Simply Put: Market Makers

by Hansraj Agrawal | Aug 16, 2025 | Share Market

Nirmal: Hi Rahul. Last week, I read in the newspaper that ICICI Prudential Mutual Fund has replaced one of its existing market makers, Kotak Securities, for its Exchange Traded Funds (ETFs) with Parwati Capital Market. This is something new to me, da.

Rahul: Oh, market makers? They act as intermediaries who ensure smooth transactions when you buy or sell ETF units on stock exchanges. They step in particularly when there’s a liquidity issue in ETF trading.

Nirmal: But wait, ETFs are like equity shares traded on exchanges. Where exactly does the liquidity issue come in?

Rahul: That’s a good question. Equity shares usually trade with natural liquidity because buyers and sellers directly transact based on the company’s fundamentals, market news, and demand-supply forces. In the case of ETFs, however, they represent a basket of securities, so their liquidity depends on both the underlying assets and trading activity in the secondary market.

Ideally, the traded price of an ETF should stay close to its indicative NAV (iNAV) — this is the real-time value of the ETF’s overall holdings during market hours. But if trading activity is low or there are sudden changes in demand and supply, the traded price can drift too far from the iNAV. This is where market makers step in to bridge the gap.

Nirmal: Hmm, I get the idea, but it still sounds a bit complex. Can you explain to me with an example?

Rahul: Sure. Let’s say you want to buy an ETF with an iNAV of ₹100, but due to low liquidity, it’s trading at ₹101. In such a situation, the market maker will obtain new ETF units from the AMC at ₹100 and sell them to you close to that price — say ₹100.1.

Similarly, if you want to sell when the iNAV is ₹100 but the ETF is trading at ₹99, the market maker might buy from you at ₹99.9 and then sell those units back to the AMC at ₹100. This process helps keep the market price aligned with the iNAV.

Nirmal: I see. But why is there that 10 basis points (bps) difference between their price and mine?

Rahul: The 10 bps difference in my example is only for illustration. It represents the spread that market makers maintain. This spread accounts for the Securities Transaction Tax (STT) on both buy and sell sides, other applicable charges, and a modest profit margin to cover their capital and operational costs.

Nirmal: Got it. So, how exactly do market makers earn? And are there many of them in India?

Rahul: Regulations allow AMCs to incentivise market makers, but in practice, most AMCs don’t pay them directly. Instead, market makers earn from these natural spreads in the market. The spreads remain competitive because ETF market making is not a high-margin business and requires expertise. In India, there are only a handful of active players; like Parwati Capital Markets, Kotak Securities, East India Securities, Riddisiddhi Bullions, and Kanjalochana Finserve — serving multiple AMCs. Market makers in India handle only unit-level trades, while the AMC’s fund management team manages buying and selling of the ETF’s underlying constituent stocks.

AMCs must disclose their appointed market makers in the scheme documents, and regulations require that each ETF has at least two market makers to ensure liquidity at all times.

Nirmal: Got it! Thanks, Rahul.

Published on August 16, 2025

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Saving for your child’s future

by Hansraj Agrawal | Aug 16, 2025 | Share Market

Children’s funds represent a specialised category of mutual funds designed to help parents and guardians build financial security for their children’s future milestones. Within this category, HDFC Children’s Fund has been a standout performer among the twelve funds in the segment.

Balanced investment approach

HDFC Children’s Fund employs the same investment approach as an aggressive hybrid fund, maintaining an equity allocation of 65-80 per cent with the remainder in debt instruments. Following SEBI’s recategorisation norms seven years ago, the fund has maintained its equity portion consistently between 64-66 per cent, compared to its earlier allocation of approximately 75 per cent.

The fund’s equity management focuses on companies demonstrating reasonable growth prospects across various market capitalisations.

The equity allocation typically dedicates around 40 per cent to large-cap stocks, with the remaining 25 per cent distributed between mid-cap and small-cap investments. Recent periods have shown increased allocation to small-cap stocks, with July 2025 data indicating 21 per cent in small-caps and approximately 2 per cent in mid-caps. Unlike category peers that maintain higher banking sector exposure, HDFC Children’s Fund has reduced banking allocations, instead focusing on sectors including cement, ferrous metals, industrial products, capital markets, and automotive.

The debt portion follows a duration strategy based on interest rate movements. The fund’s portfolio average maturity has fluctuated, increasing from 3.6 years in September 2022 to a peak of 10 years in November 2024, currently standing at eight years. The debt allocation comprises 18 per cent government securities and 14 per cent corporate bonds.

