Mfi 2016 12

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CONTENTS
Mutual
Fund 34
Insight
Cover Story
SIX TRAPS
DECEMBER 2016
Volume XIV, Number 3
Editorial
Principles TO AVOID
WITH DEBT
Value Research is an independent
investment research company. Our
goal is to serve our readers with
data, information and knowledge
FUNDS
that inform them about savings
and investments and help them
learn how to make better choices.
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 28 Getting
the best of our abilities.
Personal
Editor Dhirendra Kumar
Research and Editorial Aarati Krishnan,
The lifeguard
Dhanya Nair, Kumar Shankar Roy, Neil Borate,
Prasobh MG, Sandeep P and Vibhu Vats
portfolio
Design Mukul Ojha and Kiran Sindhwal
Production Hira Lal
manager
ADVERTISING Rajeev Thakkar,
Venkat K Naidu: 09664048666 CIO, PPFAS Mutual
Biswa Ranjan Palo: 09664075875
Fund, talks about
Address your correspondence to:
Editor, Mutual Fund Insight the fund, markets
5 Commercial Complex, Chitra Vihar, and his personal
Delhi-110092, India
e-mail: editor@valueresearchonline.com investments
© 2016 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092. Contact (Delhi) 011-2245-7916/18, (Mumbai) 022-22838665/22838198.
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
8 Mutual Fund Insight December 2016

32 58
And the Point Is... Direct Advice

VIVEK KAUL AARATI KRISHNAN
Why Narasimha Rao is still When information is not
relevant power
13 First Page Time to celebrate

The Plan
Our experts analyse a portfolio threadbare and
44
chart out the future course
11 Value Research Online

The easy way to compare funds Category Watch 46
14 Readers’ Viewpoints
Tax-saving funds
Fund Analyst’s Choice 49

16 Fund Reporter Eight handpicked tax-saving funds
Ask Value Research 61

Latest fund news
18 Fund Radar All your savings and investment queries answered
Scoreboard 65
Trends and latest happenings in the fund industry
20 Portfolio Moves
L&T Emerging Businesses Fund
The most comprehensive fund scorecard with key
performance numbers and investment details
21 Quick Chat The ocean of opportunities

Top-Rated Funds
Funds that stand on the highest rung of the Value
93
Research fund-rating ladder
26 Inside Funds
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
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jurisdiction of Delhi courts only. ALL RIGHTS RESERVED

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Mutual Fund Insight December 2016 11

First Page
Time to celebrate
Congratulations! Your approach to life, taxes have the freedom to do what you want with
and savings stands vindicated today. Am I the money, they would consider such advice
puzzling you? Think about it. What would be stupid. Now, the game has changed. You can
the impact on you, as a mutual fund investor, keep `100 cash and invest it in something like
of the great demonetisation? The biggest real estate. Alternatively, you can pay tax,
would be that your approach to life and invest the remaining `70–90 in something that
savings stands vindicated today! is long-term productive, like an equity or
Since you invest in mutual funds, you are balanced mutual fund and earn good returns
very likely the kind of person who pays taxes. that are legitimately tax-free after one year.
For decades, you have felt like a fool as those Which is the better option? Until now,
who don’t pay taxes appeared to be enjoying someone could argue that the former is the
the best of life that was partly paid for by you. better option. However, the sustained real-
These people, who are freeloading on your estate stagnation of the last few years, coupled
money, are citizens of nowhere. They don’t with demonetisation has changed this
even know what the word citizen means. situation. The person who has paid taxes and
Now, things have changed. We, the honest is now investing in a long-term tax-free
ones, those who pay our taxes and invest in avenue, like mutual funds, has turned out to
all-white, productive avenues like mutual be the much smarter one.
funds, have an unprecedented advantage – the There’s such a deep culture of tax-cheating
man at the top is someone like us. He hates in our country that this truth will take some
the tax-cheating freeloader as much as we do. time to sink in. Or maybe, with the kick that
He has taken an enormous step – something Narendra Modi has given on their behind, tax
that puts at risk his own political future – to thieves will see reason quickly. Meanwhile,
decisively damage the Indian black economy. there will be a host of immediate side effects
How will all this affect our mutual fund of the demonetisation. One will be a large
investments? By the time you read this page, uptick in tax collections. A certain amount of
the demonetisation itself will be old news. money could just disappear as the owners will
However, apart from the temporary be unable to find a legitimate way of
inconvenience of having to exchange the exchanging it. Downstream effects, aided and
notes, the downstream effects are all yet to abetted by the GST, will be a further positive.
come and are mostly unknown. All that we One of the more unpredictable impacts
know for certain is that there is huge panic could be on the advantage that small
among businesses that use cash for much or businesses have always had in India. At least
most of their operations. some of this advantage rests on not paying
In my view, the biggest impact will come taxes. With GST and full income tax, will
from the second-order effects of this move. organised business now have the upper hand?
The potential cost of holding black money has And if so, how much? These and many more
now become much higher. Earlier, when I questions will be answered only in the future.
would say to a black-oriented businessman Meanwhile, let’s applaud this audacious step
that it’s better to pay 30 per cent and then that Narendra Modi has taken.
Dhirendra Kumar
EDITOR

READERS’ VIEWPOINTS
COVER STORY
HOUSE VOICE
AFTER READING THE
views of the heads of
the importance of digital and
are building their
HOW INDIA’S TOP...
FROM THE Indian fund houses, I
realised that they actually
have the same things to say.
capabilities.
A couple of fund bosses,
however, have said
It was good to read how fund managers
manage their own money. Contrary to
what many of us would like to believe,
HEAD- It looked as if they had

prepared their interviews
something different. For
instance, one CEO said that
they don’t do anything exceptional. They
invest in the same manner as any
ordinary investor does. In spite of being
QUARTERS
sitting together. When it they had only direct plans,
comes to fund costs, almost which keep costs low. abreast of all that is happening in the
all of them ‘want’ to cut Another CEO said that they investment sphere, they like to keep it
them, but they also know had just one fund per simple. Though compliance is a reason
that the fund costs in India category. This shows that a as well for the limited options they are
are already justified. All of couple of AMCs are walking left with, what is remarkable is that
them compare Indian funds the road less taken. simplicity trumps all craftiness when it
with their Western peers and What remains puzzling is comes to investing.
boast of the outperformance the fact that there are over I have read about traders and hedge-
of Indian funds. It’s only 40 AMCs in the country. fund managers who do all kinds of stuff
natural that all of them have Naturally, consolidation is to make money. While it may look
positive things to say about required. impressive, I am not sure about the
equities. All of them realise - Purshottam Das sustainability of the returns they
generate. Many fail. Many underperform.
Hence, the key to effective investing is to
keep it simple and have patience.
Interestingly, the mistakes made by
CORRECTIONS top fund managers are strikingly similar
In the interview with Mr Corrected statement: today it is `50,63,000 to those made by lay investors. They also
U K Sinha, published in Earlier they were giving crore. regret having made mistakes like buying
the previous issue, the rationale for downgrade. I too many funds and not increasing SIP
following two statements said that now rationale for Corrected statement: amounts with time. Perhaps we all get so
stand corrected: suspension of rating When I came to the SEBI, consumed in our work that we miss to
should also be given. the total AUM of the pay attention to the basics.
1. Page 20: Earlier they industry was less than `6 Property and gold aren’t popular
were giving rationale for 2. Page 24: When I came lakh crore. And today it is among fund managers. Given the
downgrade. I said that no to the SEBI, the total AUM `15,63,000 crore. rationale behind not buying property, I
rationale for suspension of the industry was less hope many of us who blindly chase it will
of rating should be given. than `6 lakh crore. And now have second thoughts.
- Hema Ghai
MAIL YOUR Mutual 5, Commercial Complex, PHONE (Delhi): 011-22457916/18, 9868891830 E-MAIL
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Tax benefit with deduction Potential Capital Appreciation 3-year lock-in period
under Section 80C of with tax-free returns# to maximise growth potential
Income Tax Act, 1961#
#Investors are requested to consult their financial advisor/ tax consultant prior to arriving at any
investment decision
Consult your To know more log on to

or
financial advisor www.mahindramutualfund.com
Riskometer
This product is suitable for investors who are seeking*:
Long term capital appreciation
Investment predominantly in equity and equity related securities
* Investors should consult their financial advisers if in doubt about
Investors understand that their
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Mutual Fund investments are subject to market risks, read all scheme related
documents carefully. CNo.00024
FUND REPORTER
BSE launches paperless SIP Fund managers still confident of UTI AMC gets finance ministry’s
BSE has come up with a paper- Tata Group stocks approval to go public
less SIP facility, iSIP, for invest- The spat between Ratan Tata and UTI AMC has received in-princi-
ing in mutual funds. The facility Cyrus Mistry after the latter’s ple approval from the finance
is available on the BSE StAR ouster from the position of CEO ministry to go public. It is likely
Mutual Fund platform. With it, of Tata Sons doesn’t seem to have to file its offer document with the
one can make payments through rattled many fund managers. In a SEBI early next year. Its listing
different methods, including net study conducted by Business will provide an exit route to its
banking. Standard, fund managers sound- four public-sector sponsors – SBI,
ed confident of the prospects of PNB, Bank of Baroda and LIC.
Mutual funds beat LIC in equity the Tata Group.
holding Funds buy PSBs’ AT1 bonds
Thanks to high inflows, for the PPFAS sells shares in Noida Toll Additional Tier 1 bonds launched
first time in the history of Indian PPFAS Mutual Fund sold its by public-sector banks to raise
funds, Indian fund houses hold shares in Noida Toll Bridge after capital requirements as per Basel
more equity (as of September the high court ordered end of toll III have found takers in mutual
2016), `4.95 lakh crore, than the collection on the DND expressway. funds, like SBI, Reliance, ICICI
insurance behemoth LIC does, The company’s sole operation was and HDFC. The rising NPAs of
4.75 lakh crore. In September, toll collection on DND. In its public-sector lenders, however,
mutual funds pumped over `8,000 absence, the company’s opera- can lead to these bonds turning
crore in the equity market. tions will grind to a halt. into a risky bet for mutual funds.
Announcements
Axis Mutual Fund MERGER OF OPTIONS
Changes the name of Axis
Banking Debt Fund to ‘Axis L&T Mutual Fund has decided to merge the options under certain plans, which have been closed
Banking & PSU Debt Fund’. for fresh subscriptions, with certain other options with effect from November 15, 2016. The details
are as follows:
Birla Sun Life Mutual Fund Name of options proposed to be merged Name of options with which to be merged
Extends the maturity date of
L&T Cash Fund - Retail Plan - G L&T Cash Fund - Regular Plan - G
Birla Sun Life Fixed Term Plan -
Series JA (1,098 days) by 366 days. L&T Cash Fund - Retail Plan - M L&T Cash Fund - Regular Plan - M
Now the scheme will mature on L&T Flexi Bond Fund - Retail Plan - D L&T Flexi Bond Fund - Regular Plan - D
November 29, 2017, and will be L&T Flexi Bond Fund - Retail Plan - G L&T Flexi Bond Fund - Regular Plan - G
renamed as Birla Sun Life Fixed
L&T Income Opportunities Fund - Retail Plan - D L&T Income Opportunities Fund - Regular Plan - D
Term Plan - Series JA (1,464 days).
L&T Income Opportunities Fund - Retail Plan - G L&T Income Opportunities Fund - Regular Plan - G
The existing maturity date of the
scheme is November 28, 2016. L&T Income Opportunities Fund - Retail Plan - QD L&T Income Opportunities Fund - Regular Plan - MD
L&T Liquid Fund - Regular plan - G L&T Liquid Fund - G
BNP Paribas Mutual Fund L&T Banking and PSU Debt Fund - Inst Plan - G L&T Banking and PSU Debt Fund - Regular Plan - G
Changes the minimum applica-
L&T Banking and PSU Debt Fund - Retail Plan - G L&T Banking and PSU Debt Fund - Regular Plan - G
tion and redemption amount for
L&T Banking and PSU Debt Fund - Retail Plan - MD L&T Banking and PSU Debt Fund - Regular Plan - MD
unclaimed-dividend and redemp-
tion plans of BNP Paribas L&T Ultra Short Term Fund - Regular Plan - G L&T Ultra Short Term Fund - G
Overnight Fund. Now both the L&T Ultra Short Term Fund - Reg - Semi Annual D L&T Ultra Short Term Fund - Semi Annual D
amounts will be `0.01 and in mul- L&T Ultra Short Term Fund - Regular Plan - MD L&T Ultra Short Term Fund - MD
tiples of `0.01 thereafter.Changes

the name of BNP Paribas Bond LOAD CHANGES
Fund to BNP Paribas Corporate
Scheme Date Exit load
Bond Fund.
ICICI Pru Balanced Fund, ICICI Pru 10-Nov-16 1% if units in excess of 10% of the units
Dynamic Plan, ICICI Pru MIP 25 are redeemed within 1 year
HDFC Mutual Fund
ICICI Pru Balanced Advantage Fund 10-Nov-16 1% if units in excess of 15% of the units
Extends the maturity of HDFC
are redeemed within 18 months
Capital Protection Oriented
ICICI Pru Equity Income Fund 10-Nov-16 1% if units in excess of 10% of the units
Fund - Series I by eight days.
are redeemed within 1 year
Subsequent to the rollover, the
SBI Equity Savings Fund 4-Nov-16 1% if units in excess of 9% of the units are
scheme is to mature on redeemed within 1 year
November 15, 2016. The existing
Kotak Balance Fund 17-Oct-16 1% if units in excess of 10% of the units
maturity date of the scheme is are redeemed within 1 year
November 8, 2016.
IDFC Dynamic Bond Fund 17-Oct-16 Nil
Taurus Infrastructure Fund, Taurus
HSBC Mutual Fund Banking & Financial Services Fund and
10-Oct-16 Nil
Approves rollover of HSBC Taurus Bonanza Fund

Fixed Term Series 94, HSBC
Birla Sun Life MIP II - Wealth 25 Plan, 10-Oct-16 1% if units in excess of 15% of the units
Fixed Term Series 96 and HSBC Birla Sun Life Medium Term Plan, Birla are redeemed on or before 365 days
Fixed Term Series 98 by 628 Sun Life Balanced Advantage Fund, Birla
Sun Life Balanced ‘95 Fund, Birla Sun
days. Subsequent to the rollover, Life Dividend Yield Plus
the schemes will mature on
Birla Sun Life Dynamic Bond Fund 10-Oct-16 0.50% if units in excess of 15% of the units
July 16, 2018. The existing matu- are redeemed on or before 90 days
rity date of the schemes is
Birla Sun Life Short Term Opportunities 10-Oct-16 0.50% if units in excess of 15% of the units
October 26, 2016. are redeemed on or before 180 days
Changes benchmark for three

equity funds. HSBC Equity Fund
has been assigned Nifty 50; CHANGE IN FUND MANAGER
HSBC India Opportunities Fund Scheme Previous Current
has been assigned S&P BSE 200;
R*Shares Shariah BeES Gauri Sekaria Payal Kaipunjal
and HSBC Infrastructure Equity
R*Shares Hang Seng BeES Payal Kaipunjal, Gauri Sekaria Payal Kaipunjal, Siddharth Deb
Fund has been assigned S&P
BSE India Infrastructure Index. R*Shares Infra BeES Gauri Sekaria Payal Kaipunjal
IIFL India Growth Fund Manish Bandi Prashasta Seth
Kotak Mutual Fund IIFL Dynamic Bond Fund Mohit Mehra Ritesh Jain
Extends the maturity of Kotak
IIFL Liquid Fund Mohit Mehra Ritesh Jain
FMP Series 131 by 1,061 days.
Union KBC Small and Midcap Fund Ashish Ranawade Ashish Ranawade, Hardick Bora
Subsequent to the rollover, the
scheme will now mature on ICICI Prudential Balanced Ashwin Jain, Manish Banthia, Manish Banthia, Manish
Advantage Fund Manish Gunwani, Rajat Chandak Gunwani, Rajat Chandak
April 17, 2017, instead of
November 21, 2016. IDFC Sterling Equity Fund Anoop Bhaskar Anoop Bhaskar & Daylynn Pinto
IDFC Tax Advantage Fund Anoop Bhaskar Daylynn Pinto
LIC Mutual Fund IDFC Tax Saver Fund Meenakshi Dawar Daylynn Pinto
Extends the maturity of LIC MF
IDFC Imperial Equity Fund Meenakshi Dawar Sumit Agrawal
Capital Protection Oriented Fund
IDFC MIP (Equity portion) Anoop Bhaskar Sumit Agrawal
Series 2 by 530 days. Subsequent
to the rollover, the scheme will IDFC Arbitrage Plus Fund, IDFC Yogik Pitti & Meenakshi Dawar Yogik Pitti & Meenakshi Dawar
Arbitrage Fund (Equity portion) & Harshal Joshi
mature on April 5, 2018. The exist-
(Debt portion)
ing maturity date of the scheme
is November 21, 2016.

FUND RADAR
Tata trap?
The latest boardroom battle between Ratan Tata and Cyrus Mistry over the forced ouster
of the latter has raised concerns about the problems at Tata Group firms. Here is the
state of fund investments in Tata companies.
Mutual fund investments in Tata companies
All amounts in ` cr
6,050 4,780 4,346 3,426 1,968 1,956 810 340 99 80

Tata Tata Consultancy Tata Motors Tata Tata Voltas Tata Tata Global Tata Tata
Motors Services DVR Steel Chemicals Communications Beverages Coffee Elxsi
No. of schemes Top ten funds with exposure to Tata companies

invested in Tata All amounts in ` cr HDFC Equity Fund 1678.93
companies HDFC Taxsaver Fund HDFC Top 200 Fund
422.22 10 1
Tata Motors 2 1484.47
317 Reliance Vision Fund
466.35
9
HDFC Prudence Fund
3 838.44
Tata Consultancy Services
241 Axis Long Term Equity Fund
469.18 8
SBI ETF Nifty 50
4 815.82
Tata Steel SBI Bluechip Fund 7 6 5 Birla Sun Life Frontline Equity Fund
182 482.33 670.06
Franklin India Prima Plus Fund 528.84
Tata Motors DVR
159
Tata Chemicals
102 Top ten AMCs with exposure to Tata companies
Voltas
84 All amounts in ` cr
Tata Communications Others HDFC Mutual Fund
79 3,764
DSP BlackRock Mutual Fund
6,095
Tata Global Beverages SBI Mutual Fund
628 2,778
49 IDFC Mutual Fund
Franklin Templeton Mutual Fund
Tata Elxsi 643 2,249
15 Axis Mutual Fund
702 Reliance Mutual Fund
Tata Coffee 2,168
9
ICICI Prudential Mutual Fund
1,492 Birla Sun Life Mutual Fund
UTI Mutual Fund 1,817
Tata Investment Corp.
2 1,567
All data as of September 2016.

PORTFOLIO MOVES L&T Emerging Businesses Fund
Emerging ahead
The fund has beaten its category by about 6 percentage points in the last one year
L&T Emerging Businesses Fund has given a return of
26.47 per cent in the last one year. It has beaten both its
Beating the benchmark
category and benchmark, which returned 20.57 per 1300 L&T Emerging Businesses S&P BSE SmallCap
cent and 16.17 per cent, respectively (all figures as on
October 21, 2016). As compared to the benchmark, S&P 1200
BSE SmallCap, the fund is overweight on the financial
and construction sectors. It is underweight on the 1100
chemicals, FMCG and textiles sectors. As compared to
its benchmark, it is heavily into mid caps (52.94 per 1000
cent vs 6.07 per cent). Its exposure to small caps is less-
er than that of the index, 47.07 per cent against 93.81 900
per cent. It has a portfolio of 58 stocks on average.
800 Rebased to 1,000
About fund managers September 30, 2015 October 17, 2016
The fund is managed by Mr Soumendra Nath Lahiri
and Mr Abhijeet Dakshikar. Mr Lahiri has a B.Tech and INVESTMENT OBJECTIVE
PGDM. He has earlier worked with companies like To generate long-term capital appreciation from a diver-
Canara Robeco, Emkay Investment and DSP BlackRock sified portfolio of equity-related securities, including
Investment Managers. Mr Dakshikar has a B.E. and a equity derivatives, with key focus being small-cap stocks.
postgraduate degree in finance. He was earlier associat- The fund could also invest in foreign securities.
ed with Mirae Asset India and RBS Equity.
Top New
Worked Failed bets entrants
7.01 -5.44 2.88 1.24

Future Retail Future Enterprises TVS Srichakra Supreme Petrochem
6.49 -3.02 2.81 1.05

Crompton Greaves Cons Elect Crompton Greaves Triveni Turbine GNA Axles
6.21 -2.57 2.78 1.04

Balrampur Chini Mills Speciality Restaurants Supreme Industries Swaraj Engines
5.63 -2.17 2.71 0.94

Advanced Enzyme Technologies Gateway Distriparks Somany Ceramics Dwarikesh Sugar Industries
4.47 -1.55 2.56 0.17

Somany Ceramics Centum Electronics Indian Hume Pipe Co. Bayer CropScience
Successful stocks with gains Losing stocks and the amount of Top holdings with the asset Stocks added during Sep ’16, with
(` crore) during Sep ’15–’16 losses (` crore) during Sep ’15–’16 allocations (%) as on Sep 30, ’16 asset allocations (%)
All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `335 crore as on September 30, 2016.

QUICK CHAT Soumendra Nath Lahiri, Fund Manager, L&T Emerging Businesses Fund
The ocean of opportunities

The mid- and small-cap space is still full of opportunities, believes the fund manager
What has resulted in the outperformance of the fund exposure to individual stocks but also in terms of level
over its benchmark and category? of ownership in a company, aggregate portfolio
I believe our superior stock selection, which is a result liquidity, portfolio concentration, etc. Moreover,
of our experienced investment team and our strong valuation is one of the key parameters in our stock-
focus on investment processes and risk management, selection process and we look for an adequate margin
is the single-most important factor that has helped us of safety while buying a stock.
deliver superior performance since the inception of the
fund. There are ample opportunities in the small- and The valuations of small and mid caps seem to be in
mid-cap space, as most of them are under-researched the bubble zone. How do you see this?
and under-owned. Our bottom-up investment Small- and mid-cap companies have strongly
approach, with focus on identifying scalable outperformed
outperforme over the past few years. As a
businesses having superior growth result, some
s small- and mid-cap stocks are
potential and buying them at now trading at rich valuations.
reasonable valuations, has aided in However, the number of stocks in this
Ho
alpha generation. space
s is quite large and I believe
there are good investment
How do you select stocks? opportunities available for bottom-
We select stocks using our up stock-pickers, especially from a
proprietary investment process medium- to long-term perspective.
known as the ‘G.E.M.’ model, Moreover, as economic recovery
involving idea generation, ggains momentum, many small- and
evaluation, and manufacturing and mid-cap companies are likely to see
m
monitoring of the portfolio. It strong earnings growth over the next
stro
rigorously examines an investment few years,
ye which to a certain extent
opportunity based on multiple parameters
meters justifies th
the prevailing valuation of some of
such as management track record, corporate these businesses. However, one needs to be selective
governance, growth prospects, business scalability, in owning small- and mid-cap businesses and
profitability, valuations, etc., before considering it for valuations need to be assessed keeping in mind the
inclusion in the portfolio. future earnings potential of the business.
When do you sell a stock? What can investors expect from your fund going
We may decide to sell a stock if (a) the valuation of the ahead?
stock moves beyond our comfort level, (b) there is a Stocks of small-cap companies tend to deliver strong
better alternative investment opportunity available and outperformance vis-a-vis larger businesses over the
(c) if there are any changes in investment assumptions long term and I believe this trend is likely to continue
that could impact our investment thesis. in the future. Therefore, long-term investors with
relatively higher risk appetite could look to L&T
How do you manage volatility in the fund? Emerging Businesses Fund as a fund with the potential
To manage volatility in the fund, we maintain a well- to deliver strong alpha over the long term. However,
diversified portfolio. For example, historically, the investors also need to be prepared for relatively higher
fund’s exposure to an individual stock has rarely short-term volatility in the fund. I believe it would
exceeded 3–3.5 per cent. We have a strong risk- make sense for investors to spread their investments
management process, wherein we follow certain over a few months by opting for facilities such as
internal guidelines not only in terms of fund’s systematic transfer plan.

FUND RADAR
Most reliable funds

Real wealth is created by those funds that consistently perform well and whose
performance is not just a flash in the pan. Here are the funds that have beaten their
benchmarks consistently for many years over the last ten years, thus earning themselves
the title of Mr Dependable.
BENCHMARK-BEATERS
Years of benchmark SIP returns (%) Worth of monthly SIP of `10,000
Fund name beating (out of 10) 3-yr 5-yr 10-yr over 10 years (` lakhs)
Birla Sun Life Frontline Equity 10 15.6 18.4 15.3 26.73

IDFC Premier Equity 9 17.6 21.2 19.6 33.71
HDFC Capital Builder 9 17.1 19.5 15.9 27.53
SBI Magnum Multiplier 9 18.6 21.0 15.6 27.15
ICICI Prudential Dynamic 9 13.4 16.4 14.4 25.42
Reliance NRI Equity 9 13.0 15.3 13.4 24.12
Franklin India Bluechip 9 13.1 14.7 13.0 23.65
Sundaram Select Midcap 8 30.2 29.6 21.3 36.99
ICICI Prudential Value Discovery 8 18.8 23.7 20.7 35.69
Franklin India Prima 8 26.3 28.4 20.6 35.53
SBI Emerging Businesses 8 19.9 20.5 18.5 31.74
BNP Paribas Dividend Yield 8 16.5 18.8 16.1 27.93
Reliance Growth 8 20.0 20.4 15.0 26.35
HDFC Equity 8 14.5 16.9 14.8 26.06
Kotak Opportunities 8 19.2 19.9 14.7 25.92
Birla Sun Life Top 100 8 15.2 18.4 14.7 25.86
UTI Equity 8 13.1 16.3 14.6 25.71
DSP BlackRock Equity 8 17.4 18.0 14.5 25.55
Templeton India Growth 8 18.9 18.6 14.2 25.22
SBI Magnum Equity 8 15.2 16.6 13.7 24.50
Franklin India Life Stage FoF 20s 8 14.7 15.7 13.4 24.16
Canara Robeco Equity Diversified 8 10.7 13.5 13.3 24.03
Principal Large Cap 8 14.0 16.0 13.3 23.97
HDFC Growth 8 14.4 14.7 12.7 23.22
DSP BlackRock Top 100 Equity 8 13.7 14.5 12.4 22.90
Tata Large Cap 8 11.6 14.1 12.3 22.74
UTI Mastershare 8 11.9 14.4 12.1 22.49
Data as on October 31, 2016

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DHFL Pramerica Large Cap Fund
Investment has grown 13.47 times in 13 years*
*Returns since inception of 20.94% CAGR as on September 30, 2016.
Inception Date: Jan 21, 2003. NAV at Inception: `10.00. NAV on September 30, 2016: `134.70
All data provided for Regular Plan - Growth Option. During the same period, scheme benchmark (Nifty 50)
has grown 8.32 times, a return of 16.76% CAGR. Scheme is an open ended equity scheme.
Please refer page on the right for fund performance details. Past performance may or may not be sustained in future.
This product is suitable for investors who are seeking* Riskometer
• Capital growth over the long term
• Investment in equity and equity related securities.
• Degree of risk – MODERATELY HIGH
Investors understand that their principal will be at

moderately high risk.
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Mutual Fund investments are subject to market risks,

Pramerica is a trade name used by Prudential Financial, Inc., (PFI) a company incorporated and with its principal place of business in the United States, and by its affiliated

Performance of DHFL Pramerica Large Cap Fund - Regular Plan - Growth Option as on September 30, 2016
Period Amount (`) Returns (CAGR) (%)
Investment DHFL Pramerica Large Cap Fund DHFL Pramerica Large Cap Fund Nifty 50
Since Inception 1,00,000 13,47,000.00 20.94 16.76
Last 10 years 1,00,000 2,86,717.75 11.10 9.14
Last 5 years 1,00,000 1,97,942.69 14.62 11.73
Last 3 years 1,00,000 1,74,640.22 20.40 14.49
Last 1 year 1,00,000 1,09,033.51 9.01 8.31
Performance is of the Regular Plan - Growth Option. Based on standard investment of `1,00,000 made at the beginning of the relevant period.
Date of Inception: Regular Plan: January 21, 2003. Fund Manager: Akash Singhania.
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For standard
performance of DHFL Pramerica Large Cap Fund and other schemes managed by the fund manager, please refer below.
Performance of the funds managed by Fund Manager Akash Singhania
Scheme Name 30 Sep 2015 to 30 Sep 2014 to 30 Sep 2013 to Since Inception Date of Inception
30 Sep 2016 30 Sep 2015 30 Sep 2014 (CAGR)
Returns Value Returns Value Returns Value Returns Value
(%) (INR)* (%) (INR)* (%) (INR)* (%) (INR)*
DHFL Pramerica Large Cap Fund 9.03 10,903.35 8.85 10,884.58 47.15 14,715.42 20.94 134,700.00 January 21, 2003
Nifty 50^ 8.33 10,833.13 -0.20 9,980.04 38.87 13,887.33 16.76 83,231.68
SENSEX# 6.54 10,654.23 -1.79 9,821.38 37.41 13,741.40 17.09 86,543.47
Top 3 Performance
DHFL Pramerica Mid Cap Fund - Series 1 20.60 12060.10 — — — — 19.75 13790.60 December 19, 2014
Nifty Free Float Midcap 100 ^ 18.70 11870.38 — — — — 14.02 12636.49
Nifty 50# 8.33 10833.13 — — — — 2.60 10469.23
DHFL Pramerica Tax Plan~ 14.92 11491.64 8.80 10879.68 47.54 14754.37 8.97 24730.00 March 20, 2006
S&P BSE 200^ 10.96 11096.47 3.08 10308.07 42.50 14250.39 9.94 27140.37
Nifty 50# 8.33 10833.13 -0.20 9980.04 38.87 13887.33 9.64 26368.87
DHFL Pramerica Diversified Equity Fund 9.61 10,960.96 — — — — 5.92 10,950.00 March 04, 2015
S&P BSE 200 Index^ 10.96 11,096.47 — — — — 0.45 10,071.18
NIFTY 50# 8.33 10,833.13 — — — — -2.23 9,650.89
Bottom 3 Performance
DHFL Pramerica Large Cap Fund - Series 1 1.01 10100.56 — — — — -5.73 9139.90 March 24, 2015
Nifty 50 ^ 8.33 10833.13 — — — — 0.52 10079.83
Sensex # 6.54 10654.23 — — — — -0.69 9894.98
DHFL Pramerica Global Agribusiness -2.61 9,738.56 -13.83 8,617.02 1.78 10,178.34 4.70 13,410.00 May 14, 2010
Offshore Fund
MSCI World Index^ 13.23 11,323.18 0.45 10,044.54 10.87 11,087.40 15.61 25,264.45
Nifty 50# 8.33 10,833.13 -0.20 9,980.04 38.87 13,887.33 8.28 16,627.37
DHFL Pramerica Top Euroland Offshore Fund -5.12 9,488.45 1.25 10,125.31 -3.47 9,653.23 1.55 11,500.00 September 11, 2007
MSCI EMU Index^ 2.45 10,244.81 -5.39 9,460.91 1.66 10,166.38 0.74 10,693.10
Nifty 50# 8.33 10,833.13 -0.20 9,980.04 38.87 13,887.33 7.43 19,148.44
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
The above returns are of Regular Plan - Growth Option of respective schemes. ^ Scheme Benchmark. # Standard Benchmark. ~In order to comply with the requirements of ELSS guidelines,
further subscription / switch in into DHFL Pramerica Tax Plan is restricted w.e.f. March 08, 2016. *Based on standard investment of ` 10,000 made at the beginning of the relevant period. Since
Inception returns have been calculated from the date of inception till September 30, 2016. CAGR - CompoundedAnnual Growth Rate.
Mr. Akash Singhania is managing eleven schemes. Top three and bottom three schemes managed by the fund manager have been derived on the basis of last one year performance ending on
September 30, 2016. On account of difference in scheme features, the performance of these schemes are not strictly comparable. Please refer www.dhflpramericamf.com for details on
performance of all schemes (including Direct Plan).
C92 / 16-17
read all scheme related documents carefully.

companies in select countries outside the United States. None of these companies are affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

INSIDE FUNDS
Catching funds in action

Across funds, portfolios tell you a lot about sectors and companies
Most-sold large-cap stocks Hamara Bajaj Finserv
The number of shares held by mutual funds and the number of funds invested
Worth of shares Shares Current shares
in Bajaj Finserv have gone up, underlining the company’s bright prospects.
Company sold (` cr) sold (lakhs) (lakhs)
Infosys 347.24 33.24 1,558.59

Reliance Industries 316.49 29.77 875.53
Yes Bank 289.60 22.75 437.25
Oil & Natural Gas Corpn. 241.22 96.65 809.17
Bharat Heavy Electricals 161.31 111.53 418.09
Tata Motors 157.26 28.43 1,131.08
Cipla 156.58 26.52 755.73
Indian Oil Corpn. 143.21 24.99 407.00
Tata Consultancy Services 117.57 4.88 196.64
Maruti Suzuki India 117.54 2.17 184.62
Most-sold mid-cap stocks Riding two-wheelers

With improving sales numbers, two-wheeler-makers Bajaj Auto and Hero Moto
Worth of shares Shares Current shares have seen more funds building position in them.
Oil India 138.00 34.69 156.53

Ashok Leyland 126.83 151.82 751.50
Crompton Greaves Cons Electricals 122.74 76.43 1,014.25
Amara Raja Batteries 118.41 11.75 122.10
No. of funds
United Breweries 117.00 13.71 146.88

Bharat Forge 86.65 9.71 144.91
MindTree 81.12 15.80 96.54
SRF 79.84 4.69 58.79
Dish TV India 77.85 80.58 677.37
Supreme Industries 77.76 8.45 71.40
Most-sold small-cap stocks Infy vs the rest

For much of the time between 2013 and 2016, Infosys has underperformed
Worth of shares Shares Current shares
technology funds. In a brief patch in 2016, it outperformed them.
Jain Irrigation Systems 64.76 69.75 81.29

Max India 39.52 27.34 353.12
Gateway Distriparks 28.61 10.71 242.88
Unichem Laboratories 25.66 9.61 100.62
Gujarat Mineral Devp. Corpn. 24.79 27.36 280.08
Andhra Bank 24.23 40.50 23.23
Chambal Fertilisers & Chemicals 17.65 28.58 181.84
Indoco Remedies 15.74 4.86 73.56
Shree Pushkar Chem & Fertilisers 15.44 12.49 16.22 Fund return and stock price rebased to 1,000
Kalpataru Power Transmission 14.12 5.39 292.55
Data between August 2016 and September 2016

How expensive Equity funds: Sector preferences
As compared to the P/E ratio of the banking category, HDFC Bank has traded The numbers indicate per cent of diversified-equity-fund assets invested
at a premium. ICICI Bank has fallen behind and SBI is trying to catch up. Most-preferred sector Second-most preferred sector
Third-most preferred sector Least-preferred sector
Sectors Sep ‘15 Dec ‘15 Mar ‘16 Jun ‘16 Sep ‘16
Automobile 9.02 8.74 8.64 8.10 8.82
Chemicals 4.54 4.81 5.02 5.21 5.42

P/E ratio
Communication 2.48 2.52 2.25 2.24 1.96
Cons durable 2.20 2.26 2.14 2.52 2.61
Construction 7.37 7.56 7.74 7.92 8.16
Diversified 4.28 3.90 3.66 4.17 3.69
Energy 7.58 8.58 8.77 9.05 9.37

Adding colour to fund portfolios
Over three years, while Asian Paints has increased its dominance in fund port- Engineering 7.53 7.70 6.93 6.72 6.33
folios, Akzo Nobel has lost its position to Kansai Nerolac.
Financial 20.95 20.13 20.19 21.45 22.33
FMCG 6.18 6.15 6.19 6.31 6.45
Healthcare 7.52 6.99 6.79 6.48 6.87
Metals 1.99 2.31 2.63 2.89 3.25
Services 5.93 6.41 6.54 5.77 5.34
Technology 9.39 8.73 9.27 7.95 6.41
Textiles 3.05 3.21 3.24 3.21 2.99
The financial sector continues to be the most preferred sector for mutual funds over the
last 12 months, while the energy sector is the second-most preferred.
Exposure of income funds

Income funds have been reducing their exposure to sovereign bonds and increasing it in AAA-rated securities. Their cash holdings and exposure to bonds rated AA and
below have remained more or less the same.

