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 CONTENTS
JANUARY 2020
Volume XVII, Number 4

Editorial
Principles 29 Cover Story
Value Research is an
independent investment
research company. Our goal is
to serve our readers with data,
Manage
information and knowledge
that inform them about
savings and investments and
your own
help them learn how to make
better choices.
The basis of our work is the
hybrid and
trust reposed in us by our
readers. We are independent,
fair and honest. We are
committed to achieving the
save money
highest level of accuracy and
impartiality in everything that
we publish.
We recognise that the
nature of our work is such
that it influences decisions
that affect our readers’ future.
We strive to bear this 35 Cover Story 46 Spotlight
responsibility with humility.
‘Even in this economic
We recognise that while it is
not possible to be 100 per
cent accurate, it is possible to
always strive to achieve that
India’s best environment, there are
standard to the best of our
abilities. small-cap mid and small
caps that are
Editor Dhirendra Kumar
Research and Editorial Aakar Rastogi,
Ashutosh Gupta, Debjani Chattopadhyay,
funds doing very well’
Deepika Saxena, Omkar Vasudev Bhat, Sandeep R Srinivasan
P, Shivani Gola, Sneha Suri, and Vibhu Vats
Design Mukul Ojha and Kiran Sindhwal
Head - Equities, SBI Mutual Fund
Production Hira Lal

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© 2019 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092.
Editor: Dhirendra Kumar. Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi 110 092. Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi -92.

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4 Mutual Fund Insight January 2020

 9 First Page 25 Quick Chat
DHIRENDRA KUMAR $NDVK6LQJKDQLD
A DIY hybrid fund )XQG0DQDJHU
0RWLODO2VZDO0LGFDS

10 Readers’ Viewpoints 50 Ask Value Research

0DLOVIURPRXUUHDGHUV $OO\RXUVDYLQJVDQGLQYHVWPHQW
TXHULHVDQVZHUHG
12 Fund Reporter
8SGDWHVRQPXWXDOIXQGV 52 Scoreboard
7KHPRVWFRPSUHKHQVLYHIXQGVFRUHFDUG
14 Fund Radar ZLWKNH\SHUIRUPDQFHQXPEHUVDQG
$QDO\WLFDODQGWUHQGVWRULHV LQYHVWPHQWGHWDLOV
RQPXWXDOIXQGV
78 SIP Returns
18 How I Did It :RUWKRIWKHPRQWKO\6,3RI`LQYDULRXV
+RZRXUUHDGHUVFUHDWHG HTXLW\IXQGVRYHUILYHDQG\HDUV
ZHDOWK
83 Top-Rated Funds
21 SIP Sahi Hai )XQGVWKDWVWDQGRQWKHKLJKHVWUXQJRIWKH
6,3VWKHGLJLWDOZD\ 9DOXH5HVHDUFKIXQGUDWLQJODGGHU

Calendar
24 Portfolio Moves
0RWLODO2VZDO0LGFDS

26 Inside Funds
,QWHUHVWLQJGDWDRQIXQGV

44 The Plan
2XUH[SHUWVDQDO\VHDSRUWIROLRWKUHDGEDUH
DQGFKDUWRXWWKHIXWXUHFRXUVH

DISCLAIMER
The contents of Mutual Fund Insight published by Value Research India Private Limited (the “Magazine”) are not intended to serve as professional advice or guidance and the Magazine takes no
responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Magazine based on its contents thereof. You are strongly advised to verify the
contents before taking any investment or other decision based on the contents of this Magazine. The Magazine is meant for general reading purposes only and is not meant to serve as a professional guide
for investors. The readers of this Magazine should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment
decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Magazine.
The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best
efforts to avoid any errors and omissions, however the publishers of this Magazine make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy,
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Reproduction of this publication in any form or by any means whatsoever without prior written permission of the publishers of this Magazine is strictly prohibited. All disputes shall be subject to the
jurisdiction of Delhi courts only. ALL RIGHTS RESERVED

6 Mutual Fund Insight January 2020


A DIY hybrid fund
I must confess that one of the
cover stories of this issue is
somewhat more exotic than
what we usually do in Mutual
Fund Insight. I’ve always
promoted the use of hybrid funds
as the simplest, most accessible
option for the beginner investor or
for the hands-off investor, who
does not like to get too much into
the nitty-gritty of fund investing.
However, in this issue, I’m saying
something that is different,
something that may start a
discordant note in the argument
for hybrid funds that we have
always had. Even so, do bear with
me because there is a powerful
logic for what we are saying.
Of course, no one is doubting
the basic rationale for hybrid
funds. That remains as valid as
ever. Hybrid funds give you the
entire package – equity, debt and
asset rebalancing between them in
one simple deal. The automatic
rebalancing in these funds is just
as important as the combination of
debt and equity. This rebalancing
is an inherent aspect of the way
hybrid funds are run. Because the
equity and debt percentages in a
given type of hybrid fund have to
FIRST PAGE
be maintained at or near a specific
level, fund managers routinely sell
whichever of the two has gained
more and buy the other. In effect,
they keep booking profits and thus
stay geared for the natural
reversion to mean that periodically
happens between equity and debt
returns. The deep swings that
equity markets go through
periodically act as a performance
boost as well as a safety valve that
asset rebalancing provides.
So far, so good. If you want to
have minimal involvement in
managing your mutual fund
investments, then hybrids have
always been the way to go. In fact,
with the reorganisation and
formalisation of fund categories
by SEBI, the choice before hybrid
investors became richer. Earlier,
there were only two broad slots
for hybrids. There were heavily
debt-oriented ones (sometimes
called MIPs for historical reasons)
and heavily equity-oriented ones.
With SEBI’s 2018 codification of
fund categories, hybrid investors
got a lot more choices to more
finely tune their savings needs
and their risk and return appetite
in a pattern that was uniformly
applied across all mutual funds.
Where there were two and some
loose-change categories, now
there are precise ones like equity
savings, balanced, conservative,
and aggressive.
But there is a fly in the
ointment, which is cost. Even
though SEBI has tightened up
costs across mutual funds over the
last few years, I think hybrid funds
are an anomaly. As we have
pointed out in the cover story, they
are still too expensive for what
they do. Is there a solution? Well
obviously, the ideal solution is that
SEBI recognises the points we
have made and tightens up costs.
However, there is a do-it-yourself
solution too, which is what our
cover story is all about.
I’ll be the first one to admit that
this is not a universal solution. If
you are a hands-off investor, then
it may just be too much work for
you to implement. It’s really meant
only for mutual fund geeks.
However, it’s also a fact that
mutual fund geeks are well-
represented in the readership of
this magazine! The fact that you
are a subscriber and reader of
India’s only mutual fund magazine
means that you definitely are
passionately interested in funds
and have a deeper understanding
of them than 99.9 per cent of
Indian savers. Our readers are the
elite of India’s mutual fund
investors and that’s something that
we at Value Research are
immensely proud of.
This is why you must read the
cover story and work out if you
would like to implement the
solution to hybrid fund costs that
we have described. As the story
demonstrates, the cost savings and
the resulting cumulatively high
returns are definitely worth it.
Dhirendra Kumar
Editor
Mutual Fund Insight January 2020 9
 READERS’ VIEWPOINTS

FUND ANALYST’S CHOICE/SCORECARD

Welcome enhancement
I noticed the modified Fund Analyst’s Choice pages.
The inclusion of direct plans is welcome. Retail investors
who invest in such plans can now get their data readily.
One remarkable thing in the SIP graphs is the difference
between regular and direct plans. With direct plans, you
can accumulate more corpus. In the short term, this
trend may not be visible but over the long term, the dif-
ference is substantial. In other words, you would give
away the difference to the distributor. Over five years,
this looks like a high amount. Thus, retail investors who
want to earn extra should look at direct plans. Of course,
that requires some degree of sophistication, which any
serious investor can attain.
– BIHARI

The enhanced Scorecard at the end of the magazine is a

COVER STORY good initiative. The inclusion of direct-plan data in it
will help individual investors study performance better.
Make hay while the sun shines In the last five-six years, direct plans have become more
The reliance on fixed income for retirement is a appealing to the individual investor. Of course, for those
default mode. The idea of equity doesn’t even who have little idea about mutual funds, it may make
cross most investors’ minds. Even young inves- sense to go for regular plans, provided they find a scru-
tors who are accumulating a retirement corpus pulous advisor/distributor. For those who have some
frequently overlook equity. And this avoidance knowledge of mutual funds, direct plans are suitable.
of equity comes with a tinge of assumed smart- With them, one can save on distributor commission.
ness. As your cover story rightly points out, this This saving makes a big difference over the long term.
is a dangerous proposition. One can eat away –JJ
one’s retirement corpus if one invests only in
fixed income.
Many investors will still likely not do any-
thing. That’s because retirement is a ‘future’
thing. You can always keep believing that every-
thing will turn out to be just fine and that all this
hue and cry around retirement is just a passing
phase. Like many developed countries, it’s likely
that inflation will fall significantly hence it won’t
hurt retirees, but nobody can be certain of that.
What if it increases?
So, one shouldn’t turn his back on equities. If
you do, it may be very late when you actually
realise the problem.
– R P GUPTA

COVER STORY
Only death and taxes are certain
Investors evolve various practices to escape taxes, with tax-harvesting one of them. They appear cool and smart but
they are sooner or later plugged by the government. They are also not hassle-free. Sometimes the hassles are so
drastic that they don’t justify the cost saved. It’s better to follow the straight path and not get carried away by the
latest fad. Benjamin Franklin said that only death and taxes are certain. Why try to escape the taxes? Just do the
needful and pay the rest.
– RAMIYAA SITARAMAN

10 Mutual Fund Insight January 2020

 FUND REPORTER
Here comes the first
corporate-debt ETF
The government is going to bring
a debt ETF, called Bharat Bond
ETF, constituting PSU bonds. It
will be managed by Edelweiss
AMC and is supposed to provide
retail investors an opportunity to
invest in PSU bonds at a low cost.
Find its detailed coverage in the
Fund Radar section of this issue.
Essel group makes payment
to three AMCs
Essel Group, the promoter of Zee
Entertainment, has repaid its
dues to HDFC Mutual Fund,
ICICI Prudential Mutual Fund
and Aditya Birla Sun Life Mutual
Fund, with which it had kept Zee
Entertainment’s shares as collat-
eral. The three AMCs received
`167 crore, `267 crore and `840
crore, respectively. The payment
was made after the promoter sold
its stake in Zee Entertainment.
Now ICICI Prudential has no
exposure to the Essel group and
HDFC Mutual Fund is yet to
receive `13.7 crore.
Separately, Aditya Birla
Mutual Fund side-pocketed the
debt exposure of `787 crore to
Adilink Infra, an Essel group
company. Franklin Mutual Fund
marked down its exposure of
`493 crore to Essel Infraprojects
by about 50 per cent after the
credit rating of the issuer was
downgraded.
SBI Mutual Fund writes off expo-
sure to Reliance Home Finance
Citing non-servicing of interest,
SBI Mutual Fund has written off
its remaining 25 per cent expo-
sure to Reliance Home Finance.
In June this year, it had written
off 75 per cent of the exposure.
The total amount stands at `800
12 Mutual Fund Insight January 2020
3VHKJOHUNL
Scheme
L&T Resurgent India Bond Fund
-\UKTHUHNLYJOHUNLZ
Schemes Existing Î New
Edelweiss Large Cap Fund Bharat Lahoti Î Bharat
Lahoti, Hardik Verma
Essel Equity Hybrid Fund Saravana Kumar, Manav
Vijay & Archit Shah Î Saravana Kumar
Essel Long Term Advantage Fund, Essel Large &
Midcap Fund Manav Vijay Î Saravana Kumar
IIFL Focused Equity Fund Prashasta Seth Î Mayur
Patel
Indiabulls Arbitrage Fund Vikrant Mehta, Veekesh
Gandhi & Malay Shah Î Vikrant Mehta, Veekesh
Gandhi & Vishal Ashar
Indiabulls Dynamic Bond Fund Vikrant Mehta &
Malay Shah Î Vikrant Mehta
Indiabulls Liquid, Indiabulls Short Term, Indiabulls
Savings Fund Vikrant Mehta, Sourabh Sharma &
Malay Shah Î Vikrant Mehta
5HTLJOHUNL
Existing scheme name Î Revised scheme name
Aditya Birla Sun Life Short Term Opportunities
Fund Î Aditya Birla Sun Life Short Term Fund
ICICI Pru Asset Allocator Fund Î ICICI Pru Asset
Allocator Fund (FOF)
ICICI Pru Debt Management Fund Î ICICI Pru
Debt Management Fund (FOF)
ICICI Pru Global Advantage Fund Î ICICI Pru
Global Advantage Fund (FOF)
ICICI Pru Global Stable Equity Fund Î ICICI Pru
Global Stable Equity Fund (FOF)
crore. As many as 12 SBI Mutual
Fund’s schemes, mostly closed-
end, had exposure to the compa-
ny.
HDFC Credit Risk Fund marks down
its exposure to Simplex
Infrastructures
After a credit-rating downgrade,
HDFC Credit Risk Fund has
marked down its exposure to
Simplex Infra from `124 crore to
`106 crore. The exposure consti-
tutes less than 1 per cent of its
assets.
Date New load
Dec 9, 2019 1% for redemption within 365 days
Indiabulls Nifty 50 Exchange Traded Fund,
Indiabulls Value Fund Vikrant Mehta, Veekesh
Gandhi & Malay Shah Î Vikrant Mehta, Veekesh
Gandhi & Rajeev Desai
Indiabulls Savings Income Fund, Indiabulls Tax
Savings Fund, Indiabulls Equity Hybrid Fund
Vikrant Mehta, Veekesh Gandhi & Malay Shah Î
Vikrant Mehta & Veekesh Gandhi
Shriram Hybrid Equity Fund Rohit Kumar
Gautam,Kartik Soral & Gargi Bhattacharyya Banerjee
Î Rohit Kumar Gautam & Gargi Bhattacharyya
Banerjee
Shriram Long Term Equity Fund, Shriram
Balanced Advantage Fund, Shriram Multicap Fund
Rohit Kumar Gautam & Kartik Soral Î Rohit
Kumar Gautam & Gargi Bhattacharyya
Banerjee
ICICI Pru Moderate Fund Î ICICI Pru Moderate
Fund (FOF)
ICICI Pru Passive Strategy Fund Î ICICI Pru
Passive Strategy Fund (FOF)
ICICI Pru Regular Gold Savings Fund Î ICICI
Pru Regular Gold Savings Fund (FOF)
ICICI Pru Thematic Advantage Fund Î ICICI Pru
Thematic Advantage Fund (FOF)
Muthoot Finance to buy IDBI AMC
Muthoot Finance, India’s leading
gold-loan company, is planning to
acquire IDBI Mutual Fund. The
`215 crore deal is estimated to be
finalised by February 2020.
(UUV\UJLTLU[Z
Tata Mutual Fund
Merges Tata Corporate Bond
Fund into Tata Short Term
Bond Fund.
 FUND RADAR

E-KYC rebooted
The reintroduction of e-KYC can expedite the growth of industry’s assets
and make the KYC process painless

W
hen it comes to first-time investment in In order to ensure client’s privacy, the following
mutual funds, KYC (know your customer) steps will be taken, among others:
documentation is a major pain point. If you z The Aadhaar number won’t be stored with KUAs or
are going through the direct route, you will have to sub-KUAs.
visit the office of an RTA (registrar and transfer agent) z For sharing of e-KYC data with a sub-KUA, the KUA
or the AMC in which you want to invest, fill up a form, will have to obtain special permission from the UIDAI.
and wait till your KYC is processed. Then only you can z A KUA cannot share e-KYC data with other KUAs.
start investing in mutual funds. Of course, KYC is a No investment limit has been mentioned in the
one-time process, so once you have passed through the circular. So, it’s likely that there is no upper limit.
KYC ordeal, you can invest in any
AMC’s scheme. The significance of e-KYC
For about three years, you could It is yet to be seen how e-KYC will
use your Aadhaar card to invest up get operationalised but it will be a
to `50,000 per fund house. But the step in the right direction. Its
Supreme Court struck down this reintroduction will boost the growth
facility, citing privacy concerns. of direct plans. Apart from
Lately, the regulator has come up enhancing convenience of
with revised guidelines on e-KYC transacting, e-KYC will be an
and tried to address the concerns. essential enabler in the otherwise
SEBI registered intermediaries will automated chain of investments.
now be able to make use of Aadhaar- With it, any informed investor can
based e-KYC. The process involved seamlessly invest in mutual funds.
is as follows: The current in-person verification
A COMEBACK TALE
z Entities in the securities market is the only impediment in the KYC
can register themselves with the ` For a brief period, it was possible process. It discourages the first-time
UIDAI as KYC user agency (KUA). to invest `50,000 per fund house investors above all. Other factors
Such entities can then do Aadhaar- through Aadhaar-based e-KYC. crucial for making online
based KYC. As an investor, you can investments are already in place.
` The Supreme Court ordered
get your KYC done by visiting a discontinuation of the practice, citing The internet has reached the masses
KUA’s website. privacy concerns. and fund houses have the necessary
z SEBI-registered intermediaries/ digital infrastructure. The awareness
mutual fund distributors who want ` SEBI has now come up with a about mutual funds is increasing,
to undertake Aadhaar-based new e-KYC method that doesn’t with AMFI’s ‘Mutual Fund Sahi Hai’
authentication will have to get into compromise one’s privacy. initiative becoming popular. Thanks
an agreement with a KUA and ` The new mechanism requires entities to financial websites like www.
register themselves with the UIDAI in the securities market to register valueresearchonline.com, mutual
as sub-KUAs. as KYC user agencies (KUAs) to fund data and research are just a
z KUAs and sub-KUAs will be undertake the e-KYC process. click away.
provided e-KYC details from the Currently, 89 per cent of the
UIDAI on successful Aadhaar ` Distributors and other intermediaries population (116 crore) has Aadhaar.
authentication carried out through a
can register themselves with KUAs This statistic is more than enough to
and the UIDAI, the Aadhaar issuer, as
one-time password on mobile or depict the potential that e-KYC can
sub-KUAs.
through biometrics. unleash.

14 Mutual Fund Insight January 2020

 FUND RADAR

Bharat’s bond ETF

With its ultra-low cost and high-quality holdings, India’s first corporate debt
ETF, Bharat Bond ETF, is an offering worth considering

T
he Government of India is launching India’s first the 10-year variant can hope for about 7.5 per cent per
bond ETF, called Bharat Bond ETF, investing in annum. But remember that no mutual fund, including
AAA rated bonds of select public-sector Bharat Bond ETF, guarantees returns. Still, investors
companies (see the table ‘Constituents of Bharat Bond can expect to earn slightly higher returns than a bank
ETF’). Edelweiss Mutual Fund will be managing it. FD. And with better tax treatment, those returns get
The government has a threefold objective behind this bumped up a bit more. To put things in perspective,
product. One, to deepen the liquidity of the Indian debt SBI fixed deposits of three-year and 10-year durations
markets and provide a gateway for easy retail are both currently yielding 6.25 per cent.
participation. Two, to solve investors’ dilemma of Transparency: There will be daily portfolio disclosures
picking premium bonds. Three, to help the underlying on an independent website. On that front too, it scores
PSUs raise funding for their operations. over the conventional debt funds which disclose their
portfolios once a month.
What is the product? Tax efficiency: As with other debt mutual funds held for
It is an exchange-traded fund, whose units can be more than a period of three years, investors will be able
bought and sold at the stock exchange. It will have two to get the benefit of indexation here. In comparison to
variants: one maturing in three years and the other in your interest from deposits which is taxed at your
10. Upon maturity, the fund will be redeemed and the marginal rate of tax, this ETF, at 20 per cent inflation-
money returned to its investors. adjusted rate, is a better alternative.
The issue size of the three-year variant is set at
`3,000 crore (with the option to extend it by an What about liquidity?
additional `2,000 crore) and for the 10-year variant, it Large investors who wish to buy or sell units worth `25
is `4,000 crore (with the option to extend it by `6,000
crore).
*VUZ[P[\LU[ZVM)OHYH[)VUK,;-
Bharat Bond ETF will have the following PSU bonds
What makes it stand out? Allocations (%)
The fund has a lot of things going for it. Issuer 3Y variant 10Y variant
Low-cost structure: The USP of this fund is its wafer-thin Export-Import Bank 8.00 2.83
expense ratio. At 0.0005 per cent, this bond ETF will
HPCL 4.87 —
be the cheapest mutual fund product in India and one
HUDCO 11.84 —
of the cheapest debt funds in the world. In the debt
IndianOil — 8.00
segment, costs matter a lot and this provides it a
Indian Railway Finance Corporation 1.88 15.01
massive advantage over the more conventional debt-
fund alternatives. With a fairly similar kind of maturity NABARD 14.98 1.48
profile and safe portfolio, even direct plans of Banking National Highways Authority 3.86 14.99
and PSU funds charge about an average of 0.3 per cent NHPC 1.21 1.27
(see the graph ‘Least expensive’). NLC India — 3.92
High-quality portfolio: Because this ETF comprises bonds NTPC 6.65 11.64
issued by government-owned entities, the default risk Nuclear Power Corporation 2.43 6.61
in its holdings is low.
Power Finance Corporation 15.01 6.51
Predictability of returns: The fixed-maturity feature of the
Power Grid Corporation 7.24 15.00
ETF will provide predictability of returns. If held till
REC 15.02 12.73
maturity, the investors of the three-year variant can
Small Industries Development Bank 7.01 —
expect about 6.5 per cent per annum, while those of

16 Mutual Fund Insight January 2020

3PX\PKP[`VMKLI[,;-Z 3LHZ[L_WLUZP]L
Daily volumes as per cent of assets and in rupee terms of the existing When compared with other debt funds, Bharat Bond ETF’s expenses
liquid and gilt ETFs. clearly stand out.
55.94% Lowest Average
Avg daily turnover (% of AUM) 0.39
Avg daily turnover (`)
0.32
26.06 0.27%

18.11 0.20%
0.17

0.20 0.09 0.03 0.10

`50 cr `566 cr `16 cr `15 lakh `17 lakh `6 lakh

ICICI Nippon India DSP LIC MF G-Sec Nippon India SBI ETF 10 0.0005
Prudential ETF Liquid Liquid Long Term ETF Long Year Gilt
Liquid ETF BeES ETF Exchange Term Gilt Debt: Banking Debt: Corpo- Debt: Short Bharat Bond
Traded Fund and PSU rate Bond Duration ETF

One-year average daily turnover as of Nov ’19 and one-year average AUM as of Oct ’19. For Direct-plan expenses. Data as of October 2019.
all liquid ETFs, turnover includes values from both NSE and BSE.

crore or more can directly do transact with the fund
house. Smaller investors would be able to transact on a
stock exchange. Edelweiss AMC claims that it will
ensure adequate liquidity. The reality will be known
only with time.
Presently there are six debt ETFs in the market,
three in the liquid and three in the gilt category. As on
October 31, 2019, these schemes collectively manage
just about `2,400 crore, indicating their struggle to
become mainstream. If we go by their trading turnover
on stock exchanges in the last on year, the liquid
funds have experienced decent volumes but that has
not been the case with the gilt ones (see the graph
‘Liquidity of debt ETFs’).
However, given a different investment mandate and
with the AMC planning to raise a much higher sum of
money, Bharat Bond ETF is not directly comparable
with the existing debt ETF offerings. The AMC is also
planning to come up with the fund of fund (FoF)
variant simultaneously, which will check the liquidity
concerns. The FoF variant will be better for small-ticket
investors or those who do not have a demat account.
Should you invest?
At the time of the ongoing mess in the fixed-income
space, a debt fund that offers a high-quality portfolio,
predictable returns (though not guaranteed) and ultra-
low costs seems attractive. Bharat Bond ETF comes
across as a good option for fixed-income investors,
particularly those whose investment horizon coincides
with the maturity period of its two variants.
If you are interested in its 10-year variant, note that it
can be fairly volatile initially. Its long maturity profile
will make it quite sensitive to interest-rate movements.
But this shouldn’t matter much if you are looking to
hold the fund for the entire 10-year duration.
The NFO period for retail investors is from 13th to
20th December 2019. One can invest in multiples of
`1,000 but only up to a maximum investment amount
of `2 lakh.

Mutual Fund Insight January 2020 17

 HOW I DID IT

‘Money can
be earned
but wealth
has to be
created’

How Anshuman Kumar

accumulated a corpus that’s about
350 times his monthly expenditure

A
nshuman Kumar, 37, is a firm believer in the
power of investing for a brighter future.
“Thinking long term is the only sine qua non
for equity investments but hardly anyone does that,”
starts a clear-minded Anshuman. A travel enthusiast
and an avid reader of financial journals and books, he
likes listening to and following great financial minds,
including Warren Buffet and Charlie Munger. Among
Indian financial icons, he follows Dhirendra Kumar,
Prashant Jain, Sankaren Naren, Nilesh Shah,
Raamdeo Agrawal and Feroz Aziz.
Associated with Allahabad Bank in the clearing
department in Ranchi, this alumnus of the prestigious
Loyola School, Jamshedpur, is presently on leave
because of some health issues. He lives with his
mother, who is a teacher, wife, and his retired father.
During his formative years, even though money
was scarce, his parents fulfilled his demands. “Video

18 Mutual Fund Insight January 2020

games, Hero Ranger bicycle, robots, air used to borrow the magazine from him
guns, etc. I wanted it all,” recalls and gradually started understanding the
Anshuman. value of compound interest and why
However, coming from a middle-class Einstein had called it the eighth wonder
family, or as he describes “neither poor, of the world. The Rule of 72 started run-
nor too rich, just at the sweet spot of ning in my veins and I calculated every-
financial well-being,” he learnt some thing in the investment world based on
important financial lessons early. WHAT WE CAN this rule,” says Anshuman. “I came to
LEARN FROM know that if I give my investments time,
The learning ANSHUMAN KUMAR they would give me everything that I had
Reminiscing his first money lesson, ever dreamed of. It was a very small cost
Anshuman says, “During my childhood, ` Develop the habit of to fulfil my dreams. In fact, it was the
I used to get pocket money and I kept it saving. only cost,” adds Anshuman.
with my grandmother. The best part was He started following Dhirendra Kumar
` There are no short cuts for
that I could withdraw small amounts wealth creation. Be patient. and Value Research. Calling VRO as his
from it anytime without worrying about go-to website for all things investment,
losing my capital. But I never withdrew a ` Invest consistently. Anshuman says, “The simple and
large portion out of the fear that my capi- easy-to-understand investment approach
` Maintain an appropriate
tal might get eroded.” of Dhirendra Kumar was not wishful
asset allocation.
From 2003 to 2009, he completed his thinking; it was logical and backed by
bachelor’s and master’s in computer ` Regularly track your data and, more importantly, patience.”
applications from Birla Institute of portfolio. Exit from a fund His investment journey began in 2004
Technology, Ranchi. During his college that shows extended when his father started an SIP of `2,000
days, he developed a keen interest in the underperformance. in his name in HDFC Equity Fund. After
financial world, especially mutual funds. his professional journey began in 2009, he
Anshuman remembers, “I judiciously followed the gradually increased his monthly SIP contribution to
stock market and used to track the NAVs of mutual `12,000 by including more funds in his portfolio.
funds in the business page of the newspaper.” Talking about his investment in HDFC Equity Fund, a
After passing the bank PO exam, he joined patient Anshuman says, “This investment helped me
Allahabad Bank and then began his real-world under- embark on an amazing investment journey and taught
standing of finance. Recalling his second money les- me how to be disciplined. My investment in this fund
son, Anshuman says, “I understand that the same continues, with not even one SIP instalment being
amount of money has different levels of importance missed till date.”
for different classes of people. For instance, `500 may
mean so much more to a daily wage earner than a Investments
wealthy businessman.” Presently, Anshuman and his wife’s monthly invest-
Nevertheless, his third money lesson emerged as an ment is about `47,000. While his investments include
important milestone. “Initially, during my job, I acted HDFC Equity Fund, Kotak Emerging Bluechip Fund,
greedily in the stock market. I bought a few stocks, Kotak Standard Multicap Fund and DSP Small Cap
made money, lost money but in the process, I learnt Fund, his wife’s investment portfolio comprises Aditya
that greed never helps and the stock market is a big Birla Sun Life Equity Fund, HDFC Mid-Cap
equaliser. It can break your ego in no time,” accepts Opportunities Fund and HDFC Small Cap Fund. Also,
Anshuman. “Today when I look back, I feel that the they invest `3 lakh (`1.5 lakh each) in Axis Long Term
money I lost in the stock market was a kind of fees for Equity Fund in three instalments of `50,000 spread
teaching me what not to do to get rich. Since then, I over a financial year. At times, they also invest lump
have not lost a penny in shares,” he adds. sums but only in ICICI Balanced Advantage Fund. They
chose this fund because of its stable allocation, which
The first brush is able to reduce volatility. Further, they also make a
In 2004, he was introduced to Mutual Fund Insight by one-time investment in liquid funds in the case of any
his father’s friend and his family’s financial advisor. “I windfall gains and then do an STP to equity funds.

Mutual Fund Insight January 2020 19

 HOW I DID IT
Anshuman’s goals range from building a retirement
corpus of about `5 crore, of which he has already
accumulated `50 lakh, taking international and
domestic trips every few years, buying a car and pre-
paring for any medical emergencies. For the last, he
has already accumulated `10 lakh and aims to contin-
uously add more. The current annualised growth rate
of his portfolio is around 14 per cent.
The criteria he uses while selecting a fund are
based on his risk profile, investment horizon, fund
manager’s consistency and pedigree of the fund. He
has also created boundaries within his asset alloca-
tion. Sixty per cent of his corpus is in large-cap,
multi-cap and ELSS funds; 25 per cent in mid-cap
funds; and 15 per cent in small-cap funds.
But what does a sorted Anshuman do if his funds
underperform? “When my fund does not perform for
a few quarters, I first compare it with both
its peers and benchmark. Unless my con-
viction in the fund manager changes, I usu- ¸3PRLL]LY``V\UNWLYZVU0[VVKYLHT[VM
ally give it at least two years,” says ILJVTPUNYPJO^P[OV\[OH]PUN[V^VYRHSV[MVY
Anshuman.
P[;VKH`OH]PUNTVYL[OHU[PTLZT`
He follows a 90:10 equity-debt asset allo-
cation. The way he has devised this asset TVU[OS`L_WLUZLZPU]LZ[LKPUT\[\HSM\UKZ
allocation makes for an insightful approach.
“My personal asset allocation is a function
of multiple factors. Any money not needed for five
years goes into equity funds. This is because for lon-
ger-duration goals, I am prepared to allocate to a
more volatile category of funds,” says Anshuman. His
debt allocation comprises liquid funds. It is meant for
any medical emergencies that may arise due to his
health issues. His job profile and family’s financial
background also have a bearing on his asset alloca-
tion. “My government job is like a very safe debt
fund. So, it gives me the flexibility to take a consider-
able degree of risk. Also, my wife is associated with a
wonderful IT company, which brings a lot of financial
stability. All these factors let me stick to this asset
allocation,” says the clear-headed investor.
Anshuman likes being the owner of a company rath-
er than a trader of its stock. Although he hasn’t been
much into stocks lately, he has about `2 lakh invested
in direct equity. He doesn’t invest more than this in
stocks. He feels that having a limit on stock investing
keeps his belief in mutual funds intact and his action or
emotion-based investing in check. His current stock
holdings include Coal India, Asian Paints, Power Grid,
L&T, Reliance Capital, Tata Steel and Tata Motors.
As for his insurance, Anshuman and his wife both
20 Mutual Fund Insight January 2020
have employer-provided medical and life insurance. He
also wanted to get a personal cover to avoid dependence
on his organisation. But owing to his health issues, he
doesn’t enjoy this freedom, “This clips my wings to fly,
just a bit,” says the investor sadly.
Helping others
He likes making financial plans for his closed ones. To
enhance his knowledge regarding different aspects of
financial planning, he has been actively giving various
exams in related fields.
“Money can be earned but wealth has to be created”
is Anshuman’s adage in life. He feels that most people
know the art of making money but do not have the
knowledge to create wealth. And he likes to be the per-
son who bridges the gap, as he himself had once been
at that place. And he is not someone who just speaks.
[OH[VIQLJ[P]LVMSPMLZLLTZULHY¹
With his knowledge and experience, he has been
empowering many of his family members and friends.
During 2013-14, he ran a website for a year under
an initiative by Google to gauge how much people
would be interested in taking his help for their invest-
ments. Through the website, he understood the kind of
help people were looking for. “Presently, I am actively
helping over 75 families achieve their goals through
mutual funds,” says a satisfied Anshuman.
A famous person once said, “To get rich, you have
to be making money while you’re asleep.” Anshuman
is quite a real-life example of the quote. Developing a
habit of saving early in his life, Anshuman now has
become the master of his money, which works for
him day and night. He feels having sufficient money
gives him clarity of thought and freedom of choice. “I
was 22 when all this started and like every young
person, I too dreamt of becoming rich without having
to work a lot for it. Today, having more than 300-350
times my monthly expenses invested in mutual
funds, that objective of life seems near. I’m sure that
this investment amount will only keep on growing,
thanks to the power of compounding,” signs off an
elated Anshuman.
 SIP SAHI HAI
An Investor Education Initiative
SIPs the digital way
The digital revolution has made investing through SIPs quite easy.
However, do educate yourself in the use of digital means of investing.
I
t’s no news that digital revolution has taken over
the world. With smartphones becoming ubiquitous,
we all have round-the-clock access to the internet.
In fact, many of us would find it difficult to imagine a
life without the internet and smartphones. With rising
digitisation, e-commerce has also grown rapidly, with
many of us even buying groceries, fruits and vegetables
online. Naturally, the financial world has also
transformed dramatically.
However, there are still apprehensions in people’s
minds when it comes to online financial transactions.
For instance, many of us still don’t like to use internet
banking and prefer to visit the bank branch. Cheques
haven’t gone out of fashion yet, even when they require
a couple of days to clear. Though consumers are
increasingly shopping online, many still prefer the
cash-on-delivery mode.
This anxiety about financial
transactions stems from a lack of
knowledge and hesitation to take
the first step. Digital frauds have
also spooked many. Given the
convenience of digital
transactions, it’s worthwhile that
we educate ourselves. Also, the
authorities concerned have
taken steps to make digital
transactions safer. For
instance, many banking
transactions now require two-
factor authentication: you need
to use both your password
and a one-time password.
Mutual funds and SIPs
are not untouched by the
digital revolution. Retail
investors who want to
invest through direct plans can
now simply go to the AMC’s
website to transact, provided
they are KYC-compliant. If they
are not, they can go to a registrar-or-
transfer agent (such as CAMS) or an AMC
office (where they want to invest). In-person KYC is
necessary. However, once you become KYC-compliant,
you can transact online with any AMC. Fortunately, the
idea of e-KYC is again in the works. As soon as it gets
operationalised, you can get your KYC done online. That
will do away with in-person verification, thus further
aiding the swiftness in mutual fund transactions.
AMC websites also allow you to set up an SIP. You
can even give a standing instruction to your bank such
that the SIP amount is automatically deducted from
your bank account every month on a particular date.
This automating of SIPs not just saves effort but also
brings discipline to investing. Of course, it’s also the
ultimate remedy for forgetting!
Today many mobile apps such as Paytm Money,
ETMoney, myCAMS, etc., help you invest in mutual
funds through SIPs. These apps have little or no
transactional costs. Still, many investors don’t
trust them. In reality, these apps just act as a
channel through which your investment is
passed on to an AMC. It’s the AMC that allots
you a folio number and manages your
investment in the end. You can always
approach the AMC for any details of your
investment or for redeeming it. Even if
the app shuts down or is unavailable,
there is no need to worry as you can
directly get in touch with the AMC.
However, do ensure the authenticity
and the credibility of the app.
Digital transactions are the
mainstay for do-it-yourself investors
and for direct-plan investors of
mutual funds. They provide
immense flexibility and ease of
transacting. The only requirement
is that you educate yourself in
their use. Start small. Do small
transactions first and as you
gain more confidence, go the
whole hog. You will
definitely like the
experience.
Mutual Fund Insight January 2020 21
 PORTFOLIO MOVES Motilal Oswal Midcap 30

Mid-cap magic
Over the last one year, the fund has returned 8 percentage points more than the
category and 13 percentage points more than the benchmark
Beating the index One-year returns (as on December 9, 2019)
1200 Fund S&P BSE Mid Cap TRI 13.45% 0.77 5.11
Fund S&P BSE Mid-cap category
Mid Cap TRI
1100

1000
Fund portfolio
Large caps Mid caps Small caps Cash

900
Fund 29.43% 69.59– 0.96
Index 8.48% 64.37
26.98 –
800 Rebased to 1,000
Nov 2018 Nov 2019 Average stocks in the portfolio 24

Sector weights as Fund manager Investment strategy

compared to the index
Overweight Financial, consumer
durable, FMCG, automobiles, textiles
Underweight Chemicals, services,
engineering, construction
The fund has been managed by
Mr Akash Singhania (since July
2017) and by Mr Niket Shah (since
March 2018). They have an experi-
ence of 13 years and nine years,
respectively, in the Indian equity
market.
This fund follows the QGLP
framework: quality, growth, longevity
and price. It invests in companies
which have high quality of business,
management and earnings potential;
high growth with longevity; and
reasonable valuations.

Worked Failed Top bets New entrants

70.6 -19.1 8.5 3.9
HDFC Asset Management Exide Industries City Union Bank Titan Company

60.6 -18.1 7.9 3.9

Bajaj Finance RBL Bank Voltas Kotak Mahindra Bank

35.2 -15.6 7.1 3.8

AU Small Finance Bank Quess Corp CG Consumer Electricals HDFC Bank

23.8 -15.0 7.0 3.5

City Union Bank Eris Lifesciences AU Small Finance Bank HDFC

23.7 -14.9 6.9 3.5

Voltas Varroc Engineering Jubilant FoodWorks Hindustan Unilever

Successful stocks with gains Losing stocks and the amount of Top holdings with the asset Stocks added during Oct–Nov ’19,
(` cr) during Nov ’18–’19 losses (` cr) during Nov ’18–’19 allocations (%) as on Nov 30, ’19 with asset allocations (%)

All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `1,768 crore as on November 30, 2019.

24 Mutual Fund Insight January 2020

 QUICK CHAT Akash Singhania Fund Manager, Motilal Oswal Midcap 30
‘Expect portfolio earnings growth
to be over 20 per cent per annum’
What is responsible for the outperformance by your
fund in the last one year?
We follow a QGLP (quality, growth, longevity, price)
framework of investing, wherein we invest in compa-
nies which have high quality of business, management
and earnings potential; high growth with longevity; and
reasonable valuations. In the past eight reported quar-
ters, the weighted-average earnings growth of the port-
folio has been 23 per cent. During the same period, the
Nifty Midcap 100 reported an earnings decline of 6 per
cent. The managements of our portfolio companies have
displayed high standards of corporate governance, great
execution track record and a growth mindset.
After a rally in large caps, have mid caps
started seeing a turnaround?
Markets are increasingly seeing a trend d
of polarisation, wherein a few stocks
are doing well and we have seen
this trend in large caps. As far as
mid caps are concerned, valua-
tions are still at a premium com-
pared to large caps or their own
longer-term trading history.
However, the key lies in estimat-
ing the future earnings growth. We
believe that with lower interest rates,
corporate tax-rate cuts and stabilisationn
of reforms, earnings growth will signifi-
fi-
cantly pick up from a low and favourable base.
We can see early signs of this turnaround.
Within a focused fund, your top 10 holdings command
about 63 per cent of AUM. Doesn’t that further
increase the risk, especially in a mid-cap fund?
Risk to us means permanent loss of capital, which we
think is minimised with our QGLP framework of
investing. One may argue that concentration of stocks
can increase near-term volatility in performance. We
believe that a focused style of investing leads to higher
returns in the long term. This objective of achieving
superior returns in the long term may, at times, reduce
the consistency of returns in the shorter term due to
inherently volatility in mid caps. However, we have
diversified the portfolio companies across business
models and segments in various sectors to effectively
contain this volatility.
In spite of the fact that you can invest in about 30
stocks, you currently have only 22? Are you not
finding good opportunities in the mid-cap space?
We are spotting interesting bottom-up opportunities in
the mid-cap space. However, we intend to hold around
20 to 25 high-conviction stocks, without diluting the
focus by touching the maximum limit of 30 stocks.
Please comment on the stretched valuations of some
of your holdings.
Valuattions in terms of the price-to-earnings
V
/E) ratio for the overall portfolio are in
(P/E
line with benchmark mid-cap index.
li
However, valuations in terms of
price to earnings growth (PEG) are
cheaper than those of the bench-
mark. On an absolute basis, some
stocks may appear to be expensive
on a P/E basis compared to the
broader market, but if we adjust
the valuations for the quality of
business, management, earnings,
b
g wth prospects, return ratios, leverage,
grow
capital efficiency and corporate governance,
the valuations are reasonable.
What can investors expect from your fund in the next
one year?
The fund has a growth-oriented portfolio, wherein
investors can expect an overall portfolio earnings
growth of over 20 per cent compounded over the next
one year as well as medium to long term, along with
high return ratios and negligible leverage. We believe
that long-term earnings growth is the primary driver
of stock returns and hence maximising the growth
potential with pristine quality as the backbone of the
portfolio will create significant wealth for investors
in the long run.
Mutual Fund Insight January 2020 25
 INSIDE FUNDS

Catching funds in action

Across funds, portfolios tell you a lot about sectors and companies
Top large-cap sells A big no
Worth of current Worth of shares % of total Yes Bank has witnessed an exodus of funds amidst its deteriorating financials.
Company holding (` cr) sold (` cr) equity assets* The share price has also crashed.
ICICI Bank 66,081 268 5.95 3000 No. of shares (lakh) No. of funds Price `400
Bajaj Finance 14,497 20 1.31 232
2400 214 210 217 320
Tech Mahindra 5,994 62 0.54 204
226 224 218
Pidilite Industries 2,522 33 0.23 94 240
1800
Siemens 2,902 22 0.26 132 125 129
102
Indusind Bank 8,608 26 0.77 1200 160
IndianOil 9,018 174 0.81
600 80
Titan Company 5,285 19 0.48
SBI Life Insurance 5,487 26 0.49 0 0
Hero Motocorp 3,526 8 0.32 Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct
2016 2017 2018 2019

Top mid-cap sells Downrated

Worth of current Worth of shares % of total
There is a sharp decline in the number of funds invested in credit-rating
Company holding (` cr) sold (` cr) equity assets*
agencies over the last three years.
RBL Bank 2,449 281 0.22
76
Zee Entertainment 1,148 156 0.10
z CARE Ratings z CRISIL z ICRA
M&M Financial Services 2,104 128 0.19
Honeywell Automation 3,487 121 0.31
48 October-end data
Info Edge 3,883 105 0.35
39
Torrent Pharmaceuticals 2,923 98 0.26
Indian Hotels 4,530 84 0.41 29
23
Abbott India 1,291 77 0.12 17 16
13 12
Castrol India 584 61 0.05 9 10
5
Mahanagar Gas 792 59 0.07
2016 2017 2018 2019

Top small-cap sells Coming to a close

Worth of current Worth of shares % of total
Company holding (` cr) sold (` cr) equity assets* The launch of closed-end funds has virtually come to a halt in 2019,
given SEBI’s stricter regulations.
GFL 51 108 0.00
` 20000 cr z Closed-end z Open-end
Great Eastern Shipping 889 58 0.08
India Cements 322 54 0.03
16000
Ujjivan Financial Services 71 44 0.01
Engineers India 1,320 37 0.12 12000
Rites 173 37 0.02
TV Today Network 291 30 0.03 8000

NIIT 251 28 0.02

4000
Maharashtra Scooters 6 27 0.00
Sterlite Technologies 266 26 0.02 0
Data between September ’19 and October ’19. * Total equity assets of all mutual funds. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

26 Mutual Fund Insight January 2020

Regaining leadership Equity funds: Sector preferences
In 2019, after five years, FIIs have turned out to be bigger buyers of Indian The numbers indicate per cent of diversified-equity-fund assets invested
equity as compared to mutual funds. Most preferred sector Second most preferred sector
` 1.6 lakh crore z Mutual funds z FIIs Third most preferred sector Least preferred sector

Sectors Oct’18 Jan’19 Apr’19 Jul’19 Oct’19

1.2
Automobile 6.64 5.61 5.20 4.40 4.80

0.8 Chemicals 5.36 5.52 5.59 5.80 6.22

0.4 Communication 2.13 1.77 1.84 2.22 2.13

Cons Durable 2.76 3.05 3.13 3.27 3.60

0
Construction 8.14 8.14 9.46 9.78 9.12
-40
CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 Diversified 1.52 1.51 1.60 1.65 1.25

Energy 9.04 9.47 9.63 9.23 10.18

Relying on Reliance Engineering 6.27 6.13 6.02 5.80 5.71

Reliance Industries is the major gainer over three years among oil and gas
stocks in terms of increasing its share in mutual fund portfolios.
Financial 23.22 25.23 25.23 26.62 26.40

17.12 FMCG 8.64 8.79 8.20 7.93 8.09

27.45 28.65
7.12 Healthcare 6.56 5.59 5.25 5.15 5.21
Oct 2016 Oct 2019 45.98
8.81
Metals 4.63 3.90 3.98 3.56 3.27
12.95
14.81
9.74
7.52 Services 5.05 5.31 5.54 5.49 5.78
8.63 11.22

% of funds’ equity assets invested in oil and gas stocks Technology 7.96 8.11 7.38 7.23 6.50

Reliance Industries BPCL IOC ONGC

Textiles 2.08 1.87 1.94 1.88 1.76
HPCL Other stocks
The financial sector continues to be the most preferred sector for mutual funds over the
last 12 months, while the energy sector is the second most preferred.

