFC

30,543

783

2.76

ITC

29,251

578

2.64

Indusind Bank

7,074

567

0.64

Tech Mahindra

6,103

563

0.55

Hindustan Unilever Kotak Mahindra Bank HCL Technologies Axis Bank

8,482

522

0.77

23,924

459

2.16

7,434

422

0.67

33,231

371

3.00

One-month top buys: Mid caps Company

Worth of current Worth of shares % of total bought (` cr) equity assets* holding (` cr)

2,794

1,142

Shriram Transport Finance Co.

1,884

1,113

0.17

Cadila Healthcare

1,899

291

0.17

551

173

0.05

1,633

143

0.15

MindTree

1,064

138

0.10

Gruh Finance

2,144

126

0.19

LIC Housing Finance

1,384

109

0.13

627

102

0.06

5,692

99

0.51

RBL Bank

One-month top buys: Small caps Company

Worth of current Worth of shares % of total holding (` cr) bought (` cr) equity assets*

199

121

0.02

Sobha

784

99

0.07

KPIT Technologies

152

61

0.01

Escorts

361

40

0.03

Radico Khaitan

267

33

0.02

Deepak Nitrite

965

31

0.09

Himatsingka Seide

225

25

0.02

90

25

0.01

Dhanuka Agritech

198

24

0.02

Arvind Fashions

537

24

0.05

Data between May ’19 and June ’19. * Total equity assets of all mutual funds.

22

400

194

300 113

114

110 114

211

`4000

233 249 262 248 261 3200

140

2400

200

1600

100

800

0

0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 2016 2017 2018 2019

Among top power generation and distribution companies, NTPC has been witnessing a rising interest from funds.

NTPC

250

Power Grid

Tata Power

Torrent Power

200 150 100 50 Rebased to 100

0 Jun 2016

Jun 2019

Meandering like a river

Aster DM Healthcare

CCL Products

Price 216

0.25

Ashok Leyland

Glenmark Pharmaceuticals

No. of funds

NTPC: Powering up

Emami

Godrej Properties

No. of shares (lakh)

500

No. of funds

Tata Consultancy Services

Worth of current Worth of shares % of total holding (` cr) bought (` cr) equity assets*

Mutual Fund Insight September 2019

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Liquid-fund net flows have shown wild fluctuations over three years. With SEBI tightening their norms, this fluctuation may escalate. `1.8 lakh crore

0.9

Net flows

Company

Hitting the jackpot Fund houses have increased their exposure to Bajaj Finance amidst a rallying stock price.

0 -0.9 -1.8 -2.7 Jun 2016

Jun 2019

Allocating assets

Equity funds: Sector preferences

The following graph depicts the variation in sectoral allocations of diversified equity funds vis-a-vis the Sensex.

The numbers indicate per cent of diversified-equity-fund assets invested Most preferred sector Second most preferred sector

S&P BSE Sensex

'LYHUVLÀHGHTXLW\IXQGV

Third most preferred sector Jun’18

Sep’18

Dec’18

Mar’19

Jun’19

Automobile

7.91

6.89

6.27

5.27

4.83

Chemicals

5.22

5.49

5.53

5.49

5.56

Communication

2.30

2.08

1.85

1.76

2.27

Cons Durable

2.81

2.70

2.89

3.12

3.32

Construction

8.71

8.35

8.66

9.02

10.13

Diversified

1.52

1.42

1.54

1.64

1.71

Energy

8.97

9.71

9.24

9.78

9.20

Engineering

6.21

6.26

6.36

6.22

6.05

23.25

21.63

24.66

25.78

26.36

FMCG

8.15

8.46

8.89

8.15

7.56

Healthcare

5.19

6.42

5.52

5.05

4.95

Metals

4.29

4.87

4.12

3.86

3.65

Services

5.60

5.05

5.18

5.49

5.43

Technology

7.58

8.54

7.36

7.33

7.09

Textiles

2.30

2.14

1.92

2.02

1.89

Sectors

Financial Technology Energy

Least preferred sector

FMCG Automobile Construction Metals Chemicals Communication Healthcare

48%

40

32

24

16

8

0

The only way is up Here is how the allocation of funds to FMCG stocks has changed over three years. Due to its stretched valuations, P&G is the only loser.

13.28

20.57 32.76

8.31

Jun 2016

Jun 2019

9.12

41.98

22.90 7.59

13.49

8.88

7.31

13.83

% of funds’ equity assets invested in FMCG stocks

Hindustan Unilever

Emami

Colgate-Palmolive

P&G

Dabur India Others

Financial

The financial sector continues to be the most preferred sector for mutual funds over the last 12 months, while the construction sector is the second most preferred.

FIIs vs mutual funds Foreign institutions (FIIs) and mutual funds are two major players in Indian markets. Their buying and selling decisions profoundly impact the Indian market. Over three years, Indian markets have been well supported by mutual fund buying against FII selling.

`45000 cr

FIIs

Mutual funds

Sensex 60000

30000

55000

15000

50000

0

45000

-15000

40000 35000

-30000 Jul 2016

Jul 2019

Mutual Fund Insight September 2019

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23

SPOTLIGHT

Amit Ganatra Fund Manager, Invesco Mutual Fund

‘I don’t take balance-sheet risks’ Amit Ganatra says that while hunting for contrarian plays, he stays away from companies with weak balance sheets. But if the balance sheet is strong, he doesn’t mind taking P&L risk. Invesco India Contra Fund has a good track record. But the fund’s portfolio doesn’t look very different from the portfolios of other growth funds. What is the reason for this? At any given point in time, we strive to maintain at least 60 per cent of this fund’s portfolio in contrarian opportunities. Today, in fact, 69–70 per cent of our portfolio is in contrarian opportunities. We look for three types of contrarian opportunities. The first is companies which are in a turnaround phase. These are companies that were very strong in the past but for some reason have fallen on bad times. There is often a change in management which tries to chart a path to profitability. If you can identify such opportunities, there is often a benefit that can come out of both earnings growth and P/E re-rating. In the current portfolio, companies in a turnaround phase have a 20 per cent allocation and include stocks such as

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India’s largest spirits company, India’s leading private-sector bank and India’s largest hospital chain. A second bucket, 31 per cent of the portfolio today, relates to companies trading below their fair value. Here, the main buying criterion is the stock’s cheapness relative to the market, based on price-to-book, price-to-earnings or other parameters. A couple of years ago, IT companies were cheap relative to markets, today many auto companies fit the bill. A third bucket we like to own is derated growth companies. Sometimes, companies that deliver high growth get derated due to short-term or technical reasons. Maruti getting de-rated because there was a strike a few years ago or HDFC Bank getting derated because of FPIs hitting their investment ceiling are examples. If we feel such a derating is due to short-term reasons, we take advantage. In the current portfolio, companies like

Exide Industries fit this description. Today 17–18 per cent of the portfolio belongs here. Generally, I find that not many contrarian or value funds focus on derated growth companies, because these stocks are never cheap on an absolute basis! So why do we not have 100 per cent of our portfolio in contra opportunities? That’s because when we buy some contra opportunities and the stocks appreciate, we don’t necessarily sell them immediately. Companies that we bought three years ago as a contra stock may not be contra today, but they would still figure in the portfolio. About 30 percent of our portfolio is in such stocks. To me, they represent the fund’s successes! ICICI Bank, which is among the top holdings, today fits this description. We bought it during the bad patch it went through a couple of years ago. Having said this, 100 per cent of our incremental buying tends to be in contrarian stocks only.

How long do you give for a contrarian bet to pay off? We typically give three years’ time for companies to turn around or revert to fair value. Usually, we find that when we buy stocks that are out of favour, in the first year they underperform. In the second year, they stabilise. And in the third, they begin to do extremely well. Sometimes, however, they may pay off sooner or not at all.

What do you sell a stock? For us, outperformance is not a reason to sell a stock. We may sell a stock for three reasons. One, we are a process-driven fund house and a fund manager can only buy stocks that are categorised by our process. If my analysts decide to

decategorise a company, and remove it from the investment universe we track, then we sell it across our funds. Two, in cases where valuations of a stock do not look justified even if you paint a blue-sky scenario, we exit the stock. Basically, you assess the best-case scenario on earnings and if it still looks expensive, that is a trigger. Three, we sell stocks if we see better opportunities elsewhere. Today, if I could see opportunities to buy auto stocks, I may have to sell some of my older, non-contra bets to create room for them.

What are the signals you look for while selecting contrarian stocks? To me, underperformance of a

“On automobiles, my view is that this is a cyclical problem. It is similar to my view on IT two years ago. In the short term, problems affecting an industry always look structural.” stock is a very good signal, whatever the reasons for it. We fundamentally believe in mean reversion. Low valuation is an important criterion relative to the historical average. I typically look at a stock’s valuation relative to the 10-year average. To assess valuation, I give more importance to price-to-book than price-to-earnings. The reason is that the P/E is often high for a turnaround company because the earnings are artificially depressed. A combination

of price-to-book and return on equity often throws up great buy opportunities in my experience. Generally, when looking for contrarian opportunities, we take P&L risk but avoid balance-sheet risks. This ensures that we can wait for a turnaround.

Today there’s a slowdown in autos and worries about disruption from EVs. Is this a cyclical problem or a structural one? On automobiles, my view is that this is a cyclical problem. It is similar to my view on IT two years ago. In the short term, problems affecting an industry always look structural. But if you take a step back and look at the trends, aspiration levels for consumers have not gone down. Kia and Hector had their bookings fill up quickly, indicating that there is always demand for the right product at the right price. Penetration levels for four-wheelers are quite modest in India. I think the problem is one of marginal demand going down due to higher interest rates and non-availability of funds due to the NBFC crisis. This makes it a cyclical issue and not a structural one. If India had no population growth, an ageing population and high penetration of automobiles, then the problem would be structural. Yes, it is possible for this cycle to last longer than previous ones and for BS-VI and EV disruption to prolong the pain for automakers. But most companies are already BS-VI ready and the cost increase is not as high as originally thought. On EVs, existing OEMs can make the transition. Globally, apart from Tesla, there is no other new company that is disrupting the older OEMs, which have been successful at launching EVs. The highest selling EV is Mutual Fund Insight September 2019

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25

SPOTLIGHT Nissan Leaf in the US and it comes from a conventional automaker. That tells you that despite short-term disruption, EVs can open up opportunities for OEMs.

What about PSU banks where there has been a rally? We have stayed away from them because we believe they are up against a structural challenge. Ten years ago, PSU banks had a large share of CASA and were well-capitalised. From that position of strength, they have lost so much ground. They have steadily lost market share and accumulated large NPAs. Therefore, from the current starting point, we believe the outcome cannot be great over the next 10 years.

What’s your strategy for Invesco India Tax Plan? Is it also a valueoriented fund? No, Invesco India Tax Plan is managed with a growth-oriented strategy and a flexi-cap mandate. As of now, we have 70 per cent in large caps, and 25 per cent in mid and small caps. We used to have 85 per cent in large caps a year ago. In October 2018, we thought midcap valuations had become more attractive and reduced large-cap weight. But in hindsight, we should probably not have done that as mid and small caps are back to the 2018 levels! But to be honest, following an out-and-out GARP approach is difficult in today’s markets. There are three sets of stocks in India as of now. One set is mid and small caps where there’s no distinction between growth and value today. Every stock is getting smashed, irrespective of their results. The other set is companies which have weak P&L but very strong balance sheets. Valuations have corrected

26

“I don’t know if people realise this, but most of the returns in equity investing are made from P/E re-rating rather than high earnings growth.” here. Auto companies fit here. But these can no longer be considered growth companies. The third bucket is companies with strong P&L and strong balance sheets. These have not corrected at all and their valuations are quite steep. In Invesco India Tax Plan, one year ago, we had a lot of such companies. But today, because I don’t want the portfolio P/E to shoot up, I often consider companies with weak P&Ls, too. I don’t take balance-sheet risks.

Today there’s a lot of pessimism about India’s economic growth and markets. As a contrarian, do you think this is overdone?

Mutual Fund Insight September 2019

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Frankly, it is not our job to second-guess markets. As I see it, this phase offers us the opportunity to buy very attractive growth companies at reasonable valuations. Two years ago, India’s IT sector went through such a phase. But because IT was only 10 per cent of the benchmark and it is an external sector, Indian investors did not feel so bad about it. Today, there’s negativity about domestic consumption on top of the pessimism about domestic investments, which make up a very large portion of our economy and stock markets. That’s why I think the pessimism is now felt more chronically. But the silver lining is that it is such markets that provide the most attractive return opportunities in the long run. I don’t know if people realise this, but most of the returns in equity investing are made from P/E re-rating rather than high earnings growth. In fact, two-thirds of returns come from P/E multiple expansion and only one-third or so from earnings growth. Therefore, today, if the market offers me cheaper multiples very gladly, I see that as a great opportunity to earn higher returns if I manage to pick the right kind of stocks. You can never have certainty about a company’s earnings, no matter how much effort you put into forecasting. But if your entry P/E multiple of a stock is beaten down and is below longterm averages, that offers a possibility of upside with greater certainty. I think on this count, risk– reward is quite favourable today for many stocks. In the last six months, my portfolio P/E has fallen while my portfolio’s average ROE has improved. This may not pay off over the next three or six months but will pay off over the next five years.

COVER STORY

Retirement Planning Essentials Plan for the future z Accumulate while working z Earn after retirement z

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COVER STORY

How to calculate your retirement corpus Calculating your retirement corpus is the first step of retirement planning. It requires you to make some educated guesses, based on which your retirement corpus can vary.

Aarati Krishnan

T

he subject of retirement planning draws extreme reactions from folks in India. At one end of the spectrum, there are 22-yearolds just into their first job asking if they can retire at 45, now that they’ve started a SIP of `5,000. They are clearly underestimating the amount of savings, discipline and planning they will need to build a retirement corpus that can fund a retired life that is likely to last as long as their working life. At the other extreme, there are folks in their 40s or 50s who have received such a scare from the humongous targets thrown

28

Mutual Fund Insight September 2019

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up by online retirement calculators that they’ve given up all hope of ever retiring and are simply praying that an early death will solve their problem! Given India’s rising longevity, high inflation rate and lack of any form of social security for retirees, building an adequate retirement corpus is absolutely necessary during your working years. Yet most folks get stuck at the very first step in this exercise – estimating how much they will need for a comfortable retirement. Online retirement calculators can throw up widely divergent sums depending on inbuilt assumptions of long-term inflation rate, longevity, one’s pre- and postretirement lifestyle and the likely returns one can earn post retirement.

The case of Alyssa

Based on the assumptions you make, your retirement plan can undergo a change, as seen in this illustration Alyssa is 25 years old. Her current monthly expenses are `50,000. The inflation rate is 6% and she will earn a return of 7% on the retirement corpus. Her life expectancy is 90 years.

Inflation

Return

Life expectancy (yrs) Actual corpus needed

7%

90

`12.5 cr

7% zzzz 7% zzz

90

`19.9 cr

6% zzz zzz

5.5%

90

`15.2 cr

6% zzz zzz

7%

99

`15.7 cr

6% zzz zzz

So, here’s our attempt to arrive at an answer to the all-important question on retirement – how much money do you need to retire?

Taking a shortcut Conventional financial calculators use multiple data points and assumptions to arrive at your target retirement corpus. They usually start with your current age and post-tax income and estimate likely growth in that income. They then arrive at your likely expenses pre and post retirement by applying a certain percentage to your income, based on your lifestyle choices. They input an assumed inflation rate and return on your investments, both during your working and post-retirement years, to arrive at a target corpus that will see you through retirement. But there’s a simpler method for arriving at your retirement corpus that cuts out a few of the above steps. It involves just four variables – your current expenses, the likely inflation rate, your likely longevity and the likely post-tax return on your investments post retirement.

A typical case Let’s take the case of Alyssa, a 25-year old professional. Instead of worrying about her income and savings, let’s start off straightaway with her current expenditure, which is about `6 lakh a year (`50,000 a

Arriving at your retirement corpus involves just four variables – your current expenses, the likely inflation rate, your likely longevity and the likely post-tax return on your investments post retirement.

month). To estimate what kind of corpus she would need to retire, we need to first get at her likely spending when she turns 60 after accounting for inflation. Value Research is currently using a 6 per cent inflation rate assumption on such calculations for two reasons. One, 6 per cent is the upper limit of the consumerprice inflation set by RBI’s inflationtargeting framework, which seeks to contain inflation within the bounds of 4 to 6 per cent. If the rate shoots up over this, the RBI is likely to peg up its interest rates so that inflation falls within this band. Two, 6 per cent is also the mid-way point between the current ultra-low inflation rate of 4 per cent prevailing in India and the 8 per cent rate it has averaged over the past decade. Applying a 6 per cent inflation to Alyssa’s current expenses of `6 lakh for the next 35 years, we find that she will need `46.11 lakh a year by the time she turns 60 to maintain her current lifestyle. That may look like a mind-boggling number, but you must remember that at 6 per cent a year, inflation roughly doubles your expenses every 12 years. Before we go about calculating her actual retirement target, let us say, hypothetically, that Alyssa has saved `2 crore towards retirement. Many folks would think that’s a very good number, but it isn’t. Mutual Fund Insight September 2019

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29

COVER STORY In her very first year after retiring, with no income, Alyssa would have to withdraw `48.8 lakh from her nest egg to meet her expenses (`46.1 lakh plus 6 per cent inflation). At the end of year one, she would thus have `1.51 crore left. Assuming she invests this at a 7 per cent return, it would inch up to `1.62 crore by year-end. But in year two, she would find that her withdrawals are now `51.8 lakh (`48.8 lakh plus inflation) leaving her with just `1.09 crore at the end of the year. Investing this at 7 per cent will again take her to a kitty of `1.17 crore by end of year 3, but then her expenses by now have ballooned to `54.9 lakh! The above numbers clearly tell us that, with a `2 crore corpus, Alyssa will end up withdrawing more money than she earns by way of returns right from the first year of retirement. Continuing in this vein, she will run out of money barely four years after retirement. Therefore, the key to arriving at an adequate retirement corpus for Alyssa is to make sure that her residual retirement corpus at the end of each year generates more than enough return to compensate for her inflating living expenses. This calculation should also factor in Alyssa’s longevity, as the longer she lives the more the withdrawals she would have to make from her retirement kitty. Assuming that Alyssa lives until 90, she would need to

Working out a rough retirement target and starting on your investments as early as you can is far more critical to retiring comfortably than trying to get your target correct to the last decimal

Assumptions matter

The inflation effect What you’ll need to maintain your current lifestyle @ 6% inflation if you are 25 and your current annual expenditure is `6 lakh 265

Annual expenditure (` lakh)

198 148

6

8

11

14

25

30

35

40

30

46

62

19

26

35

45

50

55 60 65 Age (years)

83

70

fund 30 years of retired life from the passive income generated by her retirement corpus. Now, using the what-if Excel function, it is possible to arrive at a starting retirement corpus for Alyssa so that, even after withdrawing increasing sums from it each year based on inflation, she doesn’t run out of money until she turns 90. Staying with the 6 per cent inflation rate and assuming a 7 per cent post-tax return for Alyssa after retirement, she would need about `12.5 crore for a comfortable retirement if she lives until 90. That amounts to 27 times her annual expenses at 60.

111

75

80

85

Mutual Fund Insight September 2019

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90

The target corpus for Alyssa will clearly vary depending on what inflation, longevity and investment return assumptions we use. In Alyssa’s case, if we bump up that inflation rate to 7 per cent while her returns remain at 7 per cent, her target corpus shoots up to `19.9 crore. That would be 31 times her annual expenses at 60. If Alyssa sticks to the most conservative investment and earns only a 5.5 per cent return after retiring, at a 6 per cent inflation, she would need `15.2 crore, about 32 times her expenses. If she lives to 99 instead of 90, she would need `15.7 crore to retire, or 33 times her annual expenses. In short, the assumptions used make the estimation of one’s retirement corpus an inexact science. Having set your target, you may have to make tweaks along the way if your real-life experience varies from your assumptions. But then, working out a rough retirement target and starting on your investments as early as you can is far more critical to retiring comfortably than trying to get your target correct to the last decimal. So if you haven’t yet made a start on your retirement planning, estimate your current expenses. Apply a 6 per cent inflation rate to it for the years you are left until retirement. Multiply the result by 25-27 times and that’s a target corpus you can work with.

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COVER STORY

How to build your retirement corpus For a comfortable retirement, it’s essential that you start saving early, choose good products, avoid debt and review your retirement plan from time to time

S

till reeling at the number of zeros you’ve found in your retirement goal? Don’t get your heart rate up. While the corpus you’re targeting may seem daunting today, it is well within reach with some disciplined investing. Here’s a five-step recipe to building the corpus you need.

Start young It may be a little odd to start thinking about hanging up your boots when you are just putting them on for your first job. But an early start makes the difference between sprinting towards your target like Hima Das and huffing and puffing towards it like an octogenarian.

32

Mutual Fund Insight September 2019

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Taking off from Alyssa’s example in the previous story, let’s see how much she will need to invest at different points in her life if she wants to get to the retirement kitty of `12.5 crore. If she starts off immediately at 25, she has 35 years to go to retirement and a monthly SIP of about `22,690 in an equity fund earning 12 per cent will get her to her goal. But if she waits until 35, the SIP amount she needs shoots up to `73,430 at the same 12 per cent return to get her to it. This demonstrates that starting early is the single most important thing you can do to scale the Mount Everest that is your retirement goal.

Step up What if the `22,690 monthly savings we

mentioned is a tall order for Alyssa to save in her initial working years? That problem is quite easily solved by starting off with an affordable number and stepping up one’s SIPs as one’s career takes off. If Alyssa starts with a `10,000 SIP in her first year and increases it by 10 per cent every year, she can get to `11.3 crore, which is within touching distance of her retirement goal (`12.5 crore) by the time she retires. Apart from raising your savings with your income levels, ploughing any windfalls or bonuses that you receive in your working years into your retirement kitty can help you get to your goal faster. Apart from stepping up your savings in a disciplined fashion, it is important not to stop your SIPs or make abrupt changes to your asset choices if the equity markets go through a bear phase or a prolonged period of low returns. Persisting through these phases is in fact what reduces your acquisition costs and bumps up your longterm return from equities.

EMIs on loans early in your career can be a big drain on your finances, preventing you from making any meaningful savings towards your long-term goals

Don’t stick to EPF and PPF Many folks make the mistake of thinking that the monthly contributions they’re paying into the Employee’s Provident Fund or Public Provident Fund will comfortably take care of their retirement. After all, where else do you get tax-free returns of 8 or 8.65 per cent? But the main competitor that you’re trying

to race against when planning for retirement is inflation. And EPF and PPF may not be the best investments to stay ahead of inflation in the long run. Inflation rates in India may be lying low for now. But over the past decade, investors have had to live through whole decades of 8 per cent plus inflation. Both the EPF and PPF invest much of their funds in government securities, which offer the lowest interest rates in the market. Therefore, expecting these vehicles to consistently beat inflation is unrealistic. You should also note that the 8 per cent plus interest rates you’re seeing today on the PPF and EPF are rates that apply to the current year and are not guaranteed for perpetuity. If interest rates in India fall in the long run, the returns you earn on these vehicles will plummet, too. Equity investments, in contrast, benefit from falling rates and offer you a better shot at beating inflation in the long run. A rollingreturn analysis on the Nifty 50 Total Return Index shows that over five-year holding periods, equity markets beat a 6 percent inflation rate a good 68 per cent of the time in the last twenty years! The reason why most folks hesitate to include equities in their retirement portfolios is that they’re spooked by the wild gyrations of the indices from day to day. But the daily movements of the indices detract from the steady upward climb that the Indian indices

The earlier you start the better If you start your SIPs early, you can accumulate a large corpus. If you also increase them regularly, your final corpus can be much larger.

`9.1 lakh `8.2 lakh

The illustration is for a monthly SIP of `10,000, assuming a return of 12 per cent pa and a retirement age of 60 years

Amount accumulated Amount accumulated if you increase your SIP by 10% yearly

`77.8 lakh `50.5 lakh `3.7 cr

If you start at

Years till retirement

`1.9 cr `14.8 cr `6.5. cr

Mutual Fund Insight September 2019

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33

COVER STORY Multi-cap funds vs EPF Multi-cap funds are a better tool for building the retirement corpus than relying only on the EPF or PPF. The graph shows the worth of `5,000 invested every month over the last 15 years in multi-cap funds and the EPF. `30 lakh

Multicap

EPF

25 20 15 10 5 0 Apr ’04

Apr ’19

have managed over the last 25 years. Therefore, think of your PPF and EPF investments as just the safe debt component in your retirement portfolio. The bulk of this portfolio, ideally 80–90 percent if you are below 50, should be in equities. For the equity portion, start SIPs in two-three multi-cap funds with a good track record. If you’re a newbie investor who isn’t sure about choosing the right funds, don’t delay. Start off with SIPs in a Nifty 50 and Nifty Next 50 fund. If you are wondering about the tax exemption that the EPF and the PPF get you, you can consider the tax-saving variant of multi-cap funds: equity-linked savings schemes. They have also moved in line with the multi-cap category.

Stay off savings destroyers Starting early and getting a good dose of equities gives you an early advantage in retirement. But meeting that target still isn’t easy. In the previous story, we estimated that 25-year old Alyssa who spends `6 lakh a year today will need to have about `12.5 crore accumulated in her retirement kitty to retire comfortably at 60. We suggested she either save `22,690 a month starting now or start at `10,000 and step it up by 10 per cent every year until 60, to get close to this target (based on a moderate return assumption of 12 per cent on her portfolio). But to save so much of her income throughout her career, Alyssa will also have to be careful about not wasting any money or investing in the wrong products.

34

EMIs on loans early in your career, especially high-cost personal loans or creditcard loans, can be a big drain on your finances, preventing you from making any meaningful savings towards your long-term goals. So can over-investing in property or land. Many young folks in their 20s and 30s believe that buying a luxurious home is a sign that they’ve arrived. But stretching your budget to buy a home can rob you of not just your mobility and flexibility but also your savings potential during the best years of your career. Even at the current reasonably low interest rates, a `50 lakh home loan comes at an EMI of `49,390 per month. At the end of 15 years, you would have paid back the bank nearly `90 lakh to the bank. Had you rented a similar home at one-fourth the cost, you’d have a lot of that money sitting in your retirement portfolio! Folks in their 40s or 50s often decide to buy their second or third piece of property as their income levels rise. But given the abysmal rental yields in India and uncertain capital appreciation, leveraged property investments often prove wealth-destroying rather than wealth-enhancing moves. At this stage in life, you should be avoiding EMIs and putting that money to work on your retirement. Steering off poor investments that vacuum up your savings is equally important, too. This means staying off high-cost investment-cuminsurance plans and other opaque options.

Review and adjust

Stretching your budget to buy a home can rob you of not just your mobility and flexibility but also your savings potential during the best years of your career

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Finally, no piece of financial advice given to you today, including that on retirement, may hold good for all times. Folks who retired in the nineties could afford to live entirely off fixed-income investments that paid them double-digit returns, without any need for equities. Those who did so after 2000 had to face the double whammy of high inflation and low rates and couldn’t do without equities. Therefore, the size of investments, assetallocation plan and choice of avenues that we suggest today for your accumulation phase will change if inflation rates, interest rates or equity returns change dramatically. This makes it imperative for you to review your retirement portfolio twice a year to see if you are on track.

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COVER STORY

How to derive income in retirement The post-retirement plan can be divided into three components: emergency fund, incomegeneration portfolio, meant for the first five years, and growth portfolio

L

et’s assume you’ve made all the right moves and are now sitting on a princely sum to see you through your silver years. Your priority now is setting up a distribution plan that gives you a regular income after retirement. Now, an income-generating portfolio, as you well know, will need to have a very different asset allocation from a growthoriented portfolio. Therefore, as you transition from the accumulation phase of retirement planning to the distribution phase, you need to make a shift in your asset allocation away from equities towards debt options. It is best to start on this project four-five

36

Mutual Fund Insight September 2019

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years ahead of retirement. After taking all this trouble to accumulate a sizeable retirement corpus, you don’t want a sudden bear market to batter your portfolio right when you turn 60. Imagine a 2008-like situation, where the market was down over 50 per cent in a single year! The best way to avoid such last-minute shockers is to initiate a phased shift in your asset allocation from an equity-heavy portfolio to a more balanced one, starting five years ahead of your retirement date. While rejigging your portfolio, where do you invest the money? Let’s illustrate with the case of Sathya, who has a `3 crore corpus. Her corpus is 25 times her annual expenses of `12 lakh. She needs to invest it in three buckets.

Emergency fund

Sathya’s plan to derive income in retirement

Financial planners advise having six months’ living expenses in an emergency fund during your working years. It is best to continue with this during your retirement years as well, especially because there’s no external income to cushion you from life’s adversities. This fund is meant to meet unforeseen emergencies. In any case, you should buy a separate seniors’ health-insurance plan, on the cusp of retirement, to see you through medical emergencies. For Sathya, setting up an emergency fund will mean parking `6 lakh in a bank deposit which offers a premature withdrawal facility. Sathya should not be touching this money except in case of emergencies and must refill it after every withdrawal.

Retirement corpus `3 crore; monthly expense `1 lakh

Emergency fund Equal to six months’ expenses

Income-generation portfolio Meant for the first five years of retirement

Option 1 Short-duration debt funds

`60

lakh

Option 2 Senior Citizens Savings Scheme PM Vyay Vandana Yojana Short-duration debt funds

`15

lakh `15 lakh `30 lakh

Growth portfolio

Income generation Having set aside an emergency fund, it is desirable to create a wholly debt-oriented portfolio to tide over the first five years of your retirement. Relying wholly on debt for your income needs in the first five years will ensure that your hybrid or equity allocations have a sufficient runway to grow before you begin withdrawing from this portion of your portfolio. For your income-generation needs in the first five years, you have two options to choose from. If you’re a savvy investor who is quite comfortable with mutual funds, you can invest the entire proceeds in three-four short-duration debt funds and set up a systematic withdrawal plan (SWP) equal to your living expenses every month. While choosing such funds, be sure to go for the ones that don’t take on credit risks and invest in most conservative instruments. It doesn’t matter if their returns are below the chart-toppers in the category. In Sathya’s case, this would mean investing `60 lakh (five years’ expenses) in three-four carefully chosen short-duration funds with low credit risks and setting up SWPs from them.

`6 lakh

Meant to beat inflation and for the rest of the years of retirement `1.17

Multi-cap funds Short-duration debt funds

To ensure that your retirement portfolio lasts you a lifetime, you should be withdrawing no more than 4–5 per cent of it in the first year and grow the amount at your projected inflation rate each year after that

cr `1.17 cr

If you’re not a very savvy investor and like absolute safety, you can maximise your investments in governmentguaranteed schemes to earn you an assured income and allocate the rest to debt funds. This will mean parking `15 lakh in the Senior Citizens Savings Scheme (SCSS) at your post office or a leading bank. The scheme, with a five-year lock-in, revises its interest rates every quarter but is offering 8.6 per annum currently. The interest is taxable, while your initial investment of up to `1.5 lakh a year is tax-exempt under Section 80C. A second safe option is the Pradhan Mantri Vaya Vandana Yojana offered by LIC, where for an upfront payment of up to `15 lakh, you can earn a regular pension at the guaranteed rate of 8 per cent for the next 10 years. The pension received is taxable and your money is locked in for 10 years. You’ll receive `10,000 per month on an investment of `15 lakh. In Sathya’s case, she could invest `30 lakh in the above schemes and the `30 lakh left Mutual Fund Insight September 2019

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37

COVER STORY over in short-duration debt funds. Do note that SWPs from debt funds are more taxefficient than other guaranteed return options because of the indexation benefit on capital gains after three years.

Growth portfolio Having created an emergency fund and an income portfolio for her initial postretirement life, Sathya would have drawn down a total of `66 lakh from her accumulated retirement corpus of `3 crore. Now, to ensure that her remaining retirement portfolio doesn’t simply stagnate, the `2.34 crore that she is left with should be invested in a balanced manner with a sizeable equity allocation. While many people balk at the idea of having any exposure to equities in their retirement years, equities are a must to beat inflation in your post-retirement life, which may stretch on for 30 years or more. The only way your retirement portfolio will last you for a lifetime is if the returns on it total to your annual withdrawal rate plus the inflation rate. Assuming your annual withdrawal rate from your retirement kitty to meet your living expenses is 4 per cent and inflation averages 6 per cent a year, your post-retirement corpus will still have to generate a 10 per cent return to last you a lifetime. This kind of return is clearly not possible with a fully fixed-income portfolio. In Sathya’s case, we would recommend investing half of the `2.34 crore, i.e., `1.17 crore across three multi-cap equity funds. If

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she already had good multi-cap equity funds in her portfolio before retirement, she can plan her redemptions in such a way that `1.17 crore remains invested equally in them. The remaining `1.17 crore can go into short-duration debt funds. Set up an SWP directly from the short-duration funds in her portfolio and replenish the outgo from the multi-cap funds. The above investment plan will leave Sathya with about 40 per cent of her postretirement money invested in equities and she should be prepared for considerable volatility in this component over short periods. In the years where stock markets plummet, it would be important to stay off redemptions or withdrawals from the equity component of her portfolio, while relying entirely on the debt component. Can you get away with a lower equity allocation than Sathya’s? That would depend entirely on your annual withdrawal rate and the inflation rates you experience. To ensure that your retirement portfolio lasts you a lifetime, you should be withdrawing no more than 4–5 per cent of it in the first year and grow the amount at your projected inflation rate each year after that. So, if you find that you can live with just a 3 per cent withdrawal rate from your portfolio, or if inflation turns out to be just 5 per cent in your retirement years, you’ll need to target an 8 per cent post-tax return. That may be quite possible with an equity allocation of 20–30 per cent.

DIRECT ADVICE

AARATI KRISHNAN

Investing in turbulent times Jai, Veeru and Gabbar discuss the ongoing fall in the market and what investors should do about it

V

eeru had just had his bath and was settling down to a hot poori-bhaji breakfast when there was hectic knocking at the door. Veeru: Gabbar, itni subah! Come join me and have some poori! Now, don’t start asking me about the budget and why your funds are doing badly. It will ruin my appetite. Gabbar: Haha! I know what you will say. Like a broken record, you will ask me to continue with my SIPs. I am quite happy about the budget because super-rich people like Basanti now have to pay more tax. I heard that after including surcharge and all, people earning over `5 crore will have to pay a tax of 42.7 per cent. I like it! India has so much population, so we can’t make the poor rich anytime soon. So why not make the rich poor! Veeru: Very horrible idea, Gabbar. It is billionaires like Basanti who contribute to much of India’s taxes. The top 5 per cent of income-tax payers make up 80 per cent of our income-tax collections. If they shift out of India, the economy would suffer. The super-rich in any country make a large contribution to the economy through employment creation, spending and risk-taking.

Gabbar: That is certainty true. Basanti has more than 20 people employed in her house itself. But I don’t mind her shifting to Switzerland so I can visit her. Veeru: Jai! Come in, we were busy with budget discussions. Jai: I was looking for you at the tea shop. Hope you both are not bashing up poor Nirmalaji over pooris. Yes, super-rich tax, etc., is not a great idea, but now it is getting to be too much. You cannot blame the FM, that too a 60-day old one, for all the portfolio mistakes you have committed. Gabbar: I haven’t made any portfolio mistakes, Jai. I got out of small-cap funds and all long ago. I have been quietly doing my SIPs in multi-cap funds. But it is very hard to keep investing every month, when you read such terrible things on the economy from market experts on Twitter. People who were so bullish about Modi winning only one month ago are now saying the Indian economy will become like Pakistan’s and no foreign investors will come here because of the surcharge. Jai: Don’t believe all that, Gabbar. Those experts know very well that there has been no sudden deterioration in the economy after the budget. Car sales and IIP

In the last four years, stock prices have kept rising even as corporate profits were growing very slowly. When the P/E for the Sensex is at 28 times, it needs a trigger to correct. Mutual Fund Insight September 2019

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39

have been falling since last July. India’s GDP growth had slowed to 5.8 per cent in the January–March 2019 quarter itself before the budget. The issue really is that, for the last four years, stock prices have kept rising even as corporate profits were growing very slowly. When the P/E for the Sensex is at 28 times, it needs a trigger to correct. The budget provided it. Veeru: Yes, mid- and small-cap stocks and consumer stocks were trading at very high P/Es. With the slowdown hitting them hard, the P/E needs to correct. Jai: And it is not as if FPIs invest in India based only on capital-gains tax rates. Making a capital gain in the first place is far more important. If you remember, the Indian stock market reacted badly in the past too when we tightened rules for FPIs, like cracking down on participatory notes, introducing GAAR or changing the Mauritius treaty. Those events saw big FPI outflows. But when India saw a stable government after elections and the economy looked up, the flows came back. FPIs take a relative call between different countries and India is not looking too hot right now! Veeru: Yes, what we really need to do to get FPIs to invest in India is to get consumers back into a spending mood and companies back into investing in new projects. Gabbar: And maybe stop introducing so

40

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many laws and taxes in every sector that businessmen feel like jumping into a river. Veeru: Sadly, you are right, Gabbar. Jai: But as an investor, Gabbar, you should not be put off at times like this. The lower the valuations at which you buy equities, the better will be your long-term returns. Without this correction, the markets would have simply become more and more expensive and finally we would have ended up with a big crash like 2008. Veeru: Yeah, I was looking at five-year CAGRs of the Nifty 50 for the last 20 years, Jai. Do you know, for people who invested for five years, the market gave a more than 20 per cent return only 16 per cent of time and more than 30 per cent only 7 per cent of the time? Gabbar: Nice statistics, but who knows when one should invest to get that 20 and 30 per cent. I am struggling to get to 10 per cent now. Veeru: I was coming to that. Do you know who made 30 per cent CAGR in five years Gabbar? People who invested in the Nifty just after the 9/11 attacks on the World Trade Centre, when everyone was predicting World War III. October 2008, when the global financial crisis had just hit and everyone was saying we would see a Great Depression, was also a good time to invest. If you invested in the Nifty then, you

When markets are crashing, people get tempted to buy poorquality stocks which they think will make them rich quickly. But they often end up losing big money. made a 17 per cent CAGR in the next five years. Remember the taper tantrum in August 2013 when everyone said India would run out of money like in 1991? If you invested then in the Nifty, you made 16 per cent in the next five years. Gabbar: I am convinced about all that, Veeru. I have had enough of this wisdom. But I’m not sure what to buy. In fact, I wanted to buy some nice beaten-down stocks like DHFL and Yes Bank. Do you know that DHFL’s stock price was `660 just one year ago? Now it's `46. It will easily double from here. If I put `10 lakh in the stock, I will have `20 lakh in just one year. No need to struggle with mutual funds, which can only give 10 or 15 per cent. Jai: This is one of your bright ideas, Gabbar. I am sure people who were buying DHFL at `350 in September 2018 and `100 in February 2019 also thought the same thing. When there’s a fundamental problem with a business and the auditors are not sure if the business can continue, a stock can halve from any price. Even if you buy it at `2, it can become `1. Veeru: Tell me, Gabbar, if there’s an end-ofseason sale in the mall, do you rush there to buy Puma at 25 per cent off or `99 hawai chappals at `40? Gabbar: Haha! You know me, Veeru. I am quality-conscious. Veeru: It’s the same thing in investing Gabbar. When markets are crashing, people get tempted to buy poor-quality stocks which they think will make them rich quickly. But they often end up losing big money. A bear market is a great opportunity to buy quality stocks that you have always wanted to own, Gabbar. Jai: The same holds good for funds, too. While it may be tempting to buy thematic funds which have done extremely well in

the last two-three years, it is safer to stick to long-term performers that you’ve always wanted to buy. Better put that Rs 10 lakh into a liquid fund and do a six-month STP into one of your multi-cap funds. Gabbar: But I don’t want to put more and more money into the same funds, Jai. They have been trailing their benchmarks. Jai: If you’re very worried Gabbar, do STPs into a Nifty 50 and Nifty Next 50 Index fund. Then you’ll be benefitting from market lows and also don’t have to worry about choosing outperforming active funds. Gabbar: But are multi-cap funds good? Many people are now saying that there is further pain ahead for mid- and small-cap stocks and that it is best to stick with the bluest of blue chips. Jai: They’re wrong. Don’t keep changing your allocation, Gabbar. I remember that there was a very good reason for you to start SIPs in multi-cap funds. You did it because you felt that over the next 10 or 20 years, the mid- and small-cap stocks in your funds would give you much better returns because they have better growth prospects than large caps. That logic has not changed. Veeru: Cough, cough! I have some data on that too. If you invested in the Nifty Midcap 150 index in October 2008, you would have made a 17 per cent CAGR till date, Gabbar. The Nifty 50 earned only 13 per cent in the same period. Bear markets are great times to invest in mid-cap stocks. Of course, you don’t know how long the bear phase will last or how deep the correction will be, so do it through SIPs. Jai: Gabbar, it goes back to the Buffett saying – be greedy when others are fearful. Now there’s maximum fear in the markets about mid and small caps. That makes them a good investment. Mutual Fund Insight September 2019

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41

ASK EXPERT ADVICE Taxation of partial redemptions To calculate capital gains, you need to consider both purchase and redemption dates of each unit separately

When you make a partial redemption, you are selling only a part of your mutual fund units. The purchase date of these particular units is considered vis-a-vis the redemption date to assess whether it’s a long-term or short-term capital gain. The principle of first in first out (FIFO) is used for this purpose. According to this princi-

ple, the oldest units are considered to be redeemed first. Suppose you have `5 lakh in an equity fund, which was invested through SIPs. You want to redeem 1,000 units to get `1 lakh. It is possible that some of these units were purchased more than a year ago while others have not completed a year. So, there is a possibility of having both long-term and short-term capital gains. Hence, to calculate capital gains, you need to consider both purchase and redemption dates of each unit separately.

