Mutual Fund Insight September 2019

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CONTENTS
SEPTEMBER 2019
Volume XVI, Number 12 27 Cover Story
Editorial Retirement Planning

Principles
Value Research is an
independent investment
Essentials
research company. Our goal is z Plan for the future zAccumulate while working
to serve our readers with data,
information and knowledge z Earn after retirement
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 the best of our
abilities.
Editor Dhirendra Kumar

Research and Editorial Aakar Rastogi,
Aarati Krishnan, Ashutosh Gupta, Debjani
Chattopadhyay, Sandeep P, Shivani Gola, 24 Spotlight
Sneha Suri, and Vibhu Vats
Design Mukul Ojha and Kiran Sindhwal
Production Hira Lal ‘I don’t take
ADVERTISING
Venkat K Naidu: 09664048666
balance-sheet
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risks’
Address your correspondence to:
Editor, Mutual Fund Insight
AMIT GANATRA
5 Commercial Complex, Chitra Vihar, Fund Manager,
Delhi-110092, India Invesco Mutual Fund
e-mail: editor@valueresearchonline.com
© 2019 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092.
Editor: Dhirendra Kumar. Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi 110 092. Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi -92.
Registered with the Registrar of Newspapers for India, Registration Number DELENG/2003/11417
4 Mutual Fund Insight September 2019

11 First Page 39 Direct Advice
DHIRENDRA KUMAR AARATI KRISHNAN
A comfortable Investing in
old age turbulent times
8 Value Research Online 42 Ask Value Research

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12 Readers’ Viewpoints
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14 Fund Reporter
8SGDWHVRQPXWXDOIXQGV 49 Fund Analyst’s Choice
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15 SIP Sahi Hai
+RZWRDFKLHYH\RXUJRDOVZLWK6,3V 61 Scoreboard
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18 Fund Radar ZLWKNH\SHUIRUPDQFHQXPEHUVDQG
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87 SIP Returns
20 Portfolio Moves :RUWKRIWKHPRQWKO\6,3RI`LQYDULRXV
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21 Quick Chat 89 Top-Rated Funds

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22 Inside Funds
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FIRST PAGE
A comfortable old age
country has been that after ago and thought they had plenty of
retirement, all (or almost all) of money to last a lifetime. After a
your savings must be in ‘safe’ lifetime of earning in thousands,
fixed-income investments. having retirement savings
At Value Research, we have denominated in lakhs must have
always argued that this standard seemed like a big deal. However,
view of retirement finances is against the relentless march of
wrong. In fact, not only is it wrong, inflation, the lakhs start draining
it is positively dangerous and if it’s away faster and faster. They used
followed, it almost always dooms to buy milk at about `15 for a litre;
A lot of retirees feel that

they could have made
better choices and no
doubt they could. However, as the
old saying goes, “The best time to
senior citizens to old-age poverty.
‘Retirement’ is an event that takes
place on one appointed day, but
retired life is something that lasts
for a long time. Confusing the two
now it’s `50. That’s what has
already happened. However, we
never manage to project this
forward because it seems a little
unbelievable. And yet it will
have planted a tree was 10 years could lead to your senior years happen, as surely as night follows
ago. The second best time is being seriously uncomfortable day. There is no doubt that during
today.” The basic investment and financially. your lifetime, you will have to pay
retirement landscape in India has This is a sort of a paradox but `100 or `150 for a litre of milk. If
changed so much in the last 10-20 the only way to be ‘safe’ after you get a fever, a basic medicine
years that many retirees have been retirement is to invest in equity or like Crocin will cost maybe `20 a
caught out by old savings equity-heavy hybrid funds. Here’s tablet. Petrol will be `200 a litre
decisions that, in hindsight, have why. During the decades of retired and electricity will be `25 a unit.
not turned out to be optimal. Even life, inflation destroys the value of All this is inevitable.
so, many things are fixable and your savings relentlessly. Many, Even so, none of this needs to
can be optimised. many people find that as the years be the disaster it looks like.
However, those who are still in pass, their savings are just not Inflation is an enemy, but
the saving (accumulation) stage of enough. Eventually, at some point, investment returns can be your
their lives must ensure that they they realise that they are running friends that will help you fight it.
fix any problematic issues now, out of money. Nothing is worse There are definitely investment
and that is something that we have than a long period of old age strategies that will enable you to
tried to do in this issue. If you where an old couple gradually accumulate enough for retirement
thought that getting to a good- loses prosperity and then and earn enough from it so that
sized retirement corpus by the eventually enters poverty. And yet, you can happily make such
time you turned 60 was tough, all around us, all of us can see any expenditures long after retirement
then it’s better to face the bad number of senior citizens to whom and still leave plenty left to
news now. After retirement, in this is happening. bequeath to your descendants.
order to earn a life-long and It’s not my goal to frighten you, And it’s all here in this issue of
sustainable income from your but if fear is what it takes, then Mutual Fund Insight.
kitty, you will have to ignore sure, let it be fear. None of this is
everything that you have ever been theoretical. We all know people
told about your post-retirement who are in this situation. I have DHIRENDRA KUMAR
finances. The standard view in our neighbours who retired 20 years Editor
Mutual Fund Insight September 2019 11

READERS’ VIEWPOINTS
COVER STORY
Keep expenses low The next

Fund expenses can make or break
your portfolio returns. While they
revolution
shouldn’t be the primary criterion for The days of regular plans are
picking a fund, if you have to choose numbered. AMCs still want to
between two or more good funds, retain them because they get a
they become a determining factor. post-paid sales force aka dis-
Hence, going with direct plans tributors. With websites like
makes sense as they don’t entail dis- that of Value Research provid-
tributor commission. Another way to ing a lot of useful information,
reduce expenses is to go for index anyone can pick winning funds
funds and ETFs. Though there are without the help of an advisor.
still not ample options and volumes, The next revolution in the
passive funds have started to take off mutual fund industry will be
in India. That’s a welcome trend. phasing out of regular plans.
– JAGRITI – SIDDHARTHA
FUND RADAR HOW I DID IT
Need for insurance overhaul The right balance

Your analysis on open-end and again, the regulator has tried to Upbringing plays a significant role
closed-end funds presented an bring more transparency to the in determining your financial des-
interesting history. This tells us industry. Compare that with what tiny. If you have been taught the
about the shenanigans in the IRDA has done so far. Because of importance of money from child-
financial industry. There are the limited initiatives by the reg- hood and if you have been taught
many ingenious minds out there ulator, the insurance sector is to be disciplined, you will likely
that want to take your money still marred by lack of transpar- carry those qualities in your adult-
away. They set such rules that ency, mis-selling and bad prod- hood also. But if you have been
naturally work in their favour. ucts. It’s time that IRDA pulled spendthrift in your childhood or
Thanks to the efforts by the regu- up its socks. It can simply your guardians were indulgent
lator, the mutual fund space is be brought under SEBI. towards you, it’s likely that you
much reformed now. Time and – MATTHEW will grow a careless attitude about
money. It’s very difficult to reform
an adult as he feels whatever he is
doing is right. An adult also
finds company in other
like-minded ones, who
further motivate him
to do what he has
been doing. Hence,
teaching good
Correction: In the Portfolio Moves section of the August issue, Cholamandalam Investment money habits to your
erroneously appeared as a failed bet. In reality, the company had undergone a stock split of children is crucial.
one into five, which had lowered its stock price. The error is regretted. – RADHE
MAIL YOUR Mutual C-103, Sector 65, E-MAIL

LETTERS TO Fund PHONE: 0120-4201008, 4571008, 9868891830 mfi@valueresearchonline.com
Insight Noida - 201301

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FUND REPORTER UPDATES ON MUTUAL FUNDS
+:7^YP[LZVMMWLYJLU[ 3VHKJOHUNLZ
L_WVZ\YL[V**+ Scheme Date New load
DSP Mutual Fund wrote off 50 Edelweiss Arbitrage Fund Aug 1, 2019 0.10% for redemption within 30 days
per cent of its exposure to the Indiabulls Bluechip Fund, Indiabulls Equity Aug 1, 2019 1% for redemption within 7 days
NCDs issued by Cafe Coffee Day. Hybrid Fund
The exposure was secured with

the pledged shares of the compa-
ny, which fell by more than half -\UKTHUHNLYJOHUNLZ
after the demise of the compa- Schemes Existing Î New
ny’s founder. BOI AXA Equity Debt Rebalancer Nitish Gupta & Kotak Equity Savings Fund Deepak Gupta,
Saurabh Kataria Î Nitish Gupta & Ajay Abhishek Bisen and Arjun Khanna Î Harish
7.04HJX\PYLZ+/-3»ZZ[HRLPU Khandelwal Krishnan, Abhishek Bisen and Arjun Khanna
T\[\HSM\UK1= BOI AXA Liquid Nitish Gupta & Amit Modani Î Amit Kotak Global Emerging Market Fund, Kotak US
Modani Equity Fund, Kotak World Gold Fund Deepak
DHFL has sold its 50 per cent stake Gupta Î Arjun Khanna
BOI AXA Midcap Tax Fund Series 1 Saurabh
in the mutual fund joint venture to Kataria Î Aakash Manghani & Dhruv Bhatia Kotak Gold ETF Abhishek Bisen Î Abhishek
its partner Prudential Global Bisen and Satish Dondapati
BOI AXA Midcap Tax Fund Series 2 Saurabh
Investment Managers (Pramerica). Kataria Î Ajay Khandelwal & Dhruv Bhatia Kotak India EQ Contra Fund Deepak Gupta Î
The fund house is to be renamed Shibani Kurian
BOI AXA Small Cap Fund Saurabh Kataria & Ajay
as PGIM Mutual Fund. Khandelwal Î Ajay Khandelwal Kotak India Growth Fund Series 7 Devender
Singhal Î Shibani Kurian
BOI AXA Tax Advantage Saurabh Kataria Î
9H]P.VWHSRYPZOUHUPZOLHKVM Aakash Manghani Kotak Nifty ETF, Kotak NV 20 ETF, Kotak PSU
LX\P[`H[7YPUJPWHS DSP Equal Nifty 50 Fund, DSP Nifty 50 Index
Bank ETF, Kotak Sensex ETF Deepak Gupta Î
Devender Singhal and Satish Dondapati
Principal Mutual Fund has Fund, DSP Nifty Next 50 Index Fund, DSP Liquid
ETF Gauri Sekaria Î Anil Ghelani Motilal Oswal M50 ETF, Motilal Oswal Midcap
appointed Ravi Gopalkrishnan as 100 ETF Ashish Agarwal Î Swapnil Mayekar
Essel Arbitrage Fund Dhaval Choksi, Archit Shah Î
head of equity. He was earlier Pradeep Sukte, Archit Shah Motilal Oswal Multicap 35 Fund Swapnil Mayekar
working with Canara Robeco & Akash Singhania Î Herin Visaria & Akash
HSBC Asia Pacific (Ex Japan) Dividend Yield Kapil Singhania
Mutual Fund as head of equity. Punjabi & Ranjithgopal K A Î Priyankar Sarkar
Mr Gopalkrishnan has over 25 Motilal Oswal NASDAQ 100 Exchange Traded
HSBC Brazil, HSBC Global Emerging Markets Fund Swapnil Mayekar Î Herin Visaria
years of experience in equity Fund Ranjithgopal K A Î Priyankar Sarkar
investing. Motilal Oswal Nasdaq 100 FOF Ashish Agarwal &
HSBC Equity Hybrid Fund Kapil Punjabi & Neelotpal Abhiroop Mukherjee Î Swapnil Mayekar &
Sahai Î Kapil Punjabi, Neelotpal Sahai & Abhiroop Mukherjee
(UUV\UJLTLU[Z
Ranjithgopal K. A.
Principal Balanced Advantage Fund, Principal
HSBC Global Consumer Opportunities Fund Kapil Hybrid Equity Fund Bekxy Kuriakose & P V K
Punjabi & Ranjithgopal K A Î Priyankar Sarkar Mohan Î Bekxy Kuriakose & Ravi
HSBC Large and Mid Cap Equity Fund Neelotpal Gopalakrishnan
Sahai Î Neelotpal Sahai & Amaresh Mishra Principal Equity Savings Fund Gurvinder Singh
/+-*4\[\HS-\UK Wasan & P V K Mohan Î Gurvinder Singh Wasan
HSBC Regular Savings Fund Kapil Punjabi & Aditya
Introduces weekly SIPs in Khemani Î Kapil Punjabi & Gautam Bhupal & Ravi Gopalakrishnan
its funds. The minimum HSBC Small Cap Equity Fund Neelotpal Sahai Î Principal Multi Cap Growth Fund Siddarth Mohta
amount for a weekly SIP will Ankur Arora & P V K Mohan Î Siddarth Mohta & Ravi
Gopalakrishnan
be `1,000 for all the schemes HSBC Tax Saver Equity Aditya Khemani Î
Gautam Bhupal Principal Personal Tax Saver, Principal
except ELSS, where it will Retirement Savings Fund Conservative Plan,
be `500, and the minimum Kotak Asset Allocator Fund Deepak Gupta Î Moderate Plan, Progressive Plan, Principal Tax
number of installments will Devender Singhal and Arjun Khanna Savings P V K Mohan Î Ravi Gopalakrishnan
be six. Kotak Balanced Advantage Fund Deepak Gupta, Principal Small Cap Fund P V K Mohan & Siddarth
Harish Krishnan, Abhishek Bisen and Arjun Khanna Mohta Î Ravi Gopalakrishnan & Siddarth
Î Harish Krishnan, Abhishek Bisen and Arjun Mohta
<UPVU4\[\HS-\UK Khanna
SBI Banking & Financial Services Fund Sohini
Changes the name of Union Kotak Banking ETF Deepak Gupta Î Devender Andani Î Milind Agrawal, Sohini Andani
Tax Saver to ‘Union Long Singhal and Satish Dondapati
Term Equity Fund’. Kotak Equity Arbitrage Deepak Gupta Î Rukun
Tarachandani

SIP SAHI HAI
SPECIAL FEATURE
An Investor Education Initiative
How to achieve your

goals with SIPs
Doing your SIPs in a disciplined manner
can help you achieve large goals that
otherwise look daunting
Y
ou must have heard the story of the ant and the will have accumulated `11.62 lakh. This amount is
grasshopper. Knowing that the winters are almost magical to someone who only sees the end result.
approaching, the ant, along with the others in No matter how formidable your goal may appear, you
her colony, works hard to gather food grains and store can start saving towards it. Just break it into small parts
them. The grasshopper sees the ant working and mocks and this is what SIPs do for you. They help you
her. He believes that one should enjoy one’s present and overcome the inertia that may develop by just looking at
not worry about the future. He also finds it futile to look the sheer size of the corpus required. However, do revise
for single food grains and accumulate them. After all, your SIP amounts regularly as your income increases.
how much can one gather doing that? The ant tries to This will help you accumulate the desired corpus faster.
persuade the grasshopper that he should also make Also, if your SIPs weren’t enough for the goal amount,
provisions for the future, lest he would not find any you can make up for the shortfall. In the above
food in the winters. But the grasshopper turns a deaf ear illustration, if you also increase your SIPs by 10 per cent
to her advice. When the winters arrive, the ant has annually, you can accumulate `15.36 lakh.
accumulated more than enough food. A severe winter We all have multiple goals to accomplish: retirement,
and the snowfall covers all vegetation, leaving absolutely children’s education and weddings, buying a house or a
no food for the grasshopper. Out of hunger, he falls car, vacation and so on. It’s advisable that you run
unconscious. When the ant gets to know about that, it separate SIPs for each goal. This will help you gauge
offers food to the grasshopper, thus saving his life. your investment in a better way. Choose the right
It would not be wrong to call the ant an SIP investor. category of funds for each goal, depending on its
She kept accumulating grains – one at a time – and timeline. For goals that are more than five years away, go
eventually reached a stage where she had enough for the for equity funds. For goals that are three to five years
full season. She realised her goal through small away, equity-savings and conservative hybrid funds can
investments. For the grasshopper, the contributions were do the job. For goals that are one year to three years
too minuscule to make any appreciable difference. away, accumulate your corpus in short-term debt funds.
While SIPs may look small at the time you make For goals that are due in the next one year, ultra-short-
them, over time they accumulate to become a large duration funds or liquid funds are just fine.
amount. When you make those SIPs in an equity fund, While investing in equity, go through the SIP route.
you also stand to gain from capital appreciation over the This will ensure that you don’t invest all your money at
long run. For instance, if you invest `5,000 monthly in a market peak. And last but not least, be disciplined
an equity fund that returns 12 per cent, in 10 years you with your SIPs and have faith in them.

FUND RADAR
SIPping the ELSS

In place of investing lump sums in tax-saving funds at the last moment,
investors are increasingly adopting the SIP route
E
quity-linked saving schemes (ELSS) have swiftly accompanying graph captures the proportion of the annual
become a popular tax-saving destination. They have net flows into ELSS across the four quarters for the last five
multiple factors working in their favour: good financial years. The data shows the flows getting gradually
returns, transparent reporting, greater accountability, tax evened out, with a smaller bump-up in the last quarter.
exemption up to `1.5 lakh under Section 80C and shorter While the last quarter of FY15 saw ELSS bag 80 per
lock-in period of three years. Since ELSS funds are gen- cent of the total net flows for the full year, the fourth
erally multi-cap, they allow investors to own a quarter of FY19 saw them collect only 39 per
multi-cap portfolio of stocks across sectors. cent of the full-year flows. The quarterly
However, thanks to the bad habit of net flows of FY19 have been almost
delaying making tax-saving investments evenly spread. This highlights a
till the last moment, tax-saving funds much-awaited shift in the habits of
have historically witnessed lump-sum ELSS investors from lump sums to
investments in the last quarter of the SIP investing. This is welcome.
financial year. While making one-time Rather than scrambling to plan their
investments in traditional instruments taxes at the last minute, investors now
like Public Provident Fund doesn’t hurt seem to be understanding the impor-
returns, with ELSS, doing so can cause tance of planning in advance. The SIP
investors to catch a market high and thus route also helps disciplined investments
increase risk, not to mention the sub-optimal with the benefit of rupee cost averaging.
fund choice one might make in a hurry. So, if you haven’t already started your tax-saving
However, this trend could be changing now. Our analy- SIP, there’s still time as we are just in the second quar-
sis of AMFI data shows that investors are increasingly ter of the current financial year. Go ahead and join the
adopting the SIP route for their ELSS investments. The new trend!
Evening out
The graph below shows net quarterly ELSS flows as per cent of total net flows in a financial year. The last quarter of the financial year
sees a bump as investors rush to make their tax-saving investments. This trend has, however, been evening out.
80 %
60
40
20
-20
-40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY15 FY16 FY17 FY18 FY19
Analysis based on AMFI data

PORTFOLIO MOVES Reliance Multi Cap Fund
Protecting wealth
Amidst a rapid market fall, the fund has contained its downside well
Beating the index One-year returns (as on August 8, 2019)

1160 Fund S&P BSE 500 TRI -4.7% -6.7 -6.5
Fund S&P BSE 500 Multi-cap category
Total Return Index
1080
1000
Fund portfolio
Large caps Mid caps Small caps Cash
920
Fund 52.25% 27.08
19.32 1.35
Index 78.62% 15.98
5.40 –
840 Rebased to 1,000
July 2018 July 2019 Average stocks in the portfolio 54
Sector weights as Fund manager Investment strategy

compared to the index The fund has been managed by The fund follows the philosophy of
Overweight Services, engineering, con- Mr Sailesh Raj Bhan since March growth at reasonable valuations. It
struction 2005. He has over 24 years of expe- seeks to invest in good-quality busi-
Underweight FMCG, healthcare, metals rience in equity markets. nesses with long-term growth poten-
financial, chemicals, automobiles, tial, available at rational valuations.
energy, technology
Worked Failed Top bets New entrants

151.1 -142.9 8.9 1.3
Divi’s Laboratories Tata Motors State Bank of India Tata Global Beverages
146.8 -129.3 6.8 1.0

ICICI Bank GE T&D India ICICI Bank United Spirits
129.1 -105.6 5.9 0.4

State Bank of India Simplex Infrastructures Axis Bank Hero Motocorp
91.4 -86.3 5.5 0.03

Aditya Birla Fashion Bharat Forge Indian Hotels HDFC Life Insurance
82.5 -76.0 5.0 0.02

Axis Bank Shopper’s Stop Larsen & Toubro Fortis Healthcare
Successful stocks with gains Losing stocks and the amount of Top holdings with the asset Stocks added during May–Jul ’19,
(` cr) during Jul ’18–’19 losses (` cr) during Jul ’18–’19 allocations (%) as on Jul 31, ’19 with asset allocations (%)
All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `9,706 crore as on July 31, 2019.

QUICK CHAT Sailesh Raj Bhan Fund Manager, Reliance Multi Cap Fund
‘Growth at reasonable valuations

is our guiding principle’
What is responsible for the outperformance by your Which sectors are you bullish on
fund in the last one year? Corporate lenders, capital goods and engineering, and
The consistent performance of the Reliance Multi Cap domestic cyclicals appear well-placed to capture the
Fund can be attributed to buying sustainable-growth anticipated recovery. There are also opportunities in
businesses at reasonable price as an investment philos- areas which can witness mean reversion, like health-
ophy, avoiding momentum investing, and care, or return of operating leverage, like hospitality.
being disciplined on valuations. The emphasis on right
businesses, along with right valuations and a medi- How do you allocate capital across large, mid and
um-term investment horizon, has been critical to long- small caps?
term wealth creation. Over the years, we have con- Growth at reasonable valuations is an important guid-
sciously avoided overpaying for growth, while giving ing principle to determine our allocations across mar-
high importance to sustainability of growth. ket caps. Within the market-capitalisation range, our
allocation is based on relative valuations. Portfolio
How do you pick stocks for this fund? shifts can take advantage of prevailing market distor-
Reliance Multi Cap Fund follows the investment phi- tions in terms of valuation differential between large,
losophy of growth at reasonable valuations. Our focus mid and small caps.
is on investing in good-quality businesses with long-
term growth potential, available at rational valuations. About 50 per cent of your fund is invested in mid and
We seek to participate in good-quality structur- small caps. This is at a time when mid/small caps are
al-growth businesses without overpaying for growth. witnessing a correction. How do you see that?
We like companies with established or scalable busi- Valuation differential provides an opportunity to cap-
ness models, long-term sustainable growth and a high ture potential growth opportunities at reasonable pric-
ROE or a potentially high ROE. es. Over the last few months, we have witnessed a sig-
nificant correction in the mid- and small-cap space,
When do you sell a stock? providing an opportunity to capture the market shift.
The fund has a medium-term investment horizon of In line with the same, we have increased our alloca-
three to five years. Investments are considered with tions to this segment.
the thought of these businesses scaling up faster over
the medium to long term. Thus, investments continue How do you contain volatility in mid and small caps?
to be in the portfolio if they are growing as per expec- We attempt to use volatility to our advantage by shifting
tations and do not disappoint consistently. weights across the market-cap sub-segments based
We decide to sell our holdings in the following on the market conditions and a medium-term
instances: current valuations already reflect investment horizon. The fund maintains a
the expected medium-term growth and well-diversified portfolio in general.
change in medium-term growth outlook. Specifically, within the mid- and small-
cap space, allocations to individual hold-
What kinds of stocks do you generally ings usually do not exceed 3 per cent at
avoid? the time of investment. Further, within
We avoid pure momentum bets where the mid and small caps, significant alloca-
current valuations largely reflect the esti- tions are made to companies with market
mated medium-term growth. Also, we avoid capitalisation of more than `10,000 crore,
businesses with corporate-governance chal- thereby ensuring adequate flexibility
lenges or fractured balance sheets. to manage the portfolio.

INSIDE FUNDS
Catching funds in action

Across funds, portfolios tell you a lot about sectors and companies
One-month top buys: Large caps Hitting the jackpot
Fund houses have increased their exposure to Bajaj Finance amidst a rallying
Worth of current Worth of shares % of total
Company holding (` cr) bought (` cr) equity assets* stock price.
Tata Consultancy Services 21,962 879 1.98 500 No. of shares (lakh) No. of funds Price `4000
216
HDFC Bank 74,847 817 6.76 233 249 262
400 211 248 261 3200
HDFC 30,543 783 2.76 194
140
ITC 29,251 578 2.64 300 113 110 114 2400
114
Indusind Bank 7,074 567 0.64
200 1600
Tech Mahindra 6,103 563 0.55
Hindustan Unilever 8,482 522 0.77 100 800
Kotak Mahindra Bank 23,924 459 2.16
HCL Technologies 7,434 422 0.67 0 0
Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun
Axis Bank 33,231 371 3.00 2016 2017 2018 2019
One-month top buys: Mid caps NTPC: Powering up

Among top power generation and distribution companies, NTPC has been
witnessing a rising interest from funds.
Company holding (` cr) bought (` cr) equity assets*
Emami 2,794 1,142 0.25 250 NTPC Power Grid Tata Power Torrent Power
Shriram Transport Finance Co. 1,884 1,113 0.17
200
Cadila Healthcare 1,899 291 0.17
Godrej Properties 551 173 0.05
150
No. of funds
Ashok Leyland 1,633 143 0.15

MindTree 1,064 138 0.10 100
Gruh Finance 2,144 126 0.19
50
LIC Housing Finance 1,384 109 0.13
Glenmark Pharmaceuticals 627 102 0.06 Rebased to 100
0
RBL Bank 5,692 99 0.51 Jun 2016 Jun 2019
One-month top buys: Small caps Meandering like a river

Liquid-fund net flows have shown wild fluctuations over three years. With
Company holding (` cr) bought (` cr) equity assets*
SEBI tightening their norms, this fluctuation may escalate.
Aster DM Healthcare 199 121 0.02 `1.8 lakh crore
Sobha 784 99 0.07

0.9
KPIT Technologies 152 61 0.01
Escorts 361 40 0.03 0
Net flows
Radico Khaitan 267 33 0.02

Deepak Nitrite 965 31 0.09 -0.9
Himatsingka Seide 225 25 0.02
-1.8
CCL Products 90 25 0.01
Dhanuka Agritech 198 24 0.02
-2.7
Arvind Fashions 537 24 0.05 Jun 2016 Jun 2019
Data between May ’19 and June ’19. * Total equity assets of all mutual funds.

Allocating assets Equity funds: Sector preferences
The following graph depicts the variation in sectoral allocations of diversified The numbers indicate per cent of diversified-equity-fund assets invested
equity funds vis-a-vis the Sensex. Most preferred sector Second most preferred sector
S&P BSE Sensex 'LYHUVLÀHGHTXLW\IXQGV Third most preferred sector Least preferred sector
Sectors Jun’18 Sep’18 Dec’18 Mar’19 Jun’19

Financial
Automobile 7.91 6.89 6.27 5.27 4.83
Technology
Energy Chemicals 5.22 5.49 5.53 5.49 5.56
FMCG
Automobile Communication 2.30 2.08 1.85 1.76 2.27
Construction
Cons Durable 2.81 2.70 2.89 3.12 3.32
Metals
Chemicals Construction 8.71 8.35 8.66 9.02 10.13
Communication
Diversified 1.52 1.42 1.54 1.64 1.71
Healthcare
48% 40 32 24 16 8 0 Energy 8.97 9.71 9.24 9.78 9.20
The only way is up Engineering 6.21 6.26 6.36 6.22 6.05

Here is how the allocation of funds to FMCG stocks has changed over three
years. Due to its stretched valuations, P&G is the only loser. Financial 23.25 21.63 24.66 25.78 26.36
FMCG 8.15 8.46 8.89 8.15 7.56

13.28
20.57
32.76 Healthcare 5.19 6.42 5.52 5.05 4.95
8.31
41.98
Jun 2016 9.12 Jun 2019 Metals 4.29 4.87 4.12 3.86 3.65
22.90
7.59 Services 5.60 5.05 5.18 5.49 5.43
13.49
7.31 8.88 13.83
Technology 7.58 8.54 7.36 7.33 7.09
% of funds’ equity assets invested in FMCG stocks
Textiles 2.30 2.14 1.92 2.02 1.89
Hindustan Unilever Emami Dabur India
Colgate-Palmolive P&G Others The financial sector continues to be the most preferred sector for mutual funds over the
last 12 months, while the construction sector is the second most preferred.
FIIs vs mutual funds

Foreign institutions (FIIs) and mutual funds are two major players in Indian markets. Their buying and selling decisions profoundly impact the Indian market.
Over three years, Indian markets have been well supported by mutual fund buying against FII selling.
`45000 cr FIIs Mutual funds Sensex 60000
30000 55000
15000 50000
0 45000
-15000 40000
-30000 35000
Jul 2016 Jul 2019

SPOTLIGHT Amit Ganatra Fund Manager, Invesco Mutual Fund
‘I don’t take
balance-sheet
risks’
Amit Ganatra says that while hunting for contrarian
plays, he stays away from companies with weak
balance sheets. But if the balance sheet is strong,
he doesn’t mind taking P&L risk.
Invesco India Contra Fund India’s largest spirits compa-
has a good track record. But ny, India’s leading pri-
the fund’s portfolio doesn’t vate-sector bank and India’s
look very different from the largest hospital chain.
portfolios of other growth A second bucket, 31 per
funds. What is the reason cent of the portfolio today,
for this? relates to companies trading
At any given point in time, below their fair value. Here,
we strive to maintain at least the main buying criterion is
60 per cent of this fund’s the stock’s cheapness rela-
portfolio in contrarian oppor- tive to the market, based on
tunities. Today, in fact, 69–70 price-to-book, price-to-earn-
per cent of our portfolio is in ings or other parameters. A
contrarian opportunities. We couple of years ago, IT com-
look for three types of con- panies were cheap relative
trarian opportunities. The to markets, today many auto
first is companies which are companies fit the bill. A
in a turnaround phase. These third bucket we like to own
are companies that were very is derated growth compa-
strong in the past but for nies. Sometimes, companies
some reason have fallen on that deliver high growth get
bad times. There is often a derated due to short-term or
change in management technical reasons. Maruti
which tries to chart a path to getting de-rated because
profitability. If you can iden- there was a strike a few
tify such opportunities, there years ago or HDFC Bank get-
is often a benefit that can ting derated because of FPIs
come out of both earnings hitting their investment ceil-
growth and P/E re-rating. In ing are examples. If we feel
the current portfolio, compa- such a derating is due to
nies in a turnaround phase short-term reasons, we take
have a 20 per cent allocation advantage. In the current
and include stocks such as portfolio, companies like

Exide Industries fit this descrip- decategorise a company, and of price-to-book and return on
tion. Today 17–18 per cent of the remove it from the investment uni- equity often throws up great buy
portfolio belongs here. Generally, I verse we track, then we sell it opportunities in my experience.
find that not many contrarian or across our funds. Two, in cases Generally, when looking for con-
value funds focus on derated where valuations of a stock do not trarian opportunities, we take P&L
growth companies, because these look justified even if you paint a risk but avoid balance-sheet risks.
stocks are never cheap on an abso- blue-sky scenario, we exit the This ensures that we can wait for
lute basis! stock. Basically, you assess the a turnaround.
So why do we not have 100 per best-case scenario on earnings and
cent of our portfolio in contra if it still looks expensive, that is a Today there’s a slowdown in autos
opportunities? That’s because trigger. Three, we sell stocks if we and worries about disruption from
when we buy some contra oppor- see better opportunities elsewhere. EVs. Is this a cyclical problem or a
tunities and the stocks appreciate, Today, if I could see opportunities structural one?
we don’t necessarily sell them to buy auto stocks, I may have to On automobiles, my view is that
immediately. Companies that we sell some of my older, non-contra this is a cyclical problem. It is simi-
bought three years ago as a contra bets to create room for them. lar to my view on IT two years ago.
stock may not be contra today, but In the short term, problems affect-
they would still figure in the port- What are the signals you look for ing an industry always look struc-
folio. About 30 percent of our while selecting contrarian stocks? tural. But if you take a step back
portfolio is in such stocks. To me, To me, underperformance of a and look at the trends, aspiration
they represent the fund’s success- levels for consumers have not gone
es! ICICI Bank, which is among down. Kia and Hector had their
the top holdings, today fits this “On automobiles, my bookings fill up quickly, indicating
description. We bought it during that there is always demand for the
the bad patch it went through a
view is that this is a right product at the right price.
couple of years ago. Having said cyclical problem. It is Penetration levels for four-wheelers
this, 100 per cent of our incremen- are quite modest in India. I think
tal buying tends to be in contrari-
similar to my view on the problem is one of marginal
an stocks only. IT two years ago. In demand going down due to higher
interest rates and non-availability
How long do you give for a the short term, of funds due to the NBFC crisis.
contrarian bet to pay off? problems affecting an This makes it a cyclical issue and
We typically give three years’ time not a structural one.
for companies to turn around or industry always look If India had no population
revert to fair value. Usually, we structural.” growth, an ageing population and
find that when we buy stocks that high penetration of automobiles,
are out of favour, in the first year then the problem would be struc-
they underperform. In the second stock is a very good signal, what- tural. Yes, it is possible for this
year, they stabilise. And in the ever the reasons for it. We funda- cycle to last longer than previous
third, they begin to do extremely mentally believe in mean rever- ones and for BS-VI and EV disrup-
well. Sometimes, however, they sion. Low valuation is an import- tion to prolong the pain for auto-
may pay off sooner or not at all. ant criterion relative to the histori- makers. But most companies are
cal average. I typically look at a already BS-VI ready and the cost
What do you sell a stock? stock’s valuation relative to the increase is not as high as original-
For us, outperformance is not a 10-year average. To assess valua- ly thought. On EVs, existing OEMs
reason to sell a stock. We may sell tion, I give more importance to can make the transition.
a stock for three reasons. One, we price-to-book than price-to-earn- Globally, apart from Tesla, there
are a process-driven fund house ings. The reason is that the P/E is is no other new company that is
and a fund manager can only buy often high for a turnaround com- disrupting the older OEMs, which
stocks that are categorised by our pany because the earnings are arti- have been successful at launching
process. If my analysts decide to ficially depressed. A combination EVs. The highest selling EV is

SPOTLIGHT
Nissan Leaf in the US and it Frankly, it is not our job to sec-
comes from a conventional auto- ond-guess markets. As I see it, this
maker. That tells you that despite phase offers us the opportunity to
short-term disruption, EVs can buy very attractive growth compa-
open up opportunities for OEMs. nies at reasonable valuations. Two
years ago, India’s IT sector went
What about PSU banks where through such a phase. But because
there has been a rally? IT was only 10 per cent of the
We have stayed away from them benchmark and it is an external
because we believe they are up sector, Indian investors did not feel
against a structural challenge. Ten so bad about it. Today, there’s nega-
years ago, PSU banks had a large tivity about domestic consumption
share of CASA and were well-capi- on top of the pessimism about
talised. From that position of domestic investments, which make
strength, they have lost so much up a very large portion of our econ-
ground. They have steadily lost omy and stock markets. That’s why
market share and accumulated I think the pessimism is now felt
large NPAs. Therefore, from the more chronically.
current starting point, we believe But the silver lining is that it is
the outcome cannot be great over such markets that provide the most
the next 10 years.
“I don’t know if attractive return opportunities in
people realise this, the long run. I don’t know if people
What’s your strategy for Invesco realise this, but most of the returns
India Tax Plan? Is it also a value-
but most of the in equity investing are made from
oriented fund? returns in equity P/E re-rating rather than high earn-
No, Invesco India Tax Plan is man- ings growth. In fact, two-thirds of
aged with a growth-oriented strate-
investing are made returns come from P/E multiple
gy and a flexi-cap mandate. As of from P/E re-rating expansion and only one-third or so
now, we have 70 per cent in large from earnings growth.
caps, and 25 per cent in mid and
rather than high Therefore, today, if the market
small caps. We used to have 85 earnings growth.” offers me cheaper multiples very
per cent in large caps a year ago. gladly, I see that as a great oppor-
In October 2018, we thought mid- here. Auto companies fit here. But tunity to earn higher returns if I
cap valuations had become more these can no longer be considered manage to pick the right kind of
attractive and reduced large-cap growth companies. The third stocks. You can never have cer-
weight. But in hindsight, we bucket is companies with strong tainty about a company’s earnings,
should probably not have done P&L and strong balance sheets. no matter how much effort you
that as mid and small caps are These have not corrected at all put into forecasting. But if your
back to the 2018 levels! and their valuations are quite entry P/E multiple of a stock is
But to be honest, following an steep. In Invesco India Tax Plan, beaten down and is below long-
out-and-out GARP approach is dif- one year ago, we had a lot of such term averages, that offers a possi-
ficult in today’s markets. There are companies. But today, because I bility of upside with greater cer-
three sets of stocks in India as of don’t want the portfolio P/E to tainty. I think on this count, risk–
now. One set is mid and small shoot up, I often consider compa- reward is quite favourable today
caps where there’s no distinction nies with weak P&Ls, too. I don’t for many stocks.
between growth and value today. take balance-sheet risks. In the last six months, my port-
Every stock is getting smashed, folio P/E has fallen while my port-
irrespective of their results. The Today there’s a lot of pessimism folio’s average ROE has improved.
other set is companies which have about India’s economic growth This may not pay off over the next
weak P&L but very strong balance and markets. As a contrarian, do three or six months but will pay
sheets. Valuations have corrected you think this is overdone? off over the next five years.

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

COVER STORY
How to calculate your

retirement corpus
Calculating your retirement corpus is the first step of retirement planning. It requires you to make
some educated guesses, based on which your retirement corpus can vary.
Aarati Krishnan up by online retirement calculators that

they’ve given up all hope of ever retiring
T
he subject of retirement and are simply praying that an early death
planning draws extreme will solve their problem!
reactions from folks in Given India’s rising longevity, high
India. At one end of the inflation rate and lack of any form of social
spectrum, there are 22-year- security for retirees, building an adequate
olds just into their first job retirement corpus is absolutely necessary
asking if they can retire at 45, now that during your working years. Yet most folks
they’ve started a SIP of `5,000. They are get stuck at the very first step in this
clearly underestimating the amount of exercise – estimating how much they will
savings, discipline and planning they will need for a comfortable retirement.
need to build a retirement corpus that can Online retirement calculators can throw
fund a retired life that is likely to last as up widely divergent sums depending on
long as their working life. inbuilt assumptions of long-term inflation
At the other extreme, there are folks in rate, longevity, one’s pre- and post-
their 40s or 50s who have received such a retirement lifestyle and the likely returns
scare from the humongous targets thrown one can earn post retirement.

The case of Alyssa
Based on the assumptions you make, your retirement plan can undergo a change, as seen in this illustration
Alyssa is 25 years old. Her current monthly expenses are `50,000. The inflation rate is 6% and she will earn a return of 7% on the retirement corpus. Her life expectancy is 90 years.
Inflation Return Life expectancy (yrs) Actual corpus needed
6% zzz
zzz 7% 90 `12.5 cr
7% zzzz
zzz 7% 90 `19.9 cr
6% zzz
zzz 5.5% 90 `15.2 cr
6% zzz
zzz 7% 99 `15.7 cr
So, here’s our attempt to arrive at an month). To estimate what kind of corpus
answer to the all-important question on she would need to retire, we need to first
retirement – how much money do you get at her likely spending when she turns
need to retire? 60 after accounting for inflation.
Value Research is currently using a 6
Taking a shortcut per cent inflation rate assumption on such
Conventional financial calculators use calculations for two reasons. One, 6 per
multiple data points and assumptions to cent is the upper limit of the consumer-
arrive at your target retirement corpus. price inflation set by RBI’s inflation-
They usually start with your current age targeting framework, which seeks to
and post-tax income and estimate likely contain inflation within the bounds of 4 to
growth in that income. They then arrive at 6 per cent. If the rate shoots up over this,
your likely expenses pre and post the RBI is likely to peg up its interest rates
retirement by applying a certain percentage so that inflation falls within this band.
to your income, based on your lifestyle Two, 6 per cent is also the mid-way point
choices. They input an assumed inflation between the current ultra-low inflation
rate and return on your investments, both rate of 4 per cent prevailing in India and
during your working and post-retirement the 8 per cent rate it has averaged over the
years, to arrive at a target corpus that will past decade.
see you through retirement. Arriving at your Applying a 6 per cent inflation to
But there’s a simpler method for arriving retirement Alyssa’s current expenses of `6 lakh for
at your retirement corpus that cuts out a corpus involves the next 35 years, we find that she will
few of the above steps. It involves just four just four need `46.11 lakh a year by the time she
variables – your current expenses, the variables – your turns 60 to maintain her current lifestyle.
likely inflation rate, your likely longevity current That may look like a mind-boggling
and the likely post-tax return on your number, but you must remember that at 6
expenses, the
investments post retirement. per cent a year, inflation roughly doubles
likely inflation
your expenses every 12 years.
A typical case rate, your likely Before we go about calculating her
Let’s take the case of Alyssa, a 25-year old longevity and the actual retirement target, let us say,
professional. Instead of worrying about likely post-tax hypothetically, that Alyssa has saved `2
her income and savings, let’s start off return on your crore towards retirement. Many folks
straightaway with her current expenditure, investments post would think that’s a very good number,
which is about `6 lakh a year (`50,000 a retirement. but it isn’t.