Diversified equity funds vs Sensex

As compared to Sensex’s sectoral allocations, diversified equity funds are underweight on financials, energy, technology and FMCG, among others. They are
overweight on construction, chemicals, metals and healthcare.
45 z S&P BSE Sensex z'LYHUVLÀHGHTXLW\IXQGV

36

27

18

0
Financial Energy Technology FMCG Automobile Construction Chemicals Communication Metals Healthcare

Mutual Fund Insight January 2020 27

COVER STORY

Manage your own

hybrid and save money
In spite of their part
debt exposure, the
expenses of hybrid
funds are around
those for equity
funds. While hybrid
funds do provide
convenience, you
can create your own
hybrid fund and save
on the expenses.

Mutual Fund Insight January 2020 29

 COVER STORY

Omkar Vasudev Bhat highest equity allocation. On the other end of the
spectrum are conservative hybrid funds that invest

M
utual fund investors have to deal
with broadly two asset classes:
equity and debt. Depending on your
goals, both have a role to play in
your portfolio. At Value Research,
we have frequently professed equity
for long-term goals – those that are at least five years
away. Children’s education and marriage, your own
retirement, etc., are classic long-term goals.
Debt is for short-term goals. Unlike equity, debt
carries less risk and hence will not likely cause a capital
loss in the short term. However, this safety comes with
comparatively lower returns than equity. An investor
has to find out the right asset allocation for him, i.e.,
combine equity and debt in the right proportion. To
fulfil your equity and debt requirements, you have
equity and debt funds.
The convenience of hybrid funds
Hybrid funds, as their name suggests, combine both
equity and debt in various proportions. For someone
who wants the convenience of readymade asset
allocation, they can be a good choice. Currently, you can
invest in seven types of hybrid funds (see Scoreboard
fund classification towards the end of this magazine).
Aggressive hybrid funds invest 65–80 per cent in equity
and the rest in debt. Among hybrid funds, they have the
10–25 per cent in equity and the rest in debt. You also
have other types such as multi asset-allocation funds,
equity-savings funds and so on.
Hybrid funds can solve the problem of asset allocation
for many investors. If you are happy with the equity–
debt split of your hybrid fund, by buying just one fund,
you can get advantage of both equity and debt in the
desired proportion. What’s more, you don’t have to
maintain that proportion as the fund manager will do
that for you.
Aggressive hybrid funds are ideal for first-time
investors. Because newcomers have limited experience
of tolerating market volatility, such funds naturally
contain the volatility in equity with their debt allocation.
These funds tend to fall less than pure equity funds and
hence help novice investors digest the market’s ups and
downs. Return-wise they are not far from their pure-
equity counterparts.
But what about the cost?
The devil is in the detail. While hybrid funds do provide
convenience of asset allocation, they charge a premium
for that. Their expenses are like those of their equity
counterparts in spite of a sizeable debt allocation.
Logically, the more the debt portion in their asset mix,
the closer their expenses should be to those for debt
funds. However, that’s not the case. As the graph titled

As expensive as equity
The expenses of most hybrid funds are around those of multi-cap funds in spite of their part debt holdings.
REGULAR PLANS DIRECT PLANS
2.44%
2.35 1.3%
2.24 2.24
2.2 2.18 1.18
1.14
1.01 0.99
0.94

Multi Multi Cap Aggressive Dynamic Conservative Equity Multi Conservative Multi Cap Dynamic Equity Aggressive
Asset Hybrid Asset Hybrid Savings Asset Hybrid Asset Savings Hybrid
Allocation Allocation Allocation Allocation
Data as of October 2019. Expenses for open-end schemes with growth option.

30 Mutual Fund Insight January 2020

 UTI TEEN KA DUM
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UR ER
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TAX G
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along with wealth creation, life insurance coverage@ and personal accidental
coverage, and a peaceful life after retirement.

SOLUTIONS
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Invest today!
SMS “SAVETAX” TO 5676756 I www.utimf.com
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of the amount invested in equity linked saving scheme (ELSS) up to `1,50,000/- (along with other prescribed investments) under Section 80C of the Income Tax Act, 1961. Subject
to prevailing tax laws.
Systematic Investment Plan (SIP) is a process for disciplined investment of a certain amount on a pre-decided date in a specific mutual fund scheme, regularly over a period of time.

UTI Retirement Benefit Pension Fund UTI Long Term Equity Fund (Tax Saving) UTI Unit Linked Insurance Plan
This product is suitable for investors This product is suitable for investors This product is suitable for investors
who are seeking*: who are seeking*: who are seeking*:
- Long term capital appreciation - Long term capital growth - Long term capital appreciation
- Investment in equity instruments (maximum-40%) - Investment in equity instruments of companies - Investment in equity instruments
and debt/money market instruments that are believed to have growth potential (maximum-40%) and debt instruments
Investors understand that their principal
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them. will be at moderately high risk

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
 COVER STORY
ADVANTAGES OF DIY HYBRID
z Potentially higher returns
z Lower expenses
z Flexibility of choosing equity and debt funds
z Flexibility of asset allocation
‘As expensive as equity’ suggests, the median expenses
of the various categories of hybrid funds are not very far
from the median expense of multi-cap funds, the classic
equity funds. In December 2018, the regulator had
capped the expenses that mutual funds can charge
based on their assets. Broadly, now expenses taper as
the assets rise. This change was also welcome as it
lowered the cost of investing in mutual funds. But one
category of funds that perhaps requires a deeper
scrutiny was hybrid funds.
An alternative model
Any mutual fund investor knows that costs have a
direct bearing on returns. Over the long term, small
percentages can swell to become large numbers. Of
course, fund costs shouldn’t be the only criterion for
picking a fund, yet all things
being equal, one
shouldn’t ignore fund
expenses. But how do
you cut the expenses of your hybrid?
By scratching your own itch.
Any enterprising investor can create a
hybrid fund of his own by combining a
multi-cap fund and a short-duration debt
fund [let’s call it the ‘do-it-yourself’ (DIY) hybrid].
By doing so, one can benefit from the lower expenses
of the debt fund. If you are a risk-averse investor, a
Nifty-based index fund can take up the place of the
equity fund. Since index funds have very low costs,
your DIY ‘hybrid’ fund can have much lower
expenses than the readymade one.
Of course, a readymade hybrid fund provides
you flexibility and tax efficiency. When your fund
manager rebalances the portfolio, he doesn’t have
to pay any tax but if you are doing it on your own,
you will have to. So, given these, is there a case
for a DIY hybrid fund? We analyse conservative
hybrid funds across various facets to analyse
the investment worthiness of a DIY hybrid
fund. These funds invest only 10 to 25 per cent
32 Mutual Fund Insight January 2020
ADVANTAGES OF READYMADE HYBRIDS
z Convenience
z Tax-efficiency
z More hands-off
of their assets in equity and the rest in debt. In spite of a
sizeable debt allocation, their expenses are similar to
those for equity funds. Hence, they make for the best
choice for our analysis.
DIY hybrid fund vs conservative hybrid fund
In order to compare the DIY hybrid with an existing
conservative hybrid fund, we considered the
conservative hybrid funds of the AMCs given in the
graphic ‘DIY hybrid vs conservative hybrid’, given at
the end of this article. These are the only AMCs whose
conservative hybrid funds and diversified equity funds
both are at least seven years old. Now, to create our own
hybrid funds, we took a multi-cap fund
and a short-duration fund from the
same fund houses. If a multi-cap
fund was not available, we took a
large and mid-cap fund; and if a
short-duration fund was not
available, we considered a fund
with lower duration. The equity-
debt allocation was taken as
25:75. Only regular plans with
growth options were taken.
We then compared the
expenses and returns of the ‘DIY
hybrid funds’ and the conservative
hybrid funds for the last seven years,
from January 2012 to January 2019,
with rebalancing carried out in
January every year. We assumed a
one-time investment of `1 lakh at the
start of the period.
The graphic ‘DIY hybrid vs
conservative hybrid’ details the
difference in expenses between the
conservative hybrid funds and the DIY
hybrid fund. On average, a conservative
hybrid fund charges 0.78 percentage
points more than our DIY hybrid fund.
In terms of performance, the DIY
hybrids outperformed their
corresponding conservative hybrid
 0.55% pt 0.78% pt
Average post-tax outperformance of Average difference between the expenses
DIY hybrids over conservative hybrids of a conservative hybrid and a DIY hybrid

funds in 16 out of 18 cases under consideration. The investor, you don’t have any such restriction. You can
average pre-tax outperformance of the DIY hybrids was invest in funds from different AMCs and get the best
about 0.65 percentage points per annum. As stated funds, which could further boost your overall returns.
earlier, a DIY hybrid would require yearly rebalancing. In terms of asset allocation, hybrid funds are bound
So, you will have to sell part of the equity or debt by their mandates. Your DIY hybrid doesn’t have any
component that has gained and buy the one that has such restrictions. You can invest in any debt-equity
lost in value in such a way that the original equity–debt proportion of your choice.
allocation of 25:75 is restored. This selling would If you can handle an online investment account,
require you to pay tax. rebalancing might take a few minutes of your time per
For equity, one has to pay the long-term capital-gains year! You can also create your portfolio on www.
tax of 10 per cent of the gains above `1 lakh. In order to valueresearchonline.com to get an instant idea about
make our analysis rigorous, we did not consider the `1 how much rebalancing is to be done. In many cases, you
lakh exemption. For debt, your capital gain would may not have to even rebalance; you can maintain
be a short-term gain and would be taxed the desired allocation by inflows alone. Just
according to your tax slab. In our What invest more in the asset class that has
analysis, we considered the should you do? fallen in value such that your
highest tax slab of 30 per cent. The final call rests with you. By desired allocation is achieved.
Even after taking the tax creating your own hybrid fund, you can
effect into account, the DIY save on expenses. But this comes at the cost
hybrids outperformed the of convenience. When you create your own
conservative hybrid hybrid, you will have to not only rebalance
funds in 16 out of the 18 periodically, but also pick the right funds and monitor
cases. The graphic ‘DIY them. If either of your debt or equity funds goes
hybrid vs conservative haywire, you will have to replace it. The reward will be
hybrid’ captures the in terms of less expenses and hopefully better returns.
analysis. If you choose to go with the readymade hybrid,
Overall, the DIY your fund manager will take care of rebalancing
hybrids outperformed the and there will be no capital-gains taxes unless
conservative hybrids by 0.55 you sell. By picking a couple of good
percentage points per annum hybrids, you can virtually be on
post tax. While this difference an autopilot.
might not look substantial, over very
long periods, such as 15 or 20 years, the
impact will be much more pronounced, thanks to the
power of compounding.

Wait... there’s more

The message is quite clear: by creating your own
hybrid, you can save on expenses and get better returns
as well despite the taxation. This analysis is food for
thought for fund houses to rationalise their hybrid-fund
expenses. The DIY hybrid has many other positives.
In our analysis, we considered the multi-cap and
short-duration funds from the same fund houses. As an
 COVER STORY
DIY hybrid vs conservative hybrid
Here is how the DIY hybrids and the conservative hybrids of the AMCs considered have performed over seven years, along with the difference in their current expenses
Expense ratio (%) 7Y returns (% pa) Worth of `1 lakh
Conservative hybrid Difference Conservative hybrid Conservative hybrid
DIY hybrid DIY hybrid DIY hybrid

Aditya Birla Sun Life Mutual Fund 1.87 0.53 7.81 2,12,080
1.34 8.07 2,17,197

Baroda Mutual Fund 2.08 0.46 5.73 1,74,641

1.62 6.63 1,89,936

BNP Paribas Mutual Fund 2.2 0.72 6.25 1,83,341

1.48 7.15 1,99,483

BOI AXA Mutual Fund* 2.32 0.78 5.87 1,76,820

1.54 6.24 1,83,139

Canara Robeco Mutual Fund 1.96 0.61 6.01 1,79,185

1.35 6.30 1,84,135

DSP Mutual Fund 2.2 0.93 5.67 1,73,534

1.27 6.86 1,94,195

Franklin Templeton Mutual Fund 2.27 0.73 6.61 1,89,692

1.55 7.75 2,10,953

HDFC Mutual Fund 1.79 1.07 6.82 1,93,442

0.73 7.31 2,02,411

HSBC Mutual Fund 2.29 0.69 6.33 1,84,673

1.60 6.70 1,91,239

ICICI Prudential Mutual Fund 1.97 0.55 7.74 2,10,828

1.42 7.39 2,03,984

IDFC Mutual Fund 2.21 1.13 6.77 1,92,457

1.08 7.32 2,02,733

Kotak Mahindra Mutual Fund 2.21 0.93 6.50 1,87,681

1.28 7.44 2,04,871

L&T Mutual Fund* 2.31 1.24 5.29 1,67,514

1.08 3.98 1,47,797

LIC Mutual Fund* 2.25 0.99 5.01 1,62,994

1.26 6.05 1,79,924

Nippon India Mutual Fund 1.91 0.56 6.87 1,94,403

1.35 7.41 2,04,322

SBI Mutual Fund 1.8 0.67 6.34 1,84,936

1.14 7.59 2,07,781

Sundaram Mutual Fund 2.15 0.84 6.34 1,86,842

1.31 7.59 2,01,419

UTI Mutual Fund 1.79 0.70 7.15 1,99,470

1.10 7.29 2,02,032

Average 2.09 0.78 6.39

1.30 6.95

In a hybrid fund, short-duration and multi-cap funds were taken in the proportion of 75:25. *Alternative funds considered due to the absence of either multi-cap fund or short-duration fund: BOI AXA: large-
and mid-cap fund; L&T: money market fund; LIC: low-duration fund. Regular-plan data. Expenses as of October 2019. Returns for January 2012 to January 2019.

34 Mutual Fund Insight January 2020

 COVER STORY

India’s best
small-cap funds
 COVER STORY
Ashutosh Gupta & Omkar Vasudev Bhat
I
n 2017, the seductive nature of small-cap funds
lured many investors into investing in them
solely for the magnitude of returns that they
had whisked out over one to three years
previously. Recently, when the Nifty and Sensex
have been scaling new peaks, the performance
of small-cap funds has been found wanting.
Over three years (as of November 2019), among equity
funds, the small-cap category stands at the second-last
position in terms of returns (5.44 per cent per annum). Only
pharma funds have performed worse (-0.71 per cent per
annum). Clearly, no one signed up for this. For investors
who had seen more than 50 per cent returns from their
small-cap chap in 2017, this dismal performance is nothing
short of a shocker. However, there’s more to the small-cap
story that investors need to comprehend before making
any decision about their small-cap investments.
The promise
History provides hope. If one looks at the average
calendar-year returns of small-cap funds vs multi-cap
funds, one can see that the small-cap category has had
higher highs and lower lows except for 2013. But the
long-term picture is different. When we take a look at
any seven-year period within the past 11 years (small-
cap funds have become prominent over the last 11
years), the small-cap category has beaten the multi-cap
one every single time (see the graphs ‘The short-term
and long-term factors’).
Despite a poor run in the last couple of years, the
category’s average annual seven-year return stands at an
impressive 16 per cent (the best and worst funds over
The short-term and long-term factors
Over the short term (the first chart), small-cap funds tend to rise/fall more than multi-cap funds during bull/bear runs. However, a comparison of the seven-year rolling returns
(the second chart), from December 2014 to November 2019, of small-cap and multi-cap funds shows that the former have handsomely outperformed the latter.
120%
80
40
0 15
-40
-80
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD
Year-to-date returns as of November 2019
36 Mutual Fund Insight January 2020
this time frame have delivered 24 and 12 per cent,
respectively). Even their volatility, which seems
unpalatable over shorter three-year time spans, is much
in line with that of multi-caps over seven-year periods
(see the graph ‘Antidote to small-cap volatility’).
SIP returns are more useful than trailing or point-to-
point returns while analysing equity funds, including
small-cap ones. That’s so because one should invest in
equity funds through SIPs to get the best results. Seven-
year and 10-year monthly SIP returns of the small-cap
category are still 0.39 and 1.22 percentage points higher
than those of the multi-cap category (see the graph
‘Worth of `10,000 monthly SIP’).
This provides a wider frame of reference for judging
the performance of the small-cap category. There is no
doubt that this category would test your patience but its
potential to compensate for that by delivering
handsomely in the long run stands out.
Is it all sunshine and rainbows?
The prospect of higher returns in small caps makes
investors’ eyes glitter. However, one should also be
aware of the risks associated with small-cap investments.
If you invest in small-cap funds, have at least a seven-
year horizon. This is because small-cap stocks can be
very volatile in the short run. This volatility engenders
from their business models, which are not fully evolved
and have low scales. Small-cap companies also tend to
have high mortality rates.
This uncertainty explains the allocations to
individual companies in small-cap portfolios. While in
a multi-cap fund, the top holdings could command as
much as 8–10 per cent of the assets, in small-cap
funds, this allocation tends to be under 5 per cent.
Multi-cap category Small-cap category
30%
25
20
10
5
Dec 2014 Nov 2019
Rolling returns calculated over period Dec 1, 2007 to Nov 30, 2019
135-19
 COVER STORY

Small-cap portfolios also have more stocks on average

as compared to multi-cap funds and also tend to be Worth of `10,000 monthly SIP
more diversified across sectors. All this is meant to Ten-year SIP returns of small-cap funds are ahead of those of multi-cap funds.
SIP investment Multi-cap fund Small-cap fund
reduce uncertainty and volatility.
` 30 lakh
Large assets could also be a challenge for small-cap `24.6 lakh
funds. That’s because the fund manager may not find 25
sufficient avenues to deploy the assets. Neither can he 20
buy too much into a small company, lest he would `23.1 lakh
15
become a large shareholder and may find it difficult to
exit the stock without suffering a high impact. 10
Thanks to SEBI’s categorisation rules, in order to `12.1 lakh
5
manage liquidity and bring stability to a small-cap fund,
the fund manager can invest up to 35 per cent of fund’s 0
Dec 2009 Dec 2019
assets in large and mid caps.

Choice matters index funds, good small-cap funds have been able to
The universe of small-cap stocks is much wider as provide handsome alpha. This is because stock-picking
compared to the universes of large-cap and mid-cap matters even more in this space. Due to the limited
stocks. As per SEBI’s guidelines, small caps comprise all availability of data and the evolving business models of
companies beyond the 250th company by market small-cap companies, what you pick and what you reject
capitalisation. This wide universe presents both can make or break your returns in this space. This also
opportunities and threats to an investor. The opportunity makes the role of the fund
is the variety of options available. The threat is a lack of For the lay manager even more important. A
information and research on smaller companies. That’s investor, it’s seasoned, experienced fund
why investing through a mutual fund is even more difficult to manager can navigate this space
important with small caps. For the lay investor, it’s gather all the much more skilfully than
difficult to gather all the necessary information about a necessary someone who has limited
small cap. But a fund manager, with greater resources at information experience. Hence, do check the
his disposal, is better placed to invest in a small cap. about a small tenure and experience of the
Tracking a small-cap stock and staying invested in it cap. But a fund fund manager before investing in
during tough times is also a tough job for the individual manager, with a small-cap fund.
investor. Again, taking the fund route helps here. By greater
taking the fund route, you will have a seasoned fund resources at his Asset allocation matters
manager take care of your small-cap investments, track disposal, is Though during indiscriminate
them, replace them with better ideas and so on. better placed to bull runs, it is tempting to invest
At a time when large-cap funds are finding it difficult invest in a in small-cap funds, your
to beat their benchmarks due to the restrictions placed small cap. investments should always be
by SEBI’s reclassification and are fast giving way to guided by your asset allocation
and goals. At Value Research, we have held the view that
multi-cap funds are most suitable for most investors.
Antidote to 11.29% Multi-cap standard deviation
Those who want extra returns and are willing to take extra
small-cap volatility Small-cap standard deviation
A comparison of the
risk for them can also allocate about 15 per cent of their
standard deviation of
7.20%
7.77 portfolio to small-cap funds. But avoid going overboard on
three-, five- and seven-
them. Do have a longer investment horizon. Also, invest in
year returs of
small-cap and multi- small-cap funds through SIPs. Given the volatility in small
4.26
cap funds shows that 3.40 caps, SIPs are the best mode of investment.
the volatility in small- 2.66
cap funds diminishes
as the investment Our choice
period increases.
3Y 5Y 7Y
The following pages have our select list of funds from
Data as of November 2019
the small-cap category along with their detailed analyses.

38 Mutual Fund Insight January 2020


COVER STORY )5$1./,1,1',$60$//(5&26
Consistency is the middle name
The fund’s consistency of returns and stability of fund management are two
highly desirable traits that set it apart from the crowd
Why we like it
Launched in 2006, this is one of
the very few small-cap funds to
have gone through more than one
market cycle, including the severe
bear phase of 2008. Its fund manag-
er, R Janakiraman, has been at the
helm since 2008. This is a big plus
as the experience and tenure of the
fund manager is especially import-
ant in a small-cap fund.
The fund has a low turnover ratio
which, of late, has dropped to just
10 per cent. Janakiraman follows a
classic buy-and-hold approach and
backs it up with nerves of steel. He
is willing to continue with his
loss-making positions for a long
time as long as he thinks his invest-
ment thesis is intact.
The fund may not deliver
chart-busting performance but its
consistency in keeping closely with
the average mark, both in bull and
bear phases, pays rich dividends
over longer time frames. Expand
your horizon to seven years and
the ‘average’ calendar-year perfor-
mance transforms into significant
outperformance.
How it is managed
The bottom-up approach to pick
stocks is at the heart of this fund’s
portfolio. High return on capital,
ability to generate free cash flow,
capable management and the
potential to sustain growth without
much incremental capital are the
key traits it looks for in its constitu-
ents. These, according to the fund
manager, are the kind of businesses
40 Mutual Fund Insight January 2020
5(*8/$5 ',5(&7
 
that can compound their earnings
steadily over a long period of time
at a relatively lower degree of risk.
Valuations are of course import-
ant but never the key consider-
ation. Janakiraman confesses that
his brush with average businesses
available at cheap prices hasn’t
been all that satisfactory.
` 12.43 lakh
Worth of monthly SIP of `10,000 in 7 yrs (`8.4 lakh)
Therefore, those are best avoided.
Trailing returns (% pa)
The large asset size of the 5Y 7Y
fund reflects in the number of Fund 7.05 17.11
portfolio holdings. At 75, the Category 8.05 14.57
number of stocks is among the REGULAR DIRECT
highest in the category. `6,953 cr Jan-06 1.84 | 0.95
According to the fund manager, Assets Launch date Expense ratio (%)
he would ideally like to run a All data for regular plan, as on Nov 30, 2019.
Expense ratio as on Oct 31, 2019.
portfolio of about 60–65 stocks.
But at any given time, 10–15
stocks in the portfolio are either
gradually on their way in or being R JANAKIRAMAN,
pruned out. At that level of AUM,
Vice President,
it can take two-three months to
Franklin Templeton Investments
build a position or liquidate one.
The fund doesn’t tread too deep
into the universe of small-sized
companies. Those with a market
cap of less than `2,500 crore
account for only 15 per cent of the
AUM (as of October 2019) while the
ones lower than `1,000 crore con-
sume less than 4 per cent of assets.
At about `7,000 crore, the
fund is already huge.
Janakiraman believes that this
is not a product which can be
scaled up like a large-cap
fund. But he thinks there is
still runway available to
absorb inflows, more so
now when small caps
have taken a beating.

COVER STORY +')&60$//&$3
A steady ship in rough waters
A relatively conservative alternative in a super volatile category, this fund has
nevertheless given good returns over seven-year time frames
Why we like it
This is a conservative choice in an
otherwise volatile category. Unlike
some of its peers, it doesn’t experi-
ence a meteoric rise in bull markets
(as visible during 2009, 2014, 2017)
but at the same time does pretty
well by containing downside in bear
markets (2011 and 2018). However,
2019 so far has been rough for the
fund, with it losing much more than
the category.
Over seven-year spans, it may
fall behind an average peer after
heady bull runs but catches up
well when small caps experience
mean reversion. An average sev-
en-year return of 17 per cent per
annum in its lifetime is a pretty
impressive feat. You can find
funds which have delivered better
returns than that, but this one fits
the bill for someone who would
like to tread in the risky world of
small caps with some caution.
A big positive about the fund is
its pedigree. HDFC Mutual Fund has
been known for its strong equity
franchise and has produced some of
the finest equity fund managers. So,
what you get is one of the country’s
largest and historically most envied
equity-fund-management unit back-
ing your investment.
A word of caution: though this
fund is comparatively conserva-
tive, if you don’t have the risk
appetite to tolerate the inherent
volatility in small caps, even this
fund is not for you. It is good for
small-cap investors who want a
relatively less volatile fund.
5(*8/$5 ',5(&7
 
How it is managed
The fund ideally aims to invest in
businesses growing at a reasonable
pace with good cash-flow gener-
ation and an acceptable return
on capital. The fund-manage-
ment team consciously avoids
companies where it cannot suffi-
ciently appreciate the risks
` 12.47 lakh
Worth of monthly SIP of `10,000 in 7 yrs (`8.4 lakh)
involved and where it has con-
Trailing returns (% pa)
cerns about corporate gover- 5Y 7Y
nance practices and the treat- Fund 9.15 14.00
ment of minority shareholders. Category 8.05 14.57
The fund doesn’t mind holding REGULAR DIRECT
cash when the fund manager `9,034 cr Apr-08 2.08 | 0.88
believes that valuations are far Assets Launch date Expense ratio (%)
too stretched, or when there All data for regular plan, as on Nov 30, 2019.
Expense ratio as on Oct 31, 2019.
aren’t enough investment-worthy
ideas available at reasonable val-
uations. Its holding of cash and
equivalents has averaged at around CHIRAG SETALVAD,
15 per cent in the last two years and Senior Fund Manager - Equities,
continues to be in double digits.
HDFC Mutual Fund
This has helped the fund protect
the downside very well in 2018.
The fund ranks among the most
diversified ones in its category.
The number of stocks has steadily
gone up from about 50–55 two
years back to 75 currently. With
top five stocks accounting for 14
per cent of the AUM and top 10
accounting for 26 per cent, its con-
centration levels are lower than
those of most of its peers.
Perhaps size constraints
would have had a role here
but diversified holdings
help mitigate the risks of a
few calls going wrong in a
category fraught with
minefields.
Mutual Fund Insight January 2020 41

COVER STORY 6%,60$//&$3
The small-cap trailblazer
By not going below 18 per cent returns in any seven-year period, the fund has
raised the bar for its peers
Why we like it
SBI Small Cap has created solid
wealth for its investors with great
consistency. In any seven-year span
of its existence, its annualised
returns have almost always
remained above 20 per cent and
never gone below 18 per cent.
Despite the poor run of small-cap
stocks in the last couple of years,
its seven-year annualised returns
are at an unbelievable 23 per cent.
Astute stock picking is behind
the fund’s dream run, along with a
high-conviction portfolio. The fund
manager, R Srinivasan, doesn’t like
to hold too many stocks and prefers
to build high-conviction portfolios
of 30 or less holdings. However, the
number of stocks has gone up from
about 30 till early 2018 to around
45 currently. But Srinivasan would
ideally like to consolidate, given the
availability of conviction ideas.
A relatively smaller size in the
category has helped the fund to be
nimble-footed. This has also
enabled it to exit its overvalued
positions fairly quickly, even when
they made its top holdings.
However, rising assets of the
fund can be an impediment to its
agility and focus. Investors should
moderate their return expectations
from here.
How it is managed
A staunch bottom-up approach
centred around the business model,
management quality and valuations
is at the heart of Srinivasan’s suc-
cess. By his own admission, he is
42 Mutual Fund Insight January 2020
5(*8/$5 ',5(&7
 
not much of top-down or a macro
expert but he likes to study compa-
nies under his coverage minutely.
The fund has historically
avoided holding too much in
cash (which is capped at 7 per
cent) and barely invested in large
caps. It is usually quite con-
scious of valuations. Srinivasan
` 17.00 lakh
Worth of monthly SIP of `10,000 in 7 yrs (`8.4 lakh)
likes to buy companies which
Trailing returns (% pa)
are for keeps but as a fund 5Y 7Y
house, they don’t take pride in Fund 15.72 23.09
buying a business if they don’t Category 8.05 14.57
make money out of it. Therefore, REGULAR DIRECT
valuations are very important. `3,035 cr Sep-09 2.29 | 1.03
The fund’s trailblazing perfor- Assets Launch date Expense ratio (%)
mance has led to a rapid rise in All data for regular plan, as on Nov 30, 2019.
Expense ratio as on Oct 31, 2019.
its AUM, which currently stand
at over `2,900 crore. Though it is
still way off the biggest funds in the
category, it is in the higher ranges in
the context of the fund manager’s R SRINIVASAN,
focused investment style. That has Head - Equities, SBI Mutual Fund
led the AMC to put gates on fresh
investments. Only SIP investments
of up to `25,000 per month are cur-
rently allowed. Despite that, AUM
has grown by 155 per cent in the
last one year. And there lies
Srinivasan’s biggest challenge: find-
ing enough stock ideas to run a
high-conviction, small-cap portfolio
is always difficult, more so when
the AUM has had a meteoric rise.
To deal with a rising AUM, he
has increased the number of
stock holdings. He is also park-
ing funds in Nifty futures. This
helps get market exposure till
he finds more promising ideas
and also adds liquidity to the
portfolio.
 6XEVFULEH
1RZ
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 THE PLAN

How young investors

can begin their financial
journey Raghav (26) started work-
ing with an IT company
If you have been into your around 1.5 years back. He
job for a while but haven’t gets a salary of `34,000. In
started saving yet, here is spite of his job tenure, he
has savings of only
what you can do `20,000. This is despite the
fact that he lives with his
parents and doesn’t have
any major responsibilities.
Raghav loves exploring
every new cafe that opens
in the city. Besides, he likes
to go out for concerts and
movies with his friends.
MAKE A BUDGET Raghav has made two sig-
nificant purchases since he
z Spare some z Differentiate
time every between needs and
started working: a motorcy-
month to make wants. A ‘need’ cle and an iPhone. He now
a budget. is something wants to seek our guidance
that you cannot on how he should start sav-
z Try to limit compromise on. A ing and managing money.
‘want’ is what you
your monthly
would like to
He specifically mentioned
expenditure to that he loves traveling and
`10,000 to spend on but it is
`12,000. not necessary. would like to visit new
places often. Here are some
simple steps that will help
him get started.

` START SAVING AND INVESTING

z For your short-term goals, such as z For his long-term
z By starting early, Why aggressive hybrid
replacing your mobile, invest in goals, Raghav
Raghav can accu- funds? Aggressive
ultra-short-duration funds or should start
mulate the required hybrid funds invest
short-duration funds. investing `15,000
corpus faster. around 65-80 per cent of
every month in
the money in equity and
Why ultra-short-duration funds? two top-rated
the remaining in debt.
These funds provide FD-like returns, aggressive hybrid
z Think of your Small exposure to debt
but like an FD, you don’t have to pay funds. This money
short-term (less securities helps to
tax on the interest unless you sell. If can be earmarked
than five years) stabilise equity volatility.
you sell these funds after three years, to a long-term
Hence, they are ideal for
. and long-term goals
(over five years).
you also get indexation benefit,
which reduces your tax outgo.
goal such as
retirement.
new investors.

.
. 44 Mutual Fund Insight January 2020
 ` Why liquid funds? Liquid
AVOID BORROWING SET-UP A TRAVELLING FUND
Raghav has recently bought a credit card In order to fulfil his passion for trav-
from the bank where he holds the salary elling, Raghav can do the following:
account. Although the credit card has
z Invest `4,000 every month in a
been offered to Raghav at no extra
charges, he should note the following: good liquid mutual fund. This way
he will be able to earmark around
`50,000 on an annual basis for
z The interest rate which banks charge
travelling.
on credit cards is usually in the range
of 30-36 per cent.
z Avoid opting for a credit-card EMI
because of its high cost structure. Emergency fund:
Create an
z Even the ‘no-cost’ EMI often has emergency corpus
hidden processing charges. equivalent to at
least six months
z First accumulate the required amount
and then buy something. DON’T of your expenses.
Park it in a mix of
z Do not deviate from your monthly
IGNORE sweep-in FD and
budget, whatever be the credit limit THESE liquid fund.
granted to you.
funds have the potential to
earn slightly higher return
than that from a bank fixed
deposit without
compromising on liquidity.
You do not have to commit
a minimum time period for
which you plan to invest.
You can also withdraw
money anytime from a
liquid fund. It usually takes
one to two working days for
the withdrawn amount to
come to your bank account.
Life insurance: Buy a
term plan when you
have financial dependents.
Health insurance: Buy
sufficient health insurance
of your own even if you
have an employer-
provided one.

WHY YOU SHOULD START INVESTING EARLY

By starting early, you can reap the benefits of compounding, as the illustration below shows.

`
Monthly Investment Rate of Accumulated
If Raghav starts at investment tenure return corpus

26yr `15000 30yr 12% `4.62

crore

`
Monthly Investment Rate of Accumulated
If Raghav starts at investment tenure return corpus

31yr `15000 25yr 12% `2.55

crore
For your queries and expert advice mail us at: ask@valueresearchonline.com

Mutual Fund Insight January 2020 45

 SPOTLIGHT R Srinivasan Head - Equities, SBI Mutual Fund
‘Even in this economic
environment, there are
mid and small caps that
are doing very well’
I
nvestors tend to have a love-and-hate relationship
with small-cap funds. In bull runs, small caps leap
ahead of all and make their investors as proud as a
peacock. However, in slumps, they rush towards the
bottom, making their investors lose sleep. With the Nifty
hitting all time highs but returns from mid and small caps
still remaining subdued, investors are asking if the funds
investing in them are poised for a turnaround. We speak
to R Srinivasan of SBI Mutual Fund about the outlook for
small caps and the challenges of small-cap investing. He
manages SBI Small Cap, a five-star fund, which also fea-
tures in our recommendations.
Small caps are usually the worst hit in an economic
downturn. With the Indian economy still not out of the
woods yet, what’s your view on them as a segment?
I don’t know how to answer this question. To talk
about small caps as a segment is complicated. I don’t
think it’s a homogeneous basket with common
characteristics. The small-cap index, for instance, has
some 700 plus stocks. If you take a call based on index
fundamentals, then you are exposing yourself to a
fallacy of the average, especially since most of this
universe, in absolute numbers, is not even investible.
If you are a top-down guy, I guess, you could presume
small caps will do worse in a falling market and better in
a fast-rising market. But this has largely to do with volatil-
ity, which in turn is a function of flows and liquidity.
We are largely bottom-up. From a long-term-investing
perspective (three to five years), what matters is the out-
look on the business, the quality of management and
valuations. Here, I see no reason to differentiate between
a small cap and a large cap. Even in this economic envi-
ronment, there are mid and small caps that are doing
very well.
Do you think the steps taken so far by the government,
such as the corporate tax cuts, are adequate to revive
growth? Is there anything on your wish list?
46 Mutual Fund Insight January 2020
I hope so! I’m not a macro expert. Corporate earnings
over the last five years have been extremely
disappointing. Our in-house analysis shows this has
been due to a break down in the correlation between
nominal GDP growth (which is already impacted by
lower inflation) and sales growth, a resultant negative
operating leverage, high real interest rates and higher
taxes as a percentage of sales. This was probably
driven by demonetisation, a subsequent GST, the
NBFC and real-estate crisis and more lately the
elections. Taxes have been partly addressed; maybe
there’s a case to address personal taxes. Monetary
policy is easy (for now!) and should address rates. If
sales pick up, hopefully, the operating leverage will
turn positive.
What’s your approach to pick stocks in the small-cap
universe? What are some of those red flags you use to
weed out the minefields which otherwise look
promising going by the numbers?
We practise a stock-selection philosophy that centres
around the business model, management quality and
valuations. That enables us to screen the universe for
aligned parameters such as growth, return on capital,
cash conversion, leverage, fundamental volatility or
valuation multiples. We may choose to make
exceptions here but basically this exercise makes the
universe manageable and aligned to our objectives.
Two, the experience of the team helps in the sense that
an analyst or a fund manager typically has some
history with a majority of the stocks in the universe.
Three, the hundreds of meetings we have as a team
and the multiple reads keep throwing up ideas. Not to
mention that there’s a very smart sell-side out there. liquidity. One way to mitigate this is to focus on higher
On red flags, we run an internal forensic model that probability outcomes. This may, over time, tend the
tries to capture anomalies and prods us to investigate portfolio towards quality.
deeper. Our analysts and fund managers have little
respect for what they know and habitually conduct Do you deploy any strategy to mitigate the risk of
channel checks with competitors and industry folks to investing in small caps? You usually don’t invest much
glean negative insights. Lastly, our generous rejection in large caps, nor do you keep a lot in cash.
policy and a lenient approach towards errors of omis- Well, we are required to own a minimum of 65 per
sions help, I think. cent in small caps. Let’s say 70 per cent, assuming a
buffer. Plus, we restrict cash to 7 per cent of the fund.
What sectors or segments among small caps look On the balance, we are free to own large caps or index
attractive to you at the moment? futures and we do. However, this has never been from
We run a pure bottom-up style of investing, especially a category-risk-mitigation perspective. It is only if and
on mid and small caps. Having said that, we do like when we are short of high-conviction ideas in this
certain themes around aspirational space. We’d like to believe that investors do
consumption, industrial manufacturing and their own risk mitigation by spreading their
market-share shifts. “We’d like to allocation across market-cap categories and
believe that asset classes.
Your small-cap portfolio’s turnover is fairly investors do
high compared to your peers. Our analysis of their own risk You’ve increased the portfolio size to about
your portfolio shifts suggests that you’ve mitigation by 45 stocks. Is it where we expect it to
made deft entry into and exit from many spreading their remain?
stocks but a strict buy-and-hold may not be allocation Right now, we are short of conviction ideas.
your style. Would you agree? What are across market- So, I guess yes. But, our desire would be to
usually your triggers for entry and exit? reduce the number of holdings.
cap categories
Our reported portfolio turnover is distorted
by the rollover on derivatives. The net equity
and asset But even at 45 holdings, yours is a relatively
turnover is low and below 30 per cent for the
classes.” more high-conviction portfolio in the
last one year. universe of small-cap funds. What kind of
I presume you derive your conclusion from guidelines do you have on stock- and sector-
our holding period for the recent top holdings. They did level concentration?
undergo a bit of a churn after an outlier performance in Rather, I’m concerned the portfolio is not high
the small-cap bull run. This was to reduce the impact of conviction enough. You may be right from a relative
mean reversion, given excessive valuations. We do not peer-set perspective. We do have guidelines on stock-
expect it to be a regular feature. and sector-level concentration but I must confess they
are extremely flexible.
Despite the restrictions on fresh inflows, the AUM has
continued to increase rapidly. Is that a concern? You have a fair spread of some of SBI’s flagship funds
Yes. In this space, a rising AUM is almost always a to manage — Hybrid Equity, Small Cap, Focused
concern because it aggravates liquidity risks, reduces Equity. How difficult is it to keep track? How do you
the investible universe and increases the number of divide your time?
holdings. Believe me, the larger the size of funds, the easier it is
to manage it. That’s because the investible universe
How much does the liquidity of underlying stocks goes down significantly. And, there’s so much research
worry you? and analysis out there on large caps. Yes, the pressure
Well, technically the liquidity of the underlying should is greater but not so with time. Rather, I’m sure I spend
be a cause of worry. But, practically speaking, it’s not. a lot more time on mid and small caps. More
Our investor base is highly fragmented and as a house, importantly, it’s not about me. We have a large and smart
we haven’t seen unmanageable redemptions even in research team and strong internal processes. Whether I do
the worst of times. Nevertheless, we are worried about or do not keep track, the team always does!

