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Mutual fund yearbook 2015

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Contents

1. Index of Funds - Categories
2. Index of Funds - Alphabetical
3. Foreword
4. How to Build a Winning Portfolio
5. SIP Returns
6. How to Track your Portfolio
7. Value Research Fund Classification
8. Reading a Fund Report
9. Analysts' Choice - Cover - Description
10. Analysts' Choice - Equity Core
11. Analysts' Choice - Equity Supporting
12. Analysts' Choice - Income
13. Analysts' Choice - Cash
14. Analysts' Choice - ETFs
15. Analysts' Choice - International
16. Analysts' Choice - International
17. Scorecard: Guide
18. Scorecard: Equity
19. Scorecard: Hybrid
20. Scorecard: Fixed Income
21. Scorecard: Closed-end
22. Scorecard: FMP
23. Scorecard: Index

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Mutual fund yearbook 2015

  1. 1. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  2. 2. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  3. 3. MutualFund Yearbook 2015 Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  4. 4. Value Research is an independent investment research company. Our editorial coverage aims to help readers make more informed investment decisions. We take quantitative data and add qualitative analyses so that our readers can get a better perspective on invest- ing. The editorial content will therefore be educational, to the point, and well researched. We endeavour to write in a simple format, but we will not over-simplify. Editorial Policy The contents of Mutual Fund Yearbook 2015 (the “Book”) published by Value Research India Private Limited are not intended to serve as professional advice or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Book based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this Book. The Book is meant for general reading purposes only and is not meant to serve as a professional guide for investors. The readers of this Book should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Book. The Book contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Book have made best efforts to avoid any errors and omissions, however the publishers of this Book make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and materials contained and/or expressed in this Book or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Book do not certify and/or endorse any opinions contained, provided, published or expressed in this Book. All disputes shall be subject to the jurisdiction of Delhi courts only. © All Rights Reserved Copyright © 2015 by Value Research India Pvt. Ltd. All rights reserved. No part of this publication may be reproduced or redistributed in any formed or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. ISBN 978-93-83177-05-9 Published by Value Research India Pvt. Ltd., 5 Commercial Complex, Chitra Vihar, New Delhi 110092 and printed at Options Printofast, 46, Patparganj Industrial Area, Delhi 110 092. Disclaimer Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  5. 5. Index of Funds - Categories 5 Index of Funds - Alphabetical 8 Foreword 11 How to Build a Winning Portfolio 13 SIP Returns 19 How to Track your Portfolio 21 Value Research Fund Classification 23 Reading a Fund Report 25 Analysts’ Choice - Cover - Description 31 Analysts’ Choice - Conservative Growth 33 Analysts’ Choice - Stable Growth 47 Analysts’ Choice - Aggressive Growth 67 Analysts’ Choice - Income 85 Analysts’ Choice - Liquid 97 Analysts’ Choice - ETFs 107 Analysts’ Choice - International 135 Scorecard Guide 154 Scorecard: Equity 156 Scorecard: Hybrid 174 Scorecard: Fixed Income 182 Scorecard: Closed-end 190 Scorecard: FMP 197 Scorecard: Index 209 About Value Research 220 Contents Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  6. 6. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  7. 7. 5Mutual Fund Yearbook 2015 Fund Value Research Category Role in Portfolio Page No. Franklin India Taxshield Fund Equity: Tax Planning Conservative Growth 35 SBI Magnum Taxgain Scheme Equity: Tax Planning Conservative Growth 36 Canara Robeco Balance Fund Hybrid: Equity-oriented Conservative Growth 37 HDFC Balanced Fund Hybrid: Equity-oriented Conservative Growth 38 ICICI Prudential Balanced Advantage Fund Hybrid: Equity-oriented Conservative Growth 39 L&T India Prudence Fund Hybrid: Equity-oriented Conservative Growth 40 Tata Balanced Fund Hybrid: Equity-oriented Conservative Growth 41 HDFC Index Fund - Sensex Plus Plan Equity: Large Cap Conservative Growth 42 ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative Growth 43 L&T Equity Fund Equity: Large Cap Conservative Growth 44 Tata Pure Equity Fund Equity: Large Cap Conservative Growth 45 UTI Equity Fund Equity: Large Cap Conservative Growth 46 BNP Paribas Long Term Equity Fund Equity: Tax Planning Stable Growth 49 ICICI Prudential Tax Plan Equity: Tax Planning Stable Growth 50 Quantum Tax Saving Fund Equity: Tax Planning Stable Growth 51 BNP Paribas Equity Fund Equity: Large & Mid Cap Stable Growth 52 Birla Sun Life Frontline Equity Fund Equity: Large & Mid Cap Stable Growth 53 Franklin India Prima Plus Fund Equity: Large & Mid Cap Stable Growth 54 HDFC Equity Fund Equity: Large & Mid Cap Stable Growth 55 ICICI Prudential Dynamic Fund Equity: Large & Mid Cap Stable Growth 56 Kotak Select Focus Fund Equity: Large & Mid Cap Stable Growth 57 Mirae Asset India Opportunities Fund Equity: Large & Mid Cap Stable Growth 58 Quantum Long Term Equity Fund Equity: Large & Mid Cap Stable Growth 59 Religare Invesco Equity Fund Equity: Large & Mid Cap Stable Growth 60 SBI Bluechip Fund Equity: Large & Mid Cap Stable Growth 61 BNP Paribas Dividend Yield Fund Equity: Multi Cap Stable Growth 62 L&T India Special Situations Fund Equity: Multi Cap Stable Growth 63 Principal Growth Fund Equity: Multi Cap Stable Growth 64 Templeton India Equity Income Fund Equity: Multi Cap Stable Growth 65 Axis Long Term Equity Fund Equity: Tax Planning Aggressive Growth 69 IDFC Tax Advantage Fund Equity: Tax Planning Aggressive Growth 70 Principal Tax Savings Fund Equity: Tax Planning Aggressive Growth 71 Reliance Tax Saver Fund Equity: Tax Planning Aggressive Growth 72 Birla Sun Life Pure Value Fund Equity: Mid & Small Cap Aggressive Growth 73 BNP Paribas Midcap Fund Equity: Mid & Small Cap Aggressive Growth 74 Canara Robeco Emerging Equities Fund Equity: Mid & Small Cap Aggressive Growth 75 DSP BlackRock Micro Cap Fund Equity: Mid & Small Cap Aggressive Growth 76 Franklin India Smaller Companies Fund Equity: Mid & Small Cap Aggressive Growth 77 HDFC Mid-Cap Opportunities Fund Equity: Mid & Small Cap Aggressive Growth 78 ICICI Prudential Value Discovery Fund Equity: Mid & Small Cap Aggressive Growth 79 Mirae Asset Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 80 Principal Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 81 Index of Funds - Categories Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  8. 8. 6 Mutual Fund Yearbook 2015 Reliance Small Cap Fund Equity: Mid & Small Cap Aggressive Growth 82 SBI Magnum Midcap Fund Equity: Mid & Small Cap Aggressive Growth 83 UTI Mid Cap Fund Equity: Mid & Small Cap Aggressive Growth 84 Birla Sun Life Dynamic Bond Fund Debt: Income Income 87 Franklin India Income Builder Fund Debt: Income Income 88 HDFC Medium Term Opportunities Fund Debt: Income Income 89 ICICI Prudential Long Term Fund Debt: Income Income 90 Reliance Regular Savings Fund - Debt Option Debt: Income Income 91 Tata Dynamic Bond Fund Debt: Income Income 92 UTI Dynamic Bond Fund Debt: Income Income 93 Peerless Short Term Fund Debt: Short Term Income 94 Sundaram Select Debt Short Term Asset Plan Debt: Short Term Income 95 UTI Short Term Income Fund Debt: Short Term Income 96 Franklin India Ultra Short Bond Fund Debt: Ultra Short Term Liquid 99 SBI Magnum Inc.- FR Plan - Savings Plus Bond Debt: Ultra Short Term Liquid 100 Taurus Ultra Short Term Bond Fund Debt: Ultra Short Term Liquid 101 Birla Sun Life Floating Rate Fund - ST Plan Debt: Liquid Liquid 102 Franklin India TMA Fund Debt: Liquid Liquid 103 Peerless Liquid Fund Debt: Liquid Liquid 104 Tata Money Market Fund Debt: Liquid Liquid 105 Taurus Liquid Fund Debt: Liquid Liquid 106 Birla Sun Life Nifty ETF Fund ETF 109 Goldman Sachs Banking BeES Fund ETF 110 Goldman Sachs CNX Nifty Shariah BeES Fund ETF 111 Goldman Sachs CPSE Exchange Traded Fund ETF 112 Goldman Sachs Infra BeES Fund ETF 113 Goldman Sachs Nifty ETS Fund ETF 114 Goldman Sachs Nifty Junior BeES Fund ETF 115 Goldman Sachs PSU Bank BeES Fund ETF 116 ICICI Prudential CNX 100 ETF Fund ETF 117 ICICI Prudential Nifty ETF Fund ETF 118 ICICI Prudential SPIcE Fund ETF 119 IIFL Nifty ETF Fund ETF 120 Kotak Nifty ETF Fund ETF 121 Kotak PSU Bank ETF ETF 122 Kotak Sensex ETF Fund ETF 123 Motilal Oswal MOSt Shares M100 ETF Fund ETF 124 Motilal Oswal MOSt Shares M50 ETF Fund ETF 125 Quantum Index Fund ETF 126 R*Shares Banking ETF ETF 127 R*Shares CNX 100 ETF ETF 128 R*Shares Consumption ETF ETF 129 R*Shares Dividend Opportunities ETF ETF 130 Index of Funds - Categories Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  9. 9. 7Mutual Fund Yearbook 2015 R*Shares Nifty ETF ETF 131 Religare Invesco Nifty Exchange Traded Fund ETF 132 SBI Sensex ETF ETF 133 Birla Sun Life Commodity Equities - Global Agri International 137 Birla Sun Life Global Commodities Fund International 137 Birla Sun Life Global Real Estate Fund International 138 Birla Sun Life International Equity Fund - Plan A International 138 Birla Sun Life Latin America Equity Fund International 139 DSP BlackRock US Flexible Equity Fund International 139 DSP BlackRock World Agriculture Fund International 140 DSP BlackRock World Energy Fund International 140 DSP BlackRock World Gold Fund International 141 DSP BlackRock World Mining Fund International 141 DWS Global Agribusiness Offshore Fund International 142 DWS Top Euroland Offshore Fund International 142 Franklin Asian Equity Fund International 143 Franklin India Feeder Franklin US Opp Fund International 143 Goldman Sachs Hang Seng BeES Fund International 144 HSBC Brazil Fund International 144 HSBC Emerging Markets Fund International 145 ICICI Prudential Global Stable Equity Fund International 145 ICICI Prudential US Bluechip Equity Fund International 146 JP Morgan JF ASEAN Equity Off-shore Fund International 146 JP Morgan JF Greater China Equity Off-shore International 147 JP Morgan US Value Equity Off-shore Fund International 147 Kotak Global Emerging Market International 148 L&T Global Real Assets Fund International 148 Mirae Asset China Advantage Fund International 149 Mirae Asset Global Commodity Stocks Fund International 149 Motilal Oswal MOSt Shares NASDAQ - 100 ETF International 150 PineBridge India US Equity Fund International 150 PineBridge World Gold Fund International 151 Principal Global Opportunities Fund International 151 Sundaram Global Advantage Fund International 152 Tata Growing Economies Infrastructure Fund International 152 Index of Funds - Categories Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  10. 10. 