COVER STORY
In her very first year after retiring, with Working out a fund 30 years of retired life from the
no income, Alyssa would have to rough retirement passive income generated by her
withdraw `48.8 lakh from her nest egg to retirement corpus.
target and
meet her expenses (`46.1 lakh plus 6 per Now, using the what-if Excel function, it
starting on your
cent inflation). At the end of year one, she is possible to arrive at a starting retirement
would thus have `1.51 crore left.
investments as corpus for Alyssa so that, even after
Assuming she invests this at a 7 per cent early as you can withdrawing increasing sums from it each
return, it would inch up to `1.62 crore by is far more year based on inflation, she doesn’t run out
year-end. But in year two, she would find critical to of money until she turns 90. Staying with
that her withdrawals are now `51.8 lakh retiring the 6 per cent inflation rate and assuming a
(`48.8 lakh plus inflation) leaving her comfortably than 7 per cent post-tax return for Alyssa after
with just `1.09 crore at the end of the trying to get your retirement, she would need about `12.5
year. Investing this at 7 per cent will again target correct to crore for a comfortable retirement if she
take her to a kitty of `1.17 crore by end of the last decimal lives until 90. That amounts to 27 times
year 3, but then her expenses by now have her annual expenses at 60.
ballooned to `54.9 lakh!
The above numbers clearly tell us that, Assumptions matter
with a `2 crore corpus, Alyssa will end up The target corpus for Alyssa will clearly
withdrawing more money than she earns vary depending on what inflation, longevity
by way of returns right from the first year and investment return assumptions we use.
of retirement. Continuing in this vein, she In Alyssa’s case, if we bump up that
will run out of money barely four years inflation rate to 7 per cent while her returns
after retirement. remain at 7 per cent, her target corpus
Therefore, the key to arriving at an shoots up to `19.9 crore. That would be 31
adequate retirement corpus for Alyssa is times her annual expenses at 60. If Alyssa
to make sure that her residual retirement sticks to the most conservative investment
corpus at the end of each year generates and earns only a 5.5 per cent return after
more than enough return to compensate retiring, at a 6 per cent inflation, she would
for her inflating living expenses. This need `15.2 crore, about 32 times her
calculation should also factor in Alyssa’s expenses. If she lives to 99 instead of 90,
longevity, as the longer she lives the more she would need `15.7 crore to retire, or 33
the withdrawals she would have to make times her annual expenses.
from her retirement kitty. Assuming that In short, the assumptions used make
Alyssa lives until 90, she would need to the estimation of one’s retirement corpus
an inexact science. Having set your target,
The inflation effect you may have to make tweaks along the
What you’ll need to maintain your current lifestyle @ 6% inflation if you are 25 and way if your real-life experience varies
your current annual expenditure is `6 lakh from your assumptions.
But then, working out a rough retirement
265
target and starting on your investments as
early as you can is far more critical to
Annual expenditure (` lakh) 198 retiring comfortably than trying to get your
148 target correct to the last decimal. So if you
111 haven’t yet made a start on your retirement
83
46
62 planning, estimate your current expenses.
26 35
6 8 11 14 19 Apply a 6 per cent inflation rate to it for the
years you are left until retirement. Multiply
25 30 35 40 45 50 55 60 65 70 75 80 85 90
Age (years) the result by 25-27 times and that’s a target
corpus you can work with.

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COVER STORY
How to build your

retirement corpus
For a comfortable retirement, it’s essential that you start saving early, choose good products,
avoid debt and review your retirement plan from time to time
S
till reeling at the number of zeros Taking off from Alyssa’s example in the
you’ve found in your retirement previous story, let’s see how much she will
goal? Don’t get your heart rate up. need to invest at different points in her life if
While the corpus you’re targeting she wants to get to the retirement kitty of
may seem daunting today, it is `12.5 crore. If she starts off immediately at 25,
well within reach with some she has 35 years to go to retirement and a
disciplined investing. Here’s a five-step monthly SIP of about `22,690 in an equity
recipe to building the corpus you need. fund earning 12 per cent will get her to her
goal. But if she waits until 35, the SIP amount
Start young she needs shoots up to `73,430 at the same 12
It may be a little odd to start thinking about per cent return to get her to it. This
hanging up your boots when you are just demonstrates that starting early is the single
putting them on for your first job. But an most important thing you can do to scale the
early start makes the difference between Mount Everest that is your retirement goal.
sprinting towards your target like Hima Das
and huffing and puffing towards it like an Step up
octogenarian. What if the `22,690 monthly savings we

mentioned is a tall order for Alyssa to save EMIs on loans to race against when planning for retirement
in her initial working years? That problem is early in your is inflation. And EPF and PPF may not be the
quite easily solved by starting off with an career can be a best investments to stay ahead of inflation in
affordable number and stepping up one’s the long run. Inflation rates in India may be
big drain on your
SIPs as one’s career takes off. If Alyssa starts lying low for now. But over the past decade,
finances,
with a `10,000 SIP in her first year and investors have had to live through whole
increases it by 10 per cent every year, she
preventing you decades of 8 per cent plus inflation. Both the
can get to `11.3 crore, which is within
from making any EPF and PPF invest much of their funds in
touching distance of her retirement goal meaningful government securities, which offer the lowest
(`12.5 crore) by the time she retires. Apart savings towards interest rates in the market. Therefore,
from raising your savings with your income your long-term expecting these vehicles to consistently beat
levels, ploughing any windfalls or bonuses goals inflation is unrealistic.
that you receive in your working years into You should also note that the 8 per cent
your retirement kitty can help you get to plus interest rates you’re seeing today on the
your goal faster. PPF and EPF are rates that apply to the
Apart from stepping up your savings in a current year and are not guaranteed for
disciplined fashion, it is important not to perpetuity. If interest rates in India fall in the
stop your SIPs or make abrupt changes to long run, the returns you earn on these
your asset choices if the equity markets go vehicles will plummet, too.
through a bear phase or a prolonged period Equity investments, in contrast, benefit
of low returns. Persisting through these from falling rates and offer you a better shot
phases is in fact what reduces your at beating inflation in the long run. A rolling-
acquisition costs and bumps up your long- return analysis on the Nifty 50 Total Return
term return from equities. Index shows that over five-year holding
periods, equity markets beat a 6 percent
Don’t stick to EPF and PPF inflation rate a good 68 per cent of the time in
Many folks make the mistake of thinking that the last twenty years!
the monthly contributions they’re paying The reason why most folks hesitate to
into the Employee’s Provident Fund or Public include equities in their retirement portfolios
Provident Fund will comfortably take care of is that they’re spooked by the wild gyrations
their retirement. After all, where else do you of the indices from day to day. But the daily
get tax-free returns of 8 or 8.65 per cent? movements of the indices detract from the
But the main competitor that you’re trying steady upward climb that the Indian indices
The earlier you start the better

If you start your SIPs early, you can accumulate a
large corpus. If you also increase them regularly, `9.1 lakh Amount accumulated
your final corpus can be much larger. Amount accumulated if you
`8.2 lakh increase your SIP by 10% yearly
The illustration is for a monthly SIP of `10,000, assum-
ing a return of 12 per cent pa and a retirement age of
60 years
`77.8 lakh
`50.5 lakh
`3.7 cr Years till

If you start at retirement
`1.9 cr
`14.8 cr
`6.5. cr

COVER STORY
EMIs on loans early in your career,
Multi-cap funds vs EPF especially high-cost personal loans or credit-
Multi-cap funds are a better tool for building the retirement corpus than relying card loans, can be a big drain on your
only on the EPF or PPF. The graph shows the worth of `5,000 invested every finances, preventing you from making any
month over the last 15 years in multi-cap funds and the EPF. meaningful savings towards your long-term
`30 lakh Multicap EPF goals. So can over-investing in property or
25 land. Many young folks in their 20s and 30s
20 believe that buying a luxurious home is a sign
15
that they’ve arrived. But stretching your
budget to buy a home can rob you of not just
10
your mobility and flexibility but also your
5
savings potential during the best years of your
0 career. Even at the current reasonably low
Apr ’04 Apr ’19
interest rates, a `50 lakh home loan comes at
an EMI of `49,390 per month. At the end of
have managed over the last 25 years. 15 years, you would have paid back the bank
Therefore, think of your PPF and EPF nearly `90 lakh to the bank. Had you rented a
investments as just the safe debt component similar home at one-fourth the cost, you’d
in your retirement portfolio. The bulk of this have a lot of that money sitting in your
portfolio, ideally 80–90 percent if you are retirement portfolio!
below 50, should be in equities. For the equity Folks in their 40s or 50s often decide to buy
portion, start SIPs in two-three multi-cap their second or third piece of property as their
funds with a good track record. If you’re a income levels rise. But given the abysmal
newbie investor who isn’t sure about choosing rental yields in India and uncertain capital
the right funds, don’t delay. Start off with SIPs appreciation, leveraged property investments
in a Nifty 50 and Nifty Next 50 fund. often prove wealth-destroying rather than
If you are wondering about the tax wealth-enhancing moves. At this stage in life,
exemption that the EPF and the PPF get you, you should be avoiding EMIs and putting that
you can consider the tax-saving variant of money to work on your retirement.
multi-cap funds: equity-linked savings Steering off poor investments that vacuum
schemes. They have also moved in line with up your savings is equally important, too. This
the multi-cap category. means staying off high-cost investment-cum-
insurance plans and other opaque options.
Stay off savings destroyers
Starting early and getting a good dose of Review and adjust
equities gives you an early advantage in Finally, no piece of financial advice given to
retirement. But meeting that target still isn’t you today, including that on retirement, may
easy. In the previous story, we estimated that hold good for all times. Folks who retired in
25-year old Alyssa who spends `6 lakh a year the nineties could afford to live entirely off
today will need to have about `12.5 crore fixed-income investments that paid them
accumulated in her retirement kitty to retire Stretching your double-digit returns, without any need for
comfortably at 60. We suggested she either budget to buy a equities. Those who did so after 2000 had to
save `22,690 a month starting now or start at face the double whammy of high inflation and
home can rob
`10,000 and step it up by 10 per cent every low rates and couldn’t do without equities.
you of not just
year until 60, to get close to this target (based Therefore, the size of investments, asset-
on a moderate return assumption of 12 per
your mobility and allocation plan and choice of avenues that we
cent on her portfolio). flexibility but suggest today for your accumulation phase will
But to save so much of her income also your savings change if inflation rates, interest rates or equity
throughout her career, Alyssa will also have potential during returns change dramatically. This makes it
to be careful about not wasting any money or the best years of imperative for you to review your retirement
investing in the wrong products. your career portfolio twice a year to see if you are on track.

COVER STORY
How to derive
income in retirement
The post-retirement plan can be divided into three components: emergency fund, income-
generation portfolio, meant for the first five years, and growth portfolio
L
et’s assume you’ve made all the years ahead of retirement. After taking all this
right moves and are now sitting trouble to accumulate a sizeable retirement
on a princely sum to see you corpus, you don’t want a sudden bear market
through your silver years. Your to batter your portfolio right when you turn
priority now is setting up a 60. Imagine a 2008-like situation, where the
distribution plan that gives you market was down over 50 per cent in a single
a regular income after retirement. year! The best way to avoid such last-minute
Now, an income-generating portfolio, as shockers is to initiate a phased shift in your
you well know, will need to have a very asset allocation from an equity-heavy portfolio
different asset allocation from a growth- to a more balanced one, starting five years
oriented portfolio. Therefore, as you ahead of your retirement date.
transition from the accumulation phase of While rejigging your portfolio, where do
retirement planning to the distribution you invest the money? Let’s illustrate with
phase, you need to make a shift in your the case of Sathya, who has a `3 crore
asset allocation away from equities towards corpus. Her corpus is 25 times her annual
debt options. expenses of `12 lakh. She needs to invest it
It is best to start on this project four-five in three buckets.

Emergency fund
Financial planners advise having six months’ Sathya’s plan to derive income
living expenses in an emergency fund during
your working years. It is best to continue
in retirement
Retirement corpus `3 crore; monthly expense `1 lakh
with this during your retirement years as
well, especially because there’s no external
Emergency fund `6 lakh
income to cushion you from life’s adversities. Equal to six months’ expenses
This fund is meant to meet unforeseen
emergencies. In any case, you should buy a Income-generation portfolio
separate seniors’ health-insurance plan, on
Meant for the first five years of retirement
the cusp of retirement, to see you through
medical emergencies.
Option 1
For Sathya, setting up an emergency fund Short-duration debt funds `60 lakh
will mean parking `6 lakh in a bank Option 2
deposit which offers a premature Senior Citizens Savings Scheme `15 lakh
withdrawal facility. Sathya should not PM Vyay Vandana Yojana `15 lakh
be touching this money except in case
Short-duration debt funds `30 lakh
of emergencies and must refill it after
every withdrawal.
Growth portfolio
Income generation Meant to beat inflation and for the rest of the
Having set aside an emergency years of retirement
fund, it is desirable to create a Multi-cap funds `1.17 cr
wholly debt-oriented portfolio Short-duration debt funds `1.17 cr
to tide over the first five years
of your retirement. Relying
wholly on debt for your income needs If you’re not a very savvy investor and
in the first five years will ensure like absolute safety, you can maximise
that your hybrid or equity your investments in government-
allocations have a sufficient guaranteed schemes to earn you an
runway to grow before you begin assured income and allocate the rest to
withdrawing from this portion debt funds. This will mean parking `15
of your portfolio. lakh in the Senior Citizens Savings
For your income-generation Scheme (SCSS) at your post office or a
needs in the first five years, you have To ensure that leading bank. The scheme, with a five-year
two options to choose from. If you’re a your retirement lock-in, revises its interest rates every
savvy investor who is quite comfortable portfolio lasts quarter but is offering 8.6 per annum
with mutual funds, you can invest the currently. The interest is taxable, while your
you a lifetime,
entire proceeds in three-four short-duration initial investment of up to `1.5 lakh a year is
you should be
debt funds and set up a systematic tax-exempt under Section 80C.
withdrawing no A second safe option is the Pradhan
withdrawal plan (SWP) equal to your living
expenses every month. While choosing such
more than 4–5 Mantri Vaya Vandana Yojana offered by LIC,
funds, be sure to go for the ones that don’t per cent of it in where for an upfront payment of up to `15
take on credit risks and invest in most the first year and lakh, you can earn a regular pension at the
conservative instruments. It doesn’t matter grow the amount guaranteed rate of 8 per cent for the next 10
if their returns are below the chart-toppers at your projected years. The pension received is taxable and
in the category. In Sathya’s case, this would inflation rate your money is locked in for 10 years. You’ll
mean investing `60 lakh (five years’ each year after receive `10,000 per month on an investment
expenses) in three-four carefully chosen that of `15 lakh.
short-duration funds with low credit risks In Sathya’s case, she could invest `30 lakh
and setting up SWPs from them. in the above schemes and the `30 lakh left

COVER STORY
over in short-duration debt funds. Do note Stretching your she already had good multi-cap equity funds
that SWPs from debt funds are more tax- budget to buy a in her portfolio before retirement, she can
efficient than other guaranteed return home can rob plan her redemptions in such a way that
options because of the indexation benefit on you of not just `1.17 crore remains invested equally in
capital gains after three years. them. The remaining `1.17 crore can go into
your mobility and
short-duration debt funds. Set up an SWP
flexibility but
Growth portfolio directly from the short-duration funds in her
Having created an emergency fund and an
also your savings portfolio and replenish the outgo from the
income portfolio for her initial post- potential during multi-cap funds.
retirement life, Sathya would have drawn the best years of The above investment plan will leave
down a total of `66 lakh from her your caree Sathya with about 40 per cent of her post-
accumulated retirement corpus of `3 crore. retirement money invested in equities and she
Now, to ensure that her remaining should be prepared for considerable volatility
retirement portfolio doesn’t simply stagnate, in this component over short periods. In the
the `2.34 crore that she is left with should be years where stock markets plummet, it would
invested in a balanced manner with a be important to stay off redemptions or
sizeable equity allocation. While many withdrawals from the equity component of
people balk at the idea of having any her portfolio, while relying entirely on the
exposure to equities in their retirement debt component.
years, equities are a must to beat inflation in Can you get away with a lower equity
your post-retirement life, which may stretch allocation than Sathya’s? That would depend
on for 30 years or more. entirely on your annual withdrawal rate and
The only way your retirement portfolio the inflation rates you experience. To ensure
will last you for a lifetime is if the returns on that your retirement portfolio lasts you a
it total to your annual withdrawal rate plus lifetime, you should be withdrawing no more
the inflation rate. Assuming your annual than 4–5 per cent of it in the first year and
withdrawal rate from your retirement kitty to grow the amount at your projected inflation
meet your living expenses is 4 per cent and rate each year after that.
inflation averages 6 per cent a year, your So, if you find that you can live with just a
post-retirement corpus will still have to 3 per cent withdrawal rate from your
generate a 10 per cent return to last you a portfolio, or if inflation turns out to be just 5
lifetime. This kind of return is clearly not per cent in your retirement years, you’ll need
possible with a fully fixed-income portfolio. to target an 8 per cent post-tax return. That
In Sathya’s case, we would recommend may be quite possible with an equity
investing half of the `2.34 crore, i.e., `1.17 allocation of 20–30 per cent.
crore across three multi-cap equity funds. If

DIRECT ADVICE
Investing in
AARATI KRISHNAN
turbulent times
Jai, Veeru and Gabbar discuss the ongoing fall in the market
and what investors should do about it
V
eeru had just had his bath and was Gabbar: That is certainty true. Basanti has
settling down to a hot poori-bhaji more than 20 people employed in her
breakfast when there was hectic house itself. But I don’t mind her shifting
knocking at the door. to Switzerland so I can visit her.
Veeru: Gabbar, itni subah! Come join me Veeru: Jai! Come in, we were busy with
and have some poori! Now, don’t start budget discussions.
asking me about the budget and why Jai: I was looking for you at the tea shop.
your funds are doing badly. It will ruin Hope you both are not bashing up poor
my appetite. Nirmalaji over pooris. Yes, super-rich tax,
Gabbar: Haha! I know what you will say. etc., is not a great idea, but now it is get-
Like a broken record, you will ask me to ting to be too much. You cannot blame the
continue with my SIPs. I am quite happy FM, that too a 60-day old one, for all the
about the budget because super-rich peo- portfolio mistakes you have committed.
ple like Basanti now have to pay more tax. Gabbar: I haven’t made any portfolio mis-
I heard that after including surcharge and takes, Jai. I got out of small-cap funds and
all, people earning over `5 crore will have all long ago. I have been quietly doing my
to pay a tax of 42.7 per cent. I like it! India SIPs in multi-cap funds. But it is very
has so much population, so we can’t make hard to keep investing every month, when
the poor rich anytime soon. So why not you read such terrible things on the econ-
make the rich poor! omy from market experts on Twitter.
Veeru: Very horrible idea, Gabbar. It is bil- People who were so bullish about Modi
lionaires like Basanti who contribute to winning only one month ago are now say-
much of India’s taxes. The top 5 per cent of ing the Indian economy will become like
income-tax payers make up 80 per cent of Pakistan’s and no foreign investors will
our income-tax collections. If they shift out come here because of the surcharge.
of India, the economy would suffer. The Jai: Don’t believe all that, Gabbar. Those
super-rich in any country make a large con- experts know very well that there has
tribution to the economy through employ- been no sudden deterioration in the econ-
ment creation, spending and risk-taking. omy after the budget. Car sales and IIP
In the last four years, stock prices have kept rising even as
corporate profits were growing very slowly. When the P/E for
the Sensex is at 28 times, it needs a trigger to correct.
have been falling since last July. India’s many laws and taxes in every sector that
GDP growth had slowed to 5.8 per cent in businessmen feel like jumping into a river.
the January–March 2019 quarter itself Veeru: Sadly, you are right, Gabbar.
before the budget. The issue really is that, Jai: But as an investor, Gabbar, you should
for the last four years, stock prices have not be put off at times like this. The lower
kept rising even as corporate profits were the valuations at which you buy equities,
growing very slowly. When the P/E for the the better will be your long-term returns.
Sensex is at 28 times, it needs a trigger to Without this correction, the markets
correct. The budget provided it. would have simply become more and
Veeru: Yes, mid- and small-cap stocks and more expensive and finally we would
consumer stocks were trading at very high have ended up with a big crash like 2008.
P/Es. With the slowdown hitting them Veeru: Yeah, I was looking at five-year
hard, the P/E needs to correct. CAGRs of the Nifty 50 for the last 20
Jai: And it is not as if FPIs invest in India years, Jai. Do you know, for people who
based only on capital-gains tax rates. invested for five years, the market gave a
Making a capital gain in the first place is more than 20 per cent return only 16 per
far more important. If you remember, the cent of time and more than 30 per cent
Indian stock market reacted badly in the only 7 per cent of the time?
past too when we tightened rules for FPIs, Gabbar: Nice statistics, but who knows
like cracking down on participatory notes, when one should invest to get that 20 and
introducing GAAR or changing the 30 per cent. I am struggling to get to 10
Mauritius treaty. Those events saw big FPI per cent now.
outflows. But when India saw a stable gov- Veeru: I was coming to that. Do you know
ernment after elections and the economy who made 30 per cent CAGR in five years
looked up, the flows came back. FPIs take a Gabbar? People who invested in the Nifty
relative call between different countries just after the 9/11 attacks on the World
and India is not looking too hot right now! Trade Centre, when everyone was predict-
Veeru: Yes, what we really need to do to get ing World War III. October 2008, when the
FPIs to invest in India is to get consumers global financial crisis had just hit and
back into a spending mood and companies everyone was saying we would see a Great
back into investing in new projects. Depression, was also a good time to invest.
Gabbar: And maybe stop introducing so If you invested in the Nifty then, you

When markets are crashing, people get tempted to buy poor-
quality stocks which they think will make them rich quickly.
But they often end up losing big money.
made a 17 per cent CAGR in the next five the last two-three years, it is safer to stick
years. Remember the taper tantrum in to long-term performers that you’ve always
August 2013 when everyone said India wanted to buy. Better put that Rs 10 lakh
would run out of money like in 1991? If into a liquid fund and do a six-month STP
you invested then in the Nifty, you made into one of your multi-cap funds.
16 per cent in the next five years. Gabbar: But I don’t want to put more and
Gabbar: I am convinced about all that, more money into the same funds, Jai.
Veeru. I have had enough of this wisdom. They have been trailing their benchmarks.
But I’m not sure what to buy. In fact, I Jai: If you’re very worried Gabbar, do
wanted to buy some nice beaten-down STPs into a Nifty 50 and Nifty Next 50
stocks like DHFL and Yes Bank. Do you Index fund. Then you’ll be benefitting
know that DHFL’s stock price was `660 from market lows and also don’t have to
just one year ago? Now it's `46. It will eas- worry about choosing outperforming
ily double from here. If I put `10 lakh in active funds.
the stock, I will have `20 lakh in just one Gabbar: But are multi-cap funds good?
year. No need to struggle with mutual Many people are now saying that there is
funds, which can only give 10 or 15 per further pain ahead for mid- and small-cap
cent. stocks and that it is best to stick with the
Jai: This is one of your bright ideas, bluest of blue chips.
Gabbar. I am sure people who were buying Jai: They’re wrong. Don’t keep changing
DHFL at `350 in September 2018 and your allocation, Gabbar. I remember that
`100 in February 2019 also thought the there was a very good reason for you to
same thing. When there’s a fundamental start SIPs in multi-cap funds. You did it
problem with a business and the auditors because you felt that over the next 10 or
are not sure if the business can continue, 20 years, the mid- and small-cap stocks in
a stock can halve from any price. Even if your funds would give you much better
you buy it at `2, it can become `1. returns because they have better growth
Veeru: Tell me, Gabbar, if there’s an end-of- prospects than large caps. That logic has
season sale in the mall, do you rush there not changed.
to buy Puma at 25 per cent off or `99 Veeru: Cough, cough! I have some data on
hawai chappals at `40? that too. If you invested in the Nifty
Gabbar: Haha! You know me, Veeru. I am Midcap 150 index in October 2008, you
quality-conscious. would have made a 17 per cent CAGR till
Veeru: It’s the same thing in investing date, Gabbar. The Nifty 50 earned only 13
Gabbar. When markets are crashing, peo- per cent in the same period. Bear markets
ple get tempted to buy poor-quality stocks are great times to invest in mid-cap stocks.
which they think will make them rich Of course, you don’t know how long the
quickly. But they often end up losing big bear phase will last or how deep the cor-
money. A bear market is a great opportuni- rection will be, so do it through SIPs.
ty to buy quality stocks that you have Jai: Gabbar, it goes back to the Buffett say-
always wanted to own, Gabbar. ing – be greedy when others are fearful.
Jai: The same holds good for funds, too. Now there’s maximum fear in the markets
While it may be tempting to buy thematic about mid and small caps. That makes
funds which have done extremely well in them a good investment.

ASK
EXPERT ADVICE
Taxation of partial redemptions

I would like to know how partial redemp- ple, the oldest units are considered to be
tions are taxed? How do we get to know redeemed first.
To calculate
the gains or losses when the investment is Suppose you have `5 lakh in an equity
capital gains,
not redeemed fully? fund, which was invested through SIPs.
you need to - VIKAS You want to redeem 1,000 units to get `1
consider both When you make a partial redemption, you lakh. It is possible that some of these units
purchase and are selling only a part of your mutual were purchased more than a year ago
redemption fund units. The purchase date of these while others have not completed a year.
dates of each particular units is considered vis-a-vis the So, there is a possibility of having both
unit separately redemption date to assess whether it’s a long-term and short-term capital gains.
long-term or short-term capital gain. The Hence, to calculate capital gains, you need
principle of first in first out (FIFO) is used to consider both purchase and redemption
for this purpose. According to this princi- dates of each unit separately.
Investing for the first time Investing in a gilt fund

2NGCUGIWKFGOGYKVJVJGDGPGſVUQHUVCTV- I invested `3 lakh in Reliance Gilt, which is
ing SIPs in mutual funds for the long term. a liquid fund. But this fund is also volatile.
- MAHIMAN So please guide me on it. Also, I want to
If you are a tax-paying investor, then you invest `10,000 every month in a tax-saving
can invest up to `1.5 lakh in a tax-saving fund from the next year. Kindly tell me two-
fund. Otherwise, aggressive hybrid funds three good tax-saving funds. My investment
are good for you. In these funds, two-third horizon is 15 years.
of your money is invested in equity and – VISHAL
A first-time the rest in debt. This ensures that in times Reliance Gilt Securities Fund is not a liq-
investor should of a market fall, the fund doesn’t fall too uid fund. It is ‘liquid’ in nature but it is
invest in an much (see the chart). These keeps new not a liquid fund. Liquid funds invest in
aggressive investors motivated enough to keep securities with maturity of not more than
hybrid fund as investing. 91 days. The value of investment in liquid
they fall less funds rarely goes down. On the other
than the When Sensex slipped by 5% or more hand, gilt funds invest in government
Aggressive hybrids fell less than pure-equity multi-
average equity caps when there was a sell-off in the market
securities. Money going into government
fund bonds looks safe but they are not com-
Sep Oct Nov Feb Oct Jan Jan Aug Nov May Feb Aug Feb Sep
0% ’08 ’08 ’08 ’09 ’09 ’10 ’11 ’11 ’11 ’12 ’13 ’15 ’16 ’18 pletely safe. These bonds are likely not to
make any default. But those with longer
-5
maturity are prone to interest-rate risk.
-10 Whenever there is an increase in the
interest rate, these bonds suffer as their
-15
prices fall.
-20 There are many good tax-saving funds.
Two of them are Axis Long Term Equity
Multi-cap funds Aggressive hybrid funds
-25 Fund and Mirae Asset Tax Saver.

Investing life-insurance accumulate your savings to buy the land
proceeds with your own capital unless you come
I have recently received a sum of `50 lakh across a special deal or you like that par-
as the life-insurance proceeds after my ticular piece of land so much that you are You should put
husband’s demise. Where and how should even ready to pay a slightly higher cost. a down
I invest this amount? I am a working wom- These two can be the only justification for payment at
an and my take-home salary is `70,000. I borrowing money to buy a plot. least to the
have a one-year-old child.
extent that the
– SHALINI Reforming the raters EMI of the
The ultimate deciding factor in your case Do credit-rating agencies get paid by bond
is how much dependent you are on the issuers for rating their bonds? If yes, can
borrowed
life-insurance proceeds. For growth and we expect SEBI to form a neutral bond money does not
financial security, you can invest these rating agency independent of the issuer? exceed one-
proceeds with a long-term outlook. This is – SHRIDHAR third of your
after assuming that you have no supple- Yes, credit-rating agencies get paid by monthly income
mentary income requirement from these bond issuers. This aspect is prevalent
proceeds. You can invest in good aggres- across the globe and so in India. But SEBI
sive hybrid funds. With the help of SIPs, has its concerns regarding this and is
spread your investment over the next therefore driving the credit-rating agencies
three years so that you can invest through to develop ways to curb the ongoing rat-
the market cycle and avoid catching a ing shopping. Rating shopping means that
peak. You should also buy term insurance if a company gets an unfavourable rating
for yourself as your child is now finan- from one rating agency, it can go to anoth-
cially dependent on you. er agency if it’s able to obtain a favourable Rating shop-
rating from there. ping means
Personal loan for buying a plot The real problem is that the Indian that if a compa-
Would it be a good strategy to buy a plot bond market is illiquid but Indian bond ny gets an unfa-
with a personal loan available at 11.5 per funds provide extreme liquidity. You can vourable rating
cent interest? I’m buying this plot to build take your money out from a bond fund
from one rating
my dream home. anytime but the fund company cannot
– MADHU
agency, it can
redeem the invested funds every day. This
Borrowing to build a home is sensible. doesn’t harm your investments in normal
go to another
Nevertheless, there are certain things to conditions but it definitely can in case of
agency if it’s
be kept in mind. You should put a down any panic or disruption. able to obtain a
payment at least to the extent that the If fund companies get a redemption favourable rat-
EMI of the borrowed money does not request at a time when they cannot recov- ing from there
exceed one-third of your monthly income. er that money from their underlying
This acts as a basic hygiene check. In investments, this leads to a panic. This is
your case, in addition to buying the plot, a risk which we are likely to carry unless
money would also be required for the con- we have a more diverse market with dif-
struction of your home. You should try to ferent types of investors.
A webinar series to discuss Brought to you by

savings and investment issues
and answer your questions
;VWVZ[`V\YX\LY`]PZP[! www.ValueResearchOnline.com/Hangouts

CATEGORY WATCH
Lifeboats in turbulent markets

Large-cap equity funds can be a good choice for conservative investors
looking for equity returns with lower volatility
M
any mutual fund investors category return of 8.6 per cent again
and intermediaries have lags the index performance of 9.1 per
already written an obituary cent. With costs for actively managed
The global wave
for the active large-cap equity catego- funds remaining elevated, and those in favour of
ry because of the inability of the for index funds steadily falling, the index investing
active funds in this category to keep task is likely to get more challenging
up with the bellwether indices. for active managers. These numbers,
ensures that
Taking stock on August 1, if you taken with the very low costs at disproportionate
compare the category returns on which index funds are now available, institutional
large-cap equity funds to the BSE have convinced many folks that pas-
Sensex Total Return Index, this strug- sive funds now present a better alter-
liquidity is
gle is quite evident. native to active ones if one is keen to available to the
The category return on large-cap own a basket of blue-chip stocks. top 100 stocks
But we at Value Research, hold the
equity funds trails the Sensex over
in any market,
one, three and five year(s). On a one- view that it would be hasty to write
year basis, the category is down 2.7 off actively managed large-cap funds to the exclusion
per cent but the Sensex TRI is down based on recent evidence for three of other
0.9 per cent. For three years, the cate- reasons. One, the trend of actively smaller firms
gory returns are 8.7 per cent vis-a-vis managed large-cap funds struggling
the Sensex return of 11.5 per cent, to keep up with the index is just two
falling well short. For five years, the years old.
Equity: Large cap vs S&P BSE Sensex TRI

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

25,000
Rebased to 10,000
20,000
15,000
10,000
5,000
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD*
Category (%) 17.75 -23.65 29.16 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Sensex TRI (%) 19.14 -23.64 27.82 10.70 31.87 -3.68 3.47 29.56 7.18 4.81
Expense ratio (%) 1.66 1.65 1.68 1.91 1.85 1.61 1.44 1.30 1.12 1.12^
* Year-to-date data as on July 31, 2019. ^ Monthly expense as on June 30, 2019.

Performance of active large- Median outperformance of active Analyst’s choice
cap funds vs. Sensex TRI large-cap funds vs Sensex TRI
Rating 5Y SIP return (%)
Number of funds underperforming
2.92
11.49
Number of funds outperforming

4
1.90 AXIS BLUECHIP FUND
2.00
20 24 27 28 27 1.48
8.79
HDFC TOP 100 FUND
6 2014 2015 2016 2017 2018

4 2 3
2014 2015 2016 2017 2018
-1.76
8.04
%DVHGRQWKHÀYH\HDU6,3UHWXUQV$OOQXPEHUVLQWKHVHFRQGJUDSKLQSRLQWV ICICI PRUDENTIAL BLUECHIP FUND
Two, with just four-five index the SEBI recategorisation, ensures

stocks holding up the indices, the that 80 per cent of your money is
5.19
ICICI PRUDENTIAL NIFTY NEXT 50 INDEX
bellwether indices have failed to cap- invested in the top 100 names in the
ture what’s happening in the broader market, which are more resilient not
market for the last couple of years.
Three, given that bellwether indi-
only to market ups and downs but
also to the swings in business and
10.49
MIRAE ASSET LARGE CAP FUND
ces in India choose their constituents economic cycles. For investors who
based on free float, activity and prefer a smoother journey in equities,
liquidity, there’s plenty of scope for large-cap funds, therefore, prove a 5.68
active managers to find blue-chip better bet than other categories. RELIANCE ETF JUNIOR BEES
companies with better governance, Two, the global wave in favour of
profit prospects or management qual- index investing ensures that dispro-
ity outside of these indices. portionate institutional liquidity is
8.45
RELIANCE LARGE CAP FUND
In fact, our own analysis of SIP available to the top 100 stocks in any
returns on active large-cap funds for market, to the exclusion of other
five-year blocks ranging from 2009–
2014 to 2013–2018 showed that until
smaller firms. This not only ensures
that the large caps are more stable rel-
7.17
SBI BLUECHIP FUND
the end of 2017, 80 per cent or more ative to the rest of the market, it also
of active large-cap funds did outper- gives them a valuation premium over
form the Sensex TRI; it was only in mid and small caps and results in 8.08*
the latest five-year block (2013 to good market liquidity for such stocks. SBI ETF NIFTY 50
2018) that the picture completely This renders large-cap funds safer to
flipped, with 87 per cent of the own than multi-cap or mid- or small-
active managers slipping behind the cap funds in the Indian context. 8.68
UTI NIFTY INDEX FUND
Sensex (see the graphs). Three, because of high institution-
Large-cap equity funds can be a al interest and ownership, the top * 3-year SIP return
good choice for conservative inves- 100 stocks in the Indian market are
tors looking for equity returns with researched by dozens of analysts and
lower volatility on three counts. attract a lot of public scrutiny. This
One, if mid- and small-cap stocks ensures a higher bar on governance
can add a kicker to a large-cap port- for large caps relative to the mid- and
folio in good times for the market, small-cap segments of the market.
they can also weigh heavily on We therefore offer a selection of
returns and expose you to high both outperforming active funds and
downside in falling markets. Sticking low-cost index funds to construct a
to a large-cap fund, especially after blue-chip portfolio.