Mutual Fund Insight January 2020 47

 ASK
EXPERT ADVICE
Debt funds as good as a FD
Which category of debt funds should I
choose for the money that I have planned
VQKPXGUVKPCſZGFFGRQUKV!+YCPVCDUQNWVG
protection of my money.
– K. VENKATA
You don’t have
You can consider ultra-short-duration
to pay tax on
funds, liquid funds and short-duration
your debt funds
funds. They will likely provide you
unless you sell.
returns superior to those from a fixed
But whether
deposit. Debt funds will also provide you
you exit your FD superior liquidity and tax efficiency.
or not, the However, when it comes to absolute
interest earned protection of your money, these debt
is taxable funds will provide you reasonable protec-
annually tion but they still carry market risk. Also,
according to keep in mind that mutual funds do not
your tax guarantee returns.
bracket.
2/5QTITCFWCNN[UJKHVKVVQ
Investing more than needed in a
tax-saving fund
I am currently investing in a multi-cap fund
DWVJCXGTGEGPVN[TGCNKUGFVJCVVJGVCZUCX-
ing version of the same fund house is
giving more returns than the multi-cap one.
+UKVſPGVQUYKVEJO[KPXGUVOGPVCPF5+2U
VQVJGVCZUCXKPIHWPFLWUVDGECWUGQHKVU
RGTHQTOCPEG!
– HARIBABU
In tax-saving funds, fund managers have
more flexibility to manage the money
Don’t invest because of the three-year lock-in period.
more than `1.5 They can plan their portfolio better since
lakh in tax- they are almost certain that the money is
saving funds as likely to stay with them for three years or
you would be more. However, there isn’t any conclusive
unnecessarily evidence that tax-saving funds consistently
compromising perform better than other multi-cap funds
on liquidity (see the chart). By investing extra in a
tax-saving fund, you would be compro-
mising on the liquidity of your invest-
ment. So, avoid investing more than the
required `1.5 lakh in a tax-saver.
50 Mutual Fund Insight January 2020
5V[T\JOKPMMLYLUJL
In spite of their lock-in, the returns of ELSS funds
are near those of multi-cap funds
„ ELSS „ Multi-cap
   


 
@ @ @ @
All figures in %. Data as of November 2019.
PMS or mutual funds
I have lately realised that I am more com-
HQTVCDNGYKVJOWVWCNHWPFU+JCXGCEEW-
OWNCVGFCEQTRWUKPUVQEMU5JQWNF+JCPF
that portfolio over to a portfolio manage-
OGPVUGTXKEG
OWVWCNHWPFU!
– R B SINGH
Shifting to mutual funds would be a bet-
ter choice simply because they are more
tax-efficient. When you invest through a
PMS, all the short-term gains (gains made
within one year of making the investment)
will be subject to a 15 per cent capi-
tal-gains tax. A PMS is nothing but giving
power of attorney to an individual to act
on your behalf and every transaction will
be considered as yours. On the other
hand, in the case of mutual funds, selling
of shares by the fund manager is not sub-
ject to the capital-gains tax. You will have
to pay the capital-gains tax only when you
sell your mutual fund units.
Besides, mutual funds are more intense-
ly regulated and much more transparent,
with their details easily available on web-
sites like that of Value Research. A PMS is
also regulated but no inference can be
drawn from its performance because its
unique for every investor.
How to start investing in mutual
funds
+JCXGPGXGTKPXGUVGFKPOWVWCNHWPFU*QY
FQ+UVCTVFQKPIVJCV!1TECP[QWUWIIGUV
CP[QVJGTIQQFKPXGUVOGPVRNCP!
– NEETU
You need to first decide the time frame for
your investments. No matter whether it is
a regular surplus that you are able to save
on a monthly basis or it is a lump sum
that you have accumulated, you first have
to decide the duration – whether you
would need the amount within a few
months or within a few years.
If you have a lump sum that you don’t
require at least for five years, then invest it
in an aggressive hybrid fund and spread
the investment over 10–12 months. On the
other hand, if you save your money every
month, start an SIP in an aggressive hybrid
fund. This is the best way to invest money,
as you would be able to average out your
investments. Just decide the amount that
you would be able to conveniently spare
every month and start an SIP.
But make sure that you invest only in
an aggressive hybrid fund during the ini-
tial years. Do not invest in pure equity
funds or funds that have recently given
high returns as a high rise is usually fol-
lowed by a high fall. With its debt alloca-
tion, an aggressive hybrid fund can con-
tain a fall in the market better than pure
equity funds and hence help you gain
trust in the market.
Also, as a first-time investor in mutual
funds, you will have to get your KYC
done. It’s a physical form that you can
submit, along with your first investment,
at the office of any mutual fund company.
A webinar series to discuss
savings and investment issues
and answer your questions
;VWVZ[`V\YX\LY`]PZP[! www.ValueResearchOnline.com/Hangouts
You can get the contact details of mutual
fund agents by entering your postal pin-
code on the website of AMFI, the associa-
tion of mutual fund companies. For first-timers,
aggressive
Taxation of mutual fund divi- hybrid funds
dends are the best
+JCXGVYQSWGUVKQPU(KTUV+YQWNFNKMGVQ
choice to
MPQYYJGVJGTRGPUKQPGTUCTGGNKIKDNGHQT
experience
UVCPFCTFFGFWEVKQP!#PFJQYKUVJGOQPVJ-
N[FKXKFGPFHTQOOWVWCNHWPFUVCZGF!
equity with less
– ANONYMOUS volatility
Yes, pensioners are also entitled to the
standard deduction of `50,000.
With regard to your second question,
all dividends are subject to the divi-
dend-distribution tax even before they
are passed to you. For example, if an
equity fund is giving a dividend of `10,
you will actually get `9 because the divi-
dend distribution tax of 10 per cent is
deducted before you get the amount. It is
effectively your cost. Likewise, in debt
funds, the dividend distribution tax of 29 Mutual fund
per cent is deducted beforehand. dividends are
Remember that in the case of mutual subject to
funds, dividends don’t mean some extra dividend
income. Basically, you are getting back distribution tax
your money. Hence, fund dividends are
of 10 per cent
not necessarily a signal of your invest-
for equity funds
ment’s performance.
It is always good to opt for a systematic
and 29 per cent
withdrawal plan (SWP) instead of going for
for debt funds
a dividend option. SWPs are also taxable
but if you withdraw your equity invest-
ments after one year, there is no tax up to
`1 lakh of gains. And if you withdraw your
debt investments after three years, you get
the indexation benefit, which can signifi-
cantly lower your tax outgo.
An Investor Education & Awareness Initiative by
Mutual Fund Insight January 2020 51
 SCOREBOARD FUND CLASSIFICATION
EQUITY No. of funds
HYBRID No. of funds
Large cap At least 80% in large caps 126 Aggressive hybrid 65–80% in equity and the rest in debt 45

Large & mid cap At least 35% each in large and Balanced hybrid 40–60% in equity and the rest in debt 10
mid caps 28
Conservative hybrid 10–25% in equity and the rest in debt 131
Multi cap Any proportion across large, mid
and small caps 108 Equity savings At least 65% in equity and at least
10% in debt 24
Mid cap At least 65% in mid caps 34
Arbitrage Investments in arbitrage opportunities 25
Small cap At least 65% in small caps 43
Dynamic asset Dynamic asset allocation 24
Value-oriented Following the value strategy 19 allocation between equity and debt

ELSS Across proportion across large, Multi asset Investments in 3 different asset classes, 15
mid and small caps 68 allocation with a minimum 10% in all three

Sectoral/ At least 80% in a particular

thematic* sector or theme 118

International More than 65% in foreign equities 40

DEBT No. of funds

Long duration Instruments with Macaulay duration greater than 7 years 2

Medium to long duration Instruments with Macaulay duration between 4 and 7 years; under anticipated adverse situation, 1 year to 4 years** 14

Medium duration Instruments with Macaulay duration between 3 and 4 years; under anticipated adverse situation, 1 year to 4 years** 19

Short duration Instruments with Macaulay duration between 1 year and 3 years 30

Money market Money-market instruments having maturity up to 1 year 19

Low duration Instruments with Macaulay duration between 6 and 12 months 27

Ultra short duration Instruments with Macaulay duration between 3 and 6 months 29

Liquid Debt and money-market securities with maturity of up to 91 days 43

Overnight Securities having maturity of 1 day 28

Dynamic bond Investments across durations 30

Corporate bond At least 80% in AA+ and above-rated corporate bonds 22

Credit risk At least 65% in AA and below-rated corporate bonds 22

Banking and PSU At least 80% in the debt instruments of banks, PSUs, public financial institutions and municipal bonds 19

Floater At least 65% in floating-rate instruments (including fixed-rate ones converted to floating rate) 7

Gilt At least 80% in government securities 23

Gilt with 10-year At least 80% in government bonds such

constant duration that the average maturity of the portfolio is 10 years 5

FMP Investment for a pre-defined term 828

*Include dividend-yield funds. **Anticipated adverse situation is if the fund manager expects the interest rates to move adversely

52 Mutual Fund Insight January 2020

 SCOREBOARD GUIDE

The Value Research Scoreboard is designed to help you make the best possible investment deci-
sions. The Scoreboard captures essential data on every mutual fund scheme in an easy-to-use for-
mat. The data are updated each month and undergo rigorous validation. In the following pages,
you will find the details of both regular and direct plans.

Rating: The Value Research fund rating

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

REGULAR DIRECT
Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)

No.
A serial number is generated
for every fund scheme and is
the first column of the
Scoreboard. To locate a spe-
cific fund, look for this num-
ber in the Index against the
name of the fund.
Return
Return calculations are based on month-end net asset values
(NAVs), assuming reinvestment of dividends, readjusted for
any bonus or rights. The return is computed by adjusting for
the dividend tax paid by the fund in the past. All trailing
returns for one-year period and above are annualised, while
returns for less than one year are absolute.

Expense, NAV, Assets

This section details information about the fund’s average expense ratio, NAV and AUM. The expense ratio indicates
the recurring per cent charge levied by the fund to manage assets, and the NAV is the per unit market price.

Mutual Fund Insight January 2020 53

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Large Cap 10.3 13.4 7.8 10.1 83 64 11.2 13.5 8.7 50 49
1 ABSL Focused Eqt  11.5 11.1 7.8 12.1 68 35 2.09 62.29  12.5 12.3 9.0 39 21 1.19 66.58 4360
2 ABSL Frontline Eqt  7.9 10.4 7.8 11.7 71 36 1.80 231.90  8.7 11.5 8.8 43 22 1.22 246.75 21211
3 ABSL Index  11.2 13.6 7.1 9.0 45 50 0.58 118.45  11.5 13.9 7.3 26 46 0.33 119.25 145
4 ABSL Nifty ETF NR 12.0 14.8 8.3 - 31 24 0.05 131.39 NR - - - - - - - 160
5 ABSL Nifty Next 50 ETF NR - - - - - - 0.05 287.67 NR - - - - - - - 126
6 ABSL Sensex ETF NR 14.3 12.6 - - 55 - 0.08 381.65 NR - - - - - - - 12
7 Axis Bluechip  17.7 18.8 9.9 - 1 2 1.85 31.62  19.2 20.4 11.2 1 3 0.65 34.28 8749
8 Axis Nifty 100 Index NR - - - - - - - 10.31 NR - - - - - - 10.32 436
9 Axis Nifty ETF NR 12.3 - - - - - 0.07 1243.00 NR - - - - - - - 8
10 Baroda Large Cap  11.2 9.0 5.6 - 78 - 2.58 15.22  11.9 9.9 6.3 44 - 1.73 15.97 33
11 BHARAT 22 ETF NR 0.9 - - - - - 0.01 35.13 NR - - - - - - - 10982
12 BNP Paribas Large Cap  17.0 13.8 8.7 12.3 43 12 2.35 96.96  18.3 15.3 10.0 9 9 1.14 104.65 808
13 Canara Robeco Bluechip Eqt  14.7 14.9 9.0 - 28 9 2.60 26.82  16.2 16.2 10.2 4 8 1.27 28.70 257
14 DSP Equal Nifty 50 NR 4.5 - - - - - 0.88 9.94 NR 5.1 - - - - 0.38 10.05 111
15 DSP Nifty 50 Index NR - - - - - - 0.40 11.23 NR - - - - - 0.20 11.25 24
16 DSP Nifty Next 50 Index NR - - - - - - 0.59 11.02 NR - - - - - 0.29 11.05 45
17 DSP Top 100 Equity  13.4 10.9 7.1 9.7 69 51 2.11 224.14  14.2 11.6 7.8 41 37 1.45 234.18 2641
18 Edelweiss ETF Nifty 100 Quality 30 NR 6.3 10.3 - - 72 - 0.28 286.02 NR - - - - - - - 17
19 Edelweiss ETF Nifty 50 NR 12.7 15.5 - - 16 - 0.07 13025.04 NR - - - - - - - 2
20 Edelweiss Large Cap  11.1 13.8 8.6 11.5 44 14 2.01 37.47  12.5 14.9 9.6 11 13 0.55 39.42 172
21 Essel Large Cap Equity  10.8 11.1 8.8 - 67 11 2.35 24.04  12.8 12.6 10.4 36 7 1.10 26.33 104
22 Franklin Bluechip  6.9 8.3 6.5 10.2 81 59 1.86 473.17  7.7 9.2 7.4 48 45 1.07 501.24 6669
23 Franklin Index NSE Nifty  10.9 13.5 7.1 9.2 49 52 1.06 95.41  11.4 14.0 7.6 24 41 0.53 97.96 289
24 HDFC Index Nifty 50  11.8 14.6 8.0 9.6 34 33 0.30 110.14  12.0 14.8 8.1 13 27 0.10 111.47 1033
25 HDFC Index Sensex  13.5 16.1 8.3 9.9 13 25 0.30 363.00  13.7 16.3 8.5 3 23 0.10 367.79 544
26 HDFC Nifty 50 ETF NR 12.3 15.0 - - 22 - 0.05 1265.35 NR - - - - - - - 360
27 HDFC Sensex ETF NR 14.0 16.6 - - 4 - 0.05 4293.43 NR - - - - - - - 56
28 HDFC Top 100  9.7 11.9 7.1 11.0 60 53 1.73 501.49  10.3 12.6 7.8 35 36 1.28 524.64 18507
29 HSBC Large Cap Eqt  14.0 12.9 8.2 9.3 53 27 2.47 224.52  15.0 13.8 9.0 27 20 1.53 236.51 673
30 ICICI Pru BHARAT 22 FOF NR 1.1 - - - - - 0.01 10.38 NR 1.1 - - - - 0.01 10.38 19
31 ICICI Pru Bluechip  9.9 12.3 8.4 12.7 58 18 1.80 43.99  10.7 13.3 9.4 31 15 1.20 46.70 24132
32 ICICI Pru Nifty 100 ETF NR 10.9 13.9 8.3 - 41 23 0.46 130.44 NR - - - - - - - 7
33 ICICI Pru Nifty ETF NR 12.3 15.0 8.3 - 26 22 0.05 127.02 NR - - - - - - - 1363
34 ICICI Pru Nifty Index  11.7 14.0 7.4 9.7 40 43 0.45 116.92  12.1 14.4 7.9 21 34 0.10 120.19 515
35 ICICI Pru Nifty Low Vol 30 ETF NR 5.6 - - - - - 0.42 91.52 NR - - - - - - - 62
36 ICICI Pru Nifty Next 50 ETF NR 4.0 - - - - - 0.15 28.78 NR - - - - - - - 65
37 ICICI Pru Nifty Next 50 Index  3.5 9.2 9.1 - 77 8 0.85 25.30  3.9 9.6 9.6 45 12 0.39 26.08 683
38 ICICI Pru NV20 ETF NR 8.0 15.9 - - 14 - 0.15 56.92 NR - - - - - - - 13
39 ICICI Pru Sensex ETF NR 13.9 16.4 8.5 10.6 8 15 0.08 434.21 NR - - - - - - - 22
40 ICICI Pru Sensex Index NR 13.1 - - - - - 0.30 12.70 NR 13.3 - - - - 0.10 12.76 42
41 IDBI Focused 30 Eqt NR 5.5 - - - - - 2.55 10.12 NR 7.2 - - - - 1.67 10.57 224
42 IDBI India Top 100 Eqt  12.5 9.8 6.7 - 76 57 2.59 25.60  14.1 11.6 8.1 42 30 1.42 27.59 378
43 IDBI Nifty Index  11.2 13.2 6.6 - 51 58 1.03 22.27  12.1 14.4 7.7 19 40 0.30 23.62 229
44 IDBI Nifty Junior Index  3.5 8.3 8.4 - 80 17 1.04 21.55  4.2 9.5 9.6 46 14 0.49 22.87 54
45 IDFC Large Cap  8.8 11.8 6.1 9.0 61 60 2.60 33.62  9.8 12.9 7.4 33 43 1.72 36.13 457
46 IDFC Nifty  11.8 14.6 7.9 - 33 34 0.33 25.02  11.9 14.7 8.0 14 31 0.15 25.17 191
47 IDFC Nifty ETF NR 12.0 14.8 - - 30 - 0.16 124.65 NR - - - - - - - 1
48 IDFC Sensex ETF NR 13.7 16.5 - - 7 - 0.29 420.92 NR - - - - - - - 1
49 Indiabulls Bluechip  11.2 12.8 9.1 - 54 7 2.43 22.35  12.7 14.6 11.0 18 4 1.03 24.79 191
50 Indiabulls Nifty 50 ETF NR - - - - - - 0.10 121.73 NR - - - - - - - 13
51 Invesco India Large Cap  8.8 11.3 8.0 10.4 65 32 2.60 29.55  10.4 13.2 9.9 32 10 1.46 32.81 202
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

54 Mutual Fund Insight January 2020

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Large Cap 10.3 13.4 7.8 10.1 83 64 11.2 13.5 8.7 50 49
52 Invesco India Nifty ETF NR 12.3 15.0 8.2 - 24 26 0.10 1291.71 NR - - - - - - - 2
53 JM Core 11  12.4 13.6 9.7 7.4 46 3 1.69 9.37  14.6 15.1 11.3 10 2 1.22 10.22 57
54 JM Large Cap  4.5 8.3 4.7 6.8 82 63 2.04 67.92  5.5 9.4 6.0 47 47 0.48 73.16 2556
55 Kotak Bluechip  14.1 12.1 8.5 10.4 59 16 2.26 249.99  15.3 13.4 9.8 29 11 1.23 268.80 1444
56 Kotak Nifty ETF NR 12.2 14.9 8.0 - 27 31 0.14 124.98 NR - - - - - - - 904
57 Kotak NV 20 ETF NR 8.0 16.3 - - 10 - 0.10 58.07 NR - - - - - - - 15
58 Kotak Sensex ETF NR 13.7 16.3 8.4 10.3 9 20 0.28 420.52 NR - - - - - - - 13
59 L&T India Large Cap  11.9 11.5 7.3 11.0 64 47 2.62 28.76  12.8 12.4 8.1 38 28 1.85 30.24 524
60 LIC MF ETF Nifty 100 NR 10.9 14.1 - - 38 - 0.25 126.58 NR - - - - - - - 333
61 LIC MF ETF Nifty 50 NR 12.3 15.0 - - 25 - 0.10 126.12 NR - - - - - - - 534
62 LIC MF ETF Sensex NR 14.0 16.6 - - 3 - 0.10 428.70 NR - - - - - - - 406
63 LIC MF Index Nifty  11.4 13.6 6.9 9.2 47 55 1.02 66.63  11.8 14.1 7.4 23 44 0.47 68.95 29
64 LIC MF Index Sensex  13.0 15.1 7.0 9.2 21 54 1.09 75.75  13.2 15.5 7.5 8 42 0.58 78.34 21
65 LIC MF Large Cap  13.9 12.5 7.3 9.4 56 48 2.51 28.69  15.0 13.8 8.3 28 24 1.58 30.51 306
66 Mahindra Pragati Bluechip Yojana NR - - - - - - 2.67 10.79 NR - - - - - 0.62 10.95 93
67 Mirae Asset Large Cap  12.2 15.1 11.5 14.8 18 1 1.69 54.00  13.5 16.1 12.4 7 1 0.61 57.42 15897
68 Mirae Asset Nifty 50 ETF NR 12.5 - - - - - 0.07 122.21 NR - - - - - - - 119
69 Motilal Oswal Focused 25  14.3 12.4 9.5 - 57 5 2.20 23.76  15.6 13.9 10.9 25 5 1.03 25.97 1184
70 Motilal Oswal M50 ETF NR 12.1 14.2 7.5 - 36 41 0.15 117.93 NR - - - - - - - 21
71 Nippon India ETF Junior BeES NR 4.3 9.9 9.7 11.6 75 4 0.15 296.20 NR - - - - - - - 1288
72 Nippon India ETF Nifty 100 NR 10.3 13.3 7.7 - 50 37 0.97 125.40 NR - - - - - - - 7
73 Nippon India ETF Nifty BeES NR 12.3 15.0 8.2 10.3 23 28 0.05 1277.31 NR - - - - - - - 2112
74 Nippon India ETF NV20 NR 8.0 16.2 - - 12 - 0.16 581.47 NR - - - - - - - 32
75 Nippon India ETF Sensex NR 13.9 16.6 8.6 - 6 13 0.07 435.16 NR - - - - - - - 21
76 Nippon India ETF Sensex Next 50 NR - - - - - - 0.25 31.98 NR - - - - - - - 12
77 Nippon India ETF Shariah BeES NR 4.3 9.9 5.7 8.0 74 61 1.16 252.02 NR - - - - - - - 3
78 Nippon India Index Nifty  11.2 13.9 7.1 - 42 49 0.80 20.21  12.0 14.6 7.8 16 38 0.10 20.97 156
79 Nippon India Index Sensex  12.6 15.3 7.4 - 17 45 0.68 20.07  13.5 16.1 8.0 6 32 0.10 20.80 39
80 Nippon India Junior BeES FoF NR - - - - - - 0.55 10.43 NR - - - - - 0.20 10.45 48
81 Nippon India Large Cap  7.8 13.2 8.3 12.2 52 21 1.89 35.39  8.7 14.3 9.4 22 16 1.05 37.62 13091
82 PGIM India Large Cap  12.6 11.7 7.5 9.7 62 40 2.45 177.40  14.0 13.4 9.0 30 19 1.19 193.42 329
83 Principal Nifty 100 Equal Weight  5.2 8.6 4.3 7.8 79 64 0.96 72.81  5.3 9.0 4.7 49 49 0.74 75.02 18
84 Quant Focused NR 5.1 9.1 10.5 12.8 - - 2.48 32.91 NR 6.2 9.7 10.9 - - 0.57 33.10 4
85 Quantum Nifty ETF NR 12.2 14.9 8.2 10.2 29 29 0.09 1239.25 NR - - - - - - - 6
86 SBI Bluechip  11.3 10.7 9.2 11.8 70 6 1.73 41.32  12.1 11.8 10.4 40 6 1.05 43.93 23585
87 SBI ETF BSE 100 NR 10.3 14.0 - - 39 - 0.14 125.26 NR - - - - - - - 4
88 SBI ETF Nifty 50 NR 12.3 15.1 - - 20 - 0.07 124.12 NR - - - - - - - 62681
89 SBI ETF Nifty Next 50 NR 4.5 10.0 - - 73 - 0.16 293.24 NR - - - - - - - 433
90 SBI ETF Quality NR - - - - - - 0.50 98.97 NR - - - - - - - 19
91 SBI ETF Sensex NR 14.0 16.6 8.8 - 5 10 0.07 432.72 NR - - - - - - - 20729
92 SBI ETF Sensex Next 50 NR 0.0 - - - - - 0.12 323.05 NR - - - - - - - 3
93 SBI Nifty Index  11.4 14.2 7.4 9.2 37 46 0.69 103.77  11.9 14.6 7.9 17 35 0.29 106.85 522
94 Sundaram Select Focus  14.1 16.2 8.4 8.8 11 19 2.39 192.31  15.0 17.5 9.2 2 18 1.63 201.79 1046
95 Sundaram Smart NIFTY 100 Equal Wght NR 4.9 - - - - - 1.00 11.98 NR 5.6 - - - - 0.46 12.25 22
96 Tata Index Nifty  11.7 14.3 7.4 9.3 35 44 0.45 73.12  12.1 14.7 7.9 15 33 0.05 77.56 19
97 Tata Index Sensex  13.3 15.8 7.7 9.3 15 38 0.46 100.72  13.7 16.2 8.2 5 25 0.11 103.77 12
98 Tata Large Cap  12.5 11.3 7.7 10.2 66 39 2.47 230.83  13.5 12.8 9.3 34 17 1.77 251.29 815
99 Tata Nifty ETF NR - - - - - - 0.08 122.11 NR - - - - - - - 89
100 Taurus Largecap Equity  6.4 7.5 4.7 7.3 83 62 2.57 76.66  6.7 8.1 5.7 50 48 2.22 80.58 28
101 Taurus Nifty Index NR 9.7 13.5 6.9 - 48 56 1.09 22.36 NR 10.0 14.4 7.7 20 39 0.74 23.48 1
102 Union Large Cap NR 10.2 - - - - - 2.56 11.26 NR 10.7 - - - - 1.82 11.48 216
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 55

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Large Cap 10.3 13.4 7.8 10.1 83 64 11.2 13.5 8.7 50 49
103 UTI Mastershare  9.0 11.6 7.4 10.5 63 42 2.19 126.93  9.9 12.5 8.2 37 26 1.32 132.32 6174
104 UTI Nifty ETF NR 12.3 15.1 - - 19 - 0.07 1276.97 NR - - - - - - - 15801
105 UTI Nifty Index  12.1 14.7 8.0 9.7 32 30 0.17 79.15  12.2 14.8 8.1 12 29 0.10 79.82 1794
106 UTI Nifty Next 50 ETF NR 4.8 - - - - - 0.15 293.49 NR - - - - - - - 376
107 UTI Nifty Next 50 Index NR 3.8 - - - - - 0.77 10.18 NR 4.5 - - - - 0.27 10.28 569
108 UTI S&P BSE Sensex Next 50 ETF NR - - - - - - 0.20 322.63 NR - - - - - - - 15
109 UTI Sensex ETF NR 14.0 16.6 - - 2 - 0.07 430.00 NR - - - - - - - 5525
Equity: Large & MidCap 8.7 10.7 8.6 11.5 21 19 10.2 12.0 9.6 20 19
110 ABSL Eqt Advantage  9.8 9.0 9.1 11.3 15 9 2.05 424.81  10.8 10.2 10.2 14 9 1.10 450.35 5111
111 Axis Growth Opportunities NR 15.2 - - - - - 2.31 11.82 NR 17.4 - - - - 0.56 12.07 892
112 BOI AXA Large & Midcap Eqt  8.2 8.2 4.7 7.5 16 18 2.87 35.37  9.5 9.5 6.0 16 16 1.60 38.24 174
113 Canara Robeco Emerging Equities  8.4 13.0 11.9 19.0 4 2 2.03 95.71  9.6 14.4 13.2 4 2 0.82 102.85 5235
114 DSP Equity Opp  12.6 11.2 10.4 12.4 10 5 1.94 233.54  13.7 12.4 11.4 9 6 0.97 247.07 5631
115 Edelweiss Large & Midcap  9.8 12.9 8.3 11.3 5 11 2.47 32.67  11.5 14.1 9.4 6 12 0.92 35.23 481
116 Essel Large & Midcap NR 11.6 10.5 - - - - 2.30 15.78 NR 13.8 12.4 - - - 0.90 16.92 106
117 Franklin Eqt Advantage  3.2 7.4 6.2 11.2 19 15 2.05 79.28  3.9 8.3 7.0 18 15 1.23 83.36 2619
118 HDFC Growth Opportunities  8.6 9.8 4.8 7.6 13 17 2.40 116.17  8.8 9.9 4.9 15 18 2.20 117.52 1352
119 HSBC Large and Midcap Eqt NR - - - - - - 2.41 10.37 NR - - - - - 0.81 10.49 664
120 ICICI Pru Large & Midcap  7.2 8.1 6.3 10.8 17 14 2.12 331.44  8.1 9.3 7.4 17 14 1.23 353.43 3714
121 ICICI Pru Midcap Select ETF NR -0.3 7.3 - - 20 - 0.45 66.22 NR - - - - - - - 40
122 IDFC Core Equity  4.5 9.9 8.3 9.2 12 12 2.00 45.67  5.8 11.5 9.9 12 11 0.84 49.79 2886
123 Invesco India Growth Opp  11.1 15.0 10.3 12.7 2 6 2.17 36.19  12.4 16.7 12.1 2 4 1.09 39.97 1991
124 Kotak Equity Opportunities  13.4 11.9 9.8 12.0 7 7 2.11 126.20  14.6 13.2 11.2 7 7 1.16 135.71 2732
125 L&T Large and Midcap  5.2 9.4 7.1 12.0 14 13 2.27 48.11  6.1 10.3 7.9 13 13 1.45 50.65 1381
126 LIC MF Large & Midcap  12.2 12.6 - - 6 - 2.47 15.99  13.4 14.3 - 5 - 1.56 16.94 569
127 Mirae Asset Emerging Bluechip  15.5 15.9 16.2 - 1 1 1.78 57.19  16.8 16.9 17.2 1 1 0.84 60.91 8868
128 Motilal Oswal Large and Midcap NR - - - - - - 2.43 10.55 NR - - - - - 0.73 10.57 308
129 Nippon India Vision  6.6 6.8 4.1 8.5 21 19 2.12 539.98  7.2 7.5 4.8 20 19 1.55 564.01 2846
130 Principal Emerging Bluechip  6.3 10.8 11.0 14.9 11 4 2.13 106.67  7.5 12.1 12.2 11 3 0.94 113.81 2260
131 Quant Large & Midcap NR 5.5 8.0 11.9 12.8 - - 2.48 38.47 NR 5.9 8.3 12.1 - - 2.38 39.18 4
132 SBI Large & Midcap  8.2 11.4 9.5 12.2 8 8 2.15 227.35  8.8 12.1 10.1 10 10 1.56 235.63 2753
133 Sundaram Large & Midcap  12.1 15.0 11.2 11.1 3 3 2.44 36.92  13.1 16.1 12.0 3 5 1.28 38.87 871
134 Tata Large & Midcap  13.2 11.3 9.0 11.3 9 10 2.25 217.45  14.8 12.9 10.6 8 8 1.25 236.47 1507
135 UTI Core Equity  1.3 7.5 5.1 8.9 18 16 2.53 61.28  1.8 8.0 5.7 19 17 2.07 63.21 866
Equity: Multi Cap 9.9 11.1 8.3 11.5 41 37 11.1 12.2 9.3 41 37
136 ABSL Bal Bhavishya Yojna Wealth NR - - - - - - 2.60 10.77 NR - - - - - 0.70 10.95 197
137 ABSL Equity  8.2 10.5 10.4 12.2 25 10 1.91 757.78  9.2 11.7 11.5 25 9 0.99 807.83 11594
138 ABSL Retirement 30s NR - - - - - - 2.65 10.37 NR - - - - - 1.00 10.52 113
139 Axis Focused 25  15.1 17.6 12.4 - 1 1 1.95 30.50  16.7 19.0 13.9 1 1 0.66 33.18 8800
140 Axis Multicap NR 16.6 - - - - - 1.99 12.59 NR 18.5 - - - - 0.54 13.02 4850
141 Baroda Multi Cap  8.8 8.0 5.4 7.5 37 32 2.57 99.75  9.7 9.0 6.2 37 32 1.61 106.12 820
142 BNP Paribas Focused 25 Eqt NR 11.9 - - - - - 2.49 10.03 NR 13.3 - - - - 1.24 10.32 237
143 BNP Paribas Multi Cap  12.1 10.7 8.7 12.9 23 15 2.35 49.46  13.7 12.5 10.5 16 12 0.93 54.70 713
144 Canara Robeco Eqt Diversified  11.6 14.6 8.2 11.9 4 21 2.33 140.12  12.6 15.5 8.9 4 19 1.09 146.38 1581
145 DSP Equity  16.9 13.2 9.2 11.7 10 13 2.12 47.44  17.9 14.1 9.9 11 15 1.30 44.32 2888
146 DSP Focus  16.2 11.4 9.2 - 16 12 2.14 25.44  17.5 12.4 10.0 18 14 1.09 26.75 1994
147 Edelweiss Multi Cap  7.8 13.6 - - 6 - 2.47 14.94  9.7 14.9 - 7 - 0.63 15.73 492
148 Essel Multi Cap NR 13.4 - - - - - 2.50 11.14 NR 15.8 - - - - 0.48 11.49 209
149 Franklin Equity  4.7 8.2 7.4 12.3 36 25 1.77 591.72  5.6 9.3 8.5 36 24 0.95 631.23 11400
150 Franklin Focused Eqt  14.9 10.9 9.0 14.3 21 14 1.82 42.66  16.0 12.1 10.3 21 13 0.96 45.89 8714
151 HDFC Equity  9.1 11.4 6.7 11.6 18 27 1.70 672.75  9.7 12.3 7.6 19 28 1.20 709.69 23441
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

56 Mutual Fund Insight January 2020

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Multi Cap 9.9 11.1 8.3 11.5 41 37 11.1 12.2 9.3 41 37
152 HDFC Focused 30  7.3 7.3 5.1 9.1 40 33 2.56 77.93  8.2 8.3 6.2 39 33 1.86 82.66 507
153 HDFC Retrmnt Savings Eqt  5.1 9.9 - - 28 - 2.60 17.12  6.5 11.6 - 26 - 1.20 18.14 806
154 HSBC Multi Cap Eqt  5.0 8.7 6.2 10.6 35 30 2.52 86.07  6.1 9.6 7.1 35 30 1.39 90.80 446
155 ICICI Pru Focused Equity  2.6 6.3 4.3 9.3 41 35 2.62 29.30  3.7 7.5 5.4 40 35 1.68 31.37 669
156 ICICI Pru Multicap  6.6 9.8 8.6 11.8 29 16 2.24 297.13  7.6 11.0 9.7 29 16 1.14 315.57 4533
157 ICICI Pru Retrmnt Pure Eqt NR - - - - - - 2.58 10.52 NR - - - - - 0.31 10.68 61
158 ICICI Pru S&P BSE 500 ETF NR 9.0 - - - - - 0.29 158.73 NR - - - - - - - 53
159 IDBI Diversified Eqt  6.0 9.2 7.4 - 32 26 2.53 21.90  7.7 11.3 8.9 27 20 1.17 23.58 337
160 IDFC Focused Equity  6.6 12.4 6.4 8.2 13 29 2.17 37.94  8.1 14.1 8.1 10 27 0.90 41.47 1533
161 IDFC Multi Cap  6.2 9.0 7.5 14.4 33 23 1.96 94.78  6.9 9.8 8.3 33 25 1.35 99.58 5629
162 IIFL Focused Equity  26.9 13.6 10.7 - 8 7 2.40 17.79  28.8 15.2 12.1 5 7 0.90 18.97 446
163 Invesco India Multicap NR 4.8 8.7 7.9 16.6 - - 2.45 48.43 NR 6.4 10.5 9.7 - - 1.21 53.54 945
164 ITI Multi Cap NR - - - - - - 2.59 11.28 NR - - - - - 0.45 11.41 50
165 JM Multicap  15.6 14.1 10.0 9.0 5 11 2.13 34.56  16.5 15.2 11.3 6 10 1.32 37.14 143
166 Kotak Focused Equity NR - - - - - - 2.20 10.81 NR - - - - - 0.42 10.88 1408
167 Kotak Standard Multicap  12.8 13.6 10.9 13.6 7 6 1.70 37.25  13.9 14.8 12.1 8 6 0.87 39.85 28348
168 L&T Equity  4.6 9.3 6.7 11.1 31 28 2.11 83.22  5.3 10.1 7.5 32 29 1.45 87.29 2720
169 L&T Focused Equity NR 12.9 - - - - - 2.51 11.47 NR 14.1 - - - - 1.38 11.60 710
170 LIC MF Multicap  12.4 7.9 3.9 7.5 38 36 2.54 50.08  13.0 8.8 4.6 38 36 1.56 52.44 299
171 Mahindra Mutual Badhat Yojana NR 13.6 - - - - - 2.46 11.60 NR 15.5 - - - - 0.86 12.26 311
172 Mirae Asset Focused NR - - - - - - 2.03 11.73 NR - - - - - 0.26 11.84 1869
173 Motilal Oswal Multicap 35  6.7 10.8 12.2 - 22 2 1.73 26.76  7.7 11.8 13.3 24 3 0.94 28.22 13513
174 Motilal Oswal Nifty 500 NR - - - - - - 1.03 10.99 NR - - - - - 0.38 11.00 22
175 Nippon India Focused Equity  7.3 8.7 8.4 14.0 34 19 2.21 46.94  8.1 9.7 9.4 34 18 1.44 49.68 4280
176 Nippon India Multi Cap  4.4 11.1 5.6 13.7 20 31 2.04 97.46  5.1 11.9 6.4 23 31 1.33 102.60 10308
177 Nippon India Retrmnt Wealth Creation  4.6 9.6 - - 30 - 2.42 13.37  5.6 10.8 - 31 - 1.35 14.23 1670
178 Parag Parikh Long Term Equity  13.4 13.5 11.5 - 9 5 2.05 26.59  14.2 14.3 12.1 9 5 1.24 27.59 2359
179 PGIM India Diversified Eqt  8.8 10.1 - - 27 - 2.54 13.74  10.8 12.1 - 22 - 0.82 14.64 125
180 Principal Focused Multicap  10.6 11.7 8.0 10.7 14 22 2.59 68.17  11.3 12.5 8.8 15 22 1.91 71.44 351
181 Principal Multi Cap Growth  4.2 11.4 8.6 11.4 17 18 2.39 143.34  5.2 12.4 9.5 17 17 1.39 150.88 853
182 Quant Active  7.6 13.1 10.5 11.5 12 9 2.48 191.78  8.0 13.4 10.7 13 11 2.38 194.49 11
183 Quantum Equity FoF  9.0 10.7 8.6 11.6 24 17 0.75 36.62  9.2 10.9 8.7 30 23 0.51 36.76 44
184 SBI Focused Equity  18.7 15.1 12.1 17.5 3 3 2.06 152.69  19.9 16.3 13.1 3 4 1.01 162.41 6125
185 SBI Magnum MultiCap  11.8 11.7 10.6 11.6 15 8 2.02 50.75  12.8 12.9 11.7 14 8 1.05 53.88 8334
186 Shriram Multicap NR 6.6 - - - - - 2.55 10.80 NR 8.6 - - - - 0.65 11.03 59
187 Sundaram Equity NR - - - - - - 2.44 10.68 NR - - - - - 0.55 10.74 451
188 Tata Multicap NR 11.2 - - - - - 2.17 11.23 NR 13.4 - - - - 0.55 11.50 1734
189 Tata Retrmnt Svngs Progressive  12.2 15.7 11.8 - 2 4 2.44 31.07  14.2 17.4 13.5 2 2 0.82 34.63 717
190 Taurus Starshare (Multi Cap)  3.2 7.3 3.9 9.1 39 37 2.63 111.47  3.3 7.5 4.6 41 37 2.57 115.53 218
191 Union Focused NR - - - - - - 2.48 11.19 NR - - - - - 1.53 11.23 225
192 Union Multi Cap  10.6 10.4 4.8 - 26 34 2.64 20.58  11.2 11.1 5.6 28 34 1.79 21.63 308
193 UTI Children’s Career Investment  6.0 11.3 7.4 10.2 19 24 2.77 38.18  7.0 12.2 8.3 20 26 1.93 40.02 307
194 UTI Equity  12.2 13.2 8.3 12.3 11 20 2.01 150.03  12.8 13.7 8.9 12 21 1.44 154.38 9913
Equity: Mid Cap 4.8 7.8 8.5 14.1 21 20 6.2 9.0 9.8 20 19
195 ABSL Midcap  -2.5 3.7 7.2 10.6 20 15 2.28 273.96  -1.6 4.7 8.1 19 16 1.44 290.35 2356
196 Axis Midcap  15.0 17.0 10.6 - 1 4 2.04 39.69  16.5 18.4 11.9 1 2 0.63 43.11 3551
197 Baroda Midcap  2.0 5.1 -0.6 - 17 - 2.60 8.75  3.0 6.1 0.2 15 - 1.66 9.27 47
198 BNP Paribas Midcap  7.1 7.0 8.3 15.5 12 13 2.36 32.54  8.6 8.7 9.9 12 10 0.89 35.62 757
199 DSP Midcap  9.6 9.7 10.7 15.3 6 3 1.93 56.48  10.7 10.7 11.6 5 4 0.97 59.52 6691
200 Edelweiss Midcap  6.8 9.2 9.2 15.7 9 7 2.23 26.94  8.5 10.4 10.3 7 8 0.60 28.95 945
201 Franklin Prima  6.6 9.0 9.8 15.3 10 5 1.84 966.92  7.6 10.0 11.0 10 6 0.99 1037.90 7510
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 57

