CRISIL Mutual Fund Ranking March 2019

CRISIL Mutual Fund Ranking
For the quarter ended March 31, 2019

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Manager Associate Director Senior Regional Manager
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Zunjar Sanzgiri Dharmendra Sharma Ankur Nehra

Senior Research Analyst Associate Director Regional Manager
zunjar.sanzgiri@crisil.com dharmendra.sharma@crisil.com ankur.nehra@crisil.com
Industry highlights
The mutual fund industry’s average assets under management aggressive hybrid funds (44% of hybrid category assets)
(AAUM) rose 3.6% in the fourth quarter of fiscal 2019 (Q4 FY19) retreated 0.7%, or by Rs 10 billion, to Rs 1.48 trillion.
to Rs 24.52 trillion as against a fall of 2.8% in the preceding Meanwhile, balanced advantage funds’/ dynamic asset
quarter. However, fiscal year growth of 6% was the slowest in allocation funds’ AAUM rose 3.4% to Rs 856 billion (25% of
seven years. Debt funds were the biggest drag to industry hybrid category assets).
growth this fiscal, as the category witnessed outflows of Rs
Chart 1 – Mutual fund net flows and AUM trend
1.25 trillion during the period.
26 1.5
Assets of debt funds, which account for 45% of the industry’s
24
AAUM, recouped the previous quarter’s decline and were up 1.0
Qtrly Avg AUM Rs trillion

2.3%, or by Rs 245 billion, to Rs 11.08 trillion in the March 22
Net flows Rs trillion

0.5
quarter. Recovery can be attributed to mark-to-market (MTM) 20
gains amid a pullback in yields and as sentiments soothed 0.0
18
after the recent credit and liquidity crisis in the debt market.
-0.5
In percentage terms, assets of money market, banking and 16
PSU, and ultra-short duration funds grew in double digits -

14 -1.0
around 20%, 19% and 15%, respectively. In absolute terms,
Dec-17
Dec-18
Mar-17
Mar-18
Mar-19
Jun-17
Jun-18
Sep-17
Sep-18
liquid funds topped the chart with a Rs 145 billon jump. On the
other hand, assets of low duration, medium duration, credit Net flows (Rs trillion) Industry AUM (Rs trillion)
risk, short duration and floater funds fell the most in absolute Source – AMFI
terms among the debt categories. These categories constitute Table 1 – Category-wise average AUM (Rs billion)
29% of total debt assets. On a consolidated basis, their Jan-Mar Oct-Dec Absolute %
Mutual fund category
average AUM fell by Rs 153 billion. 2019 2018 Change Change
Equity 6,580 6,220 361 5.80
Supported by investors’ interest in equity mutual funds in the
Hybrid 3,388 3,416 -27 -0.80
form of lump sum and systematic investment plans (SIP)
Debt 11,084 10,840 245 2.26
inflows, the category’s average assets rose nearly 6%, or by Rs
Others* 1,295 1,096 200 18.23
360 billion, to Rs 6.58 trillion in the latest quarter. As per the
Solution- oriented 153 145 8 5.50
latest data available from the Association of Mutual Funds in
Closed-ended 2,021 1,944 77 3.94
India (AMFI), the category saw net inflows of Rs 175 billion Total 24,522 23,660 862 3.64
during March quarter compared with Rs 300 billion of inflows * includes funds of funds and index funds/ETFs
during the previous quarter. The category benefitted from Source - CRISIL Mutual Fund Database
MTM gains. The equity market, represented by the Nifty 50,
surged 7% in the March 2019 quarter compared with a 0.6% Of the 42 fund houses (including infrastructure debt funds)
fall in the previous quarter. Within the category, AAUM of that declared AAUM, 31 gained in the quarter. The industry
multi-cap, large cap, ELSS and mid-cap funds witnessed the continued to be highly concentrated, with the share of the top
biggest rise in absolute terms. On a consolidated basis, their five and top 10 fund houses being 58% and 83%, respectively,
AUM (63% of total equity AAUM) jumped by Rs 234 billion as of March 2019 - almost the same as in the previous quarter.
during the quarter.
HDFC Mutual Fund maintained its top position in terms of
Hybrid funds, which invest in more than one asset class, saw AAUM in the quarter. Its assets grew 2%, or by Rs 73 billion,
a small dip in average assets. The category’s average asset on-quarter to Rs 3.42 trillion. ICICI Prudential Mutual Fund
base fell 0.8% in the quarter to Rs 3.39 trillion. The biggest came second with a rise of 4%, or by Rs 131 billion, to Rs 3.21
drag was arbitrage funds’ AUM, which constitutes nearly 16% trillion. SBI Mutual Fund came in third, with its AAUM rising
of the total hybrid assets. The category’s average assets fell the highest in absolute terms (up Rs 195 billion) to Rs 2.84
4.5%, or by Rs 25 billion, to Rs 528 billion. The assets of trillion. Assets of DHFL Pramerica Mutual Fund fell the most
1
in absolute terms, by Rs 31 billion or 29% in the quarter to Rs ● SEBI clarified that trail commissions can be upfronted for
76 billion. SIPs of up to Rs 3,000 per month, per scheme, for first-
time investors in mutual fund schemes.
Major regulations and developments
● SEBI issued norms for mutual fund investments in
● The Securities and Exchange Board of India (SEBI)
derivatives. Mutual fund schemes (except index funds
amended the existing valuation practices to make them
and ETFs) can write call options only under a covered call
more reflective of the realisable value of money market
strategy for constituent stocks of Nifty 50 and Sensex
and debt securities with residual maturity up to 60 days.
indices.
Residual maturity limit for amortisation-based valuation
by mutual funds will be reduced from 60 days to 30 days ● SEBI issued a new format for asset management
with effect from June 22, 2019. companies (AMCs) for monthly cumulative reporting.
● SEBI came out with norms for valuation of money market ● SEBI put in place a robust and stricter cybersecurity
and debt securities that are rated below investment framework for mutual funds and AMCs to guard against
grade, a move aimed at ensuring uniformity and breaches of data leak.
consistency in valuation across the mutual fund industry. ● SEBI capped weightage of a single stock in sectoral and
● SEBI turned down AMFI’s request to do away with daily thematic indices, and set norms for minimum stocks an
AUM disclosure. It changed the formula for B30 trail index needs to have in a bid to protect investors from risks
commission. related to portfolio concentration in ETFs and index funds.
2
OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices in global equities on renewed fears of global economic
Quarter ended Year ended slowdown amid release of weak economic cues from the US,
Index Mar-19 Mar-19 Europe and China. Increase in the crude oil prices also
(% change) (% change) dampened investors’ mood.
Nifty 50 7.01 14.93
Most of the NSE sectoral indices ended higher in the quarter.
Nifty 100 6.11 12.51
Nifty Realty surged nearly 16% after the Goods and Services
Nifty Realty 15.86 -8.45
Tax Council cut the tax rate on under-construction properties
Nifty Energy Index 14.99 24.75
to 5% from 12% and on affordable homes to 1% from 8%
Nifty Bank 12.03 25.40
effective from April 1, 2019, and as realty stocks advanced
Nifty IT Index 8.23 24.91
after the initial public offer of the country’s first real estate
Nifty Commodities 5.67 -1.49
investment trust (REIT) - Embassy Office Parks REIT got fully
Nifty Pharma 5.39 11.83
subscribed. Nifty Energy Index advanced 15% following strong
Nifty Smallcap 100 Index 3.46 -14.37
buying in shares of energy firms. Nifty Auto was the biggest
Nifty Midcap 100 Index 2.14 -2.66
decliner – down around 10% as auto stocks were dented by
Nifty Infrastructure 1.03 -3.63
weak December 2018 sales numbers and weaker-than-
Nifty FMCG -0.64 16.05
expected earnings from an index major. Nifty Metal lost 3.5%
Nifty Metal -3.50 -13.34 following a decline in global base metal prices and fears of
Nifty Auto -9.75 -22.97 slowdown in China.
Sectoral indices sorted on three-month returns
Source - NSE
Chart 2 – Mutual fund daily investments & Nifty
Indian equity benchmark Nifty 50 gained ~7% in the quarter movement
owing to encouraging domestic and global developments. At 12000 125
FII/ MF Daily Net Equity Investments

11800 105
home, major boosters were easing of India-Pakistan tensions, 11600 85
strength in the rupee against the dollar, cooling of domestic 11400 65
11200
inflation, value buying in the recently battered stocks, slew of 45
Rs. billion
11000
Nifty 50
25
measures announced in the interim budget on February 1, 10800
10600 5
2019, the Reserve Bank of India’s (RBI) unexpected decision to 10400 -15
10200 -35
slash the repo rate by 0.25% to 6.25% (recently it reduced the
10000 -55
rate further by 0.25% to 6.00%) and robust inflows by foreign
20-Jan-19
04-Jan-19
08-Jan-19
12-Jan-19
16-Jan-19
24-Jan-19
28-Jan-19
31-Dec-18
25-Feb-19
01-Feb-19
05-Feb-19
09-Feb-19
13-Feb-19
17-Feb-19
21-Feb-19
01-Mar-19
05-Mar-19
09-Mar-19
13-Mar-19
17-Mar-19
21-Mar-19
25-Mar-19
29-Mar-19
institutional investors (FIIs). FIIs bought equities worth Rs 479

billion in the March quarter against selling of Rs 191 billion in
FII Daily Net Equity Investments
the previous quarter. Globally, the positive cues included: a) MF Daily Net Equity Investments
Nifty 50
indication from the US Federal Reserve (Fed) that it may not
Source - SEBI, NSE
raise interest rates in 2019 amid signs of a slowdown in the US
economy, and b) hopes of the US and China inching closer to
settling on a trade deal.
However, further gains were prevented due to profit booking

at higher levels and selling by domestic institutional investors;
they sold equities worth Rs 101 billion in the March quarter
compared with buying of Rs 272 billion in the December
quarter. Release of some muted domestic corporate earnings
and intermittent weakness in the rupee against the dollar
further dented sentiments. The market also mirrored sell-off
3
Debt market overview
again slashed the repo rate by another 25 bps to 6%). Gilts
Interbank call money rates remained mostly below the RBI’s
rose further as the release of domestic economic growth
repo rate in the quarter. Sporadic tightness in systemic
numbers raised expectations of more rate cuts by the RBI in
liquidity prompted the central bank to conduct regular repo
the coming months. Sentiment was also aided by the banking
auctions and keep call rates in check. The RBI also conducted regulator’s open market bond purchase auctions. Prices
reverse repo auctions in between to prevent the rates from received a boost after the RBI announced that it would be
dipping too low and to provide banks with opportunities to transferring an interim surplus to the Centre. A jump in the
park idle funds. Meanwhile, in March the central bank rupee buoyed bond prices as investors hoped for an increase
accepted the $5 billion it targeted from banks at its currency in purchases by foreign portfolio investors (FPIs). A strong
swap auction to ease liquidity as against bids worth $16.31 rupee increases foreign investors' returns from Indian bonds,
billion received. increasing the appeal of these investments.
Gilts ended little changed in the quarter amid volatility. Yield Key developments in the quarter:
on the 10-year benchmark 7.26% 2029 paper closed at 7.35% ● The government will borrow Rs 4.42 trillion in the first half
on March 29, 2019, compared with 7.37% (7.17% 2028 paper) of fiscal 2020; net borrowing will be Rs 3.40 trillion.
on December 31, 2018. Prices fell earlier on concerns over the
Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

