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CONTENTS
Mutual 33
Fund Cover
Insight Story
MAY 2018
Volume XV, Number 8
India’s best
Editorial
Principles small-cap
Value Research is an independent
investment research company. Our
goal is to serve our readers with
data, information and knowledge
funds
that inform them about savings
and investments and help them
learn how to make better choices.
The basis of our work is the trust
reposed in us by our readers. We
are independent, fair and honest.
We are committed to achieving the
highest level of accuracy and
impartiality in everything that we
publish.
We recognise that the nature of
our work is such that it influences
decisions that affect our readers’
future. We strive to bear this
responsibility with humility. We
recognise that while it is not
possible to be 100 per cent
accurate, it is possible to always
18 Back to Basics 29 Spotlight

strive to achieve that standard to
the best of our abilities.
Editor Dhirendra Kumar

Research and Editorial Aakar Rastogi, Aarati
Krishnan, Kumar Shankar Roy, Prasobh MG,
Sandeep P, Shivani Gola and Vibhu Vats
Design Mukul Ojha and Kiran Sindhwal
Production Hira Lal
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Address your correspondence to:
Editor, Mutual Fund Insight
The need to ‘disinvest’ Value or nothing
5 Commercial Complex, Chitra Vihar,
I V Subramaniam, MD & CIO,
Delhi-110092, India Quantum Advisors Pvt Ltd
e-mail: editor@valueresearchonline.com
© 2018 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092. Contact (Delhi) 011-2245-7916/18, (Mumbai) 022-22838665/22838198.
Editor: Dhirendra Kumar. Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi 110 092. Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi -92.
Registered with the Registrar of Newspapers for India, Registration Number DELENG/2003/11417
6 Mutual Fund Insight May 2018

50
Direct Advice
AARATI KRISHNAN
All you wanted to know
about TER
13 First Page
Made for each other
The Plan
Our experts analyse a portfolio threadbare and
46
chart out the future course
10 Value Research Online

Track your portfolio Ask Value Research 48
All your savings and investment queries answered
14 Readers’ Viewpoints New fund classification 53

16 Fund Reporter Changes in funds’ attributes due to SEBI’s new
fund-classification system
19 SIP Sahi Hai Scoreboard

The most comprehensive fund scorecard with key
57
SIPs and vacation planning performance numbers and investment details
22 Inside Funds Top-Rated Funds 85

24 Fund Radar
Funds that stand on the highest rung of the
Value Research fund-rating ladder
Trends and latest happenings in the fund industry
27 How I Did It
‘It’s important not to waste money’
DISCLAIMER
The contents of Mutual Fund Insight published by Value Research India Private Limited (the “Magazine”) are not intended to serve as professional advice or guidance and the Magazine takes no
responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Magazine based on its contents thereof. You are strongly advised to verify the
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The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best
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FIRST PAGE
Made for each other

I never normally talk about it, but there’s a sensibly, rather than as a gamble, then the
huge element of excitement in equity typical reader of Mutual Fund Insight should
investing. This excitement, a sort of ‘thrill of be doing it through a small-cap funds, which
the hunt’ is something that drives a lot of are the subject of this issue's cover story –
equity investors. Over a long period, we can one of the most comprehensive ones that we
make a lot of money by investing steadily in a have prepared.
set of SIPs, but at some level, many human Over the last decade or so, a well-chosen
beings have a gambling instinct, and they are small-cap fund would have given you the
driven to equity investing by it. most profitable investment experience.
Many investors do not need this (I However, one must keep the fundamentally
personally do not), but, as I’ve said earlier, volatile nature of small-cap investing in mind.
there’s something to be said for such investors When an investment is doing well, it’s natural
having an allocation for ‘fun money’. This is a to be full of bravado and be sure that you will
sum of money that you invest in stocks where take any volatility in your stride. Equity
there might be some basis for investing but investing seems like the easiest thing in the
you know it's mostly a gamble. How much of world, and those who talk of risk and
your investments you risk on the fun money volatility appear to be nervous ninnies.
is up to you. I think just being aware that However, when the markets start declining
some investments are fun money while others and the value of your investment starts going
are serious would keep gambling-prone down every day, then the answer to that
investors to the straight and narrow path of question about risk-taking changes.
limiting the fun money to something. When that happens, what should investors
However, one step above ‘fun money’, but do? Should they quit and run (perhaps
still not quite at the same level as steady and switching their investments to large-cap
safe investing is small-cap investing. This is funds), or should they stick it out? For some
where the thrill of the hunt is the sharpest. investors, if they feel they can’t take volatility,
Who wouldn’t like to have bought Eicher the answer has to be that they should not
Motors or Ajanta Pharma or Symphony when invest in small-cap funds. However, the right
they were small caps. In a light-hearted way, I way to approach the whole thing is slightly
would say that this is the purest experience of different. The first principle is also the oldest
equity investing. I don’t mean that investing one: diversification. And the second principal,
in Reliance Industries or Infosys is not equity no less important, is to understand that
investing. What I am saying that is that if the volatility is actually your friend if you are
experience of buying a stock is to reflect investing in small caps through mutual funds.
owning a business and prospering with it, As our cover story explains in detail, SIP
then the way to really experience it is to buy a investing and small-cap funds are well-suited.
small cap and then watch it grow into a mid SIPs are a basically a way of exploiting
cap and then a large business. volatility to increase your returns and small-
However, that’s not something that’s cap funds are more volatile than other types
meant for most mutual fund investors. If of equity funds. It’s a match made in heaven.
small-cap equity investing is to be done Read all about it in our cover story.
Dhirendra Kumar
EDITOR
March Fund Insight May 2018 13

READERS’ VIEWPOINTS
COVER STORY
SPOTLIGHT IN THE INTERVIEW be the case again. Taking

WHY YOUR DEBT FUND
AT THE NEW
with Anoop Bhaskar, he cash calls is always risky
makes a case against
holding onto cash in the
because the market can
keep going up while you are IS LOSING MONEY
WORKPLACE anticipation of a market fall.
Warren Buffett had once
liquidated his holdings and
sitting on cash. Thus, those
who take cash calls are
more anxious to find new
When debt funds start to lose money,
many investors can’t believe that. For
returned money to opportunities than those investors, debt funds are a ‘sure’ thing.
shareholders because he who don’t. They say that you invest in equity because
wasn’t able to find a When you get into cash, you want high returns. But the risk
worthwhile opportunity. So, I you appreciate the fact that involved is also high. On the other hand,
feel that it’s okay to take there is such a thing as you invest in debt funds when you want to
cash calls. valuation. A good asset protect your capital and earn moderate
Mr Bhaskar says that bought at a bad price is bad. returns. Obviously, the risk involved should
taking cash calls may result Also, worrying about be low. But that doesn’t always happen.
in not trying hard enough to underperforming in the short As a general rule, any investment
find new investment term is counterproductive. product is risky. You have to understand
opportunities. That may not - Kishan Singh the risk involved. The risk in investment
products is distributed across a spectrum.
On the one hand, you have high-risk but
THE NIRAV MODI SCAM a lesson. Because they high-return products; on the other, low-
FUND RADAR
has again uncovered manage others’ money, return and low-risk. But risk is always
WHEN the fragilities of Indian

banking, especially public-
they shouldn’t get too
adventurous. They should
present. The problem arises when you
ignore the risk part. Low risk is not no risk.
THE TIDE
sector banking. Just when it stick to secular, time-tested Debt funds also pose greater difficulty
seemed that PSU banks are plays. The fund managers in terms of understanding. Indian
out of the woods, the Nirav who take ‘tactical’ calls investors haven’t yet become comfortable
GOES OUT Modi scam hit PNB from

nowhere. It’s no surprise
that not just PNB but other
must carefully weigh the
risk–reward ratio. If the risk
outweighs the reward or is
with equity funds, let alone understanding
debt funds. If you asked a lay investor
what he should see in a debt fund, he
public-sector banks also even equal to it, the stock would be clueless.
had to bear the brunt. should be given a miss. - Giridhar
Investors are concerned Only when the risk is
that anything could come miniscule to non-existent While it’s true that debt-fund returns have
upon these banks should they invest in fluctuated in recent times, long-term
unprecedentedly. Fund tactical plays. investors need not worry. As the cycle
managers should also take - A P Vashisth changes, they will be doing well soon.
- Shilpi
MAIL YOUR Mutual 5, Commercial Complex, PHONE (Delhi): 011-22457916/18, 9868891830 E-MAIL
LETTERS TO Fund Chitra Vihar, Delhi-110092 mfi@valueresearchonline.com
Insight Phone (Mumbai): 91-22-22838665, 91-22-22838198

FUND REPORTER
Mutual fund IIFL launches a DSP BlackRock Small Cap Fund,

industry in fund with a put also suspended taking fresh funds
FY18 option amidst rising assets. High assets
Amidst rising IIFL Mutual in small-cap funds become a chal-
markets, the Fund has lenge for fund managers due to
mutual fund launched IIFL limited investment opportunities.
industry added 32 lakh new Capital Enhancer Fund which
investors in FY18. Its assets grew hedges its holdings substantially Vinay Paharia
26 per cent, to `23 lakh crore. by buying a put option. A put joins Union
option is a derivative instrument AMC
SEBI lowers that gains when its underlying Vinay Paharia,
additional index falls. who was earli-
expenses to 5 The idea of this fund originat- er associated
basis points ed from the observation that with Invesco India Mutual Fund
SEBI has Indian investors show a prefer- and managed funds like Mid N
reduced the ence for fixed income as it’s safe. Small Cap, Tax Plan and
additional expenses charged by They avoid equity because it’s Business Leaders Fund, has
mutual funds from 20 basis points volatile. Capital Enhancer Fund joined Union AMC as chief
to 5 basis points. In 2012, SEBI is designed to limit volatility in investment officer.
had instructed funds to reinvest its returns.
the exit loads collected back into The fund’s investment uni- CAMS includes
their schemes. It permitted the verse is Nifty 50 and it will hedge LTCG in its
charging of additional expenses the portfolio with put options on statements
in lieu of the exit load. The lower- the Nifty 50. Mutual fund
ing of additional expenses makes regitrar CAMS
it cheaper for investors to invest Reliance Small has started
in mutual funds. Cap Fund clos- including long-term capital-gains
Also, an internal study con- es to fresh (LTCG) details in its capi-
ducted by the regulator revealed lump-sum sub- tal-gains/losses statement.
that fund houses pocketed `1,500 scriptions The Union Budget for FY19
crore by unfairly charging addi- Another small- had imposed a LTCG tax of 10
tional expenses. It was found that cap fund, Reliance Small Cap has per cent on equity. However,
some fund houses charged addi- shut its doors to fresh lump-sum there is no tax up to gains of `1
tional expense even on those money. However, it is still accept- lakh and all gains until January
schemes which had no exit loads. ing SIPs and STPs. 31, 2018, have been exempted
In some cases, income generated A high asset base of the fund from this tax.
from additional expenses turned has been cited as the reason for Value Research users can also
out to be higher than that from this move. Lately, a couple of check their LTCG tax in the
the original exit loads. other small-cap funds, including Portfolio Manager.

Announcements LOAD CHANGES
Scheme Date Exit load
Aditya Birla Sun Life Mutual Fund Principal Credit Opportunities Fund 26-Mar-18 1% if redeemed within 365 days from the
Introduces ‘Any Date SIP’ in all its date of allotment
schemes offering the monthly SIP Principal Credit Opportunities Fund 28-Mar-18 Nil
facility. Tata Equity P/E Fund, Tata India 05-Apr-18 1% if redeemed within 18 months from the
Consumer Fund date of allotment
Tata Retirement Savings Conservative, 19-Mar-18 1% will be charged if units are redeemed
Stops accepting fresh subscrip- Tata Retirement Savings Moderate and before investor attains the age of 60 years
tion/switch-in requests in Tax Tata Retirement Savings Progressive
Plan with effect from May 2, 2018. Union Dynamic Bond Fund 03-Apr-18 1% if units are redeemed within 1 year from
the date of allotment
DHFL Pramerica Mutual Fund

Appoints Rajesh Iyer as CEO in
place of Ajit Menon.
CHANGE IN FUND MANAGER
Introduces daily STP frequency in
all its open-ended schemes. Scheme Previous Current
Aditya Birla Sun Life Infrastructure Fund Vineet Maloo, Mahesh Patil Vineet Maloo
HDFC Mutual Fund BOI AXA Midcap Tax Fund Series 1 Alok Singh Saurabh Kataria
Changes minimum investment Canara Robeco Emerging Equities Ravi Gopalakrishnan Ravi Gopalakrishnan, Miyush Gandhi
amount for daily SIP frequency in DHFL Pramerica Diversified Equity Fund Alok Agarwal Aniruddha Naha
all its schemes, except for Tax DHFL Pramerica Equity Income Fund, Abhishek Bahinipati, Alok Alok Agarwal, Kumaresh
Balanced Advantage Fund, Income Agarwal Ramakrishnan
Saver Fund and Long Term Advantage Fund
Advantage Fund, from `500 to DHFL Pramerica Fixed Duration Fund Abhishek Bahinipati Kumaresh Ramakrishnan
`300. Series AP, AQ, AR, AT & AU
DHFL Pramerica Midcap Opportunities Kumaresh Ramakrishnan, Aniruddha Naha
Avinash Agarwal
HSBC Mutual Fund DSPBR Micro Cap Fund and DSPBR Jay Kothari, Vinit Sambre Jay Kothari, Vinit Sambre,
Proposes to change the minimum Small and Midcap Fund Resham Jain
application amount from `10,000 Edelweiss ASEAN Equity Off Shore, Rahul Dedhia and Gautam Kaul Hiten Shah
Greater China Equity Off-shore, Europe
to `5,000 in the following funds: Dynamic Equity Offshore, Emerging
zDynamic Asset Allocation Markets Opportunities Equity Offshore
Fund and US Value Equity Offshore
Fund
Essel 3 in 1 Fund, Essel Regular Savings Amit Nigam, Killol P Pandya Viral Berawala, Killol P Pandya
zLarge Cap Equity Fund
Essel Large & Midcap Fund, Essel Long Amit Nigam Viral Berawala
zMulti Cap Equity Fund Term Advantage Fund, Essel Equity
zInfrastructure Equity Fund IDFC Premier Equity Fund Anoop Bhaskar Kartik Mehta, Anoop Bhaskar
zSmall Cap Equity Fund Invesco India Business Leaders Vinay Paharia, Taher Badshah Amit Ganatra, Nitin Gosar
zAsia Pacific (Ex Japan) Invesco India Mid Cap Fund, Invesco Vinay Paharia Taher Badshah, Pranav Gokhale
Dividend Yield Fund India Mid N Small Cap Fund
zGlobal Emerging Markets Invesco India Tax Plan Vinay Paharia, Taher Badshah Amit Ganatra, Dhimant Kothari
Fund Kotak India Growth Fund Series 4 Harsha Upadhyaya Harsha Upadhyaya, Devender Singhal.
zBrazil Fund Mirae Asset Great Consumer Fund Ankit Jain, Bharti Sawant Ankit Jain
zDebt Fund Motilal Oswal MOSt Focused Midcap 30 Akash Singhania Akash Singhania, Niket Shah.
zFlexi Debt Fund Reliance Banking Fund Sanjay Parekh Vinay Sharma
zShort Duration Fund Union Asset Allocation, Union Capital Parijat Agrawal & Ashish Parijat Agrawal & Vinay Paharia
Protection Oriented Fund Series 7, 8 Ranawade
zLow Duration Fund
Union Equity Fund, Union Tax Saver Ashish Ranawade Vinay Paharia
z
Regular Savings Fund
Union Small Cap Fund Hardick Bora & Ashish Hardick Bora & Vinay Paharia
z
Cash Fund Ranawade
UTI Long Term Advantage - Series VII Sachin Trivedi Lalit Nambiar
Mutual Fund Insight May 2018 17

BACK TO BASICS
The need to ‘disinvest’

Buying an investment isn’t the be-all and end-all. The manner and timing of redeeming
your investments is also an important part of the investment process.
D
isinvesting is the most important part of your equity markets continue on their way. As is the way of
investments. That sounds illogical but isn’t, equity, the underlying rate of return may be good, but
even if you are not the Government of India. it’s hidden behind larger month-to-month and even
Think about it. The goal of investing is to grow your yearly swings. It’s entirely possible that just when the
money. However, this goal is accomplished only when time comes for you to withdraw the money and use it
you have taken the money out of your investments and for the purpose for which it was meant, it’s value is
taken it back to your bank account. Therefore, it reduced by 10 or 20 per cent or even more.
should be self-evident that the manner and timing of So what should you do about it? How can you pro-
redeeming your investments is an important – in a tect yourself from falling short of your goal? The answer
way, the most important – part of the process. is quite straightforward, but one that’s rarely discussed
Of course, this is not actually true for assured or by financial advisors. The way investors overcome vola-
almost-assured savings like the PPF or fixed deposits. tility (in fact, turns it to an advantage) by using SIPs
Nor is it important for those who are dabbling in stocks while investing, they must use SWPs or STPs (systemat-
and derivatives for short-term punting. However, having ic transfer or withdrawal plans) while redeeming their
an exit strategy is crucially important for those who are money. The idea is very simple. About 12 to 18 months
investing for the long term in equity-backed mutual before you need to use a certain amount of money, start
funds for meeting the financial goals of their lives. moving it to a stable debt-fund category or to your bank
There’s a huge amount of money that now flows into account. Do it in equal monthly instalments. This
equity mutual funds through SIPs every month. doesn’t take any great effort – all you need to do is to
Typically, these investors are investing this money for a give the mutual fund a single instruction for the entire
specific life goal, which could typically be a house, period and a fixed amount will be either redeemed or
education, retirement or some- transferred to your bank account every month.
thing else. This will effectively mean that the exit value you
SIPs through equity will get is an average across that entire period. That’s
funds offer far higher the whole point of this exercise. In case the markets
returns than fixed-in- fall just before you actually have to use the money,
come options, you’re still okay because a good part of the money has
enabling investors to already been redeemed. At worst, the drop in value
meet these goals. will affect a smaller part of the total funds withdrawn.
Investing gradually Of course, you must also be aware of the flip side of
means that investors are the coin. It’s entirely possible (in fact, likelier) that this
protected from most of exercise will actually reduce your returns. If equity
the effects of equity vol- values rise during the period, then the average you
atility while they are will realise will actually be lower than the value at the
investing. However, the end. What you do about it just depends on what you
invested amount obvious- need the money for. If the need can be postponed for a
ly goes up and down as the year or two, then you can just wait. Otherwise, you
should follow this safe-exit plan.
It’s entirely possible that just when the time A special case of this withdrawal problem is for
retirees or anyone else who needs a regular income
comes for you to withdraw the money and from investments. The basic principle remains the
use it for the designated purpose, it’s value same – money should be moved to a less volatile
is reduced by 10 or 20 per cent or even more investment a year or so before it’s to be used.

SIP SAHI HAI
SPECIAL FEATURE
An Investor Education Initiative
SIPs and vacation planning

Doing SIPs in your ‘vacation fund’ is a simple yet powerful way of accumulating
corpus for your dream vacation
T
he very thought of a vacation brings upon a Once you have committed to planning and saving for
smile on our faces. And why not? Vacation is your vacation, the rest is just a matter of time.
something that most of us keenly look forward So, what should you do? You can create a ‘vacation
to. A vacation is not just about spending some time fund’. In this fund, you can do monthly SIPs. You can
away from the hustle and bustle of our daily lives; it’s start small if you can’t manage high contributions. Of
also about experiencing something new and spending course, you may invest in this fund after you have
cherished moments with your family. Indeed, many of invested for your retirement and other crucial goals like
us rediscover ourselves and our near and dear ones the education and wedding of your children. With time,
when we are holidaying. as your income increases, you can raise the SIP amounts
But for many, a pleasant vacation remains just going into your vacation fund. When you have the
aspirational. From the demand of our professions to required corpus, you can withdraw from the fund. And
urgent monetary requirements, there are ample reasons voila, your dream vacation becomes a reality!
that keep us away from saving for a vacation. As in A good equity fund can act as your vacation fund.
most cases, careful planning can make things better Equity can be volatile in the short run, but over the long
here, too. If you already have the will to go on a dream term (five years or more), it gives good, inflation-beating
vacation, there is a way – systematic investment plans returns. By doing SIPs in a good equity fund, you
or SIPs. Anyone can go on a dream vacation only if he/ actually accelerate the growth of your money. It’s a
she takes the time to invest systematically and stay proven fact that equity beats fixed income hands down.
disciplined about it. But don’t get intimidated by short-term volatility. Do
If the idea of planning and systematic investing keep a long-term horizon.
makes you yawn, please be assured that it is the What’s more, share this SIP secret with some of your
simplest and the most effective way to build a vacation friends and they can also join you on the vacation. The
corpus. The whole challenge is in initiating the process. more the merrier.

INSIDE FUNDS
Catching funds in action

Across funds, portfolios tell you a lot about sectors and companies
Most sold large-cap stocks Dalmia Bharat: Rising interest
Dalmia Bharat, a cement-maker, has seen a rising fund interest over the last
Worth of current Worth of shares % of total
Company holding (` cr) sold (` cr) equity assets* three years. Its stock price has also raced.
Larsen & Toubro 26362 762 2.96 60 Shares Price No. of funds 3500
69 71
Kotak Mahindra Bank 14028 577 1.57 64 83 2800
48
Indusind Bank 9832 572 1.10
Yes Bank 7600 501 0.85 36 2100
43
Indian Oil Corpn. 7708 465 0.86 38
24 1400
Hero Motocorp 4582 338 0.51 21 20 20 26
Reliance Industries 15816 297 1.77 17
12 12 12 700
Coal India 2826 236 0.32
Oracle Financial Services Software 824 126 0.09 0 0
Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb
Hindustan Zinc 1403 103 0.16 ’15 ’16 ’17 ’18
Most sold mid-cap stocks Textile tale

Among leading textile players, Raymond is the most sought after by mutual
funds. Arvind seems to be losing fund interest.
Company holding (` cr) sold (` cr) equity assets*
PC Jeweller 109 359 0.01 340 Arvind Page Industries Raymond

Lakshmi Machine Works 441 190 0.05
280
Federal Bank 4669 154 0.52
Ipca Laboratories 1835 136 0.21
220
No. of funds
DB Corporation 238 131 0.03

Amara Raja Batteries 1464 90 0.16 160
Narayana Hrudayalaya 299 87 0.03
Century Textiles & Inds. 1970 81 0.22 100
Blue Dart Express 389 77 0.04

40 Rebased to 100
Max Financial Services 3640 76 0.41
Feb ’15 Feb ’18
Most sold small-cap stocks End of an era?

Redemptions on maturity in fixed maturity plans have outpaced the introduction
Company holding (` cr) sold (` cr) equity assets*
of new FMPs as few fund companies are interested in launching them.
Polaris Consulting & Services 19 185 0.00 `75 In ’000 cr
Healthcare Global Enterprises 321 124 0.04

50
Ujjivan Financial Services 461 55 0.05
Repco Home Finance 857 55 0.10 25
Jindal Saw 80 52 0.01
0
Radico Khaitan 219 39 0.02
Hindustan Construction Co. 388 37 0.04 -25
Gateway Distriparks 414 36 0.05
-50
Oriental Bank of Commerce 221 31 0.02
CARE Ratings 532 30 0.06 -75
Data between January ’18 and February ’18. * Total equity assets of all mutual funds. FY ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18

Losing assets Equity funds: Sector preferences
Here are 10 funds that have seen maximum outflows in the last one year (as The numbers indicate per cent of diversified-equity-fund assets invested
on February 28, 2018) Most preferred sector Second most preferred sector
`-2,123 cr Reliance Equity Opportunities Fund Third most preferred sector Least preferred sector
Sectors Feb’17 May’17 Aug’17 Nov’17 Feb’18

-1,602 ICICI Prudential Value Discovery Fund
Automobile 8.04 8.70 8.14 8.25 8.11
-1,352 IDFC Premier Equity Fund - Regular Plan
Franklin India Bluechip Fund Chemicals 5.68 5.99 5.75 5.53 5.37
-1,197
-1,134 UTI Equity Fund Communication 2.41 2.05 2.13 2.49 2.47
-1,001 UTI Opportunities Fund

Cons Durable 2.56 2.78 2.79 3.05 2.86
-843 DSP BlackRock Top 100 Eq - Reg Plan

Construction 7.41 7.57 8.79 9.74 9.92
-752 L&T Equity Fund
Diversified 3.52 4.03 2.27 1.46 1.73
-633 HDFC Top 200 Fund
-590 Franklin India Flexi Cap Fund Energy 10.56 9.52 9.85 10.10 9.52
Engineering 6.56 6.74 6.93 6.99 6.71

Funds and pharma
Over three years, Sun Pharma, Divi’s Labs and Dr Reddy’s Labs have grown
Financial 21.62 22.78 23.37 22.48 21.64
their share in fund portfolios. Lupin is the major loser.
7.29 FMCG 6.88 7.12 7.26 7.26 7.46

7.00 18.40
Healthcare 5.98 4.61 4.49 4.60 4.82
8.74
Feb 46.29
Feb 9.67
42.88 Metals 4.03 3.85 4.77 4.47 4.81
2015 12.15
2018
8.02
Services 4.82 5.52 5.59 5.42 5.71
7.94 7.60
14.00
4.03 5.98 Technology 7.10 5.98 5.21 5.35 6.57
% of funds’ equity assets invested in pharma companies

Textiles 2.83 2.75 2.66 2.79 2.31
Sun Pharma Aurobindo Pharma Cipla Divi’s Labs
Dr. Reddy’s Lab Lupin Others Stocks 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.
Sectoral allocation of equity funds

This is how the sectoral allocation of diversified equity funds stands in comparison with that of the Sensex. Diversified equity funds are overweight on the
construction, healthcare, metal and chemical sectors.
S&P BSE Sensex 'LYHUVLÀHGHTXLW\IXQGV
39.97
28.56
Assets (%)
14.72
12.51
10.95 10.53 8.73 9.52
7.12 6.86 8.32
4.78 5.92
2.53 3.68 4.35
1.55 1.50 1.42 1.71
Financial Energy Technology Automobile FMCG Construction Healthcare Metals Chemicals Communication

FUND RADAR
A rule of dumb
The rule of thumb that you should decide your equity-debt allocation by subtracting your
age from 100 results in a bad outcome
A
commonly cited rule of thumb to determine tain this asset allocation. This is because Samir did not
asset allocation says that an individual should sell fund holdings to arrive at the correct asset alloca-
hold a percentage of stocks equal to 100 minus tion. Any selling may have led to taxation trouble.
his age. So, for a typical 40-year-old, 60 per cent of the Hence, he just bought more of debt when he wanted to
portfolio should be equities or equity mutual funds. No lower equity exposure and bought more of equity funds
one really knows how this formula became a rule of when he wanted to cut the overall exposure to debt.
thumb. We conducted an analysis, through the following Between 2000 to 2017, Samir put in a combined `38.15
cases, to find out exactly how good or bad this popular lakh, including the `1 lakh initial investment. The total
method of asset allocation really is. value of his investments stood at `89.17
lakh at the end of the calendar year
Following the 100-minus-age rule 2017, when he turned 52. So, Samir’s
In the first case, a 35-year-old indi- 100-minus-age model helped his money
vidual – let’s say his name is Samir grow 2.33 times.
– invested `1 lakh at the start of
year 2000 across three equity and Fifty-fifty
three debt mutual funds. Since In the second case, a 35-year-old indi-
Samir was 35 in 2000, the vidual Rajesh invested `1 lakh across
100-minus-age asset allocation the same three equity and three debt
prescribed that 65 per cent of `1 lakh funds in 2000 but did no rebalancing. He spread his
should be in equity funds. The rest 35 per money across the six schemes equally (`16,667 each)
cent should be in debt funds. At the end of once. Since he did no rebalancing, he did not need to
every calendar year, Samir rebalanced the put in any new funds for the rest of the time period, i.e.,
portfolio. This means the equity allocation until end-2017.
got reduced by 1 per cent every year, for instance, from Over the next 17 years, Rajesh’s investment across six
65 per cent to 64 per cent as Samir’s age rose from 35 to different schemes brought different results. In his equi-
36 years. Consequently, the debt-fund allocation rose by ty-fund basket, the best fund gave an annualised return
1 per cent yearly. This model decreases your allocation of 18.29 per cent. The second best gave 12.52 per cent
to stocks, thus reducing the volatility and risk level of annually and the worst one generated 8.75 per cent. On
your investment portfolio. the debt-fund side, Rajesh’s money grew in three
While he began with an initial investment of `1 lakh, streams: 6.27 per cent, 8.63 per cent and 8.24 per cent.
Samir had to bring in more money to the table to main- Mind you all these returns are in real funds.
The four cases

Extra investment Value of investments
Approach Initial investment (`) due to rebalancing (`) (2000 to 2017) (`) Return (no. of times)
100 minus age * 1 lakh 37.15 lakh 89.17 lakh 2.33
50-50% debt and equity funds 1 lakh 0 6.61 lakh 6.61
100% equity funds 1 lakh 0 9.65 lakh 9.65
100% debt funds 1 lakh 0 3.57 lakh 3.57

All the approaches start with a 35-year old in 2000.
* Rebalancing done annually by adding fresh investment (no selling)
The money was put money in the same set of six schemes – three equity, three debt

FUND RADAR
Having made a one-time investment of `1 lakh, also did not have to go through the hassle of annual
Rajesh’s total kitty grew to `6.61 lakh, i.e., his money rebalancing. She bought the funds once and then held
grew 6.61 times in 17 years. That’s much more return onto them.
than what the 100-minus-age model gave. Also, there
was no hassle in this case since there is no rebalancing Date with debt
or fresh investments required. Meena, a 35-year-old woman, invested all her `1 lakh
in three debt funds. Since the three debt funds are the
All equity same for all the four cases, Meena’s best-performing
In the third case, 35-year old Akanksha put all her `1 fund naturally generated 8.63 per cent annualised
lakh initial investment in the three equity funds that return over the 17 years, the second-best one deliv-
Samir and Rajesh chose. All her money was divided ered 8.24 per cent and the third one laboured to pro-
into those three equity funds, with `33,333 going in duce 6.27 per cent. As a result of this approach,
every scheme. Meena’s `1 lakh investment became `3.57 lakh, i.e.,
Since the three equity funds are all the same, 3.57 times in the 17 years.
Akanksha’s best fund generated 18.29 per cent annual- Our research indicates that the 100-minus-age alloca-
ised return, the next best clocked 12.52 per cent and the tion approach delivered the worst outcome out of the
last one delivered 8.75 per cent annualised return over four cases. Also, to avoid tax issue, one needs to have a
the 17 years. When Akanksha turned 52 around end- lot of monetary resources available and one has to be
2017, she looked at her fund portfolio and it had a total ready to be able to add to existing investment to achieve
market value of `9.65 lakh, i.e., her initial investment asset allocation. Even after taking all the pains, the
had grown by 9.65 times. returns are paltry.
With no debt allocation, Akanksha’s portfolio con- The 100-minus-age approach does not appear to be
tained the most risk and consequently, the returns the best allocation approach to use in retirement. So,
rewarded her for the risk taken. Like Rajesh, Akanksha don’t count on it. Choose your asset allocation wisely.
,VERWWRPÀVKLQJZRUWKLW"
Here is a study that tells you if you would have done well by picking losing funds
in the last 20 years
L
ong-term wealth creation is a process that entails a tored their NAV performance in the subsequent fiscal
lot of discipline and patience. This is why many year. In summary, here are our findings.
investors foment ways to quickly make money. Let The probability of positive returns in a loser fund: Normally, the
us study the risk and rewards of one such method. In a probability of generating a positive return in any fund is
bid to replicate the ‘bottom-fishing’ concept in mutual 50 per cent. But if you buy a loser fund that has already
funds, some investors pick up ‘loser’ funds that are at posted negative returns in one year, are your chances of
the end of the performance chart in one year and wait getting a positive return significantly higher in the sub-
for them to turn around in the subsequent year. Value sequent period? Not really! There is a 58 per cent
Research analysed the biggest losers in the equity-fund chance that a loser fund can generate a positive return
arena for every year in the last 20 financial years (FY98 in the next year, which is not very different from 50 per
to FY17) to see if such a strategy actually works. cent for any fund. Hence, if you think that buying a
We studied the three worst-performing equity funds loser fund gives one a magic door to gains in the next
(those that gave negative returns) of each financial year year, that is not true. Performance, poor or good, in the
since 1997–98. Out of these 20 years, in five years, there past is not an accurate guarantee of future returns.
was not a single fund that posted a loss. Hence, we Double trouble: After posting terrible returns in one year,
ignored those years. In the rest 15 financial years, we some loser funds gave sparkling returns in the next. For
looked at the worst three funds of each year and moni- instance, Aditya Birla Sun Life India Opportunities lost

FUND RADAR
72 per cent in FY01 and then rose 47.36 per cent in Multi-year bad themes: Thematic investing gives good
2001–2002. But the other dud funds in 2000–2001 did returns in good times, but when things turn bad,
not have such a remarkable recovery. SBI IT Fund lost returns can really make you suffer. Take for example
73.8 per cent in FY01 and lost 8.73 per cent in FY02. infrastructure funds. In FY11, Escorts Infrastructure
Franklin India Technology Fund lost 65.87 per cent in Fund lost 12.49 per cent. If somebody had bought the
FY01 and ended FY02 with less than 1 per cent gain. fund at the start of FY12, he would be disappointed. In
There are also examples of funds which have done 2011–12, Escorts Infrastructure lost another 22.01 per
badly for two-three years successively. In FY02, cent. In FY13, the fund again lost 25.96 per cent. It
Taurus Discovery lost 22.91 per cent and in was only in FY14 that the fund finally generated
FY03 it again lost 11 per cent. In some positive return.
FY15, HSBC Brazil shed 29.36 per Technology funds also made investors suffer
cent and in FY16 lost another 13.82 in FY08 and FY09. In FY08, Franklin India
per cent. In FY11, JM Basic Fund fell Technology Fund (-30.52 per cent), SBI
by 24.88 per cent and then it again IT Fund (-22.82) and ICICI
dipped by 10.19 per cent in FY12. Prudential Technology Fund
Losses can be big: In some of the (-15.71 per cent) set investors
instances, it was seen that a dud back by quite a bit. In the next
fund’s losses in a year can become year, losses grew much larger as
bigger in the subsequent year. Take for Franklin India Technology
example the three worst funds of Fund tanked by over 33
FY14. DSP Black Rock World per cent, SBI IT Fund
Gold Fund (-21.26 per cent), by 56 per cent and
Kotak World Gold Fund (-18.56 ICICI Prudential
per cent) and HSBC Brazil (-11.4 per cent) had a bad Technology Fund by almost 53 per cent.
year in FY14. Hence, investing in loser funds is no short cut to
In the subsequent year, two funds posted even bigger profits. While in some instances investors did gain 100–
losses! In FY15, Kotak World Gold Fund lost another 120 per cent after buying a loser fund, you will also
21.24 per cent and HSBC Brazil Fund tanked by another have to be prepared for those nasty years when you are
29.36 per cent. So in the bid to make profits, you can hit with 50 per cent losses. A better way to profit from
actually end up buying more losses for your portfolio. equity is to invest in good funds for the long term.
The loser funds

Return next Return next Return next
Fund 1 Return (%) year (%) Fund 2 Return (%) year (%) Fund 3 Return (%) year (%)
FY17 Tata Digital India -9.8 29.0 ABSL Global Real Estate -7.0 0.5 SBI IT -3.6 22.4
FY16 Kotak PSU Bank ETF -27.2 44.4 Reliance ETF PSU Bank -27.2 44.3 Reliance ETF Infra -21.3 22.0
FY15 HSBC Brazil -29.4 -13.8 DSPBR World Mining -24.7 -17.1 Kotak World Gold -21.2 12.5
FY14 DSPBR World Gold -21.3 -16.6 Kotak World Gold -18.6 -21.2 HSBC Brazil -11.4 -29.4
FY13 Escorts Infrastructure -26.0 12.3 Sundaram Infra. Advantage -19.3 14.3 DSPBR World Gold -17.6 -21.3
FY12 Kotak PSU Bank ETF -23.0 -8.5 Reliance ETF PSU Bank -22.9 -7.7 Escorts Infrastructure -22.0 -26.0
)< -0%DVLF (VFRUWV,QIUDVWUXFWXUH (VFRUWV3RZHU (QHUJ\
FY09 JM Core 11 -74.9 110.1 Reliance Quant Plus -70.0 74.1 JM Basic -68.6 119.4
FY08 Franklin India Tech. -30.5 -33.6 SBI IT -22.8 -56.4 ICICI Pru Technology -15.7 -52.8
FY07 UTI Mid Cap -17.9 10.8 BNP Paribas Dividend Yield -17.7 18.2 SBI FMCG -16.9 13.2
FY03 SBI IT -19.0 37.4 ICICI Pru FMCG -18.8 55.9 SBI FMCG -17.2 77.8
FY02 Taurus Discovery -22.9 -11.0 Tata Equity Opportunities -17.2 -4.9 Canara Robeco Equity Tax -10.7 -15.6
FY01 SBI IT -73.8 -8.7 ABSL India Opportunities -72.1 47.4 Franklin India Technology -65.9 0.7
)< -0%DVLF 7DWD0LGFDS /,&0)*URZWK
FY98 Taurus Star Share -14.4 55.2 Franklin India Prima -6.2 83.1 Taurus Discovery -5.3 5.4
No fund had a negative return in FY00, 04, 05, 06 and 10

HOW I DID IT
‘It’s important not to

waste money’
Aritra Ghosh lost quite some money in stocks when he started investing. He learned his
lessons and realised that mutual funds are the best way to invest.
works for a world-famous technology company in
Hyderabad, learned the ropes of investing from his
mother. Over the years, the computer-science expert
discovered mutual funds as his perfect investment part-
ner. He has learned that investing through mutual funds
is much better than relying on poor-quality advice from
colleagues or some broker. Let us have a look at Aritra’s
evolution as an investor.
Start of the investment journey

A bibliophile to the core, Aritra likes to read anything
interesting. When he is not reading or working as a
software engineer, the doting father loves to take up
part-time fun projects with his son. Work has taken
him to different places, but frequent travelling for lei-
sure every now and then with his wife and son takes
the edge of the fast life he leads.
Aritra grew up in a big family with grandparents,
uncles, aunts and lots of cousins. His father is a law-
yer, but it is his mother, a housewife, who served as an
investment inspiration. “I did not have much exposure
to investment psyche or strategies from childhood. I
learned about the importance of saving from my moth-
er. She used to save a little regularly – via fixed depos-
its, Kisan Vikas Patra bonds or gold ornaments,” says
Aritra, who hails from Kolkata.
His first investment was in the PPF. His mother
advised him to invest in it right after he had landed a
job. He also got advice from his colleagues and broker to
buy stocks of certain companies and ULIPs/LIC prod-
ucts. “However, that turned out ugly and I lost money
badly. Losing hard-earned money made me realise that
bad advice could be really harmful and that I had made
S
oftware engineering is a very focused and disci- investment decisions without any knowledge whatsoev-
plined field, much like investments. In software, er of the assets I was investing in,” he remarked.
one needs to be analytical and make informed Aritra thinks it is important not to waste hard-
and logical decision to reach one’s goal, says Value earned money or any money in general. “Idle money,
Research reader Aritra Ghosh. The 35-year old, who i.e., money not invested correctly is also wasted – this

HOW I DID IT
is another lesson I learned the hard way,” exposure and the rest 61 per cent is equity.
he quips. He has no love for gold, like many other
Aritra also considers the ‘self’ to be the Value Research readers.
greatest asset – healthy living and investing
in the self will eventually lead to a good Aritra’s investments
life, money and stable investments. His Aritra appreciates the power of systematic
profession, i.e., software engineering investment plans (SIPs). He has long-run-
helped him evolve, Aritra says. One needs ning SIPs since 2012. Apart from ICICI Long
to be analytical and make informed and ARITRA GHOSH’S Term Equity, he regularly invests in other
logical decision to reach one’s goal. In that INVESTMENT funds such as Aditya Birla Sunlife Frontline
sense, Aritra thinks his profession has PRINCIPLES Equity, DSP Blackrock Micro Cap, ICICI
made him more analytical and he now uses Prudential Balanced and ICICI Prudential
that quality in investments also. Value Discovery.
Before investing, insure Aritra invests in direct plans. He has also
Coming across Value Research yourself and your built his stash of ‘emergency fund’ via debt/
After the initial setback, Aritra started look- dependents. ultra short-term funds.
ing out for other viable options and came Initially, when Aritra started, he did try to
Budgeting is really
across the Value Research website around strike it big with equities. “My entire portfo-
important as it will help
2009. Aritra says, “The sheer amount of lio was in direct equities. After suffering
to monitor the money
information available on the website was ÀRZ±ZKDWWKHWRWDO heavy loses in companies such as DLF,
mind-blowing and after going through some expense is and where it Metalyst Forgings, Plethico Pharmaceuticals
articles, I felt that investing via mutual goes. This will also help and more such, I lost my confidence.
fund would suit me well. Since then, I reli- in reducing unwanted Instead of selling them off at an early stage,
giously follow the articles on the Value expenses. Also, once in spite of their value dropping like a stone,
Research website. I have also subscribed to you have a map of I held onto them dearly,” rues Aritra. It was
its publications. The guidance and articles how much money goes really long before he realised it’s time to let
on the website have helped me to create a where, that usually is go and accept the loses and move on.
viable financial plan.” an eye-opener. Fortunately, that was a big lesson.
Before meeting Value Research, Aritra When the market tanks, Aritra takes that
Invest only after you’ve
had already made his debut on the mutual convinced yourself up as a buying opportunity to pile onto his
fund mart. His very first mutual fund was that you believe in the portfolio of mutual funds. “I did not make
HSBC Debt Fund, in which he invested investment vehicle. the same mistakes with mutual funds. As I
`10,000 in 2008. He sold off the fund after said before, I use VRO as my primary infor-
four years. Be patient. If one is not mation source to narrow down mutual
Reading about long-term wealth cre- patient, the propensity to funds across categories. Once I narrow
ation and goal-based planning helped make errors multiplies. down the list of selected mutual funds, I dig
Aritra mature as an investor. Focused goal- a little deeper. I go over each mutual fund
Don’t invest in too
based investments have even helped him investment portfolio and fund manager. I
PDQ\IXQGV,W¶VGLI¿FXOW
achieve small goals, such as creating an check how the fund has performed over
to manage and keep
emergency fund or saving for yearly travel track of more than market cycles and so forth,” says Aritra
or purchasing a car and other fancy items. three-four funds. sharing his approach.
“The big goals are yet to be conquered,” Today, Aritra has 10 funds in his portfo-
Aritra chuckles. Don’t try too hard and lio. He wants to reduce the number of funds
While he is not enrolled in any dedicated stress yourself out. to five-six. Some of his big holdings are in
financial-planning or investment services, Take it easy. Franklin India Ultra Short Bond Super Inst,
Aritra realises that he might need to avail Mirae Asset Emerging Bluechip and ICICI
professional investment services. At present, his Prudential Balanced.
investment portfolio is distributed over direct equities Aritra also shares with us a set of his investment
(5 per cent) and mutual funds (95 per cent). Among principles, which are highly useful for anyone (see the
his mutual funds, debt funds account for 39 per cent pointers).

