CRISIL Mutual Fund Ranking September 2018

CRISIL Mutual Fund Ranking
For the quarter ended September 30, 2018

Contact Us
Analytical Business Development
Yatendra Chauhan Kruti Rawal

Associate Director Associate Director
yatendra.chauhan@crisil.com kruti.rawal@crisil.com
Kiran Nate Deepak Mittal

Manager Associate Director
kiran.nate@crisil.com deepak.mittal@crisil.com
Zunjar Sanzgiri Dharmendra Sharma

Senior Research Analyst Associate Director
zunjar.sanzgiri@crisil.com dharmendra.sharma@crisil.com
Vijay Krishnamurthy
Associate Director
vijay.krishnamurthy@crisil.com
Priyanka Murarka
Senior Regional Manager
priyanka.agarwal@crisil.com
Ankur Nehra
Regional Manager
ankur.nehra@crisil.com
Industry highlights
The Indian mutual fund industry grew 3.87% in the quarter
Table 1 – Category-wise average AUM (Rs billion)
ended September 2018, according to the Association of
Jul-Sep Apr-Jun Absolute %
Mutual Funds in India (AMFI) numbers. Average assets under Mutual fund category
2018 2018 Change Change
management (AUM) increased by Rs 906 billion to Rs 24.35 Equity 6343 6054 289 4.77
trillion. While equity funds drove the assets to a new high, fall Hybrid 3430 3347 83 2.48
in debt-oriented funds’ (except liquid funds) AUM restricted Debt 11364 11060 303 2.74
further rise during the quarter. Others* 1051 928 123 13.30
Solution Oriented 193 184 9 4.93
Equity funds continued to be in the limelight as the equity
Closed Ended 1971 1872 99 5.28
market - represented by Nifty 50 - gained 2% in the quarter
Total 24352 23446 906 3.87
ended September. Equity funds’ assets rose nearly 5% to Rs
* includes funds of funds and index funds/ETFs
6.32 trillion, within which multi-cap funds had the highest
Source - CRISIL Mutual Fund Database
share at 21%, followed by large cap funds at 18% and ELSS at
13%. The assets of these three types of equity funds rose 6%,
Of the 41 fund houses (including infrastructure debt funds)
6% and 4%, respectively, during the quarter.
that have declared average AUM, six witnessed a fall in the
Except liquid funds – whose assets surged 22% to Rs 5.27 quarter. The industry continued to be highly concentrated ,
trillion – most debt fund categories retreated in the quarter with the share of the top five and top 10 fund houses almost
ended September as interest rate uncertainty weighed on the unchanged at 56% and 81%, respectively.
underlying instruments. Assets of low and short duration
ICICI Prudential Mutual Fund continued to be the industry
funds, which form 10% and 8% of total debt assets
leader in terms of assets managed in the quarter. Its assets
respectively, fell 6% and 10% to Rs 1.09 trillion and Rs 962
grew 0.04%, or by Rs 1.19 billion, on-quarter to Rs 3.11 trillion.
billion, respectively. However, the high-risk high-yielding
HDFC Mutual Fund came second with a fall of 0.16%, or Rs
credit risk funds’ assets increased 3% to Rs 897 billion.
4.95 billion, to Rs 3.07 trillion. Aditya Birla Sun Life Mutual
AUM of hybrid funds, which invest in more than one asset Fund was in the third position with Rs 2.54 trillion, up by Rs
class, grew 2.5% in the quarter to Rs 3.43 trillion. Within the 49.43 billion or 1.98%. Assets of SBI Mutual Fund rose the
category, assets of aggressive hybrid funds – which constitute highest in absolute terms by Rs 207 billion, or 8.85%, to Rs
nearly half of the total hybrid assets – rose 4%. Assets of 2.54 trillion.
dynamic asset allocation or balanced advantage funds
increased 5% to Rs 823 billion (24% of total hybrid category Major regulations and developments
assets). ● Securities and Exchange Board of India (Sebi) cleared a
proposal to cap the maximum total expense ratio (TER) for
Chart 1 – Mutual fund net flows and AUM trend
closed-ended equity schemes to 1.25% and other than
26 2.0
equity schemes to 1%. The maximum TER for open-ended
24 1.5 equity schemes will be 2.25%.
Qtrly Avg AUM Rs trillion
22 1.0 ● Sebi said alternative investment funds cannot convert

Net flows Rs trillion
their existing open-ended schemes to closed-ended and

20 0.5
vice-versa.
18 0.0
● Pension Fund Regulatory and Development Authority
16 -0.5 capped investment in equity funds at 5% of total corpus.
14 -1.0
● Yes Bank received Sebi's approval to start its mutual fund
business.
Mar-17
Mar-18
Sep-16
Dec-16
Dec-17
Jun-17
Sep-17
Jun-18
Sep-18
● Principal Financial Group completed the acquisition of

Net flows (Rs trillion) Industry AUM (Rs trillion)
Punjab National Bank’s stake in Principal PNB Asset
Source – AMFI
Management Company Pvt Ltd.
1
Equity market overview
Table 2 – Movement of key equity market indices company defaulted on interest payment of its commercial
Quarter ended Year ended papers. Benchmarks were impacted further by widening of the
Index Sep-18 Sep-18 domestic current account deficit and selling by foreign
(% change) (% change) institutional investors (FIIs). They sold equities to the tune of
Nifty 50 2.02 11.67 Rs 102 billion in the September quarter compared with selling
Nifty 100 1.21 9.69 worth Rs 187 billion in the June quarter. Among global factors,
Nifty Energy Index 17.73 22.90 the US Fed’s decision to raise interest rates and uncertainty
Nifty IT Index 13.21 51.19 over Brexit negotiations between the UK and the European
Nifty Pharma 8.71 8.72 Union pulled down the local indices. Currency crisis in Turkey
Nifty Commodities 5.13 -1.72 and a sharp fall in Argentina’s peso, after its central bank
Nifty FMCG 2.73 21.56 raised the interest rate to 60%, and President Mauricio Macri
Nifty Metal 1.31 -1.83 appealed to the International Monetary Fund for an early
Nifty Bank -4.72 4.44 release of funds from a $50 billion deal also prompted selling.
Nifty Infrastructure -5.07 -8.58

NSE sectoral indices analysed ended mixed in the quarter.
Nifty Midcap 100 Index -5.65 -5.27
Nifty Realty plummeted around 19% as realty stocks
Nifty Auto -10.45 -11.29
witnessed heavy sell-off after the Supreme Court imposed a
Nifty Smallcap 100 Index -14.31 -18.90
ban on all construction activities in Madhya Pradesh,
Nifty Realty -19.13 -19.71
Maharashtra and Uttarakhand over their failure to deal with
Sectoral indices sorted on three-month returns
Source - NSE
solid waste. Later on, the apex court lifted the ban on
Maharashtra and Uttarakhand after the two state
Indian equities represented by the Nifty 50 advanced about
governments submitted their respective solid waste
2% in the quarter. Key boosters on the domestic front were
management policies to the court.
encouraging economic cues, especially cooling inflation, and
intermittent rebound in the rupee. Stock-specific buying amid Nifty Auto dipped about 10% as auto stocks witnessed heavy
earnings announcements also supported the indices. Earlier, selling pressure ahead of the sales data. Nifty Energy surged
reduction in the GST rates on more than 50 items and a hike in about 18% as oil & gas firms advanced amid a sporadic fall in
minimum support price for kharif crops by the government crude oil prices. Nifty IT rose about 13% aided by the falling
strengthened the sentiments. Ease of domestic political rupee. Nifty Pharma gained around 9% on defensive buying.
jitters after the government won the trust vote in the
Parliament induced further buying by investors. Continued Chart 2 – Mutual fund daily investments & Nifty
movement
buying by the domestic institutional investors (DIIs) also
11800 40
FII/ MF Daily Net Equity Investments
buoyed the market. DIIs bought equities worth Rs 195 billion

11600 30
in the September quarter compared with buying of Rs 377 20
11400
billon in the previous quarter. On the global front, positive 10
11200
Rs. billion
developments in the form of easing of the global trade war 0

Nifty 50
11000
-10
tensions after the US and Mexico reached a new trade deal 10800 -20
and dovish comments by US Federal Reserve Chief Jerome 10600 -30
Powell regarding the approach to future interest rates hikes 10400 -40
3-Aug-18
9-Aug-18
4-Sep-18
16-Aug-18
12-Jul-18
18-Jul-18
24-Jul-18
30-Jul-18
23-Aug-18
29-Aug-18
2-Jul-18
6-Jul-18
10-Sep-18
17-Sep-18
24-Sep-18
28-Sep-18
aided the local indices.
However, gains were cut short owing to weakness in the rupee,

FII Daily Net Equity Investments
US-China trade war worries and rise in crude oil prices. The MF Daily Net Equity Investments
Nifty 50
market was also affected by a massive sell-off in financial Source - SEBI, NSE
firms on liquidity concerns after a non-banking financial
2
OVERVIEW
Debt market overview
special window through which oil companies could buy dollars
Interbank call money rates hovered near the repo rate for most
directly from the central bank instead of the spot market. The
of the quarter owing to comfortable systemic liquidity. Inflows
move, if brought into force, will substantially reduce the
from government spending and intermittent infusion of
demand for dollars in the spot market and boost the rupee.
liquidity by the central bank via repo auctions and open Prices were buoyed further after the RBI announced its
market bond purchase auctions kept the rates on the lower decision to transfer Rs 500 billion as surplus to the
side. However, some stress was seen in the rates following government. Expectations that the government may announc e
outflows towards payment of indirect and advance taxes. a lower borrowing target for the second half of this fiscal also
Meanwhile, the RBI allowed banks to dip further into statutory propped up the prices. Later on, as expected, the government
liquidity reserves to help them meet their liquidity coverage announced to borrow Rs 2.47 trillion via bonds in the second
ratio (LCR) needs. It increased the facility to avail funds for half of the current fiscal, cutting the market borrowing by Rs
700 billion.
LCR to 13% from 11%, with effect from October 1, 2018.
Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

9.50% 8.30%
7.90%
8.50%
7.50%
7.50%
7.10%
6.50% 6.70%
5.50% 6.30%
19-Jan-18
16-Feb-18
27-Oct-17
22-Dec-17
31-Aug-18
3-Aug-18
29-Sep-17
24-Nov-17
28-Sep-18
11-May-18
6-Jul-18
8-Jun-18
16-Mar-18
13-Apr-18
13-Apr-18
19-Jan-18
27-Oct-17
24-Nov-17
22-Dec-17
06-Jul-18
03-Aug-18
31-Aug-18
29-Sep-17
08-Jun-18
28-Sep-18
16-Feb-18
11-May-18
16-Mar-18
Source – FIMMDA Source - CRISIL Fixed Income Database
Gilts ended lower in the quarter with yield on the 10-year Key developments in the quarter:
benchmark 7.17% 2028 paper ending at 8.02% on September
● The government exempted interest payment on debt
28, 2018 compared with 7.90% on June 29, 2018. Prices were raised through offshore rupee denominated bonds from
mainly affected by weakness in the rupee against the US dollar tax, in an attempt to improve capital inflow and help the
which led to concerns about massive outflows of overseas domestic currency strengthen against the US dollar.
funds from the Indian sovereign debt market. Gilts fell further ● The RBI had increased the ways and means advances limit
as high crude oil prices increased fears of faster interest rate to Rs 700 billion for the central government for the July-
hikes by the RBI in the future. Sentiments were also dented September quarter from Rs 600 billion in the previous
quarter.
owing to heavy supply of dated securities during some bond
auctions. Earlier, the government's decision to lower GST on ● The central bank revised norms on short sale in the
secondary market for government securities.
about 50 items raised concerns about a possible strain on the
● The RBI eased norms for companies in the manufacturing
Centre’s finances, thereby pulling down bond prices. Gilts
sector to raise overseas funds and allowed banks to
dipped further on the back of sporadic rise in US benchmark market ‘masala’ bonds.
Treasury yields and worries about US-China trade tensions.
● Sebi cut the timeline for listing of debt securities to six
However, losses were trimmed on periodic value buying, the days from 12 to make the existing process of issuance of
government’s open market bond purchase auctions in such securities simpler and cost effective. Further, it
proposed a framework that will require large corporates to
September and hopes of more such purchases in the future.
raise 25% borrowings through corporate bonds from the
Gilts recovered further on reports that the RBI was mulling a next fiscal.
3
Ranking summary
Following a change in assets under management (AUM) cut- Returns (%)
off criteria and the addition of a new category - arbitrage Category 3 6
1 year 3 years
funds, CRISIL ranked 117 more funds in September 2018, months months
taking the total number of ranked funds to 462. Industry Large cap -0.23 3.08 4.93 9.51
coverage (open-ended) expanded from 80.40% to 86.03%. The Large and mid-cap -1.77 -1.85 1.08 10.71
AUM cut-off for equity funds was changed to Rs 10 crore, Multi cap -1.44 -0.20 2.49 9.88
which is the minimum corpus required by Sebi for new equity Mid-cap -4.76 -7.20 -3.23 8.94
funds. For liquid, money market, ultra-short and low duration Small cap -7.16 -12.72 -5.87 11.29
categories, the cut-off was Rs 250 crore. For other debt and ELSS -2.02 -1.38 2.05 10.03
hybrid funds, it was fixed at Rs 50 crore, considering the
Focused -1.94 0.32 2.66 10.96
minimum lot sizes in the debt market. Looking at the market
interests, the number of funds and AUM, CRISIL has added Indices 3 months 6 months 1 year 3 years
arbitrage funds to its rankings. Nifty 50 TRI 2.44 9.00 13.20 12.69
Nifty 500 TRI -0.05 3.10 7.30 12.51
Of the 462 ranked, 200 were equity, 214 were debt and 48 were
Nifty Midcap 100 TRI -5.19 -8.00 -4.32 11.00
hybrid funds. Of these, 139 were ranked 1 or 2 (top 30
Nifty Smallcap 100
percentile) and accounted for 31.09% of the ranked funds’ -13.68 -19.67 -17.36 6.86
TRI
AUM compared with 27.95%% in the June quarter. Returns above 1 year are annualised; as on September 28, 2018
Fund performance has been slightly different from index