CATEGORY WATCH
Large-cap funds
Average return from an SIP in a Large-cap fund is 7.49 per cent over the past five years
SIP returns (%) Trailing returns (%) Top 10 Wt avg mkt Assets Portfolio Performance consistency
Fund Rating 3Y 5Y 3Y 5Y 10Y stocks (%) cap (` cr) (` cr) P/E P/B ‘14 ‘15 ‘16 ‘17 ‘18 ‘19
Active Funds
Aditya Birla Sun Life Focused Equity Fund 3.97 6.87 7.19 9.34 12.57 54.8 152076 4329 22.33 2.4
Aditya Birla Sun Life Frontline Equity Fund 3.14 6.47 6.54 9.27 12.29 48.59 143631 21664 22.78 2.76
Axis Bluechip Fund 12.3 11.49 12.53 11.33 - 61.07 250487 6303 37.03 5.56
Baroda Large Cap Fund Not Rated 2.63 4.75 6.43 5.34 - 55.89 176561 32 28.6 3.32
BNP Paribas Large Cap Fund 6.85 7.58 7.34 9.55 11.98 52.14 178721 772 34.84 4.27
Canara Robeco Bluechip Equity Fund 7.41 8.61 9.44 9.49 - 53.27 169439 211 27.36 3.29
DHFL Pramerica Large Cap Fund 5.03 6.79 6.95 9 9.9 68.76 223084 339 29.81 3.29
DSP Top 100 Equity Fund - Regular Plan 2.15 5.01 5.07 6.99 9.58 60.25 175547 2803 24.95 3.2
Edelweiss Large Cap Fund - Regular Plan 6.29 7.88 8.38 9.61 11.8 43.57 132960 166 22.62 3.43
Essel Large Cap Equity Fund 3.35 6.7 6.65 9.16 - 56.19 146535 112 26.53 3.09
Franklin India Bluechip Fund 0.66 4.27 4.23 7.73 10.49 52.11 124571 7102 24.01 2.19
HDFC Top 100 Fund 6.89 8.79 10.15 9.23 11.83 59.01 174062 17912 16.74 1.98
HSBC Large Cap Equity Fund 5.85 7.99 8.76 8.52 9.14 69.97 253361 687 28.95 3.12
ICICI Prudential BHARAT 22 FOF Not Rated - - - - - - 138276 19 13.85 1.91
ICICI Prudential Bluechip Fund 5.37 8.04 8.76 9.78 13.2 48.04 165235 22117 22.36 2.55
IDBI Focused 30 Equity Fund - Regular Plan Not Rated - - - - - 49.7 123229 245 20 3.27
IDBI India Top 100 Equity Fund 1.62 4.35 4.11 7.94 - 47.69 167549 371 32.02 4.48
IDFC Large Cap Fund - Regular Plan 3.68 6 7.53 6.67 8.84 55.72 152067 435 30.29 3.66
Indiabulls Bluechip Fund 4.94 7.72 8.89 9.46 - 63.88 253424 238 26.88 3.15
Invesco India Largecap Fund 4.4 6.79 7.05 9.41 - 69.88 211154 196 27.02 3.95
JM Core 11 Fund 2.12 7.79 7.35 10.66 6.99 90.89 106278 51 30.14 4.38
JM Large Cap Fund 3.7 4.84 5.38 6.96 7.03 46.38 236718 2174 20.54 2.88
Kotak Bluechip Fund - Regular Plan 3.89 6.36 6.44 9.44 10.52 56.12 162713 1377 25.97 3.33
L&T India Large Cap Fund 5.12 6.67 7.12 8.76 11.64 51.53 188105 496 28.78 3.55
LIC MF Large Cap Fund 5.15 6.33 6.9 8.43 8.99 62.01 234759 291 29.85 4.27
Mahindra Pragati Bluechip Yojana - Not Rated - - - - - 42.78 81984 76 25.83 3.96
Mirae Asset Large Cap Fund 7.53 10.49 11.18 13.03 15.95 45.55 139289 13618 23.76 3.02
Motilal Oswal Focused 25 Fund 3.29 6.57 7.36 10.41 - 63.3 112816 1113 30.97 4.85
Quant Focused Fund Not Rated 1.85 6.86 7.02 13.01 12.81 78.01 58951 4 28.04 2.68
Reliance Junior BeES FoF - Regular Plan Not Rated - - - - - - 43989 52 24.45 2.94
Reliance Large Cap Fund 6.03 8.45 10.17 11.04 12.15 51.34 92204 13076 24.2 2.35
SBI Bluechip Fund 4.08 7.17 6.38 10.75 11.81 45.66 136596 22679 23.81 3.26
Sundaram Select Focus Fund - Regular Plan 8.78 9.22 10.95 9 9.03 63.71 187960 1013 32.07 3.57
Tata Large Cap Fund - Regular Plan 5.74 7.21 7.36 8.81 10.92 65.69 217091 823 29.17 3.28
Taurus Largecap Equity Fund - Regular Plan 0.91 3.22 3.61 5.97 7.14 60.26 230193 29 23.47 3.09
Union Largecap Fund - Regular Plan Not Rated - - - - - 58.72 240250 225 24.1 3.22

UTI Mastershare Fund - Regular Plan 4.68 6.62 7.43 8.81 10.78 50.87 148563 6061 27.34 3.45
Passive Funds
Aditya Birla Sun Life Index Fund 6.68 7.63 8.62 7.61 8.92 53.33 257825 144 23.33 2.85
Aditya Birla Sun Life Nifty ETF Fund Not Rated 7.78 8.83 9.87 8.81 - 60.29 258215 158 23.73 2.9
Aditya Birla Sun Life Nifty Next 50 ETF Not Rated - - - - - 31.69 43648 75 34.4 3.04
Aditya Birla Sun Life Sensex ETF Not Rated 5.35 - 7.65 - - 70.46 312466 12 26.56 2.96
Axis Nifty ETF - Regular Plan Not Rated - - - - - 60.44 258530 8 23.73 2.9
BHARAT 22 ETF Not Rated - - - - - 82.13 138276 8422 13.83 1.76
DSP Equal Nifty 50 Fund - Regular Plan Not Rated - - - - - 20.63 117556 117 23.73 2.9
DSP Nifty 50 Index Fund - Regular Plan Not Rated - - - - - 59.82 258171 19 23.73 2.9
DSP Nifty Next 50 Index Fund - Regular Plan Not Rated - - - - - 31.15 43992 34 34.4 3.04
Edelweiss ETF - Nifty 100 Quality 30 Not Rated 3.51 - 5.55 - - 46.67 118495 12 25.75 6.14
Edelweiss Exchange Traded Fund-Nifty 50 Not Rated 8.34 - 10.63 - - 60.71 258491 2 23.73 2.9
Franklin India Index Fund - NSE Nifty Plan 6.69 7.69 8.69 7.67 9.21 59.85 258538 272 23.73 2.9
HDFC Index Fund - Sensex Plan 9.7 9.69 11 8.69 9.75 70.3 312422 433 26.56 2.96
HDFC Index Fund Nifty 50 Plan 7.68 8.59 9.66 8.45 9.54 60.54 258319 805 23.73 2.9
HDFC Nifty 50 ETF Not Rated 8.07 - 10.09 - - 60.63 258402 320 23.73 2.9
HDFC Sensex ETF Not Rated 10.19 - 11.47 - - 70.47 312553 51 26.56 2.96
ICICI Prudential Nifty 100 ETF Not Rated 6.5 8.26 9.23 8.89 - 52.19 206569 5 25.33 2.93
ICICI Prudential Nifty ETF Not Rated 8.01 8.95 10.04 8.79 - 60.66 258488 1160 23.73 2.9
ICICI Prudential Nifty Index Fund 7.02 7.98 9.02 7.91 9.61 60.69 258230 375 23.73 2.9
ICICI Prudential Nifty Low Vol 30 ETF Not Rated - - - - - 38.31 130584 32 23.72 3.95
ICICI Prudential Nifty Next 50 ETF Not Rated - - - - - 30.55 43756 11 34.4 3.04
ICICI Prudential Nifty Next 50 Index Fund -1.54 5.19 5.61 10.06 - 31.24 43790 523 34.4 3.04
ICICI Prudential NV20 ETF Not Rated 10.71 - 12.91 - - 75.42 252555 6 15.69 2.64
ICICI Prudential Sensex ETF Not Rated 10.03 9.94 11.29 8.88 10.41 69.84 312455 21 26.56 2.96
ICICI Prudential Sensex Index Fund Not Rated - - - - - 69.91 311393 21 26.56 2.96
IDBI Nifty Index Fund 6.39 7.19 8.23 7.01 - 60.42 258228 224 23.73 2.9
IDBI Nifty Junior Index Fund -2.13 4.42 4.75 9.23 - 31.03 43979 50 34.4 3.04
IDFC Nifty ETF Not Rated - - - - - 59.77 258856 1 23.73 2.9
IDFC Nifty Fund - Regular Plan 7.72 8.61 9.66 8.44 - 59.5 258289 171 23.73 2.9
IDFC Sensex ETF Not Rated - - - - - 69.6 312756 1 26.56 2.96
Indiabulls Nifty 50 Exchange Traded Fund Not Rated - - - - - 60.44 257825 13 23.73 2.9
Invesco India Nifty Exchange Traded Fund Not Rated 8 8.93 10.06 8.7 - 60.61 258385 2 23.73 2.9
Kotak Nifty ETF Fund Not Rated 7.98 8.66 10.01 8.26 - 60.63 258372 756 23.73 2.9
Kotak NV 20 ETF Not Rated 11.07 - 13.27 - - 75.98 251762 12 15.69 2.64
Kotak Sensex ETF Fund Not Rated 9.95 9.83 11.19 8.77 10.24 70.53 312539 13 26.56 2.96
LIC MF Exchange Traded Fund - Nifty 100 Not Rated 6.56 - 9.42 - - 52.96 206089 327 25.33 2.93
LIC MF Exchange Traded Fund - Nifty 50 Not Rated 7.98 - 10.02 - - 60.65 258110 526 23.73 2.9
LIC MF Exchange Traded Fund - Sensex Not Rated 10.24 - 11.47 - - 70.48 312512 397 26.56 2.96
LIC MF Index-Nifty Plan 6.51 7.41 8.46 7.3 8.92 60.5 259981 28 23.73 2.9

CATEGORY WATCH
LIC MF Index-Sensex Plan 8.63 8.42 9.77 7.31 9.03 69.87 313117 20 26.56 2.96
Mirae Asset Nifty 50 ETF - Regular Plan Not Rated - - - - - 60.81 259000 20 23.73 2.9
Motilal Oswal M50 ETF Fund Not Rated 7.42 8.06 9.14 6.82 - 60.48 258275 21 23.73 2.9
Principal Nifty 100 Equal Weight Fund -1.21 2.46 3.57 4.57 7.65 12.56 72187 18 25.33 2.93
Quantum Nifty ETF Not Rated 7.95 8.84 9.94 8.68 10.16 60.36 258612 5 23.33 2.85
Reliance ETF Junior BeES Not Rated -0.89 5.68 6.01 10.45 12.31 31.27 43989 1169 34.4 3.04
Reliance ETF Nifty 100 Not Rated 5.8 7.63 8.63 8.34 - 52.79 205359 7 25.33 2.93
Reliance ETF Nifty BeES Not Rated 8.07 8.9 10.02 8.69 10.26 60.58 258379 1261 23.73 2.9
Reliance ETF NV20 Not Rated 11.01 - 13.19 - - 75.64 251699 30 15.69 2.64
Reliance ETF Sensex Not Rated 10.18 - 11.42 - - 70.4 312497 20 26.56 2.96
Reliance ETF Sensex Next 50 - Regular Plan Not Rated - - - - - - - - - -
Reliance ETF Shariah BeES Not Rated 3.99 6.38 7.81 7.17 8.56 76.99 200408 3 18.62 3.26
Reliance Index Fund - Nifty Plan 6.91 7.76 8.75 7.65 - 60.4 258204 147 23.73 2.9
Reliance Index Fund - Sensex Plan 8.98 8.83 10.27 7.77 - 69.88 312427 24 26.56 2.96
SBI ETF BSE 100 Fund Not Rated 6.51 - 9.4 - - 52.13 196455 4 24.54 2.92
SBI ETF Nifty 50 Not Rated 8.08 - 10.12 - - 60.63 258372 55778 23.73 2.9
SBI ETF Nifty Next 50 Fund Not Rated -0.77 - 6.31 - - 31.28 43990 199 34.4 3.04
SBI ETF Quality - Regular Plan Not Rated - - - - - 47.8 89003 17 24.38 6.72
SBI ETF Sensex Not Rated 10.15 10.1 11.41 9.18 - 70.5 312400 17950 26.56 2.96
SBI ETF Sensex Next 50 - Regular Plan Not Rated - - - - - 30.04 34765 3 28.25 2.77
SBI Nifty Index Fund 7.23 8.09 9.24 7.8 9.2 59.64 258271 433 23.73 2.9
Sundaram Smart NIFTY 100 Equal Weight Not Rated - - - - - 12.44 71934 23 25.33 2.93
Tata Index Nifty Fund - Regular Plan 7.43 8.19 9.3 7.86 9.28 60.79 259012 16 23.73 2.9
Tata Index Sensex Fund - Regular Plan 9.53 9.27 10.63 8.03 9.2 70.2 313563 12 26.56 2.96
Tata Nifty Exchange Traded Fund Not Rated - - - - - 60.59 258369 77 23.73 2.9
Taurus Nifty Index Fund - Regular Plan Not Rated 7.26 7.91 8.99 7.64 - 59.86 227283 1 23.73 2.9
UTI Nifty Exchange Traded Fund Not Rated 8.09 - 10.16 - - 60.78 258300 13925 23.73 2.9
UTI Nifty Index Fund - Regular Plan 7.78 8.68 9.78 8.51 9.6 60.77 258326 1408 23.73 2.9
UTI Nifty Next 50 Exchange Traded Fund Not Rated - - - - - 32.28 43996 177 34.4 3.04
UTI Nifty Next 50 Index Fund Not Rated - - - - - 31.26 43995 395 34.4 3.04
UTI S&P BSE Sensex Next 50 ETF Not Rated - - - - - 30.04 34753 11 28.25 2.77
UTI Sensex Exchange Traded Fund Not Rated 10.2 - 11.5 - - 70.69 312436 4699 26.56 2.96
Performance Top quartile Second quartile Third quartile Bottom quartile

Consistency: = Among top 25% in the category = Among top 25–50% in the category = Among bottom 25–50% in the category = Among bottom 25% in the category
The left-most bar in a series represents the fund’s performance in the first quarter of a calendar year. Similarly, subsequent bars represent the fund’s performance in second, third and last quarters of the calendar year.
Funds marked in this colour are our recommended funds. Data as on July 31, 2019. Assets and portfolio data as on June 30, 2019. Only open-end schemes. Direct plans have been
excluded. Funds suspended for sale have also been excluded.

FUND AXIS BLUECHIP FUND
REGULAR DIRECT
ANALYST’S
CH ICE Focus on quality
A
Launch t a time when an overwhelm- up cash/debt positions in the last 18
January 2010 ing majority of large-cap months as valuations of quality
Fund manager funds have been trailing well stocks soared without matching earn-
Shreyash Devalkar
behind the benchmark, this fund has ings growth. The fund has also con-
been neck and neck with it and has centrated its portfolio to stick to qual-
beaten its category in the last one ity companies with good earnings
year. Its three- and five-year returns performance. This has pegged up
are also ahead of the benchmark and cash/debt positions to about 16 per
Over the last 12–18 category by 1-2 percentage points. cent by June 2019, helping it cushion
months, we saw The fund, in keeping with the Axis against the recent market fall.
narrowing of markets philosophy, is a strong adherent of Though the fund is a relatively
with only a handful of the ‘quality at a reasonable price’ phi- new entrant to the large-cap category,
losophy of investing. The focus is on with its debut in 2010, it has beaten
stocks contributing to
companies with a good management both its benchmark and category in
bulk of the index
pedigree, a superior and scalable seven of the eight years since launch.
movement.
business model and superior return It has contained losses well in 2011,
SHREYASH DEVALKAR
metrics in an attractive industry. the only significant bear phase it has
Though large-cap equity funds are encountered. Its limited history is a
Expense ratio (%) expected to have an 80 per cent allo- bit of handicap compared to more
DIRECT
cation to top 100 stocks, this fund seasoned funds for which a longer
0.71 0.85
MIN MEDIAN FUND MAX parks over 90 per cent in them. track record is available.
The fund has shown itself to be A fund with a no-compromise
0.01 2.47 valuation-conscious too by pegging focus on quality stocks.
REGULAR
MIN
0.90 2.08
MAX 15 lakh SIP value (`) `7.95 lakh
MEDIAN FUND
0.01 2.67 12 lakh
Trailing returns (%) 9 lakh

Fund S&P BSE Sensex TRI
6 lakh
0.73
1-Year 3 lakh
0.93
Amount invested
0
12.53
3-Year Sep 2014 `10,000 invested monthly for five years (`6 lakh) Jul 2019
11.49
Fund history
11.33 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
5-Year
9.09
Rating
16.18 Quartile ranking* 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Recent
rally 19.61 Fund return (%) 13.49 40.85 -1.24 -3.62 38.03 6.51 6.88
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent -17.70
crash S&P BSE Sensex 10.70 31.87 -3.68 3.47 29.56 7.18 4.81
-20.85 TRI (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation
Recent rally: Feb 11, 2016 — May 31, 2019 *Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged
Recent crash: Mar 04, 2015 — Feb 11, 2016 in a descending order of returns. YTD as on July 31, ‘19
Data as on July 31, ‘19.
Portfolio-related data as on June 30, ‘19. The ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

FUND HDFC TOP 100 FUND
REGULAR DIRECT
ANALYST’S
CH ICE Regaining mojo
E
Launch arlier known as HDFC Top 200 over 90 per cent allocation to large-
October 1996 Fund, it has shifted to a nar- cap stocks and does not take any cash
Fund manager rower large-cap mandate of calls to time markets.
Prashant Jain
investing manly in the top 100 stocks The fund has delivered an 8–10
after the SEBI recategorisation. After percentage-point outperformance
a slow going in 2017 and 2018, the over the benchmark and category in
fund has managed a large outperfor- the last one year. With this, the trail-
mance of both the index and the cat- ing three-year returns are 1-2 per-
egory in 2019. centage points ahead of the category
The fund is managed in a ‘growth and benchmark.
at a reasonable price’ style, with A look-back at the fund’s history
strong pegs to the benchmark. The lat- shows that the fund outpaced its
ter helps in risk control. The unique benchmark and peers by large mar-
feature of HDFC AMC’s investment gins in 2009 and 2014, while contain-
strategy has been its ability to be an ing downside to levels lower than the
early-mover in identifying significant index in bear markets like 2008 and
shifts in the sector and thematic pref- 2011. The fund’s timely shifts in sec-
Expense ratio (%) erences of the market ahead of each tor and stock preferences have result-
DIRECT new cycle. This has often led to the ed in a strong 20 per cent CAGR over
0.71 1.37 fund underperforming peers during its more than 20-year existence,
MIN MEDIAN FUND MAX
the last legs of big bull phases, while which is no mean feat.
0.01 2.47 doing very well at containing down- Regaining its mojo in the large-cap
REGULAR side in corrections. The fund has an space.
0.90 1.87
MIN MEDIAN FUND MAX
15 lakh SIP value (`) `7.44 lakh
0.01 2.67
12 lakh

6 lakh
3.24
1-Year 3 lakh
0.93
Amount invested
0
10.15
11.49
Fund history
9.23 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
5-Year
9.09 Rating
Quartile ranking* 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Recent 22.91
rally
19.61 Fund return (%) 4.05 46.52 -6.09 8.52 31.97 0.13 3.23
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent -24.81
-20.85 TRI (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FUND ICICI PRU BLUECHIP FUND
REGULAR DIRECT
ANALYST’S
CH ICE Good in bull runs,
Launch
May 2008
Fund manager
even better in bear ones
A
Anish Tawakley,
Rajat Chandak fter beating both the category large-cap companies with a proven
and benchmark in eight of track record, quality management
the nine years since launch, and good growth potential. While
this fund has just about matched its looking for quality businesses, the
benchmark in the last one year. But fund tends to be valuation-conscious
The recent performance its performance is still superior to a and doesn’t overpay.
was largely aided by the majority of its peers. It’s four-star rat- On a three- and five-year basis, the
underweight stance in ing has therefore been upgraded to fund is now neck and neck with the
finance, banks, five stars in the past year. benchmark, but it has outperformed
The fund has traditionally had a the category by about 1 percentage
consumer non-durables,
higher-than-category allocation to point. The year-wise track record
software and petroleum
large caps. Its mandate earlier called shows that the fund has been good at
products.
for a concentrated portfolio, with the bull-market participation in 2009 and
ANISH TAWAKLEY
stock picks drawn from the top 200 2014 but even better at containing
stocks by market cap. Post the SEBI losses in bear years such as 2011 or
Expense ratio (%) reclassification, the fund remains a 2015. But the only limitation is that
DIRECT
large-cap fund, which will maintain a it hasn’t seen a serious bear market.
0.71 1.21
MIN MEDIAN FUND MAX minimum 80 per cent exposure to the A solid performer for conservative
the top 100 stocks by market cap. investors.
0.01 2.47 The scheme seeks to invest in
REGULAR
MIN
0.90 1.83
MEDIAN FUND
0.01 2.67 12 lakh

6 lakh
-2.11
1-Year 3 lakh
0.93
Amount invested
0
8.76
11.49
Fund history
9.78 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
5-Year
9.09 Rating
Recent 16.70
rally
19.61 Fund return (%) 10.21 41.10 -0.21 7.74 32.75 -0.80 0.69
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent -18.63
-20.85 TRI (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FUND ICICI PRU NIFTY NEXT 50 INDEX FUND
REGULAR DIRECT
ANALYST’S
CH ICE High risk, high reward
T
Launch he Nifty Next 50 Index tends The Nifty Next 50 Index is a bas-
June 2010 to be a high-beta bet on the ket of the 50 most active and liquid
Fund manager large-cap space as stocks in it stocks on the NSE after the Nifty 50.
Kayzad Eghlim
deliver significantly higher gains This index makes up about 12 per
than the Nifty 50 during bull phases cent of the total market cap of listed
but also suffer bigger falls in a market stocks. As of July 31, 2019, its top
crash. sectors were financials (22.9 per
After a significant outperformance cent), consumer goods (18.6 per
of the large-cap category until 2018, cent), healthcare (13.4 per cent), con-
the recent market correction has led struction (9.4 per cent), auto (6.9 per
to this index trailing the large-cap cent) and so on.
category in the past year, reducing its The fund has managed a 9.4 per
rating to three stars. As this is an cent annualised return over the last
open-end fund, one can buy units five years and about 5.2 per cent in
from the fund house and need not the last three years. Given that it
own a demat account or trading tracks the Nifty Next 50, the fund can
Expense ratio (%) account to buy this index fund. display higher volatility than the
DIRECT As an open-end fund, the expense market and is subject to a high down-
0.39 0.71 ratio is at 0.85 per cent for the regu- side in bear markets.
MIN FUND MEDIAN MAX
lar plan and 0.39 per cent for the A high risk–high reward option to
0.01 2.47 direct plan, higher than that for com- own emerging blue chips.
REGULAR parable ETFs.
0.85 0.90
MIN FUND MEDIAN MAX
15 lakh SIP value (`) `6.80 lakh

0.01 2.67
12 lakh

S&P BSE Sensex TRI
6 lakh
1-Year -11.95
3 lakh
Amount invested
0
3-Year 5.61 Sep 2014 `10,000 invested monthly for five years (`6 lakh) Jul 2019
Fund history
5-Year 10.06 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
Rating
Recent Quartile ranking* 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
rally 15.61
Fund return (%) 5.44 43.62 6.19 7.61 45.67 -8.71 -7.31
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent
crash -14.45
Tracking error (%) 0.85 0.81 0.58 0.54 0.24 0.34 0.45
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FUND MIRAE ASSET LARGE CAP FUND
REGULAR DIRECT
ANALYST’S
CH ICE Still the good old one
T
Launch he fund has outpaced both the es run by competent managements
April 2008 benchmark and the category and filters stocks on three buckets –
Fund manager over the past one and three business, management and valuation.
Neelesh Surana,
Gaurav Misra, years and has earned a five-star rating. The fund has outpaced its bench-
Harshad Borawake Earlier known as Mirae Asset India mark and category by 2–3 percentage
Equity Fund, this fund has been points in the last one year even as
reclassified and renamed as a large- most of its peers have found this to
cap fund from May 2019. Though the be a challenge. On a three- and five-
Even before the change earlier mandate was that of a multi- year basis, the fund is ahead of its
the fund had been cap fund, the fund was in effect man- benchmark by a good 1–4 percentage
investing more than 80 aged with a large-cap heavy portfolio, points and its category by 3–4 per-
per cent in large caps. with a very limited allocation to mid- centage points. It has thus delivered
Hence, there is no signif- and small-cap stocks. There has thus convincing outperformance during a
been not much change in its portfolio challenging market phase.
icant change in portfolio
positioning or market-cap orientation In the past, the fund has outper-
style and approach.
after this name change, though the formed both the index and peers in
GAURAV MISRA
move robs it of the flexibility to take nine out of 10 years since launch,
on a larger mid-cap allocation. except for 2018, putting in a strong
Expense ratio (%) The fund’s investment philosophy show both in big bull phases like
DIRECT
is centred on participating in quality 2009 and 2014 as also in bearish ones
0.63 0.71
MIN FUND MEDIAN MAX businesses, but with an eye on buy- like 2011. A change in mandate
ing them at reasonable valuations. It doesn’t detract from its consistent
0.01 2.47 focuses on growth-oriented business- performance.
REGULAR
MIN
0.90 1.74
MEDIAN FUND
0.01 2.67 8 lakh

4 lakh
0.75
1-Year 2 lakh
0.93
Amount invested
0
11.18
11.49
Fund history
13.03 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
5-Year
9.09 Rating
Recent 18.82
rally
19.61 Fund return (%) 8.95 52.86 4.25 8.09 38.58 -0.63 2.69
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent -17.17
-20.85 TRI (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FUND RELIANCE ETF JUNIOR BeES
ANALYST’S
CH ICE Tomorrow’s Nifty stars
A
Launch t a time when almost all as an incubator for the emerging Nifty
February 2003 actively managed large-cap stocks. This index makes up about 12
Fund manager funds trailed the benchmark per cent of the total market cap of list-
Vishal Jain
in 2018, index funds and ed stocks. Investors should be wary of
exchange-traded funds tracking the significant premiums in market prices
Nifty Next 50 (earlier known as Junior vis-a-vis the latest NAV while buying
1-year trading statistics Nifty) outperformed. But the recent this ETF.
correction has seen this index lose The fund has returned over 10 per
Trading volume (units)
much more value than active large-cap cent annually in the last five years.
56,360 funds. The fund is among the oldest However, investors need to note that
MIN AVERAGE MAX
running ETFs tracking this index. while the Nifty Next 50 is a good
9,489 5.36 lakh The Nifty Next 50 Index is a basket basket to own in bull markets, it also
of the 50 most active and liquid stocks suffers very severe setbacks in bear
Trading volume (`) on the NSE after the Nifty 50 and acts markets.
1.59 cr NAV vs price
MIN AVERAGE MAX
`28000 NAV Price Volume 2.0

27.4 lakh 14.4 cr
22000 1.5
Difference between NAV and price (%)
16000 1.0
` lakh
0.001
MIN AVERAGE MAX
10000 0.5
-1.13 0.64
4000 0
Expense ratio (%) January 2013 NAV and price rebased to 10,000 July 2019
0.23 0.90
MIN FUND MEDIAN MAX SIP value (`)
15 lakh `6.88 lakh
0.01 2.67
12 lakh
9 lakh
Trailing returns (%)
6 lakh
S&P BSE Sensex TRI
3 lakh
Amount invested
0
1-Year -11.38
Sep 2014 `10,000 invested monthly for five years (`6 lakh) Jul 2019
3-Year 6.01 Fund history

Year 2013 2013 2015 2016 2017 2018 2019 (YTD)
5-Year 10.45 Quartile ranking*
Fund return (%) 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Recent 15.77 Category return (%) 5.13 44.67 7.06 7.21 46.30 -7.96 -7.05
rally
Tracking error (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent -14.07 Avg premium/
crash 0.10 0.23 0.09 0.14 0.10 0.07 0.48
discount (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation
Recent crash: Mar 04, 2015 — Feb 11, 2016 in a descending order of returns. YTD as on November 30, ‘18
Portfolio-related data as on June 30, ‘19.

FUND RELIANCE LARGE CAP FUND
REGULAR DIRECT
ANALYST’S
CH ICE Hunting for leaders
A
Launch t a time when most large-cap percentage points, respectively, in the
August 2007 funds have struggled to last one year. It is ahead of the
Fund manager match their benchmarks, this benchmark by 1–2 percentage points
Sailesh Raj Bhan
fund has outperformed it, thus climb- over three and five years and has
ing to a five-star rating in the past beaten peers by a slightly larger mar-
one year. gin of 2–3 percentage points over
The fund follows a ‘growth at a similar periods.
reasonable price’ approach. It hunts The fund used to be mid-cap
The emphasis on right for companies which are leaders or heavy six years ago, but since 2014
businesses along with potential leaders in their respective has maintained a 75–80 per cent allo-
right valuations and a segments. Businesses with a long cation to large-cap stocks. The SEBI
medium-term invest- operating history, dominant industry recategorisation therefore did not
standing and sustainable and profit- have much impact on the fund.
ment horizon have been
able growth are the key ones that find Its annual returns suggest that it is
critical to long-term
place in the portfolio. an aggressive outperformer of the
wealth creation.
In keeping with its focus on blue market in big bull phases like 2012,
SAILESH RAJ BHAN
chips, the fund avoids companies 2014 and 2017 while lagging behind
with fractured balance sheets or gov- it in bear phases like 2011. But the
Expense ratio (%) ernance issues. At the same time, it is fund has displayed good downside
DIRECT
also valuation-conscious and doesn’t containment in the last six years.
0.71 1.07
MIN MEDIAN FUND MAX overpay for growth or quality. An alpha-generator in the large-
The fund has outperformed the cap space.
0.01 2.47 benchmark and category by 4 and 5
REGULAR
MIN
0.90 1.77
MEDIAN FUND
0.01 2.67 8 lakh

4 lakh
-0.24
1-Year 2 lakh
0.93
Amount invested
0
10.17
11.49
Fund history
11.04 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
5-Year
9.09 Rating
13.99 Quartile ranking* 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Recent
rally 19.61 Fund return (%) 4.15 54.65 1.11 2.23 38.42 -0.20 0.09
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
-20.81
Recent S&P BSE Sensex
crash TRI (%) 10.70 31.87 -3.68 3.47 29.56 7.18 4.81
-20.85
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FUND SBI BLUECHIP FUND
REGULAR DIRECT
ANALYST’S
CH ICE Driven by process
A
Launch fter a blip in performance rel- fund narrowed this gap in 2019 with
February 2006 ative to the benchmark and corrective measures. On a three-year
Fund manager the category in 2018, the basis, the fund is now trailing the
Sohini Andani
fund has pulled up its socks to catch benchmark by about 3 percentage
up. This has helped it retain its four- points and category by about 2 per-
star rating. A steady climber in the centage points. However, this may get
large-cap ranking, this fund has man- corrected once the fund’s long-term
aged to beat its benchmark and cate- positions in sectors such as industri-
For identifying stocks, gory in six of the last seven years. als pay off.
we look for any positive It focuses on investing in business- Large margins of outperformance
change in leadership, es and managements that tend to in the preceding years have resulted
monitoring key consistently outperform on profit in the fund beating both the bench-
growth with efficient capital-alloca- mark and category by over 2 percent-
strategic decisions of
tion policies. This is combined with a age points over a five-year period. A
the management which
view on structural growth drivers for look back at its history suggests that
would drive growth.
the sector and positive change in sec- it has been quite good at outpacing
SOHINI ANDANI
tor dynamics. Stock valuations are the markets in big bull phases such
important for deciding relative as 2007 and 2014 and has also con-
Expense ratio (%) weights in the portfolio. tained its losses to index levels in
DIRECT
After trailing the benchmark on bear markets like 2008 and 2011.
0.71 1.10
MIN MEDIAN FUND MAX account of lower weights in sectors A process-driven fund for large-
such as IT and energy in 2018, the cap investors.
0.01 2.47
REGULAR
SIP value (`)
MIN
0.90 1.70
MAX 15 lakh `7.13 lakh
MEDIAN FUND
0.01 2.67 12 lakh

6 lakh
-2.42
1-Year 3 lakh
0.93
Amount invested
0
6.38
11.49
Fund history
10.75 Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
5-Year
9.09 Rating
-11.87
Recent
rally
19.61 Fund return (%) 7.58 47.86 7.99 4.83 30.23 -4.09 2.88
Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
Recent -11.87
crash S&P BSE MidCap 10.70 31.87 -3.68 3.47 29.56 7.18 4.81
-20.85 TRI (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

FUND SBI ETF NIFTY 50
ANALYST’S
CH ICE Buy the market
W
Launch ith most actively managed consumer goods and so on. The high
July 2015 large-cap funds struggling financial-services weight does
Fund manager to match the Nifty 50 of enhance concentration risks associat-
Raviprakash Sharma
late, owning ETFs that passively mir- ed with this ETF, relative to owning
ror the index has begun to make more actively managed large-cap funds.
sense. SBI ETF Nifty 50 has outpaced With an expense ratio of a mere 7
1-year trading statistics the large-cap category over both three basis points (0.07 per cent), this fund
Trading volume (units) and five years. But one needs to wait is one of the best choices in terms of
and watch to gauge if this is a tempo- cost. Investors should, however, be
95,676
MIN AVERAGE MAX rary aberration or a lasting trend. wary of discounts or premiums in the
The Nifty 50 basket currently has a market price vis-a-vis the NAV while
1,155 15.3 lakh 40 per cent weight in financial ser- transacting in ETFs.
vices, 14.8 per cent in technology, An ultra low-cost option to own
Trading volume (`)
13.9 per cent in energy, 11 per cent in blue chips.
1.10 cr
MIN AVERAGE MAX
NAV vs price
1.29 lakh 17.2 cr `16000 NAV Price Volume 48
Difference between NAV and price (%) 14000 36
0.13 24
MIN MAX 12000
` lakh
AVERAGE
-1.65 0.52 10000 12
8000 0
August 2015 NAV and price rebased to 10,000 July 2019
Expense ratio (%)
0.07
MIN FUND
1.97
MAX
SIP value (`)
MEDIAN
10 lakh `4.04 lakh
0.01 3.10 8 lakh
6 lakh
S&P BSE Sensex TRI 2 lakh
Amount invested
0
1-Year -0.88
Aug 2016 `10,000 invested monthly for three years (`3.6 lakh) Jul 2019
3-Year 10.12 Fund history

Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
Quartile ranking*
5-Year
Fund return (%) 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Recent 17.50
Category return (%) - - - 4.47 30.16 4.58 3.24
rally
Tracking error (%) - - - 3.71 30.92 1.10 1.35
Recent Avg premium/ - - - 0.04 0.02 0.03 0.01
crash discount (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation
Portfolio-related data as on June 30, ‘19.

FUND UTI NIFTY INDEX FUND
REGULAR DIRECT
ANALYST’S
CH ICE The demat-free, low-cost
Launch
March 2000
Fund manager
option to own the market
W
Sharwan Kumar
Goyal ith most actively managed ratio of 0.17 per cent and the direct
large-cap funds struggling plan at 0.10 per cent.
to keep up with the Nifty As of July 31, 2019, the Nifty 50
50 of late, owning passive index basket currently has a 40 per cent
funds mirroring the Nifty 50 has weight in financial services, 14.8 per
begun to make more sense. cent in technology, 14.8 per cent in
For investors who don’t own demat energy, 8.5 per cent in FMCG and so
accounts, UTI Nifty Index Fund is a on. The high financial-services
good option on account of its low weight does lead to higher concentra-
costs. On a trailing one-year basis, tion risks on this fund compared to
this fund has outperformed the large- actively managed large-cap funds.
cap category, which also includes However, investors need to wait
actively managed funds, by 2.4 per- and watch to see if the narrow rally
Expense ratio (%) centage points. On a three-year basis, that has led to index funds outpacing
DIRECT too, the fund has outpaced the cate- active large-cap funds is sustained in
0.10 0.71
MIN FUND MEDIAN MAX gory by 1 percentage point. the long run.
The fund’s regular plan is avail-
0.01 2.47 able at a very reasonable expense
REGULAR
0.17 0.90
MIN FUND MEDIAN MAX
SIP value (`)
0.01 2.67 15 lakh `7.43 lakh
12 lakh
Trailing returns (%)
9 lakh
S&P BSE Sensex TRI
6 lakh
1-Year -1.08
3 lakh
Amount invested
3-Year 9.78
0
Sep 2014 `10,000 invested monthly for five years (`6 lakh) Jul 2019
5-Year
Fund history
8.51
Year 2013 2014 2015 2016 2017 2018 2019 (YTD)
Rating
Recent Quartile ranking* 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
rally 17.15
Fund return (%) 6.86 31.77 -3.35 4.00 29.68 4.23 3.14
Recent Category return (%) 6.95 36.18 -1.06 3.71 30.92 1.10 1.35
crash -21.10
Tracking error (%) 0.23 0.20 0.22 0.17 0.15 0.11 0.02
Investment style
Growth Blend Value
Large Medium Small
Fund style
Capitalisation

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SCOREBOARD FUND CLASSIFICATION
Category Description Number of funds
EQUITY
Large cap Funds investing at least 80% in large caps 123
Large & mid cap Funds investing at least 35% each in large and mid caps 25
Multi cap Funds investing across large, mid and small caps 106
Mid cap Funds investing at least 65% in mid caps 32
Small cap Funds investing at least 65% in small caps 43
Value-oriented Funds following the value strategy 19
ELSS Funds with a lock-in of 3 years and tax benefit under Section 80C 69
Sectoral/thematic* Funds investing at least 80% in a particular sector or theme 112
International Funds investing more than 65% in foreign equities 41
DEBT
Long duration Funds investing in debt instruments with Macaulay duration greater than 7 years 2
Medium to long duration Funds investing in debt instruments with Macaulay duration between 4 and 7 years;
under anticipated adverse situation, 1 year to 4 years** 14
Medium duration Funds investing in debt instruments with Macaulay duration between 3 and 4 years;
under anticipated adverse situation, 1 year to 4 years** 18
Short duration Funds investing in debt instruments with Macaulay duration between 1 year and 3 years 30
Money market Funds investing in money-market instruments having maturity up to 1 year 19
Low duration Funds investing in debt instruments with Macaulay duration between 6 and 12 months 27
Ultra short duration Funds investing in debt instruments with Macaulay duration between 3 and 6 months 26
Liquid Funds investing in debt and money-market securities with maturity of up to 91 days 43
Overnight Funds investing in securities having maturity of 1 day 25
Dynamic bond Debt funds investing across durations 29
Corporate bond Funds investing at least 80% in AA+ and above-rated corporate bonds 22
Credit risk Funds investing at least 65% in AA and below-rated corporate bonds 20
Banking and PSU Debt funds investing at least 80% in the debt instruments of banks,
PSUs, public financial institutions and municipal bonds 18
Floater Debt funds investing at least 65% in floating-rate instruments
(including fixed-rate ones converted to floating rate) 7
Gilt Funds investing at least 80% in government securities 24
Gilt with 10-year Funds investing at least 80% in government bonds such that the
constant duration average maturity of the portfolio is 10 years 5
FMP Fixed maturity plans of pre-defined term 862
HYBRID
Aggressive hybrid Funds investing 65–80% in equity and the rest in debt 45
Balanced hybrid Funds investing at least 40–60% in equity and the rest in debt 10
Conservative hybrid Funds investing 10–25% in equity and the rest in debt 151
Equity savings Funds investing at least 65% in equity and at least 10% in debt 23
Arbitrage Funds investing in arbitrage opportunities 24
Dynamic asset allocation Funds which dynamically manage the asset allocation between equity and debt 23
Multi asset allocation Funds investing in 3 different asset classes, with a minimum 10% in all three 14
COMMODITIES
Gold Funds investing in gold 23
*Include dividend-yield funds. **Anticipated adverse situation is if the fund manager expects the interest rates to move adversely

SCOREBOARD GUIDE
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 olu 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 Abs 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 -4.7 -2.7 8.8 8.6 10.2 94 80 63

1 Aditya Birla SL Focused Equity -3.7 -2.1 7.2 9.3 12.6 13.6 56 61 16 2.07 57.65 4328 10/05
2 Aditya Birla SL Frontline Equity È -4.5 -4.0 6.5 9.3 12.3 19.9 72 67 17 1.78 216.14 21663 08/02
3 Aditya Birla SL Index -5.0 -2.0 8.6 7.6 8.9 15.2 55 49 53 0.80 109.06 144 09/02
4 Aditya Birla SL Nifty ETF NR -4.8 -1.2 9.9 8.8 - 10.0 41 29 28 0.05 120.62 157 07/11
5 Aditya Birla SL Nifty Next 50 ETF Reg NR -6.0 - - - - -5.4 - - - 0.05 260.69 75 12/18
6 Aditya Birla SL Sensex ETF NR -3.3 -1.9 7.7 - - 8.0 48 54 - 0.08 349.80 11 07/16
7 Axis Bluechip 0.3 0.7 12.5 11.3 - 11.7 14 4 2 2.08 28.89 6302 01/10
8 Axis Nifty ETF Reg NR -4.8 -0.7 - - - 8.3 25 - - 0.07 1141.75 7 07/17
9 Baroda Large Cap NR -4.9 -3.8 6.4 5.3 - 3.7 69 - - 2.57 13.93 32 06/10
10 BHARAT 22 ETF NR -6.1 -1.1 - - - -3.8 40 - - 0.01 35.26 8421 11/17
11 BNP Paribas Large Cap -0.2 1.8 7.3 9.6 12.0 15.8 2 60 11 2.35 88.46 771 09/04
12 Canara Robeco Bluechip Equity Reg -2.4 -1.5 9.4 9.5 - 10.4 45 34 12 2.50 24.29 210 08/10
13 DHFL Pramerica Large Cap -2.4 -2.3 7.0 9.0 9.9 18.5 60 64 23 2.51 164.62 338 01/03
14 DSP Equal Nifty 50 Fund Reg NR -9.1 -8.8 - - - -4.0 84 - - 0.90 9.30 116 10/17
15 DSP Nifty 50 Index Fund Reg NR -4.9 - - - - 3.5 - - - 0.38 10.35 18 02/19
16 DSP Nifty Next 50 Index Fund Reg NR -6.2 - - - - 0.4 - - - 0.60 10.04 33 02/19
17 DSP Top 100 Equity Reg -4.7 -6.5 5.1 7.0 9.6 19.9 81 75 58 2.11 197.53 2803 03/03
18 Edelweiss ETF - Nifty 100 Quality 30 NR -6.5 -8.0 5.5 - - 7.2 83 73 - 0.28 263.31 12 05/16
19 Edelweiss Exchange Traded Fund-Nifty 50 NR -4.8 -0.7 10.6 - - 9.2 24 15 - 0.07 11950.22 1 05/15
20 Edelweiss Large Cap Reg -3.6 -4.7 8.4 9.6 11.8 12.9 76 51 10 1.66 34.53 165 05/09
21 Essel Large Cap Equity -3.4 -4.0 6.7 9.2 - 10.8 73 66 21 2.60 22.32 111 09/11
22 Franklin IIF NSE Nifty -5.0 -2.0 8.7 7.7 9.2 12.1 52 47 50 1.08 88.14 271 08/00
23 Franklin India Bluechip -7.1 -5.8 4.2 7.7 10.5 19.8 79 77 49 1.87 436.90 7102 12/93
24 HDFC Index Fund Nifty 50 -4.9 -1.3 9.7 8.4 9.5 14.6 42 32 38 0.30 101.36 804 07/02
25 HDFC Index Sensex -3.4 0.5 11.0 8.7 9.7 14.6 17 13 34 0.30 333.14 433 07/02
26 HDFC Nifty 50 ETF NR -4.8 -0.9 10.1 - - 12.4 28 22 - 0.05 1162.56 320 12/15
27 HDFC Sensex ETF NR -3.3 0.9 11.5 - - 13.3 9 7 - 0.05 3935.67 50 12/15
28 HDFC Top 100 -4.7 3.2 10.2 9.2 11.8 19.6 1 20 18 1.87 479.47 17911 10/96
29 HSBC Large Cap Equity -2.3 -2.4 8.8 8.5 9.1 20.0 61 44 36 2.45 207.23 687 12/02
30 ICICI Pru BHARAT 22 FOF NR -6.1 -1.4 - - - 3.5 44 - - 0.01 10.38 18 06/18
31 ICICI Pru Bluechip -4.2 -2.1 8.8 9.8 13.2 13.4 57 45 9 1.83 40.81 22117 05/08
32 ICICI Pru Nifty 100 ETF NR -4.9 -2.3 9.2 8.9 - 15.1 59 39 24 0.46 119.88 5 08/13
33 ICICI Pru Nifty ETF NR -4.8 -0.9 10.0 8.8 - 12.5 31 24 29 0.05 116.68 1160 03/13
34 ICICI Pru Nifty Index -4.9 -1.7 9.0 7.9 9.6 14.6 47 41 45 0.45 107.55 375 02/02
35 ICICI Pru Nifty Low Vol 30 ETF NR -5.1 -2.8 - - - 8.1 66 - - 0.42 86.41 31 07/17
36 ICICI Pru Nifty Next 50 ETF NR -5.8 - - - - -14.1 - - - 0.15 26.24 11 08/18
37 ICICI Pru Nifty Next 50 Index -6.0 -12.0 5.6 10.1 - 9.6 93 72 8 0.85 23.10 523 06/10
38 ICICI Pru NV20 ETF NR -8.2 1.3 12.9 - - 13.1 5 3 - 0.15 53.81 5 06/16
39 ICICI Pru Sensex ETF NR -3.3 0.9 11.3 8.9 10.4 16.9 8 10 25 0.08 398.12 20 01/03
40 ICICI Pru Sensex Index Fund NR -3.5 0.1 - - - 8.6 18 - - 0.30 11.66 21 09/17
41 IDBI Focused 30 Equity Fund Reg NR -5.6 -9.8 - - - -3.6 86 - - 2.40 9.40 244 11/17
42 IDBI India Top 100 Equity -2.0 -5.1 4.1 7.9 - 12.4 77 78 44 2.46 23.24 370 05/12
43 IDBI Nifty Index -5.0 -1.9 8.2 7.0 - 8.2 50 52 57 1.01 20.53 224 06/10
44 IDBI Nifty Junior Index -6.0 -11.8 4.7 9.2 - 7.9 92 76 19 1.02 19.68 50 09/10
45 IDFC Large Cap Reg -4.8 -6.5 7.5 6.7 8.8 9.0 82 55 61 2.59 31.03 435 06/06
46 IDFC Nifty ETF NR -4.7 -0.8 - - - 11.3 26 - - 0.13 114.71 1 10/16
47 IDFC Nifty Reg -4.8 -1.1 9.7 8.4 - 9.4 39 33 39 0.28 23.03 170 04/10
48 IDFC Sensex ETF NR -3.3 0.9 - - - 13.0 7 - - 0.11 386.43 0 10/16
49 Indiabulls Bluechip -4.5 -2.6 8.9 9.5 - 10.0 65 43 13 2.43 20.42 238 02/12
50 Indiabulls Nifty 50 Exchange Traded Fund Reg NR -4.8 - - - - -4.8 - - - 0.10 111.85 13 04/19
ÇÈ Increase/decrease in rating over the month Performance as on July 31, 2019 AUM and Expense Ratio as on June 30, 2019