SPOTLIGHT I V Subramaniam, MD & CIO, Quantum Advisors Pvt Ltd
Value or nothing
Aarati Krishnan exactly right to talk to the AMC that interest-rate policies) ending, is the
Quantum Mutual Fund has always would give us the honest truth. Indian market in danger of a de-rat-
been the norm-defying rebel in the While the firm’s flamboyant ing?” I ask Subbu, jumping straight
Indian mutual fund industry. It founder Ajit Dayal has been much in. Subbu is quite matter-of-fact
pioneered the direct-to-investor in the news (he stepped down that we should expect it. “If lower-
route, has stayed off new fund recently from Quantum’s Board), it ing of interest rates led to the low
offers over the years and embraced is its nerdy managing director and cost of leveraging and lower dis-
value investing, with cash as CIO I V Subramaniam, who has count rates and this was pushing
residual in their process, which been the investment wizard steer- up the prices of financial assets,
most rivals shy away from. ing its equity functions for many then any reversal should also work
Unknown to many, Quantum years. Value Research decided to the same way. We should brace for
Advisors also manages one of catch up with I V Subramaniam – de-rating of financial assets.”
India’s largest portfolio manage- Subbu to his colleagues – for an But there’s a qualifier. “The
ment schemes and has been an in-depth chat. change in interest rates that we saw
advisor for many years to foreign in the last four–five years has not
institutional investors thronging to Buy or hold cash? been in market-determined rates. It
India. So, with the markets turning “With global interest rates spiking was more of a policy-driven change.
moody, we thought the time is up and the notorious ZIRP (zero Policy architects might decide even

SPOTLIGHT
“Based on historical numbers, valuations in PSU banks do look attrac-

tive. But we are not convinced that we should buy other PSU banks.
We’d rather increase our holding in SBI.”
now to continue with low rates. So are jumping with joy to buy them. rule to invest in small caps, our
even though you may think rates Valuations are still not all that team will be in uncharted territory
are going to go up, something quite attractive. Some PSU banks look and we will be doing something
contrary may happen, too. So, the attractive. But our view has general- other than what we promised. We
advice is simple. Don’t speculate ly been to go for banks like SBI. It don’t want to do that. So, we are
and hold high-quality funds that still has a lot of strength and reason- okay with losing out,” says Subbu,
have solid processes. When money able risk management; it is under- reiterating the Quantum play-by-
is easily available, small caps do taking digitisation initiatives; it is as the-rules credo.
extremely well. So, that is one area good as any private-sector bank in Quantum managers swear by
where risk could lie. We should many areas. SBI has managed some value investing. And they’ve told me
prepare ourselves by buying stocks challenges very well compared to that they like to buy stocks at a 40
which are solid or where valuations other PSU banks. So, based on his- per cent discount to their estimated
still look reasonable.” torical numbers, valuations in PSU fair value and sell them when they
The cash positions in Quantum banks do look attractive. But we are hit the fair value. But does such
Long Term Equity Fund have been not convinced that we should buy choosiness work in frothy markets?
the subject of many Twitter debates other PSU banks. We’d rather There may be very few stocks at
lately. I ask him about why the increase our holding in SBI.” such deep discounts, I remark.
fund still held a 16 per cent cash Is Quantum able to sit out oppor- Subbu admits that Quantum
position in end-February after the tunities because it’s a relatively funds will underperform in a frothy
correction. Isn’t the market throw- small fund? Subbu quickly refutes market. “We know that. If we start
ing up buying opportunities? that. “Size has no bearing on this. tweaking our strategy based on mar-
Subbu says that no ‘large-scale’ We like to go after liquid stocks that ket movements and remain invested
buying opportunities have sprung fit our criteria. We buy stocks with in a stock just because the markets
up. “Some of our existing portfolio a minimum $1 million in traded are great, then that will be going into
holdings have become more attrac- value per day and we stick to this.” uncharted territory. We had high
tive because their prices have cor- cash positions in 2014, 2015 and
rected and we have been able to The Quantum rule book 2016. Despite all this, our long-term
add more. By and large, India has But with such liquidity filters, track record looks good.” That’s cer-
offered a lot of stock-specific oppor- won’t Quantum miss out on small tainly true because Quantum Long-
tunities lately. One has had to keep caps – the superstars of Indian bull Term Equity is among the top two
digging deeper for value. Last year, markets? “There are some small funds on a 10-year basis in the large-
IT and pharma stocks offered value. caps and mid caps which tend to cap category.
This year some consumer-discre- have good liquidity and at attractive The ever-cautious Subbu quali-
tionary names look good. Banking valuations, we will buy them. But fies this though. “When you hold
also looks good. So we have there are some stocks that are not cash because of high valuations,
deployed some cash. But no, we are liquid and a small amount of you need to be prepared for quick
not deploying all of it yet.” money in them can push them turnarounds, too. For instance, in
The statement about banking has higher. We don’t want to chase February 2016, we had to very
me asking about whether financials, them. Nor do we want to alter our quickly deploy the cash when the
especially PSU banks, are good stock-selection criteria for different market collapsed. Bounce-backs
buys after the recent LOU-related market conditions. When we went also happen very quickly. At the
battering. That’s top-of-mind for to investors, we went with the man- end of February 2016, we saw an
many retail investors. date of investing in the liquid upside potential of nearly 60 per
“NBFCs and insurance stocks names in the market, mostly from cent on our portfolio over a period
have corrected, but it is not like we the BSE 200. Now, if we break that of two years. Right now, the market

“Value traps are cheap stocks with no real catalyst to unlock value.
It is important to identify the catalyst, but it may take some time to
deliver. You have to be patient.”
has already given 44 per cent return can sometimes hurt, too. The mar- paid off very well for us. So, you
since then. If at that time we did ket may continue to reward it.” need to have patience.”
not move, we would have lost out. But what of the cases where the
So holding cash also means moving Does value work? thesis flops and you are really
very fast when corrections happen. Given that we’ve been agreeing on stuck, I ask. Subbu is pragmatic on
And there will be times when we everything so far, I decide to pro- this. “Simple, if the catalyst doesn’t
will have to sell early and wait.” voke him on his value-investing work, then it is a value trap. But
thesis. Many fund managers in you do get selling opportunities. In
Cash dilemma India say that there’s nothing called the 2008 era, for instance, we
I ask him about something that’s value investing for this market. picked up many stocks that seemed
been bothering me for a while. What you get when you try to buy to offer value. Some had immediate
Given Quantum’s strict rules on cheap stocks is value traps. Can triggers for unlocking; some didn’t.
discount to fair value, have there Quantum cite examples of deep-val- So eventually, we reshuffled our
been long periods when the fund ue investments that have worked? portfolios towards stocks that had
did not find any stocks to invest in? Neither shaken nor stirred, catalysts that were immediately
“We think of that 40 per cent dis- Subbu patiently responds, “In my unlockable. We owned Arvind and
count as ideal, but there are situa- view, value traps are cheap stocks Raymond. Both had value but one
tions where we are ready to take a with no real catalyst to unlock had a catalyst which was more visi-
lower discount. We are also aware value. It is important to identify the ble. So, we booked out of Arvind
that in some sectors, we will never catalyst, but it may take some time and accumulated Raymond.”
get that 40 per cent discount to fair to deliver. You have to be patient.
value, for instance, in consumer In 2015–16, we made good profits How FIIs differ
staples. These are good businesses, on oil-marketing stocks such as IOC I get to broader market questions
great brands and are cash-generat- and Petronet LNG. A few years ago, and ask Subbu what he has
ing. So there’s a margin of safety the valuations of IOC were at a observed about FIIs in the two
and hence we can accept a lower deep discount to its replacement decades of advising them. How are
discount. I remember, in 2014–15, value. The catalyst was that the they different from Indian investors?
after the Modi win in the elections, government was changing its poli- Subbu qualifies that FIIs can be
valuations started galloping and our cies on retail prices for petrol and short term, too, if they are hedge
cash position increased to as high diesel and decontrolling them. funds, etc., but the FIIs Quantum
as 30 per cent. For a year, I think, Such a thesis may take one year or has advised have always been ultra
we were not able to make any sig- even two to play out. But eventual- long term. “Many of our clients have
nificant new investment. Only in ly, it did happen and the stocks did a 20- or a 30-year view on a market.
January-February 2016, when the extremely well.” They look at fund performance
market corrected, were we finally He has more to add. “The other across a cycle, which is typically
able to buy. So that can happen. example we can offer is ING Vysya three–five years. This means they
You may find the odd stock but not Bank. For a long while, it did not wouldn’t bother to check on us until
many stocks.” participate in retail lending and the end of one cycle. They also look
What about the other problem faced growth issues. Its cost-to-in- at performance relative to the bench-
that most value investors have: sell- come ratio was very high. But if mark. The benchmarks they use can
ing too early and missing a big you met the management regularly, be sophisticated and tougher to beat
move? It can happen, says Subbu. you could see that they were taking than the Indian bellwethers. But we
“If buying a falling stock is like steps to address those issues. They are fine with that.”
catching a falling knife, selling it improved on costs eventually and He explains that these FIIs are
thinking that it is reasonably valued were acquired by Kotak Bank. That not as particular about returns, as

SPOTLIGHT
“Know that the market is always right and is saying something to you.
You need to pay attention to that message, without being too dogmatic
about your own views.”
they are about sticking to the stated fundamentals is very important manager takes an active call and
style and mandate. “They under- when one is selling. Two, you defi- decides the ratio of equity, bond
stand the style and want you to do nitely need a lot of patience to and gold in the portfolio. The asset
what you promised to. They even make money in the markets. Three, allocation is automatic.”
get worried if you start doing very know that the market is always
well in bull markets. What I find in right and is saying something to No comparison
FIIs we deal with is that they them- you. You need to pay attention to What has kept Subbu wedded to
selves have a very disciplined pro- that message, without being too Quantum AMC, which also rela-
cess and so they understand dogmatic about your own views. tively small-sized, for so many
Quantum’s discipline. Where we But yes, the market does go through years? “It’s a long list!” Says Subbu,
trail the benchmark, we will need periods of excessive greed and fear. sounding unusually exuberant.
to justify why – whether it is due to Depending on the time horizon, “Right from finding a great founder
owning some stocks or avoiding you can use those opportunities.” in Ajit, a great mentor and friend,
some. Last year we did not own So what if the market’s view is to my requirement of being part of
Reliance Industries and that led to very different from yours for a very building an institution. I began my
underperformance.” long period? Will you sell out of a career in 1992, around the Harshad
Does Subbu think that ETFs and position, I query. Mehta scam. I saw a lot of people
smart-beta funds will take money Subbu says that it certainly calls making as well as losing money
away from active managers? for a review and reels out an exam- within a span of months. So, I had
They won’t, he believes. ple. “We were horribly wrong in this dream of being part of a
“Investing through an ETF is more holding 3i Infotech in 2006–07. We research-based institution with a
of a convenience. It is lazy investing owned the stock, met the manage- truly long-term outlook on equities
and is about keeping costs low. But ment and kept on believing that and which would be careful with
there are a variety of risks there, too. things were changing for the better. investors and investor communica-
Investors don’t have a choice in But sometimes it takes a hard knock tion. Quantum fit that bill.”
terms of good management, looking to realise you are not right. At times He also admits that he likes play-
for ESG (environmental, social and though, conviction helps. In the last ing by rules and fits like a glove at
governance) qualities in an ETF. two years, the market was ignoring Quantum. “The culture here is
Some people are beginning to ques- IT stocks. We have been holding about being compliant at all times.
tion the ETF strategy. But just sizeable positions which have done This allows me to sleep very well. I
because ETFs have come in does not very well in the last few months. doubt if any other institution would
mean that alpha has fled the mar- That can happen as well.” have allowed this. I keep telling my
kets. It is still available.” What about his own money, I family that before I joined Quantum
ask. Subbu has stock options in his I used to look forward to a Saturday
Market lessons firm. “If I include those, my equity or Sunday. Now, I really look for-
So what are his biggest lessons from allocation is close to 80 per cent, ward to a Monday. Being at home is
dealing with equity markets on else it will be 60:40, he estimates. A great, but I love work. The team,
behalf of so many varied investors? good part of that 60 per cent is in touch wood, has been stable. To tell
“One, a process-driven approach Quantum Long Term Equity Fund you truth, I never seriously looked
is always better, particularly while through SIPs.” at another option. I don’t go around
selling. Many investors find it He prefers liquid funds for fixed comparing pay packages with other
tough to pinpoint a price-to-earn- income. But one fund he really fan- managers,” he ends, laughing.
ings ratio where they will sell. One cies is Quantum Multi Asset Fund. That conviction about sticking to
also has to avoid any bias while “The returns are stable at 9–10 per its guns is what makes Quantum a
selling. I have found rechecking the cent with low volatility. The fund hit with investors, too.

COVER STORY
India’s best
small-cap
funds

COVER STORY
Aarati Krishnan
A
ggressive investors looking back at the 10-year
record of Indian equity funds today may not
IN A NUTSHELL
Many investors get Since the current
find much to be wildly excited about. Taking attracted to small caps market doesn’t have a
stock on April 3, 2018, the 10-year CAGR due to their high return clear bullish or bearish
(compounded annual growth rate) on large-cap equity potential. trend, it’s difficult to say
funds stood at 9.8 per cent, falling just short of the whether you should
Seasoned investors
start accumulating
double digits. Returns on multi-cap funds nudged 12 suggest that bear
small caps.
per cent and those on mid-cap funds got to 15 per cent markets are the right
time to buy small caps Given the volatility,
over the 10-year period, barely meeting the typical
as they show a big SIPs remain the best
return expectations of Indian investors. Given that bounce-back when the way to invest in small-
these returns are being evaluated after a four-year-old situation changes. cap funds. SIPs also
bull market that has taken stock valuations through tend to give better
However, they also fall
the roof, this may be something of a let-down to returns than lump
like ninepins if the
sums in the case of
investors looking to make big bucks from equities. market falls further.
small caps.
More bang for buck

But one category of funds that would make all category appears so mouth-watering today, at over
investors sit up and take notice is small-cap equity 31 per cent.
funds. Funds in this category averaged a 17 per cent However, markets today are neither in a raging bull
CAGR in the last 10 years, with the phase nor in the grip of a full-blown bear phase. Small-
top small-cap funds even managing cap indices delivered nearly twice the market returns
19 and 20 per cent. Small caps also in the breathless bull run of the last five years (five-
represent one category of active year CAGR of the BSE SmallCap index is 25 per cent
funds where good managers really versus 12.5 per cent on the BSE Sensex). But in the last
deliver sizeable alpha (excess returns three months, with the indices turning volatile, the
over benchmark) to investors. In the last 10 BSE SmallCap index has corrected by 9 per cent.
years, while the S&P BSE SmallCap index Small-cap funds have seen their NAVs decline by 4 to
managed just an 8.3 per cent CAGR, active 12 per cent. Experts warn that the year ahead will be
small-cap funds have averaged twice this no cakewalk for equity investors, with worsening
return, at 16.7 per cent. global cues, dodgy FII flows and rising interest rates
All this establishes that if you’re a risk-taking testing investor conviction at elevated valuations.
investor who likes to get maximum bang for his buck, So, if a big correction is around the corner, small-
small-cap equity funds should be in your portfolio. cap stocks may very well bear the brunt of it. While
small-cap mutual funds are less exposed to big
Best in bear markets downsides than individual stocks due to diversified
But having decided to go in for a small-cap portfolios, corrections can hit small-cap funds, too.
fund, investors are often foxed by one In the 2008 market crash, for instance, the
question – ‘Should I buy now or wait for average small-cap fund saw a 64 per cent fall
a better time?’ Seasoned investors will in its NAV. In 2011, the decline was 27 per
tell you that bear markets are the ideal cent. Jumping into small-cap funds when
time to buy the high-beta small-cap the markets are in a free fall can be
stocks because they can deliver outsized behaviourally quite a difficult decision,
gains in a bounce-back. It is true that fortunate too, given the warnings about catching a
investors who timed their purchases of small-cap falling knife.
funds to the low points in the market in 2009, For investors keen on buying
2011 or 2013 have made bumper returns. The small-cap equity funds, worrying
low starting point in 2013, is the main reason about all this can be quite a
why the five-year CAGR on the small-cap fund decision killer.

COVER STORY
Why funds gate flows

For investors keen to buy into small-cap equity existing investors, who have shown their long term
funds in India, one key challenge today is that commitment to our fund.”
many good schemes with an established track Franklin India Smallcap Fund is one fund in this
record aren’t open to inflows. These funds have category that hasn’t barred its gates to new inflows.
stopped accepting either lump-sum subscriptions or So, is FT making a statement that it will invest in
SIPs or both in the last one year. So, are fund all kinds of market conditions? Yes, says
managers signalling to investors that this isn’t the R Janakiraman, Senior Vice-President at Franklin
time to invest in small caps? Templeton Investments India, “At a few
The fund managers hotly deny this. Asked why valuation points, the availability of
the popular DSP BlackRock Smallcap Fund has acceptable small-cap ideas was
been shut to both lump sums and SIPs challenging. For me, the most
for a while and whether this signals challenging period was in
that investors should stay away February 2015. After that, things
from such funds, Vinit Sambre have improved. April 2018 is
explains, “No, it may still be good significantly better as compared to December 2017.
to invest with a four- or five-year I now see much more ability to deploy capital.
view in the small-cap category. Our Probably if the market had continued that kind of
decision on opening the fund for both lump sum strength that we saw in 2017, it would have been a
and SIP would depend upon whether we find lot more difficult.” In any case, under SEBI’s new
enough attractive opportunities to deploy the flows fund categorisation rules all small-cap funds have
that we get. We have realised that it is difficult to the leeway to invest upto 35 per cent of their
deploy huge flows of money in a shorter time portfolio in mid- or large-cap stocks. Janakiraman
period in the small-cap category.” adds that investors need not lose so much sleep
R Srinivasan, Head of Equities at SBI Mutual Fund about the timing aspect. “My feeling is that you
is even more categorical. “We’ve never had a need not look at small and mid caps as a beta
problem building a portfolio of 25–30 opportunity. If you are able to combine small- and
stocks with potentially good mid-cap investing with a quality-oriented approach,
returns. Liquidity is a constraint, the outcome is satisfactory in the long run.”
no doubt, which is why we shut Jinesh Gopani, Head of Equities at Axis Mutual
our fund for subscriptions. It (the Fund, however, has a word of caution
decision not to accept new flows) on the kind of small-cap funds that
had nothing to do with our view on you rush out to buy, especially if
small caps or the timing aspect.” you are a lump-sum investor.
Samir Rachh of Reliance Mutual Fund says, “For “Frankly, the market remains quite
long-term investors, small caps are a volatile. Therefore, if you are
good space for wealth creation. As evaluating funds that own good-
India achieves its full growth quality long-term stories in small caps, you may
potential over the next few buy them. But for funds that take the momentum
decades, there would be many approach or buy concept-based stocks, I would not
multi-baggers and chances are recommend buying them at this point of time. This
high that they would be from this is not a one-way market. Normally, all small-cap
space. The major constraint of small-cap funds is funds do well when there is upward momentum.
that you cannot have very large fund sizes due to Investors need to be careful of selecting funds that
liquidity constraints. Our decision to put a cap on have shown a lot of momentum in one year as a fall
fresh subscriptions is more to do justice to our can cause a lot of mayhem in some small caps.”

Take the SIP route Looking back at the last 10 years, the five small-cap
The best way for investors to solve the timing problem funds that have been in operation over this period
is to initiate SIPs in small-cap funds right away, instead feature a trailing 10-year CAGR (lump-sum return) of
of waiting in nail-biting suspense for the market’s next 12 to 20 per cent. But the annualised returns on their
move. SIPs work really well for small-cap funds SIPs are far higher, at 19 to 25 per cent.
because this is the most volatile category among equity In fact, SIPs can be quite a life-saver for investors
funds and the most prone to sharp downward swings. who inadvertently get in at market peaks and have to
By spreading out your investments in small-cap funds suffer through prolonged corrections. But for investors
over three or five years, you can ensure that you make who initiated SIPs in the three long-running small-cap
the most of market downturns or corrections that funds in December 2007 (see the table), the results
unfold during your investment period. haven’t been anything to worry about. Surprisingly
enough, small-cap funds don’t do badly even for
SIP returns on long-running small-cap funds investors who started their SIPs at a low point in the
From From From market cycle. For those who kicked off SIPs in the
% per annum Dec 2007 Apr 2008 Dec 2011
beaten-down market of December 2011, the returns
Franklin India Smaller Cos. 23.30 24.04 27.03 from the three long-running small-cap funds till date
DSP BlackRock Smallcap 24.95 25.73 28.68 were 25 to 29 per cent.
This just goes to show that s long as you’ve picked a
HSBC Smallcap 17.80 18.60 24.92
small-cap fund with a good record and the fund allows
Data as on April 3, 2018. it, any time is a good time to start.
The right way to invest

in small caps
Given the complexity involved in picking small caps, retail investors are
better off investing in small caps through mutual funds
F
inancial advisors may ask investors to have `12 to `1,398 in 10 years. (All stock price data in this
modest return expectations from equities, at 12 story are adjusted for bonus/splits and capture returns
to 15 per cent. But the secret desire of most retail from March 2008 to March 2018). Or take the crockery
investors is to unearth multi-bagger stocks that can maker La Opala RG, which starting out at a mere `32
mint millions. This dream is often fuelled by stories crore market cap, has seen its stock soar from
from their friends and family about obscure stocks `33 to `3,589.
that turned out to be diamonds in the rough. Then there are those
success stories of
Stocks versus mutual funds companies that have
There are certainly many small-cap stocks in graduated from small-cap
the Indian market that boast rags-to-riches to large-cap status by
stories in the last 10 years. Take the case of rapidly scaling up their
Ajanta Pharma, a small-sized pharma business. Eicher Motors,
company focused on domestic sales, which originally a truck company,
featured a mere `100 crore market cap in acquired the Royal Enfield
March 2008. It has seen its stock price zoom from brand to become a go-to

COVER STORY
brand for upmarket motorcycles. It has seen its
adjusted stock price zoom from `277 to `27,740 a 100-
fold gain in 10 years. This has taken its market cap up
IN A NUTSHELL
When it comes to small caps are
from about `800 crore to `75,000 crore. Or there is returns, investing promising.
Bajaj Finance, which has grown from the captive directly in small caps as
One doesn’t just have
financing arm of Bajaj Auto to a consumer-financing compared to small-cap
to buy a small cap; one
giant in just 10 years. Its stock price has soared from funds appears far-more
should also be dogged
rewarding. However,
`39 to `1,659 and market cap from about `1,400 crore enough to hold it
picking multi-bagger
to nearly `1 lakh crore. through periods of
small caps is a hard nut
underperformance..
On a CAGR basis, the top small-cap stars have to crack.
managed a CAGR of anywhere between 40 and 60 per Small caps are also
Small caps frequently
cent over the last 10 years. Investors measuring small- more prone to
run into problems, due
governance risk.
cap equity mutual funds against these stocks may be to which their stock
dissatisfied. Over a similar 10-year window, leading prices can collapse. Going through small-
cap mutual funds is
small-cap equity funds have managed an 18–20 per Given the large universe
the best way of
cent CAGR. of small caps, it is
investing in small caps.
But while it is such comparisons that have retail difficult to know which
investors dabbling directly in small caps, the above
stock examples suffer seriously from hindsight bias. In
real life, retail investors looking to take the do-it- software company, which saw its stock price fall from
yourself route to small-cap investing have to surmount `258 to `9. In fact, there were 29 stocks in the list that
three big hurdles to create long-term wealth. wiped out at least half of their investor’s capital in the
last 10 years.
Selecting the survivors Therefore, while it may appear to be quite an easy
Searching for quality small-cap stocks in the Indian task to explain why Eicher Motors or Bajaj Finance
market is like looking for a needle in haystack because have turned out multi-baggers, it would have been very
there are literally hundreds of sub-par stocks littering difficult indeed to take this call in March 2008, when
up the listed space. To arrive at the odds of an investor Eicher or Bajaj were one among a thousand stock
latching onto a multi-bagger small cap, Value Research choices that one could have made.
ran a screener on all NSE-listed stocks that featured a If you go wrong, the chances of a small-cap
market cap of `2,000 crore or less exactly 10 years ago, company not surviving a decade are quite high because
in March 2008 and calculated their CAGR returns on scaling up from a tiny to a mid-sized firm in any
their adjusted stock price (for bonuses and splits). industry is far more challenging than scaling up from a
Of the 715 stocks on our list in March 2008, as many mid-sized firm to a large one.
as 224 delivered losses to investors after a10-year
holding period to March 2018. That’s a Scaling problems
31 per cent chance of picking a For a small-sized firm to turn into a multi-bagger, it
lemon and losing money on isn’t just enough for the company to survive. It has
a small-cap despite a to thrive and deliver faster growth than all its
10-year wait. These loss- peers in the industry. Most small-cap firms
makers included some stumble at this task. Of the 715 small
names that really caps we started out with in 2008, 383
decimated investor stocks or 54 per cent, did not
wealth. There’s pipe- manage even a 10 per cent
maker PSL, which CAGR in their stock over the
nosedived from `355 next 10 years. In fact,
to `4 in 10 years; only a third of the
power-equipment firm small caps on the
Bilpower, which tumbled list managed the
from `100 to `2; Subex, a minimum

investor expectation of a 15 per cent CAGR. fell steeply from `560 to `360 between
It is also hard to estimate when a small cap July 2015 and March 2016. Only
may turn the corner. When a small company investors who were brave enough and
you own stays at a midget size for many years, confident enough to hold during this fall
it is natural to get frustrated and exit the stock. would have experienced its next high at
Often, you find the business suddenly picking over `670.
up and delivering just after you exited it! Enjoying their multi-bagger returns at
Stocks that turned out to be multi-baggers or the end of 10 or 20 years, therefore,
managed bumper CAGRs of over 26 per cent per means holding onto these stocks through
annum numbered 109. Basically, for every 100 turbulent times as well as times when the
small caps that were traded on the NSE in March stock or business does absolutely
2008, only 14 turned out to be the kind of nothing. It also means not booking
multi-baggers that investors love to own. profits too early because you are afraid
Picking winners isn’t quite as easy as a of losing money.
monkey throwing darts because you find no Finally, because they aren’t tracked by
common sectoral or macro ‘theme’ to those an army of analysts, small-cap stocks are
10-year winners. The top five wealth creators over a far more prone to governance risks than mid
decade feature a pharma firm (Ajanta Pharma), a caps or large caps.
crockery maker (La Opala RG), an agrochemicals
company (Bharat Rasayan), a pressure-cooker maker Mutual fund route
(TTK Prestige) and a sanitaryware maker (Cera To cut a long story short, yes, DIY investing in small
Sanitaryware), all of which would have been difficult caps can be immensely rewarding for you if you are
to identify as scalable opportunities 10 years ago. skilled, lucky and patient enough to buy and hold the
right stocks. But the costs of going wrong are extremely
Hanging on high and you should be willing to watch over your
Ask any HNI owning small-cap stocks or professional portfolio like a mother hen. Most investors who have a
fund manager and they will tell you that biggest full-time job or profession to pursue will find it
challenge in making money from small caps lies not in difficult to do this on their own.
buying them but in hanging onto them. This is why mutual funds specialising in small-cap
Though looking at the CAGR returns on small caps
can give the impression of a steadily soaring price graph,
real-life returns on these stocks came in a very ad-hoc
fashion over the years, where the stock would do
nothing for a long time and then rise by leaps and or micro-
bounds. For instance, Avanti Feeds, now a mid cap, cap stocks
managed barely any returns for a three-year period from may be a
2008 to 2011. Relaxo Footwear, now a crowd favourite, better choice
for retail
5HWXUQSURÀOHRI16(OLVWHGVPDOOFDSVWRFNV investors who
Number of stocks would like to
Returns > 40 % 25
reap riches in this
space. Given that there are
Returns >= 25% 109 only four or five small-cap equity funds
Returns >= 10 % 332 with a long-term track record, choosing the
right small-cap fund and hanging on is far easier
Returns <= 9 % 383
than navigating the minefield of DIY investing. The
Negative returns 224 pay-offs may be lower, but the probability of making a
Total no of stocks 715 good return is many times higher than direct investing.
The distribution is based on the annualised returns on the adjusted stock
So take your pick of the small-cap equity funds we
prices between March 2008 and March 2018 of 715 small-cap stocks have selected for you in this issue and sleep easy!

REGULAR DIRECT
BEST SMALL-CAP FUNDS DSP BLACKROCK SMALLCAP FUND
The go-to name

Earlier called Microcap Fund, this fund is a highly popular name in the
small-cap space and has created long-term wealth for its investors
How it is managed
Why we like it
This fund has always been both DSP BlackRock Smallcap Fund
valuation and quality conscious, (earlier Microcap Fund) has for
unwilling to compromise on long been the go-to name for inves-
either for quick gains. It selects tors keen on small-cap investing.
companies which have great man- Vinit Sambre, Senior Vice President
agements, free cash flows, decent and Fund Manager, DSP BlackRock
long-term ROCEs and competitive Investment Managers, does a quick
advantages. It’s since-launch Q&A with Value Research on how
CAGR of about 19 per cent, with a he navigates this challenging space.
low portfolio turnover of 26 per VINIT SAMBRE
cent, is a testimony to the success What filters do you use to weed out Senior VP, DSP BlackRock Investment
of its buy-and-hold credo. Despite poor-quality small caps from your
the lag in the last one year, the portfolio?
fund’s five-year returns are ahead We would like to look at companies No, it may still be good to invest
of the category by about 2 per- which have shown sustainable with a four- or five-year view in the
centage points, at about 34 per growth of, say, 15 per cent plus, small-cap category. Our decision on
cent, and the 10-year CAGR is 3 averaging across cycles. We also opening the fund for both lump-
percentage points ahead, at 20 per focus a lot on the balance sheet. sum and SIP would depend upon
cent. The fund is a good option in and how leverage has been man- whether we find enough attractive
a shaky market. It handled well aged. We try to figure out how the opportunities to deploy the flows
the bear phases in 2008 and 2011. business has grown vis-a-vis its that we get. We have realised that it
The fund is, however, not accept- working-capital requirements. is difficult to deploy huge flows of
ing both new SIPs and lump-sum Generally, we like free-cash-flow money in a shorter time period in
investments currently and only generating companies, which man- the small-cap category.
older SIPs continue to be accept- age capex via internal accruals and
ed. Wait till the fund starts accept- not via debt funding. We don’t like Retail investors often believe that
ing new inflows. companies which keep on issuing they can do better than mutual
debt or equity to raise money. The funds by directly investing in small-
long-term record on ROCE should cap stocks. What’s your view?
` 11.83 lakh
Worth of monthly SIP of `10,000 in 5 years (`6 lakh)
be upwards of 17–18 per cent. If a
business is able to show these, then
we believe it can create wealth.
If you are an expert, you can cer-
tainly try direct investing. But
small caps are risky space. A num-
Returns (%) Finally, beyond numbers is the ber of small-cap firms have inferi-
5Y 10Y quality of management. or business models and only do
Fund 33.4 20.2 well in bull phases. Therefore, for
Category 31.1 16.2
For a fairly long time now, your fund non-experts, it is preferable to
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has been shut for both lump-sum allocate money to a fund manager
`5,846 cr May-07 2.39 | 2.03 investments and SIPs. Are you who is tuned in to fundamentals
Assets Launch date Expense ratio (%) telling people that this is not a good and has a good understanding of
Data as on Mar 31, 2018. Expense ratio as on Feb 28, 2018. time to invest in small caps? the business.

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BEST SMALL-CAP FUNDS FRANKLIN INDIA SMALLER COMPANIES
Fundamentally solid
)ROORZLQJVWULQJHQWÀOWHUVDQGVWD\LQJDZD\IURPWKHPRPHQWXPDQG
thematic strategies, this fund ensures that quality remains at its core
How it is managed
Why we like it
A focus on hard-core fundamen- The equities team of Franklin
tals makes Franklin India Smaller Templeton India has a reputation
Companies Fund a good pick for for staying away from momentum
investors to avoid the big mis- stocks and yet delivering rock-solid
takes of small-cap investing. For performance across market cycles.
the last 10 years and over two Franklin India Smaller Companies
whole market cycles, the fund has Fund is also among the very few
demonstrated a consistent ability small-cap funds that remain open
to deliver benchmark-beating perfor subscription both by way of
formance. It looks for companies lump sum and SIPs. Here, R JANAKIRAMAN
which can compound their earn- R Janakiraman, Vice President and
VP and Portfolio Manager, Franklin India
ings at a high rate, with good Portfolio Manager, shares his secret
returns on capital, low capital sauce with Value Research.
intensity and capable manage- Does that strategy deliver?
ment. It has been a strong outper- How do you identify good quality We are generally a bit slow in
former in undervalued markets small caps for your portfolio? adopting new themes because we
and shows moderation during big Our standard set of filters is return display a lot of initial scepticism.
bull phases, a useful quality to on capital employed (ROCE), free For me, theme-based investing
contain losses as Indian markets cash flows, working-capital effi- hasn’t been very useful so far.
turn more volatile and correc- ciency, tax rate and capital intensi-
tion-prone. This has been one of ty. I also like to assess the trend in What are the mistakes to avoid
the few funds not to shut its gates non-material expenses, basically with small-cap investing?
to new inflows and believes in the aggregate operational cost, to To succeed in small caps, one
finding investible opportunities in gauge the extent of cost inflation needs to build ability to hold onto
all kinds of markets. It has leeway faced by the company. From a a good-quality business for a very
to hold up to 35 per cent of its downside-protection point of view, long time. In addition to that, even
portfolio in large caps. the utility of the balance sheet is if you own a good-quality business,
more for mid- and small-cap stocks. as the portfolio grows, the percent-
age exposure to that stock keeps
` 11.06 lakh
Does P/E matter when you buy a
small-cap stock?
This would depend on the philoso-
phy of the fund manager. Mine has
falling. The investor or manager
fails to ensure that the percentage
exposure remains the same as the
corpus grows larger.
Returns (%)
5Y 10Y been to buy good-quality businesses Two, small-cap investing is to a
Fund 30.2 18.4 at a fair price. Low valuation is not great extent about avoiding big mis-
Category 31.1 16.2 something I prioritise or emphasise. takes and weeding out doubtful
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businesses. If you do that, you need
`7,007 cr Dec-05 2.42 | 1.17 Many investors like to pick small- not go for the boundaries and sixes.
Assets Launch date Expense ratio (%) caps based on themes such as Even through a boring strategy, you
Data as on Mar 31, 2018. Expense ratio as on Feb 28, 2018. Digital India or commodity cycles. will get to a pretty good score!