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Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Mid Cap 4.8 7.8 8.5 14.1 21 20 6.2 9.0 9.8 20 19
202 HDFC Mid-Cap Opportunities  2.6 6.9 8.8 16.5 13 11 1.70 53.44  3.4 7.9 9.8 13 11 1.20 56.65 22637
203 ICICI Pru Midcap  2.5 8.2 7.2 13.0 11 16 2.39 95.64  3.5 9.3 8.3 11 15 1.46 101.91 1847
204 IDBI Midcap NR -1.0 - - - - - 2.57 10.42 NR 0.5 - - - - 1.71 11.08 203
205 Invesco India Midcap  5.0 10.3 9.0 16.0 3 9 2.55 49.39  6.7 12.2 11.0 2 7 1.06 55.02 621
206 Kotak Emrgng Eqt  11.3 9.8 11.2 14.7 5 1 1.97 40.16  12.7 11.2 12.7 4 1 0.82 43.48 5341
207 L&T Midcap  0.8 9.2 10.7 14.4 8 2 1.97 132.47  2.0 10.3 11.7 8 3 0.75 140.61 5831
208 Mahindra Unnati Emrgng Bsnss Yojana NR 6.8 - - - - - 2.47 9.74 NR 8.5 - - - - 0.92 10.08 505
209 Mirae Asset Midcap NR - - - - - - 2.24 11.16 NR - - - - - 0.52 11.22 1000
210 Motilal Oswal Midcap 100 ETF NR -0.8 5.1 6.9 - 16 17 0.20 18.00 NR - - - - - - - 31
211 Motilal Oswal Midcap 30  12.6 6.1 9.8 - 14 6 2.27 26.50  13.8 7.5 11.2 14 5 1.15 28.46 1625
212 Motilal Oswal Nifty Midcap 150 NR - - - - - - 1.03 11.06 NR - - - - - 0.38 11.08 24
213 Nippon India ETF Nifty Midcap 150 NR - - - - - - 0.31 63.22 NR - - - - - - - 210
214 Nippon India Growth  8.9 9.8 8.2 10.9 4 14 2.03 1136.85  9.5 10.6 8.9 6 14 1.36 1192.58 6632
215 PGIM India Midcap Opp  1.9 4.1 4.5 - 19 20 2.49 17.92  3.4 5.7 5.7 18 19 0.97 19.03 124
216 Quant Midcap NR -0.3 8.3 6.5 8.1 - - 2.48 56.42 NR 0.7 8.8 6.7 - - 0.57 57.59 11
217 SBI Magnum Midcap  2.7 2.1 6.7 13.4 21 18 2.19 71.43  3.6 3.1 7.8 20 17 1.22 76.16 3523
218 Sundaram Midcap  2.2 5.1 8.5 13.7 15 12 2.01 458.92  3.0 5.9 9.1 17 13 1.23 477.95 5883
219 Tata Midcap Growth  10.6 10.6 9.0 14.0 2 8 2.55 141.33  12.1 11.7 10.0 3 9 1.36 149.92 747
220 Taurus Discovery (Midcap)  3.8 9.6 8.9 12.1 7 10 2.53 43.45  4.3 10.1 9.4 9 12 2.11 44.91 51
221 UTI Midcap  0.0 5.1 6.1 14.3 18 19 2.26 99.20  0.9 6.0 7.0 16 18 1.36 104.88 3745
Equity: Small Cap -0.5 5.9 8.0 12.0 13 13 0.7 7.0 9.1 13 13
222 ABSL Small Cap  -8.7 1.0 6.6 11.4 11 9 2.35 30.55  -7.6 2.2 7.7 11 9 1.21 32.69 2283
223 Axis Small Cap  20.4 13.2 11.6 - 2 2 2.23 31.40  21.8 14.5 12.8 2 2 0.63 33.59 1200
224 BOI AXA Small Cap NR - - - - - - 2.73 10.27 NR - - - - - 0.78 10.45 48
225 Canara Robeco Small Cap NR - - - - - - 2.56 9.47 NR - - - - - 0.77 9.61 330
226 DSP Small Cap  -1.9 0.9 8.0 16.7 12 7 2.01 51.97  -1.0 1.5 8.7 13 7 1.14 54.32 4905
227 Edelweiss Small Cap NR - - - - - - 2.49 10.90 NR - - - - - 0.92 11.04 424
228 Franklin Smaller Companies  -3.1 3.0 7.0 15.1 9 8 1.84 49.58  -2.0 4.2 8.4 9 8 0.95 53.51 7031
229 HDFC Small Cap  -7.7 9.5 9.2 11.9 3 5 2.08 38.75  -6.7 10.9 10.6 3 5 0.88 41.76 9137
230 HSBC Small Cap Eqt  -9.2 1.3 4.5 7.7 10 11 2.36 43.75  -8.1 2.2 5.3 10 11 1.02 46.23 690
231 ICICI Pru Small Cap  10.5 5.7 5.3 10.6 7 10 2.75 25.44  11.8 6.5 6.0 7 10 1.25 26.57 528
232 IDBI Small Cap NR -3.7 - - - - - 2.54 8.96 NR -2.2 - - - - 1.60 9.47 141
233 Invesco India Small Cap NR 4.9 - - - - - 2.57 10.64 NR 6.7 - - - - 1.00 10.83 394
234 Kotak Small Cap  5.8 5.9 8.2 13.3 6 6 2.22 71.98  7.3 7.4 9.8 6 6 0.92 78.41 1300
235 L&T Emerging Businesses  -6.5 8.6 11.0 - 5 3 1.96 22.80  -5.4 9.6 11.9 5 3 0.70 23.87 6112
236 Motilal Oswal Nifty Smallcap 250 NR - - - - - - 1.03 10.69 NR - - - - - 0.38 10.71 16
237 Nippon India Small Cap  -2.8 8.8 10.7 - 4 4 2.16 38.41  -1.8 10.1 11.9 4 4 1.25 41.04 8425
238 Principal Small Cap NR - - - - - - 2.52 10.27 NR - - - - - 0.71 10.37 155
239 Quant Small Cap NR -21.0 -6.0 0.2 7.5 - - 2.48 40.70 NR -20.7 -5.7 0.4 - - 2.38 41.37 2
240 SBI Small Cap  8.6 13.6 15.7 18.0 1 1 2.29 53.70  9.9 14.9 17.2 1 1 1.03 57.98 2915
241 Sundaram Small Cap  -2.4 0.9 3.5 9.5 13 12 2.44 75.94  -1.4 1.7 4.1 12 12 1.44 79.12 1088
242 Tata Small Cap NR 5.5 - - - - - 2.57 10.60 NR 7.7 - - - - 0.69 10.84 430
243 Union Small Cap  3.2 4.2 3.2 - 8 13 2.56 13.89  3.7 5.0 4.1 8 13 1.79 14.52 332
Equity: Value Oriented 3.1 8.1 7.2 11.5 14 13 4.2 9.2 8.2 14 13
244 ABSL Pure Value  -7.8 1.8 4.6 12.9 14 12 2.19 47.04  -6.7 3.0 5.7 14 12 1.00 50.28 4279
245 HDFC Capital Builder Value  1.0 10.1 7.5 12.4 6 6 1.94 286.40  2.0 11.3 8.6 6 6 1.19 304.22 4533
246 ICICI Pru Value Discovery  1.6 5.5 6.0 14.2 11 9 1.92 142.51  2.2 6.4 7.1 10 8 1.36 151.91 15462
247 IDBI Long Term Value NR 2.9 - - - - - 2.53 10.41 NR 4.7 - - - - 1.78 10.66 145
248 IDFC Sterling Value  -4.5 8.3 6.9 12.7 7 7 2.04 47.70  -3.4 9.5 7.9 7 7 1.04 50.89 3140
249 Indiabulls Value  -0.6 2.6 - - 13 - 2.50 11.73  0.8 4.3 - 13 - 1.50 12.71 23
250 Invesco India Contra  6.4 13.6 10.6 13.2 2 1 2.15 48.90  7.5 15.2 12.2 2 1 0.97 53.60 4486
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

58 Mutual Fund Insight January 2020

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Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Value Oriented 3.1 8.1 7.2 11.5 14 13 4.2 9.2 8.2 14 13
251 JM Value NR 12.6 11.9 10.3 6.5 - - 2.53 33.56 NR 13.3 12.7 11.6 - - 1.50 35.94 127
252 Kotak India EQ Contra  9.6 14.5 9.0 11.0 1 4 2.52 54.76  11.2 16.2 10.7 1 4 1.15 59.86 874
253 L&T India Value  3.7 8.0 9.9 - 8 3 1.87 35.88  4.8 8.9 10.8 8 3 0.90 37.94 8032
254 Nippon India Value  6.4 11.1 7.9 10.9 3 5 2.20 74.62  7.0 11.9 8.7 4 5 1.51 78.57 3152
255 Quantum Long Term Eqt Value  -0.1 6.1 6.4 11.4 9 8 1.78 53.14  0.3 6.4 6.6 11 9 1.28 53.52 930
256 SBI Contra  1.5 4.6 4.2 7.0 12 13 2.30 104.52  2.0 5.3 4.9 12 13 1.70 109.14 1382
257 Tata Equity PE  6.6 10.6 10.1 12.6 5 2 1.88 138.15  8.3 11.9 11.2 3 2 0.40 146.41 5485
258 Templeton India Value  0.7 5.8 5.0 9.1 10 11 2.53 243.17  1.6 6.6 5.8 9 11 1.61 255.33 509
259 Union Value Discovery NR - - - - - - 2.49 10.72 NR - - - - - 1.56 10.83 143
260 UTI Value Opportunities  10.2 10.8 5.5 10.7 4 10 2.02 63.84  11.0 11.6 6.3 5 10 1.45 67.17 4461
Equity: ELSS 8.5 10.8 8.1 11.3 34 29 9.6 12.0 9.1 34 29
261 ABSL Tax Relief 96  5.9 12.7 10.5 12.0 9 5 1.98 142.55  7.0 13.9 11.6 10 5 1.06 34.42 9814
262 Axis Long Term Equity  14.3 15.8 11.4 - 2 3 1.72 48.63  15.3 17.0 12.6 2 3 0.92 52.52 21492
263 Baroda ELSS 96  4.9 6.1 4.2 7.7 32 28 2.56 27.18  5.8 7.1 5.1 32 28 1.71 33.23 163
264 BNP Paribas Long Term Equity  14.3 12.0 8.1 12.7 13 16 2.43 40.82  15.6 13.2 9.1 15 15 1.25 42.92 478
265 BOI AXA Tax Advantage  13.4 12.6 8.3 9.6 10 14 2.64 54.47  14.7 14.0 9.8 9 10 1.51 59.64 255
266 Canara Robeco Eqt Tax Saver  10.4 13.3 7.9 12.5 6 17 2.31 25.49  11.4 14.3 8.7 7 18 1.38 70.48 995
267 DSP Tax Saver  15.3 12.0 10.7 13.5 12 4 1.90 51.50  16.5 13.2 11.7 14 4 0.85 54.24 6103
268 Edelweiss LT Eqt (Tax Svngs)  8.1 9.5 7.3 10.9 25 22 2.37 47.81  10.1 11.0 8.5 24 21 0.68 51.43 111
269 Essel Long Term Advantage  8.4 10.4 - - 21 - 2.25 14.84  10.4 12.2 - 18 - 0.65 15.83 58
270 Franklin Taxshield  6.1 8.7 7.5 12.8 28 21 1.89 573.12  7.2 9.8 8.5 26 20 0.93 609.24 4096
271 HDFC Taxsaver  5.5 7.7 4.9 10.6 30 26 1.97 518.12  6.1 8.5 5.5 30 26 1.39 540.90 7414
272 HSBC Tax Saver Eqt  9.3 10.6 7.7 11.2 19 18 2.50 38.07  10.4 11.5 8.6 19 19 1.24 40.15 155
273 ICICI Pru LT Eqt (Tax Saving)  9.2 10.3 7.7 13.1 22 19 2.13 388.02  10.1 11.5 8.8 20 16 1.25 415.07 6525
274 IDBI Eqt Advantage  6.0 10.7 8.3 - 17 13 2.38 27.87  7.5 12.5 9.8 17 12 1.15 29.98 605
275 IDFC Tax Advantage (ELSS)  2.8 11.4 8.9 12.8 15 9 2.14 55.18  4.1 12.8 10.3 16 9 1.11 59.49 2053
276 Indiabulls Tax Savings NR 8.5 - - - - - 2.48 10.04 NR 9.5 - - - - 1.68 10.22 86
277 Invesco India Tax  8.1 12.5 9.7 13.9 11 6 2.38 53.14  9.6 14.3 11.5 8 6 1.32 58.76 962
278 ITI Long Term Equity NR - - - - - - 2.51 10.50 NR - - - - - 0.35 10.53 13
279 JM Tax Gain  13.7 14.6 9.6 10.0 3 7 2.38 18.17  14.6 15.6 11.0 3 7 0.80 19.66 35
280 Kotak Tax Saver  12.6 11.9 9.3 11.2 14 8 2.36 46.29  13.9 13.3 10.7 12 8 1.26 50.48 987
281 L&T Tax Advantage  3.2 10.2 8.7 12.0 24 11 2.03 55.13  3.7 11.0 9.4 25 14 1.53 57.63 3418
282 LIC MF Tax  12.3 13.7 8.6 10.4 5 12 2.45 71.94  13.5 15.0 9.6 5 13 1.50 76.83 251
283 Mahindra Mutual Kar Bachat Yojana  5.4 5.4 - - 33 - 2.33 11.82  7.3 7.7 - 31 - 0.68 12.63 353
284 Mirae Asset Tax Saver  14.1 17.2 - - 1 - 1.89 18.93  16.0 18.8 - 1 - 0.30 20.02 2671
285 Motilal Oswal Long Term Eqt  12.0 13.2 - - 7 - 2.13 18.54  13.5 14.7 - 6 - 0.87 19.79 1584
286 Nippon India Tax Saver (ELSS)  2.0 4.1 3.4 12.4 34 29 2.08 54.74  2.7 5.1 4.2 34 29 1.28 57.76 10674
287 Parag Parikh Tax Saver NR - - - - - - 2.33 10.74 NR - - - - - 1.11 10.78 21
288 PGIM India Long Term Eqt  7.9 11.3 - - 16 - 2.40 14.67  9.7 13.2 - 13 - 0.80 15.52 365
289 Principal Tax Savings  2.9 10.7 8.2 11.4 18 15 2.55 207.08  3.4 11.3 8.7 22 17 2.07 214.66 401
290 Quant Tax  5.4 10.4 12.1 8.1 20 1 2.48 96.46  6.6 11.0 12.7 23 2 0.57 98.93 11
291 Quantum Tax Saving  -0.1 6.2 6.1 11.2 31 24 1.78 52.64  0.3 6.5 6.4 33 24 1.28 53.02 78
292 SBI Magnum Taxgain  5.5 7.8 5.7 10.0 29 25 1.87 143.66  6.2 8.5 6.4 29 25 1.31 149.69 7358
293 Shriram Long Term Equity NR - - - - - - 2.55 11.08 NR - - - - - 0.60 11.27 24
294 Sundaram Diversified Equity  7.3 8.7 7.6 9.6 27 20 2.09 102.40  7.7 9.3 8.0 28 23 1.68 105.30 2632
295 Tata India Tax Savings  14.7 13.9 12.0 13.4 4 2 2.10 62.04  16.6 15.4 13.4 4 1 0.64 105.60 2009
296 Taurus Tax Shield  6.8 13.1 8.8 10.2 8 10 2.48 80.79  7.5 13.7 9.8 11 11 1.96 84.73 66
297 Union Long Term Equity  9.8 9.0 4.6 - 26 27 2.57 25.53  10.1 9.7 5.3 27 27 1.92 26.56 263
298 UTI Long Term Equity  10.5 10.3 7.2 9.9 23 23 2.49 90.78  11.5 11.3 8.2 21 22 1.51 96.13 1247
Equity: Sectoral-Banking 16.9 14.6 7.8 10.1 17 11 21.6 17.7 12.6 11 8
299 ABSL Banking & Fin Services  17.2 16.4 14.4 - 11 1 2.38 31.24  18.4 17.7 15.5 6 1 1.23 33.13 1888
300 ABSL Banking ETF NR - - - - - - - 318.97 NR - - - - - - - 84
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 59

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Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Sectoral-Banking 16.9 14.6 7.8 10.1 17 11 21.6 17.7 12.6 11 8
301 Baroda Banking & Fin Services  23.2 16.4 9.7 - 10 7 2.60 25.68  23.9 17.3 10.6 7 7 1.72 27.08 45
302 Edelweiss ETF Nifty Bank NR 19.4 20.2 - - 3 - 0.12 3254.33 NR - - - - - - - 1
303 ICICI Pru Bank ETF NR - - - - - - 0.16 320.15 NR - - - - - - - 412
304 ICICI Pru Banking & Fin Services  18.9 16.7 14.0 16.8 9 2 2.12 69.79  20.0 18.1 15.3 5 3 1.29 74.95 3445
305 ICICI Pru Private Banks ETF NR - - - - - - 0.16 176.72 NR - - - - - - - 390
306 IDBI Banking & Fin Services NR 15.6 - - - - - 2.50 11.31 NR 17.8 - - - - 1.61 11.67 135
307 Invesco India Financial Services  20.3 19.0 13.5 14.8 8 3 2.70 62.52  22.1 20.9 15.5 3 2 1.68 69.45 175
308 Kotak Banking ETF NR 19.3 20.1 - - 4 - 0.18 327.60 NR - - - - - - - 8053
309 Kotak PSU Bank ETF NR -9.2 -6.0 -8.9 -1.4 17 11 0.49 264.55 NR - - - - - - - 38
310 LIC MF Banking & Fin Services  20.3 6.5 - - 15 - 2.60 12.09  21.4 7.9 - 11 - 1.49 12.68 58
311 Motilal Oswal Nifty Bank NR - - - - - - 1.03 11.66 NR - - - - - 0.38 11.68 19
312 Nippon India Banking  15.3 15.6 11.0 14.5 13 5 2.17 294.65  16.1 16.5 11.8 9 4 1.50 308.08 2951
313 Nippon India ETF Bank BeES NR 19.2 20.1 11.9 14.0 6 4 0.19 3260.65 NR - - - - - - - 6881
314 Nippon India ETF PSU Bank BeES NR -9.1 -6.0 -8.9 -1.3 16 10 0.50 293.74 NR - - - - - - - 97
315 SBI Banking & Fin Services  24.5 21.0 - - 1 - 2.44 19.88  25.7 22.4 - 1 - 1.30 20.80 1196
316 SBI ETF Nifty Bank NR 19.3 20.1 - - 5 - 0.20 323.09 NR - - - - - - - 3928
317 Sundaram Fin Services Opp  25.7 15.7 10.7 11.7 12 6 2.82 47.54  26.5 16.7 11.5 8 5 2.06 49.70 204
318 Tata Banking & Fin Services  25.3 20.2 - - 2 - 2.58 21.05  27.3 22.2 - 2 - 1.10 22.47 372
319 Tata Nifty Private Bank ETF NR - - - - - - 0.20 178.78 NR - - - - - - - 13
320 Taurus Banking & Financial Srvcs  24.2 19.3 9.3 - 7 8 2.46 28.85  25.3 20.5 10.7 4 6 1.53 30.90 8
321 UTI Banking & Fin Services  14.2 12.8 8.9 12.0 14 9 2.74 103.05  15.3 14.0 10.1 10 8 1.82 110.63 644
Equity: Sectoral-Infrastructure 4.6 6.3 5.0 6.4 21 20 5.3 7.3 6.3 20 18
322 ABSL Infrastructure  -1.8 4.2 2.9 6.5 18 18 2.64 29.82  -1.2 5.0 - 18 - 1.91 31.39 509
323 BOI AXA Mfg & Infrastructure  2.1 6.5 4.5 - 15 13 2.54 15.01  3.5 7.9 5.9 12 9 1.24 16.30 46
324 Canara Robeco Infrastructure  4.0 4.4 4.9 8.5 17 11 2.60 44.62  4.9 5.4 5.9 17 10 1.78 47.07 114
325 DSP T.I.G.E.R.  8.7 7.9 6.5 7.9 8 4 2.36 92.09  9.3 8.5 7.1 8 7 1.80 95.58 1090
326 Franklin Build India  10.3 9.9 9.4 14.5 2 1 2.22 42.33  11.7 11.3 10.8 1 1 1.13 45.91 1260
327 HDFC Infrastructure  1.6 -0.8 -1.2 3.8 20 20 2.46 15.68  2.3 0.0 -0.3 19 18 1.71 16.58 739
328 HSBC Infrastructure Eqt  -12.2 -5.2 -3.4 1.6 21 - 2.57 14.98  -11.3 -4.4 -2.7 20 - 1.25 15.80 90
329 ICICI Pru Infrastructure  6.2 7.2 4.0 6.1 11 17 2.36 50.26  7.0 8.1 4.8 10 17 1.79 52.74 1122
330 IDFC Infrastructure  -2.8 3.9 4.3 - 19 15 2.38 14.01  -1.7 5.4 5.8 16 11 1.30 15.31 819
331 Invesco India Infrastructure  8.4 8.7 5.3 8.4 5 8 2.66 17.38  10.1 10.6 7.2 4 5 0.97 19.34 41
332 Kotak Infra & Eco Reform  6.3 5.6 5.9 8.7 16 6 2.52 19.80  7.6 7.2 7.5 14 4 1.43 21.66 356
333 L&T Infrastructure  -2.6 8.4 8.6 7.8 6 2 2.19 15.43  -1.6 9.4 9.6 6 2 1.16 16.31 1786
334 LIC MF Infrastructure  14.4 9.8 4.3 5.2 3 16 2.53 15.09  14.9 10.9 5.4 3 13 1.37 16.10 55
335 Nippon India ETF Infra BeES NR 8.2 6.6 0.9 - 13 19 1.14 342.77 NR - - - - - - - 13
336 Nippon India Power & Infra  -0.2 6.9 4.3 2.3 12 14 2.34 95.00  0.4 7.5 5.0 13 16 1.87 99.03 1319
337 Quant Infrastructure NR 10.1 10.2 5.0 1.2 1 10 2.48 9.03 NR 11.3 10.9 5.4 2 14 0.57 9.23 2
338 SBI Infrastructure  14.8 8.0 7.5 4.7 7 3 2.59 15.88  15.4 8.8 8.2 7 3 2.03 16.57 505
339 Sundaram Infrastructure Adv  5.4 7.3 5.2 3.3 10 9 2.61 31.70  5.9 8.1 5.8 9 12 2.08 32.89 556
340 Tata Infrastructure  6.4 6.5 5.8 5.4 14 7 2.58 54.71  7.0 7.0 6.3 15 8 1.99 56.61 528
341 Taurus Infrastructure NR 1.2 9.0 6.3 6.8 4 5 2.52 24.42 NR 1.6 9.5 7.2 5 6 1.86 25.57 4
342 UTI Infrastructure  9.0 7.4 4.6 4.7 9 12 2.33 53.59  9.5 7.9 5.1 11 15 1.97 55.24 1281
Equity: Sectoral-Pharma 1.6 -1.3 1.4 13.1 4 3 2.9 -0.1 2.4 4 3
343 ABSL Pharma & Healthcare NR - - - - - - 2.71 10.68 NR - - - - - 0.91 10.77 171
344 DSP Healthcare NR - - - - - - 2.45 10.83 NR - - - - - 0.95 11.02 235
345 ICICI Pru Pharma Hlthcr & Diagn NR 3.1 - - - - - 2.18 10.38 NR 4.7 - - - - 0.81 10.61 1339
346 IDBI Healthcare NR - - - - - - 2.72 10.60 NR - - - - - 1.07 10.75 33
347 Mirae Asset Healthcare NR 4.3 - - - - - 2.40 10.93 NR 6.0 - - - - 0.79 11.18 358
348 Nippon India Pharma NR -0.7 1.8 3.9 14.5 1 1 2.20 151.74 NR 0.2 2.6 4.8 1 1 1.36 160.62 2430
349 SBI Healthcare Opportunities NR -2.5 -4.9 0.2 13.5 4 2 2.37 119.48 NR -1.6 -3.8 1.4 4 2 1.33 128.74 937
350 Tata India Pharma & HealthCare NR 5.5 0.3 - - 2 - 2.58 9.34 NR 7.2 2.0 - 2 - 1.16 9.98 174
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

60 Mutual Fund Insight January 2020

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Sectoral-Pharma 1.6 -1.3 1.4 13.1 4 3 2.9 -0.1 2.4 4 3
351 UTI Healthcare NR -0.1 -2.3 0.0 11.3 3 3 2.63 85.20 NR 0.9 -1.3 1.0 3 3 1.76 90.72 393
Equity: Sectoral-Technology 5.1 15.0 7.4 13.4 5 4 6.2 16.1 8.3 5 4
352 ABSL Digital India NR 6.8 16.3 9.3 11.9 2 1 2.63 53.70 NR 7.8 17.3 10.2 2 1 1.67 56.69 442
353 Franklin Technology NR 6.9 13.7 7.1 12.4 4 2 2.48 162.02 NR 7.6 14.4 7.7 4 3 1.62 168.66 241
354 ICICI Pru Technology NR -0.2 13.4 6.5 15.9 5 4 2.85 56.36 NR 0.7 14.3 7.4 5 4 1.92 59.56 422
355 SBI Technology Opportunities NR 7.6 14.3 6.9 13.2 3 3 2.55 39.33 NR 8.5 15.4 7.9 3 2 1.85 69.96 157
356 Tata Digital India NR 4.3 17.1 - - 1 - 2.59 14.65 NR 6.2 19.2 - 1 - 1.08 15.67 412
Equity: Thematic 5.3 8.2 6.5 11.3 13 12 6.4 9.3 7.4 11 11
357 ABSL Intl Eqt B NR 6.5 8.8 6.3 8.2 6 6 2.60 19.05 NR 7.0 9.3 6.8 6 9 2.23 19.73 80
358 ABSL Manufacturing Equity NR -1.2 5.5 - - 12 - 2.63 13.03 NR -0.4 - - - - 1.72 13.63 573
359 DSP Quant NR - - - - - - 1.23 10.66 NR - - - - - 0.37 10.71 143
360 Franklin Opportunities NR 5.6 7.9 6.3 9.9 8 5 2.50 73.30 NR 6.2 8.7 7.1 7 6 1.73 76.65 582
361 ICICI Pru Commodities NR - - - - - - 2.54 10.25 NR - - - - - 1.08 10.27 14
362 ICICI Pru Exports & Services NR 5.0 7.7 6.8 14.2 9 4 2.53 57.86 NR 6.0 8.7 7.7 8 4 1.77 61.14 705
363 ICICI Pru FMCG NR 7.3 15.5 10.9 17.0 1 1 2.59 251.13 NR 8.5 16.5 11.8 1 1 1.79 264.46 541
364 ICICI Pru India Opportunities NR - - - - - - 2.26 10.43 NR - - - - - 0.43 10.60 2105
365 ICICI Pru Manufacture in India NR 2.5 - - - - - 2.19 10.39 NR 4.2 - - - - 0.61 10.59 1084
366 Kotak Pioneer NR - - - - - - - 10.16 NR - - - - - - 10.17 662
367 L&T Business Cycles NR 5.0 6.4 6.1 - 11 8 2.50 15.36 NR 5.9 7.2 6.9 10 8 1.61 15.93 702
368 Mahindra Rural Bhrt & Cnsmptn Yjn NR 0.8 - - - - - 2.67 10.13 NR 2.9 - - - - 0.62 10.35 77
369 Nippon India ETF Dividend Opp NR 3.3 9.2 5.9 - 5 10 0.16 29.37 NR - - - - - - - 2
370 Nippon India Quant NR 6.1 9.4 4.6 8.5 4 11 1.00 25.66 NR 7.0 10.3 5.0 4 10 0.19 26.80 26
371 Quantum India ESG Eqt NR - - - - - - 1.32 10.56 NR - - - - - 0.82 10.58 13
372 SBI Equity Minimum Variance NR - - - - - - 0.70 10.17 NR - - - - - 0.30 10.20 50
373 SBI Magnum COMMA NR 9.4 6.5 8.2 5.2 10 3 2.59 37.23 NR 10.0 7.4 8.9 9 3 2.04 38.98 263
374 SBI Magnum Equity ESG NR 13.5 12.3 8.8 11.6 2 2 2.14 112.13 NR 14.3 13.2 9.7 2 2 1.46 118.16 2614
375 Sundaram Services NR 21.3 - - - - - 2.31 12.39 NR 22.3 - - - - 1.59 12.52 1250
376 Tata Ethical NR 4.6 8.4 5.9 11.4 7 9 2.54 160.33 NR 5.8 9.5 6.9 5 7 1.47 171.08 587
377 Taurus Ethical NR 4.4 9.6 6.3 11.1 3 7 2.53 52.17 NR 5.5 10.6 7.2 3 5 2.03 55.11 42
378 UTI Transportation & Logistics NR -9.9 -0.1 2.4 15.6 13 12 2.47 92.53 NR -8.9 1.1 3.5 11 11 1.42 99.42 1422
Equity: Thematic-Dividend Yield 3.3 7.8 5.4 9.9 5 5 4.0 8.5 6.1 5 5
379 ABSL Dividend Yield NR 3.0 3.8 2.4 8.9 5 5 2.58 159.77 NR 3.6 4.5 3.2 5 5 2.11 168.28 761
380 ICICI Pru Dividend Yield Eqt NR -1.2 5.5 4.6 - 4 4 2.70 15.87 NR -0.5 6.3 5.3 4 4 1.94 16.52 174
381 IDBI Dividend Yield NR - - - - - - 2.73 10.78 NR - - - - - 1.07 10.97 107
382 Principal Dividend Yield NR 4.9 12.2 8.0 10.7 1 1 2.58 54.11 NR 5.6 12.8 8.6 1 1 1.97 56.11 200
383 Templeton India Eqt Income NR 4.7 8.0 6.2 10.4 3 2 2.34 45.99 NR 5.3 8.8 6.9 3 2 1.55 48.00 921
384 UTI Dividend Yield NR 5.4 9.7 5.7 9.5 2 3 2.13 65.49 NR 6.0 10.4 6.3 2 3 1.62 68.36 2463
Equity: Thematic-MNC 5.6 10.0 9.0 15.9 3 3 6.5 11.0 10.1 3 3
385 ABSL MNC NR 7.9 11.4 10.5 17.4 1 1 2.09 788.97 NR 8.8 12.5 11.6 1 1 1.23 841.09 3949
386 ICICI Pru MNC NR - - - - - - 2.54 10.39 NR - - - - - 1.15 10.46 654
387 SBI Magnum Global NR 8.8 8.7 8.3 14.6 3 2 2.21 177.82 NR 9.5 9.6 9.3 3 2 1.35 188.09 3837
388 UTI MNC NR 0.2 10.1 8.3 15.7 2 3 2.38 197.27 NR 1.1 11.1 9.3 2 3 1.45 209.10 2295
Equity: Thematic-Energy 7.2 6.1 10.7 9.9 2 1 8.5 7.5 11.5 2 1
389 DSP Natural Rsrcs and New Energy NR 3.6 6.4 10.7 9.9 1 1 2.48 31.83 NR 4.6 7.2 11.5 2 1 1.54 33.29 380
390 Tata Resources & Energy NR 10.8 5.9 - - 2 - 2.49 14.83 NR 12.5 7.7 - 1 - 1.10 15.87 38
Equity: Thematic-PSU 10.0 0.3 1.7 6.4 3 3 14.7 2.8 4.6 2 2
391 CPSE ETF NR 2.8 -2.5 -1.7 - 3 3 0.01 23.61 NR - - - - - - - 11265
392 Invesco India PSU Equity NR 16.1 3.7 6.3 6.4 1 1 2.46 18.62 NR 17.7 5.3 8.0 1 1 1.60 20.53 72
393 SBI PSU NR 11.2 -0.4 0.6 - 2 2 2.61 10.53 NR 11.8 0.4 1.2 2 2 2.11 10.97 173
Equity: Thematic-Consumption 8.1 13.5 9.9 14.2 9 8 9.9 14.9 11.1 8 7
394 ABSL India GenNext NR 15.4 15.2 13.3 17.0 4 1 2.52 91.07 NR 16.6 16.6 14.5 4 1 1.27 97.65 1276
395 BNP Paribas India Consumption NR 19.4 - - - - - 2.50 12.70 NR 21.1 - - - - 1.15 12.93 441
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 61

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Thematic-Consumption 8.1 13.5 9.9 14.2 9 8 9.9 14.9 11.1 8 7
396 Canara Robeco Consumer Trends NR 13.2 16.4 11.7 15.0 3 3 2.68 42.28 NR 14.7 17.8 12.9 3 3 1.30 45.20 373
397 ICICI Pru Bharat Consumption NR - - - - - - 2.71 10.52 NR - - - - - 0.96 10.64 571
398 Mirae Asset Great Consumer NR 12.3 17.6 12.1 - 2 2 2.24 37.52 NR 14.2 19.3 13.7 2 2 0.58 41.03 931
399 Nippon India Consumption NR 10.4 5.9 5.2 11.0 9 8 2.77 68.53 NR 11.1 6.7 6.0 8 7 2.20 72.22 86
400 Nippon India ETF Consumption NR 2.4 12.9 9.0 - 6 6 0.13 53.24 NR - - - - - - - 13
401 Quant Consumption NR -0.9 7.1 7.2 4.7 - - 2.48 25.20 NR 0.2 8.3 7.9 - - 0.57 26.41 1
402 SBI Consumption Opportunities NR 4.0 14.9 10.9 19.3 5 5 2.49 71.10 NR 5.0 16.2 12.1 5 4 1.49 126.86 736
403 Sundaram Rural & Consumption NR 5.7 9.2 11.3 12.3 8 4 2.16 42.42 NR 6.5 10.0 12.0 7 5 1.36 44.28 2155
404 Tata India Consumer NR -0.3 18.9 - - 1 - 2.24 17.51 NR 1.3 20.9 - 1 - 0.82 18.70 1447
405 UTI India Consumer NR 7.4 10.8 6.1 10.7 7 7 2.64 27.22 NR 8.0 11.4 6.7 6 6 2.15 28.31 276
Equity: International 15.4 9.7 6.0 5.0 37 35 16.2 10.2 6.5 35 31
406 ABSL Commodity Eqt Global Agri NR 4.9 4.4 2.8 5.3 33 28 1.64 24.29 NR 5.3 4.8 3.2 33 27 1.29 24.98 7
407 ABSL Global Emerging Opp NR 17.5 4.9 1.7 1.5 31 34 1.13 13.79 NR 18.0 5.1 1.9 30 30 0.63 14.03 73
408 ABSL Global Real Estate NR 15.2 7.4 4.4 - 26 22 1.28 21.29 NR 15.7 7.9 4.9 24 20 0.83 21.96 17
409 ABSL Intl Eqt A NR 14.8 13.5 7.6 10.3 8 11 2.63 23.42 NR 15.3 14.0 8.2 7 11 2.22 24.24 73
410 DSP Global Allocation NR 12.0 6.5 5.3 - 30 17 2.05 13.21 NR 12.8 7.0 5.7 28 18 1.32 13.51 27
411 DSP US Flexible Equity NR 13.5 13.0 10.7 - 9 4 2.38 27.39 NR 14.3 13.8 11.5 8 3 1.68 28.68 245
412 DSP World Agriculture NR 7.1 4.7 2.2 - 32 31 2.40 17.11 NR 7.5 5.1 2.6 31 29 2.07 17.51 28
413 DSP World Energy NR 4.7 0.5 0.4 2.4 37 35 2.33 13.17 NR 5.2 0.8 0.7 35 31 1.81 13.42 17
414 DSP World Gold NR 37.3 4.2 6.0 -1.7 35 16 2.34 13.45 NR 38.1 4.7 6.5 34 14 1.76 13.88 328
415 DSP World Mining NR 14.8 6.7 2.2 - 27 32 2.35 8.42 NR 15.5 7.3 2.8 27 28 1.71 8.75 31
416 Edelweiss ASEAN Eqt Off Shore NR 7.7 9.5 4.9 - 17 19 1.41 21.13 NR 8.5 10.5 6.0 16 15 0.71 22.66 43
417 Edelweiss Emrgng Mkt Opp Eqt Offshr NR 13.5 11.7 5.2 - 12 18 1.22 13.19 NR 14.5 12.4 5.9 10 16 0.17 13.61 9
418 Edelweiss Eur Dynamic Eqt Offshore NR 13.8 6.6 3.4 - 29 25 1.34 11.56 NR 14.7 7.5 4.3 26 22 0.59 12.19 27
419 Edelweiss Grtr China Eqt Off-shore NR 27.9 14.7 10.0 11.2 5 5 1.36 30.38 NR 28.9 15.7 11.0 4 4 0.54 32.44 107
420 Edelweiss US Value Eqt Offshore NR 13.6 8.7 8.1 - 21 8 1.58 17.56 NR 14.5 9.4 8.9 20 7 0.72 18.47 43
421 Franklin Asian Equity NR 18.8 11.2 7.8 9.0 13 10 2.56 23.44 NR 19.5 11.9 8.5 12 9 1.90 24.50 126
422 Franklin Feeder Franklin Eur Grth NR 5.2 4.2 1.9 - 34 33 1.38 9.76 NR 6.3 5.4 3.2 29 26 0.48 10.47 19
423 Franklin Feeder Franklin US Opp NR 21.9 18.7 12.6 - 2 2 1.60 34.42 NR 22.9 19.7 13.7 1 1 0.60 36.79 1005
424 HSBC Asia Pacific (ExJapan) Div Yld NR 15.3 10.9 7.5 - 14 12 2.00 15.07 NR 16.1 11.7 8.2 13 10 1.24 15.69 6
425 HSBC Brazil NR 10.2 10.2 2.3 - 15 30 2.35 8.92 NR 11.1 11.0 - 14 - 1.61 9.38 28
426 HSBC Global Consumer Opp NR 19.1 13.5 - - 7 - 2.16 14.37 NR 19.9 14.4 - 6 - 1.45 14.87 3
427 HSBC Global Emerging Markets NR 10.6 8.4 4.4 4.6 22 23 2.36 14.54 NR 11.3 9.2 - 21 - 1.66 15.28 9
428 ICICI Pru Global Advtg (FOF) NR - - - - - - - 11.03 NR - - - - - - 11.04 14
429 ICICI Pru Global Stable Eqt (FOF) NR 13.4 9.1 8.1 - 18 7 1.50 16.79 NR 14.0 9.7 9.0 19 6 1.16 17.59 88
430 ICICI Pru US Bluechip Eqt NR 20.2 16.7 12.3 - 4 3 2.69 31.62 NR 21.3 17.7 13.3 3 2 1.78 33.49 346
431 Invesco (I) Feeder Global Eqt Incm NR 13.4 8.8 6.3 - 19 15 1.14 13.75 NR 14.3 10.0 7.5 17 12 0.53 14.69 7
432 Invesco India Feeder Pan Eur Eqt NR 6.4 6.6 2.6 - 28 29 0.65 10.95 NR 7.1 7.7 3.6 25 25 0.11 11.64 27
433 Kotak Global Emerging Market NR 12.5 7.8 3.1 6.3 25 27 1.18 16.37 NR 13.1 8.7 4.0 23 24 0.69 17.25 33
434 Kotak US Equity NR 13.7 11.9 9.8 - 10 6 1.26 18.16 NR 14.5 12.7 10.6 9 5 0.62 18.99 12
435 Kotak World Gold NR 41.6 4.2 4.9 -2.2 36 20 1.10 10.03 NR 42.4 4.9 5.7 32 19 0.57 10.52 46
436 Motilal Oswal NASDAQ 100 ETF NR 25.8 21.2 17.2 - 1 1 0.54 590.51 NR - - - - - - - 243
437 Motilal Oswal Nasdaq 100 FOF NR - - - - - - 0.50 12.67 NR - - - - - 0.10 12.73 98
438 Nippon India ETF Hang Seng BeES NR 4.8 8.8 7.2 - 20 13 1.13 3045.82 NR - - - - - - - 11
439 Nippon India Japan Equity NR 15.1 9.9 7.9 - 16 9 2.29 14.28 NR 16.1 10.8 8.8 15 8 1.44 14.87 23
440 Nippon India US Eqt Opportunities NR 22.1 18.1 - - 3 - 2.65 17.29 NR 23.2 19.2 - 2 - 1.75 18.03 57
441 PGIM India Euro Eqt NR 11.6 8.3 3.1 6.3 23 26 1.28 14.30 NR 13.1 9.8 4.3 18 23 0.23 15.37 3
442 PGIM India Global Eqt Opp NR 22.1 14.3 4.6 - 6 21 1.11 20.20 NR 23.0 15.7 5.7 5 17 0.46 21.57 23
443 Principal Global Opportunities NR 16.4 11.9 6.4 7.1 11 14 1.44 31.22 NR 16.7 12.3 6.9 11 13 1.05 32.12 16
444 Sundaram Global Brand NR 12.4 8.0 3.8 5.6 24 24 0.97 17.72 NR 12.9 8.8 4.4 22 21 0.60 18.42 22
S&P BSE Sensex Total Return Index 14.0 16.7 8.7 10.8
S&P BSE 500 Total Return Index 9.2 13.0 8.6 10.5
Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

62 Mutual Fund Insight January 2020

For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Aggressive Hybrid 8.0 8.7 7.6 10.6 31 25 9.2 9.9 8.6 31 25
445 ABSL Eq Hybrid ‘95  5.1 6.9 7.3 11.2 26 15 1.82 763.91  5.9 8.1 8.4 25 14 0.99 818.73 11608
446 ABSL Retirement 40s NR - - - - - - 2.56 10.38 NR - - - - - 1.03 10.52 73
447 Axis Equity Hybrid NR 13.9 - - - - - 2.03 11.15 NR 15.6 - - - - 0.62 11.39 1829
448 Baroda Hybrid Equity  3.8 6.5 5.5 8.1 27 23 2.45 55.32  4.7 7.9 6.8 27 22 1.63 59.84 556
449 BNP Paribas Substantial Eqt Hybrid NR 16.8 - - - - - 2.50 12.90 NR 18.5 - - - - 0.90 13.44 333
450 BOI AXA Mid & Small Cap Eqt & Debt  -3.7 5.7 - - 29 - 2.67 12.02  -2.7 6.6 - 29 - 1.80 12.38 359
451 Canara Robeco Eqt Hybrid  11.2 11.2 9.1 12.5 5 5 2.06 166.58  12.5 12.6 10.3 5 5 0.90 176.44 2607
452 DSP Equity & Bond  13.8 10.0 9.5 10.9 10 3 1.92 162.23  14.9 11.2 10.6 10 3 0.87 172.19 6303
453 Edelweiss Agrsv Hybrid NR 10.1 10.1 6.9 9.0 - - 2.31 26.68 NR 11.7 11.1 7.7 - - 0.56 27.83 9
454 Essel Equity Hybrid NR 11.0 - - - - - 2.38 11.00 NR 13.1 - - - - 0.45 11.30 234
455 Franklin Eqt Hybrid  8.7 7.7 7.8 11.2 21 12 2.11 123.78  9.9 9.1 9.2 21 11 1.02 133.46 1848
456 Franklin Life Stage FoF 20s  5.9 7.5 6.7 10.2 23 19 1.39 83.72  6.3 7.9 7.1 26 20 0.90 86.22 12
457 HDFC Children’s Gift  7.9 10.4 8.9 14.7 8 7 2.07 124.39  8.8 11.5 9.9 9 7 1.27 131.56 2990
458 HDFC Hybrid Equity  7.9 9.2 8.7 13.9 14 8 1.71 55.02  8.6 10.3 9.8 13 8 1.11 57.53 21087
459 HDFC Retrmnt Svngs Hybrid Eqt  7.7 10.4 - - 9 - 2.73 17.07  9.0 12.1 - 7 - 1.33 18.10 349
460 HSBC Equity Hybrid NR 9.4 - - - - - 2.42 11.33 NR 10.9 - - - - 0.99 11.50 656
461 HSBC Managed Solutions India Growth  8.1 9.4 7.9 - 13 11 1.77 18.34  8.4 9.7 8.2 15 15 1.42 18.63 84
462 ICICI Pru Child Care Gift  7.3 8.6 6.8 12.0 17 18 2.54 144.06  8.2 9.5 7.7 18 18 1.77 152.12 634
463 ICICI Pru Equity & Debt  9.8 9.5 9.2 13.5 12 4 1.74 138.54  10.5 10.8 10.4 11 4 1.26 149.01 23950
464 ICICI Pru Retrmnt Hybrid Agrsv NR - - - - - - 2.46 10.58 NR - - - - - 0.34 10.74 79
465 IDBI Hybrid Equity  0.4 4.0 - - 30 - 2.56 11.39  1.8 5.9 - 30 - 1.69 12.03 296
466 IDFC Hybrid Equity NR 5.6 - - - - - 2.36 11.74 NR 7.0 - - - - 0.96 12.33 763
467 Indiabulls Equity Hybrid NR - - - - - - 2.61 11.02 NR - - - - - 0.61 11.24 48
468 Invesco India Equity & Bond NR 10.6 - - - - - 2.50 11.08 NR 12.2 - - - - 1.12 11.32 428
469 JM Equity Hybrid  -8.9 3.1 1.9 7.1 31 25 2.13 41.58  -7.7 3.8 2.8 31 25 1.52 44.52 1836
470 Kotak Equity Hybrid  14.1 8.7 7.7 9.6 16 13 2.14 15.90  15.5 10.2 9.2 14 10 0.97 17.96 1466
471 L&T Hybrid Equity  6.0 8.5 8.5 - 18 9 1.79 27.01  7.0 9.6 9.6 17 9 0.68 28.94 8241
472 LIC MF Equity Hybrid  13.0 8.1 4.9 7.8 19 24 2.62 108.83  14.0 9.5 6.0 19 24 1.62 115.96 390
473 LIC MF ULIS  11.3 11.8 6.6 8.1 3 20 2.42 19.89  12.3 13.0 7.6 3 19 1.34 20.99 299
474 Mahindra Hybrid Eqt Nivesh Yojana NR - - - - - - 2.57 10.86 NR - - - - - 0.74 10.93 102
475 Mirae Asset Hybrid Equity  11.4 12.6 - - 2 - 1.95 15.57  13.3 14.5 - 1 - 0.32 16.80 2808
476 Motilal Oswal Equity Hybrid NR 14.1 - - - - - 2.41 11.38 NR 15.8 - - - - 0.79 11.58 280
477 Nippon India Equity Hybrid  3.0 7.8 7.2 11.3 20 16 1.83 54.48  3.8 9.2 8.5 20 13 1.08 58.72 9278
478 PGIM India Hybrid Eqt  8.9 7.1 4.8 7.6 24 - 2.32 71.12  10.5 8.7 6.3 22 - 0.73 77.51 152
479 Principal Hybrid Equity  3.2 10.5 9.1 10.4 7 6 2.12 77.05  4.5 11.9 10.2 8 6 0.82 82.55 1578
480 Principal Retrmnt Svngs Prgrsv NR 3.4 7.6 - - 22 - 2.16 13.75 NR 4.1 8.2 - 24 - 1.00 14.08 2
481 Quant Absolute NR 9.0 9.1 7.7 9.7 15 14 2.48 142.59 NR 10.3 9.7 8.1 16 17 0.57 145.67 2
482 SBI Equity Hybrid  15.1 11.7 10.3 12.1 4 2 1.69 145.05  15.9 12.7 11.4 4 2 1.07 154.18 30906
483 Shriram Hybrid Equity  8.9 9.7 6.1 - 11 21 2.35 17.64  10.7 10.7 7.0 12 21 0.65 18.48 62
484 Sundaram Equity Hybrid  11.5 10.9 8.1 8.1 6 10 2.17 96.21  12.6 12.3 9.1 6 12 1.39 101.69 1824
485 Tata Hybrid Equity  7.4 7.1 7.1 11.7 25 17 1.95 220.39  8.7 8.5 8.1 23 16 0.92 234.24 4316
486 Tata Retrmnt Svngs Moderate  9.3 13.0 10.9 - 1 1 2.22 31.48  11.0 14.4 12.4 2 1 0.66 34.56 1146
487 UTI Hybrid Equity  2.5 6.2 5.9 9.1 28 22 1.93 167.61  3.1 7.0 6.5 28 23 1.17 173.67 4860
Hybrid: Balanced Hybrid 7.3 7.0 7.0 8.9 10 8 8.1 7.7 7.6 10 8
488 Axis Children’s Gift NR 13.2 10.4 - - 2 - 2.48 14.24 NR 14.7 12.1 - 1 - 1.07 15.14 452
489 Franklin Life Stage FoF 30s NR 6.9 7.4 7.1 9.6 4 4 1.27 61.27 NR 7.4 8.1 7.8 4 4 0.82 63.70 6
490 Franklin Pension NR 9.7 6.5 7.6 9.7 5 3 2.25 133.63 NR 10.5 7.3 8.4 5 3 1.44 140.25 450
491 ICICI Pru Asset Allocator (FOF) NR 10.2 10.5 9.6 10.3 1 1 1.47 58.51 NR 11.6 11.0 10.1 2 1 0.11 60.58 4372
S&P BSE Sensex Total Return Index 14.0 16.7 8.7 10.8
VR Balanced Total Return Index 11.7 13.4 8.2 9.9