ICICI Prudential Mutual Fund led the fund houses with 11 of its
performance. None of the fund categories returned positive;
funds featuring in the top 30 percentile of CRISIL Mutual Fund
large caps dropped the least. Small cap funds performed
Ranking (CMFR). It was followed by Axis Mutual Fund and L&T
better than their corresponding benchmark and contained the
Mutual Fund with 10 funds ranked each.
losses at 7.16%.
ICICI Prudential Mutual Fund bagged the top spot in equity
Export-oriented sectors play out – financial services retain
funds as well with 6 of its funds in the top 30 percentile fervour despite setbacks
followed by Invesco Mutual Fund (5). Among debt funds, the
The top five sectors formed 67.33% of the market value of
top position was occupied by L&T Mutual Fund (6). Axis Mutual
equity funds, barring thematic infrastructure funds. The
Fund was second with 5 funds. In the hybrid funds category,
financial services sector continued to occupy the top spot in
ICICI Prudential Mutual Fund was number one with 2 of its
terms of exposure by mutual funds in the September quarter.
funds ranked 1 or 2.
The sector remained highly volatile with the credit risk
Equity funds take a beating; market indices pare gains apprehensions in the NBFCs in the aftermath of the IL&FS
debacle.
The broader market (Nifty 50 TRI) witnessed muted growth in
the September quarter at 2.44% compared with 6.41% gain in The import tariff hike on 19 items (mostly consumer goods) by
the June quarter. Other market indices headed southward s the Government of India, to check the fall in rupee and reduce
with sharp corrections in the small and mid-cap indices. Nifty current account deficit (CAD), hurt the consumer goods sector
Midcap 100 TRI lost 5.19% and Nifty Smallcap 100 TRI 13.68% as it recorded tepid growth in the September quarter and
in the quarter. yielded -3.91%.
4
Sep quarter Jun quarter IPOs fail to make their mark
Sector Expo Returns Expo Returns There were seven initial public offerings (IPOs) in the quarter,
(%) (%) (%) (%)
and the mutual fund investment in these stocks added up to
Financial services 29.70 -3.91 29.47 7.83 ~Rs 12,986 million. Amidst the recent volatility in the equity
Consumer goods* 10.55 3.27 10.12 10.51 market, the IPOs haven’t been much of a wealth creator for
Automobile 9.25 -10.45 9.75 -1.04 investors, with all except three launches in the quarter trading
Energy 9.20 17.73 8.71 0.90 below their issue prices.
IT 8.64 13.21 7.72 11.81
*Sectoral returns were calculated using stock constituents of Nifty 100 in the Investments in IPO by mutual funds
sector Mkt value Absolute
Investment
The auto sector lost 10.45% in the quarter as sales of as of Sep return %
Stock by no. of
2018 (issue till
passenger vehicles declined 5.61% in September – the third schemes
(Rs mn) Sep 2018)
consecutive month of decline. This could have been a result of CreditAccess Grameen 384 -30.47% 3
rising fuel prices, erratic monsoons, floods in Kerala and a
Fine Organic Industries 4,140 35.20% 11
delayed festive season which began in September last year.
HDFC Asset
The two-wheeler, three-wheeler and commercial vehicles 1,983 20.68% 15
Management
segments, however, reported growth in sales. IRCON International 361 -12.57% 6
RITES 1,007 33.03% 4
The IT sector, which is largely export-oriented, has been in for
TCNS Clothing Company 560 -12.99% 2
a treat with the depreciating rupee and has been able to boost
Varroc Engineering 4,551 -9.21% 12
its overseas revenue. Rightly so, the sector grew 13.21% in the
quarter. Pharma was the other sector which was in for a ride
amidst continuous currency weakening. Mutual funds have Short-term funds shine amidst hardening yields
increased exposure to pharma stocks, placing the sector at The RBI’s monetary policy raised the repo rate by 25 bps in
the sixth spot in terms of exposure and 8.71% returns in the August 2018 to 6.5% after a hike of 25 bps in June 2018. It,
quarter. Rank 1 funds in the quarter have had higher exposure however, maintained a neutral stance as retail or Consumer
to these sectors, placing them in the fourth and fifth spots, Price Index-based inflation slowed down in July 2018 and has
respectively. been sombre over the past two months. Bond yields have
remained high on the basis of global cues. Brent crude oil
The energy sector has been another beneficiary of the
prices headed northwards in the quarter, which led to
depreciating rupee as the exports of petroleum products
weakening rupee and also added to the fears over a widening
inched upwards though the imports, too, have been costlier
fiscal deficit. The 10-year government security (G-sec) yield
with the rising prices of Brent crude oil.
inched up by 12 bps in the September quarter to close at
At the stock level, HDFC Bank (-4.86% % absolute returns in 8.02%
the September quarter), Infosys (11.70% %), ICICI Bank

10-year Benchmark G-sec yield
(10.95% %), SBI (2.37%) and ITC (11.85%) were among the top 8.00%
holdings in the large, large and mid, multi cap, focused and
value / contra funds. All of these, except HDFC Bank, posted 7.50%
positive returns in the quarter. Among mid-cap funds, the top

7.00%
holdings were Exide Industries (2.77%), RBL Bank (-7.27%),
City Union Bank (5.86%), Cholamandalam Investment &
6.50%
Finance (-22.86%) and Voltas (1.60%%). Atul Ltd (19.38%),
Deepak Nitrite (21.22%), Carborundum Universal 21.51%),
6.00%
Ipca Laboratories (-2.88%) and Cyient Ltd. (-2.78%) were the
Jun-16
Jun-17
Jun-18
Mar-16
Mar-17
Mar-18
Dec-15
Sep-16
Dec-16
Dec-17
Sep-15
Sep-17
Sep-18
top holdings in small cap funds.
5
The debt market has also been apprehensive after a series of Returns (%)
defaults with the largest being IL&FS, which affected the Category 3 6 1 3
NBFC sector as a whole. The fund managers have thereafter months months year years
been cautious in taking credit calls. The IL&FS default Dynamic bond 1.27 1.02 1.51 6.29
affected the performance and portfolio of funds affecting Credit risk 0.87 1.38 4.20 7.52
ranking movements in debt fund categories. Corporate bond 1.02 1.26 3.32 6.44
Banking and
1.39 1.64 4.16 6.90
Fund managers have reduced the modified duration of their PSU
funds in all the debt categories in the given backdrop. Duration Gilt 1.26 0.59 -0.10 6.18
Returns above 1 year are annualised; as on September 28, 2018
calls have been significant in long-term debt fund categories
such as medium to long duration, dynamic bond and gilt funds. The quarter was a breather for debt funds as all the categories
recorded positive returns in contrast to the June quarter.
Sep Qtr Jun Qtr
6.0 Duration strategy has been the key to outperformance in debt
DURATION (YEARS)
4.4 funds as interest rates continue to rise. Fund managers have,

4.0 3.6 however, been wary of extending credit calls in the current
3.1
2.9 2.8
2.2 2.4 scenario. Short-term funds were the top performers led by
1.8 1.8 1.9 1.9 1.8 2.2
2.0 1.7 money market funds at 1.63% returns in the September
0.3 0.3 quarter, closely followed by low duration funds and liquid
0.0 funds at 1.53% and 1.44%, respectively.
Money Market
Medium To Long
Gilt
Dynamic Bond
Credit Risk
Banking & Psu
Corporate Bond
Medium Duration
Exposure to high yielding securities rise
Long-term debt categories have shown a propensity to

increase exposure to high-yielding securities, especially
dynamic bond funds whose exposure to these securities
Duration calls were more prominent among the Rank 1 funds
increased from 29.66% in June quarter to 34.66% in the
in the debt fund categories. The Rank 1 gilt funds, especially,
September quarter.
reduced their duration from 5.12 years in June quarter to 2.26
years in the September quarter. Both the medium and medium Exposure to sovereign securities has declined across almost
to long duration funds had modified duration as low as 1.7 and all categories, while exposure to corporate debt securities has
3.27 years, respectively. gone up. Portfolio allocation to gilt securities in the dynamic
bond funds category slipped from 40.52% in June quarter to
Returns (%)
30.58% in the September quarter.
Category 3 6 1 3
months months year years A visible trait among Rank 1 funds, however, was that none of
Liquid 1.44 3.24 6.69 7.05 the funds in the categories considered in the below table
Ultra ST 1.15 2.76 6.02 7.17 (except credit risk) took exposure to A+/A2+ & below rated
Low duration 1.53 2.91 6.13 7.35 securities, while only a small portion (3.91% in the September
Money market 1.63 3.30 6.66 7.15
quarter) was allocated to AA & A1 categories. About 56.34% of
Short duration 1.25 1.83 4.22 6.85
the portfolio was held in AAA & A1+ securities, while 30.35%
Medium
1.08 1.19 3.47 7.18 was reserved for sovereign securities.
duration
Medium to long
1.00 0.22 0.21 5.64
duration
6
Medium Medium to long
% Average Banking & PSU Low duration Short duration Dynamic bond Credit Risk
duration duration
exposure
Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr
A+/A2+ &
1.95 1.76 3.55 2.55 6.97 5.39 15.73 14.35 1.36 1.43 17.12 13.69 28.29 26.82
below
AA category &
11.42 13.05 20.41 22.82 12.62 12.35 49.84 50.65 12.18 10.77 17.54 15.97 50.24 50.77
A1
AAA & A1+ 74.72 70.73 69.46 67.41 68.91 68.42 23.99 26.83 50.45 47.30 21.54 19.13 16.14 16.54
Sovereign 4.26 7.49 0.96 2.16 4.53 8.68 5.73 3.32 22.65 28.27 30.58 40.52 0.18 0.41
Cash &
7.66 6.98 5.62 5.06 6.97 5.15 4.71 4.85 13.37 12.23 13.23 10.69 5.16 5.47
others
7
CRISIL mutual fund categories
Equity funds Debt Funds
1. Large Cap funds 14. Gilt funds
2. Large & Mid Cap funds 15. Banking & PSU funds
3. Multi Cap funds 16. Credit Risk funds
4. Mid Cap funds 17. Corporate Bond funds
5. Small Cap funds 18. Dynamic Bond funds
6. Value/Contra funds 19. Medium to Long Duration funds
7. Focused funds 20. Medium Duration funds
8. Thematic - Infrastructure funds 21. Short Duration funds
9. Equity Linked Savings Schemes (ELSS) 22. Money Market funds
10. Index funds 23. Low Duration funds
24. Ultra Short Duration funds

Hybrid funds 25. Liquid funds
11. Aggressive Hybrid funds
12. Conservative Hybrid funds
13. Arbitrage funds
CRISIL Mutual Fund Ranking category definitions

Rankings category Interpretation
CRISIL Fund Rank 1 Very good performance
CRISIL Fund Rank 2 Good performance
CRISIL Fund Rank 3 Average performance
CRISIL Fund Rank 4 Below average performance
CRISIL Fund Rank 5 Relatively weak performance
If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopt ed for
CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th
percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.
8
Large Cap funds (Cluster ranks are arranged alphabetically)
Sep - 18 Sep - 18 Active Active
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Weightages 55% 25% 10% 5% 5%
Axis Bluechip Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (2) 1 (2) 5 (4) 4 (4) 3 (3)
Canara Robeco Bluechip Equity
1 1 1 1 2 2 3 3 1
Fund
Edelweiss Large Cap Fund 1 1 1 2 3 3 4 1 1
EQUITY FUNDS
HDFC Top 100 Fund 2 (3) 3 (4) 2 (3) 2 (3) 5 (5) 5 (5) 4 (4) 4 (4) 4 (4)
ICICI Prudential Bluechip Fund 2 (2) 2 (1) 2 (2) 1 (1) 4 (3) 4 (3) 2 (3) 2 (2) 4 (4)
IDFC Large Cap 2 2 2 2 3 3 2 3 3

Reliance Large Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 5 (4) 5 (4) 3 (3) 3 (3) 5 (4)
UTI Mastershare Unit Scheme 2 (2) 3 (2) 3 (2) 3 (2) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3)
Aditya Birla Sun Life Frontline

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 5 (5)
Equity Fund
DHFL Pramerica Large Cap Fund 3 (3) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 4 (3) 5 (4) 2 (1)
Franklin India Bluechip Fund 3 (4) 3 (4) 3 (4) 4 (4) 2 (2) 2 (2) 1 (1) 3 (3) 4 (3)
HSBC Large Cap Equity Fund 3 (1) 3 (2) 2 (1) 3 (2) 4 (4) 4 (4) 4 (5) 4 (5) 3 (1)
Indiabulls Bluechip Fund 3 2 3 3 4 4 1 4 4

