Nov

2019

LARGE & MID CAP CATEGORY

MIRAE ASSET
EMERGING
BLUECHIP
FUND

COMPREHESIVE FUND REVIEW & RATING

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 Benchmark Nifty Large Midcap 250 Index – TRI
Category Large and Mid-Cap Category
Fund Start Date July 09, 2010
AUM Rs. 9,229 Crores (as of Nov 30, 2019)
Returns since 20.4% p.a.
inception
Objective To generate income and capital appreciation from a portfolio primarily
investing in Indian equities and equity related securities of large cap and mid
cap companies at the time of investment. From time to time, the fund
manager may also seek participation in other Indian equity and equity related
securities to achieve optimal Portfolio construction. The Scheme does not
guarantee or assure any returns
NAV (30th Nov. 2019) Regular: 57.2 | Direct: 60.9

Market Cap

Feb-16 Nov-19
Sep-12 Aug-13
28% 8%
35% 31%
Nov-19
Jul -10 35%
34%
Feb-16
Aug-13 45%
34%

Sep-12
36%

Jul -10 Nov-19

23% 56%

Aug-13
34%

Jul -10 Feb-16

24% Sep-12 26%
22%

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Nov-10

Nov-11

Nov-12

Nov-13

Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19
Mar-11

Mar-12

Mar-13

Mar-14

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19
Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Large Cap Mid Cap Small Cap Cash & Others

Inference
Large & Mid Cap funds need to have minimum 35% in Large Caps & 35% in Mid-caps. This is a new
category introduced recently. This fund was more of small & midcap focused before 2018. But from

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2018, it has been re-categorized as Large & Mid cap and therefore by mandate had to increase its
large cap allocation beyond 35% which it never kept that much before 2018. Currently it has 56%
allocation in large caps which is more than the category average and 35% in midcaps and rest in
small caps.

Fund House & Fund Start Date

Mirae Asset Mutual Fund House – The Fifteenth Largest Mutual Fund House in India.
Established – 2006
Fund Start Date– July 09, 2010

Inference
Fund belongs to a relatively smaller & new fund house – Mirae Asset India Fund. Fund itself has
completed 8 years in the market so has good overall experience. Overall due to new & smaller fund
house, we give a Yellow star here.

AUM
Fund has an AUM of Rs. 9,229 Cr as on Nov. 2019
10000 335% 350%
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9000 300%
282%

8000
250%

7000
200%

6000
156%
AUM in Rs Cr

150%

AUM in %
5000

83% 100%
4000
79% 45%
72% 74%
25% 31% 50%
3000 20%
43%

5% 14% 0%
2000 -2% 3%
-16% -3%

1000 -50%
1,136

1,191
1,196

3,043
1,715

5,302
3,137

6,368
3,220

9,229
3,669
792

110
666

138
647

181
633

693
25

0 -100%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Nov-19

Mirae Asset Emerging Bluechip Category Avg Mirae Asset Emerging Bluechip % Growth Category Avg % Growth

Inference
Fund has huge corpus and is the largest fund in the Large & Mid cap category. It has grown very well
in last 9 years with consistent above average growth which shows high investors trust in the fund’s
management & performance. Hence, we give a Green star.

Returns
Trailing Returns

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 Regular Plan Trailing returns Direct Plan Trailing returns
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18% 20%
16% 16%
16% 17% 17% 17%
16% 18%

14% 16%
12%
14% 12%
12% 10% 12%
9% 10% 12% 10%
Returns

10% 9% 10% 10%

10%
8% 7%
8% 7%
6%
6%
4% 4%
2% 2%
0% 0%
1 Year 3 Year 5 Year 1 Year 3 Year 5 Year

Mirae Asset Emerging Bluechip Category Nifty LargeMidcap 250 Index - TRI Mirae Asset Emg Bluechip Category Nifty LargeMidcap 250 Index - TRI

Inference
Trailing return performance shows exceptional fund’s returns in all 1, 3 & 5 years and even in 7-year
trailing return (not in graph above) as well. Fund’s performance in 3, 5 & 7 years is the best in the
category.

Calendar Year Returns

100%
85%

80%

60% 55%
48%
49%
46% 44%
39% 39%
40% 37%

20% 14% 12% 7%

9%
5% 4% 6%
6% 3%
0%

-5% -5%
-8%
-20% -15%

-25%
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-40% -28%
2011 2012 2013 2014 2015 2016 2017 2018

Mirae Asset Emerging Bluechip Category Nifty LargeMidcap 250 Index - TRI

Inference
Calendar year performance of the fund shows outstanding performance where fund has always
outperformed category average & benchmark in all 8 years of data.

Rolling Returns (Monthly)

Probable Probable
Rolling Lowest Highest
Low High
Returns Returns Returns
Returns Returns
Period (CAGR) (CAGR)
(CAGR) (CAGR)
Mirae Asset Emerging Bluechip Fund 3 Years 2.9% 46.8% 14.9% 36.5%
Category Avg 3 Years -2.0% 33.0% 7.2% 24.8%
Mirae Asset Emerging Bluechip Fund 5 Years 16.2% 35.0% 22.2% 31.2%
Category Avg 5 Years 8.8% 24.4% 13.4% 21.3%

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 Mirae Asset Emerging Bluechip Fund 7 Years 22.5% 26.8% 23.0% 25.3%
Category Avg 7 Years 12.7% 18.6% 14.2% 16.9%
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Inference
Rolling return performance also shows exceptional performance with all values above average.