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BEST SMALL-CAP FUNDS L&T EMERGING BUSINESSES FUND
New but promising

In spite of the fact that the fund has completed just three years, it has
beaten its benchmark and peers by convincing margins since launch
How it is managed
Why we like it
This fund may have completed In a chat with Value Research a
just three years since launch, but couple of months ago, Soumendra
it has proven itself capable of beat- Nath Lahiri, CIO, L&T Mutual
ing both its benchmark and peers Fund, took us through the
by convincing margins in this stock-selection process and credo
period. Its one- and three-year at the fund house.
returns are 7 and 5 percentage
points ahead of the category Is L&T a value-oriented fund
returns. This is despite the bench- house?
marking to the BSE SmallCap I don’t agree with that. While SOUMENDRA NATH LAHIRI
Total Returns Index. Making its selecting stocks, we try to buy
CIO, L&T Mutual Fund
debut at a three-star rating, it has growth at a reasonable valuation.
climbed to four stars in the last six Moreover, we look for stocks
months. The fund does not where growth is better than the Do you believe commodity and
pigeon-hole itself into either the growth in the market and the peer cyclicals can’t create long-term
growth or value styles of investing group. Calling oneself a growth or wealth?
but looks to buy good-quality, value style investor doesn’t matter Not at all. We are sector agnostic.
growth businesses at a reasonable much. It’s a question really of Every sector is attractive at a cer-
valuation. It has retained a laser whether the risk–reward ratio is in tain point in time and at a certain
focus on mid- and small-cap one’s favour or not. The call valuation. You should just know
stocks through market cycles, depends on how we see business when to enter the sector and when
without leaning on any large-cap prospects of a company today. to exit it.
exposures to handle deployment
or liquidity issues. This makes its What kind of stocks do you like What filters do you use for
performance vis-a-vis peers stand to buy? selecting stocks?
out. The fund remains open to We would like to buy growth stocks At L&T, our focus is on high-quali-
both lump sums and SIPs. when there is still some value in ty businesses run by good manage-
them. In India, there can be so ments and available at reasonable
many value traps in stock selec- valuations. Apart from gover-
` 5.58 lakh
Worth of monthly SIP of `10,000 in 3 years (`3.6 lakh)
tion. You can buy into a lot of com-
panies, thinking there is value but
it never shows up. Therefore, we
nance, good capital allocation is a
key factor we look at. Every
month, we run a screener, ranking
Returns (%) would typically look for a catalyst all the companies in the listed uni-
1Y 3Y for that value to be unlocked. It can verse by market cap and then by
Fund 27.3 22.8 simply be a pick-up in earnings profits. This method has helped us
Category 19.0 18.1 growth or an event like a demerger identify some very good ideas in
REGULAR DIRECT
or a spin-off – any trigger that leads terms of mismatches between the
`4,404 cr May-14 2.09 | 1.58 to stock price appreciation. The market opportunity and the size of
Assets Launch date Expense ratio (%) principle of buying one dollar at 70 the largest player in a sector.
Data as on Mar 31, 2018. Expense ratio as on Feb 28, 2018. cents rarely works in India.

REGULAR DIRECT
BEST SMALL-CAP FUNDS RELIANCE SMALLCAP FUND
Aggressive approach
With a portfolio turnover of 120 per cent, the fund follows quite an
aggressive strategy, which has also done well so far
How it is managed
Why we like it
This fund has beaten its bench- An aggressive fund that makes the
mark in all seven years since its most of bull phases, Reliance
inception and has held onto a Smallcap Fund has been a consis-
three- or four-star rating without a tent performer in the small-cap
pause. The fund adheres to a phi- category. Samir Rachh, Fund
losophy of finding good businesses Manager - Equity, shares his
at a good price without leaning stock-selection mantras here.
overtly towards either the value or
growth styles of investing. This How do you zero in on small-cap
approach has helped it outperform stocks? SAMIR RACHH
both its benchmark and category It’s very important to weed out
Fund Manager, Reliance Mutual Fund
over one year, three years, five poor-quality stocks and avoid mis-
years and since launch, too. The takes in this segment. We put lot
margin of outperformance has of emphasis on the quality of man- Some of the small-cap multi-bag-
remained high in the last one year agement and the quality of balance gers in India have managed 40
as well. The fund’s aggressive sheet. We do a lot of channel per cent plus annualised returns.
approach shows up in a portfo- checks and if we get any red flags Why are the 10-year returns on
lio-turnover ratio of 120 per cent. on these, we turn very cautious. small-cap funds lower?
The only constraint is that this Small-cap investing is largely India has a large small-cap uni-
fund hasn’t seen really challenging about bottom-up stock selection. verse, with 500–600 stocks. Most
bear markets like the one in 2008. Therefore, macros are not the key of the time, it is the stocks which
In 2011, it capped its losses at lev- parameter, though they are import- have given the highest returns that
els far lower than those of the ant. I have found cyclical stocks to are highlighted in social and other
index and the category. The fund offer good opportunities. media. Given size and liquidity
has recently shut itself to fresh constraints, mutual fund managers
lump-sum investments, but you Given that many small-cap funds may not get meaningful quantities
can still invest in it through SIPs. are shut for subscriptions now, is of such highlighted stocks. Many a
this a good time for investors to time, investors managing their
buy into small-cap funds? own money tend to be more agile.
` 12.70 lakh
For long-term investors, small caps
are a good space for wealth cre-
ation. But the major constraint
Institutional investors, on the
other hand, as they are managing
public money, need to spend more
Returns (%) with small-cap funds is that you time on due diligence. This some-
5Y 7Y cannot have very large fund sizes times leads to lost opportunities.
Fund 35.9 24.2 due to liquidity constraints. Our But importantly, mutual funds
Category 31.1 20.7 decision to put a cap on fresh sub- have a much more diversified
REGULAR DIRECT
scriptions is more to do justice to portfolios to manage risks and, in
`6,545 cr Sep-10 2.00 | 1.00 our existing investors who have the process, returns get averaged
Assets Launch date Expense ratio (%) shown their long-term commit- out. But the risk is also substan-
Data as on Mar 31, 2018. Expense ratio as on Feb 28, 2018. ment to the fund. tially reduced.

REGULAR DIRECT
BEST SMALL-CAP FUNDS SBI SMALL AND MIDCAP FUND
The five-star option

Thanks to the widening margin of its outperformance over the category and
the benchmark, the fund is a top-rated option in the small-cap bouquet
How it is managed
Why we like it
This fund has widened its margin SBI Small and Midcap Fund is the
of outperformance relative to its five-year category topper in the
category and benchmark in the last small-cap space. The fund has
one year, earning itself a five-star made the most of big bull years
rating. The fund shows a hefty 13 such as 2014 and contained down-
percentage-point outperformance side well in bear phases such as
relative to its peers in the last one the one in 2011 through astute
year, 6 percentage points over three stock picking. R. Srinivasan, Head
years and 5 percentage points over of Equity at SBI Mutual Fund,
five years. Needless to say, it has shares his stock-selection credo in R SRINIVASAN
also outpaced its benchmark to this rapid-fire Q&A.
Head of Equity, SBI Mutual Fund
deliver convincing five-year annu-
alised returns of 37 per cent. A How does one home in on the right
believer in the credo that a small small-cap picks? ‘aspiration consumption’ as a
market cap does not reflect busi- The approach of evaluating a busi- theme for example and that has
ness quality, the fund looks for five ness model or the management helped us to better identify stocks
attributes in the stocks it buys: does not have to be very different that fit this broad construct.
competitive advantage, return on for small caps versus any other
capital, growth, management and type of stocks. Due to their sheer Given that many small-cap funds
valuation. The fund is among the quantum, a number of small-cap are shut for subscriptions now, is
few in this space to remain at quite businesses are untested and imma- this a good time for investors to
a manoeuvrable size of `850 crore. ture, so to that extent one needs to buy into small-cap funds?
However, since it’s not currently exercise caution. We do not have We’ve never had a problem build-
open to new inflows, whether lump pre-determined filters, but our ing a portfolio of 25–30 stocks with
sum or SIPs, and is accepting only insistence on higher returns on potentially good returns. Liquidity
older SIPs, wait until it reopens to capital, growth and management is a constraint, no doubt, which is
fresh flows. integrity automatically weeds out why we shut our fund for subscrip-
poor quality. We are not too hung tions. It had nothing to do with the
up on errors of omission and take a view on small caps or timing.
` 13.55 lakh
lot of time on the qualitative
aspects of the business. How does one avoid expensive
mistakes in the small-cap space?
Returns (%) How important is it to track macros Diligence is an important pre-requi-
5Y 7Y or sectors to identify good picks? site to make money, whether in a
Fund 35.5 24.4 While broad macros have a limited large cap or a small cap. However,
Category 31.1 20.7
role to play, identifying a theme or it is more important to have a larg-
REGULAR DIRECT a sector does help in stock-picking. er margin of safety as you go lower
`771 cr Aug-09 2.30 | 1.39 It is not a natural corollary though down the capitalisation curve. Or
Assets Launch date Expense ratio (%) that all companies in that theme at least, have a long enough time
Data as on Mar 31, 2018. Expense ratio as on Feb 28, 2018. are good stock picks. We’ve liked perspective.

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THE PLAN
The retirement question

Rohan’s retirement corpus is falling short of what he will need. He must increase his SIPs or
sell his land to bridge the shortfall.
Rohan (39) is employed with a private-sector com- expenses of his family, which also
pany. He is married and has two daughters. His include home-loan repayment. He
wife is a homemaker. Rohan’s parents are financial- should consider increasing the life
ly dependent on him. He earns `1.3 lakh per month. cover by `50 lakh. This will cost him
He has an outstanding home loan of `28 lakh, for around `9,000 to 10,000 per annum. As
which he pays an EMI of `40,000. This is the same a general rule, don’t just look at the
house where the family lives. He wants to create a premium while buying a term cover; also see the
sufficient corpus for his retirement and daughters’ claims-settlement ratio.
education and marriage.
Action: Increase the life cover by `50 lakh.
Emergency fund
An emergency fund is an abso- Health insurance
lute necessity to provide for Rohan is completely dependent on the `10 lakh
any unforeseen expenses. health insurance provided by his
As a general principle, employer, which also covers his wife
the emergency fund and children. For his parents, he has
should be equal to six a separate `4 lakh cover provided by
months’ expenses. his employer.
Rohan’s monthly expenses (including the home- Employer-provided insurance cov-
loan EMI) are `80,000. He has an emergency corpus ers you only till you stay with that
of `4 lakh. He has kept this money in a savings employer. It ceases to exist if you leave your job.
account and in a fixed deposit. Since Rohan should There is no guarantee that the new employer would
have an emergency corpus of `4.8 lakh (80,000 mul- also provide similar benefits. Hence, Rohan should
tiplied by six), he should increase it by `1 lakh. buy a separate family-floater plan of around `5
Rohan can keep this emergency corpus in a com- lakh. It should also cover his wife and children.
bination of sweep-in fixed deposits and short-term This would cost him around `24,000 per annum.
debt funds. This will ensure both liquidity and bet- Similarly, he should buy a senior-citizen health-in-
ter returns as compared to a savings account. surance policy for his parents.
Rohan can pick two short-term debt funds from With changing lifestyles, it’s become important
the funds rated four-five star by Value Research. that one go beyond the basic health insurance.
Generally speaking, one should look for a low Rohan can also explore personal-accidental and
expense ratio and high assets while picking debt critical-illness insurance.
funds.
Action: Buy health insurance separately for your-
Action: Increase your emergency corpus by `1 self and your parents.
lakh. Keep it in a mix of sweep-in fixed deposits
and short-term funds. Retirement
With respect to his current expenditure, Rohan
Life insurance would need around `6.18 crore to maintain the
Rohan has a term plan of `1 crore. In addition, he same lifestyle during his post-retirement years. We
has a life cover of `50 lakh from his employer. Since have assumed an inflation rate of 8 per cent and a
Rohan is the sole breadwinner, `1.5 crore might not return of 9 per cent during his post-retirement
be sufficient to take care of the inflation-adjusted years. Life expectancy has been assumed to be 85.

His current accumulation in
equity mutual funds, the EPF KEEP IN MIND
and the PPF would fetch him
around `1.91 crore. The ongoing z Maintain an emergency corpus equal to six months’
expenses.
SIPs of `17,000 in equity mutual
funds would fetch him another z Buy adequate term insurance. Don’t mix insurance and
investment.
`1.94 crore. There will be a short-
fall of `2.34 crore. z $VXIÀFLHQWKHDOWKFRYHULVDPXVW'RQ·WUHO\RQO\RQWKH
There are two alternatives to meet this deficit. employer-provided health cover.
One, he can sell his land (current estimated market z The earlier you start contributing towards your retire-
price `25 lakh) and invest the proceeds in equity ment, the more conveniently you can accumulate the
desired amount. Don’t forget to increase your contribu-
mutual funds. Assuming a 12 per cent return, it
tions every year.
would fetch him `2.70 crore by the time he retires.
z Three-four good equity funds are all you need to build
Alternatively, he can increase his current SIP con-
\RXUSRUWIROLRDQGDFKLHYHRSWLPXPGLYHUVLÀFDWLRQ7KH
tributions to `21,000 and further increase them funds should be from different fund houses.
every year by 10 per cent, when he receives annual
z Among the various types of equity funds, multi-cap
salary increments. funds are the best as they can invest across companies
As an investment class, real estate has high of all sizes. Avoid sectoral and thematic funds as they
maintenance cost and may yield less return than SURYLGHOLPLWHGGLYHUVLÀFDWLRQ
equity. However, if Rohan is emotionally attached z For tax saving, tax-saving mutual funds score over
to the land or has strong expectations of higher traditional instruments like the PPF.
returns than equity, he can retain the land.
Action: Increase your SIP contributions to Portfolio

`21,000. Broadly, Rohan’s mutual fund portfolio is 40 per
cent large-cap funds, 40 per cent mid-cap funds and
Daughters’ education and 15 per cent small-cap funds. A small amount is in
marriage balanced funds.
Rohan’s daughters are one It might not be a good idea for a retail investor,
and nine year(s) old. He plans who has limited time and knowledge, to allocate
to spend `36 lakh in today’s his portfolio between large, mid and small caps on
rupees on the higher education his own. Instead, two-three good multi-cap scheme
and marriage of his daughters. should be chosen for long-term goals.
At an inflation of 8 per cent, this Rohan should limit his investment in the PPF
amount would swell to `1.37 crore when he needs it. to the minimum (so that the PPF account remains
His daughters’ higher education and marriage active) and invest in a (four-five-star) tax-saving
goals are 10–25 years from now. For these, he can equity fund. Tax-saving mutual funds, also called
start an SIP of `14,000 in multi-cap funds (with equity-linked savings schemes (ELSS), yield higher
four-five star rating). Further, this contribution returns than the PPF.
should be increased by 10 per cent every year to Further, he should continue with his investments
meet the goal. Rohan has a sufficient surplus to in direct equity only if he can thoroughly research
start investing towards his daughters’ marriage companies on his own and pick good ones. Other-
and education. wise, he should move to equity mutual funds.
Action: Start an SIP of `14,000 in multi-cap equi- Action: Switch to multi-cap funds and a tax-saver
ty funds. mutual fund.
For your queries and expert advice mail us at: ask@valueresearchonline.com

ASK
FOR EXPERT ADVICE
ASK
EXPERT ADVICE
Mid-cap and small-cap funds for where you will have to be a little more
the long term active. You can’t choose a fund and be at
I can invest `3–4 lakh every month for it for the next 20 years. You have to
15–20 years. Can I invest only in mid- review your selection every two-three
cap and small-cap funds? years because things might change. The
- MOHIT fund manager might go away or the
Yes, if you are investing for 15 to 20 fund might become just too big, which
years, mid- and small-cap funds should can hit its performance.
turn out to be substantially more
While investing in
mid- and small-
rewarding than multi-cap or large-cap Redeeming the ELSS
funds. But just make sure that you are Should I redeem my ELSS funds after
cap funds, be comfortable in doing so. Look at the the lock-in period and invest the
prepared to history of the mid- and small-cap proceeds in other mutual fund schemes
tolerate volatility. funds that you are going to invest in. for better returns?
Review your fund Look at what happens to them in the - R. KRISHNAMURTHY
every two to three worst of times and assess whether you You should redeem your ELSS after the
years. will be fine with a similar situation. lock-in period only if you find that your
Also, this is a category of funds ELSS fund is not doing well. Avoid
Investing at the peak Arbitrage funds post LTCG

What do you suggest to young investors Is there still a case for arbitrage funds
who are entering the markets at an all- after the new LTCG tax?
time high? Should they refrain from - AMAR
investing at a market peak? Arbitrage funds are almost like liquid

- KUSHAL funds. These funds buy shares and sell
No. Young people have all the time on equity derivatives at a future date
their side. Just get into a conservative whenever there is a difference in the
fund and be regular about investing in price. Because the return is derived
Don’t worry about it. Don’t invest in one go. If you wait for from equity and equity derivatives, arbi-
the market peak. the market to correct, that may result trage funds are treated like equity funds
Invest systemati- in a lost opportunity. Many investors for taxation.
cally. Waiting for a waited for a correction in 2016 and 2017, Earlier long-term gains from equity
correction can but they didn’t find a chance to enter were completely tax-free, so it made
result in a lost the market, which kept going up. sense to invest in arbitrage funds. If you
opportunity. There is a possibility that a correc- received 7 per cent from an arbitrage
tion might happen if you invest at the fund as compared to 7 per cent from a
peak. But don’t be fearful of it. Just liquid fund, 7 per cent return from arbi-
make sure that you do not need the trage was completely tax-free and 7 per
money for the next five years. Be regu- cent of return from liquid fund was
lar and start investing conservatively completely taxable. Liquid funds are
in a balanced fund. taxed at a lower rate after indexation

redeeming it just because it has com- It doesn’t really matter; there is abso-
pleted its lock-in period. lutely no difference. You can just Whether you
Sometimes investors redeem their increase the amount or initiate a new increase your SIP
ELSS funds to make tax-saving invest- SIP in the same portfolio. The tax impli- amount or start a
ment for the current year because of a cations in both the cases are the same. new SIP in the
shortage of liquidity. In that case also, same fund, there
it might be desirable to redeem your Achieving the goal is absolutely no
ELSS. However, don’t make it a habit to My current portfolio value will cover difference
do so. If you are not already investing the educational expenses of my
between the two
in some other funds, doing so can hurt children. When should I redeem my
your wealth-creation prospects. investments?
- FIRDOZ
You should redeem your ELSS and If any investment was made with a spe-
invest it in a better fund only when cific purpose, take that money out as
your ELSS is not doing well, not you near your goal. Don’t wait till the
last moment. Alternatively, take a rea-
because your ELSS investment
sonable part of that money out, maybe
has completed three years
two to three years ahead of the goal.
Doing so is even more crucial if it is
Revising the SIP amount a non-negotiable goal such as children’s As you near your
I want to increase my monthly education. Because the markets are vol- goal, take money
investment in the same fund. Should I atile, a sudden dip in the market can out of equity. Don’t
increase my SIP amount or start a new hurt your returns and leave you with a wait till the last
SIP? diminished corpus. moment.
- ANIL CHAUDHARY
only if you hold them for more than One should opt for the growth option.
three years, which is normally not the Even earlier, growth option made sense. The growth option
case. You normally invest in these funds The dividend yield on most equity of mutual funds is
as a short-term parking avenue. funds would not be more than 6–7 per a better wealth-
Even the dividend from arbitrage cent of the investment. Also, equity is creation tool than
funds is no longer tax-free. So, they are an accumulation vehicle, where you the dividend
no longer attractive. invest for the long term and want the
option, especially
money to grow. Periodic income is not
after the new
the goal when you invest in equity.
Due to the new long-term capital- dividend-
Let’s assume the NAV of a fund is
gains tax on equity, arbitrage funds distribution tax
`15, and it decides to give a dividend of
are no longer attractive
10 per cent. The NAV will get reduced
by `1 (10 per cent of the face value of
`10) and you will get a dividend of only
Growth vs dividend 90 paise because of the dividend-distri-
Post the dividend-distribution tax on bution tax. But if you are in the
equity funds, should one opt for the growth plan, your `15 would be at
dividend option or the growth option? work.
- AJOY
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DIRECT ADVICE
All you wanted to

AARATI KRISHNAN
know about TER
Here is an FAQ on the total expense ratio – the amount that you
pay when you invest in a mutual fund
There has been a heated debate on fund investors any separate load towards
expenses in India lately, with SEBI also distributor commissions. The AMC is
upping disclosures on this front. Here are supposed to pay its distributors or agents
answers to some often-asked questions from the annul TER itself. However, lately,
from investors. SEBI has been encouraging distributors to
register as full-service advisors and to
What types of costs should I expect to incur charge a fee to their investors for the
while investing in a mutual fund? advice rendered. If you use the services of
A majority of investors in India buy their such registered investment advisors, or
mutual funds from AMCs (asset- RIAs, you may pay an added advisory fee,
management companies) and not through apart from the TER.
the stock-exchange platform. So, when you
buy any scheme from an AMC, you may Who pays the fund manager who manages
incur two kinds of costs: an annual my scheme?
recurring charge, which is called the total The investment-management fee is also
expense ratio (TER), and an exit load. Some included in the TER of the fund.
schemes charge you an exit load if you sell
your units within a specified period. When Can AMCs charge anything and everything
you buy funds through the stock exchange under TER?
(as you do with exchange-traded funds for No. SEBI regulations give a list of 12 very
example), you also incur brokerage charges specific recurring items that can charged
on your purchase or sale value in addition to the TER of any scheme. The most
to the scheme’s TER. important of these are marketing and
selling expenses, agents’ commissions,
So should I reduce the TER from the NAV registrar fees, audit fees, trustees fees,
before comparing fund returns? costs of investor servicing, statutory
No. The NAV returns of Indian mutual advertisement costs, apart from the
funds already factor in the impact of the investment-management fee.
costs. This is because the NAV of a scheme
is calculated by deducting the TER from How do the TERs of direct plans differ from
the value of the scheme’s portfolio. those of regular plans?
The TERs of direct plans are usually lower
What about the commission to my agent or by at least 20–30 basis points as compared
distributor? to those of regular plans because funds are
That is included in your scheme’s TER. not allowed to charge the distributor-
Indian funds are not allowed to charge commission component to direct plans.

Because there is no distributor-commission component in
them, the TERs of direct plans are usually lower by at least
20–30 basis points as compared to those of regular plans
Direct plans are open only to investors has been reduced from 0.20 per cent in
who do not use the services of distributors March)
or agents to transact in mutual funds. But 3. GST on the management fee incurred
do note that direct plans do charge all by the scheme
costs except distributor commissions. As these are over and the above the
slab-based limits, some schemes feature
What is this slab structure I am hearing so higher expense ratios.
much about?
SEBI has a slab-based system that What happens if an AMC ends up spending
specifies the maximum TER that any far more than what the slab structure allows
scheme can charge on a recurring basis. in a particular year?
Under this system, for the first `100 Then the costs cannot be charged to the
crore of assets, a scheme can charge 2.5 scheme. The spill-over costs must be
per cent per annum. For the next `300 borne by the AMC or the trustee or the
crore, it can charge 2.25 per cent. For the sponsor of the fund.
next `300 crore, the TER reduces to 2 per
cent. On any assets that exceed `700 Isn’t 2.5 per cent too much to pay for pas-
crore, the TER is capped at 1.75 per cent. sive funds?
In effect, therefore, the smallest schemes Only active funds are allowed the above
(sub-`100 crore) get to charge the highest expense ratios. In the case of passive
expenses every year, and as the fund size funds, SEBI caps the TER at 1 per cent for
grows, the costs fall. index funds bought from the AMC and at
For debt schemes, the TER is 0.25 per 1.5 per cent for ETFs or exchange-traded
cent lower across all slabs. The TER here funds. This is irrespective of their sizes.
is calculated on the daily net assets.
So will I be paying these expenses twice on
If SEBI caps scheme expenses at a maxi- fund-of-funds schemes?
mum of 2.50 per cent, how come I see No. While a fund of funds may carry two
schemes on the Value Research website sets of expenses – one for the fund and the
with much higher TERs such as 3 per cent or other for its underlying investments, SEBI
even 3.31 per cent? regulations say that the total expenses of a
The 2.50 per cent cap for equity schemes fund of funds cannot exceed 2.5 per cent
and 2.25 per cent for debt schemes are the of its daily net assets. So even if a fund of
base TERs allowed to be charged. SEBI funds charges an expense ratio and all the
rules allow schemes to add a few extra underlying schemes charge it, your total
items of expense to their base TER: expenses cannot exceed 2.5 per cent of
1. An extra 0.30 per cent if the scheme your NAV.
gets 30 per cent of its gross inflows, or 15
per cent of its net assets, from the 30 cities Are expense ratios for Indian mutual funds
beyond the top 15 (called B30) cities. far higher than those in developed markets
Earlier this was applicable on B15 cities like the US?
but was changed to B30 in February. Yes, they are. According to the Investment
2. An extra 0.05 per cent in lieu of exit Company Institute, active equity funds in
loads that are credited to the scheme (this the US charged an annual TER of 0.63 per

The Fund Category Returns tables on www.valueresearch
online.com are a good resource that offers a single-page
view of all scheme TERs in a category
cent and bond funds charged 0.51 per cent points but has a lower TER of 1.5 per cent
in 2016. But then, you should be aware can deliver a higher alpha of 1.5 percent.
that while TERs in India include all the Therefore, if you are undecided between
costs incurred in the investment, in other two funds with a very similar track record,
markets such as the US, investors may pay the one with the lower TER should be
out other costs in addition to the TER. your choice.
In India, the regulator has banned entry TER comparisons are more important
loads (upfront charges) while buying a for mutual fund categories where the
mutual fund. However, funds in other alpha-generation potential is limited. In
markets do charge upfront loads of about debt funds, arbitrage funds or hybrid debt-
1 per cent. Also in India, the commissions oriented funds, the TER can significantly
paid to mutual fund distributors are dent the returns earned by the investor.
included in the TER and very few Therefore, do check out a scheme’s TER
investors shell out any additional fee to and compare it with the TERs of the peers
the distributor or advisor because the fee- before selecting a fund in these categories.
based advisory model hasn’t yet taken off.
In developed markets though, the advisory Where do I get data on TERs?
fee is generally paid by investors out of You can get data on the TER from the
their pocket. website of the respective mutual fund,
from its monthly factsheet and from www.
Globally, investors are migrating towards valueresearchonline.com.
lower-cost funds. So, should I look at TER or From where you source the data would
fund returns while schemes? depend on the purpose for which you are
Your primary objective in investing in a compiling it. If you have already decided
mutual fund is wealth creation. Therefore, on your choice of scheme or are holding a
a fund’s track record should be your first scheme, the AMC’s own website may be
criterion in selecting a scheme. When you the best place to keep updated on TERs.
assess a fund’s track record, those returns With effect from March 1, SEBI has
are already net of expenses. Therefore, required all mutual funds to disclose the
comparing those returns to the category or daily TERs for all their schemes on their
the benchmark will tell you what the fund websites in a downloadable format. This
manager has delivered to investors after disclosure also gives you a breakup
accounting for all expenses. between the base TER and the additional
However, the TER is certainly one of charges. When there’s a change in the TER,
the factors you should consider while the AMC is required to disclose this three
choosing between schemes because the days in advance.
TER decides the excess returns or alpha If you are looking to compare TERs
that the fund manager will deliver over within a category, the Fund Category
the benchmark or category. For example, if Returns tables on www.
a fund which gains 4 percentage points valueresearchonline.com are a good
more on its portfolio than the index in a resource that offers a single-page view of
particular year has a TER of 3 per cent, all scheme TERs in a category. You can also
the alpha it will deliver to the investor is 1 sort schemes by both returns and TER to
percent. A fund which gains 3 percentage make your choice.

NEW FUND CLASSIFICATION
The new fund categories introduced by SEBI have resulted in changes in names,
categories and benchmarks. Also, some funds have merged and some fund houses have
come up with new funds to fill the gaps in their offerings. Here are the announcements
made during the last 30 days (as on April 10, 2018).
Name change
Effective Effective
Existing New from Existing New from
BNP Paribas Balanced BNP Paribas Substantial Equity Hybrid May 10 Invesco India Growth Invesco India Growth Opportunities Apr 27
BNP Paribas Dividend Yield BNP Paribas Multi Cap May 10 Invesco India Medium Term Bond Invesco India Ultra Short Term Apr 27
BNP Paribas Enhanced Arbitrage BNP Paribas Arbitrage May 10 Invesco India Mid N Small Cap Invesco India Multicap Apr 27
BNP Paribas Equity BNP Paribas Large Cap May 10 Invesco India Monthly Income Plan (MIP) Plus Invesco India Regular Savings Apr 27
BNP Paribas Medium Term Income BNP Paribas Medium Term May 10 Invesco India Ultra Short Term Invesco India Treasury Advantage Apr 27
BNP Paribas Money Plus BNP Paribas Low Duration May 10 L&T Floating Rate L&T Money Market May 14
BNP Paribas Monthly Income Plan BNP Paribas Conservative Hybrid May 10 L&T Income Opportunities L&T Credit Risk May 14
BNP Paribas Overnight BNP Paribas Liquid May 10 L&T India Prudence L&T Hybrid Equity May 14
BNP Paribas Short Term Income BNP Paribas Short Term May 10 L&T India Special Situations L&T Large and Midcap May 14
Canara Robeco Balance Canara Robeco Equity Debt Allocation May 14 L&T Resurgent India Corporate Bond L&T Resurgent India Bond May 14
Canara Robeco F.O.R.C.E Canara Robeco Consumer Trends May 14 L&T Short Term Income L&T Low Duration May 14
Canara Robeco Gilt PGS Canara Robeco Gilt May 14 L&T Short Term Opportunities L&T Short Term Bond May 14
Canara Robeco Large Cap+ Canara Robeco Bluechip Equity May 14 Principal Index Nifty Principal Nifty 100 Equal Weight May 10
Canara Robeco Medium Term Opportunities Canara Robeco Corporate Bond May 14 Principal Large Cap Principal Focused Multicap May 10
Canara Robeco MIP Canara Robeco Income Saver May 11 Reliance Diversified Power Sector Reliance Power & Infra Apr 28
Canara Robeco Savings Plus Canara Robeco Savings May 14 Reliance Media & Entertainment Reliance Consumption Apr 28
Canara Robeco Treasury Advantage Canara Robeco Ultra Short Term May 14 Reliance Mid & Small Cap Reliance Focused Equity Apr 28
Canara Robeco Yield Advantage Canara Robeco Short Duration May 14 Reliance NRI Equity Reliance Balanced Advantage Apr 28
DHFL Pramerica Insta Cash Plus DHFL Pramerica Insta Cash May 01 Reliance Quant Plus Reliance Quant Apr 28
Essel Equity Essel Large Cap Equity Apr 02 Reliance Regular Savings - Balanced Option Reliance Equity Hybrid Apr 28
HDFC Cash Management Treasury Advantage HDFC Low Duration May 16 Reliance Regular Savings - Equity Option Reliance Value Apr 28
HDFC Corporate Debt Opportunities HDFC Credit Risk Debt May 08 Reliance Top 200 Reliance large Cap Apr 28
HDFC Floating Rate Income Short Term Plan HDFC Floating Rate Debt May 16 Tata Balanced Tata Hybrid Equity May 03
HDFC Gilt Long Term HDFC Gilt May 16 Tata Long Term Debt Tata Income May 03
HDFC High Interest Dynamic Plan HDFC Dynamic Debt May 16 Tata Regular Savings Equity Tata Equity Savings May 03
HDFC High Interest Short Term HDFC Medium Term Debt May 16 Tata Ultra Short Term Tata Treasury Advantage May 03
HDFC Medium Term Opportunities HDFC Corporate Bond May 08 Taurus Bonanza Taurus Largecap Equity Mar 23
HDFC Short Term Opportunities HDFC Short Term Debt May 16 Taurus Discovery Taurus Discovery (Midcap) Mar 23
IDFC Arbitrage Plus IDFC Equity Savings Apr 30 Taurus Starshare Taurus Starshare (Multi Cap) Mar 23
IDFC Balanced IDFC Hybrid Equity Apr 30 UTI - CCP Advantage UTI CCF - Investment Plan May 03
IDFC Credit Opportunities IDFC Credit Risk May 14 UTI - Children’s Career Balanced Plan UTI CCF - Savings Plan May 03
IDFC Equity IDFC Large Cap May 14 UTI - MIS Advantage Plan UTI Regular Savings May 03
IDFC SSI Short Term IDFC Bond Short Term Plan May 14 UTI Balanced UTI Hybrid Equity May 03
IDFC Super Saver Income Investment Plan IDFC Bond Long Term Plan Apr 30 UTI Banking Sector UTI Banking and Financial Services May 03
IDFC Super Saver Income Medium Term Plan IDFC Bond Medium Term Plan Apr 30 UTI Floating Rate UTI Ultra Short Term May 03
Invesco India Active Income Invesco India Corporate Bond Apr 27 UTI Gilt Advantage - LTP UTI Gilt May 03
Invesco India Bank Debt Invesco India Banking & PSU Debt Apr 27 UTI G-Sec UTI Overnight May 03
Invesco India Banking Invesco India Financial Services Apr 27 UTI Income Opportunities UTI Credit Risk May 03
Invesco India Business Leaders Invesco India largecap Apr 27 UTI Pharma & Healthcare UTI Healthcare May 03
Invesco India Corporate Bond Opportunities Invesco India Credit Risk Apr 27 UTI SPrEAD UTI Arbitrage May 03
Invesco India Credit Opportunities Invesco India Money Market Apr 27

NEW FUND CLASSIFICATION
Category change
Old name New name New category Old category
Canara Robeco Yield Advantage Canara Robeco Short Duration Debt: Short Duration Hybrid: Debt-oriented Conservative
IDFC Arbitrage Plus IDFC Equity Savings Hybrid: Equity Savings Hybrid: Arbitrage
Invesco India Credit Opportunities Invesco India Money Market Debt: Money Market Debt: Ultra Short Term
Invesco India Medium Term Bond Invesco India Ultra Short Term Debt: Ultra Short Duration Debt: Income
Invesco India Mid N Small Cap Invesco India Multicap Equity: Multi Cap Equity: Mid Cap
Invesco India Monthly Income Plan (MIP) Plus Invesco India Regular Savings Hybrid: Conservative Hybrid Hybrid: Others
Reliance NRI Equity Reliance Balanced Advantage Dynamic Asset Allocation or Balanced Advantage Equity: Large Cap
UTI G-Sec Fund - Short Term Plan UTI Overnight Debt: Overnight Debt: Gilt Short Term
Mergers
Existing Merging into Existing Merging into
Canara Robeco InDiGO Canara Robeco Income Saver L&T Tax Saver L&T Equity
Canara Robeco Short Term Canara Robeco Yield Advantage Reliance Focused Large Cap Reliance Mid & Small Cap
HDFC Floating Rate Income Long Term Plan and HDFC Medium Term Opportunities Taurus Dynamic Income, Taurus Ultra Taurus Liquid
HDFC Gilt Short Term Short Term Bond and Taurus Short Term Income
HDFC Regular Savings HDFC Corporate Debt Opportunities UTI Bluechip Flexicap UTI Equity
IDFC Govt Securities Provident IDFC Govt Securities Investment Plan UTI Monthly Income Scheme, UTI Smart Woman UTI MIS-Advantage Plan
IDFC Money Manager Investment Plan IDFC SSI Short Term Plan Savings Plan, UTI CRTS 81
UTI Multi Cap UTI Opportunities
Benchmark change
Scheme Existing New
HDFC Balanced Crisil Balanced Aggressive Index Nifty 50 Hybrid Composite Debt 65:35 Index
HDFC Capital Protection Oriented Series III Crisil MIP Blended Index Nifty 50 Hybrid Composite Debt 15:85 Index
HDFC Children’s Gift Crisil Balanced Aggressive Index Nifty 50 Hybrid Composite Debt 65:35 Index
HDFC Dual Advantage Series I 1100D August 2015 Crisil Debt Hybrid (75:25) Index Nifty 50 Hybrid Short Duration Debt 25:75 Index
HDFC Dual Advantage Series II 1099D March 2016 Crisil Debt Hybrid (75:25) Index Nifty 50 Hybrid Short Duration Debt 25:75 Index
HDFC Dual Advantage Series II 1111D April 2016 Crisil Debt Hybrid (75:25) Index Nifty 50 Hybrid Short Duration Debt 25:75 Index
HDFC Dual Advantage Series II 1160D January 2016 Crisil Debt Hybrid (75:25) Index Nifty 50 Hybrid Short Duration Debt 25:75 Index
HDFC Dual Advantage Series III 1224D November 2016 Crisil Debt Hybrid (75:25) Index Nifty 50 Hybrid Short Duration Debt 25:75 Index
HDFC Dual Advantage Series III 1267D October 2016 Crisil Debt Hybrid (60:40) Index Nifty 50 Hybrid Short Duration Debt 40:60 Index
HDFC Dual Advantage Series III 1304D August 2016 Crisil Debt Hybrid (60:40) Index Nifty 50 Hybrid Short Duration Debt 40:60 Index
HDFC Dynamic PE Ratio ofs Crisil Balanced Aggressive Index Nifty 50 Hybrid Composite Debt 65:35 Index
HDFC MIP Long-term Crisil MIP Blended Index Nifty 50 Hybrid Composite Debt 15:85 Index
HDFC MIP Short-term Crisil MIP Blended Index Nifty 50 Hybrid Composite Debt 15:85 Index
HDFC Multiple Yield Plan 2005 Crisil MIP Blended Index Nifty 50 Hybrid Composite Debt 15:85 Index
HDFC Prudence Crisil Balanced Aggressive Index Nifty 50 Hybrid Composite Debt 65:35 Index
HDFC Retirement Savings - Hybrid Debt Plan Crisil MIP Blended Index Nifty 50 Hybrid Composite Debt 15:85 Index
HDFC Retirement Savings - Hybrid Equity Plan Crisil Balanced Aggressive Index Nifty 50 Hybrid Composite Debt 65:35 Index
Principal Large Cap S&P BSE 100 Index S&P BSE 250 Large Midcap Index
Reliance Banking Nifty 500 Banks Index Nifty Bank Index
Reliance Growth S&P BSE 100 Index S&P BSE Midcap Index
UTI Long Term Advantage - Series VII S&P BSE 500 S&P BSE 200
New funds
Name Issue open Issue close New category
Essel Equity Hybrid Apr 09, 2018 Apr 23, 2018 Hybrid: Aggressive Hybrid