Performance

The fund has delivered a compounded annual growth rate of 13 per cent over the last 10 years, outperforming pure equity children’s funds from Tata and UTI that maintain approximately 80 per cent equity allocation (they clocked 11-12 per cent), as well as ICICI Prudential and LIC MF children’s funds with similar allocations (which delivered 8-12 per cent).

A five-year rolling return analysis spanning the last 10 years reveals an average annualised return of 14.8 per cent, closely matching the Nifty 50’s total return of 15.1 per cent. During this period, the fund’s returns ranged between 7 per cent and 25 per cent, demonstrating reasonable consistency.

Expense ratios for this category are generally high. The expense ratio for the regular plan stood at 1.73 per cent, lower than the peer average of 2.1 per cent. For the direct plan, the ratio was 0.9 per cent below the category average of 1.2 per cent.

Structure

Children’s funds have several conditions attached to the investment, unlike hybrid equity funds which can also be used to meet child-related goals. These funds can only be opened in the name of a minor under 18 years of age at the time of investment. The application can be made by a parent or a court-appointed legal guardian. In some cases, asset management companies also permit trusts and corporate entities to invest on behalf of a child.

These funds have a lock-in period which lasts for five years or until the child turns 18, whichever comes first. For example, if the investment is made when the child is five years old, the lock-in will last until she turns 10. If the investment starts when the child is 16, the lock-in will last for just two years until she turns 18. Once the child turns 18, systematic investment plans (SIPs) or systematic transfer plans (STPs) in their name automatically stop, but the fund does not mature on its own. The invested amount can remain in the fund and continue to grow, but no new contributions are allowed in a minor’s account after they become a major.

When making the initial investment, proof of the child’s date of birth is required to confirm eligibility. Upon turning 18, the investor must complete the “minor-to-major” process, which includes updating the bank account details. Importantly, redemption proceeds are always credited directly to the child’s account, regardless of whose account funded the investment originally. Early redemptions are typically restricted but may be permitted under exceptional circumstances such as the death of the contributor or beneficiary.

Should you invest

Children’s funds compete with alternative investment products including Sukanya Samridhi Yojana, life insurance children’s plans, and NPS Vatsalya, each offering different structural features, liquidity provisions, investment tenures, asset allocation strategies, and tax treatments. Though children’s funds come with a lock-in of five years, they are not eligible for any tax deduction under Section 80C of the Income Tax Act.

You should go in for children’s funds only if you feel you need the discipline of the long lock-in period to stay the course with your investment. Or else, hybrid categories such as aggressive hybrid or balanced advantage funds can very well serve the same purpose for goals that are 5-7 years away. If the goal is over 7 years away, you can consider pure equity funds too, from the flexicap or passive large and mid-cap menu.

Published on August 16, 2025

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How To Invest In Gold And Silver Together For Better Returns

by Hansraj Agrawal | Aug 16, 2025 | Share Market

Gold calms nerves, silver stirs excitement. A new fund aims to bottle both into one tax-efficient package, blending strengths across cycles. Mirae Asset Investment Managers has launched the Mirae Asset Gold Silver Passive Fund of Fund (FoF), which will dynamically invest in units of its Gold and Silver ETFs. The NFO closes on August 25. Here is a detailed review:

Metal mettle

Gold prices are shaped by structural and tactical forces. They gain when the US Fed eases rates, the dollar weakens, or as geopolitical tensions arise and central bank buys support demand. Domestic and Chinese demand, along with net long build-up, also play a role. Growth in the assets under management of global gold ETFs further reflects and fuels investor interest.

Silver has been in a persistent supply deficit in recent years, with industrial demand consistently outpacing production. From a small surplus in 2016–2018, the market swung to deep deficits, peaking at 263.5 million ounces in 2022 and staying negative through 2024. The estimated shortfall for 2025 is around 118 million ounces. This chronic undersupply, driven by industrial use in solar and electronics, could support long-term price normalisation.

Timing, DIY problems

Silver has shown extremely fat tails in its return distribution, meaning it has a higher probability of both large gains and large losses over a 12-month period. Gold’s moderate tails protect better on the downside, but low volatility doesn’t guarantee steady compounding. It spent 11 years post-1990 and six post-2012 with negative annual returns despite limited drawdowns. Recoveries from 15-20 per cent declines have taken around 1,000 days on average. This creates the risk of holding an asset that appears safe, but fails to grow for long stretches. So, an FoF using data-driven signals to dynamically allocate between metals without emotional or ad hoc decisions can be an alternative approach.