8 Mutual Fund Yearbook 2015 Fund Value Research Category Role in Portfolio Page No. Axis Long Term Equity Fund Equity: Tax Planning Aggressive Growth 69 Birla Sun Life Commodity Equities - Global Agri International 137 Birla Sun Life Dynamic Bond Fund Debt: Income Income 87 Birla Sun Life Floating Rate Fund - ST Plan Debt: Liquid Liquid 102 Birla Sun Life Frontline Equity Fund Equity: Large & Mid Cap Stable Growth 53 Birla Sun Life Global Commodities Fund International 137 Birla Sun Life Global Real Estate Fund International 138 Birla Sun Life International Equity Fund - Plan A International 138 Birla Sun Life Latin America Equity Fund International 139 Birla Sun Life Nifty ETF Fund ETF 109 Birla Sun Life Pure Value Fund Equity: Mid & Small Cap Aggressive Growth 73 BNP Paribas Dividend Yield Fund Equity: Multi Cap Stable Growth 62 BNP Paribas Equity Fund Equity: Large & Mid Cap Stable Growth 52 BNP Paribas Long Term Equity Fund Equity: Tax Planning Stable Growth 49 BNP Paribas Midcap Fund Equity: Mid & Small Cap Aggressive Growth 74 Canara Robeco Balance Fund Hybrid: Equity-oriented Conservative Growth 37 Canara Robeco Emerging Equities Fund Equity: Mid & Small Cap Aggressive Growth 75 DSP BlackRock Micro Cap Fund Equity: Mid & Small Cap Aggressive Growth 76 DSP BlackRock US Flexible Equity Fund International 139 DSP BlackRock World Agriculture Fund International 140 DSP BlackRock World Energy Fund International 140 DSP BlackRock World Gold Fund International 141 DSP BlackRock World Mining Fund International 141 DWS Global Agribusiness Offshore Fund International 142 DWS Top Euroland Offshore Fund International 142 Franklin Asian Equity Fund International 143 Franklin India Feeder Franklin US Opp. Fund International 143 Franklin India Income Builder Fund Debt: Income Income 88 Franklin India Prima Plus Fund Equity: Large & Mid Cap Stable Growth 54 Franklin India Smaller Companies Fund Equity: Mid & Small Cap Aggressive Growth 77 Franklin India Taxshield Fund Equity: Tax Planning Conservative Growth 35 Franklin India TMA Fund Debt: Liquid Liquid 103 Franklin India Ultra Short Bond Fund Debt: Ultra Short Term Liquid 99 Goldman Sachs Banking BeES Fund ETF 110 Goldman Sachs CNX Nifty Shariah BeES Fund ETF 111 Goldman Sachs CPSE Exchange Traded Fund ETF 112 Goldman Sachs Hang Seng BeES Fund International 144 Goldman Sachs Infra BeES Fund ETF 113 Goldman Sachs Nifty ETS Fund ETF 114 Goldman Sachs Nifty Junior BeES Fund ETF 115 Goldman Sachs PSU Bank BeES Fund ETF 116 HDFC Balanced Fund Hybrid: Equity-oriented Conservative Growth 38 Index of Funds - Alphabetical Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  11. 11. 9Mutual Fund Yearbook 2015 HDFC Equity Fund Equity: Large & Mid Cap Stable Growth 55 HDFC Index Fund - Sensex Plus Plan Equity: Large Cap Conservative Growth 42 HDFC Medium Term Opportunities Fund Debt: Income Income 89 HDFC Mid-Cap Opportunities Fund Equity: Mid & Small Cap Aggressive Growth 78 HSBC Brazil Fund International 144 HSBC Emerging Markets Fund International 145 ICICI Prudential Balanced Advantage Fund Hybrid: Equity-oriented Conservative Growth 39 ICICI Prudential CNX 100 ETF Fund ETF 117 ICICI Prudential Dynamic Fund Equity: Large & Mid Cap Stable Growth 56 ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative Growth 43 ICICI Prudential Global Stable Equity Fund International 145 ICICI Prudential Long Term Fund Debt: Income Income 90 ICICI Prudential Nifty ETF Fund ETF 118 ICICI Prudential SPIcE Fund ETF 119 ICICI Prudential Tax Plan Equity: Tax Planning Stable Growth 50 ICICI Prudential US Bluechip Equity Fund International 146 ICICI Prudential Value Discovery Fund Equity: Mid & Small Cap Aggressive Growth 79 IDFC Tax Advantage Fund Equity: Tax Planning Aggressive Growth 70 IIFL Nifty ETF Fund ETF 120 JP Morgan JF ASEAN Equity Off-shore Fund International 146 JP Morgan JF Greater China Equity Off-shore International 147 JP Morgan US Value Equity Off-shore Fund International 147 Kotak Global Emerging Market International 148 Kotak Nifty ETF Fund ETF 121 Kotak PSU Bank ETF ETF 122 Kotak Select Focus Fund Equity: Large & Mid Cap Stable Growth 57 Kotak Sensex ETF Fund ETF 123 L&T Equity Fund Equity: Large Cap Conservative Growth 44 L&T Global Real Assets Fund International 148 L&T India Prudence Fund Hybrid: Equity-oriented Conservative Growth 40 L&T India Special Situations Fund Equity: Multi Cap Stable Growth 63 Mirae Asset China Advantage Fund International 149 Mirae Asset Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 80 Mirae Asset Global Commodity Stocks Fund International 149 Mirae Asset India Opportunities Fund Equity: Large & Mid Cap Stable Growth 58 Motilal Oswal MOSt Shares M100 ETF Fund ETF 124 Motilal Oswal MOSt Shares M50 ETF Fund ETF 125 Motilal Oswal MOSt Shares NASDAQ - 100 ETF International 150 Peerless Liquid Fund Debt: Liquid Liquid 104 Peerless Short Term Fund Debt: Short Term Income 94 PineBridge India US Equity Fund International 150 PineBridge World Gold Fund International 151 Principal Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 81 Index of Funds - Alphabetical Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  12. 12. 10 Mutual Fund Yearbook 2015 Principal Global Opportunities Fund International 151 Principal Growth Fund Equity: Multi Cap Stable Growth 64 Principal Tax Savings Fund Equity: Tax Planning Aggressive Growth 71 Quantum Index Fund ETF 126 Quantum Long Term Equity Fund Equity: Large & Mid Cap Stable Growth 59 Quantum Tax Saving Fund Equity: Tax Planning Stable Growth 51 R*Shares Banking ETF ETF 127 R*Shares CNX 100 ETF ETF 128 R*Shares Consumption ETF ETF 129 R*Shares Dividend Opportunities ETF ETF 130 R*Shares Nifty ETF ETF 131 Reliance Regular Savings Fund - Debt Option Debt: Income Income 91 Reliance Small Cap Fund Equity: Mid & Small Cap Aggressive Growth 82 Reliance Tax Saver Fund Equity: Tax Planning Aggressive Growth 72 Religare Invesco Equity Fund Equity: Large & Mid Cap Stable Growth 60 Religare Invesco Nifty Exchange Traded Fund ETF 132 SBI Bluechip Fund Equity: Large & Mid Cap Stable Growth 61 SBI Magnum Inc.- FR Plan - Savings Plus Bond Debt: Ultra Short Term Liquid 100 SBI Magnum Midcap Fund Equity: Mid & Small Cap Aggressive Growth 83 SBI Magnum Taxgain Scheme Equity: Tax Planning Conservative Growth 36 SBI Sensex ETF ETF 133 Sundaram Global Advantage Fund International 152 Sundaram Select Debt Short Term Asset Plan Debt: Short Term Income 95 Tata Balanced Fund Hybrid: Equity-oriented Conservative Growth 41 Tata Dynamic Bond Fund Debt: Income Income 92 Tata Growing Economies Infrastructure Fund International 152 Tata Money Market Fund Debt: Liquid Liquid 105 Tata Pure Equity Fund Equity: Large Cap Conservative Growth 45 Taurus Liquid Fund Debt: Liquid Liquid 106 Taurus Ultra Short Term Bond Fund Debt: Ultra Short Term Liquid 101 Templeton India Equity Income Fund Equity: Multi Cap Stable Growth 65 UTI Dynamic Bond Fund Debt: Income Income 93 UTI Equity Fund Equity: Large Cap Conservative Growth 46 UTI Mid Cap Fund Equity: Mid & Small Cap Aggressive Growth 84 UTI Short Term Income Fund Debt: Short Term Income 96 Index of Funds - Alphabetical Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  13. 13. 11Mutual Fund Yearbook 2015 When you go to a restaurant to eat out, what kind of place do you pre- fer? Are you the kind of person who likes a set thali meal, or one who chooses á la carte out of the menu, or one who likes to go to a buffet and create a meal out of what the chef has laid out? No, this isn’t a book on food; this is still a book on investing. Even so, the question on your restaurant preferences is very much like ask- ing how you use Value Research. We have an array of digital and print offerings on investing, and within those there are thalis, buffets as well as á la carte menus. In fact, we also have everything you need to learn investing so that you can go ahead and be a chef in your own kitchen! So where does this Mutual Fund Yearbook fit in? Well, it’s like a buffet – one where our chefs have limited the choice to a set of care- fully chosen dishes from our full menu. From this buffet, you can pick and choose and create any kind of meal that you’d like to have. And you can do so with complete confidence that all the dishes will be tasty, healthy, nutritious and satisfying! The reason why something like this book is needed is, of course, to deal with the embarrassment of plenty that the Indian fund investor is faced with. There are over 2,400 mutual funds in India, up 22 per cent from 2,000 when Yearbook 2014 was published and from 1,600 when the first Yearbook was published in 2008. These numbers are ridiculous. Personally, if you ask me, I would say that no AMC needs to have more than ten funds: two or three equity funds, one ELSS fund, a couple of hybrid funds and perhaps three–four fixed income funds. In an ideal world, each AMC would run a minimal number of funds and concentrate on running them well. Obviously, the reality is nothing like that. What our Yearbook does is it delivers to you a situation that is effectively like the ideal sce- nario. We have narrowed down thousands of funds to 63 funds of five types. These funds are all you need to create a portfolio of mutual funds that are suited to any type of investing need. However, the Yearbook is also a lot more than just a listing. It’s effectively a toolkit that helps you do the entire job. Foreword Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  14. 14. 12 Mutual Fund Yearbook 2015 In the pages that follow, you will find three types of tools that will help with mutual fund investing. Firstly, there are articles that will teach you the basics of fund investing and constructing a portfolio suited to your needs. Then there is the core of the book, which is a set of funds that have been hand-picked by our analysts to serve any kind of investing need. And thirdly, there is a comprehensive fund scorecard with details of all mutual funds. The way we classify funds as per different needs in this book is different from, and complemen- tary to, the standard Value Research classification system. The Value Research classification system is based on what funds are, while the classification system used in this book is based on what you will use the funds for. As in all the years earlier, this book can be used both as a source book for exactly what to do as well as a learning aid. We’d like you to start with the former, if necessary, and graduate to the latter eventu- ally. The Yearbook is designed to help you think and learn about what you need. It will show you how you can create your own unique invest- ing solution that is suited to your own needs. Best wishes and happy investing! Dhirendra Kumar Chief Executive Value Research Foreword Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  15. 15. 13Mutual Fund Yearbook 2015 It’s an unfortunate fact that most of us like to spend the least amount of time on the most important things because they are so boring. So, in case your eyelids have started getting heavy at the thought of reading five pages on how to build a portfolio, here’s a two-minute version: Î Make a list of likely future financial needs, listing the amounts needed and the likely dates. These should be specific goals, ranging from emergency fund all the way to retirement. Î For goals that are further than about seven years, invest in bal- anced funds or equity funds through SIPs. Î For shorter-term goals, invest in fixed-income funds. Reading the points above may not have taken even two minutes. And if you are familiar with the basics of mutual funds, this is gen- uinely all you need to know – no exaggeration! However, we do hope that the points will help whet your appetite for a slightly more detailed understanding of what you need to do in order to build, track and maintain a portfolio suited to your needs. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  16. 16. 14 Mutual Fund Yearbook 2015 How to Build a Winning Portfolio Build, Track and Maintain the Perfect Portfolio Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  17. 17. 15Mutual Fund Yearbook 2015 Set Your Goals Predicting the future is not all that difficult. The big financial needs of your life are mostly predictable. Once they grow up and start working, people get married, have children, buy a house, educate their children and retire. There are individual variations, of course. For example, some spend a big amount on their children’s weddings, and some are lucky enough to have an inherited house and even rental income to take care of retirement. Of course, there are unfore- seen emergencies, but those have to be tackled separately. However, it’s not difficult to make a rough estimate of the big-ticket ones. The most important question you will need to answer is this: How much should I invest? We have created a simple way of finding this out. The accompanying table shows you how much you need to invest every month in order to accumulate `10 lakh in a given period. To help you see the difference between different kinds of investments, we have shown typical figures that you can expect from a post office recurring deposit, a typical balanced fund and a typical conser- vative equity fund. You can just double the invest- ment sum to `20 lakh or halve it to `5 lakh and so on. Choosing Funds In Value Research’s way of thinking, goals that need to be fulfilled in the short term are fundamentally different from long-term goals. Short-term goals are best fulfilled using fixed-income investments. These could be a bank or a post office deposit, or a fixed income fund. However, long-term financial goals are best fulfilled using a portfolio comprising of equity mutual funds. Equity is the only type of asset that can ensure that your money grows faster than inflation and does not actually lose value. However, equity mutual funds can be volatile and thus are suit- able only for long-term investments. Over the short term, the ups and downs of the stock market could very well lead to temporary losses. Because of this, we do not recommend investing in equity mutual funds if your financial goal is nearer than about five to seven years. How to Build a Winning Portfolio Typical Typical Conservative Period (Years) Post Office RD Balanced Fund Equity Fund 10 5,400 4,450 3,600 15 2,850 2,100 1,500 20 1,650 1,100 650 Monthly Investment (`) Needed to Accumulate `10 Lakh Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  18. 18. 16 Mutual Fund Yearbook 2015 After you have figured out how much to invest in different kinds of funds, you need to choose what the actual funds are that you have to invest in. Normally, investors tend to choose funds based on their recent performance. However, in this book, we have for you a different, far easier way of choosing funds. This is the way of selecting funds where our analysts have done almost the entire job, and we have put in the time and effort to prepare a ready list of funds for you to invest in and create a portfolio with. The most distinctive thing about this approach is the simple and self-evident mapping from your investment goals to the kind of fund that you should be investing in. Whereas the core categorisation sys- tem that you see on our website would say that some fund is ‘Hybrid Equity Oriented’ (among 25 other categories), this book has just five simple classes of funds: conservative growth, stable /moderate growth, aggres- sive growth, income funds and liquid funds. This is the pinnacle of simplicity. Hardly anything but the names are needed for an investor to figure out which class of funds best suits his needs. Within each of these classes, there are funds of two or three categories whose pur- pose becomes easy to understand, given the context. All in all, you will rarely have to understand and evaluate more than three or four funds for a given purpose. Moreover, you needn’t do even this much. These are hand-picked funds, which our analysts have selected. There is a choice, but you won’t go wrong even if you pick one randomly or indeed distribute your investments across a number of them. Unlike what is normally done, this book incorporates tax-saving (ELSS) funds in the same framework instead of giving them a separate category of their own. In fact, depending on their investment strategies, tax-saving funds have been split between our ‘Stable Growth’ and ‘Aggressive Growth’ categories. The logic is simple: tax savers are invest- ments first and tax savers later. If your investment needs are better met by a more conservative tax saver, then you must select for that charac- teristic first. Numbers Matter, but so Do Opinions The key feature of fund analyst’s choices is the two-step method of selection. Firstly, there is the normal quantitative, number-driven How to Build a Winning Portfolio Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  19. 19. 17Mutual Fund Yearbook 2015 method that is based on the same inputs as our ranking, star ratings and other data. We look at returns, risk measures, portfolio construction and a number of sta- tistical measures. However, the second layer of evaluation is more important as it is what makes fund analyst’s choices unique. This level of selec- tion is qualitative. It is based on the opinion that our team has about the fund, the AMC, the fund manager, objective of the fund, the prospects of the country’s economy, etc. An important source of inputs is the access that Value Research has to fund managers and chief investment officers (CIOs). As the country’s most influential mutual fund research house for decades, we have earned the privilege of being able to directly access anyone in the fund industry. This directly benefits our readers by enhancing the quality of our analyses. How Many Funds? How many funds should your portfolio ide- ally have? After all, it is entirely possible to invest in just one balanced fund and be done with your portfolio. While this ultra- simple approach has its good points, in practice you should diversify because any individual fund manager can make mis- takes. Moreover, diversification helps you guard against such mistakes. In our view, two or three equity funds and one or two debt funds are enough for each type of fund that you need. So, if you want a portfolio that needs conservative equity funds and liquid funds, then two liquid funds and perhaps three equity funds are good enough. Beyond this, you are adding complexity to portfolio management without getting any additional stability. Track and Maintain Your Portfolio Even a great portfolio must be monitored and must evolve to suit chang- ing conditions. One major reason for this is that formerly good funds could start consistently underperforming. Of course, you must not jump How to Build a Winning Portfolio Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  20. 20. 18 Mutual Fund Yearbook 2015 the gun and fire a fund for short periods of underperformance. But if a fund is perform- ing considerably worse than others funds of the same type for more than a year, you should think of switching to a better per- forming fund. The other reason for changing a portfolio is that you are approaching the time when you will need the money. A portfolio that started out as a five-year, medium-term investment will be a short-term portfolio four years later. The solution is clear; portfolios must be reworked as the time to liquidate them gets closer. Otherwise, your hard-earned equity returns could get wiped out in a bear market just when you need the money. As the time approach- es closer, you must start moving the money into debt funds gradually, perhaps a year or two in advance, which is crucial to protect your returns. Peace of Mind In a nutshell, portfolio construction is not rocket science. All it requires is a great deal of carefully thought-out systematic actions. Besides great returns with the right amount of risk, the most important payoff from building a portfolio methodically is the peace of mind it provides to investors. You will know what you are doing and why you are doing so, and you will sleep peacefully at night without worrying about the fate of your investments. How to Build a Winning Portfolio Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  21. 21. 19Mutual Fund Yearbook 2015 SIP returns How much is `10,000 monthly SIP over the past 15 years, adding up to `18 lakh, worth today? ICICI Pru Value Discovery Fund  29.73 11.95 23.54 40.29 Sundaram Select Midcap Fund  27.31 11.31 21.61 36.40 UTI Mid Cap Fund  33.00 12.85 21.43 36.06 SBI Magnum Global Fund  27.57 11.38 20.33 34.03 HDFC Equity Fund  23.00 10.26 20.03 33.50 Franklin India Prima Fund  29.96 12.01 20.03 33.48 SBI Emerging Businesses Fund  25.10 10.76 19.69 32.89 Canara Robeco Equity Tax Saver  21.15 9.84 19.65 32.83 L&T Midcap Fund  28.07 11.51 19.51 32.59 HDFC Prudence Fund  21.98 10.03 19.46 32.49 Tata Equity PE Fund  23.90 10.47 19.15 31.98 Birla Sun Life Frontline Equity Fund  22.39 10.12 19.15 31.97 Franklin India Prima Plus Fund  23.87 10.47 19.12 31.93 Tata Midcap Growth  29.09 11.78 19.05 31.81 HDFC Balanced Fund  23.05 10.27 19.01 31.74 Franklin India Taxshield Fund  24.28 10.57 19.00 31.72 HDFC Top 200 Fund  20.99 9.80 18.98 31.69 ICICI Pru Tax Plan  24.39 10.59 18.79 31.38 ICICI Pru Dynamic Fund  21.22 9.85 18.72 31.26 HDFC Childrens Gift - Investment Plan  23.15 10.30 18.72 31.25 ICICI Pru Midcap Fund  29.80 11.96 18.61 31.07 HDFC Capital Builder Fund  23.44 10.36 18.58 31.03 Birla Sun Life Mid Cap Fund  23.06 10.27 18.49 30.88 Tata Balanced Fund  22.65 10.18 18.35 30.66 HDFC Taxsaver Fund  22.96 10.25 18.27 30.53 Birla Sun Life Dividend Yield Plus  20.43 9.68 18.26 30.50 DSP BR Equity Fund  20.36 9.66 18.24 30.47 UTI Equity Fund  22.55 10.16 18.06 30.19 SBI Magnum Multiplier Plus Scheme  22.31 10.10 17.86 29.87 Sahara Midcap Fund  22.83 10.22 17.80 29.79 Tata Dividend Yield Fund  19.76 9.53 17.74 29.68 15 Year Scheme Name Rating Returns (%) Value (` Lakh) Reliance Growth Fund  27.31 175.99 Franklin India Prima Fund  26.16 159.08 SBI Magnum Global Fund  25.73 153.21 HDFC Equity Fund  25.68 152.53 HDFC Taxsaver Fund  25.09 144.82 HDFC Top 200 Fund  25.00 143.69 SBI Contra Fund  24.92 142.72 ICICI Prudential Tax Plan  24.65 139.36 SBI Magnum Taxgain Scheme  24.53 137.87 Reliance Vision Fund  24.34 135.56 DSP BlackRock Equity Fund  23.70 128.22 Franklin India Prima Plus Fund  23.59 127.02 HDFC Prudence Fund  23.39 124.83 HDFC Capital Builder Fund  23.32 124.00 Franklin India Taxshield Fund  22.58 116.24 SBI Magnum Multiplier Plus Scheme  22.44 114.81 Birla Sun Life Equity Fund  22.38 114.29 Sundaram Taxsaver  21.95 109.99 Franklin India Bluechip Fund  21.71 107.74 Templeton India Growth Fund  21.45 105.37 Tata Pure Equity Fund  21.40 104.87 Birla Sun Life Tax Plan  21.11 102.30 Taurus Starshare Fund  20.83 99.80 UTI Equity Fund  20.68 98.50 Kotak 50  20.36 95.82 Tata Balanced Fund  20.31 95.40 Sahara Tax Gain Fund  19.96 92.52 ICICI Prudential Top 100 Fund  19.96 92.52 SBI Magnum Equity Fund  19.88 91.87 Tata Tax Saving Fund  19.70 90.40 Birla Sun Life 95 Fund  19.53 89.15 Birla Sun Life Tax Relief 96  19.48 88.72 Canara Robeco Balance Fund  19.32 87.49 Principal Tax Savings Fund  19.31 87.43 DSP BlackRock Balanced Fund  18.30 80.07 Birla Sun Life Advantage Fund  18.19 79.36 ICICI Prudential Balanced Fund  18.03 78.21 Franklin India Balanced Fund  17.93 77.56 UTI Mastershare Fund  17.80 76.67 Sundaram Growth Fund  17.78 76.54 Taurus Tax Shield Fund  17.73 76.21 Taurus Bonanza Fund  17.47 74.56 UTI Equity Tax Savings Fund  16.93 71.14 Kotak Balance  16.80 70.33 15 Year Scheme Name Rating Returns (%) Value (` Lakh) Baroda Pioneer ELSS 96 Fund  16.40 67.94 HDFC Large Cap Fund Not Rated 16.04 65.88 LIC Nomura MF Growth Fund  15.81 64.59 Principal Balanced Fund  15.17 61.15 Principal Index Fund - Nifty  14.94 59.97 Taurus Discovery Fund  14.58 58.17 LIC Nomura MF Equity Fund  14.25 56.54 JM Equity Fund  14.01 55.42 JM Balanced Fund  13.18 51.66 5 Year 10 Year Return Value Return Value Scheme Name Rating (%) (` lkhs) (%) (` lkhs) 5- and 10-year history 15-year history Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  22. 