Invesco India Largecap Fund 3 2 3 2 2 2 5 5 2
JM Large Cap Fund 3 (4) 3 (5) 3 (5) 3 (5) 1 (1) 1 (1) 3 (2) 1 (1) 3 (2)
Kotak Bluechip Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (1) 2 (3) 3 (3)
L&T India Large Cap Fund 3 3 3 3 4 4 2 3 2
Essel Large Cap Equity Fund 4 4 4 4 3 3 3 2 2

LIC MF Large Cap Fund 4 4 4 4 3 3 3 4 2
SBI Blue Chip Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (2) 3 (2) 1 (2) 2 (2) 5 (5)
Tata Large Cap Fund 4 (4) 4 (3) 4 (4) 3 (4) 3 (3) 3 (3) 3 (2) 3 (3) 3 (2)
Taurus Largecap Equity Fund 4 5 5 5 3 3 3 3 1
BNP Paribas Large Cap Fund 5 (3) 4 (3) 5 (3) 4 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)
DSP Top 100 Equity Fund 5 (5) 5 (4) 4 (3) 5 (4) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
IDBI India Top 100 Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 2 (3) 1 (2) 3 (2)
Figures in brackets indicate previous quarter ranks
9
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)
Large & Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Invesco India Growth

1 (2) 1 (1) 1 (2) 1 (1) 2 (2) 2 (2) 3 (5) 4 (4) 2 (1)
Opportunities Fund
Sundaram Large and Mid
1 (1) 1 (2) 2 (2) 2 (2) 1 (1) 1 (1) 4 (4) 3 (3) 2 (1)
Cap Fund
Canara Robeco Emerging

2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 1 (1) 1 (2) 4 (4)
Equities
Edelweiss Large and Mid

2 2 2 3 2 2 4 3 1
Cap Fund
IDFC Core Equity Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 2 (1) 3 (3)
Mirae Asset Emerging
2 (2) 2 (2) 1 (2) 1 (2) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4)
Bluechip Fund
DSP Equity Opportunities

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (2) 3 (3)
Fund
Franklin India Equity
3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 2 (3) 3 (4) 3 (3)
Advantage Fund
HDFC Growth
3 (4) 3 (5) 3 (4) 3 (5) 3 (3) 3 (3) 4 (4) 5 (5) 2 (2)
Opportunities Fund
ICICI Prudential Large &
3 (4) 3 (4) 3 (4) 3 (3) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3)
Mid Cap Fund
Kotak Equity Opportunities

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 3 (3) 4 (3)
Fund
LIC MF Large & Mid Cap
3 3 3 2 3 3 3 4 2
Fund
Principal Emerging
3 (2) 3 (2) 3 (1) 3 (2) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3)
Bluechip Fund
SBI Large & Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 5 (5)
Aditya Birla Sun Life Equity

4 (4) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 5 (3) 4 (3) 3 (3)
Advantage Fund
L&T Large and Midcap

4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 4 (4)
Fund
Tata Large & Mid Cap Fund 4 (5) 4 (4) 4 (5) 4 (5) 3 (3) 3 (3) 5 (5) 4 (3) 3 (2)
UTI Core Equity Fund 4 (3) 4 (4) 4 (3) 4 (4) 3 (2) 3 (2) 3 (2) 3 (3) 3 (2)
BOI AXA Large & Mid Cap

5 5 5 5 5 5 3 2 1
Equity Fund
Reliance Vision Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 5 (5) 5 (5)
10
Multi Cap funds (Cluster ranks are arranged alphabetically)
Multi Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Canara Robeco Equity

1 (2) 1 (2) 1 (2) 1 (2) 2 (3) 2 (3) 3 (3) 4 (4) 2 (1)
Diversified
Edelweiss Multi-Cap Fund 1 1 2 1 3 3 4 2 1
Mirae Asset India Equity

1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3)
Fund
ICICI Prudential Multicap

2 (3) 2 (3) 2 (3) 2 (3) 1 (1) 1 (1) 2 (1) 4 (4) 3 (3)
Fund
JM Multicap Fund 2 2 3 3 4 4 5 5 2
Kotak Standard Multicap

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 3 (3) 4 (4)
Fund
Principal Multi Cap Growth
2 (1) 2 (1) 2 (1) 2 (1) 5 (5) 5 (5) 1 (2) 1 (1) 3 (1)
Fund
UTI Equity Fund 2 (1) 2 (1) 1 (1) 2 (1) 2 (2) 2 (2) 4 (4) 3 (3) 5 (4)
Aditya Birla Sun Life Equity

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Fund
Franklin India Equity Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (1) 2 (1) 2 (2) 3 (4) 4 (3)
HDFC Equity Fund 3 (4) 3 (4) 2 (4) 2 (3) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4)
IDBI Diversified Equity Fund 3 3 4 3 1 1 1 1 3
IDFC Multi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (2) 3 (2) 1 (2) 1 (1) 5 (5)
Invesco India Multicap Fund 3 3 3 3 4 4 2 3 3
L&T Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (2)
Motilal Oswal Multicap 35
3 (2) 3 (2) 3 (2) 3 (2) 3 (4) 3 (4) 5 (5) 5 (5) 4 (4)
Fund
SBI Magnum MultiCap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (2) 4 (3)
Union Equity Fund 3 3 3 3 1 1 3 4 1
DHFL Pramerica Diversified

4 4 4 4 3 3 2 3 2
Equity Fund
DSP Equity Fund 4 (3) 4 (3) 3 (3) 4 (3) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3)
HSBC Multi Cap Equity Fund 4 (3) 5 (3) 4 (3) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (2)
Reliance Multicap Fund 4 (5) 4 (5) 4 (5) 4 (5) 4 (4) 4 (4) 3 (2) 3 (3) 5 (5)
Taurus Starshare (Multi Cap)
4 4 4 5 3 3 4 3 1
Fund
Baroda Pioneer Multi Cap

5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Fund
BNP Paribas Multi Cap Fund 5 (4) 4 (4) 5 (4) 4 (4) 3 (3) 3 (3) 2 (1) 3 (3) 3 (2)
LIC MF Multicap Fund 5 5 5 5 5 5 3 4 2
11
Mid Cap funds (Cluster ranks are arranged alphabetically)
Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Midcap Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 4 (5) 4 (5) 3 (2)
Invesco India Mid Cap
1 1 1 1 2 2 2 4 1
Fund
Edelweiss Mid Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 3 (4) 3 (3) 2 (1) 2 (1)
Franklin India Prima Fund 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 2 (2) 4 (4)
L&T Midcap Fund 2 (1) 2 (1) 2 (1) 2 (1) 2 (3) 2 (3) 1 (1) 1 (1) 3 (3)
Taurus Discovery (Midcap)

2 2 2 2 5 5 2 1 2
Fund
Aditya Birla Sun Life

3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (3) 3 (3) 3 (2)
Midcap Fund
DSP Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 4 (4)
HDFC Mid-Cap
3 (2) 3 (2) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 5 (5)
Opportunities Fund
ICICI Prudential MidCap
3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 3 (3) 3 (3)
Fund
Kotak Emerging Equity 3 (2) 3 (2) 3 (2) 3 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
Reliance Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 4 (5) 4 (4) 2 (2) 4 (3)
Sundaram Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 2 (2) 5 (5)
Tata Mid Cap Growth Fund 3 3 4 4 4 4 4 4 2
Baroda Pioneer Mid-cap

4 4 4 4 4 4 3 4 2
Fund
BNP Paribas Mid Cap

4 (5) 4 (4) 4 (5) 4 (5) 3 (3) 3 (3) 3 (4) 3 (3) 3 (1)
Fund
Motilal Oswal Midcap 30
4 (4) 4 (5) 3 (4) 3 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (2)
Fund
UTI Mid Cap Fund 4 (4) 5 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (2) 3 (4) 3 (3)
DHFL Pramerica Midcap

5 4 5 5 3 3 2 3 1
Opportunities Fund
SBI Magnum Midcap Fund 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (2) 5 (4) 5 (4) 4 (4)
12
Small Cap funds (Cluster ranks are arranged alphabetically)
Sep - 18 Sep - 18 Mean Mean
Small Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
HDFC Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 1 (1) 3 (3) 3 (3)
L&T Emerging Businesses

2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Fund
SBI Small Cap Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 4 (5) 5 (5) 5 (4)
Aditya Birla Sun Life Small

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (2)
Cap Fund
Franklin India Smaller
3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 2 (2) 3 (3)
Companies Fund
Kotak Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (3) 2 (1)
Reliance Small Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 1 (1) 4 (4)
Union Small Cap Fund 3 3 3 3 3 3 5 4 1
DSP Small Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 3 (3) 4 (5)
HSBC Small Cap Equity

4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (4) 3 (4) 3 (2)
Fund
Sundaram Small Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3) 4 (4) 3 (3)
13
Value / Contra funds (Cluster ranks are arranged alphabetically)
Value / Contra funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Kotak India EQ Contra

1 1 1 1 2 2 3 3 1
Fund
HDFC Capital Builder

2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3)
Value Fund
Invesco India Contra Fund 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 4 (4) 4 (3) 2 (1)
Tata Equity PE Fund 2 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 (2)
Quantum Long Term
NA 2 (4) NA 3 (4) NA 1 (1) 3 (2) 4 (2) 1 (3)
Equity Value Fund*
ICICI Prudential Value

3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 2 (2) 4 (4) 5 (5) 4 (4)
Discovery Fund
IDFC Sterling Value Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 2 (2) 1 (1) 3 (3)
L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3)
Templeton India Value
3 3 4 4 3 3 5 4 2
Fund
UTI Value Opportunities
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (5) 3 (4) 2 (2)
Fund
Aditya Birla Sun Life Pure

4 (4) 4 (3) 4 (4) 4 (3) 5 (5) 5 (5) 2 (1) 2 (2) 4 (3)
Value Fund
Reliance Value Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 4 (5)
SBI Contra Fund 4 (5) 5 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4)
Indiabulls Value Discovery

5 4 5 5 4 4 1 3 3
Fund
* As regular plan of the Quantum Long Term Equity Fund has not completed three years, only direct plan is ranked.
14
Focused funds (Cluster ranks are arranged alphabetically)
Focused funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Focused 25 Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 5 (4) 3 (3) 3 (3)
ICICI Prudential Focused

2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 4 (5) 2 (2)
Equity Fund
SBI Focused Equity Fund 2 (3) 2 (3) 2 (2) 3 (3) 2 (2) 2 (2) 3 (3) 2 (3) 5 (5)
Sundaram Select Focus 2 (2) 2 (2) 2 (3) 2 (3) 1 (1) 1 (1) 3 (3) 3 (3) 2 (1)
Aditya Birla Sun Life Focused

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 2 (2) 3 (3)
Equity Fund
IDFC Focused Equity Fund 3 (2) 3 (2) 3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4)
IIFL Focused Equity Fund 3 4 3 4 4 4 4 3 3
JM Core 11 Fund 3 3 3 3 5 5 3 5 1
Motilal Oswal Focused 25
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
Fund
Principal Focused Multicap
3 3 3 3 3 3 1 1 2
Fund
DSP Focus Fund 4 (4) 4 (5) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3)
Franklin India Focused
4 (5) 4 (4) 4 (4) 4 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4)
Equity Fund
Reliance Focused Equity
4 (3) 3 (3) 4 (3) 3 (2) 4 (4) 4 (4) 4 (5) 3 (1) 4 (3)
Fund
HDFC Focused 30 Fund 5 (4) 5 (4) 5 (5) 5 (5) 4 (5) 4 (5) 2 (1) 3 (3) 3 (2)
15
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Thematic - Infrastructure funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Franklin Build India Fund 1 (2) 1 (2) 1 (2) 1 (2) 2 (2) 2 (2) 4 (3) 4 (4) 3 (1)
L&T Infrastructure Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 3 (3) 4 (3)
BOI AXA Manufacturing &

2 2 2 2 4 4 2 1 2
Infrastructure Fund
ICICI Prudential Infrastructure

2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3)
Fund
Invesco India Infrastructure
2 2 2 2 1 1 5 4 1
Fund
LIC MF Infrastructure Fund 2 2 3 3 2 2 1 4 1
DSP India T.I.G.E.R. Fund 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 3 (2)
IDFC Infrastructure Fund 3 (2) 3 (2) 3 (2) 2 (2) 4 (4) 4 (4) 3 (1) 2 (2) 3 (3)
SBI Infrastructure Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 5 (5) 4 (4)
Sundaram Infrastructure
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 4 (4)
Advantage Fund
Tata Infrastructure Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2)
UTI Infrastructure Fund 3 (4) 4 (4) 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 3 (3) 2 (3)

4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 1 (2) 1 (1) 3 (3)
Infrastructure Fund
Canara Robeco Infrastructure