Investing for the first time

Investing in a gilt fund

2NGCUGIWKFGOGYKVJVJGDGPGſVUQHUVCTVing SIPs in mutual funds for the long term.

I invested `3 lakh in Reliance Gilt, which is a liquid fund. But this fund is also volatile. So please guide me on it. Also, I want to invest `10,000 every month in a tax-saving fund from the next year. Kindly tell me twothree good tax-saving funds. My investment horizon is 15 years.

I would like to know how partial redemptions are taxed? How do we get to know the gains or losses when the investment is not redeemed fully? - VIKAS

- MAHIMAN

A first-time investor should invest in an aggressive hybrid fund as they fall less than the average equity fund

If you are a tax-paying investor, then you can invest up to `1.5 lakh in a tax-saving fund. Otherwise, aggressive hybrid funds are good for you. In these funds, two-third of your money is invested in equity and the rest in debt. This ensures that in times of a market fall, the fund doesn’t fall too much (see the chart). These keeps new investors motivated enough to keep investing.

When Sensex slipped by 5% or more Aggressive hybrids fell less than pure-equity multicaps when there was a sell-off in the market Sep Oct Nov Feb Oct Jan Jan Aug Nov May Feb Aug Feb Sep

0% ’08 ’08 ’08 ’09 ’09 ’10 ’11 ’11 ’11 ’12 ’13 ’15 ’16 ’18 -5 -10 -15 -20 -25

42

Multi-cap funds

Aggressive hybrid funds

Mutual Fund Insight September 2019

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– VISHAL

Reliance Gilt Securities Fund is not a liquid fund. It is ‘liquid’ in nature but it is not a liquid fund. Liquid funds invest in securities with maturity of not more than 91 days. The value of investment in liquid funds rarely goes down. On the other hand, gilt funds invest in government securities. Money going into government bonds looks safe but they are not completely safe. These bonds are likely not to make any default. But those with longer maturity are prone to interest-rate risk. Whenever there is an increase in the interest rate, these bonds suffer as their prices fall. There are many good tax-saving funds. Two of them are Axis Long Term Equity Fund and Mirae Asset Tax Saver.

Investing life-insurance proceeds I have recently received a sum of `50 lakh as the life-insurance proceeds after my husband’s demise. Where and how should I invest this amount? I am a working woman and my take-home salary is `70,000. I have a one-year-old child. – SHALINI

The ultimate deciding factor in your case is how much dependent you are on the life-insurance proceeds. For growth and financial security, you can invest these proceeds with a long-term outlook. This is after assuming that you have no supplementary income requirement from these proceeds. You can invest in good aggressive hybrid funds. With the help of SIPs, spread your investment over the next three years so that you can invest through the market cycle and avoid catching a peak. You should also buy term insurance for yourself as your child is now financially dependent on you.

Personal loan for buying a plot Would it be a good strategy to buy a plot with a personal loan available at 11.5 per cent interest? I’m buying this plot to build my dream home. – MADHU

Borrowing to build a home is sensible. Nevertheless, there are certain things to be kept in mind. You should put a down payment at least to the extent that the EMI of the borrowed money does not exceed one-third of your monthly income. This acts as a basic hygiene check. In your case, in addition to buying the plot, money would also be required for the construction of your home. You should try to

accumulate your savings to buy the land with your own capital unless you come across a special deal or you like that particular piece of land so much that you are even ready to pay a slightly higher cost. These two can be the only justification for borrowing money to buy a plot.

Reforming the raters Do credit-rating agencies get paid by bond issuers for rating their bonds? If yes, can we expect SEBI to form a neutral bond rating agency independent of the issuer? – SHRIDHAR

Yes, credit-rating agencies get paid by bond issuers. This aspect is prevalent across the globe and so in India. But SEBI has its concerns regarding this and is therefore driving the credit-rating agencies to develop ways to curb the ongoing rating shopping. Rating shopping means that if a company gets an unfavourable rating from one rating agency, it can go to another agency if it’s able to obtain a favourable rating from there. The real problem is that the Indian bond market is illiquid but Indian bond funds provide extreme liquidity. You can take your money out from a bond fund anytime but the fund company cannot redeem the invested funds every day. This doesn’t harm your investments in normal conditions but it definitely can in case of any panic or disruption. If fund companies get a redemption request at a time when they cannot recover that money from their underlying investments, this leads to a panic. This is a risk which we are likely to carry unless we have a more diverse market with different types of investors.

A webinar series to discuss savings and investment issues and answer your questions ;VWVZ[`V\YX\LY`]PZP[!

You should put a down payment at least to the extent that the EMI of the borrowed money does not exceed onethird of your monthly income

Rating shopping means that if a company gets an unfavourable rating from one rating agency, it can go to another agency if it’s able to obtain a favourable rating from there

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43

CATEGORY WATCH

Lifeboats in turbulent markets Large-cap equity funds can be a good choice for conservative investors looking for equity returns with lower volatility

M

any mutual fund investors and intermediaries have already written an obituary for the active large-cap equity category because of the inability of the active funds in this category to keep up with the bellwether indices. Taking stock on August 1, if you compare the category returns on large-cap equity funds to the BSE Sensex Total Return Index, this struggle is quite evident. The category return on large-cap equity funds trails the Sensex over one, three and five year(s). On a oneyear basis, the category is down 2.7 per cent but the Sensex TRI is down 0.9 per cent. For three years, the category returns are 8.7 per cent vis-a-vis the Sensex return of 11.5 per cent, falling well short. For five years, the

category return of 8.6 per cent again lags the index performance of 9.1 per cent. With costs for actively managed funds remaining elevated, and those for index funds steadily falling, the task is likely to get more challenging for active managers. These numbers, taken with the very low costs at which index funds are now available, have convinced many folks that passive funds now present a better alternative to active ones if one is keen to own a basket of blue-chip stocks. But we at Value Research, hold the view that it would be hasty to write off actively managed large-cap funds based on recent evidence for three reasons. One, the trend of actively managed large-cap funds struggling to keep up with the index is just two years old.

The global wave in favour of index investing ensures that disproportionate institutional liquidity is available to the top 100 stocks in any market, to the exclusion of other smaller firms

Equity: Large cap vs S&P BSE Sensex TRI 30,000 Equity: Large cap

S&P BSE Sensex TRI

Rebased to 10,000

25,000

20,000

15,000

10,000

5,000 Year

2010

2011

2012

2013

2014

2015

2016

2017

2018

YTD*

Category (%)

17.75

-23.65

29.16

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

Sensex TRI (%)

19.14

-23.64

27.82

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

1.66

1.65

1.68

1.91

1.85

1.61

1.44

1.30

1.12

1.12^

Expense ratio (%)

* Year-to-date data as on July 31, 2019. ^ Monthly expense as on June 30, 2019.

44

Mutual Fund Insight September 2019

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Performance of active largecap funds vs. Sensex TRI

Median outperformance of active large-cap funds vs Sensex TRI

Number of funds underperforming Number of funds outperforming

2.92 4

Analyst’s choice Rating

5Y SIP return (%)



11.49

AXIS BLUECHIP FUND

1.90 2.00

20

24

27

28

27

1.48

8.79

 HDFC TOP 100 FUND

6

4

2

2014

2015

2016

3 2017

2014

2015

2016

2018

%DVHGRQWKHÀYH\HDU6,3UHWXUQV$OOQXPEHUVLQWKHVHFRQGJUDSKLQSRLQWV

Two, with just four-five index stocks holding up the indices, the bellwether indices have failed to capture what’s happening in the broader market for the last couple of years. Three, given that bellwether indices in India choose their constituents based on free float, activity and liquidity, there’s plenty of scope for active managers to find blue-chip companies with better governance, profit prospects or management quality outside of these indices. In fact, our own analysis of SIP returns on active large-cap funds for five-year blocks ranging from 2009– 2014 to 2013–2018 showed that until the end of 2017, 80 per cent or more of active large-cap funds did outperform the Sensex TRI; it was only in the latest five-year block (2013 to 2018) that the picture completely flipped, with 87 per cent of the active managers slipping behind the Sensex (see the graphs). Large-cap equity funds can be a good choice for conservative investors looking for equity returns with lower volatility on three counts. One, if mid- and small-cap stocks can add a kicker to a large-cap portfolio in good times for the market, they can also weigh heavily on returns and expose you to high downside in falling markets. Sticking to a large-cap fund, especially after

2017

2018 -1.76

the SEBI recategorisation, ensures that 80 per cent of your money is invested in the top 100 names in the market, which are more resilient not only to market ups and downs but also to the swings in business and economic cycles. For investors who prefer a smoother journey in equities, large-cap funds, therefore, prove a better bet than other categories. Two, the global wave in favour of index investing ensures that disproportionate institutional liquidity is available to the top 100 stocks in any market, to the exclusion of other smaller firms. This not only ensures that the large caps are more stable relative to the rest of the market, it also gives them a valuation premium over mid and small caps and results in good market liquidity for such stocks. This renders large-cap funds safer to own than multi-cap or mid- or smallcap funds in the Indian context. Three, because of high institutional interest and ownership, the top 100 stocks in the Indian market are researched by dozens of analysts and attract a lot of public scrutiny. This ensures a higher bar on governance for large caps relative to the mid- and small-cap segments of the market. We therefore offer a selection of both outperforming active funds and low-cost index funds to construct a blue-chip portfolio.

8.04



ICICI PRUDENTIAL BLUECHIP FUND

5.19



ICICI PRUDENTIAL NIFTY NEXT 50 INDEX



10.49

MIRAE ASSET LARGE CAP FUND

RELIANCE ETF JUNIOR BEES

 RELIANCE LARGE CAP FUND

 SBI BLUECHIP FUND

SBI ETF NIFTY 50

 UTI NIFTY INDEX FUND

5.68 8.45 7.17 8.08* 8.68 * 3-year SIP return

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

45

CATEGORY WATCH

Large-cap funds Average return from an SIP in a Large-cap fund is 7.49 per cent over the past five years Fund

Rating

SIP returns (%) 3Y 5Y

3Y

Trailing returns (%) 5Y 10Y

7.19

Top 10 Wt avg mkt stocks (%) cap (` cr)

Assets (` cr)

Portfolio P/E P/B

Active Funds Aditya Birla Sun Life Focused Equity Fund



3.97

Aditya Birla Sun Life Frontline Equity Fund



3.14

6.47

6.54

Axis Bluechip Fund



12.3

11.49

12.53

11.33

-

Baroda Large Cap Fund

Not Rated

2.63

4.75

6.43

5.34

BNP Paribas Large Cap Fund



6.85

7.58

Canara Robeco Bluechip Equity Fund



7.41

DHFL Pramerica Large Cap Fund



DSP Top 100 Equity Fund - Regular Plan

9.34 12.57

54.8

152076

4329

9.27 12.29

48.59

143631

21664

22.78 2.76

61.07

250487

6303

37.03 5.56

-

55.89

176561

32

28.6 3.32

7.34

9.55 11.98

52.14

178721

772

34.84 4.27

8.61

9.44

9.49

-

53.27

169439

211

27.36 3.29

5.03

6.79

6.95

9

9.9

68.76

223084

339

29.81 3.29



2.15

5.01

5.07

6.99

9.58

60.25

175547

2803

Edelweiss Large Cap Fund - Regular Plan



6.29

7.88

8.38

9.61

11.8

43.57

132960

166

22.62 3.43

Essel Large Cap Equity Fund



3.35

6.7

6.65

9.16

-

56.19

146535

112

26.53 3.09

Franklin India Bluechip Fund



0.66

4.27

4.23

7.73 10.49

52.11

124571

7102

24.01 2.19

HDFC Top 100 Fund



6.89

8.79

10.15

9.23 11.83

59.01

174062

17912

16.74 1.98

HSBC Large Cap Equity Fund



5.85

7.99

8.76

8.52

9.14

69.97

253361

687

28.95 3.12

ICICI Prudential BHARAT 22 FOF

Not Rated

-

-

-

-

-

-

138276

19

13.85 1.91

ICICI Prudential Bluechip Fund



5.37

8.04

8.76

9.78

13.2

48.04

165235

22117

22.36 2.55

-

-

-

-

-

49.7

123229

245

20 3.27

IDBI Focused 30 Equity Fund - Regular Plan Not Rated

6.87

22.33

24.95

2.4

3.2

IDBI India Top 100 Equity Fund



1.62

4.35

4.11

7.94

-

47.69

167549

371

32.02 4.48

IDFC Large Cap Fund - Regular Plan



3.68

6

7.53

6.67

8.84

55.72

152067

435

30.29 3.66

Indiabulls Bluechip Fund



4.94

7.72

8.89

9.46

-

63.88

253424

238

26.88 3.15

Invesco India Largecap Fund



4.4

6.79

7.05

9.41

-

69.88

211154

196

27.02 3.95

JM Core 11 Fund



2.12

7.79

7.35

10.66

6.99

90.89

106278

51

30.14 4.38

JM Large Cap Fund



3.7

4.84

5.38

6.96

7.03

46.38

236718

2174

20.54 2.88

Kotak Bluechip Fund - Regular Plan



3.89

6.36

6.44

9.44 10.52

56.12

162713

1377

25.97 3.33

L&T India Large Cap Fund



5.12

6.67

7.12

8.76 11.64

51.53

188105

496

28.78 3.55

LIC MF Large Cap Fund



5.15

6.33

6.9

8.43

8.99

62.01

234759

291

29.85 4.27

Mahindra Pragati Bluechip Yojana -

Not Rated

-

-

-

-

-

42.78

81984

76

25.83 3.96

Mirae Asset Large Cap Fund



7.53

10.49

11.18

13.03 15.95

45.55

139289

13618

23.76 3.02

Motilal Oswal Focused 25 Fund



3.29

6.57

7.36

10.41

-

63.3

112816

1113

30.97 4.85

Quant Focused Fund

Not Rated

1.85

6.86

7.02

13.01 12.81

78.01

58951

4

28.04 2.68

Reliance Junior BeES FoF - Regular Plan

Not Rated

-

-

-

-

-

43989

52

24.45 2.94

Reliance Large Cap Fund



6.03

8.45

10.17

11.04 12.15

51.34

92204

13076

24.2 2.35

SBI Bluechip Fund



4.08

7.17

6.38

10.75 11.81

Sundaram Select Focus Fund - Regular Plan 

8.78

9.22

10.95

5.74

7.21

0.91 -

Tata Large Cap Fund - Regular Plan



Taurus Largecap Equity Fund - Regular Plan  Union Largecap Fund - Regular Plan

46

Not Rated

-

45.66

136596

22679

23.81 3.26

9.03

63.71

187960

1013

32.07 3.57

7.36

8.81 10.92

65.69

217091

823

29.17 3.28

3.22

3.61

5.97

7.14

60.26

230193

29

23.47 3.09

-

-

-

-

58.72

240250

225

24.1 3.22

9

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

Performance consistency ‘14

‘15

‘16

‘17 ‘18 ‘19

SIP returns (%) 3Y 5Y

3Y

Assets (` cr)

Portfolio P/E P/B



4.68

6.62

7.43

8.81 10.78

50.87

148563

6061

27.34 3.45

Aditya Birla Sun Life Index Fund



6.68

7.63

8.62

7.61

8.92

53.33

257825

144

23.33 2.85

Aditya Birla Sun Life Nifty ETF Fund

Not Rated

7.78

8.83

9.87

8.81

-

60.29

258215

158

23.73

Aditya Birla Sun Life Nifty Next 50 ETF

Not Rated

-

-

-

-

-

31.69

43648

75

34.4 3.04

Aditya Birla Sun Life Sensex ETF

Not Rated

5.35

-

7.65

-

-

70.46

312466

12

26.56 2.96

Axis Nifty ETF - Regular Plan

Not Rated

-

BHARAT 22 ETF

Not Rated

-

-

-

-

-

60.44

258530

8

-

-

-

-

82.13

138276

8422

DSP Equal Nifty 50 Fund - Regular Plan

Not Rated

-

-

-

-

-

20.63

117556

117

23.73

2.9

DSP Nifty 50 Index Fund - Regular Plan

Not Rated

-

-

-

-

-

59.82

258171

19

23.73

2.9

DSP Nifty Next 50 Index Fund - Regular Plan Not Rated

-

-

-

-

-

31.15

43992

34

34.4 3.04 25.75 6.14

Fund

UTI Mastershare Fund - Regular Plan

Rating

Trailing returns (%) 5Y 10Y

Top 10 Wt avg mkt stocks (%) cap (` cr)

Performance consistency ‘14

‘15

‘16

‘17 ‘18 ‘19

Passive Funds

23.73

2.9

2.9

13.83 1.76

Edelweiss ETF - Nifty 100 Quality 30

Not Rated

3.51

-

5.55

-

-

46.67

118495

12

Edelweiss Exchange Traded Fund-Nifty 50

Not Rated

8.34

-

10.63

-

-

60.71

258491

2

23.73

2.9

Franklin India Index Fund - NSE Nifty Plan



6.69

7.69

8.69

7.67

9.21

59.85

258538

272

23.73

2.9

HDFC Index Fund - Sensex Plan



9.7

9.69

11

8.69

9.75

70.3

312422

433

26.56 2.96

HDFC Index Fund Nifty 50 Plan



7.68

8.59

9.66

8.45

9.54

60.54

258319

805

23.73

2.9

HDFC Nifty 50 ETF

Not Rated

8.07

-

10.09

-

-

60.63

258402

320

23.73

2.9

HDFC Sensex ETF

Not Rated

10.19

-

11.47

-

-

70.47

312553

51

26.56 2.96

ICICI Prudential Nifty 100 ETF

Not Rated

6.5

8.26

9.23

8.89

-

52.19

206569

5

25.33 2.93

ICICI Prudential Nifty ETF

Not Rated

8.01

8.95

10.04

8.79

-

60.66

258488

1160

23.73

2.9

ICICI Prudential Nifty Index Fund



7.02

7.98

9.02

7.91

9.61

60.69

258230

375

23.73

2.9

ICICI Prudential Nifty Low Vol 30 ETF

Not Rated

-

-

-

-

-

38.31

130584

32

23.72 3.95

ICICI Prudential Nifty Next 50 ETF

Not Rated

-

-

-

-

-

30.55

43756

11

34.4 3.04

ICICI Prudential Nifty Next 50 Index Fund



-1.54

5.19

5.61

10.06

-

31.24

43790

523

34.4 3.04

ICICI Prudential NV20 ETF

Not Rated

10.71

-

12.91

-

-

75.42

252555

6

15.69 2.64

ICICI Prudential Sensex ETF

Not Rated

10.03

9.94

11.29

8.88 10.41

69.84

312455

21

26.56 2.96

ICICI Prudential Sensex Index Fund

Not Rated

-

-

-

-

-

69.91

311393

21

26.56 2.96

IDBI Nifty Index Fund



6.39

7.19

8.23

7.01

-

60.42

258228

224

IDBI Nifty Junior Index Fund



-2.13

4.42

4.75

9.23

-

31.03

43979

50

IDFC Nifty ETF

Not Rated

-

-

-

-

-

59.77

258856

1

23.73

2.9

IDFC Nifty Fund - Regular Plan



7.72

8.61

9.66

8.44

-

59.5

258289

171

23.73

2.9

IDFC Sensex ETF

Not Rated

-

-

-

-

-

69.6

312756

1

Indiabulls Nifty 50 Exchange Traded Fund

Not Rated

-

-

-

-

-

60.44

257825

13

23.73

2.9

Invesco India Nifty Exchange Traded Fund

Not Rated

8

8.93

10.06

8.7

-

60.61

258385

2

23.73

2.9

Kotak Nifty ETF Fund

Not Rated

7.98

8.66

10.01

8.26

-

60.63

258372

756

23.73

2.9

Kotak NV 20 ETF

Not Rated

11.07

-

13.27

-

-

75.98

251762

12

15.69 2.64

Kotak Sensex ETF Fund

Not Rated

9.95

9.83

11.19

8.77 10.24

70.53

312539

13

26.56 2.96

LIC MF Exchange Traded Fund - Nifty 100

Not Rated

6.56

-

9.42

-

-

52.96

206089

327

25.33 2.93

LIC MF Exchange Traded Fund - Nifty 50

Not Rated

7.98

-

10.02

-

-

60.65

258110

526

23.73

LIC MF Exchange Traded Fund - Sensex

Not Rated

10.24

-

11.47

-

-

70.48

312512

397

26.56 2.96

LIC MF Index-Nifty Plan



6.51

7.41

8.46

7.3

8.92

60.5

259981

28

23.73

2.9

34.4 3.04

26.56 2.96

23.73

2.9

2.9

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

47

CATEGORY WATCH Fund

Rating

SIP returns (%) 3Y 5Y

3Y

Trailing returns (%) 5Y 10Y

Top 10 Wt avg mkt stocks (%) cap (` cr)

Assets (` cr)

Portfolio P/E P/B

Performance consistency

8.63

8.42

9.77

7.31

9.03

69.87

313117

20

26.56 2.96

‘14

LIC MF Index-Sensex Plan



Mirae Asset Nifty 50 ETF - Regular Plan

Not Rated

-

-

-

-

-

60.81

259000

20

23.73

2.9

Motilal Oswal M50 ETF Fund

Not Rated

7.42

8.06

9.14

6.82

-

60.48

258275

21

23.73

2.9

Principal Nifty 100 Equal Weight Fund



-1.21

2.46

3.57

4.57

7.65

12.56

72187

18

25.33 2.93

Quantum Nifty ETF

Not Rated

7.95

8.84

9.94

8.68 10.16

60.36

258612

5

23.33 2.85

Reliance ETF Junior BeES

Not Rated

-0.89

5.68

6.01

10.45 12.31

31.27

43989

1169

34.4 3.04

Reliance ETF Nifty 100

Not Rated

5.8

7.63

8.63

-

52.79

205359

7

25.33 2.93

Reliance ETF Nifty BeES

Not Rated

8.07

8.9

10.02

8.69 10.26

60.58

258379

1261

Reliance ETF NV20

Not Rated

11.01

-

13.19

-

-

75.64

251699

30

15.69 2.64

Reliance ETF Sensex

Not Rated

10.18

-

11.42

-

-

70.4

312497

20

26.56 2.96

Reliance ETF Sensex Next 50 - Regular Plan Not Rated

-

-

-

-

-

-

-

-

-

18.62 3.26

8.34

23.73

3.99

6.38

7.81

7.17

8.56

76.99

200408

3

Reliance Index Fund - Nifty Plan



6.91

7.76

8.75

7.65

-

60.4

258204

147

Reliance Index Fund - Sensex Plan



8.98

8.83

10.27

7.77

-

69.88

312427

24

26.56 2.96

SBI ETF BSE 100 Fund

Not Rated

6.51

-

9.4

-

-

52.13

196455

4

24.54 2.92

SBI ETF Nifty 50

Not Rated

8.08

-

10.12

-

-

60.63

258372

55778

SBI ETF Nifty Next 50 Fund

Not Rated

-0.77

-

6.31

-

-

31.28

43990

199

34.4 3.04

SBI ETF Quality - Regular Plan

Not Rated

-

-

-

-

-

47.8

89003

17

24.38 6.72

SBI ETF Sensex

Not Rated

10.15

10.1

11.41

9.18

-

70.5

312400

17950

26.56 2.96

SBI ETF Sensex Next 50 - Regular Plan

Not Rated

-

-

-

-

-

30.04

34765

3

28.25 2.77

SBI Nifty Index Fund



7.23

8.09

9.24

7.8

9.2

59.64

258271

433

Sundaram Smart NIFTY 100 Equal Weight

Not Rated

-

-

-

-

-

12.44

71934

23

25.33 2.93

Tata Index Nifty Fund - Regular Plan



7.43

8.19

9.3

7.86

9.28

60.79

259012

16

23.73

Tata Index Sensex Fund - Regular Plan



9.53

9.27

10.63

8.03

9.2

70.2

313563

12

26.56 2.96

Tata Nifty Exchange Traded Fund

Not Rated

-

-

-

-

-

60.59

258369

77

23.73

2.9

Taurus Nifty Index Fund - Regular Plan

Not Rated

7.26

7.91

8.99

7.64

-

59.86

227283

1

23.73

2.9

UTI Nifty Exchange Traded Fund

Not Rated

8.09

-

10.16

-

-

60.78

258300

13925

23.73

2.9

UTI Nifty Index Fund - Regular Plan



7.78

8.68

9.78

8.51

9.6

60.77

258326

1408

23.73

2.9

UTI Nifty Next 50 Exchange Traded Fund

Not Rated

-

-

-

-

-

32.28

43996

177

34.4 3.04

UTI Nifty Next 50 Index Fund

Not Rated

-

-

-

-

-

31.26

43995

395

34.4 3.04

UTI S&P BSE Sensex Next 50 ETF

Not Rated

-

-

-

-

-

30.04

34753

11

28.25 2.77

UTI Sensex Exchange Traded Fund

Not Rated

10.2

-

11.5

-

-

70.69

312436

4699

26.56 2.96

23.73

‘17 ‘18 ‘19

-

Not Rated

23.73

‘16

2.9

Reliance ETF Shariah BeES

23.73

‘15

2.9

2.9

2.9

2.9

Performance Top quartile Second quartile Third quartile Bottom quartile Consistency: = Among top 25% in the category = Among top 25–50% in the category = Among bottom 25–50% in the category = Among bottom 25% in the category The left-most bar in a series represents the fund’s performance in the first quarter of a calendar year. Similarly, subsequent bars represent the fund’s performance in second, third and last quarters of the calendar year.

Funds marked in this colour are our recommended funds. Data as on July 31, 2019. Assets and portfolio data as on June 30, 2019. Only open-end schemes. Direct plans have been excluded. Funds suspended for sale have also been excluded.

48

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

FUND ANALYST’S CH ICE

A

January 2010 Fund manager

Shreyash Devalkar

Over the last 12–18 months, we saw narrowing of markets with only a handful of stocks contributing to bulk of the index movement. SHREYASH DEVALKAR

Expense ratio (%) DIRECT

0.71 0.85

MAX

MEDIAN FUND

0.01

DIRECT

 

Focus on quality

Launch

MIN

REGULAR

AXIS BLUECHIP FUND

2.47

t a time when an overwhelming majority of large-cap funds have been trailing well behind the benchmark, this fund has been neck and neck with it and has beaten its category in the last one year. Its three- and five-year returns are also ahead of the benchmark and category by 1-2 percentage points. The fund, in keeping with the Axis philosophy, is a strong adherent of the ‘quality at a reasonable price’ philosophy of investing. The focus is on companies with a good management pedigree, a superior and scalable business model and superior return metrics in an attractive industry. Though large-cap equity funds are expected to have an 80 per cent allocation to top 100 stocks, this fund parks over 90 per cent in them. The fund has shown itself to be valuation-conscious too by pegging

up cash/debt positions in the last 18 months as valuations of quality stocks soared without matching earnings growth. The fund has also concentrated its portfolio to stick to quality companies with good earnings performance. This has pegged up cash/debt positions to about 16 per cent by June 2019, helping it cushion against the recent market fall. Though the fund is a relatively new entrant to the large-cap category, with its debut in 2010, it has beaten both its benchmark and category in seven of the eight years since launch. It has contained losses well in 2011, the only significant bear phase it has encountered. Its limited history is a bit of handicap compared to more seasoned funds for which a longer track record is available. A fund with a no-compromise focus on quality stocks.

REGULAR

0.90 2.08

MIN

MEDIAN FUND

0.01

Trailing returns (%) Fund

MAX

15 lakh

2.67

12 lakh

SIP value (`)

`7.95 lakh

9 lakh

S&P BSE Sensex TRI

6 lakh 1-Year

3-Year

0.73

3 lakh

0.93

Amount invested

0

12.53

Sep 2014

11.49

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history 5-Year

Recent rally

Recent crash

11.33

Year

9.09

2013

Rating

16.18

Quartile ranking*

-20.85

2015

2016

2017

2018

2019 (YTD)

      

19.61 -17.70

2014

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

13.49

40.85

-1.24

-3.62

38.03

6.51

6.88

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

S&P BSE Sensex TRI (%)

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

49

FUND ANALYST’S CH ICE

Regaining mojo

E

Launch

October 1996 Fund manager

Prashant Jain

Expense ratio (%) DIRECT

0.71 1.37

MIN

MEDIAN

MAX

FUND

0.01

2.47

REGULAR

0.90

MIN

1.87

MEDIAN

FUND

0.01

arlier known as HDFC Top 200 Fund, it has shifted to a narrower large-cap mandate of investing manly in the top 100 stocks after the SEBI recategorisation. After a slow going in 2017 and 2018, the fund has managed a large outperformance of both the index and the category in 2019. The fund is managed in a ‘growth at a reasonable price’ style, with strong pegs to the benchmark. The latter helps in risk control. The unique feature of HDFC AMC’s investment strategy has been its ability to be an early-mover in identifying significant shifts in the sector and thematic preferences of the market ahead of each new cycle. This has often led to the fund underperforming peers during the last legs of big bull phases, while doing very well at containing downside in corrections. The fund has an

MAX

2.67

DIRECT

 

over 90 per cent allocation to largecap stocks and does not take any cash calls to time markets. The fund has delivered an 8–10 percentage-point outperformance over the benchmark and category in the last one year. With this, the trailing three-year returns are 1-2 percentage points ahead of the category and benchmark. A look-back at the fund’s history shows that the fund outpaced its benchmark and peers by large margins in 2009 and 2014, while containing downside to levels lower than the index in bear markets like 2008 and 2011. The fund’s timely shifts in sector and stock preferences have resulted in a strong 20 per cent CAGR over its more than 20-year existence, which is no mean feat. Regaining its mojo in the large-cap space.

SIP value (`)

15 lakh

Trailing returns (%) Fund

REGULAR

HDFC TOP 100 FUND

`7.44 lakh

12 lakh 9 lakh

S&P BSE Sensex TRI

6 lakh 3.24 1-Year

3-Year

3 lakh

0.93

Amount invested

0

10.15

Sep 2014

11.49

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history 5-Year

Recent rally

Recent crash

9.23

Year

9.09

Rating

2013

19.61 -24.81 -20.85

2015

2016

2017

2018

2019 (YTD)

      

Quartile ranking*

22.91

2014

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

4.05

46.52

-6.09

8.52

31.97

0.13

3.23

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

S&P BSE Sensex TRI (%)

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

50

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

FUND ANALYST’S CH ICE May 2008 Fund manager

A

Anish Tawakley, Rajat Chandak

The recent performance was largely aided by the underweight stance in finance, banks, consumer non-durables, software and petroleum products. ANISH TAWAKLEY

Expense ratio (%) DIRECT

0.71 1.21

MEDIAN

MAX

FUND

0.01

DIRECT

 

Good in bull runs, even better in bear ones

Launch

MIN

REGULAR

ICICI PRU BLUECHIP FUND

2.47

fter beating both the category and benchmark in eight of the nine years since launch, this fund has just about matched its benchmark in the last one year. But its performance is still superior to a majority of its peers. It’s four-star rating has therefore been upgraded to five stars in the past year. The fund has traditionally had a higher-than-category allocation to large caps. Its mandate earlier called for a concentrated portfolio, with the stock picks drawn from the top 200 stocks by market cap. Post the SEBI reclassification, the fund remains a large-cap fund, which will maintain a minimum 80 per cent exposure to the the top 100 stocks by market cap. The scheme seeks to invest in

large-cap companies with a proven track record, quality management and good growth potential. While looking for quality businesses, the fund tends to be valuation-conscious and doesn’t overpay. On a three- and five-year basis, the fund is now neck and neck with the benchmark, but it has outperformed the category by about 1 percentage point. The year-wise track record shows that the fund has been good at bull-market participation in 2009 and 2014 but even better at containing losses in bear years such as 2011 or 2015. But the only limitation is that it hasn’t seen a serious bear market. A solid performer for conservative investors.

REGULAR

0.90

MIN

1.83

MEDIAN

FUND

0.01

Trailing returns (%) Fund

MAX

15 lakh

2.67

12 lakh

`7.30 lakh

SIP value (`)

9 lakh

S&P BSE Sensex TRI

6 lakh -2.11 1-Year

3-Year

0.93

3 lakh Amount invested

0

8.76

Sep 2014

11.49

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history 5-Year

Recent rally

Recent crash

9.78

Year

9.09

Rating

2013

19.61 -18.63 -20.85

2015

2016

2017

2018

2019 (YTD)

      

Quartile ranking*

16.70

2014

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

10.21

41.10

-0.21

7.74

32.75

-0.80

0.69

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

S&P BSE Sensex TRI (%)

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

51

FUND ANALYST’S CH ICE June 2010 Fund manager

Kayzad Eghlim

Expense ratio (%) DIRECT

0.39 0.71

MIN

FUND

MAX

MEDIAN

0.01

2.47

REGULAR

0.85 0.90

MIN

DIRECT

 

High risk, high reward

T

Launch

REGULAR

ICICI PRU NIFTY NEXT 50 INDEX FUND

he Nifty Next 50 Index tends to be a high-beta bet on the large-cap space as stocks in it deliver significantly higher gains than the Nifty 50 during bull phases but also suffer bigger falls in a market crash. After a significant outperformance of the large-cap category until 2018, the recent market correction has led to this index trailing the large-cap category in the past year, reducing its rating to three stars. As this is an open-end fund, one can buy units from the fund house and need not own a demat account or trading account to buy this index fund. As an open-end fund, the expense ratio is at 0.85 per cent for the regular plan and 0.39 per cent for the direct plan, higher than that for comparable ETFs.

The Nifty Next 50 Index is a basket of the 50 most active and liquid stocks on the NSE after the Nifty 50. This index makes up about 12 per cent of the total market cap of listed stocks. As of July 31, 2019, its top sectors were financials (22.9 per cent), consumer goods (18.6 per cent), healthcare (13.4 per cent), construction (9.4 per cent), auto (6.9 per cent) and so on. The fund has managed a 9.4 per cent annualised return over the last five years and about 5.2 per cent in the last three years. Given that it tracks the Nifty Next 50, the fund can display higher volatility than the market and is subject to a high downside in bear markets. A high risk–high reward option to own emerging blue chips.

MAX

FUND MEDIAN

0.01

2.67

SIP value (`)

15 lakh

`6.80 lakh

12 lakh

Trailing returns (%)

9 lakh

S&P BSE Sensex TRI

1-Year

6 lakh -11.95

3-Year

5.61

5-Year

10.06

3 lakh Amount invested

0 Sep 2014

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history Year

2013

Rating Recent rally

Recent crash

-14.45

2015

2016

2017

2018

2019 (YTD)

      

Quartile ranking*

15.61

2014

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

5.44

43.62

6.19

7.61

45.67

-8.71

-7.31

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

Tracking error (%)

0.85

0.81

0.58

0.54

0.24

0.34

0.45

52

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

FUND ANALYST’S CH ICE

T

April 2008 Fund manager

Neelesh Surana, Gaurav Misra, Harshad Borawake

Even before the change the fund had been investing more than 80 per cent in large caps. Hence, there is no significant change in portfolio style and approach. GAURAV MISRA

Expense ratio (%) DIRECT

0.63 0.71

MAX

FUND MEDIAN

0.01

2.47

REGULAR

0.90

MIN

MEDIAN

1.74 FUND

0.01

Trailing returns (%) Fund

DIRECT

 

Still the good old one

Launch

MIN

REGULAR

MIRAE ASSET LARGE CAP FUND

he fund has outpaced both the benchmark and the category over the past one and three years and has earned a five-star rating. Earlier known as Mirae Asset India Equity Fund, this fund has been reclassified and renamed as a largecap fund from May 2019. Though the earlier mandate was that of a multicap fund, the fund was in effect managed with a large-cap heavy portfolio, with a very limited allocation to midand small-cap stocks. There has thus been not much change in its portfolio positioning or market-cap orientation after this name change, though the move robs it of the flexibility to take on a larger mid-cap allocation. The fund’s investment philosophy is centred on participating in quality businesses, but with an eye on buying them at reasonable valuations. It focuses on growth-oriented business-

MAX

10 lakh

2.67

8 lakh

es run by competent managements and filters stocks on three buckets – business, management and valuation. The fund has outpaced its benchmark and category by 2–3 percentage points in the last one year even as most of its peers have found this to be a challenge. On a three- and fiveyear basis, the fund is ahead of its benchmark by a good 1–4 percentage points and its category by 3–4 percentage points. It has thus delivered convincing outperformance during a challenging market phase. In the past, the fund has outperformed both the index and peers in nine out of 10 years since launch, except for 2018, putting in a strong show both in big bull phases like 2009 and 2014 as also in bearish ones like 2011. A change in mandate doesn’t detract from its consistent performance.