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SCOREBOARD
Credit Dynamic
Opportunities Bond
25 36 24
7
52 48
4 5 51
18 39
60
2 57
21 9
44
73
Small Cap 247
36 19
Mid Cap
73 Multi Cap
135 23
118
25 16
Figures indicate the number of funds in each category
FUND CLASSIFICATION
EQUITY DEBT HYBRID
Large-cap: The funds whose 12-month average portfolio market Income: Funds having an average maturity of 4.5 years or more Equity-oriented: Average
cap is more than the lowest market cap among the stocks which Gilt (medium & long-term): Funds which invest in gilt securities equity exposure is greater than
constitute top 50 percent of the total market cap and can vary their average maturity widely, as per declared objective 60 per cent
Multi-cap: The funds where average 12-month portfolio market Short-term: Funds with average maturity between 1 to 4.5 years. Debt-oriented aggressive:
cap is more than the cut off for the next 20% of the total market cap Average equity exposure is
Gilt (short-term): Funds which invest in gilt securities and whose between 25 and 60 per cent
Mid-cap: The funds where average 12-month portfolio market cap average maturity over the last 12 months is between 1 year and 4.5
is more than the cut off for the next 15% of the total market cap years Debt-oriented
Small-cap: The funds where average 12-month portfolio market conservative: Average equity
Ultra short-term: Funds with average maturity of less than one exposure is less
cap is less than the maximum market cap among the stocks which year
constitute bottom 15% of the total market cap than 25 per cent
Liquid: Funds which do not invest any part of assets in securities with Arbitrage: Seek arbitrage
Tax planning: Investments qualify for tax deduction under Section a residual maturity of more than 91 days
80C of the Income Tax Act opportunities and invest in debt
Credit Opportunities: Funds which invest in low credit rating when no arbitrage is possible
International: Invest more than 65 per cent of assets abroad instruments with a view that any improvement in ratings would Asset allocation: Can fully
Sector and thematic: Based on their stated objective generate price appreciation invest in equity or debt
Others: Funds which cannot be classified in any of the existing Dynamic Bond: Funds which invest across various maturities depending on the market
categories and do not have the numbers to warrant a separate conditions
FMPs: Fixed maturity plans of pre-defined term
category

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

system is a risk-adjusted rating system, represented
by a convenient composite measure of both returns
and risk.
It is purely quantitative and has no subjective
component. It gives a quick summary of how a fund Rank
has performed historically relative to its peers. Funds are ranked
z For equity and hybrid funds, the system com- based on their
bines three- and five-year performance periods. return position in
z For debt funds, fund ratings are based on the respective Value
eighteen-month weekly risk-adjusted perfor- Research fund cate-
mance. gory. In case of a tie,
z Equity funds with a minimum performance histo- the subsequent rank
Fund and category ry of three years and debt funds with a minimum is skipped. For
The fund name is history of 18 months are only rated. example, if three
listed alphabeti- z There have to be at least ten funds in a category funds are ranked 7,
cally in each row. for it to be rated and the fund must have at least then the subsequent
The first row (in `5 crore average AUM in the past six months. fund is assigned
bold) indicates the The distribution of ratings is as follows: rank 10. Speciality
name of the cate- Top 10% funds Next 22.5% equity funds are not
gory and its aver- Middle 35% Next 22.5% ranked due to their
age returns. Bottom 10% NR Not rated diverse objectives.
Performance Fund basics

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

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

Within category
Fund A b s o l 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 10.7 7.6 15.1 9.7 182 163 154 1.5
1 Aditya Birla SL Frontline Equity -6.1 8.3 8.5 17.1 13.0 21.5 148 40 32 2.15 209.20 19705 08/02
2 Aditya Birla SL Index -4.1 10.2 5.9 12.2 7.6 15.9 114 141 142 0.75 98.92 160 09/02
3 Aditya Birla SL Nifty ETF -3.7 11.6 7.4 13.4 – 10.3 65 69 101 – 108.17 223 07/11
4 Aditya Birla SL Sensex ETF NR -6.9 10.0 – – – 10.2 120 – – – 327.05 11 07/16
5 Aditya Birla SL Top 100 -6.8 7.4 8.4 17.6 12.5 14.7 162 41 26 2.31 54.88 3959 10/05
6 Axis Equity -2.6 18.1 8.2 15.3 – 11.6 6 48 66 2.11 24.70 1879 01/10
7 Axis Nifty ETF Reg NR -3.6 – – – – 5.3 – – – 0.07 1019.43 7 06/17
8 Baroda Pioneer Large Cap NR -7.6 1.8 2.4 13.4 – 3.5 181 – – 3.31 13.11 29 06/10
9 BHARAT 22 ETF NR -6.7 – – – – -6.5 – – – 0.01 35.18 6042 11/17
10 BNP Paribas Focused 25 Equity Fund Reg NR -8.2 – – – – -5.0 – – – 2.68 9.50 253 09/17
11 Canara Robeco Large Cap+ Reg -3.0 11.1 7.2 14.1 – 10.9 85 79 85 2.85 22.01 112 08/10
12 CPSE ETF -7.1 -0.8 5.0 – – 9.5 182 157 – 0.07 28.08 4963 03/14
13 DHFL Pramerica Large Cap -5.1 7.6 6.7 15.4 8.9 19.7 160 109 63 2.51 153.65 398 01/03
14 DSPBR Equal Nifty 50 Fund Reg NR -6.3 – – – – -4.6 – – – 0.90 9.54 136 10/17
15 DSPBR Focus È -5.6 7.2 7.3 16.7 – 10.5 165 75 38 2.39 21.87 2977 06/10
16 DSPBR Top 100 Equity Reg -4.3 8.2 6.2 13.7 10.6 21.7 152 128 97 2.40 193.78 3087 03/03
17 Edelweiss ETF - Nifty Quality 30 NR -3.0 10.6 – – – 10.2 99 – – 0.21 252.40 3 05/16
18 Edelweiss Exchange Traded Fund-Nifty 50 NR -3.6 11.8 – – – 9.3 53 – – 0.07 10649.64 3 05/15
19 Edelweiss Large & Mid Cap Reg -3.0 17.8 9.0 17.5 10.6 10.7 7 34 29 2.20 29.86 264 06/07
20 Edelweiss Large Cap Reg -3.5 12.9 7.2 15.7 – 14.0 25 77 53 1.30 32.05 131 05/09
21 Edelweiss Multi Asset Allocation Reg -4.5 7.6 6.4 14.2 – 10.3 159 117 84 2.50 23.39 11 08/09
22 Franklin IIF NSE Nifty -3.9 10.1 6.2 12.4 7.9 12.5 117 129 140 1.08 80.01 234 08/00
23 Franklin India Bluechip -6.4 6.2 6.9 14.0 11.4 21.0 172 99 90 2.27 433.91 8089 12/93
24 Franklin India Flexi Cap -6.4 9.9 7.3 18.2 13.0 16.9 121 76 21 2.34 76.96 2874 03/05
25 HDFC Equity -9.4 8.8 8.0 16.9 13.6 19.2 137 56 35 2.11 591.57 21621 01/95
26 HDFC Growth Ç -6.1 12.1 10.6 15.3 11.1 17.8 47 15 67 2.29 178.54 1169 09/00
27 HDFC Index Nifty -3.6 11.4 7.0 13.2 7.9 15.1 79 93 112 0.30 90.94 326 07/02
28 HDFC Index Sensex -3.1 12.2 6.9 13.0 7.8 14.9 43 100 120 0.30 289.42 99 07/02
29 HDFC Index Sensex Plus -5.9 10.1 6.6 12.9 10.2 18.1 116 113 124 1.00 439.97 103 07/02
30 HDFC Large Cap Reg -6.7 8.3 5.4 10.8 7.2 11.6 149 150 – 2.24 105.65 1277 02/94
31 HDFC Nifty ETF NR -3.6 11.7 – – – 14.4 61 – – 0.05 1038.01 193 12/15
32 HDFC Sensex ETF NR -3.0 12.7 – – – 14.2 30 – – 0.05 3398.56 47 12/15
33 HDFC Top 200 -7.5 6.8 7.8 15.3 12.6 20.2 169 61 65 2.09 429.09 15250 09/96
34 HSBC Dynamic Asset Allocation -4.3 8.9 7.2 11.6 5.8 5.2 135 80 153 2.50 16.97 44 09/07
35 HSBC Large Cap Equity -4.6 9.2 8.6 14.0 8.1 21.3 133 38 88 2.24 193.27 671 12/02
36 ICICI Pru Advisor-Very Aggressive NR 0.9 8.0 11.0 13.7 9.7 14.6 156 12 98 0.75 69.78 5 12/03
37 ICICI Pru Focused Bluechip Equity -5.4 12.5 9.4 16.9 – 14.7 36 29 34 2.21 38.64 16275 05/08
38 ICICI Pru Nifty 100 iWIN ETF -4.3 11.5 8.0 – – 17.7 70 54 – 0.41 110.21 39 08/13
39 ICICI Pru Nifty Index -3.9 10.4 6.4 12.9 8.5 15.2 110 120 123 0.94 97.22 303 02/02
40 ICICI Pru Nifty iWIN ETF -3.6 11.6 7.3 13.5 – 13.5 66 73 99 0.05 104.22 844 03/13
41 ICICI Pru Nifty Low Vol 30 IWin ETF NR -2.2 – – – – 8.9 – – – 0.42 80.08 12 06/17
42 ICICI Pru NV20 iWIN ETF NR -4.1 14.3 – – – 13.6 17 – – 0.44 46.04 9 06/16
43 ICICI Pru Select Large Cap -6.0 6.0 6.1 14.4 – 12.3 174 136 81 2.46 27.95 586 05/09
44 ICICI Pru Sensex Index Fund NR -3.1 – – – – 2.0 – – – 0.47 10.20 3 09/17
45 ICICI Pru Sensex iWIN ETF NR -2.8 12.7 7.0 13.1 9.2 17.4 29 87 115 0.08 344.98 3 01/03
46 ICICI Pru Value Discovery -5.7 5.9 6.8 20.9 18.1 21.3 176 108 6 2.14 139.03 16664 08/04
47 IDBI Focused 30 Equity Fund Reg NR -4.3 – – – – -3.0 – – – 3.26 9.70 344 11/17
48 IDBI India Top 100 Equity -5.8 6.1 5.1 15.5 – 15.2 173 154 62 3.15 22.92 421 05/12
S&P BSE Sensex Index -3.2 11.3 5.7 11.8 7.7
ÇÈ Increase/decrease in rating over the month Performance as on March 31, 2018 AUM and Expense Ratio as on February 28, 2018


Within category
Fund A b s ol u te Annualised Since Expense NAV AUM Launch
Equity: Large Cap -4.7 10.7 7.6 15.1 9.7 182 163 154 1.5
49 IDBI Nifty Index -4.1 9.3 5.3 11.7 – 8.3 132 151 150 1.77 18.65 201 06/10
50 IDFC Equity Reg -7.3 10.8 6.0 12.4 8.0 9.7 92 138 136 2.53 29.72 307 06/06
51 IDFC Nifty ETF NR -3.6 11.5 – – – 13.6 73 – – 0.13 102.43 4 09/16
52 IDFC Nifty Reg -3.5 11.4 6.9 13.1 – 9.6 78 98 116 0.25 20.66 107 04/10
53 IDFC Sensex ETF NR -3.1 12.5 – – – 14.3 37 – – 0.11 333.87 1 09/16
54 Indiabulls Bluechip -4.0 12.8 9.5 14.1 – 11.6 28 27 87 2.94 19.62 1022 02/12
55 Invesco India Business Leaders È -2.2 12.9 7.6 16.0 – 12.0 26 67 48 2.64 26.58 131 08/09
56 Invesco India Dynamic Equity -3.7 13.1 7.8 15.6 11.2 10.3 24 62 57 2.11 27.87 864 10/07
57 Invesco India Growth -3.4 19.7 10.1 19.0 12.1 11.5 3 18 15 2.53 31.77 336 08/07
58 Invesco India Nifty ETF NR -3.7 11.6 7.3 13.3 – 10.6 62 74 107 0.10 1060.34 2 06/11
59 JM Core 11 -5.8 14.2 12.7 19.6 -0.1 -1.7 18 3 10 3.07 8.40 35 03/08
60 JM Equity -2.8 7.4 3.6 13.3 4.7 8.3 163 161 108 2.39 62.69 2927 04/95
61 JM Multi Strategy -7.3 8.7 10.3 19.4 – 12.0 139 17 11 3.05 29.35 146 09/08
62 Kotak 50 Reg -5.0 9.2 7.3 15.0 9.6 19.1 134 72 71 2.17 214.61 1371 12/98
63 Kotak Classic Equity Reg -3.3 16.4 9.4 15.5 11.6 13.0 8 32 61 2.60 47.20 169 07/05
64 Kotak Nifty ETF -3.6 11.6 6.8 13.0 – 10.5 64 105 121 0.14 102.65 536 02/10
65 Kotak NV 20 ETF NR -4.3 14.7 – – – 13.8 13 – – – 46.76 3 11/15
66 Kotak Select Focus Reg -5.3 10.7 11.7 21.1 – 14.5 96 7 4 1.97 31.81 17803 09/09
67 Kotak Sensex ETF -3.1 12.4 6.8 13.1 – 9.3 39 106 117 0.29 333.92 12 06/08
68 L&T India Large Cap -4.2 9.6 5.9 15.3 11.7 9.2 126 142 64 2.50 24.98 380 10/07
69 LIC MF ETF Nifty 100 NR -4.3 12.0 – – – 17.8 49 – – 0.25 106.96 295 03/16
70 LIC MF ETF Nifty 50 NR -3.7 11.6 – – – 12.6 67 – – 0.10 103.48 457 11/15
71 LIC MF ETF Sensex NR -3.0 12.7 – – – 11.7 32 – – 0.10 339.11 339 11/15
72 LIC MF Growth -5.1 8.2 4.3 13.8 8.9 3.8 153 159 94 2.85 23.94 240 08/94
73 LIC MF Index Nifty -4.5 9.6 5.7 11.9 7.2 12.5 125 146 147 1.20 55.56 18 11/02
74 LIC MF Index Sensex -3.5 10.7 5.2 11.5 6.6 13.2 94 152 154 1.70 61.05 14 11/02
75 Mirae Asset India Equity Regular -7.5 12.3 11.4 20.6 – 16.2 41 9 9 2.37 44.82 6785 04/08
76 Motilal Oswal Focused 25 Reg -5.1 10.2 8.3 – – 15.8 115 45 – 2.50 20.51 1008 05/13
77 Motilal Oswal M50 ETF -3.9 10.0 6.1 12.9 – 7.7 118 135 125 1.50 96.98 21 07/10
78 Principal Index Nifty -3.9 10.6 6.3 12.5 7.7 11.0 104 125 134 0.95 70.07 18 07/99
79 Principal Large Cap -6.5 9.8 7.6 15.6 11.3 15.3 122 66 55 2.62 58.37 310 11/05
80 Quantum Long Term Equity Direct -5.8 4.7 9.2 15.8 14.0 14.4 – – – 1.29 50.74 864 03/06
81 Quantum Nifty ETF NR -3.7 11.4 7.1 13.4 – 11.1 75 82 103 0.26 1017.68 4 07/08
82 Reliance ETF Dividend Opportunities Ç -3.1 11.2 10.7 – – 13.0 83 14 – 0.11 27.95 18 04/14
83 Reliance ETF Nifty 100 -4.5 11.1 7.6 14.0 – 14.1 87 65 92 1.00 107.20 8 03/13
84 Reliance ETF Nifty BeES -3.6 11.7 7.1 13.4 9.0 15.8 58 83 102 0.10 1047.12 871 12/01
85 Reliance ETF NV20 NR -4.2 14.6 – – – 8.4 14 – – 0.34 468.71 18 06/15
86 Reliance ETF Sensex Ç -3.0 12.6 7.1 – – 7.8 35 86 – 0.06 344.57 34 09/14
87 Reliance ETF Shariah BeES NR -7.9 13.2 9.3 14.0 – 14.7 22 33 91 1.00 241.26 3 03/09
88 Reliance Focused Large Cap -7.4 6.4 6.2 15.6 8.0 9.1 171 132 60 2.15 28.60 1345 03/06
89 Reliance Index Nifty -3.9 10.5 6.0 12.4 – 7.2 106 140 138 0.85 16.85 139 09/10
90 Reliance Index Sensex NR -3.0 11.7 5.8 11.9 – 6.6 55 143 149 0.85 16.21 5 09/10
91 Reliance NRI Equity -5.5 5.9 6.4 14.3 11.6 17.0 175 122 83 2.68 81.90 89 11/04
92 Reliance Quant Plus Retail -3.5 10.6 6.2 12.6 – 9.2 103 133 130 1.09 24.46 27 02/05
93 Reliance Top 200 Retail -6.9 12.1 8.3 18.0 11.9 11.2 46 47 22 1.98 31.02 8471 08/07
94 Reliance Vision -13.8 8.5 5.6 17.6 10.0 19.3 142 147 27 2.02 533.96 3500 10/95
95 SBI Bluechip -4.1 10.9 9.5 18.2 11.7 11.4 90 25 20 1.97 37.22 17665 02/06
96 SBI ETF BSE 100 Fund NR -4.5 11.9 8.3 – – 8.1 52 46 – – 106.26 2 03/15


Within category
Equity: Large Cap -4.7 10.7 7.6 15.1 9.7 182 163 154 1.5
97 SBI ETF Nifty 50 NR -3.6 11.7 – – – 7.6 59 – – – 101.78 28953 07/15
98 SBI ETF Sensex -3.0 12.6 7.4 13.5 – 13.5 34 70 100 – 342.61 8969 03/13
99 SBI Magnum Equity -3.3 7.7 7.1 14.8 10.9 15.1 158 84 74 2.09 92.58 2133 01/91
100 SBI Nifty Index -3.8 10.8 6.4 12.2 7.6 14.3 93 119 143 0.66 86.21 216 02/02
101 Sundaram Select Focus Reg -3.4 14.5 8.1 13.9 7.8 19.4 16 51 93 2.75 160.38 679 07/02
102 Tata Index Nifty Reg -3.8 10.7 6.3 12.2 7.7 16.3 95 127 145 – 60.43 11 02/03
103 Tata Index Sensex Reg Ç -3.2 11.7 6.0 11.9 7.6 16.0 60 139 148 – 80.34 5 02/03
104 Tata Large Cap Reg -6.6 8.5 6.4 14.1 10.5 20.9 143 116 86 1.04 199.58 790 05/98
105 Taurus Largecap Equity Reg -8.7 2.9 2.9 11.7 5.4 10.5 179 163 151 2.61 69.43 121 02/95
106 Taurus Nifty Index Reg NR -2.3 11.4 6.2 12.2 – 8.5 77 134 144 1.48 18.90 2 06/10
107 Taurus Starshare (Multi Cap) Reg -6.6 8.4 5.0 14.0 7.8 10.4 145 156 89 2.55 109.98 221 01/94
108 Union Equity -5.2 7.8 3.6 11.7 – 9.2 157 162 152 2.56 18.18 210 06/11
109 Union Largecap Fund Reg NR -4.6 – – – – 1.8 – – – 2.81 10.18 353 05/17
110 UTI Equity -2.2 12.1 7.7 16.8 12.9 12.4 45 63 36 2.09 128.50 4972 05/92
111 UTI Mastershare -4.5 10.7 6.2 15.1 10.4 18.0 97 131 69 2.31 111.53 4991 10/86
112 UTI Nifty ETF NR -3.6 11.7 – – – 12.6 56 – – 0.07 1047.37 6189 08/15
113 UTI Nifty Index Fund -3.6 11.5 7.0 13.0 8.1 10.9 72 91 119 0.20 65.21 747 03/00
114 UTI Opportunities -4.8 10.6 5.0 13.7 12.4 14.7 101 155 95 2.32 57.01 4229 07/05
115 UTI Sensex ETF NR -3.0 12.7 – – – 11.9 31 – – 0.07 340.33 2020 08/15
116 UTI Top 100 -6.8 10.4 7.0 15.9 9.5 13.2 111 94 49 2.46 61.57 975 02/93
Equity: Multi Cap -6.5 12.5 10.3 18.5 11.7 119 116 102 1.9
117 Aditya Birla SL Advantage -10.0 9.8 11.2 22.5 12.1 18.3 90 44 8 2.30 405.49 5819 02/95
118 Aditya Birla SL Equity -6.1 9.9 12.2 22.1 12.4 24.1 89 33 13 2.23 688.27 8602 08/98
119 Aditya Birla SL India Reforms -7.5 10.6 11.1 17.8 – 9.0 82 49 57 2.90 19.47 112 06/10
120 Aditya Birla SL International Equity B -4.5 9.7 7.8 13.5 7.9 5.7 92 94 100 2.70 17.86 98 10/07
121 Aditya Birla SL Manufacturing Equity Reg -10.0 10.0 10.9 – – 10.7 87 52 – 2.50 13.80 783 01/15
122 Aditya Birla SL Special Situations -6.6 13.0 11.2 21.6 11.1 9.2 52 46 14 2.67 24.52 173 01/08
123 Axis Focused 25 -5.6 18.9 11.9 17.4 – 17.4 9 39 64 2.05 25.15 3074 06/12
124 Axis Multicap Fund Reg NR -1.3 – – – – 0.3 – – – 2.08 10.03 2292 11/17
125 Baroda Pioneer Growth -8.0 8.9 6.8 15.5 9.4 16.8 99 105 88 2.93 96.41 634 09/03
126 BNP Paribas Equity -6.1 9.4 5.3 16.5 10.2 16.7 96 113 76 2.29 81.18 938 09/04
127 BOI AXA Equity Reg -6.1 18.3 8.4 16.2 – 14.6 11 84 81 2.98 36.32 109 10/08
128 Canara Robeco Equity Diversified Reg -4.5 13.9 6.7 15.0 12.5 18.6 44 107 92 2.61 119.22 827 09/03
129 DHFL Pramerica Diversified Equity Reg -6.8 8.8 8.8 – – 8.3 100 79 – 2.70 12.80 92 02/15
130 DSPBR Equity -7.4 12.5 9.1 18.1 12.7 20.2 58 73 53 2.47 46.32 2330 04/97
131 DSPBR Equity Opportunities -8.7 10.9 12.4 20.3 12.8 18.6 74 31 29 1.97 211.55 4936 05/00
132 Essel Large Cap Equity -7.0 6.6 9.0 14.0 – 12.4 109 75 98 2.50 21.45 239 09/11
133 Franklin India High Growth Companies È -9.6 9.0 8.2 22.3 14.4 13.2 98 91 11 2.37 37.70 7639 07/07
134 Franklin India Life Stage FoF 20s -5.0 7.5 8.4 14.7 11.8 15.5 106 85 94 1.61 79.24 14 12/03
135 Franklin India Opportunities -7.4 10.9 7.5 18.8 9.8 11.5 76 99 46 2.75 71.86 659 02/00
136 Franklin India Prima Plus -5.7 8.2 8.4 18.8 13.5 18.7 102 83 47 2.29 563.43 11616 09/94
137 HDFC Capital Builder -6.0 14.6 12.6 20.3 14.1 14.9 35 28 28 2.36 284.52 2654 02/94
138 HDFC Core & Satellite Ç -10.7 10.4 10.8 17.4 11.1 16.4 83 54 62 2.48 78.17 570 09/04
139 HDFC Premier Multi-Cap -10.5 5.8 6.6 14.9 10.1 13.5 113 109 93 2.64 52.00 313 04/05
140 HSBC Multi Cap Equity -7.9 9.8 9.2 19.6 10.6 16.4 91 72 36 2.27 84.76 614 02/04
141 ICICI Pru Dynamic -4.1 9.6 10.1 17.9 13.3 23.3 93 62 55 2.28 252.38 11016 10/02
142 ICICI Pru Midcap Select iWIN ETF NR -10.6 14.9 – – – 20.6 26 – – 0.45 69.75 12 06/16
143 ICICI Pru Multicap -4.5 5.6 10.7 19.1 11.8 15.0 115 55 40 2.20 269.15 2873 10/94


Within category
Equity: Multi Cap -6.5 12.5 10.3 18.5 11.7 119 116 102 1.9
144 ICICI Pru Nifty Next 50 Index -7.5 13.9 14.1 20.6 – 12.7 43 12 24 0.80 25.26 180 06/10
145 ICICI Pru Top 100 -7.5 6.0 8.8 16.3 11.6 19.0 112 77 79 2.14 309.97 3124 07/98
146 IDBI Nifty Junior Index -7.5 12.8 13.2 19.8 – 10.8 55 20 35 1.75 21.66 50 09/10
147 IDFC Classic Equity Reg -5.7 13.0 10.6 15.7 8.8 12.4 54 56 83 2.07 43.86 2530 08/05
148 IDFC Focused Equity Reg -5.0 27.2 11.1 15.5 10.1 11.8 2 48 87 2.19 38.38 1328 03/06
149 IIFL India Growth Reg -9.3 5.0 8.6 – – 10.1 117 82 – 2.64 13.90 306 10/14
150 Invesco India Contra Ç -6.1 18.5 12.7 23.0 15.7 14.7 10 24 7 2.23 44.94 1141 04/07
151 Kotak Opportunities Reg -7.0 9.2 10.4 19.2 11.4 19.4 97 59 38 2.08 111.34 2386 09/04
152 L&T Equity -4.4 11.6 8.0 17.7 12.7 17.5 68 92 60 2.05 79.80 2685 05/05
153 L&T India Spl Situations -6.7 13.4 10.3 19.0 13.7 14.1 49 60 42 2.22 48.07 1286 05/06
154 LIC MF Equity -10.5 2.2 1.8 10.9 6.8 6.0 119 116 102 2.51 43.30 354 04/93
155 Mahindra Mutual Fund Badhat Yojana Reg NR -8.6 – – – – 4.8 – – – 2.56 10.48 231 05/17
156 Motilal Oswal Multicap 35 Reg -3.6 15.5 15.7 – – 27.9 21 2 – 2.20 26.30 12032 04/14
157 Parag Parikh Long Term Equity Reg -4.7 14.3 11.1 – – 18.1 38 50 – 2.00 22.35 1022 05/13
158 Principal Dividend Yield -7.4 20.2 13.1 16.7 11.4 12.8 6 21 75 2.67 50.62 132 10/04
159 Principal Growth -8.1 16.8 13.7 21.5 10.2 16.3 15 15 16 2.65 139.36 620 10/00
160 Quantum Equity FoF Direct -6.8 11.3 10.6 19.0 – 14.9 – – – 0.51 33.54 20 07/09
161 Reliance Equity Opportunities -8.3 12.3 5.9 16.8 15.2 18.4 60 111 74 1.98 89.70 10107 03/05
162 Reliance ETF Junior BeES -7.5 14.6 14.3 21.0 14.0 22.5 34 10 21 0.19 291.32 286 02/03
163 Reliance Retirement Fund - Wealth Creation Scheme -6.0 14.8 9.4 – – 8.9 29 71 – 2.21 13.05 1158 02/15
164 SBI Contra -8.6 11.9 7.5 14.6 9.4 19.5 63 98 95 2.11 111.82 1825 07/99
165 SBI ETF Nifty Next 50 Fund -7.6 14.7 15.1 – – 15.0 32 3 – – 288.28 12 03/15
166 SBI Magnum MultiCap -5.7 13.4 12.7 21.1 10.7 13.0 47 25 20 2.02 45.96 4532 09/05
167 SBI Magnum Multiplier -7.8 13.0 10.2 20.5 12.8 14.7 53 61 27 2.09 208.00 2218 02/93
168 Sundaram Equity Multiplier Ç -4.5 13.4 11.9 19.2 10.4 11.0 48 37 39 2.80 31.73 347 02/07
169 Sundaram Smart NIFTY 100 Equal Weight Fund Reg NR -7.8 7.6 – – – 13.8 105 – – 1.58 11.71 22 01/17
170 Tata Dividend Yield Reg È -5.7 5.1 7.6 16.3 13.2 16.2 116 97 78 2.18 74.35 313 11/04
171 Tata Equity Opportunities Reg -7.4 9.6 7.5 17.4 10.2 12.5 94 100 63 0.98 188.45 1288 03/93
172 Tata Equity PE Reg Ç -4.7 14.5 14.2 24.1 15.1 20.8 36 11 3 1.45 134.29 2799 06/04
173 Tata Ethical Reg -5.6 14.1 6.0 16.9 10.7 16.8 42 110 73 1.70 156.63 492 05/96
174 Tata Retirement Savings Progressive Reg -6.6 17.6 13.1 19.8 – 17.3 13 23 34 1.86 27.80 393 11/11
175 Taurus Ethical Reg -4.7 14.6 4.7 17.3 – 19.1 33 114 66 2.68 48.22 28 04/09
176 Templeton IGF -8.0 11.0 11.7 17.1 11.9 16.8 73 42 70 2.77 256.63 612 08/96
177 Templeton India Eqt Income -3.9 14.2 11.9 16.2 12.3 13.8 40 38 80 2.54 46.27 1056 05/06
178 UTI Bluechip Flexicap -2.5 16.7 8.6 15.6 9.1 10.2 16 81 86 2.38 32.73 2267 01/06
179 UTI Dividend Yield -3.5 10.1 7.7 13.6 12.1 15.0 86 95 99 2.12 61.06 2711 05/05
180 UTI Multi Cap Reg -5.7 12.0 7.4 – – 8.8 62 102 – 2.62 13.53 396 08/14
181 UTI Nifty Next 50 Exchange Traded Fund Reg NR -7.4 – – – – 0.9 – – – – 287.67 40 07/17
Equity: Mid Cap -8.0 13.4 12.6 24.7 14.7 93 87 73 1.9
182 Aditya Birla SL Dividend Yield Plus -9.1 3.8 5.9 14.2 13.8 20.5 92 87 73 2.30 167.90 1026 02/03
183 Aditya Birla SL Mid Cap -10.2 10.3 12.9 23.1 14.4 24.7 76 41 52 2.37 305.24 2393 10/02
184 Aditya Birla SL Pure Value -11.1 17.1 16.7 28.8 19.7 19.6 20 7 10 2.35 60.24 3263 03/08
185 Axis Midcap -3.1 20.0 10.0 22.3 – 18.5 12 72 57 2.19 33.38 1304 02/11
186 Baroda Pioneer Midcap NR -6.6 15.3 5.1 7.9 – -0.4 26 – – 3.26 9.67 38 10/10
187 BNP Paribas Dividend Yield È -10.2 10.3 9.0 18.5 14.8 12.8 75 77 71 2.46 45.38 773 09/05
188 BNP Paribas Midcap -14.0 8.4 11.0 23.9 12.9 10.4 80 61 45 2.41 32.59 814 05/06
189 Canara Robeco Emerging Equities Reg -8.1 15.1 15.6 29.7 18.1 18.3 28 14 6 2.28 90.23 3235 03/05
190 DHFL Pramerica Midcap Opportunities Reg -9.2 4.9 6.9 – – 16.2 89 84 – 2.65 19.12 126 12/13


Within category
Equity: Mid Cap -8.0 13.4 12.6 24.7 14.7 93 87 73 1.9

191 DSPBR Midcap Reg -6.5 10.8 15.0 25.9 17.4 16.1 73 16 32 2.43 54.61 5390 11/06
192 Edelweiss Mid Cap Reg -6.4 23.2 13.7 27.9 14.6 10.7 3 32 14 2.30 28.46 653 12/07
193 Edelweiss Multi Cap Reg -4.7 20.2 11.5 – – 11.0 11 55 – 2.19 13.91 42 01/15
194 Escorts Growth -3.7 18.9 12.3 22.3 9.3 18.3 15 49 56 – 174.38 6 03/01
195 Escorts High Yield Equity -6.6 7.7 14.8 24.7 12.3 12.3 84 21 40 – 37.13 7 12/06
196 Escorts Leading Sectors NR -6.6 13.1 13.4 23.5 – 12.6 41 35 49 – 31.51 4 08/08
197 Essel Large & Midcap Reg NR -10.0 5.5 – – – 16.6 88 – – 2.97 14.26 92 12/15
198 Franklin India Prima -6.3 11.5 13.1 25.7 16.6 20.6 65 38 34 2.34 958.79 6500 12/93
199 HDFC Mid-Cap Opportunities -7.9 11.4 14.7 26.3 19.3 17.2 68 23 27 2.24 55.46 19891 06/07
200 ICICI Pru Dividend Yield Equity -7.8 11.5 12.4 – – 15.0 66 47 – 2.28 17.17 227 05/14
201 ICICI Pru Indo Asia Equity -8.4 12.6 10.2 18.8 12.2 10.2 46 68 70 2.54 27.74 183 10/07
202 ICICI Pru Midcap -7.7 13.4 12.2 26.3 12.3 18.6 36 52 28 2.45 98.48 1498 10/04
203 IDBI Diversified Equity Reg -5.0 12.0 7.0 – – 19.8 58 83 – 3.12 20.61 377 03/14
204 IDBI Midcap Fund Reg NR -7.9 8.9 – – – 12.5 79 – – 3.30 11.46 280 02/17
205 IDBI Small Cap Fund Reg NR -7.2 – – – – 3.6 – – – 3.31 10.36 229 06/17
206 IDFC Premier Equity Reg -8.0 10.2 6.9 19.8 16.2 19.2 77 85 64 2.00 90.26 5717 09/05
207 IDFC Sterling Equity Reg -6.6 23.0 14.1 22.4 18.7 18.3 4 29 55 2.07 54.42 2548 03/08
208 Invesco India Mid Cap -9.0 12.4 10.0 24.1 15.3 15.1 53 73 44 2.59 46.47 174 04/07
209 Invesco India Mid N Small Cap -9.1 13.5 10.3 24.6 17.2 17.0 35 67 41 2.44 48.20 527 03/08
210 Kotak Emerging Equity Reg -7.4 11.0 14.8 26.5 13.7 13.2 71 20 22 2.05 38.99 3027 03/07
211 Kotak Mid-Cap Reg -8.1 10.9 14.7 24.3 14.1 16.9 72 24 42 2.31 77.22 835 02/05
212 L&T Business Cycles Reg -9.2 12.5 9.5 – – 14.4 49 74 – 2.24 16.27 1019 08/14
213 L&T India Value -7.9 11.7 14.9 25.4 – 16.8 63 17 36 2.00 35.95 7406 01/10
214 L&T Midcap -8.2 18.7 17.3 29.7 17.1 21.3 16 5 7 2.17 138.97 2313 08/04
215 LIC MF Midcap Reg -6.5 13.3 13.0 – – 12.4 37 40 – 2.83 14.35 281 02/15
216 Mahindra Unnati Emerging Business Yojana Reg NR – – – – – 1.6 – – – 2.53 9.50 334 01/18
217 Mirae Asset Emerging Bluechip Reg -10.6 11.7 17.6 30.2 – 22.3 64 4 4 2.24 47.52 5131 07/10
218 Motilal Oswal Midcap 100 ETF -11.6 8.1 12.7 20.6 – 13.4 82 43 60 1.50 19.33 22 01/11
219 Motilal Oswal Midcap 30 Reg È -10.4 3.4 8.8 – – 25.1 93 78 – 2.45 25.07 1313 02/14
220 Principal Emerging Bluechip -8.6 14.8 14.8 27.3 – 28.3 29 18 18 2.38 103.84 1666 11/08
221 Reliance Growth -9.8 11.8 10.6 19.7 12.5 23.2 59 65 66 1.98 1083.33 7033 10/95
222 Reliance Mid & Small Cap -10.5 10.6 11.2 25.4 14.9 14.4 74 60 37 2.04 45.66 3320 12/06
223 Reliance Regular Savings Equity -9.4 14.2 10.4 18.9 12.4 16.4 33 66 69 2.04 70.40 3295 06/05
224 SBI Emerging Businesses -5.2 21.4 12.6 19.4 14.8 21.0 6 45 67 2.08 130.29 2383 10/04
225 SBI Magnum Global È -8.3 17.2 8.2 21.7 14.2 15.0 19 80 58 2.04 171.12 3456 09/94
226 SBI Magnum Midcap -8.4 7.1 11.5 26.4 12.5 17.2 86 56 25 2.03 79.22 3933 03/05
227 Sundaram Select Midcap Reg -9.3 11.7 14.3 26.2 17.3 28.3 62 28 30 2.34 496.80 6256 07/02
228 Tata Midcap Growth Reg -11.9 11.3 9.3 25.3 13.6 12.1 69 76 38 1.88 134.25 675 07/94
229 Taurus Discovery (Midcap) Reg -3.3 20.5 13.3 23.2 7.7 6.5 10 36 51 2.68 44.58 52 09/94
230 UTI Mid Cap -8.8 13.1 10.9 28.0 17.2 19.3 42 62 12 2.32 107.75 4167 04/04
Equity: Small Cap -9.4 19.0 18.1 31.1 16.2 22 20 12 2.1
231 Aditya Birla SL Small & Midcap -10.5 15.2 19.0 27.6 15.8 13.7 14 10 12 2.40 40.11 2070 05/07
232 DSPBR Small Cap Reg -11.9 8.2 16.5 33.4 20.2 18.5 20 14 4 2.39 62.61 6206 06/07
233 Franklin India Smaller Companies È -7.4 13.9 15.3 30.2 18.4 15.6 16 16 6 2.42 58.87 7128 01/06
234 HDFC Small Cap Reg -4.4 31.6 20.2 24.6 – 16.0 4 8 – 2.37 44.23 2670 04/08
235 HSBC Small Cap Equity -11.4 17.3 15.7 27.8 10.9 14.6 10 15 11 2.34 57.88 650 05/05
236 Indiabulls Value Discovery Reg NR -9.3 2.4 – – – 10.8 22 – – 2.96 13.00 58 09/15
237 L&T Emerging Businesses -6.9 27.3 22.8 – – 28.9 6 5 – 2.10 26.79 4286 05/14