SIP Returns
Particulars 1 Year 3 Years 5 Years
Total Amount Invested (Rs) 120,000 360,000 600,000
Market Value of Amt Invested (Rs) 1,31,877 4,29,286 8,72,466
Scheme Returns (CAGR) 18.7% 11.8% 15.0%
Benchmark Value (Rs) 1,26,344 3,98,042 7,64,091
Benchmark Returns (CAGR) 9.9% 6.6% 9.6%
Category Average Returns (CAGR) 11.7% 5.9% 8.6%
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Final Inference
Even though fund was more mid & smaller cap focused in the past, still allocations were not too far
from the mandate and we don’t see too much impact on fund’s performance due to change in
category much. Fund has given exceptional returns and hence definitely deserve 3 Green stars here

Fund Manager

• Returns of Mirae Asset Emerging Bluechip Fund since joining of Neelesh Surana (2010) =
20.1% CAGR
• Returns of Category Average since joining of Neelesh Surana (2010) =12.1% CAGR
Managing Since AUM (Cr) 3 Year Returns 5 Year Returns
Mirae Asset Emerging
Jul-10 9,229 16% 16%
Bluechip Fund
Mirae Asset Tax Saver
Dec-15 2,877 17%
Fund
Mirae Asset Large Cap
May-08 16,519 15% 11%
Fund
Mirae Asset Hybrid Equity
Jul-15 3,005 13%
Fund
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Inference
This fund is managed by Mr Neelesh Surana since inception, who is the CIO of Mirae Asset Mutual
Fund house. Mr Surana is a BE & MBA and manages all major equity funds of Mirae Asset. He has
given exceptional performances not only in this fund but in all the fund he manages. He is a
competent fund manager with time tested performances. Mr Ankit Jain joined this fund from
January 2019 as a co fund manager. Mr Jain Ankit Jain has 7 years of experience in Equity Research
Analysis. Prior to joining Mirae Asset Mutual Fund, he was associated with Equirius Securities Pvt Ltd
and Infosys Ltd.

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Overall, if we could, we would have given more than a Green star on this.

Diversification – Sector
1%
5% 4% 5%
7% 5%
11% 11% 9%
6% 6%
7%
7%
7% 8%
5% 6% 8%
6% 6%
1%
3% 6% 4% 8%
6% 8% 9% 9%
7% 5%
10%
9% 12% 10% 10%
9%
13%
13%
11% 10%
10% 11% 11%
8%
9%
9%
11%

30% 29% 30%

21% 25%
19% 20%
15%

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Financial Energy Healthcare FMCG Technology Automobile Engineering

Inference
Above graph shows how sector allocation of the fund has changed in last 9 years. Fund has always
been very Financial sector focused fund which is consistently increasing in last 9 years. Current
allocation to financial sector is 30% which is below category average. Top 3 sector contributes 51%
which is again much below average and hence this well diversified portfolio deserves a Green star
here.

Diversification – Stocks
Company Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov
Name 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
HDFC Bank
- - - - - - - - 6.1 7.1
Ltd.
ICICI Bank Ltd. - - 4.0 4.0 3.4 2.3 3.5 3.5 5.0 5.9
State Bank of
- - - - - - - - 2.9 4.8
India
Reliance
- - - - - - - - 4.3 3.7
Industries Ltd.
Larsen &
- - - - - - - - - 3.3
Toubro Ltd.
Axis Bank Ltd. - - - - - - - - 3.3 3.2
Indusind Bank
- - - - - 2.1 3.2 3.0 - 3.0
Ltd.
Voltas Ltd. - - - - - 2.7 2.4 3.1 2.0 3.0
Infosys Ltd. - - - - - - - - 1.4 2.8

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 Max Financial
- - - - - - - - 1.1 2.6
Services Ltd.
Page
- - - - - - - - - 2.4
Industries Ltd.
Tata
Consultancy - - - - - - - - - 2.3
Services Ltd.
Gujarat State
0.5 3.8 1.8 1.1 0.4 - - - - 2.2
Petronet Ltd.
Balkrishna
- - - - - - - - 1.0 2.2
Industries Ltd.
Tata Global
- - 1.0 1.1 - - 1.4 4.3 2.6 2.1
Beverages Ltd.
Hindustan
Petroleum 3.3 - 1.7 2.5 2.6 3.4 3.7 1.1 1.5 1.9
Corpn ltd
ITC Ltd. - - - - - - - - - 1.9
Muthoot
- - - - - - - - - 1.9
Finance Ltd.
Aditya Birla
Fashion and - - - - - - - - 1.9 1.8
Retail Ltd.
Maruti Suzuki
- - - - - - - - 1.9 1.8
India Ltd.
Total
3.8 3.8 8.6 8.7 6.3 10.6 14.1 15.0 35.1 59.9
Percentage
Total No of
Stocks in 43 47 52 59 61 62 66 59 60 60
Portfolio
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Inference
Above table shows current top 20 stocks and how their allocation has changed in last 9 years. Fund
has consistently kept more than 50 stocks in the portfolio since 2011. Currently it has 60 stocks. This
fund has a short-term approach of stock selection with only 4 out of top 20 stocks been in the
portfolio for consecutive 4 or more years. Changes in portfolio are expected in more mid & smaller
cap-oriented portfolios. Top 5 stocks of the fund have allocation of around 24.7% which is less than
average.