Within category
Fund A bs olu te Annualised Since Expense NAV AUM Launch
Equity: Large Cap -4.7 -2.7 8.8 8.6 10.2 94 80 63

51 Invesco India Largecap -4.7 -5.7 7.1 9.4 - 10.7 78 63 15 2.64 27.54 195 08/09
52 Invesco India Nifty ETF NR -4.8 -0.9 10.1 8.7 - 10.3 34 23 32 0.10 1186.58 2 06/11
53 JM Core 11 È -7.5 -9.6 7.3 10.7 7.0 -1.6 85 59 5 2.22 8.36 50 03/08
54 JM Large Cap -2.0 -0.9 5.4 7.0 7.0 8.0 32 74 59 2.06 65.48 2173 04/95
55 Kotak Bluechip Reg -4.9 -4.3 6.4 9.4 10.5 18.0 75 68 14 2.26 224.39 1377 12/98
56 Kotak Nifty ETF NR -4.8 -1.0 10.0 8.3 - 10.3 36 27 42 0.11 114.86 756 02/10
57 Kotak NV 20 ETF NR -8.4 1.5 13.3 - - 13.5 3 1 - 0.07 54.94 12 12/15
58 Kotak Sensex ETF NR -3.4 0.7 11.2 8.8 10.2 9.5 15 11 30 0.28 385.82 13 06/08
59 L&T India Large Cap -3.1 -2.1 7.1 8.8 11.6 8.7 58 62 31 2.63 26.60 496 10/07
60 LIC MF ETF Nifty 100 NR -5.0 -2.6 9.4 - - 13.4 64 35 - 0.25 116.21 327 03/16
61 LIC MF ETF Nifty 50 NR -4.8 -0.9 10.0 - - 11.1 33 25 - 0.10 115.81 525 11/15
62 LIC MF ETF Sensex NR -3.3 1.0 11.5 - - 11.8 6 6 - 0.10 393.13 397 11/15
63 LIC MF Index Nifty -5.0 -2.0 8.5 7.3 8.9 12.1 53 50 55 1.02 61.26 28 12/02
64 LIC MF Index Sensex -3.5 -0.4 9.8 7.3 9.0 13.0 23 31 54 1.09 69.52 20 12/02
65 LIC MF Large Cap Ç -1.7 -2.0 6.9 8.4 9.0 3.9 54 65 40 2.63 25.90 290 09/94
66 Mahindra Pragati Bluechip Yojana Reg NR -4.5 - - - - -2.5 - - - 2.67 9.75 75 03/19
67 Mirae Asset Large Cap Regular -4.0 0.8 11.2 13.0 15.9 15.2 13 12 1 1.76 49.44 13617 04/08
68 Mirae Asset Nifty 50 ETF Reg NR -4.8 - - - - 5.8 - - - 0.11 112.07 19 11/18
69 Motilal Oswal Focused 25 Reg È -3.2 -6.0 7.4 10.4 - 12.7 80 57 7 2.25 21.01 1113 05/13
70 Motilal Oswal M50 ETF NR -4.8 -1.0 9.1 6.8 - 7.8 37 40 60 0.15 108.42 21 07/10
71 Principal Nifty 100 Equal Weight -8.1 -11.5 3.6 4.6 7.7 9.9 91 80 63 1.00 66.42 17 07/99
72 Quant Focused NR -3.1 -6.3 7.0 13.0 12.8 10.7 - - - 2.48 30.53 4 08/08
73 Quantum Nifty ETF NR -4.8 -0.9 9.9 8.7 10.2 10.6 35 28 35 0.09 1138.95 5 07/08
74 Reliance ETF Junior BeES NR -5.8 -11.4 6.0 10.5 12.3 19.9 90 71 6 0.23 269.42 1169 02/03
75 Reliance ETF Nifty 100 NR -5.1 -3.2 8.6 8.3 - 12.3 67 48 41 0.97 115.40 7 03/13
76 Reliance ETF Nifty BeES NR -4.8 -0.9 10.0 8.7 10.3 15.3 27 26 33 0.11 1173.32 1260 12/01
77 Reliance ETF NV20 NR -8.4 1.4 13.2 - - 9.8 4 2 - 0.16 550.10 29 06/15
78 Reliance ETF Sensex NR -3.3 0.9 11.4 - - 8.8 10 8 - 0.07 398.96 20 09/14
79 Reliance ETF Sensex Next 50 Reg NR - - - - - 1.0 - - - - 29.93 - 07/19
80 Reliance ETF Shariah BeES NR -5.8 -3.5 7.8 7.2 8.6 13.0 68 53 56 1.16 247.02 2 03/09
81 Reliance Index Nifty -5.0 -1.9 8.8 7.6 - 7.3 49 46 51 0.86 18.62 146 09/10
82 Reliance Index Sensex -3.6 -0.3 10.3 7.8 - 7.2 21 17 48 1.00 18.47 24 09/10
83 Reliance Junior BeES FoF Reg NR -5.9 - - - - -5.0 - - - 0.63 9.50 51 03/19
84 Reliance Large Cap -6.2 -0.2 10.2 11.0 12.2 10.6 20 18 3 1.77 33.30 13076 08/07
85 SBI Bluechip -2.9 -2.4 6.4 10.7 11.8 10.5 63 69 4 1.70 38.31 22679 02/06
86 SBI ETF BSE 100 Fund NR -5.0 -2.4 9.4 - - 7.6 62 36 - 0.14 115.37 4 03/15
87 SBI ETF Nifty 50 NR -4.8 -0.9 10.1 - - 8.0 29 21 - 0.07 114.02 55777 07/15
88 SBI ETF Nifty Next 50 Fund NR -5.8 -11.3 6.3 - - 8.2 89 70 - 0.21 266.78 199 03/15
89 SBI ETF Quality Reg NR -7.8 - - - - -5.0 - - - 0.50 90.80 17 12/18
90 SBI ETF Sensex NR -3.3 0.9 11.4 9.2 - 13.1 12 9 20 0.07 396.63 17950 03/13
91 SBI ETF Sensex Next 50 Reg NR -7.5 - - - - -3.9 - - - 0.18 303.19 2 09/18
92 SBI Nifty Index -5.0 -1.6 9.2 7.8 9.2 13.8 46 38 47 0.68 95.60 432 02/02
93 Sundaram Select Focus Reg Ç -1.7 -0.3 10.9 9.0 9.0 18.4 22 14 22 2.40 176.95 1012 07/02
94 Sundaram Smart NIFTY 100 Equal Weight Fund Reg NR -8.3 -10.7 - - - 3.7 87 - - 1.05 10.97 22 01/17
95 Tata Index Nifty Reg -4.8 -1.3 9.3 7.9 9.3 15.7 43 37 46 0.46 67.30 16 02/03
96 Tata Index Sensex Reg -3.4 0.5 10.6 8.0 9.2 15.6 16 16 43 0.46 92.51 12 02/03
97 Tata Large Cap Reg -1.9 0.0 7.4 8.8 10.9 19.9 19 58 27 2.38 216.59 822 05/98
98 Tata Nifty Exchange Traded Fund Reg NR -4.7 - - - - 4.0 - - - - 112.16 77 12/18
99 Taurus Largecap Equity Reg -4.8 -4.3 3.6 6.0 7.1 10.0 74 79 62 2.61 71.40 29 02/95
100 Taurus Nifty Index Reg NR -4.8 -1.9 9.0 7.6 - 8.4 51 42 52 1.11 20.84 1 06/10


Within category
Equity: Large Cap -4.7 -2.7 8.8 8.6 10.2 94 80 63

101 Union Largecap Fund Reg NR -4.7 -3.9 - - - 1.8 71 - - 2.53 10.40 225 05/17
102 UTI Mastershare Reg -4.3 -3.9 7.4 8.8 10.8 17.4 70 56 26 1.90 117.53 6060 10/86
103 UTI Nifty ETF NR -4.8 -0.9 10.2 - - 11.3 30 19 - 0.07 1173.02 13924 08/15
104 UTI Nifty Index Reg -4.8 -1.1 9.8 8.5 9.6 10.8 38 30 37 0.17 72.75 1407 03/00
105 UTI Nifty Next 50 Exchange Traded Fund Reg NR -5.7 -11.2 - - - -3.3 88 - - 0.22 266.66 176 07/17
106 UTI Nifty Next 50 Index Fund Reg NR -6.0 -12.1 - - - -6.7 94 - - 0.77 9.27 394 06/18
107 UTI S&P BSE Sensex Next 50 ETF Reg NR -7.5 - - - - -9.6 - - - 0.20 302.66 10 03/19
108 UTI Sensex ETF NR -3.3 0.9 11.5 - - 11.8 11 5 - 0.07 394.11 4699 08/15
Equity: Large & MidCap -5.1 -6.2 6.8 10.1 11.9 22 21 19
109 Aditya Birla SL Equity Advantage Reg -7.2 -13.0 3.4 10.4 11.2 16.9 21 18 10 2.01 375.37 5284 02/95
110 Axis Growth Opportunities Fund Reg NR 0.7 - - - - 9.2 - - - 2.59 10.92 756 10/18
111 BOI AXA Large & Mid Cap Equity Reg -5.6 -16.7 3.1 5.1 7.5 11.3 22 21 19 2.85 31.58 161 10/08
112 Canara Robeco Emerging Equities Reg -7.2 -9.2 9.3 14.8 19.3 16.3 17 5 2 1.91 87.40 4929 03/05
113 DSP Equity Opportunities -5.0 -4.6 7.2 11.5 12.5 17.2 10 10 6 1.96 209.61 5576 05/00
114 Edelweiss Large & Mid Cap Reg -3.3 -5.9 7.6 9.7 11.5 9.5 12 7 11 2.49 29.99 445 06/07
115 Essel Large & Midcap NR -4.8 -3.6 7.9 - - 11.0 6 - - 2.60 14.62 107 12/15
116 Franklin India Equity Advantage -6.3 -6.9 4.4 8.4 11.9 15.0 14 16 14 2.08 74.84 2696 03/05
117 HDFC Growth Opportunities Reg -5.6 -4.4 5.9 5.5 8.0 11.1 9 14 18 2.37 107.68 1329 02/94
118 HSBC Large and Mid Cap Equity Fund Reg NR -5.2 - - - - -5.7 - - - 2.39 9.43 642 03/19
119 ICICI Pru Large & Mid Cap -4.4 -2.6 6.2 7.4 11.4 17.7 4 13 15 2.00 309.89 3283 07/98
120 ICICI Pru Midcap Select ETF NR -8.7 -12.5 3.4 - - 5.8 20 19 - 0.47 59.99 32 07/16
121 IDFC Core Equity Reg -5.6 -8.6 7.0 9.4 9.3 10.8 16 12 12 1.97 42.22 2970 08/05
122 Invesco India Growth Opportunities -5.1 -5.3 9.5 11.1 12.7 10.3 11 4 8 2.17 32.41 1539 08/07
123 Kotak Equity Opportunities Reg -5.2 -2.9 8.1 11.6 12.1 17.8 5 6 4 2.15 114.57 2577 09/04
124 L&T Large and Midcap -5.8 -9.7 5.9 8.6 12.4 11.9 18 15 13 2.27 44.17 1390 05/06
125 LIC MF Large & Mid Cap Reg -2.6 -4.3 9.7 - - 8.4 8 3 - 2.78 14.29 505 02/15
126 Mirae Asset Emerging Bluechip Reg -3.9 2.1 12.9 18.5 - 19.7 2 1 1 1.99 51.14 7750 07/10
127 Principal Emerging Bluechip -7.2 -12.1 7.1 13.5 15.9 23.5 19 11 3 1.99 95.93 2213 11/08
128 Quant Large and Mid Cap NR -5.1 -7.2 5.0 13.5 12.6 10.3 - - - 2.48 34.46 4 12/06
129 Reliance Vision -7.6 -6.7 3.2 6.2 8.7 17.8 13 20 17 2.06 493.53 2984 10/95
130 SBI Large & Midcap -4.9 -1.1 7.4 11.2 12.8 14.0 3 9 7 2.07 211.95 2608 02/93
131 Sundaram Large and Mid Cap -5.1 -4.1 10.4 11.6 10.9 10.0 7 2 5 2.54 32.75 711 02/07
132 Tata Large & Mid Cap Reg -0.7 3.8 7.5 10.6 12.3 12.1 1 8 9 2.16 201.99 1439 03/93
133 UTI Core Equity Reg -5.3 -7.6 4.4 7.3 9.5 12.3 15 17 16 2.39 58.64 908 02/93
Equity: Multi Cap -4.6 -5.0 7.3 9.7 11.9 47 41 36
134 Aditya Birla SL Equity -5.7 -4.4 8.2 10.7 12.6 22.4 20 16 12 1.93 688.23 11222 08/98
135 Aditya Birla SL Retirement Fund - The 30s Plan Reg NR -8.1 - - - - -6.7 - - - 2.68 9.33 95 03/19
136 Axis Focused 25 Ç -1.2 -6.6 12.0 13.1 - 15.2 31 1 3 2.08 27.30 8044 06/12
137 Axis Multicap Fund Reg NR 0.1 0.2 - - - 8.6 6 - - 2.17 11.50 3991 11/17
138 Baroda Multi Cap -4.7 -6.9 4.8 7.3 7.9 15.1 32 35 30 2.48 93.54 808 09/03
139 BNP Paribas Focused 25 Equity Fund Reg NR -2.6 -6.3 - - - -3.8 30 - - 2.48 9.33 243 10/17
140 BNP Paribas Multi Cap -3.3 -3.6 6.7 9.6 13.8 11.5 15 25 19 2.31 45.16 744 09/05
141 Canara Robeco Equity Diversified Reg Ç -4.3 -2.3 10.0 9.2 12.3 17.5 13 5 23 2.38 128.96 1313 09/03
142 DHFL Pramerica Diversified Equity Reg -4.6 -4.7 5.9 - - 5.7 22 30 - 2.54 12.76 118 03/15
143 DSP Equity -3.2 -2.3 8.7 10.2 12.3 19.1 12 13 14 2.14 42.61 2647 04/97
144 DSP Focus -4.1 -5.6 5.2 9.8 - 9.1 28 32 18 2.15 22.22 2039 06/10
145 Edelweiss Multi Cap Reg -4.4 -5.7 9.8 - - 7.6 29 7 - 2.39 13.92 391 02/15
146 Essel Multi Cap Fund Reg NR -4.4 -1.4 - - - 1.8 10 - - 2.60 10.19 208 07/18
147 Franklin India Equity -7.7 -6.9 4.8 9.8 12.8 17.5 33 36 17 1.79 552.90 11317 09/94
148 Franklin India Focused Equity -5.4 0.5 8.3 12.1 15.1 12.1 4 15 7 1.84 39.53 8651 07/07


Within category
Equity: Multi Cap -4.6 -5.0 7.3 9.7 11.9 47 41 36

149 HDFC Equity -4.1 2.1 10.0 9.1 13.2 18.5 2 4 24 1.78 646.48 23688 01/95
150 HDFC Focused 30 -4.9 -4.8 5.0 6.7 10.4 14.4 24 34 32 2.85 73.93 494 09/04
151 HDFC Retirement Savings Fund Equity Reg -4.9 -4.2 8.2 - - 15.0 17 17 - 2.57 16.13 735 02/16
152 HSBC Multi Cap Equity È -7.8 -11.7 3.5 7.6 10.7 14.4 44 39 29 2.49 79.55 485 02/04
153 ICICI Pru Focused Equity -5.5 -4.3 5.1 7.2 10.4 11.0 19 33 31 2.76 29.04 666 05/09
154 ICICI Pru Multicap -4.7 -2.6 7.8 10.7 12.6 14.4 14 18 13 2.20 281.86 4002 10/94
155 ICICI Pru Retirement Fund - Pure Equity Plan NR -2.0 - - - - 1.7 - - - 2.31 10.17 53 02/19
156 ICICI Pru S&P BSE 500 ETF NR -5.6 -5.3 - - - -2.0 27 - - 0.30 145.68 17 05/18
157 IDBI Diversified Equity Reg -5.4 -9.5 3.2 9.4 - 13.4 42 41 20 2.38 19.62 325 03/14
158 IDFC Focused Equity Reg -9.3 -16.5 6.6 6.2 7.5 9.4 47 26 33 2.12 33.33 1593 03/06
159 IDFC Multi Cap Reg -5.8 -9.1 3.7 9.2 15.1 17.0 41 38 22 2.02 87.53 5522 09/05
160 IIFL Focused Equity Reg 0.4 7.4 9.2 - - 10.4 1 10 - 2.40 16.03 186 10/14
161 Invesco India Multicap NR -6.8 -12.1 4.4 9.8 17.2 13.8 45 - - 2.55 43.56 850 03/08
162 ITI Multi Cap Fund Reg NR - - - - - -0.4 - - - 2.52 9.96 24 05/19
163 JM Multicap -1.1 -4.3 9.5 11.3 8.8 11.0 18 9 8 2.67 31.02 2004 09/08
164 Kotak Focused Equity Fund Reg NR - - - - - 0.2 - - - - 10.02 - 07/19
165 Kotak Standard Multicap Reg -4.2 -1.9 9.9 13.4 - 13.2 11 6 2 1.75 34.15 25844 09/09
166 L&T Equity -4.2 -7.2 6.1 8.8 12.0 15.6 35 29 25 2.10 78.68 2728 05/05
167 L&T Focused Equity Fund Reg NR -4.3 - - - - 4.3 - - - 2.57 10.43 628 11/18
168 LIC MF Multicap -1.9 0.2 4.4 4.8 7.2 5.9 5 37 36 2.47 45.55 284 04/93
169 Mahindra Mutual Fund Badhat Yojana Reg NR -3.3 -4.9 - - - 2.0 25 - - 2.56 10.45 296 05/17
170 Mirae Asset Focused Fund Reg NR - - - - - 2.9 - - - 2.10 10.29 1152 05/19
171 Motilal Oswal Multicap 35 Reg -5.1 -9.1 7.6 15.1 - 18.7 40 19 1 1.86 24.61 13450 04/14
172 Parag Parikh Long Term Equity Reg -2.5 -0.6 10.9 11.2 - 15.7 8 2 9 2.10 24.63 1974 05/13
173 Principal Focused Multicap -5.1 -4.7 6.9 8.3 10.9 14.1 21 22 27 2.69 60.86 328 11/05
174 Principal Multi Cap Growth -6.3 -7.6 9.0 10.0 11.8 14.8 38 11 15 2.28 133.51 886 10/00
175 Quant Active -4.8 -4.8 8.8 11.1 11.6 16.8 23 12 10 2.48 173.42 6 03/01
176 Quantum Equity FoF Direct -4.8 -3.9 7.3 10.1 12.0 12.8 16 21 16 0.51 33.78 40 07/09
177 Reliance Focused Equity -7.1 -7.0 6.1 10.9 14.8 12.5 34 28 11 1.93 44.29 4450 12/06
178 Reliance Multi Cap -7.1 -0.4 7.2 8.6 15.2 16.7 7 20 26 1.83 91.50 10592 03/05
179 Reliance Retirement Fund - Wealth Creation Scheme Ç -6.6 -7.6 6.1 - - 5.4 37 27 - 2.02 12.66 1624 02/15
180 SBI Focused Equity Ç -1.8 2.0 10.7 12.8 18.2 19.5 3 3 5 2.10 139.13 4864 10/04
181 SBI Magnum MultiCap -2.6 -1.1 8.4 13.1 12.1 12.0 9 14 4 1.82 47.75 7650 09/05
182 Shriram Multicap Fund Reg NR -5.4 - - - - 0.0 - - - 2.55 10.00 55 09/18
183 Tata Multicap Fund Reg NR -3.3 - - - - 0.7 - - - 2.18 10.07 1635 09/18
184 Tata Retirement Savings Progressive Reg -3.7 -7.4 9.7 12.6 - 14.2 36 8 6 2.47 27.98 649 11/11
185 Taurus Starshare (Multi Cap) Reg -7.9 -10.0 3.5 5.4 8.9 9.6 43 40 34 2.62 104.22 216 01/94
186 Union Multi Cap -5.2 -5.2 5.3 5.0 - 8.0 26 31 35 2.51 18.66 284 06/11
187 UTI CCF-Investment Plan Reg -6.4 -12.2 6.9 8.3 9.8 8.3 46 23 28 2.55 34.51 288 02/04
188 UTI Equity Reg -6.0 -8.1 6.8 9.3 12.8 11.9 39 24 21 1.85 133.97 9495 05/92
Equity: Mid Cap -7.1 -11.3 4.3 10.5 15.0 23 20 20
189 Aditya Birla SL Mid Cap -7.7 -14.4 2.4 9.9 12.4 21.4 18 15 14 2.25 262.30 2374 10/02
190 Axis Midcap Ç -3.9 -3.2 9.7 11.6 - 15.9 1 1 5 2.23 34.75 2655 02/11
191 Baroda Midcap NR -4.7 -13.0 4.9 -0.3 - -1.9 12 - - 2.56 8.43 46 10/10
192 BNP Paribas Midcap -3.8 -8.0 2.7 9.8 16.2 8.6 5 13 15 2.33 29.93 745 05/06
193 DHFL Pramerica Midcap Opportunities Reg -9.5 -17.1 -0.1 5.6 - 8.9 22 19 20 2.63 16.20 121 12/13
194 DSP Midcap Reg -5.4 -8.5 6.2 12.7 16.5 13.7 7 4 3 1.97 51.14 6302 11/06
195 Edelweiss Mid Cap Reg -6.7 -13.4 5.2 11.6 16.2 8.0 15 11 6 2.30 24.32 915 12/07
196 Franklin India Prima -5.5 -7.7 5.5 12.2 16.4 19.1 4 9 4 1.87 895.66 7168 12/93
197 HDFC Mid-Cap Opportunities -8.6 -13.1 5.2 11.4 17.6 14.2 13 10 7 1.84 49.84 22599 06/07


Within category
Equity: Mid Cap -7.1 -11.3 4.3 10.5 15.0 23 20 20

198 ICICI Pru Midcap -6.2 -8.9 6.0 9.7 14.3 16.0 8 6 16 2.43 89.28 1755 10/04
199 IDBI Midcap Fund Reg NR -9.4 -18.1 - - - -1.3 23 - - 2.56 9.67 208 01/17
200 Invesco India Mid Cap -8.3 -9.6 6.0 10.8 16.7 12.9 10 5 9 2.62 44.19 456 04/07
201 Kotak Emerging Equity Reg -5.3 -8.3 6.0 13.8 15.6 11.0 6 7 1 2.02 36.10 4500 03/07
202 L&T Midcap -7.8 -14.0 7.2 13.0 15.4 18.1 16 2 2 2.01 121.36 5026 08/04
203 Mahindra Unnati Emerging Business Yojana Reg NR -5.0 -9.5 - - - -3.8 9 - - 2.57 8.83 481 01/18
204 Mirae Asset Midcap Fund Reg NR - - - - - -0.3 - - - - 9.97 - 07/19
205 Motilal Oswal Midcap 100 ETF NR -8.9 -15.0 2.4 8.0 - 9.2 19 16 19 0.20 16.56 24 01/11
206 Motilal Oswal Midcap 30 Reg -8.9 -13.3 0.6 10.5 - 16.5 14 18 11 2.22 22.95 1449 02/14
207 Quant Mid Cap NR -8.8 -12.8 3.5 6.6 7.2 9.2 - - - 2.48 50.81 11 03/01
208 Reliance ETF Nifty Midcap 150 Reg NR -7.9 - - - - -4.8 - - - 0.31 57.76 120 01/19
209 Reliance Growth -5.7 -5.3 6.6 9.9 11.5 21.6 3 3 13 1.86 1046.82 6749 10/95
210 SBI Magnum Midcap -8.4 -10.8 -0.8 9.1 13.6 14.1 11 20 17 2.06 66.69 3595 03/05
211 Sundaram Mid Cap Reg -8.0 -14.0 2.7 10.8 14.8 24.6 17 14 10 1.95 423.11 5954 07/02
212 Tata Midcap Growth Reg -7.0 -3.6 5.9 11.2 14.4 11.2 2 8 8 2.49 128.06 704 07/94
213 Taurus Discovery (Midcap) Reg È -9.3 -15.7 5.1 10.4 12.2 5.6 20 12 12 2.51 38.62 50 09/94
214 UTI Mid Cap Reg -7.3 -15.9 0.9 8.9 15.6 16.2 21 17 18 1.99 90.46 3730 04/04
Equity: Small Cap -9.6 -15.0 3.6 10.4 13.5 14 13 13
215 Aditya Birla SL Small Cap -11.9 -21.4 0.8 9.8 13.7 9.5 13 9 9 2.32 30.24 2365 05/07
216 Axis Small Cap Reg -0.7 1.9 8.4 12.5 - 19.6 1 3 4 2.67 27.58 492 11/13
217 BOI AXA Small Cap Fund Reg NR -8.0 - - - - -4.5 - - - 2.70 9.56 49 12/18
218 Canara Robeco Small Cap Fund Reg NR -11.8 - - - - -9.6 - - - 2.57 9.04 301 02/19
219 DSP Small Cap Reg -9.8 -15.4 -0.1 11.7 18.7 14.0 7 10 6 2.03 49.28 5131 06/07
220 Edelweiss Small Cap Fund Reg NR -8.9 - - - - -0.4 - - - 2.46 9.96 356 02/19
221 Franklin India Smaller Companies -10.3 -16.2 1.7 10.4 16.5 12.3 8 8 7 1.84 48.16 7368 01/06
222 HDFC Small Cap Reg -11.6 -14.7 9.0 12.3 13.6 12.5 5 2 5 1.94 38.08 8427 04/08
223 HSBC Small Cap Equity -11.9 -20.2 -1.1 7.0 9.5 10.8 12 11 11 2.34 43.04 747 05/05
224 ICICI Pru Smallcap -3.7 -8.1 3.5 6.1 10.9 7.6 2 6 12 2.68 23.70 368 10/07
225 IDBI Small Cap Fund Reg NR -9.4 -18.0 - - - -7.6 9 - - 2.41 8.46 148 06/17
226 Invesco India Smallcap Fund Reg NR -9.5 - - - - -5.0 - - - 2.54 9.50 322 10/18
227 Kotak Small Cap Reg -8.0 -13.2 2.3 10.3 14.0 13.8 4 7 8 2.30 64.81 1225 02/05
228 L&T Emerging Businesses -10.2 -18.6 8.0 12.9 - 16.0 10 5 3 2.01 21.68 6079 05/14
229 Principal Small Cap Fund Reg NR - - - - - -5.7 - - - 2.45 9.43 123 05/19
230 Quant Small Cap NR -17.5 -22.1 -5.1 0.7 7.6 7.4 - - - 2.48 39.98 2 11/96
231 Reliance Small Cap -9.9 -15.3 8.2 13.7 - 15.5 6 4 2 2.02 35.82 8232 09/10
232 SBI Small Cap -6.0 -9.4 10.8 18.3 - 17.2 3 1 1 2.35 48.26 2258 09/09
233 Sundaram Small Cap Reg -13.4 -21.7 -2.9 7.2 11.0 14.5 14 13 10 2.34 70.58 1150 02/05
234 Tata Small Cap Fund Reg NR -7.9 - - - - -3.6 - - - 2.59 9.64 353 11/18
235 Union Small Cap Reg -11.4 -19.5 -2.3 3.6 - 4.0 11 12 13 2.51 12.23 316 06/14
Equity: Value Oriented -6.9 -9.5 5.7 9.3 12.5 15 14 13
236 Aditya Birla SL Pure Value È -9.7 -20.3 0.7 7.1 14.4 14.3 15 13 11 2.16 45.66 4432 03/08
237 HDFC Capital Builder Value -9.0 -10.3 7.4 9.9 13.3 13.8 9 4 6 2.05 269.68 4585 02/94
238 ICICI Pru Value Discovery -4.4 -5.4 4.1 8.7 16.1 19.3 4 11 8 1.89 139.78 16184 08/04
239 IDBI Long Term Value Fund Reg NR -3.9 - - - - -1.3 - - - 2.70 9.87 159 08/18
240 IDFC Sterling Value Reg -11.0 -16.8 6.0 9.4 14.2 14.2 14 8 7 2.05 45.49 3250 03/08
241 Indiabulls Value Reg -8.2 -15.0 -0.2 - - 2.0 13 14 - 2.50 10.79 28 09/15
242 Invesco India Contra -5.8 -7.4 10.3 12.5 13.8 13.0 6 2 1 2.02 45.11 4027 04/07
243 JM Value NR -6.2 -8.2 6.9 11.0 5.9 15.0 8 - - 2.77 29.84 125 06/97
244 Kotak India EQ Contra Reg -5.4 -3.9 10.4 10.2 11.6 12.2 2 1 4 2.61 50.35 865 07/05
245 L&T India Value -5.2 -8.1 6.7 12.4 - 13.6 7 6 2 1.86 33.92 8259 01/10


Within category
Equity: Value Oriented -6.9 -9.5 5.7 9.3 12.5 15 14 13

246 Quantum Long Term Equity Value Direct -5.2 -1.6 6.3 8.6 13.4 13.2 1 7 9 1.28 52.92 971 03/06
247 Reliance Value -5.3 -4.8 7.3 9.9 11.7 14.7 3 5 5 1.99 69.96 3213 06/05
248 SBI Contra -11.4 -10.9 1.7 6.2 7.4 17.4 11 12 13 2.24 98.71 1484 07/99
249 Tata Equity PE Reg -4.8 -10.6 8.8 11.7 13.8 18.3 10 3 3 1.88 127.10 5499 06/04
250 Templeton India Value -9.2 -12.8 5.1 7.6 10.0 15.3 12 10 10 2.53 230.84 540 09/96
251 Union Value Discovery Fund Reg NR -6.5 - - - - -0.6 - - - 2.49 9.94 151 12/18
252 UTI Value Opportunities Reg -5.6 -6.6 5.7 6.3 11.0 13.4 5 9 12 1.97 58.13 4493 07/05
Equity: ELSS -5.1 -5.8 7.0 9.6 11.7 35 33 29
253 Aditya Birla SL Tax Relief 96 È -8.4 -10.2 7.1 11.9 12.3 23.5 31 18 5 2.03 137.16 8849 03/96
254 Axis Long Term Equity -1.2 -3.0 9.6 12.9 - 16.7 10 2 3 1.81 43.89 19717 12/09
255 Baroda ELSS 96 -5.5 -10.4 3.6 6.4 8.1 11.7 32 32 27 2.53 25.60 157 03/96
256 BNP Paribas Long Term Equity -1.2 -0.5 6.1 9.4 12.8 10.2 4 23 16 2.42 37.58 470 01/06
257 BOI AXA Tax Advantage Reg -4.5 -14.7 6.0 8.5 9.9 16.2 35 24 22 2.68 47.81 233 02/09
258 Canara Robeco Equity Tax Saver Reg -4.8 -1.3 9.3 9.5 12.9 14.3 5 3 15 2.30 24.62 979 03/93
259 DHFL Pramerica Long Term Equity Reg -4.0 -4.5 7.4 - - 9.3 12 15 - 2.35 13.82 331 12/15
260 DSP Tax Saver -3.9 -1.3 8.1 11.7 13.9 13.1 6 11 6 1.90 46.57 5646 01/07
261 Edelweiss Long Term Equity (Tax Savings) Reg -4.9 -7.0 5.5 8.7 10.8 15.0 20 26 21 2.39 44.11 105 12/08
262 Essel Long Term Advantage -6.2 -5.7 6.5 - - 8.9 18 20 - 2.55 13.59 59 12/15
263 Franklin India Taxshield -6.0 -4.2 5.7 10.1 13.5 21.7 11 25 11 1.91 539.50 4065 04/99
264 HDFC Taxsaver -6.7 -5.1 6.9 7.1 11.8 24.3 16 19 26 1.96 492.73 7514 03/96
265 HSBC Tax Saver Equity -5.0 -7.2 6.2 8.7 11.7 10.4 22 21 20 2.48 34.83 157 01/07
266 ICICI Pru Long Term Equity (Tax Saving) -4.5 -2.2 7.2 9.3 14.4 19.7 9 16 18 2.14 363.90 6435 08/99
267 IDBI Equity Advantage Reg -5.5 -8.5 4.2 10.7 - 16.5 27 30 9 2.35 24.55 570 09/13
268 IDFC Tax Advantage (ELSS) Reg -8.0 -9.3 8.0 10.5 13.7 16.8 29 13 10 2.04 51.97 2059 12/08
269 Indiabulls Tax Savings Fund Reg NR -4.1 -6.3 - - - -4.9 19 - - 2.48 9.23 83 12/17
270 Invesco India Tax Plan -5.2 -7.4 8.0 11.1 14.3 13.3 23 12 7 2.53 48.26 878 12/06
271 JM Tax Gain -3.4 -5.0 9.2 11.0 10.2 4.4 15 4 8 2.70 16.32 32 03/08
272 Kotak Tax Saver Reg -4.1 -0.2 8.6 12.2 11.4 11.2 2 9 4 2.43 42.59 942 11/05
273 L&T Tax Adv -4.6 -10.0 7.2 10.0 12.7 12.9 30 17 12 2.04 51.05 3385 02/06
274 LIC MF Tax Plan -2.6 -2.0 8.5 9.7 9.6 8.7 7 10 14 2.58 64.29 229 03/97
275 Mahindra Mutual Fund Kar Bachat Yojana Reg NR -6.5 -8.5 - - - 2.9 28 - - 2.49 10.82 343 10/16
276 Mirae Asset Tax Saver Reg -3.3 1.6 14.3 - - 16.2 1 1 - 2.19 17.14 2201 12/15
277 Motilal Oswal Long Term Equity Reg -4.1 -10.6 9.0 - - 11.3 33 5 - 2.21 16.26 1410 01/15
278 Parag Parikh Tax Saver Fund Reg NR - - - - - -0.5 - - - - 9.95 - 07/19
279 Principal Tax Savings -6.3 -8.1 8.7 9.8 12.0 15.7 24 8 13 2.54 195.36 406 03/96
280 Quant Tax Plan -4.3 -4.5 7.5 14.1 8.3 12.0 14 14 1 2.48 89.04 10 04/00
281 Quantum Tax Saving Direct -5.2 -1.8 6.4 8.7 13.1 16.9 8 22 23 1.28 52.45 80 12/08
282 Reliance Tax Saver (ELSS) -10.8 -12.0 1.3 5.9 12.6 12.3 34 33 28 1.71 50.09 10759 09/05
283 SBI Magnum Taxgain -6.2 -4.5 4.4 7.2 10.6 15.9 13 29 25 1.87 135.04 7068 03/93
284 Shriram Long Term Equity Fund Reg NR -4.5 - - - - 0.1 - - - 2.55 10.01 21 01/19
285 Sundaram Diversified Equity -6.6 -8.4 5.1 9.4 10.0 16.1 26 28 17 2.09 94.91 2681 11/99
286 Tata India Tax Savings -3.2 -0.5 8.9 13.0 13.6 18.7 3 6 2 2.12 56.75 1902 03/96
287 Taurus Tax Shield Reg -6.6 -8.1 8.8 9.3 10.4 10.9 25 7 19 2.42 74.15 66 03/96
288 Union Long Term Equity -4.9 -5.3 4.0 5.5 - 11.7 17 31 29 2.48 23.26 253 12/11
289 UTI Long Term Equity -5.9 -7.0 5.3 7.9 9.8 13.9 21 27 24 2.20 81.73 1200 12/99
Equity: Sectoral-Banking -3.0 -0.5 10.8 9.9 11.3 18 17 11
290 Aditya Birla SL Banking & Financial Services Reg -4.1 -7.5 9.4 16.0 - 19.9 16 13 1 2.34 27.84 1861 12/13
291 Baroda Banking and Financial Services 0.0 4.1 11.5 11.3 - 12.5 6 11 7 2.56 23.11 45 06/12
292 Edelweiss Exchange Traded Fund-Nifty Bank NR -2.7 4.4 15.5 - - 17.2 2 1 - 0.12 2938.81 1 12/15
293 ICICI Pru Bank ETF NR - - - - - -5.9 - - - - 289.03 - 07/19