Within category
Equity: Small Cap -9.4 19.0 18.1 31.1 16.2 22 20 12 2.1

238 Reliance Small Cap -9.1 25.3 21.6 35.9 – 21.5 8 7 2 2.00 43.35 6613 09/10
239 SBI Small & Midcap -12.4 34.4 24.1 35.5 – 22.0 2 2 – 2.30 54.93 850 09/09
240 Sundaram S.M.I.L.E. Reg -13.2 12.1 11.6 28.6 15.7 19.0 18 18 10 2.58 98.51 1360 02/05
241 Union Small Cap Reg -8.0 14.6 8.9 – – 12.8 15 20 – 2.53 15.82 308 06/14
Equity: Tax Saving -6.6 13.2 10.2 19.1 11.4 81 71 67 1.9
242 Aditya Birla SL Tax Plan -5.9 17.7 11.4 21.8 12.4 20.4 15 27 15 2.46 91.80 683 02/99
243 Aditya Birla SL Tax Relief 96 -5.8 18.2 12.0 22.6 12.1 25.4 12 19 7 2.12 155.28 5032 03/96
244 Aditya Birla SL Tax Savings -5.7 18.1 11.7 19.3 10.9 14.9 14 22 30 2.51 69.88 26 03/04
245 Axis Long Term Equity -3.5 16.8 9.1 23.3 – 18.4 21 43 3 1.78 40.32 16161 12/09
246 Baroda Pioneer ELSS 96 -8.4 8.2 6.7 16.1 8.4 12.9 65 66 61 3.04 29.33 132 03/96
247 BNP Paribas Long Term Equity È -9.7 10.5 5.8 17.9 10.2 11.0 51 69 44 2.28 35.86 551 01/06
248 BOI AXA Tax Advantage Reg Ç -6.0 27.8 12.0 20.1 – 20.5 2 18 26 2.76 54.48 145 02/09
249 Canara Robeco Equity Tax Saver Reg -4.0 13.0 6.7 15.6 13.9 14.7 40 64 64 2.29 24.66 857 03/93
250 DHFL Pramerica Long Term Equity Reg NR -6.8 10.5 – – – 13.8 52 – – 2.37 13.48 222 12/15
251 DHFL Pramerica Tax Plan -6.9 11.3 9.9 17.7 8.5 9.4 48 36 46 2.71 29.35 45 03/06
252 DSPBR Tax Saver -8.4 8.8 11.5 20.6 13.5 14.3 63 25 21 2.31 44.60 3905 01/07
253 Edelweiss Long Term Equity (Tax Savings) Reg -5.5 12.5 8.4 17.6 – 17.9 42 49 48 2.29 45.94 75 12/08
254 Edelweiss Tax Advantage Reg -3.9 14.6 7.8 16.7 – 16.2 31 54 56 2.50 39.65 12 01/09
255 Escorts Tax Plan -7.3 12.5 15.1 22.4 5.1 12.9 43 4 9 – 88.41 8 04/00
256 Essel Long Term Advantage Reg NR -9.9 5.2 – – – 12.8 79 – – 2.80 13.11 41 12/15
257 Franklin India Taxshield -6.3 8.2 7.7 18.3 13.8 23.3 67 58 37 2.21 530.07 3437 04/99
258 HDFC Long Term Advantage -7.0 11.4 11.3 18.1 13.1 22.4 47 29 40 2.21 329.21 1583 01/01
259 HDFC Retirement Savings Fund-Equity Reg NR -5.1 15.7 – – – 27.0 27 – – 2.81 16.52 410 02/16
260 HDFC Taxsaver -10.8 6.7 7.9 17.3 12.7 26.1 75 52 49 2.10 500.29 7017 03/96
261 HSBC Tax Saver Equity -9.0 9.3 10.7 18.3 13.2 12.1 59 32 38 2.44 36.29 178 01/07
262 ICICI Pru Long Term Equity (Tax Saving) -3.1 7.2 8.7 19.1 14.1 21.0 72 47 32 2.12 347.50 5034 08/99
263 IDBI Equity Advantage Reg -4.6 13.7 7.8 – – 23.2 37 55 – 2.79 25.92 672 09/13
264 IDFC Tax Advantage (ELSS) Reg -5.4 22.4 11.9 21.7 – 20.5 4 20 16 2.05 56.33 1084 12/08
265 Indiabulls Tax Savings Fund Reg NR -3.8 – – – – -3.4 – – – 2.78 9.66 67 12/17
266 Invesco India Tax Plan -4.8 15.5 9.5 20.3 14.5 14.8 29 40 24 2.26 47.23 502 12/06
267 JM Tax Gain -5.3 13.4 10.8 20.3 – 4.7 38 31 23 2.97 15.90 32 03/08
268 Kotak Tax Saver Reg -7.7 6.2 8.2 16.9 9.3 11.8 77 50 55 2.18 39.82 717 11/05
269 L&T Tax Adv -6.1 15.9 13.1 19.6 14.0 15.0 25 11 28 2.06 54.05 2989 02/06
270 LIC MF Tax Plan -5.6 14.6 7.2 17.0 8.8 9.1 32 60 53 2.70 62.29 158 03/97
271 Mahindra Mutual Fund Kar Bachat Yojana Reg NR -9.4 3.5 – – – 9.5 81 – – 2.34 11.40 278 10/16
272 Mirae Asset Tax Saver Reg NR -8.5 16.1 – – – 21.8 23 – – 2.52 15.61 864 12/15
273 Motilal Oswal Long Term Equity Reg -2.2 20.2 18.5 – – 19.8 7 2 – 2.64 17.78 852 01/15
274 Principal Personal Tax Saver -8.7 9.1 7.2 15.5 8.1 20.1 61 61 65 2.34 190.50 310 03/96
275 Principal Tax Savings -8.4 16.4 13.6 21.4 9.6 17.0 22 8 19 2.45 204.62 385 03/96
276 Quantum Tax Saving Direct -6.0 4.7 9.7 15.9 – 19.0 – – – 1.29 50.26 68 12/08
277 Reliance Tax Saver (ELSS) -15.4 6.4 6.2 22.2 15.3 15.1 76 68 11 1.79 58.40 10345 09/05
278 SBI Magnum Taxgain -8.6 8.2 6.3 17.0 10.4 16.9 66 67 54 1.80 137.13 6431 03/93
279 Sundaram Diversified Equity -8.2 10.2 10.5 17.2 11.5 17.7 53 33 51 2.43 99.24 2633 11/99
280 Tata India Tax Savings -8.8 14.1 12.1 20.6 12.8 19.7 34 16 20 1.31 63.87 1219 03/96
281 Taurus Tax Shield Reg Ç -1.1 19.7 10.5 16.4 12.0 11.7 8 34 58 2.67 74.63 52 03/96
282 Union Tax Saver -6.4 7.0 3.1 12.4 – 14.1 73 71 67 2.38 22.92 206 12/11
283 UTI Long Term Equity -6.9 9.7 7.8 15.7 9.3 15.1 57 57 63 2.38 83.18 935 12/99


Within category
Equity: International -0.3 13.4 6.1 6.2 4.8 72 68 43 1.5

284 Aditya Birla SL Comd Equities-Global Agri NR -3.3 6.6 3.4 4.9 – 9.0 54 56 26 1.60 22.50 8 11/08
285 Aditya Birla SL Global Commodities NR -5.0 4.3 2.4 0.1 – 2.2 60 60 36 0.77 12.33 3 09/08
286 Aditya Birla SL Global Real Estate Retail NR -1.3 2.0 -1.0 – – 2.9 67 65 – 1.74 17.23 15 12/07
287 Aditya Birla SL International Equity A NR 1.6 15.2 3.1 8.6 7.0 6.1 32 57 14 2.71 18.49 54 10/07
288 DHFL Pramerica Euro Equity NR -0.4 13.2 2.8 5.5 3.9 2.9 39 58 23 2.04 13.46 5 09/07
289 DHFL Pramerica Global Agribusiness Offshore NR -3.3 10.8 -1.2 0.6 – 5.3 52 67 34 2.04 15.06 8 05/10
290 DSPBR Global Allocation Reg NR 0.1 6.1 3.5 – – 4.0 56 54 – 2.14 11.50 31 08/14
291 DSPBR US Flexible Equity NR -2.1 12.1 9.2 13.9 – 14.6 47 16 9 2.15 21.66 178 08/12
292 DSPBR World Agriculture NR -5.0 3.7 1.5 4.2 – 6.7 64 62 29 1.80 15.20 31 10/11
293 DSPBR World Energy Reg NR -4.1 2.0 -1.4 1.0 – 2.7 68 68 33 1.87 12.54 18 08/09
294 DSPBR World Gold Reg NR -9.6 -13.1 4.5 -5.6 -2.6 0.8 72 46 41 1.86 10.91 207 09/07
295 DSPBR World Mining Reg NR -4.5 15.1 6.5 -2.3 – -2.8 33 32 38 1.78 7.92 34 12/09
296 Edelweiss ASEAN Equity Off Shore Reg NR 4.5 21.7 7.8 6.2 – 11.3 14 25 22 1.50 20.62 51 07/11
297 Edelweiss Emerging Markets Opp Equity Offshore Reg NR 1.7 25.6 8.0 – – 5.9 6 24 – 1.46 12.39 5 07/14
298 Edelweiss Europe Dynamic Equity Offshore Reg NR -0.2 11.2 3.7 – – 2.4 50 52 – 1.48 11.03 21 01/14
299 Edelweiss Greater China Eqt Off-shore Reg NR 2.1 35.9 11.8 14.7 – 12.6 2 3 7 1.50 27.70 44 08/09
300 Edelweiss US Value Equity Offshore Reg NR -2.8 5.1 5.1 – – 7.7 58 42 – 1.50 14.12 46 08/13
301 Franklin Asian Eqt NR 0.1 23.5 10.9 11.6 9.5 8.2 11 5 12 3.00 22.27 124 01/08
302 Franklin India Feeder - Franklin European Growth NR -0.7 11.2 4.8 – – 0.1 51 44 – 2.12 10.03 20 05/14
303 Franklin India Feeder Franklin US Opp NR 5.5 18.2 8.4 15.6 – 16.5 21 21 4 1.89 25.54 532 02/12
304 HSBC Asia Pacific (Ex Japan) Dividend Yield Reg NR 1.0 16.2 8.6 – – 7.6 28 19 – 2.43 13.53 8 02/14
305 HSBC Brazil NR 8.3 15.4 9.9 -3.6 – -3.0 31 10 39 2.66 8.10 26 05/11
306 HSBC Global Consumer Opportunities Reg NR 0.0 19.4 7.5 – – 6.8 17 26 – 2.47 12.27 5 02/15
307 HSBC Global Emerging Markets NR 2.1 21.1 8.2 6.7 3.7 3.8 15 23 19 2.66 14.48 10 03/08
308 ICICI Pru Global Stable Equity NR -2.4 4.0 5.5 – – 7.0 63 40 – 1.96 13.59 91 09/13
309 ICICI Pru US Bluechip Equity NR 0.4 11.7 9.4 14.4 – 15.4 49 14 8 1.88 22.79 154 07/12
310 Invesco India Global Equity Income Reg NR -0.4 12.7 5.8 – – 5.3 42 35 – 1.71 12.23 5 05/14
311 Invesco India Pan European Equity Reg NR 0.8 15.0 3.9 – – 2.3 34 48 – 1.32 10.97 31 01/14
312 Kotak Global Emerging Market Reg NR 1.7 23.7 5.7 6.7 5.5 5.1 10 39 20 1.83 16.90 32 09/07
313 Kotak US Equity Standard NR 0.2 12.0 9.1 – – 9.5 48 17 – 1.40 14.74 5 12/13
314 Kotak World Gold Standard NR -6.5 -10.3 3.5 -6.6 – -1.9 70 55 43 1.85 8.26 34 06/08
315 Motilal Oswal NASDAQ 100 ETF NR 2.5 19.0 15.0 22.2 – 21.8 19 1 1 1.50 416.01 75 03/11
316 Principal Global Opportunities NR 2.2 25.4 9.3 6.8 6.2 8.0 7 15 18 1.05 29.53 18 03/04
317 Reliance ETF Hang Seng BeES NR 2.0 26.6 10.0 12.5 – 11.6 3 7 10 0.10 3001.22 7 03/10
318 Reliance Japan Equity NR 2.0 17.8 5.8 – – 5.9 22 37 – 1.84 12.31 13 08/14
319 Reliance US Equity Opportunities NR -0.8 13.7 – – – 7.6 38 – – 2.44 12.18 13 07/15
320 Sundaram Global Advantage NR 1.1 16.5 5.8 4.3 5.3 5.1 25 36 28 1.53 16.89 25 08/07
Equity: Banking -7.1 9.2 10.3 15.3 10.8 28 25 17 1.8
321 Aditya Birla SL Banking & Financial Services Reg -6.1 12.2 16.4 – – 25.3 16 4 – 2.45 26.33 1453 12/13
322 Baroda Pioneer Banking and Financial Services -4.3 5.4 7.7 13.4 – 12.8 24 20 14 3.17 20.02 40 06/12
323 Edelweiss Exchange Traded Fund-Nifty Bank NR -5.0 13.8 – – – 18.7 7 – – 0.15 2453.25 2 12/15
324 ICICI Pru Banking and Financial Services -6.6 10.4 16.1 22.5 – 19.9 20 5 2 2.29 57.05 2638 08/08
325 Invesco India Banking -4.2 17.9 13.4 18.7 – 18.1 2 9 6 2.65 50.48 123 07/08
326 Kotak Banking ETF Reg -5.0 13.7 10.8 – – 9.2 8 14 – 0.20 247.42 3677 12/14
327 Kotak PSU Bank ETF -22.3 -18.2 -4.9 0.0 3.8 0.8 27 24 17 0.49 288.41 120 11/07
328 LIC MF Banking & Financial Services Reg -16.4 -5.3 1.5 – – 1.5 26 23 – 3.00 10.46 75 03/15
329 Reliance Banking -5.2 13.2 13.1 19.2 17.3 24.3 13 11 5 2.04 254.20 2891 05/03
S&P BSE Bankex Index -5.7 11.4 9.3 15.8 13.4


Within category
Equity: Banking -7.1 9.2 10.3 15.3 10.8 28 25 17 1.8

330 Reliance ETF Bank BeES -5.0 13.7 10.6 17.1 14.6 19.2 10 15 8 0.20 2461.93 2391 05/04
331 Reliance ETF PSU Bank BeES -22.3 -18.2 -5.0 0.0 3.8 1.5 28 25 16 0.49 319.86 133 10/07
332 SBI Banking & Financial Services Reg -3.1 16.1 15.5 – – 13.3 4 6 – 2.46 14.74 475 02/15
333 SBI ETF Nifty Bank Fund -5.0 13.6 10.8 – – 10.5 11 13 – – 243.93 719 03/15
334 Sundaram Financial Services Opp Reg -6.8 6.0 9.1 14.8 – 14.3 23 17 11 2.77 37.07 162 06/08
335 Tata Banking and Financial Services Reg NR -5.0 12.2 – – – 23.9 15 – – 1.42 16.31 241 12/15
336 Taurus Banking & Financial Services Reg -4.6 11.3 7.4 12.6 – 14.0 19 21 15 2.67 21.59 6 05/12
337 UTI Banking Sector Reg -6.7 12.0 12.0 16.4 14.4 17.3 17 12 9 2.69 92.59 658 04/04
Equity: FMCG -2.3 20.1 14.9 17.4 19.7 4 4 4 2.2
338 ICICI Pru FMCG NR -1.9 14.6 11.6 15.6 16.6 17.6 4 4 4 2.60 216.83 348 03/99
339 SBI FMCG NR -3.0 24.6 17.3 18.3 22.8 15.8 2 2 2 2.45 69.31 515 07/99
Equity: Infrastructure -10.0 13.9 9.6 18.6 6.5 39 36 34 2.1
340 Aditya Birla SL Infrastructure -11.1 11.9 10.0 20.0 9.5 11.0 23 16 12 2.68 35.27 704 03/06
341 BOI AXA Manufacturing & Infrastructure Ç -3.7 28.0 14.0 20.1 – 7.8 2 6 11 2.93 18.29 31 03/10
342 Canara Robeco Infrastructure Reg -10.1 9.1 8.0 18.2 9.9 13.6 34 24 19 2.81 48.31 147 12/05
343 DSPBR T.I.G.E.R. Reg -9.4 12.2 9.8 18.8 8.6 17.7 19 17 16 2.56 94.43 1557 06/04
344 Escorts Infrastructure NR -9.3 17.9 7.3 16.2 -1.7 -1.1 10 28 25 – 8.89 2 08/07
345 Franklin Build India -10.6 10.4 10.3 25.4 – 17.4 27 14 3 2.72 39.51 1205 09/09
346 HDFC Infrastructure -16.9 5.8 3.7 14.5 7.1 6.4 39 35 31 2.30 18.64 1231 03/08
347 HSBC Infrastructure Equity NR -12.6 11.0 6.7 17.6 4.7 7.1 26 – – 2.48 22.97 177 02/06
348 ICICI Pru Infrastructure -9.6 9.4 7.1 15.9 6.7 13.9 32 29 27 2.39 51.45 1708 08/05
349 IDFC Infrastructure Reg -10.4 20.1 14.3 18.5 – 8.4 6 5 17 2.22 17.74 1148 03/11
350 Invesco India Infrastructure -10.6 14.5 6.2 20.3 8.2 5.5 14 32 9 2.70 17.48 46 11/07
351 Kotak Infra and Eco Reform Standard -10.8 10.1 10.7 21.7 9.5 7.8 30 11 7 2.46 21.28 477 02/08
352 L&T Infrastructure -9.8 21.0 16.1 24.5 6.6 5.3 5 2 4 2.27 17.14 1925 09/07
353 LIC MF Infrastructure -8.6 12.1 5.1 13.2 4.5 3.6 21 33 33 2.70 14.35 73 02/08
354 Reliance ETF Infra BeES -8.3 7.8 1.1 8.9 – -1.4 37 36 34 0.99 339.23 17 09/10
355 SBI Infrastructure -12.1 12.1 9.1 16.0 3.6 4.0 20 19 26 2.40 15.28 622 07/07
356 Sundaram Infrastructure Advantage Reg -12.4 15.2 10.7 18.1 4.3 10.4 13 12 – 2.54 34.52 767 09/05
357 Tata Infrastructure Reg -10.7 9.2 8.3 16.6 5.9 13.9 33 22 23 2.10 56.35 680 12/04
358 Taurus Infrastructure Reg -5.2 18.9 10.3 18.2 8.1 8.7 8 15 18 2.66 25.24 6 03/07
359 UTI Infrastructure -9.4 8.1 6.9 15.2 4.2 13.5 36 30 30 2.21 53.75 1649 04/04
Equity: Pharma -8.6 -7.6 -3.7 14.8 16.5 8 6 6 1.9
360 Reliance Pharma NR -7.4 -1.2 -1.0 15.4 19.8 20.6 2 2 3 2.10 133.69 1984 06/04
361 SBI Pharma NR -11.2 -14.7 -5.5 15.0 15.2 15.6 8 5 4 2.24 117.49 1014 07/99
362 Tata India Pharma & HealthCare Reg NR -6.9 -8.4 – – – -7.7 6 – – 1.40 8.35 136 12/15
363 UTI Pharma & Healthcare NR -9.5 -8.2 -6.1 12.5 14.6 13.5 5 6 6 2.80 82.25 410 06/99
Equity: Technology 7.5 26.5 7.5 17.2 12.7 10 8 8 2.3
364 Aditya Birla SL New Millennium NR 7.8 31.3 9.8 18.2 10.0 8.8 2 2 4 2.93 46.58 105 01/00
365 Franklin India Technology NR 6.3 21.1 6.5 14.4 14.5 18.5 10 6 8 2.95 140.31 194 08/98
366 ICICI Pru Technology NR 6.4 25.6 7.7 18.8 14.8 9.4 6 4 3 2.64 50.60 339 03/00
367 SBI IT NR 8.4 22.2 4.4 15.6 11.6 13.6 8 8 6 2.70 33.21 77 07/99
368 Tata Digital India Reg NR 7.8 29.0 – – – 8.9 4 – – 1.43 12.13 78 12/15
S&P BSE IT Index 7.3 16.7 2.0 11.9 13.1
S&P BSE Healthcare Index -11.1 -14.1 -8.7 10.4 13.1
S&P BSE FMCG Index -3.8 11.0 9.8 11.7 16.2
S&P BSE Bankex Index -5.7 11.4 9.3 15.8 13.4


Within category
Equity: Others 2.2

369 Aditya Birla SL India GenNext NR -5.7 12.9 12.6 21.1 15.9 17.4 – – – 2.62 76.60 754 08/05
370 Aditya Birla SL India Opportunities NR 0.7 24.7 12.7 24.9 13.0 12.6 – – – 2.85 156.75 154 01/95
371 Aditya Birla SL MNC NR -7.2 15.6 8.1 24.8 19.7 19.6 – – – 2.22 730.33 3245 04/94
372 Canara Robeco FORCE Regular NR -4.1 13.3 11.8 18.8 – 15.9 – – – 2.91 35.39 178 09/09
373 DSPBR Natural Resources and New Energy Reg NR -8.3 11.5 22.9 24.1 – 13.1 – – – 2.92 33.90 461 04/08
374 Escorts Power & Energy NR -6.9 13.1 15.1 21.8 – 10.8 – – – – 26.44 1 09/08
375 ICICI Pru Exports and Other Services NR -4.6 11.0 8.5 24.0 13.0 15.2 – – – 2.65 57.05 701 11/05
376 Invesco India PSU Equity NR -11.5 -2.1 9.7 13.6 – 7.2 – – – 2.70 17.86 88 11/09
377 JM Basic NR -8.5 11.2 12.9 20.2 1.6 16.2 – – – 3.00 30.85 168 05/97
378 Mirae Asset Great Consumer Reg NR -5.7 23.8 12.4 20.8 – 17.9 – – – 2.73 31.72 261 03/11
379 Reliance Diversified Power Sector NR -10.5 12.9 13.5 18.0 5.8 18.9 – – – 2.10 110.53 2006 05/04
380 Reliance ETF Consumption NR -7.0 19.7 12.9 – – 16.7 – – – 0.12 49.55 14 04/14
381 Reliance Media & Entertainment NR -8.3 -0.4 8.0 12.3 9.0 14.9 – – – 2.68 65.16 70 09/04
382 SBI Magnum COMMA NR -9.9 10.0 16.1 15.6 6.3 11.1 – – – 2.52 37.90 362 08/05
383 SBI PSU NR -14.1 -4.8 5.7 7.7 – 1.3 – – – 2.57 11.08 202 07/10
384 Sundaram Rural India Reg NR -8.1 11.1 17.9 22.0 11.8 12.6 – – – 2.50 41.06 2374 05/06
385 Tata India Consumer Reg NR -6.0 31.7 – – – 26.4 – – – 2.55 16.97 740 12/15
386 Tata Resources & Energy Reg NR -9.7 5.3 – – – 18.1 – – – 1.39 14.55 50 12/15
387 UTI India Lifestyle NR -4.6 11.9 7.3 13.6 11.1 9.0 – – – 2.58 25.16 277 07/07
388 UTI MNC NR -6.2 15.3 7.8 22.6 18.3 17.6 – – – 2.30 188.90 1964 07/98
389 UTI Transportation and Logistics NR -7.6 14.6 11.3 32.4 23.1 19.3 – – – 2.45 118.18 1537 04/04
390 UTI Wealth Builder Retail NR -1.8 6.9 5.3 8.7 – 13.6 – – – 2.56 33.06 986 11/08

Balanced Total return (%) Rank

Within category
Hybrid: Equity-oriented -2.9 9.7 8.7 16.3 11.0 104 69 54 1.7

391 Aditya Birla SL Balanced ‘95 -4.6 8.0 9.5 17.3 13.8 20.6 70 27 28 2.27 736.94 13967 02/95
392 Aditya Birla SL Equity Savings Reg -2.3 5.2 7.6 – – 8.0 96 44 – 2.45 12.93 1477 11/14
393 Axis Children’s Gift Reg NR -2.0 12.3 – – – 9.8 20 – – 2.33 12.42 368 12/15
394 Axis Dynamic Equity Fund Reg NR -0.7 – – – – 3.5 – – – 2.07 10.35 2568 07/17
395 Axis Equity Saver Reg NR -0.1 8.0 – – – 6.5 69 – – 2.40 11.79 626 08/15
396 Baroda Pioneer Balance -5.9 9.8 8.0 13.4 7.4 12.4 43 42 43 2.74 54.69 614 09/03
397 BNP Paribas Balanced Fund Reg NR -3.9 – – – – 6.8 – – – 2.56 10.68 433 03/17
398 BOI AXA Mid Cap Equity & Debt Reg NR -4.1 25.3 – – – 22.1 2 – – 2.53 14.08 342 07/16
399 Canara Robeco Balance Reg -2.9 10.1 8.7 16.4 13.0 12.5 41 37 32 2.43 144.26 1532 02/93
400 DHFL Pramerica Balanced Advantage NR -3.2 3.8 4.4 13.3 7.1 14.2 102 – – 2.55 65.46 241 01/04
401 DHFL Pramerica Equity Income Ç -1.3 4.5 7.0 9.5 7.7 7.9 100 51 – 1.75 29.51 32 01/04
402 DSPBR Equity & Bond -5.8 8.4 9.9 16.4 11.8 15.1 64 23 33 2.09 142.43 6954 05/99
403 DSPBR Equity Savings Reg NR -1.3 7.3 – – – 10.7 75 – – 2.35 12.25 1559 03/16
404 Edelweiss Balanced Advantage Reg -2.0 9.3 5.4 11.8 – 9.6 52 64 50 2.18 21.99 615 08/09
405 Edelweiss Equity Savings Reg -0.2 9.6 7.0 – – 8.0 45 52 – 1.50 13.04 135 10/14
406 Escorts Balanced NR -6.2 11.0 7.3 17.7 8.5 16.0 33 49 20 – 125.62 3 03/01
407 Escorts Opportunities -3.5 15.3 6.8 12.4 6.9 10.6 7 55 48 – 55.63 14 02/01
408 Franklin India Balanced -4.2 7.7 7.5 16.3 11.5 14.1 73 45 34 2.45 112.34 2114 12/99
409 HDFC Balanced -3.9 11.2 10.7 19.2 15.6 16.5 30 14 7 2.00 145.80 20192 09/00
410 HDFC Children’s Gift -4.2 12.5 10.6 18.5 15.8 17.0 17 16 13 2.33 112.91 2115 03/01
411 HDFC Equity Savings NR -1.8 6.2 10.1 10.7 9.9 9.6 88 – – 2.23 34.55 7242 09/04
412 HDFC Prudence -7.4 6.0 8.9 16.9 14.3 18.8 93 35 30 2.26 485.08 37837 02/94
413 HDFC Retirement Savings Fund-Hybrid Equity Reg NR -3.5 11.9 – – – 23.4 22 – – 2.91 15.53 159 02/16
414 ICICI Pru Balanced -4.3 9.3 10.8 18.0 12.8 14.7 53 11 15 2.20 124.90 27801 11/99
415 ICICI Pru Balanced Advantage -1.3 9.5 9.3 14.8 12.2 11.2 48 29 39 2.21 33.11 25663 12/06
416 ICICI Pru Child Care-Gift -3.2 5.1 9.1 17.9 11.2 16.9 97 30 16 2.64 132.47 461 08/01
417 ICICI Pru Equity Income -0.5 5.9 7.7 – – 7.7 94 43 – 1.41 12.81 3065 12/14
418 IDBI Hybrid Equity Reg NR -3.9 7.2 – – – 11.7 79 – – 3.29 11.71 436 10/16
419 IDFC Balanced Fund Reg NR -3.0 6.9 – – – 9.9 81 – – 2.14 11.27 1259 12/16
420 IDFC Dynamic Equity Reg -1.5 9.9 5.6 – – 6.9 42 62 – 2.40 12.60 670 10/14
421 JM Balanced -2.4 6.5 4.6 14.0 6.1 11.8 85 67 42 2.18 43.85 4785 04/95
422 Kotak Balance Reg -4.7 6.3 8.4 12.8 9.6 14.7 87 38 44 2.08 16.15 2232 11/99
423 Kotak Equity Savings Reg -0.8 8.3 7.4 – – 8.3 65 47 – 1.89 13.20 1799 10/14
424 L&T Dynamic Equity NR 0.4 6.0 3.7 15.0 – 12.1 90 – – 2.46 22.73 482 01/11
425 L&T Equity Savings -1.2 7.3 6.3 9.3 – 8.7 76 59 – 1.76 17.12 208 10/11
426 L&T India Prudence -3.5 10.5 9.9 18.7 – 14.0 37 24 12 1.99 25.57 9645 01/11
427 LIC MF Balanced -7.6 2.6 2.4 10.0 6.4 8.6 104 69 54 2.82 93.94 334 03/91
428 LIC MF ULIS -4.4 10.5 4.9 11.4 6.2 9.4 36 66 52 2.23 17.14 256 06/89
429 Mahindra Dhan Sanchay Equity Savings Yojana Reg NR -3.3 6.0 – – – 7.5 91 – – 2.53 10.87 327 02/17
430 Mirae Asset Hybrid Equity Reg NR -5.1 9.2 – – – 10.7 57 – – 2.48 13.13 1109 07/15
431 Motilal Oswal Dynamic Reg NR 0.1 11.9 – – – 13.0 23 – – 2.14 12.03 1575 09/16
432 Principal Balanced -3.8 17.7 13.6 17.8 11.2 11.6 4 2 18 2.52 73.61 1060 01/00
433 Principal Equity Savings NR -1.0 7.2 6.6 7.0 7.1 8.1 78 – – 2.75 34.29 70 05/02
434 Reliance Equity Savings NR -2.0 8.1 – – – 7.8 67 – – 2.00 12.39 2435 05/15
435 Reliance Regular Savings Balanced -4.0 12.1 10.6 17.5 14.7 13.9 21 15 24 1.97 53.34 12387 06/05
436 SBI Equity Savings Reg NR -1.3 7.5 – – – 7.8 74 – – 2.00 12.40 1605 05/15
437 SBI Magnum Balanced È -4.4 12.5 9.0 17.6 11.7 16.4 19 34 21 1.96 122.79 21404 12/95
438 Shriram Equity and Debt Opportunities -2.6 8.7 6.0 – – 11.0 62 60 – 2.24 15.70 43 11/13
VR Balanced Index -3.3 8.7 5.9 10.9 7.6


Within category
Hybrid: Equity-oriented -2.9 9.7 8.7 16.3 11.0 104 69 54 1.7

439 Sundaram Balanced Reg -1.9 10.2 8.3 11.7 8.3 12.6 40 39 51 2.70 82.56 876 06/00
440 Tata Balanced Reg È -4.3 5.0 5.6 16.4 13.0 15.9 98 63 31 0.74 201.32 5522 10/95
441 Tata Regular Saving Equity Reg NR -0.4 3.7 4.6 7.3 7.0 9.1 103 – – 0.95 30.99 231 04/97
442 Tata Retirement Savings Moderate Reg -5.1 14.5 11.7 20.3 – 17.8 8 7 2 1.81 28.60 533 11/11
443 Union Balanced Advantage Reg NR – – – – – -1.5 – – – 2.70 9.85 567 12/17
444 UTI Balanced -5.1 8.8 9.1 14.4 10.6 15.5 61 32 40 2.31 165.04 5536 03/95
445 UTI CCP Advantage -5.6 13.1 9.5 16.9 12.0 9.5 15 26 29 2.86 35.92 234 02/04
Hybrid: Debt-oriented Aggressive -1.6 6.9 8.2 11.4 9.2 32 32 32 1.5
446 Aditya Birla SL MIP II Wealth 25 È -2.2 6.0 9.3 13.3 10.6 10.2 26 5 5 2.11 38.22 2418 05/04
447 Axis Income Saver -0.2 7.5 6.5 9.5 – 8.3 15 30 30 2.25 18.45 415 07/10
448 DHFL Pramerica Income Advantage Ç -0.1 4.8 7.1 7.6 7.4 7.4 29 28 32 2.44 21.08 18 11/07
449 DSPBR Regular Savings -0.5 6.4 7.9 9.9 9.4 9.8 24 22 29 2.53 36.38 448 06/04
450 Franklin India Pension -2.4 5.5 6.7 12.1 9.4 12.5 27 29 11 2.49 119.07 421 03/97
451 HDFC MIP Long-term -2.5 4.3 7.7 10.5 10.4 10.8 30 24 25 1.78 43.21 3527 12/03
452 ICICI Pru MIP 25 -0.1 7.9 8.7 11.7 9.9 10.3 11 11 13 1.98 39.39 1401 03/04
453 LIC MF Children’s Gift È -7.4 -2.3 3.9 10.3 2.1 3.1 32 32 27 2.42 16.48 17 10/01
454 Sundaram MIP Aggressive -2.0 7.2 8.3 10.3 – 8.3 18 19 26 2.17 18.96 137 03/10
455 Tata Retirement Savings Conservative Reg -1.7 7.3 8.6 11.3 – 10.4 17 13 17 1.28 18.87 128 11/11
456 Tata Young Citizens Reg -4.0 9.2 7.1 12.3 10.1 13.0 4 27 10 1.76 26.01 221 10/95
457 UTI CCP Balanced -1.2 7.6 9.1 13.5 10.6 10.7 14 8 4 1.82 22.61 3765 07/93
458 UTI CRTS 81 -0.2 7.0 8.0 11.0 10.9 3.8 21 21 21 2.44 351.69 743 10/81
459 UTI Retirement Benefit Pension -1.7 8.5 9.1 11.8 9.7 10.8 9 7 12 1.99 25.74 2592 12/94
460 UTI Smart Woman Savings -0.3 6.6 7.4 10.3 9.0 12.5 23 26 28 2.60 36.76 377 04/01
461 UTI ULIP -0.4 9.4 8.4 11.0 10.3 9.4 3 17 20 1.95 24.58 4104 10/71
Hybrid: Debt-oriented Conservative -0.1 7.0 7.9 10.3 9.1 86 80 76 1.4
462 Aditya Birla SL MIP 0.7 4.8 6.7 8.5 8.2 9.2 72 65 64 2.19 45.88 87 11/00
463 Aditya Birla SL MIP II Savings 5 Plan 1.7 7.2 8.3 10.0 10.1 9.1 35 33 40 1.87 33.61 296 05/04
464 Aditya Birla SL Monthly Income 1.4 8.1 8.0 9.8 9.2 10.7 17 42 44 1.10 67.00 258 07/99
465 Baroda Pioneer MIP -0.3 5.3 6.2 8.5 6.4 6.1 66 74 63 2.27 22.26 24 09/04
466 BNP Paribas MIP -1.2 5.6 6.5 9.3 7.3 7.5 64 68 54 2.53 26.71 324 09/04
467 BOI AXA Regular Return Reg -0.4 9.6 9.0 10.2 – 8.6 6 11 37 2.00 21.02 194 03/09
468 Canara Robeco MIP Reg -1.0 3.6 5.3 9.3 9.2 11.2 83 78 55 2.15 52.30 201 04/01
469 Canara Robeco Yield Advantage Reg 1.5 6.3 7.4 7.3 – 7.4 54 55 74 1.25 16.43 240 04/11
470 Escorts Income Bond NR -0.4 3.9 6.9 8.0 10.7 9.1 80 63 69 – 50.96 1 11/96
471 Essel Regular Savings -0.4 3.8 6.4 8.4 – 7.9 82 69 65 2.63 17.93 63 07/10
474 Franklin India Life Stage FoF 50s Plus -0.1 7.2 8.1 9.5 8.9 8.9 34 38 50 2.07 33.80 7 12/03
475 Franklin India Life Stage FoF 50s Plus FR 0.0 6.7 7.6 9.5 8.7 9.6 47 51 52 0.79 35.13 29 07/04
476 Franklin India MIP A -0.8 5.3 6.7 10.2 8.7 9.9 67 66 38 2.30 52.64 417 09/00
477 HDFC MIP Short-term -2.3 4.9 7.0 9.0 8.3 8.0 70 58 59 2.29 30.07 286 12/03
478 HDFC Multiple Yield Plan 2005 -0.8 6.9 8.0 10.4 9.9 9.4 43 43 33 2.04 31.03 173 08/05
479 HDFC Retirement Savings Fund-Hybrid Debt Reg NR -1.1 6.6 – – – 11.4 48 – – 2.71 12.54 55 02/16
480 HSBC Regular Savings -1.9 3.6 6.2 9.2 8.7 9.3 84 72 57 2.13 34.84 255 02/04
481 ICICI Pru Advisor-Cautious 1.9 6.9 5.7 8.5 8.0 8.5 42 76 62 0.56 32.05 92 12/03
482 ICICI Pru Advisor-Long Term Savings -1.6 8.3 8.5 12.4 10.1 13.5 12 23 10 0.72 60.92 8 12/03
483 ICICI Pru Advisor-Moderate -0.4 7.7 8.7 11.9 9.8 11.8 24 20 13 0.71 49.23 6 12/03
VR MIP Index -1.5 4.7 5.5 7.6 6.8


Within category
Hybrid: Debt-oriented Conservative -0.1 7.0 7.9 10.3 9.1 86 80 76 1.4