4 4 4 4 3 3 4 5 2
Fund
Kotak Infrastructure and
4 (2) 3 (2) 4 (3) 4 (3) 1 (1) 1 (1) 3 (3) 2 (2) 3 (2)
Economic Reform Fund
Reliance Power & Infra Fund 4 (3) 4 (3) 4 (2) 4 (2) 4 (4) 4 (4) 5 (5) 3 (4) 5 (5)
HDFC Infrastructure Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 5 (4)
HSBC Infrastructure Equity
5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 4 (3)
Fund
16
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)
Equity Linked Savings Scheme Volatility Volatility Industry Company
Rank Rank Return Return Liquidity
(ELSS) - Reg - Dir Concentration Concentration
Weightages 55% 25% 10% 5% 5%
Aditya Birla Sun Life Tax Relief

1 (2) 1 (2) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 4 (4) 5 (5)
96
Invesco India Tax Plan 1 (1) 1 (1) 1 (2) 1 (1) 2 (3) 2 (3) 3 (3) 4 (4) 2 (1)
Taurus Taxshield 1 1 1 1 3 3 3 2 3
Axis Long Term Equity 2 (2) 2 (2) 1 (1) 1 (2) 2 (2) 2 (2) 5 (5) 5 (4) 5 (4)
Canara Robeco Equity Tax Saver 2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 4 (3) 4 (3) 3 (2)
ICICI Prudential Long Term

2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 1 (2) 1 (1) 3 (3) 4 (4)
Equity Fund
IDFC Tax Advantage Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3)
JM Tax Gain Fund 2 2 3 3 3 3 4 4 1
L&T Tax Advantage Fund 2 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (2) 2 (2) 4 (3)
DSP Tax Saver Fund 3 (4) 3 (4) 3 (3) 3 (4) 4 (4) 4 (4) 4 (4) 2 (2) 3 (3)
Edelweiss Long Term Equity

3 3 4 4 2 2 3 3 1
Fund
Franklin India Taxshield Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
IDBI Equity Advantage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 4 (5) 3 (3)
Kotak Tax Saver 3 (4) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 2 (2) 3 (3) 4 (3)
LIC MF Tax Plan 1997 3 3 3 3 3 3 2 2 2

Motilal Oswal Long Term Equity
3 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 5 (5) 5 (5) 3 (2)
Fund
Principal Tax Saving Fund 3 3 2 2 5 5 2 1 2

Union Tax Saver 3 3 4 4 2 2 3 3 1
UTI Long Term Equity 3 (3) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2)
BOI AXA Tax Advantage Fund 4 4 4 4 5 5 2 2 3

HDFC Tax Saver Fund 4 (4) 4 (4) 3 (4) 3 (4) 4 (5) 4 (5) 3 (3) 5 (4) 4 (3)
HSBC Tax Saver Equity Fund 4 4 4 4 4 4 3 4 2

SBI Magnum Tax Gain Scheme 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 2 (3) 2 (2) 4 (4)
Sundaram Diversified Equity 4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 3 (2) 1 (1) 4 (4)
Tata India Tax Savings 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 5 (3) 3 (2) 3 (2)
Baroda Pioneer ELSS - 96 5 5 5 5 4 4 4 3 2
BNP Paribas Long Term Equity

5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 4 (4) 3 (3) 2 (1)
Fund
Reliance Tax Saver 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (3) 5 (5)
17
Index funds (Cluster ranks are arranged alphabetically)
Sep - 18 Rank Sep - 18 Rank
Index funds
- Reg - Dir
Weightages
Kotak Nifty ETF 1 (2) 1 (2)

SBI - ETF SENSEX 1 (1) 1 (1)
ICICI Prudential Nifty ETF 2 (2) 2 (2)
Kotak Sensex ETF 2 2

Reliance ETF Nifty BeES 2 (2) 2 (2)
Reliance ETF Sensex 2 2

SBI - ETF Nifty 50 2 2
Franklin India Index Fund - NSE Nifty Plan 3 (3) 3 (4)

HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - Sensex Plan 3 (3) 3 (3)
IDBI Nifty Index Fund 3 (3) 3 (3)
IDFC Nifty Fund 3 3
SBI Nifty Index Fund 3 (3) 3 (3)
Tata Index Fund - NIFTY 3 3
UTI NIFTY Exchange Traded Fund 3 3
UTI Nifty Index Fund 3 (3) 3 (3)
UTI SENSEX Exchange Traded Fund 3 3
Aditya Birla Sun Life Nifty ETF 4 (4) 4 (4)

ICICI Prudential Nifty Index Fund 4 (4) 4 (3)
LIC MF Index Fund - Nifty Plan 4 4

LIC MF Index Fund - Sensex Plan 4 4
Reliance Index Fund - Nifty Plan 4 (4) 4 (4)
Aditya Birla Sun Life Index Fund 5 (5) 5 (5)

Taurus Nifty Index Fund 5 5
ETFs, which have only single option, have been ranked in both regular & direct categories
18
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Aggressive Hybrid Volatility Volatility Concentration / Company Debt Asset Debt Equity
Rank Rank Return Return
funds - Reg - Dir Exposure to Concentration Quality Liquidity Liquidity
Sensitive Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
Principal Hybrid
1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 2 (3) 1 (2) 4 (3) 4 (3) 3 (2)
Equity Fund
Sundaram Equity
1 1 1 2 1 1 3 4 3 3 1
Hybrid Fund
Canara Robeco
2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 2 (2) 2 (3) 2 (2) 2 (2) 2 (2)
Equity Hybrid Fund
ICICI Prudential
2 (3) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 5 (3) 3 (3) 4 (3) 4 (4)
Equity & Debt Fund
JM Equity Hybrid
2 (3) 3 (3) 3 (4) 3 (4) 1 (1) 1 (1) 5 (5) 4 (1) 3 (5) 5 (4) 2 (1)
Fund
Mirae Asset Hybrid -
2 2 2 1 4 4 4 3 2 2 3
Equity
Franklin India Equity

3 (3) 2 (3) 3 (4) 3 (4) 2 (2) 2 (2) 1 (2) 3 (4) 4 (4) 4 (4) 2 (2)
Hybrid Fund
HDFC Hybrid Equity
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 2 (2) 2 (2) 5 (5)
Fund*
L&T Hybrid Equity
HYBRID FUNDS
3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (3)
Fund
Reliance Equity
3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (4) 4 (5) 4 (4) 5 (5) 3 (3)
Hybrid Fund
SBI Equity Hybrid
3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 2 (3) 3 (3) 3 (3) 5 (4)
Fund
Shriram Hybrid
3 3 3 3 2 2 2 2 2 2 3
Equity Fund
UTI Hybrid Equity
3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3)
Fund

Equity Hybrid 95 4 (4) 4 (4) 4 (3) 4 (3) 3 (4) 3 (4) 3 (3) 1 (2) 3 (3) 3 (3) 4 (3)
Fund
Baroda Pioneer
4 3 4 4 4 4 5 3 3 3 2
Hybrid Equity Fund
DSP Equity & Bond
4 (4) 5 (4) 4 (3) 4 (3) 5 (5) 5 (5) 4 (4) 2 (4) 5 (3) 3 (3) 4 (4)
Fund
Kotak Equity Hybrid 4 (4) 4 (3) 5 (4) 5 (4) 3 (2) 3 (2) 4 (2) 3 (2) 5 (4) 4 (4) 3 (3)
LIC MF Equity
5 4 5 5 5 5 3 4 1 1 1
Hybrid Fund
Tata Hybrid Equity
5 (5) 5 (5) 4 (5) 4 (5) 3 (3) 3 (3) 4 (4) 5 (4) 3 (2) 3 (2) 3 (3)
Fund
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
19
Conservative Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Sep - 18 Sep - 18 Mean Mean Concentration / Debt
Conservative Volatility Volatility Company Debt Equity Modified
Rank Rank Return Return Exposure to Asset
Hybrid funds - Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir - Reg - Dir Sensitive Quality
Sector*
7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)
ICICI Prudential
1 (2) 2 (2) 1 (1) 1 (1) 3 (4) 3 (4) 5 (5) 1 (2) 4 (5) 5 (4) 4 (4) 2 (3)
Regular Savings
LIC MF Debt Hybrid 1 1 3 3 1 1 1 3 1 1 1 3
Axis Regular Saver 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1)
BNP Paribas
Conservative 2 (1) 1 (1) 2 (3) 1 (2) 1 (1) 1 (1) 1 (1) 5 (5) 2 (2) 2 (2) 2 (1) 2 (2)
Hybrid Fund
UTI Regular Savings 2 (2) 2 (2) 1 (1) 2 (1) 3 (2) 3 (2) 3 (4) 2 (3) 3 (3) 3 (3) 3 (3) 4 (5)
Canara Robeco
Conservative 3 (3) 3 (3) 3 (5) 3 (4) 3 (3) 3 (3) 3 (3) 4 (4) 2 (2) 2 (2) 1 (1) 3 (2)
Hybrid Fund
Franklin India Debt
3 (3) 3 (3) 3 (3) 3 (4) 2 (2) 2 (2) 2 (2) 1 (1) 3 (4) 3 (4) 2 (2) 3 (4)
Hybrid Fund
HDFC Hybrid Debt 3 (5) 4 (5) 4 (4) 4 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5)
HSBC Regular
3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1) 2 (1) 3 (2) 5 (4)
Savings Plan
IDFC Regular
3 (1) 3 (1) 3 (4) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 1 (1) 2 (2) 4 (3)
Savings Fund
Reliance Hybrid
3 (5) 3 (5) 2 (3) 2 (3) 2 (2) 2 (2) 5 (4) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3)
Bond Fund
Sundaram Debt
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3)
Oriented Hybrid
Aditya Birla Sun

Life Regular 4 (3) 4 (3) 3 (2) 3 (2) 5 (5) 5 (5) 3 (3) 3 (4) 4 (3) 3 (3) 4 (3) 3 (3)
Savings Fund
BOI AXA
Conservative 4 (3) 4 (4) 4 (2) 4 (3) 3 (3) 3 (3) 4 (5) 4 (4) 4 (4) 4 (5) 3 (3) 1 (1)
Hybrid
Kotak Debt Hybrid 4 (4) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (1) 4 (2) 3 (4) 3 (2) 4 (4) 2 (2)
DSP Regular
5 (4) 5 (4) 5 (3) 5 (3) 4 (3) 4 (3) 4 (4) 2 (3) 5 (3) 4 (3) 3 (3) 3 (3)
Savings Fund
SBI Debt Hybrid 5 (4) 5 (4) 4 (4) 4 (4) 2 (1) 2 (1) 3 (3) 3 (1) 3 (3) 4 (4) 5 (5) 4 (4)
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
20
Arbitrage funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Count of Negative Count of Negative
Arbitrage funds Rank Rank Return Return
- Reg - Dir Returns - Reg Returns - Dir
Weightages 60% 25% 15%
Kotak Equity Arbitrage Fund 1 2 1 1 3 3 3 3
IDFC Arbitrage Fund 2 1 2 2 2 2 3 3
Invesco India Arbitrage Fund 2 3 2 2 3 3 3 4
Edelweiss Arbitrage Fund 3 3 3 3 3 3 3 3
HDFC Arbitrage Fund 3 3 4 4 1 1 3 3
JM Arbitrage Fund 3 3 3 3 3 3 3 4
L&T Arbitrage Opportunities Fund 3 3 3 3 3 3 1 1
Reliance Arbitrage Fund 3 2 3 3 3 3 2 1

UTI Arbitrage Fund 3 3 3 3 2 2 2 2
DHFL Pramerica Arbitrage Fund 4 4 4 3 4 4 5 5
SBI Arbitrage Opportunities Fund 4 4 3 4 4 4 3 3
Indiabulls Arbitrage Fund 5 5 5 5 5 5 3 3
21
Gilt funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified
Gilt funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
Weightages 50% 25% 10% 15%
Edelweiss Government Securities Fund 1 (1) 1 (1) 3 (2) 4 (2) 1 (1) 1 (1) 4 (2) 2 (3)
ICICI Prudential Gilt Fund 1 (3) 2 (3) 1 (2) 1 (2) 5 (5) 5 (5) 1 (5) 4 (3)
DSP Govt Sec Fund 2 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 1 (1)
Reliance Gilt Securities Fund 2 (2) 1 (2) 1 (1) 1 (1) 3 (3) 3 (3) 4 (4) 3 (3)
UTI Gilt Fund 2 (1) 3 (3) 2 (1) 2 (1) 2 (3) 2 (3) 2 (2) 4 (3)
Aditya Birla Sun Life Government Securities Fund 3 (4) 3 (4) 2 (2) 2 (2) 4 (4) 4 (4) 4 (3) 3 (4)
Canara Robeco Gilt 1988 3 (2) 3 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2)
DHFL Pramerica Gilt Fund 3 (2) 3 (3) 3 (3) 4 (3) 1 (1) 1 (1) 3 (1) 5 (5)
IDFC G Sec Fund - Investment Plan 3 (3) 3 (3) 3 (3) 3 (4) 3 (2) 3 (2) 5 (3) 2 (3)
L&T Gilt 3 (3) 2 (1) 4 (4) 2 (3) 3 (3) 3 (3) 1 (1) 2 (1)
LIC MF G-Sec Fund 3 (3) 3 (3) 4 (4) 3 (4) 2 (2) 2 (2) 3 (3) 1 (2)
HDFC Gilt Fund 4 (4) 4 (5) 4 (3) 4 (4) 2 (2) 2 (2) 3 (4) 4 (4)
Kotak Gilt - Investment 4 (4) 4 (4) 3 (4) 3 (3) 4 (4) 4 (4) 2 (3) 5 (5)
SBI Magnum Gilt Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4)
Franklin India Government Securities Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
Tata Gilt Securities Fund 5 (5) 5 (4) 5 (5) 5 (5) 4 (4) 4 (4) 3 (4) 3 (2)
22
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Sep -
Sep - 18 Mean Mean Exposure to
18 Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Return Return Sensitive Liquidity
Rank - Reg - Dir Concentration Quality Duration
- Reg - Reg - Dir Sector
- Dir
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Banking and PSU Debt