RAJEEV THAKKAR
GETTING PERSONAL Chief Investment Officer, PPFAS Mutual Fund
The lifeguard
portfolio manager
Aarati Krishnan “I have been an equity person Bimal Gandhi. He handled Parag
When I met Rajeev Thakkar for the since I was ten-12 years old” is his Parikh’s PMS (portfolio manage-
first time about three years ago, I surprising answer, dashing my ment service) from 2003 to 2013.
was struck by how different the image of him as the college kid When Parag Parikh decided to shut-
nerdy chief investment officer was who loved physics or maths but ter the PMS business and start an
from his flamboyant boss and men- was forced into the market. “My AMC, Rajeev was the obvious
tor, Parag Parikh. Even before I was father used to buy shares and we choice for portfolio manager.
able to finish many of my ques- got all these annual reports at Was the change tough? On the
tions, Parag Parikh would shoot one home. So even when I was study- contrary it made things easier,
of his famous one-liners. “Don’t ask ing, the mandate from my family recalls Rajeev. “When we transi-
me what I think of a stock. Ask was that first I should get a college tioned from the PMS, we had 650
Bejan Daruwala. I cannot talk about clients. That’s 650 different portfo-
more than the 25 stocks I own.” lios to run. Now there’s just one
The quiet Rajeev would bestow
a nice smile at his mentor’s one-lin- “Corporate portfolio to run. It’s easier for the
client, too. If he had put `25 lakh
ers. But when it was his turn to earnings every into a PMS, his annual statement
answer questions, he would take
his time. He relied more on method year are at a new would consist of some dividends,
some interest income, some capital
and math than opinions. high. A decade gains and so on. And the client has
from now, the

Over our many meetings since to figure out how to file his returns
then, I have come to respect Rajeev and pay taxes. But in a mutual
Thakkar’s well-reasoned views on
stocks, sectors and the market. So
index will be at a fund, the statement is much sim-
pler. One thing that is really differ-
when PPFAS Mutual Fund held its new high. So it is ent from a client’s point of view is
AGM in Chennai this year, I
jumped at the chance of meeting
valuations I would that when he buys units in a fund,
he is fully invested. In PMS, we
Rajeev and Neil (Parikh) for a look at. Highs could deploy money in phases.”
breakfast meeting.
don’t matter.” Bubble theory
Early start So, as the Sensex approaches a
Rajeev was early to the meeting education and then get into the new high and investors pour
and so was I. We decided to fill our market. By profession, I am a CA. I money into equity funds, will the
plates (me with all kinds of graduated in 1992 and did audit- markets crack like 2008? Is it better
unhealthy eats – hash browns, poo- ing/taxation till 1994. From 1994, I to take some money off the table?
ris and a jalebi, and Rajeev with have been in financial markets.” Precise as he is, Rajeev challeng-
apple slices and one lone uthap- Rajeev seems to have worked es that statement first. “Corporate
pam) as we got chatting. with all the big names in the mar- earnings every year are at a new
I ask him about his career first. ket. He was with Prime Securities high. A decade from now, the index
How did he get into equities? for five years, then with the broker will be at a new high. So it is valu-

Rajeev Thakkar
CURRENT POSITION
CHIEF INVESTMENT OFFICER AND DIRECTOR ON THE
BOARD, PPFAS MUTUAL FUND
CAREER
Since 2012: CIO, PPFAS Mutual Fund
2001-2012: CEO, PPFAS
1999-2001: Fixed Income Portfolio Manager, Dil Vikas Finance
1994-1999: Prime Securities
ACADEMICS
B. Com. – NMIMS, ACA, Grad CWA, CFA
INVESTMENT PREFERENCE
NPS, US equities via mutual funds, SIPs in
PPFAS Long Term Value Fund
INVESTMENT CREDO
Buy and hold. But don’t buy and go to sleep.
LIKES
Hollywood buff, loves spy sagas and
thrillers, reads fiction
DISLIKES
Emotional drama
SPORTS
Loves chess
ations I would look at. Highs don’t 18–20 per cent on equities when Reliance or an ONGC, which are
matter.” On valuations, Rajeev inflation was running at 8 per cent commodity plays, or Tata Motors,
agrees, markets are trading above and we had a nominal growth of 15 which has a global footprint, it is
long-term averages because of the per cent. Today, in a low-growth, global demand trends that matter.”
weird world we live in. “The eco- low-inflation scenario, 12 per cent I finish eating up my jalebi and
nomic theory I learnt about at col- would be a great return. People am in a mood to play the devil’s
lege never talked of negative inter- should be prepared for that.” advocate. If 12 per cent is all you
est rates. It always taught me about Given that his fund parks a third can expect from equities, why
the liquidity-preference theory – in overseas stock, do US markets should any Indian invest in them?
people need to be paid to postpone look cheaper? Rajeev thinks so. “A After all, we can get 8 per cent
consumption. But today $13 trillion stock like Apple Inc, net of cash is risk-free returns from the PPF or
of securities globally offer negative available at just ten times earnings. bank deposits.
yield. Given this ultra-low opportu- Alphabet Inc would be about 25 Rajeev chews this along with his
nity cost to money, it is not surpris- times earnings and this is a firm uthappam and responds, “The
ing that valuations for stocks that is still growing at 20 per cent number of fixed-income invest-
should be high.” in dollar terms. 3M, Nestle are all ments that offer 8 per cent interest
But Rajeev warns that a high cheaper than their Indian arms.” is pretty limited today. Bank-
entry point will affect future Pre-empting my next salvo, he deposit rates are already at 7 per
returns for investors. “Both as adds, “People usually make the cent and even PPF rates are float-
AMCs and media, we have a duty argument that India is a growth ing. Given that government-bond
to lower future return expectations market. But this does not hold good yields are already at sub-7 per cent,
of investors. Earlier we earned for all companies listed here. For a current rates may not be sustain-

GETTING PERSONAL
able. Look at 15- or 20-year tax-free acquisition would be seen as Munger, does it worry Rajeev that
bonds today. They give you only expensive. But the opportunity cost everyone is chasing companies
6.3–6.5 per cent. With inflation at 5 for Bayer today is close to zero. It with moats? Doesn’t that make
per cent, that’s a 1 per cent real can borrow at near-zero rates and these stocks richly valued?
return. Therefore, equity returns at buy a growing company. So the Rajeev gives an intellectual
12 per cent are nothing to be acquisition is immediately EPS- answer to that one. “As investors,
scoffed at,” he retorts. accretive. Similarly, share buybacks we know all about compound
So what happens when, one day, by firms such as Apple are also interest. It helps your investment
interest rates decide to behave in a driven by the same logic.” grow and generates exponential
textbook fashion and become posi- But I am in a particularly stub- returns over time. A similar argu-
tive? Won’t investors get hurt then? born mood that day. So I persist ment exists for the technological
Rajeev thinks that this won’t hap- with the comment that in India, advances of mankind. Human
pen suddenly. “Economic stimulus beings for the first 15,000 years did
and ultra-low interest rates were nothing except rub two stones and
supposed to be unsustainable for
the Japanese economy a good five, “Rather than light a fire. But within our lifes-
pans, we have seen how much
ten and 20 years ago. But they have believe that the mankind has advanced. Things are
stayed. Quantitative easing pro-
grammes started in 2008 and 2009. moat will changing at a faster and faster pace.
So my own theory is that, when
Economists warned that we would continue for 25 things change so rapidly, the dura-
see consequences of that within a
year or two. But it has been eight years, I will have bility of moats for businesses will
also get shorter and shorter. So yes,
years. I am not making predictions
here and saying high valuations
to factor in the I believe in looking for moats. But
rather than believe that the moat
will always prevail or that liquidity moat lasting only will continue for 25 years, I will
will keep flooding in,” he qualifies.
for, say, five have to factor in the moat lasting
only for, say, five years, with uncer-
Fed factor years, with tainty thereafter.”
Usually, it is external trigger points
that cause FIIs to rush out of India.
uncertainty He goes on to cite three exam-
ples. BHEL is a low-cost, efficient-
This time, will that trigger be the thereafter.” ly-run power-equipment manufac-
US Fed rate hike? Rajeev disagrees. turer. India has significant power
“The question is if we will be mov- needs, so it looks like a moat com-
ing to a world where money will record flows into equity funds, a pany. But if you see the backlash
suddenly become very expensive. rush for IPOs, high valuations for against coal-fired power and rapid-
The answer is no. Today, we are mid caps – these have always been ly falling solar tariffs, he wonders if
talking of Fed rates moving up from signs of a bubble. Rajeev is too there can be any moat for BHEL or
0.25 per cent to 0.5 or 0.75 per honest to evade that one and says, even thermal power utilities.
cent. No one expects Fed rates to be “I agree with you 100 per cent. The Today, a lot of leading auto-
at 4 per cent.” way IPOs are being priced today makers are great at internal-com-
“Put yourself in the shoes of a leaves very little long-term value bustion-engine technology. But if
pension-fund manager, corporate on the table. There are some seg- electric vehicles were to take over
CFO or sovereign wealth fund,” he ments of the market that are frothy, in ten years, we may not have vis-
tells me. “You have this huge pile where money will be lost. The situ- ibility over ten years for these
of money to deploy for ten or 20 ation calls for extreme caution.” companies. Finally, distribution
years. Where do you put it? If you was supposed to be a great moat
can borrow at such low rates, equi- Overpaying for moats for FMCG companies. But today a
ties still make sense. Even compa- I turn to that buzzword that every new firm can simply sign up with
nies realise this. In any other kind newbie investor is mouthing today: Amazon and dump all its logistics
of market, the Bayer-Monsanto ‘moat.’ As a big fan of Buffett- onto it.

Rajeev concludes two things. long term. Two, when you convert yet,” says Rajeev with a smile.
Valuations of moat companies have your currency, the bank charges So how does he fill in his leisure
gone very high. As the pace of heavy transaction charges both time? “I have three time-wasters.
change has accelerated, you must ways. As a fund, you get very good One is reading fiction – not invest-
not overpay for a moat. inter-bank rates. Three, if you own ment or management books but
US equities and there’s a death, pure crime fiction. I like reading
His money there’s a heavy 40–45 per cent Robert Ludlum and the like. I play
So being such an equity junkie estate tax on your entire portfolio chess and watch movies or televi-
from his early years, where does he value before the shares can be sion series,” Rajeev says.
put his personal money? “Equities passed on to your heirs. When you What! Saas-bahu serials? “I am
are the bulk of my investment. apply through an Indian fund these not a fan of emotional dramas,”
About `7 crore of my family money issues aren’t present. Actually, I did laughs Rajeev. “I am more the Jason
is in Parag Parikh Long Term Value open a brokerage account to buy Bourne, Bond and Mission
Fund. Apart from this, I own a pri- stocks overseas, before we Impossible kind of guy.” He admits
mary residence. My wife works in a launched the fund. But I realised to being a Homeland addict. Neil
bank, so she had access to a very the hassle of it and haven’t made a and I agree Quantico is too filmy
low-interest-rate mortgage loan. So single transaction in that account.” and I strongly recommend Shark
she bought a flat and we have let it Tank to Rajeev.
out.” Does being a buy-and-hold
Most of Rajeev’s monthly sav- investor also make him calm, I ask
ings go, via SIPs, into the Long him cheekily? After all, portfolio
Term Value Fund. “In addition I turnover is pretty low at the Parag
have opted for the company-spon- Parikh Long Term Value Fund. He
sored NPS, so a part of my pay grins and says, “People often mis-
cheque flows there. That helps me take buy-and-hold for buy-and-go-
get that additional tax break.” off-to-sleep. They ask, ‘Why should
But does he not get tempted to I pay a management fee just for you
dabble in stocks? “I am surprised to hold? I can hold it myself’. But
when people working in the mutu- being a portfolio manager is essen-
al fund industry say they invest in tially like a lifeguard’s duty. He just
direct equity. Working in a fund, it sits there most of the time. But he
is so difficult to buy or sell a single needs to be there to intervene
share. You have to ensure that no when someone’s life is in danger.
trade happens in the fund. So, buy-and-hold is not just about
Compliance is tough. With our So how does Rajeev keep so buying great companies but also
busy schedules, where is the time calm? I can’t help asking this ques- being aware of changes and being
to track the positions we own?” tion, because I’ve met him under ready to take decisions if things
He adds with emphasis, “Since some pretty stressful circumstanc- change. Buffett himself has gone on
we launched this fund neither I nor es. I remember, but don’t mention, record saying he should have sold
my family have made a single pur- a meeting last year, a few months Coca-Cola when the valuations
chase transaction for an equity after the fateful accident at Omaha, were higher.”
share. The only transactions we when Rajeev looked grief-stricken Nice point. Having polished off
have made are sells on the legacy but in control of his emotions. my hearty breakfast and glugged
portfolio.” Neil Parikh chips in at this point coffee, I wrap up the interview
As he tracks US stocks closely, and agrees with me that it takes a with a satisfied feeling.
has he bought US-listed shares lot to anger or rattle Rajeev. “Parag Yes, if I needed a lifeguard for
directly? It’s not efficient to do so, bhai and others like Manish my portfolio, I’d any day choose
says Rajeev. “For one, capital gains Chokhani always prodded me to go this calm, intellectual and careful
are not tax-free on overseas stock, to a Vipassana meditation course. guy over a flashy Baywatch-type
even if you hold the stock for the But I haven’t got around to doing it money manager.

AND THE POINT IS...
Why Narasimha Rao
VIVEK KAUL
Vivek Kaul is the author of
is still relevant
Easy Money. He can be
reached at vivek.kaul@
gmail.com P V Narasimha Rao’s words of warning regarding sick PSUs
reverberate louder today
T
here are occasions when history Over the years, the credit for the big-
takes time to recognise the doers bang economic reforms of 1991 has largely
of deeds. But eventually it does. gone to Manmohan Singh, who was the
In the Indian case, an excellent finance minister in the Narasimha Rao
example of this is P V Narasimha Rao, who government. But the fact of the matter is
was the prime minister of the country that no finance minister could have pushed
between 1991 and 1996. through the economic reforms in what was
Rao had been denied a ticket to contest till then a socialist country without the
the 1991 Lok Sabha election by Rajiv help of the prime minister.
Gandhi. Given this, he was contemplating A major reason for Rao being confined to
moving back to Hyderabad from Delhi and the dustbins of history is the fact that the
living peacefully in retirement. But that Congress does not like to project anyone
wasn’t to be. On May 21, 1991, Gandhi was other than the Nehru-Gandhis for having
assassinated. The elections were still on. done something for this country. But this
The assassination swung the mood in the disconnect is now being set right with a
favour of the Congress party and it emerged slew of new books written on Narasimha
as the single largest party in the Lok Sabha. Rao in the recent past, on the 25th
Rao, who wasn’t even a member of anniversary of the economic reforms.
parliament, was elected as the leader of the In fact, there is a lot that we can still
party and the prime minister. The Indian learn from Narasimha Rao’s thinking. Take
economy was precariously placed at that the case of what Rao thought about loss-
point of time and Rao took a number of making public-sector enterprises. In fact,
steps to prevent it from crashing. This some things that Rao said at the 79th
included the big-bang economic reforms of Congress plenary at Tirupati in 1991 are
July 1991, which firmly put India towards still extremely relevant almost a quarter
a path of high economic growth. century later.
A major reason for Rao being confined to the dustbins of

history is the fact that the Congress does not like to project
anyone other than the Nehru-Gandhis for having done
something for this country

“What exactly is the public sector? It is, in fact, a sector
owned by the State and run with the money belonging to
the people. The profits and losses of the public sector,
therefore, are the profits and losses of the people.”
As Rao said, “We have invested over responsibility of human resource

one lakh crore of rupees in the public development adequately, the State must
sector so far. The returns therefrom, on conserve its resources by withdrawing from
the whole, have been very meagre. All various areas where private enterprise can
this is people’s money, no one else’s. The replace it. Besides, the State has certain
present situation is that the government functions which belong to it by its very
can no longer collect any more money nature, such as defence, law and order, and
from the people for further fresh governance.”
investment in the public sector.” The lessons of what Rao said nearly 24
Rao’s point was that the public sector years back have still not been learnt. The
was ultimately owned by the people. As he government continues to finance loss-
said, “What exactly is the public sector? It making public-sector enterprises. The
is, in fact, a sector owned by the State and Economic Survey of 2015–2016 revealed
run with the money belonging to the that the total accumulated losses of sick
people. The profits and losses of the public public-sector enterprises were at `1.04 lakh
sector, therefore, are the profits and losses crore as of March 31, 2014. From 2009–
of the people.” 2010 and by the end of 2016–2017, the
The point is that the moment the State government would have infused close to
funds the losses of public sector, it takes `1.3 lakh crore into public-sector banks to
away money from other important sectors, keep them going. And with the way things
like education, health, infrastructure, etc. are going as of now, even that may not be
Further, the government ends up stretching enough.
its meagre resources as well. As Rao said, All this takes away money and attention
“At the moment, the State has overstretched from other important avenues. Further, the
its meagre resources and is seeking to do point is until when this nonsense will
many things at the same time. In the result, essentially continue. The Modi government
it is unable to do anything adequately.” made a decision some time back to shut
This explains to a large extent why even down the loss-making Hindustan Cables
70 years after independence, India still has Ltd. In 2014-2015, the company had made
the world’s largest illiterate population. losses of greater than `900 crore and was
And this happened while the governments sixth in the list of loss-incurring public-
over the years had been busy running Air sector enterprises. It employed a little over
India, manufacturing condoms and 1,500 people. The company hasn’t
scooters, and even selling soft drinks (the produced anything in years.
brand was called Double Seven, after Coca- More such decisions need to be taken
Cola was asked to leave India in 1977). in the years to come. What Narasimha
Are these things that the government Rao said at Tirupati many, many years
should really be doing? As Rao said in back needs to be taken forward and
Tirupati in 1992, “The fact of the matter is executed with all precision.
that the overall resources at our disposal (P V Narasimha Rao’s Tirupati speech
were themselves inadequate: we had to was accessed from Sanjaya Baru’s new
spread them too wide and too thin. In book 1991: How P.V. Narasimha Rao
order, therefore, to shoulder the vital Made History.)

COVER STORY

SIX TRAPS
TO AVOID
WITH DEBT
FUNDS With interest rates on safe instruments
like bank FDs and post-office schemes
plummeting, many investors are tempted
to shift to debt funds. Here are the worst
traps to avoid while investing in them.

COVER STORY
Aarati Krishnan money into debt mutual funds, hoping for a
repeat of these returns, that’s like driving your
I
f you’re a saver, pensioner or even just a car super fast on a highway while looking into
conservative investor, you would have the rear-view mirror. For one, the recent returns
certainly noticed that interest rates in India of debt funds are not indicative of the returns
are tumbling like ninepins. In the last two over the next one, three or five years. And two,
years, the Reserve Bank of India (RBI) has cut to look at the returns alone and ignore risks
its benchmark repo rate from 8 per cent to 6.25 while you are investing in any instrument is
per cent, a 1.75 percentage-point slash. not a wise move.
Interest rates offered by banks on their one- No, we aren’t arguing that all conservative
to five-year fixed deposits (FDs), which ruled at investors and pensioners must stick only to
8 to 9 per cent in October 2014, have fallen to bank deposits or POMIS and be happy with
6.5–7.3 per cent by October this year. Rates on below-inflation returns. For many of these
post-office time deposits have plunged from investors, it does make sense to shift some
8.4-8.5 per cent to 7-7.8 per cent and those on money into debt mutual funds. But they must
the popular Post Office Monthly Income do so after fully understanding how debt funds
Scheme (POMIS) from 8.4 to 7.7 per cent in the manage their risks and returns.
same two-year period.
This falling interest-rate cycle has obviously Here are six specific traps that
hit fixed-income investors hard. If you are a investors considering a shift into debt
pensioner depending on FDs for your monthly funds must understand and avoid.
income or even a salary-earner who
supplements his pay cheque with bank or 1. Investing based on past returns
post-office interest, your income is likely to ‘Past performance is no indicator of future
have shrunk sharply. High tax rates on these results’ is a standard disclaimer that comes
debt investments deal a further blow to your with all mutual fund schemes. But this applies
returns. For an investor in the 20 or 30 per very specifically to debt mutual funds in the
cent tax bracket, a 7 per cent annual interest current time.
on the bank FD translates into just a 5–5.5 per Take the case of medium-long-term gilt
cent post-tax return in his hands. This barely funds, the blockbuster category of debt funds
matches consumer price inflation. in the last one and three years. They have
delivered a CAGR of 12 and 11.8 per cent,
The move to debt respectively, over one and three years (see
All this is prompting many investors to consider Figure 1). But as an investor, what you care
an alternative that they never did before – about is whether they can sustain the same
moving their safe money into debt mutual 11-12 per cent CAGR over the next one to
funds. If you check out the average returns on three years.
debt mutual funds recently, this decision will As things stand today, that is highly unlikely.
in fact seem like a no-brainer, for even as banks Why do we say so? Well, the exceptionally high
were busy slashing their interest rates, debt returns on medium-long-term gilt funds in the
funds have delivered mouth-watering returns. last three years are result mainly of one factor
In the last one year (as of November 4, 2016), – falling interest rates. When interest rates fall,
medium- to long-term gilt funds served up a as we all know, prices of long-term bonds shoot
return of 12 per cent, dynamic bond and short- up through the roof (with new bonds offering
term gilt funds managed a 10.5 per cent return, low rates, there’s a big spike in demand for
income and credit-opportunities funds gave a older bonds offering higher rates). In the last
10-10.1 per cent return. Even liquid and ultra- couple of years, Indian markets have seen
short funds managed very respectable returns interest rates, helped by RBI easing, fall by
of 7.6 per cent and 8.5 per cent, respectively. nearly 1.75–2 percent. The most-tracked market
But if you are looking to shift all your safe interest rate – the ten-year government of India

Figure 1
Average returns on debt funds
Long-term funds (Left to right: Years 2008 to 2016) Short-term funds (Left to right: Years 2008 to 2016)
% %
30 12
25
10
20
8
15
10 6
5
4
0
2
-5
-10 0
Gilt - medium Dynamic Credit Income Gilt - short Liquid Short-term Ultra-short-term
to long term bond opportunities term Income income
2016 returns are year-to-date returns, as on Oct 31, 2016.
security (G-sec) – has seen its yield fall from a not capital gains.
peak of over 9.1 per cent in November 2014 to In fact, the past experience with medium-
6.8 per cent now. This fall made for sharp long-term gilt funds clearly tells us that
capital gains on long-term G-secs propping up investing in them when past returns are great,
returns on medium-long-term gilt funds to the is a bad idea. Looking back at this category for
double digits they sport now. the past nine years shows us that 2008 was a
So, for the 11-12 per cent returns on these blockbuster year for these funds, with their
funds to be repeated over the next three years, annual return averaging 26 per cent. But if you
market interest rates will need to fall again by invested in end-2008 based on great one-year
1.5 percentage points or more from the current returns, you made losses in 2009, with their
levels. Can this happen? That looks quite NAVs plunging by 7.1 per cent. The next
unlikely. For one, market rates (ten-year G-sec bumper year for these funds came in 2012,
yields) in India have typically bottomed out at when they averaged an 11.1 per cent return.
5.5 to 6 per cent in previous rate cycles. We are But the very next year, 2013, was nasty, with
already at 6.8 per cent. Two, RBI’s intent to just 3.8 per cent returns. The 17.4 per cent
maintain a ‘real return’ of 1.25 per cent over return in 2014 was again followed by a sober
CPI inflation (which is now at 5 per cent) also
suggests that 6.25 per cent or so may be the
floor for official interest rates (unless inflation
falls drastically below 5 per cent). Both factors,
If you’re shifting from bank FDs
therefore, suggest that 11-12 per cent returns into debt funds today, don’t do it
on medium-long-term gilt funds will not be based on past returns. Moderate
repeated over the next one/three years. In fact, your return expectations. And
if rates bottom out and begin to rise for some
reason, this will dent their NAV gains.
don’t choose your fund category
While medium-long-term gilt funds will be based on recent returns.
worst affected if interest rates bottom out, other
debt funds that invest in longer corporate
bonds (five years or so) will report lower
returns, too. Therefore, investors must expect
income funds, credit-opportunities funds and
even short-term income funds to post more
moderate returns from here on. Liquid funds
alone may be able to hold their own if rates
bottom out because they make much of their
returns from ‘accrual’ (interest receipts) and

COVER STORY
6.8 per cent in 2015. This pattern clearly shows field for institutional investors. These smart
that the really good time to enter long-medium- investors keep moving their money in and out
term gilt funds is when their one-year returns depending on their own cash needs and rate
look anaemic and not when their one-year views. Their moves often make it difficult for
returns are double digit. debt-fund managers to stick to buy-and-hold
Well, that’s true of gilt funds but what of strategies to reduce rate risk.
other categories? A calendar-year analysis of A quick run-down of the average portfolio-
different debt-fund categories tells us that the maturity data disclosed by debt funds for the
same pattern has played out in the case of latest month reveals the true story. It shows a
income funds (which invest in a mix of wide divergence in the maturity profiles of
corporate bonds and G-secs), dynamic bond schemes even within the same category.
funds (which often take aggressive duration
calls if rates are falling) and even short-term
funds (which may take limited duration calls).
To choose the debt-fund
2. Choosing funds by holding period category that best suits you,
Often lay investors, who are confused by the
different categories of debt funds, are told of
keep your risk profile in mind.
this simple ‘thumb rule’ to select the right If you hate ups and downs in
category – ‘Match your debt fund to your your debt-fund returns, stick to
investment horizon’. liquid or, at best, ultra-short-
So, the argument goes, if you’re looking to
term funds. If you can take
park your money for 90 days, go for a liquid
fund which is also supposed to invest in 90-day
volatility, consider income or
instruments. If you’re going to hold for six dynamic-bond funds. Add long-
months or so, go for ultra-short-term funds. If term gilt funds to your portfolio
your horizon is just over a year, short-term only if you can gauge the
income funds are a good bet. And if you have a
five-year plus holding period, income and
direction of interest rates and
medium-long-term gilt funds are your go-to don’t mind occasional losses.
option. The idea is that by matching your own
holding period to the fund’s investment
horizon, you can reduce interest-rate risk (the
risk of making losses because market rates
jumped up).
Well, the above logic may sound good in
theory, but it really doesn’t work in practice.
One, most retail investors in debt instruments
don’t have their ‘horizon’ so beautifully
defined. They invest in debt funds to make a
slightly higher return than a bank FD, with the Therefore, within medium-to-long-term gilt
flexibility to pull out that money in case of an funds, while the most conservative fund had an
emergency. Two, mutual funds do not stick average maturity of 6.6 years, the most
very diligently to the durations indicated by aggressive one maintained 22 years! In short-
their ‘category’ and keep changing their term gilt funds, the average maturity ranged
maturity profile to make the most of rate from three months to six years. In the income-
movements. And three, while you – the retail fund category, maturities ranged from less than
investor – may patiently stay with a debt fund a year to over 18 years! In short-term income
for a pre-planned holding period, don’t forget funds, the range was three months to five years.
that open-ended debt funds are also the playing Liquid funds alone were a category where

COVER STORY
funds largely stuck to an average maturity of
three months or less.
What the above data tells you is that if you
are choosing between different types of debt
funds, matching the type of fund to your risk
profile is a far better idea than matching it to
your likely holding period, which is also
difficult to guess.
3. Thinking risk ensures high returns

Financial textbooks often tell us that to bump
up returns from any investment, you need to
become a little bolder and take on more risk
with your investment. That argument is often
made for debt funds, too.
Fund houses and advisors often tell investors
that they can earn quite a bit extra on their debt
funds if they invest in the riskier fund
categories. So, if you can take on a bit of credit
Don’t assume that taking on
risk (that is, the risk that a company will delay
or default on interest payments on bonds), higher risks in debt funds will
check out credit-opportunities funds, which automatically bring on higher
can give you higher ‘accruals’. Or if you can returns. If you have the appetite
take a bit of interest-rate risk (rates moving up
to take on risks through credit-
or down and changing your NAV), check out
long/medium-term gilt funds or income funds.
opportunities, dynamic bond,
The returns in the last one and three years income or long-term-gilt funds,
also support this argument. So, liquid funds, look at the track record of the
the least-risky category of debt funds, have fund over two previous interest
averaged a 7.6 per cent return in the past one
year, with the riskier categories that take either
rate cycles to gauge their ability
credit or rate risk – credit-opportunities funds to handle risk. A simple way to
(average return 10.2 per cent), dynamic bond do this is to take stock of the
funds (10.7 per cent), long-term gilt funds (12.1 best and worst one-year returns
per cent), income funds (10.1 per cent) –
managed by the fund in the last
earning much better returns.
But the problem is that debt funds reward eight years. Gauge if you are
investors with higher returns for higher risk comfortable with such a high
only some of the time. As we have seen above, volatility in your returns as a
taking on higher risk with medium-long-term
fixed-income investor.
gilt funds proved very lucrative for investors in
2008, 2012 and 2014 but a losing proposition in
2009, 2013 or 2015. default or delay in repayments. It was precisely
If the risks on gilt funds at least show up in such an event that proved to be undoing to two
their returns, they can remain hidden very JP Morgan debt funds last year.
effectively in income or credit-opportunities Clearly, if you want higher risk-taking to
funds that take on riskier corporate bonds. In pay off in these categories, you need to choose
these funds, everything may appear quite fine managers who are savvy enough to prevent
and the fund may report high returns until a hit the risks from snowballing and decimating
to the NAV manifests by way of a sudden your returns.

Figure 2
Debt-fund costs
Average expense ratio (%) 10-year CAGR (% p.a.)
Credit-opportunities funds 1.25 Short-term income 8.70
Dynamic bond funds 1.11 Gilt - medium to long term 8.50
Income funds 1.07 Credit-opportunities funds 8.10
Gilt - medium to long term 0.97 Dynamic bond funds 8.03
Short-term income 0.67 Income funds 8.00
Ultra-short-term debt 0.51 Ultra-short-term debt 7.90
Gilt - short term 0.41 Liquid funds 7.80
Liquid funds 0.22 Gilt - short term 7.50
Expense ratio based on Oct 2016 disclosures; 10-year CAGR as on Nov 4, 2016.
4. Ignoring costs one, unlike equity funds, debt funds do not

When the going is good with any category of have unlimited upside, no matter how skilled
mutual funds, there’s a tendency to ignore the fund manager. In the long run, returns from
costs. That’s a problem with debt funds, too. debt funds cannot hugely exceed the level of
One argument is that all mutual funds in India interest rates in the economy. Therefore, it is
report their returns after charging their entire important for debt-fund investors to ensure
costs. So, if investors are earning healthy that fund expenses don’t take away too much of
returns net of expenses, why should they worry that limited return.
about the expense ratio at all? Aren’t they Two, fund costs as a proportion of returns
getting good value for the fees they pay? are far higher for debt funds than for equity
But there are two good counters to that. For funds. Based on their recent disclosures, the
average expense ratios for credit-opportunities
funds and dynamic bond funds were 1.1–1.3
per cent a year; those for income and long-
term gilt funds, at 1–1.1 per cent; and short
and ultra-short-term funds, at 0.5–0.6 per cent
(see Figure 2). Now considering that the ten-
year CAGRs on these categories are at 7.5–8.6
per cent, the annual expenses charged have
effectively suppressed returns by 8 to
15 per cent.
Therefore, while costs may not appear to
matter when interest rates are falling and debt
funds are delivering double-digit returns, they
are bound to eat into returns when fund
returns normalise with a flat or upward
trending rate cycle.
Don’t forget to look at expense
ratios just because returns look 5. Sleeping on your debt funds
If you’re a regular investor in bank FDs and are
good after charging them. The considering a move to debt funds, one thing
expense ratio should be a key you’ll have to prepare for is to actively track
factor not only in choosing within your debt portfolio. A hands-free approach may
a category of funds but also in work for bank FDs or post-office schemes
because their returns are fixed and you can’t do
opting for the type of scheme you anything about them.
want to invest in. But debt MFs provide market-linked returns

COVER STORY
that also rely on active management of Figure 3
instruments, rate views and credit views by the Wide return divergence
fund manager. You, therefore, cannot afford to Lowest CAGR Highest CAGR Difference
(% pt)
do a Rip Van Winkle on them and stop Gilt - medium 8.3
12.3 4.0
monitoring them! to long term
Not monitoring your debt funds regularly
Dynamic 7.6
can expose you to two kinds of situations. The 12 4.4
bond funds
fund you chose may underperform its
Credit-opp 8.8
benchmark or category because of wrong
10.8 2.0
funds
duration or credit choices by the fund manager.
Or the fund may suffer setbacks in returns due Income 7.8
funds 10.6 2.8
to changing market conditions. If interest rates
that were steadily falling begin to rise or if 6.9
Short-term 3.5
default rates in the corporate-bond space climb income 10.4
up, both can impact your debt-fund returns
Liquid 6.8
and call for a rethink on your investment.
funds 9.4 2.6
Investors often believe that fund selection
plays a big role only in equities and does not Ultra short 6.5
term 9.9 3.4
matter too much in the debt category. But the
reality is that there is considerable divergence Returns over trailing 5 years (% p.a.). Data as on Oct 31, 2016.
between the best- and worst-performing debt
funds, too, calling for careful choices and
monitoring (see Figure 3).
Check on your debt funds once in On a trailing five-year basis, for instance, the
every six months. Measure both best-performing scheme in the dynamic-bond-
fund category delivered nearly 12 per cent,
calendar and trailing three-year
while the worst one managed 7.6 per cent. In
returns. Switch to a better the gilt – medium/long-term category, the low
performer if your fund trails the was 8.3 per cent (worst five-year return) and
category for three years running. 12.3 per cent was the best returns. In the
But looking at returns in relation income category, the best fund earned 10.6 per
cent against the bottom performer’s 7.8 per
to risks is extremely important, cent. The best-performing credit-opportunities
too. Consider switching out of fund gave a 10.8 per cent CAGR, while the
your debt scheme if the average worst one managed only 8.8 per cent.
maturity or portfolio’s credit And if you thought such return differences
only existed for debt funds with a long-term or
profile have changed materially credit component to their portfolio, it is true for
since your investment. short-term products, too. In the short-term-
income category, the best fund managed 10
plus per cent while the worst one only managed
6.9 per cent CAGR in five years. Why? Return
divergence was quite high even in the relatively
homogeneous liquid category, where the best
fund managed 9.4 per cent, while the bottom
one earned 6.8 per cent.
We are not suggesting here that you watch
your debt-scheme performance like a hawk
every day and keep switching to the best
performers. As high returns in debt funds often

come with outsized risks, you must factor risks
into the equation while comparing funds. But Don’t make the shift from bank
we do suggest checking on your debt funds FDs or post-office schemes to
once in six months to switch out of funds that
debt funds without factoring in
keep underperforming their benchmarks and
funds that are taking on too much risk.
the risks. But if you are
comfortable with the risks, debt
6. Investing solely for tax breaks funds can prove a great parking
The above points should tell you that when it ground for your three-year plus
comes to fixed income, debt funds are a very
different animal from your bank FDs or post-
money. Go for the growth option
office schemes. to get tax-efficient, inflation-
Yes, they can generate high returns if market adjusted returns from your debt
conditions are favourable. A skilled fund funds. For those with regular
manager can really bump up your returns
income needs, opting for
through good rate or credit calls. But at the
same time, the returns of debt funds are systematic withdrawal plans from
highly variable and depend on many factors the growth option after a three-
– RBI policy, interest-rate direction, the credit year holding period is the ideal
worthiness of corporate borrowers, the state of
way to earn tax-efficient returns.
the economy – all apart from the fund’s
expense ratio and the ability of the fund
manager to make the right macro calls.
Therefore, the decision to switch from a bank
FD to a debt fund is not one that you should
be making purely for the tax breaks. But if you
do have an appetite for some risk, debt funds
do offer very tax-efficient returns for long-
term investors.
As per current tax laws, the capital gains
from debt funds are eligible for indexation
benefits if you hold them for 36 months or
more. So if you hold a debt fund for three
years or more, your returns by way of NAV
appreciation can be adjusted for inflation have also made the dividend options of all debt
during the three-year period and you end up funds quite unattractive for most categories of
paying a 20 per cent tax only on the remaining investors. All dividends distributed by debt
returns post inflation. This can substantially funds to individuals now suffer a dividend
trim your tax outgo on the returns earned, distribution tax (DDT) of 28.8 per cent before
compared to your bank FDs or post-office they land in your bank account. While you don’t
schemes, where there is no provision for pay this tax, your effective returns suffer because
inflation indexation. the DDT is deducted from the fund’s returns at
If you hold debt funds for less than 36 source, before it is paid out to you. If you are an
months though, capital gains are taxed at your investor in the 10 or 20 per cent bracket,
income-tax slab rates (same as your band FD). therefore, opting for the dividend option is sub-
Therefore, your returns for less than 36-month optimal as it subjects you to a 28.8 per cent tax
holdings will be taxed at 10 per cent, 20 per on your returns. For investors in the 30 per cent
cent or 30 per cent, with added surcharge and bracket also, the growth option makes more
cess, depending on your tax slab. sense than the dividend option due to the
Do note that tax changes made two years ago former’s indexation benefit.

THE PLAN
The second innings

Here is how Mukesh can both grow as well as protect his capital during his retirement
M
ukesh is going to retire in paid out on a quarterly basis.
June 2017. On retirement, MUKESH The amount received from the
he will get `55 lakh and a SCSS can fluctuate with changes
pension of `10,000 per month. AGE 59 in interest rates.
Apart from this, he has savings of LIFE INSURANCE AND PENSION PLANS Mukesh can transfer his cur-
`40 lakh. Here is a post-retire- ICICI Pru Save n Protect, ICICI Pru Assure Wealth rent investments of `40 lakh and
ment financial plan for him. Super, ICICI Pru Life Stage Pension, Bharti Axa the `25 lakh in debt funds to the
Future Secure Pension, LIC New Jeevan Suraksha
recommended balanced funds
Emergency fund (any two) through SIPs over 30
Mukesh must have a months. He can withdraw from
sufficient emergen- Planning for retirement them for future income gaps.
cy fund to meet any We have developed the following With this scenario, his pension
unforeseen expen- two scenarios for Mukesh’s corpus will last for 20 years.
diture. It should be retirement.
around six months’ Growth plan
expenses, i.e., `1,80,000. He can Conservative plan After adjusting for the pension
park it in a savings account with On retirement, Mukesh of `10,000, Mukesh can invest
the sweep-in facility. will get `55 lakh. Of three years’ household expenses
this he can park `30 lakh (`7.2 lakh; `20,000 per month) in
Medical expenses in the Senior Citizens Savings debt funds. The rest of the cor-
Mukesh has employer-provided Scheme (SCSS), `15 lakh each in his pus can be transferred to the
health insurance, which will con- and his wife’s names. The remain- balanced funds (select any two
tinue even during his retirement ing `25 lakh can go in the debt from the list) over 30 months
days. He must check funds (any two) that we have rec- through SIPs. During the period
the exclusions in it ommended. of transfer, the amount can sit
and buy a super top- At 8.6 per cent per annum, the in the debt funds (any two).
up health cover for SCSS will generate an annual Mukesh will need to replenish
himself and his wife. interest income of `2.58 lakh the amount in debt funds every
Health-related (monthly income `21,500). This three years by transferring
expenses tend to jump in old age. clubbed with his pension (`10,000) money from the balanced funds.
He should earmark `5 lakh for will enable him to meet his month- The amounts that he will need to
any unforeseen medical expenses ly requirement of `30,000. The transfer are given in the table on
and park it in his savings account investments in the SCSS will fetch the adjacent page.
with the sweep-in facility. him a tax deduction under Section The amounts have been calcu-
80C, but the interest income will lated assuming that the debt
Insurance be taxed as per his tax slab. funds will grow at an average
Mukesh should surrender his The investments in the SCSS are rate of 8 per cent per annum and
existing insurer-pro- capital-protected, i.e., he will get his the balanced funds will grow at
vided pension plans `30 lakh back at the end of the ten- an average rate of 12 per cent
and other life-insur- ure (five years) of the SCSS. After per annum.
ance policies as five years, he can repeat the process We have considered 8 per cent
they provide neither and park `30 lakh in the SCSS for hike in the annual expenses. We
sufficient returns nor another five years. have also assumed Mukesh’s
adequate insurance. The interest on the SCSS is pension to be inflation-adjusted.