Within category
Equity: Sectoral-Banking -3.0 -0.5 10.8 9.9 11.3 18 17 11

294 ICICI Pru Banking and Financial Services -2.9 1.7 12.9 15.9 17.6 18.4 9 9 2 2.19 63.33 3353 08/08
295 IDBI Banking & Financial Services Fund Reg NR -2.3 0.6 - - - 1.3 11 - - 2.44 10.17 155 06/18
296 Invesco India Financial Services -2.2 1.1 13.5 14.7 15.6 16.8 10 7 3 2.74 55.55 155 07/08
297 Kotak Banking ETF Reg NR -2.7 4.2 15.3 - - 10.7 5 4 - 0.18 295.73 8124 12/14
298 Kotak PSU Bank ETF NR -9.9 -14.3 -1.7 -4.7 1.0 0.3 18 17 11 0.49 273.15 99 11/07
299 LIC MF Banking & Financial Services Reg -1.5 0.2 4.2 - - 2.1 12 15 - 2.46 10.92 60 03/15
300 Reliance Banking -3.4 -3.3 12.2 12.7 15.7 22.6 14 10 5 2.04 270.12 3203 05/03
301 Reliance ETF Bank BeES NR -2.7 4.3 15.3 13.9 14.9 18.8 4 5 4 0.19 2946.04 7058 05/04
302 Reliance ETF PSU Bank BeES NR -10.0 -14.1 -1.6 -4.6 1.1 0.9 17 16 10 0.51 303.77 160 10/07
303 SBI Banking & Financial Services Reg -1.8 3.2 15.4 - - 13.9 8 2 - 2.42 17.80 963 02/15
304 SBI ETF Nifty Bank Fund NR -2.7 4.3 15.3 - - 11.7 3 3 - 0.20 291.87 2635 03/15
305 Sundaram Financial Services Opp Reg 1.4 4.1 10.5 11.9 12.0 13.7 7 12 6 2.90 42.02 183 06/08
306 Tata Banking and Financial Services Reg -0.2 -0.2 13.7 - - 19.1 13 6 - 2.60 18.73 329 12/15
307 Taurus Banking & Financial Services Reg -0.2 5.1 13.3 10.6 - 13.9 1 8 9 2.51 25.49 6 05/12
308 UTI Banking and Financial Services Reg -5.3 -7.4 8.1 10.8 12.8 15.7 15 14 8 2.44 93.74 667 04/04
Equity: Sectoral-Infrastructure -5.1 -7.6 4.3 6.6 6.3 21 21 20
309 Aditya Birla SL Infrastructure -7.5 -12.6 1.9 5.4 7.5 8.4 16 19 15 2.54 29.30 593 03/06
310 BOI AXA Manufacturing & Infrastructure -7.9 -17.8 3.2 5.4 - 3.7 20 16 14 2.54 14.12 48 03/10
311 Canara Robeco Infrastructure Reg -3.8 -7.2 1.9 6.8 8.6 11.2 13 18 10 2.53 42.73 120 12/05
312 DSP T.I.G.E.R. Reg -2.4 -3.5 6.0 8.4 8.3 15.4 8 6 5 2.35 87.95 1201 06/04
313 Franklin Build India -7.0 -1.8 7.6 13.3 - 14.9 6 1 1 2.23 39.68 1298 09/09
314 HDFC Infrastructure -7.3 -11.8 -1.8 1.3 5.1 3.8 15 20 19 2.46 15.34 845 03/08
315 HSBC Infrastructure Equity -12.5 -25.3 -4.7 -0.1 2.4 3.2 21 21 - 2.54 15.20 103 02/06
316 ICICI Pru Infrastructure -3.8 -1.6 5.6 5.8 6.7 12.1 4 8 13 2.34 48.96 1278 08/05
317 IDFC Infrastructure Reg -7.1 -14.8 5.5 6.8 - 4.0 19 9 11 2.33 13.91 948 03/11
318 Invesco India Infrastructure -2.0 -3.8 7.1 7.7 9.2 4.3 10 4 7 2.60 16.40 41 11/07
319 Kotak Infra and Eco Reform Standard -3.4 -5.5 4.5 9.0 10.1 5.9 11 14 3 2.55 19.24 391 02/08
320 L&T Infrastructure -7.5 -14.7 7.1 9.7 7.5 3.2 18 3 2 2.18 14.59 1866 09/07
321 LIC MF Infrastructure -3.8 0.1 5.2 4.7 4.4 2.9 1 10 17 2.48 13.77 56 03/08
322 Quant Infrastructure NR -4.2 -3.1 7.5 4.6 1.1 -1.5 7 2 18 2.48 8.38 1 08/07
323 Reliance ETF Infra BeES NR -0.3 -1.0 2.1 0.1 - -1.9 2 17 20 1.14 318.30 12 09/10
324 Reliance Power & Infra -4.3 -8.2 5.9 4.9 3.3 15.8 14 7 16 2.23 93.23 1450 05/04
325 SBI Infrastructure -2.4 -1.5 4.1 8.2 4.7 3.3 3 15 6 2.58 14.74 522 07/07
326 Sundaram Infrastructure Advantage Reg -5.7 -6.5 4.8 7.4 4.0 8.4 12 13 8 2.56 30.43 612 09/05
327 Tata Infrastructure Reg -2.9 -1.7 4.9 8.6 6.2 12.2 5 12 4 2.55 53.62 571 12/04
328 Taurus Infrastructure Reg NR -8.2 -13.9 6.6 7.2 6.6 6.8 17 5 9 2.60 22.64 4 03/07
329 UTI Infrastructure Reg -3.4 -3.8 5.0 6.3 4.8 11.8 9 11 12 2.26 50.95 1379 04/04
Equity: Sectoral-Pharma -7.1 -4.8 -5.0 3.4 14.9 6 4 3
330 Aditya Birla SL Pharma & Healthcare Fund Reg NR - - - - - 1.5 - - - - 10.15 - 07/19
331 DSP Healthcare Fund Reg NR -4.1 - - - - -0.7 - - - 2.63 9.93 203 11/18
332 ICICI Pru Pharma Healthcare And Diagnostics (P.H.D) Fund NR -6.0 -4.9 - - - -3.5 3 - - 2.23 9.63 1394 07/18
333 IDBI Healthcare Fund Reg NR -3.6 - - - - -2.5 - - - 2.69 9.75 33 02/19
334 Mirae Asset Healthcare Fund Reg NR -7.6 -2.2 - - - -0.7 2 - - 2.51 9.92 337 07/18
335 Reliance Pharma NR -9.8 -5.1 -0.7 6.4 17.1 18.9 4 1 1 2.05 138.74 2420 06/04
336 SBI Healthcare Opportunities NR -11.2 -7.2 -9.4 2.0 14.5 14.1 5 4 2 2.33 108.23 893 07/99
337 Tata India Pharma & HealthCare Reg NR -4.6 -0.1 -4.2 - - -3.5 1 2 - 2.55 8.79 165 12/15
338 UTI Healthcare Reg NR -9.6 -9.4 -5.9 1.7 13.1 12.3 6 3 3 2.51 78.18 391 06/99
Equity: Sectoral-Technology -4.5 1.6 12.9 10.7 15.4 5 5 4
339 Aditya Birla SL Digital India NR -4.2 1.4 13.8 11.7 12.9 8.8 3 2 1 2.61 52.42 457 01/00
340 Franklin India Technology NR -7.0 0.5 11.0 9.5 14.2 17.9 4 5 4 2.45 157.98 245 08/98


Within category
Equity: Sectoral-Technology -4.5 1.6 12.9 10.7 15.4 5 5 4

341 ICICI Pru Technology NR -3.0 2.0 13.6 10.9 18.5 9.5 2 3 2 2.63 58.69 445 03/00
342 SBI Technology Opportunities NR -2.7 3.9 11.8 10.7 15.8 13.6 1 4 3 2.53 39.22 149 07/99
343 Tata Digital India Reg NR -5.4 0.5 14.5 - - 11.5 5 1 - 2.57 14.78 428 12/15
Equity: Thematic -6.2 -8.6 5.0 7.9 11.6 13 13 11
344 Aditya Birla SL International Equity B NR -6.6 -7.0 4.9 6.7 8.2 4.8 7 8 8 2.58 17.45 82 10/07
345 Aditya Birla SL Manufacturing Equity Reg NR -6.5 -13.4 3.4 - - 4.2 12 11 - 2.61 12.02 595 01/15
346 DSP Quant Fund Reg NR - - - - - -6.0 - - - 1.24 9.40 96 06/19
347 Franklin India Opportunities NR -6.0 -5.6 4.9 9.6 10.5 10.5 5 7 3 2.52 70.18 605 02/00
348 ICICI Pru Exports and Services NR -3.7 -6.5 4.6 9.6 14.9 13.2 6 9 4 2.52 54.68 763 11/05
349 ICICI Pru FMCG NR -3.8 -2.4 9.4 12.0 17.6 16.7 2 2 1 2.61 232.62 498 03/99
350 ICICI Pru India Opportunities Fund NR -8.0 - - - - -0.1 - - - 2.04 9.99 1906 01/19
351 ICICI Pru Manufacture in India Fund NR -5.8 - - - - -1.3 - - - 2.17 9.87 1189 10/18
352 L&T Business Cycles Reg NR -2.7 -8.7 4.0 - - 7.9 10 10 - 2.46 14.58 775 08/14
353 Mahindra Rural Bharat And Consumption Yojana Reg NR -8.2 - - - - -7.6 - - - 2.67 9.24 72 11/18
354 Quantum India ESG Equity Fund Reg NR - - - - - -1.8 - - - - 9.82 - 07/19
355 Reliance ETF Dividend Opportunities NR -6.3 -4.1 9.4 7.3 - 10.0 3 1 6 0.16 28.82 2 04/14
356 Reliance Quant Retail NR -6.2 -5.2 6.7 5.6 8.7 8.1 4 5 10 0.92 24.42 25 02/05
357 SBI Equity Minimum Variance Fund Reg NR -7.6 - - - - -3.5 - - - 0.73 9.59 47 03/19
358 SBI Magnum COMMA NR -5.7 -8.1 6.9 6.5 5.7 9.2 8 4 9 2.58 34.24 261 08/05
359 SBI Magnum Equity ESG NR -3.4 0.3 7.5 10.2 11.6 14.8 1 3 2 2.15 102.45 2409 01/91
360 Sundaram Services Fund Reg NR -2.8 - - - - 7.0 - - - 2.36 10.70 1217 09/18
361 Tata Ethical Reg NR -6.3 -9.4 3.1 7.2 11.8 15.5 11 12 7 2.54 147.75 550 05/96
362 Taurus Ethical Reg NR -6.5 -8.2 5.5 7.6 11.2 16.5 9 6 5 2.34 48.19 38 04/09
363 UTI Transportation and Logistics Reg NR -15.3 -33.0 -5.4 5.1 16.2 14.6 13 13 11 2.22 80.48 1355 04/04
Equity: Thematic-Dividend Yield -6.3 -8.6 6.2 7.2 10.8 5 5 5
364 Aditya Birla SL Dividend Yield NR -6.6 -13.9 1.3 4.1 10.0 17.8 5 5 5 2.49 148.30 781 02/03
365 ICICI Pru Dividend Yield Equity NR -7.6 -9.4 5.8 7.0 - 8.9 4 4 4 2.75 15.59 184 05/14
366 IDBI Dividend Yield Fund Reg NR -3.6 - - - - -3.4 - - - 2.70 9.83 109 12/18
367 Principal Dividend Yield NR -8.6 -8.5 8.9 9.1 11.1 11.4 3 1 1 2.53 49.33 202 10/04
368 Templeton India Eqt Income NR -5.4 -6.6 7.4 8.4 11.4 12.0 2 3 2 2.38 44.72 953 05/06
369 UTI Dividend Yield Reg NR -5.8 -4.7 7.8 7.5 10.6 13.7 1 2 3 2.10 62.01 2413 05/05
Equity: Thematic-MNC -6.8 -10.1 4.0 11.2 16.3 3 3 3
370 Aditya Birla SL MNC NR -8.3 -8.3 3.9 12.9 18.0 18.3 1 3 1 2.10 699.74 3643 04/94
371 ICICI Pru MNC Fund NR - - - - - -0.5 - - - 2.61 9.95 646 06/19
372 SBI Magnum Global NR -5.9 -9.2 4.0 9.5 14.8 13.8 2 2 3 2.00 157.80 3533 09/94
373 UTI MNC Reg NR -6.2 -12.8 4.0 11.2 16.1 16.1 3 1 2 2.13 178.98 2111 07/98
Equity: Thematic-Energy -9.5 -9.9 6.0 11.4 10.6 2 2 1
374 DSP Natural Resources and New Energy Reg NR -12.1 -11.5 8.9 11.4 10.6 10.0 2 1 1 2.51 29.34 389 04/08
375 Tata Resources & Energy Reg NR -6.9 -8.3 3.2 - - 8.2 1 2 - 2.49 13.29 37 12/15
Equity: Thematic-PSU -5.3 -6.7 2.9 2.7 3 3 3
376 CPSE ETF NR -11.8 -10.3 2.5 -0.3 - 4.2 3 2 3 0.01 24.31 9682 03/14
377 Invesco India PSU Equity NR -2.9 -4.4 4.0 7.4 - 5.6 1 1 1 2.44 16.92 64 11/09
378 SBI PSU NR -1.3 -5.3 2.1 1.1 - 0.1 2 3 2 2.57 10.05 171 07/10
Equity: Thematic-Consumption -5.8 -9.5 7.3 10.5 14.2 9 9 8
379 Aditya Birla SL India GenNext NR -2.6 -3.5 9.0 14.2 16.3 16.0 1 4 1 2.57 79.80 1090 08/05
380 BNP Paribas India Consumption Fund Reg NR -0.1 - - - - 13.5 - - - 2.50 11.35 391 09/18
381 Canara Robeco Consumer Trends Reg NR -4.8 -5.0 9.9 13.1 - 14.2 3 3 2 2.50 37.21 336 09/09
382 ICICI Pru Bharat Consumption Fund NR -7.0 - - - - -7.7 - - - 2.70 9.23 593 04/19
383 Mirae Asset Great Consumer Reg NR -6.2 -6.1 11.0 12.4 - 15.1 4 2 3 2.38 32.26 802 03/11
384 Quant Consumption NR -7.4 -10.4 7.4 8.7 4.5 8.4 - - - 2.48 23.95 0 10/08


Within category
Equity: Thematic-Consumption -5.8 -9.5 7.3 10.5 14.2 9 9 8

385 Reliance Consumption NR -5.4 -4.2 1.0 5.7 11.6 13.0 2 9 7 2.61 60.95 78 09/04
386 Reliance ETF Consumption NR -6.1 -13.5 6.1 9.5 - 11.5 7 6 6 0.13 47.75 11 04/14
387 SBI Consumption Opportunities NR -9.5 -11.9 6.9 10.8 19.6 14.2 6 5 5 2.41 63.52 683 07/99
388 Sundaram Rural and Consumption Reg NR -7.3 -11.3 5.1 12.4 12.9 10.7 5 7 4 2.13 38.27 2251 05/06
389 Tata India Consumer Reg NR -7.6 -16.0 12.4 - - 13.3 9 1 - 2.24 15.65 1379 12/15
390 UTI India Consumer Reg NR -5.5 -13.7 4.3 5.6 10.4 7.4 8 8 8 2.58 23.65 254 07/07
Equity: International 0.3 1.5 7.3 4.2 5.2 37 37 33
391 Aditya Birla SL Comd Equities-Global Agri NR 0.2 1.5 4.5 3.6 5.6 8.4 17 28 17 1.65 23.71 6 11/08
392 Aditya Birla SL Global Emerging Opportunities NR 2.2 -5.0 3.6 -2.8 2.2 2.3 30 32 32 1.13 12.82 5 09/08
393 Aditya Birla SL Global Real Estate Retail NR 1.5 5.5 -0.2 3.6 - 4.4 10 35 18 1.28 19.53 16 12/07
394 Aditya Birla SL International Equity A NR -0.1 5.4 11.2 6.5 10.1 6.7 11 8 10 2.58 21.46 63 10/07
395 DHFL Pramerica Euro Equity NR -3.2 -10.2 4.7 1.3 5.5 2.2 34 26 24 1.28 12.98 2 09/07
396 DHFL Pramerica Global Equity Opportunities NR 0.9 12.9 11.1 3.2 - 7.2 4 10 19 1.17 18.96 18 05/10
397 DSP Global Allocation Reg NR 0.0 1.1 4.5 - - 4.3 18 29 - 2.05 12.29 26 08/14
398 DSP US Flexible Equity NR -0.2 2.1 12.7 10.5 - 14.1 15 5 4 2.38 25.21 227 08/12
399 DSP World Agriculture NR -1.9 2.0 4.6 2.1 - 6.4 16 27 21 2.38 16.18 29 10/11
400 DSP World Energy Reg NR -6.2 -13.8 1.9 -3.7 - 2.4 36 33 33 2.31 12.65 18 08/09
401 DSP World Gold Reg NR 25.7 22.5 -6.2 1.8 0.6 2.6 2 36 22 2.33 13.62 248 09/07
402 DSP World Mining Reg NR 3.1 -1.3 7.4 -2.4 - -1.8 26 20 30 2.33 8.44 33 12/09
403 Edelweiss ASEAN Equity Off Shore Reg NR 0.5 6.4 7.6 5.0 - 9.7 9 18 13 1.41 21.13 43 07/11
404 Edelweiss Emerging Markets Opportunities Equity Offshore NR -3.4 0.7 10.3 4.1 - 4.5 19 13 15 1.22 12.51 7 07/14
405 Edelweiss Europe Dynamic Equity Offshore Reg NR -1.4 -9.4 4.3 1.6 - 1.2 33 31 23 1.34 10.69 31 02/14
406 Edelweiss Greater China Eqt Off-shore Reg NR -3.8 -0.6 12.6 8.0 - 10.6 25 6 6 1.36 27.25 91 08/09
407 Edelweiss US Value Equity Offshore Reg NR 0.8 2.9 8.6 7.9 - 8.3 13 17 7 1.58 16.08 40 08/13
408 Franklin Asian Eqt NR -3.1 0.0 8.7 6.5 8.3 7.1 22 16 11 2.58 21.96 123 01/08
409 Franklin India Feeder - Franklin European Growth NR -7.9 -12.7 0.7 -1.5 - -2.1 35 34 29 1.39 8.97 19 05/14
410 Franklin India Feeder Franklin US Opp NR 0.7 9.8 16.1 13.3 - 16.8 7 2 2 1.55 32.07 889 02/12
411 HSBC Asia Pacific (Ex Japan) Dividend Yield Reg NR -2.0 0.6 9.4 5.7 - 6.7 20 15 12 2.05 14.23 5 02/14
412 HSBC Brazil NR 10.0 25.6 11.2 -0.3 - -1.1 1 9 28 2.38 9.15 27 05/11
413 HSBC Global Consumer Opportunities Reg NR -2.6 -0.3 10.7 - - 6.4 24 11 - 2.18 13.18 3 02/15
414 HSBC Global Emerging Markets NR -4.4 -4.5 7.4 2.4 4.7 2.8 28 19 20 2.36 13.64 9 03/08
415 ICICI Pru Global Stable Equity NR 0.5 2.1 4.3 7.2 - 7.4 14 30 8 1.49 15.24 82 09/13
416 ICICI Pru US Bluechip Equity NR -0.8 7.9 12.8 11.6 - 15.6 8 4 3 2.09 27.94 289 07/12
417 Invesco India Feeder- Invesco Global Equity Income Reg NR -3.9 -5.9 6.1 4.1 - 4.2 31 22 16 1.16 12.40 6 05/14
418 Invesco India Feeder- Invesco Pan European Equity Reg NR -7.5 -15.0 4.9 0.0 - -0.1 37 25 27 0.66 9.93 26 01/14
419 Kotak Global Emerging Market Reg NR -0.1 -7.3 4.9 1.3 6.7 3.8 32 24 25 1.18 15.48 32 09/07
420 Kotak US Equity Standard NR -0.7 3.5 10.5 10.1 - 9.6 12 12 5 1.26 16.70 11 12/13
421 Kotak World Gold Standard NR 27.4 13.2 -8.3 -2.6 -0.1 -0.4 3 37 31 1.09 9.60 35 06/08
422 Motilal Oswal NASDAQ 100 ETF NR 0.1 10.6 19.3 17.5 - 21.6 6 1 1 0.54 533.95 181 03/11
423 Motilal Oswal Nasdaq 100 FOF Reg NR 0.3 - - - - 16.7 - - - 0.50 11.67 64 11/18
424 Principal Global Opportunities NR 0.1 -4.8 9.7 4.5 7.3 7.2 29 14 14 1.34 28.98 15 03/04
425 Reliance ETF Hang Seng BeES NR -5.7 0.0 11.3 7.2 - 10.1 21 7 9 1.13 3056.10 7 03/10
426 Reliance Japan Equity NR -3.4 -0.1 6.5 - - 4.5 23 21 - 2.30 12.42 17 08/14
427 Reliance US Equity Opportunities NR 2.1 12.3 15.3 - - 12.2 5 3 - 2.71 15.87 44 07/15
428 Sundaram Global Advantage NR -3.0 -2.4 6.0 1.2 5.9 4.3 27 23 26 0.97 16.55 21 08/07
S&P BSE Sensex Total Return Index -3.3 0.9 11.5 9.1 10.7
S&P BSE 500 Total Return Index 0.6 8.6 14.5 14.1 18.2

Balanced Total return (%) Rank

Within category
Hybrid: Aggressive Hybrid -3.5 -2.8 6.5 8.9 10.9 36 30 25

429 Aditya Birla SL Bal Bhavishya Yojna - Wealth Plan Reg NR -8.3 - - - - -2.9 - - - 2.64 9.71 151 02/19
430 Aditya Birla SL Equity Hybrid ‘95 -3.5 -4.7 4.9 9.3 11.9 19.3 25 25 11 1.82 726.95 12662 02/95
431 Aditya Birla SL Retirement Fund - The 40s Plan Reg NR -5.6 - - - - -4.4 - - - 2.62 9.56 57 03/19
432 Axis Equity Hybrid Fund Reg NR -1.2 - - - - 1.0 - - - 2.28 10.10 2146 08/18
433 Baroda Hybrid Equity -5.4 -7.0 4.7 6.5 8.1 11.0 31 26 23 2.43 52.85 616 09/03
434 BNP Paribas Substantial Equity Hybrid Reg NR 0.3 4.3 - - - 7.3 2 - - 2.37 11.78 299 04/17
435 BOI AXA Mid & Small Cap Equity & Debt Reg -13.9 -21.8 2.3 - - 3.0 36 29 - 2.70 10.94 386 07/16
436 Canara Robeco Equity Hybrid Reg -2.4 0.5 8.6 10.6 12.7 12.1 9 6 6 2.09 154.85 2315 02/93
437 DHFL Pramerica Hybrid Equity -3.9 -4.4 4.2 6.2 7.9 12.9 24 28 - 2.36 65.95 162 01/04
438 DSP Equity & Bond -2.0 -0.6 7.3 11.1 11.4 14.3 14 11 3 1.88 148.89 6230 05/99
439 Edelweiss Aggressive Hybrid Reg NR -2.4 -1.6 6.3 8.2 - 9.6 - - - 2.24 24.86 6 08/09
440 Essel Equity Hybrid Fund Reg NR -3.5 -0.7 - - - 1.4 16 - - 2.60 10.18 274 04/18
441 Franklin India Equity Hybrid -3.5 -0.3 5.5 9.9 11.1 13.3 13 21 10 2.13 116.61 1931 12/99
442 Franklin India Life Stage FoF 20s -5.3 -4.7 4.9 8.2 10.7 14.1 26 24 17 1.35 78.64 12 12/03
443 HDFC Children’s Gift -3.3 -1.6 8.4 10.1 15.4 15.9 18 9 8 2.14 116.67 2840 03/01
444 HDFC Hybrid Equity -2.2 0.9 8.5 10.7 14.8 15.5 7 7 5 1.77 52.65 22221 09/00
445 HDFC Retirement Savings Fund-Hybrid Equity Reg -3.2 0.6 9.6 - - 15.1 8 3 - 2.62 16.21 303 02/16
446 HSBC Equity Hybrid Fund Reg NR -2.9 - - - - 5.6 - - - 2.39 10.56 654 10/18
447 HSBC Managed Solutions India Growth Reg -3.6 -4.0 6.7 8.6 - 11.0 23 14 15 1.80 17.30 95 04/14
448 ICICI Pru Child Care-Gift -3.5 -0.2 6.1 8.0 12.9 15.7 12 16 19 2.57 136.71 645 08/01
449 ICICI Pru Equity & Debt -2.3 2.6 9.1 10.8 14.0 13.9 5 4 4 1.73 131.50 25616 11/99
450 ICICI Pru Retirement Fund - Hybrid Aggressive Plan NR -1.8 - - - - 1.9 - - - 2.36 10.19 68 02/19
451 IDBI Hybrid Equity Reg NR -4.7 -11.4 - - - 2.8 34 - - 2.43 10.80 318 10/16
452 IDFC Hybrid Equity Reg NR -4.5 -7.1 - - - 3.7 32 - - 2.25 10.98 839 12/16
453 IIFL Capital Enhancer Fund Series 1 Reg NR -4.2 -4.0 - - - 0.1 22 - - 1.34 10.01 261 05/18
454 Indiabulls Equity Hybrid Fund Reg NR -2.7 - - - - 3.3 - - - 2.61 10.33 41 12/18
455 Invesco India Equity & Bond Fund Reg NR -3.1 -2.1 - - - 1.1 20 - - 2.53 10.11 446 06/18
456 JM Equity Hybrid -15.6 -14.8 0.0 2.5 6.7 10.6 35 30 25 1.30 39.26 12 04/95
457 Kotak Equity Hybrid Reg Ç -1.6 -0.6 6.1 8.4 9.7 13.7 15 17 16 2.19 14.82 1536 11/99
458 L&T Hybrid Equity -3.0 -4.7 5.9 10.0 - 11.6 27 19 9 1.80 25.41 9043 02/11
459 LIC MF Equity Hybrid 0.2 5.3 5.8 6.2 7.3 8.5 1 20 24 2.52 101.39 357 03/91
460 LIC MF ULIS Ç -2.1 -0.8 7.0 7.4 7.3 9.2 17 12 21 2.43 18.05 287 06/89
461 Mahindra Hybrid Equity Nivesh Yojana Reg NR - - - - - -0.3 - - - - 9.97 - 07/19
462 Mirae Asset Hybrid Equity Reg -2.0 3.4 9.9 - - 9.8 4 1 - 2.08 14.55 2195 07/15
463 Motilal Oswal Equity Hybrid Fund Reg NR -0.7 - - - - 2.8 - - - 2.55 10.28 262 09/18
464 Principal Hybrid Equity -5.3 -4.8 9.8 10.2 10.8 10.7 28 2 7 1.99 73.40 1687 01/00
465 Principal Retirement Savings Fund Progressive Reg NR -3.5 -2.9 6.2 - - 8.1 21 15 - 2.25 13.25 1 12/15
466 Quant Absolute NR -1.5 2.2 6.8 8.8 10.0 15.2 6 13 13 2.48 134.82 2 03/01
467 Reliance Equity Hybrid -3.2 -7.9 5.4 8.7 11.6 12.3 33 22 14 1.77 51.40 10832 06/05
468 SBI Equity Hybrid 0.2 4.3 9.0 11.4 12.2 15.8 3 5 2 1.65 134.68 29831 12/95
469 Shriram Hybrid Equity -2.2 -1.7 5.9 7.1 - 9.1 19 18 22 2.35 16.36 58 11/13
470 Sundaram Equity Hybrid Reg -1.2 0.3 8.4 8.2 8.6 12.1 10 8 18 2.33 89.11 1710 06/00
471 Tata Hybrid Equity Reg -1.8 0.0 4.6 9.0 12.8 15.1 11 27 12 1.93 209.49 4570 10/95
472 Tata Retirement Savings Moderate Reg -4.9 -6.7 8.3 12.4 - 14.5 30 10 1 2.28 28.66 1092 11/11
473 UTI Hybrid Equity Reg È -3.5 -4.8 5.3 7.5 9.7 14.5 29 23 20 1.94 162.36 5473 03/95
Hybrid: Balanced Hybrid -2.3 -1.5 5.4 7.8 8.9 10 10 8
474 Axis Children’s Gift Reg NR 0.1 -1.1 6.7 - - 7.7 6 3 - 2.21 13.11 426 12/15
VR Balanced Total Return Index -3.3 1.0 9.6 8.8 9.8


Within category
Hybrid: Balanced Hybrid -2.3 -1.5 5.4 7.8 8.9 10 10 8

475 Franklin India Life Stage FoF 30s NR -2.9 -0.5 5.8 8.3 9.9 11.9 4 4 3 1.23 58.25 6 12/03
476 Franklin India Pension NR -0.2 3.7 5.4 9.1 9.5 12.1 2 5 2 2.27 127.20 442 03/97
477 ICICI Pru Asset Allocator NR 1.2 7.3 10.0 10.2 10.7 11.6 1 1 1 1.52 55.78 1720 12/03
478 ICICI Pru Passive Strategy NR -5.8 -5.3 7.1 8.1 10.2 12.5 9 2 5 0.48 62.89 69 12/03
479 LIC MF Children’s Gift NR -1.8 0.4 1.9 5.7 5.2 3.0 3 10 8 2.34 16.80 13 11/01
480 Principal Retirement Savings Fund Moderate Reg NR -2.1 -1.0 5.3 - - 6.3 5 6 - 2.25 12.46 0 12/15
481 Tata Young Citizens Reg NR -4.4 -10.0 2.5 6.2 8.4 11.9 10 9 7 2.58 24.11 188 10/95
482 UTI CCF-Savings Plan Reg NR -2.7 -3.7 4.6 8.1 9.7 10.1 7 7 4 1.77 22.33 3594 07/93
483 UTI Retirement Benefit Pension Reg NR -4.3 -4.4 4.5 6.9 8.0 10.0 8 8 6 1.81 25.04 2722 12/94
Hybrid: Conservative Hybrid 0.2 3.1 5.9 7.7 8.3 36 36 31
484 Aditya Birla SL Regular Savings 0.4 0.5 5.3 9.4 9.4 9.4 26 27 3 1.84 39.14 2150 05/04
485 Aditya Birla SL Retirement Fund - The 50s Plan Reg NR 2.7 - - - - 3.2 - - - 2.14 10.32 25 03/19
486 Axis Regular Saver Ç -5.0 -2.9 3.6 6.1 - 7.1 32 34 30 2.39 18.60 241 07/10
487 Baroda Conservative Hybrid 6.0 11.8 7.7 8.2 7.5 6.4 2 5 8 2.07 25.13 15 09/04
488 BNP Paribas Conservative Hybrid 1.8 5.7 6.2 7.7 7.3 7.4 11 16 19 2.14 28.90 399 09/04
489 BOI AXA Conservative Hybrid Reg -12.9 -13.5 0.2 4.2 5.2 6.0 36 36 31 2.32 18.27 161 03/09
490 Canara Robeco Conservative Hybrid Reg Ç 2.0 6.5 6.2 7.2 8.3 10.9 8 17 25 1.93 57.39 198 04/01
491 DSP Regular Savings 0.0 -3.0 3.4 6.3 7.5 8.7 33 35 29 2.19 35.50 274 06/04
492 Essel Regular Savings 0.1 3.6 5.0 6.7 - 7.4 22 30 27 2.35 19.04 40 07/10
493 Franklin India Debt Hybrid A 1.3 5.3 5.2 8.0 8.4 9.6 15 28 12 2.33 56.24 317 09/00
494 Franklin India Life Stage FoF 40s -0.8 2.7 6.4 8.5 9.5 10.5 25 13 5 1.38 47.67 13 12/03
495 Franklin India Life Stage FoF 50s Plus 0.2 4.6 6.9 8.1 8.3 8.5 18 8 10 1.38 35.98 6 12/03
496 Franklin India Life Stage FoF 50s Plus FR 0.3 5.0 6.7 7.8 8.2 9.2 17 10 17 0.79 37.92 28 07/04
497 HDFC Hybrid Debt 1.5 6.4 6.1 7.9 9.0 10.3 9 19 15 1.80 46.15 3060 12/03
498 HDFC Retirement Savings Fund-Hybrid Debt Reg Ç 1.8 5.1 6.8 - - 8.6 16 9 - 2.22 13.26 67 02/16
499 HSBC Managed Solutions India Conservative Reg 0.1 5.5 5.6 7.2 - 7.9 12 22 24 1.65 14.88 157 04/14
500 HSBC Regular Savings Ç 2.5 5.9 5.5 7.3 8.2 8.9 10 25 23 2.20 37.29 112 02/04
501 ICICI Pru Moderate 2.0 7.5 7.0 7.3 8.1 8.3 3 6 22 0.58 34.97 116 12/03
502 ICICI Pru Regular Savings 1.3 6.7 8.1 9.9 9.6 10.0 6 3 2 1.96 43.17 1640 03/04
503 ICICI Pru Retirement Fund - Hybrid Conservative Plan NR 2.2 - - - - 4.0 - - - 2.01 10.40 56 02/19
504 ICICI Pru Thematic Advantage È -5.6 -7.7 6.2 8.4 9.4 13.1 35 14 7 1.15 68.20 8 12/03
505 IDFC Asset Allocation Aggressive Reg -4.4 -5.7 4.3 7.1 - 8.7 34 32 26 1.59 22.03 16 02/10
506 IDFC Asset Allocation Conservative Reg 0.8 4.0 6.6 8.0 - 8.3 20 12 11 0.79 21.33 14 02/10
507 IDFC Asset Allocation Moderate Reg -1.5 -0.2 5.5 7.7 - 8.8 30 24 18 1.02 22.18 38 02/10
508 IDFC Regular Savings Reg 1.1 5.3 5.8 8.0 - 8.6 13 20 14 2.19 21.72 197 02/10
509 Indiabulls Savings Income Reg 0.8 4.3 8.7 - - 8.7 19 1 - 2.22 13.59 20 12/15
510 Kotak Asset Allocator Reg 2.1 6.8 7.8 9.4 10.8 15.1 5 4 - 0.75 82.39 38 08/04
511 Kotak Debt Hybrid Reg 2.0 5.3 6.2 8.4 8.4 7.6 14 15 6 2.22 31.46 255 12/03
512 L&T Conservative Hybrid 2.9 6.9 6.1 7.4 7.1 8.3 4 18 20 2.21 35.61 41 07/03
513 LIC MF Debt Hybrid 2.6 6.6 5.5 6.5 6.4 8.4 7 26 28 2.24 55.72 70 06/98
514 Principal Retirement Savings Fund Conservative Reg NR -1.1 0.1 4.7 - - 5.8 27 31 - 2.25 12.27 1 12/15
515 Reliance Hybrid Bond È 0.3 3.2 5.6 7.8 8.8 9.8 23 23 16 1.87 42.97 1782 12/03
516 Reliance Retirement Fund - Income Generation Scheme 7.0 13.4 6.9 - - 7.1 1 7 - 2.17 13.58 247 02/15
517 SBI Debt Hybrid 1.2 3.8 5.1 8.2 8.1 7.8 21 29 9 1.74 39.57 1170 03/01
518 SBI Magnum Children’s Benefit Fund -1.7 -0.1 8.6 10.7 10.8 10.2 29 2 1 2.22 54.64 63 02/02
519 Sundaram Debt Oriented Hybrid -4.3 -0.6 4.0 7.4 - 6.9 31 33 21 2.19 18.74 57 03/10
VR MIP Total Return Index 1.3 6.9 8.0 8.3 8.1


Within category
Hybrid: Conservative Hybrid 0.2 3.1 5.9 7.7 8.3 36 36 31

520 Tata Retirement Savings Conservative Reg 0.8 3.1 6.7 8.7 - 9.3 24 11 4 2.24 19.96 131 11/11
521 UTI Regular Savings Reg È -2.1 0.1 5.6 8.0 8.5 9.4 28 21 13 1.78 40.52 2465 12/03
Hybrid: Equity Savings -0.8 1.2 5.8 16 13 0
522 Aditya Birla SL Equity Savings Reg È -1.4 -1.6 4.5 - - 6.0 14 11 - 2.34 13.15 940 11/14
523 Axis Equity Saver Reg -0.9 1.6 6.5 - - 6.4 8 5 - 2.53 12.79 765 08/15
524 Baroda Equity Savings Fund Reg NR - - - - - 0.2 - - - - 10.02 - 07/19
525 DHFL Pramerica Equity Savings -0.4 2.5 6.0 8.9 7.7 7.8 4 7 - 1.24 31.84 20 01/04
526 DSP Equity Savings Reg È -1.9 -0.6 4.9 - - 6.6 13 8 - 2.13 12.39 1223 03/16
527 Edelweiss Equity Savings Reg -0.6 1.4 6.7 - - 7.0 9 4 - 1.74 13.83 124 10/14
528 Franklin India Equity Savings Fund Reg NR -1.3 - - - - 0.9 - - - 2.11 10.09 297 08/18
529 HDFC Equity Savings -1.0 3.0 8.0 8.0 9.2 9.1 3 1 - 1.96 36.47 5422 09/04
530 ICICI Pru Equity Savings 1.2 7.2 7.5 - - 7.4 1 2 - 1.36 13.96 1672 12/14
531 IDBI Equity Savings NR 0.0 0.4 2.8 5.0 - 6.1 12 - - 2.11 16.39 19 03/11
532 IDFC Equity Savings Regular NR -0.3 1.2 4.3 5.3 6.3 6.4 10 - - 2.18 19.93 75 06/08
533 Invesco India Equity Savings Fund Reg NR -0.5 - - - - 0.9 - - - 2.42 10.09 295 03/19
534 Kotak Equity Savings Reg -0.8 2.4 7.0 - - 7.5 5 3 - 2.14 14.17 2121 10/14
535 L&T Equity Savings Ç -4.0 -2.1 4.1 6.2 - 7.2 15 13 - 1.57 17.16 158 10/11
536 Mahindra Dhan Sanchay Equity Savings Yojana Reg NR -0.5 2.0 - - - 4.5 6 - - 2.56 11.17 260 02/17
537 Mirae Asset Equity Savings Fund Reg NR 0.3 - - - - 4.1 - - - 1.66 10.41 52 12/18
538 Principal Equity Savings 0.0 2.0 6.2 6.5 6.1 7.7 7 6 - 2.09 35.91 55 05/02
539 Reliance Equity Savings Ç -3.1 -4.5 4.3 - - 4.9 16 12 - 2.17 12.21 1362 05/15
540 SBI Equity Savings Reg -1.7 0.9 4.8 - - 6.2 11 9 - 1.68 12.84 1977 05/15
541 Sundaram Equity Savings Fund Reg NR -0.1 - - - - 3.5 - - - 2.52 10.35 133 12/18
542 Tata Equity Savings Reg 0.4 3.7 4.6 6.1 6.4 8.8 2 10 - 2.29 32.88 142 04/97
543 Union Equity Savings Fund Reg NR 0.4 - - - - 3.1 - - - 1.88 10.51 262 08/18
544 UTI Equity Savings Fund Reg NR -0.4 - - - - 1.3 - - - 1.48 10.13 339 08/18
Hybrid: Arbitrage 1.7 6.0 5.9 6.6 7.1 19 16 12
545 Aditya Birla SL Arbitrage 1.7 6.5 6.1 6.5 6.8 6.8 8 10 8 0.83 19.39 3919 07/09
546 Axis Arbitrage Reg 1.7 6.4 6.2 - - 6.5 11 7 - 0.99 13.68 2296 08/14
547 BNP Paribas Arbitrage Fund Reg NR 1.7 6.6 - - - 6.4 6 - - 0.99 11.75 582 12/16
548 BOI AXA Arbitrage Fund Reg NR 1.5 5.9 - - - 5.9 18 - - 0.99 10.66 90 06/18
549 DHFL Pramerica Arbitrage Reg 1.5 6.0 5.9 - - 6.5 16 13 - 0.96 13.64 185 08/14
550 DSP Arbitrage Fund Reg NR 2.0 6.7 - - - 6.5 2 - - 0.89 10.99 441 01/18
551 Edelweiss Arbitrage Reg 1.8 6.5 6.3 6.8 - 6.9 7 3 1 1.09 14.05 3433 06/14
552 Essel Arbitrage Fund Reg NR 1.3 - - - - 5.2 - - - 1.00 10.52 2 08/18
553 HDFC Arbitrage Wholesale 1.7 6.2 5.9 6.4 7.0 7.1 13 14 11 0.75 22.47 3688 10/07
554 ICICI Pru Equity Arbitrage 1.8 6.5 6.2 6.6 7.3 7.5 9 6 4 0.95 24.99 10337 12/06
555 IDFC Arbitrage Regular 1.8 6.8 6.2 6.5 7.1 7.1 1 5 7 1.04 23.87 5497 12/06
556 Indiabulls Arbitrage Reg È 1.8 6.1 6.2 - - 6.7 14 9 - 0.96 13.48 37 12/14
557 Invesco India Arbitrage 1.7 6.1 6.0 6.5 6.9 7.1 15 12 9 1.00 23.06 233 04/07
558 JM Arbitrage 1.5 5.9 5.8 6.2 7.0 7.2 17 15 12 0.79 24.83 73 07/06
559 Kotak Equity Arbitrage Reg È 1.7 6.6 6.3 6.7 7.3 7.4 5 2 3 0.97 27.03 13769 09/05
560 L&T Arbitrage Opportunities Reg 1.8 6.3 6.2 6.6 - 6.7 12 8 6 0.95 13.88 698 06/14
561 LIC MF Arbitrage Fund Reg NR 1.5 - - - - 3.2 - - - 1.02 10.32 104 01/19
562 Principal Arbitrage Reg 1.0 -1.3 3.0 - - 3.3 19 16 - 0.92 11.14 5 04/16
563 Reliance Arbitrage 1.8 6.7 6.4 6.8 - 7.8 3 1 2 1.04 19.40 8759 10/10
CCIL T Bill Liquidity Weight 1.2 4.6 4.2 4.7 4.6
VR MIP Total Return Index 1.3 6.9 8.0 8.3 8.1