Also, an FoF is more tax efficient than handling allocations yourself. In a Do-It-Yourself mode, rebalancing gold and silver ETFs can trigger short-term capital gains tax, reducing compounding. For example, ₹10 lakh invested 50:50 in March 2006 with semi-annual rebalancing would grow to ₹90 lakh without tax, but only ₹74.47 lakh with a 30% tax on each rebalance. In an FoF, rebalancing happens without a tax event until redemption.

Strategy

The key factor is how the fund allocates between gold and silver. The fund starts with a base weight of 50 per cent in each metal. However, this initial intent is not a fixed split forever.

Allocation can tilt towards gold or silver based on indicators. First are short- and long-term trends in the gold-silver ratio and metal momentum. Second are macro and fundamental factors such as global interest rates, inflation, dollar movement, central bank buying, geopolitical tensions, and each metal’s supply-demand. These cannot be precisely quantified. The third step is regular rebalancing.

Gold and silver prices show a strong positive correlation. Holding only gold risks missing silver rallies; only silver risks steep falls in slowdowns. By blending and adjusting, the fund tries to smooth out extremes and capture more opportunities.

However, there are also downsides. The signals that guide allocation are not perfect. There will be times when the fund may tilt towards the weaker metal because indicators can be misleading. Dynamic allocation can lag if sharp moves occur before the fund adjusts. And while tax efficiency is a benefit, the FoF structure adds an extra layer of cost as you pay the expenses of the FoF and the underlying ETFs (31-35 bps).

This is not the first product of its kind. Edelweiss Gold and Silver ETF FoF and Motilal Oswal Gold and Silver ETF FoF already exist. The basic concept is the same, but they follow a broadly static allocation (50:50 or 70:30). The other differences are in the cost structure (14-24 bps expense for rival offerings) and the tracking efficiency of the underlying ETFs. Mirae’s gold and silver ETFs have a longer live track record compared to some peers.

Units will be allotted on August 29, and the scheme will reopen for continuous sale and repurchase from September 1. The minimum investment during the NFO is ₹5,000 and SIPs can start from ₹99 a month after the NFO. Ritesh Patel will manage the scheme. If you redeem within 15 days of allotment there is an exit load of 0.05 per cent. After that there is no load.

Our take

Domestic gold and silver have each delivered over 42 per cent in the past year, spurring investor interest.

Mirae Asset Gold Silver Passive FoF offers a single, structured route to own both metals, with allocation driven by technical, macro, and fundamental factors. A minimum holding period of three years is sensible. It works better as part of a broader asset allocation where you want to diversify equity and debt with precious metals.

If you already own gold or silver ETFs, and can manage shifts, you may not need this FoF. But if you want both metals with professional, tax-efficient allocation, it can be useful. If your multi asset fund already gives you enough gold and you do not want silver, this FoF is unnecessary. If you want meaningful silver exposure alongside gold, this FoF can fill that gap.