With this scenario, Mukesh component of balanced funds fund) and Franklin India
can meet a withdrawal of `2.2 provides growth of capital, the Balanced Fund (the balanced
crore over a period of 25 years debt component cushions the fall fund), which were in our recom-
and will still be able to leave a during bear markets and makes mendations list ten years ago.
legacy for his kin. them the ideal funds to take care Thanks to the growth of the bal-
of your retirement corpus. anced fund, he would still have
Equities for retirement Let’s say that Mukesh retired `89,15,535 now. That’s a huge
In this plan, we have taken bal- ten years ago and followed the sum left. This shows how equi-
anced funds, which invest in both growth plan. He invested in ties can do wonders for your
equity and debt. While the equity Birla SL Cash Manager (the debt retirement corpus.
Savings & investments

`
FDs
4,00,000 `8,96,595
PPF
`95,54,830
Total
` 22,58,235
Mutual funds
` 5,00,000
Savings account
` 55,00,000
Retirement benefits
(available in June 2017)
Monthly household expense

` 30,000
Conservative plan
SCSS Balanced fund
` 30 lakh Monthly SIP of
` 2.2 lakh
over 30 months
Growth plan Recommended funds

Debt fund Date & lump-sum (`) Balanced funds SIP returns (%)
shift from balanced fund
Start with to debt fund Rating 1-year 3-year 5-year
` 7.2 lakh Now 7.2 lakh HDFC Balanced 23.85 17.49 19.33
Jun-20 10 lakh SBI Magnum Balanced 19.94 16.64 19.31

Balanced fund
Monthly SIP of Jun-23 12 lakh Tata Balanced 18.03 16.34 18.82
` 2.7 lakh
over 30 months
Jun-26 13 lakh Franklin India Balanced 17.00 16.11 17.78
Jun-29 15 lakh
Debt funds Rating 1-yr ret (%) 3-yr ret (%)
Jun-32 15 lakh
Birla SL Short Term 9.89 9.99
Jun-35 10 lakh
HDFC Short Term Opportunities 8.86 9.52
Jun-38 25 lakh
Indiabulls Short Term 8.62 8.80
Jun-41 28 lakh
For your queries and expert advice mail us at: ask@valueresearchonline.com

CATEGORY WATCH
The evolving ELSS Analyst’s choice

Rating 5-yr SIP return (%)
From being a limited-option category, equity-linked savings 23.28

AXIS LONG TERM EQUITY FUND
schemes now offer a good diversity of schemes
21.94
T
he equity-linked-savings-scheme This is the reason why the average BIRLA SUN LIFE TAX RELIEF 96
(ELSS) category is turning out to market cap of ELSS funds ranges any-
be quite an interesting class of where between `10,400 crore and 19.43
equity funds. While fund houses earlier `87,100 crore. FRANKLIN INDIA TAXSHIELD FUND
put little thought into defining man- The other interesting shift in the cat-
dates in this category, the category has egory in the last one year is the come- 20.20
now come to offer a good diversity of back of value-oriented funds that made ICICI PRUDENTIAL LONG TERM EQUITY FUND
schemes, with clearly defined mar- early bets on cyclical and core-econo-
ket-cap and style preferences. With my stocks. These stocks have shown a 19.18
many investors preferring ELSS for sharp rebound on a trailing one-year IDFC TAX ADVANTAGE FUND
their annual 80C investments, the cate- basis. ELSS funds which owned them
gory now manages `47,432 crore in have beaten the markets and peers. 20.08
assets (as of September 2016). SIPs have worked quite well in this INVESCO INDIA TAX PLAN
Most funds in ELSS are managed in category over a five-year period, yield-
a multi-cap fashion, with a few carry- ing an annualised return of 18.5 per 22.54
ing a more large-cap tilt and most funds cent against 16.4 per cent on lump RELIANCE TAX SAVER FUND
adopting a mid-cap focus. Many fund sums. But on a three-year time frame,
houses prefer higher mid-cap alloca- with markets rising from a bottom, SIPs 20.88
TATA INDIA TAX SAVINGS FUND
tions as they believe that the three-year have trailed lump-sum investments,
lock-in period for these funds allows with a 16.3 per cent CAGR against over
greater time for mid-cap bets to pay off. 22 per cent on lump sums.
Tax Planning category vs S&P BSE 200 Index

30,000
Equity: Tax Planning S&P BSE 200

25,000
Rebased to 10,000
20,000
15,000
10,000
5,000
Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD
Category (%) 59.25 -55.57 81.78 18.78 -23.82 31.25 6.58 50.79 3.38 14.01
S&P BSE 200 (%) 60.44 -56.46 88.51 16.22 -26.95 30.98 4.38 35.47 -1.48 11.16
Expense ratio (%) 2.22 2.24 2.30 2.25 2.25 2.26 2.45 2.45 2.41 2.13

CATEGORY WATCH
Most-popular sectors
30
25 Tax Planning category

S&P BSE 200
20
Net assets (%)
15
10
0
Financial Automobile Healthcare Engineering Technology Energy Services FMCG Chemicals Construction
Most-popular stock holdings Most bought

Company Current shares Shares bought Worth of shares
Company Fund count Net assets (%) S&P BSE 200 (%) (lakhs) (lakhs) bought (` cr)
Infosys 38 2.86 4.81 Motherson Sumi Systems 169.72 30.70 98.23
HDFC Bank 37 6.10 5.92 Kotak Mahindra Bank 191.97 11.29 90.34
Maruti Suzuki India 34 2.59 1.69 Gujarat Pipavav Port 80.08 38.27 68.71
ICICI Bank 32 2.62 3.41 Divi’s Laboratories 36.44 4.98 65.93
Sun Pharmaceutical Inds. 32 1.85 1.87 State Bank of India 581.07 24.13 61.62
Kotak Mahindra Bank 29 3.23 1.89
Axis Bank 27 1.51 2.10
Larsen & Toubro 27 3.02 2.66 Most sold
Company Current shares Shares sold Worth of shares
State Bank of India 27 2.98 1.81 (lakhs) (lakhs) sold (` cr)
Indusind Bank 24 0.92 1.37 ICICI Bank 529.73 39.78 106.24
Tata Motors 24 0.51 2.80 UPL 38.70 15.34 102.58
HCL Technologies 23 0.63 1.05 Bharti Airtel 41.52 31.69 101.68
Reliance Industries 22 1.05 4.15 JSW Steel 0.07 4.50 79.65
Ultratech Cement 22 0.52 0.93 Wipro 2.53 14.54 69.91
Tax-planning funds
Average return from an SIP in a tax-planning fund is 18.55 per cent over the past five years
SIP returns (%) Trailing returns (%) Top 10 Wt avg mkt Assets Portfolio Performance consistency
Fund Rating 3-yr 5-yr 3-yr 5-yr 10-yr stocks (%) cap (` cr) (` cr) P/E P/B ‘11 ‘12 ‘13 ‘14 ‘15 ‘16
Axis Long Term Equity Fund 18.06 23.28 27.88 21.73 — 55.32 54111 10465 32.57 5.28
Baroda Pioneer ELSS 96 Fund 14.01 16.14 19.14 13.83 9.10 32.09 24903 62 23.04 2.45
Birla Sun Life Tax Plan 18.57 21.07 25.30 18.85 11.38 40.22 28016 408 25.85 4.50
Birla Sun Life Tax Relief 96 19.48 21.94 26.34 19.43 12.22 40.85 28569 2459 25.79 4.47
Birla Sun Life Tax Savings Fund 17.41 18.04 22.17 14.66 8.68 40.75 29402 25 25.74 4.44
BOI AXA Tax Advantage Fund 13.55 16.28 18.25 14.34 — 36.89 21951 64 27.72 5.26
Canara Robeco Equity Tax Saver Fund 11.58 14.63 17.43 14.48 15.02 40.62 32418 839 25.32 3.70
DHFL Pramerica Tax Plan 15.07 17.22 19.20 14.94 9.26 34.18 72222 44 25.17 3.84
DHFL Pramerica Tax Savings Fund Not rated — — — — — 35.09 73740 57 25.15 3.83
DSP BlackRock Tax Saver Fund 21.26 22.42 25.72 20.19 — 37.55 42473 1436 23.05 2.81
Edelweiss ELSS Fund 13.98 16.91 19.12 16.07 — 25.80 32907 66 19.32 2.81

CATEGORY WATCH
SIP returns (%) Trailing returns (%) Top 10 Wt avg mkt Assets Portfolio Performance consistency
Fund Rating 3-yr 5-yr 3-yr 5-yr 10-yr stocks (%) cap (` cr) (` cr) P/E P/B ‘11 ‘12 ‘13 ‘14 ‘15 ‘16
Escorts Tax Plan Not rated 27.66 22.78 31.35 13.31 6.40 57.23 10545 4 23.39 3.96
Franklin India Taxshield Fund 16.82 19.43 23.71 17.49 14.34 42.59 69213 2391 22.16 3.25
HDFC Long Term Advantage Fund 16.29 18.15 20.54 16.26 12.06 51.53 49242 1244 20.22 2.56
HDFC Retirement Savings Fund-Equity Plan Not rated — — — — — 35.62 27462 131 19.82 2.52
HDFC Taxsaver Fund 13.55 16.39 20.52 14.63 11.80 49.72 42586 5242 20.86 1.83
HSBC Tax Saver Equity Fund 16.47 18.76 22.34 17.76 — 46.18 46355 178 20.91 3.30
ICICI Prudential Long Term Equity Fund 17.09 20.20 23.86 18.13 12.96 48.52 28931 3596 26.23 3.63
IDBI Equity Advantage Fund 19.14 — 28.46 — — 50.06 23437 548 33.65 6.37
IDFC Tax Advantage Fund 15.49 19.18 21.40 17.40 — 38.22 21564 475 27.10 3.21
Invesco India Tax Plan 17.01 20.08 24.25 17.99 — 49.65 55980 331 19.31 3.13
JM Tax Gain Fund 16.61 18.61 23.24 15.93 — 48.13 59372 30 25.46 4.22
JP Morgan India Tax Advantage Fund 12.89 15.36 18.81 13.49 — 44.51 77200 13 23.83 3.32
Kotak Tax Saver Fund 18.89 18.47 23.85 15.54 10.68 37.80 47876 507 22.57 3.15
L&T Tax Advantage Fund 17.49 18.37 21.11 15.45 14.23 33.56 30968 1790 25.60 3.07
L&T Tax Saver Fund 21.74 21.36 25.06 17.11 9.34 38.28 31066 29 23.17 3.04
LIC MF Tax Plan 12.95 15.69 18.64 13.90 7.64 37.33 31257 71 23.68 3.47
Mahindra Mutual Fund Kar Bachat Yojana Not rated — — — — — — — — — —
Mirae Asset Tax Saver Fund Not rated — — — — — 38.42 47116 113 22.38 3.04
Motilal Oswal MOSt Focused Long Term Fund Not rated — — — — — 60.07 41431 194 25.55 4.64
Peerless Long Term Advantage Fund Not rated — — — — — 37.25 36600 19 30.22 5.48
Principal Personal Tax Saver Fund 13.32 15.68 18.42 14.50 10.56 40.35 76225 327 22.23 3.10
Principal Tax Savings Fund 18.18 20.80 23.86 19.82 10.12 31.77 32493 287 20.90 2.23
Quantum Tax Saving Fund 16.80 17.95 20.06 16.69 — 51.24 87088 48 18.02 2.32
Reliance Tax Saver Fund 18.73 22.54 30.94 20.94 14.14 45.08 23355 5792 24.55 2.31
SBI Magnum Taxgain Scheme 13.24 16.99 20.68 16.44 11.75 43.57 50344 4970 22.79 3.09
Sundaram Taxsaver 18.21 18.30 22.00 16.14 12.99 32.83 24096 1369 24.41 3.06
Tata India Tax Savings Fund 19.96 20.88 24.73 18.08 12.64 26.81 22050 419 26.01 3.83
Taurus Tax Shield Fund 12.43 13.79 16.56 12.15 13.34 40.60 81933 57 19.60 2.74
Union KBC Tax Saver Fund 8.42 — 14.66 — — 39.20 27736 123 22.62 4.27
UTI Long Term Equity Fund 12.62 14.96 17.54 13.48 9.13 33.99 48586 710 21.16 2.64
Performance Top quartile Second quartile Third quartile Bottom quartile

Consistency: = Among top 25% in the category = Among top 50–75% 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 October 31, 2016. Assets and portfolio data as on September 30, 2016. Direct plans have been excluded.
Funds suspended for sale have also been excluded.

AXIS LONG TERM EQUITY FUND
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
The quality-seeker
A
xis Long Term Equity has “The fund focuses on sustain-
Launch
December 2009 managed a five-star rating able-quality companies and
Fund manager
consistently since launch. looks to avoid buying compa-
Jinesh Gopani The fund’s strategy of buying quality nies that have excessive busi-
stocks with a growth bias has paid off ness uncertainty on account
REGULAR DIRECT in the last five years. While selecting of cyclical, regulatory and
Expense ratio (%) 1.98 1.28 stocks, the fund looks for superior political risks. The fund
Top five sectors (%) and scalable businesses, a high endeavours to buy and hold
return on capital and secular growth. high-growth secular business-
4.64 The fund is large-cap oriented as es run by a dynamic manage-
8.78 compared to its peers. In the last one ment with utmost integrity.”
10.71
0.59
year, large-cap weights have been at JINESH GOPANI
2.93 65–70 per cent, mid caps at 25–30
16.24
7.68 per cent, with marginal small-cap delivered convincing
10.62 positions. Consistent performance outperformance of both benchmark
has led to the fund seeing its asset and peers in most bull years – be it
size burgeon from a mere `4 crore at 2010, 2013 or 2014. Since 2015,
35.43 launch to over `10,465 crore by end there has been a shift in the market
29.17
September 2016. cycle in favour of cyclical and
Fund S&P BSE 200 The fund, being a later entrant, beaten-down stocks and sectors.
managed to skip the bear market of These do not usually figure in the
Financial Automobile Healthcare 2008 and thus hasn’t really been fund’s buy list. This could have
Chemicals Cons Durable
tested in a severe market meltdown. slowed its one-year performance.
Market capitalisation (%) Its performance in 2011, however, Overall, this fund is a safe pair of
showed that it is able to contain hands if you like to own quality
Small caps Large caps
1.03 70.73 losses in a falling market. It has businesses in the listed space.
Mid caps SIP value (`)

28.24
12 lakh `10.61 lakh
8 lakh
Assets `10,465 cr as on September 30, 2016
4 lakh
Trailing returns (%) Amount invested
Fund S&P BSE 200 0
November 2011 `10,000 invested monthly for five years (`6 lakh) October 2016
8.98
1-Year
10.29
Fund history
27.88 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
14.69 Rating
21.73 Quartile ranking* 1 1 2 1 1 2 4
5-Year
11.74
Fund return (%) 29.99 -14.76 33.68 16.51 66.18 6.70 10.12
Recent 74.84
rally
Category return (%) 18.78 -23.82 31.25 6.58 50.79 3.38 14.01
45.67
S&P BSE 200 (%) 16.22 -26.95 30.98 4.38 35.47 -1.48 11.16
Recent
crash -58.97
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation
Recent rally: Aug 27, 2013 — Mar 03, 2015 *Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged
Recent crash: Jan 08, 2008 — Mar 09, 2009 in a descending order of returns.
Data as on October 31, ‘16. Portfolio-related data as on September 30, ‘16.

BIRLA SUN LIFE TAX RELIEF 96
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
The comeback fund
T
his fund had a great run in “The decision on stock selec-
Launch
March 1996 the initial years after launch, tion involves in-depth research
Fund manager
slipped behind its category, not made simply by meeting
Ajay Garg sporting a moderate three-star rating the top-level management. Our
for many years, and has shown investment team also meets
REGULAR DIRECT promise again since 2012. The fund the staff, middle-level manag-
Expense ratio (%) 2.41 1.54 has climbed from a three-star to a ers, company vendors and all
Top five sectors (%) four-star rating in this period. The other stakeholders to gather
fund follows a multi-cap strategy, 360 degree view.”
6.63 with 55–60 per cent large-cap AJAY GARG
9.19 exposure and the rest in small and

9.94
mid caps. The strategy is bottom-up figuring among stock choices.
7.68
11.79 and uses a 360-degree view of a The fund’s year-by-year record
2.91
company in order to invest in since 1998 shows a few bad patches.
10.62
16.85 compelling businesses without any The fund has struggled in bear
size bias. The investment markets both in 2008 and 2011, but
philosophy of the fund is to invest it has also has delivered sharply
29.17
23.70 in quality companies. This involves higher returns than the category in
selecting companies run by the big bull years of 2007, 2009,
Fund S&P BSE 200 professional managements and 2012 and 2014. The fund suffered
which have predictability of fund-manager shuffle in its initial
Financial Automobile Services earnings and strong moats. The years until 2006. The management
Healthcare FMCG
portfolio reveals quite a few team has remained very stable, with
Market capitalisation (%) unconventional mid-cap picks as top Ajay Garg at the helm from 2006.
Small caps holdings. The fund’s quality bias has Overall, it’s a fund that sticks to
6.54 Large caps
46.05 also led to a number of MNC stocks quality mid caps for the long haul.
SIP value (`)

12 lakh `10.32 lakh
Mid caps
47.41
8 lakh
4 lakh
Trailing returns (%)
Amount invested
Fund S&P BSE 200 0
14.43
1-Year
10.29
Fund history
26.34 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
14.69 Rating
5-Year
11.74
Fund return (%) 13.46 -29.62 36.60 9.10 54.54 9.15 12.04
Recent 66.73
rally
Category return (%) 18.78 -23.82 31.25 6.58 50.79 3.38 14.01
45.67
S&P BSE 200 (%) 16.22 -26.95 30.98 4.38 35.47 -1.48 11.16
Recent -63.99
crash -58.97
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FRANKLIN INDIA TAXSHIELD FUND
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
The shock-absorber
F
unds in the ELSS category “At a broad level, we are posi-
Launch
April 1999 usually like to shuffle their tive on the improving domes-
Fund manager
market-cap weights quite a lot tic consumption, particularly
R Janakiraman, depending on market conditions. But discretionary, and the finan-
Lakshmikanth Reddy this fund is determinedly large-cap- cial services sector.”
REGULAR DIRECT oriented in a category crowded with LAKSHMIKANT REDDY
Expense ratio (%) 2.40 1.41 multi-cap funds. Consistency of
returns and an ability to contain investing. Though this fund is from a
Top five sectors (%)
downside have helped it retain four- growth-style fund house, it tends to be
5.26 to five-star ratings for much of the last quite valuation-conscious. It doesn’t
6.93 2.70 eight years. The fund’s year-to-year take cash calls and remains fully
7.45 returns don’t always beat its more invested through cycles.
9.45
10.25 aggressive peers, but its performance Outpacing the benchmark in 12 of
12.34
adds up to very handsome returns the last 15 years, this fund has proved
10.18
over the long term. more adept at containing losses in
A fund which allocates a minimum bear markets. It tends to be rather
60 per cent of its portfolio to large sober in bull years and trailed peers in
28.57
32.59 caps, it has pegged up this exposure 2006–07, 2009 and 2012. The last two
even higher, to 80 per cent in the last years, however, have seen the fund
Fund Nifty 500 Index one year. Mid and small caps now widen its outperformance vis-a-vis the
make up less than 20 per cent of the benchmark and the category. The
Financial Automobile Technology portfolio, shielding the fund from any fund’s current large-cap tilt suggests
Healthcare Engineering
meltdown in this segment of the that it would be quite well placed to
Market capitalisation (%) market. The fund also avoids handle any market correction.
momentum stocks and sticks to Go for it if you like a less bumpy
Small caps Large caps
2.30 80.51 bottom-up fundamentals-based ride in choppy markets.
Mid caps
17.20 SIP value (`)
12 lakh `9.71 lakh
8 lakh
4 lakh
Fund Nifty 500 Index 0
11.17
1-Year
11.01
Fund history
23.71 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
16.00 Rating
5-Year
12.20
Fund return (%) 23.47 -15.19 29.38 6.14 56.92 4.05 12.26
Recent 60.94 Category return (%)
rally
18.78 -23.82 31.25 6.58 50.79 3.38 14.01
47.88
Nifty 500 Index (%) 14.13 -27.19 31.84 3.61 37.82 -0.72 11.44
Recent -51.31
crash -58.31
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

ICICI PRUDENTIAL LONG TERM EQUITY FUND
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
Finding value
A
fund which has outpaced its “While the portfolio is consti-
Launch
August 1999 benchmark over not one but tuted by stocks across sectors
Fund manager
three different market cycles, and market capitalisation
George Heber it has beaten its benchmark in 13 of based on robust fundamentals
Joseph the last 15 years. A rare ELSS fund and growth potential, expen-
REGULAR DIRECT that focuses on the value style of sive stocks and sectors even in
Expense ratio (%) 2.30 1.03 investing, it has managed a four- or the growth-oriented segment
five-star rating pretty consistently are generally avoided.”
since 2011. The fund’s valuation- GEORGE HEBER JOSEPH
6.97 focused style has helped it regain its
9.19
7.65 four-star rating recently after a blip to beating the category over these
7.73 10.25 three stars for a brief period. The periods. The fund’s investment
portfolio is constructed around stocks strategy typically delivers outsized
18.15 10.18
and sectors with cheaper valuation returns in the beginning stages of a
7.45 that nevertheless goes with reasonable bull market when sector rotation is in
growth expectations. Typically 55–65 vogue. It trails when markets are
28.57
per cent of its portfolio is allocated to overheated. It also works well in
30.20
large caps, 20–30 per cent to mid caps containing losses when bears are in
and 10–15 per cent to small caps. In control. The value style of stock-
Fund Nifty 500 Index the last one year, mid-cap allocations picking has suffered setbacks in the
have been raised from 25 to 40 per last five years but seems to be back on
Financial Healthcare Automobile cent, with small-cap weights trimmed. the saddle in the last one year or so.
Technology FMCG
This is a rare ELSS fund that has Overall, with the market tide
Market capitalisation (%) managed to stay one step ahead of the turning currently, this fund is a good
Small caps benchmark on a trailing one-, three-, option to get in on trends ahead of the
4.28 Large caps
55.59 five- and ten-year basis, while also stampeding herd.
SIP value (`)

Mid caps 12 lakh `9.82 lakh
40.13
8 lakh
4 lakh
Fund Nifty 500 Index 0
14.30
1-Year
11.01
Fund history
23.86 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
16.00 Rating
5-Year
12.20
Fund return (%) 24.11 -23.96 37.63 10.15 50.82 4.33 12.65
Recent 60.01
rally
Category return (%) 18.78 -23.82 31.25 6.58 50.79 3.38 14.01
47.88
Nifty 500 Index (%) 14.13 -27.19 31.84 3.61 37.82 -0.72 11.44
Recent -57.52
crash -58.31
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

IDFC TAX ADVANTAGE FUND
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
Aggressive bet
T
his is a fund which has earned “We invest in businesses
Launch
December 2008 its stripes by beating its where the management
Fund manager
benchmark every year except focuses on ROIC, cash-flow
Daylynn Gerard the first one (2009). This performance generation and displays pru-
Paul Pinto has earned it a four-star rating for dence in capital allocation.
REGULAR DIRECT much of the last three years. We would also look for com-
Expense ratio (%) 2.46 1.53 The fund has a higher-than- panies with good operating
category allocation to both mid-cap leverage – companies which
and small-cap stocks. Mid caps have have set up capacities and
10.17 made up anywhere between 30 and are yet to reap the benefits of
45 per cent of the portfolio. Large caps higher utilisation.”
11.03 have accounted for 40–50 per cent. DAYLYNN GERARD PAUL PINTO
2.91
10.62 Small caps have made up 20 odd per
11.51
2.79 cent. The fund is managed on the margins of 5-6 percentage points over
2.13 basis of a growth-at-a-reasonable-price three and five years, though one-year
11.94
philosophy. It does take both cash and returns show it lagging behind the
debt calls on occasion. The fund category. The fund hasn’t been a huge
29.17
20.89
believes in identifying companies category outperformer but a since-
based on a deep understanding of the launch return of 20 per cent is not to
Fund S&P BSE 200 industry-growth potential and be scoffed at. The higher mid- and
interaction with managements. small-cap tilt, however, may peg up
Financial Engineering Construction The fund is yet to be tested in a volatility if the latter’s high valuations
Automobile Services
severe bear market, as it was launched prompt a correction.
Market capitalisation (%) after 2008. Its record in 2011 showed Investors can take smaller
Small caps ability to contain downside. The fund exposures to this fund until a longer
19.80
has beaten its benchmark by sizeable track record is at hand.
Large caps
44.14
SIP value (`)
36.07
8 lakh
Assets `475 cr as on September 30, 2016
4 lakh
Fund S&P BSE 200 0
12.86
1-Year
10.29
Fund history
Year 2010 2011 2012 2013 2014 2015 2016
21.40
3-Year
14.69 Rating
5-Year
11.74
Fund return (%) 23.96 -23.33 36.22 15.00 42.21 6.90 10.05
Recent 59.73 Category return (%) 18.78 -23.82 31.25 6.58 50.79 3.38 14.01
rally
45.67
S&P BSE 200 (%) 16.22 -26.95 30.98 4.38 35.47 -1.48 11.16
Recent
crash Investment style
-58.97 Growth Blend Value
Large Medium Small
Fund style
Capitalisation

INVESCO INDIA TAX PLAN
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
Conservative choice
A
fund that has managed to beat “Our approach is to be patient
Launch
December 2006 its benchmark in seven out of with the companies that we
Fund manager
the eight years since launch, it invest in and we invest a high
Vetri Subramaniam, has retained a four-star rating almost proportion in young companies
Vinay Paharia all its life. Designed to own some of where we can benefit from
REGULAR DIRECT the house’s best large-cap and mid-cap their growth. The portfolio has
Expense ratio (%) 2.49 1.06 ideas, the fund prefers quality significant allocation to mid
businesses with healthy growth. But it caps in comparison to its
is careful about not going overboard benchmark but in absolute
5.82 on valuations. It does not take tactical terms it is well balanced
11.31
2.29 cash or sector calls. After remaining between large caps and mid
12.47
overweight on mid caps until late caps. The portfolio is always
13.86
11.72 2015, the fund has shifted gears in the well diversified.”
last one year. Its large-cap allocations VINAY PAHARIA
17.61 11.55 have been raised from 60 to 70 per
cent in the past one year, with mid- outpaced it by big margins both in
cap weights trimmed from nearly 40 2010 and 2014. The last one year has
27.44 30.57
to 25 per cent. This should hold the seen the fund outpace its benchmark,
fund in good stead should the stiffly but it slightly lagged behind its
Fund S&P BSE 100 priced mid caps correct in the market. category. This could be due to its
The year-to-year returns of this higher large-cap tilt in a category that
Financial Automobile Technology fund show it to be equally good at is largely multi-cap-focused.
Energy Chemicals
navigating both bull and bear markets. This fund is a good choice for
Market capitalisation (%) It managed to contain downside to investors who are looking for a
Small caps Large caps levels much lower than its benchmark conservative approach to tax
4.66 69.83 during 2008 and 2011 and has planning.
Mid caps
25.51 SIP value (`)
12 lakh `9.85 lakh
8 lakh
4 lakh
Fund S&P BSE 100 0
11.42
1-Year
8.93
Fund history
24.25 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
12.51 Rating
5-Year
10.85
Fund return (%) 22.13 -18.92 30.31 10.13 54.30 5.81 11.27
Recent 66.22
Category return (%) 18.78 -23.82 31.25 6.58 50.79 3.38 14.01
rally 43.29
S&P BSE 100 (%) 15.66 -25.73 29.96 5.87 32.28 -3.25 10.22
Recent -51.75
Investment style
crash -58.04 Growth Blend Value
Large Medium Small
Fund style
Capitalisation

RELIANCE TAX SAVER FUND
REGULAR DIRECT
Value Research

FUND ANALYST’S
CHOICE
Timing it right
A
category killer which has “The attempt is to have an opti-
Launch
August 2005 consistently beaten its mal mix of large caps and
Fund manager
benchmark and category over alpha creators. The portfolio
Ashwani Kumar three, five, seven and ten years, this adopts a growth-at-reasonable
fund has managed a climb from three- price (GARP) strategy and fol-
REGULAR DIRECT to four-star ratings in the past year. lows a high-conviction invest-
Expense ratio (%) 2.00 1.45 Though most funds in the ELSS ment style across sectors and
category follow a multi-cap approach, stocks. Despite the high-con-
this fund specifically favours mid- viction approach, the fund is
7.50 and small-cap stocks. The mandate reasonably diversified and has
10.26 allows a 40–60 per cent allocation to an adequate blend of secular
3.90 large caps, but in practice, in the last and cyclical plays.”
14.98 1.41 couple of years, the large-cap ASHWANI KUMAR
1.34
exposure has hovered at 25 to 45 per
11.55
cent, with mid caps taking up a 40 per seven-year returns are ahead of the
17.67
cent plus weight and small caps benchmark by 7–18 percentage points.
occupying 15–20 per cent. In the last In 2015, the fund managed a shift to
20.31 six months though, the fund has domestic-recovery plays. This timely
30.57
upped its large-cap weights to nearly move has helped it stay ahead of the
Fund S&P BSE 100 half its portfolio, probably due to race in the last one year. Overall, the
richly priced mid and small caps. The fund has fared better in tear-away bull
Financial Automobile Engineering fund sets aside 20–30 per cent of the markets than in bearish markets.
Services Diversified
portfolio for multinational companies This is an aggressive fund in the
Market capitalisation (%) with robust fundamentals. It follows a ELSS space, but one that has made
Small caps blend of growth and value investing. timely shifts to keep up with the
Large caps
15.26 46.31 The fund’s three-, five- and even market’s changing preferences.
SIP value (`)

12 lakh `10.42 lakh
Mid caps
38.43
8 lakh
4 lakh
Fund S&P BSE 100 0
14.69
1-Year
8.93 Fund history
30.94 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
12.51 Rating
5-Year
10.85
Fund return (%) 22.49 -24.23 46.05 3.47 83.00 -2.92 12.31
rally
43.29
S&P BSE 100 (%) 15.66 -25.73 29.96 5.87 32.28 -3.25 10.22
Recent -53.25
Investment style
crash -58.04 Growth Blend Value
Large Medium Small
Fund style
Capitalisation

REGULAR DIRECT
Value Research
TATA INDIA TAX SAVINGS FUND
FUND ANALYST’S
CHOICE
Gaining ground
A
fund which suffered a bad “It is run as a market-cap-
Launch
March 1996 patch from 2008 to 2010 but agnostic and sector-agnostic
Fund manager
got its act together in the last fund. The objective is to gener-
Rupesh Patel six years, it has climbed to a four-star ally buy businesses which have
rating lately. The fund’s mid-cap compounding characteristics,
REGULAR DIRECT allocations, its focus on growth-style strong growth potential, good
Expense ratio (%) 2.98 2.04 investing and penchant for buying capital efficiency and are run
quality stocks, which have been huge by competent managements.”
gainers in this rally, have all lifted RUPESH PATEL
8.39 performance. The fund’s strategy
relies on buying businesses which seen improvement in the last five
8.99
have compounding characteristics, years. Historically, this fund has been
7.20
9.37 strong growth potential and high good at containing losses during bear
10.46 capital efficiency. A part of the phases such as 2001, 2008 and 2011.
11.76
portfolio is allocated to stocks in It barely beat its benchmark during
special situations arising out of the bull phases like 2006 and 2009. But
31.05
market, industry or company it has aced this particular bull phase
26.05 developments. This ‘value’ from 2014. The fund maintains a
characteristic is likely to have helped 45–60 per cent allocation to large-cap
Fund S&P BSE the fund’s returns in the last one year, stocks and 25–35 per cent to mid
Sensex
when cyclicals have bounced back caps. In the last few months, large
Financial Construction Engineering and purely quality-focused funds have caps have made up about 45–50 per
FMCG Healthcare
suffered a setback in returns. cent of the assets.
Market capitalisation (%) The fund’s performance relative to This fund is for investors with
Small caps the category and the benchmark was some risk appetite and who seek a
Large caps
18.73 45.68 somewhat patchy until 2009 but has multi-cap approach to tax-planning.
SIP value (`)

35.58
8 lakh
4 lakh
Fund S&P BSE Sensex 0
16.11
1-Year
4.82 Fund history
24.73 Year 2010 2011 2012 2013 2014 2015 2016
3-Year
9.72 Rating
5-Year
9.56
Fund return (%) 17.97 -18.34 27.32 6.85 48.46 12.94 12.68
rally
39.00
S&P BSE Sensex (%) 17.43 -24.64 25.70 8.98 29.89 -5.03 6.98
Recent -55.72
Investment style
crash
-55.28 Growth Blend Value
Large Medium Small
Fund style
Capitalisation

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DIRECT ADVICE
When information is
AARATI KRISHNAN
not power
Many of the SEBI’s new disclosures seem to confuse rather
than help investors choose mutual funds
‘Knowledge is power’ is one of those disclosure. These disclosures detail the
quotable quotes many of us have learnt absolute amount of commission paid to my
during our school days. But when it comes mutual fund distributor, with his AMFI
to investing, a lot of information isn’t registration number. So my latest CAS tells
always a good thing. In fact, too much of me that during this six-month period, I
information can cloud our ability to focus have been charged commissions ranging
on the relevant facts. And this can paralyse anywhere between 19 paise and `4,900 on
us into indecision. my different fund investments.
Many of the new disclosure Now, I have tried my best to put this
requirements for mutual funds mandated information to some use but to no avail.
by the SEBI seem to have this effect. For one, some of these commissions
pertain to SIPs and others to lump sums.
Absolute commissions So I cannot really conclude from these
As a mutual fund investor, I’ve found the numbers if investing in one fund is more
month-end consolidated account statement expensive than investing in another. Nor
(CAS) from the NSDL to be a fairly useful does the statement help me correlate
statement. The CAS allows you, at a glance, commissions paid to the value of my
to gauge the mark-to-market value of all holdings in each fund. While the current
your equity and mutual fund investments fund values are the cumulative result of
every month and the growth in them over both my investments and NAV gains over
time. It also provides a single-window many years, the commissions pertain
listing of all your shares, mutual funds and only to the last six months. Nor can I
corporate-bond holdings in demat form. really use this commission disclosure to
But with effect from this half year (six gauge how different AMCs are rewarding
months ended September 2016), the CAS their distributors. The commission
has two to three additional pages of amounts pertain to six months but my
Apart from making you feel good that your fund’s manager
is also enjoying the same gains (or suffering the same
losses) as you, ‘skin in the game’ disclosures really
shouldn’t be your criteria either to buy or sell a fund

transactions are available only for one
month. In short, trying to make any sense
of these absolute commission disclosures
is a sheer waste of time.
The short lesson from this is that if
you’re looking for low-cost funds to invest
in, ignore commissions in your CAS and
check out the expense ratio of the scheme
from its factsheet or the Value Research
website. The expense ratio (which includes
all the costs of owning the fund, including
commission) is the best one-shot disclosure
that you can use to decide between scheme
A and scheme B, their returns remaining
the same. Commissions are irrelevant.
Skin in the game

A second set of new disclosures that has
been creating waves is the ‘skin in the Not by a long chalk, given its good
game’ disclosures. In March this year, the performance record.
SEBI mandated that all fund houses We also learn that the absolute
disclose investments by their own amounts that the managers of Parag
personnel in all their schemes. So in their Parikh Long Term Value Fund and
scheme-information document (SID), Quantum Long Term Equity Fund have
mutual funds are now required to state the invested in their respective schemes is far
aggregate investments made in the scheme lower than the sums parked by biggies in
by a) the AMC’s board of directors, b) the ICICI Prudential or HDFC Mutual Fund.
scheme’s own fund manager and c) other So does this mean that ICICI Pru or
key managerial personnel, like the CEO, HDFC managers have greater confidence
CIO, etc. in their funds’ performance?
This has led to some interesting- That is far from the truth. The amount of
sounding news stories in the media. So we ‘skin in the game’ a fund manager decides
know that, as of March 2016, Prashant Jain to park in schemes managed by him
of HDFC Mutual Fund has parked `33 crore depends mainly on his own personal
in HDFC Infrastructure Fund and `21.6 finances, risk profile and financial position
crore in HDFC Prudence Fund. So does this at that point in time. So if Prashant Jain or
mean that you, as an investor, should also Sankaran Naren has a higher net worth
invest in the thematic HDFC Infrastructure than Atul Kumar of Quantum, they would
Fund rather than the balanced Prudence probably have parked more in their funds.
Fund? Hardly! In fact, if you’re a risk-averse In short, apart from making you feel
investor you must avoid the thematic good that your fund’s manager is also
HDFC Infra fund and go in for HDFC enjoying the same gains (or suffering the
Prudence every time. same losses) as you, ‘skin in the game’
We also learn that the fund manager of disclosures really shouldn’t be your criteria
ICICI Pru Value Discovery had just `5,000 either to buy or sell a fund.
invested in the fund, while the other top Your decision to buy a fund should
honchos of ICICI Pru AMC had invested depend on its performance track record,
`3 crore in the scheme. So does that over a cycle, relative to its benchmark and
make Value Discovery a bad choice for peers. Your decision to sell it should
investors looking for a multi-cap fund? depend on whether you need the money to

There’s no point in mimicking fund manager's moves. Your
decision to buy a fund should depend on its performance
track record. Your decision to sell it should depend on
whether you need the money to meet a financial goal.
meet a financial goal. There’s no point in Two, while the costs charged to scheme
mimicking the moves of the fund manager may impact the returns that I take home as
or anyone else. an investor, that isn’t directly linked to the
pay packets of AMC personnel. The costs
Managerial pay charged by mutual fund schemes are all
A third set of disclosures the SEBI would contained within the total expense ratio
like you to have as a fund investor is (TER) of the scheme, which in turn is
whether the AMC is overpaying its top capped by the SEBI at a slab rate based on
executives. Therefore, at the end of every the scheme’s asset size. Therefore, once I
financial year, AMCs have been required to know a scheme’s TER, there is really little
disclose a) the total remuneration of the value-add in digging deeper into the TER to
CEO, CIO and COO of the AMC, b) all know how much an AMC paid its CEO or
employees of the AMC who have earned marketing head.
over `60 lakh a year or `5 a lakh a month Nor do comparisons of pay between
(or more) as their pay package and c) the different AMCs add too much value to my
ratio of CEO remuneration to the median investment decision. Larger AMCs with
remuneration of the employees. bigger AUM would obviously pay more to
In mandating these disclosures, the SEBI their top managers than smaller AMCs
seems to be keen to establish the same with lower AUMs. One cannot necessarily
governance framework for AMCs as there is conclude that better-paid CEOs do a better
for listed companies. Disclosure of job of governing or running their funds or
managerial remuneration, pay-gap ratios that lower-paid ones will stint on their due
and the compensation to highly paid diligence. In short, this is another bit of
employees is mandated by the Companies information that is high on gossip value
Act so that the shareholders of listed but low on investment value.
companies can gauge if the top managers of Overall, there seems to be little point in
their companies are taking home mutual fund investors combing through the
unrealistically high compensation. As the CAS, scanning the SIDs or reading through
pay packages of top executives in a reams of information on managerial
company come directly out of the profits remuneration on AMC websites before
distributable to shareholders, overpaid making their investment decisions.
executives in a company can be a sign of When deciding to buy a fund, stick to
bad governance. the good old parameters – the scheme’s
But this yardstick cannot be blindly mandate and whether it suits your risk
applied to a mutual fund. There is no profile and goals, performance relative to
reason why I should worry about the its benchmark and category over a
financials of the AMC which is running the complete market cycle, the fund manager
business. My fund returns depend not on and his track record, the scheme’s ability to
the profits or losses reported by the AMC contain downside in a bad market and,
but on the portfolio performance of the finally, its TER. Everything else can be
schemes that I have invested in. safely ignored.

ASK
CLASSROOM
How to choose an equity fund

T
he mutual fund universe is huge; risk. Diversified equity funds invest in
there are more than 2,500 equity companies of all sizes and are the best
MUTUAL FUND funds available. With this kind of equity funds to own to have exposure to
TAXATION choice, picking a mutual fund is a task companies of all sizes. For investors
in itself. This quick primer will help you who can take higher risk, mid- and
SETTING OFF understand how to pick an equity fund. small-cap funds are the option. Finally,
CAPITAL LOSS Following are the factors to be consid- funds investing in just one sector or a
Short-term capital ered while choosing an equity fund: theme are to be avoided as they can
loss from an equity or
Tax-planning: Saving income tax is a prior- show wild swings and provide limited
a debt mutual fund
can be set off against ity for most of us. Thus, a tax-planning diversification.
the short-term capital fund should be a part of every portfolio. Investors who want to diversify their
gain from an equity or
If you just stick to investing in tax-plan- portfolios by investing in foreign stocks
a debt mutual fund
ning funds in a disciplined manner, you can go for international-equity funds.
It can also be set off
against the long-term can do very well over time. Depending But remember that these funds are
capital gains from a on what type of stocks they treated like debt funds for tax
debt mutual fund. invest in, tax-planning funds purposes.
Equity funds held for have different risk grades. Age: More than age what
less than one year
qualify for short-term
Investment horizon: Your matters is your investment
capital gains/loss, investment horizon deter- horizon. If your goal is
while debt funds held mines whether you should several years away, you
for less than three
years qualify for short- go for an equity fund or a must invest in equity
term gain/loss. debt fund. For long-term funds. Even if an investor
goals – those that are more is retired, he can invest in a
than five years away – equity is balanced fund if he is going to
the best asset class. While equities need the money only several years
are volatile in the short term, over the away. Still, starting early has its own
long term, the volatility is ironed out. advantages. Investing when you are
FAQ For short-term goals, debt funds are the
best option.
young enables you to benefit from the
true compounding power of equities.
Risk appetite: While debt funds are gener- Young investors can also take more
ally safe, the riskiness of equity funds risks with their investment portfolio for
varies. Among equity funds, balanced more returns and can invest in mid- and
funds are least risky and mid- and small-cap funds.
small-cap ones are the riskiest. Fund performance: Investing in performing
Balanced funds combine both debt and funds is absolutely essential to achieve
equity and hence are less volatile. Large- your goals. You can use the star rating
cap funds invest in large companies and on www.ValueResearchOnline.com to
tend to give moderate returns at a low find out fund performance.
Risk grade
Balanced funds Large-cap funds 'LYHUVLÀHG Mid- and small- Sectoral/
equity funds cap funds thematic funds

ASK
EXPERT ADVICE
How to choose a good term debt fund to an equity fund before
plan? three years from the date of
I am 47 years old. My family consists investment?
of my wife and three children. How — ANUPAM AGRAWAL
much term insurance do I require?