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 63

For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Balanced Hybrid 7.3 7.0 7.0 8.9 10 8 8.1 7.7 7.6 10 8
492 ICICI Pru Passive Strategy (FOF) NR 6.8 9.3 8.2 10.1 3 2 0.48 68.31 NR 7.2 9.7 8.6 3 2 0.15 70.31 101
493 LIC MF Children’s Gift NR 13.8 5.0 5.0 6.0 9 8 2.39 18.34 NR 14.5 5.8 6.0 8 8 1.39 19.52 12
494 Principal Retrmnt Svngs Moderate NR 3.4 5.8 - - 6 - 2.25 12.86 NR 4.0 6.4 - 7 - 1.58 13.18 1
495 Tata Young Citizens NR 6.5 5.5 5.6 8.3 7 7 2.60 26.04 NR 7.4 6.6 6.8 6 6 2.04 27.94 189
496 UTI Children’s Career Svngs NR 3.3 5.0 6.9 9.5 8 5 1.79 23.30 NR 3.5 5.2 7.1 9 5 1.60 23.54 3574
497 UTI Retrmnt Benefit Pension NR -0.5 4.2 5.7 7.7 10 6 1.85 25.60 NR 0.1 4.8 6.3 10 7 1.25 26.61 2750
Hybrid: Conservative Hybrid 7.0 5.9 7.1 8.2 36 32 7.9 6.8 8.0 36 31
498 ABSL Regular Savings  6.8 5.1 7.8 9.4 28 7 1.87 40.46  7.5 6.2 8.9 24 7 1.00 43.01 1960
499 ABSL Retirement 50s NR - - - - - - 2.04 10.50 NR - - - - - 0.81 10.62 27
500 Axis Regular Saver  2.7 5.3 5.5 - 25 31 2.29 19.44  3.7 6.5 6.9 21 29 1.24 21.21 215
501 Baroda Conservative Hybrid  12.2 6.7 7.5 7.8 10 10 2.08 25.60  13.2 7.6 8.4 13 9 1.15 27.15 27
502 BNP Paribas Cons Hybrid  8.9 6.2 7.3 7.8 18 16 2.20 29.95  10.6 8.3 9.5 6 4 0.66 33.46 396
503 BOI AXA Conservative Hybrid  -7.1 0.5 3.8 5.4 36 32 2.32 18.99  -6.6 1.2 4.4 36 31 1.75 19.61 120
504 Canara Robeco Cons Hybrid  10.8 6.7 6.8 8.5 9 20 1.96 60.04  11.9 7.8 7.9 9 16 0.87 64.45 209
505 DSP Regular Savings  5.3 3.2 5.6 7.5 35 30 2.20 37.00  7.1 4.5 6.7 35 30 0.59 39.37 244
506 Essel Regular Savings  7.3 5.4 6.5 - 23 25 2.20 19.80  8.9 7.1 8.3 16 11 0.79 21.94 38
507 Franklin Debt Hybrid  9.3 5.4 7.2 8.5 22 17 2.27 58.59  10.0 6.2 8.0 25 15 1.47 61.65 310
508 Franklin Life Stage FoF 40s  7.5 7.3 7.4 9.1 7 11 1.41 49.62  8.2 8.1 8.3 7 13 0.82 51.96 13
509 Franklin Life Stage FoF 50s Plus  7.4 6.9 7.3 8.1 8 13 1.42 37.08  8.1 7.7 8.1 11 14 0.82 38.86 6
510 Franklin Life Stage FoF 50s Plus FR  7.8 7.3 7.4 8.2 5 12 0.79 39.24  8.2 7.8 7.8 10 18 0.32 40.36 29
511 HDFC Hybrid Debt  8.5 5.0 7.0 8.7 29 18 1.79 47.53  9.0 5.6 7.5 29 20 1.34 49.23 2924
512 HDFC Retrmnt Svngs Hybrid Debt  8.6 6.3 - - 16 - 2.21 13.71  9.8 7.8 - 8 - 1.14 14.49 72
513 HSBC Managed Solutions Ind Cons  6.9 5.1 6.7 - 27 21 1.71 15.32  7.5 5.5 7.0 32 27 0.97 15.58 141
514 HSBC Regular Savings  9.6 5.4 6.6 7.9 24 24 2.29 38.61  10.8 6.2 7.3 26 23 0.63 40.30 105
515 ICICI Pru Moderate (FOF)  8.8 6.3 6.7 7.9 17 22 0.57 36.18  9.3 6.8 7.2 20 24 0.05 37.48 108
516 ICICI Pru Regular Savings  10.3 8.5 9.1 9.7 3 2 1.97 45.15  10.9 9.3 10.0 4 2 1.35 47.55 1673
517 ICICI Pru Retirement Hybrid Cons NR - - - - - - 2.02 10.70 NR - - - - - 0.34 10.85 57
518 ICICI Pru Thematic Advtg (FOF)  0.6 6.5 7.8 8.9 13 6 1.15 71.06  1.5 6.9 - 19 - 0.40 72.39 8
519 IDFC Asset Allocation Agrsv  4.5 6.3 6.4 - 15 27 1.56 23.30  5.5 7.1 7.1 17 25 0.64 24.14 16
520 IDFC Asset Allocation Cons  8.4 6.7 7.6 - 11 8 0.79 22.19  9.2 7.4 8.3 14 10 0.06 22.98 14
521 IDFC Asset Allocation Moderate  6.9 6.6 7.3 - 12 15 1.03 23.34  7.7 7.2 7.9 15 17 0.33 24.09 32
522 IDFC Regular Savings  9.1 6.0 7.3 - 19 14 2.21 22.65  10.0 6.9 8.3 18 12 1.29 24.05 194
523 Indiabulls Savings Income  7.7 8.1 - - 4 - 2.22 14.08  9.2 9.6 - 2 - 1.27 14.89 19
524 Kotak Asset Allocator  10.5 9.0 8.5 10.0 1 3 0.75 86.31  11.3 9.9 9.2 1 6 0.36 89.30 42
525 Kotak Debt Hybrid  11.7 6.3 7.9 8.6 14 5 2.21 33.04  13.0 7.7 9.2 12 5 1.15 35.52 259
526 L&T Conservative Hybrid  9.2 5.6 6.6 7.1 20 23 2.31 36.67  9.9 6.3 7.3 22 21 1.79 38.47 36
527 LIC MF Debt Hybrid  9.6 5.2 6.1 6.4 26 29 2.25 57.45  10.4 6.1 6.9 27 28 1.18 60.43 67
528 Nippon India Hybrid Bond  3.2 4.6 6.4 8.2 32 26 1.91 43.59  4.0 5.5 7.3 31 22 1.18 46.25 1594
529 Nippon India Retrmnt Incm Generation  9.8 4.6 - - 31 - 2.19 13.46  10.9 6.0 - 28 - 1.32 14.37 250
530 Principal Retrmnt Svngs Cons NR 2.7 4.4 - - 33 - 2.25 12.50 NR 3.2 4.9 - 33 - 1.77 12.73 1
531 SBI Debt Hybrid  8.9 4.7 7.6 8.2 30 9 1.80 41.11  9.5 5.6 8.6 30 8 1.20 43.56 1093
532 SBI Magnum Children’s Benefit  3.8 8.5 10.0 10.9 2 1 2.26 56.74  4.7 9.5 11.0 3 1 1.46 60.24 65
533 Sundaram Debt Oriented Hybrid  2.1 3.5 6.2 - 34 28 2.15 19.28  2.8 4.6 7.0 34 26 1.10 20.20 47
534 Tata Retrmnt Savings Cons  8.8 7.3 8.1 - 6 4 2.22 20.85  10.1 8.9 9.7 5 3 1.08 22.84 134
535 UTI Regular Savings  3.9 5.5 6.9 8.3 21 19 1.79 41.54  4.6 6.3 7.7 23 19 1.12 43.44 2309
Hybrid: Equity Savings 6.4 6.8 7.3 13 2 7.6 8.0 8.1 13 2
536 ABSL Eqt Savings  8.7 6.9 - - 8 - 2.43 14.05  9.7 8.1 - 9 - 1.51 14.84 790
S&P BSE Sensex Total Return Index 14.0 16.7 8.7 10.8
VR Balanced Total Return Index 11.7 13.4 8.2 9.9
VR MIP Total Return Index 9.8 8.6 7.7 8.2

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

64 Mutual Fund Insight January 2020

For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Equity Savings 6.4 6.8 7.3 13 2 7.6 8.0 8.1 13 2
537 Axis Equity Saver  8.7 9.0 - - 1 - 2.37 13.46  9.9 10.2 - 1 - 1.06 14.16 805
538 Baroda Equity Savings NR - - - - - - 2.02 10.31 NR - - - - - 0.99 10.36 464
539 DSP Equity Savings  8.2 6.6 - - 10 - 2.18 13.16  9.8 8.2 - 8 - 0.68 13.86 1037
540 Edelweiss Equity Savings  7.2 8.5 7.0 - 2 2 1.74 14.48  8.4 9.4 7.8 2 2 0.73 14.99 117
541 Franklin Eqt Savings NR 4.9 - - - - - 2.22 10.37 NR 6.8 - - - - 0.27 10.61 270
542 HDFC Equity Savings  6.2 7.3 7.6 9.0 6 - 1.95 37.50  7.2 8.8 8.8 5 - 1.25 39.98 4732
543 ICICI Pru Equity Savings  10.5 7.5 - - 4 - 1.35 14.57  11.1 8.3 - 7 - 0.78 13.97 1488
544 IDBI Eqt Savings NR 7.0 3.5 4.7 - - - 2.19 17.18 NR 8.5 5.2 5.9 - - 1.37 18.35 14
545 IDFC Equity Savings NR 5.2 4.2 5.5 6.5 - - 2.19 20.50 NR 6.1 5.2 6.4 - - 1.29 21.50 74
546 Invesco India Equity Savings NR - - - - - - 2.38 10.57 NR - - - - - 0.50 10.72 243
547 Kotak Equity Savings  8.0 8.4 7.6 - 3 1 2.15 14.87  8.9 9.2 8.4 3 1 1.27 15.42 1908
548 L&T Equity Savings  3.3 5.1 5.4 - 12 - 1.59 17.78  4.3 6.0 6.3 12 - 0.68 18.76 129
549 Mahindra Dhan Sanchay Eqt Svngs Yjn NR 8.9 - - - - - 2.40 11.74 NR 10.7 - - - - 0.80 12.45 235
550 Mirae Asset Equity Savings NR - - - - - - 1.60 11.03 NR - - - - - 0.43 11.17 65
551 Nippon India Eqt Svngs Fund  -6.0 2.9 - - 13 - 2.34 11.73  -5.2 4.0 - 13 - 1.70 12.30 948
552 PGIM India Equity Savings  8.9 7.5 8.4 8.1 5 - 1.38 33.34  10.0 8.8 9.6 4 - 0.28 35.78 35
553 Principal Equity Savings  5.2 6.7 6.1 6.1 9 - 2.69 36.91  6.5 7.9 7.1 10 - 1.16 39.30 52
554 SBI Equity Savings  8.6 7.2 - - 7 - 1.70 13.58  9.4 8.6 - 6 - 1.03 14.50 1685
555 Sundaram Equity Savings NR - - - - - - 2.34 10.75 NR - - - - - 0.21 10.95 146
556 Tata Equity Savings  7.9 5.4 5.6 6.6 11 - 2.30 33.96  9.0 6.5 6.6 11 - 1.24 36.34 138
557 Union Equity Savings NR - - - - - - 2.00 10.96 NR - - - - - 1.30 11.07 225
558 UTI Equity Savings NR 4.6 - - - - - 1.53 10.39 NR 5.7 - - - - 0.83 10.53 267
Hybrid: Arbitrage 5.8 5.8 6.4 7.1 16 14 6.4 6.4 7.0 16 14
559 ABSL Arbitrage  6.2 6.0 6.5 6.9 6 7 0.80 19.75  6.8 6.7 7.1 5 5 0.24 20.50 5150
560 Axis Arbitrage  5.8 6.0 6.4 - 8 10 0.99 13.93  6.6 6.8 7.2 3 3 0.27 14.54 2532
561 BNP Paribas Arbitrage NR 6.2 - - - - - 0.98 11.98 NR 6.8 - - - - 0.46 12.18 662
562 BOI AXA Arbitrage NR 5.4 - - - - - 1.00 10.82 NR 6.1 - - - - 0.24 10.92 80
563 DSP Arbitrage NR 6.5 - - - - - 0.89 11.19 NR 7.1 - - - - 0.29 11.32 810
564 Edelweiss Arbitrage  6.2 6.1 6.6 - 3 2 1.09 14.31  6.9 6.8 7.3 2 2 0.35 14.76 3854
565 Essel Arbitrage NR 4.7 - - - - - 2.25 10.64 NR 5.3 - - - - 1.78 10.72 1
566 HDFC Arbitrage  6.0 5.7 6.3 7.1 14 13 0.85 22.87 NR 6.5 6.3 6.8 14 13 0.35 14.61 5488
567 ICICI Pru Equity Arbitrage  5.9 6.0 6.5 7.3 9 6 0.93 25.42  6.6 6.6 7.1 7 6 0.37 26.42 13392
568 IDFC Arbitrage  6.2 6.1 6.4 7.2 5 8 1.09 24.28  6.9 6.8 7.1 4 8 0.39 25.26 10891
569 Indiabulls Arbitrage  5.9 5.9 - - 11 - 0.96 13.72  6.5 6.5 - 12 - 0.46 14.12 38
570 Invesco India Arbitrage  5.9 5.9 6.4 7.0 12 9 1.05 23.49  6.5 6.5 7.0 11 10 0.44 24.47 234
571 ITI Arbitrage NR - - - - - - 1.00 10.12 NR - - - - - 0.25 10.14 55
572 JM Arbitrage  5.4 5.4 6.1 7.0 15 14 0.94 25.20  5.8 5.8 6.6 15 14 0.70 26.03 72
573 Kotak Equity Arbitrage  6.1 6.2 6.6 7.4 2 3 0.99 27.52  6.6 6.7 7.1 6 7 0.45 28.47 16198
574 L&T Arbitrage Opportunities  6.0 6.0 6.5 - 7 5 0.96 14.13  6.6 6.6 7.1 8 4 0.46 14.59 801
575 LIC MF Arbitrage NR - - - - - - 1.02 10.50 NR - - - - - 0.37 10.56 71
576 Nippon India Arbitrage  6.2 6.3 6.7 - 1 1 1.08 19.76  6.9 7.0 7.4 1 1 0.51 20.51 9497
577 PGIM India Arbitrage  5.7 5.9 6.4 - 13 11 0.96 13.90  6.2 6.4 6.9 13 11 0.39 14.30 181
578 Principal Arbitrage  3.7 2.7 - - 16 - 0.91 11.24  4.2 3.3 - 16 - 0.48 11.48 5
579 SBI Arbitrage Opportunities  6.1 6.0 6.4 7.2 10 12 0.91 25.06  6.5 6.5 6.9 10 12 0.46 25.94 5208
580 Tata Arbitrage NR - - - - - - 1.12 10.62 NR - - - - - 0.32 10.69 372
581 Union Arbitrage NR - - - - - - 1.04 10.49 NR - - - - - 0.38 10.54 94
582 UTI Arbitrage  6.3 6.1 6.5 6.9 4 4 0.81 25.95  6.8 6.6 7.0 9 9 0.32 26.78 2915
CCIL T Bill Liquidity Weight 4.5 4.2 4.6 4.7
S&P BSE Sensex Total Return Index 14.0 16.7 8.7 10.8
VR Balanced Total Return Index 11.7 13.4 8.2 9.9

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 65

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Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Dynamic Asset Allocation 7.3 7.9 6.8 9.4 14 11 8.5 9.0 7.9 14 11
583 ABSL Asset Allocator MMFoF  7.4 7.0 7.9 6.9 11 3 1.29 29.82  8.1 7.3 8.1 11 6 0.64 15.02 6
584 ABSL Balanced Advantage  8.0 7.8 8.2 9.3 8 2 2.07 55.31  9.2 9.1 9.1 8 3 1.05 58.78 2741
585 Axis Dynamic Equity NR 6.3 - - - - - 1.98 11.33 NR 7.9 - - - - 0.60 11.76 2150
586 Baroda Dynamic Equity NR 9.9 - - - - - 2.48 11.12 NR 11.6 - - - - 0.92 11.31 418
587 BNP Paribas Dynamic Eqt NR - - - - - - 2.36 11.01 NR - - - - - 0.58 11.15 90
588 BOI AXA Eqt Debt Rebalancer  -4.0 2.2 3.8 - 14 11 2.35 14.23  -3.5 2.8 4.4 14 11 1.73 14.67 134
589 DSP Dynamic Asset Allocation  9.1 7.3 7.4 - 9 6 2.30 16.08  10.9 8.7 8.6 9 5 0.64 17.10 959
590 Edelweiss Balanced Advtg  8.1 10.2 6.7 9.4 3 7 2.07 24.67  9.6 11.5 7.7 3 7 0.58 26.05 1475
591 Franklin Dynamic Asset Alloc FoF  7.8 8.6 7.6 9.2 6 4 1.56 86.61  9.0 9.7 8.8 7 4 0.20 92.74 1021
592 HDFC Balanced Advantage NR 9.3 8.7 7.4 12.3 - - 1.56 201.38 NR 10.1 9.8 8.4 - - 1.01 210.22 44110
593 ICICI Pru Balanced Advantage  11.4 9.9 9.0 12.2 5 1 1.73 37.83  12.1 11.1 10.3 5 1 1.27 40.76 28287
594 IDFC Dynamic Equity  8.6 8.5 5.8 - 7 9 2.25 14.00  10.2 10.0 7.2 6 8 1.00 15.00 997
595 Invesco India Dynamic Equity  9.0 10.6 7.5 10.4 1 5 2.23 30.19  10.2 12.0 9.2 1 2 1.11 33.20 924
596 Kotak Balanced Advantage NR 12.1 - - - - - 2.12 11.18 NR 13.2 - - - - 1.18 11.34 3067
597 L&T Balanced Advantage  7.0 7.1 5.6 - 10 - 2.49 25.12  8.3 8.3 6.8 10 - 1.32 26.99 645
598 Motilal Oswal Dynamic  10.0 10.0 - - 4 - 2.16 13.09  11.1 11.1 - 4 - 0.93 13.54 1293
599 Nippon India Balanced Advantage NR 8.9 10.8 7.3 10.8 - - 2.15 93.82 NR 10.2 11.8 8.1 - - 1.04 98.70 2495
600 Principal Balanced Advantage  1.4 5.3 4.9 - 13 10 2.45 20.71  3.0 6.8 6.2 12 10 1.12 22.33 208
601 SBI Dynamic Asset Allocation  4.8 10.4 - - 2 - 1.96 13.78  6.1 11.6 - 2 - 0.91 14.31 683
602 Shriram Balanced Advantage NR - - - - - - 2.60 10.41 NR - - - - - 0.60 10.50 42
603 Tata Balanced Advantage NR - - - - - - 2.28 10.82 NR - - - - - 0.80 11.00 1066
604 Union Balanced Advantage NR 9.8 - - - - - 2.57 11.20 NR 10.5 - - - - 1.83 11.35 511
605 UTI Unit Linked Insurance  0.9 5.6 6.4 8.4 12 8 1.79 25.23  1.4 6.2 7.0 13 9 1.12 26.20 4341
Hybrid: Multi Asset Allocation 9.1 7.4 6.7 7.4 10 10 9.8 8.2 7.6 10 10
606 ABSL Fin Planning FOF Agrsv NR 7.0 8.8 8.0 - 2 1 1.41 23.30 NR 7.8 9.6 8.8 2 1 0.66 24.40 119
607 ABSL Fin Planning FOF Cons NR 6.3 6.1 6.6 - 8 7 1.17 18.96 NR 6.9 6.7 7.2 10 8 0.64 19.64 4
608 ABSL Fin Planning FOF Prudent NR 7.0 7.3 7.1 - 6 5 1.27 20.67 NR 7.5 7.8 7.7 5 6 0.74 21.39 14
609 Axis Triple Advantage NR 15.5 9.3 7.6 - 1 3 2.34 21.22 NR 16.7 10.6 8.8 1 2 1.10 22.85 279
610 Essel 3 in 1 NR 9.4 6.0 6.4 - 10 8 2.44 18.87 NR 11.1 7.4 7.8 7 4 1.05 20.48 21
611 Franklin Multi Asset Solution NR 10.4 6.1 5.6 - 9 9 1.36 13.15 NR 11.3 7.3 7.1 8 9 0.75 14.10 30
612 HDFC Dynamic PE Ratio FOF NR 7.5 7.9 6.8 - 4 6 1.00 19.05 NR 8.3 8.8 7.7 4 5 0.33 20.15 22
613 HDFC Multi Asset NR 8.7 5.6 6.3 8.6 - - 2.81 32.99 NR 9.4 6.3 6.9 - - 1.86 34.36 194
614 HSBC Managed Solutions Ind Moderate NR 7.6 8.5 7.9 - 3 2 1.93 17.52 NR 8.1 8.8 8.2 3 3 1.32 17.80 131
615 ICICI Pru Multi Asset NR 9.4 9.9 7.8 12.2 - - 1.91 274.25 NR 10.3 10.9 8.7 - - 1.30 290.44 11534
616 Quant Multi Asset NR 13.6 6.1 8.0 7.4 - - 2.48 40.81 NR 13.3 6.0 7.9 - - 2.38 40.68 0
617 Quantum Multi Asset NR 7.7 7.5 7.2 - 5 4 0.50 19.06 NR 7.9 7.6 7.3 6 7 0.26 19.13 17
618 SBI Multi Asset Allocation NR 12.3 7.0 8.2 9.1 - - 1.80 28.74 NR 12.9 8.0 9.3 - - 1.20 30.40 261
619 UTI Multi Asset NR 4.9 6.2 4.1 7.4 7 10 2.52 34.83 NR 5.9 7.2 4.9 9 10 1.74 36.73 731
CCIL T Bill Liquidity Weight 4.5 4.2 4.6 4.7
S&P BSE Sensex Total Return Index 14.0 16.7 8.7 10.8
VR Balanced Total Return Index 11.7 13.4 8.2 9.9
VR MIP Total Return Index 9.8 8.6 7.7 8.2

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

66 Mutual Fund Insight January 2020

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Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Long Duration 0.6 0.6 14.6 6.6 2 1 0.6 0.7 15.0 7.4 2 1
620 ICICI Pru Long Term Bond NR 0.9 1.1 13.7 6.6 2 1 1.80 64.53 NR 0.9 1.2 14.4 7.4 2 1 1.27 68.50 815
621 Nippon India Nivesh Lakshya NR 0.3 0.2 15.4 - 1 - 0.53 12.19 NR 0.3 0.3 15.7 - 1 - 0.21 12.24 586
Debt: Medium to Long Duration 0.7 1.1 8.8 4.5 14 14 0.7 1.3 9.7 5.3 14 14
622 ABSL Income  0.7 1.2 11.1 4.7 8 8 1.59 87.10  0.8 1.4 12.0 5.5 7 9 0.79 91.62 968
623 Canara Robeco Income  0.7 1.5 11.6 5.7 5 5 1.88 41.37  0.8 1.7 12.7 6.6 2 4 0.75 43.58 109
624 HDFC Income  0.7 1.6 9.6 3.2 11 12 2.23 42.78  0.8 1.7 10.2 3.8 11 12 1.73 45.01 611
625 HSBC Debt  0.5 1.0 11.7 4.6 4 9 2.08 31.91  0.6 1.2 12.6 5.4 5 10 1.25 33.67 42
626 ICICI Pru Bond  1.1 2.7 12.1 6.5 2 3 1.08 27.77  1.1 2.8 12.7 7.1 3 3 0.57 28.59 3319
627 ICICI Pru Debt Management (FOF)  0.7 2.3 9.0 6.8 12 1 0.75 30.97  0.8 2.5 9.7 7.4 12 1 0.20 31.93 194
628 IDFC Bond Income  0.4 1.1 12.1 5.8 3 4 1.88 48.12  0.5 1.2 12.7 6.6 4 5 1.28 50.75 680
629 JM Income  0.4 -2.8 -5.8 0.1 14 13 0.76 45.81  0.5 -2.5 -4.9 1.1 14 13 0.40 49.07 21
630 Kotak Bond  0.5 1.1 11.3 4.3 7 11 1.83 54.38  0.6 1.4 12.4 5.3 6 11 0.79 57.53 1880
631 LIC MF Bond  0.8 1.8 11.1 5.1 9 7 1.07 52.56  0.7 1.8 11.7 5.6 9 8 0.17 54.47 246
632 Nippon India Income  0.5 1.5 13.4 5.6 1 6 1.62 64.47  0.6 1.7 14.2 6.4 1 6 0.87 68.31 270
633 SBI Magnum Income  0.9 2.4 11.3 6.6 6 2 1.47 48.37  1.0 2.5 12.0 7.4 8 2 0.87 50.31 1215
634 Tata Income  0.9 1.6 10.0 4.6 10 10 1.94 58.45  1.0 1.9 11.0 5.8 10 7 1.08 61.97 74
635 UTI Bond  0.6 -1.0 -5.0 -0.2 13 14 1.57 50.08  0.7 -0.5 -3.9 0.7 13 14 0.94 53.33 557
Debt: Medium Duration 0.3 1.4 5.1 5.3 16 15 0.4 1.6 5.9 6.0 16 15
636 ABSL Medium Term  -5.8 -7.1 -3.8 2.4 15 14 1.62 21.72  -5.8 -6.9 -3.2 3.1 15 14 1.02 22.71 6007
637 Axis Strategic Bond  0.9 2.3 7.8 6.5 9 6 1.01 18.94  1.0 2.5 8.5 7.2 9 6 0.35 20.03 1212
638 BNP Paribas Medium Term  0.7 1.6 -1.8 2.4 13 13 1.23 13.90  0.8 1.7 -1.2 3.1 13 13 0.58 14.54 85
639 DSP Bond  0.7 1.6 2.9 3.3 12 12 0.79 57.82  0.8 1.7 3.4 3.7 12 12 0.33 60.18 244
640 Franklin Income Opp  1.0 1.4 6.7 7.4 11 2 1.70 22.99  1.0 1.6 7.6 8.2 11 2 0.84 24.28 3410
641 HDFC Medium Term Debt  1.0 2.3 9.8 6.5 3 7 1.29 39.21  1.1 2.5 10.7 7.3 3 5 0.49 40.85 1122
642 ICICI Pru Medium Term Bond  1.3 3.1 9.4 6.6 4 4 1.57 30.32  1.4 3.3 10.1 7.4 4 4 1.06 32.10 6105
643 ICICI Pru Retrmnt Pure Debt NR 0.8 2.3 - - - - 2.01 10.88 NR 0.9 2.7 - - - - 0.24 11.04 302
644 IDFC Bond Medium Term  0.6 1.8 10.4 6.8 2 3 1.43 33.33  0.7 2.0 11.1 7.5 2 3 0.75 34.93 2901
645 Indiabulls Income  0.5 1.2 9.0 6.6 6 5 0.76 16.34  0.5 1.4 9.5 7.1 6 7 0.26 17.29 17
646 Kotak Medium Term  1.3 3.4 8.1 6.2 8 8 1.72 16.02  1.3 3.6 9.0 7.0 8 8 0.94 16.86 3412
647 L&T Resurgent India Bond  1.1 2.4 8.2 5.6 7 10 1.72 14.28  1.1 2.6 9.1 6.5 7 10 0.86 14.89 1792
648 Nippon India Strategic Debt  -1.4 -0.2 -2.9 2.3 14 - 1.65 13.89  -1.3 0.0 -2.1 3.3 14 - 0.83 14.58 2942
649 SBI Magnum Medium Duration  1.0 2.6 11.5 8.1 1 1 1.09 34.83  1.0 2.7 11.9 8.8 1 1 0.74 36.58 2082
650 Sundaram Medium Term Bond  0.7 1.7 9.0 5.5 5 11 2.17 54.49  0.7 1.9 9.8 6.5 5 11 1.20 57.79 83
651 Tata Medium Term  0.9 1.9 -9.0 -0.8 16 15 1.38 25.18  1.0 2.2 -8.1 0.1 16 15 0.38 26.98 50
652 UTI Medium Term  0.6 1.7 7.0 6.1 10 9 1.65 14.07  0.6 2.0 8.0 6.8 10 9 1.17 14.56 280
Debt: Short Duration 0.7 1.8 5.7 5.4 28 26 0.7 2.0 6.4 6.1 28 26
653 ABSL ST  0.7 2.3 9.8 6.7 14 12 1.15 32.93  0.8 2.4 10.6 7.4 13 12 0.43 34.31 3220
654 Axis Short Term  0.8 2.3 10.5 7.1 3 6 0.88 21.60  0.8 2.5 11.2 7.9 3 3 0.27 22.76 3073
655 Baroda Short Term Bond  0.7 2.1 9.5 7.9 15 1 1.30 21.08  0.8 2.3 10.3 8.6 15 1 0.62 22.01 315
656 BNP Paribas Short term  0.8 2.3 7.8 6.3 17 15 1.19 22.18  0.9 2.5 8.7 7.0 17 16 0.35 23.11 132
657 BOI AXA ST Income  0.9 2.4 -12.9 -0.9 28 26 1.10 17.11  0.9 2.5 -12.4 -0.2 28 26 0.55 18.12 47
658 Canara Robeco Short Duration  0.7 1.9 9.3 6.9 16 - 1.02 18.54  0.7 2.1 10.1 7.7 16 - 0.30 19.55 440
659 DSP Short-term  0.7 2.3 10.0 6.7 11 11 0.99 33.53  0.7 2.5 10.8 7.5 10 11 0.25 35.19 2918
660 Edelweiss Short Term  0.8 2.6 -0.6 3.5 23 20 0.79 16.07  0.9 2.7 0.0 4.0 23 21 0.10 16.51 18
661 Franklin ST Income  0.6 1.1 6.8 7.5 18 3 1.47 4101.39  0.7 1.2 7.6 8.3 18 2 0.69 4327.31 12551
662 HDFC Short Term Debt  0.9 2.6 10.3 7.7 5 2 0.40 22.06  0.9 2.6 10.5 7.8 14 4 0.25 22.28 8974
663 HSBC Short Duration  0.7 2.3 0.1 3.3 22 21 1.29 29.41  0.8 2.5 1.1 4.3 22 20 0.34 31.29 480
664 ICICI Pru Short Term  0.8 2.4 10.2 6.8 8 10 1.15 41.17  0.8 2.6 11.0 7.7 5 8 0.40 43.21 10909
CCIL T Bill Liquidity Weight 0.3 0.9 4.5 4.2
VR Bond Index 0.4 0.8 8.6 5.8

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 67

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Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Short Duration 0.7 1.8 5.7 5.4 28 26 0.7 2.0 6.4 6.1 28 26
665 IDBI Short Term Bond  1.1 -0.8 0.9 3.9 20 18 1.71 18.10  1.1 -0.6 1.6 5.0 20 18 0.93 19.23 38
666 IDFC All Seasons Bond  0.7 2.5 11.3 7.3 1 4 0.48 30.94  0.8 2.6 11.7 7.8 1 7 0.09 31.87 145
667 IDFC Bond Short Term  0.7 2.4 10.6 7.3 2 5 0.79 40.60  0.7 2.5 11.1 7.8 4 5 0.28 42.31 10676
668 Indiabulls Short Term  -0.1 -0.5 5.7 6.0 19 16 1.48 1584.98  -0.1 -0.2 6.8 7.2 19 14 0.48 1702.98 57
669 Invesco India Short Term  0.6 2.2 10.1 6.3 10 14 1.25 2583.48  0.7 2.4 11.0 7.1 7 15 0.40 2738.91 573
670 JM Short-term  0.4 -3.7 -3.5 2.0 26 24 0.67 24.42  0.4 -3.7 -3.3 2.3 26 25 0.67 24.85 19
671 Kotak Bond Short-term  0.8 2.3 10.4 6.9 4 9 1.14 37.15  0.8 2.5 11.3 7.8 2 6 0.32 39.11 9949
672 L&T Short Term Bond  0.6 2.3 10.2 7.1 9 7 0.73 18.99  0.7 2.4 10.7 7.6 11 9 0.25 19.60 4674
673 LIC MF Short Term Debt NR 0.5 1.9 - - - - 1.43 10.83 NR 0.6 2.2 - - - - 0.38 10.92 264
674 Mirae Asset Short Term  0.5 2.0 10.0 - 13 - 1.03 11.38  0.6 2.1 10.7 - 12 - 0.32 11.53 182
675 Nippon India Short-term  0.7 2.4 10.2 6.6 7 13 1.12 37.02  0.8 2.6 11.0 7.3 6 13 0.32 38.64 5910
676 PGIM India Short Maturity  -0.1 2.5 0.4 3.9 21 19 1.32 32.83  -0.1 2.7 1.1 4.8 21 19 0.46 34.80 84
677 Principal Short Term Debt  0.5 1.8 -1.0 3.2 24 22 1.05 31.20  0.6 1.8 -0.5 3.9 24 22 0.64 32.81 153
678 SBI Short Term Debt  0.7 2.4 10.3 7.0 6 8 0.84 22.84  0.8 2.5 10.9 7.6 9 10 0.34 23.60 8357
679 Sundaram Short Term Debt  0.7 2.1 -4.4 2.0 27 25 0.93 29.51  0.7 2.3 -3.8 2.9 27 24 0.27 31.26 198
680 Tata Short-term Bond  0.8 2.1 10.0 4.6 12 17 1.18 34.59  0.9 2.4 10.9 5.5 8 17 0.28 36.45 2170
681 UTI Short-term Income  0.8 2.6 -3.2 2.5 25 23 0.79 21.19  0.9 2.7 -2.7 2.9 25 23 0.40 21.87 2202
Debt: Low Duration 0.5 1.3 2.9 5.3 26 25 0.5 1.5 3.4 5.7 26 25
682 ABSL Low Duration  0.5 1.9 8.8 7.2 8 10 1.23 474.30  0.6 2.2 9.7 8.1 2 3 0.38 502.17 9538
683 Axis Treasury Advantage  0.6 2.0 9.3 7.5 2 4 0.57 2211.33  0.6 2.1 9.6 8.1 3 4 0.27 2277.10 3560
684 Baroda Treasury Advantage  -2.3 -5.7 -18.8 -2.4 26 25 0.90 1719.04  -2.3 -5.6 -18.5 -2.1 26 25 0.59 1757.02 115
685 BNP Paribas Low Duration  0.5 1.9 7.6 6.8 13 13 1.00 29.28  0.6 2.1 8.5 7.5 12 10 0.18 30.71 251
686 Canara Robeco Savings  0.5 1.7 8.6 7.2 9 9 0.55 30.80  0.6 1.8 8.8 7.5 11 12 0.30 31.19 1119
687 DSP Low Duration  0.6 3.2 9.2 7.5 3 6 0.53 14.40  0.6 3.2 9.6 7.8 5 5 0.20 14.62 2859
688 Edelweiss Low Duration  0.6 1.9 -4.8 2.9 22 21 1.00 2062.76  0.7 2.1 -4.1 3.6 22 20 0.20 2115.89 105
689 Franklin Low Duration  0.8 1.4 7.7 7.9 12 1 0.88 22.62  0.8 1.5 8.1 8.3 13 2 0.48 23.12 5704
690 HDFC Low Duration  0.6 1.9 8.4 6.8 10 12 1.03 41.23  0.6 2.0 9.1 7.5 9 11 0.43 43.23 14904
691 HSBC Low Duration  0.5 1.7 -2.2 3.3 20 19 1.02 15.54  0.6 1.9 -1.4 4.2 19 19 0.22 16.34 193
692 ICICI Pru Savings  0.6 2.2 9.1 7.6 4 2 0.50 379.99  0.6 2.2 9.3 7.7 6 7 0.41 382.84 19395
693 IDFC Low Duration  0.6 1.9 8.8 7.5 5 7 0.48 27.98  0.6 2.0 9.0 7.7 10 9 0.25 28.28 4974
694 Invesco India Treasury Advtg  0.6 2.1 9.5 7.4 1 8 0.65 2738.25  0.6 2.2 9.8 7.8 1 6 0.35 2806.17 1448
695 JM Low Duration  0.5 -6.0 -11.7 0.1 25 24 0.44 22.82  0.5 -5.9 -11.6 0.2 25 24 0.42 22.99 30
696 Kotak Low Duration  0.6 2.3 8.8 7.5 7 3 1.08 2412.44  0.7 2.5 9.6 8.3 4 1 0.32 2520.41 5039
697 L&T Low Duration  0.7 1.5 5.6 6.5 16 14 0.96 20.51  0.7 1.6 6.1 7.0 16 14 0.46 21.00 952
698 LIC MF Savings  0.6 1.9 4.0 5.7 17 16 0.83 28.87  0.6 2.0 4.5 6.3 17 16 0.28 30.28 949
699 Mahindra Low Duration Bachat Yojana  0.5 1.8 8.3 - 11 - 1.16 1206.10  0.6 2.0 9.2 - 7 - 0.34 1237.31 345
700 Mirae Asset Savings  0.5 1.6 6.7 6.2 15 15 0.82 1663.06  0.5 1.7 7.4 6.9 15 15 0.19 1749.26 529
701 Nippon India Low Duration  0.6 2.2 7.4 6.9 14 11 0.65 2687.67  0.6 2.3 7.7 7.3 14 13 0.34 2751.38 3408
702 PGIM India Low Duration  0.6 2.2 -9.1 1.3 23 22 1.17 22.52  0.7 2.4 -8.4 1.9 23 22 0.41 23.46 140
703 Principal Low Duration  0.4 1.6 -10.4 0.6 24 23 0.61 2569.30  0.5 1.6 -10.3 0.9 24 23 0.33 2667.65 160
704 SBI Magnum Low Duration  0.6 2.0 8.8 7.5 6 5 0.96 2553.94  0.6 2.1 9.2 7.7 8 8 0.41 2575.97 7402
705 Sundaram Low Duration  0.6 1.8 -2.1 3.6 19 18 0.77 24.23  0.6 2.0 -1.6 4.2 20 18 0.28 25.12 496
706 Tata Treasury Advantage  0.6 2.0 2.7 5.5 18 17 0.54 2831.38  0.6 2.0 2.8 5.7 18 17 0.34 2865.39 695
707 UTI Treasury Advantage  0.6 2.0 -3.7 3.2 21 20 0.38 2410.72  0.6 2.0 -3.6 3.4 21 21 0.28 2435.12 2380
Debt: Ultra Short Duration 0.5 1.6 6.8 6.3 23 17 0.5 1.7 7.3 6.8 23 17
708 ABSL Savings  0.5 1.9 8.8 7.6 3 4 0.37 389.82  0.5 1.9 9.0 7.8 4 4 0.25 392.91 15840
709 Axis Ultra Short Term NR 0.5 1.8 8.0 - 11 - 1.18 10.98 NR 0.6 2.0 9.0 - 5 - 0.27 11.10 2991
710 Baroda Ultra Short Duration NR 0.4 1.7 7.9 - 13 - 0.38 1122.89 NR 0.5 1.7 8.1 - 14 - 0.20 1126.08 336
711 BOI AXA Ultra Short Duration  0.5 1.7 7.9 7.7 14 3 0.58 2376.05  0.5 1.7 8.2 7.9 13 3 0.33 2413.79 296
CCIL T Bill Liquidity Weight 0.3 0.9 4.5 4.2