Published on August 16, 2025

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Mutual Funds returns

by Hansraj Agrawal | Aug 16, 2025 | Share Market

EQUITY – VALUE FUNDS

Bandhan Value Fund

144.6

9964

1.8

0.7

-2.3

17.2

27.9

14.6

0.94

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

37.4

1258

2.1

0.7

-1.5

19.1

24.2

–

0.70

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

62.4

16407

1.6

0.5

4.2

14.8

18.1

13.0

0.66

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

25.3

750

1.6

0.6

8.0

10.9

10.7

8.8

0.95

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

513.1

101773

1.4

0.8

2.4

18.8

23.0

14.1

1.07

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1398.2

16579

1.7

1.1

5.7

21.3

24.8

13.2

0.99

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1970.9

80642

1.4

0.7

8.3

22.0

27.7

15.1

1.03

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

228.1

21456

1.7

0.6

9.2

22.2

27.4

13.9

1.08

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

333.9

26406

1.6

0.9

1.0

19.8

25.6

13.8

0.86

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

191.2

83847

1.4

0.8

5.1

25.7

29.6

17.0

1.00

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

73.6

64964

1.4

0.9

6.5

12.7

14.4

10.7

1.12

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

52.0

5735

1.8

0.6

2.2

22.9

28.5

15.3

1.09

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

390.5

44605

1.6

1.0

5.9

19.0

24.6

15.2

1.12

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

90.8

12380

1.7

0.6

6.1

21.5

24.3

14.7

0.88

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

192.2

7941

1.9

1.1

3.1

29.1

35.4

16.1

1.09

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

977.0

23246

1.7

0.8

4.1

20.4

26.4

15.3

0.97

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

109.5

71788

1.4

0.9

4.0

17.7

21.6

13.7

0.83

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

193.1

14424

1.7

1.0

-3.0

12.0

22.3

16.1

0.62

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

465.6

53716

1.5

1.0

4.1

21.1

26.0

14.6

1.11

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

58.1

3130

1.7

0.5

4.5

10.1

11.0

9.3

1.02

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

101.7

33609

1.6

0.7

3.9

28.0

33.9

16.9

0.89

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

618.2

7222

1.8

1.0

11.9

18.0

26.0

12.9

0.74

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

197.5

2664

2.0

0.6

-2.7

16.4

22.8

13.9

0.78

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4101.5

38581

1.6

0.7

4.6

24.6

29.2

17.0

0.90

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

90.1

44165

1.5

0.7

4.5

19.1

24.1

13.6

0.86

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

165.3

65922

1.4

0.6

-3.2

23.8

33.6

20.3

0.89

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

84.6

113281

1.3

0.6

10.4

20.2

22.9

17.4

0.92

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

415.6

2101

2.0

0.8

-3.2

12.4

22.1

15.3

0.82

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

355.8

11649

1.7

0.6

-9.5

15.3

26.9

19.6

0.76

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

36.6

3279

1.9

0.7

-11.3

18.3

33.8

17.9

0.85

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

248.9

29463

1.6

0.7

-6.7

24.8

35.6

19.2

0.88

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

72.5

9799

1.6

1.1

5.7

10.0

11.2

8.9

1.18

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

430.0

30271

1.6

1.0

-0.5

23.6

24.8

13.8

0.91

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

70.3

1116

2.2

0.6

6.0

11.2

13.1

9.4

0.92

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

45.8

7487

1.8

0.8

-3.5

15.7

20.7

15.2

0.69

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

105.5

8157

1.8

0.7

5.9

12.5

13.8

10.6

0.83

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

520.8

30235

1.6

1.0

2.7

14.8

19.5

11.9

0.70

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

104.7

26143

1.6

0.6

4.0

19.1

27.8

17.8

0.88

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

149.3

6974

1.7

0.7

-1.3

14.8

23.5

13.8

0.80

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

132.0

9997

1.7

0.6

2.1

23.5

25.6

15.2

0.86

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

54.8

608

2.3

0.7

-4.0

23.3

27.8

15.8

0.80

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

109.4

1912

2.1

0.8

2.3

16.0

21.5

15.1

0.70

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

159.0

917

2.3

1.0

0.2

25.1

31.2

15.2

0.88

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

136.3

16981

1.6

0.7

1.4

18.7

23.4

15.0

0.81

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

191.2

17005

1.7

0.8

-0.5

19.9

28.2

16.2

0.78

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

63.0

2994

1.9

0.4

4.4

16.9

19.7

12.0

0.90

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

50.2

12792

1.7

0.5

1.8

11.5

13.8

10.2

0.72

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