Please suggest a good plan.
— ANANDAKRISHNAN S
A systematic transfer plan (STP)
allows an investor to transfer a
fixed amount regularly from one fund
A commonly used rule of thumb to

calculate your required insurance
cover is it should be ten times your
to another at a pre-defined frequency.
In your case, each STP installment
from a debt fund with a holding period
yearly income. But there could also be of less than three years will attract
other factors involved, for instance, short-term capital gains tax. Therefore,
your children’s education needs and the gains will be added to your total
your liabilities. You should take into income and taxed at the tax slab
account all such factors and their applicable.
financial implications to make a
Premium amount reasonable estimate of how much
and the claims ratio STPs have the same tax treatment as
insurance you need.
are two important While choosing a good term plan,
that involved in selling one fund and
factors to consider two important factors need special buying another
while choosing a attention:
term plan Claims-settlement ratio: This is the total Super top-up health insurance
number of death claims approved by policies
an insurance company divided by the Can one purchase a super top-up
total number of death claims received mediclaim online? Can you please
by it. The higher the claims-settlement suggest some good ones?
ratio the better it is. — DR MANOJKUMAR AGARWAL
Premium amount: Term insurance is an

efficient, low-cost product. However, the
premiums can vary widely between
Y es, super top-up policies are
available online. United India
Super Top Up, Religare Enhance Super
different insurance firms. Go for the one top-up and Apollo Munich Optima
charging a relatively low premium. Super are some of the good ones.
Both the claims ratio and premiums A super top-up policy is a good way
for different insurance firms can be to enhance your health-insurance
easily found and compared online coverage with only a marginal
these days. Choose a term plan which increase in your premium. The reason
offers a reasonable combination of a for its low cost is that it kicks in only
high claims ratio and low premiums. beyond a certain threshold of medical
expenses, which could either be funded
Do systematic transfer plans through your regular mediclaim policy
attract capital gains tax? or out of your own pocket. The super-
Will I be liable to pay short-term top-up option becomes active to pay for
capital-gains tax if I set up a any additional expenses beyond the
systematic transfer plan (STP) from a threshold (called deductible).

ASK
FOR EXPERT ADVICE
Before buying any policy, be sure to returns. Else, higher costs can drag
go through the policy document and their relative performance down.
policy brochure carefully. Also pay
attention to the exclusions and the Am I allowed to invest in
waiting period. mutual funds after I move
abroad?
I moved abroad five months ago and
Super top-ups are a good way to
want to invest in mutual funds. As per
enhance your health-insurance cover-
my financial advisor, legally, I am not
age at a much lower premium allowed to invest in my own name. Is
that so? As an alternative, should I
What does the turnover ratio of transfer the money to my parents’
mutual funds signify? account in India and invest in their
What does the turnover ratio of name, from their trading account?
mutual funds signify? How can it be — MANISH A person who has
moved abroad can
used to analyse a fund?
— JEEWAN DABRA Y ou have been misguided by your
advisor. Firstly, you can invest in buy mutual funds
A mutual fund scheme’s turnover
ratio tells you how frequently its
fund manager buys and sells the
mutual funds from abroad if you have
become a non-resident Indian (NRI).
You will need to update the KYC
through a distribu-
tor or directly
through a fund
underlying stocks. The higher the details with the change in residential
house
turnover ratio, the more your fund status. As an NRI, you can invest in
manager churns the scheme’s mutual funds either on a repatriable
portfolio. For instance, a turnover rate basis or on a non-repatriable basis. To
of 100 per cent implies that the fund invest on a repatriable basis, you must
manager has replaced his entire have an NRE account with a bank in
portfolio during the given period. India. In this case, the investment
Technically, the turnover ratio is the amount should be remitted from the
lower of the total sales or total NRE account of the NRI investor. In
purchases over a period divided by the case you choose the non-repatriable
average of the net assets. mode, you are allowed to use the NRO
The turnover ratio indicates the account. Please note that fund
way a fund is managed. A fund that investments cannot be made in a
moves in and out of stocks foreign currency in India.
aggressively in pursuit of quick gains
will tend to have a high turnover ratio. Tax benefits for tuition fees of
On the other hand, a fund following children
the buy-and-hold strategy will have a I’m working in a private company in
much lower turnover ratio. Bangalore. My employer provides tax
Besides, a high portfolio turnover exemption of `1,200 on the tuition fee
means the fund has to incur more for one child and `2,400 for two
transaction costs which are passed on children in one financial year.
to the investors in the form of However, my brother who is a state-
expenses charged to the fund. Such government employee has no such
funds need to justify it with superior limit. Why is this difference between
private-sector and government
The higher the turnover ratio, the more employees?
— R KANNAN
your fund manager churns the
scheme’s portfolio
T here is no differential treatment
between private-sector and

ASK
FOR EXPERT ADVICE
government employees for income-tax that you don’t need for the next five
purposes. Tax benefits for tuition fees years or more can be invested in
of children are available under the balanced or diversified equity funds.
following two sections of the Income Also, you will need to periodically
Tax Act: transfer the money in equity to debt to
Section 10: Tax exemption for tuition fee meet your expenditure.
of up to `1,200 (`100 per month) per See this issue’s ‘The Plan’. We have
child for a maximum of two children. developed a detailed plan for a retiree.
Section 80C: In addition, you can claim As you will see, equity can be used to
tax deduction of up to `1.5 lakh for the boost your retirement corpus and one
Section 10 and tuition fee under section 80C. However, should not refrain from it just because
Section 80C of this is a blanket limit available for one has retired.
the Income Tax several things, such as life-insurance
Act provide tax premium, investments in the EPF, PPF,
benefits for ELSS, NSC, etc., Your investment time horizon is the
tuition fee taken together. most important factor in choosing a
suitable investment option
Should a retired person invest
in mutual funds?
Should a retired person invest in Taxation rule of mutual funds
mutual funds? What kind of funds for either-or-survivor holding
should one choose? I am in 10 per cent tax category. My
— DEEPAK SATI wife (who is a homemaker) and I want
M utual funds are recommended for

people across age groups.
However, the most important factor to
to invest in equity funds through the
either-or-survivor option. What are the
tax rules for this type of investments?
consider while choosing suitable — S DHARAMPURI
investment options is your financial

goals and how far in time they are. We
can provide you a broad framework to
T he mode of holding doesn’t affect
the taxation aspect of your mutual
fund. Irrespective of whether your
choose the right options. mode of holding is ‘individual’ or
Emergency fund: Before you think of ‘joint’ or ‘either-or survivor’, the
investing, you must earmark at least taxation rule remains the same. Since
six months’ of your living expenses you plan to invest in equity funds, if
and put them in a savings bank you hold them for over one year, there
account to meet any unforeseen
contingencies. Also, since medical The mode of holding a mutual fund
expenses tend to rise in old age, it is
account doesn’t affect the taxation
advisable that you keep some amount
aspect of your mutual fund
for meeting any unforeseen medical
expenses also.
Money needed in the next six months: Money will be no tax and if you redeem/sell
required for any planned expenditures them within one year, the capital gains
in the next six months or so should will be taxed at 15 percent.
again be parked in your savings bank Either-or-survivor option in mutual
account or in a fixed deposit. funds is an option where either of the
Money needed in the next one–five years: Debt holders can perform transactions in
mutual funds are a suitable option for the folio. In the joint option, the
this time frame. signatures of all holders are necessary
Money needed after five years: Any money for any transaction.

SCOR EBOARD
Credit Dynamic
Opportunities Bond
24 55 23
8
53 45
4 6 51
18 41
64
2 52
20 9
54
63
Small Cap 318
39 17
Mid Cap
73 Multi Cap
124 24
98
19 18
Figures indicate the number of funds in each category
FUND CLASSIFICATION
EQUITY DEBT HYBRID
Large-cap: The funds whose 12-month average portfolio market Income: Funds having an average maturity of 4.5 years or more Equity-oriented: Average
cap is more than the lowest market cap among the stocks which Gilt (medium & long-term): Funds which invest in gilt securities equity exposure is greater than
constitute top 50 percent of the total market cap and can vary their average maturity widely, as per declared objective 60 per cent
Multi-cap: The funds where average 12-month portfolio market Short-term: Funds with average maturity between 1 to 4.5 years. Debt-oriented aggressive:
cap is more than the cut off for the next 20% of the total market cap Average equity exposure is
Gilt (short-term): Funds which invest in gilt securities and whose between 25 and 60 per cent
Mid-cap: The funds where average 12-month portfolio market cap average maturity over the last 12 months is between 1 year and 4.5
is more than the cut off for the next 15% of the total market cap years Debt-oriented
Small-cap: The funds where average 12-month portfolio market conservative: Average equity
Ultra short-term: Funds with average maturity of less than one exposure is less
cap is less than the maximum market cap among the stocks which year
constitute bottom 15% of the total market cap than 25 per cent
Liquid: Funds which do not invest any part of assets in securities with Arbitrage: Seek arbitrage
Tax planning: Investments qualify for tax deduction under Section a residual maturity of more than 91 days
80C of the Income Tax Act opportunities and invest in debt
Credit Opportunities: Funds which invest in low credit rating when no arbitrage is possible
International: Invest more than 65 per cent of assets abroad instruments with a view that any improvement in ratings would Asset allocation: Can fully
Sector and thematic: Based on their stated objective generate price appreciation invest in equity or debt
Others: Funds which cannot be classified in any of the existing Dynamic Bond: Funds which invest across various maturities depending on the market
categories and do not have the numbers to warrant a separate conditions
FMPs: Fixed maturity plans of pre-defined term
category

Guide to the SCOR EBOARD
The Value Research Scoreboard is designed to help you make the best possible investment deci-
sions. The Scoreboard captures essential data on every mutual fund scheme in an easy-to-use for-
mat. 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 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 Rank
has performed historically relative to its peers. Funds are ranked
z For equity and hybrid funds, the system com- based on their
bines three- and five-year performance periods. return position in
z For debt funds, fund ratings are based on the respective Value
eighteen-month weekly risk-adjusted perfor- Research fund cate-
mance. gory. In case of a tie,
z Equity funds with a minimum performance histo- the subsequent rank
Fund and category ry of three years and debt funds with a minimum is skipped. For
The fund name is history of 18 months are only rated. example, if three
listed alphabeti- z There have to be at least ten funds in a category funds are ranked 7,
cally in each row. for it to be rated and the fund must have at least then the subsequent
The first row (in `5 crore average AUM in the past six months. fund is assigned
bold) indicates the The distribution of ratings is as follows: rank 10. Speciality
name of the cate- Top 10% funds Next 22.5% equity funds are not
gory and its aver- Middle 35% Next 22.5% ranked due to their
age returns. Bottom 10% NR Not rated diverse objectives.
Performance Fund basics

Total return (%) Rank
Fund Within category
rating A bs o l u te Annualised Since Expense NAV AUM Launch
No. Fund 3-M 1-Y 3-Y 5-Y 10-Y launch 1-Y 3-Y 5-Y (%) (`) (` Cr) date
No.
A serial number is generated Total return
for every fund scheme and is Total return calculations are based on month-end net asset
the first column of the values (NAVs), assuming reinvestment of dividends, read-
Scoreboard. To locate a spe- justed for any bonus or rights. The return is computed by
cific fund, look for this num- adjusting for the dividend tax paid by the fund in the past.
ber in the Index against the All trailing returns for over one-year period are annualised
name of the fund. while returns for less than one year are absolute percent-
age changes except for cash funds, short-term bond funds
7RWDOUHWXUQGHEW and short-term gilt funds, where the returns are on a roll-
Absolute Annualised
ing basis.
1-M 3-M 1-Y 3-Y 5-Y
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 indi-
cates the recurring per cent charge levied by the fund to manage assets, and the NAV is the per unit market price.

For more on funds, visit www.valueresearchonline.com
Equity Total return (%) Rank

Within category
Fund A bs ol u te Annualised Since Expense NAV AUM Launch
rating 3-M 1-Y 3-Y 5-Y 10-Y launch 1-Y 3-Y 5-Y (%) (`) (` Cr) date
Equity: Large Cap 1.5 9.8 15.3 12.3 9.7 155 139 71 1.6
1 Baroda Pioneer Large Cap NR 7.2 12.4 19.7 9.0 – 3.4 – – – 3.01 12.38 17 06/10
2 Birla SL Frontline Equity 2.4 14.2 19.9 17.1 14.6 22.8 19 19 4 2.27 183.04 13901 08/02
3 Birla SL Index -0.3 7.2 11.1 10.1 8.1 16.3 129 119 60 0.80 84.81 143 09/02
4 Birla SL Nifty ETF 0.3 8.7 12.3 11.3 – 9.6 81 87 36 – 91.15 177 07/11
5 Birla SL Sensex ETF NR -0.1 – – – – 1.0 – – – – 279.94 21 07/16
6 Birla SL Top 100 2.7 12.4 20.2 17.2 12.2 15.3 35 17 3 2.35 48.04 2396 10/05
7 Canara Robeco Large Cap+ Reg 3.0 11.1 14.7 13.3 – 11.0 45 74 25 2.75 19.08 112 08/10
8 CPSE ETF NR 14.3 22.7 – – – 11.3 1 – – 0.49 25.80 2256 03/14
9 DHFL Pramerica Diversified Equity Reg NR 2.1 8.2 – – – 5.7 97 – – 2.77 10.97 82 02/15
10 DHFL Pramerica Large Cap È 0.0 7.4 16.5 13.5 10.7 20.7 123 59 22 2.88 134.48 186 01/03
11 DSPBR Focus 25 3.0 13.2 22.6 14.3 – 11.1 26 8 16 2.54 19.65 1762 06/10
12 DSPBR Top 100 Equity Reg 3.6 15.6 16.5 12.8 12.8 23.4 9 60 32 2.25 176.45 3537 03/03
13 Edelweiss ETF - Nifty Quality 30 NR -1.0 – – – – 5.0 – – – 0.47 221.58 6 05/16
14 Edelweiss Exchange Traded Scheme-Nifty 50 NR 0.8 9.2 – – – 5.4 73 – – 0.07 8891.35 5 05/15
15 Franklin IIF NSE Nifty -0.1 7.3 11.3 10.3 8.7 12.6 128 112 56 1.06 68.54 228 08/00
16 Franklin India Bluechip 0.5 9.7 16.8 13.1 12.1 21.8 61 54 26 2.21 387.83 7705 12/93
17 HDFC Index Nifty È 0.1 7.9 12.0 10.8 7.7 15.3 107 97 46 0.50 76.89 183 07/02
18 HDFC Index Sensex -0.2 6.3 10.8 10.6 7.2 15.1 140 131 51 0.30 243.06 93 07/02
19 HDFC Index Sensex Plus 1.2 8.7 12.8 11.3 10.6 18.7 84 83 35 1.00 377.95 102 07/02
20 HDFC Large Cap Reg NR 1.5 7.3 10.7 10.4 6.8 11.7 126 – – 2.20 91.92 1216 02/94
21 HDFC Nifty ETF NR 0.3 – – – – 14.9 – – – 0.05 873.15 244 12/15
22 HDFC Sensex ETF NR -0.1 – – – – 13.5 – – – 0.08 2837.28 24 12/15
23 HDFC Top 200 3.9 13.4 18.1 13.5 13.5 20.9 23 35 21 2.06 372.51 12930 09/96
24 HSBC Dividend Yield Equity 4.1 14.8 17.2 12.9 – 6.4 15 47 31 2.34 18.13 40 03/07
25 HSBC Dynamic -0.4 9.4 12.1 8.8 – 4.4 67 93 70 2.68 14.77 47 09/07
26 HSBC Equity 3.1 14.8 15.1 11.6 9.6 22.4 16 70 34 2.43 166.02 601 12/02
27 ICICI Pru Advisor-Very Aggressive NR 2.8 12.4 13.6 10.8 9.5 14.7 36 80 45 0.75 58.42 5 12/03
28 ICICI Pru Focused Bluechip Equity 1.8 12.3 17.1 14.9 – 14.9 37 49 11 2.14 32.28 11683 05/08
29 ICICI Pru Nifty 100 iWIN ETF 0.9 9.8 14.0 – – 19.9 60 78 – 0.43 92.82 29 08/13
30 ICICI Pru Nifty Index -0.1 7.5 11.7 10.7 9.5 15.5 114 104 48 0.93 82.91 222 02/02
31 ICICI Pru Nifty iWIN ETF 0.3 8.5 12.3 – – 13.7 89 88 – 0.05 87.75 596 03/13
32 ICICI Pru NV20 iWIN ETF NR 0.1 – – – – 2.0 – – – – 37.41 7 06/16
33 ICICI Pru Select Large Cap 0.8 14.8 16.3 13.9 – 13.3 14 62 18 2.68 25.25 677 05/09
34 ICICI Pru Sensex iWIN ETF -0.1 6.3 11.0 11.2 9.1 17.8 138 124 40 0.08 288.39 5 01/03
35 IDBI Nifty Index -0.2 6.4 10.6 9.9 – 7.8 136 133 62 1.53 16.16 170 06/10
36 IDFC Equity Reg 1.7 10.5 11.1 10.7 8.7 9.4 50 120 47 2.54 25.36 261 06/06
37 IDFC Imperial Equity Reg 2.3 8.3 11.2 8.6 9.4 10.2 93 115 71 2.67 28.10 110 03/06
38 IDFC Nifty ETF NR – – – – – 1.5 – – – – 86.40 – 09/16
39 IDFC Nifty Reg 0.0 8.1 11.9 11.2 – 8.9 102 99 39 0.25 17.45 66 04/10
40 IDFC Sensex ETF NR – – – – – 1.6 – – – – 279.23 – 09/16
41 Indiabulls Bluechip Ç 5.8 13.0 14.7 – – 11.5 29 75 – 2.50 16.73 36 02/12
42 Invesco India Business Leaders È 1.0 9.7 17.4 14.0 – 12.0 62 44 17 2.43 22.67 121 08/09
43 Invesco India Dynamic Equity 1.2 8.3 15.1 14.8 – 9.8 94 71 12 2.38 23.36 154 10/07
44 Invesco India Growth 1.7 9.5 19.1 15.3 – 10.5 65 25 9 2.40 25.11 156 08/07
45 Invesco India Nifty ETF NR 0.3 8.5 12.0 11.0 – 10.0 86 94 42 0.10 891.92 2 06/11
46 JM Equity -0.3 4.3 15.3 11.2 4.3 8.3 154 68 41 2.39 55.77 707 04/95
47 JP Morgan India Equity 1.7 9.2 18.5 13.8 – 10.0 72 32 19 2.52 24.48 352 06/07
48 JP Morgan India Top 100 Reg NR -0.3 7.5 – – – 9.4 115 – – 2.70 12.36 91 06/14
S&P BSE Sensex Index -0.4 4.8 9.7 9.6 8.0
ÇÈ Increase/decrease in rating over the month Performance as on October 31, 2016 AUM and Expense Ratio as on September 30, 2016


Within category
Equity: Large Cap 1.5 9.8 15.3 12.3 9.7 155 139 71 1.6
49 Kotak 50 Reg È 0.5 8.5 17.4 13.8 11.4 19.8 85 45 20 2.19 186.84 1209 12/98
50 Kotak Classic Equity Reg 2.1 10.4 16.1 14.4 10.9 12.6 51 63 15 2.70 38.18 94 07/05
51 Kotak Nifty ETF 0.2 6.9 11.5 10.8 – 10.0 131 109 43 0.11 873.70 446 02/10
52 Kotak NV 20 ETF NR 0.1 – – – – 9.2 – – – – 37.83 1 11/15
53 Kotak Sensex ETF -0.2 6.1 10.9 10.8 – 8.6 143 126 44 0.27 287.06 11 06/08
54 L&T India Large Cap 1.7 9.1 17.1 13.0 – 9.1 74 51 27 2.50 22.01 406 10/07
55 LIC MF ETF Nifty 100 NR 1.0 – – – – 16.8 – – – 0.25 89.55 237 03/16
56 LIC MF ETF Nifty 50 NR 0.3 – – – – 11.4 – – – 0.10 87.13 356 11/15
57 LIC MF ETF Sensex NR -0.1 – – – – 8.2 – – – 0.10 283.25 272 11/15
58 LIC MF Growth 2.2 7.8 15.4 12.6 7.7 3.5 109 67 33 2.87 21.66 219 08/94
59 LIC MF Index Nifty -0.2 6.8 10.9 10.1 7.4 12.7 133 129 59 1.50 47.91 17 11/02
60 LIC MF Index Sensex -0.7 4.3 9.3 9.5 6.5 13.4 155 139 68 2.00 52.18 15 11/02
61 Mirae Asset India Opportunities Regular Ç 4.0 16.2 24.3 18.9 – 16.6 7 2 2 2.39 37.41 2292 04/08
62 Motilal Oswal MOSt Focused 25 Reg 4.3 11.9 20.7 – – 17.9 40 15 – 2.57 17.70 365 05/13
63 Motilal Oswal MOSt Shares M50 ETF -0.1 7.5 11.2 10.3 – 6.9 117 118 57 0.98 83.32 21 07/10
64 Principal Index Nifty 0.0 7.4 11.2 10.4 8.2 10.9 122 116 54 0.92 59.75 15 07/99
65 Principal Large Cap 3.5 12.0 18.4 14.6 12.3 16.1 39 33 14 2.63 51.58 305 11/05
66 Quantum Index NR 0.2 8.2 12.2 11.3 – 10.8 95 89 38 0.25 925.24 4 07/08
67 Quantum Long Term Equity 4.5 20.8 20.2 16.7 14.9 15.4 2 18 5 1.25 45.97 593 03/06
68 RShares CNX 100 ETF 0.8 9.3 13.6 – – 14.8 68 79 – 0.89 90.70 7 03/13
69 RShares Consumption ETF NR -0.7 11.8 – – – 16.6 41 – – 0.09 39.69 16 04/14
70 RShares Dividend Opportunities ETF NR 4.1 16.9 – – – 11.7 4 – – 0.10 22.89 14 04/14
71 RShares Nifty BeES 0.1 8.0 12.1 11.3 9.8 16.1 103 92 37 0.49 881.82 938 12/01
72 RShares NV20 ETF NR 0.1 6.0 – – – 1.1 145 – – 0.34 379.64 14 06/15
73 RShares Sensex ETF NR -0.1 6.3 – – – 4.0 139 – – 0.07 287.87 38 09/14
74 RShares Shariah BeES NR 1.4 7.5 11.0 10.6 – 14.8 113 122 50 1.00 199.81 2 03/09
75 Reliance Focused Large Cap 4.7 7.0 17.8 15.4 8.8 9.2 130 39 8 2.22 25.52 1084 03/06
76 Reliance Index Nifty -0.4 6.9 11.3 10.6 – 6.2 132 114 52 0.84 14.41 56 09/10
77 Reliance Index Sensex -0.3 4.7 9.5 9.8 – 5.3 153 138 63 0.85 13.72 5 09/10
78 Reliance NRI Equity Ç 3.9 10.7 17.1 14.8 11.8 18.0 48 50 13 2.69 72.73 85 11/04
79 Reliance Quant Plus Retail 1.6 7.4 11.0 9.7 0.6 6.3 124 125 64 2.67 20.39 31 02/05
80 Reliance Top 200 Retail 3.4 9.5 21.8 16.4 – 10.8 64 11 6 2.07 25.74 2388 08/07
81 Reliance Vision Ç 3.2 8.5 22.6 13.4 10.5 20.0 87 9 24 2.04 463.08 3077 10/95
82 SBI Bluechip 1.8 14.6 22.9 19.2 11.1 11.6 17 6 1 1.98 32.39 8846 02/06
83 SBI ETF BSE 100 Fund NR 1.0 10.3 – – – 3.6 53 – – – 91.41 1 03/15
84 SBI ETF Nifty 50 NR 0.1 8.4 – – – 1.7 91 – – – 87.65 9397 07/15
85 SBI ETF Sensex -0.2 6.2 11.3 – – 13.4 142 113 – – 295.08 2738 03/13
86 SBI Magnum Equity 1.8 13.1 18.6 15.0 12.7 15.6 27 30 10 2.12 84.00 1724 01/91
87 SBI Nifty Index 0.0 7.5 10.9 10.0 7.8 14.5 119 127 61 0.70 73.31 227 02/02
88 Sundaram Select Focus Reg Ç -0.3 4.8 12.0 9.5 8.7 19.6 152 98 67 2.86 129.11 446 07/02
89 Tata Index Nifty Reg È -0.1 7.3 11.0 10.1 8.3 16.8 125 123 58 – 51.49 7 02/03
90 Tata Index Sensex Reg -0.4 5.3 9.7 9.6 7.5 16.3 148 137 66 – 68.01 7 02/03
91 Tata Large Cap Reg 0.9 9.3 15.2 13.5 11.9 21.9 69 69 23 2.64 176.54 841 05/98
92 Taurus Bonanza Reg Ç 1.4 5.4 15.7 10.4 6.8 10.9 147 66 55 2.68 65.10 25 02/95
93 Taurus Nifty Index Reg NR -0.2 6.8 10.8 9.7 – 7.7 134 130 65 1.50 16.06 0 06/10
94 UTI Bluechip Flexicap 0.3 9.6 14.5 13.0 8.8 9.5 63 76 28 2.35 26.52 1833 01/06
95 UTI Equity Ç 0.0 9.0 18.8 15.7 13.3 12.4 76 28 7 2.13 109.98 5284 05/92
96 UTI Mastershare 1.4 8.5 16.7 13.0 11.4 18.3 90 57 29 2.15 96.11 3502 10/86


Within category
Equity: Large Cap 1.5 9.8 15.3 12.3 9.7 155 139 71 1.6
97 UTI Nifty ETF NR 0.3 8.8 – – – 11.8 79 – – 0.07 879.30 226 08/15
98 UTI Nifty Index Fund 0.2 8.1 11.9 10.7 8.7 10.8 99 100 49 0.20 55.05 346 03/00
99 UTI Opportunities 1.9 8.4 14.2 12.9 13.6 15.4 92 77 30 2.10 50.15 4776 07/05
100 UTI Sensex ETF NR -0.1 6.4 – – – 9.8 137 – – 0.07 283.91 15 08/15
Equity: Multi Cap 4.1 14.0 21.5 15.8 12.3 141 128 62 2.0
101 Axis Equity 0.2 6.7 14.6 14.5 – 10.9 132 124 42 2.09 20.31 2125 01/10
102 Axis Focused 25 4.1 15.5 18.5 – – 17.6 54 90 – 2.38 20.22 605 06/12
103 Baroda Pioneer Growth È 4.6 12.7 18.5 12.7 11.5 17.7 81 94 52 3.04 84.90 324 09/03
104 Birla SL Advantage 4.6 21.9 29.2 19.9 11.7 18.9 11 9 4 2.41 354.98 1665 02/95
105 Birla SL Equity 9.6 23.1 28.8 20.3 13.6 25.2 5 10 3 2.37 594.92 2985 08/98
106 Birla SL India Reforms 4.7 19.0 25.2 11.9 – 8.0 26 21 55 2.83 16.28 142 06/10
107 Birla SL Manufacturing Equity Reg NR 9.1 19.3 – – – 10.2 24 – – 2.59 11.87 834 01/15
108 Birla SL Special Situations 6.9 18.1 29.7 18.8 – 8.9 34 8 10 2.91 21.10 146 01/08
109 BNP Paribas Dividend Yield 3.6 11.3 21.6 17.0 13.8 12.9 100 62 23 2.69 38.51 261 09/05
110 BNP Paribas Equity -0.9 6.3 18.3 16.1 11.0 17.5 133 100 30 2.29 70.84 1408 09/04
111 BOI AXA Equity Reg 3.4 10.1 15.5 12.2 – 14.6 108 119 54 2.86 29.83 78 10/08
112 Canara Robeco Equity Diversified Reg 3.2 6.8 15.3 13.2 13.4 19.1 131 122 50 2.46 99.83 765 09/03
113 DSPBR Equity 5.9 16.2 22.6 15.0 14.3 20.8 50 54 37 2.26 58.58 2317 04/97
114 DSPBR Opportunities 5.1 22.0 23.6 17.3 13.2 19.1 10 43 20 2.63 178.61 1171 05/00
115 Edelweiss Diversified Grth Eqt Top 100 È 0.8 9.1 16.3 14.8 – 14.4 120 113 40 2.69 27.33 93 05/09
116 Edelweiss Prudent Advantage 2.2 8.6 16.8 11.6 – 10.9 124 110 58 2.67 21.14 15 08/09
117 Franklin India Flexi Cap È 1.9 7.9 22.7 16.7 12.9 17.7 126 53 25 2.32 67.01 3010 03/05
118 Franklin India High Grth Companies 4.4 11.8 28.6 22.4 – 13.5 90 11 2 2.32 32.47 5043 07/07
119 Franklin India Life Stage FoF 20s 3.1 11.6 18.5 14.0 12.1 16.3 93 95 45 1.44 70.16 14 12/03
120 Franklin India Opportunities 2.9 11.6 23.6 16.1 9.9 17.0 94 42 29 2.67 62.43 628 02/00
121 Franklin India Prima Plus 2.4 11.6 24.2 17.8 14.5 19.3 92 33 16 2.25 492.54 9271 09/94
122 HDFC Capital Builder 5.3 14.1 22.9 17.4 14.2 14.7 67 52 17 2.48 228.86 1317 02/94
123 HDFC Equity 5.4 13.4 21.3 14.9 13.9 19.7 72 65 38 2.04 511.31 15857 01/95
124 HDFC Growth 4.1 13.7 18.3 12.3 12.7 18.2 70 99 53 2.26 149.52 1022 09/00
125 HDFC Premier Multi-Cap 4.0 8.7 19.7 10.9 10.1 14.0 123 80 60 2.59 45.68 290 04/05
126 HSBC India Opportunities È 1.9 18.5 23.4 16.8 10.9 17.0 31 45 24 2.48 73.06 483 02/04
127 ICICI Pru Dynamic 4.5 14.2 17.6 15.5 13.4 24.2 66 103 36 2.11 208.56 5679 10/02
128 ICICI Pru Indo Asia Equity È 6.4 12.3 20.3 17.0 – 9.5 84 75 22 2.59 22.71 151 10/07
129 ICICI Pru Midcap Select iWIN ETF NR 6.1 – – – – 14.2 – – – – 57.54 8 06/16
130 ICICI Pru Multicap 6.0 16.1 24.1 17.9 12.1 15.4 51 34 14 2.28 238.38 1626 10/94
131 ICICI Pru Nifty Next 50 Index 4.9 19.6 24.0 18.2 – 12.0 20 35 12 0.84 20.57 38 06/10
132 ICICI Pru Top 100 4.0 17.1 17.3 15.8 11.8 19.7 41 106 33 2.39 268.90 1449 07/98
133 ICICI Pru Value Discovery 1.4 10.9 30.1 23.0 16.7 23.0 102 5 1 2.25 125.79 14461 08/04
134 IDBI India Top 100 Equity 0.6 9.3 17.8 – – 17.7 119 102 – 3.05 20.72 432 05/12
135 IDBI Nifty Junior Index 4.7 18.7 23.4 17.9 – 10.0 29 47 15 1.53 17.93 33 09/10
136 IDFC Classic Equity Reg 5.4 19.9 16.8 13.8 9.6 12.2 18 112 46 2.25 36.32 344 08/05
137 IIFL India Growth Reg NR 4.7 21.1 – – – 13.6 12 – – 1.42 12.91 224 10/14
138 Invesco India Contra 5.0 15.0 28.5 18.1 – 14.1 57 12 13 2.39 35.24 275 04/07
139 JM Core 11 È 3.3 27.8 24.4 15.8 – -4.1 2 28 31 3.07 6.98 32 03/08
140 JM Multi Strategy È 5.4 20.6 23.8 15.6 – 11.9 14 39 35 3.05 24.90 124 09/08
141 JP Morgan India Economic Resurgence Reg NR 4.0 10.3 – – – 5.2 107 – – 2.70 10.92 48 02/15
142 Kotak Opportunities Reg 5.1 17.7 22.4 17.3 13.7 20.4 37 58 19 2.31 95.28 868 09/04
143 Kotak Select Focus Reg 4.3 16.5 24.8 19.4 – 14.8 49 24 7 2.00 26.84 6365 09/09


Within category
Equity: Multi Cap 4.1 14.0 21.5 15.8 12.3 141 128 62 2.0
144 L&T Equity 2.1 11.4 20.0 14.5 13.4 18.1 98 77 43 2.05 67.34 3006 05/05
145 L&T India Spl Situations 4.6 11.7 21.4 17.3 12.6 13.9 91 64 18 2.26 38.89 938 05/06
146 LIC MF Equity 0.8 4.8 13.0 10.4 7.4 6.1 136 128 62 2.82 40.31 343 04/93
147 Mirae Asset Great Consumer Reg 4.8 12.9 19.5 18.6 – 17.5 78 82 11 2.88 24.69 55 03/11
148 Motilal Oswal MOSt Focused Multicap 35 Reg NR 5.4 18.6 – – – 33.8 30 – – 2.12 20.78 4496 04/14
149 Parag Parikh Long Term Value Reg 3.8 9.7 20.7 – – 20.1 73 64 – 2.80 18.75 676 05/13
150 Peerless Equity 1.5 11.8 15.2 12.7 – 13.0 89 123 51 2.91 18.67 97 09/11
151 Principal Dividend Yield 5.9 16.9 19.8 13.6 9.7 12.3 44 79 48 2.67 40.44 116 10/04
152 Principal Growth 8.3 17.7 23.8 19.6 8.9 16.3 36 38 5 2.56 111.77 410 10/00
153 Quantum Equity FoF 4.0 14.5 23.4 16.6 – 15.4 61 46 27 0.50 28.41 11 07/09
154 RShares Junior BeES Ç 4.8 19.4 24.6 18.8 13.3 23.2 23 26 8 1.00 236.83 106 02/03
155 Reliance Equity Opportunities Ç 1.4 1.5 21.5 16.7 14.2 19.0 141 63 26 1.98 75.26 10439 03/05
156 Reliance Retirement Fund - Wealth Creation Scheme NR 2.3 7.7 – – – 4.8 128 – – 2.44 10.84 522 02/15
157 SBI Contra 3.9 13.0 20.4 14.1 10.8 20.3 77 73 44 2.11 97.50 1791 07/99
158 SBI ETF Nifty Next 50 Fund NR 5.4 21.0 – – – 14.2 13 – – – 239.44 2 03/15
159 SBI Magnum MultiCap 2.8 17.5 27.0 19.5 10.0 12.9 38 14 6 2.22 38.49 1137 09/05
160 SBI Magnum Multiplier 3.9 14.0 24.9 18.8 13.9 14.9 68 23 9 2.12 177.74 1704 02/93
161 Sundaram Equity Multiplier 6.1 14.5 23.3 14.9 – 10.3 62 51 39 2.92 25.78 267 02/07
162 Tata Dividend Yield Reg 1.7 10.8 20.0 14.6 14.3 16.9 103 76 41 2.69 64.79 309 11/04
163 Tata Equity Opportunities Reg 3.1 12.0 21.0 17.2 12.0 12.7 87 67 21 2.51 167.47 1272 03/93
164 Tata Ethical Reg -0.4 1.9 18.5 16.4 11.7 21.0 140 93 28 2.85 134.33 510 05/96
165 Tata India Consumer Reg NR 4.3 – – – – 14.8 – – – 3.18 11.48 90 12/15
166 Tata Retirement Savings Progressive Reg 2.8 15.0 21.9 – – 16.8 59 61 – 2.97 21.76 158 11/11
167 Taurus Ethical Reg 2.9 4.4 18.4 13.6 – 21.0 137 96 47 2.69 42.28 29 04/09
168 Taurus Starshare Reg 2.6 8.2 15.7 11.8 10.0 10.5 125 118 56 2.57 96.59 197 01/94
169 Templeton IGF 10.9 16.0 22.6 15.8 13.2 17.2 53 55 32 2.69 220.51 519 09/96
170 Templeton India Eqt Income 7.1 16.1 18.6 15.6 13.4 13.8 52 89 34 2.60 38.67 935 05/06
171 Union KBC Equity 2.9 9.6 13.6 11.5 – 9.7 115 127 59 3.08 16.45 170 06/11
172 UTI Dividend Yield 4.6 10.8 15.4 10.4 12.9 15.4 104 120 61 2.11 51.77 2695 05/05
173 UTI Multi Cap Reg NR 2.0 9.5 – – – 7.1 116 – – 2.57 11.61 371 08/14
174 UTI Top 100 2.2 9.4 17.5 13.5 – 12.7 117 104 49 2.33 52.67 899 02/93
Equity: Mid Cap 6.1 16.7 30.7 20.6 14.1 83 69 33 2.1
175 Axis Midcap 3.5 7.5 29.0 22.2 – 19.2 83 44 17 2.18 27.21 1311 02/11
176 Baroda Pioneer Midcap NR 11.0 9.9 10.7 1.3 – -3.4 – – – 2.99 8.10 28 10/10
177 Birla SL Dividend Yield Plus È 5.3 9.6 20.0 12.6 13.6 21.9 74 65 30 2.52 150.31 1044 02/03
178 Birla SL International Equity B 1.9 9.6 13.5 11.5 – 4.9 75 67 32 2.95 15.39 103 10/07
179 Birla SL Mid Cap 7.3 19.8 34.0 21.1 15.6 26.1 25 27 21 2.44 262.05 1832 10/02
180 Birla SL Pure Value 7.8 24.6 40.2 24.4 – 20.0 12 5 9 2.82 48.15 604 03/08
181 BNP Paribas Midcap 4.3 15.4 31.0 25.0 11.8 10.6 47 39 4 2.54 28.79 697 05/06
182 DHFL Pramerica Midcap Opportunities Reg NR 5.3 10.3 – – – 20.2 68 – – 2.68 17.10 152 12/13
183 DSPBR Small and Mid Cap Reg 7.9 25.8 36.2 22.1 – 16.5 7 19 18 2.53 46.02 2360 11/06
184 Escorts Growth 5.7 15.2 28.3 17.3 10.4 18.5 51 48 27 – 142.12 7 03/01
185 Escorts Leading Sectors NR 6.5 16.6 31.7 22.2 – 12.5 42 34 16 – 26.52 3 08/08
186 Franklin India Prima 5.6 21.0 34.9 25.6 15.2 21.1 19 23 3 2.34 806.04 4566 12/93
187 HDFC Core & Satellite 3.4 11.4 22.3 12.5 10.2 16.8 62 61 31 2.53 66.09 546 09/04
188 HDFC Mid-Cap Opportunities 8.3 23.5 36.3 24.7 – 17.8 15 18 7 2.11 46.31 13022 06/07
189 ICICI Pru Dividend Yield Equity NR 6.4 15.7 – – – 14.7 45 – – 2.75 14.01 197 05/14
190 ICICI Pru Midcap 7.4 16.6 36.7 22.6 12.3 18.9 40 15 13 2.39 80.42 1147 10/04