484 ICICI Pru Child Care-Study -0.3 6.2 9.0 14.7 12.1 12.4 55 10 4 1.41 69.17 129 08/01
485 ICICI Pru MIP 0.6 5.8 7.2 9.7 8.8 9.4 62 56 47 2.27 47.53 344 11/00
486 ICICI Pru Regular Income 2.0 7.0 8.5 8.8 – 8.5 39 25 60 1.36 17.54 2101 05/11
487 IDBI Equity Savings 0.7 1.8 4.0 6.6 – 6.8 86 80 76 2.25 15.93 18 03/11
488 IDFC Asset Allocation Aggressive Reg -2.5 8.8 7.7 12.1 – 10.5 9 50 12 1.46 22.53 19 02/10
489 IDFC Asset Allocation Conservative Reg 0.2 6.6 7.8 9.8 – 8.9 49 49 45 1.11 20.04 23 02/10
490 IDFC Asset Allocation Moderate Reg -0.8 7.4 7.8 10.8 – 9.9 27 48 25 1.23 21.59 41 02/10
491 IDFC Monthly Income Plan Reg -1.4 4.3 6.9 9.4 – 9.1 76 60 53 2.30 20.28 249 02/10
492 Indiabulls Savings Income Reg NR 2.9 16.9 – – – 11.5 3 – – 2.70 12.88 104 12/15
493 Kotak MIP Reg -0.9 5.9 8.3 10.2 7.8 7.9 60 30 36 2.27 29.63 375 12/03
494 L&T MIP -0.9 3.9 5.6 7.9 6.8 8.4 81 77 70 2.43 32.76 56 07/03
495 LIC MF MIP -1.1 4.2 6.0 7.6 6.6 8.6 77 75 72 2.51 51.56 107 06/98
496 Principal Asset Allocation Fund of Funds Conservative Reg NR 0.3 6.9 – – – 8.4 44 – – 0.60 12.05 3 12/15
497 Reliance MIP -0.1 6.1 7.0 10.2 11.2 10.4 57 59 35 1.84 40.95 2180 12/03
498 Reliance Retirement Fund - Income Generation Scheme -0.1 4.9 6.4 – – 6.1 71 70 – 2.30 12.06 208 02/15
499 SBI Magnum Children’s Benefit Plan -0.9 16.4 14.5 16.1 11.6 11.0 4 2 2 2.45 54.51 58 01/02
500 SBI Magnum MIP -0.6 4.7 8.3 9.9 7.8 8.2 74 32 43 1.89 38.08 1603 03/01
501 SBI Magnum MIP Floater -0.4 6.7 8.5 10.7 8.5 8.0 45 22 26 2.27 25.82 353 12/05
502 Sundaram Regular Savings 1.6 6.6 8.1 7.1 – 6.5 50 39 75 0.76 16.66 50 03/10
503 UTI MIS - Advantage 0.2 7.8 8.2 11.1 9.6 10.0 22 34 20 1.60 39.18 1187 12/03
504 UTI Monthly Income Scheme 0.3 6.2 7.4 9.1 8.7 8.5 56 54 58 1.04 35.22 253 10/02
Hybrid: Asset Allocation -0.7 7.5 8.4 13.2 8.9 18 16 5 1.8
505 Aditya Birla SL Asset Allocator MMFoF -1.0 9.6 9.7 15.1 7.6 9.2 4 4 1 1.37 27.95 7 08/06
506 Aditya Birla SL Balanced Advantage -2.7 4.3 10.3 13.3 8.8 9.4 18 2 – 2.34 49.73 3304 04/00
507 BOI AXA Equity Debt Rebalancer Reg -0.7 6.0 6.3 – – 10.1 13 15 – 2.25 14.79 300 03/14
508 DSPBR Dynamic Asset Allocation Reg -0.8 5.6 7.1 – – 8.8 17 12 – 2.13 14.20 831 02/14
509 Franklin India Dynamic PE Ratio FoF -0.9 7.7 7.7 11.5 10.3 15.2 7 11 5 1.93 77.01 864 10/03
510 HDFC Dynamic PE Ratio Fund of Funds Reg -4.8 6.7 8.2 9.7 – 9.5 11 9 – 2.30 17.50 24 02/12
511 Kotak Asset Allocator Reg 0.5 6.0 8.7 15.8 10.1 16.0 14 8 – 2.00 75.66 33 08/04
512 Principal Smart Equity -1.3 5.7 5.6 12.7 – 9.6 15 16 3 2.64 19.56 173 12/10
513 SBI Dynamic Asset Allocation Reg NR 4.8 11.5 – – – 8.3 2 – – 2.40 12.71 130 03/15
Hybrid: Arbitrage 1.6 6.1 6.6 7.5 7.2 36 32 20 0.7
514 Aditya Birla SL Enhanced Arbitrage 1.6 5.9 6.2 7.4 – 6.9 28 28 13 0.90 17.87 5755 07/09
515 Axis Enhanced Arbitrage Reg 1.7 6.0 6.3 – – 6.7 24 27 – 0.95 12.64 2051 08/14
516 BNP Paribas Enhanced Arbitrage Fund Reg NR 1.2 5.8 – – – 6.2 29 – – 1.17 10.79 798 12/16
517 DHFL Pramerica Arbitrage Reg 1.5 6.0 6.4 – – 6.8 25 21 – 0.96 12.65 1387 08/14
518 DSPBR Arbitrage Fund Reg NR – – – – – 1.1 – – – 0.82 10.11 274 01/18
519 Edelweiss Arbitrage Reg 1.6 6.0 6.5 – – 7.1 22 18 – 1.05 12.94 6218 06/14
520 HDFC Arbitrage Wholesale 1.5 5.6 6.3 7.1 7.2 7.3 32 23 17 0.75 20.79 4674 10/07
521 ICICI Pru Equity Arbitrage 1.5 5.8 6.3 7.4 7.3 7.7 31 26 12 1.32 23.00 11493 12/06
522 IDFC Arbitrage Plus Regular 1.5 5.3 5.9 6.9 – 6.9 35 32 20 1.03 19.22 359 06/08
523 IDFC Arbitrage Regular 1.6 5.8 6.2 7.3 7.0 7.2 30 29 14 0.96 21.93 2609 12/06
524 Indiabulls Arbitrage Reg 1.6 6.1 6.7 – – 7.0 21 15 – 0.93 12.48 644 12/14
525 Invesco India Arbitrage 1.6 5.9 6.3 7.0 6.9 7.2 27 24 18 1.00 21.33 476 04/07
526 JM Arbitrage Advantage 1.3 5.1 6.1 7.1 7.1 7.4 36 31 16 1.05 23.05 3867 07/06
527 Kotak Equity Arbitrage Reg 1.6 6.2 6.4 7.5 7.4 7.6 17 20 10 0.90 24.86 14744 09/05
528 L&T Arbitrage Opportunities Reg 1.5 6.2 6.4 – – 6.8 15 22 – 0.78 12.80 918 06/14
VR MIP Index -1.5 4.7 5.5 7.6 6.8


Within category
Hybrid: Arbitrage 1.6 6.1 6.6 7.5 7.2 36 32 20 0.7

529 Principal Arbitrage Reg NR 1.5 5.4 – – – 5.5 34 – – 1.02 11.10 8 04/16
530 Reliance Arbitrage Advantage 2.0 6.2 6.5 7.4 – 8.0 16 19 11 1.08 17.81 7957 10/10
531 SBI Arbitrage Opportunities 1.8 6.0 6.2 7.2 7.1 7.4 23 30 15 0.83 22.70 1442 11/06
532 UTI SPrEAD 1.5 5.9 6.3 7.0 7.3 7.5 26 25 19 0.60 23.43 2292 06/06
Hybrid: Others 1.4
533 Aditya Birla SL Financial Planning FoF Aggressive NR -4.2 9.1 9.5 15.1 – 11.8 – – – 1.33 21.53 126 05/11
534 Aditya Birla SL Financial Planning FoF Conservative NR 0.1 6.9 7.1 8.7 – 8.4 – – – 1.25 17.45 5 05/11
535 Aditya Birla SL Financial Planning FoF Prudent NR -1.8 7.7 7.9 11.2 – 9.7 – – – 1.34 18.99 16 05/11
536 Axis Triple Advantage NR 0.2 9.2 6.5 8.3 – 8.3 – – – 1.75 18.33 301 08/10
537 Canara Robeco InDiGo Reg NR 1.4 3.2 3.5 3.1 – 5.4 – – – 2.45 15.04 39 07/10
538 Essel 3 in 1 NR 0.4 4.5 6.1 7.3 – 7.8 – – – 1.49 16.95 22 04/11
539 Franklin India Multi Asset Solution NR -1.2 5.1 5.5 – – 5.5 – – – 1.78 11.95 44 11/14
540 HSBC Managed Solutions India Conservative Reg NR 0.6 4.6 6.6 – – 8.7 – – – 1.58 13.89 307 04/14
541 HSBC Managed Solutions India Growth Reg NR -4.8 9.9 10.5 – – 14.9 – – – 2.10 17.22 161 04/14
542 HSBC Managed Solutions India Moderate Reg NR -3.7 8.9 10.0 – – 13.4 – – – 2.00 16.37 277 04/14
543 Invesco India MIP Plus NR -0.1 4.2 6.1 6.6 – 7.0 – – – 1.75 1694.47 21 06/10
544 Principal Asset Allocation Fund of Funds Aggressive Reg NR -5.1 9.9 – – – 12.5 – – – 0.98 13.10 2 12/15
545 Principal Asset Allocation Fund of Funds Moderate Reg NR -2.1 7.9 – – – 9.3 – – – 0.92 12.27 1 12/15
546 Quantum Multi Asset Reg NR -0.4 – – – – 6.0 – – – 0.38 17.01 – 04/17
547 Sundaram Equity Plus NR -1.7 8.3 4.6 7.7 – 6.5 – – – 2.57 15.38 40 05/11
548 Union Asset Allocation NR 0.7 6.6 5.2 7.4 – 7.4 – – – 1.57 15.12 54 06/12
NIFTY 50 Total Return -3.6 11.8 7.4 13.6 9.2
VR MIP Index -1.5 4.7 5.5 7.6 6.8

Fixed Income Total return (%) Rank

Within category
rating 1-M 3-M 1-Y 3-Y 5-Y launch 3-M 1-Y 3-Y (%) (`) (` Cr) date
Debt: Income 1.6 1.5 5.4 7.5 8.1 102 102 96 1.0
549 Aditya Birla SL Active Debt Multi Manager FoF 1.3 1.0 3.3 6.7 7.5 7.8 76 86 72 1.11 23.27 54 12/06
550 Aditya Birla SL Income Plus 2.2 0.6 3.7 6.4 7.4 9.5 96 81 82 1.41 75.99 1521 10/95
551 Aditya Birla SL Treasury Optimizer Regular 1.3 1.6 6.4 8.4 9.6 8.7 51 37 20 0.60 221.57 6660 04/08
552 Axis Regular Savings 1.2 1.8 7.6 8.3 8.9 9.2 22 8 22 1.00 16.94 1269 03/12
553 Baroda Pioneer Income 2.1 0.9 3.1 6.2 7.5 6.2 79 88 85 2.53 26.27 18 03/02
554 BNP Paribas Corporate Bond 1.3 1.7 6.8 8.0 8.4 8.4 35 21 33 1.63 18.96 61 11/08
555 BNP Paribas Flexi Debt 1.4 1.0 4.3 7.1 8.6 8.4 75 71 63 1.80 29.66 314 09/04
556 BNP Paribas Medium Term Income 1.3 1.5 5.9 7.3 – 8.4 55 53 57 1.21 13.87 400 03/14
557 Canara Robeco Income Reg 1.8 1.2 4.0 6.6 7.9 8.6 67 74 75 1.90 36.03 122 09/02
558 Canara Robeco Medium Term Opportunities Reg 1.2 1.4 5.4 7.1 – 8.3 59 57 62 1.25 13.94 259 02/14
559 DHFL Pramerica Banking & PSU Debt 1.2 1.8 6.1 7.5 8.3 8.3 33 50 51 0.77 14.99 1073 03/13
560 DHFL Pramerica Inflation Indexed Bond Reg 0.8 1.4 5.3 8.8 – 6.7 61 62 11 1.07 13.08 6 01/14
561 DHFL Pramerica Medium Term Income Reg È 1.3 1.5 6.0 8.2 – 9.9 54 52 28 1.03 14.69 480 03/14
562 DHFL Pramerica Premier Bond 1.1 1.5 5.0 6.7 7.1 6.9 57 67 73 1.58 27.38 1007 01/03
563 DSPBR Bond Ret 1.5 1.9 6.7 7.6 8.0 8.5 18 29 48 0.80 55.12 861 04/97
564 Edelweiss Banking and PSU Debt Reg 1.2 1.7 6.3 7.2 – 8.3 38 38 61 0.50 14.37 291 09/13
565 Edelweiss Dynamic Bond Reg 1.7 0.7 2.9 5.7 6.7 6.1 90 91 92 0.90 17.91 179 06/08
566 Escorts Income 1.9 0.2 2.4 6.4 7.5 9.0 102 97 83 – 55.86 9 05/98
567 Franklin India Banking & PSU Debt 1.2 1.6 6.5 7.5 – 8.3 47 34 54 0.60 13.67 79 04/14
568 Franklin India Inc Builder A 1.3 2.2 7.7 8.2 9.2 9.1 4 7 32 0.91 61.29 890 06/97
569 HDFC Income 2.1 0.7 2.8 6.2 7.3 7.9 91 93 86 1.82 38.31 1337 09/00
570 HDFC Medium Term Opportunities 1.2 1.7 6.6 8.3 8.7 8.9 40 30 23 0.36 19.31 12312 06/10
571 HSBC Debt 2.1 0.6 1.6 5.2 6.4 6.9 94 102 95 1.84 27.70 50 12/02
572 HSBC Flexi Debt 2.0 0.7 2.2 5.7 7.0 8.1 89 99 93 1.60 22.75 280 10/07
573 ICICI Pru Advisor-Dynamic Accrual 0.9 1.7 6.8 9.3 9.1 7.3 34 25 5 1.03 27.42 274 12/03
574 ICICI Pru Banking & PSU Debt 1.4 2.0 6.5 8.7 9.0 8.8 10 36 14 0.65 19.98 6408 01/10
575 ICICI Pru Income 2.7 1.7 5.3 7.8 8.2 9.0 42 60 41 1.54 55.05 1362 07/98
576 ICICI Pru Income Opportunities 1.8 1.3 5.5 7.7 8.5 9.7 65 56 46 1.27 24.28 3982 08/08
577 IDFC SSI Inv Reg 1.7 0.8 2.1 6.5 7.7 8.3 82 101 78 1.36 41.28 1003 07/00
578 Indiabulls Income Reg 4.8 4.4 8.5 7.6 7.6 7.5 2 2 47 0.75 14.45 8 03/13
579 Invesco India Active Income 1.0 0.5 2.1 6.1 6.9 6.5 99 100 87 1.24 1956.89 436 08/07
580 Invesco India Medium Term Bond 0.8 1.7 6.9 7.9 8.1 8.2 39 20 38 0.90 1772.19 1277 12/10
581 Invesco India Short term 1.2 1.6 5.4 6.9 7.4 7.7 53 58 68 1.25 2277.41 2938 03/07
582 JM Income 1.3 0.4 3.7 4.4 6.2 7.0 100 80 96 1.40 47.04 20 04/95
583 Kotak Bond Regular 2.2 1.1 2.7 6.0 7.0 8.9 72 94 88 1.70 47.56 2052 11/99
584 Kotak Corporate Bond Standard 0.9 1.8 6.8 8.0 8.3 8.2 24 23 35 0.55 2282.48 1270 09/07
585 Kotak Medium Term Reg 1.4 1.8 6.6 8.7 – 9.5 26 32 15 1.70 14.43 4851 03/14
586 L&T Resurgent India Corporate Bond Reg Ç 1.6 1.8 6.1 8.5 – 8.6 29 48 17 1.60 13.00 2506 01/15
587 L&T Triple Ace Bond 1.6 1.8 5.1 5.9 6.8 7.2 27 65 91 0.86 43.41 290 03/97
588 LIC MF Bond 1.7 0.8 3.4 6.0 7.0 8.5 84 84 90 1.06 46.04 327 06/99
589 Principal Debt Savings 1.5 0.6 2.7 6.3 6.9 7.9 95 95 84 1.82 29.39 21 12/03
590 Reliance Banking & PSU Debt 1.3 1.6 6.3 – – 8.1 45 39 – 0.49 12.53 4767 05/15
591 Reliance Income 2.2 0.5 3.1 6.4 7.3 8.8 97 87 81 1.94 54.85 773 01/98
592 SBI Magnum Income 1.3 1.2 5.1 7.9 7.8 7.8 70 64 40 1.45 42.43 2139 11/98
593 SBI Regular Savings 1.2 1.6 6.8 8.9 10.0 8.0 49 27 – 1.20 30.19 1659 11/03
594 Sundaram Bond Saver Reg 1.4 1.4 6.0 6.9 7.5 8.1 62 51 70 1.97 48.83 112 12/97
595 Sundaram Flexible Fund - Flexible Income Reg 1.6 1.2 5.6 7.9 7.9 7.0 69 54 39 0.95 24.39 394 12/04
596 Tata Long Term Debt Reg 1.3 0.5 4.1 6.7 8.0 8.2 98 73 74 0.38 52.41 124 04/97
VR Bond Index 1.6 -0.4 2.6 5.3 6.0


Within category
Debt: Income 1.6 1.5 5.4 7.5 8.1 102 102 96 1.0
597 Tata Medium Term Reg 1.3 1.3 5.2 7.0 8.0 6.6 64 63 65 0.93 26.89 78 11/02
598 UTI Bond 2.5 1.6 4.2 7.5 8.2 8.6 46 72 52 1.69 52.04 1595 05/98
599 UTI Medium Term Reg 1.3 1.9 7.1 – – 8.6 20 15 – 1.26 12.80 203 03/15
Debt: Gilt Medium & Long Term 2.5 0.9 3.0 7.2 8.4 71 71 68 1.0
600 Aditya Birla SL Constant Maturity 10 Year Gilt Reg 2.8 -0.1 -0.4 5.9 6.0 9.0 71 70 60 0.47 49.54 29 10/99
601 Aditya Birla SL Gilt Plus PF Ç 2.3 0.8 4.7 8.1 9.3 8.9 40 10 11 1.38 48.30 139 10/99
602 Axis Constant Maturity 10 Year 2.6 0.8 2.6 6.4 6.8 6.8 39 45 55 0.65 15.04 42 01/12
603 Baroda Pioneer Gilt 2.9 1.1 3.5 6.5 7.9 6.3 27 26 54 1.97 26.69 38 03/02
604 Canara Robeco Gilt PGS Reg 2.6 0.5 3.1 8.0 8.9 8.9 48 37 19 1.25 47.70 63 12/99
605 DHFL Pramerica Gilt 1.4 1.3 4.8 7.5 7.8 7.0 15 9 29 0.76 19.01 181 10/08
606 DSPBR 10Y G-Sec Reg 2.7 0.5 2.6 7.3 – 8.8 52 44 36 0.20 13.46 33 09/14
607 DSPBR Government Securities 2.9 1.4 2.5 7.0 7.4 9.6 14 46 43 0.99 54.85 255 09/99
608 Edelweiss Government Securities Reg È 0.3 0.9 4.4 6.7 – 9.0 36 13 53 1.25 14.29 377 02/14
609 Escorts Gilt NR 2.0 0.8 3.1 7.1 7.0 7.6 42 38 40 – 34.89 0 03/01
610 Franklin IGSF Composite 3.3 0.2 0.9 5.8 7.5 9.6 62 63 63 1.78 55.49 55 06/99
611 Franklin IGSF LT 3.4 0.1 0.8 5.9 7.5 8.7 64 65 61 1.74 38.98 266 12/01
612 Franklin IGSF PF 3.3 0.2 0.9 5.8 7.5 6.6 63 64 64 1.78 24.37 55 05/04
613 HDFC Gilt Long-term 2.0 1.1 3.8 7.2 8.4 7.7 28 24 37 0.84 35.03 1834 07/01
614 ICICI Pru Constant Maturity Gilt 2.6 1.2 4.1 7.8 – 9.5 25 21 23 0.33 13.79 26 09/14
615 ICICI Pru Gilt Inv PF Ç 2.6 1.9 5.4 8.4 9.2 9.1 5 3 8 0.77 35.07 630 11/03
616 ICICI Pru Long Term Gilt 3.6 2.2 5.4 8.1 8.5 10.1 2 4 12 1.14 59.74 831 08/99
617 IDBI Gilt 3.1 0.0 -1.5 4.2 6.6 6.6 70 71 68 1.05 14.03 20 12/12
618 IDFC GSF Investment Reg 2.2 0.8 2.1 6.7 8.4 7.9 44 51 52 0.99 20.29 490 12/08
619 IDFC GSF PF Regular 2.3 0.9 2.7 7.5 8.9 8.2 37 42 27 0.76 29.99 90 03/04
620 Indiabulls Gilt 1.2 0.0 1.5 7.2 8.3 8.1 67 61 38 1.25 1505.41 22 01/13
621 Invesco India Gilt 3.1 0.3 0.2 6.3 7.3 6.0 58 66 57 1.25 1802.98 40 02/08
622 JM G-Sec 2.7 0.2 1.6 6.9 7.7 9.5 60 60 47 1.75 54.11 16 09/99
623 Kotak Gilt Inv PF & Trust 2.9 1.5 3.4 6.8 7.5 7.3 11 28 48 1.40 59.61 568 11/03
624 Kotak Gilt Inv Regular 2.9 1.5 3.4 6.8 7.5 9.6 10 29 50 1.40 58.27 568 12/98
625 L&T Gilt Investment 2.8 1.8 2.5 7.3 9.6 8.5 6 47 33 1.69 43.17 157 03/00
626 LIC MF Govt Sec 2.4 1.0 2.0 5.9 6.7 7.3 32 53 62 2.35 36.63 79 11/99
627 LIC MF Govt Sec PF 2.4 1.0 1.9 5.9 6.8 5.4 31 55 59 2.62 21.16 79 12/03
628 LIC MF G-Sec Long Term ETF 3.0 0.8 1.8 6.8 – 7.4 45 57 49 0.25 16.96 70 12/14
629 Reliance ETF Long Term Gilt 3.0 0.7 1.9 – – 6.0 46 56 – 0.04 17.07 20 07/16
630 Reliance Gilt Securities 2.6 1.2 4.2 8.1 9.2 5.7 19 19 13 1.70 22.79 1006 07/03
631 Reliance Gilt Securities PF 2.6 1.2 4.2 8.1 9.2 8.6 20 20 14 1.71 19.10 1006 08/08
632 SBI ETF 10 Year Gilt NR 2.9 0.1 0.0 – – 5.7 66 67 – – 160.78 2 06/16
633 SBI Magnum Gilt Long-term 2.0 0.3 3.3 7.9 9.9 8.1 57 32 20 1.01 38.11 2242 12/00
634 Sundaram Gilt Reg 1.3 0.0 1.7 5.1 9.0 6.2 68 59 66 2.03 27.48 11 05/01
635 Tata Gilt Mid Term Plan Reg 1.8 0.8 3.4 6.8 8.9 8.4 41 31 51 0.37 18.70 200 06/10
636 Tata GSF Reg È 2.8 0.9 3.2 6.4 8.5 9.0 38 34 56 0.27 49.79 118 09/99
637 UTI Gilt Advantage Long-term 2.4 1.2 3.1 7.9 9.4 8.6 23 35 21 0.85 38.11 568 01/02
Debt: Short Term 1.1 1.7 6.5 7.9 8.5 94 90 84 0.7
638 Aditya Birla SL Banking & PSU Debt NR 0.8 1.8 4.4 7.0 8.1 9.2 39 – – 0.63 50.94 2871 10/99
639 Aditya Birla SL Short Term 1.2 1.8 6.7 8.3 8.9 9.4 41 34 29 0.35 66.45 17961 03/97
640 Aditya Birla SL Short Term Opportunities 1.2 1.5 6.3 8.0 9.1 7.4 90 54 44 1.25 28.86 5248 05/03
VR Bond Index 1.6 -0.4 2.6 5.3 6.0
CCIL T Bill Liquidity Weight 0.4 1.0 4.0 4.5 5.0
CCIL All Sovereign Bond - TRI 3.1 1.6 4.5 7.8 8.6


Within category
Debt: Short Term 1.1 1.7 6.5 7.9 8.5 94 90 84 0.7

641 Axis Short Term Ç 1.1 1.6 6.0 7.7 8.1 8.0 70 68 61 0.85 18.85 6165 01/10
642 Baroda Pioneer Short Term Bond 1.1 1.8 6.9 8.4 8.6 8.2 32 15 27 1.32 18.45 260 06/10
643 BNP Paribas Short term Income Ç 1.1 1.9 6.8 8.0 8.5 8.1 24 26 46 1.06 10.05 147 09/04
644 BOI AXA Short Term Income Reg 0.9 1.5 5.9 8.1 8.2 7.1 92 77 38 1.00 18.97 300 12/08
645 Canara Robeco Short Term Regular 0.8 1.5 5.7 6.9 7.7 7.6 89 80 80 1.10 19.42 107 03/09
646 DHFL Pramerica Short Maturity 1.2 1.8 6.8 8.1 8.6 7.9 44 24 40 1.30 31.82 1590 01/03
647 DSPBR Banking & PSU Debt Reg 1.1 1.7 6.1 7.8 – 8.8 63 65 55 0.49 14.68 1791 09/13
648 DSPBR Short Term 1.1 1.6 6.0 7.3 8.1 7.2 77 67 73 0.99 29.51 3365 09/02
649 Edelweiss Short Term Reg 0.9 1.7 6.4 0.8 4.2 5.8 50 49 84 0.56 15.69 29 03/10
650 Escorts Short Term Debt 0.6 1.6 6.6 7.8 8.8 8.4 78 35 58 – 26.99 8 12/05
651 Essel Short Term 0.9 1.5 5.0 6.7 7.6 8.7 93 89 81 1.08 18.84 46 08/10
652 Franklin India Low Duration 1.1 2.2 8.2 9.2 9.5 9.4 3 4 5 0.78 19.98 5675 07/10
653 Franklin India ST Income Ret 1.3 2.2 8.4 8.5 9.3 8.4 4 3 16 1.57 3670.26 9652 01/02
654 HDFC Banking and PSU Debt Reg 1.6 1.6 6.4 8.4 – 8.9 64 51 23 0.71 14.06 3976 03/14
655 HDFC Floating Rate Income LT 1.3 1.7 6.1 7.7 8.3 7.6 49 64 59 0.26 30.44 1834 01/03
656 HDFC High Interest Short Term 1.3 1.5 5.8 7.8 8.4 8.0 86 79 54 1.22 34.60 1806 02/02
657 HDFC Regular Savings 1.0 1.6 6.2 8.4 8.8 8.0 69 57 26 1.59 34.43 5367 02/02
658 HDFC Short Term Opportunities 1.0 1.8 6.6 8.0 8.6 8.7 38 38 48 0.37 19.17 10056 06/10
659 HSBC Short Duration 1.1 1.5 5.6 7.1 7.7 7.1 85 84 77 1.25 28.40 1535 12/02
660 ICICI Pru Short-term 1.2 1.8 6.1 8.1 8.6 8.1 40 61 37 1.35 36.21 8813 10/01
661 ICICI Pru Ultra Short Term 1.2 2.0 6.6 8.2 8.5 8.6 10 40 34 0.60 17.82 6971 06/09
662 IDBI Short Term Bond 0.8 1.6 5.9 7.0 7.6 8.1 79 73 78 1.27 17.30 67 03/11
663 IDFC All Seasons Bond Reg 1.2 1.5 5.3 7.4 8.2 7.5 91 87 71 0.73 26.77 168 09/04
664 IDFC Corporate Bond Reg 1.3 1.8 6.4 – – 8.1 34 50 – 0.47 11.89 11693 01/16
665 IDFC Money Manager Investment Reg 1.3 1.5 5.2 7.5 8.1 7.5 88 88 68 0.50 26.87 1705 07/04
666 IDFC SSI Medium-term Reg È 1.2 1.4 4.9 7.3 7.7 7.5 94 90 75 1.34 29.09 3501 07/03
667 IDFC SSI Short Term Reg 1.2 1.7 6.0 7.4 8.0 7.6 56 70 70 0.72 35.37 4873 12/00
668 Indiabulls Short Term Reg 1.0 1.8 6.1 7.9 – 8.3 37 63 51 1.50 1435.20 301 09/13
669 Invesco India Bank Debt 0.9 1.9 5.6 6.3 7.0 7.0 16 82 82 0.65 1431.18 42 12/12
670 Kotak Bond Short-term Reg 1.0 1.6 5.5 7.5 7.9 7.7 75 85 67 1.10 32.44 9669 05/02
671 Kotak Flexi Debt Regular 1.3 1.6 6.2 8.6 9.0 8.5 81 59 15 0.90 22.29 1045 05/08
672 L&T Banking and PSU Debt 1.2 1.9 6.5 7.8 8.1 7.8 21 42 – 0.57 10.48 281 09/07
673 L&T Short Term Opp 1.1 1.8 6.2 7.4 8.1 8.4 47 60 69 0.69 16.62 3252 12/11
674 Mirae Asset Short Term Fund Reg NR – – – – – 0.6 – – – – 10.06 – 03/18
675 Principal Short Term Income 1.1 1.7 5.9 7.6 8.1 7.8 59 75 66 1.16 30.47 324 05/03
676 Reliance Floating Rate ST È 1.2 1.7 6.4 7.6 8.2 7.7 57 52 65 0.65 27.39 8615 08/04
677 Reliance Medium Term 1.0 1.9 6.7 8.0 8.4 7.6 22 30 45 0.77 36.42 11326 09/00
678 Reliance Short-term 1.2 1.6 5.9 7.6 8.3 8.0 73 76 64 1.05 32.64 12025 12/02
679 SBI Short Term Debt 1.1 1.7 6.0 7.7 8.1 8.1 58 72 60 0.90 12.05 7793 07/07
680 Sundaram Banking & PSU Debt Reg NR 1.3 1.7 6.3 7.3 8.0 7.9 55 56 – 0.54 27.25 1172 12/04
681 Sundaram Select Debt Short-term Asset Plan 1.0 1.6 6.0 7.2 8.2 7.3 66 71 76 1.22 29.78 896 09/02
682 Tata Short-term Bond Reg 1.1 1.5 5.6 7.3 8.3 7.8 84 81 74 0.24 32.29 6276 08/02
683 Union Short Term NR 0.8 1.6 5.7 6.7 7.8 8.0 83 – – 0.34 1576.77 36 04/12
684 UTI Banking & PSU Debt Reg 1.1 1.6 6.5 8.7 – 8.8 65 41 13 0.30 14.23 1214 01/14
685 UTI Short-term Income Inst 1.0 1.5 5.9 7.9 8.6 8.8 87 74 52 0.86 21.12 10170 08/07
Debt: Gilt Short Term 1.2 1.6 6.0 8.2 8.3 14 14 14 0.4
686 DSPBR Savings 1.0 1.9 6.2 6.6 7.6 6.8 4 5 14 0.52 34.08 39 09/99


Within category
Debt: Gilt Short Term 1.2 1.6 6.0 8.2 8.3 14 14 14 0.4
687 HDFC Gilt Short-term 1.2 1.2 4.8 7.9 7.9 6.5 14 14 10 0.40 28.51 400 07/01
688 ICICI Pru Gilt Tre PF 1.4 1.5 6.0 9.7 6.5 6.8 7 7 2 0.55 25.47 39 02/04
689 ICICI Pru Short Term Gilt 1.4 1.5 5.7 8.3 8.3 8.3 8 9 7 0.70 44.08 143 08/99
690 IDFC GSF Short-term Reg 1.6 2.2 7.2 8.3 9.6 6.0 2 2 8 0.39 25.46 61 03/02
691 SBI Magnum Gilt Short-term 0.8 1.2 5.6 8.8 9.7 7.8 13 10 4 0.65 36.80 435 12/00
692 UTI G-Sec Short-term 0.6 1.4 5.4 7.0 7.7 6.4 10 12 12 0.55 24.33 26 12/03
Debt: Credit Opportunities 1.3 2.0 7.5 9.0 9.4 50 50 44 1.2
693 Aditya Birla SL Corporate Bond Reg 1.4 2.2 8.2 – – 9.1 8 11 – 1.88 12.94 5605 04/15
694 Aditya Birla SL Medium Term 1.3 1.9 7.7 8.8 9.7 9.1 32 20 25 1.50 21.98 11505 03/09
695 Axis Fixed Income Opportunities Reg 1.1 1.6 6.4 8.1 – 8.7 49 46 42 1.45 13.65 1901 07/14
696 Baroda Pioneer Credit Opportunities Plan A 1.3 1.8 7.5 9.6 – 9.8 36 21 10 1.83 13.47 925 01/15
697 BOI AXA Corporate Credit Spectrum Reg 1.3 2.2 8.9 9.9 – 9.8 10 5 5 1.85 13.35 1490 02/15
698 DHFL Pramerica Credit Opportunities Reg 1.3 1.8 7.1 8.9 – 9.6 35 34 24 1.69 13.77 972 09/14
699 DSPBR Credit Risk 1.3 1.7 6.4 8.5 9.0 7.3 43 45 36 1.80 28.61 7203 05/03
700 Edelweiss Corporate Bond Reg 1.4 1.6 6.8 7.6 – 8.6 50 39 43 1.00 13.38 313 09/14
701 Franklin India Corporate Bond Opportunities 1.2 2.1 8.0 8.6 9.3 9.8 17 13 33 1.84 18.04 6657 12/11
702 Franklin India Dynamic Accrual 1.2 2.1 8.1 9.3 9.1 9.0 14 12 18 1.77 61.38 3084 03/97
703 Franklin India Income Opportunities È 1.2 2.2 8.4 8.6 9.3 9.1 11 9 32 1.70 20.65 3329 12/09
704 HDFC Corporate Debt Opportunities Reg 1.6 1.7 6.3 8.6 – 9.5 45 49 30 1.78 14.41 13738 03/14
705 ICICI Pru Corporate Bond 1.6 1.9 6.6 8.1 8.6 7.6 33 42 41 1.57 27.04 7881 09/04
706 ICICI Pru Regular Savings 1.2 2.0 6.9 8.2 8.7 8.8 23 36 39 1.70 18.58 9042 12/10
707 IDBI Credit Risk Reg 1.7 2.2 6.0 7.6 – 8.2 7 50 44 2.01 13.83 120 03/14
708 IDFC Credit Opportunities Fund Reg NR 1.3 1.6 6.3 – – 6.6 46 48 – 1.49 10.72 1172 02/17
709 Invesco India Corporate Bond Opportunities Reg 1.1 1.7 6.9 8.7 – 9.2 40 37 27 1.50 1368.02 404 09/14
710 Kotak Income Opportunities Reg 1.2 1.9 6.6 8.5 8.8 8.6 28 43 35 1.60 19.13 5177 05/10
711 L&T Income Opportunities 1.1 1.7 6.6 8.6 8.7 8.5 42 40 34 1.65 19.91 3559 10/09
712 L&T Short Term Income 0.9 1.6 7.3 8.8 8.9 8.9 48 31 26 0.87 18.68 1241 12/10
713 Principal Credit Opportunities 0.9 1.9 7.3 8.2 8.3 7.7 26 32 – 0.51 2723.16 87 09/04
714 Reliance Corporate Bond 1.4 1.6 6.4 8.6 – 9.4 47 47 29 1.74 14.01 8053 06/14
715 Reliance Regular Savings Debt È 1.2 1.7 6.8 8.4 8.9 7.1 39 38 38 1.72 24.20 10606 06/05
716 SBI Corporate Bond 1.2 1.7 6.6 8.6 9.5 7.8 37 44 31 1.40 27.93 5117 07/04
717 UTI Income Opportunities 1.1 1.7 6.6 8.4 8.9 9.0 41 41 37 1.64 15.85 4139 11/12
Debt: Dynamic Bond 1.6 1.1 4.6 7.2 8.3 48 47 44 1.1
718 Aditya Birla SL Dynamic Bond Ret 2.2 0.7 3.3 7.0 8.6 8.5 36 37 28 1.46 29.98 9047 09/04
719 Axis Dynamic Bond 1.4 1.0 4.0 7.3 8.1 8.5 27 29 25 1.30 17.59 293 04/11
720 Baroda Pioneer Dynamic Bond 2.1 1.5 5.4 7.9 8.9 9.0 14 14 13 1.63 16.42 20 06/12
721 Canara Robeco Dynamic Bond Reg 2.1 0.7 3.0 7.0 8.5 7.8 37 40 30 1.75 19.46 228 05/09
722 DHFL Pramerica Dynamic Bond 1.9 1.4 5.0 7.6 8.1 8.3 18 18 20 1.71 1643.08 156 01/12
723 DSPBR Strategic Bond Reg 1.8 1.2 3.1 6.5 8.1 7.8 23 39 37 1.09 2020.12 1424 05/07
724 Essel Flexible Income 0.2 -0.1 1.5 5.9 5.7 6.1 48 46 39 1.48 13.93 3 08/12
725 HDFC High Interest Dynamic 2.1 1.1 4.0 6.9 8.5 8.8 24 28 31 1.67 58.92 1609 04/97
726 ICICI Pru Dynamic Bond 2.5 1.7 5.5 8.2 8.8 8.1 7 12 10 1.42 19.82 975 06/09
727 ICICI Pru Long-term 1.9 1.9 6.4 8.8 11.2 9.9 3 7 5 1.39 21.69 2318 05/09
728 IDBI Dynamic Bond 2.0 0.2 0.2 4.3 5.3 6.0 45 47 42 1.97 14.25 24 02/12
729 IDFC Dynamic Bond Reg È 1.7 0.9 2.4 6.8 7.9 8.1 29 44 35 1.46 20.64 3480 12/08
730 IIFL Dynamic Bond Reg 1.3 1.5 7.4 6.7 – 7.2 13 4 36 1.33 13.92 167 06/13
VR Bond Index 1.6 -0.4 2.6 5.3 6.0


Within category
Debt: Dynamic Bond 1.6 1.1 4.6 7.2 8.3 48 47 44 1.1

731 JM Short Term 0.9 1.4 5.9 7.1 7.8 8.9 17 11 27 0.98 24.42 30 04/03
732 L&T Flexi Bond 2.2 1.8 4.5 7.7 8.7 8.7 6 22 16 1.49 18.69 74 08/06
733 Mirae Asset Dynamic Bond Fund Reg NR 0.8 0.1 2.8 – – 3.3 46 41 – 2.14 10.34 64 03/17
734 Principal Dynamic Bond 1.9 1.4 4.2 7.2 7.9 7.5 16 26 26 1.55 29.51 113 05/03
735 Quantum Dynamic Bond Fund Direct 1.3 0.3 5.1 – – 9.2 43 – – 0.67 12.88 74 05/15
736 Reliance Dynamic Bond 2.1 0.8 3.6 6.8 8.1 6.5 34 33 33 1.69 23.17 3198 11/04
737 SBI Dynamic Bond 1.5 0.3 3.3 7.4 7.6 5.5 44 36 23 1.72 21.27 2737 02/04
738 Tata Dynamic Bond Reg 1.0 0.5 3.9 6.8 8.8 6.9 38 30 34 0.61 26.38 857 09/03
739 Taurus Dynamic Income Reg NR 0.3 1.1 8.8 2.8 4.1 5.8 25 2 44 1.01 14.96 3 02/11
740 Union Dynamic Bond 1.7 0.7 2.8 5.4 6.5 6.9 35 42 40 1.47 15.05 252 02/12
741 UTI Dynamic Bond 2.1 1.7 4.5 8.3 9.4 9.4 8 23 9 1.75 20.05 1456 06/10
Debt: Ultra Short Term 0.9 1.8 7.0 7.7 8.4 120 118 116 0.6
742 Aditya Birla SL Cash Manager 0.9 1.8 6.5 7.5 8.1 7.4 81 98 88 0.99 417.55 9085 05/98
743 Aditya Birla SL Floating Rate LT 1.0 1.9 7.0 8.3 8.8 8.7 58 54 25 0.35 212.76 6853 03/09
744 Aditya Birla SL Savings 0.9 1.9 7.3 8.3 8.8 7.8 32 26 23 0.19 341.91 18918 04/03
745 Axis Banking & PSU Debt 0.9 1.8 7.1 7.9 8.4 8.5 60 40 61 0.45 1603.31 765 06/12
746 Axis Corporate Debt Opportunities Fund Reg NR 0.9 1.8 – – – 4.8 78 – – 1.00 10.48 305 07/17
747 Axis Treasury Advantage 0.9 1.9 6.6 7.7 8.2 8.1 51 87 79 0.70 1936.53 2377 10/09
748 Baroda Pioneer Treasury Adv 1.0 1.9 7.3 8.5 8.8 8.4 28 27 14 0.81 2033.14 1697 06/09
749 BNP Paribas Money Plus 0.8 1.8 6.6 7.3 7.9 8.0 86 91 94 0.87 26.09 253 10/05
750 BOI AXA Treasury Advantage Reg 0.8 1.8 7.5 8.5 8.8 7.9 59 17 13 0.55 2099.24 1039 07/08
751 Canara Robeco Savings Plus Reg 0.8 1.7 6.6 7.7 8.2 7.9 101 86 78 0.55 27.19 856 03/05
752 Canara Robeco Treasury Advantage Reg 0.5 1.4 5.6 6.8 7.8 7.9 114 118 106 0.95 2596.53 71 07/08
753 DHFL Pramerica Low Duration 0.9 1.8 6.9 8.3 8.7 8.3 73 65 26 1.13 23.73 1090 06/07
754 DHFL Pramerica Short Term Floating Rate 0.9 1.8 6.7 7.6 8.1 8.0 84 84 82 0.49 19.22 783 10/09
755 DHFL Pramerica Ultra Short Term 0.9 1.9 7.0 7.9 8.7 8.3 27 59 57 0.47 21.09 2324 07/08
756 DSPBR Low Duration Reg È 0.9 1.9 6.7 7.8 – 7.9 46 82 71 0.48 12.62 4855 03/15
757 DSPBR Money Manager Reg 0.8 1.7 6.3 7.0 7.8 7.5 91 106 104 1.00 2317.09 3604 07/06
758 Edelweiss Low Duration Reg 0.9 1.7 7.1 4.2 6.2 7.2 88 50 114 1.01 2075.17 151 09/07
759 Essel Ultra Short Term Reg 0.7 1.6 6.1 7.1 7.8 8.1 109 109 103 0.85 1886.76 40 02/10
760 Franklin India Savings Plus Ret Ç 0.8 1.8 7.0 7.7 8.3 7.4 71 55 76 0.39 31.79 463 02/02
761 Franklin India Ultra Short Bond Super Inst 0.9 2.0 8.0 9.1 9.5 8.9 5 7 2 0.42 24.05 12590 12/07
762 HDFC Cash Mgmt Treasury Adv Ret 1.0 1.7 6.5 7.4 7.8 7.3 96 96 90 0.97 36.59 11285 11/99
763 HDFC Floating Rate Income ST Wholesale 1.0 1.9 7.0 8.1 8.6 8.3 35 61 45 0.35 30.24 18217 10/07
764 HSBC Low Duration 0.8 1.7 6.3 7.2 8.0 7.4 100 105 101 1.00 10.15 630 10/06
765 ICICI Pru Flexible Income 1.0 1.9 7.1 8.2 8.7 8.1 34 53 31 0.27 333.32 20821 09/02
766 ICICI Pru Savings 1.0 1.9 6.5 7.8 8.4 8.0 52 94 68 1.29 260.41 11313 11/05
767 IDBI Ultra Short Term 0.8 1.6 6.0 7.0 7.8 8.2 108 112 105 0.89 1818.28 537 09/10
768 IDFC Banking & PSU Debt Reg 1.4 1.9 5.9 7.2 7.9 8.0 40 114 102 0.33 14.75 939 03/13
769 IDFC Money Manager Treasury Reg 0.8 1.6 6.0 7.3 7.9 6.8 110 113 97 1.07 27.03 1673 02/03
770 IDFC Ultra Short Term Reg 0.9 1.9 6.9 8.0 8.6 7.7 37 64 52 0.36 24.63 4824 01/06
771 Indiabulls Ultra Short Term 0.8 1.8 6.9 8.0 8.4 8.7 79 68 54 0.67 1686.30 926 01/12
772 Invesco India Credit Opportunities 0.6 1.7 6.7 7.6 8.4 8.3 97 78 85 0.50 1981.35 504 08/09
773 Invesco India Ultra Short Term 0.8 1.7 6.5 7.6 8.1 8.1 89 99 83 0.65 2397.39 2268 01/07
774 JM Floater LT 0.7 1.9 7.4 8.2 8.4 6.9 55 19 37 1.05 26.83 260 06/03
775 JM Money Manager Reg È 0.8 1.7 6.3 7.8 8.3 8.0 98 103 70 1.00 24.33 98 09/06
776 JM Money Manager Super 0.7 1.7 6.7 7.3 8.0 8.2 102 83 99 0.60 24.66 35 09/06
VR Bond Index 1.6 -0.4 2.6 5.3 6.0