1 (2) 1 (1) 2 (2) 1 (2) 2 (2) 2 (2) 1 (1) 5 (5) 3 (2) 1 (1) 2 (1)
Fund
Axis Banking & PSU Debt

2 (1) 2 (2) 2 (1) 2 (1) 4 (3) 4 (3) 1 (1) 3 (3) 2 (3) 4 (3) 2 (3)
Fund
DSP Banking & PSU Debt
2 (3) 2 (3) 3 (4) 3 (4) 2 (3) 2 (3) 1 (1) 3 (1) 2 (2) 2 (3) 3 (2)
Fund
Edelweiss Banking and

3 3 3 4 3 3 1 3 3 3 3
PSU Debt Fund
IDFC Banking & PSU Debt

3 (3) 3 (2) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 4 (4) 3 (3) 5 (3) 3 (3)
Fund
Kotak Banking and PSU
3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 3 (2) 3 (4) 3 (4) 3 (3)
Debt Fund
Reliance Banking & PSU

3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3) 3 (3) 3 (4)
Debt Fund
Sundaram Banking & PSU
3 (4) 3 (4) 5 (5) 5 (5) 3 (4) 3 (4) 1 (1) 3 (3) 1 (1) 3 (4) 1 (2)
Debt Fund
UTI-Banking & PSU Debt

3 (2) 3 (3) 1 (2) 2 (2) 1 (1) 1 (1) 5 (5) 1 (3) 4 (4) 2 (2) 3 (4)
Fund
DHFL Pramerica Banking

4 (3) 4 (3) 4 (3) 3 (3) 3 (2) 3 (2) 1 (1) 4 (4) 3 (3) 3 (2) 4 (3)
& PSU Debt Fund
Franklin India Banking &
4 4 3 3 3 3 1 3 4 3 4
PSU Debt Fund
HDFC Banking & PSU Debt

5 (5) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) 2 (3) 5 (5) 4 (5) 5 (5)
Fund
DEBT FUNDS
23
Credit Risk funds (Cluster ranks are arranged alphabetically)
Sep - 18 Sep - 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Credit Risk funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
Franklin India Credit Risk

1 (2) 1 (3) 1 (1) 1 (2) 3 (3) 3 (3) 3 (3) 1 (1) 4 (4) 4 (4) 4 (5)
Fund
Kotak Credit Risk Fund 1 (1) 2 (1) 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
Baroda Pioneer Credit

2 2 3 3 3 3 5 4 1 3 2
Risk Fund
L&T Credit Risk Fund 2 (3) 3 (3) 3 (3) 3 (4) 1 (2) 1 (2) 2 (2) 1 (1) 2 (3) 3 (2) 2 (3)
UTI Credit Risk Fund 2 (2) 1 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 1 (1) 2 (2) 1 (1) 3 (2)

3 (3) 3 (2) 3 (2) 3 (1) 3 (3) 3 (3) 4 (4) 1 (1) 5 (5) 3 (3) 4 (4)
Credit Risk Fund
Axis Credit Risk Fund 3 (3) 2 (2) 3 (3) 3 (3) 2 (2) 2 (3) 2 (2) 1 (1) 3 (2) 4 (3) 3 (3)
DHFL Pramerica Credit
3 (4) 3 (4) 3 (4) 3 (3) 3 (4) 3 (4) 3 (3) 4 (4) 3 (3) 3 (4) 3 (3)
Risk Fund
ICICI Prudential Credit
3 (2) 3 (3) 1 (2) 1 (2) 3 (3) 3 (3) 4 (4) 1 (1) 3 (4) 2 (2) 5 (4)
Risk Fund
IDFC Credit Risk Fund 3 (4) 3 (4) 4 (4) 3 (4) 3 (4) 3 (4) 3 (3) 4 (5) 1 (1) 3 (4) 1 (1)
Reliance Credit Risk 3 (4) 3 (4) 2 (3) 2 (3) 3 (3) 3 (3) 5 (5) 1 (1) 4 (4) 4 (3) 3 (3)
SBI Credit Risk Fund 3 (3) 3 (3) 2 (3) 2 (3) 2 (3) 2 (2) 4 (4) 1 (1) 3 (3) 2 (2) 5 (4)
BOI AXA Credit Risk 4 4 3 4 5 5 3 5 5 2 4
HDFC Credit Risk Debt

4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 1 (1) 3 (2) 5 (5) 2 (2)
Fund
IDBI Credit Risk Fund 4 4 4 4 4 4 1 5 2 5 1
DSP Credit Risk Fund 5 (3) 5 (3) 5 (4) 5 (4) 5 (4) 5 (4) 3 (2) 1 (4) 3 (3) 3 (3) 3 (2)
Invesco India Credit Risk 5 5 5 5 4 4 3 1 4 1 3

Fund
24
Corporate Bond funds (Cluster ranks are arranged alphabetically)
Corporate Bond funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Axis Corporate Debt

1 1 1 1 1 1 1 3 4 2 4
Fund
ICICI Prudential
1 (3) 1 (3) 2 (3) 2 (3) 2 (3) 2 (3) 1 (1) 2 (3) 2 (2) 3 (4) 2 (2)
Corporate Bond Fund

2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 1 (1) 2 (3) 3 (4) 3 (3) 3 (3)
Corporate Bond Fund
Kotak Corporate Bond

2 (1) 2 (1) 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 3 (4) 3 (3) 2 (1) 5 (4)
Fund
Reliance Prime Debt
2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 5 (4) 1 (2) 4 (5) 1 (2) 5 (5)
Fund
BNP Paribas Corporate

3 3 3 3 4 4 1 3 4 4 3
Bond Fund
Canara Robeco
3 3 3 3 3 3 1 3 3 3 3
Corporate Bond Fund
DHFL Pramerica Premier
3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 5 (4) 2 (3) 1 (3) 1 (1)
Bond Fund
HDFC Corporate Bond

3 (3) 3 (3) 3 (4) 3 (4) 3 (4) 3 (4) 4 (1) 1 (1) 2 (2) 3 (4) 3 (3)
Fund
IDFC Corporate Bond
3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (5) 3 (3) 3 (3) 2 (2)
Fund
Edelweiss Corporate
4 4 4 4 3 3 1 4 5 4 4
Bond Fund
L&T Triple Ace Bond

4 4 4 4 4 4 1 5 1 5 1
Fund
Sundaram Corporate
4 (5) 4 (5) 4 (5) 4 (5) 5 (5) 5 (5) 1 (1) 3 (3) 1 (1) 5 (5) 3 (3)
Bond Fund
Invesco India Corporate

5 5 5 5 4 4 1 2 3 4 2
Bond Fund
Tata Corporate Bond
5 (2) 5 (2) 5 (2) 5 (2) 5 (2) 5 (2) 1 (1) 4 (2) 5 (4) 2 (2) 4 (4)
Fund
25
Dynamic Bond funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified Company Asset
Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Dynamic Bond

1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 4 (3) 5 (3) 1 (1) 1 (1) 1 (1) 1 (1)
Fund
JM Dynamic Debt Fund 1 1 1 1 1 1 1 5 3 4 4
Canara Robeco Dynamic

2 (3) 2 (3) 3 (3) 3 (3) 5 (5) 5 (5) 2 (2) 1 (1) 5 (5) 1 (1) 1 (2)
Bond Fund
Franklin India Dynamic
2 (1) 2 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (1) 5 (5) 1 (1) 5 (5) 5 (5)
Accrual Fund
Kotak Dynamic Bond
2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (1) 4 (3) 3 (3)
Fund
L&T Flexi Bond Fund 2 2 3 3 4 4 2 1 4 2 2
Quantum Dynamic Bond
2 3 2 4 3 2 3 1 3 2 2
Fund
BNP Paribas Flexi Debt

3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 3 (4) 3 (2) 3 (3)
Fund
DHFL Pramerica
3 3 3 2 4 4 3 1 5 3 3
Dynamic Bond Fund
DSP Strategic Bond
3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 1 (1) 4 (3) 2 (3) 2 (2)
Fund
HSBC Flexi Debt Fund 3 (4) 3 (4) 5 (5) 5 (5) 4 (4) 4 (4) 4 (5) 1 (1) 2 (3) 2 (3) 2 (3)
ICICI Prudential All
3 (3) 3 (3) 2 (1) 2 (1) 3 (3) 3 (3) 1 (3) 4 (5) 3 (3) 4 (4) 4 (3)
Seasons Bond Fund
IIFL Dynamic Bond Fund 3 (2) 3 (3) 2 (2) 2 (2) 2 (1) 2 (1) 2 (2) 4 (4) 1 (1) 4 (5) 4 (4)
SBI Dynamic Bond Fund 3 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 1 (1) 4 (5) 2 (2) 3 (3)
Tata Dynamic Bond
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (4) 3 (3) 2 (2)
Fund
UTI-Dynamic Bond Fund 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 4 (4) 3 (4) 3 (3) 3 (3)

4 (5) 4 (5) 4 (4) 3 (4) 5 (5) 5 (5) 3 (3) 4 (3) 2 (1) 5 (4) 5 (5)
Dynamic Bond Fund
Axis Dynamic Bond
4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4)
Fund
Principal Dynamic Bond
4 4 3 3 2 2 3 1 2 3 3
Fund
Reliance Dynamic Bond
4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 1 (1) 3 (3) 3 (3) 3 (1)
Fund
Union Dynamic Bond
4 (4) 4 (4) 5 (5) 5 (5) 3 (3) 3 (3) 5 (4) 1 (1) 3 (3) 3 (2) 3 (3)
Fund
Edelweiss Dynamic
5 5 4 4 2 2 4 1 4 3 3
Bond Fund
HDFC Dynamic Debt
5 (5) 5 (5) 4 (4) 4 (4) 3 (4) 3 (4) 4 (5) 4 (4) 3 (3) 3 (3) 4 (4)
Fund
26
Medium to Long Duration funds (Cluster ranks are arranged alphabetically)
Medium to Long Volatility Volatility Modified Company Asset
Rank Rank Return Return Sensitive Liquidity
Duration funds - Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
Reliance Income Fund 1 (2) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 1 (1) 3 (2) 1 (1) 1 (1)

2 (3) 2 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 1 (1) 2 (4) 2 (2) 2 (2)
Income Fund
ICICI Prudential Bond
2 (2) 2 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3)
Fund
Canara Robeco Income

3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 1 (1) 2 (3) 3 (2) 3 (3)
Fund
LIC MF Bond Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 5 (4) 1 (1) 1 (1) 3 (4) 3 (2)
SBI Magnum Income
3 (1) 3 (2) 1 (1) 1 (1) 2 (2) 2 (2) 4 (3) 1 (1) 3 (3) 5 (5) 4 (5)
Fund
UTI Bond Fund 3 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 5 (5) 4 (5) 4 (4) 4 (4)
Kotak Bond 4 (4) 4 (4) 3 (4) 4 (4) 4 (4) 4 (4) 1 (2) 1 (3) 4 (2) 4 (3) 3 (3)
Tata Income Fund 4 3 4 3 3 3 4 1 5 2 2
HDFC Income Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (5) 4 (4) 3 (4) 3 (3) 5 (4)
27
Medium Duration funds (Cluster ranks are arranged alphabetically)
Sep - Sep -
Mean Mean Exposure to
18 18 Volatility Volatility Modified Company Asset
Medium Duration funds Return Return Sensitive Liquidity
Rank Rank - Reg - Dir Duration Concentration Quality
- Reg - Dir Sector
- Reg - Dir
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Bond Fund -

1 (1) 1 (1) 3 (5) 4 (5) 2 (2) 2 (2) 2 (2) 1 (1) 5 (5) 1 (1) 1 (1)
Medium Term Plan
Axis Strategic Bond

2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 3 (3) 3 (3)
Fund
DHFL Pramerica
2 (3) 2 (2) 4 (4) 3 (4) 4 (5) 4 (5) 3 (3) 4 (3) 3 (4) 2 (2) 2 (2)
Medium Term Fund
HDFC Medium Term
2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 3 (4) 2 (2) 3 (3)
Debt Fund

3 (3) 4 (4) 3 (2) 2 (3) 3 (3) 3 (3) 3 (1) 4 (4) 1 (1) 4 (4) 5 (5)
Medium Term Plan
BNP Paribas Medium
3 3 5 5 3 3 4 1 4 2 2
Term Fund
Franklin India Income

3 (2) 3 (3) 1 (1) 1 (1) 1 (1) 1 (1) 5 (3) 3 (3) 4 (3) 5 (5) 4 (4)
Opportunities Fund
Kotak Medium Term
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (4)
Fund
SBI Magnum Medium