22. 20 Mutual Fund Yearbook 2015 Canara Robeco Equity Diversified  19.72 9.52 17.68 29.59 Birla Sun Life 95 Fund  20.71 9.74 17.58 29.44 Reliance Growth Fund  20.62 9.72 17.51 29.34 Tata Ethical Fund  22.27 10.09 17.36 29.10 Reliance NRI Equity Fund  19.54 9.48 17.29 28.99 Canara Robeco Balance Fund  20.40 9.67 17.21 28.88 Sahara Tax Gain Fund  19.30 9.43 17.14 28.77 Birla Sun Life Equity Fund  23.09 10.28 17.04 28.62 Kotak Opportunities  21.07 9.82 17.03 28.60 SBI Magnum Equity Fund  19.93 9.57 17.02 28.58 HDFC Long Term Advantage Fund  22.02 10.03 17.01 28.56 Templeton India Growth Fund  19.63 9.50 16.86 28.34 SBI Magnum Taxgain Scheme  22.32 10.10 16.85 28.34 ICICI Pru Top 100 Fund  21.27 9.86 16.85 28.33 ICICI Pru Balanced Fund  23.01 10.26 16.64 28.02 DSP BR Top 100 Equity Fund  17.70 9.09 16.63 28.01 HDFC Growth Fund  17.80 9.11 16.62 27.99 DSP BR Opportunities Fund  20.48 9.69 16.60 27.97 ICICI Pru Top 200 Fund  21.92 10.01 16.56 27.91 Franklin India Bluechip Fund  18.30 9.21 16.53 27.87 ICICI Pru Child Care Plan - Gift Plan  22.54 10.15 16.46 27.76 Goldman Sachs Nifty Junior BeES  19.96 9.57 16.30 27.53 Birla Sun Life Tax Relief 96  22.48 10.14 16.24 27.44 BNP Paribas Equity Fund  23.02 10.27 16.09 27.23 Reliance Vision Fund  21.26 9.86 16.00 27.10 HSBC India Opportunities Fund  23.30 10.33 15.95 27.03 HDFC Index Fund - Sensex Plus Plan  18.39 9.23 15.93 27.00 Tata Equity Opportunities Fund  21.13 9.83 15.91 26.97 Birla Sun Life Tax Plan  23.10 10.28 15.80 26.82 Tata Pure Equity Fund  17.93 9.14 15.80 26.81 SBI Magnum Balanced Fund  21.05 9.82 15.77 26.77 Franklin India Balanced Fund  20.46 9.68 15.74 26.72 Sundaram Taxsaver  18.98 9.36 15.69 26.66 HDFC Core & Satellite Fund  18.87 9.34 15.63 26.58 Franklin India Life Stage FoF 20s  18.30 9.21 15.62 26.56 Birla Sun Life Advantage Fund  23.31 10.33 15.52 26.43 Tata Tax Saving Fund  21.04 9.81 15.35 26.19 DSP BR Balanced Fund  17.42 9.03 15.34 26.18 UTI Mastershare Fund  19.28 9.42 15.34 26.17 Kotak 50  18.59 9.28 15.22 26.01 Franklin India Opportunities Fund  22.22 10.08 15.15 25.92 Taurus Starshare Fund  18.84 9.33 15.14 25.91 DWS Alpha Equity Fund  19.16 9.40 15.03 25.75 Principal Tax Savings Fund  23.82 10.45 14.86 25.53 ICICI Pru SPIcE Fund Not Rated 18.13 9.18 14.78 25.42 Baroda Pioneer Growth Fund  17.68 9.08 14.74 25.37 SBI Contra Fund  17.43 9.03 14.65 25.25 Taurus Tax Shield Fund  16.12 8.76 14.61 25.20 Sahara Growth Fund  16.29 8.80 14.55 25.12 ICICI Pru Index Fund  17.28 9.00 14.49 25.04 DWS Investment Opportunity Fund  17.41 9.03 14.37 24.88 Birla Sun Life Asset Allocation - Agg.  15.68 8.67 14.36 24.87 Goldman Sachs Nifty ETS Fund  16.97 8.94 14.23 24.71 Principal Personal Tax Saver Fund  18.97 9.36 14.15 24.60 Principal Growth Fund  23.51 10.38 14.06 24.48 Escorts Growth Fund Not Rated 20.88 9.78 13.98 24.38 Principal Dividend Yield Fund  18.52 9.26 13.76 24.11 Franklin India Index - NSE Nifty Plan  16.59 8.86 13.52 23.80 UTI Nifty Index Fund  16.79 8.90 13.47 23.74 Taurus Discovery Fund  24.99 10.74 13.45 23.72 UTI Balanced Fund  16.83 8.91 13.43 23.70 Principal Balanced Fund  17.99 9.15 13.41 23.67 UTI CCP Advantage Fund  18.79 9.32 13.38 23.63 Tata Index Nifty Fund  16.41 8.82 13.36 23.61 Baroda Pioneer ELSS 96 Fund  19.66 9.51 13.24 23.46 Sundaram Select Focus Fund  15.50 8.64 13.19 23.40 ICICI Pru Advisor Sr - LT Savings Plan  14.65 8.47 13.17 23.38 Escorts Balanced Fund Not Rated 19.27 9.42 13.15 23.35 UTI Equity Tax Savings Fund  18.53 9.26 13.13 23.33 Principal Index Fund - Nifty  16.72 8.88 13.06 23.24 Kotak Balance  15.47 8.63 13.05 23.23 Birla Sun Life Index Fund  16.24 8.79 13.04 23.22 Tata Index Sensex Fund  16.50 8.84 13.03 23.20 HSBC Equity Fund  15.64 8.67 12.93 23.08 HDFC Index Fund - Sensex Plan  17.29 9.00 12.92 23.07 SBI Nifty Index Fund  16.29 8.80 12.87 23.01 LIC Nomura MF Growth Fund  18.33 9.22 12.69 22.80 Birla Sun Life Tax Savings Fund  17.76 9.10 12.66 22.77 HDFC Index Fund - Nifty Plan  16.91 8.92 12.63 22.73 LIC Nomura MF Equity Fund  18.41 9.24 12.59 22.69 LIC Nomura MF Index-Sensex Plan  16.75 8.89 12.48 22.55 LIC Nomura MF Tax Plan  19.89 9.56 12.25 22.28 Sundaram Growth Fund  15.05 8.55 12.23 22.26 HDFC Large Cap Fund Not Rated 15.63 8.66 12.11 22.13 LIC Nomura MF Index-Nifty Plan  16.57 8.85 12.11 22.12 LIC Nomura MF Index-Sensex Adv Not Rated 17.05 8.95 11.95 21.95 ICICI Pru Advisor Sr - Very Agg. Plan Not Rated 12.24 8.01 11.89 21.87 JM Balanced Fund  18.75 9.31 11.43 21.36 LIC Nomura MF Balanced Fund  15.90 8.72 11.26 21.17 Taurus Bonanza Fund  15.48 8.63 11.19 21.10 Sundaram Balanced Fund  12.13 7.99 11.10 21.00 Baroda Pioneer Balance Fund  15.21 8.58 10.51 20.37 JM Equity Fund  17.43 9.03 10.14 19.98 LIC Nomura MF Unit Linked Insurance  14.77 8.49 10.06 19.90 Escorts Tax Plan Not Rated 13.16 8.18 7.18 17.17 5 Year 10 Year Return Value Return Value Scheme Name Rating (%) (` lkhs) (%) (` lkhs) 5 Year 10 Year Return Value Return Value Scheme Name Rating (%) (` lkhs) (%) (` lkhs) There are 53 funds including diversified equity funds, tax planning funds and balanced funds, that have a 15-year history. If you had invested `10,000 monthly SIP adding up to `18 lakh over the past 15 years, it would have grown to `52 lakh in the worst case and `1.76 crore in the best case. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  23. 23. 21Mutual Fund Yearbook 2015 C reating a good portfolio is only the first step. To make sure that you actually achieve those goals, you will need to make sure that the portfolio stays suitable for your goals over the long-term continuosly. As time passes, many things change, which need to be monitored and adjusted. The biggest problem that investors face in monitoring their portfolios is lack of information. To be able to track various aspects of your investments that need to be monitored, you need an easy and automated way of analysing your investments in detail. This isn’t easy for an individual investor to do. Fortunately, Value Research provides a set of highly sophisticated, yet completely free web-based service tools that will do exactly that. These tools are built into the revolutionary ‘Portfolio Manager’ on ValueResearchOnline.com. To use it, all you have to do is to visit the site and register. Once you have registered, just click on the ‘My Portfolio’ link to create your portfolio and enter details of the funds (and stocks) that you have invested in. You can create up to five different portfolios to track separate financial goals. And here’s a list of what you should track, along with details of how the Value Research Portfolio Manager will help you do that. How to Track your Portfolio Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  24. 24. 22 Mutual Fund Yearbook 2015 How to Track your Portfolio TO TRACK… Current portfolio value and gains USE FEATURE… The ‘Snapshot’ view of the portfolio tells you the latest value of each individual holding, as well as the total. Total returns and gains are also available for the portfolio as a single entity. This data is updated every evening soon after the fund companies release the day’s NAVs. It is based on the live prices in case of stocks. The ‘Snapshot’ view gives the internal rate of return for each investment. You can go to the ‘Gain & Loss’ view to get a detailed analysis of returns. The rupee gains, split into realised and unrealised are available for each investment. The ‘Analysis’ view tells how much of your money is in debt and how much in equity. The ‘Analysis’ view tells how much of your money is in which sector and in which specific company. The ‘News’ view has links to all news and articles on ValueResearchOnline.com related to the funds you have invested. The ‘Index Compare’ view lets you compare any of your funds with any stock market index. The software automatically generates a graph to help you visualise the difference to ascertain how your fund has fared compared to the market index. The ‘Performance’ view gives you the returns that each fund generated over standard periods like 1-week, 1-month, 1-year, 3-years and 5-years besides the funds’ rank in its own category. Returns generated by individual investments. Use this to monitor whether investments are generating the rate of return that you expect and if any investment is underperforming any other Whether the target asset allocation is holding true. Each of your portfolios should have a target equity and debt percentage, as explained in ‘Build a Winning Portfolio’. As either of the two earn more than the other, this balance deviates from what it should be What your exposure to specific sectors and companies is News about the funds you have invested in How your funds have done in comparison to the stock market indices Investment performance of various funds Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  25. 25. 23Mutual Fund Yearbook 2015 The over 150 funds in the Yearbook 2015 are selected from a universe of nearly 2,500 funds that are in operation in India. Value Research divides this entire universe into 27 categories. The reason for such an approach is to enable every possible type of investor to build a portfo- lio from a combination of funds. The investor profile can vary from an aggressive risk-taker in equities, to a retired person looking for a monthly income, to a CFO looking to park a huge chunk of cash over a weekend. In short, anything that an investor needs, funds for that purpose can be sifted from this list. Of the 27 categories, 12 are pure equity categories, 6 are hybrids (equity and debt) and 8 are pure debt categories with the last one being gold. For equity fund categories, the basic characteristic that is used to slot funds is the size (market capitalisation) of the companies that these funds invest in, except the tax planning category which consists of all funds that are compliant with the section 80C of the Income Tax Act. For hybrid fund categories, the categorisation is based on the balance between debt and equity that a fund maintains. For debt fund categories, funds are slotted according to the residual maturity of the securities they invest in. Across all these three cate- gories, the underlying principle is to slice the universe along a risk- return continuum. This process serves two goals. First, readers can zero in on the exact balance of risk and return that they are looking for; and second, funds can be compared with others that are genuinely their peers without the comparison getting muddied by whatever marketing positioning a fund might take. The entire categorisation is based on the actual portfolios that the fund managers are running, and not their self-stated inten- tions. The actual portfolios that have been considered are those spread over the last three years and the Value Research fund rating and both the fund Scorecard, rest on this fund classification. Value Research Fund Classification Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  26. 