9.50% 8.30%
7.90%
8.50%
7.50%
7.50%
7.10%
6.50%
6.70%
5.50% 6.30%
11-Nov-18
18-Apr-18
19-Jan-19
19-Jul-18
11-Aug-18
19-Oct-18
04-Dec-18
27-Dec-18
03-Jun-18
26-Jun-18
03-Sep-18
26-Sep-18
11-Feb-19
11-May-18
26-Mar-18
06-Mar-19
29-Mar-19
19-Jan-19
11-Nov-18
04-Dec-18
27-Dec-18
19-Jul-18
11-Aug-18
19-Oct-18
03-Jun-18
26-Jun-18
03-Sep-18
26-Sep-18
11-May-18
11-Feb-19
18-Apr-18
26-Mar-18
06-Mar-19
29-Mar-19
Source – FIMMDA Source - CRISIL Fixed Income Database
domestic fiscal situation and geopolitical tensions between ● The RBI finalised the voluntary retention route scheme to
India and Pakistan. Intermittent jump in US benchmark boost foreign investment in the Indian debt market.
Treasury yields and crude oil prices pulled gilts down.
● The central bank raised the investment limit for fiscal
Concerns over rising bond supply and expectations of the
2020 for FPIs in government securities to 6% of the
government frontloading the borrowing programme in the first
outstanding stock of securities from 5.5% in fiscal 2019.
half of fiscal 2020 put prices under more pressure. Sporadic
depreciation in the rupee against the dollar also reduced the ● The RBI proposed a rule-based approach in fixing new
appetite for gilts. A slight increase in inflation in February ways and means limit for the state governments.
disappointed investors. Prices were also affected on worries
● The central bank withdrew the 20% limit on investments
that the RBI’s recourse to foreign currency swaps for liquidity
by FPIs in corporate bonds of an entity with a view to
management would significantly lower the extent of its open
encourage more foreign investments; accordingly, SEBI
market bond purchases.
also withdrew the limit.
However, losses were capped after the RBI reduced the repo
● SEBI revised the minimum haircut for government
rate by 25 basis points (bps), marking the first change in the
securities that are used as collateral in the market.
repo rate since August 2018 (on April 4, 2019, the central bank
4
Ranking summary
CRISIL covered 472 funds in the March quarter under CRISIL Indices 3 months 6 months 1 year 3 years
Mutual Fund Ranking (CMFR), comprising 211 equity, 212 debt Nifty 50 TRI 7.29 6.83 16.45 16.10
and 49 hybrid funds. The funds formed 84.93% of the mutual Nifty 500 TRI 5.63 6.43 9.73 15.88
fund industry’s open-ended assets under management (AUM). Nifty Midcap 100 TRI 2.26 6.68 -1.86 13.90
As many as 142 of the ranked funds featured in the top 30 Nifty Smallcap 100
3.58 8.67 -12.70 12.30
TRI
percentile (rank 1 or 2) and accounted for 34.25% of the total
Returns above 1 year are annualised; as on March 29, 2019
ranked AUM compared with 36.42% in the previous quarter.
In congruence with market performance, the fund categories
Among the top ranked funds (rank 1 or 2), Kotak Mahindra witnessed improved performance. Focused and large cap fund
Mutual Fund led the fund houses with 12 funds, closely categories led their counterparts and pegged 5.78% and
followed by HDFC Mutual Fund at 11. IDFC and SBI Mutual 5.40% returns, respectively, in the March qaurter.
Fund jointly came third with a tally of 10 funds each.
Financial services on path to recovery, auto sector lags
Kotak Mahindra and Reliance Mutual Fund led the fund The top five sectors formed 68.17% of the market value of
houses among equity fund categories as six of their funds equity funds, barring thematic infrastructure funds. The
ranked among the top 30 percentile. HDFC Mutual Fund, financial services sector retained its top slot with highest
Invesco Mutual Fund and SBI Mutual Fund jointly occupied the exposure in terms of market value. The sector delivered 8.27%
second spot at five funds each. Among debt categories, IDFC in the March quarter, marginally lower than 9.54% in the
Mutual Fund retained its lead with nine funds in the top 30 December quarter.
percentile among debt categories, followed by DSP, HDFC,
Mar quarter Dec quarter
Kotak Mahindra and SBI Mutual Fund at five funds each. Sector
Expo (%) Returns (%) Expo (%) Returns (%)
Large caps surge – small and mid-caps follow Financial services 31.84 8.27 30.97 9.54
Consumer goods* 10.52 2.37 10.01 5.52
The broader equity markets made significant gains as Nifty 50
Energy 9.61 14.99 9.59 -8.68
TRI surged 7.29% in the March quarter as against -0.43%
IT 9.10 8.23 8.53 -8.83
decline in the previous quarter. The small and mid-cap
Automobile 7.11 -9.75 8.19 -3.70
indices, Nifty Smallcap 100 TRI and Nifty Midcap 100 TRI, rose
*Sectoral returns were calculated using stock constituents of Nifty 100 in the
3.58% and 2.26%, respectively. sector
Consumer goods occupied the second spot - its returns in the

Returns (%) quarter dropped to 2.37%. The energy sector, which largely
Category
3 months 6 months 1 year 3 years
comprises oil and gas companies, came third as underlying
Large cap 5.40 5.97 9.33 13.09
companies benefitted by surge in crude oil prices; crude oi
Large and mid-cap 4.24 6.38 4.37 14.27
prices have been on an uptrend owing to tighter supply and US
Multi Cap 4.97 6.45 5.98 13.76
sanctions on Iran and Venezuela. The OPEC also restricted
Mid Cap 3.26 6.74 -0.95 13.45
supply which led to increased import costs. However, higher
Small cap 3.45 5.09 -8.32 14.31
fuel prices have led to increased revenues for oil firms in terms
ELSS 4.45 5.83 4.77 13.95
of increased export value of refined petroleum. The sector
Focused 5.78 6.73 6.96 14.81
registered 14.99% growth in the March quarter as against -
Value/Contra 4.17 4.55 1.64 14.03
8.68% returns in the December quarter.
The IT sector, represented by the NSE IT index, rose

substantially during the quarter with 8.23% returns compared
5
with 8.83% in the previous quarter. Underlying companies Though inflation increased slightly from 1.97% in January
benefitted from the overall positive growth sentiments in 2019 to 2.86% in March 2019, it is still within the central
developed economies especially from the world’s largest and bank’s target level. Consequently, the focus has shifted from
their biggest target country viz., the US. inflationary control to growth sustenance. The repo rate was
brought down to 6% following two consecutive rate cuts
The auto sector closed the top five sectors for equity mutual
during the quarter to augment economic activity.
funds with share of 7.11%, despite a fall of 9.75% for the
underlying representative index. The auto sector registered Nevertheless, the 10-year government security (G-sec) yields
continuous decline in the March quarter as domestic sales exhibited heightened activity during the March quarter before
picked up marginally, but exports dragged. For the financial they settled down to close at 7.35%, 2 bps lower than the
year-end, retail sales declined for all the segments – December quarter.
passenger and commercial vehicles posted double-digit
10-year Benchmark G-sec yield
decline. However, reduction in inventories came as a relief in
terms of reduced costs. 8.00%
At the stock level, HDFC Bank (9.29% absolute returns in the 7.50%
March quarter), ICICI Bank (11.20%), Infosys (14.10%), SBI
(25.90%), and Larsen & Toubro (-3.63%) were among the top 7.00%
holdings in the large, large and mid-cap, multi-cap, focused

6.50%
and value / contra funds. Among mid-cap funds, the top
holdings were RBL Bank (18.20%), City Union Bank (5.02%),
6.00%
Voltas (13.72%), Cholamandalam Investment & Finance
Mar-16
Mar-17
Mar-18
Dec-18
Mar-19
Dec-16
Dec-17
Jun-16
Sep-16
Jun-17
Sep-17
Jun-18
Sep-18
(15.30%), and Torrent Pharmaceuticals (10.07%). Atul Ltd
(4.33%), DCB Bank (20.95%), Carborundum Universal
(15.58%), Tube Investments of India (7.56%) and HDFC Bank Despite flat yields, the debt categories experienced
(9.29%) were the small cap funds’ top holdings. significant jump in modified duration compared with the
December quarter, especially in the long-term investment
IPO segment missing action categories. Gilt funds maintained an average modified
There were 16 initial public offerings (IPOs) in the March duration of 5.5 years in the March quarter compared with 4.4
quarter, but the mutual fund space appeared unenthusiastic. years in the December quarter. Modified duration of the
The segment generated investments worth ~Rs 708 crore by dynamic bond fund category averaged 4.4 years compared
11 mutual funds in only one of the recent listings – Chalet with 3.1 years in the December quarter.
Hotels.
5.5
Investments in IPOs by mutual funds 4.6
4.4 4.4
Absolute
Duration (years)
Mkt value as Investment by 3.5

return %
Stock of Mar 2019 no. of 3.1
(issue till Mar 2.8 2.8
(Rs cr) schemes
2019) 2.2 2.3
2.0 1.9
1.8 1.6
Chalet Hotels 708 20.55% 11 1.5 1.4
Tough times for debt funds amidst sluggish growth and

uncertainty – short-term funds outshine
Corporate
Dynamic
Gilt
Banking
Credit Risk
Medium
Duration
Duration
Medium
to Long
& Psu
Short
Bond
Bond
The March quarter witnessed slower growth on account of

lower private investments, muted exports and subdued global
Mar Qtr Dec Qtr
cues. The Reserve Bank of India (RBI) slashed growth
estimates for fiscal 2020 from 7.4% to 7.2% after growth in the The trend was starkly evident among long-term rank 1 debt
December quarter dropped to a five-quarter low of 6.6%. funds - modified duration of dynamic bond funds shot up from
6
2.7 to 4.9 years. Modified duration of rank 1 medium to long However, as the interest rate did not move southwards as
duration funds increased from 4.7 to 6.5 years; for rank 1 gilt would have been anticipated and ultimately flattened out over
funds, it rose from 5.7 to 6.9 years, indicating greater duration the quarter, the duration call by fund managers did not play
play in rank 1 funds. out as expected. Short-term debt funds outperformed their
long-term counterparts in the quarter led by banking and PSU
Returns (%) funds at 2.6%, closely followed by corporate bond funds at
Category 1 3
3 months 6 months 2.43%.
year years
Liquid 1.80 3.72 7.34 7.09 Credit scare calls for a conservative approach
Ultra ST 2.14 4.30 7.69 7.51
The March quarter was fraught with a couple of defaults and
Low duration 2.19 4.52 7.59 7.54
several downgrades, and understandably the fund managers
Money market 2.12 3.84 7.27 7.13
were wary about taking credit calls. Especially among rank 1
Short duration 2.35 4.85 6.75 7.29
funds, there was no exposure to ‘A+/A2+ & below’ rated
Medium duration 2.03 4.61 5.84 7.59
securities and exposure to ‘AA category & A1’ credit rating was
Medium to long
2.03 5.67 5.95 6.89 minimal across the debt categories except credit risk.
duration
Dynamic bond 2.12 5.68 6.64 7.35 Exposure to ‘AAA & A1+’ segment and G-sec for these funds,
Credit risk 1.66 3.45 5.03 7.23 taken together, surged from 81.4% in the December quarter to
Corporate bond 2.43 5.33 6.73 7.33 90.64% in the March quarter. Thus, fund managers of the top
Banking and PSU 2.60 5.58 7.49 7.56 ranked funds across the board resorted to a more conservative
Gilt 1.88 6.67 7.20 7.72 credit front.
Returns above 1 year are annualised; as on March 29, 2019
Medium Medium to long

% Average Banking & PSU Low duration Short duration Dynamic bond Credit Risk
duration duration
exposure*
Mar Dec Mar Dec Mar Dec Mar Dec Mar Dec Mar Dec Mar Dec
A+/A2+ &
1.45 2.00 5.59 5.16 8.45 7.64 18.65 18.03 1.54 1.20 19.15 18.51 31.84 30.24
below
AA category &
10.98 12.05 21.25 22.75 15.73 14.91 48.58 51.15 11.86 12.63 19.14 19.43 47.76 49.06
A1
AAA & A1+ 78.45 74.44 66.24 66.23 67.15 67.08 26.70 22.75 59.45 53.87 31.43 20.89 15.51 14.62
Sovereign 1.58 5.20 0.92 1.62 2.78 4.03 1.64 4.07 16.41 22.52 19.70 31.64 0.12 0.10
Cash &
7.54 6.31 6.00 4.24 5.89 6.35 4.43 4.01 10.76 9.78 10.58 9.53 4.76 5.98
others
7
CRISIL mutual fund categories
Equity funds Debt Funds
1. Large Cap funds 14. Gilt funds
2. Large & Mid Cap funds 15. Banking & PSU funds
3. Multi Cap funds 16. Credit Risk funds
4. Mid Cap funds 17. Corporate Bond funds
5. Small Cap funds 18. Dynamic Bond funds
6. Value/Contra funds 19. Medium to Long Duration funds
7. Focused funds 20. Medium Duration funds
8. Thematic - Infrastructure funds 21. Short Duration funds
9. Equity Linked Savings Schemes (ELSS) 22. Money Market funds
10. Index funds 23. Low Duration funds
24. Ultra Short Duration funds

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

Rankings category Interpretation
CRISIL Fund Rank 1 Very good performance
CRISIL Fund Rank 2 Good performance
CRISIL Fund Rank 3 Average performance
CRISIL Fund Rank 4 Below average performance
CRISIL Fund Rank 5 Relatively weak performance
If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for
CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th
percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.
8
Large Cap funds (Cluster ranks are arranged alphabetically)
Mar - 19 Mar - 19 Active Active
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Weightages 55% 25% 10% 5% 5%
HDFC Top 100 Fund 1 (2) 1 (2) 1 (1) 1 (1) 5 (5) 5 (5) 4 (5) 4 (4) 4 (4)
Mirae Asset Large Cap Fund 1 1 1 1 4 4 2 2 4
Reliance Large Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 2 (3) 3 (3) 5 (5)
Axis Bluechip Fund 2 (1) 2 (1) 2 (1) 2 (1) 1 (1) 1 (1) 5 (4) 4 (4) 3 (3)
Canara Robeco Bluechip