3 (3) 3 (3) 2 (3) 2 (2) 4 (4) 3 (4) 4 (4) 3 (3) 1 (1) 3 (3) 4 (3)
Duration Fund
UTI - Medium Term Fund 3 3 2 3 2 2 2 1 4 4 3
ICICI Prudential
4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (2) 1 (3) 5 (5) 1 (1) 4 (4) 3 (3)
Corporate Bond Fund
Reliance Strategic Debt

4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3)
Fund
Tata Medium Term Fund 4 4 4 4 5 5 3 1 3 3 3
L&T Resurgent India

5 (4) 5 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (5) 4 (4) 1 (1) 3 (3) 2 (2)
Bond Fund
28
Short Duration funds (Cluster ranks are arranged alphabetically)
Sep - Sep -
Mean Mean Exposure to
18 18 Volatility Volatility Company Asset Modified
Short Duration funds Return Return Sensitive Liquidity
Rank Rank - Reg - Dir Concentration Quality Duration
- Reg - Dir Sector
- Reg - Dir
Weightages 50% 10% 5% 5% 10% 5% 15%
HDFC Short Term Debt Fund 1 (1) 1 (1) 2 (1) 3 (2) 2 (1) 2 (1) 3 (3) 3 (3) 3 (3) 3 (1) 2 (3)
L&T Short Term Bond Fund 1 (1) 2 (1) 3 (2) 3 (2) 2 (2) 2 (2) 1 (1) 1 (3) 1 (2) 3 (2) 2 (2)
Axis Short Term Fund 2 (3) 2 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 3 (3) 2 (2)
BNP Paribas Short Term Fund 2 2 2 2 3 3 1 4 3 4 1

IDFC Bond Fund - Short Term 2 (3) 2 (3) 3 (3) 4 (3) 4 (3) 4 (3) 1 (1) 4 (5) 1 (1) 5 (3) 1 (1)
Sundaram Short Term Debt

2 (2) 1 (2) 3 (2) 2 (1) 2 (1) 2 (1) 4 (4) 3 (3) 2 (3) 2 (1) 3 (3)
Fund
UTI Short Term Income Fund 2 (2) 3 (3) 3 (2) 3 (3) 2 (2) 2 (2) 1 (1) 3 (1) 3 (4) 2 (2) 3 (3)
Aditya Birla Sun Life Short

3 (5) 3 (5) 2 (3) 2 (4) 4 (4) 4 (4) 4 (5) 1 (1) 4 (5) 4 (4) 4 (4)
Term Opportunities Fund
Baroda Pioneer Short Term

3 3 2 2 1 1 5 5 4 1 4
Bond Fund
Canara Robeco Short Duration
3 3 4 4 3 3 1 1 3 3 2
Fund
Franklin India Short Term

3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 4 (4) 4 (5) 1 (1) 5 (5) 5 (5) 5 (5)
Income Plan
ICICI Prudential Short Term
3 (3) 3 (3) 3 (4) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 3 (3) 3 (3)
Fund
IDBI Short Term Bond Fund 3 3 3 2 1 1 1 4 4 3 3

Indiabulls Short Term Fund 3 3 1 1 2 2 4 3 5 1 5
Kotak Bond Short Term Plan 3 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 2 (2) 3 (4) 3 (1)
Principal Short Term Debt
3 3 3 3 3 3 3 1 3 2 3
Fund
SBI Short Term Debt Fund 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 1 (1) 3 (5) 2 (3) 3 (3) 3 (4)
DHFL Pramerica Short

4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 3 (4) 2 (2) 4 (5)
Maturity Fund
DSP Short Term Fund 4 (5) 4 (4) 4 (5) 4 (5) 3 (3) 3 (3) 1 (1) 4 (1) 3 (3) 3 (3) 3 (3)
HSBC Short Duration Fund 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 3 (4) 4 (3) 4 (4)
Invesco India Short Term Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (1) 1 (4) 3 (3) 4 (5) 2 (2)
Reliance Short Term Fund 4 (4) 4 (5) 5 (5) 5 (5) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3) 4 (4) 3 (3)
BOI AXA Short Term Income

5 5 2 3 3 3 5 5 4 2 4
Fund
Tata Short Term Bond Fund 5 (3) 5 (2) 5 (3) 5 (3) 5 (2) 5 (2) 1 (1) 1 (1) 4 (1) 3 (3) 3 (3)
29
Money Market funds (Cluster ranks are arranged alphabetically)
Sep - Sep - Mean Mean Exposure to
Money Market funds 18 Rank 18 Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Invesco India Money

1 1 2 2 1 1 3 1 4 1 5
Market Fund

2 (3) 3 (4) 1 (2) 1 (1) 2 (3) 2 (3) 4 (5) 4 (5) 3 (4) 3 (2) 3 (3)
Money Manager Fund
Franklin India Savings
2 2 3 4 4 4 1 2 2 4 1
Fund
HDFC Money Market

2 (3) 2 (2) 3 (3) 3 (4) 2 (1) 2 (1) 4 (4) 3 (3) 2 (2) 2 (2) 2 (3)
Fund
DSP Savings Fund 3 2 4 4 4 4 1 3 2 5 2

ICICI Prudential Money
3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Market Fund
Kotak Money Market 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 5 (4) 3 (3) 2 (1) 3 (2)
Reliance Money Market 3 (3) 3 (3) 2 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3)
UTI Money Market Fund 3 (3) 3 (3) 2 (3) 2 (3) 2 (2) 2 (2) 4 (1) 3 (4) 4 (5) 2 (3) 4 (4)
IDFC Money Manager

4 (4) 4 (4) 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 4 (3) 1 (3) 4 (5) 2 (1)
Fund
L&T Money Market Fund 4 (4) 4 (3) 3 (4) 3 (2) 3 (4) 3 (4) 2 (1) 1 (1) 4 (4) 3 (4) 4 (4)
SBI Savings Fund 4 (5) 4 (5) 4 (4) 3 (4) 3 (4) 3 (4) 5 (4) 1 (2) 3 (3) 3 (4) 4 (5)
Tata Money Market

5 (1) 5 (1) 5 (1) 5 (2) 5 (3) 5 (3) 1 (1) 4 (2) 5 (2) 4 (3) 3 (2)
Fund
30
Low Duration funds (Cluster ranks are arranged alphabetically)
Low Duration funds 18 Rank 18 Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
SBI Magnum Low

1 (2) 2 (2) 1 (2) 3 (3) 2 (2) 2 (2) 3 (1) 1 (4) 2 (3) 2 (1) 3 (3)
Duration Fund
UTI Treasury Advantage
1 (2) 2 (2) 2 (3) 3 (3) 2 (2) 2 (2) 1 (1) 4 (1) 1 (2) 2 (2) 2 (2)
Fund
Axis Treasury Advantage

2 (3) 1 (3) 3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (4) 2 (3) 3 (3) 2 (3)
Fund
DSP Low Duration Fund 2 (3) 2 (2) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 3 (1) 1 (1) 2 (3) 2 (2)
Edelweiss Low Duration 2 1 3 2 3 3 1 5 3 1 2
Invesco India Treasury

2 (2) 2 (2) 4 (4) 4 (4) 2 (3) 2 (3) 1 (1) 3 (3) 2 (1) 1 (3) 2 (1)
Advantage Fund
Tata Treasury Advantage
2 (1) 3 (1) 2 (1) 3 (3) 3 (2) 3 (2) 1 (1) 3 (1) 3 (2) 3 (2) 3 (2)
Fund
Canara Robeco Savings

3 (2) 3 (3) 3 (3) 4 (4) 1 (1) 1 (1) 4 (3) 1 (1) 3 (3) 3 (1) 1 (2)
Fund
HDFC Low Duration

3 (4) 3 (4) 4 (5) 4 (5) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3) 4 (4) 3 (3)
Fund
ICICI Prudential Savings

3 (3) 3 (4) 2 (3) 3 (4) 4 (4) 4 (4) 1 (3) 3 (3) 3 (3) 3 (4) 3 (4)
Fund
IDFC Low Duration Fund 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 2 (3) 1 (3)
JM Low Duration Fund 3 3 3 4 2 2 3 4 3 2 3
Kotak Low Duration

3 (4) 3 (3) 2 (2) 1 (1) 4 (4) 4 (4) 1 (4) 1 (3) 4 (4) 4 (4) 4 (4)
Fund
LIC MF Savings Fund 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (4) 3 (3) 3 (2) 3 (3)
Mirae Asset Savings

3 3 4 4 3 3 1 1 3 3 3
Fund
Reliance Low Duration

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 2 (2) 3 (3) 3 (3)
Fund
Sundaram Low Duration

3 (1) 2 (1) 4 (3) 3 (2) 1 (1) 1 (1) 1 (1) 3 (3) 3 (2) 3 (2) 3 (1)
Fund
Aditya Birla Sun Life Low

4 (4) 4 (4) 3 (4) 2 (2) 3 (3) 3 (3) 5 (4) 1 (1) 5 (5) 3 (3) 4 (4)
Duration Fund
Baroda Pioneer Treasury

4 (3) 4 (3) 3 (2) 3 (3) 4 (3) 4 (3) 5 (5) 1 (3) 4 (4) 4 (4) 4 (3)
Advantage Fund
DHFL Pramerica Low
4 (4) 4 (4) 3 (3) 2 (2) 3 (3) 3 (3) 4 (3) 4 (5) 4 (4) 3 (3) 5 (5)
Duration Fund
Franklin India Low
4 (5) 4 (5) 1 (1) 1 (1) 5 (5) 5 (5) 4 (5) 1 (3) 5 (5) 5 (5) 5 (5)
Duration Fund
31
Low Duration funds 18 Rank 18 Rank Return Return Sensitive Liquidity
HSBC Low Duration

4 (3) 4 (3) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 5 (5) 3 (3) 4 (3) 3 (3)
Fund
L&T Low Duration Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 4 (5) 4 (4) 3 (1) 4 (4) 5 (5) 4 (4)
Principal Low Duration

5 5 5 5 5 5 1 4 4 4 4
Fund
32
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Sep - Sep - Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short Duration funds 18 Rank 18 Rank Return Return - Dir Liquidity
- Reg Sensitive Concentration Quality Duration
Sector
Weightages 50% 10% 5% 5% 10% 5% 15%

L&T Ultra Short Term Fund 1 (1) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4) 2 (1) 3 (2) 1 (1) 3 (3) 2 (1)
Indiabulls Ultra Short Term Fund 2 2 3 3 2 2 4 4 2 2 2
Kotak Savings Fund 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 2 (3) 3 (3) 2 (3)
SBI Magnum Ultra Short Duration
2 (2) 2 (2) 2 (2) 2 (3) 1 (1) 1 (1) 4 (3) 1 (4) 2 (3) 1 (1) 3 (3)
Fund
Aditya Birla Sun Life Savings Fund 3 (3) 3 (4) 3 (3) 4 (4) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 4 (5) 3 (3)
BOI AXA Ultra Short Duration Fund 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3) 2 (3) 3 (3)
DHFL Pramerica Ultra Short Term
3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) 3 (3) 3 (3)
Fund
Franklin India Ultra Short Bond

3 (4) 4 (4) 1 (1) 1 (1) 3 (4) 3 (4) 3 (4) 1 (1) 4 (5) 5 (4) 4 (5)
Fund
Invesco India Ultra Short Term
3 (4) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 1 (3) 3 (4) 3 (3) 4 (4)
Fund
UTI Ultra Short Term Fund 3 (3) 3 (3) 4 (4) 3 (4) 3 (2) 3 (2) 3 (3) 1 (3) 3 (3) 3 (4) 4 (3)
DSP Ultra Short Fund 4 (2) 4 (2) 4 (4) 4 (3) 4 (3) 4 (3) 3 (4) 1 (1) 4 (2) 2 (2) 3 (2)
IDBI Ultra Short Term Fund 4 3 4 4 3 3 4 4 3 4 3
Reliance Ultra Short Duration

4 (5) 4 (5) 3 (3) 2 (2) 2 (2) 2 (2) 5 (5) 3 (5) 4 (4) 4 (2) 5 (4)
Fund
Motilal Oswal Ultra Short Term

5 (3) 5 (3) 5 (5) 5 (5) 5 (3) 5 (3) 1 (1) 5 (4) 5 (2) 3 (3) 1 (2)
Fund
33
Liquid funds (Cluster ranks are arranged alphabetically)
Sep - Sep - 18 Mean Mean Exposure to
Volatility Volatility Company Asset
Liquid funds 18 Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
Weightages 50% 10% 5% 5% 10% 20%
Canara Robeco Liquid 1 1 3 4 2 2 2 1 3 2