SIP value (`)

`7.74 lakh

6 lakh

S&P BSE Sensex TRI

4 lakh 1-Year

3-Year

0.75

2 lakh

0.93

Sep 2014

11.49

5-Year

Recent crash

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history

13.03

Year

2013

Rating

9.09 Recent rally

Amount invested

0

11.18

19.61 -17.17 -20.85

2015

2016

2017

2018

2019 (YTD)

      

Quartile ranking*

18.82

2014

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

8.95

52.86

4.25

8.09

38.58

-0.63

2.69

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

S&P BSE Sensex TRI (%)

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

53

Launch

February 2003 Fund manager

Vishal Jain

1-year trading statistics Trading volume (units) MIN

56,360

MAX

AVERAGE

9,489

5.36 lakh

Trading volume (`) 1.59 cr

MIN AVERAGE

MAX

27.4 lakh

14.4 cr

RELIANCE ETF JUNIOR BeES

Tomorrow’s Nifty stars

A

t a time when almost all actively managed large-cap funds trailed the benchmark in 2018, index funds and exchange-traded funds tracking the Nifty Next 50 (earlier known as Junior Nifty) outperformed. But the recent correction has seen this index lose much more value than active large-cap funds. The fund is among the oldest running ETFs tracking this index. The Nifty Next 50 Index is a basket of the 50 most active and liquid stocks on the NSE after the Nifty 50 and acts

NAV vs price

0.001 AVERAGE

-1.13

Volume 2.0

`28000 NAV Price

Difference between NAV and price (%) MIN

as an incubator for the emerging Nifty stocks. This index makes up about 12 per cent of the total market cap of listed stocks. Investors should be wary of significant premiums in market prices vis-a-vis the latest NAV while buying this ETF. The fund has returned over 10 per cent annually in the last five years. However, investors need to note that while the Nifty Next 50 is a good basket to own in bull markets, it also suffers very severe setbacks in bear markets.

22000

1.5

16000

1.0

10000

0.5

MAX

0.64 0

4000

Expense ratio (%)

January 2013

0.23 0.90

MIN FUND

SIP value (`)

MAX

MEDIAN

July 2019

NAV and price rebased to 10,000

`6.88 lakh

15 lakh

0.01

2.67

6 lakh

S&P BSE Sensex TRI

1-Year

12 lakh 9 lakh

Trailing returns (%)

3 lakh Amount invested

0

-11.38

6.01

Fund history

5-Year

10.45

Quartile ranking*

Year

Recent crash

-14.07

Jul 2019

2013

2013

2015

2016

2017

2018

2019 (YTD)

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Category return (%)

5.13

44.67

7.06

7.21

46.30

-7.96

-7.05

Tracking error (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

Avg premium/ discount (%)

0.10

0.23

0.09

0.14

0.10

0.07

0.48

Fund return (%) 15.77

`10,000 invested monthly for five years (`6 lakh)

Sep 2014

3-Year

Recent rally

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

54

` lakh

FUND ANALYST’S CH ICE

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on November 30, ‘18

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

FUND ANALYST’S CH ICE

A

August 2007 Fund manager

Sailesh Raj Bhan

The emphasis on right businesses along with right valuations and a medium-term investment horizon have been critical to long-term wealth creation. SAILESH RAJ BHAN

Expense ratio (%) DIRECT

0.71 1.07

MAX

MEDIAN FUND

0.01

DIRECT

 

Hunting for leaders

Launch

MIN

REGULAR

RELIANCE LARGE CAP FUND

2.47

t a time when most large-cap funds have struggled to match their benchmarks, this fund has outperformed it, thus climbing to a five-star rating in the past one year. The fund follows a ‘growth at a reasonable price’ approach. It hunts for companies which are leaders or potential leaders in their respective segments. Businesses with a long operating history, dominant industry standing and sustainable and profitable growth are the key ones that find place in the portfolio. In keeping with its focus on blue chips, the fund avoids companies with fractured balance sheets or governance issues. At the same time, it is also valuation-conscious and doesn’t overpay for growth or quality. The fund has outperformed the benchmark and category by 4 and 5

percentage points, respectively, in the last one year. It is ahead of the benchmark by 1–2 percentage points over three and five years and has beaten peers by a slightly larger margin of 2–3 percentage points over similar periods. The fund used to be mid-cap heavy six years ago, but since 2014 has maintained a 75–80 per cent allocation to large-cap stocks. The SEBI recategorisation therefore did not have much impact on the fund. Its annual returns suggest that it is an aggressive outperformer of the market in big bull phases like 2012, 2014 and 2017 while lagging behind it in bear phases like 2011. But the fund has displayed good downside containment in the last six years. An alpha-generator in the largecap space.

REGULAR

0.90

MIN

MEDIAN

1.77 FUND

0.01

Trailing returns (%) Fund

MAX

10 lakh

2.67

8 lakh

SIP value (`)

`7.37 lakh

6 lakh

S&P BSE Sensex TRI

4 lakh 1-Year

3-Year

-0.24

2 lakh

0.93

Amount invested

0

10.17

Sep 2014

11.49

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history 5-Year

Recent rally

Recent crash

11.04

Year

9.09

2013

Rating Quartile ranking*

19.61

-20.85

2015

2016

2017

2018

2019 (YTD)

      

13.99

-20.81

2014

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

4.15

54.65

1.11

2.23

38.42

-0.20

0.09

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

S&P BSE Sensex TRI (%)

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

55

FUND ANALYST’S CH ICE

A

February 2006 Fund manager

Sohini Andani

For identifying stocks, we look for any positive change in leadership, monitoring key strategic decisions of the management which would drive growth. SOHINI ANDANI

Expense ratio (%) DIRECT

0.71 1.10

MEDIAN

MAX

FUND

0.01

fter a blip in performance relative to the benchmark and the category in 2018, the fund has pulled up its socks to catch up. This has helped it retain its fourstar rating. A steady climber in the large-cap ranking, this fund has managed to beat its benchmark and category in six of the last seven years. It focuses on investing in businesses and managements that tend to consistently outperform on profit growth with efficient capital-allocation policies. This is combined with a view on structural growth drivers for the sector and positive change in sector dynamics. Stock valuations are important for deciding relative weights in the portfolio. After trailing the benchmark on account of lower weights in sectors such as IT and energy in 2018, the

0.90

MEDIAN

SIP value (`)

1.70 FUND

0.01

MAX

15 lakh

2.67

12 lakh

Trailing returns (%) Fund

fund narrowed this gap in 2019 with corrective measures. On a three-year basis, the fund is now trailing the benchmark by about 3 percentage points and category by about 2 percentage points. However, this may get corrected once the fund’s long-term positions in sectors such as industrials pay off. Large margins of outperformance in the preceding years have resulted in the fund beating both the benchmark and category by over 2 percentage points over a five-year period. A look back at its history suggests that it has been quite good at outpacing the markets in big bull phases such as 2007 and 2014 and has also contained its losses to index levels in bear markets like 2008 and 2011. A process-driven fund for largecap investors.

2.47

REGULAR MIN

DIRECT

 

Driven by process

Launch

MIN

REGULAR

SBI BLUECHIP FUND

`7.13 lakh

9 lakh

S&P BSE Sensex TRI

6 lakh -2.42 1-Year

3-Year

0.93

3 lakh Amount invested

0

6.38

Sep 2014

11.49

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Fund history 5-Year

10.75

Year

9.09 Recent rally

Recent crash

2013

Rating -11.87

19.61 -11.87 -20.85

2014

2015

2016

2017

2018

2019 (YTD)

      

Quartile ranking*

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

7.58

47.86

7.99

4.83

30.23

-4.09

2.88

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

S&P BSE MidCap TRI (%)

10.70

31.87

-3.68

3.47

29.56

7.18

4.81

56

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

Launch

July 2015 Fund manager

Raviprakash Sharma

1-year trading statistics Trading volume (units) MIN

95,676

MAX

AVERAGE

1,155

15.3 lakh

Trading volume (`) 1.10 cr

MIN AVERAGE

MAX

1.29 lakh

17.2 cr

SBI ETF NIFTY 50

Buy the market

W

ith most actively managed large-cap funds struggling to match the Nifty 50 of late, owning ETFs that passively mirror the index has begun to make more sense. SBI ETF Nifty 50 has outpaced the large-cap category over both three and five years. But one needs to wait and watch to gauge if this is a temporary aberration or a lasting trend. The Nifty 50 basket currently has a 40 per cent weight in financial services, 14.8 per cent in technology, 13.9 per cent in energy, 11 per cent in

NAV vs price

0.13

AVERAGE

-1.65

Volume 48

`16000 NAV Price

Difference between NAV and price (%) MIN

consumer goods and so on. The high financial-services weight does enhance concentration risks associated with this ETF, relative to owning actively managed large-cap funds. With an expense ratio of a mere 7 basis points (0.07 per cent), this fund is one of the best choices in terms of cost. Investors should, however, be wary of discounts or premiums in the market price vis-a-vis the NAV while transacting in ETFs. An ultra low-cost option to own blue chips.

14000

36

MAX

12000

24

0.52

10000

12 0

8000

0.07

1.97

MIN FUND

MEDIAN

0.01

MAX

3.10

Trailing returns (%) S&P BSE Sensex TRI

1-Year

-0.88

3-Year

10.12

NAV and price rebased to 10,000

August 2015

Expense ratio (%)

July 2019

SIP value (`)

`4.04 lakh

10 lakh 8 lakh 6 lakh 4 lakh 2 lakh

Amount invested

0 `10,000 invested monthly for three years (`3.6 lakh)

Aug 2016

Jul 2019

Fund history Year

2013

2014

2015

2016

2017

2018

2019 (YTD)

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Quartile ranking*

5-Year

Fund return (%) Recent rally

` lakh

FUND ANALYST’S CH ICE

17.50

Recent crash

Category return (%)

-

-

-

4.47

30.16

4.58

3.24

Tracking error (%)

-

-

-

3.71

30.92

1.10

1.35

Avg premium/ discount (%)

-

-

-

0.04

0.02

0.03

0.01

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

Mutual Fund Insight September 2019

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57

FUND ANALYST’S CH ICE March 2000 Fund manager

W

Sharwan Kumar Goyal

Expense ratio (%) DIRECT

0.10 0.71

MAX

MEDIAN

0.01

DIRECT

 

The demat-free, low-cost option to own the market

Launch

MIN FUND

REGULAR

UTI NIFTY INDEX FUND

2.47

ith most actively managed large-cap funds struggling to keep up with the Nifty 50 of late, owning passive index funds mirroring the Nifty 50 has begun to make more sense. For investors who don’t own demat accounts, UTI Nifty Index Fund is a good option on account of its low costs. On a trailing one-year basis, this fund has outperformed the largecap category, which also includes actively managed funds, by 2.4 percentage points. On a three-year basis, too, the fund has outpaced the category by 1 percentage point. The fund’s regular plan is available at a very reasonable expense

ratio of 0.17 per cent and the direct plan at 0.10 per cent. As of July 31, 2019, the Nifty 50 basket currently has a 40 per cent weight in financial services, 14.8 per cent in technology, 14.8 per cent in energy, 8.5 per cent in FMCG and so on. The high financial-services weight does lead to higher concentration risks on this fund compared to actively managed large-cap funds. However, investors need to wait and watch to see if the narrow rally that has led to index funds outpacing active large-cap funds is sustained in the long run.

REGULAR

0.17

MIN FUND

0.90

MAX

MEDIAN

SIP value (`)

0.01

2.67

`7.43 lakh

15 lakh 12 lakh

Trailing returns (%)

9 lakh

S&P BSE Sensex TRI

6 lakh 1-Year

-1.08

3 lakh 3-Year

5-Year

Amount invested

0

9.78

Sep 2014

Fund history

8.51

Year

2013

Rating Recent rally

Recent crash

Jul 2019

`10,000 invested monthly for five years (`6 lakh)

Quartile ranking*

17.15

-21.10

2014

2015

2016

2017

2018

2019 (YTD)

       1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

1 2 3 4

Fund return (%)

6.86

31.77

-3.35

4.00

29.68

4.23

3.14

Category return (%)

6.95

36.18

-1.06

3.71

30.92

1.10

1.35

Tracking error (%)

0.23

0.20

0.22

0.17

0.15

0.11

0.02

58

Capitalisation Large Medium Small

Recent rally: Feb 11, 2016 — May 31, 2019 Recent crash: Mar 04, 2015 — Feb 11, 2016 Data as on July 31, ‘19. Portfolio-related data as on June 30, ‘19.

Fund style

Investment style Growth Blend Value

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on July 31, ‘19

The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

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SCOREBOARD FUND CLASSIFICATION Category

Description

Number of funds

EQUITY

Large cap

Funds investing at least 80% in large caps

Large & mid cap

Funds investing at least 35% each in large and mid caps

Multi cap

Funds investing across large, mid and small caps

Mid cap

Funds investing at least 65% in mid caps

32

Small cap

Funds investing at least 65% in small caps

43

Value-oriented

Funds following the value strategy

19

ELSS

Funds with a lock-in of 3 years and tax benefit under Section 80C

Sectoral/thematic*

Funds investing at least 80% in a particular sector or theme

International

Funds investing more than 65% in foreign equities

123 25 106

69 112 41

DEBT

Long duration

Funds investing in debt instruments with Macaulay duration greater than 7 years

Medium to long duration

Funds investing in debt instruments with Macaulay duration between 4 and 7 years; under anticipated adverse situation, 1 year to 4 years**

14

Funds investing in debt instruments with Macaulay duration between 3 and 4 years; under anticipated adverse situation, 1 year to 4 years**

18

Short duration

Funds investing in debt instruments with Macaulay duration between 1 year and 3 years

30

Money market

Funds investing in money-market instruments having maturity up to 1 year

19

Low duration

Funds investing in debt instruments with Macaulay duration between 6 and 12 months

27

Ultra short duration

Funds investing in debt instruments with Macaulay duration between 3 and 6 months

26

Liquid

Funds investing in debt and money-market securities with maturity of up to 91 days

43

Overnight

Funds investing in securities having maturity of 1 day

25

Dynamic bond

Debt funds investing across durations

29

Corporate bond

Funds investing at least 80% in AA+ and above-rated corporate bonds

22

Credit risk

Funds investing at least 65% in AA and below-rated corporate bonds

20

Banking and PSU

Debt funds investing at least 80% in the debt instruments of banks, PSUs, public financial institutions and municipal bonds

18

Medium duration

Floater

2

Debt funds investing at least 65% in floating-rate instruments (including fixed-rate ones converted to floating rate)

7

Gilt

Funds investing at least 80% in government securities

Gilt with 10-year constant duration

Funds investing at least 80% in government bonds such that the average maturity of the portfolio is 10 years

FMP

Fixed maturity plans of pre-defined term

24 5 862

HYBRID

Aggressive hybrid

Funds investing 65–80% in equity and the rest in debt

45

Balanced hybrid

Funds investing at least 40–60% in equity and the rest in debt

10

Conservative hybrid

Funds investing 10–25% in equity and the rest in debt

Equity savings

Funds investing at least 65% in equity and at least 10% in debt

23

Arbitrage

Funds investing in arbitrage opportunities

24

Dynamic asset allocation

Funds which dynamically manage the asset allocation between equity and debt

23

Multi asset allocation

Funds investing in 3 different asset classes, with a minimum 10% in all three

14

Funds investing in gold

23

151

COMMODITIES

Gold

*Include dividend-yield funds. **Anticipated adverse situation is if the fund manager expects the interest rates to move adversely

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61

SCOREBOARD GUIDE The Value Research Scoreboard is designed to help you make the best possible investment decisions. The Scoreboard captures essential data on every mutual fund scheme in an easy-to-use format. The data are updated each month and undergo rigorous validation. In the following pages, you will not find details for any direct plans and all schemes suspended for sales. However, if you wish to check the data for the same, visit our website for complete details on them.

Fund and category The fund name is listed alphabetically in each row. The first row (in bold) indicates the name of the category and its average returns.

Fund rating: The Value Research fund rating system is a risk-adjusted rating system, represented by a convenient composite measure of both returns and risk. It is purely quantitative and has no subjective component. It gives a quick summary of how a fund has performed historically relative to its peers. z For equity and hybrid funds, the system combines three- and five-year performance periods. z For debt funds, fund ratings are based on eighteen-month weekly risk-adjusted performance. z Equity funds with a minimum performance history of three years and debt funds with a minimum history of 18 months are only rated. z There have to be at least ten funds in a category for it to be rated and the fund must have at least `5 crore average AUM in the past six months. The distribution of ratings is as follows:  Top 10% funds  Next 22.5%  Middle 35%  Next 22.5%  Bottom 10% NR Not rated

Rank Funds are ranked based on their return position in the respective Value Research fund category. In case of a tie, the subsequent rank is skipped. For example, if three funds are ranked 7, then the subsequent fund is assigned rank 10. Speciality equity funds are not ranked due to their diverse objectives.

Performance Total return (%)



No.

Fund rating

Fund

No. A serial number is generated for every fund scheme and is the first column of the Scoreboard. To locate a specific fund, look for this number in the Index against the name of the fund. 7RWDOUHWXUQGHEW Absolute 1-M 3-M

1-Y

Annualised 3-Y 5-Y

Fund basics

A bs olu te

3-M

1-Y

Annualised

3-Y

5-Y

Rank 10-Y

Since launch

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

Total return Total return calculations are based on month-end net asset values (NAVs), assuming reinvestment of dividends, readjusted for any bonus or rights. The return is computed by adjusting for the dividend tax paid by the fund in the past. All trailing returns for over one-year period are annualised while returns for less than one year are absolute percentage changes except for cash funds, short-term bond funds and short-term gilt funds, where the returns are on a rolling basis.

Fund basics This section details information about the fund’s launch date, its average AUM, expense ratio and its NAV. You can gauge the fund’s age from its launch date and the assets it manages by the average AUM. The expense ratio indicates the recurring per cent charge levied by the fund to manage assets, and the NAV is the per unit market price.

62

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

Abs ol u te

Equity: Large Cap 1

Aditya Birla SL Focused Equity



2

Aditya Birla SL Frontline Equity



3

Aditya Birla SL Index

4 5

3-M

1-Y

3-Y

-4.7

-2.7

8.8

Rank

Annualised

5-Y

10-Y

8.6

10.2

Since launch

Within category

1-Y

3-Y

5-Y

94

80

63

Expense (%)

NAV (`)

AUM (` Cr)

Launch

57.65

4328

10/05

date

-3.7

-2.1

7.2

9.3

12.6

13.6

56

61

16

2.07

-4.5

-4.0

6.5

9.3

12.3

19.9

72

67

17

1.78

216.14 21663

08/02



-5.0

-2.0

8.6

7.6

8.9

15.2

55

49

53

0.80

109.06

144

09/02

Aditya Birla SL Nifty ETF

NR

-4.8

-1.2

9.9

8.8

-

10.0

41

29

28

0.05

120.62

157

07/11

Aditya Birla SL Nifty Next 50 ETF Reg

NR

-6.0

-

-

-

-

-5.4

-

-

-

0.05

260.69

75

12/18

6

Aditya Birla SL Sensex ETF

NR

-3.3

-1.9

7.7

-

-

8.0

48

54

-

0.08

349.80

11

07/16

7

Axis Bluechip



0.3

0.7

12.5

11.3

-

11.7

14

4

2

2.08

28.89

6302

01/10

8

Axis Nifty ETF Reg

NR

-4.8

-0.7

-

-

-

8.3

25

-

-

0.07

1141.75

7

07/17

È

9

Baroda Large Cap

NR

-4.9

-3.8

6.4

5.3

-

3.7

69

-

-

2.57

13.93

32

06/10

10

BHARAT 22 ETF

NR

-6.1

-1.1

-

-

-

-3.8

40

-

-

0.01

35.26

8421

11/17

11

BNP Paribas Large Cap



-0.2

1.8

7.3

9.6

12.0

15.8

2

60

11

2.35

88.46

771

09/04

12

Canara Robeco Bluechip Equity Reg



-2.4

-1.5

9.4

9.5

-

10.4

45

34

12

2.50

24.29

210

08/10

13

DHFL Pramerica Large Cap



-2.4

-2.3

7.0

9.0

9.9

18.5

60

64

23

2.51

164.62

338

01/03

14

DSP Equal Nifty 50 Fund Reg

NR

-9.1

-8.8

-

-

-

-4.0

84

-

-

0.90

9.30

116

10/17

15

DSP Nifty 50 Index Fund Reg

NR

-4.9

-

-

-

-

3.5

-

-

-

0.38

10.35

18

02/19

16

DSP Nifty Next 50 Index Fund Reg

NR

-6.2

-

-

-

-

0.4

-

-

-

0.60

10.04

33

02/19

17

DSP Top 100 Equity Reg



-4.7

-6.5

5.1

7.0

9.6

19.9

81

75

58

2.11

197.53

2803

03/03

18

Edelweiss ETF - Nifty 100 Quality 30

NR

-6.5

-8.0

5.5

-

-

7.2

83

73

-

0.28

263.31

12

05/16

19

Edelweiss Exchange Traded Fund-Nifty 50

NR

-4.8

-0.7

10.6

-

-

9.2

24

15

-

0.07

11950.22

1

05/15

20

Edelweiss Large Cap Reg



-3.6

-4.7

8.4

9.6

11.8

12.9

76

51

10

1.66

34.53

165

05/09

21

Essel Large Cap Equity



-3.4

-4.0

6.7

9.2

-

10.8

73

66

21

2.60

22.32

111

09/11

22

Franklin IIF NSE Nifty



-5.0

-2.0

8.7

7.7

9.2

12.1

52

47

50

1.08

88.14

271

08/00

23

Franklin India Bluechip



-7.1

-5.8

4.2

7.7

10.5

19.8

79

77

49

1.87

436.90

7102

12/93

24

HDFC Index Fund Nifty 50



-4.9

-1.3

9.7

8.4

9.5

14.6

42

32

38

0.30

101.36

804

07/02

25

HDFC Index Sensex



-3.4

0.5

11.0

8.7

9.7

14.6

17

13

34

0.30

333.14

433

07/02

26

HDFC Nifty 50 ETF

NR

-4.8

-0.9

10.1

-

-

12.4

28

22

-

0.05

1162.56

320

12/15

27

HDFC Sensex ETF

NR

-3.3

0.9

11.5

-

-

13.3

9

7

-

0.05

3935.67

50

12/15

28

HDFC Top 100



-4.7

3.2

10.2

9.2

11.8

19.6

1

20

18

1.87

479.47 17911

10/96

29

HSBC Large Cap Equity



-2.3

-2.4

8.8

8.5

9.1

20.0

61

44

36

2.45

207.23

687

12/02

30

ICICI Pru BHARAT 22 FOF

NR

-6.1

-1.4

-

-

-

3.5

44

-

-

0.01

10.38

18

06/18

31

ICICI Pru Bluechip



-4.2

-2.1

8.8

9.8

13.2

13.4

57

45

9

1.83

40.81 22117

32

ICICI Pru Nifty 100 ETF

NR

-4.9

-2.3

9.2

8.9

-

15.1

59

39

24

0.46

119.88

5

08/13

33

ICICI Pru Nifty ETF

NR

-4.8

-0.9

10.0

8.8

-

12.5

31

24

29

0.05

116.68

1160

03/13

34

ICICI Pru Nifty Index



-4.9

-1.7

9.0

7.9

9.6

14.6

47

41

45

0.45

107.55

375

02/02

35

ICICI Pru Nifty Low Vol 30 ETF

NR

-5.1

-2.8

-

-

-

8.1

66

-

-

0.42

86.41

31

07/17

36

ICICI Pru Nifty Next 50 ETF

NR

-5.8

-

-

-

-

-14.1

-

-

-

0.15

26.24

11

08/18

05/08

37

ICICI Pru Nifty Next 50 Index



-6.0

-12.0

5.6

10.1

-

9.6

93

72

8

0.85

23.10

523

06/10

38

ICICI Pru NV20 ETF

NR

-8.2

1.3

12.9

-

-

13.1

5

3

-

0.15

53.81

5

06/16

39

ICICI Pru Sensex ETF

NR

-3.3

0.9

11.3

8.9

10.4

16.9

8

10

25

0.08

398.12

20

01/03

40

ICICI Pru Sensex Index Fund

NR

-3.5

0.1

-

-

-

8.6

18

-

-

0.30

11.66

21

09/17

41

IDBI Focused 30 Equity Fund Reg

NR

-5.6

-9.8

-

-

-

-3.6

86

-

-

2.40

9.40

244

11/17

42

IDBI India Top 100 Equity



-2.0

-5.1

4.1

7.9

-

12.4

77

78

44

2.46

23.24

370

05/12

43

IDBI Nifty Index



-5.0

-1.9

8.2

7.0

-

8.2

50

52

57

1.01

20.53

224

06/10

44

IDBI Nifty Junior Index



-6.0

-11.8

4.7

9.2

-

7.9

92

76

19

1.02

19.68

50

09/10

45

IDFC Large Cap Reg



-4.8

-6.5

7.5

6.7

8.8

9.0

82

55

61

2.59

31.03

435

06/06

46

IDFC Nifty ETF

NR

-4.7

-0.8

-

-

-

11.3

26

-

-

0.13

114.71

1

10/16

47

IDFC Nifty Reg



-4.8

-1.1

9.7

8.4

-

9.4

39

33

39

0.28

23.03

170

04/10

48

IDFC Sensex ETF

NR

-3.3

0.9

-

-

-

13.0

7

-

-

0.11

386.43

0

10/16

49

Indiabulls Bluechip



-4.5

-2.6

8.9

9.5

-

10.0

65

43

13

2.43

20.42

238

02/12

50

Indiabulls Nifty 50 Exchange Traded Fund Reg

NR

-4.8

-

-

-

-

-4.8

-

-

-

0.10

111.85

13

04/19

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

63

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

A bs olu te

Equity: Large Cap

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch

date

-4.7

-2.7

8.8

8.6

10.2

94

80

63

51

Invesco India Largecap



-4.7

-5.7

7.1

9.4

-

10.7

78

63

15

2.64

27.54

195

08/09

52

Invesco India Nifty ETF

NR

-4.8

-0.9

10.1

8.7

-

10.3

34

23

32

0.10

1186.58

2

06/11

53

JM Core 11



-7.5

-9.6

7.3

10.7

7.0

-1.6

85

59

5

2.22

8.36

50

03/08

54

JM Large Cap



-2.0

-0.9

5.4

7.0

7.0

8.0

32

74

59

2.06

65.48

2173

04/95

È

55

Kotak Bluechip Reg



-4.9

-4.3

6.4

9.4

10.5

18.0

75

68

14

2.26

224.39

1377

12/98

56

Kotak Nifty ETF

NR

-4.8

-1.0

10.0

8.3

-

10.3

36

27

42

0.11

114.86

756

02/10

57

Kotak NV 20 ETF

NR

-8.4

1.5

13.3

-

-

13.5

3

1

-

0.07

54.94

12

12/15

58

Kotak Sensex ETF

NR

-3.4

0.7

11.2

8.8

10.2

9.5

15

11

30

0.28

385.82

13

06/08

59

L&T India Large Cap



-3.1

-2.1

7.1

8.8

11.6

8.7

58

62

31

2.63

26.60

496

10/07

60

LIC MF ETF Nifty 100

NR

-5.0

-2.6

9.4

-

-

13.4

64

35

-

0.25

116.21

327

03/16

61

LIC MF ETF Nifty 50

NR

-4.8

-0.9

10.0

-

-

11.1

33

25

-

0.10

115.81

525

11/15

62

LIC MF ETF Sensex

NR

-3.3

1.0

11.5

-

-

11.8

6

6

-

0.10

393.13

397

11/15

63

LIC MF Index Nifty



-5.0

-2.0

8.5

7.3

8.9

12.1

53

50

55

1.02

61.26

28

12/02

64

LIC MF Index Sensex



-3.5

-0.4

9.8

7.3

9.0

13.0

23

31

54

1.09

69.52

20

12/02

65

LIC MF Large Cap



-1.7

-2.0

6.9

8.4

9.0

3.9

54

65

40

2.63

25.90

290

09/94

9.75

75

03/19

49.44 13617

04/08

Ç

66

Mahindra Pragati Bluechip Yojana Reg

NR

-4.5

-

-

-

-

-2.5

-

-

-

2.67

67

Mirae Asset Large Cap Regular



-4.0

0.8

11.2

13.0

15.9

15.2

13

12

1

1.76

68

Mirae Asset Nifty 50 ETF Reg

NR

69

Motilal Oswal Focused 25 Reg



70

Motilal Oswal M50 ETF

71 72

-4.8

-

-

-

-

5.8

-

-

-

0.11

112.07

19

-3.2

-6.0

7.4

10.4

-

12.7

80

57

7

2.25

21.01

1113

05/13

NR

-4.8

-1.0

9.1

6.8

-

7.8

37

40

60

0.15

108.42

21

07/10

Principal Nifty 100 Equal Weight



-8.1

-11.5

3.6

4.6

7.7

9.9

91

80

63

1.00

66.42

17

07/99

Quant Focused

NR

-3.1

-6.3

7.0

13.0

12.8

10.7

-

-

-

2.48

30.53

4

08/08

73

Quantum Nifty ETF

NR

-4.8

-0.9

9.9

8.7

10.2

10.6

35

28

35

0.09

1138.95

5

07/08

74

Reliance ETF Junior BeES

NR

-5.8

-11.4

6.0

10.5

12.3

19.9

90

71

6

0.23

269.42

1169

02/03

75

Reliance ETF Nifty 100

NR

-5.1

-3.2

8.6

8.3

-

12.3

67

48

41

0.97

115.40

7

03/13

76

Reliance ETF Nifty BeES

NR

-4.8

-0.9

10.0

8.7

10.3

15.3

27

26

33

0.11

1173.32

1260

12/01

77

Reliance ETF NV20

NR

-8.4

1.4

13.2

-

-

9.8

4

2

-

0.16

550.10

29

06/15

78

Reliance ETF Sensex

NR

-3.3

0.9

11.4

-

-

8.8

10

8

-

0.07

398.96

20

09/14 07/19

È

11/18

79

Reliance ETF Sensex Next 50 Reg

NR

-

-

-

-

-

1.0

-

-

-

-

29.93

-

80

Reliance ETF Shariah BeES

NR

-5.8

-3.5

7.8

7.2

8.6

13.0

68

53

56

1.16

247.02

2

03/09

81

Reliance Index Nifty



-5.0

-1.9

8.8

7.6

-

7.3

49

46

51

0.86

18.62

146

09/10

82

Reliance Index Sensex



-3.6

-0.3

10.3

7.8

-

7.2

21

17

48

1.00

18.47

24

09/10

83

Reliance Junior BeES FoF Reg

NR

-5.9

-

-

-

-

-5.0

-

-

-

0.63

9.50

51

03/19

84

Reliance Large Cap



-6.2

-0.2

10.2

11.0

12.2

10.6

20

18

3

1.77

33.30 13076

08/07

85

SBI Bluechip



-2.9

-2.4

6.4

10.7

11.8

10.5

63

69

4

1.70

38.31 22679

02/06

86

SBI ETF BSE 100 Fund

NR

-5.0

-2.4

9.4

-

-

7.6

62

36

-

0.14

115.37

4

03/15

87

SBI ETF Nifty 50

NR

-4.8

-0.9

10.1

-

-

8.0

29

21

-

0.07

114.02 55777

07/15

88

SBI ETF Nifty Next 50 Fund

NR

-5.8

-11.3

6.3

-

-

8.2

89

70

-

0.21

266.78

199

03/15

89

SBI ETF Quality Reg

NR

-7.8

-

-

-

-

-5.0

-

-

-

0.50

90.80

17

12/18

90

SBI ETF Sensex

NR

-3.3

0.9

11.4

9.2

-

13.1

12

9

20

0.07

396.63 17950

03/13

91

SBI ETF Sensex Next 50 Reg

NR

-7.5

-

-

-

-

-3.9

-

-

-

0.18

303.19

2

09/18 02/02

92

SBI Nifty Index



93

Sundaram Select Focus Reg



94

Sundaram Smart NIFTY 100 Equal Weight Fund Reg

NR

Ç

-5.0

-1.6

9.2

7.8

9.2

13.8

46

38

47

0.68

95.60

432

-1.7

-0.3

10.9

9.0

9.0

18.4

22

14

22

2.40

176.95

1012

07/02

-8.3

-10.7

-

-

-

3.7

87

-

-

1.05

10.97

22

01/17 02/03

95

Tata Index Nifty Reg



-4.8

-1.3

9.3

7.9

9.3

15.7

43

37

46

0.46

67.30

16

96

Tata Index Sensex Reg



-3.4

0.5

10.6

8.0

9.2

15.6

16

16

43

0.46

92.51

12

02/03

97

Tata Large Cap Reg



-1.9

0.0

7.4

8.8

10.9

19.9

19

58

27

2.38

216.59

822

05/98

98

Tata Nifty Exchange Traded Fund Reg

NR

-4.7

-

-

-

-

4.0

-

-

-

-

112.16

77

12/18

99

Taurus Largecap Equity Reg



-4.8

-4.3

3.6

6.0

7.1

10.0

74

79

62

2.61

71.40

29

02/95

NR

-4.8

-1.9

9.0

7.6

-

8.4

51

42

52

1.11

20.84

1

06/10

100 Taurus Nifty Index Reg ÇÈ Increase/decrease in rating over the month

64

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

Abs ol u te

Equity: Large Cap

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

63

Expense (%)

NAV (`)

AUM (` Cr)