Within category
Hybrid: Arbitrage 1.7 6.0 5.9 6.6 7.1 19 16 12

564 SBI Arbitrage Opportunities 1.9 6.5 6.1 6.5 7.1 7.3 10 11 10 0.88 24.62 2873 11/06
565 Tata Arbitrage Fund Reg NR 1.9 - - - - 4.3 - - - 1.13 10.43 188 12/18
566 Union Arbitrage Fund Reg NR 1.7 - - - - 3.1 - - - 1.04 10.31 119 02/19
567 UTI Arbitrage Reg 1.8 6.7 6.2 6.6 6.9 7.4 4 4 5 0.83 25.48 1876 06/06
Hybrid: Dynamic Asset Allocation -1.6 0.0 5.8 7.6 9.6 18 13 9
568 Aditya Birla SL Asset Allocator MMFoF -1.6 -1.9 6.0 9.6 6.0 8.3 14 8 1 1.29 28.27 6 08/06
569 Aditya Birla SL Balanced Advantage -1.1 2.4 6.4 8.6 9.3 9.0 7 5 - 2.12 52.23 2765 04/00
570 Axis Dynamic Equity Fund Reg NR -1.3 -1.5 - - - 4.2 13 - - 2.28 10.86 2287 08/17
571 Baroda Dynamic Equity Fund Reg NR -1.3 - - - - 4.4 - - - 2.45 10.44 399 11/18
572 BNP Paribas Dynamic Equity Fund Reg NR 1.7 - - - - 4.0 - - - 2.41 10.40 79 03/19
573 BOI AXA Equity Debt Rebalancer Reg -9.9 -10.3 0.7 4.3 - 5.9 18 13 9 2.36 13.62 156 03/14
574 DSP Dynamic Asset Allocation Reg 0.7 5.1 5.9 7.3 - 8.0 1 9 6 2.31 15.24 864 02/14
575 Edelweiss Balanced Advantage Reg -2.7 -3.1 6.3 7.3 - 8.7 16 6 5 2.22 22.97 1450 08/09
576 Franklin India Dynamic PE Ratio FoF -0.5 4.8 7.5 8.8 9.5 14.4 2 1 4 1.26 83.53 980 10/03
577 HDFC Balanced Advantage NR -2.3 3.9 9.0 9.5 13.7 18.3 4 - - 1.59 194.57 43168 02/94
578 ICICI Pru Balanced Advantage -0.8 3.8 7.5 9.3 12.2 10.5 5 2 2 1.71 35.27 28708 12/06
579 IDFC Dynamic Equity Reg -1.4 -1.2 5.7 - - 5.8 12 10 - 2.17 13.12 1070 10/14
580 Invesco India Dynamic Equity È -1.2 -2.4 7.4 9.1 11.6 9.3 15 3 3 2.33 28.60 966 10/07
581 Kotak Balanced Advantage Fund Reg NR 0.0 - - - - 4.7 - - - 2.11 10.47 2878 08/18
582 L&T Balanced Advantage -0.4 1.8 6.1 8.0 - 11.0 8 7 - 2.46 24.16 544 02/11
583 Motilal Oswal Dynamic Reg NR -0.7 -0.7 - - - 7.1 11 - - 2.26 12.15 1394 09/16
584 Principal Balanced Advantage -2.6 -0.2 4.7 6.0 - 8.5 9 11 8 2.10 20.28 214 12/10
585 Reliance Balanced Advantage NR -1.6 3.0 8.6 9.2 11.6 16.1 6 - - 2.14 89.76 2040 11/04
586 SBI Dynamic Asset Allocation Reg Ç -2.2 -0.5 6.8 - - 6.6 10 4 - 2.20 13.19 686 03/15
587 Shriram Balanced Advantage Fund Reg NR - - - - - -1.0 - - - - 9.90 - 07/19
588 Tata Balanced Advantage Fund Reg NR -0.9 - - - - 2.8 - - - 2.35 10.28 890 01/19
589 Union Balanced Advantage Reg NR 0.0 4.3 - - - 4.0 3 - - 2.53 10.65 551 12/17
590 UTI ULIP -6.1 -7.1 4.0 6.8 8.6 9.0 17 12 7 1.72 24.01 4233 10/71
Hybrid: Multi Asset Allocation -0.8 1.0 5.4 7.3 7.9 13 10 9
591 Aditya Birla SL Financial Planning FoF Aggressive NR -2.8 -2.8 6.1 9.1 - 10.0 13 4 1 1.41 21.96 119 05/11
592 Aditya Birla SL Financial Planning FoF Conservative NR 0.1 1.8 5.3 6.9 - 7.6 6 6 6 1.17 18.30 4 05/11
593 Aditya Birla SL Financial Planning FoF Prudent NR -1.3 -0.1 5.6 7.7 - 8.6 9 5 4 1.27 19.70 13 05/11
594 Axis Triple Advantage NR 0.5 0.1 5.2 6.9 - 7.7 8 7 7 2.40 19.40 274 08/10
595 Essel 3 in 1 NR -1.8 1.1 3.6 5.8 - 7.0 7 10 8 2.50 17.54 20 04/11
596 Franklin India Multi Asset Solution NR 0.5 2.8 4.0 - - 4.9 4 8 - 1.37 12.48 29 11/14
597 HDFC Dynamic PE Ratio Fund of Funds Reg NR -1.9 2.4 7.3 9.0 - 8.4 5 1 2 1.00 18.35 21 02/12
598 HDFC Multi Asset NR -3.2 -2.5 4.7 6.1 8.7 8.5 12 - - 2.83 31.10 160 08/05
599 HSBC Managed Solutions India Moderate Reg NR -3.0 -2.2 6.4 8.4 - 10.2 11 3 3 1.90 16.62 159 04/14
600 ICICI Pru Multi Asset NR -1.4 3.2 9.6 9.1 13.3 21.5 3 - - 1.92 262.81 11444 10/02
601 Quant Multi Asset NR 2.1 8.1 5.2 6.7 6.4 7.5 - - - 2.48 37.56 0 03/01
602 Quantum Multi Asset Reg NR 0.7 6.0 6.8 7.5 - 9.0 1 2 5 0.50 18.50 17 04/17
603 SBI Multi Asset Allocation NR 2.4 5.0 5.7 8.2 8.7 7.6 2 - - 1.81 27.16 264 12/05
604 UTI Multi Asset Reg NR -1.8 -2.2 3.7 4.3 7.9 11.8 10 9 9 2.41 33.04 779 11/08

Fixed Income Total return (%) Rank

Within category
Fund A bs o lu te Annualised Since Expense NAV AUM Launch
rating 1-M 3-M 1-Y 3-Y 5-Y launch 3-M 1-Y 3-Y (%) (`) (` Cr) date
Debt: Long Duration 3.2 10.4 19.9 9.1 10.2 2 2 1

605 ICICI Pru Long Term Bond NR 3.1 8.8 16.7 9.1 10.2 9.2 2 2 1 1.70 63.96 742 07/98
606 Reliance Nivesh Lakshya Fund Reg NR 3.3 12.0 23.1 - - 21.7 1 1 - 0.53 12.34 578 07/18
Debt: Medium to Long Duration 2.2 4.2 9.8 6.4 8.1 14 14 14
607 Aditya Birla SL Income 2.7 6.1 13.3 7.1 8.8 9.5 4 4 6 1.59 86.02 960 10/95
608 Canara Robeco Income Reg 2.1 5.9 12.2 7.6 8.7 8.7 5 6 4 1.88 40.60 105 09/02
609 HDFC Income 1.9 4.5 9.9 5.3 7.8 7.9 10 10 12 2.26 41.96 607 09/00
610 HSBC Debt Ç 2.6 6.6 13.9 6.4 7.9 7.1 3 3 9 2.07 31.54 41 12/02
611 ICICI Pru Bond 1.8 4.3 10.4 7.1 8.8 9.4 11 8 7 1.09 26.80 3279 08/08
612 ICICI Pru Debt Management 1.0 2.4 7.9 7.4 9.2 7.3 12 12 5 0.75 30.05 182 12/03
613 IDFC Bond Income Reg 2.9 7.0 14.4 8.0 9.3 8.5 2 2 1 1.90 47.45 654 07/00
614 JM Income 1.5 -5.8 -1.0 2.6 4.8 6.6 14 13 14 1.11 47.05 20 04/95
615 Kotak Bond Regular 2.5 5.7 12.5 6.4 8.2 8.9 7 5 10 1.84 53.66 1790 11/99
616 LIC MF Bond 2.2 5.7 11.9 6.7 7.8 8.5 6 7 8 1.07 51.52 265 06/99
617 Reliance Income 2.7 7.3 15.1 7.7 9.1 8.9 1 1 3 1.62 63.43 239 01/98
618 SBI Magnum Income 2.2 5.0 10.3 7.9 8.8 7.8 8 9 2 1.47 47.06 1181 11/98
619 Tata Income Reg 2.0 5.0 9.2 6.1 7.8 8.1 9 11 11 1.94 57.24 74 04/97
620 UTI Bond Reg 2.5 -1.2 -2.5 3.0 6.1 8.0 13 14 13 1.55 50.79 609 05/98
Debt: Medium Duration 1.6 0.9 5.2 6.4 7.6 17 16 15
621 Aditya Birla SL Medium Term È 1.5 2.4 4.4 6.4 8.1 8.5 10 12 11 1.59 23.32 7098 03/09
622 Axis Strategic Bond 1.6 0.9 7.0 7.4 8.8 8.6 12 9 4 1.05 18.37 1183 03/12
623 BNP Paribas Medium Term 1.7 -5.6 -2.0 3.0 5.5 5.9 16 15 14 1.23 13.64 108 03/14
624 DSP Bond Ret Ç 1.7 -1.4 2.0 4.9 7.2 8.1 14 13 13 0.79 56.73 315 04/97
625 Franklin India Income Opportunities 1.1 2.3 7.6 8.3 8.7 8.9 11 6 2 1.70 22.67 3670 12/09
626 HDFC Medium Term Debt 1.5 3.4 9.0 7.3 8.2 8.0 6 4 6 1.29 38.15 1038 02/02
627 ICICI Pru Medium Term Bond 1.3 2.9 7.2 6.9 8.1 7.5 7 7 8 1.55 29.24 5877 09/04
628 ICICI Pru Retirement Fund - Pure Debt Plan NR 1.6 4.3 - - - 5.7 1 - - 2.05 10.57 156 02/19
629 IDFC Bond Medium Term Reg 1.7 4.2 10.6 7.4 8.2 7.6 2 1 5 1.42 32.51 2441 07/03
630 Indiabulls Income Reg 1.7 3.5 9.4 7.9 8.8 7.7 4 3 3 0.76 16.09 11 03/13
631 Kotak Medium Term Reg 1.2 0.9 5.8 6.5 8.1 8.4 13 11 10 1.68 15.42 3765 03/14
632 L&T Resurgent India Bond Reg 1.7 2.6 6.9 6.3 - 7.6 8 10 12 1.72 13.91 1959 02/15
633 Reliance Strategic Debt NR 0.7 -2.4 -1.3 4.2 6.7 6.7 15 14 - 1.65 13.94 4238 06/14
634 SBI Magnum Medium Duration 1.8 4.2 10.1 8.9 9.5 8.0 3 2 1 1.09 33.71 1692 11/03
635 Sundaram Medium Term Bond Reg Ç 1.7 3.5 8.3 6.8 7.9 8.0 5 5 9 2.00 53.36 88 12/97
636 Tata Medium Term Reg 1.6 -13.3 -9.1 0.5 4.0 5.5 17 16 15 1.45 24.57 43 11/02
637 UTI Medium Term Reg 2.3 2.6 7.1 7.2 - 7.8 9 8 7 1.57 13.85 319 03/15
Debt: Short Duration 1.4 0.1 5.4 5.9 7.1 29 28 26
638 Aditya Birla SL Short Term Opportunities 1.5 3.4 9.6 7.4 8.5 7.4 4 3 5 1.14 32.00 3193 05/03
639 Axis Short Term 1.6 3.1 9.4 7.4 8.1 8.1 10 5 4 0.90 20.92 2556 01/10
640 Baroda Short Term Bond 1.3 3.1 8.9 8.1 8.5 8.2 14 13 2 1.29 20.51 288 06/10
641 BNP Paribas Short Term 1.4 0.8 6.3 6.5 7.5 7.7 20 18 16 1.18 21.45 135 09/04
642 BOI AXA Short Term Income Reg 1.2 -10.2 -6.0 2.4 5.2 5.8 29 28 26 1.10 18.14 83 12/08
643 Canara Robeco Short Duration Reg NR 1.2 2.9 8.4 7.3 7.2 7.4 17 15 - 1.02 18.05 383 04/11
644 DHFL Pramerica Short Maturity 2.9 -7.4 -4.3 3.0 5.5 7.0 26 26 24 1.33 30.77 133 01/03
645 DSP Short Term 1.3 3.2 9.0 6.8 7.8 7.2 9 12 14 0.99 32.45 2616 09/02
646 Edelweiss Short Term Reg 0.6 -7.7 -2.8 3.1 1.6 4.8 27 25 23 0.79 15.52 24 03/10
647 Franklin India ST Income Ret 1.0 1.7 8.4 8.5 8.8 8.3 19 17 1 1.49 4054.02 13235 01/02
648 HDFC Short Term Debt 1.3 3.1 9.2 7.7 8.3 8.7 13 7 3 0.40 21.31 7991 06/10
649 HSBC Short Duration 1.2 -6.0 -0.9 3.6 5.6 6.5 24 23 22 1.28 28.52 689 12/02
VR Bond Index 1.4 4.5 11.1 7.0 8.0


Within category
Debt: Short Duration 1.4 0.1 5.4 5.9 7.1 29 28 26

650 ICICI Pru Short Term 1.3 3.1 9.1 7.4 8.4 8.1 11 10 6 1.15 39.91 8680 10/01
651 IDBI Short Term Bond 1.1 -2.2 3.2 5.1 6.4 7.4 21 19 17 1.49 18.15 52 03/11
652 IDFC All Seasons Bond Reg 1.6 3.6 10.0 7.3 8.1 7.6 1 1 7 0.48 29.85 144 09/04
653 IDFC Bond Short Term Reg Ç 1.4 3.1 9.7 7.3 8.0 7.6 12 2 9 0.79 39.27 8021 12/00
654 Indiabulls Short Term Reg Ç 0.8 2.2 8.4 7.3 8.1 8.2 18 16 8 1.48 1589.52 108 09/13
655 Invesco India Short term 1.6 3.3 9.0 6.8 7.5 7.7 8 11 15 1.25 2508.66 672 03/07
656 JM Short Term 1.1 -3.0 2.0 4.8 6.4 8.2 22 21 19 0.82 25.32 44 04/03
657 Kotak Bond Short-term Reg 1.4 3.3 9.5 7.2 8.0 7.7 6 4 12 1.14 36.02 9143 05/02
658 L&T Short Term Bond Fund 1.2 3.0 9.1 7.2 7.9 8.4 15 9 11 0.72 18.40 4077 12/11
659 LIC MF Short Term Debt Fund Reg NR 1.4 3.4 - - - 5.4 5 - - 1.43 10.54 174 02/19
660 Mirae Asset Short Term Fund Reg NR 1.6 3.3 9.3 - - 7.8 7 6 - 1.03 11.09 80 03/18
661 Principal Short Term Debt 1.4 -6.5 -1.3 3.6 5.9 7.1 25 24 21 1.05 30.45 195 05/03
662 Reliance Short-term 1.3 2.9 8.7 6.9 8.0 8.0 16 14 13 1.14 35.80 6477 12/02
663 SBI Short Term Debt 1.6 3.4 9.2 7.2 8.1 7.9 3 8 10 0.84 22.12 7063 07/07
664 Sundaram Short Term Debt 1.3 -5.1 0.2 4.1 6.0 6.8 23 22 20 0.92 30.24 283 09/02
665 Tata Short-term Bond Reg 1.4 3.4 2.8 4.9 6.6 7.4 2 20 18 1.18 33.61 2117 08/02
666 UTI Short-term Income Reg 1.7 -9.1 -4.5 2.9 5.4 7.3 28 27 25 0.77 20.50 2332 08/07
Debt: Low Duration 0.9 -2.4 3.2 5.6 6.7 26 26 25
667 Aditya Birla SL Low Duration 1.0 2.3 8.3 7.3 7.8 7.5 7 6 9 1.23 461.52 8585 05/98
668 Axis Treasury Advantage 1.1 2.5 8.7 7.5 7.9 8.1 1 2 5 0.58 2149.93 1317 10/09
669 Baroda Treasury Adv 0.2 -16.9 -12.9 0.3 3.8 6.0 26 26 25 0.90 1808.08 346 06/09
670 BNP Paribas Low Duration 1.0 1.3 7.1 6.8 7.4 7.9 13 13 14 1.00 28.51 210 10/05
671 Canara Robeco Savings Reg Ç 1.0 2.4 8.2 7.4 7.9 7.9 5 8 7 0.55 30.05 1059 03/05
672 DHFL Pramerica Low Duration È 1.1 -14.5 -9.8 1.3 4.4 6.7 24 24 23 1.22 21.84 237 06/07
673 DSP Low Duration Reg 0.9 1.4 7.6 7.1 - 7.7 12 12 11 0.50 13.84 2554 03/15
674 Edelweiss Low Duration Reg 0.9 -10.1 -5.1 2.8 3.0 6.1 23 23 22 1.00 2012.37 171 09/07
675 Franklin India Low Duration 1.0 1.7 8.3 8.5 9.0 9.2 11 7 1 0.88 22.14 6631 02/00
676 HDFC Low Duration 1.0 2.3 8.0 7.1 7.5 7.3 8 9 10 1.01 40.20 15149 11/99
677 HSBC Low Duration 0.9 -7.5 -2.4 3.4 5.3 6.3 20 20 19 1.02 15.17 239 10/06
678 ICICI Pru Savings 1.0 2.5 8.6 7.8 8.3 8.1 2 3 2 0.48 369.28 18724 09/02
679 IDFC Low Duration Reg 1.0 2.4 8.5 7.6 8.1 7.7 4 4 4 0.49 27.24 3889 01/06
680 Invesco India Treasury Advantage Ç 1.0 2.5 8.8 7.4 7.9 8.1 3 1 8 0.65 2659.34 498 01/07
681 JM Low Duration 0.5 -9.5 -4.3 3.1 5.3 7.1 22 22 21 0.45 24.16 176 09/06
682 Kotak Low Duration Standard 1.0 1.8 7.9 7.6 8.4 7.7 10 11 3 1.06 2339.04 5017 03/08
683 L&T Low Duration 1.0 -0.1 5.6 7.1 8.0 8.4 16 16 12 0.95 20.07 1041 12/10
684 LIC MF Savings 1.0 -1.9 3.7 5.8 6.8 6.6 17 17 16 0.83 28.13 1223 06/03
685 Mahindra Low Duration Bachat Yojana Reg 0.9 2.2 7.9 - - 6.8 9 10 - 1.13 1176.43 299 02/17
686 Mirae Asset Savings Fund - Regular Savings Plan 0.9 1.0 6.5 6.3 6.6 7.1 14 15 15 0.83 1625.87 586 03/08
687 Principal Low Duration È 0.7 -14.7 -11.1 0.8 3.8 6.4 25 25 24 0.70 2512.76 178 09/04
688 Reliance Low Duration 1.0 0.4 6.7 6.9 7.6 8.1 15 14 13 0.65 2606.72 4168 03/07
689 SBI Magnum Low Duration 1.0 2.4 8.5 7.5 8.0 7.9 6 5 6 0.95 2485.00 7262 07/07
690 Sundaram Low Duration Reg 0.9 -3.5 1.9 5.1 6.4 7.6 19 19 18 0.75 24.67 1062 04/07
691 Tata Treasury Advantage Reg 1.0 -3.3 2.4 5.6 6.8 7.6 18 18 17 0.54 2757.20 944 09/05
692 UTI Treasury Advantage Reg È 1.1 -9.4 -4.1 3.3 5.6 7.2 21 21 20 0.37 2346.32 2546 03/03
Debt: Ultra Short Duration 0.9 1.6 6.2 6.5 7.3 24 21 17
693 Aditya Birla SL Savings 1.0 2.4 8.8 7.9 8.4 7.8 3 3 4 0.35 379.82 15269 11/01
694 Axis Ultra Short Term Fund Reg NR 0.8 2.1 - - - 7.2 15 - - 1.20 10.72 1859 09/18
695 Baroda Ultra Short Duration Fund Reg NR 0.8 2.2 8.2 - - 8.3 9 8 - 0.38 1097.68 224 06/18
696 BOI AXA Ultra Short Duration Reg 0.8 2.1 8.0 8.0 8.4 7.9 12 11 3 0.58 2320.91 339 07/08


Within category
Debt: Ultra Short Duration 0.9 1.6 6.2 6.5 7.3 24 21 17

697 Canara Robeco Ultra Short Term Reg 0.7 1.8 6.8 6.2 7.1 7.7 17 13 11 0.95 2826.19 170 07/08
698 DHFL Pramerica Ultra Short Term 2.4 6.2 11.4 8.5 8.7 8.5 1 1 2 0.71 24.01 50 07/08
699 DSP Ultra Short Reg 0.8 2.1 5.7 6.2 6.9 7.3 13 16 10 1.00 2499.72 3602 07/06
700 Essel Ultra Short Term Ç 0.7 1.8 6.7 6.6 7.2 8.0 19 14 9 1.05 2060.68 29 02/10
701 Franklin India Ultra Short Bond Super Inst 0.9 2.4 9.7 8.9 9.2 8.9 2 2 1 0.52 27.07 19569 12/07
702 HDFC Ultra Short Term Fund Reg NR 0.9 2.2 - - - 7.4 8 - - 0.64 10.74 6847 09/18
703 ICICI Pru Ultra Short Term NR 0.8 2.2 8.4 7.8 9.1 8.4 5 6 - 0.94 19.40 4792 05/11
704 IDBI Ultra Short Term 0.7 -2.8 2.6 5.0 6.3 7.5 23 18 14 0.77 1905.37 286 09/10
705 IDFC Ultra Short Term Fund Reg NR 0.8 2.2 8.5 - - 8.5 4 4 - 0.32 10.88 2858 07/18
706 Indiabulls Ultra Short Term 0.8 2.1 7.9 7.5 8.1 8.5 14 12 5 0.69 1860.17 70 01/12
707 Invesco India Ultra Short Term NR 0.9 2.1 8.1 7.6 8.3 8.1 11 10 - 0.90 1959.18 608 12/10
708 JM Ultra Short Duration Reg 0.7 -3.7 1.5 4.9 6.5 7.4 24 19 15 0.81 25.15 64 09/06
709 Kotak Savings Reg 0.9 2.2 8.2 7.4 7.9 7.8 7 7 7 0.68 30.75 12809 08/04
710 L&T Ultra ST 0.9 2.2 8.2 7.4 7.9 7.5 10 9 8 0.52 31.33 2672 04/03
711 Motilal Oswal Ultra Short Term Reg 0.6 1.6 -7.9 1.1 3.3 4.0 20 21 17 0.08 12.61 129 09/13
712 Principal Ultra Short Term 0.7 1.8 1.3 4.9 6.4 7.4 18 20 16 1.15 2032.27 61 12/07
713 Reliance Ultra Short Duration 0.9 1.0 5.7 6.0 6.7 6.2 21 15 12 1.16 2915.37 4348 12/01
714 SBI Magnum Ultra Short Duration Reg 0.9 2.2 8.5 7.5 7.8 7.4 6 5 6 0.50 4256.65 7858 05/99
715 Sundaram Ultra Short Term Fund Reg NR 0.7 - - - - 0.9 - - - 0.67 10.09 115 06/19
716 Tata Ultra Short Term Fund Reg NR 0.8 1.9 - - - 3.9 16 - - 0.66 10.39 96 01/19
717 UTI Ultra Short Term Reg 0.7 -1.9 3.5 5.8 7.0 7.1 22 17 13 0.96 2986.55 3329 08/03
718 YES Ultra Short Term Fund Reg NR 0.8 - - - - 1.1 - - - - 1010.93 108 06/19
Debt: Liquid 0.5 1.7 6.8 6.8 7.4 43 39 37
719 Aditya Birla SL Liquid 0.6 1.8 7.5 7.1 7.6 7.6 2 6 10 0.28 306.17 50430 03/04
720 Axis Liquid 0.6 1.8 7.4 7.1 7.6 7.9 13 10 5 0.16 2113.42 27255 10/09
721 Baroda Liquid 0.6 1.7 7.4 7.1 7.6 7.8 21 14 7 0.20 2188.30 5282 02/09
722 BNP Paribas Liquid 0.6 1.8 7.4 7.1 7.5 7.5 11 13 21 0.19 2922.75 1144 09/04
723 BOI AXA Liquid Reg 0.5 1.7 7.3 7.1 7.6 7.4 29 24 19 0.18 2189.79 586 07/08
724 Canara Robeco Liquid Regular 0.5 1.6 7.2 6.9 7.5 7.8 32 29 29 0.11 2302.84 1068 07/08
725 DHFL Pramerica Insta Cash 0.6 1.8 7.5 7.1 7.7 7.9 4 3 2 0.26 247.80 583 09/07
726 DSP Liquid ETF Reg NR 0.4 1.5 5.5 - - 4.9 38 36 - 0.61 1000.00 103 03/18
727 DSP Liquidity Reg 0.6 1.7 7.4 7.0 7.6 7.6 22 19 22 0.21 2719.71 8313 11/05
728 Edelweiss Liquid Reg 0.6 1.7 7.4 7.0 7.4 7.8 18 16 28 0.35 2443.11 2665 09/07
729 Essel Liquid 0.5 1.6 7.3 7.1 7.6 8.1 34 23 6 0.20 2094.31 117 02/10
730 Franklin India Liquid Super Inst 0.6 1.8 7.6 7.1 7.7 7.8 5 1 1 0.86 2854.77 9645 09/05
731 HDFC Liquid 0.6 1.7 7.3 6.9 7.5 7.3 19 22 30 0.30 3745.14 80624 10/00
732 HSBC Cash 0.6 1.8 7.5 7.1 7.6 8.1 7 9 12 0.22 1900.08 4873 06/04
733 ICICI Pru Liquid ETF Reg NR 0.4 1.3 - - - 4.9 42 - - 0.50 1000.00 88 09/18
734 ICICI Pru Liquid Plan 0.6 1.8 7.4 7.1 7.6 7.9 10 17 17 0.27 281.86 59795 11/05
735 IDBI Liquid 0.6 1.7 7.4 7.1 7.5 8.2 14 11 20 0.24 2036.13 1754 07/10
736 IDFC Cash Regular 0.5 1.7 7.2 7.0 7.5 7.8 30 30 27 0.12 2308.13 10199 04/04
737 IIFL Liquid Reg 0.5 1.6 6.6 6.5 7.1 7.2 36 33 32 0.25 1489.91 552 11/13
738 Indiabulls Liquid 0.5 1.7 7.3 7.1 7.7 8.3 17 26 14 0.20 1856.45 1226 10/11
739 Invesco India Liquid 0.5 1.7 7.4 7.1 7.6 7.9 23 20 16 0.22 2620.42 5899 11/06
740 ITI Liquid Fund Reg NR 0.5 1.5 - - - 1.6 39 - - 0.23 1016.07 27 04/19
741 JM Liquid 0.6 1.7 7.5 7.1 7.7 7.9 15 7 3 0.14 52.13 1442 12/97
742 Kotak Liquid Regular 0.6 1.7 7.3 7.0 7.6 7.4 25 25 23 0.20 3858.87 29064 11/03
743 L&T Liquid 0.5 1.7 7.4 7.1 7.6 7.8 24 21 15 0.15 2612.12 11006 10/00
744 LIC MF Liquid 0.5 1.7 7.3 7.0 7.5 7.4 27 28 25 0.25 3443.61 8008 03/02


Within category
Debt: Liquid 0.5 1.7 6.8 6.8 7.4 43 39 37

745 Mahindra Liquid Reg 0.6 1.8 7.5 7.1 - 7.1 12 5 9 0.23 1235.17 2131 07/16
746 Mirae Asset Cash Management 0.6 1.7 7.4 7.0 7.3 6.8 20 18 24 0.17 1995.41 3033 01/09
747 Motilal Oswal Liquid Fund Reg NR 0.5 1.4 - - - 3.6 40 - - 0.36 10.36 417 12/18
748 Parag Parikh Liquid Reg NR 0.5 1.5 6.4 - - 6.3 37 34 - 0.25 1078.04 291 05/18
749 Principal Cash Mgmt 0.5 1.6 -2.1 3.8 5.7 6.9 35 39 37 0.17 1689.97 251 08/04
750 Quant Liquid 0.6 1.8 7.6 7.1 7.8 8.2 1 2 11 0.97 29.80 66 10/05
751 Quantum Liquid Direct 0.5 1.6 6.7 6.3 6.9 7.4 33 32 33 0.17 26.00 304 04/06
752 Reliance ETF Liquid BeES NR 0.4 1.2 5.3 5.2 5.8 6.2 43 37 35 0.65 1000.00 2237 07/03
753 Reliance Liquid 0.6 1.8 7.5 7.1 7.6 7.4 3 4 4 0.28 4648.26 25565 12/03
754 SBI Liquid 0.5 1.7 7.3 7.0 7.5 7.7 28 27 26 0.25 2982.32 42831 03/07
755 Sundaram Money Reg 0.6 1.7 7.4 7.1 7.6 7.8 16 12 18 0.21 40.14 5084 12/05
756 Tata Liquid Reg 0.6 1.8 7.4 7.1 7.6 7.6 9 15 13 0.27 2999.51 19134 09/04
757 Taurus Liquid Reg 0.4 1.3 5.8 4.1 5.8 7.3 41 35 36 0.33 1895.95 23 09/08
758 Union Liquid 0.6 1.7 3.5 5.7 6.7 7.7 26 38 34 0.19 1828.81 411 06/11
759 UTI Liquid Cash Reg 0.6 1.8 7.5 7.1 7.6 7.4 8 8 8 0.23 3121.65 37504 12/03
760 YES Liquid Fund Reg NR 0.6 1.8 - - - 3.9 6 - - 0.18 1039.02 714 01/19
Debt: Money Market 0.8 2.1 7.6 7.1 7.6 17 14 13
761 Aditya Birla SL Money Manager 0.9 2.4 8.7 7.6 7.9 8.0 4 2 2 0.28 257.42 11328 10/05
762 Baroda Money Market Fund Reg NR 0.9 - - - - 1.0 - - - - 1010.50 80 06/19
763 DSP Savings NR 0.9 2.5 8.3 6.9 7.1 6.9 1 8 - 0.48 37.66 1204 09/99
764 Franklin India Savings Ret 1.0 2.5 8.7 7.7 8.0 7.5 2 1 1 0.27 35.34 1666 02/02
765 HDFC Money Market 1.0 2.4 8.4 7.3 7.7 7.5 3 6 8 0.35 3994.59 5691 11/99
766 ICICI Pru Money Market 0.9 2.2 8.4 7.4 7.8 7.6 9 7 6 0.27 265.87 8776 03/06
767 IDFC Money Manager Reg 0.6 1.8 7.1 6.5 7.3 6.8 14 12 12 0.97 29.44 1878 02/03
768 Indiabulls Savings Fund Reg NR 0.7 2.1 - - - 7.0 12 - - 0.22 1069.81 52 09/18
769 Invesco India Money Market 0.6 1.7 7.7 7.2 7.8 8.2 15 10 9 0.50 2186.46 1915 08/09
770 JM Money Market 0.5 1.7 7.2 6.8 7.4 8.0 16 11 11 0.57 26.98 128 09/06
771 Kotak Money Market Scheme Reg 0.9 2.2 8.6 7.5 7.9 7.4 11 5 5 0.21 3160.92 8889 07/03
772 L&T Money Market 0.9 0.9 6.7 7.4 7.8 7.7 17 13 7 0.73 18.72 767 08/05
773 Quant Money Market NR 0.7 2.0 8.0 7.3 8.0 8.4 13 - - 0.21 29.81 21 12/05
774 Reliance Money Market 0.9 2.3 8.7 7.5 7.8 7.8 5 3 3 0.25 2902.75 3277 06/05
775 SBI Savings 0.9 2.2 8.0 7.1 7.7 7.5 10 9 10 0.83 29.72 8110 07/04
776 Sundaram Money Market Fund Reg NR 0.9 2.3 - - - 7.1 8 - - 0.31 10.71 233 09/18
777 Tata Money Market Reg 0.9 2.3 0.7 4.8 6.2 6.9 7 14 13 0.42 3297.75 349 05/03
778 UTI MMMF Reg 0.9 2.3 8.6 7.5 7.9 7.9 6 4 4 0.26 2157.90 5786 07/09
Debt: Overnight 0.5 1.4 6.0 5.8 6.5 16 4 3
779 Aditya Birla SL Overnight Fund Reg NR 0.5 1.4 - - - 4.5 13 - - 0.23 1045.16 840 11/18
780 Axis Overnight Fund Reg NR 0.5 1.4 - - - 2.2 3 - - 0.16 1022.10 121 03/19
781 Baroda Overnight Fund Reg NR 0.5 1.4 - - - 1.5 5 - - 0.15 1015.30 26 04/19
782 BNP Paribas Overnight Fund Reg NR 0.5 1.4 - - - 1.7 6 - - 0.20 1017.40 10 04/19
783 Canara Robeco Overnight Fund Reg NR - - - - - 0.1 - - - - 1001.26 - 07/19
784 DSP Overnight Fund Reg NR 0.5 1.4 - - - 3.4 1 - - 0.18 1033.89 281 01/19
785 Edelweiss Overnight Fund Reg NR - - - - - 0.1 - - - - 1001.19 - 07/19
786 Franklin India Overnight Fund Reg NR 0.5 - - - - 1.3 - - - 0.15 1012.81 22 05/19
787 HDFC Overnight NR 0.5 1.4 6.1 6.0 6.5 6.2 14 3 1 0.20 2864.88 5750 02/02
788 HSBC Overnight Fund Reg NR 0.5 - - - - 1.1 - - - 0.26 1010.66 116 05/19
789 ICICI Pru Overnight Fund NR 0.5 1.4 - - - 4.3 7 - - 0.20 104.31 1173 11/18
790 IDFC Overnight Fund Reg NR 0.5 1.4 - - - 3.2 12 - - 0.19 1031.77 38 01/19
791 Indiabulls Overnight Fund Reg NR - - - - - 0.4 - - - - 1004.15 - 07/19


Within category
Debt: Overnight 0.5 1.4 6.0 5.8 6.5 16 4 3

792 Kotak Overnight Fund Reg NR 0.5 1.4 - - - 3.2 8 - - 0.15 1032.19 364 01/19
793 L&T Cash NR 0.4 1.3 5.5 5.5 6.2 7.2 16 4 3 0.83 1445.95 401 11/06
794 LIC MF Overnight Fund Reg NR - - - - - 0.2 - - - - 1002.47 - 07/19
795 Mahindra Overnight Fund Reg NR - - - - - 0.1 - - - - 1001.30 - 07/19
796 Reliance Overnight Fund Reg NR 0.5 1.4 - - - 3.7 2 - - 0.18 103.73 182 12/18
797 SBI Overnight Reg NR 0.5 1.4 6.2 6.0 6.7 7.0 11 2 2 0.18 3125.16 1630 10/02
798 Sundaram Overnight Fund Reg NR 0.5 1.4 - - - 2.8 4 - - 0.21 1027.66 3 03/19
799 Tata Overnight Fund Reg NR 0.5 1.4 - - - 2.0 10 - - 0.21 1020.18 53 03/19
800 Union Overnight Fund Reg NR 0.5 1.4 - - - 2.0 15 - - 0.19 1019.61 5 03/19
801 UTI Overnight Reg NR 0.5 1.4 6.2 6.2 7.0 6.4 9 1 - 0.16 2628.40 695 12/03
Debt: Dynamic Bond 1.9 3.7 9.6 6.6 8.3 29 27 24
802 Aditya Birla SL Active Debt Multi Manager FoF È 1.5 3.0 8.2 6.5 8.2 7.8 21 20 15 0.82 25.67 11 12/06
803 Aditya Birla SL Dynamic Bond Ret 2.0 4.4 9.1 5.5 8.3 8.4 14 17 19 1.67 32.94 3364 09/04
804 Axis Dynamic Bond 2.0 5.5 12.3 7.7 9.0 8.7 11 8 8 1.41 19.93 136 04/11
805 Baroda Dynamic Bond È 1.9 -4.9 -0.2 4.0 7.0 7.3 28 26 22 1.58 16.45 21 06/12
806 BNP Paribas Flexi Debt 1.6 4.2 9.6 6.7 8.5 8.3 15 16 13 1.66 32.70 151 09/04
807 Canara Robeco Dynamic Bond Reg 2.1 6.1 11.2 7.3 8.8 7.9 7 14 10 1.75 21.74 109 05/09
808 DHFL Pramerica Dynamic Bond 1.9 5.8 13.2 8.7 9.7 8.7 10 6 2 1.25 1875.41 40 01/12
809 DSP Strategic Bond Reg Ç 2.9 3.9 11.6 6.4 8.3 7.9 18 12 16 1.03 2252.60 868 05/07
810 Edelweiss Dynamic Bond Reg NR 2.3 6.5 15.6 7.8 8.4 6.9 4 1 - 1.01 20.90 52 06/08
811 Franklin India Dynamic Accrual 0.9 1.9 8.8 8.5 9.5 8.9 23 19 4 1.68 67.89 3923 03/97
812 HDFC Dynamic Debt 1.2 3.0 3.6 4.0 7.1 8.4 20 24 21 1.86 60.85 662 04/97
813 HSBC Flexi Debt 2.5 6.2 13.0 6.5 8.0 8.3 5 7 14 1.73 25.69 120 10/07
814 ICICI Pru All Seasons Bond 1.6 4.1 10.1 8.1 9.9 9.7 16 15 7 1.30 24.09 2750 05/09
815 IDBI Dynamic Bond 1.4 1.4 7.5 4.2 6.0 6.0 26 21 20 1.63 15.39 40 02/12
816 IDFC Dynamic Bond Reg 2.8 6.9 14.4 8.3 9.5 8.4 3 2 5 1.82 23.76 1970 12/08
817 IIFL Dynamic Bond Reg 1.0 2.0 7.4 6.7 7.9 7.0 22 22 12 1.34 15.10 328 06/13
818 Indiabulls Dynamic Bond Fund Reg NR 1.4 4.0 - - - 7.4 17 - - 0.74 1074.26 16 12/18
819 JM Dynamic Debt NR 0.6 1.7 7.2 7.5 8.0 6.9 24 23 - 0.66 29.44 292 06/03
820 Kotak Dynamic Bond Regular 2.1 5.3 13.5 8.9 9.4 8.7 12 4 1 1.08 25.54 680 05/08
821 L&T Flexi Bond 2.2 5.3 11.8 7.4 9.3 8.7 13 10 9 1.60 20.92 55 08/06
822 Mirae Asset Dynamic Bond Fund Reg 3.4 7.3 13.4 - - 7.4 2 5 - 1.46 11.82 30 03/17
823 Principal Dynamic Bond 1.5 -5.2 0.2 3.4 6.4 6.9 29 25 24 1.55 29.54 41 10/00
824 Quant Dynamic Bond NR 0.6 1.6 7.7 4.7 6.7 8.8 25 - - 0.21 59.95 20 06/98
825 Quantum Dynamic Bond Fund Direct 2.0 5.8 11.9 8.2 - 9.3 9 11 6 0.59 14.52 60 05/15
826 Reliance Dynamic Bond Ç 2.2 5.8 11.9 6.9 8.7 6.7 8 9 11 2.06 25.92 976 11/04
827 SBI Dynamic Bond 3.1 7.6 14.4 8.6 9.6 6.0 1 3 3 1.65 24.57 991 02/04
828 Tata Dynamic Bond Reg 1.7 3.3 8.9 6.3 8.0 6.9 19 18 17 1.47 28.92 358 09/03
829 Union Dynamic Bond Ç 2.3 6.1 11.6 5.9 7.5 7.2 6 13 18 1.47 16.78 148 02/12
830 UTI Dynamic Bond Reg 2.4 -0.8 -1.5 3.9 6.6 7.8 27 27 23 1.55 19.89 633 06/10
Debt: Corporate Bond 1.5 0.0 4.8 5.5 7.1 21 17 15
831 Aditya Birla SL Corporate Bond Ç 1.4 3.3 10.2 8.0 8.8 9.4 11 5 4 0.39 74.27 15662 03/97
832 Aditya Birla SL Retirement Fund - The 50s Plus - Debt Plan NR 1.0 2.5 - - - 2.8 14 - - 2.39 10.28 58 03/19
833 Axis Corporate Debt Reg 1.7 -0.6 6.1 - - 6.4 17 13 - 1.05 11.36 227 07/17
834 BNP Paribas Corporate Bond 1.2 -4.9 0.2 4.4 6.4 7.2 19 15 13 0.70 19.08 46 11/08
835 Canara Robeco Corporate Bond Reg 1.4 3.5 9.5 7.0 7.9 8.2 8 7 10 1.02 15.39 175 02/14
836 DHFL Pramerica Premier Bond 1.3 3.7 8.1 6.1 7.0 6.8 5 11 11 1.13 29.77 56 01/03
837 DSP Corporate Bond Fund Reg NR 1.5 3.5 - - - 11.1 9 - - 0.48 11.11 537 09/18
VR Bond Index 1.4 4.5 11.1 7.0 8.0