Within category
Equity: Mid Cap 6.1 16.7 30.7 20.6 14.1 83 69 33 2.1

191 IDBI Diversified Equity Reg NR 1.4 8.1 – – – 25.6 82 – – 3.01 18.08 511 03/14
192 IDFC Premier Equity Reg 1.0 11.6 27.0 19.1 21.0 20.5 61 52 24 2.00 79.39 6166 09/05
193 IDFC Sterling Equity Reg 6.1 17.3 24.0 18.0 – 17.5 36 57 25 2.18 40.47 1277 03/08
194 Invesco India Mid Cap 6.1 14.3 32.5 22.4 – 15.4 55 32 14 2.40 39.31 143 04/07
195 Invesco India Mid N Small Cap 5.2 13.4 31.1 23.1 – 17.5 57 36 11 2.47 40.24 457 03/08
196 JP Morgan India Mid and Small Cap 6.6 15.0 35.8 24.8 – 9.5 52 20 6 2.45 22.26 491 12/07
197 Kotak Mid-Cap Reg 7.5 24.0 35.2 22.3 13.6 17.4 14 21 15 2.47 64.99 464 02/05
198 L&T Business Cycles Reg NR 5.1 14.3 – – – 15.0 54 – – 2.20 13.60 1115 08/14
199 L&T India Value 7.3 19.9 33.8 23.9 – 17.4 24 28 10 2.16 29.92 1847 01/10
200 LIC MF Midcap Reg NR 9.2 21.0 – – – 10.4 20 – – 3.00 11.81 96 02/15
201 Mirae Asset Emerging Bluechip Reg 10.2 26.5 42.2 29.0 – 24.1 5 2 1 2.37 39.09 2642 07/10
202 Motilal Oswal MOSt Focused Midcap 30 Reg NR 6.1 18.9 – – – 38.3 29 – – 2.42 23.89 1287 02/14
203 Motilal Oswal MOSt Shares M100 ETF 7.1 19.5 28.4 17.5 – 13.8 27 46 26 0.96 16.51 26 01/11
204 Peerless Midcap Reg NR 7.0 – – – – 24.3 – – – 3.00 12.43 53 11/15
205 Principal Emerging Bluechip 7.0 23.0 36.4 26.7 – 30.5 16 17 2 2.61 83.54 632 11/08
206 Principal Index Fund - Midcap Reg NR 7.1 19.1 – – – 25.0 28 – – 0.91 17.38 3 05/14
207 Reliance Growth 7.2 16.9 26.2 16.8 14.1 24.0 39 53 28 2.00 926.71 5784 10/95
208 Reliance Regular Savings Equity Ç 3.2 8.3 23.8 16.3 14.6 16.7 81 59 29 2.05 58.39 2863 06/05
209 SBI Emerging Businesses 3.9 14.3 27.3 19.2 14.4 21.7 56 50 23 2.11 106.51 1811 10/04
210 SBI Magnum Global È 5.0 9.4 30.0 21.4 14.2 15.2 76 43 19 2.05 147.39 3013 09/94
211 Sundaram Select Midcap Reg 9.8 25.3 38.5 24.5 17.3 30.2 10 8 8 2.31 429.32 4193 07/02
212 Tata Equity PE Reg 8.0 26.9 30.2 19.3 16.0 21.1 3 42 22 2.77 106.47 658 06/04
213 Tata Midcap Growth Reg 5.5 10.9 33.6 22.8 14.8 12.1 64 29 12 2.70 113.80 579 07/94
214 Taurus Discovery Reg 6.7 17.0 30.3 21.2 9.1 5.9 38 41 20 2.69 35.44 37 09/94
215 UTI Mid Cap 6.3 17.5 39.4 24.9 16.1 20.4 35 6 5 2.32 93.63 3664 04/04
Equity: Small Cap 8.3 22.4 39.8 24.7 15.0 36 30 15 2.1
216 Birla SL Small & Midcap È 9.0 29.9 36.3 22.7 – 13.2 3 24 11 2.86 32.21 325 05/07
217 Canara Robeco Emerging Equities Reg 8.0 18.3 42.3 27.4 17.2 18.5 31 11 6 2.46 72.35 1298 03/05
218 DSPBR Micro Cap Reg 10.0 29.2 50.7 29.5 – 19.8 5 2 2 2.51 54.34 3806 06/07
219 Edelweiss Emerging Leaders 10.4 22.5 29.6 20.9 – 20.0 17 28 13 2.68 25.74 65 08/11
220 Escorts High Yield Equity NR 8.1 26.9 35.8 19.4 – 12.5 7 26 14 – 32.20 6 12/06
221 Franklin India Smaller Companies 6.1 23.7 40.5 29.9 16.4 15.7 13 16 1 2.43 48.55 3841 01/06
222 HDFC Small and Mid Cap Reg NR 6.9 19.6 24.6 17.9 – 14.3 28 – – 2.42 31.43 928 04/08
223 HSBC Midcap Equity 5.1 21.3 41.0 21.4 10.3 14.4 23 14 12 2.47 46.72 397 05/05
224 Indiabulls Value Discovery Reg NR 6.6 13.7 – – – 13.4 34 – – 2.70 11.56 31 09/15
225 Kotak Emerging Equity Reg 7.4 23.9 40.7 24.8 – 13.1 11 15 8 2.22 32.55 1137 03/07
226 L&T Emerging Businesses NR 11.1 28.5 – – – 29.9 6 – – 2.52 19.11 335 05/14
227 L&T Midcap 9.4 22.1 38.1 25.0 15.8 21.4 19 21 7 2.47 107.57 507 08/04
228 Reliance Mid & Small Cap 8.1 19.6 37.1 23.0 – 15.1 29 23 10 2.07 40.11 2427 12/06
229 Reliance Small Cap 13.6 20.8 46.4 28.6 – 21.0 25 4 4 2.07 32.09 2490 09/10
230 SBI Magnum Midcap 6.0 21.4 38.9 27.4 13.9 18.6 22 19 5 2.06 72.41 2729 03/05
231 SBI Small & Midcap NR 11.0 22.0 43.8 29.4 – 21.1 21 – – 2.33 39.38 801 09/09
232 Sundaram S.M.I.L.E. Reg 7.8 18.0 42.6 23.7 16.6 19.8 32 9 9 2.52 83.12 1113 02/05
233 Union KBC Small and Midcap Reg NR 1.9 11.1 – – – 12.8 36 – – 3.06 13.37 184 06/14
Equity: Tax Planning 4.2 14.3 22.6 16.4 11.2 72 70 34 2.1
234 Axis Long Term Equity 1.2 9.0 27.9 21.7 – 19.4 60 8 1 1.98 33.71 10465 12/09
235 Baroda Pioneer ELSS 96 6.2 14.5 19.1 13.8 9.1 13.1 31 57 30 3.02 31.20 62 03/96
236 Birla SL Tax Plan 3.7 13.8 25.3 18.9 11.4 20.7 38 16 6 3.01 78.73 408 02/99


Within category
Equity: Tax Planning 4.2 14.3 22.6 16.4 11.2 72 70 34 2.1

237 Birla SL Tax Relief 96 3.9 14.4 26.3 19.4 12.2 26.0 32 12 5 2.41 145.65 2459 03/96
238 Birla SL Tax Savings 3.8 13.7 22.2 14.7 8.7 14.6 40 35 24 3.01 55.95 25 03/04
239 BNP Paribas Long Term Equity 0.1 6.7 21.0 17.6 9.6 11.2 71 44 11 2.72 31.50 499 01/06
240 BOI AXA Tax Advantage Reg 3.5 10.0 18.2 14.3 – 20.3 55 63 28 2.90 41.51 64 02/09
241 Canara Robeco Equity Tax Saver Reg 3.2 8.9 17.4 14.5 15.0 14.9 62 67 27 2.36 24.72 839 03/93
242 DHFL Pramerica Tax Plan È 1.7 13.8 19.2 14.9 9.3 8.9 39 55 23 2.71 24.77 45 03/06
243 DHFL Pramerica Tax Savings Reg NR 2.3 – – – – 14.1 – – – 2.57 11.41 57 12/15
244 DSPBR Tax Saver Ç 5.1 21.6 25.7 20.2 – 14.8 6 15 3 2.61 38.75 1436 01/07
245 Edelweiss ELSS 3.5 7.9 19.1 16.1 – 18.9 67 58 19 2.68 38.89 66 12/08
246 Escorts Tax Plan NR 6.0 34.0 31.3 13.3 6.4 13.0 2 3 33 – 75.98 4 04/00
247 Franklin India Taxshield 2.8 11.2 23.7 17.5 14.3 24.5 51 28 12 2.40 469.49 2391 04/99
248 HDFC Long Term Advantage 6.4 19.7 20.5 16.3 12.1 23.3 10 46 17 2.34 275.09 1244 01/01
249 HDFC Retirement Savings Fund-Equity Reg NR 6.0 – – – – 35.0 – – – 2.95 13.50 131 02/16
250 HDFC Taxsaver 5.8 13.0 20.5 14.6 11.8 27.1 43 47 25 2.17 426.89 5242 03/96
251 HSBC Tax Saver Equity 4.7 14.0 22.3 17.8 – 12.0 36 34 10 2.60 30.42 178 01/07
252 ICICI Pru Long Term Equity (Tax Saving) 4.7 14.3 23.9 18.1 13.0 22.0 33 25 7 2.30 308.62 3596 08/99
253 IDBI Equity Advantage Reg 2.8 8.3 28.5 – – 29.1 65 7 – 2.79 22.29 548 09/13
254 IDFC Tax Advantage (ELSS) Reg 3.1 12.9 21.4 17.4 – 20.3 44 39 13 2.46 42.57 475 12/08
255 Invesco India Tax Plan 2.6 11.4 24.2 18.0 – 14.9 50 24 9 2.49 39.31 331 12/06
256 JM Tax Gain 3.9 16.0 23.2 15.9 – 3.1 21 29 20 2.97 13.01 30 03/08
257 JP Morgan India Tax Advantage 1.3 7.9 18.8 13.5 – 16.8 68 59 31 2.70 33.41 13 01/09
258 Kotak Tax Saver Reg 5.7 15.8 23.8 15.5 10.7 12.2 23 27 21 2.44 35.13 507 11/05
259 L&T Tax Adv 5.0 16.8 21.1 15.5 14.2 14.8 19 43 22 2.13 43.48 1790 02/06
260 L&T Tax Saver 7.9 21.3 25.1 17.1 9.3 11.0 7 20 14 2.67 31.26 29 11/05
261 LIC MF Tax Plan 3.9 9.6 18.6 13.9 7.6 8.8 57 60 29 2.80 52.25 71 03/97
262 Mahindra Mutual Fund Kar Bachat Yojana Reg NR – – – – – 0.2 – – – – 10.02 – 10/16
263 Mirae Asset Tax Saver Reg NR 8.6 – – – – 24.6 – – – 2.75 12.46 113 12/15
264 Motilal Oswal MOSt Focused Long Term Reg NR 7.5 22.2 – – – 18.2 5 – – 2.88 13.50 194 01/15
265 Peerless Long Term Advantage Reg NR 4.7 – – – – 17.6 – – – 2.80 11.76 19 12/15
266 Principal Personal Tax Saver 3.4 11.9 18.4 14.5 10.6 21.0 48 62 26 2.54 169.96 327 03/96
267 Principal Tax Savings 8.4 17.7 23.9 19.8 10.1 17.0 14 26 4 2.55 164.95 287 03/96
268 Quantum Tax Saving 4.5 21.2 20.1 16.7 – 21.2 8 51 15 1.25 45.44 48 12/08
269 Reliance Tax Saver Ç 5.9 14.7 30.9 20.9 14.1 15.8 30 4 2 2.00 50.94 5792 09/05
270 SBI Magnum Taxgain 1.9 8.1 20.7 16.4 11.7 17.3 66 45 16 2.01 121.03 4970 03/93
271 Sundaram Taxsaver 4.8 17.6 22.0 16.1 13.0 18.3 15 36 18 2.48 85.74 1369 11/99
272 Tata India Tax Savings 3.1 16.1 24.7 18.1 12.6 20.1 20 22 8 2.98 70.13 419 03/96
273 Taurus Tax Shield Reg 3.0 12.2 16.6 12.2 13.3 11.3 47 68 34 2.68 59.25 57 03/96
274 Union KBC Tax Saver 1.0 6.5 14.7 – – 16.3 72 70 – 3.10 20.86 123 12/11
275 UTI Long Term Equity 1.6 9.6 17.5 13.5 9.1 15.3 56 66 32 2.62 71.02 710 12/99
Equity: International -0.8 7.8 1.4 4.5 5.5 72 50 21 1.6
276 Birla SL Comd Equities-Global Agri NR -0.7 2.1 3.0 5.8 – 9.5 44 23 10 1.77 20.62 8 11/08
277 Birla SL Global Commodities NR 1.3 11.7 -5.5 -3.0 – 1.9 16 45 17 0.85 11.65 2 09/08
278 Birla SL Global Real Estate Retail NR -12.0 -2.0 3.1 – – 4.3 57 22 – 1.92 17.21 22 12/07
279 Birla SL International Equity A NR -1.2 -7.0 0.0 9.5 – 4.9 66 29 6 2.99 15.40 50 10/07
280 DHFL Pramerica Global Agribusiness Offshore NR -3.9 -6.9 -5.8 2.4 – 4.5 65 46 15 2.04 13.26 19 05/10
281 DHFL Pramerica Top Euroland Offshore NR 0.0 -11.9 -4.0 6.2 – 1.3 72 40 9 2.04 11.30 11 09/07
282 DSPBR Global Allocation Reg NR -0.7 1.9 – – – 3.1 45 – – 2.10 10.70 39 08/14
283 DSPBR US Flexible Equity NR -0.3 0.9 7.7 – – 14.2 49 8 – 2.06 17.55 125 08/12


Within category
Equity: International -0.8 7.8 1.4 4.5 5.5 72 50 21 1.6

284 DSPBR World Agriculture NR -1.2 1.3 -0.5 5.7 – 6.9 48 33 11 1.79 13.97 25 10/11
285 DSPBR World Energy Reg NR 3.4 4.5 -4.8 1.7 – 3.0 35 42 16 1.85 12.35 21 08/09
286 DSPBR World Gold Reg NR -18.1 55.2 4.2 -7.3 – 3.3 4 18 19 1.83 13.50 358 09/07
287 DSPBR World Mining Reg NR -3.3 27.2 -11.1 -9.8 – -5.9 8 50 21 1.78 6.58 13 12/09
288 Franklin Asian Eqt NR 2.5 13.6 5.3 9.9 – 6.6 11 14 5 2.94 17.52 109 01/08
289 Franklin India Feeder - Franklin European Growth NR -2.0 -2.5 – – – -5.9 60 – – 1.90 8.61 31 05/14
290 Franklin India Feeder Franklin US Opp NR -1.2 -2.4 7.3 – – 16.0 59 9 – 1.87 20.21 671 02/12
291 HSBC Asia Pacific (Ex Japan) Dividend Yield Reg NR 1.4 11.7 – – – 3.7 17 – – 2.28 11.01 11 02/14
292 HSBC Brazil NR 11.9 66.5 -9.0 -4.3 – -5.2 2 48 18 2.68 7.45 28 05/11
293 HSBC Emerging Markets NR 4.6 11.8 -1.2 4.2 – 1.6 15 36 13 2.69 11.50 9 03/08
294 HSBC Global Consumer Opportunities Reg NR -1.1 -2.2 – – – -2.4 58 – – 2.33 9.60 7 02/15
295 ICICI Pru Global Stable Equity NR -5.6 5.4 8.1 – – 7.9 29 7 – 1.99 12.69 99 09/13
296 ICICI Pru US Bluechip Equity NR -5.2 3.2 7.2 – – 15.2 40 11 – 2.66 18.44 168 07/12
297 Invesco India Global Equity Income Reg NR -1.7 -4.9 – – – 0.8 62 – – 1.71 10.21 9 05/14
298 Invesco India Pan European Equity Reg NR 1.7 -11.2 – – – -4.7 71 – – 1.32 8.75 29 01/14
299 JP Morgan ASEAN Equity Off Shore NR -1.9 13.3 0.5 10.3 – 10.0 12 27 4 1.75 16.64 72 07/11
300 JP Morgan Emerging Markets Opp Equity Offshore Reg NR 2.3 7.3 – – – -2.0 23 – – 1.65 9.53 5 07/14
301 JP Morgan Europe Dynamic Equity Offshore Reg NR -0.8 -8.2 – – – -2.4 68 – – 1.67 9.36 35 02/14
302 JP Morgan Greater China Eqt Off-shore NR 5.2 5.3 5.3 12.9 – 10.2 30 15 2 1.73 20.07 52 08/09
303 JP Morgan US Value Equity Offshore Reg NR 0.3 3.7 7.3 – – 7.4 38 10 – 1.85 12.58 110 08/13
304 Kotak Global Emerging Market Reg NR 1.3 5.2 -1.0 6.8 – 3.4 31 35 8 1.87 13.57 31 09/07
305 Kotak US Equity Standard NR -1.9 2.8 – – – 6.9 41 – – 1.40 12.14 5 12/13
306 Kotak World Gold Standard NR -19.1 53.1 2.3 -8.9 – 0.1 6 24 20 1.90 10.05 54 06/08
307 Mirae Asset China Advantage NR 6.0 -1.9 2.2 8.0 – 5.3 56 25 7 2.29 14.39 7 11/09
308 Motilal Oswal MOSt Shares NASDAQ-100 ETF NR 2.0 5.9 15.8 22.4 – 22.3 28 1 1 0.91 320.97 63 03/11
309 Principal Global Opportunities NR 3.9 8.9 -0.6 4.8 5.5 6.8 21 34 12 0.72 22.78 16 03/04
310 RShares Hang Seng BeES NR 4.9 5.9 5.0 12.4 – 9.9 27 16 3 1.00 2325.02 6 03/10
311 Reliance Japan Equity NR 3.8 -1.6 – – – 3.0 55 – – 2.30 10.67 27 08/14
312 Reliance US Equity Opportunities NR -1.6 4.0 – – – 1.4 37 – – 2.50 10.18 14 07/15
313 Sundaram Global Advantage NR 1.6 9.4 -2.4 4.2 – 3.8 19 38 14 1.53 14.09 22 08/07
Equity: Banking 5.2 20.1 21.2 13.1 16.0 26 18 9 2.0
314 Baroda Pioneer Banking and Financial Services 6.4 19.4 19.4 – – 14.0 12 14 – 3.03 17.74 51 06/12
315 Birla SL Banking & Financial Services Reg NR 4.3 36.6 – – – 31.9 2 – – 2.77 22.19 767 12/13
316 Edelweiss Exchange Traded Scheme-Nifty Bank NR 3.1 – – – – 18.8 – – – 0.15 1967.70 1 12/15
317 ICICI Pru Banking and Financial Services 6.5 31.8 30.6 23.2 – 20.7 4 2 1 2.42 46.86 1134 08/08
318 Invesco India Banking 4.5 18.2 22.5 16.4 – 18.0 15 8 3 2.56 39.66 88 07/08
319 Kotak Banking ETF Reg NR 3.1 13.5 – – – 3.9 20 – – 0.20 198.65 1396 12/14
320 Kotak PSU Bank ETF 10.9 5.2 9.6 1.1 – 2.1 25 18 9 0.49 325.19 16 11/07
321 LIC MF Banking & Financial Services Reg NR 7.5 16.2 – – – 2.4 18 – – 3.00 10.39 52 03/15
322 RShares Bank BeES Ç 3.0 13.1 20.1 15.1 14.2 19.5 23 13 5 0.49 1979.35 987 05/04
323 RShares PSU Bank BeES 10.8 5.2 9.6 1.3 – 2.9 26 17 8 0.49 353.25 33 10/07
324 Reliance Banking È 5.9 17.8 24.8 17.2 18.8 25.1 16 4 2 2.07 202.38 2280 05/03
325 SBI Banking & Financial Services Reg NR 4.9 30.3 – – – 12.2 6 – – 2.53 12.14 301 02/15
326 SBI ETF Nifty Bank Fund NR 3.0 13.3 – – – 5.2 21 – – – 198.34 350 03/15
327 Sundaram Financial Services Opp Reg 4.0 18.8 21.8 13.0 – 15.0 13 10 7 2.90 32.34 133 06/08
328 Tata Banking and Financial Services Reg NR 4.2 – – – – 32.6 – – – 3.23 13.26 95 12/15
329 Taurus Banking & Financial Services Reg 2.3 11.6 15.2 – – 14.0 24 16 – 2.69 17.94 7 05/12
S&P BSE Bankex Index 3.3 13.2 19.6 14.3 13.2


Within category
Equity: Banking 5.2 20.1 21.2 13.1 16.0 26 18 9 2.0

330 UTI Banking Sector Reg 4.8 23.7 22.5 15.1 15.2 17.7 8 7 6 2.77 77.69 463 04/04
Equity: FMCG -0.8 11.9 15.6 18.8 17.7 4 4 2 2.3
331 ICICI Pru FMCG NR -0.9 9.8 14.4 17.3 16.4 17.7 4 4 2 2.64 176.01 277 03/99
332 SBI FMCG NR -1.0 12.9 16.0 20.4 19.1 15.2 2 2 1 2.54 60.80 265 07/99
Equity: Infrastructure 4.1 12.3 24.5 11.2 8.3 39 38 20 2.2
333 Birla SL Infrastructure 3.8 13.1 25.9 14.5 9.8 10.4 18 14 4 2.74 28.73 550 03/06
334 BOI AXA Manufacturing & Infrastructure 1.0 10.3 20.0 8.6 – 4.0 24 31 15 2.75 12.99 9 03/10
335 Canara Robeco Infrastructure Reg 2.6 13.2 27.2 13.9 12.2 13.9 17 11 6 2.72 41.39 132 12/05
336 DSPBR T.I.G.E.R. Reg 5.1 14.9 25.0 14.1 10.0 18.0 12 19 5 2.41 77.64 1410 06/04
337 Escorts Infrastructure NR 8.8 7.8 22.8 4.4 – -3.3 32 27 19 – 7.33 2 08/07
338 Franklin Build India 5.0 17.6 33.9 24.8 – 18.3 7 2 1 2.78 33.38 671 09/09
339 HDFC Infrastructure 4.8 8.8 25.3 11.0 – 6.3 29 17 10 2.18 17.00 1286 03/08
340 HSBC Infrastructure Equity NR 6.1 8.2 28.5 12.2 4.7 6.0 30 – – 2.67 18.63 113 02/06
341 ICICI Pru Infrastructure 1.3 5.9 18.9 10.1 9.5 13.7 37 34 13 2.22 42.13 1278 08/05
342 IDFC Infrastructure Reg 7.6 13.0 18.2 6.2 – 4.4 19 35 18 2.63 12.76 132 03/11
343 Invesco India Infrastructure 2.6 5.3 26.6 12.7 – 3.6 38 12 7 2.41 13.70 36 11/07
344 Kotak Infra and Eco Reform Standard 4.9 16.2 31.3 15.0 – 6.8 10 5 3 2.60 17.69 161 02/08
345 L&T Infrastructure 6.1 19.7 30.6 15.5 – 2.6 2 6 2 2.55 12.59 242 09/07
346 LIC MF Infrastructure 1.6 6.3 15.2 8.2 – 2.1 36 37 16 3.00 11.99 58 02/08
347 RShares Infra BeES -2.6 1.6 6.6 1.7 – -4.2 39 38 20 0.99 291.54 16 09/10
348 SBI Infrastructure 0.7 17.5 22.9 9.7 – 3.0 8 25 14 2.43 13.15 526 07/07
349 Sundaram Infrastructure Advantage Reg NR 4.1 9.9 25.2 7.9 5.6 9.6 26 – – 2.75 27.52 589 09/05
350 Tata Infrastructure Reg 2.9 12.9 23.7 11.2 8.1 14.1 20 22 9 2.54 47.86 662 12/04
351 Taurus Infrastructure Reg 5.0 17.3 23.4 11.0 – 7.2 9 24 11 2.68 19.61 5 03/07
352 UTI Infrastructure È 5.0 11.9 21.2 10.6 6.3 13.7 22 30 12 2.18 46.14 1508 04/04
Equity: Pharma -0.3 -6.2 24.5 22.2 17.9 6 6 3 2.1
353 Reliance Pharma NR 4.2 -6.1 25.8 21.7 22.3 24.2 3 4 2 2.14 147.69 1565 06/04
354 SBI Pharma NR -1.7 -7.1 25.9 26.1 15.2 18.4 6 3 1 2.22 143.10 1076 07/99
355 Tata India Pharma & HealthCare Reg NR -5.1 – – – – -5.1 – – – 3.25 9.49 84 12/15
356 UTI Pharma & Healthcare NR 0.8 -7.0 19.9 18.7 16.1 15.6 5 6 3 2.71 94.59 333 06/99
Equity: Technology -5.3 -7.0 10.0 13.6 8.9 10 10 5 2.4
357 Birla SL New Millennium -4.2 -5.8 10.2 13.2 6.9 7.6 6 6 3 2.98 34.06 63 01/00
358 DSPBR Technology.com Reg È -7.5 -9.6 8.4 10.5 9.6 10.2 9 8 5 3.04 49.54 52 05/00
359 Franklin Infotech Ç -4.1 -5.5 7.7 12.3 8.3 18.5 4 10 4 2.78 110.61 147 08/98
360 ICICI Pru Technology -4.9 -10.1 10.8 17.4 11.7 8.3 10 4 1 2.53 38.03 282 03/00
361 SBI IT -5.0 -5.8 10.7 14.9 8.1 13.3 5 5 2 2.68 31.32 64 07/99
362 Tata Digital India Reg NR -6.9 – – – – -8.4 – – – 3.08 9.16 43 12/15
Equity: Others 5.4 18.1 24.9 15.8 12.4 36 36 18 2.4
363 Birla SL India GenNext NR 5.3 21.0 24.9 21.3 16.1 18.1 – – – 2.77 64.79 471 08/05
364 Birla SL India Opportunities NR 0.9 -0.2 25.6 20.7 9.3 17.4 – – – 3.06 118.13 136 01/95
365 Birla SL MNC NR -2.0 4.3 31.7 23.7 17.8 18.3 – – – 2.43 610.50 3467 04/94
366 Canara Robeco FORCE Regular NR 5.5 18.1 23.5 18.4 – 16.4 – – – 2.73 29.60 127 09/09
367 DSPBR Natural Resources and New Energy Reg NR 14.0 51.0 30.0 12.5 – 11.8 – – – 3.27 25.90 75 04/08
368 Escorts Power & Energy NR 9.1 20.8 31.6 11.8 – 9.6 – – – – 21.08 1 09/08
S&P BSE IT Index -7.6 -11.3 5.7 11.4 7.6
S&P BSE Healthcare Index 0.5 -9.4 19.5 21.7 16.2
S&P BSE FMCG Index -2.4 8.5 7.7 15.2 15.3
S&P BSE Bankex Index 3.3 13.2 19.6 14.3 13.2


Within category
Equity: Others 5.4 18.1 24.9 15.8 12.4 36 36 18 2.4

369 ICICI Pru Exports and Other Services NR 2.0 1.5 24.7 24.6 14.0 15.6 – – – 2.42 48.72 774 11/05
370 Invesco India PSU Equity NR 9.4 23.1 23.9 10.3 – 7.4 – – – 2.63 16.44 84 11/09
371 JM Basic NR 5.2 23.7 25.9 16.5 3.9 8.1 – – – 3.00 25.72 165 05/97
372 Reliance Diversified Power Sector NR 2.6 9.2 20.7 6.5 9.7 18.2 – – – 2.14 80.40 1535 05/04
373 Reliance Media & Entertainment NR 4.3 16.0 18.9 18.5 12.1 16.2 – – – 2.65 61.71 91 09/04
374 SBI Magnum COMMA NR 11.9 37.1 21.0 6.7 7.3 10.7 – – – 2.56 31.32 226 08/05
375 SBI PSU NR 11.4 20.2 13.8 3.7 – 0.8 – – – 2.58 10.52 175 07/10
376 Sundaram Rural India Reg NR 7.4 37.0 30.1 19.0 12.1 12.8 – – – 2.76 35.39 462 05/06
377 Tata Resources & Energy Reg NR 6.7 – – – – 29.1 – – – 3.13 12.91 28 12/15
378 UTI India Lifestyle NR 1.2 8.3 13.2 12.2 – 8.4 – – – 2.55 21.12 270 07/07
379 UTI MNC NR -0.7 2.7 27.4 20.7 16.6 17.9 – – – 2.32 157.97 2058 07/98
380 UTI Transportation and Logistics NR 5.9 15.2 43.0 29.5 18.1 20.2 – – – 2.60 100.56 862 04/04
381 UTI Wealth Builder Retail NR 0.7 8.0 8.9 8.2 – 14.7 – – – 2.70 29.80 673 11/08

Balanced Total return (%) Rank

Within category
Hybrid: Equity-oriented 3.2 11.4 17.7 13.7 11.0 87 66 32 1.9

382 Axis Children’s Gift Compulsory Lock In Reg NR 1.3 – – – – 9.3 – – – 2.55 10.93 257 12/15
383 Axis Children’s Gift No Lock In Reg NR 1.3 – – – – 9.3 – – – – 10.93 – 12/15
384 Axis Equity Saver Reg NR 0.9 6.3 – – – 5.6 79 – – 2.27 10.67 968 08/15
385 Baroda Pioneer Balance 4.3 13.1 15.1 12.1 7.7 12.7 35 43 22 2.99 48.04 125 09/03
386 Birla SL Balanced ‘95 3.1 15.6 21.9 16.4 14.3 21.4 18 22 9 2.41 648.66 4237 02/95
387 Birla SL Equity Savings Reg NR 2.8 13.4 – – – 9.2 32 – – 2.30 11.85 358 11/14
388 BOI AXA Mid Cap Equity & Debt Reg NR 4.9 – – – – 7.1 – – – 2.50 10.71 77 07/16
389 Canara Robeco Balance Reg 5.3 12.2 20.8 16.0 13.1 12.6 42 28 10 2.51 127.25 723 02/93
390 DHFL Pramerica Balanced Advantage NR 2.7 6.7 14.7 12.2 10.4 15.1 – – – 2.70 59.91 93 01/04
391 DHFL Pramerica Equity Income NR 1.7 8.3 11.7 9.8 8.0 8.2 62 – – 1.75 27.19 37 01/04
392 DSPBR Balanced 6.2 16.7 22.5 14.9 13.4 15.7 9 16 16 2.55 128.08 1954 05/99
393 DSPBR Equity Savings Reg NR 3.8 – – – – 11.3 – – – 2.49 11.13 250 03/16
394 Edelweiss Absolute Return 0.3 3.6 12.0 10.9 – 9.4 86 53 23 2.51 19.15 371 08/09
395 Edelweiss Equity Savings Advantage NR 1.3 7.6 7.4 9.2 – 8.2 – – – 1.44 16.99 6 02/10
396 Franklin India Balanced 2.2 11.3 21.1 15.8 12.5 14.7 48 26 13 2.46 101.37 1515 12/99
397 HDFC Balanced 4.8 14.4 24.1 17.2 14.7 16.9 24 7 5 1.99 124.09 7391 09/00
398 HDFC Childrens Gift Inv 3.8 13.6 20.9 16.9 14.6 17.4 31 27 7 2.18 95.09 1228 03/01
399 HDFC Equity Savings NR 5.6 16.5 11.8 10.3 9.9 9.7 – – – 2.45 30.57 279 09/04
400 HDFC Prudence Ç 6.4 15.4 23.3 15.7 14.9 19.5 20 11 14 2.27 429.90 12905 02/94
401 HDFC Retirement Savings Fund-Hybrid Equity Reg NR 6.4 – – – – 31.0 – – – 3.00 13.10 75 02/16
402 ICICI Pru Balanced 5.4 15.9 21.7 18.1 12.5 14.9 14 24 2 2.33 106.77 3719 11/99
403 ICICI Pru Balanced Advantage 2.3 10.8 16.5 15.9 – 11.4 50 39 12 2.26 29.06 15314 12/06
404 ICICI Pru Child Care-Gift 3.3 16.1 24.5 17.1 12.1 17.7 13 4 6 2.65 118.06 359 08/01
405 ICICI Pru Equity Income NR 3.6 12.1 – – – 8.3 43 – – 1.38 11.65 583 12/14
406 IDBI Prudence Fund Reg NR – – – – – 0.2 – – – – 10.02 – 10/16
407 IDFC Dynamic Equity Reg NR 0.5 5.7 – – – 5.6 80 – – 2.25 11.18 549 10/14
408 JM Balanced 0.1 5.4 13.6 12.4 6.1 12.1 81 46 20 2.18 39.30 2369 04/95
409 JP Morgan India Balanced Advantage Reg NR 1.6 8.0 – – – 2.9 66 – – 2.59 10.46 163 04/15
410 JP Morgan India Equity Income Reg NR 1.4 6.5 – – – 7.2 77 – – 1.34 11.54 250 10/14
411 Kotak Balance Reg È 4.1 15.9 15.6 13.4 10.6 15.2 15 42 18 2.50 16.26 439 11/99
412 Kotak Equity Savings Reg NR 1.6 7.5 – – – 8.2 71 – – 1.58 11.75 829 10/14
413 L&T Dynamic Equity NR 2.7 3.1 19.1 15.3 – 13.5 – – – 2.60 20.77 249 01/11
414 L&T Equity Savings NR 2.1 7.3 11.0 9.1 – 9.1 72 – – 2.68 15.51 58 10/11
415 L&T India Prudence 2.5 11.6 22.3 17.6 – 14.6 45 18 4 2.08 21.93 2660 01/11
416 LIC MF Balanced 3.6 8.6 11.3 10.7 7.4 11.0 58 58 24 3.00 88.54 43 03/91
417 LIC MF ULIS 1.6 4.2 10.9 9.6 6.2 9.8 85 60 27 2.68 14.96 204 06/89
418 Mirae Asset Prudence Reg NR 3.2 14.4 – – – 10.3 25 – – 2.77 11.32 300 07/15
419 Motilal Oswal MOSt Focused Dynamic Equity Reg NR – – – – – 1.0 – – – – 10.10 332 09/16
420 Principal Balanced 6.9 16.7 19.1 15.9 10.7 11.2 8 31 11 2.94 59.33 38 01/00
421 Principal Equity Savings NR 4.4 8.6 8.7 7.5 7.7 8.2 – – – 2.45 31.32 20 05/02
422 Reliance Equity Savings NR 1.7 7.1 – – – 6.5 73 – – 2.00 10.94 677 05/15
423 Reliance Regular Savings Balanced 3.0 11.6 21.9 16.5 14.9 14.1 44 21 8 2.04 45.21 3476 06/05
424 SBI Equity Savings Reg NR 1.6 11.3 – – – 9.1 47 – – 2.54 11.33 282 05/15
425 SBI Magnum Balanced 4.0 12.3 22.3 18.3 12.5 16.8 40 19 1 2.00 107.99 6533 12/95
426 Shriram Equity and Debt Opportunities NR 2.5 7.6 – – – 12.5 68 – – 2.26 14.10 42 11/13
427 Sundaram Balanced Reg 3.9 15.0 12.6 9.5 8.9 12.9 21 50 28 3.01 72.70 157 06/00
428 Tata Balanced Reg 2.1 10.7 22.2 17.9 15.0 16.6 51 20 3 2.25 186.87 6710 10/95
429 Tata Regular Saving Equity Reg NR 1.7 8.7 8.8 9.0 7.4 9.5 57 – – 2.79 29.17 86 04/97
VR Balanced Index 0.4 7.3 10.5 9.7 8.3


Within category
Hybrid: Equity-oriented 3.2 11.4 17.7 13.7 11.0 87 66 32 1.9

430 Tata Retirement Savings Moderate Reg 3.0 14.3 24.3 – – 18.3 27 5 – 3.06 23.19 65 11/11
431 UTI Balanced 4.0 13.7 17.3 13.4 10.2 15.9 30 37 17 2.43 144.60 1672 03/95
432 UTI CCP Advantage 4.1 11.6 17.7 13.1 10.4 8.9 46 36 19 2.80 29.44 149 02/04
Hybrid: Debt-oriented Aggressive 2.7 11.3 14.9 11.8 9.3 40 40 19 1.4
433 Axis Income Saver 1.5 7.8 11.5 10.0 – 8.7 37 40 18 2.07 16.95 671 07/10
434 Birla SL MIP II Wealth 25 4.0 16.8 17.1 13.7 10.1 10.5 2 7 2 2.26 34.87 1299 05/04
435 Escorts Balanced NR 1.9 12.2 23.2 14.4 9.7 16.8 13 2 1 – 112.91 2 03/01
436 Escorts Opportunities 1.2 4.7 12.6 11.1 6.7 10.3 39 38 15 – 46.39 14 02/01
439 Franklin India Pension 2.4 11.3 16.6 13.2 10.2 13.1 23 8 4 2.47 111.12 387 03/97
440 HDFC MIP Long-term 4.0 13.2 14.7 11.5 10.8 11.4 7 14 9 1.87 40.20 3698 12/03
441 ICICI Pru Advisor-Long Term Savings 2.6 11.4 14.2 11.0 10.2 13.8 21 21 17 0.73 52.56 7 12/03
442 ICICI Pru Advisor-Moderate 2.8 12.2 13.8 11.3 10.0 12.0 14 27 11 0.70 43.03 6 12/03
443 IDFC Asset Allocation Aggressive Reg 2.4 11.4 14.0 11.6 – 10.7 22 23 8 1.79 19.86 22 02/10
444 IDFC Asset Allocation Moderate Reg Ç 2.5 10.6 12.7 11.2 – 10.3 28 36 12 1.60 19.34 38 02/10
445 LIC MF Children 2.6 13.5 13.9 11.0 1.0 2.0 6 24 16 2.71 16.29 21 10/01
446 Tata Retirement Savings Conservative Reg 2.8 12.2 13.2 – – 11.1 12 31 – 2.31 16.90 83 11/11
447 Tata Young Citizens Reg 1.3 7.1 14.1 12.4 9.9 13.2 38 22 6 2.71 22.70 211 10/95
448 UTI CCP Balanced Ç 3.5 12.5 17.3 13.6 10.3 10.9 10 6 3 1.83 20.21 3581 07/93
449 UTI CRTS 81 3.2 11.0 12.8 12.4 8.7 3.6 26 35 5 2.36 317.31 488 10/81
450 UTI Mahila Unit Scheme 1.7 9.1 12.5 9.8 9.6 12.9 35 39 19 2.46 33.17 194 04/01
451 UTI Retirement Benefit Pension 3.6 12.1 13.9 11.1 9.5 10.9 17 25 13 2.15 22.74 1977 12/94
452 UTI ULIP 1.7 9.9 13.0 11.1 10.6 9.4 31 33 14 2.06 21.68 3451 10/71
Hybrid: Debt-oriented Conservative 3.0 10.8 12.3 10.2 9.1 84 80 40 1.6
453 Baroda Pioneer Hybrid Fund Series 1 A NR 0.7 4.0 – – – -0.1 84 – – – 9.98 30 03/15
454 Baroda Pioneer MIP 2.8 9.1 10.6 9.1 6.0 6.2 67 64 31 2.05 20.69 23 09/04
455 Birla SL MIP 2.8 11.4 10.9 9.6 8.6 9.6 31 61 27 2.78 43.26 108 11/00
456 Birla SL MIP II Savings 5 3.2 12.7 12.7 11.1 10.5 9.5 15 28 13 1.42 30.98 272 05/04
457 Birla SL Monthly Income 2.9 11.8 12.5 10.2 9.5 11.0 26 33 20 2.63 61.33 258 07/99
458 BNP Paribas MIP 2.6 10.5 11.3 10.4 7.2 7.8 48 54 19 2.68 24.77 234 09/04
459 BOI AXA Regular Return Reg 2.6 10.9 11.3 10.0 – 8.5 40 51 23 2.00 18.63 43 03/09
460 Canara Robeco MIP Reg 2.6 7.3 11.3 10.0 10.3 11.8 80 53 22 2.33 49.18 276 04/01
461 Canara Robeco Yield Advantage Reg 2.3 8.2 7.6 7.5 – 7.5 76 80 39 1.50 14.94 23 04/11
462 DHFL Pramerica Income Advantage 2.0 11.0 8.4 7.8 – 7.6 39 78 38 2.44 19.35 27 11/07
463 DSPBR MIP 4.5 13.1 12.3 11.3 9.7 10.3 11 36 10 2.54 33.60 417 06/04
464 Escorts Income Bond NR 2.5 9.4 9.7 9.4 12.2 9.4 63 69 30 – 47.92 1 11/96
465 Franklin India Life Stage FoF 50s Plus 3.1 8.9 11.2 9.7 8.9 9.0 70 56 26 1.61 30.35 11 12/03
466 Franklin India Life Stage FoF 50s Plus FR 2.0 8.7 10.5 9.7 9.1 9.9 73 65 25 0.79 31.84 34 07/04
467 Franklin India MIP A 2.1 10.8 13.1 11.3 9.2 10.4 42 23 9 2.25 49.29 437 09/00
468 HDFC Childrens Gift Sav 4.1 12.8 15.1 11.7 10.7 11.3 13 7 4 2.55 41.17 102 03/01
469 HDFC MIP Short-term 3.4 10.3 11.0 9.4 8.0 8.2 51 58 29 2.38 27.56 284 12/03
470 HDFC Multiple Yield Plan 2005 3.7 11.0 12.6 10.5 10.0 9.7 36 32 18 1.84 28.13 171 08/05
471 HDFC Retirement Savings Fund-Hybrid Debt Reg NR 4.2 – – – – 13.4 – – – 2.75 11.34 39 02/16
472 HSBC MIP Savings 3.2 10.0 12.1 11.0 9.7 9.8 53 38 14 2.44 32.71 208 02/04
473 ICICI Pru Advisor-Cautious 2.7 7.4 10.6 8.9 8.4 8.7 79 63 32 0.75 29.32 40 12/03
474 ICICI Pru Child Care-Study 3.4 12.2 19.3 16.0 12.8 12.8 21 4 1 1.37 62.61 89 08/01
VR MIP Index 1.6 7.9 8.9 8.6 7.3