Launch

date

-4.7

-2.7

8.8

8.6

10.2

94

80

101 Union Largecap Fund Reg

NR

-4.7

-3.9

-

-

-

1.8

71

-

-

2.53

10.40

225

05/17

102 UTI Mastershare Reg



-4.3

-3.9

7.4

8.8

10.8

17.4

70

56

26

1.90

117.53

6060

10/86

103 UTI Nifty ETF

NR

-4.8

-0.9

10.2

-

-

11.3

30

19

-

0.07

1173.02 13924

08/15

104 UTI Nifty Index Reg



-4.8

-1.1

9.8

8.5

9.6

10.8

38

30

37

0.17

72.75

1407

03/00

105 UTI Nifty Next 50 Exchange Traded Fund Reg

NR

-5.7

-11.2

-

-

-

-3.3

88

-

-

0.22

266.66

176

07/17

106 UTI Nifty Next 50 Index Fund Reg

NR

-6.0

-12.1

-

-

-

-6.7

94

-

-

0.77

9.27

394

06/18

107 UTI S&P BSE Sensex Next 50 ETF Reg

NR

-7.5

-

-

-

-

-9.6

-

-

-

0.20

302.66

10

03/19

108 UTI Sensex ETF

NR

-3.3

0.9

11.5

-

-

11.8

11

5

-

0.07

394.11

4699

08/15

-5.1

-6.2

6.8

10.1

11.9

22

21

19

Equity: Large & MidCap 109 Aditya Birla SL Equity Advantage Reg



-7.2

-13.0

3.4

10.4

11.2

16.9

21

18

10

2.01

375.37

5284

02/95

110 Axis Growth Opportunities Fund Reg

NR

0.7

-

-

-

-

9.2

-

-

-

2.59

10.92

756

10/18

111 BOI AXA Large & Mid Cap Equity Reg



-5.6

-16.7

3.1

5.1

7.5

11.3

22

21

19

2.85

31.58

161

10/08

112 Canara Robeco Emerging Equities Reg



-7.2

-9.2

9.3

14.8

19.3

16.3

17

5

2

1.91

87.40

4929

03/05

113 DSP Equity Opportunities



-5.0

-4.6

7.2

11.5

12.5

17.2

10

10

6

1.96

209.61

5576

05/00

114 Edelweiss Large & Mid Cap Reg



-3.3

-5.9

7.6

9.7

11.5

9.5

12

7

11

2.49

29.99

445

06/07

115 Essel Large & Midcap

NR

-4.8

-3.6

7.9

-

-

11.0

6

-

-

2.60

14.62

107

12/15

116 Franklin India Equity Advantage



-6.3

-6.9

4.4

8.4

11.9

15.0

14

16

14

2.08

74.84

2696

03/05

117 HDFC Growth Opportunities Reg



-5.6

-4.4

5.9

5.5

8.0

11.1

9

14

18

2.37

107.68

1329

02/94

118 HSBC Large and Mid Cap Equity Fund Reg

NR

-5.2

-

-

-

-

-5.7

-

-

-

2.39

9.43

642

03/19

119 ICICI Pru Large & Mid Cap



-4.4

-2.6

6.2

7.4

11.4

17.7

4

13

15

2.00

309.89

3283

07/98

120 ICICI Pru Midcap Select ETF

NR

-8.7

-12.5

3.4

-

-

5.8

20

19

-

0.47

59.99

32

07/16

121 IDFC Core Equity Reg



-5.6

-8.6

7.0

9.4

9.3

10.8

16

12

12

1.97

42.22

2970

08/05

122 Invesco India Growth Opportunities



-5.1

-5.3

9.5

11.1

12.7

10.3

11

4

8

2.17

32.41

1539

08/07

123 Kotak Equity Opportunities Reg



-5.2

-2.9

8.1

11.6

12.1

17.8

5

6

4

2.15

114.57

2577

09/04

124 L&T Large and Midcap



-5.8

-9.7

5.9

8.6

12.4

11.9

18

15

13

2.27

44.17

1390

05/06

125 LIC MF Large & Mid Cap Reg



-2.6

-4.3

9.7

-

-

8.4

8

3

-

2.78

14.29

505

02/15 07/10

126 Mirae Asset Emerging Bluechip Reg



-3.9

2.1

12.9

18.5

-

19.7

2

1

1

1.99

51.14

7750

127 Principal Emerging Bluechip



-7.2

-12.1

7.1

13.5

15.9

23.5

19

11

3

1.99

95.93

2213

11/08

128 Quant Large and Mid Cap

NR

-5.1

-7.2

5.0

13.5

12.6

10.3

-

-

-

2.48

34.46

4

12/06

129 Reliance Vision



-7.6

-6.7

3.2

6.2

8.7

17.8

13

20

17

2.06

493.53

2984

10/95

130 SBI Large & Midcap



-4.9

-1.1

7.4

11.2

12.8

14.0

3

9

7

2.07

211.95

2608

02/93

131 Sundaram Large and Mid Cap



-5.1

-4.1

10.4

11.6

10.9

10.0

7

2

5

2.54

32.75

711

02/07

132 Tata Large & Mid Cap Reg



-0.7

3.8

7.5

10.6

12.3

12.1

1

8

9

2.16

201.99

1439

03/93

133 UTI Core Equity Reg



-5.3

-7.6

4.4

7.3

9.5

12.3

15

17

16

2.39

58.64

908

02/93

Equity: Multi Cap

-4.6

-5.0

7.3

9.7

11.9

47

41

36

134 Aditya Birla SL Equity



-5.7

-4.4

8.2

10.7

12.6

22.4

20

16

12

1.93

135 Aditya Birla SL Retirement Fund - The 30s Plan Reg

NR

-8.1

-

-

-

-

-6.7

-

-

-

2.68

9.33

95

03/19 06/12

688.23 11222

08/98

136 Axis Focused 25



-1.2

-6.6

12.0

13.1

-

15.2

31

1

3

2.08

27.30

8044

137 Axis Multicap Fund Reg

NR

0.1

0.2

-

-

-

8.6

6

-

-

2.17

11.50

3991

11/17

138 Baroda Multi Cap



-4.7

-6.9

4.8

7.3

7.9

15.1

32

35

30

2.48

93.54

808

09/03 10/17

Ç

139 BNP Paribas Focused 25 Equity Fund Reg

NR

-2.6

-6.3

-

-

-

-3.8

30

-

-

2.48

9.33

243

140 BNP Paribas Multi Cap



-3.3

-3.6

6.7

9.6

13.8

11.5

15

25

19

2.31

45.16

744

09/05

141 Canara Robeco Equity Diversified Reg



-4.3

-2.3

10.0

9.2

12.3

17.5

13

5

23

2.38

128.96

1313

09/03 03/15

Ç

142 DHFL Pramerica Diversified Equity Reg



-4.6

-4.7

5.9

-

-

5.7

22

30

-

2.54

12.76

118

143 DSP Equity



-3.2

-2.3

8.7

10.2

12.3

19.1

12

13

14

2.14

42.61

2647

04/97

144 DSP Focus



-4.1

-5.6

5.2

9.8

-

9.1

28

32

18

2.15

22.22

2039

06/10 02/15

145 Edelweiss Multi Cap Reg



-4.4

-5.7

9.8

-

-

7.6

29

7

-

2.39

13.92

391

146 Essel Multi Cap Fund Reg

NR

-4.4

-1.4

-

-

-

1.8

10

-

-

2.60

10.19

208

07/18

147 Franklin India Equity



-7.7

-6.9

4.8

9.8

12.8

17.5

33

36

17

1.79

552.90 11317

09/94

148 Franklin India Focused Equity



-5.4

0.5

8.3

12.1

15.1

12.1

4

15

7

1.84

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

39.53

8651

07/07

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

65

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

A bs olu te

Equity: Multi Cap

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch

date

-4.6

-5.0

7.3

9.7

11.9

47

41

36

149 HDFC Equity



-4.1

2.1

10.0

9.1

13.2

18.5

2

4

24

1.78

150 HDFC Focused 30



-4.9

-4.8

5.0

6.7

10.4

14.4

24

34

32

2.85

73.93

494

09/04

151 HDFC Retirement Savings Fund Equity Reg



-4.9

-4.2

8.2

-

-

15.0

17

17

-

2.57

16.13

735

02/16

152 HSBC Multi Cap Equity



-7.8

-11.7

3.5

7.6

10.7

14.4

44

39

29

2.49

79.55

485

02/04

153 ICICI Pru Focused Equity



-5.5

-4.3

5.1

7.2

10.4

11.0

19

33

31

2.76

29.04

666

05/09

154 ICICI Pru Multicap



-4.7

-2.6

7.8

10.7

12.6

14.4

14

18

13

2.20

281.86

4002

10/94

155 ICICI Pru Retirement Fund - Pure Equity Plan

NR

-2.0

-

-

-

-

1.7

-

-

-

2.31

10.17

53

02/19

156 ICICI Pru S&P BSE 500 ETF

NR

-5.6

-5.3

-

-

-

-2.0

27

-

-

0.30

145.68

17

05/18

157 IDBI Diversified Equity Reg



-5.4

-9.5

3.2

9.4

-

13.4

42

41

20

2.38

19.62

325

03/14

158 IDFC Focused Equity Reg



-9.3

-16.5

6.6

6.2

7.5

9.4

47

26

33

2.12

33.33

1593

03/06

159 IDFC Multi Cap Reg



-5.8

-9.1

3.7

9.2

15.1

17.0

41

38

22

2.02

87.53

5522

09/05

160 IIFL Focused Equity Reg



0.4

7.4

9.2

-

-

10.4

1

10

-

2.40

16.03

186

10/14

161 Invesco India Multicap

NR

-6.8

-12.1

4.4

9.8

17.2

13.8

45

-

-

2.55

43.56

850

03/08

162 ITI Multi Cap Fund Reg

NR

-

-

-

-

-

-0.4

-

-

-

2.52

9.96

24

05/19

-1.1

-4.3

9.5

11.3

8.8

11.0

18

9

8

2.67

31.02

2004

09/08

-

-

-

-

-

0.2

-

-

-

-

10.02

-

07/19

163 JM Multicap



164 Kotak Focused Equity Fund Reg

NR

È

646.48 23688

01/95

165 Kotak Standard Multicap Reg



-4.2

-1.9

9.9

13.4

-

13.2

11

6

2

1.75

34.15 25844

09/09

166 L&T Equity



-4.2

-7.2

6.1

8.8

12.0

15.6

35

29

25

2.10

78.68

2728

05/05

167 L&T Focused Equity Fund Reg

NR

-4.3

-

-

-

-

4.3

-

-

-

2.57

10.43

628

11/18

168 LIC MF Multicap



-1.9

0.2

4.4

4.8

7.2

5.9

5

37

36

2.47

45.55

284

04/93

169 Mahindra Mutual Fund Badhat Yojana Reg

NR

-3.3

-4.9

-

-

-

2.0

25

-

-

2.56

10.45

296

05/17

170 Mirae Asset Focused Fund Reg

NR

-

-

-

-

-

2.9

-

-

-

2.10

10.29

1152

05/19

171 Motilal Oswal Multicap 35 Reg



-5.1

-9.1

7.6

15.1

-

18.7

40

19

1

1.86

24.61 13450

04/14

172 Parag Parikh Long Term Equity Reg



-2.5

-0.6

10.9

11.2

-

15.7

8

2

9

2.10

24.63

05/13

173 Principal Focused Multicap



-5.1

-4.7

6.9

8.3

10.9

14.1

21

22

27

2.69

60.86

328

11/05

174 Principal Multi Cap Growth



-6.3

-7.6

9.0

10.0

11.8

14.8

38

11

15

2.28

133.51

886

10/00

175 Quant Active



-4.8

-4.8

8.8

11.1

11.6

16.8

23

12

10

2.48

173.42

6

03/01

176 Quantum Equity FoF Direct



-4.8

-3.9

7.3

10.1

12.0

12.8

16

21

16

0.51

33.78

40

07/09

177 Reliance Focused Equity



-7.1

-7.0

6.1

10.9

14.8

12.5

34

28

11

1.93

44.29

4450

12/06

178 Reliance Multi Cap



-7.1

-0.4

7.2

8.6

15.2

16.7

7

20

26

1.83

91.50 10592

03/05

179 Reliance Retirement Fund - Wealth Creation Scheme



Ç

-6.6

-7.6

6.1

-

-

5.4

37

27

-

2.02

12.66

1624

02/15

180 SBI Focused Equity



Ç

-1.8

2.0

10.7

12.8

18.2

19.5

3

3

5

2.10

139.13

4864

10/04

181 SBI Magnum MultiCap



-2.6

-1.1

8.4

13.1

12.1

12.0

9

14

4

1.82

47.75

7650

09/05

182 Shriram Multicap Fund Reg

NR

-5.4

-

-

-

-

0.0

-

-

-

2.55

10.00

55

09/18

183 Tata Multicap Fund Reg

NR

-3.3

-

-

-

-

0.7

-

-

-

2.18

10.07

1635

09/18

184 Tata Retirement Savings Progressive Reg



-3.7

-7.4

9.7

12.6

-

14.2

36

8

6

2.47

27.98

649

11/11

185 Taurus Starshare (Multi Cap) Reg



-7.9

-10.0

3.5

5.4

8.9

9.6

43

40

34

2.62

104.22

216

01/94

186 Union Multi Cap



-5.2

-5.2

5.3

5.0

-

8.0

26

31

35

2.51

18.66

284

06/11

187 UTI CCF-Investment Plan Reg



-6.4

-12.2

6.9

8.3

9.8

8.3

46

23

28

2.55

34.51

288

02/04

188 UTI Equity Reg



-6.0

-8.1

6.8

9.3

12.8

11.9

39

24

21

1.85

133.97

9495

05/92

-7.1

-11.3

4.3

10.5

15.0

23

20

20

Equity: Mid Cap 189 Aditya Birla SL Mid Cap



190 Axis Midcap



Ç

1974

-7.7

-14.4

2.4

9.9

12.4

21.4

18

15

14

2.25

262.30

2374

10/02

-3.9

-3.2

9.7

11.6

-

15.9

1

1

5

2.23

34.75

2655

02/11

191 Baroda Midcap

NR

-4.7

-13.0

4.9

-0.3

-

-1.9

12

-

-

2.56

8.43

46

10/10

192 BNP Paribas Midcap



-3.8

-8.0

2.7

9.8

16.2

8.6

5

13

15

2.33

29.93

745

05/06

193 DHFL Pramerica Midcap Opportunities Reg



-9.5

-17.1

-0.1

5.6

-

8.9

22

19

20

2.63

16.20

121

12/13

194 DSP Midcap Reg



-5.4

-8.5

6.2

12.7

16.5

13.7

7

4

3

1.97

51.14

6302

11/06

195 Edelweiss Mid Cap Reg



-6.7

-13.4

5.2

11.6

16.2

8.0

15

11

6

2.30

24.32

915

12/07

196 Franklin India Prima



-5.5

-7.7

5.5

12.2

16.4

19.1

4

9

4

1.87

895.66

7168

12/93

197 HDFC Mid-Cap Opportunities



-8.6

-13.1

5.2

11.4

17.6

14.2

13

10

7

1.84

49.84 22599

06/07

ÇÈ Increase/decrease in rating over the month

66

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

Abs ol u te

Equity: Mid Cap

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch

date

-7.1

-11.3

4.3

10.5

15.0

23

20

20

198 ICICI Pru Midcap



-6.2

-8.9

6.0

9.7

14.3

16.0

8

6

16

2.43

89.28

1755

10/04

199 IDBI Midcap Fund Reg

NR

-9.4

-18.1

-

-

-

-1.3

23

-

-

2.56

9.67

208

01/17

200 Invesco India Mid Cap



-8.3

-9.6

6.0

10.8

16.7

12.9

10

5

9

2.62

44.19

456

04/07

201 Kotak Emerging Equity Reg



-5.3

-8.3

6.0

13.8

15.6

11.0

6

7

1

2.02

36.10

4500

03/07 08/04

202 L&T Midcap



-7.8

-14.0

7.2

13.0

15.4

18.1

16

2

2

2.01

121.36

5026

203 Mahindra Unnati Emerging Business Yojana Reg

NR

-5.0

-9.5

-

-

-

-3.8

9

-

-

2.57

8.83

481

01/18

204 Mirae Asset Midcap Fund Reg

NR

-

-

-

-

-

-0.3

-

-

-

-

9.97

-

07/19

205 Motilal Oswal Midcap 100 ETF

NR

-8.9

-15.0

2.4

8.0

-

9.2

19

16

19

0.20

16.56

24

01/11

206 Motilal Oswal Midcap 30 Reg



-8.9

-13.3

0.6

10.5

-

16.5

14

18

11

2.22

22.95

1449

02/14

207 Quant Mid Cap

NR

-8.8

-12.8

3.5

6.6

7.2

9.2

-

-

-

2.48

50.81

11

03/01

208 Reliance ETF Nifty Midcap 150 Reg

NR

-7.9

-

-

-

-

-4.8

-

-

-

0.31

57.76

120

01/19

209 Reliance Growth



-5.7

-5.3

6.6

9.9

11.5

21.6

3

3

13

1.86

1046.82

6749

10/95

210 SBI Magnum Midcap



-8.4

-10.8

-0.8

9.1

13.6

14.1

11

20

17

2.06

66.69

3595

03/05

211 Sundaram Mid Cap Reg



-8.0

-14.0

2.7

10.8

14.8

24.6

17

14

10

1.95

423.11

5954

07/02

212 Tata Midcap Growth Reg



-7.0

-3.6

5.9

11.2

14.4

11.2

2

8

8

2.49

128.06

704

07/94

213 Taurus Discovery (Midcap) Reg



-9.3

-15.7

5.1

10.4

12.2

5.6

20

12

12

2.51

38.62

50

09/94

214 UTI Mid Cap Reg



-7.3

-15.9

0.9

8.9

15.6

16.2

21

17

18

1.99

90.46

3730

04/04

-9.6

-15.0

3.6

10.4

13.5

14

13

13

-11.9

-21.4

0.8

9.8

13.7

9.5

13

9

9

2.32

30.24

2365

05/07

-0.7

1.9

8.4

12.5

-

19.6

1

3

4

2.67

27.58

492

11/13 12/18

È

Equity: Small Cap 215 Aditya Birla SL Small Cap



216 Axis Small Cap Reg



217 BOI AXA Small Cap Fund Reg

NR

-8.0

-

-

-

-

-4.5

-

-

-

2.70

9.56

49

218 Canara Robeco Small Cap Fund Reg

NR

-11.8

-

-

-

-

-9.6

-

-

-

2.57

9.04

301

02/19

219 DSP Small Cap Reg



-9.8

-15.4

-0.1

11.7

18.7

14.0

7

10

6

2.03

49.28

5131

06/07 02/19

220 Edelweiss Small Cap Fund Reg

NR

-8.9

-

-

-

-

-0.4

-

-

-

2.46

9.96

356

221 Franklin India Smaller Companies



-10.3

-16.2

1.7

10.4

16.5

12.3

8

8

7

1.84

48.16

7368

01/06

222 HDFC Small Cap Reg



-11.6

-14.7

9.0

12.3

13.6

12.5

5

2

5

1.94

38.08

8427

04/08

223 HSBC Small Cap Equity



-11.9

-20.2

-1.1

7.0

9.5

10.8

12

11

11

2.34

43.04

747

05/05

224 ICICI Pru Smallcap



-3.7

-8.1

3.5

6.1

10.9

7.6

2

6

12

2.68

23.70

368

10/07

225 IDBI Small Cap Fund Reg

NR

-9.4

-18.0

-

-

-

-7.6

9

-

-

2.41

8.46

148

06/17

226 Invesco India Smallcap Fund Reg

NR

-9.5

-

-

-

-

-5.0

-

-

-

2.54

9.50

322

10/18

227 Kotak Small Cap Reg



228 L&T Emerging Businesses



229 Principal Small Cap Fund Reg

NR

-

-

-

230 Quant Small Cap

NR

-17.5

-22.1

-5.1

231 Reliance Small Cap



-9.9

-15.3

8.2

232 SBI Small Cap



-6.0

-9.4

233 Sundaram Small Cap Reg



-13.4

234 Tata Small Cap Fund Reg

NR

-7.9

235 Union Small Cap Reg



Equity: Value Oriented

-8.0

-13.2

2.3

10.3

14.0

13.8

4

7

8

2.30

64.81

1225

02/05

-10.2

-18.6

8.0

12.9

-

16.0

10

5

3

2.01

21.68

6079

05/14

-

-

-5.7

-

-

-

2.45

9.43

123

05/19

0.7

7.6

7.4

-

-

-

2.48

39.98

2

11/96

13.7

-

15.5

6

4

2

2.02

35.82

8232

09/10

10.8

18.3

-

17.2

3

1

1

2.35

48.26

2258

09/09

-21.7

-2.9

7.2

11.0

14.5

14

13

10

2.34

70.58

1150

02/05

-

-

-

-

-3.6

-

-

-

2.59

9.64

353

11/18

-11.4

-19.5

-2.3

3.6

-

4.0

2.51

12.23

316

06/14

-6.9

-9.5

5.7

9.3

12.5

11

12

13

15

14

13

236 Aditya Birla SL Pure Value



-9.7

-20.3

0.7

7.1

14.4

14.3

15

13

11

2.16

45.66

4432

03/08

237 HDFC Capital Builder Value



-9.0

-10.3

7.4

9.9

13.3

13.8

9

4

6

2.05

269.68

4585

02/94

238 ICICI Pru Value Discovery



-4.4

-5.4

4.1

8.7

16.1

19.3

4

11

8

1.89

139.78 16184

239 IDBI Long Term Value Fund Reg

NR

-3.9

-

-

-

-

-1.3

-

-

-

2.70

È

9.87

159

08/04 08/18

240 IDFC Sterling Value Reg



-11.0

-16.8

6.0

9.4

14.2

14.2

14

8

7

2.05

45.49

3250

03/08

241 Indiabulls Value Reg



-8.2

-15.0

-0.2

-

-

2.0

13

14

-

2.50

10.79

28

09/15 04/07

242 Invesco India Contra



-5.8

-7.4

10.3

12.5

13.8

13.0

6

2

1

2.02

45.11

4027

243 JM Value

NR

-6.2

-8.2

6.9

11.0

5.9

15.0

8

-

-

2.77

29.84

125

06/97

244 Kotak India EQ Contra Reg



-5.4

-3.9

10.4

10.2

11.6

12.2

2

1

4

2.61

50.35

865

07/05

245 L&T India Value



-5.2

-8.1

6.7

12.4

-

13.6

7

6

2

1.86

33.92

8259

01/10

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

67

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

A bs olu te

Equity: Value Oriented

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch

date

-6.9

-9.5

5.7

9.3

12.5

15

14

13

246 Quantum Long Term Equity Value Direct



-5.2

-1.6

6.3

8.6

13.4

13.2

1

7

9

1.28

52.92

971

03/06

247 Reliance Value



-5.3

-4.8

7.3

9.9

11.7

14.7

3

5

5

1.99

69.96

3213

06/05

248 SBI Contra



-11.4

-10.9

1.7

6.2

7.4

17.4

11

12

13

2.24

98.71

1484

07/99

249 Tata Equity PE Reg



-4.8

-10.6

8.8

11.7

13.8

18.3

10

3

3

1.88

127.10

5499

06/04

250 Templeton India Value



-9.2

-12.8

5.1

7.6

10.0

15.3

12

10

10

2.53

230.84

540

09/96

251 Union Value Discovery Fund Reg

NR

-6.5

-

-

-

-

-0.6

-

-

-

2.49

9.94

151

12/18

252 UTI Value Opportunities Reg



-5.6

-6.6

5.7

6.3

11.0

13.4

5

9

12

1.97

58.13

4493

07/05

-5.1

-5.8

7.0

9.6

11.7

35

33

29

-8.4

-10.2

7.1

11.9

12.3

23.5

31

18

5

2.03

137.16

8849

03/96

-

16.7

10

2

3

1.81

43.89 19717

12/09

Equity: ELSS 253 Aditya Birla SL Tax Relief 96



254 Axis Long Term Equity



-1.2

-3.0

9.6

12.9

255 Baroda ELSS 96



-5.5

-10.4

3.6

6.4

8.1

11.7

32

32

27

2.53

25.60

157

03/96

256 BNP Paribas Long Term Equity



-1.2

-0.5

6.1

9.4

12.8

10.2

4

23

16

2.42

37.58

470

01/06

257 BOI AXA Tax Advantage Reg



-4.5

-14.7

6.0

8.5

9.9

16.2

35

24

22

2.68

47.81

233

02/09

258 Canara Robeco Equity Tax Saver Reg



-4.8

-1.3

9.3

9.5

12.9

14.3

5

3

15

2.30

24.62

979

03/93

259 DHFL Pramerica Long Term Equity Reg



-4.0

-4.5

7.4

-

-

9.3

12

15

-

2.35

13.82

331

12/15

260 DSP Tax Saver



-3.9

-1.3

8.1

11.7

13.9

13.1

6

11

6

1.90

46.57

5646

01/07

261 Edelweiss Long Term Equity (Tax Savings) Reg



-4.9

-7.0

5.5

8.7

10.8

15.0

20

26

21

2.39

44.11

105

12/08

262 Essel Long Term Advantage



-6.2

-5.7

6.5

-

-

8.9

18

20

-

2.55

13.59

59

12/15

263 Franklin India Taxshield



-6.0

-4.2

5.7

10.1

13.5

21.7

11

25

11

1.91

539.50

4065

04/99

264 HDFC Taxsaver



-6.7

-5.1

6.9

7.1

11.8

24.3

16

19

26

1.96

492.73

7514

03/96

265 HSBC Tax Saver Equity



-5.0

-7.2

6.2

8.7

11.7

10.4

22

21

20

2.48

34.83

157

01/07

266 ICICI Pru Long Term Equity (Tax Saving)



-4.5

-2.2

7.2

9.3

14.4

19.7

9

16

18

2.14

363.90

6435

08/99

267 IDBI Equity Advantage Reg



-5.5

-8.5

4.2

10.7

-

16.5

27

30

9

2.35

24.55

570

09/13

268 IDFC Tax Advantage (ELSS) Reg



-8.0

-9.3

8.0

10.5

13.7

16.8

29

13

10

2.04

51.97

2059

12/08

269 Indiabulls Tax Savings Fund Reg

NR

-4.1

-6.3

-

-

-

-4.9

19

-

-

2.48

9.23

83

12/17

270 Invesco India Tax Plan



-5.2

-7.4

8.0

11.1

14.3

13.3

23

12

7

2.53

48.26

878

12/06

271 JM Tax Gain



-3.4

-5.0

9.2

11.0

10.2

4.4

15

4

8

2.70

16.32

32

03/08

272 Kotak Tax Saver Reg



-4.1

-0.2

8.6

12.2

11.4

11.2

2

9

4

2.43

42.59

942

11/05

273 L&T Tax Adv



-4.6

-10.0

7.2

10.0

12.7

12.9

30

17

12

2.04

51.05

3385

02/06

274 LIC MF Tax Plan



-2.6

-2.0

8.5

9.7

9.6

8.7

7

10

14

2.58

64.29

229

03/97

È

275 Mahindra Mutual Fund Kar Bachat Yojana Reg

NR

-6.5

-8.5

-

-

-

2.9

28

-

-

2.49

10.82

343

10/16

276 Mirae Asset Tax Saver Reg



-3.3

1.6

14.3

-

-

16.2

1

1

-

2.19

17.14

2201

12/15

-4.1

-10.6

9.0

-

-

11.3

33

5

-

2.21

16.26

1410

01/15

-

-

-

-

-

-0.5

-

-

-

-

9.95

-

07/19 03/96

277 Motilal Oswal Long Term Equity Reg



278 Parag Parikh Tax Saver Fund Reg

NR

279 Principal Tax Savings



-6.3

-8.1

8.7

9.8

12.0

15.7

24

8

13

2.54

195.36

406

280 Quant Tax Plan



-4.3

-4.5

7.5

14.1

8.3

12.0

14

14

1

2.48

89.04

10

04/00

281 Quantum Tax Saving Direct



-5.2

-1.8

6.4

8.7

13.1

16.9

8

22

23

1.28

52.45

80

12/08

50.09 10759

09/05

282 Reliance Tax Saver (ELSS)



-10.8

-12.0

1.3

5.9

12.6

12.3

34

33

28

1.71

283 SBI Magnum Taxgain



-6.2

-4.5

4.4

7.2

10.6

15.9

13

29

25

1.87

135.04

7068

03/93

284 Shriram Long Term Equity Fund Reg

NR

-4.5

-

-

-

-

0.1

-

-

-

2.55

10.01

21

01/19

285 Sundaram Diversified Equity



-6.6

-8.4

5.1

9.4

10.0

16.1

26

28

17

2.09

94.91

2681

11/99

286 Tata India Tax Savings



-3.2

-0.5

8.9

13.0

13.6

18.7

3

6

2

2.12

56.75

1902

03/96

287 Taurus Tax Shield Reg



-6.6

-8.1

8.8

9.3

10.4

10.9

25

7

19

2.42

74.15

66

03/96

288 Union Long Term Equity



-4.9

-5.3

4.0

5.5

-

11.7

17

31

29

2.48

23.26

253

12/11

289 UTI Long Term Equity



-5.9

-7.0

5.3

7.9

9.8

13.9

21

27

24

2.20

81.73

1200

12/99

-3.0

-0.5

10.8

9.9

11.3

18

17

11

Equity: Sectoral-Banking 290 Aditya Birla SL Banking & Financial Services Reg



-4.1

-7.5

9.4

16.0

-

19.9

16

13

1

2.34

27.84

1861

12/13

291 Baroda Banking and Financial Services



0.0

4.1

11.5

11.3

-

12.5

6

11

7

2.56

23.11

45

06/12

292 Edelweiss Exchange Traded Fund-Nifty Bank

NR

-2.7

4.4

15.5

-

-

17.2

2

1

-

0.12

2938.81

1

12/15

293 ICICI Pru Bank ETF

NR

-

-

-

-

-

-5.9

-

-

-

-

289.03

-

07/19

ÇÈ Increase/decrease in rating over the month

68

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

Equity: Sectoral-Banking

Abs ol u te

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch

08/08

date

-3.0

-0.5

10.8

9.9

11.3

18

17

11

294 ICICI Pru Banking and Financial Services



-2.9

1.7

12.9

15.9

17.6

18.4

9

9

2

2.19

63.33

3353

295 IDBI Banking & Financial Services Fund Reg

NR

-2.3

0.6

-

-

-

1.3

11

-

-

2.44

10.17

155

06/18

296 Invesco India Financial Services



-2.2

1.1

13.5

14.7

15.6

16.8

10

7

3

2.74

55.55

155

07/08

297 Kotak Banking ETF Reg

NR

-2.7

4.2

15.3

-

-

10.7

5

4

-

0.18

295.73

8124

12/14

298 Kotak PSU Bank ETF

NR

-9.9

-14.3

-1.7

-4.7

1.0

0.3

18

17

11

0.49

273.15

99

11/07

299 LIC MF Banking & Financial Services Reg



-1.5

0.2

4.2

-

-

2.1

12

15

-

2.46

10.92

60

03/15

300 Reliance Banking



-3.4

-3.3

12.2

12.7

15.7

22.6

14

10

5

2.04

270.12

3203

05/03

301 Reliance ETF Bank BeES

NR

-2.7

4.3

15.3

13.9

14.9

18.8

4

5

4

0.19

2946.04

7058

05/04

302 Reliance ETF PSU Bank BeES

NR

-10.0

-14.1

-1.6

-4.6

1.1

0.9

17

16

10

0.51

303.77

160

10/07

303 SBI Banking & Financial Services Reg



-1.8

3.2

15.4

-

-

13.9

8

2

-

2.42

17.80

963

02/15

304 SBI ETF Nifty Bank Fund

NR

-2.7

4.3

15.3

-

-

11.7

3

3

-

0.20

291.87

2635

03/15

305 Sundaram Financial Services Opp Reg



1.4

4.1

10.5

11.9

12.0

13.7

7

12

6

2.90

42.02

183

06/08

306 Tata Banking and Financial Services Reg



-0.2

-0.2

13.7

-

-

19.1

13

6

-

2.60

18.73

329

12/15

307 Taurus Banking & Financial Services Reg



-0.2

5.1

13.3

10.6

-

13.9

1

8

9

2.51

25.49

6

05/12

308 UTI Banking and Financial Services Reg



-5.3

-7.4

8.1

10.8

12.8

15.7

15

14

8

2.44

93.74

667

04/04

-5.1

-7.6

4.3

6.6

6.3

21

21

20

Equity: Sectoral-Infrastructure 309 Aditya Birla SL Infrastructure



-7.5

-12.6

1.9

5.4

7.5

8.4

16

19

15

2.54

29.30

593

03/06

310 BOI AXA Manufacturing & Infrastructure



-7.9

-17.8

3.2

5.4

-

3.7

20

16

14

2.54

14.12

48

03/10

311 Canara Robeco Infrastructure Reg



-3.8

-7.2

1.9

6.8

8.6

11.2

13

18

10

2.53

42.73

120

12/05

312 DSP T.I.G.E.R. Reg



-2.4

-3.5

6.0

8.4

8.3

15.4

8

6

5

2.35

87.95

1201

06/04

313 Franklin Build India



-7.0

-1.8

7.6

13.3

-

14.9

6

1

1

2.23

39.68

1298

09/09

314 HDFC Infrastructure



-7.3

-11.8

-1.8

1.3

5.1

3.8

15

20

19

2.46

15.34

845

03/08

315 HSBC Infrastructure Equity



-12.5

-25.3

-4.7

-0.1

2.4

3.2

21

21

-

2.54

15.20

103

02/06

316 ICICI Pru Infrastructure



-3.8

-1.6

5.6

5.8

6.7

12.1

4

8

13

2.34

48.96

1278

08/05

317 IDFC Infrastructure Reg



-7.1

-14.8

5.5

6.8

-

4.0

19

9

11

2.33

13.91

948

03/11

318 Invesco India Infrastructure



-2.0

-3.8

7.1

7.7

9.2

4.3

10

4

7

2.60

16.40

41

11/07

319 Kotak Infra and Eco Reform Standard



-3.4

-5.5

4.5

9.0

10.1

5.9

11

14

3

2.55

19.24

391

02/08

320 L&T Infrastructure



-7.5

-14.7

7.1

9.7

7.5

3.2

18

3

2

2.18

14.59

1866

09/07

321 LIC MF Infrastructure



-3.8

0.1

5.2

4.7

4.4

2.9

1

10

17

2.48

13.77

56

03/08

322 Quant Infrastructure

NR

-4.2

-3.1

7.5

4.6

1.1

-1.5

7

2

18

2.48

8.38

1

08/07

323 Reliance ETF Infra BeES

NR

-0.3

-1.0

2.1

0.1

-

-1.9

2

17

20

1.14

318.30

12

09/10

324 Reliance Power & Infra



-4.3

-8.2

5.9

4.9

3.3

15.8

14

7

16

2.23

93.23

1450

05/04 07/07

325 SBI Infrastructure



-2.4

-1.5

4.1

8.2

4.7

3.3

3

15

6

2.58

14.74

522

326 Sundaram Infrastructure Advantage Reg



-5.7

-6.5

4.8

7.4

4.0

8.4

12

13

8

2.56

30.43

612

09/05

327 Tata Infrastructure Reg



-2.9

-1.7

4.9

8.6

6.2

12.2

5

12

4

2.55

53.62

571

12/04

328 Taurus Infrastructure Reg

NR

-8.2

-13.9

6.6

7.2

6.6

6.8

17

5

9

2.60

22.64

4

03/07

329 UTI Infrastructure Reg



-3.4

-3.8

5.0

6.3

4.8

11.8

9

11

12

2.26

50.95

1379

04/04

Equity: Sectoral-Pharma

-7.1

-4.8

-5.0

3.4

14.9

6

4

3

330 Aditya Birla SL Pharma & Healthcare Fund Reg

NR

-

-

-

-

-

1.5

-

-

-

-

10.15

-

07/19

331 DSP Healthcare Fund Reg

NR

-4.1

-

-

-

-

-0.7

-

-

-

2.63

9.93

203

11/18

332 ICICI Pru Pharma Healthcare And Diagnostics (P.H.D) Fund NR

-6.0

-4.9

-

-

-

-3.5

3

-

-

2.23

9.63

1394

07/18

333 IDBI Healthcare Fund Reg

NR

-3.6

-

-

-

-

-2.5

-

-

-

2.69

9.75

33

02/19

334 Mirae Asset Healthcare Fund Reg

NR

-7.6

-2.2

-

-

-

-0.7

2

-

-

2.51

9.92

337

07/18

335 Reliance Pharma

NR

-9.8

-5.1

-0.7

6.4

17.1

18.9

4

1

1

2.05

138.74

2420

06/04

336 SBI Healthcare Opportunities

NR

-11.2

-7.2

-9.4

2.0

14.5

14.1

5

4

2

2.33

108.23

893

07/99

337 Tata India Pharma & HealthCare Reg

NR

-4.6

-0.1

-4.2

-

-

-3.5

1

2

-

2.55

8.79

165

12/15

338 UTI Healthcare Reg

NR

-9.6

-9.4

-5.9

1.7

13.1

12.3

6

3

3

2.51

78.18

391

06/99

-4.5

1.6

12.9

10.7

15.4

5

5

4

Equity: Sectoral-Technology 339 Aditya Birla SL Digital India

NR

-4.2

1.4

13.8

11.7

12.9

8.8

3

2

1

2.61

52.42

457

01/00

340 Franklin India Technology

NR

-7.0

0.5

11.0

9.5

14.2

17.9

4

5

4

2.45

157.98