26. 24 Mutual Fund Yearbook 2015 Value Research Fund Classification Equity Funds Large-Cap: Funds with more than 80 per cent of assets in large-cap companies over the last three years Large & Mid-Cap: Funds with between 60 to 80 per cent of assets in large-cap companies over the last three years Multi-Cap: Funds with between 40 to 60 per cent of assets in large-cap companies over the last three years Mid & Small-Cap: Funds with at least 60 per cent of assets in small and mid-cap companies over the last three years Tax Planning: Funds which offer a tax rebate under section 80C of the Income Tax Act International: Funds with more than 65 per cent of assets invested abroad Sector Funds Banking sector funds: as per declared objective FMCG funds: as per declared objective Infrastructure sector funds: as per declared objective Pharma sector funds: as per declared objective Technology, IT sector funds: as per declared objective Miscellaneous: Other funds, which cannot be classified in any of the existing categories and which do not have the numbers to warrant a separate category such as Birla Sun Life Buy India, Reliance Diversified Power Sector Retial and TATA Life Sciences and Technology amongst others. Debt Funds Income: Funds which can vary their average maturity widely, as per their declared objective Gilt: Medium & Long-term: Funds which invest in gilt securities and can vary their average maturity widely, as per their declared objective Short-Term: Funds whose average maturity over the last 6 months is between 1 year and 4.5 years Gilt: Short Term: Funds which invest in gilt securities and whose average maturity over the last 6 months is between 1 year and 4.5 years Ultra Short Term: Funds whose average maturity over the last 6 months is less than 1 year, but which are not liquid funds Liquid: Funds which do not invest any part of assets in securities with a residual maturity of more than 91 days FMPs: tenure fixed by the issuer Hybrid Funds Equity-oriented: Hybrid funds whose average equity exposure over the last one year is greater than 60 per cent Debt-oriented Aggressive: Hybrid funds whose average equity exposure over the last one year is between 25 and 60 per cent Debt-oriented Conservative: Hybrid funds whose equity exposure over the last one year is less than 25 per cent Arbitrage: Funds which seek returns from arbitrage opportunities between equity and derivatives, and invest in debt when no arbitrage is possible Asset Allocation: Funds which may invest fully in equity or debt depending on the market conditions Miscellaneous: Other funds, which cannot be classified in any of the existing categories and which do not have the numbers to warrant a separate category such as Axis Triple Advantage, Peerless MF Child and Fidelity India Children’s Marriage amongst others Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  27. 27. 25Mutual Fund Yearbook 2015 Reading a Fund Report - Equity Quarterly Returns (%)Trailing Returns (%) Best & Worst Returns (%) Risk Measures AMC : Website : Registrar : Min Inv (`) : Min SIP Inv (`) : Exchange Availability : Exit Load : Birla Sun Life Frontline Equity Fund All data as on 31/12/2014 Investment Information Birla Sun Life Asset Mgmt Co. Ltd mutualfund.birlasunlife.com Computer Age Mgmt Services Ltd 5,000 BSE, NSE 1% for redemption within 365 days 1,000 Strategy & Review Beating its benchmark in every one of the last ten years, Birla Sun Life Frontline Equity has enjoyed an average Value Research rat- ing of 4-stars over a decade. True to its name, the fund invests 70-80 per cent of its portfolio in large-cap stocks and the remain- ing 20-25 per cent in midcaps. The fund does not invest in small caps. It has usually been overweight in large-caps compared to its peers. The fund has enhanced large-cap exposure and cut mid-cap allocations as markets soared in 2014. It pegs sector weights to the BSE 200 index, only some- times selecting stocks outside the index. This discipline has helped ensure that the fund doesn’t fall much more steeply than the market during bear phases. A steady management team has led to continuity of style and market cap bias. Whether up, down or sideways market, this fund has managed to outperform its bench- mark. A good record at containing downside in the falling markets has ensured a smooth- er ride for investors too. The fund’s 5-year and 7-year returns are both ahead of the category by a good margin. Returns relative to category have been a little sluggish in 2014, but beat the benchmark. The fund has been an easy winner over three different market cycles and is backed by a stable management team too. PORTFOLIO MANAGER Mahesh Patil (Since November 2005): Patil has a B.E (Electrical), MMS in Finance and is Chartered Financial Aanalyst from ICFAI Hyderabad. Prior to joining Birla Sun Life AMC he has worked with Reliance Infocom Ltd., Motilal Oswal Securities and Parag Parikh Financial Advisory Services Ltd. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 NAV (`) Total Return (%) +/- CNX Nifty (%) +/- Rank (Fund/Category) 52 Week NAV High (`) 52 Week NAV Low (`) Expense Ratio (%) (Sep.) Net Assets (` Cr) 157.04 44.72 13.33 9.25 61/119 160.72 102.92 7377.6 5.43 7.97 140.54 2.50 50.13 47.70 7.87 8.12 5/41 50.7633.94 32.2622.34 124.74 2.50 81.34 62.26 7.49 1.82 12/48 81.46 46.06 374.84 2.35 41.89 -48.50 3.29 7.96 12/59 83.52 36.49 367.25 2.31 79.78 90.45 14.69 1.94 14/61 79.78 36.44 1603.8 2.09 94.70 18.70 0.75 2.48 24/65 97.94 74.37 2719.8 1.88 72.99 -22.93 1.69 4.02 34/69 95.16 71.96 2805.9 1.85 99.32 36.07 8.37 5.09 10/73 99.59 72.94 2935.7 1.86 2.21 History Launch : Benchmark : Category : Net Assets (` Cr) : Plans & NAV : August 2002 S&P BSE 200 Equity: Large & Mid Cap Growth (157.04), Dividend (29.00) 7377.56 S&P BSE 200 (%) Year Q1 Q2 Q3 Q4 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 2014 2013 2012 2011 2010 7.06 -4.68 13.81 -5.07 1.23 18.65 2.66 1.00 -1.62 2.58 5.45 -0.30 9.87 -11.19 12.88 8.04 11.98 7.75 -7.07 1.27 1-Year 3-Year 5-Year 10-Year 15-Year Return Rank SIP Fund Category Fund/Cat Return 44.72 29.04 14.50 20.68 - 45.20 26.15 12.73 18.26 - 61/119 17/62 17/57 5/23 - 35.47 22.76 9.47 14.47 - 45.51 31.23 20.86 18.63 - Return less than 1-year are absolute and over 1 year are annualised S&P BSE 200 Best 1-Month Worst 1-Month Best 3-Month Worst 3-Month Best 1-Year Worst 1-Year Period Fund 11/05/09 - 10/06/09 24/09/08 - 24/10/08 09/03/09 - 10/06/09 02/09/08 - 02/12/08 09/03/09 - 11/03/10 04/12/07 - 03/12/08 33.57 -30.85 80.16 94.73 -35.11 117.37 -50.51 35.82 -37.49 -44.03 124.07 -58.90 S&P BSE 200 Standard Deviation Sharpe Ratio Beta R-Squared Sortino Ratio Alpha Fund Cat Average 15.42 1.31 0.99 0.96 2.54 6.40 16.00 0.95 1.17 - - 1.84 - 15.40 0.95 0.88 2.26 4.64 S&P BSE 200 19.88 95.74 Equity -0.03 Cash Eq 4.29 Debt Company Sector 3Y-High 3Y-Low Assets Top Holdings (%) Fund 3Y-High 3Y-Low Top Sector Weights (%) Financial Technology Automobile Energy FMCG Healthcare Diversified Engineering 33.35 11.84 11.00 7.99 7.95 5.60 4.32 3.19 29.61 12.31 9.23 11.10 10.36 7.11 4.11 2.61 33.35 16.66 12.83 17.42 11.52 8.86 7.76 4.72 19.71 9.60 6.31 7.00 7.07 5.43 3.95 1.86 S&P BSE 200 Growth Blend Value Investment Style FUND STYLE LargeMediumSmall Capitalisation Total Stocks Avg Mkt Cap (` Cr) Portfolio P/B Ratio Portfolio P/E Ratio 3Y Earnings Growth (%) Portfolio Characteristics Asset Allocation (%)Top 5 Holdings (%) 33.94 HDFC Bank ICICI Bank ITC Tata Motors State Bank of India Infosys Reliance Industries HCL Technologies HDFC Tech Mahindra Larsen & Toubro Axis Bank Wipro Indusind Bank Motherson Sumi Sys Financial Financial FMCG Automobile Financial Technology Energy Technology Financial Technology Diversified Financial Technology Financial Automobile 5.19 6.72 6.42 3.22 3.34 6.35 6.37 3.89 4.97 3.16 4.84 2.55 2.52 3.09 2.11 1.75 3.82 3.61 0.00 0.44 2.18 2.09 0.42 1.72 0.00 2.11 0.00 0.00 1.35 0.00 1.79Federal Bank Financial 1.85 0.00 73 70113 3.19 20.81 6.89 5.05 4.78 3.69 3.21 3.17 3.13 2.73 2.49 2.39 2.36 2.28 2.26 2.16 2.11 2.06 Grasim Industries Diversified 2.86 1.52 2.04 ING Vysya Bank Financial 2.27 1.23 2.00 Cummins India Engineering 2.81 1.59 1.91 Maruti Suzuki India Automobile 2.67 0.00 1.81 108.51 9.25 2.49 4.87 11/74 108.51 88.64 3585.8 2.48 19,000 16,000 13,000 10,000 7,000 Fund S&P BSE 200 (Index is continuously rebased to 10,000) 41.77 20/31 Return Risk Value Research Rating, Risk and Return z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the previous five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type. z Return Grade : A measure of fund’s risk adjusted return compared to its peers z Risk Grade : A measure of fund’s risk of loss compared to its peers z Launch : The launch date of the fund z Benchmark : The index against which the fund compares its performance z Category : The Value Research category under which the fund is classified. z Net Assets (` Cr) : The Net Assets of the fund z Plans & NAV : The NAV under its ‘Growth’ and ‘Dividend’ plans Fund Performance vs Index The graph has been prepared to show the fund’s performance over the benchmark over the years. Above the graph, the fund’s invest- ment style is portrayed in each year has been shown. Below the graph is the quartile position of the fund in each calen- dar year. History Data on the fund’s performance since its launch. z NAV (Year End) : The last NAV of each year. z Total Return : The percentage returns that an investor would have got over the year. z +/- : In the given year, a compari- son of the fund’s returns with that of two stock market indices z Rank : The fund’s performance rank within its category for the year and the total number of funds out of which it has been ranked. z 52-Week NAV Range : The high- est and the lowest NAV that the fund recorded during that year z Expense Ratio : The percentage of the average daily assets that the fund charged as its manage- ment expenses during the year. z Net Assets : The total amount of investor’s assets that the fund was managing at the end of the year. Quarterly Returns The funds’ returns over each quarter of the last five years, along with the entire year’s returns Trailing Returns Performance data for various stan- dard periods, all ending on December 31st. All returns are in percentage. Periods greater than a year are annu- alised, shorter periods are not. z Fund : The fund’s own returns. z Category : The average returns for all funds in the category. z Rank : The funds rank, out of the total number of funds in the cate- gory z Index : The returns of the fund’s benchmark index. z SIP Return (Annualised) : The return that an investor would have made by investing in the fund’s monthly systematic invest- ment plan over the period. Best & Worst Returns & Risk Measures Best & Worst Returns : The best and worst one, three and twelve months periods in the fund’s history, along with its benchmark index during the period. All possible periods (rather than just calendar months, quarters and years) are evaluated for this. Risk