Within category
Hybrid: Debt-oriented Conservative 3.0 10.8 12.3 10.2 9.1 84 80 40 1.6

475 ICICI Pru MIP È 2.9 9.7 12.0 10.5 8.9 9.6 59 39 16 2.26 43.50 335 11/00
476 ICICI Pru MIP 25 3.1 11.6 14.1 12.0 9.7 10.5 27 12 3 2.07 35.17 1203 03/04
477 ICICI Pru Regular Income 2.4 9.5 10.9 8.9 – 8.7 62 60 33 1.67 15.86 2018 05/11
478 IDBI MIP 1.1 6.1 8.6 8.0 – 7.8 82 77 37 2.78 15.26 47 03/11
479 IDFC Asset Allocation Conservative Reg 2.6 9.2 11.3 10.5 – 9.2 65 49 17 1.36 18.06 23 02/10
480 IDFC Monthly Income Plan Reg 2.7 10.6 12.2 11.5 – 9.9 46 37 5 2.08 18.83 256 02/10
481 Indiabulls Monthly Income Plan Reg NR 2.5 – – – – 8.5 – – – 1.75 10.85 23 11/15
482 JM MIP 1.7 7.6 9.7 8.4 6.1 6.8 78 70 35 0.80 23.62 21 09/03
483 Kotak MIP Reg 4.8 14.6 13.6 11.5 7.9 8.1 4 16 7 2.39 27.51 134 12/03
484 L&T MIP 2.7 8.9 10.2 8.7 8.9 8.8 72 66 34 2.42 30.62 66 07/03
485 LIC MF MIP 3.0 9.9 8.8 8.2 7.5 9.0 54 76 36 2.51 48.82 90 06/98
486 Peerless Income Plus 2.1 8.9 9.6 9.4 – 8.6 71 71 28 2.56 16.80 77 07/10
487 Principal Asset Allocation Fund of Funds Conservative Reg NR 2.4 – – – – 9.5 – – – 0.52 10.95 6 12/15
488 Reliance MIP 3.0 9.7 13.3 11.4 10.8 10.9 58 19 8 1.82 37.58 2527 12/03
489 Reliance Retirement Fund - Income Generation Scheme NR 3.1 10.7 – – – 8.2 44 – – 2.34 11.45 146 02/15
490 SBI Magnum Children’s Benefit Plan 4.4 19.0 19.8 14.0 10.3 10.6 2 3 2 2.44 44.56 35 01/02
491 SBI Magnum MIP 3.2 12.8 13.0 11.5 7.9 8.4 14 27 6 2.18 35.19 568 03/01
492 SBI Magnum MIP Floater 2.1 10.8 12.7 11.3 8.2 8.2 43 29 11 2.37 23.45 153 12/05
493 SBI Regular Savings 3.2 11.2 11.5 10.1 7.8 7.9 33 47 21 0.93 26.92 214 11/03
494 Sundaram MIP Aggressive Ç 5.0 13.1 14.9 10.7 – 8.8 12 9 15 2.38 17.51 131 03/10
495 Sundaram MIP Conservative 2.3 9.2 9.2 7.4 – 6.5 66 74 40 0.76 15.17 80 03/10
496 UTI MIS - Advantage 2.2 10.2 13.3 11.3 9.9 10.2 52 18 12 1.80 35.12 834 12/03
497 UTI Monthly Income Scheme 2.8 10.5 10.9 9.8 9.0 8.7 49 62 24 1.78 32.36 280 10/02
Hybrid: Asset Allocation 2.6 12.0 15.7 12.2 9.8 18 11 5 2.0
498 Birla SL Asset Allocator MMFoF NR 2.9 14.2 20.0 9.7 7.5 9.1 5 1 5 1.53 24.39 3 08/06
499 Birla SL Balanced Advantage NR 4.4 20.8 16.6 12.7 9.9 9.6 2 – – 3.02 45.19 9 04/00
500 BOI AXA Equity Debt Rebalancer Reg NR 1.3 7.4 – – – 12.1 18 – – 2.25 13.50 176 03/14
501 DSPBR Dynamic Asset Allocation Reg NR 3.3 12.2 – – – 10.8 8 – – 1.92 13.24 1032 02/14
502 Franklin India Dynamic PE Ratio FoF NR 1.6 8.4 13.0 10.8 11.0 15.9 15 9 4 1.77 68.26 759 10/03
503 HDFC Dynamic PE Ratio Fund of Funds Reg NR 4.7 14.1 10.9 – – 9.8 6 – – 2.30 15.55 19 02/12
504 Kotak Asset Allocator Reg NR 2.3 10.7 19.3 14.7 10.9 16.9 10 – – 1.85 67.27 29 08/04
505 Principal Smart Equity NR 2.0 7.7 14.9 13.0 – 10.5 17 7 2 2.85 18.03 144 12/10
506 SBI Dynamic Asset Allocation Reg NR -0.1 9.6 – – – 5.0 12 – – 2.37 10.82 139 03/15
Hybrid: Arbitrage 1.8 6.7 7.8 8.2 7.8 32 20 11 0.8
507 Axis Enhanced Arbitrage Reg NR 1.7 6.2 – – – 7.0 31 – – 1.00 11.62 332 08/14
508 Birla SL Enhanced Arbitrage 1.7 6.3 7.4 7.8 – 7.1 29 19 10 0.94 16.49 1517 07/09
509 DHFL Pramerica Arbitrage Reg NR 1.7 6.3 – – – 7.3 25 – – 0.96 11.66 541 08/14
510 Edelweiss Arbitrage Reg NR 1.7 6.6 – – – 7.7 19 – – 1.05 11.90 1750 06/14
511 HDFC Arbitrage Wholesale 1.8 6.6 7.6 8.0 – 7.5 21 15 8 0.75 19.23 2909 10/07
512 ICICI Pru Equity Arbitrage 1.7 6.6 7.8 8.6 – 7.9 20 11 1 0.96 21.22 5475 12/06
513 IDFC Arbitrage Plus Regular 2.0 6.8 7.4 8.0 – 7.2 17 20 7 0.99 17.89 434 06/08
514 IDFC Arbitrage Regular 1.7 6.3 7.6 8.3 – 7.4 30 13 5 0.95 20.24 2832 12/06
515 Indiabulls Arbitrage Reg NR 1.9 6.8 – – – 7.6 16 – – 1.00 11.48 432 12/14
516 Invesco India Arbitrage 1.7 6.3 7.5 8.0 – 7.4 26 17 9 1.00 19.68 611 04/07
517 JM Arbitrage Advantage 1.9 6.5 7.6 8.3 7.7 7.7 23 14 4 1.05 21.37 3161 07/06
518 Kotak Equity Arbitrage Reg 1.7 6.5 7.9 8.4 7.8 7.7 22 10 3 1.12 22.87 4959 09/05
519 L&T Arbitrage Opportunities Reg NR 1.8 6.3 – – – 7.3 28 – – 0.89 11.79 241 06/14
VR MIP Index 1.6 7.9 8.9 8.6 7.3


Within category
Hybrid: Arbitrage 1.8 6.7 7.8 8.2 7.8 32 20 11 0.8

520 Principal Arbitrage Reg NR 1.5 – – – – 3.4 – – – 1.01 10.34 82 04/16
521 Reliance Arbitrage Advantage 1.7 6.3 7.4 8.6 – 8.5 24 18 2 0.99 16.38 3010 10/10
522 SBI Arbitrage Opportunities 1.7 6.2 7.6 8.2 – 7.7 32 12 6 1.01 20.94 673 11/06
523 UTI SPrEAD 1.7 6.3 7.5 7.8 7.8 7.7 27 16 11 0.70 21.60 880 06/06
Hybrid: Others 2.0 10.9 10.1 8.5 29 21 9 1.5
524 Axis Triple Advantage NR 1.6 11.8 9.6 9.0 – 8.8 – – – 2.52 16.91 364 08/10
525 Birla SL Financial Planning FoF Aggressive NR 3.0 14.3 18.9 13.9 – 12.3 – – – 1.40 18.90 119 05/11
526 Birla SL Financial Planning FoF Conservative NR 2.0 9.7 10.2 8.9 – 8.9 – – – 1.34 15.99 6 05/11
527 Birla SL Financial Planning FoF Prudent NR 2.4 11.3 13.5 10.9 – 10.3 – – – 1.45 17.13 18 05/11
528 Canara Robeco InDiGo Reg NR -0.1 6.1 3.8 4.5 – 6.3 – – – 2.45 14.71 55 07/10
529 Franklin India Multi Asset Solution NR 0.6 8.2 – – – 5.9 – – – 1.90 11.16 77 11/14
530 HSBC Managed Solutions India Conservative Reg NR 2.5 9.4 – – – 10.8 – – – 1.63 12.94 326 04/14
531 HSBC Managed Solutions India Growth Reg NR 3.4 15.7 – – – 16.7 – – – 2.37 14.74 133 04/14
532 HSBC Managed Solutions India Moderate Reg NR 3.1 14.5 – – – 15.1 – – – 2.34 14.23 201 04/14
533 Invesco India MIP Plus NR 2.0 10.4 7.6 7.2 – 7.4 – – – 1.75 1585.48 28 06/10
534 Kotak Multi Asset Allocation Reg NR 2.4 9.6 9.2 8.3 – 8.4 – – – 2.43 15.94 22 01/11
535 Peerless 3 in 1 NR 1.1 8.9 8.4 7.9 – 8.7 – – – 2.03 15.93 22 04/11
536 Principal Asset Allocation Fund of Funds Aggressive Reg NR 3.8 – – – – 14.8 – – – 1.05 11.48 2 12/15
537 Principal Asset Allocation Fund of Funds Moderate Reg NR 3.0 – – – – 10.0 – – – 1.01 11.00 1 12/15
538 Quantum Multi Asset NR 2.3 12.5 11.1 – – 10.7 – – – 0.25 15.53 8 07/12
539 Sundaram Equity Plus NR -0.6 6.9 6.6 5.6 – 6.2 – – – 2.81 13.92 49 05/11
540 Union KBC Asset Allocation Moderate NR -0.2 9.0 8.2 – – 8.1 – – – 1.86 14.04 49 06/12
Nifty 50 Index 0.0 7.1 11.1 10.2 8.7
VR MIP Index 1.6 7.9 8.9 8.6 7.3

Fixed Income Total return (%) Rank

Within category
rating 1-M 3-M 1-Y 3-Y 5-Y launch 3-M 1-Y 3-Y (%) (`) (` Cr) date
Debt: Income 0.6 2.9 10.2 10.3 9.4 102 102 82 1.1
541 Axis Income 0.6 3.2 10.4 11.0 – 9.7 32 46 22 1.00 15.29 214 03/12
542 Baroda Pioneer Income 0.7 3.3 10.4 10.2 9.3 6.5 26 45 44 2.66 24.99 23 03/02
543 Birla SL Active Debt Multi Manager FoF Ç 0.7 3.4 11.3 10.2 9.3 8.3 17 23 43 1.19 21.98 89 12/06
544 Birla SL Income Plus 0.6 3.6 11.6 10.8 9.9 9.9 4 16 24 1.86 72.46 3236 10/95
545 Birla SL Treasury Optimizer Regular 0.7 3.0 11.5 11.1 10.6 9.2 48 18 17 0.69 203.46 6893 04/08
546 BNP Paribas Bond 0.6 2.6 9.3 9.4 9.0 8.7 74 77 71 0.98 17.19 135 11/08
547 BNP Paribas Flexi Debt 0.4 2.9 10.7 10.5 10.4 8.8 57 35 34 1.93 27.69 402 09/04
548 BNP Paribas Medium Term Income 0.6 2.4 8.8 – – 9.6 86 88 – 1.34 12.76 480 03/14
549 Canara Robeco Income Reg 0.5 3.4 9.7 9.9 9.4 9.0 18 66 52 1.90 33.69 124 09/02
550 Canara Robeco Medium Term Opportunities Reg 0.6 2.5 8.9 – – 9.7 80 86 – 1.25 12.89 344 02/14
551 DHFL Pramerica Banking & PSU Debt 0.6 2.4 9.2 9.7 – 9.3 84 81 57 0.77 13.80 1820 03/13
552 DHFL Pramerica Inflation Indexed Bond Reg 0.9 2.9 13.8 – – 7.1 54 2 – 1.07 12.09 120 01/14
553 DHFL Pramerica Medium Term Income Reg 0.5 3.2 11.1 – – 12.0 28 26 – 1.03 13.51 779 03/14
554 DHFL Pramerica Premier Bond 0.6 2.4 8.4 8.6 8.3 7.0 89 91 80 1.58 25.49 893 01/03
555 DSPBR Bond Ret 0.4 3.0 10.2 10.3 9.1 8.7 45 53 40 2.09 50.56 254 04/97
556 Escorts Income 0.5 1.9 8.0 9.4 9.8 9.5 99 99 70 – 53.21 12 05/98
557 Franklin India Banking & PSU Debt 0.7 2.1 9.0 – – 9.2 96 84 – 0.45 12.49 224 04/14
558 Franklin India Inc Builder A 0.7 2.7 8.1 9.8 10.2 9.2 69 95 53 2.10 54.82 1007 06/97
559 HDFC Income 0.3 3.4 12.6 11.4 10.0 8.5 21 6 11 1.95 37.19 2605 09/00
560 HDFC Medium Term Opportunities 0.7 2.5 10.3 10.0 9.7 9.3 78 49 48 0.36 17.59 6885 06/10
561 HSBC Flexi Debt 0.6 3.0 9.5 9.7 9.3 9.0 52 72 56 1.60 21.86 453 10/07
562 HSBC Income Investment 0.5 2.8 9.4 9.6 8.9 7.4 60 74 61 1.84 26.89 77 12/02
563 ICICI Pru Advisor-Dynamic Accrual 0.6 2.7 10.1 11.0 9.8 7.3 66 56 19 0.75 24.91 21 12/03
564 ICICI Pru Banking & PSU Debt 0.7 3.0 11.2 10.4 9.8 9.6 51 24 36 0.65 18.20 5678 01/10
565 ICICI Pru Income 0.6 3.5 12.2 11.6 9.8 9.3 11 11 5 1.80 50.96 2743 07/98
566 ICICI Pru Income Opportunities 0.6 3.1 10.2 11.2 10.2 10.4 44 55 16 0.89 22.47 3527 08/08
567 IDFC SSI Inv Reg Ç 0.9 3.2 9.9 10.3 10.0 8.7 29 58 41 1.71 38.82 1874 07/00
568 Indiabulls Income Reg È 0.6 2.5 8.6 9.4 – 7.7 82 90 69 0.75 13.12 288 03/13
569 Invesco India Active Income È 0.3 3.3 11.3 9.1 8.9 7.1 25 22 75 1.43 1878.97 256 08/07
570 Invesco India Medium Term Bond 0.6 2.0 9.2 9.1 8.5 8.4 98 80 77 0.75 1604.76 1276 12/10
571 Invesco India Short term 0.5 2.4 8.4 8.5 8.8 8.1 88 92 81 1.25 2106.03 3445 03/07
572 JM Income 0.5 2.1 4.9 7.7 7.8 7.2 95 102 82 1.40 44.47 39 04/95
573 JP Morgan India Active Bond Retail 0.5 2.5 8.3 9.6 8.2 6.6 81 93 62 1.75 17.11 368 06/08
574 JP Morgan India Banking and PSU Debt Reg 0.6 1.8 7.7 9.2 – 9.2 102 100 73 0.55 13.17 487 09/13
575 Kotak Bond Plan A È 0.5 3.3 11.7 10.7 10.1 9.4 24 15 26 1.72 46.02 4034 11/99
576 Kotak Corporate Bond Standard 0.7 2.3 8.8 9.3 9.0 8.3 91 89 72 0.50 2068.63 149 09/07
577 Kotak Medium Term Reg 0.8 3.1 10.9 – – 11.0 36 31 – 1.70 13.15 2476 03/14
578 L&T Resurgent India Corporate Bond Reg È 0.6 2.8 10.2 – – 10.4 61 54 – 1.59 11.89 666 01/15
579 L&T Triple Ace Bond 0.3 2.4 9.9 9.1 8.6 7.5 87 60 76 1.49 41.28 541 03/97
580 LIC MF Bond 0.5 3.4 9.9 9.7 8.5 8.9 13 59 59 1.10 43.84 337 06/99
581 Principal Debt Savings Retail 0.5 2.7 9.0 8.9 8.4 8.3 64 83 79 1.18 27.85 20 12/03
582 Reliance Banking & PSU Debt NR 0.7 2.6 9.6 – – 9.8 76 68 – 0.43 11.47 5404 05/15
583 Reliance Income 0.6 3.3 11.4 10.4 9.8 9.2 23 20 35 1.85 52.38 1891 01/98
584 SBI Magnum Income 0.6 3.1 10.3 9.4 9.6 7.8 38 47 68 1.86 38.65 1792 11/98
585 Sundaram Banking & PSU Debt Reg 0.6 2.2 8.0 – – 8.3 93 96 – 0.61 11.36 26 03/15
586 Sundaram Bond Saver Reg 0.3 2.9 9.3 9.1 9.0 8.3 53 78 74 2.50 45.02 177 12/97
587 Sundaram Flexible Fund - Flexible Income Reg 0.6 3.2 10.5 11.6 9.0 7.5 31 41 7 0.83 22.57 651 12/04
588 Tata Income Plus Reg 0.7 2.8 9.4 9.5 9.1 6.8 62 75 66 1.77 24.90 100 11/02
VR Bond Index 0.5 2.2 8.2 8.1 8.0


Within category
Debt: Income 0.6 2.9 10.2 10.3 9.4 102 102 82 1.1
589 Tata Income Reg Ç 0.7 2.7 9.6 9.9 9.9 8.5 67 70 51 1.92 49.19 192 04/97
590 UTI Bond 0.4 3.1 10.0 10.3 9.9 8.8 37 57 39 1.62 47.89 2345 05/98
591 UTI Medium Term Reg 0.8 3.1 10.3 – – 9.7 43 50 – 1.28 11.58 71 03/15
Debt: Gilt Medium & Long Term 0.6 3.4 12.3 11.8 10.4 77 75 67 1.1
592 Axis Constant Maturity 10 Year 0.7 3.2 11.8 10.5 – 8.0 56 49 58 0.65 14.43 70 01/12
593 Baroda Pioneer Gilt 0.4 3.2 11.2 10.5 10.5 6.6 62 61 57 1.89 25.42 48 03/02
594 Birla SL Constant Maturity 10 Year Gilt Reg 0.6 3.1 11.4 9.6 8.3 9.7 67 59 65 0.50 48.18 34 10/99
595 Birla SL Gilt Plus PF 0.5 3.9 13.4 13.1 11.7 9.2 5 19 12 1.51 45.03 64 10/99
596 Birla SL GSF LT 0.5 3.2 11.9 11.7 10.7 9.7 54 46 36 1.49 48.21 745 10/99
597 BNP Paribas Government Securities 0.4 3.2 12.3 12.1 – 10.2 60 44 31 1.10 14.04 45 04/13
598 Canara Robeco Gilt PGS Reg 0.5 3.9 13.4 12.1 11.0 9.3 6 21 30 1.25 44.67 54 12/99
599 DHFL Pramerica Gilt 0.9 3.6 11.4 11.1 9.6 7.5 29 58 50 0.83 17.82 369 10/08
600 DSPBR Constant Maturity 10Y G-Sec Reg 0.8 3.3 12.4 – – 12.0 52 41 – 0.47 12.69 72 09/14
601 DSPBR Government Securities 0.3 3.4 12.4 10.8 9.2 10.1 44 43 54 1.37 51.99 768 09/99
602 Escorts Gilt NR 0.9 2.7 10.5 8.7 8.3 8.0 76 67 66 – 33.10 0 03/01
603 Franklin IGSF Composite 0.7 2.9 12.6 12.6 10.0 10.3 74 39 19 1.78 54.57 71 06/99
604 Franklin IGSF LT 0.8 3.0 12.9 12.8 10.1 9.4 69 26 16 1.74 38.36 388 12/01
605 Franklin IGSF PF 0.7 2.9 12.6 12.6 10.0 7.3 73 37 18 1.78 23.97 71 05/04
606 HDFC Gilt Long-term È 0.4 3.6 14.1 13.2 11.0 8.2 24 5 11 0.77 33.59 2579 07/01
607 ICICI Pru Constant Maturity Gilt 0.8 3.6 13.4 – – 13.0 31 20 – 0.59 12.98 48 09/14
608 ICICI Pru Gilt Inv PF 0.6 3.6 13.7 13.3 10.8 9.5 30 17 8 0.84 32.40 719 11/03
609 ICICI Pru Long Term Gilt 0.4 3.8 14.0 12.5 10.5 10.5 15 9 23 1.18 55.81 1757 08/99
610 IDBI Gilt 0.3 3.2 9.3 10.2 – 9.0 61 74 61 1.95 13.95 23 12/12
611 IDFC GSF Investment Reg 0.8 3.5 10.7 10.9 11.4 8.5 33 64 52 1.39 19.09 630 12/08
612 IDFC GSF PF Regular 0.8 3.7 11.5 11.6 11.7 8.5 18 56 39 0.70 27.94 108 03/04
613 Indiabulls Gilt 0.6 3.2 12.6 11.2 – 10.0 57 33 47 1.25 1436.03 21 01/13
614 Invesco India Gilt Longer Duration 0.3 3.4 11.7 10.8 8.5 6.4 38 51 53 1.50 1719.21 87 02/08
615 JM G-Sec È 0.3 3.7 12.9 10.6 10.2 10.1 22 25 56 1.75 51.50 20 09/99
616 JP Morgan India Government Securities Reg 0.6 2.8 10.2 – – 11.4 75 71 – 1.25 13.41 843 02/14
617 Kotak Gilt Inv PF & Trust È 0.4 3.4 12.8 11.7 10.9 7.7 35 27 34 1.40 56.92 639 11/03
618 Kotak Gilt Inv Regular 0.4 3.4 12.7 11.7 10.9 10.1 34 29 37 1.40 55.63 639 12/98
619 L&T Gilt Investment 0.6 3.4 12.6 12.4 12.3 8.9 37 36 25 1.69 40.97 164 03/00
620 LIC MF Govt Sec 0.6 3.1 10.5 10.4 8.4 7.7 66 69 60 2.15 35.14 115 11/99
621 LIC MF Govt Sec PF NR 0.6 3.2 10.7 10.5 8.4 5.7 58 65 59 2.15 20.30 115 12/03
622 LIC MF G-Sec Long Term ETF 0.8 3.5 12.8 – – 11.0 32 28 – 0.25 16.28 76 12/14
623 Principal GSF 0.6 3.7 11.9 11.2 9.8 8.1 20 47 48 1.41 32.50 23 08/01
624 RShares Long Term Gilt ETF NR 0.8 3.6 – – – 6.0 28 – – 0.04 16.35 20 07/16
625 Reliance Gilt Securities 0.7 3.8 13.2 12.6 11.6 9.5 12 23 22 1.71 21.18 1057 07/03
626 Reliance Gilt Securities PF 0.7 3.8 13.2 12.6 11.6 9.3 13 22 21 1.71 17.75 1057 08/08
627 SBI ETF 10 Year Gilt NR 0.8 3.4 – – – 6.7 42 – – – 155.35 2 06/16
628 SBI Magnum Gilt Long-term Ç 0.7 3.7 11.8 12.8 11.9 8.3 21 50 17 0.98 35.29 2061 12/00
629 Sundaram Gilt Reg 0.6 2.9 8.8 9.6 11.5 8.2 71 75 64 1.99 26.52 33 05/01
630 Tata Gilt Mid Term Plan Reg 0.5 3.0 11.5 11.5 11.5 9.5 70 55 41 1.50 17.78 229 06/10
631 Tata GSF Reg 0.7 3.2 10.8 11.4 10.8 9.4 59 62 42 1.28 47.09 83 09/99
632 UTI Gilt Advantage Long-term 0.4 3.3 10.4 11.4 10.9 8.8 51 70 43 0.85 34.76 413 01/02
VR Bond Index 0.5 2.2 8.2 8.1 8.0
CCIL All Sovereign Bond - TRI 0.7 3.7 13.6 12.7 11.3
CCIL T Bill Liquidity Weight 0.4 1.1 4.7 5.3 5.4


Within category
Debt: Short Term 0.7 2.4 9.3 9.4 9.1 90 88 84 0.8

633 Axis Short Term 0.7 2.2 8.8 9.2 9.0 8.4 63 61 58 0.85 17.25 4984 01/10
634 Baroda Pioneer Short Term Bond 0.7 2.6 9.3 9.3 9.0 8.4 20 43 53 1.22 16.65 313 06/10
635 Birla SL Short Term 0.7 2.6 9.9 10.0 9.8 9.6 26 24 – 0.32 60.45 12914 03/97
636 Birla SL Short Term Opportunities 0.6 2.8 10.8 10.4 10.5 9.5 14 7 9 1.39 26.54 4876 05/03
637 BNP Paribas Short term Income Ç 0.7 2.4 8.9 9.0 9.1 8.3 46 58 67 1.22 10.03 272 09/04
638 BOI AXA Short Term Income Reg Ç 0.6 2.4 9.2 9.2 8.5 7.2 41 46 59 1.25 17.29 207 12/08
639 Canara Robeco Short Term Regular 0.5 1.8 7.6 8.4 8.6 8.0 88 85 77 1.10 17.90 133 03/09
640 DHFL Pramerica Short Maturity 0.7 2.6 9.6 9.6 9.4 8.0 27 36 41 1.31 28.86 1711 01/03
641 DSPBR Banking & PSU Debt Reg 0.8 2.6 9.8 9.8 – 10.0 19 27 30 0.88 13.49 1288 09/13
642 DSPBR Short Term 0.6 2.3 8.7 9.3 9.1 7.3 62 63 50 1.30 27.20 1702 09/02
643 Escorts Short Term Debt 0.6 1.8 8.2 9.7 9.9 8.6 89 77 39 – 24.58 10 12/05
644 Franklin India Low Duration 0.7 2.5 9.5 9.9 9.9 9.9 29 39 27 0.78 17.79 2337 07/10
645 Franklin India ST Income Ret 0.7 2.7 7.7 9.6 9.6 8.3 18 81 43 1.57 3254.81 7989 01/02
646 HDFC Banking and PSU Debt Reg 0.9 3.1 10.6 – – 10.1 6 10 – 0.65 12.86 1565 03/14
647 HDFC Floating Rate Income LT 0.6 2.3 9.8 9.2 9.4 7.7 52 28 55 0.15 27.98 1858 01/03
648 HDFC High Interest Short Term 0.8 3.1 10.5 10.0 9.4 8.2 5 11 24 1.10 31.83 1793 02/02
649 HDFC Short Term 0.7 2.6 9.9 10.2 9.6 8.1 28 23 11 1.66 31.39 3584 02/02
650 HDFC Short Term Opportunities 0.6 2.1 8.9 9.5 9.4 9.1 71 60 44 0.36 17.44 7719 06/10
651 HSBC Income Short Term 0.5 2.1 8.3 8.8 8.6 7.2 74 74 72 1.25 26.22 2009 12/02
652 ICICI Pru Short-term 0.7 2.6 10.0 9.9 9.5 8.3 25 19 25 1.04 33.05 7360 10/01
653 IDBI Short Term Bond 0.6 1.9 7.9 8.6 8.7 8.7 84 80 75 1.25 15.94 122 03/11
654 IDFC All Seasons Bond Reg 0.6 2.3 8.9 9.3 9.0 7.7 58 57 51 0.68 24.69 144 09/04
655 IDFC Corporate Bond Reg NR 0.6 2.5 – – – 8.5 36 – – 0.52 10.85 4208 01/16
656 IDFC Money Manager Investment Reg 0.6 2.1 8.4 9.0 9.0 8.2 78 71 69 0.45 24.73 1823 07/04
657 IDFC SSI Medium-term Reg È 0.6 2.3 9.0 9.2 9.0 7.7 53 55 61 1.21 26.85 3802 07/03
658 IDFC SSI Short Term Reg 0.6 2.0 8.4 9.0 8.9 7.7 80 72 68 0.80 32.44 4910 12/00
659 Indiabulls Short Term Reg 0.6 2.2 8.6 8.8 – 9.1 64 65 73 1.50 1314.97 706 09/13
660 Invesco India Bank Debt 0.5 1.9 6.6 7.6 – 7.5 85 88 81 0.65 1320.95 263 12/12
661 JP Morgan India Short Term Income 0.6 1.8 7.6 2.5 5.1 5.7 86 83 84 1.10 14.41 35 03/10
662 Kotak Bond Short-term Reg 0.6 2.4 9.0 9.2 9.1 7.8 45 53 56 1.10 29.90 5740 05/02
663 Kotak Flexi Debt Plan A 0.8 3.6 12.5 10.4 10.0 8.9 2 2 8 0.90 20.50 1234 05/08
664 L&T Banking and PSU Debt NR 0.7 2.9 9.6 8.8 8.8 8.0 – – – 0.69 10.53 506 09/07
665 L&T Short Term Opp 0.7 2.2 8.2 9.1 – 9.1 69 75 65 0.70 15.23 2236 12/11
666 LIC MF Income Plus Ç 0.6 2.0 7.7 7.2 7.7 7.6 79 82 82 1.44 19.96 287 05/07
667 LIC MF Savings Plus 0.6 2.1 8.1 8.2 8.3 7.7 76 79 79 1.15 24.21 2053 06/03
668 Peerless Short Term 0.5 2.0 7.6 8.4 9.0 9.4 81 86 78 1.28 17.51 64 08/10
669 Principal Short Term Income 0.7 2.3 9.1 9.1 9.2 7.9 60 49 63 1.13 27.98 224 05/03
670 Reliance Floating Rate ST 0.6 2.2 8.6 9.2 9.0 8.8 67 64 60 0.58 25.10 4700 08/04
671 Reliance Medium Term 0.6 2.2 8.9 9.1 9.1 7.0 68 59 66 0.70 33.11 8008 09/00
672 Reliance Short-term 0.7 2.4 9.3 9.7 9.4 8.2 40 44 40 1.05 30.01 13573 12/02
673 SBI Short Term Debt 0.7 2.3 9.1 9.1 9.2 8.3 61 48 64 0.84 11.96 5646 07/07
674 Sundaram Select Debt Short-term Asset Plan 0.5 2.1 8.3 8.9 9.5 7.4 72 73 70 1.56 27.36 1150 09/02
675 Tata Short-term Bond Reg 0.6 2.2 8.6 9.3 9.3 7.9 70 66 52 1.08 29.71 5773 08/02
676 UTI Banking & PSU Debt Reg 0.8 2.4 10.6 – – 9.6 42 9 – 0.34 12.86 903 01/14
677 UTI Short-term Income Inst 0.6 2.4 9.2 9.5 10.0 9.2 43 47 45 1.10 19.28 7792 08/07
Debt: Gilt Short Term 0.8 2.6 10.6 9.4 8.9 16 16 16 0.5
678 DSPBR Treasury Bill 0.5 1.6 6.7 7.6 8.0 6.9 16 16 14 0.60 31.32 39 09/99


Within category
Debt: Gilt Short Term 0.8 2.6 10.6 9.4 8.9 16 16 16 0.5
679 HDFC Gilt Short-term 0.9 2.7 11.6 9.9 9.2 6.6 8 6 9 0.38 26.58 386 07/01
680 ICICI Pru Gilt Tre PF 0.6 3.0 15.1 6.6 6.9 6.9 5 2 16 0.83 23.35 53 02/04
681 ICICI Pru Short Term Gilt È 0.7 2.9 11.5 10.5 9.2 8.5 6 7 4 0.72 40.72 125 08/99
682 IDFC GSF Short-term Reg Ç 0.8 2.3 9.6 10.2 9.9 5.9 14 11 6 0.41 23.08 37 03/02
683 SBI Magnum Gilt Short-term 1.0 3.0 11.1 10.9 10.4 7.9 4 8 3 0.70 33.30 177 12/00
684 Tata Gilt Short Maturity Reg 0.8 2.4 9.2 9.4 9.2 6.9 12 12 10 0.64 24.82 28 04/03
685 UTI G-Sec Short-term 0.9 2.5 8.5 8.5 8.7 6.5 10 14 12 0.55 22.51 18 12/03
Debt: Credit Opportunities 0.7 2.8 10.2 10.5 9.5 48 48 28 1.2
686 Axis Fixed Income Opportunities Reg 0.7 2.3 9.2 – – 9.9 43 38 – 1.25 12.44 1153 07/14
687 Baroda Pioneer Credit Opportunities Plan A 0.8 3.3 11.0 – – 11.1 3 10 – 1.93 12.05 301 01/15
688 Birla SL Corporate Bond Reg 0.9 3.0 10.0 – – 9.9 12 27 – 1.89 11.57 1106 04/15
689 Birla SL Medium Term 0.7 2.8 10.2 10.8 10.8 9.5 28 25 11 1.68 19.89 8086 03/09
690 BOI AXA Corporate Credit Spectrum Reg 0.6 2.9 10.9 – – 10.3 21 13 – 1.85 11.79 558 02/15
691 DHFL Pramerica Credit Opportunities Reg Ç 0.8 2.8 10.2 – – 11.1 30 26 – 1.78 12.47 648 09/14
692 DSPBR Income Opportunities 0.6 2.7 10.4 10.4 9.6 8.4 35 21 15 1.80 26.07 4942 05/03
693 Franklin India Corporate Bond Opportunities È 0.8 2.6 8.2 9.9 – 10.2 39 46 22 1.84 16.08 6660 12/11
694 Franklin India Dynamic Accrual 0.7 2.7 9.4 10.7 9.3 9.0 32 36 14 1.77 54.53 1809 03/97
695 Franklin India Income Opportunities 0.8 2.7 8.0 9.7 9.6 9.2 38 48 25 1.70 18.33 3027 12/09
696 HDFC Corporate Debt Opportunities Reg 0.6 3.0 10.8 – – 11.0 14 16 – 2.05 13.13 8811 03/14
697 ICICI Pru Corporate Bond 0.6 2.7 9.4 10.2 9.3 7.7 34 37 18 1.57 24.59 4858 09/04
698 ICICI Pru Regular Savings 0.7 2.8 8.9 9.9 9.3 9.2 29 40 24 1.77 16.83 5612 12/10
699 IDBI Corporate Debt Opportunities Reg 0.6 2.3 8.9 – – 9.4 44 41 – 1.37 12.73 212 03/14
700 Invesco India Corporate Bond Opportunities Reg 0.8 2.8 10.3 – – 10.4 27 24 – 1.50 1238.36 204 09/14
701 JP Morgan India Corporate Debt Opportunities Reg 0.6 2.0 8.2 – – 9.6 48 47 – 1.00 12.14 173 09/14
702 Kotak Income Opportunities Reg 0.7 3.1 10.7 10.1 9.7 8.9 8 18 20 1.60 17.41 2579 05/10
703 L&T Income Opportunities 0.6 2.7 9.8 10.3 9.3 8.7 31 33 17 1.64 18.03 2070 10/09
704 L&T Short Term Income 0.7 2.6 9.7 9.7 9.2 9.1 40 35 26 1.49 16.75 422 12/10
705 Principal Credit Opportunities NR 0.6 2.1 8.6 9.1 8.8 7.7 47 – – 0.47 2455.26 77 09/04
706 Reliance Corporate Bond 0.8 3.3 11.1 – – 10.8 5 8 – 1.69 12.74 2619 06/14
707 Reliance Regular Savings Debt 0.8 2.8 9.9 9.9 9.6 7.1 25 30 23 1.70 21.96 7661 06/05
708 SBI Corporate Bond 0.6 2.5 9.9 10.3 10.2 7.9 41 31 – 1.41 25.32 1883 07/04
709 UTI Income Opportunities 0.8 2.8 9.8 10.1 – 9.6 26 32 19 1.65 14.36 1729 11/12
Debt: Dynamic Bond 0.6 3.1 10.9 10.6 10.1 45 45 44 1.1
710 Axis Dynamic Bond 0.5 3.0 10.5 10.6 9.8 9.4 31 30 25 1.30 16.42 299 04/11
711 Baroda Pioneer Dynamic Bond 0.6 3.5 11.4 11.1 – 10.0 11 21 17 1.53 15.14 26 06/12
712 Birla SL Dynamic Bond Ret È 0.3 3.1 12.6 12.2 10.9 9.2 30 6 5 1.63 28.88 13419 09/04
713 Canara Robeco Dynamic Bond Reg 0.6 3.6 11.2 10.6 10.1 8.4 4 24 26 1.75 18.24 208 05/09
714 DHFL Pramerica Dynamic Bond 0.5 2.5 8.8 9.5 – 8.8 39 40 34 2.00 1497.24 207 01/12
715 DSPBR Strategic Bond Inst 0.6 3.1 11.4 10.9 10.2 8.6 29 20 22 1.11 1929.50 2935 05/07
716 HDFC High Interest Dynamic 0.6 3.5 12.5 11.6 10.7 9.2 6 7 13 1.82 56.01 1908 04/97
717 ICICI Pru Dynamic Bond È 0.6 3.2 11.8 11.1 9.9 8.5 26 15 20 1.17 18.33 1257 06/09
718 ICICI Pru Long-term Ç 0.8 3.5 13.0 13.5 12.0 10.5 10 4 2 1.22 19.72 1198 05/09
719 IDBI Dynamic Bond 0.4 2.6 8.1 7.8 – 7.4 38 41 42 1.37 13.96 66 02/12
720 IDFC Dynamic Bond Reg 0.9 3.3 10.2 10.5 10.3 8.7 17 33 29 1.55 19.33 4791 12/08
721 IIFL Dynamic Bond Reg 0.5 1.8 7.4 9.3 – 7.2 45 43 36 0.94 12.64 21 06/13
722 JM Short Term 0.5 2.3 9.2 8.9 8.9 9.4 41 38 38 0.98 22.50 36 04/03
VR Bond Index 0.5 2.2 8.2 8.1 8.0