Within category
Debt: Corporate Bond 1.5 0.0 4.8 5.5 7.1 21 17 15

838 Edelweiss Corporate Bond Reg È 1.0 -11.2 -5.8 2.1 - 5.0 20 16 14 1.10 12.67 62 09/14
839 Franklin India Corporate Debt A È 1.2 3.7 10.2 8.6 9.0 9.1 6 4 1 0.90 68.41 903 06/97
840 HDFC Corporate Bond 1.7 4.0 10.9 8.1 8.8 8.9 3 2 2 0.46 21.66 12257 06/10
841 ICICI Pru Corporate Bond 1.4 3.1 9.4 7.6 8.3 8.5 12 8 5 0.56 19.74 7142 06/09
842 IDFC Corporate Bond Reg 1.0 2.4 8.6 7.3 - 7.9 15 10 7 0.57 13.08 15976 01/16
843 Invesco India Corporate Bond Ç 1.6 3.3 9.9 6.0 7.4 6.6 10 6 12 0.60 2164.79 517 08/07
844 Kotak Corporate Bond Standard 1.3 2.9 9.3 8.1 9.2 8.2 13 9 3 0.59 2551.25 2148 09/07
845 L&T Triple Ace Bond È 2.9 7.4 14.0 7.1 8.2 7.4 1 1 9 0.65 49.58 1197 03/97
846 Reliance Prime Debt 1.4 1.8 7.9 7.3 8.0 7.6 16 12 8 0.71 40.01 1172 09/00
847 SBI Corporate Bond Fund Reg NR 1.7 3.7 - - - 5.9 7 - - 0.85 10.59 4337 02/19
848 Sundaram Corporate Bond Reg Ç 1.6 3.9 10.8 7.3 9.0 7.0 4 3 6 0.51 27.01 661 12/04
849 Tata Corporate Bond Reg 1.0 -39.2 -40.7 -12.4 -4.6 2.7 21 17 15 0.98 1376.60 72 07/07
850 Union Corporate Bond Fund Reg NR 1.8 -2.3 2.7 - - 3.6 18 14 - 1.36 10.43 331 05/18
851 UTI Corporate Bond Fund Reg NR 2.2 4.7 - - - 10.4 2 - - 0.51 11.04 200 08/18
Debt: Credit Risk 1.0 -2.6 0.7 4.7 7.6 20 19 17
852 Aditya Birla SL Credit Risk Reg 1.2 2.1 6.0 7.5 - 8.1 6 7 3 1.59 13.96 6366 04/15
853 Axis Credit Risk Reg 1.1 -1.4 4.0 5.7 7.3 7.4 13 9 10 1.91 14.37 1514 07/14
854 Baroda Credit Risk Plan A È 0.7 -0.7 3.8 6.7 - 8.0 11 10 7 1.74 14.18 886 01/15
855 BOI AXA Credit Risk Reg 2.3 -46.1 -48.1 -14.8 - -7.6 20 19 17 1.57 7.09 207 02/15
856 DHFL Pramerica Credit Risk Reg 1.4 -1.8 1.9 5.3 - 7.5 15 13 12 1.77 14.16 605 09/14
857 DSP Credit Risk -0.3 -0.9 -3.7 3.2 6.0 6.5 12 17 15 1.05 27.87 3373 05/03
858 Franklin India Credit Risk 1.0 1.3 7.3 8.0 8.5 9.3 8 5 1 1.61 19.72 6927 12/11
859 HDFC Credit Risk Debt Reg 1.0 2.7 8.0 7.1 8.5 8.8 2 2 5 1.47 15.67 15066 03/14
860 ICICI Pru Credit Risk Ç 1.0 2.4 7.9 7.6 8.4 8.6 4 3 2 1.54 20.40 10829 12/10
861 IDBI Credit Risk Reg 0.9 -5.1 -0.9 3.6 5.8 6.2 18 16 14 1.49 13.84 72 03/14
862 IDFC Credit Risk Reg 1.3 3.0 8.4 - - 6.7 1 1 - 1.48 11.70 1318 03/17
863 Invesco India Credit Risk Reg 0.9 -2.3 -6.4 2.6 - 5.5 16 18 16 1.50 1299.80 242 09/14
864 Kotak Credit Risk Reg 1.2 2.6 7.8 7.4 8.4 8.3 3 4 4 1.67 20.92 4852 05/10
865 L&T Credit Risk 1.1 0.1 4.7 6.3 7.8 7.9 10 8 8 1.69 21.08 2811 10/09
866 Mahindra Credit Risk Yojana Reg NR 1.0 2.0 - - - 6.5 7 - - 1.91 10.65 160 08/18
867 Principal Credit Risk 1.1 -5.1 -0.1 4.7 6.5 7.1 17 15 13 1.66 2763.88 81 09/04
868 Reliance Credit Risk 0.8 0.9 3.4 5.9 7.4 6.8 9 11 9 1.56 25.39 8073 06/05
869 SBI Credit Risk 1.0 2.1 6.5 6.8 8.4 7.6 5 6 6 1.54 30.14 5322 07/04
870 Sundaram Short Term Credit Risk NR 0.7 -5.4 -0.1 4.4 6.3 5.7 19 14 - 1.26 25.87 364 07/02
871 UTI Credit Risk Reg 0.9 -1.8 2.6 5.6 7.3 7.7 14 12 11 1.59 16.45 4050 11/12
Debt: Banking and PSU 1.7 3.9 9.9 7.6 8.2 17 17 14
872 Aditya Birla SL Banking & PSU Debt Regular È 1.8 4.2 10.5 7.9 9.1 8.7 5 7 5 0.65 248.16 6746 04/08
873 Axis Banking & PSU Debt 1.6 3.5 10.7 8.2 8.4 8.6 14 5 1 0.59 1804.14 6530 06/12
874 DHFL Pramerica Banking & PSU Debt 1.5 4.2 10.2 7.4 8.3 8.3 4 9 12 0.69 16.69 50 03/13
875 DSP Banking & PSU Debt Reg 1.5 3.6 9.9 7.4 8.4 8.7 13 10 11 0.65 16.30 1780 09/13
876 Edelweiss Banking and PSU Debt Reg 2.6 6.1 12.6 8.1 8.5 8.7 1 1 2 0.55 16.36 89 09/13
877 Franklin India Banking & PSU Debt 1.5 3.7 11.6 7.9 8.4 8.5 12 2 4 0.55 15.40 212 04/14
878 HDFC Banking and PSU Debt Reg 1.5 3.4 9.8 7.6 8.5 8.6 15 12 10 0.81 15.54 3187 03/14
879 ICICI Pru Banking & PSU Debt 1.7 3.9 9.5 7.7 8.8 8.6 11 14 8 0.85 22.09 5929 01/10
880 IDFC Banking & PSU Debt Reg È 1.7 4.0 11.5 7.6 8.1 8.3 8 3 9 0.63 16.65 6717 03/13
881 Indiabulls Banking And PSU Debt Fund Reg NR 1.2 - - - - 3.0 - - - 0.72 1029.59 107 05/19
882 Invesco India Banking & PSU Debt 1.5 3.2 9.4 7.2 7.3 7.4 16 15 13 0.65 1597.79 35 12/12
883 Kotak Banking and PSU Debt Reg 1.7 4.3 11.0 8.1 8.5 7.5 3 4 3 0.52 44.07 1789 12/98
VR Bond Index 1.4 4.5 11.1 7.0 8.0


Within category
Debt: Banking and PSU 1.7 3.9 9.9 7.6 8.2 17 17 14

884 L&T Banking and PSU Debt 1.7 4.0 8.8 7.4 7.8 8.0 7 16 - 0.61 16.95 785 09/07
885 LIC MF Banking & PSU Debt 1.7 3.9 10.6 7.8 7.5 7.6 10 6 6 0.82 24.53 514 05/07
886 Reliance Banking & PSU Debt 1.8 4.0 10.5 7.8 - 8.3 6 8 7 0.77 14.00 3243 05/15
887 SBI Banking and PSU NR 1.7 3.9 9.8 7.8 8.3 8.2 9 13 - 0.81 2159.94 1772 10/09
888 Sundaram Banking & PSU Debt Reg 1.4 3.1 9.9 7.1 7.7 7.9 17 11 - 0.36 30.16 1015 12/04
889 UTI Banking & PSU Debt Reg 1.9 4.3 1.1 5.2 6.9 7.1 2 17 14 0.31 14.62 171 01/14
Debt: Floater 1.0 2.4 8.2 7.2 7.7 6 5 5
890 Aditya Birla SL Floating Rate NR 1.1 2.5 8.9 7.8 8.4 8.7 3 1 1 0.38 236.41 5880 03/09
891 Franklin India Floating Rate NR 0.8 2.0 7.2 6.5 6.4 5.9 6 5 5 0.95 28.56 246 04/01
892 HDFC Floating Rate Debt NR 1.0 2.4 8.4 7.6 8.2 8.2 4 3 2 0.38 33.43 11168 10/07
893 ICICI Pru Floating Interest NR 1.0 2.2 7.8 7.2 7.8 8.0 5 4 3 1.32 285.58 6853 11/05
894 Kotak Floating Rate Fund Reg NR 0.7 - - - - 1.6 - - - 0.43 1015.99 48 05/19
895 Reliance Floating Rate NR 1.1 2.7 8.7 7.0 7.9 7.7 1 2 4 0.60 30.10 6114 08/04
896 UTI Floater Fund Reg NR 1.5 2.5 - - - 6.7 2 - - 1.26 1066.63 469 10/18
Debt: Gilt 2.9 7.6 15.0 7.9 9.7 26 26 26
897 Aditya Birla SL Government Securities 3.3 8.2 16.0 9.2 10.8 9.1 8 8 6 1.18 56.38 230 10/99
898 Axis Gilt 3.5 8.0 15.5 7.4 8.9 7.6 14 15 20 0.66 17.31 38 01/12
899 Baroda Gilt 2.0 6.6 13.7 7.0 8.7 6.6 22 19 22 1.89 30.18 33 03/02
900 Canara Robeco Gilt Reg 2.6 8.0 13.4 8.2 10.1 9.0 15 21 10 1.25 54.41 82 12/99
901 DHFL Pramerica Gilt 2.1 7.2 14.1 8.0 9.3 7.5 19 18 13 0.66 21.68 62 10/08
902 DSP Government Securities 3.1 7.8 16.1 8.4 9.8 9.8 16 7 8 1.05 64.13 449 09/99
903 Edelweiss Government Securities Reg 2.8 8.8 15.6 8.6 10.3 9.9 2 12 7 1.36 16.72 72 02/14
904 Franklin India Government Securities 1.4 5.3 13.5 5.4 8.5 8.7 24 20 26 1.00 43.59 292 12/01
905 HDFC Gilt 1.9 4.7 11.2 6.3 9.3 7.8 26 26 24 0.90 38.97 1214 07/01
906 ICICI Pru Gilt 2.9 6.6 12.9 8.1 10.1 10.1 23 23 11 1.05 67.91 1072 08/99
907 IDBI Gilt 2.0 5.2 12.9 5.4 7.3 7.2 25 24 25 1.47 15.84 19 12/12
908 IDFC GSF Investment Reg 3.0 8.2 17.4 9.2 10.2 8.6 7 1 5 1.01 24.03 404 12/08
909 Invesco India Gilt 3.2 8.2 15.5 8.0 9.1 6.7 9 16 12 1.25 2096.03 25 02/08
910 JM G-Sec 3.0 7.1 12.3 6.9 8.9 9.5 20 25 23 1.26 60.73 15 09/99
911 Kotak Gilt Inv PF & Trust 3.5 7.7 15.6 7.9 9.7 7.7 18 14 18 1.40 69.19 475 11/03
912 Kotak Gilt Inv Regular 3.5 7.7 15.6 7.9 9.6 9.7 17 13 17 1.56 67.63 475 12/98
913 L&T Gilt È 2.6 7.0 13.1 7.1 9.6 8.5 21 22 21 1.80 48.67 134 03/00
914 LIC MF Govt Sec 3.2 8.1 15.7 8.0 9.4 7.7 13 11 16 1.42 42.92 50 12/99
915 LIC MF Govt Sec PF 3.2 8.1 15.7 8.0 9.4 6.0 12 10 14 - 24.79 50 12/03
916 LIC MF G-Sec Long Term ETF NR 3.2 8.4 16.8 8.0 - 8.8 5 3 15 0.26 19.80 79 12/14
917 Reliance ETF Long Term Gilt NR 3.2 8.5 17.1 8.2 - 8.8 3 2 9 0.04 20.00 1002 07/16
918 Reliance Gilt Securities 2.9 8.1 16.7 9.5 11.0 6.3 11 5 2 1.59 26.83 1039 07/03
919 Reliance Gilt Securities PF 2.9 8.1 16.7 9.5 11.0 9.2 10 4 3 1.71 22.49 1039 08/08
920 SBI Magnum Gilt 3.1 8.9 15.8 9.2 11.0 8.3 1 9 4 0.95 44.37 1523 12/00
921 Tata GSF Reg 2.9 8.3 16.4 7.6 9.1 9.1 6 6 19 1.51 56.88 211 09/99
922 UTI Gilt Reg 3.4 8.5 15.4 9.7 10.9 8.9 4 17 1 0.93 44.40 557 01/02
Debt: Gilt with 10 year Constant Duration 3.7 9.1 17.6 9.5 10.9 5 5 5
923 DSP 10Y G-Sec Reg NR 4.4 9.2 16.6 8.4 - 9.7 1 3 4 0.47 15.66 22 09/14
924 ICICI Pru Constant Maturity Gilt NR 3.8 9.1 18.2 9.7 - 10.9 4 2 3 0.33 16.57 64 09/14
925 IDFC GSF Constant Maturity Reg NR 3.2 9.2 20.9 11.3 10.9 6.7 2 1 1 0.50 31.11 76 03/02
926 SBI ETF 10 Year Gilt NR 4.2 9.2 15.8 7.4 - 8.2 3 5 5 0.13 186.34 1991 06/16
927 SBI Magnum Constant Maturity NR 3.2 8.6 16.6 10.8 10.9 8.3 5 4 2 0.64 44.00 393 12/00
CCIL All Sovereign Bond - TRI 2.9 9.1 19.4 9.0 10.7

SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
Aditya Birla SL Active Debt Multi Manager FoF,802 Axis Strategic Bond,622 DHFL Pramerica Gilt,901 Essel 3 in 1,595
Aditya Birla SL Arbitrage,545 Axis Treasury Advantage,668 DHFL Pramerica Global Equity Opportunities,396 Essel Arbitrage Fund Reg,552
Aditya Birla SL Asset Allocator MMFoF,568 Axis Triple Advantage,594 DHFL Pramerica Hybrid Equity,437 Essel Equity Hybrid Fund Reg,440
Aditya Birla SL Bal Bhavishya Yojna - Wealth Plan Reg,429 Axis Ultra Short Term Fund Reg,694 DHFL Pramerica Insta Cash,725 Essel Large & Midcap,115
Aditya Birla SL Balanced Advantage,569 Baroda Banking and Financial Services,291 DHFL Pramerica Large Cap,13 Essel Large Cap Equity,21
Aditya Birla SL Banking & Financial Services Reg,290 Baroda Conservative Hybrid,487 DHFL Pramerica Long Term Equity Reg,259 Essel Liquid,729
Aditya Birla SL Banking & PSU Debt Regular,872 Baroda Credit Risk Plan A,854 DHFL Pramerica Low Duration,672 Essel Long Term Advantage,262
Aditya Birla SL Comd Equities-Global Agri,391 Baroda Dynamic Bond,805 DHFL Pramerica Midcap Opportunities Reg,193 Essel Multi Cap Fund Reg,146
Aditya Birla SL Corporate Bond,831 Baroda Dynamic Equity Fund Reg,571 DHFL Pramerica Premier Bond,836 Essel Regular Savings,492
Aditya Birla SL Credit Risk Reg,852 Baroda ELSS 96,255 DHFL Pramerica Short Maturity,644 Essel Ultra Short Term,700
Aditya Birla SL Digital India,339 Baroda Equity Savings Fund Reg,524 DHFL Pramerica Ultra Short Term,698 Franklin Asian Eqt,408
Aditya Birla SL Dividend Yield,364 Baroda Gilt,899 DSP 10Y G-Sec Reg,923 Franklin Build India,313
Aditya Birla SL Dynamic Bond Ret,803 Baroda Hybrid Equity,433 DSP Arbitrage Fund Reg,550 Franklin IIF NSE Nifty,22
Aditya Birla SL Equity,134 Baroda Large Cap,9 DSP Banking & PSU Debt Reg,875 Franklin India Banking & PSU Debt,877
Aditya Birla SL Equity Advantage Reg,109 Baroda Liquid,721 DSP Bond Ret,624 Franklin India Bluechip,23
Aditya Birla SL Equity Hybrid ‘95,430 Baroda Midcap,191 DSP Corporate Bond Fund Reg,837 Franklin India Corporate Debt A,839
Aditya Birla SL Equity Savings Reg,522 Baroda Money Market Fund Reg,762 DSP Credit Risk,857 Franklin India Credit Risk,858
Aditya Birla SL Financial Planning FoF Aggressive,591 Baroda Multi Cap,138 DSP Dynamic Asset Allocation Reg,574 Franklin India Debt Hybrid A,493
Aditya Birla SL Financial Planning FoF Conservative,592 Baroda Overnight Fund Reg,781 DSP Equal Nifty 50 Fund Reg,14 Franklin India Dynamic Accrual,811
Aditya Birla SL Financial Planning FoF Prudent,593 Baroda Short Term Bond,640 DSP Equity,143 Franklin India Dynamic PE Ratio FoF,576
Aditya Birla SL Floating Rate,890 Baroda Treasury Adv,669 DSP Equity & Bond,438 Franklin India Equity,147
Aditya Birla SL Focused Equity,1 Baroda Ultra Short Duration Fund Reg,695 DSP Equity Opportunities,113 Franklin India Equity Advantage,116
Aditya Birla SL Frontline Equity,2 BNP Paribas Arbitrage Fund Reg,547 DSP Equity Savings Reg,526 Franklin India Equity Hybrid,441
Aditya Birla SL Global Emerging Opportunities,392 BNP Paribas Conservative Hybrid,488 DSP Focus,144 Franklin India Equity Savings Fund Reg,528
Aditya Birla SL Global Real Estate Retail,393 BNP Paribas Corporate Bond,834 DSP Global Allocation Reg,397 Franklin India Feeder - Franklin European Growth,409
Aditya Birla SL Government Securities,897 BNP Paribas Dynamic Equity Fund Reg,572 DSP Government Securities,902 Franklin India Feeder Franklin US Opp,410
Aditya Birla SL Income,607 BNP Paribas Flexi Debt,806 DSP Healthcare Fund Reg,331 Franklin India Floating Rate,891
Aditya Birla SL Index,3 BNP Paribas Focused 25 Equity Fund Reg,139 DSP Liquid ETF Reg,726 Franklin India Focused Equity,148
Aditya Birla SL India GenNext,379 BNP Paribas India Consumption Fund Reg,380 DSP Liquidity Reg,727 Franklin India Government Securities,904
Aditya Birla SL Infrastructure,309 BNP Paribas Large Cap,11 DSP Low Duration Reg,673 Franklin India Income Opportunities,625
Aditya Birla SL International Equity A,394 BNP Paribas Liquid,722 DSP Midcap Reg,194 Franklin India Life Stage FoF 20s,442
Aditya Birla SL International Equity B,344 BNP Paribas Long Term Equity,256 DSP Natural Resources and New Energy Reg,374 Franklin India Life Stage FoF 30s,475
Aditya Birla SL Liquid,719 BNP Paribas Low Duration,670 DSP Nifty 50 Index Fund Reg,15 Franklin India Life Stage FoF 40s,494
Aditya Birla SL Low Duration,667 BNP Paribas Medium Term,623 DSP Nifty Next 50 Index Fund Reg,16 Franklin India Life Stage FoF 50s Plus,495
Aditya Birla SL Manufacturing Equity Reg,345 BNP Paribas Midcap,192 DSP Overnight Fund Reg,784 Franklin India Life Stage FoF 50s Plus FR,496
Aditya Birla SL Medium Term,621 BNP Paribas Multi Cap,140 DSP Quant Fund Reg,346 Franklin India Liquid Super Inst,730
Aditya Birla SL Mid Cap,189 BNP Paribas Overnight Fund Reg,782 DSP Regular Savings,491 Franklin India Low Duration,675
Aditya Birla SL MNC,370 BNP Paribas Short Term,641 DSP Savings,763 Franklin India Multi Asset Solution,596
Aditya Birla SL Money Manager,761 BNP Paribas Substantial Equity Hybrid Reg,434 DSP Short Term,645 Franklin India Opportunities,347
Aditya Birla SL Nifty ETF,4 BOI AXA Arbitrage Fund Reg,548 DSP Small Cap Reg,219 Franklin India Overnight Fund Reg,786
Aditya Birla SL Nifty Next 50 ETF Reg,5 BOI AXA Conservative Hybrid Reg,489 DSP Strategic Bond Reg,809 Franklin India Pension,476
Aditya Birla SL Overnight Fund Reg,779 BOI AXA Credit Risk Reg,855 DSP T.I.G.E.R. Reg,312 Franklin India Prima,196
Aditya Birla SL Pharma & Healthcare Fund Reg,330 BOI AXA Equity Debt Rebalancer Reg,573 DSP Tax Saver,260 Franklin India Savings Ret,764
Aditya Birla SL Pure Value,236 BOI AXA Large & Mid Cap Equity Reg,111 DSP Top 100 Equity Reg,17 Franklin India Smaller Companies,221
Aditya Birla SL Regular Savings,484 BOI AXA Liquid Reg,723 DSP Ultra Short Reg,699 Franklin India ST Income Ret,647
Aditya Birla SL Retirement Fund - The 30s Plan Reg,135 BOI AXA Manufacturing & Infrastructure,310 DSP US Flexible Equity,398 Franklin India Taxshield,263
Aditya Birla SL Retirement Fund - The 40s Plan Reg,431 BOI AXA Mid & Small Cap Equity & Debt Reg,435 DSP World Agriculture,399 Franklin India Technology,340
Aditya Birla SL Retirement Fund - The 50s Plan Reg,485 BOI AXA Short Term Income Reg,642 DSP World Energy Reg,400 Franklin India Ultra Short Bond Super Inst,701
Aditya Birla SL Retirement Fund - The 50s Plus - Debt,832 BOI AXA Small Cap Fund Reg,217 DSP World Gold Reg,401 Templeton India Eqt Income,368
Aditya Birla SL Savings,693 BOI AXA Tax Advantage Reg,257 DSP World Mining Reg,402 Templeton India Value,250
Aditya Birla SL Sensex ETF,6 BOI AXA Ultra Short Duration Reg,696 Edelweiss Aggressive Hybrid Reg,439 HDFC Arbitrage Wholesale,553
Aditya Birla SL Short Term Opportunities,638 Canara Robeco Bluechip Equity Reg,12 Edelweiss Arbitrage Reg,551 HDFC Balanced Advantage,577
Aditya Birla SL Small Cap,215 Canara Robeco Conservative Hybrid Reg,490 Edelweiss ASEAN Equity Off Shore Reg,403 HDFC Banking and PSU Debt Reg,878
Aditya Birla SL Tax Relief 96,253 Canara Robeco Consumer Trends Reg,381 Edelweiss Balanced Advantage Reg,575 HDFC Capital Builder Value,237
Axis Arbitrage Reg,546 Canara Robeco Corporate Bond Reg,835 Edelweiss Banking and PSU Debt Reg,876 HDFC Children’s Gift,443
Axis Banking & PSU Debt,873 Canara Robeco Dynamic Bond Reg,807 Edelweiss Corporate Bond Reg,838 HDFC Corporate Bond,840
Axis Bluechip,7 Canara Robeco Emerging Equities Reg,112 Edelweiss Dynamic Bond Reg,810 HDFC Credit Risk Debt Reg,859
Axis Children’s Gift Reg,474 Canara Robeco Equity Diversified Reg,141 Edelweiss Emerging Markets Opp Equity Offshore Reg,404 HDFC Dynamic Debt,812
Axis Corporate Debt Reg,833 Canara Robeco Equity Hybrid Reg,436 Edelweiss Equity Savings Reg,527 HDFC Dynamic PE Ratio Fund of Funds Reg,597
Axis Credit Risk Reg,853 Canara Robeco Equity Tax Saver Reg,258 Edelweiss ETF - Nifty 100 Quality 30,18 HDFC Equity,149
Axis Dynamic Bond,804 Canara Robeco Gilt Reg,900 Edelweiss Europe Dynamic Equity Offshore Reg,405 HDFC Equity Savings,529
Axis Dynamic Equity Fund Reg,570 Canara Robeco Income Reg,608 Edelweiss Exchange Traded Fund-Nifty 50,19 HDFC Floating Rate Debt,892
Axis Equity Hybrid Fund Reg,432 Canara Robeco Infrastructure Reg,311 Edelweiss Exchange Traded Fund-Nifty Bank,292 HDFC Focused 30,150
Axis Equity Saver Reg,523 Canara Robeco Liquid Regular,724 Edelweiss Government Securities Reg,903 HDFC Gilt,905
Axis Focused 25,136 Canara Robeco Overnight Fund Reg,783 Edelweiss Greater China Eqt Off-shore Reg,406 HDFC Growth Opportunities Reg,117
Axis Gilt,898 Canara Robeco Savings Reg,671 Edelweiss Large & Mid Cap Reg,114 HDFC Hybrid Debt,497
Axis Growth Opportunities Fund Reg,110 Canara Robeco Short Duration Reg,643 Edelweiss Large Cap Reg,20 HDFC Hybrid Equity,444
Axis Liquid,720 Canara Robeco Small Cap Fund Reg,218 Edelweiss Liquid Reg,728 HDFC Income,609
Axis Long Term Equity,254 Canara Robeco Ultra Short Term Reg,697 Edelweiss Long Term Equity (Tax Savings) Reg,261 HDFC Index Fund Nifty 50,24
Axis Midcap,190 DHFL Pramerica Arbitrage Reg,549 Edelweiss Low Duration Reg,674 HDFC Index Sensex,25
Axis Multicap Fund Reg,137 DHFL Pramerica Banking & PSU Debt,874 Edelweiss Mid Cap Reg,195 HDFC Infrastructure,314
Axis Nifty ETF Reg,8 DHFL Pramerica Credit Risk Reg,856 Edelweiss Multi Cap Reg,145 HDFC Liquid,731
Axis Overnight Fund Reg,780 DHFL Pramerica Diversified Equity Reg,142 Edelweiss Overnight Fund Reg,785 HDFC Low Duration,676
Axis Regular Saver,486 DHFL Pramerica Dynamic Bond,808 Edelweiss Short Term Reg,646 HDFC Medium Term Debt,626
Axis Short Term,639 DHFL Pramerica Equity Savings,525 Edelweiss Small Cap Fund Reg,220 HDFC Mid-Cap Opportunities,197
Axis Small Cap Reg,216 DHFL Pramerica Euro Equity,395 Edelweiss US Value Equity Offshore Reg,407 HDFC Money Market,765

HDFC Multi Asset,598 ICICI Pru Nifty ETF,33 IDFC Tax Advantage (ELSS) Reg,268 Kotak Equity Arbitrage Reg,559
HDFC Nifty 50 ETF,26 ICICI Pru Nifty Index,34 IDFC Ultra Short Term Fund Reg,705 Kotak Equity Hybrid Reg,457
HDFC Overnight,787 ICICI Pru Nifty Low Vol 30 ETF,35 IIFL Capital Enhancer Fund Series 1 Reg,453 Kotak Equity Opportunities Reg,123
HDFC Retirement Savings Fund Equity Reg,151 ICICI Pru Nifty Next 50 ETF,36 IIFL Dynamic Bond Reg,817 Kotak Equity Savings Reg,534
HDFC Retirement Savings Fund-Hybrid Debt Reg,498 ICICI Pru Nifty Next 50 Index,37 IIFL Focused Equity Reg,160 Kotak Floating Rate Fund Reg,894
HDFC Retirement Savings Fund-Hybrid Equity Reg,445 ICICI Pru NV20 ETF,38 IIFL Liquid Reg,737 Kotak Focused Equity Fund Reg,164
HDFC Sensex ETF,27 ICICI Pru Overnight Fund,789 Indiabulls Arbitrage Reg,556 Kotak Gilt Inv PF & Trust,911
HDFC Short Term Debt,648 ICICI Pru Passive Strategy,478 Indiabulls Banking And PSU Debt Fund Reg,881 Kotak Gilt Inv Regular,912
HDFC Small Cap Reg,222 ICICI Pru Pharma Healthcare & Diagnostics (P.H.D) Fund,332 Indiabulls Bluechip,49 Kotak Global Emerging Market Reg,419
HDFC Taxsaver,264 ICICI Pru Regular Savings,502 Indiabulls Dynamic Bond Fund Reg,818 Kotak India EQ Contra Reg,244
HDFC Top 100,28 ICICI Pru Retirement Fund - Hybrid Aggressive Plan,450 Indiabulls Equity Hybrid Fund Reg,454 Kotak Infra and Eco Reform Standard,319
HDFC Ultra Short Term Fund Reg,702 ICICI Pru Retirement Fund - Hybrid Conservative Plan,503 Indiabulls Income Reg,630 Kotak Liquid Regular,742
HSBC Asia Pacific (Ex Japan) Dividend Yield Reg,411 ICICI Pru Retirement Fund - Pure Debt Plan,628 Indiabulls Liquid,738 Kotak Low Duration Standard,682
HSBC Brazil,412 ICICI Pru Retirement Fund - Pure Equity Plan,155 Indiabulls Nifty 50 Exchange Traded Fund Reg,50 Kotak Medium Term Reg,631
HSBC Cash,732 ICICI Pru S&P BSE 500 ETF,156 Indiabulls Overnight Fund Reg,791 Kotak Money Market Scheme Reg,771
HSBC Debt,610 ICICI Pru Savings,678 Indiabulls Savings Fund Reg,768 Kotak Nifty ETF,56
HSBC Equity Hybrid Fund Reg,446 ICICI Pru Sensex ETF,39 Indiabulls Savings Income Reg,509 Kotak NV 20 ETF,57
HSBC Flexi Debt,813 ICICI Pru Sensex Index Fund,40 Indiabulls Short Term Reg,654 Kotak Overnight Fund Reg,792
HSBC Global Consumer Opportunities Reg,413 ICICI Pru Short Term,650 Indiabulls Tax Savings Fund Reg,269 Kotak PSU Bank ETF,298
HSBC Global Emerging Markets,414 ICICI Pru Smallcap,224 Indiabulls Ultra Short Term,706 Kotak Savings Reg,709
HSBC Infrastructure Equity,315 ICICI Pru Technology,341 Indiabulls Value Reg,241 Kotak Sensex ETF,58
HSBC Large and Mid Cap Equity Fund Reg,118 ICICI Pru Thematic Advantage,504 Invesco India Arbitrage,557 Kotak Small Cap Reg,227
HSBC Large Cap Equity,29 ICICI Pru Ultra Short Term,703 Invesco India Banking & PSU Debt,882 Kotak Standard Multicap Reg,165
HSBC Low Duration,677 ICICI Pru US Bluechip Equity,416 Invesco India Contra,242 Kotak Tax Saver Reg,272
HSBC Managed Solutions India Conservative Reg,499 ICICI Pru Value Discovery,238 Invesco India Corporate Bond,843 Kotak US Equity Standard,420
HSBC Managed Solutions India Growth Reg,447 IDBI Banking & Financial Services Fund Reg,295 Invesco India Credit Risk Reg,863 Kotak World Gold Standard,421
HSBC Managed Solutions India Moderate Reg,599 IDBI Credit Risk Reg,861 Invesco India Dynamic Equity,580 L&T Arbitrage Opportunities Reg,560
HSBC Multi Cap Equity,152 IDBI Diversified Equity Reg,157 Invesco India Equity & Bond Fund Reg,455 L&T Balanced Advantage,582
HSBC Overnight Fund Reg,788 IDBI Dividend Yield Fund Reg,366 Invesco India Equity Savings Fund Reg,533 L&T Banking and PSU Debt,884
HSBC Regular Savings,500 IDBI Dynamic Bond,815 Invesco India Feeder- Invesco Global Equity Income Reg,417 L&T Business Cycles Reg,352
HSBC Short Duration,649 IDBI Equity Advantage Reg,267 Invesco India Feeder- Invesco Pan European Equity Reg,418 L&T Cash,793
HSBC Small Cap Equity,223 IDBI Equity Savings,531 Invesco India Financial Services,296 L&T Conservative Hybrid,512
HSBC Tax Saver Equity,265 IDBI Focused 30 Equity Fund Reg,41 Invesco India Gilt,909 L&T Credit Risk,865
ICICI Pru All Seasons Bond,814 IDBI Gilt,907 Invesco India Growth Opportunities,122 L&T Emerging Businesses,228
BHARAT 22 ETF,10 IDBI Healthcare Fund Reg,333 Invesco India Infrastructure,318 L&T Equity,166
ICICI Pru Asset Allocator,477 IDBI Hybrid Equity Reg,451 Invesco India Largecap,51 L&T Equity Savings,535
ICICI Pru Balanced Advantage,578 IDBI India Top 100 Equity,42 Invesco India Liquid,739 L&T Flexi Bond,821
ICICI Pru Bank ETF,293 IDBI Liquid,735 Invesco India Mid Cap,200 L&T Focused Equity Fund Reg,167
ICICI Pru Banking & PSU Debt,879 IDBI Long Term Value Fund Reg,239 Invesco India Money Market,769 L&T Gilt,913
ICICI Pru Banking and Financial Services,294 IDBI Midcap Fund Reg,199 Invesco India Multicap,161 L&T Hybrid Equity,458
ICICI Pru BHARAT 22 FOF,30 IDBI Nifty Index,43 Invesco India Nifty ETF,52 L&T India Large Cap,59
ICICI Pru Bharat Consumption Fund,382 IDBI Nifty Junior Index,44 Invesco India PSU Equity,377 L&T India Value,245
ICICI Pru Bluechip,31 IDBI Short Term Bond,651 Invesco India Short term,655 L&T Infrastructure,320
ICICI Pru Bond,611 IDBI Small Cap Fund Reg,225 Invesco India Smallcap Fund Reg,226 L&T Large and Midcap,124
ICICI Pru Child Care-Gift,448 IDBI Ultra Short Term,704 Invesco India Tax Plan,270 L&T Liquid,743
ICICI Pru Constant Maturity Gilt,924 IDFC All Seasons Bond Reg,652 Invesco India Treasury Advantage,680 L&T Low Duration,683
ICICI Pru Corporate Bond,841 IDFC Arbitrage Regular,555 Invesco India Ultra Short Term,707 L&T Midcap,202
ICICI Pru Credit Risk,860 IDFC Asset Allocation Aggressive Reg,505 ITI Liquid Fund Reg,740 L&T Money Market,772
ICICI Pru Debt Management,612 IDFC Asset Allocation Conservative Reg,506 ITI Multi Cap Fund Reg,162 L&T Resurgent India Bond Reg,632
ICICI Pru Dividend Yield Equity,365 IDFC Asset Allocation Moderate Reg,507 JM Arbitrage,558 L&T Short Term Bond Fund,658
ICICI Pru Equity & Debt,449 IDFC Banking & PSU Debt Reg,880 JM Core 11,53 L&T Tax Adv,273
ICICI Pru Equity Arbitrage,554 IDFC Bond Income Reg,613 JM Dynamic Debt,819 L&T Triple Ace Bond,845
ICICI Pru Equity Savings,530 IDFC Bond Medium Term Reg,629 JM Equity Hybrid,456 L&T Ultra ST,710
ICICI Pru Exports and Services,348 IDFC Bond Short Term Reg,653 JM G-Sec,910 LIC MF Arbitrage Fund Reg,561
ICICI Pru Floating Interest,893 IDFC Cash Regular,736 JM Income,614 LIC MF Banking & Financial Services Reg,299
ICICI Pru FMCG,349 IDFC Core Equity Reg,121 JM Large Cap,54 LIC MF Banking & PSU Debt,885
ICICI Pru Focused Equity,153 IDFC Corporate Bond Reg,842 JM Liquid,741 LIC MF Bond,616
ICICI Pru Gilt,906 IDFC Credit Risk Reg,862 JM Low Duration,681 LIC MF Children’s Gift,479
ICICI Pru Global Stable Equity,415 IDFC Dynamic Bond Reg,816 JM Money Market,770 LIC MF Debt Hybrid,513
ICICI Pru India Opportunities Fund,350 IDFC Dynamic Equity Reg,579 JM Multicap,163 LIC MF Equity Hybrid,459
ICICI Pru Infrastructure,316 IDFC Equity Savings Regular,532 JM Short Term,656 LIC MF ETF Nifty 100,60
ICICI Pru Large & Mid Cap,119 IDFC Focused Equity Reg,158 JM Tax Gain,271 LIC MF ETF Nifty 50,61
ICICI Pru Liquid ETF Reg,733 IDFC GSF Constant Maturity Reg,925 JM Ultra Short Duration Reg,708 LIC MF ETF Sensex,62
ICICI Pru Liquid Plan,734 IDFC GSF Investment Reg,908 JM Value,243 LIC MF G-Sec Long Term ETF,916
ICICI Pru Long Term Bond,605 IDFC Hybrid Equity Reg,452 Kotak Asset Allocator Reg,510 LIC MF Govt Sec,914
ICICI Pru Long Term Equity (Tax Saving),266 IDFC Infrastructure Reg,317 Kotak Balanced Advantage Fund Reg,581 LIC MF Govt Sec PF,915
ICICI Pru Manufacture in India Fund,351 IDFC Large Cap Reg,45 Kotak Banking and PSU Debt Reg,883 LIC MF Index Nifty,63
ICICI Pru Medium Term Bond,627 IDFC Low Duration Reg,679 Kotak Banking ETF Reg,297 LIC MF Index Sensex,64
ICICI Pru Midcap,198 IDFC Money Manager Reg,767 Kotak Bluechip Reg,55 LIC MF Infrastructure,321
ICICI Pru Midcap Select ETF,120 IDFC Multi Cap Reg,159 Kotak Bond Regular,615 LIC MF Large & Mid Cap Reg,125
ICICI Pru MNC Fund,371 IDFC Nifty ETF,46 Kotak Bond Short-term Reg,657 LIC MF Large Cap,65
ICICI Pru Moderate,501 IDFC Nifty Reg,47 Kotak Corporate Bond Standard,844 LIC MF Liquid,744
ICICI Pru Money Market,766 IDFC Overnight Fund Reg,790 Kotak Credit Risk Reg,864 LIC MF Multicap,168
ICICI Pru Multi Asset,600 IDFC Regular Savings Reg,508 Kotak Debt Hybrid Reg,511 LIC MF Overnight Fund Reg,794
ICICI Pru Multicap,154 IDFC Sensex ETF,48 Kotak Dynamic Bond Regular,820 LIC MF Savings,684
ICICI Pru Nifty 100 ETF,32 IDFC Sterling Value Reg,240 Kotak Emerging Equity Reg,201 LIC MF Short Term Debt Fund Reg,659