Measures : A range of statistical measures that can be used to evaluate the performance, risk, and return of a mutual fund Strategy & Review Investment Strategy : The structural guideline that the fund manager will use to invest in the securities market. Analysis : A subjective view on the fund by a Value Research analyst. The analysis projects the fund’s prospects and takes a view on the ori- gins and the attributes of the fund’s past performance. Investment Information Basic investment information for the fund. AMC : The name of the AMC Website : The name of the AMC Registrar : The registrar to be reached for information Min Inv : Minimum amount to be invested in the fund Min SIP Inv (`) : Minimum amount required for SIP Exchange Availability : Fund trades on exchanges Exit Load : Charges on exit from the fund Top 5 holdings and Asset Allocation Top 5 holdings: The percentage of allocation to the top 5 holdings of the fund. Asset Allocation: The distribution of its investments between equity, debt and cash. Top Sector Weights The percentage of the equity invest- ments of the fund that fall under each sector of the economy. Portfolio Characteristics & Fund Style Portfolio Characteristics: Total num- ber of stocks and bonds that are part of the portfolio. Aggregate measures regarding the fund’s investments. The market capitalisation, P/B ratio and P/E ratio are weighted averages of the latest numbers of the companies that the fund is invested in. Three Year Earnings Growth is the weighted aver- age of the compounded average growth in the net profits of each com- pany. Fund Style : A nine-cell matrix of the overall style of investment that the fund follows, based on its latest portfo- lio. On the vertical axis, the three steps denote the weighted average market capitalisation of the fund’s invest- ments. The horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in are value stocks, growth stocks, or a blend of the two. Top Holdings A detailed report about the invest- ment portfolio of a fund. Equity Holding: The name of each company, its sector, the maxi- mum allocation in the last 3-years and the minimum allocation in the company has seen in the last 3- years. It also has the current allo- cation of the portfolio as ‘Assets’. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  28. 28. 26 Mutual Fund Yearbook 2015 Reading a Fund Report - Hybrid Risk Measures Quarterly Returns (%)Trailing Returns (%) Best & Worst Returns (%) Canara Robeco Balance Fund All data as on 31/12/2014 Strategy & Review Canara Robeco Balance is the oldest bal- anced fund. The period since 2001 has seen it make its mark as a quintessential balanced fund, registering substantial gains when the equity markets are doing well, and limiting losses in falls. In keeping with its steady performance, it has underperformed the cat- egory average only for two calendar years in the last ten. In the comparison with the benchmark, this fund comes off even better. Except for a lag of 2.3 per cent in 2013, it has always beaten the index. To be sure, in many of these years it has beaten the benchmark by only a small margin, but that is character- istic of a conservative fund. Surely, there are many investors who prefer the tortoise to the hare. This fund is essentially a large cap fund, with the mid-cap exposure staying within the 20 to 30 per cent range. Sector distribution has stayed close to that of the benchmark. The debt-equity ratio is rebalanced not by the calendar but depending on a number of macro and micro-level variables. In terms of actual portfolio choices, a combination of top-down and bottom up strategy is followed. All things considered, this is a conservatively run fund that will deliver mild positive sur- prises and almost no negative ones. PORTFOLIO MANAGER Krishna Sanghvi (Since Sep 2012): He is a B.Com (H), CWA from ICWAI, Master of Management Studies (Finance) from NMIMS, Mumbai and CFA from ICFAI. Prior to joining Canara Robeco AMC he worked with Kotak Mahindra AMC and Kotak Mahindra Old Mutual Life Insurance. Avnish Jain (Since Oct 2013): He is a B.Tech from IIT Kharagpur and PGDM from IIM Kolkata. Prior to joining Canara Robeco AMC he worked with ICICI Prudential AMC, Deutsche Asset Management, Misys Software Solutions, Yes Bank and ICICI Bank. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 NAV (`) Total Return (%) +/- VR Balanced (%) +/- Rank (Fund/Category) 52 Week NAV High (`) 52 Week NAV Low (`) Expense Ratio (%) (Sep.) Net Assets (` Cr) 108.01 45.66 19.71 14.27 21/59 108.89 70.98 268.6 27.60 43.45 18.72 7.11 3/27 27.99 18.25 61.44 - 37.41 35.54 6.69 -4.29 3/28 38.17 27.54 81.45 1.00 53.69 43.52 0.66 -11.25 15/26 53.69 34.65 96.77 1.23 32.93 -38.67 1.09 13.12 8/27 55.54 28.33 101.57 2.44 53.24 61.68 12.38 -14.08 13/24 53.24 28.04 161.54 2.43 62.48 17.36 2.82 -0.59 9/28 64.92 51.36 186.46 2.39 56.38 -9.76 8.36 14.86 5/28 62.80 55.64 179.20 2.38 71.25 26.37 3.83 -1.33 15/29 71.47 56.32 202.95 2.38 74.15 4.07 -2.31 -2.69 23/32 74.15 63.38 194.34 2.76 2.80 History Launch : Benchmark : Category : Net Assets (` Cr) : Plans & NAV : January 1993 Crisil Balanced Fund Index Hybrid: Equity-oriented Growth (108.01), Dividend Quarterly (80.49) 268.60 CNX Nifty (%) Year Q1 Q2 Q3 Q4 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 2014 2013 2012 2011 2010 5.34 -5.28 11.33 -3.47 2.99 18.86 0.34 2.53 2.44 5.75 7.48 -0.93 5.48 -4.44 9.90 8.25 10.52 4.95 -4.51 -1.95 1-Year 3-Year 5-Year 10-Year 15-Year Return Rank SIP Fund Category Fund/Cat Return 45.66 24.15 15.19 18.82 16.10 40.22 25.95 49.37 23.37 17.94 28.35 12.89 9.01 19.75 15.17 12.26 17.06 15.39 - 19.13 21/59 15/29 7/26 3/22 4/10 Return less than 1-year are absolute and over 1 year are annualised VR Bal Best 1-Month Worst 1-Month Best 3-Month Worst 3-Month Best 1-Year Worst 1-Year Period Fund 28/04/09 - 28/05/09 24/09/08 - 24/10/08 09/03/09 - 10/06/09 02/09/08 - 02/12/08 02/05/05 - 02/05/06 26/10/07 - 27/10/08 25.70 -25.79 63.09 -27.88 95.61 -43.75 19.67 -27.46 50.99 -29.77 56.12 -43.34 VR Bal Standard Deviation Sharpe Ratio Beta R-Squared Sortino Ratio Alpha Fund Cat AverageVR Bal Fund 3Y-High 3Y-Low Top Sector Weights (%) Financial Construction Energy Technology Automobile Engineering FMCG Services 19.07 11.16 6.68 5.71 5.19 5.14 4.31 3.83 31.74 2.29 12.83 15.72 9.29 0.86 9.26 0.74 23.42 11.16 11.51 15.69 7.44 5.14 11.33 3.83 12.30 3.19 5.12 4.27 2.23 1.03 1.90 1.38 CNX Nifty Portfolio Characteristics Growth Blend Value Investment Style FUND STYLE LargeMediumSmall Capitalisation Total Stocks Avg Mkt Cap (` Cr) Portfolio P/B Ratio Portfolio P/E Ratio 3Y Earnings Growth (%) 59 14861 2.95 21.86 -4.42 AMC : Website : Registrar : Min Inv (`) : Min SIP Inv (`) : Exchange Availability : Exit Load : Investment Information Canara Robeco Asset Mgmt Co Ltd www.canararobeco.com Karvy Computershare Pvt Ltd. 5,000 NSE 1% for redemption within 365 days 1,000 13.32 74.89 Equity 0.01 Cash Eq 25.10 Debt Asset Allocation (%)Top 5 Holdings (%) Top Debt Holdings (%) Company Instrument Assets Company Sector 3Y-High 3Y-Low Assets ICICI Bank HDFC Bank Yes Bank Indusind Bank Infosys Gulf Oil Lubricants India HPCL JK Lakshmi Cement Ahluwalia Contracts VA Tech Wabag Tata Motors DVR Federal Bank Texmaco Rail & Engg Credit Analysis & Resear. CESC Financial Financial Financial Financial Technology Energy Energy Construction Construction Engineering Automobile Financial Engineering Financial Energy 5.20 5.05 2.32 2.17 5.51 2.00 2.28 1.70 1.65 1.98 1.76 1.56 1.51 1.71 1.86 1.38 2.63 0.00 0.00 0.72 0.00 0.00 0.00 0.00 0.62 0.00 0.00 0.00 0.00 0.00 3.36 3.34 2.32 2.17 2.13 2.00 1.76 1.70 1.65 1.54 1.53 1.53 1.51 1.50 1.48 Top Equity Holdings (%) Tata Sons 9.71% 2016-12-13 GOI 9.20% 2030-09-30 PFC 9.30% 2019-09-04 GOI 8.24% 2033-11-10 Rural Electrification 9.38% 2018-11-06 Debenture CGL Bonds CGL Bonds 3.55 2.71 1.80 1.80 4.66 12.15 1.30 0.95 0.81 2.51 5.85 11.57 0.91 - - 1.79 - 12.41 1.24 0.98 0.84 2.29 4.87 19,000 16,000 13,000 10,000 7,000 Fund VR Balanced (Index is continuously rebased to 10,000) Risk Return Value Research Rating, Risk and Return z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the previous five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type. z Return Grade : A measure of fund’s risk adjusted return compared to its peers z Risk Grade: A measure of fund’s risk of loss compared to its peers z Launch: The launch date of the fund z Benchmark: The index against which the fund compares its perfomance z Category: The Value Research category under which the fund is classified. z Net Assets (` Cr) : The Net Assets of the fund z Plans & NAV: The NAV under its Growth and Dividend plans Fund Performance vs Index The graph has been prepared to show the fund’s performance with reapect to the benchmark over the years. Above the graph, the fund’s investment style is portrayed in each year. Below the graph is the quartile position of the fund in each calen- dar year. History Data on the fund’s performance since its launch. z NAV (Year End): The last NAV of each year. z Total Return: The percentage returns that an investor would have got over the year. z +/-: In the given year, a compari- son of the fund’s returns with that of two stock market indices z Rank: The fund’s performance rank within its category for the year and the total number of funds out of which it has been ranked. z 52-Week NAV Range: The high- est and the lowest NAV that the fund recorded during that year z Expense Ratio: The percentage of the average daily assets that the fund charged as its manage- ment expenses during the year. z Net Assets : The total amount of investor’s assets that the fund was managing at the end of the year. Quarterly Returns The funds’ returns over each quarter of the last five years, along with the entire year’s returns. Trailing Returns Performance data for various stan- dard periods, all ending on December 31st. All returns are in percentage. Periods greater than a year are annu- alised, shorter periods are not. z Fund: The fund’s own returns. z Category: The average returns for all funds in the category. z Rank: The funds rank, out of the total number of funds in the cate- gory z Index: The returns of the fund’s benchmark index/internal index. z SIP Return (Annualised): The return that an investor would have made by investing in the fund’s monthly systematic invest- ment plan over the period. Best & Worst Returns & Risk Measures Best & Worst Returns: The best and worst one, three and twelve months periods in the fund’s history, along with its benchmark index during the period. All possible periods (rather than just calendar months, quarters and years) are evaluated for this. Risk Measures: A range of statistical measures that can be used to evaluate the performance, risk, and return of a mutual fund Strategy & Review Investment Strategy: The structural guideline that the fund manager will use to invest in the securities market. Analysis: A subjective view on the fund by a Value Research analyst. The analysis projects the fund’s prospects and takes a view on the ori- gins and the attributes of the fund’s past performance. Investment Information Basic investment information for the fund. AMC: The name of the AMC Website: Website of the AMC Registrar: The registrar to be reached for information Min Inv: Minimum amount to be invested in the fund Min SIP Inv (`): Minimum amount required for SIP Exchange Availability: Fund trades on exchanges Exit Load: Charges on exit from the fund Top 5 holdings and Asset Allocation Top 5 holdings: The percentage of allocation to the top 5 holdings of the fund. Asset Allocation: The distribution of its investments between equity, debt and cash. Top Sector Weights The percentage of the equity invest- ments of the fund that fall under each sector of the economy. Portfolio Characteristics & Fund Style Portfolio Characterstic : Total number of stocks and bonds that are part of the portfolio. Aggregate measures regard- ing the fund’s investments. The market capitalisation, P/B ratio and P/E ratio are weighted averages of the latest numbers of the companies that the fund is invested in. Three Year Earnings Growth is the weighted average of the compounded average growth in the net profits of each company. Fund Style : A nine-cell matrix of the overall style of investment that the fund follows, based on its latest portfo- lio. On the vertical axis, the three steps denote the weighted average market capitalisation of the fund’s invest- ments. The horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in are value stocks, growth stocks, or a blend of the two. Top Holdings A detailed report about the invest- ment portfolio of a fund. Equity Holding: The name of each company, its sector, the maximum allocation in the last 3-years and the minimum allocation in the com- pany has seen in the last 3-years. It also has the current allocation of the portfolio as ‘Assets’. Debt Holding- This has the name of the company, the sector it rep- resents, debt instrument it holds, and the current allocation. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  29. 29. 27Mutual Fund Yearbook 2015 Reading a Fund Report - Debt Quarterly Returns (%)Trailing Returns (%) Total Securities Avg Maturity (Yrs.) Avg Maturity 52W High (Yrs.) Avg Maturity 52W Low (Yrs.) Avg Credit Rating Birla Sun Life Dynamic Bond Fund All data as on 31/12/2014 Strategy & Review If you’re confused about interest rates, this is a good fund to make the most of the interest rate situation as it unfolds. Though dynamic bond funds are supposed to actively navi- gate the rate cycle, quite a few funds in this category have not managed this feat. Consistently scoring 4 to 5 stars from its launch in March 2006, this fund has navi- gated choppy debt markets very well and that too over an extended period. A sea- soned manager at the helm for a long period has aided predictability of returns mainly through good calls on portfolio duration. The fund has not missed out on the recent bond market rally, and has been a category topper in 2014. After maintaining a limited portfolio duration of 1-3 years over much of 2011 and 2012 and relying mainly on an accrual strat- egy amid a falling rate cycle, the fund began to slightly increase its maturities from the end of 2012, with a view to taking advantage of a further fall in rates. The fund’s average maturity rose to nearly 7 years by end of 2012, only to moderate to about 4-5 years by mid-2013. In July 2013, when RBI’s surprise move to hike overnight rates materialised, the fund suffered a 2.5 per cent reversal in its NAV, but quickly bounced back. Recent changes in the macro environ- ment, including a stronger rupee, shrinking current account deficit and a constructive view on CPI inflation has prompted the fund to take a more aggressive stance. The fund manager decided to increase the upper limit on average maturity from 3.5 to 5 years to better play the falling rate scenario. The fund has steadfastly stuck to its bullish rate view and this has paid off in a big way this year. PORTFOLIO MANAGER Maneesh Dangi (Since Sep 2007): He is an MBA and FRM. Prior to joining Birla Sun Life Asset Management Company he worked with Pioneer Investcorp. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 NAV (Rs) Total Return (%) +/- NSE G-Sec Rank (Fund/Category) 52 Week NAV High (`) 52 Week NAV Low (`) Expense Ratio (%) (Sep.) Net Assets (` Cr) 23.79 14.85 3.12 44/175 23.80 20.72 1.21 10.65 1.92 0.75 10.11 10.65 13/61 5.39 25.00 11.29 6.01 5.25 19/57 11.29 10.65 0.75 5.52 12.32 9.16 3.87 10/52 12.32 11.28 0.15 9.62 14.16 14.96 -5.82 28/54 14.16 12.35 0.28 292.18 15.22 7.45 13.85 4/63 15.22 14.11 1.48 6221.6 16.07 5.55 3.00 19/79 16.07 15.22 0.98 5305.2 17.55 9.24 6.35 15/86 17.55 16.08 0.88 3593.4 19.40 10.53 1.77 29/89 19.40 17.58 1.14 14,481 20.72 6.79 4.10 33/100 20.72 19.43 1.08 12,930 9638.2 History Fund (Rebased to 10,000) Launch : Benchmark : Category : Net Assets (` Cr) : Plans & NAV : September 2004 Crisil Short-Term Bond Index Debt: Income Growth (23.79), DQ (11.09), DM (10.84), Dividend (10.34), Discipline Advantage Plan (16.46) 9638.23 Year Q1 Q2 Q3 Q4 Jan-Mar Apr-Jun Jul-Sep Oct-Dec 2014 2013 2012 2011 2010 2.42 2.28 2.35 1.89 1.90 3.15 3.37 2.57 1.50 2.22 1.91 -1.55 2.97 1.12 2.36 6.67 2.60 2.25 0.94 2.45 3-Month 6-Month 1-Year 3-Year 5-Year Return Rank NSE Fund Category Fund/Cat T-Bill 6.67 8.71 14.85 10.65 9.34 4.99 7.17 13.15 9.61 8.29 43/201 43/195 44/175 8/84 4/67 4.66 7.21 11.73 7.65 5.66 2.20 4.33 8.78 8.52 7.46 Return less than 1-year are absolute and over 1 year are annualised NSE G-Sec Best & Worst Returns (%) Best 1-Month Worst 1-Month Best 3-Month Worst 3-Month Best 1-Year Worst 1-Year Period Fund 03/12/08 - 02/01/09 15/07/13 - 14/08/13 06/10/08 - 05/01/09 04/01/08 - 05/01/09 08/06/05 - 08/06/06 21/05/13 - 20/08/13 4.95 -3.02 7.28 15.75 4.54 -3.68 7.43 -4.97 18.82 21.31 -0.74 -8.93 NSE G-Sec Risk Measures Standard Deviation Sharpe Ratio Fund Cat Average 3.59 0.72 6.51 -0.39 3.99 0.47 NSE G-Sec AMC : Website : Registrar : Min Inv (`) : Min SIP Inv (`) : Exchange Availability : Exit Load : Investment Information 1% for redemption within 365 days Birla Sun Life Asset Mgmt Co Ltd mutualfund.birlasunlife.com Computer Age Mgmt Services Ltd 5,000 1,000 Company Instruments Assets Top Holdings (%) GOI 8.15% 2026-11-24 GOI 8.12% 2020-12-10 GOI 8.27% 2020-06-09 GOI 8.83% 2023-11-25 GOI 8.32% 2032-08-02 GOI 9.20% 2030-09-30 GOI 8.24% 2033-11-10 GOI 7.80% 2020-05-03 GOI 8.08% 2022-08-02 GOI 9.23% 2043-12-23 Reliance Jio Infocomm 9.25% 2024-06-16 Birla SL Floating Rate ST Direct -G GOI 8.30% 2040-07-02 GOI 8.33% 2026-07-09 Power Finance Corp. 2019-11-20 GOI 8.40% 2024-07-28 GOI 8.60% 2028-06-02 Punjab State 9.69% 2024-02-12 Assam State 8.84% 2024-06-11 Reliance Gas Transp. Infra. 10.25% 2021 CGL CGL CGL CGL CGL CGL CGL CGL CGL CGL Debenture MF-Debt CGL CGL Bonds CGL CGL SDL SDL Bonds/NCD 31.17 20.23 8.21 3.74 2.64 2.39 2.35 1.99 1.95 1.91 1.42 0.93 0.92 0.81 0.73 0.60 0.56 0.46 0.29 0.29 Instrument Break-up (%)Credit Rating Break-up (%) SOV AAA P1+ AA A and Below Term Deposit Bill Rediscounting Cash Equivalent Unrated / Others 82.11 3.03 0 0.27 0 0 0 13.66 0.93 60 - - - AAA CGL Net Receivables State Development Loan Debenture Bonds Mutual Funds-Debt Bonds/NCDs 79.66 13.62 2.43 1.85 1.01 0.93 0.29 Portfolio Characteristics High Medium Low Credit Quality FUND STYLE HighMediumLow InterestRateSensitivity 25,000 20,000 15,000 10,000 5,000 NA NA NA Risk Return Value Research Rating, Risk and Return z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that the fund has generated over the previous 18 months, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type. z Return Grade : A measure of fund’s risk adjusted return compared to its peers z Risk Grade : A measure of fund’s risk of loss compared to its peers z Launch : The launch date of the fund z Benchmark : The index against which the fund compares its performance z Category : The Value Research category under which the fund is classified. z Net Assets (` Cr) : The Net Assets of the fund z Plans & NAV : The NAV under its Growth and Dividend plans Fund Performance The graph has been prepared to show the fund’s performance over the years. Above the graph, the fund’s investment style is portrayed in each year. Below the graph is the quartile position of the fund in each calen- dar year. History Data on the fund’s performance since its launch. z NAV (Year End) : The last NAV of each year. z Total Return : The percentage returns that an investor would have got over the year. z +/- : In the given year, a compari- son of the fund’s returns with that of index. z Rank : The fund’s performance rank within its category for the year and the total number of funds out of which it has been ranked. z 52-Week NAV Range : The high- est and the lowest NAV that the fund recorded during that year z Expense Ratio : The percentage of the average daily assets that the fund charged as its manage- ment expenses during the year. z Net Assets : The total amount of investor’s assets that the fund was managing at the end of the year. Quarterly Returns The funds’ returns over each quarter of the last five years, along with the entire year’s returns. Trailing Returns Performance data for various stan- dard periods, all ending on December 31st. All returns are in percentage. Periods greater than a year are annu- alised, shorter periods are not. z Fund : The fund’s own returns. z Category : The average returns for all funds in the category. z Rank : The funds rank, out of the total number of funds in the cate- gory z Index : The returns of the fund’s benchmark index. Best & Worst Returns & Risk Measures Best & Worst Returns : The best and worst, three months and one year peri- ods in the fund’s history, along with its benchmark index during the period. All possible periods are evaluated for this. Risk Measures : A range of statistical measures that can be used to evaluate the performance, risk, and return of a mutual fund Strategy & Review Investment Strategy: The structural guideline that the fund manager will use to invest in the securities market. Analysis: A subjective view on the fund by a Value Research analyst. The analysis projects the fund’s prospects and takes a view on the origins and the attributes of the fund’s past perform- ance. Investment Information Basic investment information for the fund. AMC : The name of the AMC Website : Website of the AMC Registrar : The registrar to be reached for information Min Inv : Minimum amount to be invested in the fund Min SIP Inv (`) : Minimum amount required for SIP Exchange Availability : Fund trades on exchanges Exit Load : Charges on exit from the fund Credit Rating & Instrument Break-up Credit Rating Break-up : The propor- tion of the portfolio that is invested in instruments of different credit quality. Instrument Break-up : The propor- tion of the fund’s holdings that are held in different types if fixed-income instruments. Portfolio Characteristics & Fund Style Portfolio Characterstic: Aggregate measures regarding the fund’s invest- ments. It carries total number of secu- rities. The average maturity, the 52 week high and low in terms of maturi- ty. And the average credit rating of the fund. Fund Style: A nine-cell matrix of the overall style of investment that the fund follows, based on its latest portfo- lio. On the vertical axis, the three steps denote the weighted average market capitalisation of the fund’s invest- ments. The horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in are value stocks, growth stocks, or a blend of the two. Top Holdings A detailed report about the invest- ment portfolio of a fund. This has the name of the compa- ny, the sector it represents, debt instrument it holds, and the cur- rent allocation. Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.