245

08/98

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

69

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

Equity: Sectoral-Technology

A bs olu te

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

03/00

-4.5

1.6

12.9

10.7

15.4

5

5

4

341 ICICI Pru Technology

NR

-3.0

2.0

13.6

10.9

18.5

9.5

2

3

2

2.63

58.69

445

342 SBI Technology Opportunities

NR

-2.7

3.9

11.8

10.7

15.8

13.6

1

4

3

2.53

39.22

149

07/99

343 Tata Digital India Reg

NR

-5.4

0.5

14.5

-

-

11.5

5

1

-

2.57

14.78

428

12/15

Equity: Thematic

-6.2

-8.6

5.0

7.9

11.6

13

13

11

344 Aditya Birla SL International Equity B

NR

-6.6

-7.0

4.9

6.7

8.2

4.8

7

8

8

2.58

17.45

82

10/07

345 Aditya Birla SL Manufacturing Equity Reg

NR

-6.5

-13.4

3.4

-

-

4.2

12

11

-

2.61

12.02

595

01/15

346 DSP Quant Fund Reg

NR

-

-

-

-

-

-6.0

-

-

-

1.24

9.40

96

06/19

347 Franklin India Opportunities

NR

-6.0

-5.6

4.9

9.6

10.5

10.5

5

7

3

2.52

70.18

605

02/00

348 ICICI Pru Exports and Services

NR

-3.7

-6.5

4.6

9.6

14.9

13.2

6

9

4

2.52

54.68

763

11/05

349 ICICI Pru FMCG

NR

-3.8

-2.4

9.4

12.0

17.6

16.7

2

2

1

2.61

232.62

498

03/99

350 ICICI Pru India Opportunities Fund

NR

-8.0

-

-

-

-

-0.1

-

-

-

2.04

9.99

1906

01/19

351 ICICI Pru Manufacture in India Fund

NR

-5.8

-

-

-

-

-1.3

-

-

-

2.17

9.87

1189

10/18

352 L&T Business Cycles Reg

NR

-2.7

-8.7

4.0

-

-

7.9

10

10

-

2.46

14.58

775

08/14

353 Mahindra Rural Bharat And Consumption Yojana Reg

NR

-8.2

-

-

-

-

-7.6

-

-

-

2.67

9.24

72

11/18

354 Quantum India ESG Equity Fund Reg

NR

-

-

-

-

-

-1.8

-

-

-

-

9.82

-

07/19

355 Reliance ETF Dividend Opportunities

NR

-6.3

-4.1

9.4

7.3

-

10.0

3

1

6

0.16

28.82

2

04/14

356 Reliance Quant Retail

NR

-6.2

-5.2

6.7

5.6

8.7

8.1

4

5

10

0.92

24.42

25

02/05

357 SBI Equity Minimum Variance Fund Reg

NR

-7.6

-

-

-

-

-3.5

-

-

-

0.73

9.59

47

03/19

358 SBI Magnum COMMA

NR

-5.7

-8.1

6.9

6.5

5.7

9.2

8

4

9

2.58

34.24

261

08/05

359 SBI Magnum Equity ESG

NR

-3.4

0.3

7.5

10.2

11.6

14.8

1

3

2

2.15

102.45

2409

01/91

360 Sundaram Services Fund Reg

NR

-2.8

-

-

-

-

7.0

-

-

-

2.36

10.70

1217

09/18

361 Tata Ethical Reg

NR

-6.3

-9.4

3.1

7.2

11.8

15.5

11

12

7

2.54

147.75

550

05/96

362 Taurus Ethical Reg

NR

-6.5

-8.2

5.5

7.6

11.2

16.5

9

6

5

2.34

48.19

38

04/09

363 UTI Transportation and Logistics Reg

NR

-15.3

-33.0

-5.4

5.1

16.2

14.6

13

13

11

2.22

80.48

1355

04/04

5

Equity: Thematic-Dividend Yield

-6.3

-8.6

6.2

7.2

10.8

5

5

364 Aditya Birla SL Dividend Yield

NR

-6.6

-13.9

1.3

4.1

10.0

17.8

5

5

5

2.49

148.30

781

02/03

365 ICICI Pru Dividend Yield Equity

NR

-7.6

-9.4

5.8

7.0

-

8.9

4

4

4

2.75

15.59

184

05/14

366 IDBI Dividend Yield Fund Reg

NR

-3.6

-

-

-

-

-3.4

-

-

-

2.70

9.83

109

12/18

367 Principal Dividend Yield

NR

-8.6

-8.5

8.9

9.1

11.1

11.4

3

1

1

2.53

49.33

202

10/04

368 Templeton India Eqt Income

NR

-5.4

-6.6

7.4

8.4

11.4

12.0

2

3

2

2.38

44.72

953

05/06

369 UTI Dividend Yield Reg

NR

13.7

2.10

62.01

2413

05/05

Equity: Thematic-MNC

-5.8

-4.7

7.8

7.5

10.6

-6.8

-10.1

4.0

11.2

16.3

1

2

3

3

3

3

370 Aditya Birla SL MNC

NR

-8.3

-8.3

3.9

12.9

18.0

18.3

1

3

1

2.10

699.74

3643

04/94

371 ICICI Pru MNC Fund

NR

-

-

-

-

-

-0.5

-

-

-

2.61

9.95

646

06/19

372 SBI Magnum Global

NR

-5.9

-9.2

4.0

9.5

14.8

13.8

2

2

3

2.00

157.80

3533

09/94

373 UTI MNC Reg

NR

-6.2

-12.8

4.0

11.2

16.1

16.1

3

1

2

2.13

178.98

2111

07/98

-9.5

-9.9

6.0

11.4

10.6

2

2

1

374 DSP Natural Resources and New Energy Reg

NR

-12.1

-11.5

8.9

11.4

10.6

10.0

2

1

1

2.51

29.34

389

04/08

375 Tata Resources & Energy Reg

NR

-6.9

-8.3

3.2

-

-

8.2

1

2

-

2.49

13.29

37

12/15

-5.3

-6.7

2.9

2.7

3

3

3

376 CPSE ETF

NR

-11.8

-10.3

2.5

-0.3

-

4.2

3

2

3

0.01

24.31

9682

03/14

377 Invesco India PSU Equity

NR

-2.9

-4.4

4.0

7.4

-

5.6

1

1

1

2.44

16.92

64

11/09

378 SBI PSU

NR

0.1

2.57

10.05

171

07/10

Equity: Thematic-Energy

Equity: Thematic-PSU

Equity: Thematic-Consumption

-1.3

-5.3

2.1

1.1

-

-5.8

-9.5

7.3

10.5

14.2

2

3

2

9

9

8

379 Aditya Birla SL India GenNext

NR

-2.6

-3.5

9.0

14.2

16.3

16.0

1

4

1

2.57

79.80

1090

08/05

380 BNP Paribas India Consumption Fund Reg

NR

-0.1

-

-

-

-

13.5

-

-

-

2.50

11.35

391

09/18

381 Canara Robeco Consumer Trends Reg

NR

-4.8

-5.0

9.9

13.1

-

14.2

3

3

2

2.50

37.21

336

09/09

382 ICICI Pru Bharat Consumption Fund

NR

-7.0

-

-

-

-

-7.7

-

-

-

2.70

9.23

593

04/19

383 Mirae Asset Great Consumer Reg

NR

-6.2

-6.1

11.0

12.4

-

15.1

4

2

3

2.38

32.26

802

03/11

384 Quant Consumption

NR

-7.4

-10.4

7.4

8.7

4.5

8.4

-

-

-

2.48

23.95

0

10/08

ÇÈ Increase/decrease in rating over the month

70

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Equity

Fund basics

Total return (%) Fund rating

Equity: Thematic-Consumption

Abs ol u te

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

8

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

-5.8

-9.5

7.3

10.5

14.2

9

9

385 Reliance Consumption

NR

-5.4

-4.2

1.0

5.7

11.6

13.0

2

9

7

2.61

60.95

78

09/04

386 Reliance ETF Consumption

NR

-6.1

-13.5

6.1

9.5

-

11.5

7

6

6

0.13

47.75

11

04/14

387 SBI Consumption Opportunities

NR

-9.5

-11.9

6.9

10.8

19.6

14.2

6

5

5

2.41

63.52

683

07/99

388 Sundaram Rural and Consumption Reg

NR

-7.3

-11.3

5.1

12.4

12.9

10.7

5

7

4

2.13

38.27

2251

05/06

389 Tata India Consumer Reg

NR

-7.6

-16.0

12.4

-

-

13.3

9

1

-

2.24

15.65

1379

12/15

390 UTI India Consumer Reg

NR

-5.5

-13.7

4.3

5.6

10.4

7.4

2.58

23.65

254

07/07

0.3

1.5

7.3

4.2

5.2

11/08

Equity: International

8

8

8

37

37

33

391 Aditya Birla SL Comd Equities-Global Agri

NR

0.2

1.5

4.5

3.6

5.6

8.4

17

28

17

1.65

23.71

6

392 Aditya Birla SL Global Emerging Opportunities

NR

2.2

-5.0

3.6

-2.8

2.2

2.3

30

32

32

1.13

12.82

5

09/08

393 Aditya Birla SL Global Real Estate Retail

NR

1.5

5.5

-0.2

3.6

-

4.4

10

35

18

1.28

19.53

16

12/07

394 Aditya Birla SL International Equity A

NR

-0.1

5.4

11.2

6.5

10.1

6.7

11

8

10

2.58

21.46

63

10/07

395 DHFL Pramerica Euro Equity

NR

-3.2

-10.2

4.7

1.3

5.5

2.2

34

26

24

1.28

12.98

2

09/07

396 DHFL Pramerica Global Equity Opportunities

NR

0.9

12.9

11.1

3.2

-

7.2

4

10

19

1.17

18.96

18

05/10

397 DSP Global Allocation Reg

NR

0.0

1.1

4.5

-

-

4.3

18

29

-

2.05

12.29

26

08/14

398 DSP US Flexible Equity

NR

-0.2

2.1

12.7

10.5

-

14.1

15

5

4

2.38

25.21

227

08/12

399 DSP World Agriculture

NR

-1.9

2.0

4.6

2.1

-

6.4

16

27

21

2.38

16.18

29

10/11

400 DSP World Energy Reg

NR

-6.2

-13.8

1.9

-3.7

-

2.4

36

33

33

2.31

12.65

18

08/09

401 DSP World Gold Reg

NR

25.7

22.5

-6.2

1.8

0.6

2.6

2

36

22

2.33

13.62

248

09/07

402 DSP World Mining Reg

NR

3.1

-1.3

7.4

-2.4

-

-1.8

26

20

30

2.33

8.44

33

12/09

403 Edelweiss ASEAN Equity Off Shore Reg

NR

0.5

6.4

7.6

5.0

-

9.7

9

18

13

1.41

21.13

43

07/11

404 Edelweiss Emerging Markets Opportunities Equity Offshore NR

-3.4

0.7

10.3

4.1

-

4.5

19

13

15

1.22

12.51

7

07/14

405 Edelweiss Europe Dynamic Equity Offshore Reg

NR

-1.4

-9.4

4.3

1.6

-

1.2

33

31

23

1.34

10.69

31

02/14

406 Edelweiss Greater China Eqt Off-shore Reg

NR

-3.8

-0.6

12.6

8.0

-

10.6

25

6

6

1.36

27.25

91

08/09

407 Edelweiss US Value Equity Offshore Reg

NR

0.8

2.9

8.6

7.9

-

8.3

13

17

7

1.58

16.08

40

08/13

408 Franklin Asian Eqt

NR

-3.1

0.0

8.7

6.5

8.3

7.1

22

16

11

2.58

21.96

123

01/08

409 Franklin India Feeder - Franklin European Growth

NR

-7.9

-12.7

0.7

-1.5

-

-2.1

35

34

29

1.39

8.97

19

05/14

410 Franklin India Feeder Franklin US Opp

NR

0.7

9.8

16.1

13.3

-

16.8

7

2

2

1.55

32.07

889

02/12

411 HSBC Asia Pacific (Ex Japan) Dividend Yield Reg

NR

-2.0

0.6

9.4

5.7

-

6.7

20

15

12

2.05

14.23

5

02/14

412 HSBC Brazil

NR

10.0

25.6

11.2

-0.3

-

-1.1

1

9

28

2.38

9.15

27

05/11

413 HSBC Global Consumer Opportunities Reg

NR

-2.6

-0.3

10.7

-

-

6.4

24

11

-

2.18

13.18

3

02/15

414 HSBC Global Emerging Markets

NR

-4.4

-4.5

7.4

2.4

4.7

2.8

28

19

20

2.36

13.64

9

03/08

415 ICICI Pru Global Stable Equity

NR

0.5

2.1

4.3

7.2

-

7.4

14

30

8

1.49

15.24

82

09/13

416 ICICI Pru US Bluechip Equity

NR

-0.8

7.9

12.8

11.6

-

15.6

8

4

3

2.09

27.94

289

07/12

417 Invesco India Feeder- Invesco Global Equity Income Reg

NR

-3.9

-5.9

6.1

4.1

-

4.2

31

22

16

1.16

12.40

6

05/14

418 Invesco India Feeder- Invesco Pan European Equity Reg

NR

-7.5

-15.0

4.9

0.0

-

-0.1

37

25

27

0.66

9.93

26

01/14

419 Kotak Global Emerging Market Reg

NR

-0.1

-7.3

4.9

1.3

6.7

3.8

32

24

25

1.18

15.48

32

09/07

420 Kotak US Equity Standard

NR

-0.7

3.5

10.5

10.1

-

9.6

12

12

5

1.26

16.70

11

12/13

421 Kotak World Gold Standard

NR

27.4

13.2

-8.3

-2.6

-0.1

-0.4

3

37

31

1.09

9.60

35

06/08

422 Motilal Oswal NASDAQ 100 ETF

NR

0.1

10.6

19.3

17.5

-

21.6

6

1

1

0.54

533.95

181

03/11

423 Motilal Oswal Nasdaq 100 FOF Reg

NR

0.3

-

-

-

-

16.7

-

-

-

0.50

11.67

64

11/18

424 Principal Global Opportunities

NR

0.1

-4.8

9.7

4.5

7.3

7.2

29

14

14

1.34

28.98

15

03/04

425 Reliance ETF Hang Seng BeES

NR

-5.7

0.0

11.3

7.2

-

10.1

21

7

9

1.13

3056.10

7

03/10

426 Reliance Japan Equity

NR

-3.4

-0.1

6.5

-

-

4.5

23

21

-

2.30

12.42

17

08/14

427 Reliance US Equity Opportunities

NR

2.1

12.3

15.3

-

-

12.2

5

3

-

2.71

15.87

44

07/15

428 Sundaram Global Advantage

NR

-3.0

-2.4

6.0

1.2

5.9

4.3

27

23

26

0.97

16.55

21

08/07

-3.3

0.9

11.5

9.1

10.7

0.6

8.6

14.5

14.1

18.2

S&P BSE Sensex Total Return Index S&P BSE 500 Total Return Index

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

71

For more on funds, visit www.valueresearchonline.com Performance

Balanced

Fund basics

Total return (%) Fund rating

Abs ol u te

Hybrid: Aggressive Hybrid

3-M

1-Y

3-Y

-3.5

-2.8

6.5

Rank Since launch

Annualised

5-Y

10-Y

8.9

10.9

Within category

1-Y

3-Y

5-Y

36

30

25

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

9.71

151

02/19

726.95 12662

02/95

429 Aditya Birla SL Bal Bhavishya Yojna - Wealth Plan Reg

NR

-8.3

-

-

-

-

-2.9

-

-

-

2.64

430 Aditya Birla SL Equity Hybrid ‘95



-3.5

-4.7

4.9

9.3

11.9

19.3

25

25

11

1.82

431 Aditya Birla SL Retirement Fund - The 40s Plan Reg

NR

-5.6

-

-

-

-

-4.4

-

-

-

2.62

9.56

57

432 Axis Equity Hybrid Fund Reg

NR

-1.2

-

-

-

-

1.0

-

-

-

2.28

10.10

2146

08/18

433 Baroda Hybrid Equity



-5.4

-7.0

4.7

6.5

8.1

11.0

31

26

23

2.43

52.85

616

09/03

434 BNP Paribas Substantial Equity Hybrid Reg

NR

0.3

4.3

-

-

-

7.3

2

-

-

2.37

11.78

299

04/17

435 BOI AXA Mid & Small Cap Equity & Debt Reg



-13.9

-21.8

2.3

-

-

3.0

36

29

-

2.70

10.94

386

07/16

436 Canara Robeco Equity Hybrid Reg



-2.4

0.5

8.6

10.6

12.7

12.1

9

6

6

2.09

154.85

2315

02/93

437 DHFL Pramerica Hybrid Equity



-3.9

-4.4

4.2

6.2

7.9

12.9

24

28

-

2.36

65.95

162

01/04

438 DSP Equity & Bond



-2.0

-0.6

7.3

11.1

11.4

14.3

14

11

3

1.88

148.89

6230

05/99

439 Edelweiss Aggressive Hybrid Reg

NR

-2.4

-1.6

6.3

8.2

-

9.6

-

-

-

2.24

24.86

6

08/09

03/19

440 Essel Equity Hybrid Fund Reg

NR

-3.5

-0.7

-

-

-

1.4

16

-

-

2.60

10.18

274

04/18

441 Franklin India Equity Hybrid



-3.5

-0.3

5.5

9.9

11.1

13.3

13

21

10

2.13

116.61

1931

12/99 12/03

442 Franklin India Life Stage FoF 20s



-5.3

-4.7

4.9

8.2

10.7

14.1

26

24

17

1.35

78.64

12

443 HDFC Children’s Gift



-3.3

-1.6

8.4

10.1

15.4

15.9

18

9

8

2.14

116.67

2840

03/01

444 HDFC Hybrid Equity



-2.2

0.9

8.5

10.7

14.8

15.5

7

7

5

1.77

52.65 22221

09/00

445 HDFC Retirement Savings Fund-Hybrid Equity Reg



-3.2

0.6

9.6

-

-

15.1

8

3

-

2.62

16.21

303

02/16

446 HSBC Equity Hybrid Fund Reg

NR

-2.9

-

-

-

-

5.6

-

-

-

2.39

10.56

654

10/18

447 HSBC Managed Solutions India Growth Reg



-3.6

-4.0

6.7

8.6

-

11.0

23

14

15

1.80

17.30

95

04/14

448 ICICI Pru Child Care-Gift



-3.5

-0.2

6.1

8.0

12.9

15.7

12

16

19

2.57

136.71

645

08/01

449 ICICI Pru Equity & Debt



-2.3

2.6

9.1

10.8

14.0

13.9

5

4

4

1.73

131.50 25616

11/99

450 ICICI Pru Retirement Fund - Hybrid Aggressive Plan

NR

-1.8

-

-

-

-

1.9

-

-

-

2.36

10.19

68

02/19

451 IDBI Hybrid Equity Reg

NR

-4.7

-11.4

-

-

-

2.8

34

-

-

2.43

10.80

318

10/16

452 IDFC Hybrid Equity Reg

NR

-4.5

-7.1

-

-

-

3.7

32

-

-

2.25

10.98

839

12/16

453 IIFL Capital Enhancer Fund Series 1 Reg

NR

-4.2

-4.0

-

-

-

0.1

22

-

-

1.34

10.01

261

05/18

454 Indiabulls Equity Hybrid Fund Reg

NR

-2.7

-

-

-

-

3.3

-

-

-

2.61

10.33

41

12/18

455 Invesco India Equity & Bond Fund Reg

NR

-3.1

-2.1

-

-

-

1.1

20

-

-

2.53

10.11

446

06/18

456 JM Equity Hybrid



-15.6

-14.8

0.0

2.5

6.7

10.6

35

30

25

1.30

39.26

12

04/95

457 Kotak Equity Hybrid Reg



-1.6

-0.6

6.1

8.4

9.7

13.7

15

17

16

2.19

14.82

1536

11/99

458 L&T Hybrid Equity



-3.0

-4.7

5.9

10.0

-

11.6

27

19

9

1.80

25.41

9043

02/11

459 LIC MF Equity Hybrid



460 LIC MF ULIS



461 Mahindra Hybrid Equity Nivesh Yojana Reg

NR

462 Mirae Asset Hybrid Equity Reg

Ç

0.2

5.3

5.8

6.2

7.3

8.5

1

20

24

2.52

101.39

357

03/91

-2.1

-0.8

7.0

7.4

7.3

9.2

17

12

21

2.43

18.05

287

06/89

-

-

-

-

-

-0.3

-

-

-

-

9.97

-

07/19



-2.0

3.4

9.9

-

-

9.8

4

1

-

2.08

14.55

2195

07/15

463 Motilal Oswal Equity Hybrid Fund Reg

NR

-0.7

-

-

-

-

2.8

-

-

-

2.55

10.28

262

09/18

464 Principal Hybrid Equity



-5.3

-4.8

9.8

10.2

10.8

10.7

28

2

7

1.99

73.40

1687

01/00

465 Principal Retirement Savings Fund Progressive Reg

NR

-3.5

-2.9

6.2

-

-

8.1

21

15

-

2.25

13.25

1

12/15

466 Quant Absolute

NR

-1.5

2.2

6.8

8.8

10.0

15.2

6

13

13

2.48

134.82

2

03/01 06/05

Ç

467 Reliance Equity Hybrid



-3.2

-7.9

5.4

8.7

11.6

12.3

33

22

14

1.77

51.40 10832

468 SBI Equity Hybrid



0.2

4.3

9.0

11.4

12.2

15.8

3

5

2

1.65

134.68 29831

469 Shriram Hybrid Equity



-2.2

-1.7

5.9

7.1

-

9.1

19

18

22

2.35

470 Sundaram Equity Hybrid Reg



-1.2

0.3

8.4

8.2

8.6

12.1

10

8

18

2.33

89.11

1710

06/00

471 Tata Hybrid Equity Reg



-1.8

0.0

4.6

9.0

12.8

15.1

11

27

12

1.93

209.49

4570

10/95

-4.9

-6.7

8.3

12.4

-

14.5

30

10

1

2.28

28.66

1092

11/11

-3.5

-4.8

5.3

7.5

9.7

14.5

29

23

20

1.94

162.36

5473

03/95

-2.3

-1.5

5.4

7.8

8.9

10

10

8

0.1

-1.1

6.7

-

-

6

3

-

2.21

13.11

426

12/15

472 Tata Retirement Savings Moderate Reg



473 UTI Hybrid Equity Reg



Hybrid: Balanced Hybrid 474 Axis Children’s Gift Reg S&P BSE Sensex Total Return Index

-3.3

0.9

11.5

9.1

10.7

VR Balanced Total Return Index

-3.3

1.0

9.6

8.8

9.8

ÇÈ Increase/decrease in rating over the month

72

NR

È

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

7.7

16.36

58

12/95 11/13

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Balanced

Fund basics

Total return (%) Fund rating

Abs ol u te

Hybrid: Balanced Hybrid

3-M

1-Y

3-Y

Rank

Annualised

5-Y

10-Y

Since launch

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

12/03

-2.3

-1.5

5.4

7.8

8.9

10

10

8

475 Franklin India Life Stage FoF 30s

NR

-2.9

-0.5

5.8

8.3

9.9

11.9

4

4

3

1.23

58.25

6

476 Franklin India Pension

NR

-0.2

3.7

5.4

9.1

9.5

12.1

2

5

2

2.27

127.20

442

03/97

477 ICICI Pru Asset Allocator

NR

1.2

7.3

10.0

10.2

10.7

11.6

1

1

1

1.52

55.78

1720

12/03

478 ICICI Pru Passive Strategy

NR

-5.8

-5.3

7.1

8.1

10.2

12.5

9

2

5

0.48

62.89

69

12/03

479 LIC MF Children’s Gift

NR

-1.8

0.4

1.9

5.7

5.2

3.0

3

10

8

2.34

16.80

13

11/01

480 Principal Retirement Savings Fund Moderate Reg

NR

-2.1

-1.0

5.3

-

-

6.3

5

6

-

2.25

12.46

0

12/15

481 Tata Young Citizens Reg

NR

-4.4

-10.0

2.5

6.2

8.4

11.9

10

9

7

2.58

24.11

188

10/95

482 UTI CCF-Savings Plan Reg

NR

-2.7

-3.7

4.6

8.1

9.7

10.1

7

7

4

1.77

22.33

3594

07/93

483 UTI Retirement Benefit Pension Reg

NR

-4.3

-4.4

4.5

6.9

8.0

10.0

8

8

6

1.81

25.04

2722

12/94

Hybrid: Conservative Hybrid

0.2

3.1

5.9

7.7

8.3

36

36

31

484 Aditya Birla SL Regular Savings



0.4

0.5

5.3

9.4

9.4

9.4

26

27

3

1.84

39.14

2150

05/04

485 Aditya Birla SL Retirement Fund - The 50s Plan Reg

NR

2.7

-

-

-

-

3.2

-

-

-

2.14

10.32

25

03/19 07/10

486 Axis Regular Saver



-5.0

-2.9

3.6

6.1

-

7.1

32

34

30

2.39

18.60

241

487 Baroda Conservative Hybrid



6.0

11.8

7.7

8.2

7.5

6.4

2

5

8

2.07

25.13

15

09/04

488 BNP Paribas Conservative Hybrid



1.8

5.7

6.2

7.7

7.3

7.4

11

16

19

2.14

28.90

399

09/04

489 BOI AXA Conservative Hybrid Reg



-12.9

-13.5

0.2

4.2

5.2

6.0

36

36

31

2.32

18.27

161

03/09

490 Canara Robeco Conservative Hybrid Reg



2.0

6.5

6.2

7.2

8.3

10.9

8

17

25

1.93

57.39

198

04/01

491 DSP Regular Savings



0.0

-3.0

3.4

6.3

7.5

8.7

33

35

29

2.19

35.50

274

06/04

492 Essel Regular Savings



0.1

3.6

5.0

6.7

-

7.4

22

30

27

2.35

19.04

40

07/10

493 Franklin India Debt Hybrid A



1.3

5.3

5.2

8.0

8.4

9.6

15

28

12

2.33

56.24

317

09/00

494 Franklin India Life Stage FoF 40s



-0.8

2.7

6.4

8.5

9.5

10.5

25

13

5

1.38

47.67

13

12/03

495 Franklin India Life Stage FoF 50s Plus



0.2

4.6

6.9

8.1

8.3

8.5

18

8

10

1.38

35.98

6

12/03

496 Franklin India Life Stage FoF 50s Plus FR



0.3

5.0

6.7

7.8

8.2

9.2

17

10

17

0.79

37.92

28

07/04

497 HDFC Hybrid Debt



1.5

6.4

6.1

7.9

9.0

10.3

9

19

15

1.80

46.15

3060

12/03

498 HDFC Retirement Savings Fund-Hybrid Debt Reg



499 HSBC Managed Solutions India Conservative Reg



500 HSBC Regular Savings



2.5

5.9

5.5

7.3

501 ICICI Pru Moderate



2.0

7.5

7.0

7.3

Ç

Ç

Ç Ç

1.8

5.1

6.8

-

-

8.6

16

9

-

2.22

13.26

67

02/16

0.1

5.5

5.6

7.2

-

7.9

12

22

24

1.65

14.88

157

04/14

8.2

8.9

10

25

23

2.20

37.29

112

02/04

8.1

8.3

3

6

22

0.58

34.97

116

12/03

502 ICICI Pru Regular Savings



1.3

6.7

8.1

9.9

9.6

10.0

6

3

2

1.96

43.17

1640

03/04

503 ICICI Pru Retirement Fund - Hybrid Conservative Plan

NR

2.2

-

-

-

-

4.0

-

-

-

2.01

10.40

56

02/19

504 ICICI Pru Thematic Advantage



-5.6

-7.7

6.2

8.4

9.4

13.1

35

14

7

1.15

68.20

8

12/03

505 IDFC Asset Allocation Aggressive Reg



-4.4

-5.7

4.3

7.1

-

8.7

34

32

26

1.59

22.03

16

02/10

506 IDFC Asset Allocation Conservative Reg



0.8

4.0

6.6

8.0

-

8.3

20

12

11

0.79

21.33

14

02/10

507 IDFC Asset Allocation Moderate Reg



-1.5

-0.2

5.5

7.7

-

8.8

30

24

18

1.02

22.18

38

02/10

508 IDFC Regular Savings Reg



1.1

5.3

5.8

8.0

-

8.6

13

20

14

2.19

21.72

197

02/10 12/15

È

509 Indiabulls Savings Income Reg



0.8

4.3

8.7

-

-

8.7

19

1

-

2.22

13.59

20

510 Kotak Asset Allocator Reg



2.1

6.8

7.8

9.4

10.8

15.1

5

4

-

0.75

82.39

38

08/04

511 Kotak Debt Hybrid Reg



2.0

5.3

6.2

8.4

8.4

7.6

14

15

6

2.22

31.46

255

12/03

512 L&T Conservative Hybrid



2.9

6.9

6.1

7.4

7.1

8.3

4

18

20

2.21

35.61

41

07/03

513 LIC MF Debt Hybrid



2.6

6.6

5.5

6.5

6.4

8.4

7

26

28

2.24

55.72

70

06/98

514 Principal Retirement Savings Fund Conservative Reg

NR

-1.1

0.1

4.7

-

-

5.8

27

31

-

2.25

12.27

1

12/15

515 Reliance Hybrid Bond



0.3

3.2

5.6

7.8

8.8

9.8

23

23

16

1.87

42.97

1782

12/03

516 Reliance Retirement Fund - Income Generation Scheme



7.0

13.4

6.9

-

-

7.1

1

7

-

2.17

13.58

247

02/15

È

517 SBI Debt Hybrid



1.2

3.8

5.1

8.2

8.1

7.8

21

29

9

1.74

39.57

1170

03/01

518 SBI Magnum Children’s Benefit Fund



-1.7

-0.1

8.6

10.7

10.8

10.2

29

2

1

2.22

54.64

63

02/02

519 Sundaram Debt Oriented Hybrid



6.9

31

33

21

2.19

18.74

57

03/10

-4.3

-0.6

4.0

7.4

-

S&P BSE Sensex Total Return Index

-3.3

0.9

11.5

9.1

10.7

VR Balanced Total Return Index

-3.3

1.0

9.6

8.8

9.8

1.3

6.9

8.0

8.3

8.1

VR MIP Total Return Index ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

73

For more on funds, visit www.valueresearchonline.com Performance

Balanced

Fund basics

Total return (%) Fund rating

Abs ol u te

Hybrid: Conservative Hybrid 520 Tata Retirement Savings Conservative Reg



521 UTI Regular Savings Reg



È

Hybrid: Equity Savings 522 Aditya Birla SL Equity Savings Reg



523 Axis Equity Saver Reg



524 Baroda Equity Savings Fund Reg

NR

525 DHFL Pramerica Equity Savings



526 DSP Equity Savings Reg



527 Edelweiss Equity Savings Reg



È

È

3-M

1-Y

3-Y

0.2

3.1

0.8

3.1

-2.1

Rank Since launch

Annualised

5-Y

10-Y

5.9

7.7

8.3

6.7

8.7

-

9.3

0.1

5.6

8.0

8.5

9.4

-0.8

1.2

5.8

-1.4

-1.6

4.5

-

-

-0.9

1.6

6.5

-

-

Within category

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

4

2.24

13

1.78

19.96

131

11/11

40.52

2465

12/03

1-Y

3-Y

5-Y

36

36

31

24

11

28

21

16

13

0

6.0

14

11

-

2.34

13.15

940

11/14

6.4

8

5

-

2.53

12.79

765

08/15

-

-

-

-

-

0.2

-

-

-

-

10.02

-

07/19

-0.4

2.5

6.0

8.9

7.7

7.8

4

7

-

1.24

31.84

20

01/04

-1.9

-0.6

4.9

-

-

6.6

13

8

-

2.13

12.39

1223

03/16

-0.6

1.4

6.7

-

-

7.0

9

4

-

1.74

13.83

124

10/14

528 Franklin India Equity Savings Fund Reg

NR

-1.3

-

-

-

-

0.9

-

-

-

2.11

10.09

297

08/18

529 HDFC Equity Savings



-1.0

3.0

8.0

8.0

9.2

9.1

3

1

-

1.96

36.47

5422

09/04

530 ICICI Pru Equity Savings



1.2

7.2

7.5

-

-

7.4

1

2

-

1.36

13.96

1672

12/14

531 IDBI Equity Savings

NR

0.0

0.4

2.8

5.0

-

6.1

12

-

-

2.11

16.39

19

03/11

532 IDFC Equity Savings Regular

NR

-0.3

1.2

4.3

5.3

6.3

6.4

10

-

-

2.18

19.93

75

06/08

533 Invesco India Equity Savings Fund Reg

NR

-0.5

-

-

-

-

0.9

-

-

-

2.42

10.09

295

03/19

534 Kotak Equity Savings Reg



-0.8

2.4

7.0

-

-

7.5

5

3

-

2.14

14.17

2121

10/14

535 L&T Equity Savings



-4.0

-2.1

4.1

6.2

-

7.2

15

13

-

1.57

17.16

158

10/11

536 Mahindra Dhan Sanchay Equity Savings Yojana Reg

NR

-0.5

2.0

-

-

-

4.5

6

-

-

2.56

11.17

260

02/17

Ç

537 Mirae Asset Equity Savings Fund Reg

NR

0.3

-

-

-

-

4.1

-

-

-

1.66

10.41

52

12/18

538 Principal Equity Savings



0.0

2.0

6.2

6.5

6.1

7.7

7

6

-

2.09

35.91

55

05/02

539 Reliance Equity Savings



-3.1

-4.5

4.3

-

-

4.9

16

12

-

2.17

12.21

1362

05/15

540 SBI Equity Savings Reg



-1.7

0.9

4.8

-

-

6.2

11

9

-

1.68

12.84

1977

05/15

541 Sundaram Equity Savings Fund Reg

NR

-0.1

-

-

-

-

3.5

-

-

-

2.52

10.35

133

12/18

542 Tata Equity Savings Reg



0.4

3.7

4.6

6.1

6.4

8.8

2

10

-

2.29

32.88

142

04/97

Ç

543 Union Equity Savings Fund Reg

NR

0.4

-

-

-

-

3.1

-

-

-

1.88

10.51

262

08/18

544 UTI Equity Savings Fund Reg

NR

-0.4

-

-

-

-

1.3

-

-

-

1.48

10.13

339

08/18

1.7

6.0

5.9

6.6

7.1

1.7

6.5

6.1

6.5

6.8

0.83

19.39

3919

07/09

Hybrid: Arbitrage 545 Aditya Birla SL Arbitrage



19

16

12

6.8

8

10

8

546 Axis Arbitrage Reg



1.7

6.4

6.2

-

-

6.5

11

7

-

0.99

13.68

2296

08/14

547 BNP Paribas Arbitrage Fund Reg

NR

1.7

6.6

-

-

-

6.4

6

-

-

0.99

11.75

582

12/16

548 BOI AXA Arbitrage Fund Reg

NR

1.5

5.9

-

-

-

5.9

18

-

-

0.99

10.66

90

06/18

549 DHFL Pramerica Arbitrage Reg



1.5

6.0

5.9

-

-

6.5

16

13

-

0.96

13.64

185

08/14

550 DSP Arbitrage Fund Reg

NR

2.0

6.7

-

-

-

6.5

2

-

-

0.89

10.99

441

01/18

551 Edelweiss Arbitrage Reg



1.8

6.5

6.3

6.8

-

6.9

7

3

1

1.09

14.05

3433

06/14

552 Essel Arbitrage Fund Reg

NR

1.3

-

-

-

-

5.2

-

-

-

1.00

10.52

2

08/18

553 HDFC Arbitrage Wholesale



1.7

6.2

5.9

6.4

7.0

7.1

13

14

11

0.75

22.47

3688

10/07

554 ICICI Pru Equity Arbitrage



1.8

6.5

6.2

6.6

7.3

7.5

9

6

4

0.95

24.99 10337

12/06

1.8

6.8

6.2

6.5

7.1

7.1

1

5

7

1.04

23.87

5497

12/06

1.8

6.1

6.2

-

-

6.7

14

9

-

0.96

13.48

37

12/14 04/07

555 IDFC Arbitrage Regular



556 Indiabulls Arbitrage Reg



557 Invesco India Arbitrage



1.7

6.1

6.0

6.5

6.9

7.1

15

12

9

1.00

23.06

233

558 JM Arbitrage



1.5

5.9

5.8

6.2

7.0

7.2

17

15

12

0.79

24.83

73

07/06

559 Kotak Equity Arbitrage Reg



1.7

6.6

6.3

6.7

7.3

7.4

5

2

3

0.97

27.03 13769

09/05

È

È

560 L&T Arbitrage Opportunities Reg



1.8

6.3

6.2

6.6

-

6.7

12

8

6

0.95

13.88

698

06/14

561 LIC MF Arbitrage Fund Reg

NR

1.5

-

-

-

-

3.2

-

-

-

1.02

10.32

104

01/19

562 Principal Arbitrage Reg



1.0

-1.3

3.0

-

-

3.3

19

16

-

0.92

11.14

5

04/16

563 Reliance Arbitrage



1.8

6.7

6.4

6.8

-

7.8

3

1

2

1.04

19.40

8759

10/10

1.2

4.6

4.2

4.7

4.6

-3.3

0.9

11.5

9.1

10.7

1.3

6.9

8.0

8.3

8.1

CCIL T Bill Liquidity Weight S&P BSE Sensex Total Return Index VR MIP Total Return Index ÇÈ Increase/decrease in rating over the month