Portfolio Turnover Ratio

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 Portfolio Turnover Ratio
140% www.MFYadnya.in

118% 120%
120%

101%
100% 95%
88% 84% 85%
79% 80% 81% 79% 80%
80% 75% 77% 75% 77%
70% 67%
60%
60%
46%
40%

20%

0%
Sep-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019

Mirae Asset Emerging Bluechip Category Average

Inference
Fund’s Portfolio Turnover Ratio which shows amount of change in the fund’s portfolio in 1 year, has
been changing frequently with consistently slightly higher than average values which shows
consistent changes. Portfolio turnover ratio is almost close to average in all the years. We expect
such PTR values in smaller & mid cap focused funds.

Final Inference
Fund has good diversification but slightly above average PTR values and hence we give it a Yellow
star as of now.

Expense Ratio
Direct Plan Regular Plan
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2.1 2.8 2.6
1.9 1.8 2.6 2.5
1.7 1.6 1.6 1.6 2.4 2.4
2.4 2.1
1.5 1.6 2.5
2.2 2.3 2.0
1.3 1.2 1.2 2.2 2.3
1.3 1.3 2.0 2.3
1.1
1.2 0.9 1.8
0.9 0.8
1.8
0.7 1.6
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19

Mirae Asset Emerging Bluechip Average Mirae Asset Emerging Bluechip Average

Inference
Expense ratio of both direct and regular plans are lower than the category average and AUM of the
fund is also good. Therefore, we give it a Green star here.

Risk Ratios

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 Beta
www.MFYadnya.in Alpha
1.2
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1.1 25
20
1.0 15
0.9 10
5
0.8 0
0.7 -5

Jul-2013

Sep-2017
Feb-2018
Jul-2018
Mar-2015
Oct-2014

Oct-2019
Nov-2016
Apr-2017
May-2014

Jan-2016
Jun-2016

May-2019
Aug-2015
Dec-2013

Dec-2018
Jun-2016

Apr-2017
Jul-2013

Jul-2018
Mar-2015
Dec-2013

Jan-2016

Nov-2016

Dec-2018
May-2014

May-2019
Feb-2013

Aug-2015

Sep-2017
Feb-2018
Oct-2014

Oct-2019
Mirae Asset Emerging Bluechip Category Mirae Asset Emerging Bluechip Category

Standard Deviation P E Ratio

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23% 45
21% 40
19% 35
30
17%
25
15%
20
13% 15
Mar-2015

Dec-2018
Dec-2013

Jun-2016
Jul-2013

Apr-2017

Jul-2018
Feb-2013

Sep-2017
Feb-2018
Jan-2016

Nov-2016
May-2014

May-2019
Oct-2014

Oct-2019
Aug-2015

10

Mirae Asset Emerging Bluechip Category Nifty LargeMidcap 250 Inde x - TRI Mirae Asset Emerging Bluechip Avg Nifty L&M 2 50 Index - TRI

Inference
Even though fund has been more mid & smaller cap-oriented fund in the past, still risk ratios
(standard deviation & Beta) shows very near average risk to large & mid cap category funds. Return
profile of the fund represented by Alpha (risk adjusted return) has been excellent consistently. PE of
the fund is near average. Overall it is only moderately high risk and high return fund and therefore
deserves a Green star here.

Summary
• Fund is the biggest Large & Mid cap fund in the category
• It was more mid & smaller cap-oriented fund in the past but now has near average allocation
in all three market caps
• Fund’s performance is overall is much better than category average
• Fund is managed by skilled, competent, & stable fund manager – Mr Neelesh Surana
• Fund has near average stock diversification
• Fund is only moderately high risk and high return fund
• This fund is a great pick as it has consistently given good performance and has never give
below average performance. Mr Surana is an astute stock picker. Definitely a must have
fund in your Large & Mid cap shortlist.

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Data Source –
Accord MF, Fund Monthly Factsheets, AMFI Data, Yadnya Research

Disclaimer
We do our best to ensure that the data we publish is complete, accurate and useful. However, because we do not create the data, and because the processing
required to make the data useful is complex, we cannot be liable for omissions or inaccuracies. The data and any related materials contained therein are
provided “as is,” without warranty of any kind, either express or implied. The entire risk of use of the data shall be with the user.
All in the information above is for Information purpose only. Please do not use the above information as a substitute to Investment advice and please contact
your Financial advisor for final recommendations.
Mutual Funds are subject to market risk and read the offer document in detail before investing.

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