99.4

11027

1.7

0.4

5.9

24.3

29.6

17.1

0.87

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

139.8

2950

2.0

1.0

-0.2

28.0

32.7

16.6

0.93

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

134.7

2349

2.1

1.2

-6.4

16.5

24.6

14.6

1.06

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1456.5

6706

1.8

1.0

1.1

18.6

23.8

12.6

0.78

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1615.0

18988

1.7

0.9

1.7

18.5

24.4

13.3

0.81

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

107.5

12421

1.8

1.0

1.5

16.6

24.1

13.4

0.76

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

81.8

3388

1.7

1.2

4.7

10.4

11.2

8.7

1.13

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1122.9

38117

1.6

1.0

-0.4

15.6

20.9

12.4

0.76

EQUITY – VALUE FUNDS

HSBC Value Fund

108.6

13817

1.7

0.8

3.5

23.7

26.0

15.4

0.82

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

76.1

3237

1.7

1.0

7.6

10.2

10.1

9.3

1.22

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

136.6

1433

2.1

0.8

13.9

20.6

22.9

14.4

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

117.4

841

2.2

0.6

-5.3

19.4

21.1

11.7

0.78

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

95.5

5957

1.8

0.5

-8.0

21.4

25.3

15.3

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

62.2

7864

1.8

0.5

4.1

15.1

19.7

12.6

0.84

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

26.1

8452

1.8

0.7

4.6

11.3

11.4

9.1

0.97

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

564.6

10342

1.7

0.6

2.5

14.3

18.9

12.1

0.67

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

48.1

26076

1.6

0.6

3.1

15.6

21.2

–

0.74

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

50.3

4402

1.8

0.6

1.1

24.0

25.4

15.7

0.62

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

175.0

9355

1.7

0.6

3.5

11.8

13.5

9.5

0.85

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

119.3

8599

1.8

1.1

2.1

14.0

22.0

13.2

0.74

EQUITY – VALUE FUNDS

Nippon India Value Fund

219.6

8768

1.8

1.1

0.1

21.1

25.3

14.4

0.83

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1437.8

6174

1.9

1.3

3.6

20.1

23.7

12.2

0.80

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

36.1

6271

1.8

0.4

4.5

12.7

19.0

12.9

0.61

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

64.9

11468

1.7

0.5

5.2

13.6

25.4

14.6

0.78

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

209.7

8778

1.8

0.7

-12.1

18.8

28.2

16.2

0.81

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

123.1

221

2.1

0.9

1.9

16.6

20.8

12.3

0.85

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

302.8

3135

2.0

0.9

-6.6

15.5

24.6

14.9

0.83

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

23.8

5738

1.6

1.0

5.7

11.1

12.0

8.8

0.81

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

614.7

33348

1.6

0.8

5.1

17.4

23.5

14.2

0.88

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

91.1

53030

1.5

0.8

3.3

13.7

18.7

11.9

0.71

EQUITY – MID CAP FUNDS

SBI Midcap Fund

224.6

22547

1.7

0.8

-3.2

15.3

25.7

13.8

0.88

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

212.9

4687

1.9

0.9

4.4

15.2

23.3

16.0

0.67

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

100.0

1548

2.1

0.8

5.3

17.5

22.7

13.0

0.67

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

50.2

2344

2.0

0.9

1.9

14.5

19.8

12.0

0.66

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

398.2

6422

1.9

1.2

2.5

15.9

19.6

11.7

0.90

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

175.7

4865

1.9

1.1

1.3

20.6

24.8

13.0

0.86

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

59.8

3497

2.0

1.1

11.0

15.6

21.7

13.0

0.59

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

214.2

6239

1.8

0.8

0.4

14.7

20.5

14.2

0.67

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

164.6

4670

1.9

0.9

-6.2

11.6

20.0

16.3

0.55

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1765.4

23127

1.7

0.9

4.7

16.4

20.2

13.3

0.68

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

138.0

7731

1.8

0.9

2.3

14.6

18.6

11.9

0.67

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

67.0

1524

1.8

0.9

8.1

8.9

11.2

8.3

1.13

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

20.8

3431

1.9

0.7

5.2

13.1

–

0.75

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

25.7

1083

2.2

0.9

7.8

14.6

18.2

–

0.72

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

87.0

1974

2.1

0.8

9.4

17.6

17.9

12.1

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

49.0

1676

2.1

0.8

-10.0

27.2

32.4

14.9

0.80

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

76.3

1917

2.0

0.9

2.9

15.3

18.0

12.1

0.61

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

155.0

1397

2.0

0.8

-8.0

16.7

21.7

14.5

0.61

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.6

1230

2.1

0.5

1.8

13.9

16.4

–

0.66

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

216.9

2650

2.0

0.8

-2.0

15.2