2 (1) 2 (1) 2 (2) 2 (2) 2 (3) 2 (3) 3 (4) 3 (3) 2 (1)
Equity Fund
EQUITY FUNDS
Edelweiss Large Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1)
ICICI Prudential Bluechip

2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (3) 2 (3) 2 (2) 4 (4)
Fund
Indiabulls Bluechip Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 3 (4) 5 (3) 4 (3) 1 (3)
Aditya Birla Sun Life Frontline

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 2 (2) 5 (5)
Equity Fund
BNP Paribas Large Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (3) 2 (3) 4 (5) 3 (3) 3 (3)
DHFL Pramerica Large Cap

3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 2 (2) 3 (3) 4 (5) 3 (2)
Fund
HSBC Large Cap Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4) 3 (2)
IDFC Large Cap 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (4) 3 (3)
Invesco India Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (4) 5 (5) 2 (2)
Kotak Bluechip Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (4)
L&T India Large Cap Fund 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 2 (2)
Tata Large Cap Fund 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (4) 3 (3)
UTI Mastershare Unit Scheme 3 (2) 3 (3) 3 (2) 3 (2) 1 (1) 1 (1) 2 (1) 3 (3) 4 (4)
Essel Large Cap Equity Fund 4 (5) 4 (4) 4 (5) 4 (5) 4 (4) 4 (4) 3 (3) 3 (3) 2 (4)
Franklin India Bluechip Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (2) 3 (2) 1 (1) 2 (2) 4 (3)
JM Large Cap Fund 4 (3) 4 (3) 5 (4) 5 (4) 1 (1) 1 (1) 1 (3) 1 (1) 3 (3)
LIC MF Large Cap Fund 4 (3) 4 (2) 4 (3) 4 (3) 3 (3) 3 (3) 4 (3) 3 (3) 2 (2)
SBI Blue Chip Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 1 (2) 5 (5)
DSP Top 100 Equity Fund 5 (4) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
IDBI India Top 100 Equity

5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 1 (1) 2 (1) 3 (3)
Fund
Taurus Large Cap Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1)
Figures in brackets indicate previous quarter ranks
9
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)
Large & Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Invesco India Growth
1 (2) 1 (1) 1 (2) 1 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (1)
Opportunities Fund
Mirae Asset Emerging Bluechip
1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 3 (3) 2 (3) 4 (4)
Fund
Canara Robeco Emerging Equities 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 2 (3) 4 (4)
Kotak Equity Opportunities Fund 2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 1 (2) 3 (3) 4 (4) 4 (4)
SBI Large & Midcap Fund 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 5 (5)
Sundaram Large and Mid Cap
2 (1) 2 (2) 2 (1) 2 (1) 3 (2) 3 (2) 3 (3) 3 (3) 2 (1)
Fund
DSP Equity Opportunities Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4)
Edelweiss Large and Mid Cap
3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 3 (4) 1 (3)
Fund
Essel Large & Midcap Fund 3 (2) 2 (2) 3 (2) 2 (2) 2 (3) 2 (3) 5 (5) 3 (2) 3 (2)
HDFC Growth Opportunities Fund 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (5) 2 (2)
ICICI Prudential Large & Mid Cap
3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 3 (2) 3 (3)
Fund
IDFC Core Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3)
LIC MF Large & Mid Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Principal Emerging Bluechip Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3)
Tata Large & Mid Cap Fund 3 (4) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3)
Aditya Birla Sun Life Equity
4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3)
Advantage Fund
Franklin India Equity Advantage
4 (3) 4 (3) 4 (3) 4 (4) 2 (1) 2 (1) 2 (2) 4 (3) 3 (3)
Fund
L&T Large and Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3)
UTI Core Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (3) 3 (2)
BOI AXA Large & Mid Cap Equity
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 1 (1) 1 (3)
Fund
Reliance Vision Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 5 (5) 5 (5)
10
Multi Cap funds (Cluster ranks are arranged alphabetically)
Multi Cap funds Rank - Rank - Return - Return - Liquidity
Reg Dir Reg Dir
Weightages 55% 25% 10% 5% 5%
Canara Robeco Equity Diversified 1 (1) 1 (2) 1 (2) 1 (2) 2 (2) 2 (2) 3 (3) 4 (4) 2 (2)
HDFC Equity Fund 1 (2) 1 (2) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4)
Reliance Multicap Fund 1 (2) 1 (2) 1 (1) 1 (2) 5 (4) 5 (4) 3 (3) 4 (4) 5 (5)
DSP Equity Fund 2 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3)
Edelweiss Multi-Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 5 (4) 2 (2) 2 (3)
ICICI Prudential Multicap Fund 2 (2) 2 (1) 2 (2) 2 (2) 1 (1) 1 (1) 1 (1) 2 (2) 3 (3)
Kotak Standard Multicap Fund 2 (2) 2 (1) 2 (2) 2 (1) 2 (2) 2 (2) 4 (4) 3 (3) 4 (4)
UTI Equity Fund 2 (1) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 2 (2) 4 (4)
Aditya Birla Sun Life Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
DHFL Pramerica Diversified Equity Fund 3 (4) 3 (4) 3 (5) 3 (4) 3 (3) 3 (3) 3 (2) 3 (3) 1 (2)
Franklin India Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (2) 3 (3) 4 (4)
HSBC Multi Cap Equity Fund 3 (5) 3 (5) 3 (4) 3 (5) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3)
JM Multicap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (5) 5 (5) 2 (1)
L&T Equity Fund 3 (3) 4 (3) 4 (3) 4 (3) 3 (2) 3 (2) 2 (2) 3 (2) 3 (3)
Principal Multi Cap Growth Fund 3 (3) 2 (3) 3 (3) 3 (3) 3 (4) 3 (4) 2 (1) 1 (1) 3 (2)
SBI Magnum MultiCap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 5 (5)
Union Multi Cap Fund 3 (3) 3 (3) 3 (4) 4 (4) 1 (1) 1 (1) 3 (3) 4 (4) 1 (1)
BNP Paribas Multi Cap Fund 4 (4) 4 (4) 5 (4) 4 (4) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3)
IDFC Multi Cap Fund 4 (4) 5 (4) 4 (3) 5 (4) 3 (3) 3 (3) 2 (2) 1 (1) 5 (5)
LIC MF Multicap Fund 4 (4) 3 (4) 4 (4) 3 (4) 4 (5) 4 (5) 3 (3) 2 (3) 1 (1)
Motilal Oswal Multicap 35 Fund 4 (4) 4 (4) 3 (3) 3 (3) 4 (3) 4 (3) 5 (5) 5 (5) 4 (4)
Taurus Starshare (Multi Cap) Fund 4 (5) 5 (5) 4 (5) 5 (5) 3 (3) 3 (3) 2 (3) 3 (4) 2 (2)
Baroda Multi Cap Fund 5 (5) 5 (5) 5 (5) 4 (5) 3 (3) 3 (3) 4 (3) 3 (3) 2 (2)
IDBI Diversified Equity Fund 5 (3) 4 (3) 5 (4) 5 (3) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3)
Invesco India Multicap Fund 5 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 3 (3) 3 (3)
11
Mid Cap funds (Cluster ranks are arranged alphabetically)
Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Midcap Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 4 (4) 3 (3)
Invesco India Mid Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2) 3 (4) 2 (1)
DSP Midcap Fund 2 (3) 3 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 3 (3) 5 (4)
Franklin India Prima Fund 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 2 (2) 3 (4)
Reliance Growth Fund 2 (3) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (4) 2 (2) 4 (4)
Tata Mid Cap Growth Fund 2 (3) 2 (3) 2 (2) 2 (2) 3 (4) 3 (4) 3 (5) 4 (5) 2 (2)
Aditya Birla Sun Life Midcap Fund 3 (4) 3 (4) 3 (4) 3 (4) 4 (3) 4 (4) 5 (4) 3 (3) 3 (3)
Baroda Mid-cap Fund 3 (4) 3 (4) 4 (4) 4 (4) 3 (4) 3 (3) 2 (3) 5 (4) 1 (1)
Edelweiss Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (2) 3 (2) 2 (3)
HDFC Mid-Cap Opportunities Fund 3 (3) 3 (3) 2 (3) 2 (2) 3 (2) 3 (2) 4 (3) 2 (3) 5 (5)
ICICI Prudential MidCap Fund 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 1 (1) 3 (3) 3 (3)
Kotak Emerging Equity 3 (3) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 3 (3) 4 (3)
L&T Midcap Fund 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3)
Taurus Discovery (Midcap) Fund 3 (2) 3 (3) 3 (2) 3 (3) 4 (4) 4 (4) 3 (3) 1 (1) 2 (2)
BNP Paribas Mid Cap Fund 4 (3) 4 (3) 5 (4) 4 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (2)
SBI Magnum Midcap Fund 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4)
Sundaram Mid Cap Fund 4 (3) 5 (3) 4 (3) 5 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (5)
UTI Mid Cap Fund 4 (4) 4 (4) 4 (3) 4 (4) 5 (5) 5 (5) 3 (2) 3 (3) 3 (3)
DHFL Pramerica Midcap Opportunities

5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (3) 3 (3) 4 (3) 1 (2)
Fund
Motilal Oswal Midcap 30 Fund 5 (4) 4 (4) 3 (4) 3 (4) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
12
Small Cap funds (Cluster ranks are arranged alphabetically)
Mar - 19 Mar - 19 Mean Mean
Small Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
HDFC Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 3 (1) 3 (3) 3 (3)
L&T Emerging Businesses Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 1 (2) 3 (3)
SBI Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 5 (5) 5 (4) 5 (4)
Aditya Birla Sun Life Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (2) 3 (3) 2 (2)
DSP Small Cap Fund 3 (4) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3) 1 (2) 3 (3) 4 (5)
Franklin India Smaller Companies

3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 2 (2) 3 (3)
Fund
Kotak Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)
Reliance Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 4 (4) 2 (1) 4 (4)
HSBC Small Cap Equity Fund 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 3 (3) 2 (2)
Union Small Cap Fund 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 4 (3) 4 (5) 1 (1)
Sundaram Small Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 3 (4) 4 (4) 3 (3)
13
Value / Contra funds (Cluster ranks are arranged alphabetically)
Value / Contra funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Kotak India EQ Contra Fund 1 (1) 1 (1) 2 (1) 2 (1) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1)
HDFC Capital Builder Value Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 3 (4) 3 (3) 4 (4)
Invesco India Contra Fund 2 (2) 2 (2) 1 (2) 1 (2) 3 (3) 3 (3) 5 (5) 4 (4) 3 (2)
Reliance Value Fund 2 (3) 2 (3) 2 (3) 2 (3) 4 (3) 4 (3) 3 (3) 2 (2) 3 (3)
IDFC Sterling Value Fund 3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 4 (4) 2 (2) 1 (1) 5 (5)
L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 2 (2) 3 (3)
Quantum Long Term Equity Value

NA 3 (2) NA 3 (3) NA 1 (1) 4 (4) 4 (3) 2 (2)
Fund *
Tata Equity PE Fund 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3)
Templeton India Value Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 4 (5) 2 (3)
UTI Value Opportunities Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (2) 4 (4) 3 (3) 2 (2)
Aditya Birla Sun Life Pure Value

4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 1 (2) 2 (2) 4 (4)
Fund
ICICI Prudential Value Discovery

4 (3) 4 (3) 4 (3) 4 (3) 1 (1) 2 (2) 3 (3) 4 (4) 3 (3)
Fund
SBI Contra Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 3 (3) 4 (4)
Indiabulls Value Discovery Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 3 (1) 5 (4) 2 (2)
* As regular plan of the Quantum Long Term Equity Fund has not completed three years, only direct plan is ranked.
14
Focused funds (Cluster ranks are arranged alphabetically)
Focused funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
JM Core 11 Fund 1 (3) 1 (3) 1 (2) 1 (2) 5 (5) 5 (5) 2 (3) 5 (5) 1 (1)
Franklin India Focused Equity Fund 2 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3) 3 (4) 4 (4)
SBI Focused Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 2 (2) 5 (5)
Sundaram Select Focus 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 4 (3) 3 (3) 2 (2)
Aditya Birla Sun Life Focused Equity

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3)
Fund
Axis Focused 25 Fund 3 (1) 3 (1) 3 (1) 3 (1) 3 (3) 3 (3) 5 (4) 4 (3) 3 (4)
ICICI Prudential Focused Equity