74

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Balanced

Fund basics

Total return (%) Fund rating

Abs ol u te

Hybrid: Arbitrage

3-M

1-Y

3-Y

Rank Since launch

Annualised

5-Y

10-Y

Within category

1-Y

3-Y

5-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

1.7

6.0

5.9

6.6

7.1

19

16

12

564 SBI Arbitrage Opportunities



1.9

6.5

6.1

6.5

7.1

7.3

10

11

10

0.88

24.62

2873

11/06

565 Tata Arbitrage Fund Reg

NR

1.9

-

-

-

-

4.3

-

-

-

1.13

10.43

188

12/18

566 Union Arbitrage Fund Reg

NR

1.7

-

-

-

-

3.1

-

-

-

1.04

10.31

119

02/19

567 UTI Arbitrage Reg



1.8

6.7

6.2

6.6

6.9

7.4

4

4

5

0.83

25.48

1876

06/06

18

13

9

14

8

1

1.29

28.27

6

08/06 04/00

Hybrid: Dynamic Asset Allocation

-1.6

0.0

5.8

7.6

9.6

568 Aditya Birla SL Asset Allocator MMFoF



-1.6

-1.9

6.0

9.6

6.0

8.3

569 Aditya Birla SL Balanced Advantage



-1.1

2.4

6.4

8.6

9.3

9.0

7

5

-

2.12

52.23

2765

570 Axis Dynamic Equity Fund Reg

NR

-1.3

-1.5

-

-

-

4.2

13

-

-

2.28

10.86

2287

08/17

571 Baroda Dynamic Equity Fund Reg

NR

-1.3

-

-

-

-

4.4

-

-

-

2.45

10.44

399

11/18

572 BNP Paribas Dynamic Equity Fund Reg

NR

1.7

-

-

-

-

4.0

-

-

-

2.41

10.40

79

03/19

573 BOI AXA Equity Debt Rebalancer Reg



-9.9

-10.3

0.7

4.3

-

5.9

18

13

9

2.36

13.62

156

03/14

574 DSP Dynamic Asset Allocation Reg



0.7

5.1

5.9

7.3

-

8.0

1

9

6

2.31

15.24

864

02/14

575 Edelweiss Balanced Advantage Reg



-2.7

-3.1

6.3

7.3

-

8.7

16

6

5

2.22

22.97

1450

08/09

576 Franklin India Dynamic PE Ratio FoF



-0.5

4.8

7.5

8.8

9.5

14.4

2

1

4

1.26

83.53

980

10/03

577 HDFC Balanced Advantage

NR

-2.3

3.9

9.0

9.5

13.7

18.3

4

-

-

1.59

194.57 43168

02/94

578 ICICI Pru Balanced Advantage



-0.8

3.8

7.5

9.3

12.2

10.5

5

2

2

1.71

35.27 28708

12/06

579 IDFC Dynamic Equity Reg



580 Invesco India Dynamic Equity



È

-1.4

-1.2

5.7

-

-

5.8

12

10

-

2.17

13.12

1070

10/14

-1.2

-2.4

7.4

9.1

11.6

9.3

15

3

3

2.33

28.60

966

10/07

581 Kotak Balanced Advantage Fund Reg

NR

0.0

-

-

-

-

4.7

-

-

-

2.11

10.47

2878

08/18

582 L&T Balanced Advantage



-0.4

1.8

6.1

8.0

-

11.0

8

7

-

2.46

24.16

544

02/11

583 Motilal Oswal Dynamic Reg

NR

-0.7

-0.7

-

-

-

7.1

11

-

-

2.26

12.15

1394

09/16

584 Principal Balanced Advantage



-2.6

-0.2

4.7

6.0

-

8.5

9

11

8

2.10

20.28

214

12/10

585 Reliance Balanced Advantage

NR

586 SBI Dynamic Asset Allocation Reg



-1.6

3.0

8.6

9.2

11.6

16.1

6

-

-

2.14

89.76

2040

11/04

-2.2

-0.5

6.8

-

-

6.6

10

4

-

2.20

13.19

686

03/15

587 Shriram Balanced Advantage Fund Reg

NR

-

-

-

-

-

-1.0

-

-

-

-

9.90

-

07/19

588 Tata Balanced Advantage Fund Reg

NR

-0.9

-

-

-

-

2.8

-

-

-

2.35

10.28

890

01/19

589 Union Balanced Advantage Reg

NR

0.0

4.3

-

-

-

4.0

3

-

-

2.53

10.65

551

12/17

590 UTI ULIP



-6.1

-7.1

4.0

6.8

8.6

9.0

17

12

7

1.72

24.01

4233

10/71

9 05/11

Hybrid: Multi Asset Allocation

Ç

-0.8

1.0

5.4

7.3

7.9

13

10

591 Aditya Birla SL Financial Planning FoF Aggressive

NR

-2.8

-2.8

6.1

9.1

-

10.0

13

4

1

1.41

21.96

119

592 Aditya Birla SL Financial Planning FoF Conservative

NR

0.1

1.8

5.3

6.9

-

7.6

6

6

6

1.17

18.30

4

05/11

593 Aditya Birla SL Financial Planning FoF Prudent

NR

-1.3

-0.1

5.6

7.7

-

8.6

9

5

4

1.27

19.70

13

05/11

594 Axis Triple Advantage

NR

0.5

0.1

5.2

6.9

-

7.7

8

7

7

2.40

19.40

274

08/10

595 Essel 3 in 1

NR

-1.8

1.1

3.6

5.8

-

7.0

7

10

8

2.50

17.54

20

04/11

596 Franklin India Multi Asset Solution

NR

0.5

2.8

4.0

-

-

4.9

4

8

-

1.37

12.48

29

11/14

597 HDFC Dynamic PE Ratio Fund of Funds Reg

NR

-1.9

2.4

7.3

9.0

-

8.4

5

1

2

1.00

18.35

21

02/12

598 HDFC Multi Asset

NR

-3.2

-2.5

4.7

6.1

8.7

8.5

12

-

-

2.83

31.10

160

08/05

16.62

159

04/14

262.81 11444

10/02

599 HSBC Managed Solutions India Moderate Reg

NR

-3.0

-2.2

6.4

8.4

-

10.2

11

3

3

1.90

600 ICICI Pru Multi Asset

NR

-1.4

3.2

9.6

9.1

13.3

21.5

3

-

-

1.92

601 Quant Multi Asset

NR

2.1

8.1

5.2

6.7

6.4

7.5

-

-

-

2.48

37.56

0

602 Quantum Multi Asset Reg

NR

0.7

6.0

6.8

7.5

-

9.0

1

2

5

0.50

18.50

17

04/17

603 SBI Multi Asset Allocation

NR

2.4

5.0

5.7

8.2

8.7

7.6

2

-

-

1.81

27.16

264

12/05

604 UTI Multi Asset Reg

NR

-1.8

-2.2

3.7

4.3

7.9

11.8

10

9

9

2.41

33.04

779

11/08

1.2

4.6

4.2

4.7

4.6

CCIL T Bill Liquidity Weight S&P BSE Sensex Total Return Index

-3.3

0.9

11.5

9.1

10.7

VR Balanced Total Return Index

-3.3

1.0

9.6

8.8

9.8

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

03/01

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

75

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

A bs o lu te

Debt: Long Duration

1-M

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

3.2

10.4

19.9

9.1

10.2

2

2

1

605 ICICI Pru Long Term Bond

NR

3.1

8.8

16.7

9.1

10.2

9.2

2

2

1

1.70

63.96

742

07/98

606 Reliance Nivesh Lakshya Fund Reg

NR

3.3

12.0

23.1

-

-

21.7

1

1

-

0.53

12.34

578

07/18

2.2

4.2

9.8

6.4

8.1

14

14

14

Debt: Medium to Long Duration 607 Aditya Birla SL Income



2.7

6.1

13.3

7.1

8.8

9.5

4

4

6

1.59

86.02

960

10/95

608 Canara Robeco Income Reg



2.1

5.9

12.2

7.6

8.7

8.7

5

6

4

1.88

40.60

105

09/02

609 HDFC Income



1.9

4.5

9.9

5.3

7.8

7.9

10

10

12

2.26

41.96

607

09/00

610 HSBC Debt



2.6

6.6

13.9

6.4

7.9

7.1

3

3

9

2.07

31.54

41

12/02

611 ICICI Pru Bond



1.8

4.3

10.4

7.1

8.8

9.4

11

8

7

1.09

26.80

3279

08/08

Ç

612 ICICI Pru Debt Management



1.0

2.4

7.9

7.4

9.2

7.3

12

12

5

0.75

30.05

182

12/03

613 IDFC Bond Income Reg



2.9

7.0

14.4

8.0

9.3

8.5

2

2

1

1.90

47.45

654

07/00

614 JM Income



1.5

-5.8

-1.0

2.6

4.8

6.6

14

13

14

1.11

47.05

20

04/95

615 Kotak Bond Regular



2.5

5.7

12.5

6.4

8.2

8.9

7

5

10

1.84

53.66

1790

11/99

616 LIC MF Bond



2.2

5.7

11.9

6.7

7.8

8.5

6

7

8

1.07

51.52

265

06/99

617 Reliance Income



2.7

7.3

15.1

7.7

9.1

8.9

1

1

3

1.62

63.43

239

01/98

618 SBI Magnum Income



2.2

5.0

10.3

7.9

8.8

7.8

8

9

2

1.47

47.06

1181

11/98

619 Tata Income Reg



2.0

5.0

9.2

6.1

7.8

8.1

9

11

11

1.94

57.24

74

04/97

620 UTI Bond Reg



2.5

-1.2

-2.5

3.0

6.1

8.0

13

14

13

1.55

50.79

609

05/98

1.6

0.9

5.2

6.4

7.6

17

16

15

1.5

2.4

4.4

6.4

8.1

8.5

10

12

11

1.59

23.32

7098

03/09

1.6

0.9

7.0

7.4

8.8

8.6

12

9

4

1.05

18.37

1183

03/12

1.7

-5.6

-2.0

3.0

5.5

5.9

16

15

14

1.23

13.64

108

03/14

1.7

-1.4

2.0

4.9

7.2

8.1

14

13

13

0.79

56.73

315

04/97 12/09

Debt: Medium Duration 621 Aditya Birla SL Medium Term



622 Axis Strategic Bond



623 BNP Paribas Medium Term



624 DSP Bond Ret



È

Ç

625 Franklin India Income Opportunities



1.1

2.3

7.6

8.3

8.7

8.9

11

6

2

1.70

22.67

3670

626 HDFC Medium Term Debt



1.5

3.4

9.0

7.3

8.2

8.0

6

4

6

1.29

38.15

1038

02/02

627 ICICI Pru Medium Term Bond



1.3

2.9

7.2

6.9

8.1

7.5

7

7

8

1.55

29.24

5877

09/04

628 ICICI Pru Retirement Fund - Pure Debt Plan

NR

1.6

4.3

-

-

-

5.7

1

-

-

2.05

10.57

156

02/19

629 IDFC Bond Medium Term Reg



1.7

4.2

10.6

7.4

8.2

7.6

2

1

5

1.42

32.51

2441

07/03

630 Indiabulls Income Reg



1.7

3.5

9.4

7.9

8.8

7.7

4

3

3

0.76

16.09

11

03/13

631 Kotak Medium Term Reg



1.2

0.9

5.8

6.5

8.1

8.4

13

11

10

1.68

15.42

3765

03/14

632 L&T Resurgent India Bond Reg



1.7

2.6

6.9

6.3

-

7.6

8

10

12

1.72

13.91

1959

02/15

633 Reliance Strategic Debt

NR

0.7

-2.4

-1.3

4.2

6.7

6.7

15

14

-

1.65

13.94

4238

06/14

634 SBI Magnum Medium Duration



1.8

4.2

10.1

8.9

9.5

8.0

3

2

1

1.09

33.71

1692

11/03

635 Sundaram Medium Term Bond Reg



1.7

3.5

8.3

6.8

7.9

8.0

5

5

9

2.00

53.36

88

12/97

636 Tata Medium Term Reg



1.6

-13.3

-9.1

0.5

4.0

5.5

17

16

15

1.45

24.57

43

11/02

637 UTI Medium Term Reg



2.3

2.6

7.1

7.2

-

7.8

9

8

7

1.57

13.85

319

03/15

26

Debt: Short Duration

Ç

1.4

0.1

5.4

5.9

7.1

29

28

638 Aditya Birla SL Short Term Opportunities



1.5

3.4

9.6

7.4

8.5

7.4

4

3

5

1.14

32.00

3193

05/03

639 Axis Short Term



1.6

3.1

9.4

7.4

8.1

8.1

10

5

4

0.90

20.92

2556

01/10

640 Baroda Short Term Bond



1.3

3.1

8.9

8.1

8.5

8.2

14

13

2

1.29

20.51

288

06/10

641 BNP Paribas Short Term



1.4

0.8

6.3

6.5

7.5

7.7

20

18

16

1.18

21.45

135

09/04

642 BOI AXA Short Term Income Reg



1.2

-10.2

-6.0

2.4

5.2

5.8

29

28

26

1.10

18.14

83

12/08

643 Canara Robeco Short Duration Reg

NR

1.2

2.9

8.4

7.3

7.2

7.4

17

15

-

1.02

18.05

383

04/11

644 DHFL Pramerica Short Maturity



2.9

-7.4

-4.3

3.0

5.5

7.0

26

26

24

1.33

30.77

133

01/03

645 DSP Short Term



1.3

3.2

9.0

6.8

7.8

7.2

9

12

14

0.99

32.45

2616

09/02

646 Edelweiss Short Term Reg



0.6

-7.7

-2.8

3.1

1.6

4.8

27

25

23

0.79

15.52

24

03/10

647 Franklin India ST Income Ret



1.0

1.7

8.4

8.5

8.8

8.3

19

17

1

1.49

648 HDFC Short Term Debt



1.3

3.1

9.2

7.7

8.3

8.7

13

7

3

0.40

21.31

7991

06/10

649 HSBC Short Duration



6.5

24

23

22

1.28

28.52

689

12/02

1.2

-6.0

-0.9

3.6

5.6

CCIL T Bill Liquidity Weight

0.4

1.2

4.6

4.2

4.7

VR Bond Index

1.4

4.5

11.1

7.0

8.0

ÇÈ Increase/decrease in rating over the month

76

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

4054.02 13235

01/02

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

A bs o lu te

Debt: Short Duration

1-M

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

26

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

10/01

1.4

0.1

5.4

5.9

7.1

29

28

650 ICICI Pru Short Term



1.3

3.1

9.1

7.4

8.4

8.1

11

10

6

1.15

39.91

8680

651 IDBI Short Term Bond



1.1

-2.2

3.2

5.1

6.4

7.4

21

19

17

1.49

18.15

52

03/11

652 IDFC All Seasons Bond Reg



1.6

3.6

10.0

7.3

8.1

7.6

1

1

7

0.48

29.85

144

09/04

653 IDFC Bond Short Term Reg



Ç

1.4

3.1

9.7

7.3

8.0

7.6

12

2

9

0.79

39.27

8021

12/00

654 Indiabulls Short Term Reg



Ç

0.8

2.2

8.4

7.3

8.1

8.2

18

16

8

1.48

1589.52

108

09/13

655 Invesco India Short term



1.6

3.3

9.0

6.8

7.5

7.7

8

11

15

1.25

2508.66

672

03/07

656 JM Short Term



1.1

-3.0

2.0

4.8

6.4

8.2

22

21

19

0.82

25.32

44

04/03 05/02

657 Kotak Bond Short-term Reg



1.4

3.3

9.5

7.2

8.0

7.7

6

4

12

1.14

36.02

9143

658 L&T Short Term Bond Fund



1.2

3.0

9.1

7.2

7.9

8.4

15

9

11

0.72

18.40

4077

12/11

659 LIC MF Short Term Debt Fund Reg

NR

1.4

3.4

-

-

-

5.4

5

-

-

1.43

10.54

174

02/19 03/18

660 Mirae Asset Short Term Fund Reg

NR

1.6

3.3

9.3

-

-

7.8

7

6

-

1.03

11.09

80

661 Principal Short Term Debt



1.4

-6.5

-1.3

3.6

5.9

7.1

25

24

21

1.05

30.45

195

05/03

662 Reliance Short-term



1.3

2.9

8.7

6.9

8.0

8.0

16

14

13

1.14

35.80

6477

12/02

663 SBI Short Term Debt



1.6

3.4

9.2

7.2

8.1

7.9

3

8

10

0.84

22.12

7063

07/07

664 Sundaram Short Term Debt



1.3

-5.1

0.2

4.1

6.0

6.8

23

22

20

0.92

30.24

283

09/02

665 Tata Short-term Bond Reg



1.4

3.4

2.8

4.9

6.6

7.4

2

20

18

1.18

33.61

2117

08/02

666 UTI Short-term Income Reg



1.7

-9.1

-4.5

2.9

5.4

7.3

28

27

25

0.77

20.50

2332

08/07

25

Debt: Low Duration

0.9

-2.4

3.2

5.6

6.7

26

26

667 Aditya Birla SL Low Duration



1.0

2.3

8.3

7.3

7.8

7.5

7

6

9

1.23

461.52

8585

05/98

668 Axis Treasury Advantage



1.1

2.5

8.7

7.5

7.9

8.1

1

2

5

0.58

2149.93

1317

10/09

669 Baroda Treasury Adv



0.2

-16.9

-12.9

0.3

3.8

6.0

26

26

25

0.90

1808.08

346

06/09

670 BNP Paribas Low Duration



1.0

1.3

7.1

6.8

7.4

7.9

13

13

14

1.00

28.51

210

10/05

671 Canara Robeco Savings Reg



Ç

1.0

2.4

8.2

7.4

7.9

7.9

5

8

7

0.55

30.05

1059

03/05

672 DHFL Pramerica Low Duration



È

1.1

-14.5

-9.8

1.3

4.4

6.7

24

24

23

1.22

21.84

237

06/07 03/15

673 DSP Low Duration Reg



0.9

1.4

7.6

7.1

-

7.7

12

12

11

0.50

13.84

2554

674 Edelweiss Low Duration Reg



0.9

-10.1

-5.1

2.8

3.0

6.1

23

23

22

1.00

2012.37

171

09/07

675 Franklin India Low Duration



1.0

1.7

8.3

8.5

9.0

9.2

11

7

1

0.88

22.14

6631

02/00

676 HDFC Low Duration



1.0

2.3

8.0

7.1

7.5

7.3

8

9

10

1.01

40.20 15149

11/99

677 HSBC Low Duration



0.9

-7.5

-2.4

3.4

5.3

6.3

20

20

19

1.02

15.17

678 ICICI Pru Savings



1.0

2.5

8.6

7.8

8.3

8.1

2

3

2

0.48

679 IDFC Low Duration Reg



680 Invesco India Treasury Advantage



681 JM Low Duration 682 Kotak Low Duration Standard

239

10/06

369.28 18724

09/02

1.0

2.4

8.5

7.6

8.1

7.7

4

4

4

0.49

27.24

3889

01/06

1.0

2.5

8.8

7.4

7.9

8.1

3

1

8

0.65

2659.34

498

01/07



0.5

-9.5

-4.3

3.1

5.3

7.1

22

22

21

0.45

24.16

176

09/06



1.0

1.8

7.9

7.6

8.4

7.7

10

11

3

1.06

2339.04

5017

03/08

Ç

683 L&T Low Duration



1.0

-0.1

5.6

7.1

8.0

8.4

16

16

12

0.95

20.07

1041

12/10

684 LIC MF Savings



1.0

-1.9

3.7

5.8

6.8

6.6

17

17

16

0.83

28.13

1223

06/03

685 Mahindra Low Duration Bachat Yojana Reg



0.9

2.2

7.9

-

-

6.8

9

10

-

1.13

1176.43

299

02/17

686 Mirae Asset Savings Fund - Regular Savings Plan



0.9

1.0

6.5

6.3

6.6

7.1

14

15

15

0.83

1625.87

586

03/08

687 Principal Low Duration



0.7

-14.7

-11.1

0.8

3.8

6.4

25

25

24

0.70

2512.76

178

09/04

688 Reliance Low Duration



1.0

0.4

6.7

6.9

7.6

8.1

15

14

13

0.65

2606.72

4168

03/07

È

689 SBI Magnum Low Duration



1.0

2.4

8.5

7.5

8.0

7.9

6

5

6

0.95

2485.00

7262

07/07

690 Sundaram Low Duration Reg



0.9

-3.5

1.9

5.1

6.4

7.6

19

19

18

0.75

24.67

1062

04/07

691 Tata Treasury Advantage Reg



1.0

-3.3

2.4

5.6

6.8

7.6

18

18

17

0.54

2757.20

944

09/05

692 UTI Treasury Advantage Reg



1.1

-9.4

-4.1

3.3

5.6

7.2

21

21

20

0.37

2346.32

2546

03/03

0.9

1.6

6.2

6.5

7.3

24

21

17

Debt: Ultra Short Duration

È

693 Aditya Birla SL Savings



1.0

2.4

8.8

7.9

8.4

7.8

3

3

4

0.35

694 Axis Ultra Short Term Fund Reg

NR

0.8

2.1

-

-

-

7.2

15

-

-

1.20

379.82 15269 10.72

1859

11/01 09/18

695 Baroda Ultra Short Duration Fund Reg

NR

0.8

2.2

8.2

-

-

8.3

9

8

-

0.38

1097.68

224

06/18

696 BOI AXA Ultra Short Duration Reg



0.8

2.1

8.0

8.0

8.4

7.9

12

11

3

0.58

2320.91

339

07/08

0.4

1.2

4.6

4.2

4.7

CCIL T Bill Liquidity Weight ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

77

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

A bs o lu te

Debt: Ultra Short Duration

1-M

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

0.9

1.6

6.2

6.5

7.3

24

21

17

697 Canara Robeco Ultra Short Term Reg



0.7

1.8

6.8

6.2

7.1

7.7

17

13

11

0.95

2826.19

170

07/08

698 DHFL Pramerica Ultra Short Term



2.4

6.2

11.4

8.5

8.7

8.5

1

1

2

0.71

24.01

50

07/08

699 DSP Ultra Short Reg



0.8

2.1

5.7

6.2

6.9

7.3

13

16

10

1.00

2499.72

3602

07/06

700 Essel Ultra Short Term



0.7

1.8

6.7

6.6

7.2

8.0

19

14

9

1.05

2060.68

29

02/10

701 Franklin India Ultra Short Bond Super Inst



0.9

2.4

9.7

8.9

9.2

8.9

2

2

1

0.52

27.07 19569

12/07

702 HDFC Ultra Short Term Fund Reg

NR

0.9

2.2

-

-

-

7.4

8

-

-

0.64

10.74

6847

09/18

703 ICICI Pru Ultra Short Term

NR

0.8

2.2

8.4

7.8

9.1

8.4

5

6

-

0.94

19.40

4792

05/11

704 IDBI Ultra Short Term



0.7

-2.8

2.6

5.0

6.3

7.5

23

18

14

0.77

1905.37

286

09/10

705 IDFC Ultra Short Term Fund Reg

NR

0.8

2.2

8.5

-

-

8.5

4

4

-

0.32

10.88

2858

07/18

Ç

706 Indiabulls Ultra Short Term



0.8

2.1

7.9

7.5

8.1

8.5

14

12

5

0.69

1860.17

70

01/12

707 Invesco India Ultra Short Term

NR

0.9

2.1

8.1

7.6

8.3

8.1

11

10

-

0.90

1959.18

608

12/10

708 JM Ultra Short Duration Reg



0.7

-3.7

1.5

4.9

6.5

7.4

24

19

15

0.81

25.15

64

09/06

709 Kotak Savings Reg



0.9

2.2

8.2

7.4

7.9

7.8

7

7

7

0.68

30.75 12809

08/04 04/03

710 L&T Ultra ST



0.9

2.2

8.2

7.4

7.9

7.5

10

9

8

0.52

31.33

2672

711 Motilal Oswal Ultra Short Term Reg



0.6

1.6

-7.9

1.1

3.3

4.0

20

21

17

0.08

12.61

129

09/13

712 Principal Ultra Short Term



0.7

1.8

1.3

4.9

6.4

7.4

18

20

16

1.15

2032.27

61

12/07

713 Reliance Ultra Short Duration



0.9

1.0

5.7

6.0

6.7

6.2

21

15

12

1.16

2915.37

4348

12/01

714 SBI Magnum Ultra Short Duration Reg



0.9

2.2

8.5

7.5

7.8

7.4

6

5

6

0.50

4256.65

7858

05/99

715 Sundaram Ultra Short Term Fund Reg

NR

0.7

-

-

-

-

0.9

-

-

-

0.67

10.09

115

06/19

716 Tata Ultra Short Term Fund Reg

NR

0.8

1.9

-

-

-

3.9

16

-

-

0.66

10.39

96

01/19

717 UTI Ultra Short Term Reg



0.7

-1.9

3.5

5.8

7.0

7.1

22

17

13

0.96

2986.55

3329

08/03

718 YES Ultra Short Term Fund Reg

NR

0.8

-

-

-

-

1.1

-

-

-

-

1010.93

108

06/19 03/04

Debt: Liquid

0.5

1.7

6.8

6.8

7.4

43

39

37

719 Aditya Birla SL Liquid



0.6

1.8

7.5

7.1

7.6

7.6

2

6

10

0.28

306.17 50430

720 Axis Liquid



0.6

1.8

7.4

7.1

7.6

7.9

13

10

5

0.16

2113.42 27255

10/09

721 Baroda Liquid



0.6

1.7

7.4

7.1

7.6

7.8

21

14

7

0.20

2188.30

5282

02/09

722 BNP Paribas Liquid



0.6

1.8

7.4

7.1

7.5

7.5

11

13

21

0.19

2922.75

1144

09/04

723 BOI AXA Liquid Reg



0.5

1.7

7.3

7.1

7.6

7.4

29

24

19

0.18

2189.79

586

07/08

724 Canara Robeco Liquid Regular



0.5

1.6

7.2

6.9

7.5

7.8

32

29

29

0.11

2302.84

1068

07/08

725 DHFL Pramerica Insta Cash



0.6

1.8

7.5

7.1

7.7

7.9

4

3

2

0.26

247.80

583

09/07 03/18

726 DSP Liquid ETF Reg

NR

0.4

1.5

5.5

-

-

4.9

38

36

-

0.61

1000.00

103

727 DSP Liquidity Reg



0.6

1.7

7.4

7.0

7.6

7.6

22

19

22

0.21

2719.71

8313

11/05

728 Edelweiss Liquid Reg



0.6

1.7

7.4

7.0

7.4

7.8

18

16

28

0.35

2443.11

2665

09/07 02/10

729 Essel Liquid



0.5

1.6

7.3

7.1

7.6

8.1

34

23

6

0.20

2094.31

117

730 Franklin India Liquid Super Inst



0.6

1.8

7.6

7.1

7.7

7.8

5

1

1

0.86

2854.77

9645

09/05

731 HDFC Liquid



0.6

1.7

7.3

6.9

7.5

7.3

19

22

30

0.30

3745.14 80624

10/00

732 HSBC Cash



0.6

1.8

7.5

7.1

7.6

8.1

7

9

12

0.22

1900.08

4873

06/04

733 ICICI Pru Liquid ETF Reg

NR

0.4

1.3

-

-

-

4.9

42

-

-

0.50

1000.00

88

09/18

734 ICICI Pru Liquid Plan



0.6

1.8

7.4

7.1

7.6

7.9

10

17

17

0.27

735 IDBI Liquid



0.6

1.7

7.4

7.1

7.5

8.2

14

11

20

0.24

281.86 59795 2036.13

1754

11/05 07/10

736 IDFC Cash Regular



0.5

1.7

7.2

7.0

7.5

7.8

30

30

27

0.12

2308.13 10199

04/04

737 IIFL Liquid Reg



0.5

1.6

6.6

6.5

7.1

7.2

36

33

32

0.25

1489.91

11/13

552

738 Indiabulls Liquid



0.5

1.7

7.3

7.1

7.7

8.3

17

26

14

0.20

1856.45

1226

10/11

739 Invesco India Liquid



0.5

1.7

7.4

7.1

7.6

7.9

23

20

16

0.22

2620.42

5899

11/06

740 ITI Liquid Fund Reg

NR

0.5

1.5

-

-

-

1.6

39

-

-

0.23

1016.07

27

04/19

741 JM Liquid



0.6

1.7

7.5

7.1

7.7

7.9

15

7

3

0.14

52.13

1442

12/97

742 Kotak Liquid Regular



0.6

1.7

7.3

7.0

7.6

7.4

25

25

23

0.20

3858.87 29064

11/03

743 L&T Liquid



0.5

1.7

7.4

7.1

7.6

7.8

24

21

15

0.15

2612.12 11006

10/00

744 LIC MF Liquid



0.5

1.7

7.3

7.0

7.5

7.4

27

28

25

0.25

3443.61

03/02

0.4

1.2

4.6

4.2

4.7

CCIL T Bill Liquidity Weight ÇÈ Increase/decrease in rating over the month

78

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

8008

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

Debt: Liquid

A bs o lu te

1-M

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

37

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

07/16

0.5

1.7

6.8

6.8

7.4

43

39

745 Mahindra Liquid Reg



0.6

1.8

7.5

7.1

-

7.1

12

5

9

0.23

1235.17

2131

746 Mirae Asset Cash Management



0.6

1.7

7.4

7.0

7.3

6.8

20

18

24

0.17

1995.41

3033

01/09

747 Motilal Oswal Liquid Fund Reg

NR

0.5

1.4

-

-

-

3.6

40

-

-

0.36

10.36

417

12/18

748 Parag Parikh Liquid Reg

NR

0.5

1.5

6.4

-

-

6.3

37

34

-

0.25

1078.04

291

05/18

749 Principal Cash Mgmt



0.5

1.6

-2.1

3.8

5.7

6.9

35

39

37

0.17

1689.97

251

08/04

750 Quant Liquid



0.6

1.8

7.6

7.1

7.8

8.2

1

2

11

0.97

29.80

66

10/05

751 Quantum Liquid Direct



0.5

1.6

6.7

6.3

6.9

7.4

33

32

33

0.17

26.00

304

04/06

752 Reliance ETF Liquid BeES

NR

0.4

1.2

5.3

5.2

5.8

6.2

43

37

35

0.65

1000.00

2237

07/03

753 Reliance Liquid



0.6

1.8

7.5

7.1

7.6

7.4

3

4

4

0.28

4648.26 25565

12/03

2982.32 42831

754 SBI Liquid



0.5

1.7

7.3

7.0

7.5

7.7

28

27

26

0.25

755 Sundaram Money Reg



0.6

1.7

7.4

7.1

7.6

7.8

16

12

18

0.21

756 Tata Liquid Reg



0.6

1.8

7.4

7.1

7.6

7.6

9

15

13

757 Taurus Liquid Reg



0.4

1.3

5.8

4.1

5.8

7.3

41

35

36

758 Union Liquid



0.6

1.7

3.5

5.7

6.7

7.7

26

38

759 UTI Liquid Cash Reg



0.6

1.8

7.5

7.1

7.6

7.4

8

760 YES Liquid Fund Reg

NR

0.6

1.8

-

-

-

3.9

6

0.8

2.1

7.6

7.1

7.6

Debt: Money Market

03/07

5084

12/05

0.27

2999.51 19134

09/04

0.33

1895.95

23

09/08

34

0.19

1828.81

411

06/11

8

8

0.23

3121.65 37504

12/03

-

-

0.18

1039.02

01/19

17

14

13

761 Aditya Birla SL Money Manager



0.9

2.4

8.7

7.6

7.9

8.0

4

2

2

0.28

762 Baroda Money Market Fund Reg

NR

0.9

-

-

-

-

1.0

-

-

-

-

40.14

714

257.42 11328 1010.50

80

10/05 06/19

763 DSP Savings

NR

0.9

2.5

8.3

6.9

7.1

6.9

1

8

-

0.48

37.66

1204

09/99

764 Franklin India Savings Ret



1.0

2.5

8.7

7.7

8.0

7.5

2

1

1

0.27

35.34

1666

02/02

765 HDFC Money Market



1.0

2.4

8.4

7.3

7.7

7.5

3

6

8

0.35

3994.59

5691

11/99

766 ICICI Pru Money Market



0.9

2.2

8.4

7.4

7.8

7.6

9

7

6

0.27

265.87

8776

03/06 02/03

767 IDFC Money Manager Reg



0.6

1.8

7.1

6.5

7.3

6.8

14

12

12

0.97

29.44

1878

768 Indiabulls Savings Fund Reg

NR

0.7

2.1

-

-

-

7.0

12

-

-

0.22

1069.81

52

09/18

769 Invesco India Money Market



0.6

1.7

7.7

7.2

7.8

8.2

15

10

9

0.50

2186.46

1915

08/09

770 JM Money Market



0.5

1.7

7.2

6.8

7.4

8.0

16

11

11

0.57

26.98

128

09/06

771 Kotak Money Market Scheme Reg



0.9

2.2

8.6

7.5

7.9

7.4

11

5

5

0.21

3160.92

8889

07/03

772 L&T Money Market



0.9

0.9

6.7

7.4

7.8

7.7

17

13

7

0.73

18.72

767

08/05

773 Quant Money Market

NR

0.7

2.0

8.0

7.3

8.0

8.4

13

-

-

0.21

29.81

21

12/05 06/05

774 Reliance Money Market



0.9

2.3

8.7

7.5

7.8

7.8

5

3

3

0.25

2902.75

3277

775 SBI Savings



0.9

2.2

8.0

7.1

7.7

7.5

10

9

10

0.83

29.72

8110

07/04

776 Sundaram Money Market Fund Reg

NR

0.9

2.3

-

-

-

7.1

8

-

-

0.31

10.71

233

09/18

777 Tata Money Market Reg



0.9

2.3

0.7

4.8

6.2

6.9

7

14

13

0.42

3297.75

349

05/03

778 UTI MMMF Reg



0.9

2.3

8.6

7.5

7.9

7.9

6

4

4

0.26

2157.90

5786

07/09

3

Debt: Overnight

0.5

1.4

6.0

5.8

6.5

16

4

779 Aditya Birla SL Overnight Fund Reg

NR

0.5

1.4

-

-

-

4.5

13

-

-

0.23

1045.16

840

11/18

780 Axis Overnight Fund Reg

NR

0.5

1.4

-

-

-

2.2

3

-

-

0.16

1022.10

121

03/19

781 Baroda Overnight Fund Reg

NR

0.5

1.4

-

-

-

1.5

5

-

-

0.15

1015.30

26

04/19

782 BNP Paribas Overnight Fund Reg

NR

0.5

1.4

-

-

-

1.7

6

-

-

0.20

1017.40

10

04/19

783 Canara Robeco Overnight Fund Reg

NR

-

-

-

-

-

0.1

-

-

-

-

1001.26

-

07/19

784 DSP Overnight Fund Reg

NR

0.5

1.4

-

-

-

3.4

1

-

-

0.18

1033.89

281

01/19 07/19

785 Edelweiss Overnight Fund Reg

NR

-

-

-

-

-

0.1

-

-

-

-

1001.19

-

786 Franklin India Overnight Fund Reg

NR

0.5

-

-

-

-

1.3

-

-

-

0.15

1012.81

22

05/19

787 HDFC Overnight

NR

0.5

1.4

6.1

6.0

6.5

6.2

14

3

1

0.20

2864.88

5750

02/02

788 HSBC Overnight Fund Reg

NR

0.5

-

-

-

-

1.1

-

-

-

0.26

1010.66

116

05/19

789 ICICI Pru Overnight Fund

NR

0.5

1.4

-

-

-

4.3

7

-

-

0.20

104.31

1173

11/18

790 IDFC Overnight Fund Reg

NR

0.5

1.4

-

-

-

3.2

12

-

-

0.19

1031.77

38

01/19

791 Indiabulls Overnight Fund Reg

NR

-

-

-

-

-

0.4

-

-

-

-

1004.15

-

07/19

0.4

1.2

4.6

4.2

4.7

CCIL T Bill Liquidity Weight ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

79

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

A bs o lu te

Debt: Overnight

1-M

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

3

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

0.5

1.4

6.0

5.8

6.5

16

4

792 Kotak Overnight Fund Reg

NR

0.5

1.4

-

-

-

3.2

8

-

-

0.15

1032.19

364

01/19

793 L&T Cash

NR

0.4

1.3

5.5

5.5

6.2

7.2

16

4

3

0.83

1445.95

401

11/06

794 LIC MF Overnight Fund Reg

NR

-

-

-

-

-

0.2

-

-

-

-

1002.47

-

07/19

795 Mahindra Overnight Fund Reg

NR

-

-

-

-

-

0.1

-

-

-

-

1001.30

-

07/19

796 Reliance Overnight Fund Reg

NR

0.5

1.4

-

-

-

3.7

2

-

-

0.18

103.73

182

12/18

797 SBI Overnight Reg

NR

0.5

1.4

6.2

6.0

6.7

7.0

11

2

2

0.18

3125.16

1630

10/02

798 Sundaram Overnight Fund Reg

NR

0.5

1.4

-

-

-

2.8

4

-

-

0.21

1027.66

3

03/19

799 Tata Overnight Fund Reg

NR

0.5

1.4

-

-

-

2.0

10

-

-

0.21

1020.18

53

03/19

800 Union Overnight Fund Reg

NR

0.5

1.4

-

-

-

2.0

15

-

-

0.19

1019.61

5

03/19

801 UTI Overnight Reg

NR

0.5

1.4

6.2

6.2

7.0

6.4

9

1

-

0.16

2628.40

695

12/03

1.9

3.7

9.6

6.6

8.3

29

27

24

1.5

3.0

8.2

6.5

8.2

7.8

21

20

15

0.82

25.67

11

12/06

2.0

4.4

9.1

5.5

8.3

8.4

14

17

19

1.67

32.94

3364

09/04

2.0

5.5

12.3

7.7

9.0

8.7

11

8

8

1.41

19.93

136

04/11

1.9

-4.9

-0.2

4.0

7.0

7.3

28

26

22

1.58

16.45

21

06/12

4.2

9.6

6.7

8.5

8.3

15

16

13

1.66

32.70

151

09/04

Debt: Dynamic Bond 802 Aditya Birla SL Active Debt Multi Manager FoF



803 Aditya Birla SL Dynamic Bond Ret



È

804 Axis Dynamic Bond



805 Baroda Dynamic Bond



806 BNP Paribas Flexi Debt



1.6

È

807 Canara Robeco Dynamic Bond Reg



2.1

6.1

11.2

7.3

8.8

7.9

7

14

10

1.75

21.74

109

05/09

808 DHFL Pramerica Dynamic Bond



1.9

5.8

13.2

8.7

9.7

8.7

10

6

2

1.25

1875.41

40

01/12 05/07

809 DSP Strategic Bond Reg



2.9

3.9

11.6

6.4

8.3

7.9

18

12

16

1.03

2252.60

868

810 Edelweiss Dynamic Bond Reg

NR

2.3

6.5

15.6

7.8

8.4

6.9

4

1

-

1.01

20.90

52

06/08

811 Franklin India Dynamic Accrual



0.9

1.9

8.8

8.5

9.5

8.9

23

19

4

1.68

67.89

3923

03/97

812 HDFC Dynamic Debt



1.2

3.0

3.6

4.0

7.1

8.4

20

24

21

1.86

60.85

662

04/97

813 HSBC Flexi Debt



2.5

6.2

13.0

6.5

8.0

8.3

5

7

14

1.73

25.69

120

10/07

814 ICICI Pru All Seasons Bond



1.6

4.1

10.1

8.1

9.9

9.7

16

15

7

1.30

24.09

2750

05/09

815 IDBI Dynamic Bond



1.4

1.4

7.5

4.2

6.0

6.0

26

21

20

1.63

15.39

40

02/12

816 IDFC Dynamic Bond Reg



2.8

6.9

14.4

8.3

9.5

8.4

3

2

5

1.82

23.76

1970

12/08 06/13

Ç

817 IIFL Dynamic Bond Reg



1.0

2.0

7.4

6.7

7.9

7.0

22

22

12

1.34

15.10

328

818 Indiabulls Dynamic Bond Fund Reg

NR

1.4

4.0

-

-

-

7.4

17

-

-

0.74

1074.26

16

12/18

819 JM Dynamic Debt

NR

0.6

1.7

7.2

7.5

8.0

6.9

24

23

-

0.66

29.44

292

06/03 05/08

820 Kotak Dynamic Bond Regular



2.1

5.3

13.5

8.9

9.4

8.7

12

4

1

1.08

25.54

680

821 L&T Flexi Bond



2.2

5.3

11.8

7.4

9.3

8.7

13

10

9

1.60

20.92

55

08/06

822 Mirae Asset Dynamic Bond Fund Reg



3.4

7.3

13.4

-

-

7.4

2

5

-

1.46

11.82

30

03/17

823 Principal Dynamic Bond



1.5

-5.2

0.2

3.4

6.4

6.9

29

25

24

1.55

29.54

41

10/00

824 Quant Dynamic Bond

NR

0.6

1.6

7.7

4.7

6.7

8.8

25

-

-

0.21

59.95

20

06/98

825 Quantum Dynamic Bond Fund Direct



2.0

5.8

11.9

8.2

-

9.3

9

11

6

0.59

14.52

60

05/15

826 Reliance Dynamic Bond



827 SBI Dynamic Bond



828 Tata Dynamic Bond Reg



829 Union Dynamic Bond



830 UTI Dynamic Bond Reg



Ç

Ç

Debt: Corporate Bond 831 Aditya Birla SL Corporate Bond



Ç

2.2

5.8

11.9

6.9

8.7

6.7

8

9

11

2.06

25.92

976

11/04

3.1

7.6

14.4

8.6

9.6

6.0

1

3

3

1.65

24.57

991

02/04

1.7

3.3

8.9

6.3

8.0

6.9

19

18

17

1.47

28.92

358

09/03

2.3

6.1

11.6

5.9

7.5

7.2

6

13

18

1.47

16.78

148

02/12

2.4

-0.8

-1.5

3.9

6.6

7.8

27

27

23

1.55

19.89

633

06/10

1.5

0.0

4.8

5.5

7.1

21

17

15

1.4

3.3

10.2

8.0

8.8

9.4

11

5

4

0.39

74.27 15662

03/97

832 Aditya Birla SL Retirement Fund - The 50s Plus - Debt Plan NR

1.0

2.5

-

-

-

2.8

14

-

-

2.39

10.28

58

03/19

833 Axis Corporate Debt Reg



1.7

-0.6

6.1

-

-

6.4

17

13

-

1.05

11.36

227

07/17

834 BNP Paribas Corporate Bond



1.2

-4.9

0.2

4.4

6.4

7.2

19

15

13

0.70

19.08

46

11/08

835 Canara Robeco Corporate Bond Reg



1.4

3.5

9.5

7.0

7.9

8.2

8

7

10

1.02

15.39

175

02/14

836 DHFL Pramerica Premier Bond



1.3

3.7

8.1

6.1

7.0

6.8

5

11

11

1.13

29.77

56

01/03

837 DSP Corporate Bond Fund Reg

NR

1.5

3.5

-

-

-

11.1

9

-

-

0.48

11.11

537

09/18

CCIL T Bill Liquidity Weight

0.4

1.2

4.6

4.2

4.7

VR Bond Index

1.4

4.5

11.1

7.0

8.0

ÇÈ Increase/decrease in rating over the month

80

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

A bs o lu te

1-M

Debt: Corporate Bond

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

1.5

0.0

4.8

5.5

7.1

21

17

15

838 Edelweiss Corporate Bond Reg



È

1.0

-11.2

-5.8

2.1

-

5.0

20

16

14

1.10

12.67

62

09/14

839 Franklin India Corporate Debt A



È

1.2

3.7

10.2

8.6

9.0

9.1

6

4

1

0.90

68.41

903

06/97

840 HDFC Corporate Bond



1.7

4.0

10.9

8.1

8.8

8.9

3

2

2

0.46

21.66 12257

06/10

841 ICICI Pru Corporate Bond



1.4

3.1

9.4

7.6

8.3

8.5

12

8

5

0.56

19.74

06/09

842 IDFC Corporate Bond Reg



843 Invesco India Corporate Bond



7142

1.0

2.4

8.6

7.3

-

7.9

15

10

7

0.57

Ç

1.6

3.3

9.9

6.0

7.4

6.6

10

6

12

0.60

2164.79

13.08 15976

1.3

2.9

9.3

8.1

9.2

8.2

13

9

3

0.59

2551.25

2148

09/07

È

2.9

7.4

14.0

7.1

8.2

7.4

1

1

9

0.65

49.58

1197

03/97

517

01/16 08/07

844 Kotak Corporate Bond Standard



845 L&T Triple Ace Bond



846 Reliance Prime Debt



1.4

1.8

7.9

7.3

8.0

7.6

16

12

8

0.71

40.01

1172

09/00

847 SBI Corporate Bond Fund Reg

NR

1.7

3.7

-

-

-

5.9

7

-

-

0.85

10.59

4337

02/19

848 Sundaram Corporate Bond Reg



1.6

3.9

10.8

7.3

9.0

7.0

4

3

6

0.51

27.01

661

12/04

849 Tata Corporate Bond Reg



1.0

-39.2

-40.7

-12.4

-4.6

2.7

21

17

15

0.98

1376.60

72

07/07

850 Union Corporate Bond Fund Reg

NR

1.8

-2.3

2.7

-

-

3.6

18

14

-

1.36

10.43

331

05/18

851 UTI Corporate Bond Fund Reg

NR

2.2

4.7

-

-

-

10.4

2

-

-

0.51

11.04

200

08/18

17

Ç

Debt: Credit Risk

1.0

-2.6

0.7

4.7

7.6

20

19

852 Aditya Birla SL Credit Risk Reg



1.2

2.1

6.0

7.5

-

8.1

6

7

3

1.59

13.96

6366

04/15

853 Axis Credit Risk Reg



1.1

-1.4

4.0

5.7

7.3

7.4

13

9

10

1.91

14.37

1514

07/14 01/15

854 Baroda Credit Risk Plan A



0.7

-0.7

3.8

6.7

-

8.0

11

10

7

1.74

14.18

886

855 BOI AXA Credit Risk Reg



2.3

-46.1

-48.1

-14.8

-

-7.6

20

19

17

1.57

7.09

207

02/15

856 DHFL Pramerica Credit Risk Reg



1.4

-1.8

1.9

5.3

-

7.5

15

13

12

1.77

14.16

605

09/14

857 DSP Credit Risk



-0.3

-0.9

-3.7

3.2

6.0

6.5

12

17

15

1.05

27.87

3373

05/03

858 Franklin India Credit Risk



1.0

1.3

7.3

8.0

8.5

9.3

8

5

1

1.61

19.72

6927

12/11

859 HDFC Credit Risk Debt Reg



1.0

2.7

8.0

7.1

8.5

8.8

2

2

5

1.47

15.67 15066

03/14

860 ICICI Pru Credit Risk



1.0

2.4

7.9

7.6

8.4

8.6

4

3

2

1.54

20.40 10829

12/10

861 IDBI Credit Risk Reg



0.9

-5.1

-0.9

3.6

5.8

6.2

18

16

14

1.49

13.84

72

03/14

È

Ç

862 IDFC Credit Risk Reg



1.3

3.0

8.4

-

-

6.7

1

1

-

1.48

11.70

1318

03/17

863 Invesco India Credit Risk Reg



0.9

-2.3

-6.4

2.6

-

5.5

16

18

16

1.50

1299.80

242

09/14

864 Kotak Credit Risk Reg



1.2

2.6

7.8

7.4

8.4

8.3

3

4

4

1.67

20.92

4852

05/10

865 L&T Credit Risk



1.1

0.1

4.7

6.3

7.8

7.9

10

8

8

1.69

21.08

2811

10/09

866 Mahindra Credit Risk Yojana Reg

NR

1.0

2.0

-

-

-

6.5

7

-

-

1.91

10.65

160

08/18

867 Principal Credit Risk



1.1

-5.1

-0.1

4.7

6.5

7.1

17

15

13

1.66

2763.88

81

09/04 06/05

868 Reliance Credit Risk



0.8

0.9

3.4

5.9

7.4

6.8

9

11

9

1.56

25.39

8073

869 SBI Credit Risk



1.0

2.1

6.5

6.8

8.4

7.6

5

6

6

1.54

30.14

5322

07/04

870 Sundaram Short Term Credit Risk

NR

0.7

-5.4

-0.1

4.4

6.3

5.7

19

14

-

1.26

25.87

364

07/02

871 UTI Credit Risk Reg



7.7

1.59

16.45

4050

11/12 04/08

Debt: Banking and PSU

0.9

-1.8

2.6

5.6

7.3

1.7

3.9

9.9

7.6

8.2

14

12

11

17

17

14

872 Aditya Birla SL Banking & PSU Debt Regular



1.8

4.2

10.5

7.9

9.1

8.7

5

7

5

0.65

248.16

6746

873 Axis Banking & PSU Debt



1.6

3.5

10.7

8.2

8.4

8.6

14

5

1

0.59

1804.14

6530

06/12

874 DHFL Pramerica Banking & PSU Debt



1.5

4.2

10.2

7.4

8.3

8.3

4

9

12

0.69

16.69

50

03/13

È

875 DSP Banking & PSU Debt Reg



1.5

3.6

9.9

7.4

8.4

8.7

13

10

11

0.65

16.30

1780

09/13

876 Edelweiss Banking and PSU Debt Reg



2.6

6.1

12.6

8.1

8.5

8.7

1

1

2

0.55

16.36

89

09/13

877 Franklin India Banking & PSU Debt



1.5

3.7

11.6

7.9

8.4

8.5

12

2

4

0.55

15.40

212

04/14

878 HDFC Banking and PSU Debt Reg



1.5

3.4

9.8

7.6

8.5

8.6

15

12

10

0.81

15.54

3187

03/14

879 ICICI Pru Banking & PSU Debt



1.7

3.9

9.5

7.7

8.8

8.6

11

14

8

0.85

22.09

5929

01/10

880 IDFC Banking & PSU Debt Reg



1.7

4.0

11.5

7.6

8.1

8.3

8

3

9

0.63

16.65

6717

03/13

881 Indiabulls Banking And PSU Debt Fund Reg

NR

1.2

-

-

-

-

3.0

-

-

-

0.72

1029.59

107

05/19

È

882 Invesco India Banking & PSU Debt



1.5

3.2

9.4

7.2

7.3

7.4

16

15

13

0.65

1597.79

35

12/12

883 Kotak Banking and PSU Debt Reg



1.7

4.3

11.0

8.1

8.5

7.5

3

4

3

0.52

44.07

1789

12/98

CCIL T Bill Liquidity Weight

0.4

1.2

4.6

4.2

4.7

VR Bond Index

1.4

4.5

11.1

7.0

8.0

ÇÈ Increase/decrease in rating over the month

Performance as on July 31, 2019

AUM and Expense Ratio as on June 30, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