  30. 30. 28 Mutual Fund Yearbook 2015 Reading a Fund Report - ETF Trailing Returns (%) Quarterly Returns (%) AMC : Website : Registrar : Min Inv (`) : Min SIP Inv (`) : Exchange Availability : Exit Load : Goldman Sachs Banking BeES Fund All data as on 31/12/2014 Goldman Sachs Asset Mgmt Pvt Ltd www.gsam.in Karvy Computershare Pvt Ltd. 10,000 - Nil - OBJECTIVE The investment objective of GS Bank BeES is to provide returns that, before expenses, closely correspond to the total returns of securities as represented by the CNX Bank Index. TRADING STATISTICS – Trading days: 243 – Trading volume range: 28 and 39,956 units – Daily average trading volume: 3171 units – Daily average turnover: `46.08 lakhs – Average discount: 0.03 per cent – Range: -1.17 per cent to 4.93 per cent Fund Rebased to 10,000) Launch : Benchmark : Category : Net Assets (` Cr) : Plans & NAV : May 2004 CNX Bank Index Equity: Banking Dividend (1,890.52) 591.74 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Avg. Premium/Discount (%) 52 Week High - Premium (%) 52 Week Low - Discount (%) Market Return (%) NAV (`) Total Return (%) +/- Rank (Fund/Category) 52 Week NAV High (`) 52 Week NAV Low (`) Expense Ratio (%) (Sep) Net Asset (` Cr) -0.03 4.93 -1.17 64.94 1890.5 64.11 -0.46 1023.1 0.53 591.74 1895.9 0.45 2668.4 0.45 7398.6 0.50 5468.2 0.50 1315.9 0.50 91.11 1.20 1.10 1.19 0.66 -2.75 0.78 0.50 44.86 0.53 0.50 52.68 0.52 0.50 71.33 1152.01 -9.12 -0.39 878.80 0.54 37.01 1330.4 3/13 11/23 History CNX Bank Index (%) 83.44 99.95 Equity 0.05 Cash Eq Company Sector 3Y-High 3Y-Low Assets ICICI Bank HDFC Bank State Bank of India Axis Bank Kotak Mahindra Bank Indusind Bank Yes Bank Bank of Baroda Punjab National Bank Federal Bank Bank of India Canara Bank Financial Financial Financial Financial Financial Financial Financial Financial Financial Financial Financial Financial 30.18 32.39 15.80 11.40 7.38 4.68 3.39 3.92 3.46 1.91 1.89 1.99 26.43 24.07 10.23 7.06 5.34 2.95 0.00 2.46 1.89 0.00 0.82 0.75 27.61 24.07 13.02 11.40 7.33 4.68 3.39 2.75 2.20 1.76 0.87 0.87 Top Holdings (%) Fund 3Y-High 3Y-Low Top Sector Weights (%) CNX Bank Growth Blend Value Investment Style FUND STYLE LargeMediumSmall Capitalisation Total Stocks Avg Mkt Cap (` Cr) Portfolio P/B Ratio Portfolio P/E Ratio 3Y Earnings Growth (%) 12 140814 2.30 17.54 18.69 Portfolio Characteristics Asset Allocation (%)Top 5 Holdings (%) Investment Information Q1 Q2 Q3 Q4 Year Jan-Mar Apr-Jun Jul-Sep Oct-Dec 2014 2013 2012 2011 2010 11.01 -10.37 26.67 4.74 -0.85 20.55 3.49 2.53 0.92 -3.00 0.89 -17.09 11.23 30.49 -15.77 21.55 18.18 8.72 -4.76 -15.92 3-Month 1-Year 3-Year 5-Year 10-Year Return Rank SIP Fund Category Fund/Cat Return 21.55 64.11 32.74 15.94 18.96 20.81 63.21 29.80 14.63 19.80 7/23 11/23 4/11 5/10 2/3 21.73 64.57 32.91 15.71 18.26 86.58 74.07 33.81 21.39 18.99 Return less than 1-year are absolute and over 1 year are annualised CNX Bank Strategy & Review Volume Traded 150000 100000 50000 64,57,972 28,33,937 9,29,859 Premium Discount to NAV (%) 3.0 1.5 0 -1.5 -3.0 Financial 99.95 100 99.95 98.70 -0.59 2.40 -2.35 0.13 7.64 -1.63 -8.66 -1.51 3.08 0.000.05 -0.01 0.32 0.23 -0.01 -0.03 3.91 2.97 2.53 5.57 2.26 1.08 -3.13 -3.13 -2.26 -3.09 -1.31 -1.32 61.56 -48.75 77.07 31.93 463.61 608.75 987.62 507.35 901.96 1184.87 30.85 33.62 65.34 -48.63 77.78 31.37 1/3 1/3 4/4 5/6 5/12 10/12 479.49 640.85 1010.6 1070.88 952.49 1325.5 312.91 350.20 490.35 412.72 335.77 822.76 1267.60 57.09 807.07 -32.46 809.71 1271.48 790.00 1193.43 4/11 7/11 -31.89 57.06 26.06 38.57 60,000 50,000 40,000 30,000 20,000 10,000 0 Risk Return Value Research Rating, Risk and Return z Launch: The launch date of the fund z Benchmark: The index against which the fund compares its performance z Category: The Value Research category under which the fund is classified. z Net Assets (` Cr): The Net Assets of the fund z Plans & NAV: The NAV under its Growth and Dividend plans Fund Performance vs Index, Volume Traded and Premium/Discount The graph has been prepared to show the fund’s performance over the benchmark over the years. Above the graph, the fund’s invest- ment style is portrayed in each year has been shown. Volume Traded: This shows the volumes traded at the exchange. Premium/Discount: If the fund is available at premium or discount. Below the graph is the quartile position of the fund in each calen- dar year. History Data on the fund’s performance since its launch. z NAV (Year End): The last NAV of each year. z Total Return: The percentage returns that an investor would have got over the year. z +/- : In the given year, a compari- son of the fund’s returns with that of two stock market indices z Rank: The fund’s performance rank within its category for the year and the total number of funds out of which it has been ranked. z 52-Week NAV Range: The high- est and the lowest NAV that the fund recorded during that year z Expense Ratio: The percentage of the average daily assets that the fund charged as its manage- ment expenses during the year. z Net Assets: The total amount of investor’s assets that the fund was managing at the end of the year. Trailing Returns Performance data for various standard periods, all ending on December 31st. All returns are in percentage. Periods greater than a year are annualised, shorter periods are not. z Fund: The fund’s own returns. z Category: The average returns for all funds in the category. z Rank: The funds rank, out of the total number of funds in the category z Index: The returns of the fund’s benchmark index. z SIP Return (Annualised): The return that an investor would have made by investing in the fund’s monthly systematic investment plan over the period. Strategy & Review Objective: The scheme objective that the fund manager will use to invest in the secu- rities market.. Trading Statistics: Details on all trading related data for the fund scheme in the past year such as trading volume, range, number of trading days and average premium or dis- count. Investment Information Basic investment information for the fund. AMC: The name of the AMC Website: The name of the AMC Registrar: The registrar to be reached for information Min Inv: Minimum amount to be invested in the fund Min SIP Inv (`): Minimum amount required for SIP Exchange Availability: Fund trades on exchanges Exit Load: Charges on exit from the fund Portfolio Concentration & Asset Allocation Portfolio Concentration: The per- centage of the portfolio formed by the top 10, 5 and 3 holdings of the fund. Asset Allocation: The distribution of its investment between equity, debt and cash Top Sector Weights The percentage of the equity invest- ments of the fund that fall under each sector of the economy. Portfolio Characteristics & Fund Style Portfolio Characteristics: Total num- ber of stocks and bonds that are part of the portfolio. Aggregate measures regarding the fund’s investments. The market capitalisation, P/B ratio and P/E ratio are weighted averages of the latest numbers of the companies that the fund is invested in. Three Year Earnings Growth is the weighted aver- age of the compounded average growth in the net profits of each com- pany. Fund Style: A nine-cell matrix of the overall style of investment that the fund follows, based on its latest portfo- lio. On the vertical axis, the three steps denote the weighted average market capitalisation of the fund’s invest- ments. The horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in are value stocks, growth stocks, or a blend of the two. Top Holdings A detailed report about the invest- ment portfolio of a fund. Equity Holding: The name of each company, its sector, the maxi- mum allocation in the last 3-years and the minimum allocation in the company has seen in the last 3- years. It also has the current allo- cation of the portfolio as ‘Assets’. Quarterly Returns The funds’ returns over each quarter of the last five years, along with the entire year’s returns Subscription copy of RAJESH BHUTRA [rajeshbhutra@ymail.com]. Redistribution prohibited.

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