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (2) 4 (4) 2 (2)
Fund
IIFL Focused Equity Fund 3 (3) 2 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (5) 2 (3) 3 (3)
Principal Focused Multicap Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 1 (1) 2 (2)
Reliance Focused Equity Fund 3 (4) 3 (3) 3 (4) 3 (3) 3 (4) 3 (4) 3 (4) 3 (2) 4 (4)
DSP Focus Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 4 (4) 3 (3)
HDFC Focused 30 Fund 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3)
Motilal Oswal Focused 25 Fund 4 (3) 4 (3) 4 (3) 4 (4) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)
IDFC Focused Equity Fund 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (3) 2 (3) 4 (3)
15
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Thematic - Infrastructure funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Franklin Build India Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3) 5 (4) 2 (2)
LIC MF Infrastructure Fund 1 (2) 1 (2) 2 (3) 2 (2) 1 (2) 1 (2) 1 (1) 4 (4) 1 (1)
DSP India T.I.G.E.R. Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4)
ICICI Prudential Infrastructure Fund 2 (2) 2 (2) 1 (2) 1 (2) 2 (2) 2 (2) 2 (2) 4 (3) 3 (3)
Invesco India Infrastructure Fund 2 (1) 2 (1) 2 (2) 2 (2) 2 (1) 2 (1) 5 (5) 4 (5) 1 (1)
UTI Infrastructure Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (2)
BOI AXA Manufacturing &

3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2)
Infrastructure Fund
Kotak Infrastructure and Economic

3 (3) 3 (3) 4 (3) 3 (3) 1 (1) 1 (1) 4 (3) 2 (2) 3 (3)
Reform Fund
L&T Infrastructure Fund 3 (2) 3 (2) 3 (1) 3 (1) 3 (3) 3 (3) 3 (4) 2 (3) 4 (4)
SBI Infrastructure Fund 3 (3) 3 (3) 3 (3) 3 (2) 2 (2) 2 (2) 2 (3) 5 (5) 4 (4)
Sundaram Infrastructure
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4)
Advantage Fund
Tata Infrastructure Fund 3 (2) 3 (2) 3 (2) 3 (3) 2 (2) 2 (2) 3 (4) 3 (3) 3 (2)
Aditya Birla Sun Life Infrastructure

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (2) 1 (1) 3 (3)
Fund
Canara Robeco Infrastructure Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3)
IDFC Infrastructure Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 3 (2) 3 (3)
Reliance Power & Infra Fund 4 (3) 4 (3) 3 (2) 3 (3) 4 (4) 4 (4) 5 (5) 4 (4) 5 (5)
HDFC Infrastructure Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 3 (3) 5 (5)
HSBC Infrastructure Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 3 (3) 3 (3)
16
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)
Equity Linked Savings Scheme (ELSS) Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Canara Robeco Equity Tax Saver 1 (2) 1 (2) 1 (1) 1 (2) 2 (3) 3 (3) 4 (4) 3 (4) 3 (3)
Mirae Asset Tax Saver Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3)
Taurus Taxshield 1 (1) 1 (2) 1 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (1)
Aditya Birla Sun Life Tax Relief 96 2 (2) 2 (2) 3 (2) 3 (2) 1 (1) 1 (1) 1 (1) 4 (4) 5 (5)
DHFL Pramerica Long Term Equity Fund 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 1 (2)
ICICI Prudential Long Term Equity Fund

2 (2) 2 (2) 2 (3) 2 (3) 2 (1) 2 (2) 1 (1) 3 (3) 4 (4)
(Tax Saving)
Invesco India Tax Plan 2 (2) 2 (2) 2 (2) 2 (1) 3 (3) 3 (3) 3 (4) 4 (4) 2 (2)
Kotak Tax Saver Scheme 2 (2) 2 (3) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (4)
LIC MF Tax Plan 1997 2 (2) 2 (1) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (2) 2 (2)
Axis Long Term Equity Fund 3 (1) 3 (1) 3 (1) 3 (1) 3 (3) 3 (3) 5 (5) 5 (5) 5 (5)
DSP Tax Saver Fund 3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (4) 3 (3) 3 (3)
Edelweiss Long Term Equity Fund (Tax

3 (4) 3 (4) 4 (4) 3 (4) 2 (2) 2 (2) 4 (4) 2 (3) 2 (3)
Savings)
Essel Long Term Advantage Fund 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 2 (3)
Franklin India Taxshield Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
HDFC Tax Saver Fund 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 5 (5) 4 (3)
IDFC Tax Advantage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 1 (1) 4 (3)
JM Tax Gain Fund 3 (3) 3 (3) 2 (2) 2 (3) 4 (4) 4 (4) 3 (3) 4 (4) 3 (1)
Principal Tax Saving Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 5 (5) 2 (2) 1 (1) 2 (2)
Quantum Tax Saving Fund* NA 3 (2) NA 4 (3) NA 1 (1) 3 (3) 4 (4) 1 (1)
SBI Magnum Tax Gain Scheme 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 1 (2) 2 (2) 4 (4)
Tata India Tax Savings Fund 3 (3) 3 (3) 2 (3) 1 (3) 4 (4) 4 (4) 5 (5) 4 (3) 3 (3)
Union Tax Saver Scheme 3 (4) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1)
UTI Long Term Equity Fund (Tax Saving) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2)
BNP Paribas Long Term Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (2) 2 (2) 4 (4) 3 (3) 3 (3)
HSBC Tax Saver Equity Fund 4 (4) 4 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (3) 4 (4) 3 (4)
IDBI Equity Advantage Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 5 (5) 3 (3)
L&T Tax Advantage Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 2 (1) 2 (2) 4 (4)
Motilal Oswal Long Term Equity Fund 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3)
Sundaram Diversified Equity 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (2) 2 (1) 4 (4)
Baroda ELSS - 96 5 (5) 5 (5) 5 (5) 5 (5) 5 (4) 3 (4) 3 (3) 3 (3) 1 (2)
BOI AXA Tax Advantage Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 1 (2) 2 (3)
Reliance Tax Saver Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 5 (5)
* As regular plan of the Quantum Tax Saving Fund has not completed three years, only direct plan is ranked.
17
Index funds (Cluster ranks are arranged alphabetically)
Mar - 19 Rank Mar - 19 Rank
Index funds
- Reg - Dir
Weightages
Kotak Nifty ETF 1 (1) 1 (1)
SBI - ETF Nifty 50 1 (1) 1 (1)
SBI - ETF SENSEX 1 (1) 1 (1)
HDFC Sensex ETF 2 (3) 2 (4)
Kotak Sensex ETF 2 (2) 2 (2)
LIC MF ETF - Nifty 50 2 (2) 2 (2)
Reliance ETF Nifty BeES 2 (2) 2 (2)
Reliance ETF Sensex 2 (2) 2 (2)
UTI NIFTY Exchange Traded Fund 2 (3) 2 (3)
HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - Sensex Plan 3 (3) 3 (3)
HDFC NIFTY 50 ETF 3 (3) 3 (3)
ICICI Prudential Nifty ETF 3 (2) 3 (2)
ICICI Prudential Nifty Index Fund 3 (3) 3 (3)
IDBI Nifty Index Fund 3 (3) 3 (3)
LIC MF ETF - Sensex 3 (2) 3 (2)
Motilal Oswal M50 ETF (MOSt Shares M50) 3 (3) 3 (3)
SBI Nifty Index Fund 3 (3) 3 (3)
Tata Index Fund - NIFTY 3 (3) 3 (3)
UTI Nifty Index Fund 3 (3) 3 (3)
UTI SENSEX Exchange Traded Fund 3 (3) 3 (3)
Franklin India Index Fund - NSE Nifty Plan 4 (4) 4 (3)
ICICI Prudential Sensex ETF 4 (4) 4 (4)
IDFC Nifty Fund 4 (4) 4 (4)
LIC MF Index Fund - Nifty Plan 4 (4) 4 (4)
LIC MF Index Fund - Sensex Plan 4 (4) 4 (4)
Reliance Index Fund - Nifty Plan 4 (4) 4 (4)
Aditya Birla Sun Life Index Fund 5 (5) 5 (5)
Aditya Birla Sun Life Nifty ETF 5 (5) 5 (5)
Reliance Index Fund - Sensex Plan 5 (5) 5 (5)
ETFs, which have only single option, have been ranked in both regular & direct categories
18
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Mar - 19 Mar - 19 Mean Mean Volatilit Volatilit Concentration
Aggressive Hybrid Company Debt Asset Debt Equity
Rank Rank Return Return y y / Exposure to
funds Concentration Quality Liquidity Liquidity
- Reg - Dir - Reg - Dir - Reg - Dir Sensitive
Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
Mirae Asset Hybrid -

1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 3 (3) 3 (4) 2 (2) 2 (1) 2 (3)
Equity
Principal Hybrid
1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
Equity Fund
Canara Robeco
2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 1 (2) 1 (1) 2 (2) 3 (3)
Equity Hybrid Fund
HDFC Hybrid Equity

2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (3) 2 (3) 5 (5)
Fund
Shriram Hybrid
2 (2) 2 (2) 3 (3) 3 (3) 1 (2) 1 (2) 2 (3) 3 (3) 2 (2) 2 (2) 1 (1)
Equity Fund
Sundaram Equity
2 (2) 2 (2) 3 (2) 2 (2) 2 (1) 2 (1) 4 (4) 4 (5) 3 (3) 3 (3) 2 (2)
Hybrid Fund
Baroda Hybrid Equity

3 (4) 3 (4) 4 (5) 4 (4) 4 (4) 4 (4) 4 (3) 3 (3) 3 (3) 4 (4) 2 (2)
Fund
DSP Equity & Bond

3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 3 (3) 3 (4) 3 (3) 4 (4)
Fund
Franklin India Equity

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 2 (2) 3 (4) 4 (5) 3 (2)
Hybrid Fund
ICICI Prudential
3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 4 (3) 1 (2) 3 (3) 3 (3) 4 (3) 4 (4)
Equity & Debt Fund
JM Equity Hybrid
3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 5 (4) 4 (2) 5 (4) 2 (2)
Fund
LIC MF Equity Hybrid

3 (3) 3 (3) 3 (4) 3 (3) 4 (5) 4 (5) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1)
Fund
SBI Equity Hybrid

3 (2) 3 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 2 (2) 3 (3) 3 (3) 5 (5)
Fund
Aditya Birla Sun Life

Equity Hybrid 95 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (2) 2 (1) 4 (4) 3 (3) 4 (4)
Fund
L&T Hybrid Equity

4 (3) 4 (3) 5 (3) 5 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 1 (2) 4 (4)
Fund
Reliance Equity
4 (4) 4 (4) 3 (3) 3 (3) 5 (4) 5 (4) 3 (3) 4 (4) 5 (5) 5 (5) 3 (3)
Hybrid Fund
UTI Hybrid Equity

4 (4) 5 (4) 4 (4) 5 (5) 3 (3) 3 (3) 3 (3) 2 (2) 5 (4) 3 (4) 3 (3)
Fund
Kotak Equity Hybrid 5 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 5 (4) 4 (3) 4 (5) 3 (2) 3 (3)
Tata Hybrid Equity