81

For more on funds, visit www.valueresearchonline.com Performance

Fixed Income

Fund basics

Total return (%) Fund rating

A bs o lu te

Debt: Banking and PSU

1-M

3-M

1-Y

Rank

Annualised

3-Y

5-Y

Since launch

Within category

3-M

1-Y

3-Y

14

Expense (%)

NAV (`)

AUM (` Cr)

Launch date

1.7

3.9

9.9

7.6

8.2

17

17

884 L&T Banking and PSU Debt



1.7

4.0

8.8

7.4

7.8

8.0

7

16

-

0.61

16.95

785

09/07

885 LIC MF Banking & PSU Debt



1.7

3.9

10.6

7.8

7.5

7.6

10

6

6

0.82

24.53

514

05/07

886 Reliance Banking & PSU Debt



1.8

4.0

10.5

7.8

-

8.3

6

8

7

0.77

14.00

3243

05/15

887 SBI Banking and PSU

NR

1.7

3.9

9.8

7.8

8.3

8.2

9

13

-

0.81

2159.94

1772

10/09

888 Sundaram Banking & PSU Debt Reg



1.4

3.1

9.9

7.1

7.7

7.9

17

11

-

0.36

30.16

1015

12/04

889 UTI Banking & PSU Debt Reg



1.9

4.3

1.1

5.2

6.9

7.1

2

17

14

0.31

14.62

171

01/14

Debt: Floater

1.0

2.4

8.2

7.2

7.7

6

5

5

890 Aditya Birla SL Floating Rate

NR

1.1

2.5

8.9

7.8

8.4

8.7

3

1

1

0.38

236.41

5880

03/09

891 Franklin India Floating Rate

NR

0.8

2.0

7.2

6.5

6.4

5.9

6

5

5

0.95

28.56

246

04/01

892 HDFC Floating Rate Debt

NR

1.0

2.4

8.4

7.6

8.2

8.2

4

3

2

0.38

893 ICICI Pru Floating Interest

NR

1.0

2.2

7.8

7.2

7.8

8.0

5

4

3

1.32

285.58

33.43 11168

10/07

6853

11/05 05/19

894 Kotak Floating Rate Fund Reg

NR

0.7

-

-

-

-

1.6

-

-

-

0.43

1015.99

48

895 Reliance Floating Rate

NR

1.1

2.7

8.7

7.0

7.9

7.7

1

2

4

0.60

30.10

6114

08/04

896 UTI Floater Fund Reg

NR

1.5

2.5

-

-

-

6.7

2

-

-

1.26

1066.63

469

10/18

26

Debt: Gilt

2.9

7.6

15.0

7.9

9.7

26

26

897 Aditya Birla SL Government Securities



3.3

8.2

16.0

9.2

10.8

9.1

8

8

6

1.18

56.38

230

10/99

898 Axis Gilt



3.5

8.0

15.5

7.4

8.9

7.6

14

15

20

0.66

17.31

38

01/12

899 Baroda Gilt



2.0

6.6

13.7

7.0

8.7

6.6

22

19

22

1.89

30.18

33

03/02

900 Canara Robeco Gilt Reg



2.6

8.0

13.4

8.2

10.1

9.0

15

21

10

1.25

54.41

82

12/99

901 DHFL Pramerica Gilt



2.1

7.2

14.1

8.0

9.3

7.5

19

18

13

0.66

21.68

62

10/08

902 DSP Government Securities



3.1

7.8

16.1

8.4

9.8

9.8

16

7

8

1.05

64.13

449

09/99 02/14

903 Edelweiss Government Securities Reg



2.8

8.8

15.6

8.6

10.3

9.9

2

12

7

1.36

16.72

72

904 Franklin India Government Securities



1.4

5.3

13.5

5.4

8.5

8.7

24

20

26

1.00

43.59

292

12/01

905 HDFC Gilt



1.9

4.7

11.2

6.3

9.3

7.8

26

26

24

0.90

38.97

1214

07/01

906 ICICI Pru Gilt



2.9

6.6

12.9

8.1

10.1

10.1

23

23

11

1.05

67.91

1072

08/99

907 IDBI Gilt



2.0

5.2

12.9

5.4

7.3

7.2

25

24

25

1.47

15.84

19

12/12 12/08

908 IDFC GSF Investment Reg



3.0

8.2

17.4

9.2

10.2

8.6

7

1

5

1.01

24.03

404

909 Invesco India Gilt



3.2

8.2

15.5

8.0

9.1

6.7

9

16

12

1.25

2096.03

25

02/08

910 JM G-Sec



3.0

7.1

12.3

6.9

8.9

9.5

20

25

23

1.26

60.73

15

09/99

911 Kotak Gilt Inv PF & Trust



3.5

7.7

15.6

7.9

9.7

7.7

18

14

18

1.40

69.19

475

11/03

912 Kotak Gilt Inv Regular



3.5

7.7

15.6

7.9

9.6

9.7

17

13

17

1.56

67.63

475

12/98

913 L&T Gilt



2.6

7.0

13.1

7.1

9.6

8.5

21

22

21

1.80

48.67

134

03/00

914 LIC MF Govt Sec



3.2

8.1

15.7

8.0

9.4

7.7

13

11

16

1.42

42.92

50

12/99

È

915 LIC MF Govt Sec PF



3.2

8.1

15.7

8.0

9.4

6.0

12

10

14

-

24.79

50

12/03

916 LIC MF G-Sec Long Term ETF

NR

3.2

8.4

16.8

8.0

-

8.8

5

3

15

0.26

19.80

79

12/14

917 Reliance ETF Long Term Gilt

NR

3.2

8.5

17.1

8.2

-

8.8

3

2

9

0.04

20.00

1002

07/16

918 Reliance Gilt Securities



2.9

8.1

16.7

9.5

11.0

6.3

11

5

2

1.59

26.83

1039

07/03

919 Reliance Gilt Securities PF



2.9

8.1

16.7

9.5

11.0

9.2

10

4

3

1.71

22.49

1039

08/08

920 SBI Magnum Gilt



3.1

8.9

15.8

9.2

11.0

8.3

1

9

4

0.95

44.37

1523

12/00

921 Tata GSF Reg



2.9

8.3

16.4

7.6

9.1

9.1

6

6

19

1.51

56.88

211

09/99

922 UTI Gilt Reg



3.4

8.5

15.4

9.7

10.9

8.9

4

17

1

0.93

44.40

557

01/02

5

Debt: Gilt with 10 year Constant Duration

3.7

9.1

17.6

9.5

10.9

5

5

923 DSP 10Y G-Sec Reg

NR

4.4

9.2

16.6

8.4

-

9.7

1

3

4

0.47

15.66

22

09/14

924 ICICI Pru Constant Maturity Gilt

NR

3.8

9.1

18.2

9.7

-

10.9

4

2

3

0.33

16.57

64

09/14

925 IDFC GSF Constant Maturity Reg

NR

3.2

9.2

20.9

11.3

10.9

6.7

2

1

1

0.50

31.11

76

03/02

926 SBI ETF 10 Year Gilt

NR

4.2

9.2

15.8

7.4

-

8.2

3

5

5

0.13

186.34

1991

06/16

927 SBI Magnum Constant Maturity

NR

8.3

5

4

2

0.64

44.00

393

12/00

3.2

8.6

16.6

10.8

10.9

CCIL All Sovereign Bond - TRI

2.9

9.1

19.4

9.0

10.7

CCIL T Bill Liquidity Weight

0.4

1.2

4.6

4.2

4.7

ÇÈ Increase/decrease in rating over the month

82

Performance as on July 31, 2019

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

AUM and Expense Ratio as on June 30, 2019

SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com Aditya Birla SL Active Debt Multi Manager FoF,802 Aditya Birla SL Arbitrage,545 Aditya Birla SL Asset Allocator MMFoF,568 Aditya Birla SL Bal Bhavishya Yojna - Wealth Plan Reg,429 Aditya Birla SL Balanced Advantage,569 Aditya Birla SL Banking & Financial Services Reg,290 Aditya Birla SL Banking & PSU Debt Regular,872 Aditya Birla SL Comd Equities-Global Agri,391 Aditya Birla SL Corporate Bond,831 Aditya Birla SL Credit Risk Reg,852 Aditya Birla SL Digital India,339 Aditya Birla SL Dividend Yield,364 Aditya Birla SL Dynamic Bond Ret,803 Aditya Birla SL Equity,134 Aditya Birla SL Equity Advantage Reg,109 Aditya Birla SL Equity Hybrid ‘95,430 Aditya Birla SL Equity Savings Reg,522 Aditya Birla SL Financial Planning FoF Aggressive,591 Aditya Birla SL Financial Planning FoF Conservative,592 Aditya Birla SL Financial Planning FoF Prudent,593 Aditya Birla SL Floating Rate,890 Aditya Birla SL Focused Equity,1 Aditya Birla SL Frontline Equity,2 Aditya Birla SL Global Emerging Opportunities,392 Aditya Birla SL Global Real Estate Retail,393 Aditya Birla SL Government Securities,897 Aditya Birla SL Income,607 Aditya Birla SL Index,3 Aditya Birla SL India GenNext,379 Aditya Birla SL Infrastructure,309 Aditya Birla SL International Equity A,394 Aditya Birla SL International Equity B,344 Aditya Birla SL Liquid,719 Aditya Birla SL Low Duration,667 Aditya Birla SL Manufacturing Equity Reg,345 Aditya Birla SL Medium Term,621 Aditya Birla SL Mid Cap,189 Aditya Birla SL MNC,370 Aditya Birla SL Money Manager,761 Aditya Birla SL Nifty ETF,4 Aditya Birla SL Nifty Next 50 ETF Reg,5 Aditya Birla SL Overnight Fund Reg,779 Aditya Birla SL Pharma & Healthcare Fund Reg,330 Aditya Birla SL Pure Value,236 Aditya Birla SL Regular Savings,484 Aditya Birla SL Retirement Fund - The 30s Plan Reg,135 Aditya Birla SL Retirement Fund - The 40s Plan Reg,431 Aditya Birla SL Retirement Fund - The 50s Plan Reg,485 Aditya Birla SL Retirement Fund - The 50s Plus - Debt,832 Aditya Birla SL Savings,693 Aditya Birla SL Sensex ETF,6 Aditya Birla SL Short Term Opportunities,638 Aditya Birla SL Small Cap,215 Aditya Birla SL Tax Relief 96,253 Axis Arbitrage Reg,546 Axis Banking & PSU Debt,873 Axis Bluechip,7 Axis Children’s Gift Reg,474 Axis Corporate Debt Reg,833 Axis Credit Risk Reg,853 Axis Dynamic Bond,804 Axis Dynamic Equity Fund Reg,570 Axis Equity Hybrid Fund Reg,432 Axis Equity Saver Reg,523 Axis Focused 25,136 Axis Gilt,898 Axis Growth Opportunities Fund Reg,110 Axis Liquid,720 Axis Long Term Equity,254 Axis Midcap,190 Axis Multicap Fund Reg,137 Axis Nifty ETF Reg,8 Axis Overnight Fund Reg,780 Axis Regular Saver,486 Axis Short Term,639 Axis Small Cap Reg,216

Axis Strategic Bond,622 Axis Treasury Advantage,668 Axis Triple Advantage,594 Axis Ultra Short Term Fund Reg,694 Baroda Banking and Financial Services,291 Baroda Conservative Hybrid,487 Baroda Credit Risk Plan A,854 Baroda Dynamic Bond,805 Baroda Dynamic Equity Fund Reg,571 Baroda ELSS 96,255 Baroda Equity Savings Fund Reg,524 Baroda Gilt,899 Baroda Hybrid Equity,433 Baroda Large Cap,9 Baroda Liquid,721 Baroda Midcap,191 Baroda Money Market Fund Reg,762 Baroda Multi Cap,138 Baroda Overnight Fund Reg,781 Baroda Short Term Bond,640 Baroda Treasury Adv,669 Baroda Ultra Short Duration Fund Reg,695 BNP Paribas Arbitrage Fund Reg,547 BNP Paribas Conservative Hybrid,488 BNP Paribas Corporate Bond,834 BNP Paribas Dynamic Equity Fund Reg,572 BNP Paribas Flexi Debt,806 BNP Paribas Focused 25 Equity Fund Reg,139 BNP Paribas India Consumption Fund Reg,380 BNP Paribas Large Cap,11 BNP Paribas Liquid,722 BNP Paribas Long Term Equity,256 BNP Paribas Low Duration,670 BNP Paribas Medium Term,623 BNP Paribas Midcap,192 BNP Paribas Multi Cap,140 BNP Paribas Overnight Fund Reg,782 BNP Paribas Short Term,641 BNP Paribas Substantial Equity Hybrid Reg,434 BOI AXA Arbitrage Fund Reg,548 BOI AXA Conservative Hybrid Reg,489 BOI AXA Credit Risk Reg,855 BOI AXA Equity Debt Rebalancer Reg,573 BOI AXA Large & Mid Cap Equity Reg,111 BOI AXA Liquid Reg,723 BOI AXA Manufacturing & Infrastructure,310 BOI AXA Mid & Small Cap Equity & Debt Reg,435 BOI AXA Short Term Income Reg,642 BOI AXA Small Cap Fund Reg,217 BOI AXA Tax Advantage Reg,257 BOI AXA Ultra Short Duration Reg,696 Canara Robeco Bluechip Equity Reg,12 Canara Robeco Conservative Hybrid Reg,490 Canara Robeco Consumer Trends Reg,381 Canara Robeco Corporate Bond Reg,835 Canara Robeco Dynamic Bond Reg,807 Canara Robeco Emerging Equities Reg,112 Canara Robeco Equity Diversified Reg,141 Canara Robeco Equity Hybrid Reg,436 Canara Robeco Equity Tax Saver Reg,258 Canara Robeco Gilt Reg,900 Canara Robeco Income Reg,608 Canara Robeco Infrastructure Reg,311 Canara Robeco Liquid Regular,724 Canara Robeco Overnight Fund Reg,783 Canara Robeco Savings Reg,671 Canara Robeco Short Duration Reg,643 Canara Robeco Small Cap Fund Reg,218 Canara Robeco Ultra Short Term Reg,697 DHFL Pramerica Arbitrage Reg,549 DHFL Pramerica Banking & PSU Debt,874 DHFL Pramerica Credit Risk Reg,856 DHFL Pramerica Diversified Equity Reg,142 DHFL Pramerica Dynamic Bond,808 DHFL Pramerica Equity Savings,525 DHFL Pramerica Euro Equity,395

DHFL Pramerica Gilt,901 DHFL Pramerica Global Equity Opportunities,396 DHFL Pramerica Hybrid Equity,437 DHFL Pramerica Insta Cash,725 DHFL Pramerica Large Cap,13 DHFL Pramerica Long Term Equity Reg,259 DHFL Pramerica Low Duration,672 DHFL Pramerica Midcap Opportunities Reg,193 DHFL Pramerica Premier Bond,836 DHFL Pramerica Short Maturity,644 DHFL Pramerica Ultra Short Term,698 DSP 10Y G-Sec Reg,923 DSP Arbitrage Fund Reg,550 DSP Banking & PSU Debt Reg,875 DSP Bond Ret,624 DSP Corporate Bond Fund Reg,837 DSP Credit Risk,857 DSP Dynamic Asset Allocation Reg,574 DSP Equal Nifty 50 Fund Reg,14 DSP Equity,143 DSP Equity & Bond,438 DSP Equity Opportunities,113 DSP Equity Savings Reg,526 DSP Focus,144 DSP Global Allocation Reg,397 DSP Government Securities,902 DSP Healthcare Fund Reg,331 DSP Liquid ETF Reg,726 DSP Liquidity Reg,727 DSP Low Duration Reg,673 DSP Midcap Reg,194 DSP Natural Resources and New Energy Reg,374 DSP Nifty 50 Index Fund Reg,15 DSP Nifty Next 50 Index Fund Reg,16 DSP Overnight Fund Reg,784 DSP Quant Fund Reg,346 DSP Regular Savings,491 DSP Savings,763 DSP Short Term,645 DSP Small Cap Reg,219 DSP Strategic Bond Reg,809 DSP T.I.G.E.R. Reg,312 DSP Tax Saver,260 DSP Top 100 Equity Reg,17 DSP Ultra Short Reg,699 DSP US Flexible Equity,398 DSP World Agriculture,399 DSP World Energy Reg,400 DSP World Gold Reg,401 DSP World Mining Reg,402 Edelweiss Aggressive Hybrid Reg,439 Edelweiss Arbitrage Reg,551 Edelweiss ASEAN Equity Off Shore Reg,403 Edelweiss Balanced Advantage Reg,575 Edelweiss Banking and PSU Debt Reg,876 Edelweiss Corporate Bond Reg,838 Edelweiss Dynamic Bond Reg,810 Edelweiss Emerging Markets Opp Equity Offshore Reg,404 Edelweiss Equity Savings Reg,527 Edelweiss ETF - Nifty 100 Quality 30,18 Edelweiss Europe Dynamic Equity Offshore Reg,405 Edelweiss Exchange Traded Fund-Nifty 50,19 Edelweiss Exchange Traded Fund-Nifty Bank,292 Edelweiss Government Securities Reg,903 Edelweiss Greater China Eqt Off-shore Reg,406 Edelweiss Large & Mid Cap Reg,114 Edelweiss Large Cap Reg,20 Edelweiss Liquid Reg,728 Edelweiss Long Term Equity (Tax Savings) Reg,261 Edelweiss Low Duration Reg,674 Edelweiss Mid Cap Reg,195 Edelweiss Multi Cap Reg,145 Edelweiss Overnight Fund Reg,785 Edelweiss Short Term Reg,646 Edelweiss Small Cap Fund Reg,220 Edelweiss US Value Equity Offshore Reg,407

Essel 3 in 1,595 Essel Arbitrage Fund Reg,552 Essel Equity Hybrid Fund Reg,440 Essel Large & Midcap,115 Essel Large Cap Equity,21 Essel Liquid,729 Essel Long Term Advantage,262 Essel Multi Cap Fund Reg,146 Essel Regular Savings,492 Essel Ultra Short Term,700 Franklin Asian Eqt,408 Franklin Build India,313 Franklin IIF NSE Nifty,22 Franklin India Banking & PSU Debt,877 Franklin India Bluechip,23 Franklin India Corporate Debt A,839 Franklin India Credit Risk,858 Franklin India Debt Hybrid A,493 Franklin India Dynamic Accrual,811 Franklin India Dynamic PE Ratio FoF,576 Franklin India Equity,147 Franklin India Equity Advantage,116 Franklin India Equity Hybrid,441 Franklin India Equity Savings Fund Reg,528 Franklin India Feeder - Franklin European Growth,409 Franklin India Feeder Franklin US Opp,410 Franklin India Floating Rate,891 Franklin India Focused Equity,148 Franklin India Government Securities,904 Franklin India Income Opportunities,625 Franklin India Life Stage FoF 20s,442 Franklin India Life Stage FoF 30s,475 Franklin India Life Stage FoF 40s,494 Franklin India Life Stage FoF 50s Plus,495 Franklin India Life Stage FoF 50s Plus FR,496 Franklin India Liquid Super Inst,730 Franklin India Low Duration,675 Franklin India Multi Asset Solution,596 Franklin India Opportunities,347 Franklin India Overnight Fund Reg,786 Franklin India Pension,476 Franklin India Prima,196 Franklin India Savings Ret,764 Franklin India Smaller Companies,221 Franklin India ST Income Ret,647 Franklin India Taxshield,263 Franklin India Technology,340 Franklin India Ultra Short Bond Super Inst,701 Templeton India Eqt Income,368 Templeton India Value,250 HDFC Arbitrage Wholesale,553 HDFC Balanced Advantage,577 HDFC Banking and PSU Debt Reg,878 HDFC Capital Builder Value,237 HDFC Children’s Gift,443 HDFC Corporate Bond,840 HDFC Credit Risk Debt Reg,859 HDFC Dynamic Debt,812 HDFC Dynamic PE Ratio Fund of Funds Reg,597 HDFC Equity,149 HDFC Equity Savings,529 HDFC Floating Rate Debt,892 HDFC Focused 30,150 HDFC Gilt,905 HDFC Growth Opportunities Reg,117 HDFC Hybrid Debt,497 HDFC Hybrid Equity,444 HDFC Income,609 HDFC Index Fund Nifty 50,24 HDFC Index Sensex,25 HDFC Infrastructure,314 HDFC Liquid,731 HDFC Low Duration,676 HDFC Medium Term Debt,626 HDFC Mid-Cap Opportunities,197 HDFC Money Market,765

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

83

SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com HDFC Multi Asset,598 HDFC Nifty 50 ETF,26 HDFC Overnight,787 HDFC Retirement Savings Fund Equity Reg,151 HDFC Retirement Savings Fund-Hybrid Debt Reg,498 HDFC Retirement Savings Fund-Hybrid Equity Reg,445 HDFC Sensex ETF,27 HDFC Short Term Debt,648 HDFC Small Cap Reg,222 HDFC Taxsaver,264 HDFC Top 100,28 HDFC Ultra Short Term Fund Reg,702 HSBC Asia Pacific (Ex Japan) Dividend Yield Reg,411 HSBC Brazil,412 HSBC Cash,732 HSBC Debt,610 HSBC Equity Hybrid Fund Reg,446 HSBC Flexi Debt,813 HSBC Global Consumer Opportunities Reg,413 HSBC Global Emerging Markets,414 HSBC Infrastructure Equity,315 HSBC Large and Mid Cap Equity Fund Reg,118 HSBC Large Cap Equity,29 HSBC Low Duration,677 HSBC Managed Solutions India Conservative Reg,499 HSBC Managed Solutions India Growth Reg,447 HSBC Managed Solutions India Moderate Reg,599 HSBC Multi Cap Equity,152 HSBC Overnight Fund Reg,788 HSBC Regular Savings,500 HSBC Short Duration,649 HSBC Small Cap Equity,223 HSBC Tax Saver Equity,265 ICICI Pru All Seasons Bond,814 BHARAT 22 ETF,10 ICICI Pru Asset Allocator,477 ICICI Pru Balanced Advantage,578 ICICI Pru Bank ETF,293 ICICI Pru Banking & PSU Debt,879 ICICI Pru Banking and Financial Services,294 ICICI Pru BHARAT 22 FOF,30 ICICI Pru Bharat Consumption Fund,382 ICICI Pru Bluechip,31 ICICI Pru Bond,611 ICICI Pru Child Care-Gift,448 ICICI Pru Constant Maturity Gilt,924 ICICI Pru Corporate Bond,841 ICICI Pru Credit Risk,860 ICICI Pru Debt Management,612 ICICI Pru Dividend Yield Equity,365 ICICI Pru Equity & Debt,449 ICICI Pru Equity Arbitrage,554 ICICI Pru Equity Savings,530 ICICI Pru Exports and Services,348 ICICI Pru Floating Interest,893 ICICI Pru FMCG,349 ICICI Pru Focused Equity,153 ICICI Pru Gilt,906 ICICI Pru Global Stable Equity,415 ICICI Pru India Opportunities Fund,350 ICICI Pru Infrastructure,316 ICICI Pru Large & Mid Cap,119 ICICI Pru Liquid ETF Reg,733 ICICI Pru Liquid Plan,734 ICICI Pru Long Term Bond,605 ICICI Pru Long Term Equity (Tax Saving),266 ICICI Pru Manufacture in India Fund,351 ICICI Pru Medium Term Bond,627 ICICI Pru Midcap,198 ICICI Pru Midcap Select ETF,120 ICICI Pru MNC Fund,371 ICICI Pru Moderate,501 ICICI Pru Money Market,766 ICICI Pru Multi Asset,600 ICICI Pru Multicap,154 ICICI Pru Nifty 100 ETF,32

84

ICICI Pru Nifty ETF,33 ICICI Pru Nifty Index,34 ICICI Pru Nifty Low Vol 30 ETF,35 ICICI Pru Nifty Next 50 ETF,36 ICICI Pru Nifty Next 50 Index,37 ICICI Pru NV20 ETF,38 ICICI Pru Overnight Fund,789 ICICI Pru Passive Strategy,478 ICICI Pru Pharma Healthcare & Diagnostics (P.H.D) Fund,332 ICICI Pru Regular Savings,502 ICICI Pru Retirement Fund - Hybrid Aggressive Plan,450 ICICI Pru Retirement Fund - Hybrid Conservative Plan,503 ICICI Pru Retirement Fund - Pure Debt Plan,628 ICICI Pru Retirement Fund - Pure Equity Plan,155 ICICI Pru S&P BSE 500 ETF,156 ICICI Pru Savings,678 ICICI Pru Sensex ETF,39 ICICI Pru Sensex Index Fund,40 ICICI Pru Short Term,650 ICICI Pru Smallcap,224 ICICI Pru Technology,341 ICICI Pru Thematic Advantage,504 ICICI Pru Ultra Short Term,703 ICICI Pru US Bluechip Equity,416 ICICI Pru Value Discovery,238 IDBI Banking & Financial Services Fund Reg,295 IDBI Credit Risk Reg,861 IDBI Diversified Equity Reg,157 IDBI Dividend Yield Fund Reg,366 IDBI Dynamic Bond,815 IDBI Equity Advantage Reg,267 IDBI Equity Savings,531 IDBI Focused 30 Equity Fund Reg,41 IDBI Gilt,907 IDBI Healthcare Fund Reg,333 IDBI Hybrid Equity Reg,451 IDBI India Top 100 Equity,42 IDBI Liquid,735 IDBI Long Term Value Fund Reg,239 IDBI Midcap Fund Reg,199 IDBI Nifty Index,43 IDBI Nifty Junior Index,44 IDBI Short Term Bond,651 IDBI Small Cap Fund Reg,225 IDBI Ultra Short Term,704 IDFC All Seasons Bond Reg,652 IDFC Arbitrage Regular,555 IDFC Asset Allocation Aggressive Reg,505 IDFC Asset Allocation Conservative Reg,506 IDFC Asset Allocation Moderate Reg,507 IDFC Banking & PSU Debt Reg,880 IDFC Bond Income Reg,613 IDFC Bond Medium Term Reg,629 IDFC Bond Short Term Reg,653 IDFC Cash Regular,736 IDFC Core Equity Reg,121 IDFC Corporate Bond Reg,842 IDFC Credit Risk Reg,862 IDFC Dynamic Bond Reg,816 IDFC Dynamic Equity Reg,579 IDFC Equity Savings Regular,532 IDFC Focused Equity Reg,158 IDFC GSF Constant Maturity Reg,925 IDFC GSF Investment Reg,908 IDFC Hybrid Equity Reg,452 IDFC Infrastructure Reg,317 IDFC Large Cap Reg,45 IDFC Low Duration Reg,679 IDFC Money Manager Reg,767 IDFC Multi Cap Reg,159 IDFC Nifty ETF,46 IDFC Nifty Reg,47 IDFC Overnight Fund Reg,790 IDFC Regular Savings Reg,508 IDFC Sensex ETF,48 IDFC Sterling Value Reg,240

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

IDFC Tax Advantage (ELSS) Reg,268 IDFC Ultra Short Term Fund Reg,705 IIFL Capital Enhancer Fund Series 1 Reg,453 IIFL Dynamic Bond Reg,817 IIFL Focused Equity Reg,160 IIFL Liquid Reg,737 Indiabulls Arbitrage Reg,556 Indiabulls Banking And PSU Debt Fund Reg,881 Indiabulls Bluechip,49 Indiabulls Dynamic Bond Fund Reg,818 Indiabulls Equity Hybrid Fund Reg,454 Indiabulls Income Reg,630 Indiabulls Liquid,738 Indiabulls Nifty 50 Exchange Traded Fund Reg,50 Indiabulls Overnight Fund Reg,791 Indiabulls Savings Fund Reg,768 Indiabulls Savings Income Reg,509 Indiabulls Short Term Reg,654 Indiabulls Tax Savings Fund Reg,269 Indiabulls Ultra Short Term,706 Indiabulls Value Reg,241 Invesco India Arbitrage,557 Invesco India Banking & PSU Debt,882 Invesco India Contra,242 Invesco India Corporate Bond,843 Invesco India Credit Risk Reg,863 Invesco India Dynamic Equity,580 Invesco India Equity & Bond Fund Reg,455 Invesco India Equity Savings Fund Reg,533 Invesco India Feeder- Invesco Global Equity Income Reg,417 Invesco India Feeder- Invesco Pan European Equity Reg,418 Invesco India Financial Services,296 Invesco India Gilt,909 Invesco India Growth Opportunities,122 Invesco India Infrastructure,318 Invesco India Largecap,51 Invesco India Liquid,739 Invesco India Mid Cap,200 Invesco India Money Market,769 Invesco India Multicap,161 Invesco India Nifty ETF,52 Invesco India PSU Equity,377 Invesco India Short term,655 Invesco India Smallcap Fund Reg,226 Invesco India Tax Plan,270 Invesco India Treasury Advantage,680 Invesco India Ultra Short Term,707 ITI Liquid Fund Reg,740 ITI Multi Cap Fund Reg,162 JM Arbitrage,558 JM Core 11,53 JM Dynamic Debt,819 JM Equity Hybrid,456 JM G-Sec,910 JM Income,614 JM Large Cap,54 JM Liquid,741 JM Low Duration,681 JM Money Market,770 JM Multicap,163 JM Short Term,656 JM Tax Gain,271 JM Ultra Short Duration Reg,708 JM Value,243 Kotak Asset Allocator Reg,510 Kotak Balanced Advantage Fund Reg,581 Kotak Banking and PSU Debt Reg,883 Kotak Banking ETF Reg,297 Kotak Bluechip Reg,55 Kotak Bond Regular,615 Kotak Bond Short-term Reg,657 Kotak Corporate Bond Standard,844 Kotak Credit Risk Reg,864 Kotak Debt Hybrid Reg,511 Kotak Dynamic Bond Regular,820 Kotak Emerging Equity Reg,201

Kotak Equity Arbitrage Reg,559 Kotak Equity Hybrid Reg,457 Kotak Equity Opportunities Reg,123 Kotak Equity Savings Reg,534 Kotak Floating Rate Fund Reg,894 Kotak Focused Equity Fund Reg,164 Kotak Gilt Inv PF & Trust,911 Kotak Gilt Inv Regular,912 Kotak Global Emerging Market Reg,419 Kotak India EQ Contra Reg,244 Kotak Infra and Eco Reform Standard,319 Kotak Liquid Regular,742 Kotak Low Duration Standard,682 Kotak Medium Term Reg,631 Kotak Money Market Scheme Reg,771 Kotak Nifty ETF,56 Kotak NV 20 ETF,57 Kotak Overnight Fund Reg,792 Kotak PSU Bank ETF,298 Kotak Savings Reg,709 Kotak Sensex ETF,58 Kotak Small Cap Reg,227 Kotak Standard Multicap Reg,165 Kotak Tax Saver Reg,272 Kotak US Equity Standard,420 Kotak World Gold Standard,421 L&T Arbitrage Opportunities Reg,560 L&T Balanced Advantage,582 L&T Banking and PSU Debt,884 L&T Business Cycles Reg,352 L&T Cash,793 L&T Conservative Hybrid,512 L&T Credit Risk,865 L&T Emerging Businesses,228 L&T Equity,166 L&T Equity Savings,535 L&T Flexi Bond,821 L&T Focused Equity Fund Reg,167 L&T Gilt,913 L&T Hybrid Equity,458 L&T India Large Cap,59 L&T India Value,245 L&T Infrastructure,320 L&T Large and Midcap,124 L&T Liquid,743 L&T Low Duration,683 L&T Midcap,202 L&T Money Market,772 L&T Resurgent India Bond Reg,632 L&T Short Term Bond Fund,658 L&T Tax Adv,273 L&T Triple Ace Bond,845 L&T Ultra ST,710 LIC MF Arbitrage Fund Reg,561 LIC MF Banking & Financial Services Reg,299 LIC MF Banking & PSU Debt,885 LIC MF Bond,616 LIC MF Children’s Gift,479 LIC MF Debt Hybrid,513 LIC MF Equity Hybrid,459 LIC MF ETF Nifty 100,60 LIC MF ETF Nifty 50,61 LIC MF ETF Sensex,62 LIC MF G-Sec Long Term ETF,916 LIC MF Govt Sec,914 LIC MF Govt Sec PF,915 LIC MF Index Nifty,63 LIC MF Index Sensex,64 LIC MF Infrastructure,321 LIC MF Large & Mid Cap Reg,125 LIC MF Large Cap,65 LIC MF Liquid,744 LIC MF Multicap,168 LIC MF Overnight Fund Reg,794 LIC MF Savings,684 LIC MF Short Term Debt Fund Reg,659

SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com LIC MF Tax Plan,274 LIC MF ULIS,460 Mahindra Credit Risk Yojana Reg,866 Mahindra Dhan Sanchay Equity Savings Yojana Reg,536 Mahindra Hybrid Equity Nivesh Yojana Reg,461 Mahindra Liquid Reg,745 Mahindra Low Duration Bachat Yojana Reg,685 Mahindra Mutual Fund Badhat Yojana Reg,169 Mahindra Mutual Fund Kar Bachat Yojana Reg,275 Mahindra Overnight Fund Reg,795 Mahindra Pragati Bluechip Yojana Reg,66 Mahindra Rural Bharat And Consumption Yojana Reg,353 Mahindra Unnati Emerging Business Yojana Reg,203 Mirae Asset Cash Management,746 Mirae Asset Dynamic Bond Fund Reg,822 Mirae Asset Emerging Bluechip Reg,126 Mirae Asset Equity Savings Fund Reg,537 Mirae Asset Focused Fund Reg,170 Mirae Asset Great Consumer Reg,383 Mirae Asset Healthcare Fund Reg,334 Mirae Asset Hybrid Equity Reg,462 Mirae Asset Large Cap Regular,67 Mirae Asset Midcap Fund Reg,204 Mirae Asset Nifty 50 ETF Reg,68 Mirae Asset Savings Fund - Regular Savings Plan,686 Mirae Asset Short Term Fund Reg,660 Mirae Asset Tax Saver Reg,276 Motilal Oswal Dynamic Reg,583 Motilal Oswal Equity Hybrid Fund Reg,463 Motilal Oswal Focused 25 Reg,69 Motilal Oswal Liquid Fund Reg,747 Motilal Oswal Long Term Equity Reg,277 Motilal Oswal M50 ETF,70 Motilal Oswal Midcap 100 ETF,205 Motilal Oswal Midcap 30 Reg,206 Motilal Oswal Multicap 35 Reg,171 Motilal Oswal NASDAQ 100 ETF,422 Motilal Oswal Nasdaq 100 FOF Reg,423 Motilal Oswal Ultra Short Term Reg,711 Parag Parikh Liquid Reg,748 Parag Parikh Long Term Equity Reg,172 Parag Parikh Tax Saver Fund Reg,278 Principal Arbitrage Reg,562 Principal Balanced Advantage,584 Principal Cash Mgmt,749 Principal Credit Risk,867 Principal Dividend Yield,367 Principal Dynamic Bond,823 Principal Emerging Bluechip,127 Principal Equity Savings,538 Principal Focused Multicap,173 Principal Global Opportunities,424 Principal Hybrid Equity,464 Principal Low Duration,687 Principal Multi Cap Growth,174 Principal Nifty 100 Equal Weight,71 Principal Retirement Savings Fund Conservative Reg,514 Principal Retirement Savings Fund Moderate Reg,480 Principal Retirement Savings Fund Progressive Reg,465 Principal Short Term Debt,661 Principal Small Cap Fund Reg,229 Principal Tax Savings,279 Principal Ultra Short Term,712 Quant Absolute,466 Quant Active,175 Quant Consumption,384 Quant Dynamic Bond,824 Quant Focused,72 Quant Infrastructure,322 Quant Large and Mid Cap,128 Quant Liquid,750 Quant Mid Cap,207 Quant Money Market,773 Quant Multi Asset,601 Quant Small Cap,230 Quant Tax Plan,280

Quantum Dynamic Bond Fund Direct,825 Quantum Equity FoF Direct,176 Quantum India ESG Equity Fund Reg,354 Quantum Liquid Direct,751 Quantum Long Term Equity Value Direct,246 Quantum Multi Asset Reg,602 Quantum Nifty ETF,73 Quantum Tax Saving Direct,281 Reliance Arbitrage,563 CPSE ETF,376 Reliance Balanced Advantage,585 Reliance Banking,300 Reliance Banking & PSU Debt,886 Reliance Consumption,385 Reliance Credit Risk,868 Reliance Dynamic Bond,826 Reliance Equity Hybrid,467 Reliance Equity Savings,539 Reliance ETF Bank BeES,301 Reliance ETF Consumption,386 Reliance ETF Dividend Opportunities,355 Reliance ETF Hang Seng BeES,425 Reliance ETF Infra BeES,323 Reliance ETF Junior BeES,74 Reliance ETF Liquid BeES,752 Reliance ETF Long Term Gilt,917 Reliance ETF Nifty 100,75 Reliance ETF Nifty BeES,76 Reliance ETF Nifty Midcap 150 Reg,208 Reliance ETF NV20,77 Reliance ETF PSU Bank BeES,302 Reliance ETF Sensex,78 Reliance ETF Sensex Next 50 Reg,79 Reliance ETF Shariah BeES,80 Reliance Floating Rate,895 Reliance Focused Equity,177 Reliance Gilt Securities,918 Reliance Gilt Securities PF,919 Reliance Growth,209 Reliance Hybrid Bond,515 Reliance Income,617 Reliance Index Nifty,81 Reliance Index Sensex,82 Reliance Japan Equity,426 Reliance Junior BeES FoF Reg,83 Reliance Large Cap,84 Reliance Liquid,753 Reliance Low Duration,688 Reliance Money Market,774 Reliance Multi Cap,178 Reliance Nivesh Lakshya Fund Reg,606 Reliance Overnight Fund Reg,796 Reliance Pharma,335 Reliance Power & Infra,324 Reliance Prime Debt,846 Reliance Quant Retail,356 Reliance Retirement Fund - Income Generation Scheme,516 Reliance Retirement Fund - Wealth Creation Scheme,179 Reliance Short-term,662 Reliance Small Cap,231 Reliance Strategic Debt,633 Reliance Tax Saver (ELSS),282 Reliance Ultra Short Duration,713 Reliance US Equity Opportunities,427 Reliance Value,247 Reliance Vision,129 SBI Arbitrage Opportunities,564 SBI Banking & Financial Services Reg,303 SBI Banking and PSU,887 SBI Bluechip,85 SBI Consumption Opportunities,387 SBI Contra,248 SBI Corporate Bond Fund Reg,847 SBI Credit Risk,869 SBI Debt Hybrid,517 SBI Dynamic Asset Allocation Reg,586

SBI Dynamic Bond,827 SBI Equity Hybrid,468 SBI Equity Minimum Variance Fund Reg,357 SBI Equity Savings Reg,540 SBI ETF 10 Year Gilt,926 SBI ETF BSE 100 Fund,86 SBI ETF Nifty 50,87 SBI ETF Nifty Bank Fund,304 SBI ETF Nifty Next 50 Fund,88 SBI ETF Quality Reg,89 SBI ETF Sensex,90 SBI ETF Sensex Next 50 Reg,91 SBI Focused Equity,180 SBI Healthcare Opportunities,336 SBI Infrastructure,325 SBI Large & Midcap,130 SBI Liquid,754 SBI Magnum Children’s Benefit Fund,518 SBI Magnum COMMA,358 SBI Magnum Constant Maturity,927 SBI Magnum Equity ESG,359 SBI Magnum Gilt,920 SBI Magnum Global,372 SBI Magnum Income,618 SBI Magnum Low Duration,689 SBI Magnum Medium Duration,634 SBI Magnum Midcap,210 SBI Magnum MultiCap,181 SBI Magnum Taxgain,283 SBI Magnum Ultra Short Duration Reg,714 SBI Multi Asset Allocation,603 SBI Nifty Index,92 SBI Overnight Reg,797 SBI PSU,378 SBI Savings,775 SBI Short Term Debt,663 SBI Small Cap,232 SBI Technology Opportunities,342 Shriram Balanced Advantage Fund Reg,587 Shriram Hybrid Equity,469 Shriram Long Term Equity Fund Reg,284 Shriram Multicap Fund Reg,182 Sundaram Banking & PSU Debt Reg,888 Sundaram Corporate Bond Reg,848 Sundaram Debt Oriented Hybrid,519 Sundaram Diversified Equity,285 Sundaram Equity Hybrid Reg,470 Sundaram Equity Savings Fund Reg,541 Sundaram Financial Services Opp Reg,305 Sundaram Global Advantage,428 Sundaram Infrastructure Advantage Reg,326 Sundaram Large and Mid Cap,131 Sundaram Low Duration Reg,690 Sundaram Medium Term Bond Reg,635 Sundaram Mid Cap Reg,211 Sundaram Money Market Fund Reg,776 Sundaram Money Reg,755 Sundaram Overnight Fund Reg,798 Sundaram Rural and Consumption Reg,388 Sundaram Select Focus Reg,93 Sundaram Services Fund Reg,360 Sundaram Short Term Credit Risk,870 Sundaram Short Term Debt,664 Sundaram Small Cap Reg,233 Sundaram Smart NIFTY 100 Equal Weight Fund Reg,94 Sundaram Ultra Short Term Fund Reg,715 Tata Arbitrage Fund Reg,565 Tata Balanced Advantage Fund Reg,588 Tata Banking and Financial Services Reg,306 Tata Corporate Bond Reg,849 Tata Digital India Reg,343 Tata Dynamic Bond Reg,828 Tata Equity PE Reg,249 Tata Equity Savings Reg,542 Tata Ethical Reg,361 Tata GSF Reg,921

Tata Hybrid Equity Reg,471 Tata Income Reg,619 Tata Index Nifty Reg,95 Tata Index Sensex Reg,96 Tata India Consumer Reg,389 Tata India Pharma & HealthCare Reg,337 Tata India Tax Savings,286 Tata Infrastructure Reg,327 Tata Large & Mid Cap Reg,132 Tata Large Cap Reg,97 Tata Liquid Reg,756 Tata Medium Term Reg,636 Tata Midcap Growth Reg,212 Tata Money Market Reg,777 Tata Multicap Fund Reg,183 Tata Nifty Exchange Traded Fund Reg,98 Tata Overnight Fund Reg,799 Tata Resources & Energy Reg,375 Tata Retirement Savings Conservative Reg,520 Tata Retirement Savings Moderate Reg,472 Tata Retirement Savings Progressive Reg,184 Tata Short-term Bond Reg,665 Tata Small Cap Fund Reg,234 Tata Treasury Advantage Reg,691 Tata Ultra Short Term Fund Reg,716 Tata Young Citizens Reg,481 Taurus Banking & Financial Services Reg,307 Taurus Discovery (Midcap) Reg,213 Taurus Ethical Reg,362 Taurus Infrastructure Reg,328 Taurus Largecap Equity Reg,99 Taurus Liquid Reg,757 Taurus Nifty Index Reg,100 Taurus Starshare (Multi Cap) Reg,185 Taurus Tax Shield Reg,287 Union Arbitrage Fund Reg,566 Union Balanced Advantage Reg,589 Union Corporate Bond Fund Reg,850 Union Dynamic Bond,829 Union Equity Savings Fund Reg,543 Union Largecap Fund Reg,101 Union Liquid,758 Union Long Term Equity,288 Union Multi Cap,186 Union Overnight Fund Reg,800 Union Small Cap Reg,235 Union Value Discovery Fund Reg,251 UTI Arbitrage Reg,567 UTI Banking & PSU Debt Reg,889 UTI Banking and Financial Services Reg,308 UTI Bond Reg,620 UTI CCF-Investment Plan Reg,187 UTI CCF-Savings Plan Reg,482 UTI Core Equity Reg,133 UTI Corporate Bond Fund Reg,851 UTI Credit Risk Reg,871 UTI Dividend Yield Reg,369 UTI Dynamic Bond Reg,830 UTI Equity Reg,188 UTI Equity Savings Fund Reg,544 UTI Floater Fund Reg,896 UTI Gilt Reg,922 UTI Healthcare Reg,338 UTI Hybrid Equity Reg,473 UTI India Consumer Reg,390 UTI Infrastructure Reg,329 UTI Liquid Cash Reg,759 UTI Long Term Equity,289 UTI Mastershare Reg,102 UTI Medium Term Reg,637 UTI Mid Cap Reg,214 UTI MMMF Reg,778 UTI MNC Reg,373 UTI Multi Asset Reg,604 UTI Nifty ETF,103 UTI Nifty Index Reg,104

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

85

SCOREBOARD

Performance snapshot

Here are the performance data of the Indian mutual-fund industry as of July 2019 Category/benchmark

1 mth

3 mths

6 mths

1 yr

2 yrs

3 yrs

5 yrs

7 yrs

10 yrs

15 yrs

20 yrs

Equity: Large Cap

-5.26

-4.72

2.46

-2.69

4.38

8.76

8.64

12.53

10.16

14.26

13.72

Equity: Large & MidCap

-6.31

-5.06

0.94

-6.19

-0.3

6.84

10.13

14.69

11.88

16.07

15.5

Equity: Multi Cap

-5.81

-4.63

2.07

-4.95

1.3

7.26

9.66

13.85

11.88

15.45

16.01

Equity: Mid Cap

-7.7

-7.11

-2.38

-11.33

-3.7

4.28

10.54

16.86

14.96

17.46

17.23

Equity: Small Cap

-9.15

-9.6

-4.76

-14.99

-6.34

3.57

10.44

16.06

13.49

-

-

Equity: Value Oriented

-6.91

-6.89

-1.06

-9.52

-1.54

5.73

9.26

14.29

12.53

16.79

16.93

Equity: ELSS

-6.3

-5.08

1.1

-5.83

0.53

7.04

9.65

14

11.7

15.5

15.89

Equity: International

0.39

0.27

3.28

1.5

6.82

7.32

4.2

5.91

5.17

7.08

-

S&P BSE Sensex Total Return Index

-4.6

-3.33

4.25

0.93

8.65

11.49

9.09

13.3

10.68

15.75

12.93

S&P BSE Sensex Next 50 TRI

-7.15

-7.53

-3.89

-9.73

-4.59

3.87

7.56

12.97

10.51

-

-

S&P BSE 500 Total Return Index

-6.07

-5.8

1.08

-5.28

2.76

8.63

9.17

13.2

10.7

15.04

13.62

S&P BSE Large Mid Cap TRI

-5.65

-5.15

1.91

-3.39

4.09

9.11

9.27

13.28

10.78

-

-

S&P BSE Mid Cap TRI

-7.56

-7.92

-5.66

-13.89

-4.91

3.62

9.47

13.86

10.81

14.6

-

S&P BSE Small Cap TRI

-10.6

-12.88

-8.41

-22.77

-10.48

1.8

5.83

11.33

8.71

16.1

-

Equity: Sectoral-Banking

-7.68

-2.96

5.34

-0.54

1.59

10.76

9.86

11.91

11.34

18.89

-

S&P BSE Bankex Total Return Index

-6.42

-1.64

6.68

5.86

7.66

15.14

14.06

16.49

15.6

19.59

-

Equity: Sectoral-Infrastructure

-8.94

-5.11

3.08

-7.63

-4.27

4.28

6.58

10.4

6.28

14.72

-

-12.47

-9.9

0.37

-9.44

-8.07

3.71

2.56

9.79

3.97

-

-

-0.31

-7.05

-4.55

-4.83

-2.12

-5.05

3.39

10.71

14.88

15.15

-

S&P BSE Healthcare TRI

-1.09

-11.25

-8.08

-9.97

-4.8

-7.43

1.14

9.22

13.6

12.95

12

Equity: Sectoral-Technology

-0.83

-4.48

-0.09

1.64

18.99

12.93

10.7

17.28

15.36

15.48

13.57

S&P BSE IT Total Return Index

0.79

-2.19

4.24

10.29

25.1

15.58

12.22

18.96

16.94

16.59

13.73

Hybrid: Aggressive Hybrid

-4.27

-3.54

1.56

-2.77

1.6

6.5

8.86

12.55

10.93

13.57

13.28

Hybrid: Balanced Hybrid

-2.96

-2.28

1.59

-1.47

1.58

5.37

7.83

9.76

8.94

10.2

10.52

S&P BSE India Infrastructure TRI Equity: Sectoral-Pharma

Hybrid: Conservative Hybrid

-0.63

0.21

2.72

3.11

3.4

5.88

7.74

8.85

8.27

9.46

8.16

VR Balanced Total Return Index

-4.36

-3.34

3.91

0.96

6.49

9.62

8.75

11.82

9.84

12.83

-

VR MIP Total Return Index

-0.9

1.33

5.15

6.93

6.74

8.01

8.28

9.28

8.13

8.51

-

Debt: Long Duration

3.21

10.38

12.07

19.87

8.1

9.08

10.2

9.19

8.08

8.32

8.99

Debt: Medium Duration

1.56

0.89

2.02

5.19

5.01

6.39

7.63

7.91

7.42

6.83

7.6

Debt: Short Duration

1.38

0.07

1.79

5.35

4.85

5.95

7.09

7.56

7.5

7.56

-

Debt: Ultra Short Duration

0.86

1.59

3.34

6.17

6.05

6.45

7.29

8.07

7.9

6.97

7.39

Debt: Liquid

0.54

1.67

3.4

6.83

6.85

6.76

7.36

7.85

7.66

7.32

7.3

Debt: Dynamic Bond

1.9

3.71

5.4

9.59

5.22

6.61

8.32

8.26

7.93

6.88

8.12

Debt: Corporate Bond

1.48

-0.04

1.58

4.78

4.29

5.5

7.06

7.11

6.75

6.75

7.65

Debt: Credit Risk

1.02

-2.57

-1.24

0.69

2.69

4.66

7.62

8.13

7.29

-

-

CCIL All Sovereign Bond - TRI

2.88

9.1

10.91

19.44

8.76

8.99

10.71

9.77

8.39

7.59

-

CCIL T Bill Liquidity Weight

0.42

1.23

2.26

4.58

4.27

4.24

4.67

4.91

4.6

4.52

-

1.4

4.5

5.95

11.06

6.9

7.04

7.99

7.89

7.18

6.74

-

VR Bond Index Returns (%) as on July 31, 2019

86

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

SCOREBOARD

SIP returns

Worth of the monthly SIP of `10,000, aggregating to `12 lakh in ten years 5-year Return Value (%) (` lakh)

10-year Return Value (%) (` lakh)

5-year Return Value (%) (` lakh)

Scheme name

17.81

30.59

Invesco India Growth Opportunities 

8.24

7.38

12.23

22.68 22.63

Scheme name

Rating

Canara Robeco Emerging Equities



8.33

SBI Focused Equity



10.82

7.87

15.50

27.01

ICICI Pru Multicap



7.71

7.29

12.19

Principal Emerging Bluechip



6.64

7.09

15.14

26.49

Principal Multi Cap Growth



6.84

7.13

12.16

22.59

Franklin India Prima



5.87

6.96

14.87

26.12

SBI Bluechip



7.17

7.19

12.16

22.59

Franklin India Smaller Companies



2.16

6.34

14.84

26.08

Principal Tax Savings



6.59

7.08

12.14

22.57

Mirae Asset Large Cap Regular



10.49

7.81

14.73

25.92

IDFC Multi Cap Reg



4.02

6.64

12.13

22.55

Kotak Emerging Equity Reg



6.50

7.07

14.71

25.89

Aditya Birla SL Pure Value



0.00

6.00

12.10

22.52

DSP Small Cap Reg



1.10

6.17

14.70

25.88

Quant Active



7.54

7.26

12.09

22.51

HDFC Mid-Cap Opportunities



4.74

6.76

14.66

25.83

BNP Paribas Long Term Equity



6.23

7.02

12.01

22.41

7.40

Rating

10-year Return Value (%) (` lakh)

L&T Midcap



5.78

6.94

14.64

25.79

DSP Equity Opportunities



7.38

7.23

11.98

22.38

Franklin India Focused Equity



7.55

7.26

14.55

25.67

Kotak Equity Opportunities Reg



7.67

7.28

11.96

22.35

Edelweiss Mid Cap Reg



4.23

6.68

14.36

25.42

BNP Paribas Large Cap



7.58

7.26

11.94

22.33

DSP Midcap Reg



6.72

7.11

14.17

25.15

ICICI Pru Bluechip



8.04

7.35

11.90

22.28

Invesco India Mid Cap



4.95

6.80

14.08

25.03

Franklin India Taxshield



5.49

6.89

11.85

22.22

Invesco India Contra



8.78

7.48

13.77

24.62

Canara Robeco Equity Hybrid Reg



8.02

7.34

11.83

22.20

Reliance Focused Equity



5.90

6.96

13.75

24.60

Aditya Birla SL Focused Equity



6.87

7.13

11.83

22.19

Invesco India Multicap

Not rated

3.57

6.57

13.73

24.57

Reliance Multi Cap



5.47

6.89

11.78

22.14

Tata Midcap Growth Reg



5.05

6.82

13.64

24.45

Tata Large & Mid Cap Reg



7.72

7.29

11.76

22.12

BNP Paribas Midcap



3.15

6.50

13.60

24.40

HDFC Equity



8.35

7.40

11.76

22.11

Tata India Tax Savings



9.27

7.58

13.57

24.35

Taurus Discovery (Midcap) Reg



3.97

6.63

11.74

22.09

Quant Focused

Not rated

6.86

7.13

13.40

24.14

Kotak Small Cap Reg



2.49

6.39

11.72

22.07

DSP Tax Saver



8.49

7.43

13.31

24.02

BNP Paribas Multi Cap



5.82

6.95

11.67

22.01

SBI Magnum MultiCap



9.15

7.55

13.25

23.95

HDFC Capital Builder Value



5.82

6.95

11.66

21.99

ICICI Pru Value Discovery



4.46

6.72

13.22

23.91

Sundaram Large and Mid Cap



8.73

7.48

11.58

21.90

Tata Equity PE Reg



7.52

7.25

13.16

23.82

JM Tax Gain



8.18

7.37

11.54

21.86

ICICI Pru Equity & Debt



8.44

7.42

13.09

23.75

Kotak Tax Saver Reg



8.04

7.35

11.42

21.72

ICICI Pru Midcap



4.46

6.72

13.08

23.73

Canara Robeco Equity Tax Saver Reg 

7.91

7.32

11.41

21.71

Invesco India Tax Plan



7.38

7.23

13.03

23.67

Aditya Birla SL Frontline Equity



6.47

7.06

11.41

21.70

HDFC Children’s Gift



7.71

7.29

12.93

23.54

Franklin India Equity



4.65

6.75

11.39

21.68

Aditya Birla SL Equity



7.45

7.24

12.80

23.38

Reliance ETF Junior BeES

Not rated

5.68

6.93

11.36

21.65

Sundaram Mid Cap Reg



2.71

6.43

12.79

23.36

Kotak India EQ Contra Reg



8.97

7.52

11.36

21.65 21.63

UTI Mid Cap Reg



0.78

6.12

12.74

23.30

UTI Equity Reg



6.65

7.10

11.34

SBI Equity Hybrid



9.12

7.55

12.71

23.27

DSP Equity



7.83

7.31

11.33

21.62

HDFC Small Cap Reg



7.01

7.16

12.52

23.03

Edelweiss Large Cap Reg



7.88

7.32

11.33

21.61

SBI Magnum Midcap



0.62

6.10

12.50

23.00

ICICI Pru Child Care-Gift



6.61

7.09

11.32

21.60

Reliance Large Cap



8.45

7.42

12.47

22.97

HDFC Top 100



8.79

7.49

11.31

21.59

SBI Large & Midcap



7.27

7.21

12.43

22.92

JM Multicap



8.76

7.48

11.24

21.52

ICICI Pru LT Equity (Tax Saving)



7.10

7.18

12.37

22.85

Principal Hybrid Equity



8.05

7.35

11.20

21.47

Quant Large and Mid Cap

Not rated

5.87

6.96

12.32

22.79

IDFC Sterling Value Reg



3.58

6.57

11.20

21.47

Aditya Birla SL Tax Relief 96



6.33

7.04

12.32

22.78

Tata Hybrid Equity Reg



5.34

6.87

11.20

21.46

IDFC Tax Advantage (ELSS) Reg



6.16

7.01

12.31

22.77

Aditya Birla SL Small Cap



0.84

6.13

11.12

21.37

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

87

SCOREBOARD 5-year Return Value (%) (` lakh)

10-year Value Return (%) (` lakh)

Scheme name

Rating

5-year Return Value (%) (` lakh)

10-year Value Return (%) (` lakh)

Scheme name

Rating

L&T Tax Adv



6.02

6.98

11.08

21.33

UTI CCF-Investment Plan Reg



5.07

6.82

9.46

19.57

Aditya Birla SL Equity Advantage Reg 

3.99

6.64

11.08

21.33

BOI AXA Tax Advantage Reg



4.57

6.73

9.42

19.53

8.19

7.37

11.06

21.30

SBI Nifty Index



8.09

7.36

9.39

19.50

Reliance Value

Canara Robeco Equity Diversified Reg  

6.43

7.06

11.05

21.30

ICICI Pru Focused Equity



5.35

6.87

9.39

19.50

Aditya Birla SL Mid Cap



2.37

6.37

10.89

21.12

LIC MF Index Sensex



8.42

7.42

9.37

19.48

ICICI Pru Sensex ETF

Not rated

9.94

7.70

10.89

21.11

Franklin India Life Stage FoF 20s



4.67

6.75

9.33

19.44

HSBC Tax Saver Equity



5.12

6.83

10.82

21.04

Franklin IIF NSE Nifty



7.69

7.28

9.31

19.42

Franklin India Equity Hybrid



5.97

6.98

10.79

21.01

ICICI Pru Smallcap



2.05

6.32

9.27

19.38

Quant Tax Plan



8.63

7.45

10.78

20.99

Sundaram Small Cap Reg



-3.64

5.47

9.26

19.37

Reliance Growth



5.57

6.91

10.78

20.99

IDFC Core Equity Reg



5.90

6.96

9.26

19.37

DSP Equity & Bond



7.47

7.24

10.76

20.97

LIC MF Large Cap



6.33

7.04

9.25

19.36

Edelweiss Large & Mid Cap Reg



6.90

7.14

10.74

20.95

UTI Long Term Equity



4.67

6.75

9.14

19.25

Kotak Sensex ETF

Not rated

9.83

7.68

10.72

20.93

Aditya Birla SL Index



7.63

7.27

9.14

19.25

L&T Large and Midcap



4.11

6.66

10.67

20.87

UTI Value Opportunities Reg



4.70

6.76

9.14

19.24

Aditya Birla SL Equity Hybrid ‘95



5.30

6.86

10.65

20.85

HSBC Small Cap Equity



-1.21

5.82

9.13

19.24

Franklin India Equity Advantage



3.83

6.61

10.48

20.66

LIC MF Index Nifty



7.41

7.23

9.09

19.20

LIC MF Tax Plan



7.00

7.16

10.47

20.65

Kotak Equity Hybrid Reg



6.20

7.02

9.08

19.18

Quant Absolute

Not rated

6.86

7.13

10.46

20.64

Franklin India Bluechip



4.27

6.68

8.92

19.03

HDFC Index Sensex



9.69

7.65

10.44

20.62

Reliance ETF Shariah BeES

Not rated

6.38

7.05

8.87

18.97

Reliance ETF Nifty BeES

Not rated

8.90

7.51

10.43

20.60

UTI Hybrid Equity Reg



4.84

6.78

8.82

18.93

L&T Equity



5.40

6.88

10.39

20.56

Templeton India Value



3.35

6.53

8.78

18.89

Quantum Nifty ETF

Not rated

8.84

7.50

10.38

20.55

UTI Core Equity Reg



3.50

6.56

8.66

18.77

Reliance Equity Hybrid



4.84

6.78

10.37

20.54

DSP Top 100 Equity Reg



5.01

6.81

8.60

18.70

JM Core 11



7.79

7.30

10.31

20.47

HDFC Focused 30



3.91

6.62

8.59

18.70

L&T India Large Cap



6.67

7.10

10.28

20.44

Sundaram Equity Hybrid Reg



7.96

7.33

8.58

18.69

ICICI Pru Large & Mid Cap



5.46

6.89

10.23

20.39

IDFC Large Cap Reg



6.00

6.98

8.54

18.65

Tata Large Cap Reg



7.21

7.20

10.18

20.34

HDFC Hybrid Equity



4.72

6.76

8.42

18.53

UTI Mastershare Reg



6.62

7.09

10.15

20.31

Baroda Multi Cap



3.90

6.62

7.98

18.10

Edelweiss LT Equity (Tax Savings)



4.60

6.74

10.11

20.26

JM Large Cap



4.84

6.78

7.95

18.08

Kotak Bluechip Reg



6.36

7.04

10.10

20.25

LIC MF ULIS



5.73

6.93

7.79

17.93

Reliance Tax Saver (ELSS)



-0.48

5.93

10.10

20.25

Reliance Vision



1.57

6.24

7.70

17.85

HSBC Multi Cap Equity



3.60

6.57

10.07

20.22

Baroda Hybrid Equity



3.89

6.62

7.70

17.84

DHFL Pramerica Large Cap



6.79

7.12

10.06

20.21

Baroda ELSS 96



2.24

6.35

7.66

17.81

Principal Focused Multicap



6.24

7.02

10.02

20.16

LIC MF Equity Hybrid



5.27

6.85

7.47

17.63

Taurus Tax Shield Reg



7.30

7.21

9.98

20.12

Taurus Starshare (Multi Cap) Reg



2.16

6.34

7.40

17.57

UTI Nifty Index Reg



8.68

7.47

9.97

20.12

DHFL Pramerica Hybrid Equity



3.49

6.55

7.40

17.56

HDFC Index Fund Nifty 50



8.59

7.45

9.97

20.11

HDFC Growth Opportunities Reg



4.45

6.71

7.17

17.35 17.19

JM Value

Not rated

6.79

7.12

9.93

20.07

LIC MF Multicap



3.70

6.59

6.99

HDFC Taxsaver



4.68

6.75

9.87

20.00

IDFC Focused Equity Reg



3.42

6.54

6.97

17.17

Sundaram Select Focus Reg



9.22

7.57

9.84

19.98

Taurus Largecap Equity Reg



3.22

6.51

6.86

17.07

Tata Index Sensex Reg



9.27

7.58

9.82

19.95

BOI AXA Large & Mid Cap Equity Reg 

1.53

6.24

6.83

17.05

SBI Magnum Taxgain



3.80

6.60

9.75

19.88

SBI Contra



1.08

6.17

6.77

17.00

Sundaram Diversified Equity



4.77

6.77

9.71

19.84

Principal Nifty 100 Equal Weight



2.46

6.39

6.66

16.90

ICICI Pru Nifty Index



7.98

7.34

9.71

19.83

Quant Mid Cap

Not rated

1.77

6.28

6.54

16.79

HSBC Large Cap Equity



7.99

7.34

9.64

19.76

JM Equity Hybrid



-1.32

5.80

5.55

15.95

Tata Index Nifty Reg



8.19

7.37

9.48

19.59

Quant Small Cap

Not rated

-5.97

5.15

2.47

13.60

Data as on July 31, 2019

88

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

TOP-RATED FUNDS

Star ratings of funds are recalculated each month with no subjective input. A fund is rated only when there are a minimum ten funds in the category, with a minimum three-year history for equity and hybrid funds and eighteenmonth for bond funds. In the case of equity funds, a fund’s overall rating stems from a weighted average of two time periods – three and five years – where available. Equity funds less than three-year old are not rated and bond funds with less than eighteen-month history are also not rated.

DEBT (75/221) HYBRID: CONSERVATIVE HYBRID

Franklin India Income Opportunities Fund 

Franklin India Ultra Short Bond Fund



Aditya Birla Sun Life Regular Savings Fund 

HDFC Medium Term Debt Fund



SBI Magnum Ultra Short Duration Fund



Franklin India Life Stage FoF 40s



Indiabulls Income Fund - Regular Plan



DEBT: DYNAMIC BOND

Franklin India Life Stage FoF 50s Plus



SBI Magnum Medium Duration Fund



DHFL Pramerica Dynamic Bond Fund



UTI Medium Term Fund - Regular Plan



Franklin India Dynamic Accrual Fund



ICICI Prudential All Seasons Bond Fund



Franklin India Life Stage FoF 50s Plus-FR  HDFC Retirement Savings - Hybrid Debt



ICICI Prudential Regular Savings Fund



IDFC Asset Allocation - Conservative Plan  IDFC Asset Allocation - Moderate Plan



Indiabulls Savings Income Fund



Kotak Asset Allocator Fund Regular Plan



SBI Magnum Children’s Benefit Fund



Tata Retirement Savings - Conservative



UTI Regular Savings Fund - Regular Plan 

HYBRID: EQUITY SAVINGS

DEBT: SHORT DURATION 

Baroda Short Term Bond Fund



BNP Paribas Short Term Fund



Franklin India Short Term Income Plan



DEBT: CORPORATE BOND

HDFC Short Term Debt Fund



Aditya Birla Sun Life Corporate Bond Fund 

IDFC Bond Fund Short Term Plan



Franklin India Corporate Debt Fund



Indiabulls Short Term Fund - Regular Plan 

HDFC Corporate Bond Fund



L&T Short Term Bond Fund Fund

Kotak Corporate Bond Fund



Reliance Prime Debt Fund





DEBT: LOW DURATION

Axis Equity Saver Fund - Regular Plan



Edelweiss Equity Savings Fund



HDFC Equity Savings Fund



ICICI Prudential Equity Savings Fund



Kotak Equity Savings Fund - Regular Plan 

DEBT: MEDIUM TO LONG DURATION



Canara Robeco Savings Fund



Aditya Birla Sun Life Credit Risk Fund



Franklin India Low Duration Fund



Baroda Credit Risk Fund- Plan A



ICICI Prudential Savings Fund



Franklin India Credit Risk Fund



IDFC Low Duration Fund - Regular Plan



ICICI Prudential Credit Risk Fund



Invesco India Treasury Advantage Fund



Kotak Credit Risk Fund Regular Plan



SBI Credit Risk Fund



HSBC Debt Fund



Reliance Low Duration Fund



ICICI Prudential Debt Management Fund



SBI Magnum Low Duration Fund



IDFC Bond Fund Income Plan



Tata Treasury Advantage Fund



Reliance Income Fund



SBI Magnum Income Fund



RATING DOWNGRADE

SBI Dynamic Bond Fund

DEBT: CREDIT RISK

Kotak Low Duration Fund - Standard Plan 









Axis Strategic Bond Fund

Quantum Dynamic Bond Fund

Axis Treasury Advantage Fund

Canara Robeco Income Fund

DEBT: MEDIUM DURATION

Kotak Dynamic Bond Fund - Regular Plan 

Axis Short Term Fund

DEBT: ULTRA SHORT TERM

DEBT: BANKING AND PSU Axis Banking & PSU Debt Fund



Edelweiss Banking and PSU Debt Fund



Franklin India Banking & PSU Debt Fund 

Aditya Birla Sun Life Savings Fund



Invesco India Banking & PSU Debt Fund



BOI AXA Ultra Short Duration Fund



LIC MF Banking & PSU Debt Fund



DHFL Pramerica Ultra Short Term Fund



List of funds that moved out of the five- and four-star grades in July 2019

Aditya Birla SL Active Debt Multi-Manager FoF Scheme

DHFL Pramerica Low Duration Fund

IDFC Banking & PSU Debt Fund - Regular Plan

Aditya Birla SL Banking & PSU Debt Fund

ICICI Prudential Thematic Advantage Fund

Reliance Hybrid Bond Fund

The ratings for all funds, except Quantum AMC funds, are for regular plans. Direct plans have been excluded. Funds suspended for sale have also been excluded.

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

89

Value Research pioneered mutual fund ratings way back in 1993 to enable investors make the right pick. The lowest rating is one star and the highest is five stars. Ratings act as the first filter in fund selection, since they take into account the return as well as risk undertaken to achieve that return. Risk-adjusted return from a fund is the sole basis of Value Research fund rating (detailed methodology on page 62). Below are the schemes in various categories that have been rated five and four star.

TOP-RATED FUNDS EQUITY (71/216) HYBRID: AGGRESSIVE HYBRID

LIC MF Large & Mid Cap Fund -



EQUITY: SMALL CAP

Canara Robeco Equity Hybrid Fund



Mirae Asset Emerging Bluechip Fund



Axis Small Cap Fund - Regular Plan



DSP Equity & Bond Fund



Principal Emerging Bluechip Fund



Franklin India Smaller Companies Fund



HDFC Children’s Gift Fund



Sundaram Large and Mid Cap Fund



HDFC Small Cap Fund - Regular Plan



HDFC Hybrid Equity Fund



L&T Emerging Businesses Fund



HDFC Retirement Savings - Hybrid Equity



Reliance Small Cap Fund



ICICI Prudential Equity & Debt Fund



SBI Small Cap Fund



Mirae Asset Hybrid Equity Fund



Principal Hybrid Equity Fund



SBI Equity Hybrid Fund



Tata Retirement Savings - Moderate Plan



EQUITY: LARGE CAP

EQUITY: MULTI CAP Aditya Birla Sun Life Equity Fund



Axis Focused 25 Fund



Canara Robeco Equity Diversified Fund



EQUITY: VALUE ORIENTED

Edelweiss Multi Cap Fund - Regular Plan



Invesco India Contra Fund

Franklin India Focused Equity Fund



Kotak India EQ Contra Fund - Regular Plan 



HDFC Retirement Savings Fund Equity Plan 

L&T India Value Fund



ICICI Prudential Multicap Fund



Tata Equity PE Fund - Regular Plan





EQUITY: ELSS

Axis Bluechip Fund



IIFL Focused Equity Fund - Regular Plan

Canara Robeco Bluechip Equity



Kotak Standard Multicap Fund Regular Plan 

Aditya Birla Sun Life Tax Relief 96



Edelweiss Large Cap Fund - Regular Plan



Motilal Oswal Multicap 35 Fund



Axis Long Term Equity Fund



HDFC Index Fund - Sensex Plan



Parag Parikh Long Term Equity Fund



DSP Tax Saver Fund



HDFC Top 100 Fund



Quant Active Fund



IDFC Tax Advantage (ELSS) Fund



ICICI Prudential Bluechip Fund



SBI Focused Equity Fund



Invesco India Tax Plan



JM Core 11 Fund



SBI Magnum Multicap Fund



JM Tax Gain Fund



Tata Retirement Savings - Progressive Plan 

Kotak Tax Saver Regular Plan



EQUITY: MID CAP

Mirae Asset Tax Saver Fund - Regular Plan 

Mirae Asset Large Cap Fund - Regular Plan  Motilal Oswal Focused 25 Fund



Reliance Large Cap Fund



SBI Bluechip Fund



Sundaram Select Focus Fund - Regular Plan 

EQUITY: LARGE & MIDCAP

Axis Midcap Fund



Motilal Oswal Long Term Equity Fund



DSP Midcap Fund - Regular Plan



Quant Tax Plan



Franklin India Prima Fund



Tata India Tax Savings Fund



HDFC Mid-Cap Opportunities Fund



Canara Robeco Emerging Equities Fund



Kotak Emerging Equity Scheme



Invesco India Growth Opportunities Fund



L&T Midcap Fund



Kotak Equity Opportunities Fund



RATING DOWNGRADE

List of funds that moved out of the five- and four-star grades in July 2019

Tata Retirement Savings Fund - Progressive Plan Taurus Discovery (Midcap) Fund The ratings for all funds, except Quantum AMC funds, are for regular plans. Direct plans have been excluded. Funds suspended for sale have also been excluded. mutual fund ratings are revised every month. The above ratings are as on July 31, 2019.

90

Mutual Fund Insight September 2019

Subscription copy of [[email protected]]. Redistribution prohibited.

www.kotakmf.com

| Toll free Number : 1800 222 626 | Kotak Balanced Advantage Fund - An open-ended dynamic asset allocation fund It is suitable for investors who are seeking*:

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