Within category
Debt: Ultra Short Term 0.9 1.8 7.0 7.7 8.4 120 118 116 0.6
777 JM Money Manager Super Plus 0.8 1.7 6.7 7.7 8.3 8.2 87 77 75 0.52 24.75 505 09/06
778 Kotak Banking and PSU Debt Reg 1.4 1.9 6.6 8.1 8.7 7.4 56 88 46 0.50 39.27 1117 12/98
779 Kotak Low Duration Standard 1.0 1.9 7.1 8.3 8.3 7.8 25 44 24 1.00 2123.13 5521 03/08
780 Kotak Treasury Advantage Reg 0.8 1.8 6.7 7.7 8.3 7.8 74 79 81 0.60 27.79 6002 08/04
781 L&T Floating Rate 0.9 1.9 7.5 8.3 8.5 7.8 22 16 22 0.68 17.19 745 08/05
782 L&T Ultra ST 0.9 1.9 6.8 7.7 8.4 7.5 54 75 74 0.52 28.37 2176 04/03
783 LIC MF Income Plus 0.5 1.2 5.7 6.6 7.0 7.4 119 117 108 1.12 21.70 227 05/07
784 LIC MF Savings Plus 0.8 1.7 6.5 7.4 7.8 6.8 99 93 93 0.80 26.54 2252 06/03
785 Mahindra Low Duration Bachat Yojana Reg NR 0.7 1.6 6.0 – – 6.2 112 111 – 1.09 1069.51 142 02/17
786 Mirae Asset Savings Fund - Regular Savings Plan 0.8 1.6 5.8 6.5 7.1 7.2 107 115 109 0.90 1496.98 393 03/08
787 Motilal Oswal Ultra Short Term Reg 0.7 1.5 5.7 6.1 – 6.7 113 116 110 0.89 13.42 1023 09/13
788 Principal Low Duration 0.9 1.8 7.1 7.9 8.2 7.8 67 37 56 0.71 2766.05 516 09/04
789 Principal Money Manager 0.6 1.7 6.1 7.5 8.3 8.2 103 110 89 1.10 1960.30 74 12/07
790 Reliance Money Manager 0.9 1.8 6.7 7.8 8.3 8.2 61 81 72 0.63 2393.26 14825 03/07
791 SBI Savings 0.8 1.7 6.4 7.5 8.1 7.5 95 102 86 1.18 26.96 3999 07/04
792 SBI Treasury Adv 0.8 1.8 6.6 7.7 8.3 8.0 77 92 80 0.80 1926.16 3788 10/09
793 SBI Ultra Short Term Debt 0.9 1.9 6.7 7.7 8.3 7.8 50 80 77 0.42 2241.79 10502 07/07
794 Sundaram Income Plus 0.8 1.7 6.6 7.2 8.4 6.1 104 85 100 1.27 25.35 544 07/02
795 Sundaram Ultra ST Reg 0.8 1.7 6.5 7.4 8.2 8.2 93 95 91 0.93 23.71 1858 04/07
796 Tata Corporate Bond Reg 1.0 1.8 6.5 7.4 8.0 8.0 68 97 92 0.30 2281.07 525 07/07
797 Tata Ultra Short Term Reg 0.9 1.8 6.8 7.8 8.4 8.0 62 71 65 0.15 2633.94 4487 09/05
798 Taurus Short Term Income Reg 0.4 1.2 9.1 4.0 6.3 6.3 118 3 115 0.42 2758.97 21 08/01
799 Taurus Ultra Short Term Bond Reg 0.4 1.1 8.9 3.9 6.2 7.0 120 4 116 0.88 1884.96 12 12/08
800 UTI Floating Rate ST Reg 0.7 1.6 6.4 7.8 8.4 7.4 106 101 66 1.10 2824.54 6524 08/03
801 UTI Treasury Advantage Inst 0.8 1.8 6.8 8.1 8.6 8.3 85 70 43 0.40 2395.10 10059 03/03
Debt: Liquid 0.6 1.7 6.7 7.3 8.0 97 96 94 0.2
802 Aditya Birla SL Cash Plus 0.7 1.8 6.8 7.4 8.2 7.6 24 37 39 0.12 278.23 43997 03/04
803 Aditya Birla SL Floating Rate ST 0.7 1.8 6.9 7.5 8.2 8.0 19 16 25 0.23 231.07 9069 10/05
804 Axis Liquid 0.7 1.8 6.8 7.4 8.1 8.0 13 27 45 0.10 1920.74 25142 10/09
805 Baroda Pioneer Liquid 0.7 1.8 6.8 7.5 8.2 7.8 10 38 29 0.19 1989.33 8758 02/09
806 BNP Paribas Overnight 0.6 1.7 6.7 7.3 8.0 7.5 64 74 71 0.15 2657.21 1970 09/04
807 BOI AXA Liquid Reg 0.7 1.8 6.8 7.4 8.1 7.4 11 32 55 0.18 1992.91 1361 07/08
808 BOI AXA Liquid Unclaimed NR – – – – – – – – – – 1031.62 – 10/17
809 Canara Robeco Liquid Regular 0.7 1.7 6.6 7.3 8.0 7.9 63 79 74 0.10 2096.95 1247 07/08
810 DHFL Pramerica Insta Cash Plus 0.7 1.7 6.8 7.4 8.1 8.0 50 51 37 0.10 224.99 9249 09/07
811 DSPBR Liquid ETF Reg NR – – – – – 0.1 – – – – 1000.00 – 03/18
812 DSPBR Liquidity Reg 0.7 1.7 6.7 7.3 8.1 7.6 43 63 67 0.11 2473.99 17771 11/05
813 Edelweiss Liquid Reg 0.6 1.7 6.7 7.0 7.9 7.9 68 71 80 0.16 2220.34 2553 09/07
814 Escorts Liquid È 0.6 1.6 6.6 7.6 8.4 8.3 81 82 3 – 27.09 169 09/05
815 Essel Liquid Reg 0.6 1.7 6.8 7.5 8.2 8.3 78 56 22 0.17 1904.96 1017 02/10
816 Franklin India CMA 0.5 1.4 5.9 6.1 6.4 5.8 91 92 91 0.95 26.04 213 04/01
817 Franklin India TMA Super Inst 0.6 1.7 6.7 7.5 8.2 7.9 77 60 33 0.16 2589.38 5621 09/05
818 HDFC Cash Mgmt Call 0.5 1.4 5.9 6.4 7.1 6.2 93 93 89 – 2647.32 116 02/02
819 HDFC Cash Mgmt Savings 0.6 1.7 6.5 7.2 8.0 7.5 72 84 75 0.30 3599.47 10420 11/99
820 HDFC Liquid 0.6 1.7 6.6 7.3 8.1 7.3 66 81 68 0.20 3410.56 30961 10/00
821 HSBC Cash 0.6 1.7 6.7 7.4 8.1 8.1 75 69 60 0.13 1001.09 4345 06/04
822 ICICI Pru Liquid Plan 0.7 1.8 6.8 7.4 8.1 7.9 12 54 53 0.15 256.39 35421 11/05
823 ICICI Pru Money Market 0.7 1.7 6.7 7.4 8.1 7.5 35 57 51 0.21 239.52 15177 03/06


Within category
Debt: Liquid 0.6 1.7 6.7 7.3 8.0 97 96 94 0.2

824 IDBI Liquid 0.6 1.7 6.7 7.3 8.0 8.3 58 66 70 0.25 1850.52 7401 07/10
825 IDFC Cash Regular 0.7 1.7 6.7 7.4 8.1 7.9 47 64 62 0.16 2103.42 9969 04/04
826 IIFL Liquid Reg 0.6 1.6 6.3 6.9 – 7.4 84 87 82 0.25 1365.50 331 11/13
827 Indiabulls Liquid 0.6 1.7 6.8 7.5 8.2 8.5 60 48 12 0.15 1689.66 7443 10/11
828 Invesco India Liquid 0.7 1.7 6.8 7.4 8.1 7.9 44 49 46 0.18 2383.68 12316 11/06
829 JM High Liquidity 0.6 1.7 6.8 7.5 8.2 8.0 57 42 27 0.21 47.38 3090 12/97
830 Kotak Floater ST Reg 0.7 1.7 6.8 7.4 8.2 7.4 33 43 36 0.10 2844.58 20259 07/03
831 Kotak Liquid Regular 0.7 1.7 6.8 7.4 8.1 7.4 34 55 58 0.12 3512.89 14057 11/03
832 L&T Cash 0.5 1.4 5.4 6.2 7.1 7.4 94 95 90 0.79 1347.48 440 11/06
833 L&T Liquid 0.7 1.7 6.8 7.4 8.1 7.8 45 41 52 0.14 2375.82 13995 10/06
834 LIC MF Liquid 0.7 1.7 6.7 7.4 8.1 7.4 51 67 61 0.24 3135.81 13252 03/02
835 Mahindra Liquid Reg 0.6 1.6 6.7 – – 6.8 80 77 – 0.20 1121.59 2196 07/16
836 Mirae Asset Cash Management 0.6 1.6 6.7 7.1 7.7 6.7 79 73 79 0.19 1813.70 1075 01/09
837 Principal Cash Mgmt 0.6 1.7 6.8 7.5 8.1 7.6 67 52 31 0.17 1685.39 1193 08/04
838 Quantum Liquid Direct 0.6 1.5 6.1 6.7 7.6 7.5 88 – – 0.26 23.88 138 04/06
839 Reliance ETF Liquid BeES 0.4 1.2 5.0 5.6 6.2 6.2 97 96 92 0.63 1000.00 1961 07/03
840 Reliance Liquid Cash 0.6 1.6 5.9 6.6 7.3 6.3 87 91 86 1.04 2694.92 10766 12/01
841 Reliance Liquid Treasury 0.7 1.8 6.8 7.4 8.1 7.4 23 44 48 0.19 4222.25 29242 12/03
842 Reliance Liquidity 0.7 1.7 6.7 7.4 8.1 7.8 52 72 65 0.16 2605.48 6194 06/05
843 SBI Magnum InstaCash Liquid Floater Reg 0.6 1.5 5.9 6.6 7.5 7.1 90 94 87 0.21 2886.62 46 09/02
844 SBI Magnum InstaCash Reg 0.7 1.7 6.7 7.4 8.1 7.4 46 68 59 0.21 3826.86 6778 05/99
845 SBI Premier Liquid 0.7 1.7 6.7 7.3 8.0 7.8 48 75 69 0.16 2715.59 29055 03/07
846 Sundaram Money Reg 0.7 1.7 6.7 7.4 8.1 7.8 54 65 64 0.14 36.49 7487 12/05
847 Tata Liquid Reg 0.7 1.7 6.7 7.4 8.1 7.4 55 58 63 0.03 3191.66 4545 05/03
848 Tata Money Market Reg 0.7 1.7 6.8 7.4 8.1 7.7 41 46 50 0.03 2726.94 12755 09/04
849 Taurus Liquid Reg 0.4 1.3 7.9 5.2 6.8 7.6 96 2 94 0.32 1759.54 8 09/08
850 Union Liquid 0.7 1.7 6.6 7.2 8.0 8.4 59 80 76 0.18 1725.88 1256 06/11
851 Union Liquid Unclaimed NR – – – – – – – – – – 1013.24 – 01/18
852 UTI Liquid Cash Inst 0.7 1.7 6.8 7.4 8.1 7.4 32 45 56 0.10 2836.79 20901 12/03
853 UTI MMMF Inst 0.7 1.7 6.8 7.4 8.1 7.9 53 53 49 0.17 1939.64 15375 07/09

SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
Aditya Birla SL Active Debt Multi Manager FoF, 549 Axis Regular Savings, 552 DHFL Pramerica Insta Cash Plus, 810 Escorts Income, 566
Aditya Birla SL Advantage, 117 Axis Short Term, 641 DHFL Pramerica Large Cap, 13 Escorts Income Bond, 470
Aditya Birla SL Asset Allocator MMFoF, 505 Axis Treasury Advantage, 747 DHFL Pramerica Long Term Equity Reg, 250 Escorts Infrastructure, 344
Aditya Birla SL Balanced ‘95, 391 Axis Triple Advantage, 536 DHFL Pramerica Low Duration, 753 Escorts Leading Sectors, 196
Aditya Birla SL Balanced Advantage, 506 Baroda Pioneer Balance, 396 DHFL Pramerica Medium Term Income Reg, 561 Escorts Liquid, 814
Aditya Birla SL Banking & Financial Services Reg, 321 Baroda Pioneer Banking and Financial Services, 322 DHFL Pramerica Midcap Opportunities Reg, 190 Escorts Opportunities, 407
Aditya Birla SL Banking & PSU Debt, 638 Baroda Pioneer Credit Opportunities Plan A, 696 DHFL Pramerica Premier Bond, 562 Escorts Power & Energy, 374
Aditya Birla SL Cash Manager, 742 Baroda Pioneer Dynamic Bond, 720 DHFL Pramerica Short Maturity, 646 Escorts Short Term Debt, 650
Aditya Birla SL Cash Plus, 802 Baroda Pioneer ELSS 96, 246 DHFL Pramerica Short Term Floating Rate, 754 Escorts Tax Plan, 255
Aditya Birla SL Comd Equities-Global Agri, 284 Baroda Pioneer Gilt, 603 DHFL Pramerica Tax Plan, 251 Essel 3 in 1, 538
Aditya Birla SL Constant Maturity 10 Year Gilt Reg, 600 Baroda Pioneer Growth, 125 DHFL Pramerica Ultra Short Term, 755 Essel Flexible Income, 724
Aditya Birla SL Corporate Bond Reg, 693 Baroda Pioneer Income, 553 DSPBR 10Y G-Sec Reg, 606 Essel Large & Midcap Reg, 197
Aditya Birla SL Dividend Yield Plus, 182 Baroda Pioneer Large Cap, 8 DSPBR Arbitrage Fund Reg, 518 Essel Large Cap Equity, 132
Aditya Birla SL Dynamic Bond Ret, 718 Baroda Pioneer Liquid, 805 DSPBR Banking & PSU Debt Reg, 647 Essel Liquid Reg, 815
Aditya Birla SL Enhanced Arbitrage, 514 Baroda Pioneer Midcap, 186 DSPBR Bond Ret, 563 Essel Long Term Advantage Reg, 256
Aditya Birla SL Equity, 118 Baroda Pioneer MIP, 465 DSPBR Credit Risk, 699 Essel Regular Savings, 471
Aditya Birla SL Equity Savings Reg, 392 Baroda Pioneer Short Term Bond, 642 DSPBR Dynamic Asset Allocation Reg, 508 Essel Short Term, 651
Aditya Birla SL Financial Planning FoF Aggressive, 533 Baroda Pioneer Treasury Adv, 748 DSPBR Equal Nifty 50 Fund Reg, 14 Essel Ultra Short Term Reg, 759
Aditya Birla SL Financial Planning FoF Conservative, 534 BNP Paribas Balanced Fund Reg, 397 DSPBR Equity, 130 Franklin Asian Eqt, 301
Aditya Birla SL Financial Planning FoF Prudent, 535 BNP Paribas Corporate Bond, 554 DSPBR Equity & Bond, 402 Franklin Build India, 345
Aditya Birla SL Floating Rate LT, 743 BNP Paribas Dividend Yield, 187 DSPBR Equity Opportunities, 131 Franklin IGSF Composite, 610
Aditya Birla SL Floating Rate ST, 803 BNP Paribas Enhanced Arbitrage Fund Reg, 516 DSPBR Equity Savings Reg, 403 Franklin IGSF LT, 611
Aditya Birla SL Frontline Equity, 1 BNP Paribas Equity, 126 DSPBR Focus, 15 Franklin IGSF PF, 612
Aditya Birla SL Gilt Plus PF, 601 BNP Paribas Flexi Debt, 555 DSPBR Global Allocation Reg, 290 Franklin IIF NSE Nifty, 22
Aditya Birla SL Global Commodities, 285 BNP Paribas Focused 25 Equity Fund Reg, 10 DSPBR Government Securities, 607 Franklin India Balanced, 408
Aditya Birla SL Global Real Estate Retail, 286 BNP Paribas Long Term Equity, 247 DSPBR Liquid ETF Reg, 811 Franklin India Banking & PSU Debt, 567
Aditya Birla SL Income Plus, 550 BNP Paribas Medium Term Income, 556 DSPBR Liquidity Reg, 812 Franklin India Bluechip, 23
Aditya Birla SL Index, 2 BNP Paribas Midcap, 188 DSPBR Low Duration Reg, 756 Franklin India CMA, 816
Aditya Birla SL India GenNext, 369 BNP Paribas MIP, 466 DSPBR Midcap Reg, 191 Franklin India Corporate Bond Opportunities, 701
Aditya Birla SL India Opportunities, 370 BNP Paribas Money Plus, 749 DSPBR Money Manager Reg, 757 Franklin India Dynamic Accrual, 702
Aditya Birla SL India Reforms, 119 BNP Paribas Overnight, 806 DSPBR Natural Resources and New Energy Reg, 373 Franklin India Dynamic PE Ratio FoF, 509
Aditya Birla SL Infrastructure, 340 BNP Paribas Short term Income, 643 DSPBR Regular Savings, 449 Franklin India Feeder - Franklin European Growth, 302
Aditya Birla SL International Equity A, 287 BOI AXA Corporate Credit Spectrum Reg, 697 DSPBR Savings, 686 Franklin India Feeder Franklin US Opp, 303
Aditya Birla SL International Equity B, 120 BOI AXA Equity Debt Rebalancer Reg, 507 DSPBR Short Term, 648 Franklin India Flexi Cap, 24
Aditya Birla SL Manufacturing Equity Reg, 121 BOI AXA Equity Reg, 127 DSPBR Small Cap Reg, 232 Franklin India High Growth Companies, 133
Aditya Birla SL Medium Term, 694 BOI AXA Liquid Reg, 807 DSPBR Strategic Bond Reg, 723 Franklin India Inc Builder A, 568
Aditya Birla SL Mid Cap, 183 BOI AXA Liquid Unclaimed, 808 DSPBR T.I.G.E.R. Reg, 343 Franklin India Income Opportunities, 703
Aditya Birla SL MIP, 462 BOI AXA Manufacturing & Infrastructure, 341 DSPBR Tax Saver, 252 Franklin India Life Stage FoF 20s, 134
Aditya Birla SL MIP II Savings 5 Plan, 463 BOI AXA Mid Cap Equity & Debt Reg, 398 DSPBR Top 100 Equity Reg, 16 Franklin India Life Stage FoF 30s, 472
Aditya Birla SL MIP II Wealth 25, 446 BOI AXA Regular Return Reg, 467 DSPBR US Flexible Equity, 291 Franklin India Life Stage FoF 40s, 473
Aditya Birla SL MNC, 371 BOI AXA Short Term Income Reg, 644 DSPBR World Agriculture, 292 Franklin India Life Stage FoF 50s Plus, 474
Aditya Birla SL Monthly Income, 464 BOI AXA Tax Advantage Reg, 248 DSPBR World Energy Reg, 293 Franklin India Life Stage FoF 50s Plus FR, 475
Aditya Birla SL New Millennium, 364 BOI AXA Treasury Advantage Reg, 750 DSPBR World Gold Reg, 294 Franklin India Low Duration, 652
Aditya Birla SL Nifty ETF, 3 Canara Robeco Balance Reg, 399 DSPBR World Mining Reg, 295 Franklin India MIP A, 476
Aditya Birla SL Pure Value, 184 Canara Robeco Dynamic Bond Reg, 721 Edelweiss Arbitrage Reg, 519 Franklin India Multi Asset Solution, 539
Aditya Birla SL Savings, 744 Canara Robeco Emerging Equities Reg, 189 Edelweiss ASEAN Equity Off Shore Reg, 296 Franklin India Opportunities, 135
Aditya Birla SL Sensex ETF, 4 Canara Robeco Equity Diversified Reg, 128 Edelweiss Balanced Advantage Reg, 404 Franklin India Pension, 450
Aditya Birla SL Short Term, 639 Canara Robeco Equity Tax Saver Reg, 249 Edelweiss Banking and PSU Debt Reg, 564 Franklin India Prima, 198
Aditya Birla SL Short Term Opportunities, 640 Canara Robeco FORCE Regular, 372 Edelweiss Corporate Bond Reg, 700 Franklin India Prima Plus, 136
Aditya Birla SL Small & Midcap, 231 Canara Robeco Gilt PGS Reg, 604 Edelweiss Dynamic Bond Reg, 565 Franklin India Savings Plus Ret, 760
Aditya Birla SL Special Situations, 122 Canara Robeco Income Reg, 557 Edelweiss Emerging Markets Opp Equity Offshore Reg, 297 Franklin India Smaller Companies, 233
Aditya Birla SL Tax Plan, 242 Canara Robeco InDiGo Reg, 537 Edelweiss Equity Savings Reg, 405 Franklin India ST Income Ret, 653
Aditya Birla SL Tax Relief 96, 243 Canara Robeco Infrastructure Reg, 342 Edelweiss ETF - Nifty Quality 30, 17 Franklin India Taxshield, 257
Aditya Birla SL Tax Savings, 244 Canara Robeco Large Cap+ Reg, 11 Edelweiss Europe Dynamic Equity Offshore Reg, 298 Franklin India Technology, 365
Aditya Birla SL Top 100, 5 Canara Robeco Liquid Regular, 809 Edelweiss Exchange Traded Fund-Nifty 50, 18 Franklin India TMA Super Inst, 817
Aditya Birla SL Treasury Optimizer Regular, 551 Canara Robeco Medium Term Opportunities Reg, 558 Edelweiss Exchange Traded Fund-Nifty Bank, 323 Franklin India Ultra Short Bond Super Inst, 761
Axis Banking & PSU Debt, 745 Canara Robeco MIP Reg, 468 Edelweiss Government Securities Reg, 608 Templeton IGF, 176
Axis Children’s Gift Reg, 393 Canara Robeco Savings Plus Reg, 751 Edelweiss Greater China Eqt Off-shore Reg, 299 Templeton India Eqt Income, 177
Axis Constant Maturity 10 Year, 602 Canara Robeco Short Term Regular, 645 Edelweiss Large & Mid Cap Reg, 19 HDFC Arbitrage Wholesale, 520
Axis Corporate Debt Opportunities Fund Reg, 746 Canara Robeco Treasury Advantage Reg, 752 Edelweiss Large Cap Reg, 20 HDFC Balanced, 409
Axis Dynamic Bond, 719 Canara Robeco Yield Advantage Reg, 469 Edelweiss Liquid Reg, 813 HDFC Banking and PSU Debt Reg, 654
Axis Dynamic Equity Fund Reg, 394 DHFL Pramerica Arbitrage Reg, 517 Edelweiss Long Term Equity (Tax Savings) Reg, 253 HDFC Capital Builder, 137
Axis Enhanced Arbitrage Reg, 515 DHFL Pramerica Balanced Advantage, 400 Edelweiss Low Duration Reg, 758 HDFC Cash Mgmt Call, 818
Axis Equity, 6 DHFL Pramerica Banking & PSU Debt, 559 Edelweiss Mid Cap Reg, 192 HDFC Cash Mgmt Savings, 819
Axis Equity Saver Reg, 395 DHFL Pramerica Credit Opportunities Reg, 698 Edelweiss Multi Asset Allocation Reg, 21 HDFC Cash Mgmt Treasury Adv Ret, 762
Axis Fixed Income Opportunities Reg, 695 DHFL Pramerica Diversified Equity Reg, 129 Edelweiss Multi Cap Reg, 193 HDFC Children’s Gift, 410
Axis Focused 25, 123 DHFL Pramerica Dynamic Bond, 722 Edelweiss Short Term Reg, 649 HDFC Core & Satellite, 138
Axis Income Saver, 447 DHFL Pramerica Equity Income, 401 Edelweiss Tax Advantage Reg, 254 HDFC Corporate Debt Opportunities Reg, 704
Axis Liquid, 804 DHFL Pramerica Euro Equity, 288 Edelweiss US Value Equity Offshore Reg, 300 HDFC Dynamic PE Ratio Fund of Funds Reg, 510
Axis Long Term Equity, 245 DHFL Pramerica Gilt, 605 Escorts Balanced, 406 HDFC Equity, 25
Axis Midcap, 185 DHFL Pramerica Global Agribusiness Offshore, 289 Escorts Gilt, 609 HDFC Equity Savings, 411
Axis Multicap Fund Reg, 124 DHFL Pramerica Income Advantage, 448 Escorts Growth, 194 HDFC Floating Rate Income LT, 655
Axis Nifty ETF Reg, 7 DHFL Pramerica Inflation Indexed Bond Reg, 560 Escorts High Yield Equity, 195 HDFC Floating Rate Income ST Wholesale, 763

HDFC Gilt Long-term, 613 ICICI Pru Gilt Tre PF, 688 IDFC Monthly Income Plan Reg, 491 Kotak Equity Arbitrage Reg, 527
HDFC Gilt Short-term, 687 ICICI Pru Global Stable Equity, 308 IDFC Nifty ETF, 51 Kotak Equity Savings Reg, 423
HDFC Growth, 26 ICICI Pru Income, 575 IDFC Nifty Reg, 52 Kotak Flexi Debt Regular, 671
HDFC High Interest Dynamic, 725 ICICI Pru Income Opportunities, 576 IDFC Premier Equity Reg, 206 Kotak Floater ST Reg, 830
HDFC High Interest Short Term, 656 ICICI Pru Indo Asia Equity, 201 IDFC Sensex ETF, 53 Kotak Gilt Inv PF & Trust, 623
HDFC Income, 569 ICICI Pru Infrastructure, 348 IDFC SSI Inv Reg, 577 Kotak Gilt Inv Regular, 624
HDFC Index Nifty, 27 ICICI Pru Liquid Plan, 822 IDFC SSI Medium-term Reg, 666 Kotak Global Emerging Market Reg, 312
HDFC Index Sensex, 28 ICICI Pru Long Term Equity (Tax Saving), 262 IDFC SSI Short Term Reg, 667 Kotak Income Opportunities Reg, 710
HDFC Index Sensex Plus, 29 ICICI Pru Long Term Gilt, 616 IDFC Sterling Equity Reg, 207 Kotak Infra and Eco Reform Standard, 351
HDFC Infrastructure, 346 ICICI Pru Long-term, 727 IDFC Tax Advantage (ELSS) Reg, 264 Kotak Liquid Regular, 831
HDFC Large Cap Reg, 30 ICICI Pru Midcap, 202 IDFC Ultra Short Term Reg, 770 Kotak Low Duration Standard, 779
HDFC Liquid, 820 ICICI Pru Midcap Select iWIN ETF, 142 IIFL Dynamic Bond Reg, 730 Kotak Medium Term Reg, 585
HDFC Long Term Advantage, 258 ICICI Pru MIP, 485 IIFL India Growth Reg, 149 Kotak Mid-Cap Reg, 211
HDFC Medium Term Opportunities, 570 ICICI Pru MIP 25, 452 IIFL Liquid Reg, 826 Kotak MIP Reg, 493
HDFC Mid-Cap Opportunities, 199 ICICI Pru Money Market, 823 Indiabulls Arbitrage Reg, 524 Kotak Nifty ETF, 64
HDFC MIP Long-term, 451 ICICI Pru Multicap, 143 Indiabulls Bluechip, 54 Kotak NV 20 ETF, 65
HDFC MIP Short-term, 477 ICICI Pru Nifty 100 iWIN ETF, 38 Indiabulls Gilt, 620 Kotak Opportunities Reg, 151
HDFC Multiple Yield Plan 2005, 478 ICICI Pru Nifty Index, 39 Indiabulls Income Reg, 578 Kotak PSU Bank ETF, 327
HDFC Nifty ETF, 31 ICICI Pru Nifty iWIN ETF, 40 Indiabulls Liquid, 827 Kotak Select Focus Reg, 66
HDFC Premier Multi-Cap, 139 ICICI Pru Nifty Low Vol 30 IWin ETF, 41 Indiabulls Savings Income Reg, 492 Kotak Sensex ETF, 67
HDFC Prudence, 412 ICICI Pru Nifty Next 50 Index, 144 Indiabulls Short Term Reg, 668 Kotak Tax Saver Reg, 268
HDFC Regular Savings, 657 ICICI Pru NV20 iWIN ETF, 42 Indiabulls Tax Savings Fund Reg, 265 Kotak Treasury Advantage Reg, 780
HDFC Retirement Savings Fund-Equity Reg, 259 ICICI Pru Regular Income, 486 Indiabulls Ultra Short Term, 771 Kotak US Equity Standard, 313
HDFC Retirement Savings Fund-Hybrid Debt Reg, 479 ICICI Pru Regular Savings, 706 Indiabulls Value Discovery Reg, 236 Kotak World Gold Standard, 314
HDFC Retirement Savings Fund-Hybrid Equity Reg, 413 ICICI Pru Savings, 766 Invesco India Active Income, 579 L&T Arbitrage Opportunities Reg, 528
HDFC Sensex ETF, 32 ICICI Pru Select Large Cap, 43 Invesco India Arbitrage, 525 L&T Banking and PSU Debt, 672
HDFC Short Term Opportunities, 658 ICICI Pru Sensex Index Fund, 44 Invesco India Bank Debt, 669 L&T Business Cycles Reg, 212
HDFC Small Cap Reg, 234 ICICI Pru Sensex iWIN ETF, 45 Invesco India Banking, 325 L&T Cash, 832
HDFC Taxsaver, 260 ICICI Pru Short Term Gilt, 689 Invesco India Business Leaders, 55 L&T Dynamic Equity, 424
HDFC Top 200, 33 ICICI Pru Short-term, 660 Invesco India Contra, 150 L&T Emerging Businesses, 237
HSBC Asia Pacific (Ex Japan) Dividend Yield Reg, 304 ICICI Pru Technology, 366 Invesco India Corporate Bond Opportunities Reg, 709 L&T Equity, 152
HSBC Brazil, 305 ICICI Pru Top 100, 145 Invesco India Credit Opportunities, 772 L&T Equity Savings, 425
HSBC Cash, 821 ICICI Pru Ultra Short Term, 661 Invesco India Dynamic Equity, 56 L&T Flexi Bond, 732
HSBC Debt, 571 ICICI Pru US Bluechip Equity, 309 Invesco India Gilt, 621 L&T Floating Rate, 781
HSBC Dynamic Asset Allocation, 34 ICICI Pru Value Discovery, 46 Invesco India Global Equity Income Reg, 310 L&T Gilt Investment, 625
HSBC Flexi Debt, 572 IDBI Credit Risk Reg, 707 Invesco India Growth, 57 L&T Income Opportunities, 711
HSBC Global Consumer Opportunities Reg, 306 IDBI Diversified Equity Reg, 203 Invesco India Infrastructure, 350 L&T India Large Cap, 68
HSBC Global Emerging Markets, 307 IDBI Dynamic Bond, 728 Invesco India Liquid, 828 L&T India Prudence, 426
HSBC Infrastructure Equity, 347 IDBI Equity Advantage Reg, 263 Invesco India Medium Term Bond, 580 L&T India Spl Situations, 153
HSBC Large Cap Equity, 35 IDBI Equity Savings, 487 Invesco India Mid Cap, 208 L&T India Value, 213
HSBC Low Duration, 764 IDBI Focused 30 Equity Fund Reg, 47 Invesco India Mid N Small Cap, 209 L&T Infrastructure, 352
HSBC Managed Solutions India Conservative Reg, 540 IDBI Gilt, 617 Invesco India MIP Plus, 543 L&T Liquid, 833
HSBC Managed Solutions India Growth Reg, 541 IDBI Hybrid Equity Reg, 418 Invesco India Nifty ETF, 58 L&T Midcap, 214
HSBC Managed Solutions India Moderate Reg, 542 IDBI India Top 100 Equity, 48 Invesco India Pan European Equity Reg, 311 L&T MIP, 494
HSBC Multi Cap Equity, 140 IDBI Liquid, 824 Invesco India PSU Equity, 376 L&T Resurgent India Corporate Bond Reg, 586
HSBC Regular Savings, 480 IDBI Midcap Fund Reg, 204 Invesco India Short term, 581 L&T Short Term Income, 712
HSBC Short Duration, 659 IDBI Nifty Index, 49 Invesco India Tax Plan, 266 L&T Short Term Opp, 673
HSBC Small Cap Equity, 235 IDBI Nifty Junior Index, 146 Invesco India Ultra Short Term, 773 L&T Tax Adv, 269
HSBC Tax Saver Equity, 261 IDBI Short Term Bond, 662 JM Arbitrage Advantage, 526 L&T Triple Ace Bond, 587
ICICI Pru Advisor-Cautious, 481 IDBI Small Cap Fund Reg, 205 JM Balanced, 421 L&T Ultra ST, 782
BHARAT 22 ETF, 9 IDBI Ultra Short Term, 767 JM Basic, 377 LIC MF Balanced, 427
ICICI Pru Advisor-Dynamic Accrual, 573 IDFC All Seasons Bond Reg, 663 JM Core 11, 59 LIC MF Banking & Financial Services Reg, 328
ICICI Pru Advisor-Long Term Savings, 482 IDFC Arbitrage Plus Regular, 522 JM Equity, 60 LIC MF Bond, 588
ICICI Pru Advisor-Moderate, 483 IDFC Arbitrage Regular, 523 JM Floater LT, 774 LIC MF Children’s Gift, 453
ICICI Pru Advisor-Very Aggressive, 36 IDFC Asset Allocation Aggressive Reg, 488 JM G-Sec, 622 LIC MF Equity, 154
ICICI Pru Balanced, 414 IDFC Asset Allocation Conservative Reg, 489 JM High Liquidity, 829 LIC MF ETF Nifty 100, 69
ICICI Pru Balanced Advantage, 415 IDFC Asset Allocation Moderate Reg, 490 JM Income, 582 LIC MF ETF Nifty 50, 70
ICICI Pru Banking & PSU Debt, 574 IDFC Balanced Fund Reg, 419 JM Money Manager Reg, 775 LIC MF ETF Sensex, 71
ICICI Pru Banking and Financial Services, 324 IDFC Banking & PSU Debt Reg, 768 JM Money Manager Super, 776 LIC MF Govt Sec, 626
ICICI Pru Child Care-Gift, 416 IDFC Cash Regular, 825 JM Money Manager Super Plus, 777 LIC MF Govt Sec PF, 627
ICICI Pru Child Care-Study, 484 IDFC Classic Equity Reg, 147 JM Multi Strategy, 61 LIC MF Growth, 72
ICICI Pru Constant Maturity Gilt, 614 IDFC Corporate Bond Reg, 664 JM Short Term, 731 LIC MF G-Sec Long Term ETF, 628
ICICI Pru Corporate Bond, 705 IDFC Credit Opportunities Fund Reg, 708 JM Tax Gain, 267 LIC MF Income Plus, 783
ICICI Pru Dividend Yield Equity, 200 IDFC Dynamic Bond Reg, 729 Kotak 50 Reg, 62 LIC MF Index Nifty, 73
ICICI Pru Dynamic, 141 IDFC Dynamic Equity Reg, 420 Kotak Asset Allocator Reg, 511 LIC MF Index Sensex, 74
ICICI Pru Dynamic Bond, 726 IDFC Equity Reg, 50 Kotak Balance Reg, 422 LIC MF Infrastructure, 353
ICICI Pru Equity Arbitrage, 521 IDFC Focused Equity Reg, 148 Kotak Banking and PSU Debt Reg, 778 LIC MF Liquid, 834
ICICI Pru Equity Income, 417 IDFC GSF Investment Reg, 618 Kotak Banking ETF Reg, 326 LIC MF Midcap Reg, 215
ICICI Pru Exports and Other Services, 375 IDFC GSF PF Regular, 619 Kotak Bond Regular, 583 LIC MF MIP, 495
ICICI Pru Flexible Income, 765 IDFC GSF Short-term Reg, 690 Kotak Bond Short-term Reg, 670 LIC MF Savings Plus, 784
ICICI Pru FMCG, 338 IDFC Infrastructure Reg, 349 Kotak Classic Equity Reg, 63 LIC MF Tax Plan, 270
ICICI Pru Focused Bluechip Equity, 37 IDFC Money Manager Investment Reg, 665 Kotak Corporate Bond Standard, 584 LIC MF ULIS, 428
ICICI Pru Gilt Inv PF, 615 IDFC Money Manager Treasury Reg, 769 Kotak Emerging Equity Reg, 210 Mahindra Dhan Sanchay Equity Savings Yojana Reg, 429