5 (5) 5 (5) 5 (4) 4 (4) 3 (3) 3 (3) 3 (5) 5 (5) 4 (3) 4 (4) 3 (3)
Fund
K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
19
Conservative Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Mar - Mar -
Mean Mean Concentration Debt
Conservative Hybrid 19 19 Volatility Volatility Company Debt Equity Modified
Return Return / Exposure to Asset
funds Rank Rank - Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir Sensitive Quality
- Reg - Dir
Sector*
7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)
ICICI Prudential
Regular Savings 1 (1) 2 (2) 1 (1) 1 (1) 2 (3) 2 (3) 5 (5) 1 (1) 4 (4) 5 (5) 3 (3) 2 (2)
Fund
LIC MF Debt Hybrid
1 (1) 1 (1) 3 (3) 3 (4) 2 (2) 2 (2) 1 (1) 2 (3) 1 (1) 1 (1) 1 (1) 2 (2)
Fund
BNP Paribas
Conservative Hybrid 2 (2) 1 (1) 3 (2) 1 (1) 1 (1) 1 (1) 2 (2) 3 (4) 3 (3) 2 (2) 2 (2) 1 (2)
Fund
Canara Robeco
Conservative Hybrid 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (2) 3 (3) 2 (2) 2 (2) 4 (3) 4 (4)
Fund
IDFC Regular Savings
2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 2 (2) 2 (1) 1 (1) 3 (4)
Fund
Axis Regular Saver
3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 3 (2) 3 (2) 3 (3) 2 (3) 1 (1)
Fund
Franklin India Debt
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 1 (1) 3 (3) 4 (4) 3 (2) 3 (3)
Hybrid Fund
HDFC Hybrid Debt
3 (3) 3 (3) 2 (3) 3 (3) 5 (4) 5 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (3) 4 (5)
Fund
HSBC Regular
3 (3) 3 (3) 3 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (4) 1 (1) 1 (2) 3 (5) 5 (5)
Savings Plan
Kotak Debt Hybrid 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (3) 3 (3) 3 (3) 5 (4) 3 (3)
Reliance Hybrid
3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 5 (5) 4 (5) 5 (5) 5 (5) 3 (3) 3 (3)
Bond Fund
UTI Regular Savings
3 (3) 3 (3) 1 (1) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 5 (4)
Fund
Regular Savings 4 (4) 4 (4) 4 (4) 4 (3) 4 (5) 4 (5) 4 (3) 2 (2) 4 (4) 3 (3) 4 (5) 3 (3)
Fund
SBI Debt Hybrid
4 (4) 4 (4) 4 (4) 4 (4) 3 (2) 3 (2) 4 (4) 3 (3) 4 (3) 4 (4) 5 (4) 4 (3)
Fund
Sundaram Debt
Oriented Hybrid 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Fund
BOI AXA
5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 1 (4) 5 (5) 5 (5) 4 (4) 3 (4) 2 (1)
Conservative Hybrid
DSP Regular Savings
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 2 (4) 3 (3) 3 (3) 3 (3)
Fund
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
20
Arbitrage funds (Cluster ranks are arranged alphabetically)
Mar - 19 Mar - 19 Mean Mean Count of
Volatility Volatility Count of Negative
Arbitrage funds Rank Rank Return Return Negative Returns
- Reg - Dir Returns - Reg
- Reg - Dir - Reg - Dir - Dir
Weightages 60% 25% 15%
UTI Arbitrage Fund 1 (2) 2 (2) 2 (2) 2 (3) 2 (3) 2 (2) 2 (3) 2 (2)
IDFC Arbitrage Fund 2 (3) 2 (2) 2 (3) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3)
Kotak Equity Arbitrage Fund 2 (2) 3 (3) 2 (2) 3 (2) 3 (1) 3 (3) 3 (3) 3 (3)
Reliance Arbitrage Fund 2 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 2 (1) 1 (1)
DSP Arbitrage Fund 3 3 3 3 5 5 3 3
Edelweiss Arbitrage Fund 3 (3) 2 (3) 3 (3) 2 (3) 3 (4) 3 (3) 3 (4) 3 (3)
HDFC Arbitrage Fund 3 (4) 3 (3) 3 (3) 4 (3) 1 (4) 1 (1) 2 (2) 2 (2)
Invesco India Arbitrage Fund 3 (3) 3 (3) 4 (3) 3 (3) 2 (2) 2 (2) 3 (3) 4 (3)
L&T Arbitrage Opportunities Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 1 (3)
DHFL Pramerica Arbitrage Fund 4 (3) 4 (4) 4 (4) 4 (4) 4 (2) 4 (4) 5 (5) 5 (5)
Indiabulls Arbitrage Fund 4 (4) 4 (5) 4 (5) 4 (4) 4 (3) 4 (5) 4 (3) 4 (3)
SBI Arbitrage Opportunities Fund 4 (3) 4 (3) 3 (3) 3 (3) 4 (3) 4 (4) 4 (3) 3 (3)
JM Arbitrage Fund 5 (5) 5 (4) 5 (4) 5 (5) 3 (5) 3 (3) 4 (3) 4 (4)
21
Gilt funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified
Gilt funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
Weightages 50% 25% 10% 15%
Edelweiss Government Securities Fund 1 (1) 1 (1) 2 (2) 3 (2) 2 (1) 2 (1) 4 (5) 2 (1)
Aditya Birla Sun Life Government Securities

2 (3) 2 (3) 2 (1) 2 (2) 4 (4) 4 (4) 2 (4) 2 (3)
Fund
DSP Govt Sec Fund 2 (3) 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2)
IDFC G Sec Fund - Investment Plan 2 (2) 3 (2) 2 (2) 2 (1) 3 (3) 3 (3) 5 (4) 3 (3)
DHFL Pramerica Gilt Fund 3 (2) 3 (3) 3 (3) 3 (4) 1 (1) 1 (1) 3 (3) 3 (5)
ICICI Prudential Gilt Fund 3 (4) 3 (4) 3 (3) 3 (3) 3 (5) 3 (5) 1 (1) 4 (4)
L&T Gilt 3 (3) 2 (2) 4 (4) 4 (3) 3 (3) 3 (3) 2 (3) 1 (1)
Reliance Gilt Securities Fund 3 (1) 3 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 3 (2)
SBI Magnum Gilt Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (2) 3 (3)
UTI Gilt Fund 3 (2) 3 (2) 3 (2) 3 (3) 2 (2) 2 (2) 3 (2) 3 (3)
HDFC Gilt Fund 4 (4) 4 (4) 4 (4) 4 (5) 2 (2) 2 (2) 2 (1) 5 (5)
Kotak Gilt - Investment 4 (4) 4 (4) 3 (3) 3 (2) 4 (4) 4 (4) 3 (3) 4 (4)
Tata Gilt Securities Fund 4 (5) 4 (5) 4 (5) 4 (4) 4 (4) 4 (4) 3 (4) 4 (4)
Franklin India Government Securities Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 3 (3)
22
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Mar - 19 Mar - 19 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
Axis Banking & PSU Debt

1 (1) 1 (1) 2 (1) 2 (1) 4 (5) 4 (5) 1 (1) 3 (3) 1 (1) 3 (5) 1 (1)
Fund
IDFC Banking & PSU Debt

1 (1) 2 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 4 (3) 2 (2) 5 (5) 3 (2)
Fund
DSP Banking & PSU Debt

2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 3 (1) 2 (1) 3 (3) 1 (1)
Fund
LIC MF Banking & PSU Debt 2 1 3 2 2 2 1 1 1 1 3
Sundaram Banking & PSU

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

3 (5) 3 (5) 2 (4) 2 (4) 3 (3) 3 (3) 4 (1) 1 (5) 4 (4) 4 (2) 3 (5)
Debt Fund
Franklin India Banking &

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

3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (4) 3 (3) 3 (3) 3 (3)
Debt Fund
L&T Banking and PSU Debt

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

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2) 3 (3) 4 (3) 3 (3)
Debt Fund
SBI Banking and PSU Fund 3 (3) 3 (3) 4 (2) 3 (2) 2 (1) 2 (1) 4 (5) 3 (2) 3 (3) 3 (2) 2 (3)

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

4 (4) 4 (4) 3 (4) 3 (3) 4 (4) 4 (4) 3 (4) 1 (3) 5 (5) 3 (4) 5 (5)
Fund
ICICI Prudential Banking &

4 (4) 4 (4) 4 (5) 4 (5) 1 (2) 1 (2) 4 (4) 1 (1) 3 (3) 2 (2) 4 (4)
PSU Debt Fund
DHFL Pramerica Banking &

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

5 (4) 5 (5) 5 (3) 5 (3) 5 (2) 5 (2) 5 (5) 5 (2) 5 (5) 3 (1) 5 (4)
Fund
23
Credit Risk funds (Cluster ranks are arranged alphabetically)
Credit Risk funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
IDFC Credit Risk Fund 1 (2) 1 (2) 3 (4) 2 (4) 3 (3) 3 (3) 4 (3) 3 (4) 1 (1) 4 (4) 1 (1)
Sundaram Short Term

1 (1) 1 (1) 2 (1) 2 (1) 1 (1) 1 (1) 3 (1) 4 (4) 3 (2) 1 (1) 3 (2)
Credit Risk Fund
Axis Credit Risk Fund 2 (2) 2 (2) 2 (2) 1 (2) 2 (2) 2 (2) 2 (2) 1 (1) 2 (2) 3 (3) 4 (3)
Franklin India Credit Risk

2 (2) 2 (2) 1 (1) 1 (1) 3 (4) 3 (4) 3 (2) 1 (1) 3 (4) 5 (5) 3 (3)
Fund
Kotak Credit Risk Fund 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 3 (3) 3 (4) 2 (3)
Principal Credit Risk Fund 2 (1) 2 (1) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 4 (4) 3 (1) 2 (2) 2 (2)
Baroda Credit Risk Fund 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 1 (3) 4 (4) 1 (3) 2 (3) 3 (4)
DHFL Pramerica Credit

3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 2 (3)
Risk Fund
HDFC Credit Risk Debt

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

4 (4) 4 (4) 4 (2) 4 (2) 4 (3) 4 (3) 3 (4) 1 (3) 4 (5) 3 (3) 3 (3)
Credit Risk Fund
DSP Credit Risk Fund 4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 4 (3) 1 (3) 3 (3) 3 (2) 3 (2)
ICICI Prudential Credit

4 (4) 4 (4) 2 (2) 2 (2) 2 (2) 2 (2) 5 (5) 1 (1) 4 (4) 2 (2) 5 (4)
Risk Fund
Reliance Credit Risk 4 (4) 4 (4) 2 (3) 3 (3) 3 (3) 3 (3) 5 (4) 1 (1) 5 (4) 3 (4) 3 (4)
BOI AXA Credit Risk 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (5) 5 (5) 5 (5) 4 (3) 5 (5)
Invesco India Credit Risk

5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 3 (4) 4 (3) 4 (4) 1 (1) 4 (5)
Fund
24
Corporate Bond funds (Cluster ranks are arranged alphabetically)
Mar - 19 Mar - 19 Mean Mean Volatilit Volatilit Exposure to
Company Asset Modified
Corporate Bond funds Rank Rank Return Return y y Sensitive Liquidity
Concentration Quality Duration
- Reg - Dir - Reg - Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
IDFC Corporate Bond

1 (1) 1 (2) 4 (3) 4 (3) 2 (3) 2 (3) 1 (1) 3 (4) 2 (2) 2 (3) 2 (2)
Fund
L&T Triple Ace Bond

1 (1) 1 (1) 3 (2) 3 (2) 4 (5) 4 (5) 1 (1) 1 (2) 1 (1) 5 (5) 1 (1)
Fund
HDFC Corporate Bond

2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 3 (3) 3 (3) 3 (3)
Fund
Invesco India Corporate

2 (4) 2 (4) 2 (4) 2 (4) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) 4 (3) 2 (3)
Bond Fund
Sundaram Corporate
2 (3) 2 (3) 2 (3) 2 (3) 4 (5) 4 (5) 1 (1) 3 (3) 1 (2) 5 (5) 2 (2)
Bond Fund

3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) 2 (3) 3 (3)
Corporate Bond Fund
Axis Corporate Debt

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

3 (4) 3 (3) 5 (5) 5 (5) 2 (2) 2 (2) 1 (1) 4 (5) 2 (1) 3 (2) 1 (1)
Bond Fund
ICICI Prudential
3 (3) 3 (2) 4 (3) 4 (3) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 3 (2) 3 (3)
Corporate Bond Fund
Kotak Corporate Bond

3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 1 (1) 5 (5) 1 (3) 3 (3) 1 (2) 4 (3)
Fund
BNP Paribas Corporate

4 (4) 4 (4) 3 (3) 3 (4) 3 (4) 3 (4) 1 (1) 4 (3) 4 (4) 3 (4) 3 (4)
Bond Fund
Edelweiss Corporate
4 (5) 4 (5) 1 (4) 1 (4) 5 (3) 5 (3) 1 (1) 5 (5) 4 (5) 3 (4) 4 (5)
Bond Fund
Franklin India Corporate

4 (3) 4 (3) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 1 (2) 3 (4) 4 (4) 4 (3)
Debt Fund
Reliance Prime Debt

5 (3) 5 (3) 4 (3) 4 (3) 1 (1) 1 (1) 5 (4) 4 (3) 5 (3) 2 (1) 5 (5)
Fund
Tata Corporate Bond

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

1 (1) 2 (2) 3 (3) 4 (5) 3 (3) 2 (2) 3 (1) 1 (1) 3 (2) 2 (1) 2 (2)
Fund
Franklin India Dynamic

2 (2) 2 (2) 1 (1) 1 (1) 1 (1) 1 (1) 1 (2) 4 (4) 1 (1) 5 (5) 4 (4)
Accrual Fund
IDFC Dynamic Bond

2 (2) 2 (1) 2 (2) 2 (2) 4 (4) 4 (4) 5 (5) 1 (1) 3 (3) 3 (1) 3 (2)
Fund
Kotak Dynamic Bond

2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 4 (3) 2 (3) 3 (3) 3 (3)
Fund
SBI Dynamic Bond Fund 2 (3) 1 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 5 (4) 2 (3) 1 (3)
Axis Dynamic Bond

3 (4) 3 (4) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (4) 3 (4)
Fund
BNP Paribas Flexi Debt

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (4) 3 (3) 3 (3)
Fund
DSP BlackRock
3 (2) 4 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 3 (4) 3 (3) 3 (1)
Strategic Bond Fund
Edelweiss Dynamic
3 3 2 2 4 4 4 1 4 4 3
Bond Fund
HSBC Flexi Debt Fund 3 (3) 3 (3) 4 (4) 3 (4) 3 (4) 3 (4) 4 (4) 1 (1) 3 (1) 1 (2) 2 (2)
ICICI Prudential All