Within category
Debt: Dynamic Bond 0.6 3.1 10.9 10.6 10.1 45 45 44 1.1

723 L&T Flexi Bond 0.6 3.3 12.0 11.1 10.5 9.5 21 14 19 1.49 17.41 115 08/06
724 Peerless Flexible Income 0.7 3.0 10.4 7.6 – 7.3 32 31 43 1.48 13.43 35 08/12
725 Principal Dynamic Bond 0.6 3.2 10.3 10.2 9.6 7.8 27 32 30 1.54 27.54 118 05/03
726 Quantum Dynamic Bond NR 0.8 3.3 12.1 – – 12.2 15 10 – 0.65 11.83 43 05/15
727 Reliance Dynamic Bond 0.5 3.4 11.6 10.9 10.7 6.8 14 19 23 1.68 21.92 4712 11/04
728 SBI Dynamic Bond 0.6 3.2 11.3 9.9 9.8 5.5 25 23 32 1.51 19.78 2792 02/04
729 Tata Dynamic Bond Reg 0.7 2.9 9.9 10.5 10.0 7.1 35 35 28 1.63 24.75 1162 09/03
730 Taurus Dynamic Income Reg 0.6 1.9 6.3 7.2 7.5 7.8 44 45 44 1.27 15.38 67 02/11
731 Union KBC Dynamic Bond 0.6 2.9 9.6 9.4 – 8.2 34 36 35 1.92 14.52 324 02/12
732 UTI Dynamic Bond È 0.4 3.0 10.6 11.1 10.7 9.9 33 28 18 1.64 18.25 1103 06/10
Debt: Ultra Short Term 0.6 2.0 8.5 8.9 9.0 122 122 119 0.6
733 Axis Banking Debt 0.5 1.8 8.1 8.8 – 8.8 100 94 81 0.35 1449.29 560 06/12
734 Axis Treasury Advantage 0.5 1.9 8.2 8.6 9.0 8.6 87 86 96 0.55 1763.42 2445 10/09
735 Baroda Pioneer Treasury Adv 0.6 2.3 9.2 9.3 9.5 8.6 18 22 22 0.80 1831.93 2030 06/09
736 Birla SL Cash Manager 0.5 1.9 8.3 8.6 8.7 8.6 76 79 94 1.17 380.99 7472 05/98
737 Birla SL Floating Rate LT 0.7 2.4 9.5 9.4 9.6 9.0 12 14 14 0.35 192.84 4447 03/09
738 Birla SL Savings 0.7 2.2 9.2 9.4 9.5 7.8 28 20 19 0.65 309.14 18238 04/03
739 BNP Paribas Money Plus 0.6 1.9 8.0 8.3 8.8 8.2 79 102 110 1.00 23.82 243 10/05
740 BOI AXA Treasury Advantage Reg 0.6 2.2 9.0 9.1 9.0 7.9 21 30 49 0.48 1883.59 352 07/08
741 Canara Robeco Savings Plus Reg 0.6 2.1 8.4 8.7 9.0 9.0 45 73 89 0.55 24.75 847 03/05
742 Canara Robeco Treasury Advantage Reg 0.4 1.6 7.3 8.5 8.9 8.2 121 116 104 0.95 2397.15 85 07/08
743 DHFL Pramerica Low Duration 0.6 2.2 9.1 9.3 9.4 8.5 27 24 28 1.20 21.49 1239 06/07
744 DHFL Pramerica Short Term Floating Rate Ç 0.6 1.9 8.2 8.7 8.9 8.2 81 87 92 0.49 17.47 841 10/09
745 DHFL Pramerica Ultra Short Term 0.5 1.9 8.4 9.1 9.4 8.5 86 69 53 0.47 19.12 2206 07/08
746 DSPBR Money Manager Reg 0.5 1.8 7.5 8.2 8.5 7.6 102 113 114 1.00 2124.47 2905 07/06
747 DSPBR Ultra Short Term Reg 0.6 2.0 8.4 – – 8.8 63 71 – 0.50 11.48 3049 03/15
748 Edelweiss Bond 0.6 1.9 8.2 8.5 8.7 8.1 83 91 98 0.95 1886.63 27 09/08
749 Franklin India Savings Plus Ret 0.6 1.9 8.0 8.6 8.9 7.4 80 100 97 0.25 28.80 312 02/02
750 Franklin India Ultra Short Bond Super Inst 0.7 2.3 9.6 9.9 10.0 9.0 13 8 4 0.30 21.46 6283 12/07
751 HDFC Cash Mgmt Treasury Adv Ret 0.6 2.2 8.3 8.3 8.4 7.4 26 76 111 0.98 33.39 10713 11/99
752 HDFC Floating Rate Income ST Wholesale 0.6 2.1 8.9 9.2 9.3 8.4 39 36 38 0.42 27.42 14432 10/07
753 HSBC Ultra Short Term Bond È 0.5 1.8 7.7 8.4 8.5 7.6 94 110 106 1.00 10.13 445 10/06
754 ICICI Pru Flexible Income 0.6 2.1 8.9 9.2 9.4 8.1 34 34 35 0.27 301.27 18747 09/02
755 ICICI Pru Savings 0.6 2.2 8.6 8.8 9.1 8.2 25 48 76 1.44 236.51 7135 11/05
756 ICICI Pru Ultra Short Term 0.7 2.4 9.5 9.4 9.1 9.1 11 13 21 0.65 16.23 8190 06/09
757 IDBI Ultra Short Term 0.5 1.7 7.8 8.2 8.7 8.7 105 108 112 1.21 1672.47 921 09/10
758 IDFC Banking Debt Reg È 0.5 1.7 8.0 8.7 – 8.7 114 98 86 0.29 13.57 1270 03/13
759 IDFC Money Manager Treasury Reg 0.5 1.8 7.9 8.5 8.5 7.7 97 106 105 0.95 24.79 1858 02/03
760 IDFC Ultra Short Term Reg 0.6 2.0 8.6 9.1 9.4 9.2 60 49 50 0.37 22.31 5262 01/06
761 Indiabulls Ultra Short Term 0.6 2.1 8.5 9.0 – 9.2 46 63 63 0.75 1525.74 428 01/12
762 Invesco India Credit Opportunities 0.5 1.7 8.0 8.8 9.3 8.6 104 104 75 0.55 1806.16 1694 08/09
763 Invesco India Ultra Short Term È 0.6 2.0 8.4 8.7 9.0 8.3 65 72 90 0.80 2189.49 2629 01/07
764 JM Floater LT 0.6 2.0 8.5 8.8 8.5 6.8 55 58 79 1.05 24.20 149 06/03
765 JM Money Manager Reg 0.5 2.0 9.0 8.9 9.3 8.3 52 31 64 1.00 22.22 101 09/06
766 JM Money Manager Super 0.5 1.7 7.8 8.5 9.0 8.5 115 109 103 0.60 22.53 216 09/06
767 JM Money Manager Super Plus 0.6 2.0 8.5 8.8 9.1 8.3 66 65 84 0.52 22.51 704 09/06
768 JP Morgan India Treasury Super Inst 0.5 1.7 7.4 5.3 6.9 7.0 108 115 119 0.48 18.86 18 09/07
VR Bond Index 0.5 2.2 8.2 8.1 8.0


Within category
Debt: Ultra Short Term 0.6 2.0 8.5 8.9 9.0 122 122 119 0.6
769 Kotak Banking and PSU Debt Reg 0.7 2.7 9.6 9.4 9.3 7.4 2 12 18 0.50 35.80 698 12/98
770 Kotak Low Duration Standard Ç 0.6 2.3 9.1 9.1 9.1 7.8 16 23 – 0.94 1920.56 2728 03/08
771 Kotak Treasury Advantage Reg 0.5 1.9 8.1 8.9 9.0 7.9 82 92 73 0.68 25.29 4754 08/04
772 L&T Floating Rate 0.6 2.3 9.0 8.7 9.1 9.1 14 28 85 0.70 15.48 57 08/05
773 L&T Ultra ST 0.6 1.9 8.5 8.8 9.1 7.5 78 66 78 0.53 25.78 3205 04/03
774 Mirae Asset Savings Fund - Regular Savings Plan 0.5 1.6 6.8 7.3 – 7.6 118 121 116 0.82 1377.16 151 03/08
775 Motilal Oswal MOSt Ultra Short Term Bond Reg 0.5 1.5 6.3 6.9 – 7.1 122 122 117 0.90 12.40 238 09/13
776 Peerless Ultra Short Term Reg 0.5 1.8 7.6 8.4 8.9 8.5 96 111 108 0.85 1730.82 93 02/10
777 Principal Bank CD Reg 0.5 1.6 7.8 8.5 8.8 8.1 116 107 102 0.71 2022.76 77 11/07
778 Principal Low Duration Ç 0.6 2.0 8.7 8.5 8.9 7.9 49 44 101 0.73 2504.33 734 09/04
779 Principal Retail Money Manager 0.6 1.8 8.2 8.9 9.3 8.6 99 89 – 0.30 1794.19 35 12/07
780 Reliance Money Manager È 0.6 1.9 8.4 8.8 9.1 8.4 75 68 83 0.55 2177.03 15382 03/07
781 SBI Savings 0.5 1.9 8.2 8.6 9.0 7.6 89 82 95 1.20 24.62 3003 07/04
782 SBI Treasury Adv 0.5 1.9 8.2 9.2 8.9 8.3 88 85 42 0.78 1756.17 4347 10/09
783 SBI Ultra Short Term Debt 0.5 1.8 8.2 8.8 9.0 8.0 90 84 77 0.42 2038.19 11244 07/07
784 Sundaram Flexible Fund ST Reg 0.5 1.7 7.9 8.7 8.9 8.3 113 105 91 0.28 24.93 1537 12/04
785 Sundaram Income Plus 0.4 1.7 7.1 9.2 8.8 6.0 112 119 36 2.24 23.15 230 07/02
786 Sundaram Ultra ST Reg 0.5 1.8 8.0 8.5 9.1 8.4 95 101 99 0.92 21.64 2163 04/07
787 Tata Floater Reg 0.6 2.0 8.4 8.9 9.1 8.1 61 74 71 0.35 2390.67 3990 09/05
788 Tata Treasury Manager Reg 0.7 2.0 8.1 8.5 8.8 8.2 72 95 100 1.00 2086.27 438 07/07
789 Taurus Short Term Income Reg 0.6 1.9 8.2 9.0 9.5 9.2 84 90 57 0.80 2786.66 95 08/01
790 Taurus Ultra Short Term Bond Reg 0.6 1.8 8.0 9.0 9.4 8.5 91 97 62 1.19 1912.59 75 12/08
791 Union KBC Ultra Short Term Debt 0.5 1.6 7.2 8.3 – 8.6 119 118 109 0.27 1454.15 32 04/12
792 UTI Floating Rate ST Reg 0.6 2.1 8.7 8.8 9.0 7.4 38 46 80 0.90 2573.30 5061 08/03
793 UTI Treasury Advantage Inst 0.6 2.1 8.8 9.1 9.3 8.5 42 42 54 0.40 2169.90 11626 03/03
Debt: Liquid 0.6 1.7 7.6 8.4 8.7 100 98 96 0.3
794 Axis Liquid 0.6 1.7 7.8 8.5 8.9 8.5 64 56 56 0.10 1749.38 9105 10/09
795 Baroda Pioneer Liquid 0.6 1.8 7.9 8.6 8.9 8.0 34 13 33 0.32 1812.39 3290 02/09
796 Birla SL Cash Plus 0.6 1.7 7.9 8.6 8.9 7.7 59 33 29 0.28 253.58 24806 03/04
797 Birla SL Floating Rate ST È 0.6 1.8 7.9 8.6 9.0 8.1 35 26 25 0.41 210.43 3177 10/05
798 BNP Paribas Overnight 0.6 1.7 7.7 8.4 8.8 7.5 57 72 75 0.06 2423.88 1069 09/04
799 BOI AXA Liquid Reg 0.6 1.7 7.8 8.5 8.6 7.5 42 57 67 0.19 1815.91 849 07/08
800 Canara Robeco Liquid Regular 0.6 1.7 7.7 8.4 8.8 8.1 79 75 76 0.11 1914.77 1288 07/08
801 DHFL Pramerica Insta Cash Plus 0.6 1.7 7.9 8.5 8.9 8.2 47 29 50 0.14 205.06 6773 09/07
802 DSPBR Liquidity Inst 0.6 1.7 7.8 8.5 8.8 7.7 58 66 70 0.13 2256.48 10895 11/05
803 Edelweiss Liquid 0.5 1.5 6.7 7.6 8.3 8.3 94 91 88 0.25 1517.40 24 09/08
804 Escorts Liquid 0.6 1.8 8.2 8.9 9.4 8.5 2 1 2 – 24.71 226 09/05
805 Franklin India CMA 0.5 1.4 6.3 6.5 6.8 5.8 99 97 96 0.95 24.01 111 04/01
806 Franklin India TMA Super Inst 0.6 1.7 7.8 8.6 9.0 8.0 63 45 13 0.14 2361.01 3336 09/05
807 HDFC Cash Mgmt Call 0.5 1.5 6.5 7.4 7.7 6.2 93 94 94 – 2440.98 156 02/02
808 HDFC Cash Mgmt Savings 0.6 1.7 7.6 8.4 8.8 7.6 77 76 73 0.69 3291.20 6678 11/99
809 HDFC Liquid 0.6 1.7 7.8 8.5 8.9 7.3 69 62 55 0.39 3114.91 28709 10/00
810 HSBC Cash 0.6 1.7 7.7 8.5 – 8.6 55 71 66 0.13 1001.35 2110 06/04
811 ICICI Pru Liquid Plan 0.6 1.7 7.8 8.5 8.9 8.1 51 54 51 0.15 233.71 29034 11/05
812 ICICI Pru Money Market 0.6 1.7 7.8 8.5 8.9 7.6 45 47 54 0.21 218.36 9234 03/06
813 IDBI Liquid 0.6 1.7 7.7 8.4 8.8 8.6 73 73 74 0.20 1688.20 3968 07/10
814 IDFC Cash Regular 0.6 1.7 7.7 8.5 8.8 8.1 72 68 59 0.18 1918.58 9377 04/04
815 IIFL Liquid Reg 0.5 1.6 7.3 – – 7.9 84 81 – 0.25 1253.00 135 11/13


Within category
Debt: Liquid 0.6 1.7 7.6 8.4 8.7 100 98 96 0.3

816 Indiabulls Liquid 0.6 1.8 8.0 8.6 9.0 9.0 6 7 15 0.22 1538.83 3230 10/11
817 Invesco India Liquid 0.6 1.7 7.8 8.5 8.9 8.1 56 55 46 0.16 2172.31 7322 11/06
818 JM Floater ST 0.5 1.5 6.4 7.4 7.8 6.7 97 96 93 0.32 23.87 2 06/03
819 JM High Liquidity 0.6 1.8 7.9 8.6 8.9 8.1 23 20 31 0.21 43.15 3695 12/97
820 JP Morgan India Liquid Super Inst 0.5 1.6 7.0 8.2 8.7 8.0 87 88 81 0.13 20.28 305 09/07
821 Kotak Floater ST Reg Ç 0.6 1.8 7.9 8.6 8.9 7.4 40 37 37 0.20 2591.83 9426 07/03
822 Kotak Liquid Plan A 0.6 1.7 7.8 8.5 8.9 7.5 68 61 60 0.05 3202.51 6666 11/03
823 L&T Cash 0.5 1.5 6.7 7.5 8.2 7.7 98 92 90 0.79 1250.19 651 11/06
824 L&T Liquid 0.6 1.7 7.8 8.5 8.9 8.0 62 58 57 0.17 2164.95 7707 10/06
825 LIC MF Liquid 0.6 1.7 7.7 8.5 8.7 7.4 74 69 68 0.23 2860.11 7932 03/02
826 Mahindra Liquid Reg NR 0.6 1.8 – – – 2.3 41 – – 0.18 1023.10 1032 07/16
827 Mirae Asset Cash Management 0.6 1.7 7.2 8.0 8.0 6.7 81 82 83 0.15 1656.21 263 01/09
828 Peerless Liquid Reg 0.6 1.8 7.9 8.6 9.0 8.6 5 28 21 0.21 1734.84 379 02/10
829 Principal Cash Mgmt 0.6 1.7 7.8 8.5 8.9 7.7 54 42 42 0.24 1535.72 886 08/04
830 Quantum Liquid 0.5 1.6 7.0 8.0 8.4 7.7 89 87 84 0.25 21.97 86 04/06
831 RShares Liquid BeES 0.4 1.3 5.8 6.5 6.9 6.4 100 98 95 0.56 1000.00 1265 07/03
832 Reliance Liquid Cash 0.5 1.5 7.0 7.8 8.2 6.3 96 86 86 1.04 2485.07 4776 12/01
833 Reliance Liquid Treasury Inst 0.6 1.7 7.8 8.5 8.9 7.5 44 53 49 0.25 3847.81 20722 12/03
834 Reliance Liquidity 0.6 1.7 7.7 8.5 8.9 7.9 66 67 61 0.22 2377.02 3237 06/05
835 SBI Magnum InstaCash Liquid Floater Reg 0.5 1.5 7.0 7.9 8.4 7.6 92 89 85 0.25 2664.29 65 09/02
836 SBI Magnum InstaCash Reg 0.6 1.7 7.8 8.5 8.8 7.4 67 52 65 0.20 3489.99 4088 05/99
837 SBI Premier Liquid È 0.6 1.7 7.8 8.5 8.8 8.0 75 60 69 0.15 2478.58 25335 03/07
838 Sundaram Money Reg 0.6 1.7 7.8 8.5 8.9 7.9 65 63 63 0.11 33.28 5416 12/05
839 Tata Liquid Reg Ç 0.6 1.7 7.8 8.5 8.8 7.4 70 65 71 0.15 2910.50 3965 05/03
840 Tata Money Market Reg 0.6 1.7 7.8 8.5 8.9 7.8 48 51 52 0.15 2485.07 7135 08/04
841 Taurus Liquid Reg 0.6 1.8 7.9 8.6 9.0 8.8 14 15 12 0.18 1711.98 901 09/08
842 Union KBC Liquid 0.6 1.7 7.6 8.4 8.8 8.8 78 77 77 0.24 1576.94 1485 06/11
843 UTI Liquid Cash Inst 0.6 1.7 7.8 8.5 8.8 7.5 49 49 64 0.13 2585.29 23677 12/03
844 UTI MMMF Inst 0.6 1.7 7.8 8.5 8.9 8.1 60 41 53 0.24 1768.04 6568 07/09

6FRUHERDUG,QGH[ For more on funds, visit www.valueresearchonline.com
Axis Banking Debt, 733 Birla SL MNC, 365 DHFL Pramerica Short Maturity, 640 Franklin India Dynamic Accrual, 694
Axis Children’s Gift Compulsory Lock In Reg, 382 Birla SL Monthly Income, 457 DHFL Pramerica Short Term Floating Rate, 744 Franklin India Dynamic PE Ratio FoF, 502
Axis Children’s Gift No Lock In Reg, 383 Birla SL New Millennium, 357 DHFL Pramerica Tax Plan, 242 Franklin India Feeder - Franklin European Growth, 289
Axis Constant Maturity 10 Year, 592 Birla SL Nifty ETF, 4 DHFL Pramerica Tax Savings Reg, 243 Franklin India Feeder Franklin US Opp, 290
Axis Dynamic Bond, 710 Birla SL Pure Value, 180 DHFL Pramerica Top Euroland Offshore, 281 Franklin India Flexi Cap, 117
Axis Enhanced Arbitrage Reg, 507 Birla SL Savings, 738 DHFL Pramerica Ultra Short Term, 745 Franklin India High Grth Companies, 118
Axis Equity, 101 Birla SL Sensex ETF, 5 DSPBR Balanced, 392 Franklin India Inc Builder A, 558
Axis Equity Saver Reg, 384 Birla SL Short Term, 635 DSPBR Banking & PSU Debt Reg, 641 Franklin India Income Opportunities, 695
Axis Fixed Income Opportunities Reg, 686 Birla SL Short Term Opportunities, 636 DSPBR Bond Ret, 555 Franklin India Life Stage FoF 20s, 119
Axis Focused 25, 102 Birla SL Small & Midcap, 216 DSPBR Constant Maturity 10Y G-Sec Reg, 600 Franklin India Life Stage FoF 30s, 437
Axis Income, 541 Birla SL Special Situations, 108 DSPBR Dynamic Asset Allocation Reg, 501 Franklin India Life Stage FoF 40s, 438
Axis Income Saver, 433 Birla SL Tax Plan, 236 DSPBR Equity, 113 Franklin India Life Stage FoF 50s Plus, 465
Axis Liquid, 794 Birla SL Tax Relief 96, 237 DSPBR Equity Savings Reg, 393 Franklin India Life Stage FoF 50s Plus FR, 466
Axis Long Term Equity, 234 Birla SL Tax Savings, 238 DSPBR Focus 25, 11 Franklin India Low Duration, 644
Axis Midcap, 175 Birla SL Top 100, 6 DSPBR Global Allocation Reg, 282 Franklin India MIP A, 467
Axis Short Term, 633 Birla SL Treasury Optimizer Regular, 545 DSPBR Government Securities, 601 Franklin India Multi Asset Solution, 529
Axis Treasury Advantage, 734 BNP Paribas Bond, 546 DSPBR Income Opportunities, 692 Franklin India Opportunities, 120
Axis Triple Advantage, 524 BNP Paribas Dividend Yield, 109 DSPBR Liquidity Inst, 802 Franklin India Pension, 439
Baroda Pioneer Balance, 385 BNP Paribas Equity, 110 DSPBR Micro Cap Reg, 218 Franklin India Prima, 186
Baroda Pioneer Banking and Financial Services, 314 BNP Paribas Flexi Debt, 547 DSPBR MIP, 463 Franklin India Prima Plus, 121
Baroda Pioneer Credit Opportunities Plan A, 687 BNP Paribas Government Securities, 597 DSPBR Money Manager Reg, 746 Franklin India Savings Plus Ret, 749
Baroda Pioneer Dynamic Bond, 711 BNP Paribas Long Term Equity, 239 DSPBR Natural Resources and New Energy Reg, 367 Franklin India Smaller Companies, 221
Baroda Pioneer ELSS 96, 235 BNP Paribas Medium Term Income, 548 DSPBR Opportunities, 114 Franklin India ST Income Ret, 645
Baroda Pioneer Gilt, 593 BNP Paribas Midcap, 181 DSPBR Short Term, 642 Franklin India Taxshield, 247
Baroda Pioneer Growth, 103 BNP Paribas MIP, 458 DSPBR Small and Mid Cap Reg, 183 Franklin India TMA Super Inst, 806
Baroda Pioneer Hybrid Fund Series 1 A, 453 BNP Paribas Money Plus, 739 DSPBR Strategic Bond Inst, 715 Franklin India Ultra Short Bond Super Inst, 750
Baroda Pioneer Income, 542 BNP Paribas Overnight, 798 DSPBR T.I.G.E.R. Reg, 336 Franklin Infotech, 359
Baroda Pioneer Large Cap, 1 BNP Paribas Short term Income, 637 DSPBR Tax Saver, 244 Templeton IGF, 169
Baroda Pioneer Liquid, 795 BOI AXA Corporate Credit Spectrum Reg, 690 DSPBR Technology.com Reg, 358 Templeton India Eqt Income, 170
Baroda Pioneer Midcap, 176 BOI AXA Equity Debt Rebalancer Reg, 500 DSPBR Top 100 Equity Reg, 12 HDFC Arbitrage Wholesale, 511
Baroda Pioneer MIP, 454 BOI AXA Equity Reg, 111 DSPBR Treasury Bill, 678 HDFC Balanced, 397
Baroda Pioneer Short Term Bond, 634 BOI AXA Liquid Reg, 799 DSPBR Ultra Short Term Reg, 747 HDFC Banking and PSU Debt Reg, 646
Baroda Pioneer Treasury Adv, 735 BOI AXA Manufacturing & Infrastructure, 334 DSPBR US Flexible Equity, 283 HDFC Capital Builder, 122
Birla SL Active Debt Multi Manager FoF, 543 BOI AXA Mid Cap Equity & Debt Reg, 388 DSPBR World Agriculture, 284 HDFC Cash Mgmt Call, 807
Birla SL Advantage, 104 BOI AXA Regular Return Reg, 459 DSPBR World Energy Reg, 285 HDFC Cash Mgmt Savings, 808
Birla SL Asset Allocator MMFoF, 498 BOI AXA Short Term Income Reg, 638 DSPBR World Gold Reg, 286 HDFC Cash Mgmt Treasury Adv Ret, 751
Birla SL Balanced ‘95, 386 BOI AXA Tax Advantage Reg, 240 DSPBR World Mining Reg, 287 HDFC Childrens Gift Inv, 398
Birla SL Balanced Advantage, 499 BOI AXA Treasury Advantage Reg, 740 Edelweiss Absolute Return, 394 HDFC Childrens Gift Sav, 468
Birla SL Banking & Financial Services Reg, 315 Canara Robeco Balance Reg, 389 Edelweiss Arbitrage Reg, 510 HDFC Core & Satellite, 187
Birla SL Cash Manager, 736 Canara Robeco Dynamic Bond Reg, 713 Edelweiss Bond, 748 HDFC Corporate Debt Opportunities Reg, 696
Birla SL Cash Plus, 796 Canara Robeco Emerging Equities Reg, 217 Edelweiss Diversified Grth Eqt Top 100, 115 HDFC Dynamic PE Ratio Fund of Funds Reg, 503
Birla SL Comd Equities-Global Agri, 276 Canara Robeco Equity Diversified Reg, 112 Edelweiss ELSS, 245 HDFC Equity, 123
Birla SL Constant Maturity 10 Year Gilt Reg, 594 Canara Robeco Equity Tax Saver Reg, 241 Edelweiss Emerging Leaders, 219 HDFC Equity Savings, 399
Birla SL Corporate Bond Reg, 688 Canara Robeco FORCE Regular, 366 Edelweiss Equity Savings Advantage, 395 HDFC Floating Rate Income LT, 647
Birla SL Dividend Yield Plus, 177 Canara Robeco Gilt PGS Reg, 598 Edelweiss ETF - Nifty Quality 30, 13 HDFC Floating Rate Income ST Wholesale, 752
Birla SL Dynamic Bond Ret, 712 Canara Robeco Income Reg, 549 Edelweiss Exchange Traded Scheme-Nifty 50, 14 HDFC Gilt Long-term, 606
Birla SL Enhanced Arbitrage, 508 Canara Robeco InDiGo Reg, 528 Edelweiss Exchange Traded Scheme-Nifty Bank, 316 HDFC Gilt Short-term, 679
Birla SL Equity, 105 Canara Robeco Infrastructure Reg, 335 Edelweiss Liquid, 803 HDFC Growth, 124
Birla SL Equity Savings Reg, 387 Canara Robeco Large Cap+ Reg, 7 Edelweiss Prudent Advantage, 116 HDFC High Interest Dynamic, 716
Birla SL Financial Planning FoF Aggressive, 525 Canara Robeco Liquid Regular, 800 Escorts Balanced, 435 HDFC High Interest Short Term, 648
Birla SL Financial Planning FoF Conservative, 526 Canara Robeco Medium Term Opportunities Reg, 550 Escorts Gilt, 602 HDFC Income, 559
Birla SL Financial Planning FoF Prudent, 527 Canara Robeco MIP Reg, 460 Escorts Growth, 184 HDFC Index Nifty, 17
Birla SL Floating Rate LT, 737 Canara Robeco Savings Plus Reg, 741 Escorts High Yield Equity, 220 HDFC Index Sensex, 18
Birla SL Floating Rate ST, 797 Canara Robeco Short Term Regular, 639 Escorts Income, 556 HDFC Index Sensex Plus, 19
Birla SL Frontline Equity, 2 Canara Robeco Treasury Advantage Reg, 742 Escorts Income Bond, 464 HDFC Infrastructure, 339
Birla SL Gilt Plus PF, 595 Canara Robeco Yield Advantage Reg, 461 Escorts Infrastructure, 337 HDFC Large Cap Reg, 20
Birla SL Global Commodities, 277 DHFL Pramerica Arbitrage Reg, 509 Escorts Leading Sectors, 185 HDFC Liquid, 809
Birla SL Global Real Estate Retail, 278 DHFL Pramerica Balanced Advantage, 390 Escorts Liquid, 804 HDFC Long Term Advantage, 248
Birla SL GSF LT, 596 DHFL Pramerica Banking & PSU Debt, 551 Escorts Opportunities, 436 HDFC Medium Term Opportunities, 560
Birla SL Income Plus, 544 DHFL Pramerica Credit Opportunities Reg, 691 Escorts Power & Energy, 368 HDFC Mid-Cap Opportunities, 188
Birla SL Index, 3 DHFL Pramerica Diversified Equity Reg, 9 Escorts Short Term Debt, 643 HDFC MIP Long-term, 440
Birla SL India GenNext, 363 DHFL Pramerica Dynamic Bond, 714 Escorts Tax Plan, 246 HDFC MIP Short-term, 469
Birla SL India Opportunities, 364 DHFL Pramerica Equity Income, 391 Franklin Asian Eqt, 288 HDFC Multiple Yield Plan 2005, 470
Birla SL India Reforms, 106 DHFL Pramerica Gilt, 599 Franklin Build India, 338 HDFC Nifty ETF, 21
Birla SL Infrastructure, 333 DHFL Pramerica Global Agribusiness Offshore, 280 Franklin IGSF Composite, 603 HDFC Premier Multi-Cap, 125
Birla SL International Equity A, 279 DHFL Pramerica Income Advantage, 462 Franklin IGSF LT, 604 HDFC Prudence, 400
Birla SL International Equity B, 178 DHFL Pramerica Inflation Indexed Bond Reg, 552 Franklin IGSF PF, 605 HDFC Retirement Savings Fund-Equity Reg, 249
Birla SL Manufacturing Equity Reg, 107 DHFL Pramerica Insta Cash Plus, 801 Franklin IIF NSE Nifty, 15 HDFC Retirement Savings Fund-Hybrid Debt Reg, 471
Birla SL Medium Term, 689 DHFL Pramerica Large Cap, 10 Franklin India Balanced, 396 HDFC Retirement Savings Fund-Hybrid Equity Reg, 401
Birla SL Mid Cap, 179 DHFL Pramerica Low Duration, 743 Franklin India Banking & PSU Debt, 557 HDFC Sensex ETF, 22
Birla SL MIP, 455 DHFL Pramerica Medium Term Income Reg, 553 Franklin India Bluechip, 16 HDFC Short Term, 649
Birla SL MIP II Savings 5, 456 DHFL Pramerica Midcap Opportunities Reg, 182 Franklin India CMA, 805 HDFC Short Term Opportunities, 650
Birla SL MIP II Wealth 25, 434 DHFL Pramerica Premier Bond, 554 Franklin India Corporate Bond Opportunities, 693 HDFC Small and Mid Cap Reg, 222

HDFC Taxsaver, 250 ICICI Pru Technology, 360 Invesco India Infrastructure, 343 Kotak Nifty ETF, 51
HDFC Top 200, 23 ICICI Pru Top 100, 132 Invesco India Liquid, 817 Kotak NV 20 ETF, 52
HSBC Asia Pacific (Ex Japan) Dividend Yield Reg, 291 ICICI Pru Ultra Short Term, 756 Invesco India Medium Term Bond, 570 Kotak Opportunities Reg, 142
HSBC Brazil, 292 ICICI Pru US Bluechip Equity, 296 Invesco India Mid Cap, 194 Kotak PSU Bank ETF, 320
HSBC Cash, 810 ICICI Pru Value Discovery, 133 Invesco India Mid N Small Cap, 195 Kotak Select Focus Reg, 143
HSBC Dividend Yield Equity, 24 IDBI Corporate Debt Opportunities Reg, 699 Invesco India MIP Plus, 533 Kotak Sensex ETF, 53
HSBC Dynamic, 25 IDBI Diversified Equity Reg, 191 Invesco India Nifty ETF, 45 Kotak Tax Saver Reg, 258
HSBC Emerging Markets, 293 IDBI Dynamic Bond, 719 Invesco India Pan European Equity Reg, 298 Kotak Treasury Advantage Reg, 771
HSBC Equity, 26 IDBI Equity Advantage Reg, 253 Invesco India PSU Equity, 370 Kotak US Equity Standard, 305
HSBC Flexi Debt, 561 IDBI Gilt, 610 Invesco India Short term, 571 Kotak World Gold Standard, 306
HSBC Global Consumer Opportunities Reg, 294 IDBI India Top 100 Equity, 134 Invesco India Tax Plan, 255 L&T Arbitrage Opportunities Reg, 519
HSBC Income Investment, 562 IDBI Liquid, 813 Invesco India Ultra Short Term, 763 L&T Banking and PSU Debt, 664
HSBC Income Short Term, 651 IDBI MIP, 478 JM Arbitrage Advantage, 517 L&T Business Cycles Reg, 198
HSBC India Opportunities, 126 IDBI Nifty Index, 35 JM Balanced, 408 L&T Cash, 823
HSBC Infrastructure Equity, 340 IDBI Nifty Junior Index, 135 JM Basic, 371 L&T Dynamic Equity, 413
HSBC Managed Solutions India Conservative Reg, 530 IDBI Prudence Fund Reg, 406 JM Core 11, 139 L&T Emerging Businesses, 226
HSBC Managed Solutions India Growth Reg, 531 IDBI Short Term Bond, 653 JM Equity, 46 L&T Equity, 144
HSBC Managed Solutions India Moderate Reg, 532 IDBI Ultra Short Term, 757 JM Floater LT, 764 L&T Equity Savings, 414
HSBC Midcap Equity, 223 IDFC All Seasons Bond Reg, 654 JM Floater ST, 818 L&T Flexi Bond, 723
HSBC MIP Savings, 472 IDFC Arbitrage Plus Regular, 513 JM G-Sec, 615 L&T Floating Rate, 772
HSBC Tax Saver Equity, 251 IDFC Arbitrage Regular, 514 JM High Liquidity, 819 L&T Gilt Investment, 619
HSBC Ultra Short Term Bond, 753 IDFC Asset Allocation Aggressive Reg, 443 JM Income, 572 L&T Income Opportunities, 703
ICICI Pru Advisor-Cautious, 473 IDFC Asset Allocation Conservative Reg, 479 JM MIP, 482 L&T India Large Cap, 54
ICICI Pru Advisor-Dynamic Accrual, 563 IDFC Asset Allocation Moderate Reg, 444 JM Money Manager Reg, 765 L&T India Prudence, 415
ICICI Pru Advisor-Long Term Savings, 441 IDFC Banking Debt Reg, 758 JM Money Manager Super, 766 L&T India Spl Situations, 145
ICICI Pru Advisor-Moderate, 442 IDFC Cash Regular, 814 JM Money Manager Super Plus, 767 L&T India Value, 199
ICICI Pru Advisor-Very Aggressive, 27 IDFC Classic Equity Reg, 136 JM Multi Strategy, 140 L&T Infrastructure, 345
ICICI Pru Balanced, 402 IDFC Corporate Bond Reg, 655 JM Short Term, 722 L&T Liquid, 824
ICICI Pru Balanced Advantage, 403 IDFC Dynamic Bond Reg, 720 JM Tax Gain, 256 L&T Midcap, 227
ICICI Pru Banking & PSU Debt, 564 IDFC Dynamic Equity Reg, 407 JP Morgan ASEAN Equity Off Shore, 299 L&T MIP, 484
ICICI Pru Banking and Financial Services, 317 IDFC Equity Reg, 36 JP Morgan Emerging Markets Opp Equity Offshore Reg, 300 L&T Resurgent India Corporate Bond Reg, 578
ICICI Pru Child Care-Gift, 404 IDFC GSF Investment Reg, 611 JP Morgan Europe Dynamic Equity Offshore Reg, 301 L&T Short Term Income, 704
ICICI Pru Child Care-Study, 474 IDFC GSF PF Regular, 612 JP Morgan Greater China Eqt Off-shore, 302 L&T Short Term Opp, 665
ICICI Pru Constant Maturity Gilt, 607 IDFC GSF Short-term Reg, 682 JP Morgan India Active Bond Retail, 573 L&T Tax Adv, 259
ICICI Pru Corporate Bond, 697 IDFC Imperial Equity Reg, 37 JP Morgan India Balanced Advantage Reg, 409 L&T Tax Saver, 260
ICICI Pru Dividend Yield Equity, 189 IDFC Infrastructure Reg, 342 JP Morgan India Banking and PSU Debt Reg, 574 L&T Triple Ace Bond, 579
ICICI Pru Dynamic, 127 IDFC Money Manager Investment Reg, 656 JP Morgan India Corporate Debt Opportunities Reg, 701 L&T Ultra ST, 773
ICICI Pru Dynamic Bond, 717 IDFC Money Manager Treasury Reg, 759 JP Morgan India Economic Resurgence Reg, 141 LIC MF Balanced, 416
ICICI Pru Equity Arbitrage, 512 IDFC Monthly Income Plan Reg, 480 JP Morgan India Equity, 47 LIC MF Banking & Financial Services Reg, 321
ICICI Pru Equity Income, 405 IDFC Nifty ETF, 38 JP Morgan India Equity Income Reg, 410 LIC MF Bond, 580
ICICI Pru Exports and Other Services, 369 IDFC Nifty Reg, 39 JP Morgan India Government Securities Reg, 616 LIC MF Children, 445
ICICI Pru Flexible Income, 754 IDFC Premier Equity Reg, 192 JP Morgan India Liquid Super Inst, 820 LIC MF Equity, 146
ICICI Pru FMCG, 331 IDFC Sensex ETF, 40 JP Morgan India Mid and Small Cap, 196 LIC MF ETF Nifty 100, 55
ICICI Pru Focused Bluechip Equity, 28 IDFC SSI Inv Reg, 567 JP Morgan India Short Term Income, 661 LIC MF ETF Nifty 50, 56
ICICI Pru Gilt Inv PF, 608 IDFC SSI Medium-term Reg, 657 JP Morgan India Tax Advantage, 257 LIC MF ETF Sensex, 57
ICICI Pru Gilt Tre PF, 680 IDFC SSI Short Term Reg, 658 JP Morgan India Top 100 Reg, 48 LIC MF Govt Sec, 620
ICICI Pru Global Stable Equity, 295 IDFC Sterling Equity Reg, 193 JP Morgan India Treasury Super Inst, 768 LIC MF Govt Sec PF, 621
ICICI Pru Income, 565 IDFC Tax Advantage (ELSS) Reg, 254 JP Morgan US Value Equity Offshore Reg, 303 LIC MF Growth, 58
ICICI Pru Income Opportunities, 566 IDFC Ultra Short Term Reg, 760 Kotak 50 Reg, 49 LIC MF G-Sec Long Term ETF, 622
ICICI Pru Indo Asia Equity, 128 IIFL Dynamic Bond Reg, 721 Kotak Asset Allocator Reg, 504 LIC MF Income Plus, 666
ICICI Pru Infrastructure, 341 IIFL India Growth Reg, 137 Kotak Balance Reg, 411 LIC MF Index Nifty, 59
ICICI Pru Liquid Plan, 811 IIFL Liquid Reg, 815 Kotak Banking and PSU Debt Reg, 769 LIC MF Index Sensex, 60
ICICI Pru Long Term Equity (Tax Saving), 252 Indiabulls Arbitrage Reg, 515 Kotak Banking ETF Reg, 319 LIC MF Infrastructure, 346
ICICI Pru Long Term Gilt, 609 Indiabulls Bluechip, 41 Kotak Bond Plan A, 575 LIC MF Liquid, 825
ICICI Pru Long-term, 718 Indiabulls Gilt, 613 Kotak Bond Short-term Reg, 662 LIC MF Midcap Reg, 200
ICICI Pru Midcap, 190 Indiabulls Income Reg, 568 Kotak Classic Equity Reg, 50 LIC MF MIP, 485
ICICI Pru Midcap Select iWIN ETF, 129 Indiabulls Liquid, 816 Kotak Corporate Bond Standard, 576 LIC MF Savings Plus, 667
ICICI Pru MIP, 475 Indiabulls Monthly Income Plan Reg, 481 Kotak Emerging Equity Reg, 225 LIC MF Tax Plan, 261
ICICI Pru MIP 25, 476 Indiabulls Short Term Reg, 659 Kotak Equity Arbitrage Reg, 518 LIC MF ULIS, 417
ICICI Pru Money Market, 812 Indiabulls Ultra Short Term, 761 Kotak Equity Savings Reg, 412 Mahindra Liquid Reg, 826
ICICI Pru Multicap, 130 Indiabulls Value Discovery Reg, 224 Kotak Flexi Debt Plan A, 663 Mahindra Mutual Fund Kar Bachat Yojana Reg, 262
ICICI Pru Nifty 100 iWIN ETF, 29 Invesco India Active Income, 569 Kotak Floater ST Reg, 821 Mirae Asset Cash Management, 827
ICICI Pru Nifty Index, 30 Invesco India Arbitrage, 516 Kotak Gilt Inv PF & Trust, 617 Mirae Asset China Advantage, 307
ICICI Pru Nifty iWIN ETF, 31 Invesco India Bank Debt, 660 Kotak Gilt Inv Regular, 618 Mirae Asset Emerging Bluechip Reg, 201
ICICI Pru Nifty Next 50 Index, 131 Invesco India Banking, 318 Kotak Global Emerging Market Reg, 304 Mirae Asset Great Consumer Reg, 147
ICICI Pru NV20 iWIN ETF, 32 Invesco India Business Leaders, 42 Kotak Income Opportunities Reg, 702 Mirae Asset India Opportunities Regular, 61
ICICI Pru Regular Income, 477 Invesco India Contra, 138 Kotak Infra and Eco Reform Standard, 344 Mirae Asset Prudence Reg, 418
ICICI Pru Regular Savings, 698 Invesco India Corporate Bond Opportunities Reg, 700 Kotak Liquid Plan A, 822 Mirae Asset Savings Fund - Regular Savings Plan, 774
ICICI Pru Savings, 755 Invesco India Credit Opportunities, 762 Kotak Low Duration Standard, 770 Mirae Asset Tax Saver Reg, 263
ICICI Pru Select Large Cap, 33 Invesco India Dynamic Equity, 43 Kotak Medium Term Reg, 577 Motilal Oswal MOSt Focused 25 Reg, 62
ICICI Pru Sensex iWIN ETF, 34 Invesco India Gilt Longer Duration, 614 Kotak Mid-Cap Reg, 197 Motilal Oswal MOSt Focused Dynamic Equity Reg, 419
ICICI Pru Short Term Gilt, 681 Invesco India Global Equity Income Reg, 297 Kotak MIP Reg, 483 Motilal Oswal MOSt Focused Long Term Reg, 264
ICICI Pru Short-term, 652 Invesco India Growth, 44 Kotak Multi Asset Allocation Reg, 534 Motilal Oswal MOSt Focused Midcap 30 Reg, 202