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

68 Mutual Fund Insight January 2020

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Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Ultra Short Duration 0.5 1.6 6.8 6.3 23 17 0.5 1.7 7.3 6.8 23 17
712 Canara Robeco Ultra ST  0.5 1.5 6.8 6.1 17 11 0.95 2886.07  0.5 1.7 7.3 6.8 19 12 0.37 2975.94 177
713 DSP Ultra Short  0.4 1.6 6.5 6.1 19 12 1.00 2556.97  0.5 1.8 7.3 6.9 18 11 0.24 2671.90 2828
714 Essel Ultra Short Term  0.4 1.3 6.5 6.4 18 10 1.05 2099.18  0.4 1.5 7.4 7.1 17 10 0.43 2188.64 25
715 Franklin Ultra Short Bond  0.8 2.3 9.7 8.7 2 2 0.52 27.88  0.8 2.3 9.8 8.8 2 2 0.41 28.02 19950
716 HDFC Ultra Short Term NR 0.4 1.6 8.2 - 8 - 0.64 10.99 NR 0.5 1.7 8.5 - 9 - 0.34 11.03 9059
717 ICICI Pru Ultra Short Term  0.7 2.0 8.7 7.5 4 - 0.94 19.94  0.7 2.2 9.3 8.2 3 - 0.40 20.98 5995
718 IDBI Ultra Short Term  0.6 6.4 7.2 6.4 15 9 0.67 2035.78  0.7 6.5 7.8 7.2 15 9 0.26 2119.20 170
719 IDFC Ultra Short Term NR 0.5 1.8 8.4 - 5 - 0.35 11.15 NR 0.5 1.8 8.6 - 8 - 0.20 11.18 4254
720 Indiabulls Ultra Short Term  0.5 1.6 8.0 7.2 12 7 0.69 1901.64  0.5 1.7 8.4 7.7 11 6 0.29 1963.14 40
721 Invesco India Ultra Short Term  0.5 1.6 8.0 7.3 9 - 0.90 2004.64  0.5 1.8 8.6 7.8 7 - 0.40 2074.09 726
722 JM Ultra Short Duration  0.4 -1.5 -1.8 3.5 22 16 0.98 24.89  0.4 -1.4 -1.4 4.0 22 16 0.46 25.60 53
723 Kotak Savings  0.5 1.8 8.2 7.3 7 6 0.76 31.51  0.6 1.9 8.7 7.7 6 5 0.33 32.21 11281
724 L&T Ultra Short Term  0.5 1.6 8.0 7.2 10 8 0.53 32.05  0.5 1.7 8.3 7.6 12 8 0.23 32.75 2841
725 LIC MF Ultra ST NR - - - - - - - 1001.10 NR - - - - - - - 1001.12 -
726 Mahindra Ultra ST Yjn NR 0.5 - - - - - 0.70 1008.00 NR 0.5 - - - - - 0.28 1008.51 127
727 Motilal Oswal Ultra Short Term  0.4 1.5 -2.0 1.0 23 17 0.08 12.85  0.4 1.5 -2.0 1.3 23 17 0.08 13.21 107
728 Nippon India Ultra Short Duration  0.6 -2.8 1.0 4.6 21 15 1.15 2855.50  0.7 -2.6 1.8 5.5 21 15 0.37 3014.62 2265
729 PGIM India Ultra ST  0.5 3.3 14.5 9.5 1 1 0.43 25.30  0.6 3.4 14.4 9.6 1 1 0.13 25.63 57
730 Principal Ultra Short Term  0.4 1.4 6.9 4.7 16 14 1.15 2071.47  0.5 1.6 7.8 5.5 16 14 0.39 2127.73 67
731 SBI Magnum Ultra Short Duration  0.5 1.8 8.3 7.5 6 5 0.50 4364.17  0.5 1.9 8.5 7.7 10 7 0.34 4392.59 10925
732 Sundaram Ultra Short Term NR 0.4 1.5 - - - - 1.42 10.29 NR 0.5 1.8 - - - - 0.15 10.35 317
733 Tata Ultra Short Term NR 0.4 1.6 - - - - 0.97 10.63 NR 0.5 1.8 - - - - 0.22 10.68 167
734 UTI Ultra Short Term  0.5 2.2 3.6 5.6 20 13 0.95 3056.50  0.5 2.3 4.1 6.2 20 13 0.36 3179.24 2576
735 YES Ultra Short Term NR 0.4 1.3 - - - - 0.91 1030.11 NR 0.4 1.5 - - - - 0.31 1033.10 13
Debt: Liquid 0.4 1.4 6.6 6.6 39 36 0.5 1.4 6.8 6.7 36 35
736 ABSL Liquid  0.5 1.4 6.9 7.0 6 7 0.29 312.02  0.5 1.4 7.0 7.1 7 7 0.20 313.70 50512
737 Axis Liquid  0.5 1.4 6.9 7.0 11 5 0.16 2153.53  0.5 1.4 6.9 7.0 13 12 0.11 2163.09 30068
738 Baroda Liquid  0.5 1.4 6.8 7.0 14 10 0.23 2230.01  0.5 1.5 7.0 7.1 11 4 0.13 2244.70 5835
739 BNP Paribas Liquid  0.5 1.5 6.9 6.9 8 14 0.19 2979.04  0.5 1.5 7.0 7.1 8 6 0.07 2999.15 1837
740 BOI AXA Liquid  0.4 1.4 6.7 6.9 27 21 0.21 2229.83  0.5 1.4 6.8 7.0 27 20 0.12 2244.68 452
741 Canara Robeco Liquid  0.4 1.3 6.6 6.8 28 30 0.12 2344.16  0.4 1.4 6.6 6.8 29 30 0.10 2350.74 1099
742 DSP Liquid ETF NR 0.4 1.2 5.6 - 36 - 0.61 1000.00 NR - - - - - - - - 93
743 DSP Liquidity  0.4 1.4 6.7 6.9 23 23 0.21 2769.87  0.5 1.4 6.8 7.0 22 19 0.11 2787.16 11722
744 Edelweiss Liquid  0.5 1.4 6.9 6.9 13 17 0.35 2489.79  0.5 1.5 7.0 7.0 6 10 0.09 2509.91 2158
745 Essel Liquid  0.4 1.2 6.5 6.9 31 25 0.20 2129.38  0.4 1.3 6.6 7.0 31 21 0.15 2142.73 76
746 Franklin Liquid  0.5 1.5 7.1 7.0 2 1 0.86 2912.38  0.5 1.5 7.2 7.1 2 2 0.12 2924.41 11999
747 HDFC Liquid  0.5 1.4 6.8 6.8 20 28 0.30 3815.12  0.5 1.4 6.9 6.9 20 28 0.20 3836.42 90795
748 HSBC Cash  0.5 1.4 6.9 7.0 7 9 0.22 1936.31  0.5 1.5 7.0 7.0 10 13 0.12 1943.57 5280
749 ICICI Pru Liquid  0.5 1.4 6.8 6.9 15 19 0.27 287.19  0.5 1.4 6.9 7.0 17 23 0.20 288.37 61402
750 ICICI Pru Liquid ETF NR 0.4 1.2 5.4 - 38 - 0.50 1000.00 NR - - - - - - - - 92
751 IDBI Liquid  0.5 1.5 6.9 6.9 9 13 0.17 2075.39  0.5 1.5 7.0 7.1 9 8 0.13 2090.34 2048
752 IDFC Cash  0.4 1.3 6.6 6.8 30 29 0.16 2349.88  0.4 1.4 6.6 6.9 30 29 0.11 2360.16 13603
753 IIFL Liquid  0.4 1.3 6.1 6.4 34 31 0.25 1515.17  0.4 1.3 6.2 6.4 34 31 0.20 1519.76 526
754 Indiabulls Liquid  0.5 1.4 6.8 6.9 19 18 0.20 1891.21  0.5 1.4 6.9 7.0 18 14 0.10 1904.01 545
755 Invesco India Liquid  0.5 1.4 6.7 6.9 26 20 0.22 2668.40  0.5 1.4 6.8 7.0 25 24 0.15 2680.91 6632
756 ITI Liquid NR 0.4 1.2 - - - - 0.23 1032.88 NR 0.4 1.3 - - - - 0.12 1033.56 20
757 JM Liquid  0.5 1.4 6.8 7.0 16 8 0.15 53.10  0.5 1.4 6.9 7.0 15 11 0.15 53.40 1109
758 Kotak Liquid  0.5 1.4 6.7 6.9 25 24 0.25 3930.57  0.5 1.4 6.8 6.9 26 26 0.20 3944.03 26459
759 L&T Liquid  0.5 1.4 6.8 6.9 21 15 0.15 2660.86  0.5 1.4 6.8 7.0 23 22 0.10 2671.13 9531
CCIL T Bill Liquidity Weight 0.3 0.9 4.5 4.2 760

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 69

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Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Liquid 0.4 1.4 6.6 6.6 39 36 0.5 1.4 6.8 6.7 36 35
LIC MF Liquid  0.5 1.4 6.7 6.9 22 26 0.25 3508.64  0.5 1.4 6.9 7.0 19 18 0.11 3534.30 9403
761 Mahindra Liquid  0.5 1.5 7.0 7.0 4 6 0.23 1259.20  0.5 1.5 7.1 7.1 3 3 0.12 1264.87 2831
762 Mirae Asset Cash Management  0.5 1.4 6.8 6.9 18 22 0.20 2032.45  0.5 1.4 6.9 7.0 21 25 0.11 2055.88 3363
763 Motilal Oswal Liquid NR 0.4 1.2 - - - - 0.36 10.53 NR 0.4 1.3 - - - - 0.21 10.54 398
764 Nippon India ETF Liquid BeES NR 0.0 0.6 4.4 4.9 39 34 0.65 1000.00 NR - - - - - - - - 2173
765 Nippon India Liquid  0.5 1.4 7.0 7.0 5 4 0.26 4737.20  0.5 1.5 7.0 7.1 4 5 0.18 4763.40 28862
766 Parag Parikh Liquid  0.4 1.3 6.0 - 35 - 0.25 1096.91  0.4 1.3 6.1 - 35 - 0.15 1098.75 327
767 PGIM India Insta Cash  0.5 1.4 7.0 7.0 3 3 0.26 252.53  0.5 1.5 7.0 7.0 5 9 0.14 253.67 468
768 Principal Cash Mgmt  0.4 1.4 6.4 3.7 32 36 0.17 1720.73  0.4 1.4 6.4 3.7 32 35 0.12 1729.22 197
769 Quant Liquid  0.6 1.6 7.3 7.0 1 2 0.97 30.44  0.6 1.7 7.6 7.2 1 1 0.62 30.75 153
770 Quantum Liquid  0.4 1.3 6.2 6.2 33 32 0.23 26.46  0.4 1.3 6.3 6.3 33 32 0.17 26.50 327
771 SBI Liquid  0.5 1.4 6.7 6.8 24 27 0.26 3038.15  0.5 1.4 6.8 6.9 24 27 0.19 3052.53 52614
772 Sundaram Money  0.5 1.4 6.9 6.9 12 16 0.22 40.89  0.5 1.4 6.9 7.0 14 17 0.14 41.11 6142
773 Tata Liquid  0.5 1.4 6.8 6.9 17 12 0.33 3055.61  0.5 1.4 6.9 7.0 16 15 0.20 3072.43 21439
774 Taurus Liquid  0.4 1.2 5.4 3.8 37 35 0.34 1924.88  0.4 1.2 5.5 3.9 36 34 0.29 1933.65 19
775 Union Liquid  0.5 1.4 6.6 5.5 29 33 0.19 1862.30  0.5 1.4 6.7 5.6 28 33 0.09 1874.95 579
776 UTI Liquid Cash  0.5 1.4 6.9 7.0 10 11 0.23 3180.46  0.5 1.4 6.9 7.0 12 16 0.17 3193.02 36221
777 YES Liquid NR 0.5 1.5 - - - - 0.19 1059.11 NR 0.5 1.5 - - - - 0.11 1059.83 360
Debt: Money Market 0.5 1.8 8.1 7.1 17 13 0.5 1.8 8.3 7.4 17 13
778 ABSL Money Manager  0.5 1.7 8.4 7.6 5 3 0.28 263.59  0.5 1.7 8.6 7.7 7 3 0.15 265.22 10452
779 Axis Money Market NR 0.5 1.9 - - - - 0.30 1025.67 NR 0.6 1.9 - - - - 0.16 1026.12 395
780 Baroda Money Market NR 0.4 1.6 - - - - 0.61 1033.38 NR 0.5 1.7 - - - - 0.32 1034.71 58
781 DSP Savings  0.4 1.6 8.2 7.0 10 - 0.48 38.57  0.5 1.7 8.5 7.2 8 - 0.23 39.23 1330
782 Franklin Savings  0.5 1.8 8.9 7.7 1 1 0.34 36.27  0.5 1.9 9.1 7.9 2 2 0.16 37.15 3571
783 HDFC Money Market  0.5 1.7 8.4 7.3 7 8 0.35 4092.52  0.5 1.8 8.6 7.6 5 9 0.15 4134.65 8483
784 ICICI Pru Money Maket  0.5 1.7 8.2 7.4 9 7 0.27 272.31  0.5 1.8 8.4 7.6 11 8 0.15 273.92 10204
785 IDFC Money Manager  0.4 1.6 7.1 6.2 16 12 1.03 30.06  0.5 1.8 7.8 6.9 15 11 0.28 31.38 2453
786 Indiabulls Savings NR 0.6 1.8 8.0 - 13 - 0.22 1095.90 NR 0.6 1.8 8.1 - 13 - 0.09 1097.07 10
787 Invesco India Money Market  0.5 1.6 7.3 7.1 15 9 0.50 2233.01  0.5 1.7 7.5 7.4 16 10 0.25 2272.28 1268
788 JM Money Market  0.4 1.2 6.4 6.5 17 11 0.45 27.42  0.4 1.2 6.6 6.8 17 12 0.39 27.83 22
789 Kotak Money Market  0.5 1.8 8.4 7.5 6 6 0.25 3238.85  0.5 1.8 8.5 7.6 9 7 0.16 3250.37 9027
790 L&T Money Market  0.5 3.6 8.7 7.7 2 2 0.73 19.52  0.5 3.7 9.2 8.2 1 1 0.25 20.04 788
791 Nippon India Money Market  0.5 1.8 8.5 7.6 4 4 0.25 2974.20  0.5 1.8 8.6 7.7 6 5 0.15 2993.13 3549
792 Quant Money Market NR 0.6 1.7 7.8 7.2 14 - 0.21 30.51 NR 0.6 1.7 8.0 7.3 14 - 0.11 30.77 21
793 SBI Savings  0.5 1.7 8.1 7.0 12 10 0.83 30.44  0.5 1.9 8.7 7.7 4 4 0.23 31.73 10368
794 Sundaram Money Market NR 0.5 1.8 8.2 - 11 - 0.33 10.97 NR 0.5 1.8 8.3 - 12 - 0.20 10.99 249
795 Tata Money Market  0.5 1.7 8.6 4.9 3 13 0.42 3374.62  0.5 1.7 8.8 5.0 3 13 0.22 3395.04 459
796 UTI Money Market  0.5 1.7 8.3 7.5 8 5 0.27 2209.41  0.5 1.7 8.4 7.6 10 6 0.17 2225.49 7535
Debt: Overnight 0.4 1.2 5.6 5.7 6 3 0.4 1.3 5.9 6.0 6 3
797 ABSL Overnight NR 0.4 1.2 5.7 - 4 - 0.23 1062.51 NR 0.4 1.3 5.9 - 1 - 0.10 1064.05 3785
798 Axis Overnight NR 0.4 1.3 - - - - 0.16 1039.25 NR 0.4 1.3 - - - - 0.11 1039.80 1204
799 Baroda Overnight NR 0.4 1.3 - - - - 0.11 1032.37 NR 0.4 1.3 - - - - 0.06 1032.68 246
800 BNP Paribas Overnight NR 0.4 1.2 - - - - 0.20 1034.15 NR 0.4 1.3 - - - - 0.08 1034.96 286
801 Canara Robeco Overnight NR 0.4 1.3 - - - - 0.13 1018.07 NR 0.4 1.3 - - - - 0.08 1018.30 44
802 DSP Overnight NR 0.4 1.2 - - - - 0.21 1051.13 NR 0.4 1.3 - - - - 0.11 1052.06 813
803 Edelweiss Overnight NR 0.4 1.3 - - - - 0.15 1018.28 NR 0.4 1.3 - - - - 0.06 1018.60 143
804 Franklin Overnight NR 0.4 1.2 - - - - 0.15 1029.38 NR 0.4 1.2 - - - - 0.10 1029.69 202
805 HDFC Overnight NR 0.4 1.2 5.7 5.9 5 1 0.20 2911.95 NR 0.4 1.3 5.8 6.0 6 2 0.10 2925.00 10416
806 HSBC Overnight NR 0.4 1.2 - - - - 0.26 1027.12 NR 0.4 1.3 - - - - 0.11 1027.94 172
807 ICICI Pru Overnight NR 0.4 1.2 5.8 - 3 - 0.20 106.03 NR 0.4 1.3 5.9 - 4 - 0.10 106.14 4378

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

70 Mutual Fund Insight January 2020

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Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Overnight 0.4 1.2 5.6 5.7 6 3 0.4 1.3 5.9 6.0 6 3
808 IDFC Overnight NR 0.4 1.2 - - - - 0.19 1048.94 NR 0.4 1.3 - - - - 0.06 1050.02 779
809 Indiabulls Overnight NR 0.4 1.2 - - - - 0.17 1020.82 NR 0.4 1.3 - - - - 0.07 1021.23 26
810 ITI Overnight NR 0.4 - - - - - 0.18 1005.03 NR 0.4 - - - - - 0.08 1005.13 61
811 Kotak Overnight NR 0.4 1.2 - - - - 0.15 1049.37 NR 0.4 1.3 - - - - 0.10 1049.84 1028
812 L&T Cash NR 0.4 1.1 5.1 5.3 6 3 0.81 1466.99 NR 0.4 1.3 5.9 6.1 2 1 0.08 1534.90 1319
813 LIC MF Overnight NR 0.4 1.2 - - - - 0.20 1019.08 NR 0.4 1.3 - - - - 0.07 1019.58 321
814 Mahindra Overnight NR 0.4 1.2 - - - - 0.21 1017.74 NR 0.4 1.3 - - - - 0.11 1018.10 88
815 Mirae Asset Overnight NR 0.4 - - - - - 0.20 1005.90 NR 0.4 - - - - - 0.09 1006.03 146
816 Nippon India Overnight NR 0.4 1.2 - - - - 0.18 105.46 NR 0.4 1.3 - - - - 0.08 105.56 2342
817 PGIM India Overnight NR 0.4 1.3 - - - - 0.15 1013.14 NR 0.4 1.3 - - - - 0.04 1013.45 88
818 SBI Overnight NR 0.4 1.3 5.8 5.9 2 2 0.18 3177.31 NR 0.4 1.3 5.8 6.0 5 3 0.11 3205.33 4131
819 Sundaram Overnight NR 0.4 1.3 - - - - 0.21 1045.29 NR 0.4 1.3 - - - - 0.10 1046.05 965
820 Tata Overnight NR 0.4 1.3 - - - - 0.21 1037.25 NR 0.4 1.3 - - - - 0.11 1037.98 703
821 Union Overnight NR 0.4 1.2 - - - - 0.19 1036.12 NR 0.4 1.2 - - - - 0.09 1036.82 30
822 UTI Overnight NR 0.4 1.3 5.8 5.4 1 - 0.12 2672.47 NR 0.4 1.3 5.9 5.5 3 - 0.05 2693.09 2795
823 YES Overnight NR 0.4 1.3 - - - - 0.20 1013.93 NR 0.4 1.3 - - - - 0.13 1014.07 36
Debt: Dynamic Bond 0.5 1.3 8.6 4.7 28 24 0.5 1.5 9.3 5.5 28 24
824 ABSL Active Debt Multi Manager FoF  0.9 2.2 9.5 4.9 15 12 0.82 26.48  1.0 2.3 10.1 5.5 16 16 0.22 27.35 11
825 ABSL Dynamic Bond  -3.8 -5.1 0.8 1.1 25 24 1.70 31.27  -3.8 -5.0 1.4 1.7 25 24 1.10 32.48 2937
826 Axis Dynamic Bond  1.3 2.2 12.2 6.0 7 9 1.28 20.46  1.4 2.4 13.0 6.9 7 7 0.53 22.01 145
827 Baroda Dynamic Bond  0.5 0.8 -2.5 2.1 28 21 1.57 16.63  0.5 0.9 -2.1 2.7 28 21 1.04 17.49 22
828 BNP Paribas Flexi Debt  0.6 1.2 8.8 4.6 17 16 1.66 33.17  0.6 1.5 10.0 5.6 17 14 0.49 34.89 149
829 Canara Robeco Dynamic Bond  0.4 0.8 9.5 4.9 16 13 1.75 21.93  0.5 1.1 10.4 5.6 15 13 0.90 22.83 109
830 DSP Strategic Bond  0.5 4.0 11.8 5.2 8 11 1.05 2335.95  0.6 4.1 12.5 5.6 8 11 0.44 2400.83 899
831 Edelweiss Dynamic Bond  0.6 1.5 14.5 6.8 1 - 1.04 21.27  0.7 1.7 15.5 7.5 1 - 0.29 22.52 55
832 Franklin Dynamic Accrual  0.7 1.8 8.2 7.8 19 1 1.66 69.28  0.8 2.0 9.1 8.8 19 1 0.78 73.28 4030
833 HDFC Dynamic Debt  0.9 2.4 4.2 2.4 24 19 1.83 62.54  1.0 2.5 4.8 3.1 24 20 1.13 65.78 633
834 HSBC Flexi Debt  0.6 1.3 11.6 4.7 9 14 1.74 26.12  0.6 1.5 12.5 5.5 9 15 0.96 27.53 108
835 ICICI Pru All Seasons Bond  0.9 2.1 10.7 6.3 13 6 1.32 24.71  1.0 2.2 11.5 7.0 12 5 0.65 25.64 2888
836 IDBI Dynamic Bond  1.1 1.2 6.4 2.4 23 20 1.62 15.61  1.2 1.4 7.4 3.6 22 19 0.84 16.52 24
837 IDFC Dynamic Bond  0.4 1.2 12.4 6.1 5 7 1.79 24.16  0.4 1.4 13.2 6.9 6 8 1.03 25.60 2079
838 IIFL Dynamic Bond  0.5 2.0 8.1 6.3 20 5 1.34 15.47  0.6 2.2 8.8 7.0 20 6 0.69 16.03 298
839 Indiabulls Dynamic Bond NR 0.3 1.9 - - - - 0.74 1099.00 NR 0.4 2.0 - - - - 0.24 1104.56 21
840 JM Dynamic Debt  0.4 1.2 6.5 7.1 22 - 0.66 29.94  0.4 1.4 7.0 7.7 23 - 0.38 31.05 213
841 Kotak Dynamic Bond  0.9 2.3 12.9 7.4 3 2 1.08 26.18  1.0 2.5 13.7 8.0 4 2 0.43 27.31 871
842 L&T Flexi Bond  0.6 1.6 11.2 5.5 12 10 1.63 21.35  0.6 1.7 12.0 6.3 10 9 0.98 22.33 59
843 Mirae Asset Dynamic Bond  0.2 1.3 12.4 - 6 - 1.45 11.95  0.3 1.5 13.7 - 3 - 0.31 12.40 42
844 Nippon India Dynamic Bond  0.3 0.8 10.5 4.7 14 15 1.91 26.19  0.4 1.0 11.3 5.4 14 17 1.21 27.43 947
845 PGIM India Dynamic Bond  0.5 1.3 12.5 6.6 4 3 1.64 1912.50  0.6 1.6 13.2 7.6 5 3 0.50 2033.15 42
846 Principal Dynamic Bond  0.5 1.1 -0.8 1.6 26 22 1.54 29.96  0.5 1.2 -0.3 2.3 26 22 1.22 31.50 34
847 Quant Dynamic Bond NR 0.5 1.4 7.5 4.4 21 - 0.21 61.04 NR 0.5 1.4 7.6 4.5 21 - 0.11 61.87 22
848 Quantum Dynamic Bond  0.6 1.3 11.3 6.0 11 8 0.71 14.77  0.6 1.4 11.4 6.1 13 10 0.59 14.81 60
849 SBI Dynamic Bond  0.8 1.4 13.5 6.5 2 4 1.66 24.99  0.9 1.6 14.1 7.3 2 4 1.06 26.19 1133
850 Tata Dynamic Bond  0.8 1.6 8.4 4.6 18 17 1.46 29.43  0.9 1.8 9.5 5.6 18 12 0.46 31.57 352
851 Union Dynamic Bond  0.7 1.6 11.5 4.4 10 18 1.47 17.13  0.8 1.7 11.8 4.8 11 18 1.02 17.84 146
852 UTI Dynamic Bond  0.9 0.2 -2.5 1.2 27 23 1.58 19.95  0.9 0.4 -1.9 2.0 27 23 1.00 20.85 536
Debt: Corporate Bond 0.7 2.2 6.5 4.9 19 15 0.8 2.3 7.0 5.4 19 15
853 ABSL Corporate Bond  0.7 2.1 10.3 7.5 8 4 0.38 76.37  0.7 2.1 10.4 7.6 11 4 0.26 76.95 16893
854 ABSL Retrmnt 50s Plus Debt NR 0.4 1.1 - - - - 2.23 10.44 NR 0.6 1.5 - - - - 0.98 10.56 67
855 Axis Corporate Debt  0.8 2.4 7.0 - 15 - 1.04 11.76  0.8 2.6 7.8 - 15 - 0.28 11.99 178

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 71

For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Corporate Bond 0.7 2.2 6.5 4.9 19 15 0.8 2.3 7.0 5.4 19 15
856 BNP Paribas Corporate Bond  0.7 3.2 2.1 4.0 17 13 0.70 19.79  0.7 3.4 2.5 4.5 17 13 0.25 20.55 31
857 Canara Robeco Corporate Bond  0.8 1.9 10.3 6.4 11 9 1.02 15.81  0.8 2.1 11.1 7.2 8 8 0.28 16.34 186
858 DSP Corporate Bond NR 0.7 2.6 12.1 - 4 - 0.49 11.53 NR 0.7 2.6 12.4 - 5 - 0.24 11.57 769
859 Edelweiss Corporate Bond  0.7 1.7 -4.9 1.7 18 14 1.10 12.95  0.8 1.8 -4.4 2.3 18 14 0.70 13.29 39
860 Franklin Corporate Debt  1.0 2.2 10.9 8.1 7 1 0.90 70.37  1.1 2.3 11.5 8.7 6 1 0.32 73.90 1115
861 HDFC Corporate Bond  0.8 2.0 11.2 7.5 6 3 0.45 22.28  0.8 2.1 11.3 7.6 7 3 0.30 22.43 11938
862 ICICI Pru Corporate Bond  0.7 2.3 10.3 7.2 9 5 0.56 20.36  0.7 2.4 10.6 7.6 9 5 0.25 21.00 10587
863 IDFC Corporate Bond  0.5 1.7 8.9 6.6 13 8 0.57 13.42  0.5 1.8 9.3 6.9 13 9 0.27 13.58 15903
864 Invesco India Corporate Bond  0.7 2.6 12.0 4.5 5 12 0.60 2247.45  0.8 2.7 12.5 5.1 4 12 0.20 2356.86 632
865 Kotak Corporate Bond  0.6 2.3 10.3 7.9 10 2 0.61 2634.62  0.6 2.4 10.6 8.2 10 2 0.32 2699.84 3432
866 L&T Triple Ace Bond  1.3 2.2 14.1 5.7 1 10 0.62 50.83  1.3 2.2 14.4 6.2 1 11 0.30 53.14 1754
867 Nippon India Prime Debt  0.4 1.5 8.1 6.9 14 6 0.71 40.95  0.4 1.6 8.5 7.4 14 6 0.31 42.09 957
868 PGIM India Premier Bond  0.6 2.1 9.3 5.7 12 11 1.14 30.63  0.7 2.3 10.3 6.8 12 10 0.17 32.77 58
869 SBI Corporate Bond NR 0.8 2.4 - - - - 0.85 10.96 NR 0.8 2.6 - - - - 0.35 11.01 8023
870 Sundaram Corporate Bond  0.9 2.9 12.7 6.8 2 7 0.51 28.12  0.9 3.0 12.9 7.3 3 7 0.28 28.71 807
871 Tata Corporate Bond  0.6 1.8 -39.0 -12.5 19 15 0.97 1412.07  0.7 2.0 -38.5 -11.9 19 15 0.22 1477.50 59
872 Union Corporate Bond  0.8 2.4 5.3 - 16 - 1.36 10.88  0.8 2.5 5.7 - 16 - 0.85 10.94 319
873 UTI Corporate Bond NR 0.9 3.1 12.7 - 3 - 0.51 11.43 NR 0.9 3.2 13.0 - 2 - 0.25 11.48 466
Debt: Credit Risk 0.4 1.0 0.8 3.6 20 17 0.5 1.1 1.6 4.5 20 17
874 ABSL Credit Risk  -2.4 -2.1 2.7 5.3 12 7 1.61 13.74  -2.3 -1.9 3.6 6.4 11 8 0.80 14.35 5904
875 Axis Credit Risk  0.8 2.3 4.9 5.2 8 8 1.66 14.78  0.8 2.5 6.1 6.6 8 6 0.57 15.73 1337
876 Baroda Credit Risk  0.0 0.8 2.9 5.4 10 6 1.74 14.29  0.1 1.0 3.8 6.5 10 7 0.78 15.06 699
877 BOI AXA Credit Risk  1.2 0.0 -44.6 -15.8 20 17 1.56 7.13  1.2 0.1 -44.4 -15.6 20 17 1.28 7.19 180
878 DSP Credit Risk  0.7 2.8 0.3 2.5 14 13 1.05 28.53  0.8 3.1 1.2 3.2 14 14 0.10 29.79 1649
879 Franklin Credit Risk  0.7 1.1 5.8 7.0 7 3 1.60 19.94  0.7 1.2 6.5 7.8 7 3 0.89 21.08 6624
880 HDFC Credit Risk Debt  1.1 2.8 9.5 6.6 3 4 1.46 16.22  1.2 2.9 10.0 7.4 4 4 1.06 16.97 14625
881 ICICI Pru Credit Risk  1.3 3.1 9.8 7.4 1 1 1.58 21.19  1.4 3.3 10.5 8.4 2 1 1.11 22.51 11364
882 IDBI Credit Risk  -0.3 -2.8 -4.7 1.5 18 16 1.38 13.47  -0.3 -2.6 -4.0 2.5 18 16 0.80 14.19 64
883 IDFC Credit Risk  0.8 2.2 9.5 - 4 - 1.49 12.03  0.9 2.4 10.4 - 3 - 0.66 12.38 1394
884 Invesco India Credit Risk  0.4 1.8 -4.0 1.9 16 15 1.50 1332.87  0.5 2.1 -3.0 2.7 16 15 0.45 1388.94 199
885 Kotak Credit Risk  0.9 2.8 9.6 7.0 2 2 1.70 21.66  1.0 3.1 10.6 8.0 1 2 0.76 23.08 4815
886 L&T Credit Risk  0.7 -0.7 2.7 4.8 11 10 1.69 21.04  0.8 -0.6 3.4 5.4 12 11 0.99 21.77 2093
887 Mahindra Credit Risk Yojana NR 0.6 2.2 8.0 - 5 - 1.88 10.92 NR 0.7 2.5 9.1 - 5 - 0.81 11.07 152
888 Nippon India Credit Risk  -0.6 0.6 2.3 4.7 13 11 1.57 25.57  -0.5 0.7 3.0 5.6 13 10 0.98 27.08 6067
889 PGIM India Credit Risk  0.2 1.9 3.7 5.0 9 9 1.76 14.61  0.3 2.1 4.7 6.1 9 9 0.79 15.40 428
890 Principal Credit Risk  0.5 1.8 0.2 4.5 15 12 1.54 2828.51  0.6 2.0 1.2 5.3 15 12 0.64 2928.67 45
891 SBI Credit Risk  0.2 1.8 6.9 6.3 6 5 1.55 30.92  0.3 2.0 7.6 7.1 6 5 0.95 32.23 5155
892 Sundaram ST Credit Risk  0.5 1.7 -5.8 2.2 19 - 1.43 24.95  0.5 1.8 -5.2 3.2 19 - 0.69 26.11 172
893 UTI Credit Risk  0.5 -5.0 -4.5 2.2 17 14 1.60 15.57  0.6 -4.8 -3.6 3.3 17 13 0.70 16.87 2244
Debt: Banking and PSU 0.8 2.3 10.7 7.2 17 15 0.8 2.4 11.1 7.6 17 15
894 ABSL Banking & PSU Debt  0.8 2.2 10.9 7.0 11 12 0.63 255.38  0.8 2.3 11.3 7.3 11 13 0.33 260.07 8720
895 Axis Banking & PSU Debt  0.7 2.6 11.6 8.5 7 1 0.59 1871.09  0.7 2.6 11.9 8.7 7 1 0.29 1898.18 9832
896 DSP Banking & PSU Debt  0.7 2.6 11.1 7.0 9 11 0.55 16.90  0.7 2.6 11.5 7.3 10 11 0.25 17.24 2014
897 Edelweiss Banking and PSU Debt  1.3 2.5 14.0 8.2 1 2 0.55 16.88  1.3 2.6 14.3 8.5 1 2 0.20 17.17 115
898 Franklin Banking & PSU Debt  0.9 2.9 12.6 7.8 3 4 0.54 15.98  1.0 3.0 12.9 8.2 3 5 0.23 16.39 573
899 HDFC Banking and PSU Debt  1.0 2.7 11.2 7.2 8 8 0.81 16.11  1.0 2.9 11.7 7.7 8 8 0.36 16.38 3887
900 ICICI Pru Banking & PSU Debt  0.9 2.2 10.3 6.6 14 14 0.82 22.68  0.9 2.3 10.8 7.0 14 14 0.37 23.12 7164
901 IDFC Banking & PSU Debt  0.8 2.6 12.6 8.2 2 3 0.64 17.29  0.8 2.7 13.0 8.4 2 3 0.29 17.48 11210
CCIL T Bill Liquidity Weight 0.3 0.9 4.5 4.2
VR Bond Index 0.4 0.8 8.6 5.8

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

72 Mutual Fund Insight January 2020

For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Banking and PSU 0.8 2.3 10.7 7.2 17 15 0.8 2.4 11.1 7.6 17 15
902 Indiabulls Banking & PSU Debt NR 0.6 2.0 - - - - 0.72 1058.81 NR 0.6 2.2 - - - - 0.22 1061.96 109
903 Invesco India Banking & PSU Debt  0.7 2.1 10.3 7.1 16 9 0.65 1648.59  0.7 2.2 10.7 7.6 16 10 0.25 1726.53 46
904 Kotak Banking & PSU Debt  0.9 2.6 11.8 7.7 4 6 0.57 45.54  1.0 2.7 12.1 8.1 6 6 0.27 46.39 3068
905 L&T Banking & PSU Debt  0.8 2.7 10.3 6.9 15 13 0.62 17.58  0.8 2.8 10.7 7.3 15 12 0.22 18.13 1823
906 LIC MF Banking & PSU Debt  0.6 2.0 11.0 7.8 10 5 0.82 25.23  0.7 2.2 11.6 8.4 9 4 0.27 26.41 1085
907 Nippon India Banking & PSU Debt  0.7 2.5 11.8 7.4 5 7 0.77 14.51  0.8 2.6 12.2 7.8 5 7 0.36 14.69 3660
908 PGIM India Banking & PSU Debt  0.8 2.4 11.7 7.1 6 10 0.70 17.24  0.8 2.5 12.2 7.7 4 9 0.22 17.81 51
909 SBI Banking and PSU  0.9 2.3 10.6 7.9 13 - 0.81 2227.76  1.0 2.5 11.1 8.4 12 - 0.34 2306.89 2952
910 Sundaram Banking & PSU Debt  0.7 2.4 10.8 7.5 12 - 0.36 31.21  0.7 2.4 11.0 7.6 13 - 0.23 31.40 1123
911 Tata Banking & PSU Debt NR 0.7 - - - - - 0.72 10.16 NR 0.8 - - - - - 0.22 10.17 325
912 UTI Banking & PSU Debt  0.7 0.5 -0.1 3.9 17 15 0.31 14.77  0.7 0.5 0.0 4.0 17 15 0.25 14.85 149
Debt: Floater 0.6 1.9 8.8 7.1 6 5 0.6 2.0 9.3 7.6 6 5
913 ABSL Floating Rate NR 0.6 2.0 9.1 7.6 2 1 0.38 243.08 NR 0.6 2.1 9.3 7.8 4 2 0.16 246.92 6784
914 Franklin Floating Rate NR 0.7 2.0 7.7 6.7 6 5 0.95 29.31 NR 0.7 2.2 8.3 7.3 6 4 0.44 30.77 252
915 HDFC Floating Rate Debt NR 0.7 2.1 8.9 7.4 3 2 0.38 34.39 NR 0.7 2.2 9.1 7.6 5 3 0.23 34.64 9533
916 ICICI Pru Floating Interest NR 0.7 2.3 8.8 7.1 4 3 1.31 294.26 NR 0.8 2.5 9.6 8.0 3 1 0.57 309.34 7444
917 Kotak Floating Rate NR 0.3 1.3 - - - - 0.43 1034.73 NR 0.3 1.3 - - - - 0.23 1035.91 5
918 Nippon India Floating Rate NR 0.6 2.0 9.5 6.8 1 4 0.60 30.95 NR 0.7 2.1 10.0 7.3 1 5 0.15 31.98 5842
919 UTI Floater NR 0.5 1.6 8.6 - 5 - 1.28 1091.61 NR 0.6 1.9 9.7 - 2 - 0.34 1103.69 880
Debt: Gilt 0.5 1.0 12.4 5.4 25 25 0.5 1.1 13.0 6.1 21 21
920 ABSL Govt Securities  0.6 1.2 13.3 6.2 9 7 1.18 56.87  0.6 1.4 14.0 6.8 8 8 0.58 58.96 265
921 Axis Gilt  0.4 1.0 13.9 5.2 6 15 0.66 17.55  0.4 1.1 14.5 5.8 5 14 0.20 18.17 47
922 Baroda Gilt  0.5 0.9 10.9 4.8 21 20 1.88 30.53  0.6 1.1 11.7 5.6 17 16 1.04 32.44 43
923 Canara Robeco Gilt  0.4 0.6 11.1 5.2 20 14 1.25 54.79  0.5 0.8 11.8 5.9 16 11 0.58 56.73 83
924 DSP Govt Securities  0.5 1.6 14.3 6.1 2 10 1.07 65.28  0.5 1.8 14.9 6.9 3 7 0.56 67.40 586
925 Edelweiss Govt Securities  0.3 0.5 12.8 7.1 12 1 1.36 16.77  0.3 0.6 13.4 7.6 9 2 0.86 17.23 81
926 Franklin Govt Securities  0.5 1.1 10.7 2.6 22 25 1.08 43.95  0.6 1.2 11.4 3.5 18 21 0.59 46.87 238
927 HDFC Gilt  0.5 1.5 9.9 4.0 24 23 0.89 39.68  0.6 1.6 10.3 4.4 21 19 0.49 40.76 1215
928 ICICI Pru Gilt  0.3 1.1 11.3 5.1 19 17 1.05 68.50  0.3 1.2 11.9 5.7 15 15 0.57 71.60 1148
929 IDBI Gilt  0.6 0.9 9.7 2.9 25 24 1.73 15.92  0.7 1.1 10.5 3.8 20 20 0.78 16.64 23
930 IDFC GSF Investment  0.4 1.3 14.9 6.8 1 5 1.03 24.42  0.4 1.4 15.5 7.4 1 3 0.45 25.49 471
931 Invesco India Gilt  0.4 0.5 11.8 4.7 17 21 1.25 2096.89  0.5 0.7 12.6 5.5 12 17 0.50 2220.58 26
932 Kotak Gilt Investment  0.2 0.4 11.9 4.8 15 18 1.40 69.06  0.3 0.6 13.0 5.9 11 12 0.40 74.06 466
933 L&T Gilt  0.3 0.5 10.0 4.1 23 22 1.83 48.73  0.4 0.9 11.3 5.5 19 18 0.58 52.24 127
934 LIC MF G-Sec Long Term ETF NR 0.5 1.0 12.8 5.5 13 13 0.26 19.92 NR - - - - - - - - 89
935 LIC MF GSF  0.7 1.4 13.3 6.1 11 11 - 25.12  - - - - - - - - 42
936 Nippon India ETF Long Term Gilt NR 0.5 1.0 13.5 5.8 8 12 0.04 20.22 NR - - - - - - - - 5
937 Nippon India Gilt Securities Inst  0.5 1.2 14.2 6.8 3 4 1.71 22.82  0.6 1.4 15.3 7.9 2 1 0.69 29.21 1090
938 PGIM India Gilt  0.5 0.7 11.8 6.1 16 8 0.67 21.84  0.5 0.9 12.4 6.6 13 9 0.11 22.35 62
939 SBI Magnum Gilt  0.6 1.0 14.2 6.4 5 6 0.96 44.87  0.6 1.1 14.7 7.0 4 5 0.51 46.27 1944
940 Tata GSF  0.6 1.2 11.4 5.1 18 16 1.51 57.08  0.7 1.3 12.3 6.2 14 10 0.86 60.76 166
941 UTI Gilt  0.5 1.0 13.9 6.9 7 2 0.92 44.79  0.5 1.1 14.2 7.2 6 4 0.64 45.67 570
Debt: Gilt with 10 year Constant Duration 0.5 1.2 14.1 7.6 5 5 0.6 1.3 14.8 8.5 4 4
942 DSP 10Y G-Sec NR 0.6 0.9 12.8 5.8 4 4 0.50 15.68 NR 0.6 1.0 13.1 6.1 4 4 0.25 15.88 44
943 ICICI Pru Constant Maturity Gilt NR 0.6 1.4 15.1 7.6 2 3 0.33 16.80 NR 0.6 1.5 15.4 7.8 2 3 0.17 17.02 86
944 IDFC Govt Securities Constant Mtrty NR 0.5 1.3 16.4 10.4 1 1 0.51 31.61 NR 0.5 1.4 16.5 10.5 1 1 0.37 31.84 126
945 SBI ETF 10 Year Gilt NR 0.4 1.0 12.2 4.8 5 5 0.14 187.06 NR - - - - - - - - 1
946 SBI Magnum Constant Maturity NR 0.5 1.3 14.0 9.3 3 2 0.64 44.62 NR 0.5 1.3 14.3 9.7 3 2 0.34 45.59 481
CCIL All Sovereign Bond - TRI 0.6 0.5 14.0 6.3
CCIL T Bill Liquidity Weight 0.3 0.9 4.5 4.2