3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 3 (3) 2 (2) 3 (4) 2 (3) 4 (4) 3 (3)
Seasons Bond Fund
IIFL Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 4 (4) 1 (2) 5 (5) 4 (4)
L&T Flexi Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 3 (5) 3 (3) 1 (1) 4 (4) 2 (3) 3 (3)
Reliance Dynamic Bond

3 (3) 3 (3) 3 (4) 3 (4) 4 (4) 4 (4) 5 (5) 1 (1) 2 (3) 2 (3) 2 (2)
Fund
Union Dynamic Bond

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

4 (5) 4 (5) 4 (3) 4 (3) 5 (5) 5 (5) 2 (4) 4 (4) 3 (1) 4 (4) 5 (4)
Dynamic Bond Fund
Canara Robeco Dynamic

4 (4) 4 (4) 4 (4) 4 (4) 3 (4) 3 (4) 3 (2) 1 (1) 4 (5) 3 (2) 3 (3)
Bond Fund
Principal Dynamic Bond

4 (3) 4 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 1 (1) 3 (2) 3 (3) 4 (3)
Fund
Tata Dynamic Bond

4 (3) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 3 (2) 1 (1) 5 (5) 3 (3) 3 (3)
Fund
HDFC Dynamic Debt

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

2 (2) 3 (2) 3 (2) 3 (3) 1 (1) 1 (1) 2 (1) 1 (1) 3 (3) 4 (4) 3 (3)
Fund
LIC MF Bond Fund 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 1 (1) 2 (3) 1 (3)

3 (2) 3 (2) 3 (3) 3 (3) 4 (5) 4 (5) 1 (4) 1 (1) 3 (2) 3 (2) 3 (2)
Income Fund
Canara Robeco Income

3 (3) 3 (3) 3 (3) 3 (2) 2 (2) 2 (2) 4 (3) 1 (1) 3 (2) 3 (3) 3 (3)
Fund
IDFC Bond Fund -

3 2 1 1 3 3 4 1 4 2 2
Income Plan
Kotak Bond 3 (4) 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 2 (3) 1 (1) 3 (3) 3 (3) 3 (3)
SBI Magnum Income

3 (3) 3 (3) 2 (1) 2 (1) 2 (2) 2 (2) 3 (3) 1 (1) 2 (3) 5 (5) 4 (4)
Fund
HDFC Income Fund 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (2) 4 (4) 2 (3) 3 (3) 4 (4)
Tata Income Fund 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 5 (5) 3 (2) 3 (2)
UTI Bond Fund 5 (4) 5 (4) 5 (3) 5 (3) 3 (3) 3 (3) 3 (2) 5 (5) 4 (4) 4 (4) 5 (5)
27
Medium Duration funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified Company Asset
Medium Duration funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Bond Fund -

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

2 (1) 2 (1) 2 (2) 2 (2) 2 (3) 2 (3) 3 (2) 3 (3) 1 (1) 3 (3) 3 (3)
Fund
Franklin India Income

2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 4 (5) 3 (3) 1 (3) 4 (5) 4 (5)
Opportunities Fund
HDFC Medium Term

2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 3 (2) 2 (2) 1 (1) 1 (3) 2 (2) 2 (3)
Debt Fund
DSP Bond Fund 3 (5) 4 (5) 4 (5) 4 (5) 5 (5) 5 (5) 3 (4) 1 (3) 3 (3) 2 (2) 3 (3)
ICICI Prudential
3 (4) 3 (4) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 4 (5) 1 (1) 5 (5) 3 (3)
Corporate Bond Fund
Kotak Medium Term

3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (2) 3 (3) 1 (1) 3 (3) 4 (4)
Fund
L&T Resurgent India

3 (5) 3 (5) 4 (5) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 1 (1) 4 (3) 2 (2)
Bond Fund
SBI Magnum Medium

3 (2) 3 (2) 2 (1) 2 (1) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 3 (3) 3 (4)
Duration Fund
UTI - Medium Term Fund 3 (3) 3 (3) 3 (2) 3 (3) 2 (1) 2 (1) 2 (3) 1 (1) 3 (5) 3 (4) 3 (3)
BNP Paribas Medium

4 (3) 3 (3) 4 (4) 4 (5) 3 (3) 3 (3) 4 (4) 1 (1) 5 (4) 2 (1) 2 (2)
Term Fund
Reliance Strategic Debt

4 (4) 4 (4) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 3 (4) 4 (4) 4 (4)
Fund
Tata Medium Term Fund 4 (3) 4 (3) 3 (4) 3 (4) 4 (5) 4 (5) 3 (3) 1 (1) 4 (3) 3 (3) 3 (2)

5 (4) 5 (4) 5 (2) 5 (2) 4 (3) 4 (3) 2 (3) 4 (4) 3 (1) 3 (4) 5 (5)
Medium Term Plan
28
Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Volatility Volatility to Company Asset Modified
Short Duration funds Rank Rank Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
DSP Short Term Fund 1 (3) 1 (3) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 1 (1) 2 (3) 3 (5) 1 (2)
IDFC Bond Fund - Short Term 1 (1) 1 (1) 1 (2) 1 (3) 5 (4) 5 (4) 1 (1) 4 (4) 1 (2) 3 (4) 1 (1)
L&T Short Term Bond Fund 1 (1) 1 (1) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 3 (4) 2 (1)
Canara Robeco Short Duration

2 (2) 2 (2) 4 (4) 4 (4) 1 (2) 1 (2) 1 (1) 1 (1) 2 (3) 2 (2) 1 (2)
Fund
HDFC Short Term Debt Fund 2 (2) 3 (3) 2 (2) 3 (3) 2 (2) 2 (2) 4 (3) 3 (1) 3 (3) 2 (2) 3 (2)
Kotak Bond Short Term Plan 2 (2) 2 (2) 1 (3) 1 (2) 3 (3) 3 (3) 1 (3) 3 (3) 2 (2) 4 (3) 3 (3)
Mirae Asset Short Term Fund 2 2 3 3 3 3 1 4 3 2 2
SBI Short Term Debt Fund 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (3) 3 (3) 2 (3)
Axis Short Term Fund 3 (2) 3 (2) 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 1 (3) 3 (2) 3 (3) 3 (3)
Baroda Short Term Bond Fund 3 (3) 3 (4) 4 (2) 4 (2) 1 (1) 1 (1) 5 (4) 3 (5) 3 (4) 1 (1) 4 (4)
BNP Paribas Short Term Fund 3 (3) 2 (2) 3 (2) 2 (2) 4 (3) 4 (3) 1 (1) 3 (4) 3 (3) 3 (3) 2 (3)
Franklin India Short Term Income

3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 5 (5) 4 (4) 1 (1) 5 (5) 5 (5) 5 (5)
Plan
ICICI Prudential Short Term Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 4 (3) 3 (4) 3 (3) 3 (2) 3 (3)
IDBI Short Term Bond Fund 3 (3) 3 (3) 4 (3) 2 (2) 4 (3) 4 (3) 1 (1) 3 (3) 3 (4) 5 (4) 3 (3)
Invesco India Short Term Fund 3 (3) 3 (3) 3 (4) 3 (4) 4 (4) 4 (4) 1 (1) 5 (3) 3 (2) 4 (3) 2 (2)
Reliance Short Term Fund 3 (4) 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 3 (1) 2 (3) 4 (4) 3 (3)
Sundaram Short Term Debt Fund 3 (2) 3 (2) 4 (3) 4 (3) 2 (2) 2 (2) 5 (4) 3 (1) 4 (2) 2 (3) 3 (3)
Aditya Birla Sun Life Short Term

4 (4) 4 (4) 3 (2) 4 (2) 4 (4) 4 (4) 4 (4) 1 (1) 4 (4) 3 (3) 4 (4)
Opportunities Fund
HSBC Short Duration Fund 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (1) 4 (3) 3 (3) 4 (4)
Indiabulls Short Term Fund 4 (4) 4 (4) 2 (1) 2 (1) 1 (1) 1 (1) 5 (5) 4 (4) 4 (4) 1 (1) 5 (5)
Principal Short Term Debt Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (1) 4 (3) 2 (2) 3 (3)
UTI Short Term Income Fund 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 2 (2) 1 (1) 3 (3) 3 (3) 4 (3) 4 (3)
BOI AXA Short Term Income Fund 5 (5) 5 (5) 5 (4) 5 (4) 3 (3) 3 (3) 1 (5) 5 (5) 5 (5) 4 (3) 4 (4)
DHFL Pramerica Short Maturity

5 (4) 5 (4) 5 (5) 5 (5) 3 (2) 3 (3) 3 (3) 5 (4) 5 (4) 1 (2) 5 (4)
Fund
Tata Short Term Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 2 (3) 1 (1) 5 (4) 3 (2)
29
Money Market funds (Cluster ranks are arranged alphabetically)
Mar - Mar - Mean Mean Exposure to
Money Market funds 19 Rank 19 Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Reliance Money Market 1 (4) 1 (4) 2 (1) 2 (2) 3 (3) 3 (3) 1 (5) 2 (3) 3 (3) 3 (3) 2 (3)

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

2 (2) 3 (3) 1 (3) 1 (3) 4 (4) 4 (4) 1 (1) 1 (3) 2 (3) 4 (5) 3 (2)
Fund
HDFC Money Market

2 (1) 2 (1) 3 (3) 3 (4) 4 (2) 4 (2) 3 (3) 3 (1) 2 (2) 5 (2) 2 (2)
Fund
DSP Savings Fund 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 3 (1) 3 (2) 2 (3) 3 (3)
ICICI Prudential Money

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (1) 3 (3) 2 (2) 3 (3)
Market Fund
IDFC Money Manager

3 (3) 2 (2) 4 (4) 4 (4) 3 (4) 3 (4) 1 (3) 4 (4) 1 (1) 3 (4) 1 (1)
Fund
Invesco India Money

3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (1) 3 (4) 1 (1) 4 (4) 1 (1) 5 (4)
Market Fund
Kotak Money Market 3 (2) 3 (2) 3 (2) 3 (3) 2 (3) 2 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3)
L&T Money Market Fund 4 (4) 4 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (3) 2 (1) 5 (4) 4 (3) 4 (4)
SBI Savings Fund 4 (4) 4 (4) 4 (4) 3 (2) 3 (3) 3 (3) 5 (4) 4 (3) 4 (3) 2 (3) 3 (4)
UTI Money Market Fund 4 (3) 4 (3) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 3 (4) 4 (4) 3 (2) 4 (3)
Tata Money Market Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 5 (5) 3 (5) 3 (4) 4 (5)
30
Low Duration funds (Cluster ranks are arranged alphabetically)
Low Duration funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Canara Robeco Savings

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

2 (3) 2 (3) 5 (5) 4 (4) 4 (4) 4 (4) 3 (3) 1 (1) 2 (3) 3 (3) 2 (2)
Fund
ICICI Prudential Savings

2 (2) 2 (3) 3 (3) 4 (4) 2 (3) 2 (3) 3 (1) 3 (3) 2 (3) 2 (1) 3 (2)
Fund
SBI Magnum Low

2 (2) 2 (2) 2 (2) 4 (3) 1 (1) 1 (1) 4 (3) 3 (3) 1 (3) 3 (3) 3 (3)
Duration Fund
Tata Treasury Advantage

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

3 (4) 3 (4) 3 (3) 1 (1) 2 (2) 2 (2) 3 (4) 3 (1) 3 (5) 3 (3) 4 (4)
Duration Fund
Axis Treasury Advantage

3 (3) 3 (3) 2 (3) 2 (2) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 2 (2) 3 (3)
Fund
BNP Paribas Low

3 2 3 2 4 4 1 3 3 3 2
Duration Fund
Invesco India Treasury

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

3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 5 (3) 1 (1) 3 (3) 2 (4) 3 (3)
Fund
Reliance Low Duration

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

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

3 (2) 4 (2) 3 (2) 5 (3) 2 (2) 2 (2) 1 (1) 4 (4) 3 (2) 4 (3) 3 (2)
Fund
Edelweiss Low Duration 4 (3) 3 (3) 4 (3) 3 (2) 3 (3) 3 (3) 1 (1) 4 (3) 4 (4) 3 (4) 3 (4)
Franklin India Low

4 (4) 4 (4) 1 (1) 1 (1) 4 (5) 4 (5) 4 (5) 1 (1) 4 (5) 4 (5) 4 (5)
Duration Fund
HSBC Low Duration