IIFL Liquid Fund 1 1 5 5 3 3 1 5 1 1
L&T Liquid Fund 1 (1) 1 (1) 2 (1) 3 (1) 2 (2) 2 (2) 2 (2) 1 (1) 2 (1) 2 (1)
BNP Paribas Liquid Fund 2 (2) 2 (2) 3 (4) 2 (3) 1 (2) 2 (2) 3 (3) 1 (3) 3 (4) 3 (3)
DHFL Pramerica Insta
2 (1) 2 (2) 2 (2) 3 (3) 1 (1) 1 (1) 1 (1) 3 (1) 2 (1) 4 (3)
Cash Fund
DSP Liquidity Fund 2 (2) 2 (2) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (1) 3 (2)
Franklin India Liquid
2 (5) 2 (5) 3 (3) 3 (3) 2 (3) 3 (3) 1 (3) 4 (5) 3 (3) 3 (4)
Fund
HDFC Liquid Fund 2 (3) 2 (3) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 1 (4) 1 (2) 2 (2)
LIC MF Liquid Fund 2 (4) 2 (3) 4 (4) 3 (3) 3 (3) 2 (3) 3 (3) 1 (1) 4 (5) 1 (3)
Axis Liquid Fund 3 (3) 3 (3) 2 (1) 3 (2) 3 (3) 3 (3) 4 (4) 1 (1) 2 (3) 2 (2)
BOI AXA Liquid Fund 3 3 2 3 4 4 3 4 3 3
Edelweiss Liquid Fund 3 (3) 3 (3) 2 (2) 2 (1) 4 (4) 4 (4) 2 (1) 1 (3) 4 (3) 4 (3)
Essel Liquid Fund 3 3 1 1 3 3 1 4 4 3
ICICI Prudential Liquid
3 (4) 3 (4) 4 (4) 4 (4) 4 (5) 4 (5) 3 (3) 1 (4) 3 (3) 3 (3)
Fund
IDFC Cash Fund 3 (4) 3 (4) 4 (4) 3 (4) 3 (4) 3 (4) 3 (5) 1 (5) 1 (2) 3 (3)
Indiabulls Liquid Fund 3 (1) 3 (1) 4 (3) 4 (3) 2 (1) 2 (1) 3 (2) 3 (1) 3 (2) 3 (3)
Invesco India Liquid Fund 3 (2) 3 (2) 3 (3) 3 (4) 1 (2) 1 (2) 4 (3) 3 (1) 3 (3) 3 (3)
Kotak Liquid 3 (3) 3 (4) 3 (3) 4 (5) 4 (4) 4 (4) 5 (5) 1 (4) 2 (2) 1 (1)
Mirae Asset Cash
3 (2) 3 (1) 3 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (3) 3 (3) 4 (1)
Management Fund
Reliance Liquid Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (4) 1 (4) 2 (3) 3 (4)
Sundaram Money Fund 3 (3) 3 (3) 3 (5) 3 (4) 3 (3) 3 (3) 3 (1) 1 (1) 3 (4) 3 (4)
Tata Liquid Fund 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (1) 1 (1) 3 (2) 2 (2)
UTI Liquid Cash Plan 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3) 3 (3)

4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 4 (5)
Liquid Fund
Baroda Pioneer Liquid
4 (3) 4 (3) 1 (2) 1 (2) 5 (5) 5 (5) 2 (3) 1 (1) 3 (4) 4 (2)
Fund
HSBC Cash Fund 4 (5) 4 (5) 1 (1) 1 (2) 3 (3) 3 (3) 1 (4) 1 (1) 5 (5) 3 (5)
JM Liquid Fund 4 (4) 4 (4) 2 (3) 2 (4) 3 (3) 3 (3) 4 (2) 5 (5) 4 (5) 5 (3)
Mahindra Liquid Fund 4 (3) 4 (3) 3 (3) 2 (1) 2 (2) 1 (2) 5 (2) 1 (1) 4 (4) 5 (5)
SBI Liquid Fund 4 (4) 4 (4) 4 (5) 4 (5) 3 (5) 3 (5) 4 (4) 1 (1) 3 (3) 4 (4)
IDBI Liquid Fund 5 (5) 5 (5) 3 (3) 2 (2) 4 (1) 4 (1) 5 (5) 4 (4) 4 (4) 5 (4)
Principal Cash
5 5 5 5 5 5 3 5 5 2
Management Fund
Union Liquid Fund 5 5 5 5 5 5 3 1 5 3
34
Annexure I – Selection criteria for schemes in CMFR
Owing to changes in the categorisation /rationalisation of
mutual fund schemes as prescribed by Sebi*, CRISIL has 2. Hybrid funds
aligned its ranking categories in CMFR as per Sebi circular. Aggressive hybrid
Schemes investing more than 65%, but less than 80% of the
1. Equity funds assets under management (AUM) in equity securities and 20-
Equity funds have been retained in their respective categories 35% in debt instruments, are considered. All funds that have
as defined by the AMCs. historically maintained the stated equity exposure (three-year
average) have been included in this category.
In case of large cap, large and mid-cap, multi-cap, mid-cap,
focused and value/contra categories, funds which were being
Conservative hybrid
ranked in different categories previously, with different
This category includes schemes where investment in equity is
historical risk-return profiles, are now part of the same
limited to 10-25% of the AUM and rest in debt instruments .
category. Hence, for evaluating the performance of such a
Funds that have historically maintained >10% equity exposure
varied group of funds under one category, active returns (with
(three-year average) have been included in this category.
respect to their appropriate CRISIL-AMFI performance
indices) parameter is used instead of mean returns. Since all
Arbitrage
the funds ranked in the small cap category have come from the
The schemes following arbitrage strategy with no net equity
erstwhile small & midcap category, mean returns have been
exposure stated in investment mandate are shortlisted. Funds
used.
with Riskometer grading of ‘Moderately Low’ have been
Funds in the thematic – infrastructure category follow an included in this category.
investment objective to invest in infrastructure-rela ted
sectors. Other sectoral/thematic funds have been excluded. 3. Debt funds
Equity linked savings schemes (ELSS) invest in equity and In the gilt category, funds with a mandate to manage duration
equity-related instruments, and are aimed to enable investors dynamically are considered. Gilt funds with 10-year constant
to avail tax deduction under Section 80 C of the Income Tax maturity are not part of this category.
Act.
In the medium to long duration category, funds with three-
Index funds / ETFs: Schemes launched with an objective to year average duration between 3-7 years have been retained.
generate returns that are commensurate with the

In the medium duration category, funds with three-year
performance of their benchmark’s total return index (TRI),
average duration below four years have been retained.
subject to tracking errors, are considered.
In the short duration category, funds with one-year average
The following will be excluded:
duration between 1-3 years are classified as defined by Sebi.
● Index schemes that allow the fund manager to take In the credit risk category, funds that were historically
overweight investment positions on stocks that comprise classified as credit opportunities funds in CMFR are
their benchmark index.
considered.
● Index schemes that are benchmarked to indices other
than S&P BSE Sensex and Nifty 50. In the corporate bond category, funds that maintained one-
year average exposure >60% to corporate bonds, with the
highest credit rating (i.e. AA+ and above), have been
considered.
35
In the banking and PSU bond category, funds that maintained In the ultra short duration and money market categories,
one-year average exposure >60% to debt instruments of funds that were considered under the erstwhile ultra-short
banks, public sector undertakings, and public financial term and liquid categories have been retained.
institutions have been considered.
*Link to Sebi circular: https://www.sebi.gov.in/legal/circulars/oct-
In the liquid and dynamic bond categories, funds have been 2017/categorization-and-rationalization-of-mutual-fund-
retained in their respective categories as defined by the AMCs. schemes_36199.html
In the low duration category, funds with one-year average

duration below 1.3 years have been retained.
36
Annexure II – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within
Portfolio concentration analysis
a peer group. The basic criteria for inclusion in the ranking
universe are three-year / one-year NAV history and AUM in Concentration measures the risk arising out of improper
excess of category cut-off limits, and complete portfolio diversification. For equity securities, diversity score is used
as the parameter to measure industry as well as company
disclosure. Three-year NAV history is considered across all
equity, hybrid, dynamic bond, medium duration, medium to concentration. In case of debt schemes, the company
long duration and gilt categories; whereas one-year for concentration is analysed at an individual issuer specific
limit. The limit is linked with the credit rating of the issuer; a
banking & PSU, corporate bond, credit risk, liquid, low
high rated issuer will have higher limits and as the rating
duration, money market, ultra short term, short duration
categories. declines the limit is reduced progressively.
Only open-ended schemes are considered. Ranking is based Exposure to sensitive sectors
on the following parameters:
In case of debt schemes, industry concentration is analysed
for exposure to sensitive sectors which are arrived based on
Mean return and volatility Industry Risk Score (IRS) for various sectors. CRISIL’s
Mean return and volatility are considered as separate assessment of IRS quantifies the credit risk associated with
parameters across all categories. Mean return is the average an industry on a uniform scale to ensure comparability
of daily returns based on the scheme’s NAV for the period across industries. The score captures the influence of
under analysis and volatility is the standard deviation of various industry variables on the debt repayment ability of
these returns. While the period for analysis is three years for companies in a particular sector over a 3-4-year horizon.
equity, hybrid, medium duration, medium to long duration
categories; it is one year for banking & PSU, corporate bond, Liquidity analysis
credit risk, liquid, and other short duration categories. The
It measures the ease with which a portfolio can be
period of analysis is broken into four overlapping periods
liquidated. The lower the score, the better. In case of
(latest 36, 27, 18 and 9 months for three-year period, and
equities, it measures the number of days to liquidate the
latest 12, 9, 6 and 3 months for one-year period). Each period
portfolio. Liquidity is calculated by taking the average
is assigned a progressive weight starting from the longest
portfolio liquidity score of the past three months.
period as follows: 32.5%, 27.5%, 22.5% and 17.5%,
respectively. Equity liquidity is computed as follows:
Liquidity score of each stock = No. of shares held / daily

Active return
average trading volume of past six months
Owing to changes in the categorisation /rationalisation of
mutual fund schemes, as prescribed by Sebi from March Portfolio liquidity score = Weighted average liquidity score
2018 onwards, CMFR incorporated the active return of the above
parameter in equity categories (large cap, large and mid -
Gilt liquidity is measured by analysing the number of days it
cap, multi cap, mid-cap, focused and value/contra) for
takes to liquidate the portfolio based on turnover (volume),
evaluation. As funds from different categories with different
the number of securities in the portfolio, the number of days
risk-return profiles are in these categories, active return
security is traded, and the number of trades in any security
(with respect to their appropriate CRISIL-AMFI performance
for a three-month period for that security. Corporate debt
indices) is used instead of mean return. The period of
liquidity is computed by classifying each security into three
analysis is broken into four overlapping periods - latest 36,
categories - liquid, semi liquid and illiquid - and then
27, 18 and 9 months - and progressive weights are assigned
evaluating a scheme’s exposure to each category.
as discussed earlier.
37
Asset quality Tracking error
Asset quality measures the probability of default by the This is used only for index schemes. The tracking error is an
issuer of a debt security to honour the debt obligation in estimation of the variability in a scheme’s performance vis-
time. à-vis the index that it tracks. The lower the tracking error,
the better.
Duration
Modified duration is considered across all the debt Count of Negative Returns
categories except liquid to capture the interest rate risk of The count of negative returns are used as parameter in
the portfolio. The lower the value, the better. Going forward , arbitrage funds to capture downside risk of the funds.
Macaulay duration will be used instead of Modified duration.
Eligibility criteria
● Only open-ended funds are considered
● NAV history
− Three years for equity, hybrid, gilt, dynamic, medium to long and medium duration funds
− One year for arbitrage, banking & PSU, corporate bond, credit risk and other short duration funds, including liquid funds
● AUM cut-off criteria
Broad Investment Type^ Quarterly Average AUM Cut-offs (Rs. Crore)

Equity 10
Debt and Hybrid 50
Debt (<1 year) 250
^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multicap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, Infrastructure, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid
Debt: Gilt, Dynamic Bond, Medium to Long duration, Medium duration, Banking & PSU, Credit Risk, Corporate Bond, Short duration
Debt (<1 year): Money market, Low duration, Ultra short duration, Liquid
● Complete portfolio disclosure for all three months in the last quarter
● March 2017 onwards, CMFR introduced rankings for direct plans of the shortlisted funds as per the appropriate
categorisation, provided they have sufficient NAV history.
38
Parametric weights
Equity categories:
Category Large cap, large & mid cap, Small cap, infrastructure and Index / ETFs
multi cap, mid cap, ELSS
value/contra, focused
Active return (%) 55 - -
Mean returns (%) - 55 -
Tracking error (%) - - 100
Volatility (%) 25 25 -
Company concentration (%) 5 5 -
Industry concentration (%) 10 10 -
Equity - liquidity (%) 5 5 -
Time (years) 3 3 3
Hybrid categories:
Category Aggressive hybrid Conservative hybrid Arbitrage
Mean return (%) 50 50 60