Performance as on November 30, 2019 AUM and Expense Ratio as on October 31, 2019

Mutual Fund Insight January 2020 73

 SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
Aditya Birla SL Active Debt Multi Manager FoF,824 Baroda Conservative Hybrid,501 DSP Healthcare,344 Franklin Income Opp,640
ABSL Arbitrage,559 Baroda Credit Risk,876 DSP Liquid ETF,742 Franklin Life Stage FoF 20s,456
ABSL Asset Allocator MMFoF,583 Baroda Dynamic Bond,827 DSP Liquidity,743 Franklin Life Stage FoF 30s,489
ABSL Bal Bhavishya Yojna Wealth,136 Baroda Dynamic Equity,586 DSP Low Duration,687 Franklin Life Stage FoF 40s,508
ABSL Balanced Advantage,584 Baroda Equity Savings,538 DSP Midcap,199 Franklin Life Stage FoF 50s Plus,509
ABSL Banking & Fin Services,299 Baroda Gilt,922 DSP Natural Rsrcs and New Energy,389 Franklin Life Stage FoF 50s Plus FR,510
ABSL Banking ETF,300 Baroda Hybrid Equity,448 DSP Nifty 50 Index,15 Franklin Liquid,746
ABSL Commodity Eqt Global Agri,406 Baroda Large Cap,10 DSP Nifty Next 50 Index,16 Franklin Low Duration,689
ABSL Corporate Bond,853 Baroda Liquid,738 DSP Overnight,802 Franklin Multi Asset Solution,611
ABSL Credit Risk,874 Baroda Midcap,197 DSP Quant,359 Franklin Opportunities,360
ABSL Digital India,352 Baroda Money Market,780 DSP Regular Savings,505 Franklin Overnight,804
ABSL Dynamic Bond,825 Baroda Multi Cap,141 DSP Savings,781 Franklin Pension,490
ABSL Eq Hybrid ‘95,445 Baroda Overnight,799 DSP Short-term,659 Franklin Prima,201
ABSL Eqt Savings,536 Baroda Short Term Bond,655 DSP Small Cap,226 Franklin Savings,782
ABSL Fin Planning FOF Agrsv,606 Baroda Treasury Advantage,684 DSP Strategic Bond,830 Franklin Smaller Companies,228
ABSL Fin Planning FOF Cons,607 Baroda Ultra Short Duration,710 DSP T.I.G.E.R.,325 Franklin Taxshield,270
ABSL Fin Planning FOF Prudent,608 BNP Paribas Arbitrage,561 DSP Tax Saver,267 Franklin Technology,353
ABSL Floating Rate,913 BNP Paribas Cons Hybrid,502 DSP Top 100 Equity,17 Franklin Ultra Short Bond,715
ABSL Focused Eqt,1 BNP Paribas Corporate Bond,856 DSP Ultra Short,713 Templeton India Eqt Income,383
ABSL Frontline Eqt,2 BNP Paribas Dynamic Eqt,587 DSP US Flexible Equity,411 Templeton India Value,258
ABSL Global Emerging Opp,407 BNP Paribas Flexi Debt,828 DSP World Agriculture,412 HDFC Arbitrage,566
ABSL Global Real Estate,408 BNP Paribas Focused 25 Eqt,142 DSP World Energy,413 HDFC Capital Builder Value,245
ABSL Index,3 BNP Paribas India Consumption,395 DSP World Gold,414 HDFC Children’s Gift,457
ABSL India GenNext,394 BNP Paribas Large Cap,12 DSP World Mining,415 HDFC Corporate Bond,861
ABSL Infrastructure,322 BNP Paribas Liquid,739 Edelweiss Agrsv Hybrid,453 HDFC Credit Risk Debt,880
ABSL Intl Eqt B,357 BNP Paribas Long Term Equity,264 Edelweiss Arbitrage,564 HDFC Dynamic Debt,833
ABSL Liquid,736 BNP Paribas Low Duration,685 Edelweiss ASEAN Eqt Off Shore,416 HDFC Dynamic PE Ratio FOF,612
ABSL Low Duration,682 BNP Paribas Medium Term,638 Edelweiss Balanced Advtg,590 HDFC Equity,151
ABSL Manufacturing Equity,358 BNP Paribas Midcap,198 Edelweiss Banking and PSU Debt,897 HDFC Equity Savings,542
ABSL Medium Term,636 BNP Paribas Multi Cap,143 Edelweiss Corporate Bond,859 HDFC Floating Rate Debt,915
ABSL Midcap,195 BNP Paribas Overnight,800 Edelweiss Dynamic Bond,831 HDFC Focused 30,152
ABSL Money Manager,778 BNP Paribas Short term,656 Edelweiss Emrgng Mkt Opp Eqt Offshr,417 HDFC Growth Opportunities,118
ABSL Nifty ETF,4 BNP Paribas Substantial Eqt Hybrid,449 Edelweiss Equity Savings,540 HDFC Hybrid Debt,511
ABSL Nifty Next 50 ETF,5 BOI AXA Arbitrage,562 Edelweiss ETF Nifty 100 Quality 30,18 HDFC Hybrid Equity,458
ABSL Overnight,797 BOI AXA Conservative Hybrid,503 Edelweiss ETF Nifty 50,19 HDFC Index Nifty 50,24
ABSL Pharma & Healthcare,343 BOI AXA Credit Risk,877 Edelweiss ETF Nifty Bank,302 HDFC Index Sensex,25
ABSL Pure Value,244 BOI AXA Eqt Debt Rebalancer,588 Edelweiss Eur Dynamic Eqt Offshore,418 HDFC Infrastructure,327
ABSL Regular Savings,498 BOI AXA Large & Midcap Eqt,112 Edelweiss Govt Securities,925 HDFC Low Duration,690
ABSL Retirement 30s,138 BOI AXA Liquid,740 Edelweiss Grtr China Eqt Off-shore,419 HDFC Medium Term Debt,641
ABSL Retirement 40s,446 BOI AXA Mfg & Infrastructure,323 Edelweiss Large & Midcap,115 HDFC Mid-Cap Opportunities,202
ABSL Retirement 50s,499 BOI AXA Mid & Small Cap Eqt & Debt,450 Edelweiss Large Cap,20 HDFC Money Market,783
ABSL Retrmnt 50s Plus Debt,854 BOI AXA Small Cap,224 Edelweiss Liquid,744 HDFC Multi Asset,613
ABSL Savings,708 BOI AXA ST Income,657 Edelweiss Low Duration,688 HDFC Nifty 50 ETF,26
ABSL Sensex ETF,6 BOI AXA Tax Advantage,265 Edelweiss LT Eqt (Tax Svngs),268 HDFC Overnight,805
ABSL Small Cap,222 BOI AXA Ultra Short Duration,711 Edelweiss Midcap,200 HDFC Retrmnt Savings Eqt,153
ABSL ST,653 Canara Robeco Bluechip Eqt,13 Edelweiss Multi Cap,147 HDFC Retrmnt Svngs Hybrid Debt,512
Axis Arbitrage,560 Canara Robeco Cons Hybrid,504 Edelweiss Overnight,803 HDFC Retrmnt Svngs Hybrid Eqt,459
Axis Banking & PSU Debt,895 Canara Robeco Consumer Trends,396 Edelweiss Short Term,660 HDFC Sensex ETF,27
Axis Bluechip,7 Canara Robeco Corporate Bond,857 Edelweiss Small Cap,227 HDFC Short Term Debt,662
Axis Children’s Gift,488 Canara Robeco Dynamic Bond,829 Edelweiss US Value Eqt Offshore,420 HDFC Small Cap,229
Axis Corporate Debt,855 Canara Robeco Emerging Equities,113 Essel 3 in 1,610 HDFC Top 100,28
Axis Credit Risk,875 Canara Robeco Eqt Diversified,144 Essel Arbitrage,565 HDFC Ultra Short Term,716
Axis Dynamic Bond,826 Canara Robeco Eqt Hybrid,451 Essel Equity Hybrid,454 HSBC Asia Pacific (ExJapan) Div Yld,424
Axis Dynamic Equity,585 Canara Robeco Eqt Tax Saver,266 Essel Large & Midcap,116 HSBC Brazil,425
Axis Equity Hybrid,447 Canara Robeco Gilt,923 Essel Large Cap Equity,21 HSBC Cash,748
Axis Equity Saver,537 Canara Robeco Income,623 Essel Liquid,745 HSBC Debt,625
Axis Focused 25,139 Canara Robeco Infrastructure,324 Essel Multi Cap,148 HSBC Equity Hybrid,460
Axis Gilt,921 Canara Robeco Liquid,741 Essel Regular Savings,506 HSBC Flexi Debt,834
Axis Growth Opportunities,111 Canara Robeco Overnight,801 Essel Ultra Short Term,714 HSBC Global Consumer Opp,426
Axis Liquid,737 Canara Robeco Savings,686 Franklin Asian Equity,421 HSBC Global Emerging Markets,427
Axis Long Term Equity,262 Canara Robeco Short Duration,658 Franklin Banking & PSU Debt,898 HSBC Infrastructure Eqt,328
Axis Midcap,196 Canara Robeco Small Cap,225 Franklin Bluechip,22 HSBC Large and Midcap Eqt,119
Axis Money Market,779 DSP 10Y G-Sec,942 Franklin Build India,326 HSBC Low Duration,691
Axis Multicap,140 DSP Arbitrage,563 Franklin Corporate Debt,860 HSBC Managed Solutions Ind Cons,513
Axis Nifty 100 Index,8 DSP Banking & PSU Debt,896 Franklin Credit Risk,879 HSBC Managed Solutions Ind Moderate,614
Axis Nifty ETF,9 DSP Bond,639 Franklin Dynamic Accrual,832 HSBC Managed Solutions India Growth,461
Axis Overnight,798 DSP Corporate Bond,858 Franklin Dynamic Asset Alloc FoF,591 HSBC Multi Cap Eqt,154
Axis Regular Saver,500 DSP Credit Risk,878 Franklin Eqt Advantage,117 HSBC Overnight,806
Axis Short Term,654 DSP Dynamic Asset Allocation,589 Franklin Eqt Hybrid,455 HSBC Regular Savings,514
Axis Small Cap,223 DSP Equal Nifty 50,14 Franklin Eqt Savings,541 HSBC Short Duration,663
Axis Strategic Bond,637 DSP Equity,145 Franklin Equity,149 HSBC Small Cap Eqt,230
Axis Treasury Advantage,683 DSP Equity Opp,114 Franklin Feeder Franklin Eur Grth,422 HSBC Tax Saver Eqt,272
Axis Triple Advantage,609 DSP Equity Savings,539 Franklin Feeder Franklin US Opp,423 ICICI Pru All Seasons Bond,835
Axis Ultra Short Term,709 DSP Focus,146 Franklin Floating Rate,914 BHARAT 22 ETF,11
Baroda Banking & Fin Services,301 DSP Global Allocation,410 Franklin Govt Securities,926 ICICI Pru Asset Allocator (FOF),491

74 Mutual Fund Insight January 2020

 SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
ICICI Pru Balanced Advantage,593
ICICI Pru Bank ETF,303
ICICI Pru Banking & Fin Services,304
ICICI Pru Banking & PSU Debt,900
ICICI Pru BHARAT 22 FOF,30
ICICI Pru Bharat Consumption,397
ICICI Pru Bluechip,31
ICICI Pru Bond,626
ICICI Pru Child Care Gift,462
ICICI Pru Commodities,361
ICICI Pru Constant Maturity Gilt,943
ICICI Pru Corporate Bond,862
ICICI Pru Credit Risk,881
ICICI Pru Debt Management (FOF),627
ICICI Pru Dividend Yield Eqt,380
ICICI Pru Equity & Debt,463
ICICI Pru Equity Arbitrage,567
ICICI Pru Equity Savings,543
ICICI Pru Exports & Services,362
ICICI Pru Floating Interest,916
ICICI Pru Focused Equity,155
ICICI Pru Gilt,928
ICICI Pru Global Advtg (FOF),428
ICICI Pru Global Stable Eqt (FOF),429
ICICI Pru Infrastructure,329
ICICI Pru Large & Midcap,120
ICICI Pru Liquid,749
ICICI Pru Liquid ETF,750
ICICI Pru Long Term Bond,620
ICICI Pru Manufacture in India,365
ICICI Pru Medium Term Bond,642
ICICI Pru Midcap,203
ICICI Pru Midcap Select ETF,121
ICICI Pru MNC,386
ICICI Pru Money Maket,784
ICICI Pru Multi Asset,615
ICICI Pru Multicap,156
ICICI Pru Nifty 100 ETF,32
ICICI Pru Nifty ETF,33
ICICI Pru Nifty Low Vol 30 ETF,35
ICICI Pru Nifty Next 50 ETF,36
ICICI Pru Nifty Next 50 Index,37
ICICI Pru NV20 ETF,38
ICICI Pru Pharma Hlthcr & Diagn,345
ICICI Pru Private Banks ETF,305
ICICI Pru Regular Savings,516
ICICI Pru Retirement Hybrid Cons,517
ICICI Pru Retrmnt Hybrid Agrsv,464
ICICI Pru Retrmnt Pure Debt,643
ICICI Pru Retrmnt Pure Eqt,157
ICICI Pru S&P BSE 500 ETF,158
ICICI Pru Savings,692
ICICI Pru Sensex ETF,39
ICICI Pru Sensex Index,40
ICICI Pru Short Term,664
ICICI Pru Small Cap,231
ICICI Pru Technology,354
ICICI Pru Thematic Advtg (FOF),518
ICICI Pru Ultra Short Term,717
ICICI Pru US Bluechip Eqt,430
ICICI Pru Value Discovery,246
IDBI Banking & Fin Services,306
IDBI Credit Risk,882
IDBI Diversified Eqt,159
IDBI Dividend Yield,381
IDBI Dynamic Bond,836
IDBI Eqt Advantage,274
IDBI Eqt Savings,544
IDBI Focused 30 Eqt,41
IDBI Gilt,929
IDBI Healthcare,346
IDBI Hybrid Equity,465
IDBI India Top 100 Eqt,42
IDBI Liquid,751
IDBI Long Term Value,247
IDBI Midcap,204
IDBI Nifty Index,43
IDBI Nifty Junior Index,44
IDBI Short Term Bond,665
IDBI Small Cap,232
IDBI Ultra Short Term,718
IDFC Arbitrage,568
IDFC Asset Allocation Agrsv,519
IDFC Asset Allocation Cons,520
IDFC Asset Allocation Moderate,521
IDFC Banking & PSU Debt,901
IDFC Bond Medium Term,644
IDFC Cash,752
IDFC Core Equity,122
IDFC Corporate Bond,863
IDFC Credit Risk,883
IDFC Dynamic Bond,837
IDFC Dynamic Equity,594
IDFC Equity Savings,545
IDFC Focused Equity,160
IDFC Govt Securities Constant Mtrty,944
IDFC GSF Investment,930
IDFC Hybrid Equity,466
IDFC Infrastructure,330
IDFC Large Cap,45
IDFC Low Duration,693
IDFC Money Manager,785
IDFC Multi Cap,161
IDFC Nifty,46
IDFC Nifty ETF,47
IDFC Overnight,808
IDFC Regular Savings,522
IDFC Sensex ETF,48
IDFC Sterling Value,248
IDFC Tax Advantage (ELSS),275
IDFC Ultra Short Term,719
IIFL Dynamic Bond,838
IIFL Focused Equity,162
IIFL Liquid,753
Indiabulls Arbitrage,569
Indiabulls Banking & PSU Debt,902
Indiabulls Bluechip,49
Indiabulls Dynamic Bond,839
Indiabulls Equity Hybrid,467
Indiabulls Income,645
Indiabulls Liquid,754
Indiabulls Nifty 50 ETF,50
Indiabulls Overnight,809
Indiabulls Savings,786
Indiabulls Short Term,668
Indiabulls Tax Savings,276
Indiabulls Ultra Short Term,720
Indiabulls Value,249
Invesco India Arbitrage,570
Invesco (I) Feeder Global Eqt Incm,431
Invesco India Banking & PSU Debt,903
Invesco India Contra,250
Invesco India Corporate Bond,864
Invesco India Credit Risk,884
Invesco India Dynamic Equity,595
Invesco India Equity & Bond,468
Invesco India Equity Savings,546
Invesco India Feeder Pan Eur Eqt,432
Invesco India Financial Services,307
Invesco India Gilt,931
Invesco India Infrastructure,331
Invesco India Large Cap,51
Invesco India Liquid,755
Invesco India Midcap,205
Invesco India Money Market,787
Invesco India Multicap,163
Invesco India Nifty ETF,52
Invesco India PSU Equity,392
Invesco India Short Term,669
Invesco India Small Cap,233
Invesco India Tax,277
Invesco India Treasury Advtg,694
Invesco India Ultra Short Term,721
ITI Arbitrage,571
ITI Liquid,756
ITI Long Term Equity,278
ITI Multi Cap,164
ITI Overnight,810
JM Arbitrage,572
JM Core 11,53
JM Dynamic Debt,840
JM Equity Hybrid,469
JM Income,629
JM Large Cap,54
JM Liquid,757
JM Low Duration,695
JM Money Market,788
JM Multicap,165
JM Short-term,670
JM Tax Gain,279
JM Ultra Short Duration,722
JM Value,251
Kotak Asset Allocator,524
Kotak Balanced Advantage,596
Kotak Banking ETF,308
Kotak Bond,630
Kotak Bond Short-term,671
Kotak Corporate Bond,865
Kotak Credit Risk,885
Kotak Debt Hybrid,525
Kotak Dynamic Bond,841
Kotak Emrgng Eqt,206
Kotak Equity Arbitrage,573
Kotak Equity Hybrid,470
Kotak Equity Opportunities,124
Kotak Equity Savings,547
Kotak Floating Rate,917
Kotak Focused Equity,166
Kotak Global Emerging Market,433
Kotak India EQ Contra,252
Kotak Infra & Eco Reform,332
Kotak Low Duration,696
Kotak Medium Term,646
Kotak Money Market,789
Kotak Nifty ETF,56
Kotak NV 20 ETF,57
Kotak Overnight,811
Kotak Pioneer,366
Kotak PSU Bank ETF,309
Kotak Savings,723
Kotak Sensex ETF,58
Kotak Small Cap,234
Kotak Standard Multicap,167
Kotak Tax Saver,280
Kotak US Equity,434
Kotak World Gold,435
L&T Arbitrage Opportunities,574
L&T Balanced Advantage,597
L&T Banking & PSU Debt,905
L&T Business Cycles,367
L&T Cash,812
L&T Conservative Hybrid,526
L&T Credit Risk,886
L&T Emerging Businesses,235
L&T Equity,168
L&T Equity Savings,548
L&T Flexi Bond,842
L&T Focused Equity,169
L&T Gilt,933
L&T Hybrid Equity,471
L&T India Large Cap,59
L&T India Value,253
L&T Infrastructure,333
L&T Large and Midcap,125
L&T Low Duration,697
L&T Midcap,207
L&T Money Market,790
L&T Resurgent India Bond,647
L&T Short Term Bond,672
L&T Tax Advantage,281
L&T Triple Ace Bond,866
L&T Ultra Short Term,724
LIC MF Arbitrage,575
LIC MF Banking & Fin Services,310
LIC MF Banking & PSU Debt,906
LIC MF Children’s Gift,493
LIC MF Debt Hybrid,527
LIC MF Equity Hybrid,472
LIC MF ETF Nifty 100,60
LIC MF ETF Nifty 50,61
LIC MF ETF Sensex,62
LIC MF G-Sec Long Term ETF,934
LIC MF GSF,935
LIC MF Index Nifty,63
LIC MF Index Sensex,64
LIC MF Infrastructure,334
LIC MF Large & Midcap,126
LIC MF Large Cap,65
LIC MF Liquid,760
LIC MF Multicap,170
LIC MF Overnight,813
LIC MF Savings,698
LIC MF Short Term Debt,673
LIC MF Tax,282
LIC MF ULIS,473
LIC MF Ultra ST,725
Mahindra Credit Risk Yojana,887
Mahindra Dhan Sanchay Eqt Svngs Yjn,549
Mahindra Hybrid Eqt Nivesh Yojana,474
Mahindra Liquid,761
Mahindra Low Duration Bachat Yojana,699
Mahindra Mutual Badhat Yojana,171
Mahindra Mutual Kar Bachat Yojana,283
Mahindra Overnight,814
Mahindra Pragati Bluechip Yojana,66
Mahindra Rural Bhrt & Cnsmptn Yjn,368
Mahindra Ultra ST Yjn,726
Mahindra Unnati Emrgng Bsnss Yojana,208
Mirae Asset Cash Management,762
Mirae Asset Dynamic Bond,843
Mirae Asset Emerging Bluechip,127
Mirae Asset Equity Savings,550
Mirae Asset Focused,172
Mirae Asset Great Consumer,398
Mirae Asset Healthcare,347
Mirae Asset Hybrid Equity,475
Mirae Asset Large Cap,67
Mirae Asset Midcap,209
Mirae Asset Nifty 50 ETF,68
Mirae Asset Overnight,815
Mirae Asset Savings,700
Mirae Asset Short Term,674
Mirae Asset Tax Saver,284
Motilal Oswal Dynamic,598
Motilal Oswal Equity Hybrid,476
Motilal Oswal Focused 25,69
Motilal Oswal Large and Midcap,128
Motilal Oswal Liquid,763
Motilal Oswal Long Term Eqt,285
Motilal Oswal M50 ETF,70
Motilal Oswal Midcap 100 ETF,210
Motilal Oswal Midcap 30,211
Motilal Oswal Multicap 35,173
Motilal Oswal NASDAQ 100 ETF,436
Motilal Oswal Nasdaq 100 FOF,437
Motilal Oswal Nifty 500,174
Motilal Oswal Nifty Bank,311
Motilal Oswal Nifty Midcap 150,212
Motilal Oswal Nifty Smallcap 250,236
Motilal Oswal Ultra Short Term,727
Mutual Fund Insight January 2020 75
 SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
Nippon India Arbitrage,576
CPSE ETF,391
Nippon India Balanced Advantage,599
Nippon India Banking,312
Nippon India Banking & PSU Debt,907
Nippon India Consumption,399
Nippon India Dynamic Bond,844
Nippon India Eqt Svngs Fund,551
Nippon India Equity Hybrid,477
Nippon India ETF Bank BeES,313
Nippon India ETF Consumption,400
Nippon India ETF Dividend Opp,369
Nippon India ETF Hang Seng BeES,438
Nippon India ETF Infra BeES,335
Nippon India ETF Junior BeES,71
Nippon India ETF Liquid BeES,764
Nippon India ETF Long Term Gilt,936
Nippon India ETF Nifty 100,72
Nippon India ETF Nifty BeES,73
Nippon India ETF Nifty Midcap 150,213
Nippon India ETF NV20,74
Nippon India ETF PSU Bank BeES,314
Nippon India ETF Sensex,75
Nippon India ETF Sensex Next 50,76
Nippon India ETF Shariah BeES,77
Nippon India Floating Rate,918
Nippon India Focused Equity,175
Nippon India Gilt Securities Inst,937
Nippon India Growth,214
Nippon India Hybrid Bond,528
Nippon India Income,632
Nippon India Index Nifty,78
Nippon India Index Sensex,79
Nippon India Japan Equity,439
Nippon India Junior BeES FoF,80
Nippon India Large Cap,81
Nippon India Liquid,765
Nippon India Low Duration,701
Nippon India Money Market,791
Nippon India Multi Cap,176
Nippon India Nivesh Lakshya,621
Nippon India Overnight,816
Nippon India Pharma,348
Nippon India Power & Infra,336
Nippon India Prime Debt,867
Nippon India Quant,370
Nippon India Retrmnt Incm Generation,529
Nippon India Retrmnt Wealth Creation,177
Nippon India Short-term,675
Nippon India Small Cap,237
Nippon India Strategic Debt,648
Nippon India Tax Saver (ELSS),286
Nippon India Ultra Short Duration,728
Nippon India US Eqt Opportunities,440
Nippon India Value,254
Nippon India Vision,129
Parag Parikh Liquid,766
Parag Parikh Long Term Equity,178
Parag Parikh Tax Saver,287
PGIM India Arbitrage,577
PGIM India Banking & PSU Debt,908
PGIM India Credit Risk,889
PGIM India Diversified Eqt,179
PGIM India Dynamic Bond,845
PGIM India Euro Eqt,441
PGIM India Gilt,938
PGIM India Global Eqt Opp,442
PGIM India Insta Cash,767
PGIM India Large Cap,82
PGIM India Long Term Eqt,288
PGIM India Low Duration,702
PGIM India Midcap Opp,215
PGIM India Overnight,817
PGIM India Premier Bond,868
PGIM India Short Maturity,676
76 Mutual Fund Insight January 2020
PGIM India Ultra ST,729
Principal Arbitrage,578
Principal Balanced Advantage,600
Principal Credit Risk,890
Principal Dividend Yield,382
Principal Dynamic Bond,846
Principal Emerging Bluechip,130
Principal Focused Multicap,180
Principal Global Opportunities,443
Principal Hybrid Equity,479
Principal Low Duration,703
Principal Nifty 100 Equal Weight,83
Principal Retrmnt Svngs Cons,530
Principal Retrmnt Svngs Moderate,494
Principal Retrmnt Svngs Prgrsv,480
Principal Small Cap,238
Principal Tax Savings,289
Principal Ultra Short Term,730
Quant Absolute,481
Quant Active,182
Quant Consumption,401
Quant Dynamic Bond,847
Quant Focused,84
Quant Infrastructure,337
Quant Large & Midcap,131
Quant Liquid,769
Quant Money Market,792
Quant Small Cap,239
Quant Tax,290
Quantum Dynamic Bond,848
Quantum Equity FoF,183
Quantum India ESG Eqt,371
Quantum Liquid,770
Quantum Long Term Eqt Value,255
Quantum Multi Asset,617
Quantum Nifty ETF,85
Quantum Tax Saving,291
SBI Arbitrage Opportunities,579
SBI Banking & Fin Services,315
SBI Banking and PSU,909
SBI Bluechip,86
SBI Contra,256
SBI Corporate Bond,869
SBI Credit Risk,891
SBI Debt Hybrid,531
SBI Dynamic Asset Allocation,601
SBI Dynamic Bond,849
SBI Equity Hybrid,482
SBI Equity Minimum Variance,372
SBI Equity Savings,554
SBI ETF 10 Year Gilt,945
SBI ETF BSE 100,87
SBI ETF Nifty 50,88
SBI ETF Nifty Bank,316
SBI ETF Nifty Next 50,89
SBI ETF Quality,90
SBI ETF Sensex,91
SBI ETF Sensex Next 50,92
SBI Focused Equity,184
SBI Healthcare Opportunities,349
SBI Infrastructure,338
SBI Large & Midcap,132
SBI Liquid,771
SBI Magnum Children’s Benefit,532
SBI Magnum COMMA,373
SBI Magnum Equity ESG,374
SBI Magnum Global,387
SBI Magnum Low Duration,704
SBI Magnum Medium Duration,649
SBI Magnum Midcap,217
SBI Magnum MultiCap,185
SBI Magnum Taxgain,292
SBI Multi Asset Allocation,618
SBI Nifty Index,93
SBI Overnight,818
SBI PSU,393 Union Equity Savings,557
SBI Savings,793 Union Focused,191
SBI Short Term Debt,678 Union Large Cap,102
SBI Small Cap,240 Union Liquid,775
Shriram Balanced Advantage,602 Union Long Term Equity,297
Shriram Hybrid Equity,483 Union Multi Cap,192
Shriram Long Term Equity,293 Union Overnight,821
Shriram Multicap,186 Union Small Cap,243
Sundaram Banking & PSU Debt,910 Union Value Discovery,259
Sundaram Corporate Bond,870 UTI Arbitrage,582
Sundaram Debt Oriented Hybrid,533 UTI Banking & Fin Services,321
Sundaram Diversified Equity,294 UTI Banking & PSU Debt,912
Sundaram Equity,187 UTI Bond,635
Sundaram Equity Hybrid,484 UTI Children’s Career Investment,193
Sundaram Equity Savings,555 UTI Children’s Career Svngs,496
Sundaram Fin Services Opp,317 UTI Core Equity,135
Sundaram Global Brand,444 UTI Corporate Bond,873
Sundaram Infrastructure Adv,339 UTI Credit Risk,893
Sundaram Large & Midcap,133 UTI Dividend Yield,384
Sundaram Low Duration,705 UTI Dynamic Bond,852
Sundaram Midcap,218 UTI Equity,194
Sundaram Money,772 UTI Equity Savings,558
Sundaram Money Market,794 UTI Floater,919
Sundaram Rural & Consumption,403 UTI Gilt,941
Sundaram Select Focus,94 UTI Healthcare,351
Sundaram Services,375 UTI Hybrid Equity,487
Sundaram Short Term Debt,679 UTI Infrastructure,342
Sundaram Small Cap,241 UTI Liquid Cash,776
Sundaram Smart NIFTY 100 Equal Wght,95 UTI Long Term Equity,298
Sundaram ST Credit Risk,892 UTI Medium Term,652
Sundaram Ultra Short Term,732 UTI Midcap,221
Tata Arbitrage,580 UTI MNC,388
Tata Balanced Advantage,603 UTI Money Market,796
Tata Banking & Fin Services,318 UTI Multi Asset,619
Tata Banking & PSU Debt,911 UTI Nifty ETF,104
Tata Corporate Bond,871 UTI Nifty Index,105
Tata Digital India,356 UTI Nifty Next 50 ETF,106
Tata Dynamic Bond,850 UTI Nifty Next 50 Index,107
Tata Equity PE,257 UTI Overnight,822
Tata Ethical,376 UTI Regular Savings,535
Tata GSF,940 UTI Retrmnt Benefit Pension,497
Tata Hybrid Equity,485 UTI S&P BSE Sensex Next 50 ETF,108
Tata Income,634 UTI Sensex ETF,109
Tata India Consumer,404 UTI Short-term Income,681
Tata India Pharma & HealthCare,350 UTI Transportation & Logistics,378
Tata India Tax Savings,295 UTI Ultra Short Term,734
Tata Infrastructure,340 UTI Unit Linked Insurance,605
Tata Large & Midcap,134 UTI Value Opportunities,260
Tata Large Cap,98 YES Liquid,777
Tata Liquid,773 YES Overnight,823
Tata Medium Term,651 YES Ultra Short Term,735
Tata Multicap,188
Tata Nifty ETF,99
Tata Nifty Private Bank ETF,319
Tata Resources & Energy,390
Tata Retrmnt Savings Cons,534
Tata Retrmnt Svngs Moderate,486
Tata Retrmnt Svngs Progressive,189
Tata Short-term Bond,680
Tata Small Cap,242
Tata Treasury Advantage,706
Tata Ultra Short Term,733
Tata Young Citizens,495
Taurus Banking & Financial Srvcs,320
Taurus Discovery (Midcap),220
Taurus Ethical,377
Taurus Infrastructure,341
Taurus Liquid,774
Taurus Nifty Index,101
Taurus Starshare (Multi Cap),190
Taurus Tax Shield,296
Union Arbitrage,581
Union Balanced Advantage,604
Union Corporate Bond,872
Union Dynamic Bond,851
 SCOREBOARD

Performance snapshot
Here are the performance data of the Indian mutual fund industry as of November 2019
REGULAR DIRECT
Category/benchmark 1 mth 3 mths 1 yr 3 yrs 5 yrs 10 yrs 20 yrs 1 mth 3 mths 1 yr 3 yrs 5 yrs
Equity: Large Cap 0.65 8.82 10.34 13.39 7.85 10.06 13.36 0.86 9.43 11.23 13.52 8.67
Equity: Large & MidCap 1.16 10.26 8.72 10.68 8.59 11.54 13.98 1.20 10.48 10.24 11.98 9.65
Equity: Multi Cap 0.76 9.75 9.89 11.14 8.29 11.47 15.11 0.85 10.07 11.07 12.22 9.27
Equity: Mid Cap 0.84 9.90 4.76 7.75 8.55 14.08 17.31 0.82 10.18 6.17 9.04 9.76
Equity: Small Cap -0.17 7.89 -0.47 5.90 8.05 12.05 - -0.08 8.22 0.70 6.97 9.12
Equity: Value Oriented 0.88 8.04 3.13 8.09 7.19 11.51 16.45 0.96 8.29 4.17 9.19 8.19
Equity: ELSS 0.53 9.48 8.47 10.82 8.10 11.27 14.75 0.61 9.75 9.60 11.99 9.10
Equity: International 3.06 6.11 15.42 9.72 5.97 5.05 - 3.14 6.26 16.22 10.22 6.50
S&P BSE Sensex TRI 1.66 9.39 14.01 16.67 8.70 10.76 13.27 1.66 9.39 14.01 16.67 8.70
S&P BSE SENSEX Next 50 TRI 0.37 6.96 0.18 6.16 6.99 10.10 - 0.37 6.96 0.18 6.16 6.99
S&P BSE 500 TRI 1.20 9.51 9.16 13.00 8.62 10.48 13.14 1.20 9.51 9.16 13.00 8.62
S&P BSE Large Cap TRI 1.23 9.18 11.75 14.65 8.34 10.35 - 1.23 9.18 11.75 14.65 8.34
S&P BSE Mid Cap TRI 1.58 12.18 1.32 7.61 9.19 10.35 - 1.58 12.18 1.32 7.61 9.19
S&P BSE Small Cap TRI 0.09 8.53 -5.02 4.11 4.67 7.33 - 0.09 8.53 -5.02 4.11 4.67
Equity: Sectoral-Banking 5.86 14.44 16.87 14.59 7.79 10.13 - 5.56 14.91 21.64 17.66 12.63
S&P BSE Bankex TRI 6.68 16.93 21.24 19.85 12.00 14.81 - 6.68 16.93 21.24 19.85 12.00
Equity: Sectoral-Infrastructure -0.26 8.58 4.64 6.30 4.96 6.41 - -0.23 8.70 5.33 7.26 6.26
S&P BSE India Infrastructure TRI -2.45 4.09 -2.49 0.61 1.37 4.17 - -2.45 4.09 -2.49 0.61 1.37
Equity: Sectoral-Pharma 2.64 7.24 1.59 -1.29 1.38 13.11 12.36 2.79 7.64 2.88 -0.13 2.40
S&P BSE Healthcare TRI 2.86 5.74 -4.36 -4.12 -1.29 11.82 10.61 2.86 5.74 -4.36 -4.12 -1.29
Equity: Sectoral-Technology 0.01 -2.19 5.09 14.96 7.43 13.35 9.22 0.09 -1.95 6.15 16.14 8.31
S&P BSE IT TRI -3.34 -7.36 5.94 17.00 7.93 14.21 10.78 -3.34 -7.36 5.94 17.00 7.93
Hybrid: Aggressive Hybrid 0.84 7.35 8.00 8.72 7.58 10.64 12.93 0.93 7.66 9.20 9.91 8.61
Hybrid: Balanced Hybrid 0.85 6.18 7.32 6.97 6.98 8.89 10.32 0.87 6.34 8.08 7.71 7.64
Hybrid: Conservative Hybrid 0.71 3.53 7.02 5.89 7.09 8.23 8.05 0.78 3.76 7.93 6.85 7.98
VR Balanced TRI 1.33 8.10 11.74 13.44 8.22 9.89 - 1.33 8.10 11.74 13.44 8.22
VR MIP TRI 0.77 3.61 9.83 8.60 7.68 8.19 - 0.77 3.61 9.83 8.60 7.68
Debt: Long Duration 0.58 0.63 14.56 6.63 9.05 7.94 8.83 0.61 0.74 15.05 7.38 9.93
Debt: Medium Duration 0.35 1.41 5.15 5.27 7.00 7.36 7.49 0.41 1.61 5.89 6.04 7.81
Debt: Short Duration 0.66 1.82 5.68 5.36 6.77 7.54 - 0.71 1.99 6.37 6.08 7.49
Debt: Ultra Short Duration 0.49 1.63 6.85 6.30 7.15 7.97 7.36 0.53 1.75 7.28 6.78 7.62
Debt: Liquid 0.44 1.35 6.59 6.61 7.15 7.74 7.44 0.47 1.41 6.80 6.75 7.29
Debt: Dynamic Bond 0.49 1.33 8.61 4.72 7.50 7.96 8.04 0.54 1.50 9.33 5.46 8.29
Debt: Corporate Bond 0.73 2.21 6.51 4.94 6.78 6.89 7.58 0.78 2.34 6.95 5.43 7.32
Debt: Credit Risk 0.39 0.95 0.76 3.62 6.89 7.21 - 0.46 1.15 1.58 4.50 7.82
CCIL All Sovereign Bond - TRI 0.60 0.49 14.04 6.32 9.34 8.33 - 0.60 0.49 14.04 6.32 9.34
CCIL T Bill Liquidity Weight 0.33 0.94 4.49 4.19 4.56 4.68 - 0.33 0.94 4.49 4.19 4.56
VR Bond Index 0.40 0.80 8.59 5.77 7.33 7.20 - 0.40 0.80 8.59 5.77 7.33
Returns (%) as on November 30, 2019

Mutual Fund Insight January 2020 77

 SCOREBOARD

SIP returns
Worth of the monthly SIP of `10,000 across various time periods
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
Mirae Asset Emerging Bluechip Equity: Large & MidCap  11.72 4.29 14.85 8.69 - -  12.72 4.35 15.85 8.91
Axis Bluechip Equity: Large Cap  15.7 4.54 13.79 8.47 - -  17.22 4.64 15.19 8.77
Axis Focused 25 Equity: Multi Cap  13.03 4.37 13.78 8.47 - -  14.47 4.46 15.21 8.77
SBI Focused Equity Equity: Multi Cap  13.13 4.38 13.01 8.31 16.09 27.87  14.24 4.45 14.09 8.53
IIFL Focused Equity Equity: Multi Cap  13.49 4.4 12.89 8.29 - -  15.17 4.51 14.4 8.6
SBI ETF Sensex Equity: Large Cap Not rated 13.55 4.4 12.52 8.21 - - Not rated - - - -
Nippon India ETF Sensex Equity: Large Cap Not rated 13.55 4.4 12.5 8.21 - - Not rated - - - -
Mirae Asset Large Cap Equity: Large Cap  11.09 4.25 12.48 8.2 15.45 26.93  12.16 4.31 13.49 8.41
ICICI Pru Sensex ETF Equity: Large Cap Not rated 13.43 4.39 12.38 8.18 11.92 22.3 Not rated - - - -
Axis Midcap Equity: Mid Cap  13.4 4.39 12.33 8.17 - -  14.78 4.48 13.66 8.44
Kotak Sensex ETF Equity: Large Cap Not rated 13.32 4.39 12.27 8.16 11.76 22.11 Not rated - - - -
Axis Long Term Equity Equity: ELSS  12.73 4.35 12.21 8.15 - -  13.84 4.42 13.35 8.38
HDFC Index Sensex Equity: Large Cap  13.09 4.37 12.12 8.13 11.51 21.82  13.28 4.39 12.29 8.16
Sundaram Large & Midcap Equity: Large & MidCap  10.81 4.23 12.07 8.12 13.23 23.92  11.97 4.3 13.08 8.32
Axis Small Cap Equity: Small Cap  11.47 4.27 11.77 8.06 - -  12.75 4.35 13.04 8.32
Tata Index Sensex Equity: Large Cap  12.94 4.36 11.75 8.05 10.9 21.12  13.32 4.39 12.18 8.14
JM Multicap Equity: Multi Cap  10.27 4.2 11.69 8.04 12.83 23.41  11.15 4.25 12.87 8.28
Tata Retrmnt Svngs Progressive Equity: Multi Cap  9.3 4.14 11.61 8.03 - -  10.97 4.24 13.29 8.37
Sundaram Select Focus Equity: Large Cap  11.95 4.3 11.52 8.01 10.92 21.14  13.18 4.38 12.56 8.22
SBI Small Cap Equity: Small Cap  6.25 3.96 11.51 8.01 20.05 34.5  7.53 4.03 12.9 8.29
Parag Parikh Long Term Equity Equity: Multi Cap  10.76 4.23 11.49 8 - -  11.52 4.28 12.21 8.15
Kotak Standard Multicap Equity: Multi Cap  9.76 4.17 11.45 7.99 14.9 26.16  10.88 4.24 12.64 8.23
Canara Robeco Bluechip Eqt Equity: Large Cap  12.11 4.31 11.44 7.99 - -  13.45 4.4 12.72 8.25
ICICI Pru Nifty ETF Equity: Large Cap Not rated 11.52 4.28 11.31 7.97 - - Not rated - - - -
Invesco India Nifty ETF Equity: Large Cap Not rated 11.51 4.27 11.31 7.97 - - Not rated - - - -
Nippon India ETF Nifty BeES Equity: Large Cap Not rated 11.59 4.28 11.28 7.96 11.43 21.73 Not rated - - - -
Nippon India Index Sensex Equity: Large Cap  12.34 4.33 11.26 7.96 - -  13.17 4.38 12.01 8.11
Invesco India Growth Opp Equity: Large & MidCap  10.39 4.21 11.24 7.95 13.54 24.31  11.87 4.3 12.9 8.29
ABSL Nifty ETF Equity: Large Cap Not rated 11.36 4.27 11.21 7.95 - - Not rated - - - -
Quantum Nifty ETF Equity: Large Cap Not rated 11.45 4.27 11.2 7.95 11.38 21.67 Not rated - - - -
Tata India Tax Savings Equity: ELSS  9.51 4.15 11.19 7.95 14.45 25.53  11.05 4.25 12.65 8.24
JM Tax Gain Equity: ELSS  9.77 4.17 11.1 7.93 13 23.62  10.62 4.22 12.32 8.17
Kotak India EQ Contra Equity: Value Oriented  10.12 4.19 11.08 7.92 12.27 22.72  11.7 4.29 12.75 8.26
Kotak Nifty ETF Equity: Large Cap Not rated 11.47 4.27 11.08 7.92 - - Not rated - - - -
DSP Tax Saver Equity: ELSS  9.46 4.15 11.06 7.92 14.39 25.44  10.58 4.22 12.18 8.14
UTI Nifty Index Equity: Large Cap  11.31 4.26 11.05 7.92 11.01 21.25  11.39 4.27 11.14 7.93
LIC MF Index Sensex Equity: Large Cap  12.25 4.32 11 7.91 10.47 20.64  12.65 4.35 11.47 8
JM Core 11 Equity: Large Cap  7.9 4.05 10.94 7.89 12.1 22.52  9.5 4.15 12.58 8.22
IDFC Nifty Equity: Large Cap  11.15 4.25 10.92 7.89 - -  11.28 4.26 11.05 7.92
HDFC Index Nifty 50 Equity: Large Cap  11.15 4.25 10.92 7.89 10.99 21.22  11.35 4.26 11.11 7.93
DSP Equity Equity: Multi Cap  10.32 4.2 10.87 7.88 12.63 23.16  11.17 4.25 11.7 8.05
SBI Equity Hybrid Hybrid: Aggressive Hybrid  11.04 4.25 10.7 7.85 13.42 24.16  11.94 4.3 11.73 8.05