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

4 (4) 4 (4) 3 (3) 2 (2) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4) 5 (4) 4 (4)
Fund
L&T Low Duration Fund 4 (5) 4 (5) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 1 (1) 3 (4) 4 (4) 5 (4)
Baroda Treasury
5 (5) 5 (5) 5 (4) 5 (5) 5 (4) 5 (4) 5 (5) 5 (4) 5 (4) 5 (5) 4 (4)
Advantage Fund
DHFL Pramerica Low

5 (4) 5 (4) 3 (3) 3 (2) 5 (4) 5 (4) 1 (3) 5 (5) 5 (4) 1 (2) 5 (5)
Duration Fund
31
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)
Mar - Mar - Mean Mean Exposure to
Ultra Short Duration Volatility Volatility Company Asset Modified
19 Rank 19 Rank Return Return Sensitive Liquidity
funds - Reg - Dir Concentration Quality Duration
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Ultra Short Term

1 (1) 1 (1) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 1 (3) 1 (1) 3 (2) 1 (1)
Fund
Kotak Savings Fund 2 (2) 2 (2) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (1) 3 (2) 5 (4) 2 (2)
SBI Magnum Ultra Short

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

3 (3) 3 (3) 2 (2) 2 (3) 3 (4) 3 (4) 3 (3) 1 (1) 3 (3) 3 (4) 3 (3)
Savings Fund
Franklin India Ultra

3 (3) 3 (4) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4) 1 (1) 4 (5) 4 (5) 4 (4)
Short Bond Fund
Indiabulls Ultra Short

3 (2) 3 (2) 4 (4) 4 (4) 2 (2) 2 (2) 1 (1) 5 (4) 4 (2) 2 (3) 3 (3)
Term Fund
UTI Ultra Short Term

3 (3) 3 (3) 4 (4) 4 (4) 3 (2) 3 (2) 3 (2) 1 (3) 3 (3) 1 (3) 3 (3)
Fund
Invesco India Ultra Short

4 (4) 4 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (4) 1 (1) 3 (3) 3 (3) 4 (4)
Term Fund
Reliance Ultra Short

4 (4) 4 (4) 3 (3) 2 (2) 2 (3) 2 (3) 5 (5) 4 (3) 5 (4) 4 (3) 5 (4)
Duration Fund
DSP Ultra Short Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (3) 1 (1) 2 (4) 3 (1) 3 (3)
32
Liquid funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Company Asset
Liquid funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
Weightages 50% 10% 5% 5% 15% 15%
IDFC Cash Fund 1 (3) 1 (3) 5 (4) 5 (4) 3 (3) 3 (3) 1 (3) 5 (5) 1 (2) 1 (2)
Indiabulls Liquid Fund 1 (1) 1 (1) 4 (4) 4 (4) 2 (3) 2 (3) 1 (1) 3 (1) 2 (1) 2 (1)
Kotak Liquid 1 (1) 1 (1) 4 (4) 4 (4) 1 (3) 1 (3) 3 (3) 1 (4) 1 (2) 1 (2)
Baroda Liquid Fund 2 (3) 2 (3) 3 (1) 2 (1) 4 (4) 4 (4) 3 (2) 1 (1) 1 (2) 2 (3)
DSP Liquidity Fund 2 (3) 2 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (1) 1 (4) 2 (2) 3 (3)
Invesco India Liquid Fund 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 4 (3) 4 (1) 3 (3) 3 (3)
JM Liquid Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (2) 3 (2) 1 (3) 4 (4) 4 (3) 2 (4)
LIC MF Liquid Fund 2 (3) 2 (3) 4 (4) 3 (4) 2 (2) 2 (2) 3 (3) 1 (1) 2 (4) 2 (3)
Tata Liquid Fund 2 (3) 2 (3) 3 (3) 4 (3) 1 (3) 1 (3) 3 (3) 1 (1) 3 (4) 3 (3)
3 (4) 3 (4) 3 (3) 3 (3) 2 (3) 2 (3) 3 (5) 3 (3) 3 (3) 3 (4)
Liquid Fund
Axis Liquid Fund 3 (2) 3 (2) 2 (2) 3 (3) 4 (3) 4 (3) 4 (4) 1 (1) 3 (2) 3 (3)
BOI AXA Liquid Fund 3 (3) 3 (3) 4 (3) 3 (3) 4 (4) 4 (4) 1 (1) 5 (5) 2 (3) 2 (2)
Canara Robeco Liquid 3 (2) 3 (2) 4 (4) 5 (4) 3 (1) 3 (1) 1 (3) 4 (4) 2 (3) 2 (3)
Edelweiss Liquid Fund 3 (3) 3 (3) 3 (2) 2 (2) 3 (4) 3 (4) 3 (2) 1 (1) 5 (4) 3 (2)
HDFC Liquid Fund 3 (2) 3 (2) 5 (5) 4 (5) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2) 3 (2)
ICICI Prudential Liquid
3 (3) 3 (4) 3 (3) 4 (3) 3 (4) 3 (4) 3 (3) 1 (1) 3 (3) 4 (5)
Fund
L&T Liquid Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 5 (3) 1 (1) 3 (3) 3 (2)
Mirae Asset Cash
3 (4) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 4 (5) 1 (3) 3 (3) 3 (3)
Management Fund
Reliance Liquid Fund 3 (4) 3 (3) 2 (2) 2 (2) 3 (4) 3 (4) 3 (4) 3 (3) 4 (3) 4 (4)
Sundaram Money Fund 3 (3) 3 (3) 2 (3) 3 (3) 4 (2) 4 (2) 3 (1) 1 (1) 3 (3) 3 (4)
BNP Paribas Liquid Fund 4 (2) 4 (2) 3 (3) 2 (2) 2 (1) 2 (1) 1 (3) 4 (3) 4 (3) 4 (3)
DHFL Pramerica Insta
4 (1) 4 (1) 1 (2) 2 (3) 2 (2) 2 (2) 1 (2) 4 (1) 4 (3) 4 (3)
Cash Fund
HSBC Cash Fund 4 (3) 4 (3) 2 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 5 (4)
IDBI Liquid Fund 4 (4) 4 (5) 2 (1) 1 (1) 3 (5) 3 (5) 4 (4) 5 (5) 3 (5) 3 (3)
SBI Liquid Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (3) 5 (3) 4 (4) 3 (1) 4 (4) 4 (4)
UTI Liquid Cash Plan 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 3 (4) 5 (4) 4 (3)
Franklin India Liquid
5 (3) 5 (4) 1 (1) 1 (1) 4 (3) 4 (3) 5 (3) 4 (4) 3 (3) 5 (5)
Fund
Mahindra Liquid Fund 5 (5) 5 (4) 1 (3) 1 (2) 5 (2) 5 (2) 5 (5) 1 (1) 4 (5) 5 (5)
Union Liquid Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 2 (1) 1 (1)
33
Annexure I – Selection criteria for schemes in CMFR
Owing to changes in the categorisation /rationalisation of 2. Hybrid funds
mutual fund schemes as prescribed by Sebi*, CRISIL has
aligned its ranking categories in CMFR as per Sebi circular. Aggressive hybrid
Schemes investing more than 65%, but less than 80% of the
1. Equity funds assets under management (AUM) in equity securities and 20-
35% in debt instruments, are considered. All funds that have
Equity funds have been retained in their respective categories
historically maintained the stated equity exposure (three-year
as defined by the AMCs.
average) have been included in this category.
In case of large cap, large and mid-cap, multi-cap, mid-cap,
focused and value/contra categories, funds which were being Conservative hybrid
ranked in different categories previously, with different This category includes schemes where investment in equity is
historical risk-return profiles, are now part of the same limited to 10-25% of the AUM and rest in debt instruments.
category. Hence, for evaluating the performance of such a Funds that have historically maintained >10% equity exposure
varied group of funds under one category, active returns (with (three-year average) have been included in this category.
respect to their appropriate CRISIL-AMFI performance
indices) parameter is used instead of mean returns. Since all Arbitrage
the funds ranked in the small cap category have come from the The schemes following arbitrage strategy with no net equity
erstwhile small & midcap category, mean returns have been exposure stated in investment mandate are shortlisted. Funds
used. with Riskometer grading of ‘Moderately Low’ have been
included in this category.
Funds in the thematic – infrastructure category follow an
investment objective to invest in infrastructure-related
sectors. Other sectoral/thematic funds have been excluded.
3. Debt funds
In the gilt category, funds with a mandate to manage duration
Equity linked savings schemes (ELSS) invest in equity and dynamically are considered. Gilt funds with 10-year constant
equity-related instruments, and are aimed to enable investors maturity are not part of this category.
to avail tax deduction under Section 80 C of the Income Tax
Act. In the medium to long duration category, funds with three-
year average duration between 3-7 years have been retained.
Index funds / ETFs: Schemes launched with an objective to
generate returns that are commensurate with the In the medium duration category, funds with three-year
performance of their benchmark’s total return index (TRI), average duration below four years have been retained.
subject to tracking errors, are considered.
In the short duration category, funds with one-year average
The following will be excluded: duration between 1-3 years are classified as defined by Sebi.
In the credit risk category, funds that were historically

● Index schemes that allow the fund manager to take
classified as credit opportunities funds in CMFR are
overweight investment positions on stocks that comprise
their benchmark index. considered.
● Index schemes that are benchmarked to indices other In the corporate bond category, funds that maintained one-
than S&P BSE Sensex and Nifty 50. year average exposure >60% to corporate bonds, with the
highest credit rating (i.e. AA+ and above), have been
considered.
34
In the banking and PSU bond category, funds that maintained In the ultra short duration and money market categories,
one-year average exposure >60% to debt instruments of funds that were considered under the erstwhile ultra-short
banks, public sector undertakings, and public financial term and liquid categories have been retained.
institutions have been considered.
*Link to Sebi circular:
In the liquid and dynamic bond categories, funds have been https://www.sebi.gov.in/legal/circulars/oct-
retained in their respective categories as defined by the AMCs. 2017/categorization-and-rationalization-of-mutual-fund-
schemes_36199.html
In the low duration category, funds with one-year average
duration below 1.3 years have been retained.
35
Annexure II – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within
Portfolio concentration analysis
a peer group. The basic criteria for inclusion in the ranking
universe are three-year / one-year NAV history and AUM in Concentration measures the risk arising out of improper
excess of category cut-off limits, and complete portfolio diversification. For equity securities, diversity score is used
disclosure. Three-year NAV history is considered across all as the parameter to measure industry as well as company
equity, hybrid, dynamic bond, medium duration, medium to concentration. In case of debt schemes, the company
long duration and gilt categories; whereas one-year for concentration is analysed at an individual issuer specific
banking & PSU, corporate bond, credit risk, liquid, low limit. The limit is linked with the credit rating of the issuer; a
duration, money market, ultra short term, short duration high rated issuer will have higher limits and as the rating
categories. declines the limit is reduced progressively.
Only open-ended schemes are considered. Ranking is based Exposure to sensitive sectors
on the following parameters:
In case of debt schemes, industry concentration is analysed
for exposure to sensitive sectors which are arrived based on
Mean return and volatility Industry Risk Score (IRS) for various sectors. CRISIL’s
Mean return and volatility are considered as separate assessment of IRS quantifies the credit risk associated with
parameters across all categories. Mean return is the average an industry on a uniform scale to ensure comparability
of daily returns based on the scheme’s NAV for the period across industries. The score captures the influence of
under analysis and volatility is the standard deviation of various industry variables on the debt repayment ability of
these returns. While the period for analysis is three years for companies in a particular sector over a 3-4-year horizon.
equity, hybrid, medium duration, medium to long duration
categories; it is one year for banking & PSU, corporate bond, Liquidity analysis
credit risk, liquid, and other short duration categories. The
It measures the ease with which a portfolio can be
period of analysis is broken into four overlapping periods
liquidated. The lower the score, the better. In case of
(latest 36, 27, 18 and 9 months for three-year period, and
equities, it measures the number of days to liquidate the
latest 12, 9, 6 and 3 months for one-year period). Each period
portfolio. Liquidity is calculated by taking the average
is assigned a progressive weight starting from the longest
portfolio liquidity score of the past three months.
period as follows: 32.5%, 27.5%, 22.5% and 17.5%,
respectively. Equity liquidity is computed as follows:
Liquidity score of each stock = No. of shares held / daily