Motilal Oswal MOSt Focused Multicap 35 Reg, 148 Reliance Gilt Securities PF, 626 Sundaram Balanced Reg, 427 UTI Balanced, 431
Motilal Oswal MOSt Shares M100 ETF, 203 Reliance Growth, 207 Sundaram Banking & PSU Debt Reg, 585 UTI Banking & PSU Debt Reg, 676
Motilal Oswal MOSt Shares M50 ETF, 63 Reliance Income, 583 Sundaram Bond Saver Reg, 586 UTI Banking Sector Reg, 330
Motilal Oswal MOSt Shares NASDAQ-100 ETF, 308 Reliance Index Nifty, 76 Sundaram Equity Multiplier, 161 UTI Bluechip Flexicap, 94
Motilal Oswal MOSt Ultra Short Term Bond Reg, 775 Reliance Index Sensex, 77 Sundaram Equity Plus, 539 UTI Bond, 590
Peerless 3 in 1, 535 Reliance Japan Equity, 311 Sundaram Financial Services Opp Reg, 327 UTI CCP Advantage, 432
Peerless Equity, 150 Reliance Liquid Cash, 832 Sundaram Flexible Fund - Flexible Income Reg, 587 UTI CCP Balanced, 448
Peerless Flexible Income, 724 Reliance Liquid Treasury Inst, 833 Sundaram Flexible Fund ST Reg, 784 UTI CRTS 81, 449
Peerless Income Plus, 486 Reliance Liquidity, 834 Sundaram Gilt Reg, 629 UTI Dividend Yield, 172
Peerless Liquid Reg, 828 Reliance Media & Entertainment, 373 Sundaram Global Advantage, 313 UTI Dynamic Bond, 732
Peerless Long Term Advantage Reg, 265 Reliance Medium Term, 671 Sundaram Income Plus, 785 UTI Equity, 95
Peerless Midcap Reg, 204 Reliance Mid & Small Cap, 228 Sundaram Infrastructure Advantage Reg, 349 UTI Floating Rate ST Reg, 792
Peerless Short Term, 668 Reliance MIP, 488 Sundaram MIP Aggressive, 494 UTI Gilt Advantage Long-term, 632
Peerless Ultra Short Term Reg, 776 Reliance Money Manager, 780 Sundaram MIP Conservative, 495 UTI G-Sec Short-term, 685
Parag Parikh Long Term Value Reg, 149 Reliance NRI Equity, 78 Sundaram Money Reg, 838 UTI Income Opportunities, 709
Principal Arbitrage Reg, 520 Reliance Pharma, 353 Sundaram Rural India Reg, 376 UTI India Lifestyle, 378
Principal Asset Allocation Fund of Funds Aggressive Reg, 536 Reliance Quant Plus Retail, 79 Sundaram S.M.I.L.E. Reg, 232 UTI Infrastructure, 352
Principal Asset Allocation Fund of Funds Cons Reg, 487 Reliance Regular Savings Balanced, 423 Sundaram Select Debt Short-term Asset Plan, 674 UTI Liquid Cash Inst, 843
Principal Asset Allocation Fund of Funds Moderate Reg, 537 Reliance Regular Savings Debt, 707 Sundaram Select Focus Reg, 88 UTI Long Term Equity, 275
Principal Balanced, 420 Reliance Regular Savings Equity, 208 Sundaram Select Midcap Reg, 211 UTI Mahila Unit Scheme, 450
Principal Bank CD Reg, 777 Reliance Retirement Fund - Income Generation Scheme, 489 Sundaram Taxsaver, 271 UTI Mastershare, 96
Principal Cash Mgmt, 829 Reliance Retirement Fund - Wealth Creation Scheme, 156 Sundaram Ultra ST Reg, 786 UTI Medium Term Reg, 591
Principal Credit Opportunities, 705 Reliance Short-term, 672 Tata Balanced Reg, 428 UTI Mid Cap, 215
Principal Debt Savings Retail, 581 Reliance Small Cap, 229 Tata Banking and Financial Services Reg, 328 UTI MIS - Advantage, 496
Principal Dividend Yield, 151 Reliance Tax Saver, 269 Tata Digital India Reg, 362 UTI MMMF Inst, 844
Principal Dynamic Bond, 725 Reliance Top 200 Retail, 80 Tata Dividend Yield Reg, 162 UTI MNC, 379
Principal Emerging Bluechip, 205 Reliance US Equity Opportunities, 312 Tata Dynamic Bond Reg, 729 UTI Monthly Income Scheme, 497
Principal Equity Savings, 421 Reliance Vision, 81 Tata Equity Opportunities Reg, 163 UTI Multi Cap Reg, 173
Principal Global Opportunities, 309 SBI Arbitrage Opportunities, 522 Tata Equity PE Reg, 212 UTI Nifty ETF, 97
Principal Growth, 152 SBI Banking & Financial Services Reg, 325 Tata Ethical Reg, 164 UTI Nifty Index Fund, 98
Principal GSF, 623 SBI Bluechip, 82 Tata Floater Reg, 787 UTI Opportunities, 99
Principal Index Fund - Midcap Reg, 206 SBI Contra, 157 Tata Gilt Mid Term Plan Reg, 630 UTI Pharma & Healthcare, 356
Principal Index Nifty, 64 SBI Corporate Bond, 708 Tata Gilt Short Maturity Reg, 684 UTI Retirement Benefit Pension, 451
Principal Large Cap, 65 SBI Dynamic Asset Allocation Reg, 506 Tata GSF Reg, 631 UTI Sensex ETF, 100
Principal Low Duration, 778 SBI Dynamic Bond, 728 Tata Income Plus Reg, 588 UTI Short-term Income Inst, 677
Principal Personal Tax Saver, 266 SBI Emerging Businesses, 209 Tata Income Reg, 589 UTI SPrEAD, 523
Principal Retail Money Manager, 779 SBI Equity Savings Reg, 424 Tata Index Nifty Reg, 89 UTI Top 100, 174
Principal Short Term Income, 669 SBI ETF 10 Year Gilt, 627 Tata Index Sensex Reg, 90 UTI Transportation and Logistics, 380
Principal Smart Equity, 505 SBI ETF BSE 100 Fund, 83 Tata India Consumer Reg, 165 UTI Treasury Advantage Inst, 793
Principal Tax Savings, 267 SBI ETF Nifty 50, 84 Tata India Pharma & HealthCare Reg, 355 UTI ULIP, 452
Quantum Dynamic Bond, 726 SBI ETF Nifty Bank Fund, 326 Tata India Tax Savings, 272 UTI Wealth Builder Retail, 381
Quantum Equity FoF, 153 SBI ETF Nifty Next 50 Fund, 158 Tata Infrastructure Reg, 350
Quantum Index, 66 SBI ETF Sensex, 85 Tata Large Cap Reg, 91
Quantum Liquid, 830 SBI FMCG, 332 Tata Liquid Reg, 839
Quantum Long Term Equity, 67 SBI Infrastructure, 348 Tata Midcap Growth Reg, 213
Quantum Multi Asset, 538 SBI IT, 361 Tata Money Market Reg, 840
Quantum Tax Saving, 268 SBI Magnum Balanced, 425 Tata Regular Saving Equity Reg, 429
CPSE ETF, 8 SBI Magnum Children’s Benefit Plan, 490 Tata Resources & Energy Reg, 377
Reliance Arbitrage Advantage, 521 SBI Magnum COMMA, 374 Tata Retirement Savings Conservative Reg, 446
R*Shares Bank BeES, 322 SBI Magnum Equity, 86 Tata Retirement Savings Moderate Reg, 430
R*Shares CNX 100 ETF, 68 SBI Magnum Gilt Long-term, 628 Tata Retirement Savings Progressive Reg, 166
R*Shares Consumption ETF, 69 SBI Magnum Gilt Short-term, 683 Tata Short-term Bond Reg, 675
R*Shares Dividend Opportunities ETF, 70 SBI Magnum Global, 210 Tata Treasury Manager Reg, 788
R*Shares Hang Seng BeES, 310 SBI Magnum Income, 584 Tata Young Citizens Reg, 447
R*Shares Infra BeES, 347 SBI Magnum InstaCash Liquid Floater Reg, 835 Taurus Banking & Financial Services Reg, 329
R*Shares Junior BeES, 154 SBI Magnum InstaCash Reg, 836 Taurus Bonanza Reg, 92
R*Shares Liquid BeES, 831 SBI Magnum Midcap, 230 Taurus Discovery Reg, 214
R*Shares Long Term Gilt ETF, 624 SBI Magnum MIP, 491 Taurus Dynamic Income Reg, 730
R*Shares Nifty BeES, 71 SBI Magnum MIP Floater, 492 Taurus Ethical Reg, 167
R*Shares NV20 ETF, 72 SBI Magnum MultiCap, 159 Taurus Infrastructure Reg, 351
R*Shares PSU Bank BeES, 323 SBI Magnum Multiplier, 160 Taurus Liquid Reg, 841
R*Shares Sensex ETF, 73 SBI Magnum Taxgain, 270 Taurus Nifty Index Reg, 93
R*Shares Shariah BeES, 74 SBI Nifty Index, 87 Taurus Short Term Income Reg, 789
Reliance Banking, 324 SBI Pharma, 354 Taurus Starshare Reg, 168
Reliance Banking & PSU Debt, 582 SBI Premier Liquid, 837 Taurus Tax Shield Reg, 273
Reliance Corporate Bond, 706 SBI PSU, 375 Taurus Ultra Short Term Bond Reg, 790
Reliance Diversified Power Sector, 372 SBI Regular Savings, 493 Union KBC Asset Allocation Moderate, 540
Reliance Dynamic Bond, 727 SBI Savings, 781 Union KBC Dynamic Bond, 731
Reliance Equity Opportunities, 155 SBI Short Term Debt, 673 Union KBC Equity, 171
Reliance Equity Savings, 422 SBI Small & Midcap, 231 Union KBC Liquid, 842
Reliance Floating Rate ST, 670 SBI Treasury Adv, 782 Union KBC Small and Midcap Reg, 233
Reliance Focused Large Cap, 75 SBI Ultra Short Term Debt, 783 Union KBC Tax Saver, 274
Reliance Gilt Securities, 625 Shriram Equity and Debt Opportunities, 426 Union KBC Ultra Short Term Debt, 791

SCOR EBOARD
Fund snapshot
Here are the performance data of the Indian mutual-fund industry as of October 2016
Category/benchmark 1 mth 3 mths 1 yr 3 yrs 5 yrs 10 yrs ASSETS (SEPTEMBER ’16)
Equity: Large Cap 0.74 1.48 9.78 15.31 12.33 9.70
Equity: Multi Cap 1.62 4.08 14.03 21.51 15.77 12.31
Long-term assets Short-term assets
Equity: Mid Cap

Equity: Small Cap
2.42
4.43
6.08
8.28
16.72
22.40
30.70
39.82
20.55
24.74
14.14
15.03
` 9,48,112 ` 6,38,359
Equity: Others 2.41 5.44 18.11 24.85 15.82 12.44 ` 15,86,470 cr
Equity: Tax Planning 1.75 4.20 14.33 22.63 16.43 11.22
Equity: International -1.34 -0.77 7.82 1.41 4.48 5.50 Short-term assets include assets in
FMPs, ultra short-term and liquid funds.
Equity: Infrastructure 2.60 4.09 12.31 24.49 11.16 8.29 Long-term assets comprise the rest.
S&P BSE Sensex Index 0.27 -0.39 4.82 9.72 9.56 7.98
2,490
Nifty 50 Index 0.31 -0.01 7.09 11.12 10.16 8.72
S&P BSE 100 Index 0.70 0.78 8.93 12.51 10.85 8.83
S&P BSE 200 Index 0.94 1.69 10.29 14.69 11.74 9.18
NUMBER OF SCHEMES
Nifty 500 Index 1.34 2.24 11.01 16.00 12.20 9.18
Nifty Infrastructure Index 2.73 -3.26 1.27 6.25 1.36 0.18
-10.75%
Equity: Banking 1.94 5.19 20.15 21.23 13.09 16.05
S&P BSE Bankex Index 1.54 3.25 13.20 19.63 14.35 13.19
Equity: FMCG 1.79 -0.82 11.88 15.62 18.82 17.74
S&P BSE FMCG Index 0.64 -2.41 8.51 7.72 15.21 15.31 BIGGEST EQUITY-FUND LOSER
Kotak World Gold Fund - Standard Plan
Equity: Pharma 0.67 -0.31 -6.25 24.46 22.17 17.85
23
S&P BSE Healthcare Index 1.19 0.46 -9.37 19.48 21.70 16.22
Equity: Technology -0.88 -5.34 -7.05 9.95 13.62 8.93
S&P BSE IT Index -2.29 -7.57 -11.27 5.65 11.40 7.56
Hybrid: Equity-oriented 1.23 3.23 11.38 17.72 13.68 11.00 NEW SCHEMES
Hybrid: Debt-oriented Aggressive 0.82 2.65 11.34 14.86 11.80 9.29
Hybrid: Debt-oriented Conservative 0.87 2.98 10.82 12.26 10.24 9.12
11.63%
Hybrid: Arbitrage 0.52 1.81 6.75 7.82 8.18 7.75
Hybrid: Asset Allocation 0.95 2.61 12.02 15.75 12.19 9.83
VR Balanced Index 0.34 0.43 7.32 10.49 9.71 8.32 BIGGEST EQUITY-FUND GAINER
VR MIP Index 0.42 1.57 7.90 8.90 8.58 7.35 HSBC Brazil Fund - Direct Plan
Debt: Liquid 0.57 1.71 7.64 8.38 8.67 7.83
29,034 cr
Debt: Ultra Short Term 0.58 2.01 8.52 8.90 9.01 7.99
Debt: Short Term
Debt: Income
0.67
0.61
2.42
2.90
9.32
10.23
9.37
10.27
9.09
9.35
8.67
8.03 `
Debt: Credit Opportunities 0.73 2.81 10.17 10.48 9.55 8.08 BIGGEST FUND
Debt: Dynamic Bond 0.62 3.09 10.91 10.64 10.09 8.07
ICICI Prudential Liquid Plan
Debt: Gilt Short Term 0.77 2.61 10.60 9.36 8.93 7.47
1.09%
Debt: Gilt Medium & Long Term 0.62 3.43 12.35 11.82 10.45 8.56
VR Bond Index 0.46 2.18 8.21 8.11 8.03 6.88
CCIL All Sovereign Bond - TRI 0.68 3.69 13.60 12.72 11.28 8.50
CCIL T Bill Liquidity Weight 0.35 1.11 4.70 5.33 5.45 4.76 BIGGEST DEBT-FUND GAINER
SBI Magnum Gilt Fund - ST - Direct Plan
Returns (%) as on October 31, 2016

SCOR EBOARD
SIP returns
Worth of the monthly SIP of `10,000, aggregating to `12 lakh in ten years
5-year 10-year 5-year 10-year
Return Value Return Value Return Value Return Value
Scheme name Rating (%) (` lakh) (%) (` lakh) Scheme name Rating (%) (` lakh) (%) (` lakh)
Franklin India Smaller Companies 33.23 13.50 22.95 40.35 Reliance Regular Savings Equity 18.28 9.45 14.82 26.03
Canara Robeco Emerging Equities 31.44 12.95 22.77 39.95 Canara Robeco Equity Tax Saver 15.05 8.73 14.76 25.94
Sundaram Select Midcap 29.60 12.40 21.35 36.99 HDFC Long Term Advantage 18.23 9.44 14.75 25.93
UTI Mid Cap 29.72 12.44 21.30 36.90 Kotak Opportunities 19.85 9.82 14.74 25.92
ICICI Pru Value Discovery 23.67 10.77 20.68 35.69 Birla SL Top 100 18.40 9.48 14.70 25.86
Franklin India Prima 28.43 12.06 20.60 35.53 Taurus Discovery 23.99 10.85 14.68 25.84
SBI Magnum Midcap 31.31 12.91 20.22 34.80 ICICI Pru Child Care-Gift 19.06 9.63 14.66 25.81
L&T Midcap 29.34 12.33 20.11 34.59 UTI Equity 16.31 9.01 14.59 25.71
Sundaram S.M.I.L.E. 29.96 12.51 19.75 33.93 DSPBR Equity 18.04 9.40 14.47 25.55
IDFC Premier Equity 21.17 10.14 19.63 33.71 SBI Magnum Balanced 19.31 9.69 14.46 25.53
BNP Paribas Midcap 26.87 11.63 19.18 32.91 ICICI Pru Dynamic 16.44 9.04 14.38 25.42
SBI Emerging Businesses 20.50 9.98 18.51 31.74 SBI Magnum MultiCap 22.39 10.44 14.35 25.38
SBI Magnum Global 23.26 10.66 18.49 31.70 Birla SL Dividend Yield Plus 14.72 8.66 14.27 25.27
Kotak Mid-Cap 26.73 11.58 18.37 31.50 Templeton IGF 18.56 9.52 14.23 25.22
Birla SL Mid Cap 25.78 11.33 18.26 31.31 L&T Equity 16.74 9.10 14.13 25.09
Tata Midcap Growth 25.82 11.34 18.23 31.27 Tata Ethical 16.21 8.99 14.11 25.06
Reliance Tax Saver 22.62 10.50 17.59 30.21 DSPBR Balanced 18.29 9.45 14.10 25.05
Tata Equity PE 23.57 10.74 17.33 29.79 Tata Equity Opportunities 18.64 9.54 14.05 24.98
ICICI Pru Midcap 26.38 11.49 17.25 29.66 Templeton India Eqt Income 16.54 9.06 14.04 24.96
HDFC Balanced 19.33 9.70 17.07 29.37 Franklin India Balanced 17.78 9.34 13.99 24.90
HDFC Childrens Gift Inv 18.08 9.41 16.91 29.12 BNP Paribas Long Term Equity 18.23 9.44 13.94 24.83
ICICI Pru Long Term Equity 20.17 9.90 16.70 28.80 HDFC Taxsaver 16.54 9.06 13.94 24.83
Franklin India Taxshield 19.63 9.77 16.41 28.35 L&T Tax Saver 21.57 10.24 13.89 24.76
Quantum Long Term Equity 18.20 9.43 16.31 28.20 Principal Tax Savings 21.10 10.12 13.78 24.62
Birla SL Equity 24.21 10.91 16.25 28.11 Sundaram Taxsaver 18.54 9.51 13.75 24.57
Reliance Equity Opportunities 16.16 8.98 16.23 28.07 Principal Growth 21.00 10.10 13.73 24.55
BNP Paribas Dividend Yield 18.77 9.57 16.13 27.93 SBI Magnum Equity 16.59 9.07 13.69 24.50
Goldman Sachs Nifty Junior BeES 21.39 10.19 16.06 27.82 HDFC Top 200 15.16 8.76 13.66 24.46
Franklin India Prima Plus 20.06 9.87 16.05 27.80 HSBC India Opportunities 19.22 9.67 13.65 24.45
Tata Balanced 18.82 9.58 16.04 27.78 UTI Opportunities 12.78 8.26 13.60 24.38
HDFC Prudence 17.93 9.37 15.93 27.62 ICICI Pru Top 100 16.42 9.03 13.57 24.34
HDFC Capital Builder 19.45 9.73 15.87 27.53 Escorts Growth 21.25 10.16 13.45 24.18
Birla SL Advantage 24.24 10.92 15.74 27.34 Franklin India Life Stage FoF 20s 15.70 8.87 13.43 24.16
Tata India Tax Savings 21.18 10.14 15.66 27.23 Reliance NRI Equity 15.25 8.78 13.40 24.12
SBI Magnum Multiplier 20.97 10.09 15.61 27.15 SBI Magnum Taxgain 17.23 9.21 13.37 24.09
Reliance Regular Savings Balanced 17.58 9.29 15.56 27.08 Canara Robeco Equity Diversified 13.45 8.40 13.33 24.03
Birla SL Balanced ‘95 18.68 9.54 15.51 27.01 Principal Large Cap 15.97 8.93 13.28 23.97
HSBC Midcap Equity 27.67 11.85 15.50 27.00 Franklin India Opportunities 19.18 9.66 13.11 23.75
ICICI Pru Balanced 19.17 9.66 15.44 26.91 BNP Paribas Equity 16.45 9.04 13.04 23.67
DSPBR Opportunities 21.25 10.16 15.43 26.90 Franklin India Bluechip 14.69 8.66 13.03 23.65
Birla SL Frontline Equity 18.39 9.48 15.31 26.73 Birla SL Tax Savings 18.30 9.46 13.01 23.62
Birla SL Tax Relief 96 22.20 10.40 15.29 26.70 Kotak Tax Saver 18.69 9.55 12.92 23.51
Tata Dividend Yield 16.34 9.02 15.19 26.55 Principal Balanced 17.16 9.20 12.73 23.27
L&T Tax Adv 18.45 9.49 15.16 26.51 HDFC Growth 14.72 8.66 12.68 23.22
Franklin India Flexi Cap 18.69 9.55 15.13 26.47 HDFC Core & Satellite 16.07 8.96 12.58 23.09
ICICI Pru Multicap 20.83 10.06 15.10 26.42 DSPBR Top 100 Equity 14.47 8.61 12.43 22.90
Birla SL Tax Plan 21.32 10.18 15.05 26.35 Taurus Tax Shield 13.97 8.51 12.36 22.82
Reliance Growth 20.40 9.95 15.05 26.35 Tata Large Cap 14.08 8.53 12.29 22.74
L&T India Spl Situations 18.16 9.42 14.97 26.24 Principal Dividend Yield 15.38 8.81 12.18 22.61
Canara Robeco Balance 17.50 9.27 14.87 26.10 UTI CCP Advantage 15.38 8.81 12.17 22.60
SBI Bluechip 20.37 9.94 14.85 26.07 UTI Dividend Yield 12.27 8.16 12.13 22.54
HDFC Equity 16.92 9.14 14.84 26.06 UTI Balanced 15.14 8.75 12.10 22.51

SCOR EBOARD
5-year 10-year
Return Value Return Value
40.35 lakh
Scheme name Rating (%) (` lakh) (%) (` lakh)
Kotak 50 15.36 8.80 12.09 22.50

UTI Mastershare
Kotak Classic Equity

14.43
14.29
8.60
8.57
12.08
12.03
22.49
22.42 `
Reliance Vision 15.97 8.93 11.83 22.19
Worth of `10,000 SIP in Franklin India Smaller Companies
SBI Contra 16.08 8.96 11.66 21.98
Fund, the fund with the highest gains, over past ten years
DHFL Pramerica Tax Plan 17.45 9.26 11.63 21.95
14.81 lakh
Principal Personal Tax Saver 16.05 8.95 11.63 21.95
Kotak Balance 14.28 8.57 11.59 21.91
Baroda Pioneer Growth
Baroda Pioneer ELSS 96

15.52
16.48
8.84
9.05
11.58
11.52
21.89
21.83 `
HDFC Premier Multi-Cap 14.06 8.52 11.47 21.76
Worth of `10,000 SIP in DSP BlackRock Micro Cap Fund, the
UTI Long Term Equity 15.14 8.75 11.45 21.75
fund with the highest gains, over past five years
DHFL Pramerica Large Cap 15.07 8.74 11.34 21.61
IDFC Classic Equity 15.93 8.93 11.10 21.35
Taurus Starshare 13.35 8.38 11.06 21.30
HDFC Index Sensex Plus 11.82 8.07 11.02 21.25
7.7% p.a. 24.4% p.a.

LIC MF Tax Plan 15.85 8.91 10.92 21.14
Escorts Tax Plan Not rated 22.84 10.56 10.84 21.05
ICICI Pru Advisor-Very Aggressive Not rated 12.72 8.25 10.64 20.83
Reliance Focused Large Cap 15.90 8.92 10.59 20.77
LIC MF Growth 13.87 8.48 10.56 20.74 THE LEAST THAT THE MOST THAT
UTI Bluechip Flexicap 13.57 8.42 10.45 20.62 an SIP would have an SIP would have
HDFC Equity Savings Not rated 11.18 7.94 10.34 20.50 earned over the past earned over the past
DHFL Pramerica Balanced Adv. Not rated 13.59 8.43 10.25 20.40 15 years 15 years
Goldman Sachs Nifty BeES 11.71 8.05 10.24 20.40
HSBC Equity 13.42 8.39 10.06 20.20
129 159
Baroda Pioneer Balance 13.66 8.44 9.96 20.10
ICICI Pru Sensex iWIN ETF 11.07 7.92 9.96 20.09
ICICI Pru Nifty Index 11.24 7.95 9.87 20.00
IDFC Equity 10.99 7.90 9.50 19.60
OF FUNDS
UTI Nifty Index Fund 11.32 7.97 9.46 19.57 Earned more than Goldman Sachs Nifty ETS over the
Sundaram Balanced 11.64 8.03 9.42 19.53 past ten years
152 159
Franklin IIF NSE Nifty 10.82 7.87 9.29 19.40
HDFC Index Nifty 11.45 7.99 9.19 19.29
Principal Index Nifty 10.85 7.88 9.17 19.27
JM Balanced 12.51 8.21 9.10 19.20 OF FUNDS
Tata Index Nifty 10.54 7.82 9.02 19.12
Birla SL Index 10.63 7.83 8.97 19.07 Beat the risk-free return of 8.4 per cent from the post office
HDFC Index Sensex 10.82 7.87 8.92 19.02 recurring deposit account
SBI Nifty Index 10.47 7.80 8.91 19.00
IDFC Imperial Equity 10.07 7.73 8.90 19.00
DHFL Pramerica Equity Income Not rated 10.51 7.81 8.88 18.98 SIP FREQUENCY
Taurus Bonanza 12.34 8.17 8.83 18.93 SIP is a technique to keep investing irrespective of market
LIC MF Index Nifty 10.44 7.80 8.70 18.80 ups and downs to average costs.
LIC MF Equity 10.96 7.90 8.64 18.74
There is no basis for saying that a particular frequency
LIC MF Balanced 10.89 7.88 8.49 18.60 of investment is the most profitable.
Tata Index Sensex 9.72 7.66 8.47 18.57
To get the best out of your SIP, you need to keep it
HDFC Large Cap Not rated 10.13 7.74 8.41 18.52
simple by following a natural savings cycle to decide the
Sundaram Select Focus 10.33 7.77 8.32 18.43 optimum frequency.
LIC MF Index Sensex 9.35 7.59 8.12 18.23
SIP should be a function of your convenience and
JM Equity 12.46 8.19 7.92 18.04
natural earning and investing cycle, be it monthly,
Tata Regular Saving Equity Not rated 8.59 7.45 7.78 17.91
weekly or quarterly.
Reliance Quant Plus 10.15 7.74 7.55 17.70
LIC MF ULIS 10.04 7.72 7.53 17.68 Over the long term the returns from daily, weekly, monthly
and quarterly SIPs when investing in the Sensex come to
Principal Equity Savings Not rated 7.92 7.32 7.39 17.55
9.58, 9.68, 9.54 and 9.76 per cent, respectively.

Star ratings of funds are recalculated each month with no subjective input. A
Value Research
fund is rated only when there are a minimum ten funds in the category, with
TOP-RATED a minimum three-year history for equity and hybrid funds and eighteen-
month for bond funds. In the case of equity funds, a fund’s overall rating
FUNDS 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 (51/238)
HYBRID: DEBT-ORIENTED CONSERVATIVE L&T Resurgent India Corporate Bond Reliance Medium Term Fund
Birla Sun Life MIP II - Savings 5 Plan UTI Medium Term Fund UTI Banking & PSU Debt Fund
HDFC Childrens Gift Fund - Savings
DEBT: CREDIT OPPORTUNITIES DEBT: ULTRA SHORT TERM
ICICI Pru Child Care Plan - Study Plan
Baroda Pioneer Credit Opportunities Baroda Pioneer Treasury Advantage
ICICI Prudential Regular Income Fund
BOI AXA Corporate Credit Spectrum BOI AXA Treasury Advantage Fund
IDFC Asset Allocation - Conservative
DHFL Pramerica Credit Opportunities DHFL Pramerica Low Duration Fund
SBI Magnum Children’s Benefit Plan
DHFL Pramerica Ultra Short Term Fund
DEBT: DYNAMIC BOND
SBI Magnum Monthly Income Plan
Franklin India Ultra Short Bond Fund
Birla Sun Life Dynamic Bond Fund
SBI Magnum MIP - Floater
Indiabulls Ultra Short Term Fund
ICICI Prudential Long Term Fund
DEBT: INCOME Invesco India Credit Opportunities Fund
DEBT: SHORT TERM
Birla Sun Life Treasury Optimizer Fund JM Floater Long Term Fund
Baroda Pioneer Short Term Bond Fund
DHFL Pramerica Banking & PSU Debt JM Money Manager Fund
Birla Sun Life Short Term Fund
DHFL Pramerica Inflation Indexed Bond Kotak Low Duration Fund
BNP Paribas Short Term Income Fund
DHFL Pramerica Medium Term Income L&T Floating Rate Fund
BOI AXA Short Term Income Fund
Escorts Income Fund Principal Retail Money Manager Fund
Escorts Short Term Debt Fund
HDFC Medium Term Opportunities Fund Taurus Short Term Income Fund
Franklin India Low Duration Fund
ICICI Pru Advisor Ser - Dynamic Accrual Taurus Ultra Short Term Bond Fund
HDFC Banking and PSU Debt Fund
ICICI Pru Banking & PSU Debt Fund UTI Treasury Advantage Fund
HDFC Short Term Fund
Invesco India Medium Term Bond Fund
Indiabulls Short Term Fund
Kotak Medium Term Fund
RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in October 2016
ICICI Prudential Dynamic Bond Fund
IDFC Banking Debt Fund
UTI Dynamic Bond Fund
Direct plans have been excluded. Funds suspended for sale have also been excluded.

Value Research pioneered mutual fund ratings way back in 1993 to enable
Value Research
investors make the right pick. The lowest rating is one star and the highest is
TOP-RATED 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-
FUNDS adjusted return from a fund is the sole basis of Value Research fund rating
(detailed methodology on page 66). Below are the schemes in various
categories that have been rated five and four star.
EQUITY (62/240)
HYBRID: EQUITY-ORIENTED SBI Magnum Equity Fund Principal Emerging Bluechip Fund
HDFC Balanced Fund UTI Equity Fund UTI Mid Cap Fund
HDFC Childrens Gift Fund - Investment EQUITY: SMALL CAP

EQUITY: MULTI CAP
ICICI Prudential Balanced Fund DSP BlackRock Micro Cap Fund
Birla Sun Life Advantage Fund
L&T India Prudence Fund Franklin India Smaller Companies Fund
Birla Sun Life Equity Fund
SBI Magnum Balanced Fund SBI Magnum Midcap Fund
Birla Sun Life Special Situations Fund
Tata Balanced Fund
Franklin India High Growth Companies EQUITY: TAX PLANNING
Tata Retirement Savings - Moderate
Franklin India Prima Plus Fund Axis Long Term Equity Fund
EQUITY: LARGE CAP Goldman Sachs Nifty Junior BeES Birla Sun Life Tax Plan
Birla Sun Life Frontline Equity Fund ICICI Prudential Multicap Fund Birla Sun Life Tax Relief 96
Birla Sun Life Top 100 Fund ICICI Prudential Value Discovery Fund DSP BlackRock Tax Saver Fund
DSP BlackRock Focus 25 Fund Franklin India Taxshield Fund
Invesco India Contra Fund
ICICI Prudential Long Term Equity Fund
ICICI Pru Focused Bluechip Equity Kotak Select Focus Fund
IDBI Equity Advantage Fund
Invesco India Dynamic Equity Fund Mirae Asset Great Consumer Fund
Invesco India Tax Plan
Invesco India Growth Fund Principal Growth Fund
Principal Tax Savings Fund
JP Morgan India Equity Fund SBI Magnum Multicap Fund
Reliance Tax Saver Fund
Kotak Classic Equity Fund SBI Magnum Multiplier Fund Tata India Tax Savings Fund
Mirae Asset India Opportunities Fund Tata Ethical Fund
Motilal Oswal MOSt Focused 25 Fund
EQUITY: MID CAP
Principal Large Cap Fund
Birla Sun Life Pure Value Fund
Quantum Long Term Equity Fund Franklin India Prima Fund
Reliance Focused Large Cap Fund HDFC Mid-Cap Opportunities Fund
Reliance NRI Equity Fund JP Morgan India Mid and Small Cap
Reliance Top 200 Fund L&T India Value Fund
SBI Bluechip Fund Mirae Asset Emerging Bluechip Fund
RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in October 2016
DHFL Pramerica Large Cap Fund Invesco India Business Leaders Fund
Franklin India Flexi Cap Fund Kotak 50 Fund
HSBC India Opportunities Fund SBI Magnum Global Fund
ICICI Prudential Indo Asia Equity Fund
Direct plans have been excluded. Funds suspended for sale have also been excluded.
Value Research mutual fund ratings are revised every month. The above ratings are as on October 31, 2016.


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THE RIGHT TIME TO SAVE TAX

So what do I do with my money?

TAX SAVER FUND

SHORTEST LOCK IN PERIOD AMONG TAX SAVING

GROWTH POTENTIAL: High caliber stocks with the

To know more, speak to your investment advisor or

8 Mutual Fund Insight December 2016

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And the Point Is... Direct Advice

13 First Page Time to celebrate

11 Value Research Online

Fund Analyst’s Choice 49

Ask Value Research 61

18 Fund Radar All your savings and investment queries answered

21 Quick Chat The ocean of opportunities

10 Mutual Fund Insight December 2016

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TOO MANY CHOICES

COMPARE TO CHOOSE PICK THE BEST OPTION

THE PAYOFF FROM A MULTITUDE OF OPTIONS, YOU GET TO

Mutual Fund Insight December 2016 11

Mutual Fund Insight December 2016 13

HEAD- It looked as if they had

14 Mutual Fund Insight December 2016

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Consult your To know more log on to

16 Mutual Fund Insight December 2016

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Approves rollover of HSBC Taurus Bonanza Fund

Changes benchmark for three

Mutual Fund Insight December 2016 17

6,050 4,780 4,346 3,426 1,968 1,956 810 340 99 80

No. of schemes Top ten funds with exposure to Tata companies

18 Mutual Fund Insight December 2016

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7.01 -5.44 2.88 1.24

6.49 -3.02 2.81 1.05

6.21 -2.57 2.78 1.04

5.63 -2.17 2.71 0.94

4.47 -1.55 2.56 0.17

20 Mutual Fund Insight December 2016

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The ocean of opportunities

Mutual Fund Insight December 2016 21

Most reliable funds

Birla Sun Life Frontline Equity 10 15.6 18.4 15.3 26.73

Data as on October 31, 2016

22 Mutual Fund Insight December 2016

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This product is suitable for investors who are seeking* Riskometer

• Capital growth over the long term

• Investment in equity and equity related securities.

• Degree of risk – MODERATELY HIGH

Investors understand that their principal will be at

Mutual Fund investments are subject to market risks,

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Performance of the funds managed by Fund Manager Akash Singhania

read all scheme related documents carefully.

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Catching funds in action

Infosys 347.24 33.24 1,558.59

Jun-20 10 lakh SBI Magnum Balanced 19.94 16.64 19.31

From being a limited-option category, equity-linked savings 23.28