Volatility (%) 25 10 25
Company concentration (%) 5 5
Industry concentration / exposure to 10 5
sensitive sector (%)*
Equity - liquidity (%) 10%*K 7.5%*K
Debt - asset quality (%) 5%* (100-K) 17.5
Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)
Modified duration (%) - 5
Count of Negative Returns (%) 15
Time (years) 3 3 1
K = Equity component in hybrid schemes
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio
Debt categories:
Dynamic, Banking and PSU, corporate bond, credit risk,
Category Gilt medium to long, short duration, low duration, money market, Liquid
medium duration ultra short term
Mean return (%) 50 50 50 50
Volatility (%) 25 10 10 10
Company concentration (%) - 5 5 5
Exposure to sensitive sector (%) - 5 5 5
Debt - asset quality (%) - 17.5 10 10
Debt liquidity (%) 15 7.5 15 20
Modified duration (%) 10 5 5 -
Time (years) 3 3 1 1
39
Annexure III – Exclusion list
The following Sebi-defined categories are currently excluded from the rankings:
● Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme funds)
● Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds
● Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, equity savings funds
● Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)
● Miscellaneous: Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for
which new category has not been disclosed.
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these funds
is as follows:
Scheme name New category Reason for exclusion
Aditya Birla Sun Life Arbitrage Fund Arbitrage Riskometer grading 'Moderate' excluded in ranking
Aditya Birla Sun Life Banking & PSU
Banking & PSU The criteria to be classified in the banking & PSU fund category was not met
Debt Fund
Axis Arbitrage Fund Arbitrage Riskometer grading 'Moderate' excluded in ranking
Axis Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history
Axis Gilt Fund Gilt Historical portfolio attributes do not match the new category definition
Axis Growth Opportunities Fund Large & Mid Cap Does not have three-year NAV history
Axis Multicap Fund Multi Cap Does not have three-year NAV history
Axis Ultra Short Term Fund Ultra Short Duration Does not have one-year NAV history
Baroda Pioneer Conservative Hybrid
Conservative Hybrid Did not meet AUM criteria
Fund
Baroda Pioneer Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
Baroda Pioneer Gilt Fund Gilt Did not meet AUM criteria
Baroda Pioneer Income Fund Medium to Long Did not meet AUM criteria
Baroda Pioneer Large Cap Fund Large Cap Fund has not completed 3 years since change of attributes in October 2016
Baroda Pioneer Ultra Short Duration
Ultra Short Duration Does not have one-year NAV history
Fund
BNP Paribas Arbitrage Fund Arbitrage Riskometer grading 'Moderately High' excluded in ranking
BNP Paribas Focused 25 Equity Fund Focused Does not have three-year NAV history
BNP Paribas Low Duration Fund Low Duration Did not meet AUM criteria
BNP Paribas Substantial Equity Hybrid
Aggressive Hybrid Does not have three-year NAV history
Fund
BOI AXA Arbitrage Fund Arbitrage Does not have one-year NAV history
BOI AXA Mid & Small Cap Equity & Debt
Aggressive Hybrid Does not have three-year NAV history
Fund
Canara Robeco Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
DHFL Pramerica Hybrid Debt Fund Conservative Hybrid Did not meet AUM criteria
Fund has not completed 3 years since change of attributes to hybrid fund
DHFL Pramerica Hybrid Equity Fund Aggressive Hybrid
from an equity fund in March 2016
DHFL Pramerica Long Term Equity Fund ELSS Does not have three-year NAV history
DHFL Pramerica Strategic Debt Fund Medium to Long Historically managed as an inflation indexed bond fund
DSP Arbitrage fund Arbitrage Does not have one-year NAV history
40
DSP Bond Fund Medium Duration Historical portfolio attributes do not match the new category definition
DSP Corporate Bond Fund Corporate Bond Does not have one-year NAV history
Edelweiss ETF - Nifty 50 Index/ETF Did not meet AUM criteria
Edelweiss Short Term Fund Short Duration Did not meet AUM criteria
Essel Arbitrage Fund Arbitrage Does not have one-year NAV history
Essel Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history
Essel Large & Midcap Fund Large & Mid Cap Does not have three-year NAV history
Essel Long Term Advantage Fund ELSS Does not have three-year NAV history
Essel Multi Cap Fund Multi Cap Does not have three-year NAV history
Essel Regular Savings Fund Conservative Hybrid Did not meet AUM criteria
Essel Short Term Fund Short Duration Did not meet AUM criteria
Essel Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
Franklin India Corporate Debt Fund Corporate Bond Historical portfolio attributes do not match the new category definition
HDFC Ultra Short Term Fund Ultra Short Duration Does not have one-year NAV history
HSBC Debt Fund Medium to Long Did not meet AUM criteria
HSBC Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history
ICICI Prudential Banking & PSU Debt
Banking & PSU The criteria to be classified in the banking & PSU fund category was not met
Fund
ICICI Prudential Equity - Arbitrage Fund Arbitrage Riskometer grading 'Moderate'
ICICI Prudential Sensex ETF Index/ETF Did not meet AUM criteria
ICICI Prudential Small Cap Fund Small Cap Used to historically maintain significant exposure in foreign equities
ICICI Prudential Ultra Short Term Fund Ultra Short Duration Historically maintained some equity exposure (including derivatives)
IDBI Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria
IDBI Focused 30 Equity Fund Focused Does not have three-year NAV history
IDBI Gilt Fund Gilt Did not meet AUM criteria
IDBI Hybrid Equity Fund Aggressive Hybrid Does not have three-year NAV history
IDBI Long Term Value Fund Value Fund Does not have three-year NAV history
IDBI Midcap Fund Mid Cap Does not have three-year NAV history
IDBI Small Cap Fund Small Cap Does not have three-year NAV history
IDFC Hybrid Equity Fund Aggressive Hybrid Does not have three-year NAV history
IDFC Ultra Short Term Fund Ultra Short Duration Does not have one-year NAV history
Indiabulls Gilt Fund Gilt Did not meet AUM criteria
Indiabulls Income Fund Medium Duration Did not meet AUM criteria
Indiabulls Savings Fund Money Market Does not have one-year NAV history
Indiabulls Savings Income Fund Conservative Hybrid Does not have three-year NAV history
Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history
Invesco India Banking & PSU Debt Fund Banking & PSU Did not meet AUM criteria
Invesco India Equity & Bond Fund Aggressive Hybrid Does not have three-year NAV history
Invesco India Gilt Fund Gilt Did not meet AUM criteria
Invesco India Nifty Exchange Traded
Index/ETF Did not meet AUM criteria
Fund
Invesco India Regular Savings Fund Conservative Hybrid Did not meet AUM criteria
JM G-Sec Fund Gilt Did not meet AUM criteria
JM Income Fund Medium to Long Did not meet AUM criteria
JM Money Market Fund Money Market Did not meet AUM criteria
JM Short Term Fund Short Duration Did not meet AUM criteria
41
JM Ultra Short Duration Fund Ultra Short Duration Did not meet AUM criteria
Fund has not completed 3 years since change of attributes to value fund
JM Value Fund Value Fund
from an infrastructure fund in May 2018
L&T Conservative Hybrid Fund Conservative Hybrid Did not meet AUM criteria
LIC MF Banking & PSU Debt Banking & PSU The criteria to be classified in the banking & PSU fund category was not met
Mahindra Credit Risk Yojana Credit Risk Does not have one-year NAV history
Mahindra Mutual Fund Badhat Yojana Multi Cap Does not have three-year NAV history
Mahindra Mutual Fund Kar Bachat
ELSS Does not have three-year NAV history
Yojana
Mahindra Mutual Fund Low Duration
Low Duration Did not meet AUM criteria
Bachat Yojana
Mahindra Unnati Emerging Business
Mid Cap Does not have three-year NAV history
Yojana
Mirae Asset Dynamic Bond Fund Dynamic Bond Does not have three-year NAV history
Mirae Asset Short Term Fund Short Duration Does not have one-year NAV history
Mirae Asset Tax Saver Fund ELSS Does not have three-year NAV history
Motilal Oswal Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history
Parag Parikh Liquid Fund Liquid Does not have one-year NAV history
Parag Parikh Long Term Equity Fund Multi Cap Historically maintained significant exposure to foreign equities
Principal Arbitrage Fund Arbitrage Did not meet AUM criteria
Principal Corporate Bond Fund Corporate Bond Historical portfolio attributes do not match the new category definition
Principal Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition
Principal Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria
Quantum Liquid Fund Liquid Did not meet AUM criteria
Quantum Nifty ETF Index/ETF Did not meet AUM criteria
Quantum Tax Saving Fund ELSS Does not have three-year NAV history
Reliance Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria
SBI Banking and PSU Fund Banking & PSU The criteria to be classified in the banking & PSU fund category was not met
Shriram Multicap Fund Multi cap Does not have three-year NAV history
Sundaram Medium Term Bond Fund Medium Duration Historical portfolio attributes do not match the new category definition
Sundaram Money Market Fund Money Market Does not have one-year NAV history
Sundaram Short Term Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition
Tata Index Fund - SENSEX Index/ETF Did not meet AUM criteria
Tata Multicap Fund Multi Cap Does not have three-year NAV history
Taurus Liquid Fund Liquid Did not meet AUM criteria
Union Corporate Bond Fund Corporate Bond Does not have one-year NAV history
Union Largecap Fund Large Cap Does not have three-year NAV history
Union Short Term Fund Short Duration Did not meet AUM criteria
42
Notes
About CRISIL Limited
CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.
It is India’s foremost provider of ratings, data, research, analytics and solutions, with a strong track record of growth, culture of innovation
and global footprint.
It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers.
It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the
capital and commodity markets worldwide.
About CRISIL Research

CRISIL Research is India's largest independent integrated research house. We provide insights, opinion and analysis on the I ndian
economy, industry, capital markets and companies. We also conduct training programs to financial sector professionals on a wi de array
of technical issues. We are India's most credible provider of economy and industry research. Our industry research c overs 86 sectors and
is known for its rich insights and perspectives. Our analysis is supported by inputs from our large network sources, including industry
experts, industry associations and trade channels. We play a key role in India's fixed income markets. We are the largest provider of
valuation of fixed income securities to the mutual fund, insurance and banking industries in the country. We are also the sole provider of
debt and hybrid indices to India's mutual fund and life insurance industries. We p ioneered independent equity research in India, and are
today the country's largest independent equity research house. Our defining trait is the ability to convert information and d ata into expert
judgments and forecasts with complete objectivity. We leverage our deep understanding of the macro-economy and our extensive sector
coverage to provide unique insights on micro-macro and cross-sectoral linkages. Our talent pool comprises economists, sector experts,
company analysts and information management specialists.
CRISIL Privacy
CRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your re quest and service
your account and to provide you with additional information from CRISIL. For further inform ation on CRISIL’s privacy policy please visit
www.crisil.com/privacy.
Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the i nformation obtained
by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the
Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. T his Report is not a
recommendation to invest / disinvest in any company / entity covered in the Report and no part of this report should be const rued as an investment
advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ tra nsmitters/ distributors of this Report.
CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division / CR ISIL Risk and
Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed
in this Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be publish ed / reproduced in any
form without CRISIL’s prior written approval.
Argentina | China | Hong Kong | India | Poland | Singapore | UK | USA | UAE

CRISIL Limited: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076. India
Phone: + 91 22 3342 3000 | Fax: + 91 22 3342 3001 | www.crisil.com

CRISIL Mutual Fund Ranking September 2018

Uploaded by

Copyright:

Available Formats

You might also like

CRISIL Mutual Fund Ranking September 2018

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

CRISIL Mutual Fund Ranking September 2018

Uploaded by

Copyright:

Available Formats

CRISIL Mutual Fund Ranking

For the quarter ended September 30, 2018

Analytical Business Development

Yatendra Chauhan Kruti Rawal

Kiran Nate Deepak Mittal

Zunjar Sanzgiri Dharmendra Sharma

22 1.0 ● Sebi said alternative investment funds cannot convert

their existing open-ended schemes to closed-ended and

● Principal Financial Group completed the acquisition of

Nifty Infrastructure -5.07 -8.58

buoyed the market. DIIs bought equities worth Rs 195 billion

developments in the form of easing of the global trade war 0

aided the local indices.

However, gains were cut short owing to weakness in the rupee,

Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

Source – FIMMDA Source - CRISIL Fixed Income Database

Fund performance has been slightly different from index

At the stock level, HDFC Bank (-4.86% % absolute returns in 8.02%

the September quarter), Infosys (11.70% %), ICICI Bank

positive returns in the quarter. Among mid-cap funds, the top

top holdings in small cap funds.

4.4 funds as interest rates continue to rise. Fund managers have,

Exposure to high yielding securities rise

Long-term debt categories have shown a propensity to

1. Large Cap funds 14. Gilt funds

3. Multi Cap funds 16. Credit Risk funds

4. Mid Cap funds 17. Corporate Bond funds

5. Small Cap funds 18. Dynamic Bond funds

6. Value/Contra funds 19. Medium to Long Duration funds

7. Focused funds 20. Medium Duration funds

8. Thematic - Infrastructure funds 21. Short Duration funds

9. Equity Linked Savings Schemes (ELSS) 22. Money Market funds

10. Index funds 23. Low Duration funds

24. Ultra Short Duration funds

11. Aggressive Hybrid funds

12. Conservative Hybrid funds

13. Arbitrage funds

CRISIL Mutual Fund Ranking category definitions

Edelweiss Large Cap Fund 1 1 1 2 3 3 4 1 1

IDFC Large Cap 2 2 2 2 3 3 2 3 3

Aditya Birla Sun Life Frontline

Indiabulls Bluechip Fund 3 2 3 3 4 4 1 4 4

L&T India Large Cap Fund 3 3 3 3 4 4 2 3 2

Essel Large Cap Equity Fund 4 4 4 4 3 3 3 2 2

Taurus Largecap Equity Fund 4 5 5 5 3 3 3 3 1

Invesco India Growth

Canara Robeco Emerging

Edelweiss Large and Mid

DSP Equity Opportunities

Kotak Equity Opportunities

Aditya Birla Sun Life Equity

L&T Large and Midcap

BOI AXA Large & Mid Cap

Canara Robeco Equity

Mirae Asset India Equity

ICICI Prudential Multicap

Kotak Standard Multicap

Aditya Birla Sun Life Equity