18.5

11.9

0.64

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

98.8

2183

2.0

0.6

-1.7

19.1

24.4

14.2

0.77

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

97.1

950

1.8

0.7

6.5

8.4

8.7

7.8

0.78

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

173.2

8870

1.7

0.5

1.8

14.1

20.0

13.7

0.70

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

356.9

11059

1.7

0.6

4.0

13.1

15.8

11.8

0.69

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

339.2

13389

1.7

0.5

4.7

14.9

19.1

13.0

0.66

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

254.9

25551

1.6

0.6

3.7

16.2

21.4

15.0

0.70

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

353.9

11436

1.7

0.6

6.3

15.3

17.3

12.0

0.71

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

27.5

3503

1.9

0.7

6.3

11.1

10.8

8.9

0.69

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

21.8

3501

1.2

0.4

6.3

9.9

11.2

–

1.04

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

99.8

11852

1.7

0.7

0.1

15.7

19.9

13.3

0.63

EQUITY – FOCUSED FUNDS

DSP Focused Fund

52.5

2595

2.0

0.9

1.2

16.0

18.1

11.0

0.63

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

DSP India T.I.G.E.R. Fund

308.9

5406

1.9

0.7

-5.9

26.6

32.5

15.6

0.88

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

602.8

15502

1.7

0.6

0.1

19.1

22.5

14.5

0.77

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

466.3

6399

1.8

0.9

3.9

17.2

18.8

11.0

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

58.7

178

1.2

0.5

7.3

9.9

9.2

7.1

0.88

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

37.4

2768

1.9

0.4

0.5

17.4

21.5

13.6

0.70

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

85.2

4063

1.9

0.5

2.0

16.8

21.8

13.7

0.71

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

82.6

1292

2.1

0.6

0.0

14.6

18.1

12.0

0.65

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

268.1

2256

2.1

1.0

3.2

14.8

17.9

11.1

0.80

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

90.7

204

1.4

0.7

6.5

9.5

9.0

7.4

0.84

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1017.0

7773

1.8

1.1

3.9

13.4

19.0

10.6

0.65

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

65.7

5674

1.9

0.9

4.0

10.0

12.2

9.6

0.95

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

117.1

24511

1.7

1.0

4.1

12.6

17.5

10.0

0.82

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

47.1

2540

2.0

1.1

-1.1

29.2

33.2

10.9

0.93

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

138.7

36353

1.6

0.7

3.1

23.8

31.0

17.7

0.88

EQUITY – VALUE FUNDS

HDFC Value Fund

731.0

7348

1.8

1.0

2.9

19.0

22.7

13.4

0.78

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.8

163

2.2

1.2

6.7

10.2

9.2

7.6

0.61

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

33.5

655

1.5

0.7

4.8

12.9

13.4

8.7

0.67

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

216.1

5075

1.9

1.2

2.7

18.7

21.7

12.6

0.63

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

78.7

16536

1.7

0.6

-5.4

20.0

31.0

17.8

0.77

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

133.2

9930

1.8

1.0

13.1

15.8

21.7

13.0

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

922.0

14403

1.7

1.1

3.5

15.6

20.9

12.7

0.73

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

22.6

15302

1.0

0.5

7.0

8.8

9.5

8.2

1.24

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

293.1

6654

1.9

1.0

4.4

21.5

26.7

14.6

0.83

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

86.2

8498

1.8

0.7

-0.2

18.1

29.3

15.2

0.96

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

53.5

1034

2.1

0.8

3.6

13.1

12.6

9.0

0.59

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

62.8

1569

2.1

0.8

-3.2

25.6

29.6

16.1

0.77

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

100.9

8007

1.8

0.6

12.9

24.9

24.5

15.2

0.72

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

68.0

1528

2.0

0.7

1.8

15.5

18.9

12.1

0.61

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

179.5

7802

1.7

0.6

15.2

27.6

28.7

17.4

0.81

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

47.4

207

2.4

1.1

-3.7

18.9

23.0

14.4

0.72

EQUITY – VALUE FUNDS

JM Value Fund

94.5

1062

2.2

0.9

-9.9

23.1

25.7

15.4

0.77

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

113.6

6355

1.8

0.6

-1.0

15.7

21.1

13.3

0.69

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

83.8

53293

1.4

0.6

4.6

16.3

19.4

13.2

0.65

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

64.0

2388

2.0

0.7

-5.4

22.0

30.0

15.0

0.81

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

335.5

28084

1.6

0.5

1.4

18.3

22.3

14.5

0.75

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

134.8

57375

1.4

0.4

5.2

21.4

28.1

17.3

0.86

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

256.4

17903

1.6

0.5

-4.2

16.3

28.7

16.6

0.83

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

48.1

1038

2.2

0.8

-3.9

26.6

31.4

14.5

0.81