Mahindra Liquid Reg, 835 Reliance ETF PSU Bank BeES, 331 SBI Savings, 791 Union Dynamic Bond, 740
Mahindra Low Duration Bachat Yojana Reg, 785 Reliance ETF Sensex, 86 SBI Short Term Debt, 679 Union Equity, 108
Mahindra Mutual Fund Badhat Yojana Reg, 155 Reliance ETF Shariah BeES, 87 SBI Small & Midcap, 239 Union Largecap Fund Reg, 109
Mahindra Mutual Fund Kar Bachat Yojana Reg, 271 Reliance Floating Rate ST, 676 SBI Treasury Adv, 792 Union Liquid, 850
Mahindra Unnati Emerging Business Yojana Reg, 216 Reliance Focused Large Cap, 88 SBI Ultra Short Term Debt, 793 Union Liquid Unclaimed, 851
Mirae Asset Cash Management, 836 Reliance Gilt Securities, 630 Shriram Equity and Debt Opportunities, 438 Union Short Term, 683
Mirae Asset Dynamic Bond Fund Reg, 733 Reliance Gilt Securities PF, 631 Sundaram Balanced Reg, 439 Union Small Cap Reg, 241
Mirae Asset Emerging Bluechip Reg, 217 Reliance Growth, 221 Sundaram Banking & PSU Debt Reg, 680 Union Tax Saver, 282
Mirae Asset Great Consumer Reg, 378 Reliance Income, 591 Sundaram Bond Saver Reg, 594 UTI Balanced, 444
Mirae Asset Hybrid Equity Reg, 430 Reliance Index Nifty, 89 Sundaram Diversified Equity, 279 UTI Banking & PSU Debt Reg, 684
Mirae Asset India Equity Regular, 75 Reliance Index Sensex, 90 Sundaram Equity Multiplier, 168 UTI Banking Sector Reg, 337
Mirae Asset Savings Fund - Regular Savings Plan, 786 Reliance Japan Equity, 318 Sundaram Equity Plus, 547 UTI Bluechip Flexicap, 178
Mirae Asset Short Term Fund Reg, 674 Reliance Liquid Cash, 840 Sundaram Financial Services Opp Reg, 334 UTI Bond, 598
Mirae Asset Tax Saver Reg, 272 Reliance Liquid Treasury, 841 Sundaram Flexible Fund - Flexible Income Reg, 595 UTI CCP Advantage, 445
Motilal Oswal Dynamic Reg, 431 Reliance Liquidity, 842 Sundaram Gilt Reg, 634 UTI CCP Balanced, 457
Motilal Oswal Focused 25 Reg, 76 Reliance Media & Entertainment, 381 Sundaram Global Advantage, 320 UTI CRTS 81, 458
Motilal Oswal Long Term Equity Reg, 273 Reliance Medium Term, 677 Sundaram Income Plus, 794 UTI Dividend Yield, 179
Motilal Oswal M50 ETF, 77 Reliance Mid & Small Cap, 222 Sundaram Infrastructure Advantage Reg, 356 UTI Dynamic Bond, 741
Motilal Oswal Midcap 100 ETF, 218 Reliance MIP, 497 Sundaram MIP Aggressive, 454 UTI Equity, 110
Motilal Oswal Midcap 30 Reg, 219 Reliance Money Manager, 790 Sundaram Money Reg, 846 UTI Floating Rate ST Reg, 800
Motilal Oswal Multicap 35 Reg, 156 Reliance NRI Equity, 91 Sundaram Regular Savings, 502 UTI Gilt Advantage Long-term, 637
Motilal Oswal NASDAQ 100 ETF, 315 Reliance Pharma, 360 Sundaram Rural India Reg, 384 UTI G-Sec Short-term, 692
Motilal Oswal Ultra Short Term Reg, 787 Reliance Quant Plus Retail, 92 Sundaram S.M.I.L.E. Reg, 240 UTI Income Opportunities, 717
Parag Parikh Long Term Equity Reg, 157 Reliance Regular Savings Balanced, 435 Sundaram Select Debt Short-term Asset Plan, 681 UTI India Lifestyle, 387
Principal Arbitrage Reg, 529 Reliance Regular Savings Debt, 715 Sundaram Select Focus Reg, 101 UTI Infrastructure, 359
Principal Asset Allocation Fund of Funds Aggressive Reg, 544 Reliance Regular Savings Equity, 223 Sundaram Select Midcap Reg, 227 UTI Liquid Cash Inst, 852
Principal Asset Allocation Fund of Funds Cons Reg, 496 Reliance Retirement Fund - Income Generation Scheme, 498 Sundaram Smart NIFTY 100 Equal Weight Fund Reg, 169 UTI Long Term Equity, 283
Principal Asset Allocation Fund of Funds Moderate Reg, 545 Reliance Retirement Fund - Wealth Creation Scheme, 163 Sundaram Ultra ST Reg, 795 UTI Mastershare, 111
Principal Balanced, 432 Reliance Short-term, 678 Tata Balanced Reg, 440 UTI Medium Term Reg, 599
Principal Cash Mgmt, 837 Reliance Small Cap, 238 Tata Banking and Financial Services Reg, 335 UTI Mid Cap, 230
Principal Credit Opportunities, 713 Reliance Tax Saver (ELSS), 277 Tata Corporate Bond Reg, 796 UTI MIS - Advantage, 503
Principal Debt Savings, 589 Reliance Top 200 Retail, 93 Tata Digital India Reg, 368 UTI MMMF Inst, 853
Principal Dividend Yield, 158 Reliance US Equity Opportunities, 319 Tata Dividend Yield Reg, 170 UTI MNC, 388
Principal Dynamic Bond, 734 Reliance Vision, 94 Tata Dynamic Bond Reg, 738 UTI Monthly Income Scheme, 504
Principal Emerging Bluechip, 220 SBI Arbitrage Opportunities, 531 Tata Equity Opportunities Reg, 171 UTI Multi Cap Reg, 180
Principal Equity Savings, 433 SBI Banking & Financial Services Reg, 332 Tata Equity PE Reg, 172 UTI Nifty ETF, 112
Principal Global Opportunities, 316 SBI Bluechip, 95 Tata Ethical Reg, 173 UTI Nifty Index Fund, 113
Principal Growth, 159 SBI Contra, 164 Tata Gilt Mid Term Plan Reg, 635 UTI Nifty Next 50 Exchange Traded Fund Reg, 181
Principal Index Nifty, 78 SBI Corporate Bond, 716 Tata GSF Reg, 636 UTI Opportunities, 114
Principal Large Cap, 79 SBI Dynamic Asset Allocation Reg, 513 Tata Index Nifty Reg, 102 UTI Pharma & Healthcare, 363
Principal Low Duration, 788 SBI Dynamic Bond, 737 Tata Index Sensex Reg, 103 UTI Retirement Benefit Pension, 459
Principal Money Manager, 789 SBI Emerging Businesses, 224 Tata India Consumer Reg, 385 UTI Sensex ETF, 115
Principal Personal Tax Saver, 274 SBI Equity Savings Reg, 436 Tata India Pharma & HealthCare Reg, 362 UTI Short-term Income Inst, 685
Principal Short Term Income, 675 SBI ETF 10 Year Gilt, 632 Tata India Tax Savings, 280 UTI Smart Woman Savings, 460
Principal Smart Equity, 512 SBI ETF BSE 100 Fund, 96 Tata Infrastructure Reg, 357 UTI SPrEAD, 532
Principal Tax Savings, 275 SBI ETF Nifty 50, 97 Tata Large Cap Reg, 104 UTI Top 100, 116
Quantum Dynamic Bond Fund Direct, 735 SBI ETF Nifty Bank Fund, 333 Tata Liquid Reg, 847 UTI Transportation and Logistics, 389
Quantum Equity FoF Direct, 160 SBI ETF Nifty Next 50 Fund, 165 Tata Long Term Debt Reg, 596 UTI Treasury Advantage Inst, 801
Quantum Liquid Direct, 838 SBI ETF Sensex, 98 Tata Medium Term Reg, 597 UTI ULIP, 461
Quantum Long Term Equity Direct, 80 SBI FMCG, 339 Tata Midcap Growth Reg, 228 UTI Wealth Builder Retail, 390
Quantum Multi Asset Reg, 546 SBI Infrastructure, 355 Tata Money Market Reg, 848
Quantum Nifty ETF, 81 SBI IT, 367 Tata Regular Saving Equity Reg, 441
Quantum Tax Saving Direct, 276 SBI Magnum Balanced, 437 Tata Resources & Energy Reg, 386
Reliance Arbitrage Advantage, 530 SBI Magnum Children’s Benefit Plan, 499 Tata Retirement Savings Conservative Reg, 455
CPSE ETF, 12 SBI Magnum COMMA, 382 Tata Retirement Savings Moderate Reg, 442
Reliance Banking, 329 SBI Magnum Equity, 99 Tata Retirement Savings Progressive Reg, 174
Reliance Banking & PSU Debt, 590 SBI Magnum Gilt Long-term, 633 Tata Short-term Bond Reg, 682
Reliance Corporate Bond, 714 SBI Magnum Gilt Short-term, 691 Tata Ultra Short Term Reg, 797
Reliance Diversified Power Sector, 379 SBI Magnum Global, 225 Tata Young Citizens Reg, 456
Reliance Dynamic Bond, 736 SBI Magnum Income, 592 Taurus Banking & Financial Services Reg, 336
Reliance Equity Opportunities, 161 SBI Magnum InstaCash Liquid Floater Reg, 843 Taurus Discovery (Midcap) Reg, 229
Reliance Equity Savings, 434 SBI Magnum InstaCash Reg, 844 Taurus Dynamic Income Reg, 739
Reliance ETF Bank BeES, 330 SBI Magnum Midcap, 226 Taurus Ethical Reg, 175
Reliance ETF Consumption, 380 SBI Magnum MIP, 500 Taurus Infrastructure Reg, 358
Reliance ETF Dividend Opportunities, 82 SBI Magnum MIP Floater, 501 Taurus Largecap Equity Reg, 105
Reliance ETF Hang Seng BeES, 317 SBI Magnum MultiCap, 166 Taurus Liquid Reg, 849
Reliance ETF Infra BeES, 354 SBI Magnum Multiplier, 167 Taurus Nifty Index Reg, 106
Reliance ETF Junior BeES, 162 SBI Magnum Taxgain, 278 Taurus Short Term Income Reg, 798
Reliance ETF Liquid BeES, 839 SBI Nifty Index, 100 Taurus Starshare (Multi Cap) Reg, 107
Reliance ETF Long Term Gilt, 629 SBI Pharma, 361 Taurus Tax Shield Reg, 281
Reliance ETF Nifty 100, 83 SBI Premier Liquid, 845 Taurus Ultra Short Term Bond Reg, 799
Reliance ETF Nifty BeES, 84 SBI PSU, 383 Union Asset Allocation, 548
Reliance ETF NV20, 85 SBI Regular Savings, 593 Union Balanced Advantage Reg, 443

SCOREBOARD
Performance snapshot
Here are the performance data of the Indian mutual-fund industry as of March 2018
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 -3.24 -4.70 2.95 10.70 15.99 7.58 15.12 10.26 9.70 19.14 16.22
Equity: Multi Cap -3.20 -6.52 3.25 12.48 19.48 10.35 18.46 12.53 11.66 22.85 18.38
Equity: Mid Cap -3.38 -7.96 4.17 13.43 22.10 12.57 24.67 17.81 14.75 24.41 20.30
Equity: Small Cap -4.93 -9.38 7.47 19.02 28.09 18.13 31.12 20.66 16.19 - -
Equity: Tax Saving -3.30 -6.56 3.42 13.16 19.61 10.20 19.14 13.19 11.44 21.48 18.69
Equity: International -3.15 -0.43 2.74 13.22 11.29 6.08 6.22 4.61 4.74 - -
Equity: Infrastructure -4.78 -10.01 4.20 13.94 22.03 9.59 18.60 9.27 6.49 - -
NIFTY 50 Index -3.61 -3.96 3.32 10.25 14.39 6.01 12.21 8.18 7.89 16.85 11.64
NIFTY 500 Index -3.78 -6.10 3.63 11.47 17.61 8.51 14.95 9.82 8.83 18.46 13.44
NIFTY Free Float Midcap 100 Index -4.62 -11.25 3.58 9.07 21.37 13.02 20.43 12.87 11.64 22.49 -
Nifty Free Float Smallcap 100 Index -6.76 -14.31 2.74 11.56 26.42 11.51 19.97 11.74 7.53 - -
NIFTY 100 Index -3.53 -4.61 3.30 10.68 15.74 7.16 13.43 9.06 8.73 17.76 -
NIFTY Infrastructure Index -3.58 -8.49 2.56 7.49 14.36 0.81 8.53 1.13 -2.44 - -
Equity: Banking -2.83 -7.11 -1.18 9.19 23.84 10.34 15.32 8.03 10.78 - -
NIFTY Bank -3.36 -5.00 0.87 13.15 22.71 10.07 16.38 10.98 13.81 21.76 -
Equity: FMCG -1.01 -2.32 11.37 20.15 22.14 14.96 17.42 20.18 19.70 25.45 -
NIFTY FMCG Index -1.46 -2.70 6.73 10.98 15.04 9.56 11.26 16.11 16.21 19.02 13.04
Equity: Pharma -5.20 -8.57 0.99 -7.56 -2.79 -3.69 14.82 13.47 16.53 19.85 -
NIFTY Pharma Index -6.72 -13.12 -8.88 -19.72 -12.84 -13.37 7.02 9.13 11.06 15.41 -
Equity: Technology -2.71 7.51 23.92 26.48 10.71 7.52 17.20 12.70 12.75 18.95 -
NIFTY IT Index -2.32 7.25 19.44 16.89 5.20 1.17 11.62 8.33 12.95 -1.19 6.69
Hybrid: Equity-oriented -1.51 -2.93 3.08 9.72 14.00 8.66 16.29 11.92 11.02 17.23 15.32
Hybrid: Debt-oriented Aggressive -0.01 -1.56 1.81 6.92 11.07 8.20 11.45 9.63 9.22 10.97 12.07
Hybrid: Debt-oriented Conservative 0.39 -0.16 2.14 6.99 10.02 7.95 10.29 9.23 9.07 9.88 8.33
Hybrid: Arbitrage 0.52 1.64 3.01 6.14 6.44 6.63 7.49 7.62 7.16 - -
Hybrid: Asset Allocation -0.39 -0.67 2.25 7.49 12.25 8.40 13.17 9.19 8.93 - -
VR Balanced Index -2.70 -3.32 2.59 8.75 12.46 5.87 10.91 7.87 7.59 - -
VR MIP Index -0.03 -1.47 0.56 4.73 7.51 5.50 7.65 7.02 6.79 - -
Debt: Liquid 0.63 1.68 3.30 6.69 6.84 7.26 8.00 8.25 7.70 6.82 7.88
Debt: Ultra Short Term 0.83 1.78 3.18 6.96 7.40 7.72 8.36 8.49 7.97 - -
Debt: Short Term 1.09 1.73 2.51 6.46 7.90 7.90 8.50 8.60 8.38 7.68 -
Debt: Income 1.58 1.43 1.37 5.40 7.90 7.53 8.15 8.25 7.73 6.88 8.04
Debt: Credit Opportunities 1.27 1.93 2.97 7.49 9.10 9.04 9.41 9.11 8.14 7.15 8.70
Debt: Dynamic Bond 1.63 1.07 0.52 4.55 7.63 7.24 8.32 8.76 7.94 7.07 8.52
Debt: Gilt Short Term 1.14 1.55 1.96 5.96 7.84 8.23 8.34 8.04 7.39 6.69 -
Debt: Gilt Medium & Long Term 2.50 0.89 -0.90 2.95 7.74 7.24 8.45 8.41 8.00 7.13 -
VR Bond Index 1.56 -0.38 -0.56 2.57 4.96 5.29 6.02 6.56 6.36 - -
CCIL All Sovereign Bond - TRI 3.13 1.56 -0.12 4.49 8.04 7.78 8.57 8.56 8.19 - -
CCIL T Bill Liquidity Weight 0.43 1.04 2.00 3.99 4.29 4.54 4.98 5.09 4.69 - -
Returns (%) as on March 31, 2018

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)
DSPBR Small Cap 27.91 11.90 25.30 45.75 DSPBR Tax Saver 17.17 9.19 16.68 28.74
Canara Robeco Emerging Equities 26.16 11.42 24.22 43.17 L&T India Spl Situations 16.73 9.10 16.52 28.50
Franklin India Smaller Companies 25.13 11.14 23.91 42.46 L&T Tax Adv 17.83 9.34 16.43 28.37
Aditya Birla SL Pure Value 25.22 11.17 22.42 39.17 Principal Growth 18.95 9.60 16.32 28.19
HDFC Mid-Cap Opportunities 22.45 10.45 22.36 39.05 ICICI Pru Long Term Equity 14.86 8.69 16.28 28.13
L&T Midcap 26.32 11.46 22.16 38.62 BNP Paribas Dividend Yield 15.41 8.81 16.28 28.13
Edelweiss Mid Cap 24.50 10.97 22.04 38.37 Principal Tax Savings 18.77 9.56 16.26 28.11
Franklin India Prima 21.80 10.29 21.32 36.91 Aditya Birla SL Advantage 18.27 9.44 16.22 28.04
Invesco India Mid N Small Cap 19.89 9.82 21.27 36.80 DSPBR Equity Opportunities 17.73 9.32 16.15 27.93
Aditya Birla SL Small & Midcap 25.35 11.20 21.16 36.60 SBI Magnum Multiplier 16.80 9.11 16.08 27.82
UTI Mid Cap 21.62 10.24 21.15 36.58 ICICI Pru Indo Asia Equity 16.55 9.06 16.01 27.73
Sundaram Select Midcap 22.61 10.49 21.04 36.35 ICICI Pru Balanced 15.47 8.82 15.94 27.62
DSPBR Midcap 22.82 10.54 20.81 35.91 SBI Magnum MultiCap 18.74 9.55 15.92 27.59
Invesco India Mid Cap 19.85 9.81 20.39 35.11 Franklin India Taxshield 14.55 8.62 15.85 27.48
Kotak Emerging Equity 24.36 10.94 20.37 35.07 Franklin India Prima Plus 15.32 8.79 15.84 27.47
SBI Magnum Midcap 20.31 9.92 20.10 34.55 HDFC Long Term Advantage 15.94 8.92 15.70 27.28
IDFC Sterling Equity 21.59 10.23 19.97 34.31 Aditya Birla SL Tax Savings 18.36 9.46 15.68 27.24
SBI Emerging Businesses 18.81 9.57 19.93 34.23 Aditya Birla SL Special Situations 19.02 9.62 15.60 27.13
Sundaram S.M.I.L.E. 24.23 10.90 19.90 34.19 Invesco India Growth 16.99 9.15 15.60 27.13
BNP Paribas Midcap 18.46 9.49 19.84 34.08 Escorts Growth 19.41 9.72 15.46 26.95
Kotak Mid-Cap 22.13 10.37 19.47 33.40 HSBC Tax Saver Equity 15.88 8.91 15.47 26.94
ICICI Pru Midcap 22.14 10.37 19.20 32.92 SBI Bluechip 15.47 8.82 15.36 26.78
ICICI Pru Value Discovery 15.68 8.87 19.19 32.91 Reliance Regular Savings Balanced 15.16 8.75 15.32 26.72
SBI Magnum Global 17.65 9.30 19.03 32.62 Reliance Growth 17.22 9.21 15.31 26.71
Tata Midcap Growth 20.03 9.86 18.91 32.41 Reliance Regular Savings Equity 16.51 9.05 15.26 26.64
Reliance Mid & Small Cap 20.40 9.94 18.64 31.95 Franklin India Flexi Cap 14.39 8.59 15.22 26.58
Tata Equity PE 22.18 10.38 18.63 31.93 ICICI Pru Multicap 15.70 8.87 15.22 26.57
Invesco India Contra 20.99 10.09 18.33 31.40 ICICI Pru Dynamic 14.90 8.70 15.20 26.55
Aditya Birla SL Mid Cap 20.53 9.98 18.32 31.40 Kotak Opportunities 16.27 9.00 15.15 26.48
Franklin India High Growth Cos. 17.59 9.29 18.31 31.37 HDFC Prudence 13.94 8.50 15.08 26.38
IDFC Premier Equity 15.45 8.82 18.00 30.86 Tata Ethical 13.05 8.31 14.98 26.23
HSBC Small Cap Equity 24.78 11.05 17.99 30.85 Aditya Birla SL Balanced ‘95 14.53 8.62 14.97 26.23
Taurus Discovery (Midcap) 21.86 10.30 17.79 30.51 Aditya Birla SL Frontline Equity 13.84 8.48 14.95 26.20
Reliance ETF Junior BeES 18.99 9.61 17.55 30.12 Reliance Top 200 Retail 15.45 8.82 14.81 26.00
Reliance Tax Saver 16.63 9.07 17.47 29.99 BNP Paribas Long Term Equity 13.41 8.39 14.79 25.97
Aditya Birla SL Tax Relief 96 19.88 9.82 17.31 29.73 Aditya Birla SL Top 100 13.79 8.47 14.79 25.97
Invesco India Tax Plan 17.19 9.20 17.24 29.62 Templeton India Eqt Income 15.19 8.76 14.79 25.97
Escorts High Yield Equity 21.88 10.32 17.18 29.57 Tata Dividend Yield 13.44 8.39 14.76 25.93
HDFC Capital Builder 18.10 9.41 17.19 29.54 L&T Equity 14.80 8.68 14.73 25.89
Aditya Birla SL Tax Plan 19.16 9.65 17.04 29.31 UTI Equity 13.71 8.45 14.73 25.89
HDFC Children’s Gift 15.38 8.80 17.01 29.25 HDFC Equity 13.89 8.49 14.71 25.86
Tata India Tax Savings 18.24 9.44 16.81 28.95 ICICI Pru Child Care-Gift 14.56 8.63 14.69 25.83
HDFC Balanced 16.15 8.97 16.79 28.92 Canara Robeco Equity Tax Saver 13.09 8.32 14.60 25.71
Reliance Equity Opportunities 13.81 8.47 16.71 28.80 Tata Balanced 12.24 8.15 14.54 25.63
Aditya Birla SL Equity 18.73 9.55 16.68 28.74 DSPBR Equity 15.63 8.86 14.54 25.63

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)
HSBC Multi Cap Equity 15.61 8.85 14.52 25.59 SBI Contra 13.65 8.43 12.21 22.63
Principal Balanced 16.89 9.13 14.51 25.59 Baroda Pioneer ELSS 96 12.99 8.30 12.20 22.62
SBI Magnum Balanced 14.42 8.60 14.48 25.54 ICICI Pru Advisor-Very Aggressive Not rated 13.29 8.36 12.06 22.45
HDFC Taxsaver 14.03 8.51 14.45 25.50 Principal Personal Tax Saver 12.28 8.16 12.05 22.44
Canara Robeco Balance 13.94 8.50 14.43 25.48 Escorts Balanced Not rated 13.21 8.35 11.87 22.25
Templeton IGF 15.86 8.90 14.36 25.38 HDFC Premier Multi-Cap 12.09 8.12 11.85 22.20
Sundaram Equity Multiplier 17.69 9.31 14.24 25.22 Taurus Starshare (Multi Cap) 11.17 7.93 11.82 22.16
Principal Dividend Yield 16.74 9.10 14.24 25.22 DHFL Pramerica Large Cap 11.89 8.08 11.71 22.03
Edelweiss Large & Mid Cap 15.35 8.79 14.24 25.21 HDFC Index Sensex Plus 10.77 7.86 11.65 21.96
Tata Equity Opportunities 13.76 8.46 14.19 25.15 DSPBR Top 100 Equity 11.08 7.92 11.61 21.93
Franklin India Opportunities 15.39 8.80 14.00 24.90 Baroda Pioneer Growth 12.69 8.24 11.60 21.91
Sundaram Diversified Equity 15.48 8.82 13.95 24.83 Kotak Balance 11.58 8.02 11.58 21.89
Canara Robeco Equity Diversified 12.84 8.27 13.90 24.77 Reliance ETF Nifty BeES 11.36 7.97 11.51 21.80
ICICI Pru Top 100 13.22 8.35 13.86 24.71 ICICI Pru Sensex iWIN ETF Not rated 11.01 7.90 11.45 21.73
Kotak Classic Equity 14.52 8.62 13.79 24.62 Reliance Focused Large Cap 11.59 8.02 11.06 21.29
Taurus Tax Shield 15.88 8.91 13.79 24.62 HSBC Large Cap Equity 12.39 8.18 11.02 21.24
ICICI Pru Balanced Advantage 12.41 8.18 13.70 24.50 UTI Nifty Index Fund 11.16 7.93 10.92 21.13
BNP Paribas Equity 12.55 8.21 13.66 24.44 ICICI Pru Nifty Index 10.67 7.84 10.91 21.13
SBI Magnum Taxgain 12.87 8.27 13.60 24.37 LIC MF Growth 10.31 7.77 10.91 21.12
HDFC Core & Satellite 14.93 8.70 13.60 24.37 Baroda Pioneer Balance 11.69 8.04 10.86 21.06
Invesco India Dynamic Equity 12.98 8.30 13.57 24.33 HDFC Index Nifty 11.15 7.93 10.84 21.04
Kotak Tax Saver 15.12 8.74 13.52 24.26 HDFC Index Sensex 10.82 7.87 10.77 20.96
Franklin India Balanced 12.95 8.29 13.44 24.16 Aditya Birla SL International Equity B 11.40 7.98 10.76 20.96
HDFC Growth 14.48 8.61 13.40 24.11 IDFC Equity 10.45 7.79 10.71 20.89
HDFC Top 200 12.62 8.22 13.37 24.08 Sundaram Select Focus 12.43 8.18 10.65 20.83
UTI CCP Advantage 15.18 8.76 13.35 24.05 Principal Index Nifty 10.45 7.79 10.51 20.68
DSPBR Equity & Bond 14.36 8.59 13.33 24.04 Franklin IIF NSE Nifty 10.30 7.77 10.47 20.63
Principal Large Cap 12.63 8.23 13.24 23.91 SBI Nifty Index 10.40 7.79 10.39 20.54
Reliance NRI Equity 11.53 8.01 13.24 23.91 Tata Index Nifty 10.35 7.78 10.38 20.54
Aditya Birla SL Dividend Yield Plus 11.68 8.04 13.21 23.87 Escorts Opportunities 11.49 8.00 10.22 20.38
SBI Magnum Equity 12.18 8.14 13.17 23.82 Aditya Birla SL Index 10.16 7.74 10.21 20.35
DHFL Pramerica Tax Plan 14.95 8.71 13.11 23.75 HDFC Equity Savings Not rated 10.49 7.80 10.18 20.32
Franklin India Life Stage FoF 20s 12.58 8.22 13.11 23.74 JM Balanced 9.30 7.58 10.17 20.31
L&T India Large Cap 11.94 8.09 13.08 23.70 Tata Index Sensex 9.94 7.70 10.10 20.23
UTI Opportunities 10.66 7.84 13.00 23.60 LIC MF Index Nifty 9.81 7.67 10.03 20.16
IDFC Classic Equity 15.21 8.77 12.89 23.47 Sundaram Balanced 10.90 7.88 9.96 20.09
LIC MF Tax Plan 14.38 8.59 12.79 23.34 DHFL Pramerica Balanced Advantage Not rated 9.57 7.63 9.94 20.06
UTI Bluechip Flexicap 14.07 8.52 12.77 23.32 LIC MF Index Sensex 9.26 7.57 9.75 19.86
Escorts Tax Plan 20.39 9.96 12.74 23.30 HDFC Large Cap 9.05 7.53 9.70 19.81
UTI Top 100 13.07 8.32 12.75 23.30 JM Equity 10.01 7.71 9.40 19.50
Franklin India Bluechip 11.43 7.99 12.63 23.14 Taurus Largecap Equity 8.53 7.43 8.88 18.97
UTI Long Term Equity 13.20 8.34 12.62 23.13 LIC MF ULIS 9.44 7.60 8.87 18.96
UTI Mastershare 12.41 8.18 12.59 23.10 HSBC Dynamic Asset Allocation 10.15 7.74 8.85 18.95
IDFC Focused Equity 16.02 8.94 12.57 23.07 LIC MF Equity 7.28 7.20 8.59 18.69
Kotak 50 12.62 8.22 12.47 22.95 DHFL Pramerica Equity Income 8.66 7.46 8.48 18.57
Reliance Vision 13.33 8.37 12.47 22.94 LIC MF Balanced 7.09 7.17 8.11 18.22
UTI Balanced 12.59 8.22 12.38 22.83 Principal Equity Savings Not rated 7.57 7.26 7.18 17.35
UTI Dividend Yield 12.31 8.16 12.31 22.76 Tata Regular Saving Equity Not rated 6.44 7.05 7.09 17.27
Tata Large Cap 11.10 7.92 12.23 22.65
Data as on March 31, 2018

Star ratings of funds are recalculated each month with no subjective input. A
Value Research
fund is rated only when there are a minimum ten funds in the category, with
TOP-RATED a minimum three-year history for equity and hybrid funds and eighteen-
month for bond funds. In the case of equity funds, a fund’s overall rating
FUNDS stems from a weighted average of two time periods – three and five years –
where available. Equity funds less than three-year old are not rated and bond
funds with less than eighteen-month history are also not rated.
DEBT (53/238)
HYBRID: DEBT-ORIENTED CONSERVATIVE SBI Magnum Income Fund Escorts Short Term Debt Fund
BOI AXA Regular Return Fund SBI Regular Savings Fund Franklin India Low Duration Fund
ICICI Pru Child Care Plan - Study Plan UTI Medium Term Fund Franklin India Short Term Income Plan
ICICI Pru Regular Income Fund HDFC Regular Savings Fund
DEBT: CREDIT OPPORTUNITIES
IDFC Asset Allocation - Conservative HDFC Short Term Opportunities Fund
Baroda Pioneer Credit Opportunities
SBI Magnum Children’s Benefit Plan Reliance Medium Term Fund
BOI AXA Corporate Credit Spectrum
SBI Magnum Monthly Income Plan UTI Banking & PSU Debt Fund
Franklin India Corporate Bond Opp.
SBI Magnum MIP - Floater
Franklin India Dynamic Accrual Fund DEBT: ULTRA SHORT TERM
UTI MIS Advantage Fund
Franklin India Income Opportunities Baroda Pioneer Treasury Advantage
DEBT: INCOME L&T Short Term Income Fund BOI AXA Treasury Advantage Fund
Aditya Birla SL Treasury Optimizer Fund Principal Credit Opportunities Fund DHFL Pramerica Low Duration Fund
Axis Regular Savings Fund Franklin India Savings Plus Fund
DEBT: DYNAMIC BOND
BNP Paribas Corporate Bond Fund Franklin India Ultra Short Bond Fund
Baroda Pioneer Dynamic Bond Fund
Franklin India Income Builder Fund Indiabulls Ultra Short Term Fund
ICICI Pru Long Term Fund
HDFC Medium Term Opportunities Fund JM Floater Long Term Fund
Quantum Dynamic Bond Fund
ICICI Pru Advisor Ser - Dynamic Accrual Kotak Low Duration Fund
UTI Dynamic Bond Fund
ICICI Pru Banking & PSU Debt Fund L&T Floating Rate Fund
DEBT: SHORT TERM
Invesco India Medium Term Bond Fund UTI Treasury Advantage Fund
Baroda Pioneer Short Term Bond Fund
Kotak Corporate Bond Fund
BNP Paribas Short Term Income Fund
Kotak Medium Term Fund
DHFL Pramerica Short Maturity Fund
L&T Resurgent India Corporate Bond
RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in March 2018
DHFL Pramerica Medium Term Income Fund
The ratings for all funds, except Quantum AMC funds, are for regular plans. Funds suspended for sale have been excluded.

Value Research pioneered mutual fund ratings way back in 1993 to enable
Value Research
investors make the right pick. The lowest rating is one star and the highest is
TOP-RATED five stars. Ratings act as the first filter in fund selection, since they take into
account the return as well as risk undertaken to achieve that return. Risk-
FUNDS adjusted return from a fund is the sole basis of Value Research fund rating
(detailed methodology on page 58). Below are the schemes in various
categories that have been rated five and four star.
EQUITY (67/266)
HYBRID: EQUITY-ORIENTED Reliance Top 200 Fund Edelweiss Mid Cap Fund
HDFC Balanced Fund Reliance Vision Fund Escorts High Yield Equity Fund
HDFC Children’s Gift Fund SBI Bluechip Fund HDFC Mid-Cap Opportunities Fund
ICICI Pru Balanced Fund L&T India Value Fund
EQUITY: MULTI CAP
L&T India Prudence Fund L&T Midcap Fund
Aditya Birla Sun Life Advantage Fund
Mirae Asset Emerging Bluechip Fund
Principal Balanced Fund
Aditya Birla Sun Life Equity Fund
Principal Emerging Bluechip Fund
Tata Retirement Savings - Moderate
Aditya Birla SL Special Situations Fund
EQUITY: SMALL CAP
EQUITY: LARGE CAP DSP BR Equity Opportunities Fund
L&T Emerging Businesses Fund
Aditya Birla SL Frontline Equity Fund HDFC Capital Builder Fund
SBI Small & Midcap Fund
Aditya Birla Sun Life Top 100 Fund ICICI Pru Nifty Next 50 Index Fund
Edelweiss Large & Mid Cap Fund IDBI Nifty Junior Index Fund EQUITY: TAX PLANNING
Franklin India Flexi Cap Fund Aditya Birla Sun Life Tax Plan
Invesco India Contra Fund
Aditya Birla Sun Life Tax Relief 96
HDFC Growth Fund Motilal Oswal Multicap 35 Fund
Aditya Birla Sun Life Tax Savings Fund
ICICI Pru Focused Bluechip Equity Fund Parag Parikh Long Term Equity Fund
Axis Long Term Equity Fund
ICICI Pru Value Discovery Fund Principal Growth Fund
BOI AXA Tax Advantage Fund
Invesco India Dynamic Equity Fund Reliance ETF Junior BeES DSP BlackRock Tax Saver Fund
Invesco India Growth Fund SBI ETF Nifty Next 50 Fund Escorts Tax Plan
JM Core 11 Fund SBI Magnum Multicap Fund IDFC Tax Advantage Fund
JM Multi Strategy Fund SBI Magnum Multiplier Fund L&T Tax Advantage Fund
Kotak Classic Equity Fund Sundaram Equity Multiplier Fund Motilal Oswal Long Term Equity Fund
Kotak Select Focus Fund Tata Equity PE Fund Principal Tax Savings Fund
Mirae Asset India Equity Fund Tata Retirement Savings - Progressive Tata India Tax Savings Fund
Motilal Oswal Focused 25 Fund

EQUITY: MID CAP
Quantum Long Term Equity Fund
Aditya Birla Sun Life Pure Value Fund
Reliance ETF Dividend Opportunities Canara Robeco Emerging Equities Fund
RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in March 2018
DSP BlackRock Focus Fund Invesco India Business Leaders Fund
Franklin India High Growth Companies Fund SBI Magnum Balanced Fund
Franklin India Smaller Companies Fund
The ratings for all funds, except Quantum AMC funds, are for regular plans. Funds suspended for sale have been excluded.
Value Research mutual fund ratings are revised every month. The above ratings are as on March 31, 2018.


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

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

18 Back to Basics 29 Spotlight

Editor Dhirendra Kumar

6 Mutual Fund Insight May 2018

10 Value Research Online

14 Readers’ Viewpoints New fund classification 53

19 SIP Sahi Hai Scoreboard

22 Inside Funds Top-Rated Funds 85

Trends and latest happenings in the fund industry

8 Mutual Fund Insight May 2018

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

10 Mutual Fund Insight May 2018

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

Made for each other

March Fund Insight May 2018 13

SPOTLIGHT IN THE INTERVIEW be the case again. Taking

WHEN the fragilities of Indian

GOES OUT Modi scam hit PNB from

14 Mutual Fund Insight May 2018

Mutual fund IIFL launches a DSP BlackRock Small Cap Fund,

16 Mutual Fund Insight May 2018

DHFL Pramerica Mutual Fund

Mutual Fund Insight May 2018 17

The need to ‘disinvest’

18 Mutual Fund Insight May 2018

SIPs and vacation planning

Mutual Fund Insight May 2018 19

Catching funds in action

Most sold mid-cap stocks Textile tale

PC Jeweller 109 359 0.01 340 Arvind Page Industries Raymond

DB Corporation 238 131 0.03

Blue Dart Express 389 77 0.04

Most sold small-cap stocks End of an era?

Polaris Consulting & Services 19 185 0.00 `75 In ’000 cr

Healthcare Global Enterprises 321 124 0.04

22 Mutual Fund Insight May 2018

Sectors Feb’17 May’17 Aug’17 Nov’17 Feb’18

-1,001 UTI Opportunities Fund

-843 DSP BlackRock Top 100 Eq - Reg Plan

Engineering 6.56 6.74 6.93 6.99 6.71

7.29 FMCG 6.88 7.12 7.26 7.26 7.46

% of funds’ equity assets invested in pharma companies

Sectoral allocation of equity funds

Mutual Fund Insight May 2018 23

The four cases

100 minus age * 1 lakh 37.15 lakh 89.17 lakh 2.33

50-50% debt and equity funds 1 lakh 0 6.61 lakh 6.61

100% equity funds 1 lakh 0 9.65 lakh 9.65

100% debt funds 1 lakh 0 3.57 lakh 3.57

24 Mutual Fund Insight May 2018

Mutual Fund Insight May 2018 25

The loser funds

26 Mutual Fund Insight May 2018

‘It’s important not to

Start of the investment journey

Mutual Fund Insight May 2018 27

28 Mutual Fund Insight May 2018

Mutual Fund Insight May 2018 29

“Based on historical numbers, valuations in PSU banks do look attrac-

30 Mutual Fund Insight May 2018

Mutual Fund Insight May 2018 31

32 Mutual Fund Insight May 2018