LIC MF Tax Plan,274 Quantum Dynamic Bond Fund Direct,825 SBI Dynamic Bond,827 Tata Hybrid Equity Reg,471
LIC MF ULIS,460 Quantum Equity FoF Direct,176 SBI Equity Hybrid,468 Tata Income Reg,619
Mahindra Credit Risk Yojana Reg,866 Quantum India ESG Equity Fund Reg,354 SBI Equity Minimum Variance Fund Reg,357 Tata Index Nifty Reg,95
Mahindra Dhan Sanchay Equity Savings Yojana Reg,536 Quantum Liquid Direct,751 SBI Equity Savings Reg,540 Tata Index Sensex Reg,96
Mahindra Hybrid Equity Nivesh Yojana Reg,461 Quantum Long Term Equity Value Direct,246 SBI ETF 10 Year Gilt,926 Tata India Consumer Reg,389
Mahindra Liquid Reg,745 Quantum Multi Asset Reg,602 SBI ETF BSE 100 Fund,86 Tata India Pharma & HealthCare Reg,337
Mahindra Low Duration Bachat Yojana Reg,685 Quantum Nifty ETF,73 SBI ETF Nifty 50,87 Tata India Tax Savings,286
Mahindra Mutual Fund Badhat Yojana Reg,169 Quantum Tax Saving Direct,281 SBI ETF Nifty Bank Fund,304 Tata Infrastructure Reg,327
Mahindra Mutual Fund Kar Bachat Yojana Reg,275 Reliance Arbitrage,563 SBI ETF Nifty Next 50 Fund,88 Tata Large & Mid Cap Reg,132
Mahindra Overnight Fund Reg,795 CPSE ETF,376 SBI ETF Quality Reg,89 Tata Large Cap Reg,97
Mahindra Pragati Bluechip Yojana Reg,66 Reliance Balanced Advantage,585 SBI ETF Sensex,90 Tata Liquid Reg,756
Mahindra Rural Bharat And Consumption Yojana Reg,353 Reliance Banking,300 SBI ETF Sensex Next 50 Reg,91 Tata Medium Term Reg,636
Mahindra Unnati Emerging Business Yojana Reg,203 Reliance Banking & PSU Debt,886 SBI Focused Equity,180 Tata Midcap Growth Reg,212
Mirae Asset Cash Management,746 Reliance Consumption,385 SBI Healthcare Opportunities,336 Tata Money Market Reg,777
Mirae Asset Dynamic Bond Fund Reg,822 Reliance Credit Risk,868 SBI Infrastructure,325 Tata Multicap Fund Reg,183
Mirae Asset Emerging Bluechip Reg,126 Reliance Dynamic Bond,826 SBI Large & Midcap,130 Tata Nifty Exchange Traded Fund Reg,98
Mirae Asset Equity Savings Fund Reg,537 Reliance Equity Hybrid,467 SBI Liquid,754 Tata Overnight Fund Reg,799
Mirae Asset Focused Fund Reg,170 Reliance Equity Savings,539 SBI Magnum Children’s Benefit Fund,518 Tata Resources & Energy Reg,375
Mirae Asset Great Consumer Reg,383 Reliance ETF Bank BeES,301 SBI Magnum COMMA,358 Tata Retirement Savings Conservative Reg,520
Mirae Asset Healthcare Fund Reg,334 Reliance ETF Consumption,386 SBI Magnum Constant Maturity,927 Tata Retirement Savings Moderate Reg,472
Mirae Asset Hybrid Equity Reg,462 Reliance ETF Dividend Opportunities,355 SBI Magnum Equity ESG,359 Tata Retirement Savings Progressive Reg,184
Mirae Asset Large Cap Regular,67 Reliance ETF Hang Seng BeES,425 SBI Magnum Gilt,920 Tata Short-term Bond Reg,665
Mirae Asset Midcap Fund Reg,204 Reliance ETF Infra BeES,323 SBI Magnum Global,372 Tata Small Cap Fund Reg,234
Mirae Asset Nifty 50 ETF Reg,68 Reliance ETF Junior BeES,74 SBI Magnum Income,618 Tata Treasury Advantage Reg,691
Mirae Asset Savings Fund - Regular Savings Plan,686 Reliance ETF Liquid BeES,752 SBI Magnum Low Duration,689 Tata Ultra Short Term Fund Reg,716
Mirae Asset Short Term Fund Reg,660 Reliance ETF Long Term Gilt,917 SBI Magnum Medium Duration,634 Tata Young Citizens Reg,481
Mirae Asset Tax Saver Reg,276 Reliance ETF Nifty 100,75 SBI Magnum Midcap,210 Taurus Banking & Financial Services Reg,307
Motilal Oswal Dynamic Reg,583 Reliance ETF Nifty BeES,76 SBI Magnum MultiCap,181 Taurus Discovery (Midcap) Reg,213
Motilal Oswal Equity Hybrid Fund Reg,463 Reliance ETF Nifty Midcap 150 Reg,208 SBI Magnum Taxgain,283 Taurus Ethical Reg,362
Motilal Oswal Focused 25 Reg,69 Reliance ETF NV20,77 SBI Magnum Ultra Short Duration Reg,714 Taurus Infrastructure Reg,328
Motilal Oswal Liquid Fund Reg,747 Reliance ETF PSU Bank BeES,302 SBI Multi Asset Allocation,603 Taurus Largecap Equity Reg,99
Motilal Oswal Long Term Equity Reg,277 Reliance ETF Sensex,78 SBI Nifty Index,92 Taurus Liquid Reg,757
Motilal Oswal M50 ETF,70 Reliance ETF Sensex Next 50 Reg,79 SBI Overnight Reg,797 Taurus Nifty Index Reg,100
Motilal Oswal Midcap 100 ETF,205 Reliance ETF Shariah BeES,80 SBI PSU,378 Taurus Starshare (Multi Cap) Reg,185
Motilal Oswal Midcap 30 Reg,206 Reliance Floating Rate,895 SBI Savings,775 Taurus Tax Shield Reg,287
Motilal Oswal Multicap 35 Reg,171 Reliance Focused Equity,177 SBI Short Term Debt,663 Union Arbitrage Fund Reg,566
Motilal Oswal NASDAQ 100 ETF,422 Reliance Gilt Securities,918 SBI Small Cap,232 Union Balanced Advantage Reg,589
Motilal Oswal Nasdaq 100 FOF Reg,423 Reliance Gilt Securities PF,919 SBI Technology Opportunities,342 Union Corporate Bond Fund Reg,850
Motilal Oswal Ultra Short Term Reg,711 Reliance Growth,209 Shriram Balanced Advantage Fund Reg,587 Union Dynamic Bond,829
Parag Parikh Liquid Reg,748 Reliance Hybrid Bond,515 Shriram Hybrid Equity,469 Union Equity Savings Fund Reg,543
Parag Parikh Long Term Equity Reg,172 Reliance Income,617 Shriram Long Term Equity Fund Reg,284 Union Largecap Fund Reg,101
Parag Parikh Tax Saver Fund Reg,278 Reliance Index Nifty,81 Shriram Multicap Fund Reg,182 Union Liquid,758
Principal Arbitrage Reg,562 Reliance Index Sensex,82 Sundaram Banking & PSU Debt Reg,888 Union Long Term Equity,288
Principal Balanced Advantage,584 Reliance Japan Equity,426 Sundaram Corporate Bond Reg,848 Union Multi Cap,186
Principal Cash Mgmt,749 Reliance Junior BeES FoF Reg,83 Sundaram Debt Oriented Hybrid,519 Union Overnight Fund Reg,800
Principal Credit Risk,867 Reliance Large Cap,84 Sundaram Diversified Equity,285 Union Small Cap Reg,235
Principal Dividend Yield,367 Reliance Liquid,753 Sundaram Equity Hybrid Reg,470 Union Value Discovery Fund Reg,251
Principal Dynamic Bond,823 Reliance Low Duration,688 Sundaram Equity Savings Fund Reg,541 UTI Arbitrage Reg,567
Principal Emerging Bluechip,127 Reliance Money Market,774 Sundaram Financial Services Opp Reg,305 UTI Banking & PSU Debt Reg,889
Principal Equity Savings,538 Reliance Multi Cap,178 Sundaram Global Advantage,428 UTI Banking and Financial Services Reg,308
Principal Focused Multicap,173 Reliance Nivesh Lakshya Fund Reg,606 Sundaram Infrastructure Advantage Reg,326 UTI Bond Reg,620
Principal Global Opportunities,424 Reliance Overnight Fund Reg,796 Sundaram Large and Mid Cap,131 UTI CCF-Investment Plan Reg,187
Principal Hybrid Equity,464 Reliance Pharma,335 Sundaram Low Duration Reg,690 UTI CCF-Savings Plan Reg,482
Principal Low Duration,687 Reliance Power & Infra,324 Sundaram Medium Term Bond Reg,635 UTI Core Equity Reg,133
Principal Multi Cap Growth,174 Reliance Prime Debt,846 Sundaram Mid Cap Reg,211 UTI Corporate Bond Fund Reg,851
Principal Nifty 100 Equal Weight,71 Reliance Quant Retail,356 Sundaram Money Market Fund Reg,776 UTI Credit Risk Reg,871
Principal Retirement Savings Fund Conservative Reg,514 Reliance Retirement Fund - Income Generation Scheme,516 Sundaram Money Reg,755 UTI Dividend Yield Reg,369
Principal Retirement Savings Fund Moderate Reg,480 Reliance Retirement Fund - Wealth Creation Scheme,179 Sundaram Overnight Fund Reg,798 UTI Dynamic Bond Reg,830
Principal Retirement Savings Fund Progressive Reg,465 Reliance Short-term,662 Sundaram Rural and Consumption Reg,388 UTI Equity Reg,188
Principal Short Term Debt,661 Reliance Small Cap,231 Sundaram Select Focus Reg,93 UTI Equity Savings Fund Reg,544
Principal Small Cap Fund Reg,229 Reliance Strategic Debt,633 Sundaram Services Fund Reg,360 UTI Floater Fund Reg,896
Principal Tax Savings,279 Reliance Tax Saver (ELSS),282 Sundaram Short Term Credit Risk,870 UTI Gilt Reg,922
Principal Ultra Short Term,712 Reliance Ultra Short Duration,713 Sundaram Short Term Debt,664 UTI Healthcare Reg,338
Quant Absolute,466 Reliance US Equity Opportunities,427 Sundaram Small Cap Reg,233 UTI Hybrid Equity Reg,473
Quant Active,175 Reliance Value,247 Sundaram Smart NIFTY 100 Equal Weight Fund Reg,94 UTI India Consumer Reg,390
Quant Consumption,384 Reliance Vision,129 Sundaram Ultra Short Term Fund Reg,715 UTI Infrastructure Reg,329
Quant Dynamic Bond,824 SBI Arbitrage Opportunities,564 Tata Arbitrage Fund Reg,565 UTI Liquid Cash Reg,759
Quant Focused,72 SBI Banking & Financial Services Reg,303 Tata Balanced Advantage Fund Reg,588 UTI Long Term Equity,289
Quant Infrastructure,322 SBI Banking and PSU,887 Tata Banking and Financial Services Reg,306 UTI Mastershare Reg,102
Quant Large and Mid Cap,128 SBI Bluechip,85 Tata Corporate Bond Reg,849 UTI Medium Term Reg,637
Quant Liquid,750 SBI Consumption Opportunities,387 Tata Digital India Reg,343 UTI Mid Cap Reg,214
Quant Mid Cap,207 SBI Contra,248 Tata Dynamic Bond Reg,828 UTI MMMF Reg,778
Quant Money Market,773 SBI Corporate Bond Fund Reg,847 Tata Equity PE Reg,249 UTI MNC Reg,373
Quant Multi Asset,601 SBI Credit Risk,869 Tata Equity Savings Reg,542 UTI Multi Asset Reg,604
Quant Small Cap,230 SBI Debt Hybrid,517 Tata Ethical Reg,361 UTI Nifty ETF,103
Quant Tax Plan,280 SBI Dynamic Asset Allocation Reg,586 Tata GSF Reg,921 UTI Nifty Index Reg,104

SCOREBOARD
Performance snapshot
Here are the performance data of the Indian mutual-fund industry as of July 2019
Category/benchmark 1 mth 3 mths 6 mths 1 yr 2 yrs 3 yrs 5 yrs 7 yrs 10 yrs 15 yrs 20 yrs
Equity: Large Cap -5.26 -4.72 2.46 -2.69 4.38 8.76 8.64 12.53 10.16 14.26 13.72
Equity: Large & MidCap -6.31 -5.06 0.94 -6.19 -0.3 6.84 10.13 14.69 11.88 16.07 15.5
Equity: Multi Cap -5.81 -4.63 2.07 -4.95 1.3 7.26 9.66 13.85 11.88 15.45 16.01
Equity: Mid Cap -7.7 -7.11 -2.38 -11.33 -3.7 4.28 10.54 16.86 14.96 17.46 17.23
Equity: Small Cap -9.15 -9.6 -4.76 -14.99 -6.34 3.57 10.44 16.06 13.49 - -
Equity: Value Oriented -6.91 -6.89 -1.06 -9.52 -1.54 5.73 9.26 14.29 12.53 16.79 16.93
Equity: ELSS -6.3 -5.08 1.1 -5.83 0.53 7.04 9.65 14 11.7 15.5 15.89
Equity: International 0.39 0.27 3.28 1.5 6.82 7.32 4.2 5.91 5.17 7.08 -
S&P BSE Sensex Total Return Index -4.6 -3.33 4.25 0.93 8.65 11.49 9.09 13.3 10.68 15.75 12.93
S&P BSE Sensex Next 50 TRI -7.15 -7.53 -3.89 -9.73 -4.59 3.87 7.56 12.97 10.51 - -
S&P BSE 500 Total Return Index -6.07 -5.8 1.08 -5.28 2.76 8.63 9.17 13.2 10.7 15.04 13.62
S&P BSE Large Mid Cap TRI -5.65 -5.15 1.91 -3.39 4.09 9.11 9.27 13.28 10.78 - -
S&P BSE Mid Cap TRI -7.56 -7.92 -5.66 -13.89 -4.91 3.62 9.47 13.86 10.81 14.6 -
S&P BSE Small Cap TRI -10.6 -12.88 -8.41 -22.77 -10.48 1.8 5.83 11.33 8.71 16.1 -
Equity: Sectoral-Banking -7.68 -2.96 5.34 -0.54 1.59 10.76 9.86 11.91 11.34 18.89 -
S&P BSE Bankex Total Return Index -6.42 -1.64 6.68 5.86 7.66 15.14 14.06 16.49 15.6 19.59 -
Equity: Sectoral-Infrastructure -8.94 -5.11 3.08 -7.63 -4.27 4.28 6.58 10.4 6.28 14.72 -
S&P BSE India Infrastructure TRI -12.47 -9.9 0.37 -9.44 -8.07 3.71 2.56 9.79 3.97 - -
Equity: Sectoral-Pharma -0.31 -7.05 -4.55 -4.83 -2.12 -5.05 3.39 10.71 14.88 15.15 -
S&P BSE Healthcare TRI -1.09 -11.25 -8.08 -9.97 -4.8 -7.43 1.14 9.22 13.6 12.95 12
Equity: Sectoral-Technology -0.83 -4.48 -0.09 1.64 18.99 12.93 10.7 17.28 15.36 15.48 13.57
S&P BSE IT Total Return Index 0.79 -2.19 4.24 10.29 25.1 15.58 12.22 18.96 16.94 16.59 13.73
Hybrid: Aggressive Hybrid -4.27 -3.54 1.56 -2.77 1.6 6.5 8.86 12.55 10.93 13.57 13.28
Hybrid: Balanced Hybrid -2.96 -2.28 1.59 -1.47 1.58 5.37 7.83 9.76 8.94 10.2 10.52
Hybrid: Conservative Hybrid -0.63 0.21 2.72 3.11 3.4 5.88 7.74 8.85 8.27 9.46 8.16
VR Balanced Total Return Index -4.36 -3.34 3.91 0.96 6.49 9.62 8.75 11.82 9.84 12.83 -
VR MIP Total Return Index -0.9 1.33 5.15 6.93 6.74 8.01 8.28 9.28 8.13 8.51 -
Debt: Long Duration 3.21 10.38 12.07 19.87 8.1 9.08 10.2 9.19 8.08 8.32 8.99
Debt: Medium Duration 1.56 0.89 2.02 5.19 5.01 6.39 7.63 7.91 7.42 6.83 7.6
Debt: Short Duration 1.38 0.07 1.79 5.35 4.85 5.95 7.09 7.56 7.5 7.56 -
Debt: Ultra Short Duration 0.86 1.59 3.34 6.17 6.05 6.45 7.29 8.07 7.9 6.97 7.39
Debt: Liquid 0.54 1.67 3.4 6.83 6.85 6.76 7.36 7.85 7.66 7.32 7.3
Debt: Dynamic Bond 1.9 3.71 5.4 9.59 5.22 6.61 8.32 8.26 7.93 6.88 8.12
Debt: Corporate Bond 1.48 -0.04 1.58 4.78 4.29 5.5 7.06 7.11 6.75 6.75 7.65
Debt: Credit Risk 1.02 -2.57 -1.24 0.69 2.69 4.66 7.62 8.13 7.29 - -
CCIL All Sovereign Bond - TRI 2.88 9.1 10.91 19.44 8.76 8.99 10.71 9.77 8.39 7.59 -
CCIL T Bill Liquidity Weight 0.42 1.23 2.26 4.58 4.27 4.24 4.67 4.91 4.6 4.52 -
VR Bond Index 1.4 4.5 5.95 11.06 6.9 7.04 7.99 7.89 7.18 6.74 -
Returns (%) as on July 31, 2019

SCOREBOARD
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)
Canara Robeco Emerging Equities 8.33 7.40 17.81 30.59 Invesco India Growth Opportunities 8.24 7.38 12.23 22.68
SBI Focused Equity 10.82 7.87 15.50 27.01 ICICI Pru Multicap 7.71 7.29 12.19 22.63
Principal Emerging Bluechip 6.64 7.09 15.14 26.49 Principal Multi Cap Growth 6.84 7.13 12.16 22.59
Franklin India Prima 5.87 6.96 14.87 26.12 SBI Bluechip 7.17 7.19 12.16 22.59
Franklin India Smaller Companies 2.16 6.34 14.84 26.08 Principal Tax Savings 6.59 7.08 12.14 22.57
Mirae Asset Large Cap Regular 10.49 7.81 14.73 25.92 IDFC Multi Cap Reg 4.02 6.64 12.13 22.55
Kotak Emerging Equity Reg 6.50 7.07 14.71 25.89 Aditya Birla SL Pure Value 0.00 6.00 12.10 22.52
DSP Small Cap Reg 1.10 6.17 14.70 25.88 Quant Active 7.54 7.26 12.09 22.51
HDFC Mid-Cap Opportunities 4.74 6.76 14.66 25.83 BNP Paribas Long Term Equity 6.23 7.02 12.01 22.41
L&T Midcap 5.78 6.94 14.64 25.79 DSP Equity Opportunities 7.38 7.23 11.98 22.38
Franklin India Focused Equity 7.55 7.26 14.55 25.67 Kotak Equity Opportunities Reg 7.67 7.28 11.96 22.35
Edelweiss Mid Cap Reg 4.23 6.68 14.36 25.42 BNP Paribas Large Cap 7.58 7.26 11.94 22.33
DSP Midcap Reg 6.72 7.11 14.17 25.15 ICICI Pru Bluechip 8.04 7.35 11.90 22.28
Invesco India Mid Cap 4.95 6.80 14.08 25.03 Franklin India Taxshield 5.49 6.89 11.85 22.22
Invesco India Contra 8.78 7.48 13.77 24.62 Canara Robeco Equity Hybrid Reg 8.02 7.34 11.83 22.20
Reliance Focused Equity 5.90 6.96 13.75 24.60 Aditya Birla SL Focused Equity 6.87 7.13 11.83 22.19
Invesco India Multicap Not rated 3.57 6.57 13.73 24.57 Reliance Multi Cap 5.47 6.89 11.78 22.14
Tata Midcap Growth Reg 5.05 6.82 13.64 24.45 Tata Large & Mid Cap Reg 7.72 7.29 11.76 22.12
BNP Paribas Midcap 3.15 6.50 13.60 24.40 HDFC Equity 8.35 7.40 11.76 22.11
Tata India Tax Savings 9.27 7.58 13.57 24.35 Taurus Discovery (Midcap) Reg 3.97 6.63 11.74 22.09
Quant Focused Not rated 6.86 7.13 13.40 24.14 Kotak Small Cap Reg 2.49 6.39 11.72 22.07
DSP Tax Saver 8.49 7.43 13.31 24.02 BNP Paribas Multi Cap 5.82 6.95 11.67 22.01
SBI Magnum MultiCap 9.15 7.55 13.25 23.95 HDFC Capital Builder Value 5.82 6.95 11.66 21.99
ICICI Pru Value Discovery 4.46 6.72 13.22 23.91 Sundaram Large and Mid Cap 8.73 7.48 11.58 21.90
Tata Equity PE Reg 7.52 7.25 13.16 23.82 JM Tax Gain 8.18 7.37 11.54 21.86
ICICI Pru Equity & Debt 8.44 7.42 13.09 23.75 Kotak Tax Saver Reg 8.04 7.35 11.42 21.72
ICICI Pru Midcap 4.46 6.72 13.08 23.73 Canara Robeco Equity Tax Saver Reg 7.91 7.32 11.41 21.71
Invesco India Tax Plan 7.38 7.23 13.03 23.67 Aditya Birla SL Frontline Equity 6.47 7.06 11.41 21.70
HDFC Children’s Gift 7.71 7.29 12.93 23.54 Franklin India Equity 4.65 6.75 11.39 21.68
Aditya Birla SL Equity 7.45 7.24 12.80 23.38 Reliance ETF Junior BeES Not rated 5.68 6.93 11.36 21.65
Sundaram Mid Cap Reg 2.71 6.43 12.79 23.36 Kotak India EQ Contra Reg 8.97 7.52 11.36 21.65
UTI Mid Cap Reg 0.78 6.12 12.74 23.30 UTI Equity Reg 6.65 7.10 11.34 21.63
SBI Equity Hybrid 9.12 7.55 12.71 23.27 DSP Equity 7.83 7.31 11.33 21.62
HDFC Small Cap Reg 7.01 7.16 12.52 23.03 Edelweiss Large Cap Reg 7.88 7.32 11.33 21.61
SBI Magnum Midcap 0.62 6.10 12.50 23.00 ICICI Pru Child Care-Gift 6.61 7.09 11.32 21.60
Reliance Large Cap 8.45 7.42 12.47 22.97 HDFC Top 100 8.79 7.49 11.31 21.59
SBI Large & Midcap 7.27 7.21 12.43 22.92 JM Multicap 8.76 7.48 11.24 21.52
ICICI Pru LT Equity (Tax Saving) 7.10 7.18 12.37 22.85 Principal Hybrid Equity 8.05 7.35 11.20 21.47
Quant Large and Mid Cap Not rated 5.87 6.96 12.32 22.79 IDFC Sterling Value Reg 3.58 6.57 11.20 21.47
Aditya Birla SL Tax Relief 96 6.33 7.04 12.32 22.78 Tata Hybrid Equity Reg 5.34 6.87 11.20 21.46
IDFC Tax Advantage (ELSS) Reg 6.16 7.01 12.31 22.77 Aditya Birla SL Small Cap 0.84 6.13 11.12 21.37

SCOREBOARD
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)
L&T Tax Adv 6.02 6.98 11.08 21.33 UTI CCF-Investment Plan Reg 5.07 6.82 9.46 19.57
Aditya Birla SL Equity Advantage Reg 3.99 6.64 11.08 21.33 BOI AXA Tax Advantage Reg 4.57 6.73 9.42 19.53
Canara Robeco Equity Diversified Reg 8.19 7.37 11.06 21.30 SBI Nifty Index 8.09 7.36 9.39 19.50
Reliance Value 6.43 7.06 11.05 21.30 ICICI Pru Focused Equity 5.35 6.87 9.39 19.50
Aditya Birla SL Mid Cap 2.37 6.37 10.89 21.12 LIC MF Index Sensex 8.42 7.42 9.37 19.48
ICICI Pru Sensex ETF Not rated 9.94 7.70 10.89 21.11 Franklin India Life Stage FoF 20s 4.67 6.75 9.33 19.44
HSBC Tax Saver Equity 5.12 6.83 10.82 21.04 Franklin IIF NSE Nifty 7.69 7.28 9.31 19.42
Franklin India Equity Hybrid 5.97 6.98 10.79 21.01 ICICI Pru Smallcap 2.05 6.32 9.27 19.38
Quant Tax Plan 8.63 7.45 10.78 20.99 Sundaram Small Cap Reg -3.64 5.47 9.26 19.37
Reliance Growth 5.57 6.91 10.78 20.99 IDFC Core Equity Reg 5.90 6.96 9.26 19.37
DSP Equity & Bond 7.47 7.24 10.76 20.97 LIC MF Large Cap 6.33 7.04 9.25 19.36
Edelweiss Large & Mid Cap Reg 6.90 7.14 10.74 20.95 UTI Long Term Equity 4.67 6.75 9.14 19.25
Kotak Sensex ETF Not rated 9.83 7.68 10.72 20.93 Aditya Birla SL Index 7.63 7.27 9.14 19.25
L&T Large and Midcap 4.11 6.66 10.67 20.87 UTI Value Opportunities Reg 4.70 6.76 9.14 19.24
Aditya Birla SL Equity Hybrid ‘95 5.30 6.86 10.65 20.85 HSBC Small Cap Equity -1.21 5.82 9.13 19.24
Franklin India Equity Advantage 3.83 6.61 10.48 20.66 LIC MF Index Nifty 7.41 7.23 9.09 19.20
LIC MF Tax Plan 7.00 7.16 10.47 20.65 Kotak Equity Hybrid Reg 6.20 7.02 9.08 19.18
Quant Absolute Not rated 6.86 7.13 10.46 20.64 Franklin India Bluechip 4.27 6.68 8.92 19.03
HDFC Index Sensex 9.69 7.65 10.44 20.62 Reliance ETF Shariah BeES Not rated 6.38 7.05 8.87 18.97
Reliance ETF Nifty BeES Not rated 8.90 7.51 10.43 20.60 UTI Hybrid Equity Reg 4.84 6.78 8.82 18.93
L&T Equity 5.40 6.88 10.39 20.56 Templeton India Value 3.35 6.53 8.78 18.89
Quantum Nifty ETF Not rated 8.84 7.50 10.38 20.55 UTI Core Equity Reg 3.50 6.56 8.66 18.77
Reliance Equity Hybrid 4.84 6.78 10.37 20.54 DSP Top 100 Equity Reg 5.01 6.81 8.60 18.70
JM Core 11 7.79 7.30 10.31 20.47 HDFC Focused 30 3.91 6.62 8.59 18.70
L&T India Large Cap 6.67 7.10 10.28 20.44 Sundaram Equity Hybrid Reg 7.96 7.33 8.58 18.69
ICICI Pru Large & Mid Cap 5.46 6.89 10.23 20.39 IDFC Large Cap Reg 6.00 6.98 8.54 18.65
Tata Large Cap Reg 7.21 7.20 10.18 20.34 HDFC Hybrid Equity 4.72 6.76 8.42 18.53
UTI Mastershare Reg 6.62 7.09 10.15 20.31 Baroda Multi Cap 3.90 6.62 7.98 18.10
Edelweiss LT Equity (Tax Savings) 4.60 6.74 10.11 20.26 JM Large Cap 4.84 6.78 7.95 18.08
Kotak Bluechip Reg 6.36 7.04 10.10 20.25 LIC MF ULIS 5.73 6.93 7.79 17.93
Reliance Tax Saver (ELSS) -0.48 5.93 10.10 20.25 Reliance Vision 1.57 6.24 7.70 17.85
HSBC Multi Cap Equity 3.60 6.57 10.07 20.22 Baroda Hybrid Equity 3.89 6.62 7.70 17.84
DHFL Pramerica Large Cap 6.79 7.12 10.06 20.21 Baroda ELSS 96 2.24 6.35 7.66 17.81
Principal Focused Multicap 6.24 7.02 10.02 20.16 LIC MF Equity Hybrid 5.27 6.85 7.47 17.63
Taurus Tax Shield Reg 7.30 7.21 9.98 20.12 Taurus Starshare (Multi Cap) Reg 2.16 6.34 7.40 17.57
UTI Nifty Index Reg 8.68 7.47 9.97 20.12 DHFL Pramerica Hybrid Equity 3.49 6.55 7.40 17.56
HDFC Index Fund Nifty 50 8.59 7.45 9.97 20.11 HDFC Growth Opportunities Reg 4.45 6.71 7.17 17.35
JM Value Not rated 6.79 7.12 9.93 20.07 LIC MF Multicap 3.70 6.59 6.99 17.19
HDFC Taxsaver 4.68 6.75 9.87 20.00 IDFC Focused Equity Reg 3.42 6.54 6.97 17.17
Sundaram Select Focus Reg 9.22 7.57 9.84 19.98 Taurus Largecap Equity Reg 3.22 6.51 6.86 17.07
Tata Index Sensex Reg 9.27 7.58 9.82 19.95 BOI AXA Large & Mid Cap Equity Reg 1.53 6.24 6.83 17.05
SBI Magnum Taxgain 3.80 6.60 9.75 19.88 SBI Contra 1.08 6.17 6.77 17.00
Sundaram Diversified Equity 4.77 6.77 9.71 19.84 Principal Nifty 100 Equal Weight 2.46 6.39 6.66 16.90
ICICI Pru Nifty Index 7.98 7.34 9.71 19.83 Quant Mid Cap Not rated 1.77 6.28 6.54 16.79
HSBC Large Cap Equity 7.99 7.34 9.64 19.76 JM Equity Hybrid -1.32 5.80 5.55 15.95
Tata Index Nifty Reg 8.19 7.37 9.48 19.59 Quant Small Cap Not rated -5.97 5.15 2.47 13.60
Data as on July 31, 2019

Star ratings of funds are recalculated each month with no subjective input. A
fund is rated only when there are a minimum ten funds in the category, with
TOP-RATED a minimum three-year history for equity and hybrid funds and eighteen-
FUNDS
month for bond funds. In the case of equity funds, a fund’s overall rating
stems from a weighted average of two time periods – three and five years –
where available. Equity funds less than three-year old are not rated and bond
funds with less than eighteen-month history are also not rated.
DEBT (75/221)
HYBRID: CONSERVATIVE HYBRID Franklin India Income Opportunities Fund Franklin India Ultra Short Bond Fund
Aditya Birla Sun Life Regular Savings Fund HDFC Medium Term Debt Fund SBI Magnum Ultra Short Duration Fund
Franklin India Life Stage FoF 40s Indiabulls Income Fund - Regular Plan DEBT: DYNAMIC BOND
Franklin India Life Stage FoF 50s Plus SBI Magnum Medium Duration Fund DHFL Pramerica Dynamic Bond Fund
Franklin India Life Stage FoF 50s Plus-FR UTI Medium Term Fund - Regular Plan Franklin India Dynamic Accrual Fund
HDFC Retirement Savings - Hybrid Debt ICICI Prudential All Seasons Bond Fund
DEBT: SHORT DURATION
ICICI Prudential Regular Savings Fund Kotak Dynamic Bond Fund - Regular Plan
Axis Short Term Fund
IDFC Asset Allocation - Conservative Plan Quantum Dynamic Bond Fund
Baroda Short Term Bond Fund
IDFC Asset Allocation - Moderate Plan SBI Dynamic Bond Fund
BNP Paribas Short Term Fund
Indiabulls Savings Income Fund
Franklin India Short Term Income Plan DEBT: CORPORATE BOND
Kotak Asset Allocator Fund Regular Plan
HDFC Short Term Debt Fund Aditya Birla Sun Life Corporate Bond Fund
SBI Magnum Children’s Benefit Fund
IDFC Bond Fund Short Term Plan Franklin India Corporate Debt Fund
Tata Retirement Savings - Conservative
Indiabulls Short Term Fund - Regular Plan HDFC Corporate Bond Fund
UTI Regular Savings Fund - Regular Plan
L&T Short Term Bond Fund Fund Kotak Corporate Bond Fund
HYBRID: EQUITY SAVINGS Reliance Prime Debt Fund

DEBT: LOW DURATION
Axis Equity Saver Fund - Regular Plan
Axis Treasury Advantage Fund DEBT: CREDIT RISK
Edelweiss Equity Savings Fund
Canara Robeco Savings Fund Aditya Birla Sun Life Credit Risk Fund
HDFC Equity Savings Fund
Franklin India Low Duration Fund Baroda Credit Risk Fund- Plan A
ICICI Prudential Equity Savings Fund
ICICI Prudential Savings Fund Franklin India Credit Risk Fund
Kotak Equity Savings Fund - Regular Plan
IDFC Low Duration Fund - Regular Plan ICICI Prudential Credit Risk Fund
DEBT: MEDIUM TO LONG DURATION Invesco India Treasury Advantage Fund Kotak Credit Risk Fund Regular Plan
Canara Robeco Income Fund Kotak Low Duration Fund - Standard Plan SBI Credit Risk Fund
HSBC Debt Fund Reliance Low Duration Fund

DEBT: BANKING AND PSU
ICICI Prudential Debt Management Fund SBI Magnum Low Duration Fund
Axis Banking & PSU Debt Fund
IDFC Bond Fund Income Plan Tata Treasury Advantage Fund
Edelweiss Banking and PSU Debt Fund
Reliance Income Fund
DEBT: ULTRA SHORT TERM Franklin India Banking & PSU Debt Fund
SBI Magnum Income Fund
Aditya Birla Sun Life Savings Fund Invesco India Banking & PSU Debt Fund
DEBT: MEDIUM DURATION BOI AXA Ultra Short Duration Fund LIC MF Banking & PSU Debt Fund
Axis Strategic Bond Fund DHFL Pramerica Ultra Short Term Fund
RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in July 2019
Aditya Birla SL Active Debt Multi-Manager FoF Scheme DHFL Pramerica Low Duration Fund IDFC Banking & PSU Debt Fund - Regular Plan
Aditya Birla SL Banking & PSU Debt Fund ICICI Prudential Thematic Advantage Fund Reliance Hybrid Bond Fund
The ratings for all funds, except Quantum AMC funds, are for regular plans. Direct plans have been excluded. Funds suspended for sale have also been excluded.

Value Research pioneered mutual fund ratings way back in 1993 to enable
investors make the right pick. The lowest rating is one star and the highest
TOP-RATED is five stars. Ratings act as the first filter in fund selection, since they take
FUNDS
into account the return as well as risk undertaken to achieve that return.
Risk-adjusted return from a fund is the sole basis of Value Research fund
rating (detailed methodology on page 62). Below are the schemes in various
categories that have been rated five and four star.
EQUITY (71/216)
HYBRID: AGGRESSIVE HYBRID LIC MF Large & Mid Cap Fund - EQUITY: SMALL CAP
Canara Robeco Equity Hybrid Fund Mirae Asset Emerging Bluechip Fund Axis Small Cap Fund - Regular Plan
DSP Equity & Bond Fund Principal Emerging Bluechip Fund Franklin India Smaller Companies Fund
HDFC Children’s Gift Fund Sundaram Large and Mid Cap Fund HDFC Small Cap Fund - Regular Plan
HDFC Hybrid Equity Fund L&T Emerging Businesses Fund
EQUITY: MULTI CAP
HDFC Retirement Savings - Hybrid Equity Reliance Small Cap Fund
Aditya Birla Sun Life Equity Fund
ICICI Prudential Equity & Debt Fund SBI Small Cap Fund
Axis Focused 25 Fund
Mirae Asset Hybrid Equity Fund
Canara Robeco Equity Diversified Fund EQUITY: VALUE ORIENTED
Principal Hybrid Equity Fund Invesco India Contra Fund
Edelweiss Multi Cap Fund - Regular Plan
SBI Equity Hybrid Fund Kotak India EQ Contra Fund - Regular Plan
Franklin India Focused Equity Fund
Tata Retirement Savings - Moderate Plan L&T India Value Fund
HDFC Retirement Savings Fund Equity Plan
EQUITY: LARGE CAP ICICI Prudential Multicap Fund Tata Equity PE Fund - Regular Plan
Axis Bluechip Fund IIFL Focused Equity Fund - Regular Plan
EQUITY: ELSS
Canara Robeco Bluechip Equity Kotak Standard Multicap Fund Regular Plan Aditya Birla Sun Life Tax Relief 96
Edelweiss Large Cap Fund - Regular Plan Motilal Oswal Multicap 35 Fund Axis Long Term Equity Fund
HDFC Index Fund - Sensex Plan Parag Parikh Long Term Equity Fund DSP Tax Saver Fund
HDFC Top 100 Fund Quant Active Fund IDFC Tax Advantage (ELSS) Fund
ICICI Prudential Bluechip Fund SBI Focused Equity Fund Invesco India Tax Plan
JM Core 11 Fund SBI Magnum Multicap Fund JM Tax Gain Fund
Mirae Asset Large Cap Fund - Regular Plan Tata Retirement Savings - Progressive Plan Kotak Tax Saver Regular Plan
Motilal Oswal Focused 25 Fund Mirae Asset Tax Saver Fund - Regular Plan
EQUITY: MID CAP
Reliance Large Cap Fund Motilal Oswal Long Term Equity Fund
Axis Midcap Fund
SBI Bluechip Fund Quant Tax Plan
DSP Midcap Fund - Regular Plan
Sundaram Select Focus Fund - Regular Plan Tata India Tax Savings Fund
Franklin India Prima Fund
EQUITY: LARGE & MIDCAP HDFC Mid-Cap Opportunities Fund
Canara Robeco Emerging Equities Fund Kotak Emerging Equity Scheme
Invesco India Growth Opportunities Fund L&T Midcap Fund
Kotak Equity Opportunities Fund
RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in July 2019
Tata Retirement Savings Fund - Progressive Plan
Taurus Discovery (Midcap) Fund
The ratings for all funds, except Quantum AMC funds, are for regular plans. Direct plans have been excluded. Funds suspended for sale have also been excluded.
mutual fund ratings are revised every month. The above ratings are as on July 31, 2019.

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Editorial Retirement Planning

Editor Dhirendra Kumar

4 Mutual Fund Insight September 2019

8 Value Research Online 42 Ask Value Research

21 Quick Chat 89 Top-Rated Funds

6 Mutual Fund Insight September 2019

Find out the SIP returns of

8 Mutual Fund Insight September 2019

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Subscription copy of [sevanamdallal@gmail.com]. Redistribution prohibited.

A comfortable old age

A lot of retirees feel that

Mutual Fund Insight September 2019 11

Keep expenses low The next

FUND RADAR HOW I DID IT

Need for insurance overhaul The right balance

MAIL YOUR Mutual C-103, Sector 65, E-MAIL

12 Mutual Fund Insight September 2019

CANARA ROBECO Equity Tax Saver Fund

• Capital appreciation over long term

• Investment in equity and equity related securities with LOW HIGH

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

The exposure was secured with

14 Mutual Fund Insight September 2019

How to achieve your

Mutual Fund Insight September 2019 15

SIPping the ELSS

18 Mutual Fund Insight September 2019

Beating the index One-year returns (as on August 8, 2019)

Sector weights as Fund manager Investment strategy

Worked Failed Top bets New entrants

146.8 -129.3 6.8 1.0

129.1 -105.6 5.9 0.4

91.4 -86.3 5.5 0.03

82.5 -76.0 5.0 0.02

20 Mutual Fund Insight September 2019

‘Growth at reasonable valuations

Mutual Fund Insight September 2019 21

Catching funds in action

One-month top buys: Mid caps NTPC: Powering up

Ashok Leyland 1,633 143 0.15

One-month top buys: Small caps Meandering like a river

Aster DM Healthcare 199 121 0.02 `1.8 lakh crore

Sobha 784 99 0.07

Radico Khaitan 267 33 0.02

22 Mutual Fund Insight September 2019

Sectors Jun’18 Sep’18 Dec’18 Mar’19 Jun’19

48% 40 32 24 16 8 0 Energy 8.97 9.71 9.24 9.78 9.20

The only way is up Engineering 6.21 6.26 6.36 6.22 6.05

FMCG 8.15 8.46 8.89 8.15 7.56

FIIs vs mutual funds

`45000 cr FIIs Mutual funds Sensex 60000

Mutual Fund Insight September 2019 23

Subscription copy of [sevanamdallal@gmail.com]. Redistribution prohibited.

Mutual Fund Insight September 2019 25

26 Mutual Fund Insight September 2019

z Accumulate while working

z Earn after retirement

Subscription copy of [sevanamdallal@gmail.com]. Redistribution prohibited.

How to calculate your

Aarati Krishnan up by online retirement calculators that

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