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

27.9

953

2.2

0.6

0.2

13.6

20.5

–

0.70

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

20.4

552

2.4

0.7

3.7

9.2

11.5

–

0.71

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

32.1

3921

1.9

0.5

-2.7

22.4

27.2

–

0.78

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

31.9

9181

1.7

0.4

4.1

12.8

15.9

12.1

0.68

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

93.0

4403

1.8

0.4

-1.4

17.1

21.8

15.2

0.69

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

147.1

40554

1.5

0.6

0.2

14.9

21.0

16.5

0.69

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

111.5

39975

1.5

0.5

3.5

12.2

17.0

12.6

0.62

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

60.7

13727

1.7

0.9

7.4

22.5

19.3

12.5

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

103.8

3936

2.0

1.1

4.1

15.3

19.0

9.7

0.83

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

127.6

15339

1.7

1.0

2.1

17.3

23.3

10.5

0.76

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

34.6

779

2.2

0.7

4.1

13.0

19.6

–

0.69

EQUITY – FOCUSED FUNDS

Quant Focused Fund

84.0

1017

2.2

0.7

-6.9

14.6

21.2

13.8

0.64

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

111.5

3651

1.9

0.7

-11.7

17.2

22.5

15.9

0.66

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

42.4

8450

1.8

0.8

16.9

18.5

22.4

15.7

0.63

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

298.3

77794

1.4

0.7

9.8

13.4

16.2

11.8

0.76

EQUITY – FOCUSED FUNDS

SBI Focused Fund

347.4

37936

1.6

0.8

7.8

14.5

19.1

13.9

0.68

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

47.9

4969

1.9

1.0

-8.2

22.2

26.6

15.1

0.85

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

159.6

6583

1.8

0.7

2.7

12.3

16.2

11.9

0.70

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

509.9

1377

2.2

1.7

4.3

15.0

20.7

13.4

0.72

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

158.3

1100

2.3

1.3

-1.6

13.6

18.9

12.6

0.60

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1367.9

12596

1.8

0.9

3.9

22.9

26.9

14.1

0.81

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

251.4

3394

1.9

0.9

1.0

20.0

28.6

13.1

0.79

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

42.1

2895

1.9

0.5

13.0

17.8

20.6

–

0.59

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

55.2

268

1.1

0.5

6.2

9.5

10.1

7.3

0.94

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

44.4

2482

2.0

0.7

0.9

18.0

20.7

–

0.61

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

515.6

8773

1.7

0.6

-0.9

14.5

19.7

12.7

0.73

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

488.2

2631

2.0

1.0

-1.7

13.5

18.8

11.0

0.67

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

422.9

4984

1.9

0.6

-1.8

20.1

25.1

14.7

0.79

EQUITY – VALUE FUNDS

Templeton India Value Fund

698.7

2237

2.0

0.9

-4.4

17.9

27.0

13.4

0.94

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.1

1372

2.2

1.0

2.8

9.7

11.0

–

0.66

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

64.2

908

2.3

1.4

2.2

14.7

20.5

11.7

0.69

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

48.0

1682

2.1

1.0

0.1

17.2

27.0

14.2

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

69.2

1707

1.8

1.2

6.1

9.7

10.9

8.1

1.04

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

174.0

4040

2.0

1.4

-2.4

18.9

21.1

13.2

0.76

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

269.8

12720

1.8

0.9

1.0

11.6

17.2

11.0

0.60

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

296.2

11822

1.8

0.9

-2.4

16.2

23.3

13.4

0.69

EQUITY – VALUE FUNDS

UTI Value Fund

165.9

9899

1.8

1.1

1.7

17.8

21.9

12.9

0.79

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

41.8

5402

1.6

1.0

6.9

8.6

10.5

7.8

0.65

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

433.4

1460

2.2

1.4

-6.2

19.4

22.0

11.5

0.74

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1506.9

7480

1.8

1.1

3.2

12.5

16.5

10.1

0.66

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

93.9

1151

2.3

1.4

-2.6

24.7

29.1

13.2

0.77

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

773.5

6106

1.9

1.0

1.5

18.2

24.8

13.0

0.76

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

29.9

282

2.2

1.0

5.6

7.0

7.9

6.5

0.60

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.0

945

2.3

1.1

4.1

9.3

10.6

8.2

0.67

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

26.5

13084

1.7

0.7

5.5

13.4

17.1

–

0.51

EQUITY – MID CAP FUNDS

Axis Midcap Fund

112.1

31384

1.6

0.6

3.7

17.8

22.6

15.0

0.69

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.0

2292

2.0

0.8

3.9

10.0

10.5

8.3

0.50

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.3

324

1.1

0.2

5.7

7.5

8.2

6.6

0.86

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

206.7

7447

1.9

1.1

3.5

14.3

19.3

10.5

0.65

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

85.5

410

2.3

1.1

-4.2

15.3

20.1

11.6

0.63