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

Equity 10
Debt and Hybrid 50
Debt (<1 year) 250
^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multicap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, Infrastructure, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid
Debt: Gilt, Dynamic Bond, Medium to Long duration, Medium duration, Banking & PSU, Credit Risk, Corporate Bond, Short duration
Debt (<1 year): Money market, Low duration, Ultra short duration, Liquid
* Cut-off to be met by funds during all the month-ends in the respective quarter, along with Quarterly Average AUM
● Complete portfolio disclosure for all three months in the last quarter
37
Parametric weights
Equity categories:
Large cap, large & mid cap,
Small cap, infrastructure and
Category multi cap, mid cap, Index / ETFs
ELSS
value/contra, focused
Active return (%) 55 - -
Mean returns (%) - 55 -
Tracking error (%) - - 100
Volatility (%) 25 25 -
Company concentration (%) 5 5 -
Industry concentration (%) 10 10 -
Equity - liquidity (%) 5 5 -
Time (years) 3 3 3
Hybrid categories:
Category Aggressive hybrid Conservative hybrid Arbitrage
Mean return (%) 50 50 60
Volatility (%) 25 10 25
Company concentration (%) 5 5
Industry concentration / exposure to
10 5
sensitive sector (%)*
Equity - liquidity (%) 10%*K 7.5%*K
Debt - asset quality (%) 5%* (100-K) 17.5
Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)
Modified duration (%) - 5
Count of Negative Returns (%) 15
Time (years) 3 3 1
K = Equity component in hybrid schemes
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio
Debt categories:
Dynamic, Banking and PSU, corporate bond, credit risk,
Category Gilt medium to long, short duration, low duration, money market, Liquid
medium duration ultra short term
Mean return (%) 50 50 50 50
Volatility (%) 25 10 10 10
Company concentration (%) - 5 5 5
Exposure to sensitive sector (%) - 5 5 5
Debt - asset quality (%) - 17.5 10 15
Debt liquidity (%) 15 7.5 15 15
Modified duration (%) 10 5 5 -
Time (years) 3 3 1 1
38
Annexure III – Exclusion list
The following Sebi-defined categories are currently excluded from the rankings:
● Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme funds)
● Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds
● Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, equity savings funds
● Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)
Miscellaneous:
● Liquid funds with, on average, more than 25% cash & equivalents in the portfolio over the past three months.
● Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for which new
category has not been disclosed.
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these funds
is as follows:
Scheme name New category Reason for exclusion

Aditya Birla Sun Life Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
Aditya Birla Sun Life SENSEX ETF Index Funds/ETFs Does not have three-year NAV history
Axis Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
Axis Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Historical attributes of the fund do not match that of the
Axis Gilt Fund Gilt Fund
category/peer group
Axis Growth Opportunities Fund Large & Mid Cap Fund Does not have three-year NAV history
Axis Multicap Fund Multi Cap Fund Does not have three-year NAV history
Axis Nifty ETF Index Funds/ETFs Does not have three-year NAV history
Axis Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
Baroda Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
Baroda Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Baroda Gilt Fund Gilt Fund Did not meet AUM criteria
Fund has not completed 3 years since change of attributes in
Baroda Large Cap Fund Large Cap Fund
October 2016
Baroda Money Market Fund Money Market Fund Does not have one-year NAV history
Baroda Ultra Short Duration Fund Ultra Short Duration Fund Does not have one-year NAV history
BNP Paribas Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderately High' excluded
BNP Paribas Focused 25 Equity Fund Focused Fund Does not have three-year NAV history
BNP Paribas Substantial Equity Hybrid
Aggressive Hybrid Fund Does not have three-year NAV history
Fund
BOI AXA Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
BOI AXA Mid & Small Cap Equity & Debt
Aggressive Hybrid Fund Does not have three-year NAV history
Fund
BOI AXA Small Cap Fund Small Cap Fund Does not have three-year NAV history
BOI AXA Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
Canara Robeco Gilt Fund Gilt Fund Did not meet AUM criteria
Canara Robeco Small Cap Fund Small Cap Fund Does not have three-year NAV history
39
Canara Robeco Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
DHFL Pramerica Hybrid Debt Fund Conservative Hybrid Fund Did not meet AUM criteria
DHFL Pramerica Hybrid Equity Fund Aggressive Hybrid Fund
category/peer group
DHFL Pramerica Medium Term Fund Medium Duration Fund Did not meet AUM criteria
DHFL Pramerica Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
DSP Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
Edelweiss ETF Index Funds/ETFs Did not meet AUM criteria
Edelweiss Short Term Fund Short Duration Fund Did not meet AUM criteria
Edelweiss Small Cap Fund Small Cap Fund Does not have three-year NAV history
Essel Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
Essel Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Essel Liquid Fund Liquid Fund Did not meet AUM criteria
Essel Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
Essel Regular Savings Fund Conservative Hybrid Fund Did not meet AUM criteria
Essel Short Term Fund Short Duration Fund Did not meet AUM criteria
Essel Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
HDFC Ultra Short Term Fund Dividend
Ultra Short Duration Fund Does not have one-year NAV history
Option
HSBC Debt Fund Medium to Long Duration Did not meet AUM criteria
HSBC Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
HSBC Large and Mid Cap Equity Fund Large & Mid Cap Fund Does not have three-year NAV history
ICICI Prudential Equity - Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
ICICI Prudential Sensex Index Fund Index Funds/ETFs Does not have three-year NAV history
ICICI Prudential Small Cap Fund Small Cap Fund Historically maintained significant exposure to foreign equities
ICICI Prudential Ultra Short Term Fund Ultra Short Duration Fund Historically maintained some equity exposure (including derivatives)
IDBI Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
IDBI Focused 30 Equity Fund Focused Fund Does not have three-year NAV history
IDBI Gilt Fund Gilt Fund Did not meet AUM criteria
IDBI Hybrid Equity Fund Aggressive Hybrid Fund Does not have three-year NAV history
IDBI Long Term Value Fund Value Fund Does not have three-year NAV history
IDBI Midcap Fund Mid Cap Fund Does not have three-year NAV history
IDBI Small Cap Fund Small Cap Fund Does not have three-year NAV history
IDBI Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
IDFC Hybrid Equity Fund Aggressive Hybrid Fund Does not have three-year NAV history
IDFC Nifty ETF Index Funds/ETFs Does not have three-year NAV history
IDFC Sensex ETF Index Funds/ETFs Does not have three-year NAV history
IDFC Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
IIFL Liquid Fund Liquid Fund
category/peer group
Indiabulls Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history
Indiabulls Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Indiabulls Income Fund Medium Duration Fund Did not meet AUM criteria
40
Indiabulls Savings Fund Money Market Fund Does not have one-year NAV history
Indiabulls Savings Income Fund Conservative Hybrid Fund Did not meet AUM criteria
Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history
Invesco India Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria
Invesco India Equity & Bond Fund Aggressive Hybrid Fund Does not have three-year NAV history
Invesco India Gilt Fund Gilt Fund Did not meet AUM criteria
Invesco India Nifty Exchange Traded Fund Index Funds/ETFs Did not meet AUM criteria
Invesco India Regular Savings Fund Conservative Hybrid Fund Did not meet AUM criteria
Invesco India Smallcap Fund Small Cap Fund Does not have three-year NAV history
JM Dynamic Debt Fund Dynamic Bond Fund
category/peer group
JM G-Sec Fund Gilt Fund Did not meet AUM criteria
JM Income Fund Medium to Long Duration Did not meet AUM criteria
JM Low Duration Fund Low Duration Fund Did not meet AUM criteria
JM Money Market Fund Money Market Fund Did not meet AUM criteria
JM Short Term Fund Short Duration Fund Did not meet AUM criteria
JM Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
Fund has not completed 3 years since change of attributes in May
JM Value Fund Value Fund
2018
L&T Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
L&T Focused Equity Fund Focused Fund Does not have three-year NAV history
LIC MF Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
LIC MF G-Sec Fund Gilt Fund Did not meet AUM criteria
LIC MF Short Term Debt Fund Short Duration Fund Does not have one-year NAV history
Mahindra Badhat Yojana Multi Cap Fund Does not have three-year NAV history
Mahindra Credit Risk Yojana Credit Risk Fund Does not have one-year NAV history
Mahindra Kar Bachat Yojana ELSS Does not have three-year NAV history
Mahindra Low Duration Bachat Yojana Low Duration Fund Did not meet AUM criteria
Mahindra Pragati Bluechip Yojana Large Cap Fund Does not have three-year NAV history
Mahindra Unnati Emerging Business Yojana Mid Cap Fund Does not have three-year NAV history
Mirae Asset Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history
Motilal Oswal Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Motilal Oswal Liquid Fund Liquid Fund Does not have one-year NAV history
Motilal Oswal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Parag Parikh Liquid Fund Liquid Fund Does not have one-year NAV history
Parag Parikh Long Term Equity Fund Multi Cap Fund Historically maintained significant exposure to foreign equities
Principal Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Principal Cash Management Fund Liquid Fund Did not meet AUM criteria
Principal Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria
Principal Low Duration Fund Low Duration Fund Did not meet AUM criteria
Principal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Quant Absolute Fund Aggressive Hybrid Fund
category/peer group
41
Quant Active Fund Multi Cap Fund Did not meet AUM criteria
Quant Dynamic Bond Dynamic Bond Fund Did not meet AUM criteria
Quant Focused Fund Focused Fund
category/peer group
Quant Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Quant Large and Mid Cap Fund Large & Mid Cap Fund
category/peer group
Quant Liquid Plan Liquid Fund Did not meet AUM criteria
Historical portfolio attributes do not match the new category
Quant Mid Cap Fund Mid Cap Fund
definition
Quant Small Cap Small Cap Fund
category/peer group
Quant Tax Plan ELSS Did not meet AUM criteria
Quant Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
Quantum Liquid Fund Liquid Fund Did not meet AUM criteria
Quantum Nifty ETF Index Funds/ETFs Did not meet AUM criteria
SBI Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
Shriram Long Term Equity Fund ELSS Does not have three-year NAV history
Shriram Multicap Fund Multi Cap Fund Does not have three-year NAV history
Historical portfolio attributes do not match the new category
Sundaram Medium Term Bond Fund Medium Duration Fund
definition
Sundaram Money Market Fund Money Market Fund Does not have one-year NAV history
Tata Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
Tata Index Fund - SENSEX Index Funds/ETFs Did not meet AUM criteria
Tata Multicap Fund Multi Cap Fund Does not have three-year NAV history
Tata Nifty ETF Index Funds/ETFs Does not have three-year NAV history
Tata Small Cap Fund Small Cap Fund Does not have three-year NAV history
Tata Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
Taurus Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Taurus Liquid Fund Liquid Fund Did not meet AUM criteria
Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria
Union Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
Union Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
Union Largecap Fund Large Cap Fund Does not have three-year NAV history
Union Value Discovery Fund Value Fund Does not have three-year NAV history
UTI Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
YES Liquid Fund Liquid Fund Does not have one-year NAV history
42
Notes
Notes
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CRISIL Mutual Fund Ranking March 2019

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CRISIL Mutual Fund Ranking March 2019

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CRISIL Mutual Fund Ranking

For the quarter ended March 31, 2019

Analytical Business Development

Piyush Gupta Kruti Rawal Vijay Krishnamurthy

Kiran Nate Deepak Mittal Priyanka Murarka

Zunjar Sanzgiri Dharmendra Sharma Ankur Nehra

Qtrly Avg AUM Rs trillion

Net flows Rs trillion

PSU, and ultra-short duration funds grew in double digits -

FII/ MF Daily Net Equity Investments

institutional investors (FIIs). FIIs bought equities worth Rs 479

However, further gains were prevented due to profit booking

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

Consumer goods occupied the second spot - its returns in the

The IT sector, represented by the NSE IT index, rose

holdings in the large, large and mid-cap, multi-cap, focused

Mkt value as Investment by 3.5

Tough times for debt funds amidst sluggish growth and

The March quarter witnessed slower growth on account of

Medium Medium to long

1. Large Cap funds 14. Gilt funds

3. Multi Cap funds 16. Credit Risk funds

4. Mid Cap funds 17. Corporate Bond funds

5. Small Cap funds 18. Dynamic Bond funds

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

7. Focused funds 20. Medium Duration funds

8. Thematic - Infrastructure funds 21. Short Duration funds

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

10. Index funds 23. Low Duration funds

24. Ultra Short Duration funds

11. Aggressive Hybrid funds

12. Conservative Hybrid funds

13. Arbitrage funds

CRISIL Mutual Fund Ranking category definitions

Weightages 55% 25% 10% 5% 5%

Mirae Asset Large Cap Fund 1 1 1 1 4 4 2 2 4

Canara Robeco Bluechip

ICICI Prudential Bluechip

Aditya Birla Sun Life Frontline

DHFL Pramerica Large Cap

IDBI India Top 100 Equity

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

DHFL Pramerica Midcap Opportunities

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

Franklin India Smaller Companies

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

Quantum Long Term Equity Value

Aditya Birla Sun Life Pure Value

ICICI Prudential Value Discovery

Weightages 55% 25% 10% 5% 5%

Aditya Birla Sun Life Focused Equity

ICICI Prudential Focused Equity

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

BOI AXA Manufacturing &

Kotak Infrastructure and Economic

Aditya Birla Sun Life Infrastructure

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

ICICI Prudential Long Term Equity Fund

Edelweiss Long Term Equity Fund (Tax