78 Mutual Fund Insight January 2020

 SCOREBOARD
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
Motilal Oswal M50 ETF Equity: Large Cap Not rated 11.07 4.25 10.59 7.83 - - Not rated - - - -
Tata Index Nifty Equity: Large Cap  10.96 4.24 10.58 7.83 10.5 20.68  11.35 4.26 11.04 7.91
ICICI Pru Nifty 100 ETF Equity: Large Cap Not rated 10.13 4.19 10.57 7.82 - - Not rated - - - -
Invesco India Contra Equity: Value Oriented  7.76 4.05 10.48 7.81 14.52 25.62  9.15 4.13 12.05 8.12
SBI Nifty Index Equity: Large Cap  10.7 4.22 10.46 7.8 10.4 20.57  11.16 4.25 10.94 7.9
Canara Robeco Eqt Diversified Equity: Multi Cap  10.31 4.2 10.42 7.79 11.88 22.25  11.22 4.26 11.24 7.95
ICICI Pru Nifty Index Equity: Large Cap  10.63 4.22 10.39 7.79 10.72 20.92  11.08 4.25 10.83 7.87
LIC MF Tax Equity: ELSS  10.47 4.21 10.29 7.77 12.02 22.42  11.7 4.29 11.45 8
DSP Equity Opp Equity: Large & MidCap  7.74 4.05 10.24 7.76 13.28 23.97  8.84 4.11 11.36 7.98
Quant Active Equity: Multi Cap  8.94 4.12 10.18 7.75 13.33 24.04  9.37 4.14 10.5 7.81
HSBC Large Cap Eqt Equity: Large Cap  9.44 4.15 10.16 7.74 10.62 20.82  10.31 4.2 11 7.91
Indiabulls Bluechip Equity: Large Cap  9.19 4.13 10.15 7.74 - -  10.82 4.23 11.91 8.09
Motilal Oswal Focused 25 Equity: Large Cap  9.73 4.16 10.13 7.74 - -  11.07 4.25 11.54 8.01
Nippon India Index Nifty Equity: Large Cap  10.45 4.21 10.12 7.74 - -  11.24 4.26 10.86 7.88
Kotak Equity Opportunities Equity: Large & MidCap  8.38 4.08 10.11 7.73 13.07 23.71  9.61 4.16 11.46 8
BNP Paribas Large Cap Equity: Large Cap  11.27 4.26 10.08 7.73 12.95 23.56  12.68 4.35 11.45 8
Canara Robeco Emerging Equities Equity: Large & MidCap  6.04 3.94 10.07 7.73 18.35 31.49  7.33 4.02 11.41 7.99
UTI Equity Equity: Multi Cap  10.29 4.2 10.06 7.72 12.71 23.25  10.83 4.23 10.59 7.83
JM Value Equity: Value Oriented Not rated 6.62 3.98 10.04 7.72 11.85 22.22 Not rated 7.33 4.02 11.11 7.93
ABSL Index Equity: Large Cap  10.3 4.2 10.03 7.72 10.19 20.34  10.55 4.21 10.28 7.77
Quant Tax Equity: ELSS  6.09 3.95 10.02 7.72 11.86 22.23  6.95 4 10.64 7.84
Sundaram Equity Hybrid Hybrid: Aggressive Hybrid  9.69 4.16 10 7.71 9.53 19.65  11.06 4.25 11.2 7.95
Tata Retrmnt Svngs Moderate Hybrid: Aggressive Hybrid  7.72 4.04 9.99 7.71 - -  9.19 4.13 11.46 8
Edelweiss Large Cap Equity: Large Cap  9.91 4.18 9.97 7.71 12.17 22.59  11.08 4.25 11.02 7.91
SBI Magnum MultiCap Equity: Multi Cap  7.77 4.05 9.95 7.7 13.75 24.58  8.87 4.11 11.1 7.93
Nippon India ETF Nifty 100 Equity: Large Cap Not rated 9.45 4.15 9.95 7.7 - - Not rated - - - -
Franklin Index NSE Nifty Equity: Large Cap  10.08 4.19 9.95 7.7 10.27 20.43  10.56 4.22 10.41 7.79
Kotak Tax Saver Equity: ELSS  8.78 4.11 9.92 7.7 12.33 22.8  10.05 4.18 11.32 7.97
LIC MF Index Nifty Equity: Large Cap  10.27 4.2 9.91 7.69 10.15 20.29  10.76 4.23 10.42 7.79
ABSL Equity Equity: Multi Cap  6.91 4 9.9 7.69 13.91 24.79  8 4.06 11.04 7.91
ICICI Pru Bluechip Equity: Large Cap  8.48 4.09 9.88 7.69 12.51 23.01  9.37 4.14 10.85 7.88
Canara Robeco Eqt Tax Saver Equity: ELSS  9.72 4.16 9.86 7.69 12.08 22.49  10.68 4.22 10.75 7.86
DSP Focus Equity: Multi Cap  10.2 4.19 9.85 7.68 - -  11.21 4.26 10.78 7.86
Invesco India Tax Equity: ELSS  8.54 4.09 9.85 7.68 13.98 24.89  10.15 4.19 11.56 8.02
Taurus Nifty Index Equity: Large Cap Not rated 10.03 4.18 9.84 7.68 - - Not rated 10.55 4.21 10.58 7.82
Principal Focused Multicap Equity: Multi Cap  9.37 4.14 9.74 7.66 11.5 21.81  10.16 4.19 10.53 7.81
Canara Robeco Eqt Hybrid Hybrid: Aggressive Hybrid  9.06 4.12 9.64 7.65 12.45 22.94  10.42 4.21 10.97 7.9
Nippon India Large Cap Equity: Large Cap  8.11 4.07 9.63 7.64 12.93 23.53  9.14 4.13 10.73 7.85
IDBI Nifty Index Equity: Large Cap  10.03 4.18 9.62 7.64 - -  11.14 4.25 10.8 7.87
HDFC Top 100 Equity: Large Cap  7.93 4.06 9.59 7.63 11.47 21.77  8.65 4.1 10.34 7.78
Taurus Tax Shield Equity: ELSS  7.51 4.03 9.58 7.63 10.99 21.22  8.18 4.07 10.39 7.79
DSP Equity & Bond Hybrid: Aggressive Hybrid  8.56 4.09 9.51 7.62 11.71 22.05  9.69 4.16 10.66 7.84
Kotak Bluechip Equity: Large Cap  9.62 4.16 9.51 7.62 11.52 21.83  10.91 4.24 10.87 7.88
Tata Large & Midcap Equity: Large & MidCap  9.25 4.14 9.39 7.6 12.45 22.94  10.8 4.23 10.97 7.9
LIC MF Large Cap Equity: Large Cap  10.45 4.21 9.38 7.6 10.65 20.84  11.59 4.28 10.51 7.81
Tata Equity PE Equity: Value Oriented  4.58 3.86 9.33 7.59 13.94 24.84  5.97 3.94 10.58 7.82

Mutual Fund Insight January 2020 79

 SCOREBOARD
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
ICICI Pru Equity & Debt Hybrid: Aggressive Hybrid  7.16 4.01 9.25 7.57 13.24 23.92  8.18 4.07 10.47 7.8
Franklin Focused Eqt Equity: Multi Cap  8.18 4.07 9.22 7.57 15.11 26.45  9.3 4.14 10.44 7.8
DSP Top 100 Equity Equity: Large Cap  9.47 4.15 9.18 7.56 10.4 20.57  10.21 4.19 9.92 7.7
ABSL Tax Relief 96 Equity: ELSS  6.74 3.99 9.17 7.56 13.69 24.51  7.88 4.05 10.31 7.77
Motilal Oswal Multicap 35 Equity: Multi Cap  4.86 3.88 9.14 7.55 - -  5.81 3.93 10.15 7.74
Principal Emerging Bluechip Equity: Large & MidCap  4.57 3.86 9.12 7.55 16.22 28.07  5.77 3.93 10.36 7.78
Edelweiss Large & Midcap Equity: Large & MidCap  8.28 4.08 9.11 7.54 11.66 21.99  9.71 4.16 10.35 7.78
HDFC Children’s Gift Hybrid: Aggressive Hybrid  7.1 4.01 9.02 7.53 13.14 23.8  8.11 4.07 10.04 7.72
DSP Midcap Equity: Mid Cap  5.17 3.89 9.01 7.53 15.03 26.34  6.12 3.95 9.97 7.71
Kotak Emrgng Eqt Equity: Mid Cap  5.38 3.91 8.97 7.52 15.81 27.46  6.68 3.98 10.42 7.79
HDFC Equity Equity: Multi Cap  6.92 4 8.97 7.52 11.73 22.08  7.71 4.04 9.84 7.68
SBI Bluechip Equity: Large Cap  7.74 4.04 8.86 7.5 12.91 23.5  8.71 4.1 9.94 7.7
ABSL Focused Eqt Equity: Large Cap  7.64 4.04 8.83 7.49 12.54 23.05  8.72 4.1 9.98 7.71
Principal Hybrid Equity Hybrid: Aggressive Hybrid  4.97 3.88 8.75 7.48 11.51 21.81  6.28 3.96 10.04 7.72
L&T India Large Cap Equity: Large Cap  8.85 4.11 8.75 7.48 11.04 21.27  9.73 4.17 9.6 7.64
Tata Large Cap Equity: Large Cap  8.51 4.09 8.72 7.47 10.73 20.93  9.83 4.17 10.21 7.75
SBI Large & Midcap Equity: Large & MidCap  7.04 4 8.7 7.47 13 23.62  7.78 4.05 9.41 7.6
PGIM India Large Cap Equity: Large Cap  8.49 4.09 8.7 7.47 10.91 21.13  10.01 4.18 10.28 7.77
LIC MF ULIS Hybrid: Aggressive Hybrid  9.57 4.16 8.69 7.47 9.19 19.29  10.7 4.22 9.8 7.67
UTI Mastershare Equity: Large Cap  8.26 4.08 8.65 7.46 10.97 21.2  9.1 4.13 9.47 7.61
BOI AXA Tax Advantage Equity: ELSS  6.94 4 8.62 7.45 11.3 21.57  8.25 4.08 10.06 7.72
ICICI Pru LT Eqt (Tax Saving) Equity: ELSS  7.69 4.04 8.61 7.45 12.71 23.26  8.72 4.1 9.76 7.67
ICICI Pru Multicap Equity: Multi Cap  6.32 3.96 8.55 7.44 12.46 22.95  7.4 4.02 9.68 7.65
Essel Large Cap Equity Equity: Large Cap  6.85 3.99 8.51 7.43 - -  8.42 4.09 10.07 7.73
Principal Multi Cap Growth Equity: Multi Cap  4.37 3.85 8.48 7.43 12.83 23.41  5.36 3.9 9.44 7.61
Invesco India Large Cap Equity: Large Cap  7.59 4.04 8.46 7.42 11.16 21.42  9.36 4.14 10.3 7.77
Quant Large & Midcap Equity: Large & MidCap Not rated 4.29 3.84 8.39 7.41 13.63 24.43 Not rated 4.68 3.86 8.66 7.46
IDFC Large Cap Equity: Large Cap  7.35 4.02 8.39 7.41 9.53 19.64  8.36 4.08 9.6 7.64
BNP Paribas Long Term Equity Equity: ELSS  8.62 4.1 8.37 7.41 12.78 23.35  9.86 4.17 9.5 7.62
Kotak Equity Hybrid Hybrid: Aggressive Hybrid  7.44 4.03 8.34 7.4 10 20.14  8.8 4.11 9.82 7.68
BNP Paribas Multi Cap Equity: Multi Cap  6.56 3.97 8.24 7.38 12.54 23.05  8.2 4.07 9.96 7.71
Quant Focused Equity: Large Cap Not rated 5.42 3.91 8.21 7.38 14.09 25.03 Not rated 6.28 3.96 8.8 7.49
ABSL Frontline Eqt Equity: Large Cap  6.5 3.97 8.16 7.37 12 22.4  7.39 4.02 9.14 7.55
Quant Absolute Hybrid: Aggressive Hybrid Not rated 7.47 4.03 8.1 7.36 10.95 21.18 Not rated 8.37 4.08 8.7 7.47
UTI Children’s Career Investment Equity: Multi Cap  5.68 3.92 8.06 7.35 10.77 20.98  6.64 3.98 8.97 7.52
Nippon India ETF Junior BeES Equity: Large Cap Not rated 3.95 3.82 8.05 7.35 12.4 22.88 Not rated - - - -
Invesco India Midcap Equity: Mid Cap  5.37 3.91 7.97 7.33 15.11 26.45  7.15 4.01 9.86 7.69
Edelweiss Agrsv Hybrid Hybrid: Aggressive Hybrid Not rated 7.83 4.05 7.89 7.32 9.72 19.84 Not rated 9.08 4.13 8.88 7.5
UTI Long Term Equity Equity: ELSS  6.7 3.98 7.88 7.32 10.53 20.72  7.61 4.04 8.85 7.49
IDFC Core Equity Equity: Large & MidCap  4.46 3.85 7.86 7.31 10.21 20.37  5.87 3.93 9.48 7.61
L&T Tax Advantage Equity: ELSS  4.04 3.83 7.83 7.31 11.74 22.09  4.7 3.87 8.57 7.44
IDFC Focused Equity Equity: Multi Cap  4.83 3.87 7.78 7.3 8.96 19.07  6.42 3.97 9.49 7.62
ICICI Pru Child Care Gift Hybrid: Aggressive Hybrid  6.36 3.96 7.77 7.3 11.53 21.84  7.26 4.02 8.69 7.47
Nippon India Value Equity: Value Oriented  5.44 3.91 7.75 7.29 11.58 21.9  6.17 3.95 8.54 7.44
Principal Tax Savings Equity: ELSS  3.31 3.79 7.75 7.29 12.56 23.07  3.94 3.82 8.36 7.4
UTI Value Opportunities Equity: Value Oriented  7.71 4.04 7.71 7.29 10.21 20.36  8.47 4.09 8.48 7.43

80 Mutual Fund Insight January 2020

 SCOREBOARD
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
Nippon India Growth Equity: Mid Cap  4.94 3.88 7.64 7.27 11.66 21.99  5.64 3.92 8.41 7.41
HSBC Tax Saver Eqt Equity: ELSS  5.01 3.88 7.62 7.27 11.79 22.15  5.95 3.94 8.51 7.43
IDBI Eqt Advantage Equity: ELSS  6.77 3.99 7.6 7.27 - -  8.45 4.09 9.19 7.56
HSBC Managed Solutions India Growth Hybrid: Aggressive Hybrid  5.23 3.9 7.59 7.26 - -  5.54 3.91 7.9 7.32
Baroda Large Cap Equity: Large Cap  7.29 4.02 7.58 7.26 - -  8.11 4.07 8.38 7.41
L&T Midcap Equity: Mid Cap  1.36 3.68 7.56 7.26 15.4 26.85  2.42 3.74 8.65 7.46
Shriram Hybrid Equity Hybrid: Aggressive Hybrid  7.51 4.03 7.51 7.25 - -  8.77 4.11 8.56 7.44
Tata Midcap Growth Equity: Mid Cap  5.4 3.91 7.51 7.25 14.65 25.8  6.6 3.98 8.58 7.44
Union Multi Cap Equity: Multi Cap  7.87 4.05 7.49 7.25 - -  8.51 4.09 8.21 7.38
ABSL Eqt Advantage Equity: Large & MidCap  4.52 3.86 7.49 7.24 12.75 23.3  5.67 3.92 8.74 7.47
ICICI Pru Nifty Next 50 Index Equity: Large Cap  3.11 3.77 7.45 7.24 - -  3.55 3.8 7.92 7.32
LIC MF Equity Hybrid Hybrid: Aggressive Hybrid  8.37 4.08 7.38 7.22 8.36 18.47  9.62 4.16 8.59 7.45
Franklin Prima Equity: Mid Cap  3.68 3.81 7.35 7.22 15.33 26.76  4.7 3.87 8.46 7.42
Taurus Discovery (Midcap) Equity: Mid Cap  3.38 3.79 7.29 7.21 13.24 23.93  3.86 3.82 7.82 7.31
ICICI Pru Large & Midcap Equity: Large & MidCap  4.67 3.86 7.26 7.2 10.81 21.03  5.73 3.93 8.4 7.41
IDFC Tax Advantage (ELSS) Equity: ELSS  3.35 3.79 7.23 7.2 12.62 23.14  4.66 3.86 8.56 7.44
IDBI India Top 100 Eqt Equity: Large Cap  7.03 4 7.2 7.19 - -  8.75 4.11 8.81 7.49
Franklin Eqt Hybrid Hybrid: Aggressive Hybrid  6.08 3.95 7.12 7.18 11.24 21.51  7.34 4.02 8.51 7.43
L&T India Value Equity: Value Oriented  2.2 3.72 7.1 7.18 - -  3.16 3.78 8.1 7.36
Nippon India Multi Cap Equity: Multi Cap  6.12 3.95 7.03 7.16 11.98 22.37  6.86 3.99 7.81 7.3
HDFC Capital Builder Value Equity: Value Oriented  3.1 3.77 7.03 7.16 11.98 22.37  4.29 3.84 8.26 7.39
L&T Hybrid Equity Hybrid: Aggressive Hybrid  4.74 3.87 7.01 7.16 - -  5.8 3.93 8.14 7.36
LIC MF Multicap Equity: Multi Cap  7.98 4.06 6.9 7.14 8.35 18.46  8.74 4.11 7.68 7.28
Nippon India Focused Equity Equity: Multi Cap  3.42 3.79 6.9 7.14 13.98 24.89  4.26 3.84 7.84 7.31
Nippon India Small Cap Equity: Small Cap  -0.73 3.56 6.88 7.14 - -  0.36 3.62 8.12 7.36
HDFC Growth Opportunities Equity: Large & MidCap  5.89 3.94 6.84 7.13 8.13 18.25  6.04 3.94 6.98 7.15
IDBI Nifty Junior Index Equity: Large Cap  2.69 3.75 6.77 7.12 - -  3.59 3.8 7.88 7.32
Edelweiss Midcap Equity: Mid Cap  3.04 3.77 6.73 7.11 15.28 26.69  4.45 3.85 7.95 7.33
Edelweiss LT Eqt (Tax Svngs) Equity: ELSS  5.11 3.89 6.69 7.1 10.96 21.19  6.75 3.99 8.11 7.36
Franklin Taxshield Equity: ELSS  4.85 3.87 6.66 7.1 12.15 22.57  5.88 3.94 7.73 7.29
Sundaram Diversified Equity Equity: ELSS  3.32 3.79 6.65 7.09 10.58 20.76  3.82 3.82 7.17 7.19
L&T Equity Equity: Multi Cap  4.29 3.84 6.59 7.08 10.71 20.91  5.06 3.89 7.38 7.22
Franklin Bluechip Equity: Large Cap  5.04 3.89 6.53 7.07 9.78 19.9  5.92 3.94 7.44 7.24
Invesco India Multicap Equity: Multi Cap Not rated 3.55 3.8 6.5 7.07 14.57 25.68 Not rated 5.14 3.89 8.23 7.38
L&T Emerging Businesses Equity: Small Cap  -2.91 3.44 6.49 7.07 - -  -1.88 3.5 7.54 7.25
IDBI Diversified Eqt Equity: Multi Cap  5.68 3.92 6.48 7.07 - -  7.59 4.04 8.27 7.39
L&T Large and Midcap Equity: Large & MidCap  3.3 3.79 6.44 7.06 11.51 21.81  4.17 3.84 7.32 7.21
Union Long Term Equity Equity: ELSS  6.8 3.99 6.36 7.04 - -  7.3 4.02 7.03 7.16
Nippon India ETF Shariah BeES Equity: Large Cap Not rated 3.5 3.8 6.3 7.03 8.75 18.85 Not rated - - - -
Tata Hybrid Equity Hybrid: Aggressive Hybrid  5.54 3.91 6.26 7.03 11.37 21.66  6.93 4 7.51 7.25
Motilal Oswal Midcap 30 Equity: Mid Cap  4.43 3.85 6.19 7.01 - -  5.7 3.92 7.54 7.25
Franklin Life Stage FoF 20s Hybrid: Aggressive Hybrid  4.11 3.83 6.17 7.01 9.85 19.98  4.56 3.86 6.61 7.09
HDFC Small Cap Equity: Small Cap  -1.57 3.51 6.17 7.01 12.04 22.45  -0.25 3.59 7.61 7.27
Franklin Equity Equity: Multi Cap  3.88 3.82 6.16 7.01 11.88 22.25  4.86 3.88 7.24 7.2
Nippon India Equity Hybrid Hybrid: Aggressive Hybrid  3.19 3.78 6.12 7 10.75 20.95  4.3 3.84 7.41 7.23
ABSL Eq Hybrid ‘95 Hybrid: Aggressive Hybrid  3.43 3.79 6.11 7 10.86 21.08  4.44 3.85 7.25 7.2

Mutual Fund Insight January 2020 81

 SCOREBOARD
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
HDFC Mid-Cap Opportunities Equity: Mid Cap  0.74 3.64 6.06 6.99 14.84 26.07  1.65 3.69 7.09 7.17
IDFC Multi Cap Equity: Multi Cap  4.19 3.84 6.01 6.98 12.63 23.16  4.94 3.88 6.79 7.12
ICICI Pru Midcap Equity: Mid Cap  2.16 3.72 6.01 6.98 13.55 24.32  3.26 3.78 7.14 7.18
HDFC Taxsaver Equity: ELSS  2.63 3.75 5.91 6.96 10.1 20.25  3.31 3.79 6.63 7.09
HSBC Multi Cap Eqt Equity: Multi Cap  2.86 3.76 5.8 6.94 10.91 21.13  3.77 3.81 6.68 7.1
HDFC Hybrid Equity Hybrid: Aggressive Hybrid  3.93 3.82 5.77 6.94 8.66 18.76  4.72 3.87 6.54 7.07
PGIM India Hybrid Eqt Hybrid: Aggressive Hybrid  5.56 3.92 5.74 6.94 8.36 18.47  7.1 4.01 7.26 7.2
Baroda Multi Cap Equity: Multi Cap  3.67 3.81 5.58 6.91 8.74 18.84  4.63 3.86 6.54 7.07
Principal Nifty 100 Equal Weight Equity: Large Cap  3.92 3.82 5.54 6.9 7.93 18.06  4.23 3.84 5.95 6.97
JM Large Cap Equity: Large Cap  4.92 3.88 5.51 6.89 8.26 18.37  5.99 3.94 6.73 7.11
SBI Magnum Taxgain Equity: ELSS  3.6 3.8 5.4 6.88 10.28 20.44  4.29 3.84 6.1 7
BOI AXA Large & Midcap Eqt Equity: Large & MidCap  3.39 3.79 5.36 6.87 8.52 18.62  4.64 3.86 6.66 7.1
Taurus Largecap Equity Equity: Large Cap  4.8 3.87 5.31 6.86 7.77 17.91  5.3 3.9 6.05 6.99
Kotak Small Cap Equity: Small Cap  0.66 3.64 5.29 6.86 12.81 23.38  1.99 3.71 6.81 7.12
HDFC Focused 30 Equity: Multi Cap  2.04 3.71 5.24 6.85 8.96 19.06  3 3.77 6.32 7.04
UTI Hybrid Equity Hybrid: Aggressive Hybrid  2.15 3.72 5.23 6.85 8.84 18.94  2.87 3.76 5.94 6.97
BNP Paribas Midcap Equity: Mid Cap  1.93 3.71 5.21 6.84 14.12 25.08  3.5 3.8 6.87 7.13
Franklin Eqt Advantage Equity: Large & MidCap  2.87 3.76 5.1 6.82 10.83 21.05  3.65 3.81 5.91 6.97
Quant Midcap Equity: Mid Cap Not rated 3.81 3.81 5.09 6.82 8.08 18.2 Not rated 4.61 3.86 5.61 6.91
ICICI Pru Focused Equity Equity: Multi Cap  2.24 3.73 4.95 6.8 8.93 19.04  3.31 3.79 6.13 7
Baroda Hybrid Equity Hybrid: Aggressive Hybrid  2.25 3.73 4.9 6.79 8.07 18.19  3.44 3.79 6.22 7.02
Templeton India Value Equity: Value Oriented  -0.11 3.59 4.55 6.73 9.15 19.26  0.11 3.61 4.95 6.8
Sundaram Midcap Equity: Mid Cap  -0.96 3.55 4.51 6.72 13.41 24.15  -0.19 3.59 5.24 6.85
Nippon India Vision Equity: Large & MidCap  2.28 3.73 4.43 6.71 8.88 18.98  2.89 3.76 5.1 6.82
UTI Core Equity Equity: Large & MidCap  1.64 3.69 4.42 6.71 8.92 19.03  2.19 3.72 4.99 6.8
IDFC Sterling Value Equity: Value Oriented  -2.02 3.49 4.34 6.7 11.2 21.46  -0.87 3.55 5.5 6.89
ICICI Pru Value Discovery Equity: Value Oriented  1.64 3.69 4.24 6.68 12.6 23.13  2.45 3.74 5.22 6.85
Taurus Starshare (Multi Cap) Equity: Multi Cap  2.02 3.71 4.18 6.67 8.1 18.22  2.14 3.72 4.56 6.73
ICICI Pru Small Cap Equity: Small Cap  0.8 3.64 4.05 6.65 9.92 20.06  1.7 3.69 4.85 6.78
Motilal Oswal Midcap 100 ETF Equity: Mid Cap Not rated -1.25 3.53 3.91 6.62 - - Not rated - - - -
Baroda ELSS 96 Equity: ELSS  1.02 3.66 3.86 6.62 8.32 18.43  1.88 3.7 4.8 6.77
UTI Midcap Equity: Mid Cap  -0.52 3.57 3.34 6.53 13.5 24.26  0.37 3.62 4.29 6.69
ABSL Midcap Equity: Mid Cap  -2.95 3.44 2.8 6.44 11 21.23  -2.06 3.49 3.76 6.6
SBI Contra Equity: Value Oriented  -0.93 3.55 2.61 6.41 7.42 17.58  -0.28 3.58 3.3 6.52
Nippon India Tax Saver (ELSS) Equity: ELSS  -1.37 3.52 2.43 6.38 10.95 21.17  -0.57 3.57 3.31 6.52
SBI Magnum Midcap Equity: Mid Cap  -2.01 3.49 2.14 6.33 12.97 23.58  -1.07 3.54 3.24 6.51
PGIM India Midcap Opp Equity: Mid Cap  -1.07 3.54 2.12 6.33 - -  0.49 3.63 3.55 6.56
Franklin Smaller Companies Equity: Small Cap  -4.96 3.33 2 6.31 14.39 25.44  -3.88 3.39 3.27 6.52
Baroda Midcap Equity: Mid Cap  -1.07 3.54 1.74 6.27 - -  -0.08 3.6 2.69 6.42
DSP Small Cap Equity: Small Cap  -5.79 3.29 1.58 6.25 14.5 25.6  -5.15 3.32 2.27 6.35
Union Small Cap Equity: Small Cap  -1.36 3.53 1.57 6.24 - -  -0.69 3.56 2.39 6.37
JM Equity Hybrid Hybrid: Aggressive Hybrid  -2.69 3.45 0.69 6.11 6.22 16.51  -1.74 3.5 1.57 6.24
ABSL Pure Value Equity: Value Oriented  -7.87 3.18 0.22 6.03 11.77 22.12  -6.73 3.24 1.46 6.23
ABSL Small Cap Equity: Small Cap  -9.44 3.1 -0.05 5.99 10.48 20.66  -8.32 3.16 1.16 6.18
HSBC Small Cap Eqt Equity: Small Cap  -9.31 3.11 -1.51 5.77 8.91 19.01  -8.41 3.15 -0.59 5.91
Sundaram Small Cap Equity: Small Cap  -8.22 3.16 -1.63 5.76 10.01 20.15  -7.42 3.21 -0.88 5.87
Quant Small Cap Equity: Small Cap Not rated -11.11 3.02 -5.26 5.25 2.21 13.43 Not rated -10.82 3.03 -5.02 5.28

82 Mutual Fund Insight January 2020

 Value Research pioneered mutual fund ratings way back in 1993 to enable
investors make the right pick. The lowest rating is one star and the highest
TOP-RATED is five stars. Ratings act as the first filter in fund selection, since they take

FUNDS
into account the return as well as risk undertaken to achieve that return.
Risk-adjusted return from a fund is the sole basis of Value Research fund
rating (detailed methodology on page 53). Below are the schemes in various
categories that have been rated five and four star.

DEBT REGULAR (81/231)

HYBRID: CONSERVATIVE HYBRID Axis Dynamic Bond Fund 

Aditya Birla Sun Life Regular Savings  Edelweiss Dynamic Bond 
DEBT: SHORT DURATION
Baroda Conservative Hybrid  Axis Short Term Fund  Franklin India Dynamic Accrual Fund 

Franklin India Life Stage FoF 50s Plus  Franklin India Short Term Income Plan  ICICI Prudential All Seasons Bond Fund 

Franklin India Life Stage FoF 50sPlus - FR  HDFC Short Term Debt Fund  IDFC Dynamic Bond 

ICICI Prudential Regular Savings Fund  IDFC All Seasons Bond  Kotak Dynamic Bond 

IDFC Asset Allocation - Conservative  IDFC Bond Fund Short Term Plan  Mirae Asset Dynamic Bond 

Indiabulls Savings Income  Indiabulls Short Term  PGIM India Dynamic Bond Fund 

Kotak Asset Allocator  Kotak Bond - Short Term Regular Fund  Quantum Dynamic Bond 

Kotak Debt Hybrid  L&T Short Term Bond Fund  SBI Dynamic Bond Fund 

SBI Debt Hybrid Fund  PGIM India Short Maturity Fund  DEBT: CORPORATE BOND
SBI Magnum Children’s Benefit Fund 
DEBT: LOW DURATION Aditya Birla Sun Life Corporate Bond Fund 
Tata Retirement Savings - Conservative 
Aditya Birla Sun Life Low Duration Fund  HDFC Corporate Bond Fund 

HYBRID: EQUITY SAVINGS Axis Treasury Advantage Fund  ICICI Prudential Corporate Bond Fund 
Axis Equity Saver  Canara Robeco Savings  Kotak Corporate Bond Fund 
Edelweiss Equity Savings  Franklin India Low Duration Fund  Nippon India Prime Debt Fund 
HDFC Equity Savings Fund  ICICI Prudential Savings Fund  DEBT: CREDIT RISK
ICICI Prudential Equity Savings Fund  IDFC Low Duration  Aditya Birla Sun Life Credit Risk 
Kotak Equity Savings  Invesco India Treasury Advantage Fund  Franklin India Credit Risk Fund 
DEBT: MEDIUM TO LONG DURATION Kotak Low Duration Fund  HDFC Credit Risk Debt 
Canara Robeco Income  Mahindra Low Duration Bachat Yojana  ICICI Prudential Credit Risk Fund 
ICICI Prudential Bond Fund  SBI Magnum Low Duration Fund  IDFC Credit Risk 
ICICI Pru Debt Management Fund (FOF)  Kotak Credit Risk 
DEBT: ULTRA SHORT TERM
IDFC Bond Fund Income Plan  SBI Credit Risk Fund 
Aditya Birla Sun Life Savings Fund 
Nippon India Income Fund 
BOI AXA Ultra Short Duration  DEBT: BANKING AND PSU
DEBT: MEDIUM DURATION Franklin India Ultra Short Bond Fund  Axis Banking & PSU Debt Fund 
Franklin India Income Opportunities Fund  ICICI Prudential Ultra Short Term Fund  Edelweiss Banking and PSU Debt 
HDFC Medium Term Debt Fund  Kotak Savings  Franklin India Banking & PSU Debt Fund 
IDFC Bond Fund Medium Term Plan  PGIM India Ultra Short Term Fund  IDFC Banking & PSU Debt 
Indiabulls Income  SBI Magnum Ultra Short Duration Fund  Kotak Banking and PSU Debt 
SBI Magnum Medium Duration Fund  LIC MF Banking & PSU Debt Fund 
DEBT: DYNAMIC BOND

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in November 2019
Axis Strategic Bond Fund DSP Strategic Bond Fund - Regular Plan HDFC Retirement Savings Fund - Hybrid Debt Plan

Baroda Short Term Bond Fund Franklin India Life Stage Fund of Funds 40s HSBC Debt Fund

Funds suspended for sale have been excluded.

Mutual Fund Insight January 2020 83

 DEBT DIRECT (81/231)
HYBRID: CONSERVATIVE HYBRID DEBT: SHORT DURATION Edelweiss Dynamic Bond Fund 

Baroda Conservative Hybrid Fund  Aditya Birla Sun Life Short Term Fund  Franklin India Dynamic Accrual Fund 

BNP Paribas Conservative Hybrid Fund  Axis Short Term Fund  ICICI Prudential All Seasons Bond Fund 

Essel Regular Savings Fund  Baroda Short Term Bond Fund  IDFC Dynamic Bond Fund 

Franklin India Life Stage FoF 50s Plus  Franklin India Short Term Income Plan  Kotak Dynamic Bond Fund 

HDFC Retirement Savings - Hybrid Debt  HDFC Short Term Debt Fund  L&T Flexi Bond Fund 

ICICI Prudential Regular Savings Fund  ICICI Prudential Short Term Fund  Mirae Asset Dynamic Bond Fund 

IDFC Asset Allocation - Conservative  IDFC All Seasons Bond Fund  PGIM India Dynamic Bond Fund 

Indiabulls Savings Income Fund  IDFC Bond Fund Short Term Plan  SBI Dynamic Bond Fund 

Kotak Asset Allocator Fund  Kotak Bond - Short Term Fund 
DEBT: CORPORATE BOND
Kotak Debt Hybrid Fund  L&T Short Term Bond Fund 
Aditya Birla Sun Life Corporate Bond Fund 
SBI Magnum Children’s Benefit Fund 
DEBT: LOW DURATION Franklin India Corporate Debt Fund 
Tata Retirement Savings - Conservative 
Aditya Birla Sun Life Low Duration Fund  ICICI Prudential Corporate Bond Fund 

HYBRID: EQUITY SAVINGS Axis Treasury Advantage Fund  Kotak Corporate Bond Fund 
Axis Equity Saver Fund  Canara Robeco Savings Fund  Nippon India Prime Debt Fund 
Edelweiss Equity Savings Fund  Franklin India Low Duration Fund 
DEBT: CREDIT RISK
HDFC Equity Savings Fund  IDFC Low Duration Fund 
Aditya Birla Sun Life Credit Risk Fund 
ICICI Prudential Equity Savings Fund  Invesco India Treasury Advantage Fund 
Franklin India Credit Risk Fund 
Kotak Equity Savings Fund  Kotak Low Duration Fund - Standard Plan 
HDFC Credit Risk Debt Fund 
Mahindra Low Duration Bachat Yojana 
DEBT: MEDIUM TO LONG DURATION ICICI Prudential Credit Risk Fund 
SBI Magnum Low Duration Fund 
Canara Robeco Income Fund  IDFC Credit Risk Fund 
ICICI Pru Debt Management Fund (FOF)  DEBT: ULTRA SHORT TERM Kotak Credit Risk Fund 
IDFC Bond Fund Income Plan  Aditya Birla Sun Life Savings Fund  SBI Credit Risk Fund 
Nippon India Income Fund  BOI AXA Ultra Short Duration Fund 
DEBT: BANKING AND PSU
SBI Magnum Income Fund  Franklin India Ultra Short Bond Fund 
Axis Banking & PSU Debt Fund 
ICICI Prudential Ultra Short Term Fund 
DEBT: MEDIUM DURATION Franklin India Banking & PSU Debt Fund 
Franklin India Income Opportunities Fund  Indiabulls Ultra Short Term Fund 
Invesco India Banking & PSU Debt Fund 
HDFC Medium Term Debt Fund  Invesco India Ultra Short Term Fund 
Kotak Banking and PSU Debt Fund 
IDFC Bond Fund Medium Term Plan  PGIM India Ultra Short Term Fund 
LIC MF Banking & PSU Debt Fund 
Indiabulls Income Fund  SBI Magnum Ultra Short Duration Fund 

SBI Magnum Medium Duration Fund  DEBT: DYNAMIC BOND

Axis Dynamic Bond Fund 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in November 2019
Baroda Credit Risk Fund- Plan B Direct Kotak Savings

Indiabulls Short Term

Funds suspended for sale have been excluded.

84 Mutual Fund Insight January 2020

 Star ratings of funds are recalculated each month with no subjective input. A
fund is rated only when there are minimum 10 funds in the category, with a
TOP-RATED minimum three-year history for equity and hybrid funds and 18-month

FUNDS
history for debt funds. In the case of equity funds, a fund’s overall rating
stems from a weighted average of two time periods – three and five years –
where available. Equity funds less than three-year old are not rated and debt
funds with less than 18-month history are also not rated.
EQUITY REGULAR (76/220)
HYBRID: AGGRESSIVE HYBRID EQUITY: LARGE & MIDCAP Tata Midcap Growth Fund 

Canara Robeco Equity Hybrid Fund  Canara Robeco Emerging Equities Fund 
EQUITY: SMALL CAP
DSP Equity & Bond Fund  DSP Equity Opportunities Fund 
Axis Small Cap Fund 
HDFC Children’s Gift Fund  Invesco India Growth Opportunities Fund 
HDFC Small Cap Fund 
HDFC Hybrid Equity Fund  Kotak Equity Opportunities Fund 
L&T Emerging Businesses Fund 
HDFC Retirement Savings - Hybrid Equity  LIC MF Large & Mid Cap Fund 
Nippon India Small Cap Fund 
ICICI Prudential Equity & Debt Fund  Mirae Asset Emerging Bluechip Fund 
SBI Small Cap Fund 
Mirae Asset Hybrid Equity Fund  Principal Emerging Bluechip Fund 
EQUITY: VALUE ORIENTED
Principal Hybrid Equity Fund  Sundaram Large and Mid Cap Fund 
Invesco India Contra Fund 
SBI Equity Hybrid Fund 
EQUITY: MULTI CAP Kotak India EQ Contra Fund 
Sundaram Equity Hybrid Fund  Axis Focused 25 Fund 
L&T India Value Fund 
Tata Retirement Savings - Moderate  Canara Robeco Equity Diversified Fund 
Nippon India Value Fund 
EQUITY: LARGE CAP DSP Equity Fund 
Tata Equity PE Fund 
Axis Bluechip Fund  Edelweiss Multi Cap Fund 
EQUITY: ELSS
BNP Paribas Large Cap Fund  IIFL Focused Equity Fund 
Aditya Birla Sun Life Tax Relief 96 
Canara Robeco Bluechip Equity Fund  JM Multicap Fund 
Axis Long Term Equity Fund 
Edelweiss Large Cap Fund  Kotak Standard Multicap Fund 
Canara Robeco Equity Tax Saver Fund 
HDFC Index Fund - Sensex Plan  Motilal Oswal Multicap 35 Fund 
DSP Tax Saver Fund 
HDFC Index Fund Nifty 50 Plan  Parag Parikh Long Term Equity Fund 
Invesco India Tax Plan 
ICICI Prudential Bluechip Fund  Quant Active Fund 
JM Tax Gain Fund 
Indiabulls Bluechip Fund  SBI Focused Equity Fund 
Kotak Tax Saver Regular Plan 
JM Core 11 Fund  SBI Magnum Multicap Fund 
LIC MF Tax Plan 
Mirae Asset Large Cap Fund  Tata Retirement Savings - Progressive 
Mirae Asset Tax Saver Fund 
Motilal Oswal Focused 25 Fund 
EQUITY: MID CAP Motilal Oswal Long Term Equity Fund 
Nippon India Large Cap Fund 
Axis Midcap Fund 
Quant Tax Plan 
SBI Bluechip Fund 
DSP Midcap Fund 
Tata India Tax Savings Fund 
Sundaram Select Focus Fund 
Franklin India Prima Fund 
Tata Index Sensex Fund 
Kotak Emerging Equity Fund 
UTI Nifty Index Fund 
L&T Midcap Fund 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in November 2019
IDFC Tax Advantage (ELSS) Fund

Franklin India Focused Equity Fund

Funds suspended for sale have been excluded.

Mutual Fund Insight January 2020 85

 EQUITY DIRECT (76/220)
HYBRID: AGGRESSIVE HYBRID EQUITY: LARGE & MIDCAP Kotak Emerging Equity Fund 

Canara Robeco Equity Hybrid Fund  Canara Robeco Emerging Equities Fund  L&T Midcap Fund 

DSP Equity & Bond Fund  Invesco India Growth Opportunities Fund 
EQUITY: SMALL CAP
HDFC Children’s Gift Fund  Kotak Equity Opportunities Fund 
Axis Small Cap Fund 
HDFC Hybrid Equity Fund  LIC MF Large & Mid Cap Fund 
HDFC Small Cap Fund 
HDFC Retirement Savings - Hybrid Equity  Mirae Asset Emerging Bluechip Fund 
L&T Emerging Businesses Fund 
ICICI Prudential Equity & Debt Fund  Principal Emerging Bluechip Fund 
Nippon India Small Cap Fund 
Mirae Asset Hybrid Equity Fund  Sundaram Large and Mid Cap Fund 
SBI Small Cap Fund 
Principal Hybrid Equity Fund 
EQUITY: MULTI CAP
EQUITY: VALUE ORIENTED
SBI Equity Hybrid Fund  Aditya Birla Sun Life Equity Fund 
Invesco India Contra Fund 
Sundaram Equity Hybrid Fund  Axis Focused 25 Fund 
Kotak India EQ Contra Fund 
Tata Retirement Savings - Moderate  Canara Robeco Equity Diversified Fund 
L&T India Value Fund 
EQUITY: LARGE CAP DSP Equity Fund 
Tata Equity PE Fund 
Axis Bluechip Fund  Edelweiss Multi Cap Fund 
EQUITY: ELSS
BNP Paribas Large Cap Fund  Franklin India Focused Equity Fund 
Aditya Birla Sun Life Tax Relief 96 
Canara Robeco Bluechip Equity Fund  HDFC Retirement Savings Fund Equity 
Axis Long Term Equity Fund 
Edelweiss Large Cap Fund  IIFL Focused Equity Fund 
Canara Robeco Equity Tax Saver Fund 
Essel Large Cap Equity Fund  JM Multicap Fund 
DSP Tax Saver Fund 
HDFC Index Fund - Sensex Plan  Kotak Standard Multicap Fund 
Invesco India Tax Plan 
ICICI Prudential Bluechip Fund  Motilal Oswal Multicap 35 Fund 
JM Tax Gain Fund 
Indiabulls Bluechip Fund  Parag Parikh Long Term Equity Fund 
Kotak Tax Saver 
Invesco India Largecap Fund  SBI Focused Equity Fund 
LIC MF Tax Plan 
JM Core 11 Fund  SBI Magnum Multicap Fund 
Mirae Asset Tax Saver Fund 
Kotak Bluechip Fund  Tata Retirement Savings - Progressive 
Motilal Oswal Long Term Equity Fund 
Mirae Asset Large Cap Fund 
EQUITY: MID CAP Quant Tax Plan 
Motilal Oswal Focused 25 Fund 
Axis Midcap Fund 
Tata India Tax Savings Fund 
Nippon India Large Cap Fund 
DSP Midcap Fund 
SBI Bluechip Fund 
Franklin India Prima Fund 
Sundaram Select Focus Fund 
Invesco India Mid Cap Fund 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in November 2019
ICICI Prudential Multicap Fund

IDFC Tax Advantage (ELSS) Fund

Funds suspended for sale have been excluded.

mutual fund ratings are revised every month. The above ratings are as on October 31, 2019.

86 Mutual Fund Insight January 2020

 Kotak Tax Saver
An open-ended equity linked saving scheme that
helps you save tax under Section 80C and aims to
generate long term capital appreciation.term.

Two Reasons to Rejoice

Tax Savings of up to
*
₹64,116 under 80C
&
Growth Potential

* The individual is assumed to earn a taxable income of more than ₹5 Crore. The effective tax rate is 30% marginal tax + 37% surcharge on the tax rate + 4% Health and Education cess =
42.74% i.e. highest marginal tax bracket. The individual is assumed to utilise the complete tax deduction limit of ₹SHUͤQDQFLDO\HDUXQGHU6HFWLRQ&7KLVGHGXFWLRQLVDOORZHGWR
an Individual or an HUF. This is only to illustrate the tax saving potential of ELSS and is not a tax advice. Please consult your tax consultant for tax purpose.

www.kotakmf.com | Toll-frHHQXPEHU_
Riskometer
KOTAK TAX SAVER
$QRSHQHQGHGHTXLW\OLQNHGVDYLQJVFKHPHZLWKDVWDWXDWRU\ORFNLQRI\HDUVDQGWD[EHQHͤWV

It is suitable for investors who are seeking*:

• Long term capital growth with a 3 year lock-in.
• Investment in portfolio of predominantly equity & equity related securities.

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Past performance of the Sponsor/AMC/Fund does not indicate the schemes future performance. Risk Factors on page 51.
Mutual fund investments are subject to market risks, read all scheme related documents carefully. .
 THE MOOD IS GOOD
WITH A NO-STRESS FUND
Franklin India Dynamic Asset Allocation Fund Of
Funds (FIDAAF) changes its Equity and Debt
allocation based on equity market movements.
So that you don’t have the stress of asset
allocation and equity market swings don’t affect
your mood.

Fund Size: INR 1046.93 crores*

Over 20,000 unique investors^ in this fund,
call your Mutual Fund Distributor or visit
www.franklintempletonindia.com

PRODUCT LABEL
"MUFSOBUJWF
UP Suitable for: This fund is suitable for investors
who are seeking*:
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Investments Corpus Marriage Wealth Creation *Investors should consult their financial
advisers if in doubt about whether the
product is suitable for them.

Follow us at : *Month-end AUM as of 29 Nov 2019; ^as of 30 Nov 2019

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