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

47.4

297

2.4

0.8

15.7

16.1

20.3

11.3

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

94.2

911

2.2

1.0

3.6

17.2

18.7

11.7

0.59

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

21.5

698

2.3

0.5

-5.3

13.1

17.4

–

0.50

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

108.2

416

2.3

0.7

15.2

19.1

11.2

0.63

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

189.4

3579

2.0

1.3

4.5

15.6

22.0

11.3

0.73

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2691.9

12540

1.8

1.0

2.0

21.7

24.7

14.7

0.75

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

165.7

13825

1.7

0.9

-6.9

22.7

30.6

15.4

0.83

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.3

1567

2.1

0.9

4.1

11.6

10.2

7.5

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

131.7

4144

1.9

1.2

1.7

18.8

20.6

12.7

0.62

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

469.1

1849

2.1

1.3

0.5

13.6

17.6

11.8

0.56

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

385.9

11845

1.7

0.7

3.1

23.3

24.4

15.4

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

22.4

754

2.3

0.7

4.8

16.0

16.3

–

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

122.7

2822

1.9

0.8

0.0

16.0

18.9

12.7

0.56

EQUITY – FOCUSED FUNDS

JM Focused Fund

19.1

284

2.4

0.7

-6.1

17.7

19.2

12.2

0.57

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

150.3

511

2.4

0.8

-6.8

15.1

16.7

10.3

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

150.9

1115

2.2

1.0

1.4

14.5

18.9

11.3

0.66

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

20.8

165

2.5

1.6

-2.2

10.6

15.9

–

0.53

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

37.9

3101

1.9

0.6

-1.0

15.1

20.6

13.7

0.68

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

55.3

1459

2.1

1.0

0.7

11.1

15.7

9.8

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

20.2

123

2.3

0.4

1.7

12.1

14.4

–

0.62

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

58.1

899

1.9

1.1

8.1

8.7

8.9

5.5

1.25

EQUITY – VALUE FUNDS

Quantum Value Fund

124.0

1188

2.1

1.1

1.9

16.7

20.9

12.2

0.84

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

106.9

22117

1.7

0.9

-0.2

12.1

18.2

12.1

0.65

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

168.9

35563

1.6

0.7

-4.4

15.4

24.8

18.0

0.81

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

34.9

1679

2.1

0.6

3.0

10.4

10.3

7.5

0.53

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

96.9

1576

2.2

1.3

0.6

15.9

19.3

13.4

0.64

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

93.8

962

2.4

1.9

-0.2

22.0

27.4

13.4

0.78

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

83.9

6789

1.8

0.8

0.7

15.0

20.4

13.5

0.65

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

428.3

4091

1.9

1.0

-0.8

10.9

15.8

9.3

0.68

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

45.8

11501

1.7

0.4

-6.5

12.1

21.5

–

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

43.4

4595

1.8

0.7

0.6

14.6

19.8

13.3

0.66

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

167.0

2224

2.1

1.1

-12.8

19.4

28.5

14.1

0.77

EQUITY – VALUE FUNDS

Tata Value Fund

340.0

8608

1.8

0.8

-4.3

18.9

21.1

14.4

0.72

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.2

453

2.5

1.5

0.8

11.9

17.0

–

0.57

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

186.6

1305

2.2

1.2

13.0

15.8

21.5

10.6

0.61

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

320.0

25685

1.7

1.0

3.8

9.7

16.3

11.6

0.49

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

56.8

696

2.5

1.6

-3.0

12.4

16.9

10.6

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

60.1

15457

1.7

0.9

3.7

13.4

14.1

10.3

0.47

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.1

839

1.1

0.6

7.3

8.8

9.9

7.6

0.58

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

884.1

5736

1.9

1.1

-0.4

13.0

18.0

11.0

0.49

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

83.5

5011

1.9

0.9

-2.3

17.8

24.7

12.7

0.66

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

120.3

6099

1.9

1.0

-5.2

19.1

22.9

11.5

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

95.4

35172

1.5

0.8

3.4

11.8

15.9

11.4

0.45

EQUITY – FOCUSED FUNDS

Axis Focused Fund

54.8

12585

1.7

0.8

4.3

9.3

13.8

11.4

0.38

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

60.0

33360

1.6

0.7

2.5

10.6

14.6

11.6

0.46

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

31.7

107

2.0

1.1

4.1

6.8

6.5

6.4

0.44

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

24.6

140

2.3

1.2

-0.2

9.8

11.0

6.8

0.47

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

44.6

825

2.0

0.5

5.3

8.2

7.6

7.1

0.59

EQUITY – MID CAP FUNDS

DSP Midcap Fund

144.1

19331

1.7

0.7

0.1

17.9

19.8

14.1

0.60

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

504.5

1888

2.0

1.0

-3.3

18.8

20.0

15.4

0.56

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

42.5

128

2.5

1.3

1.1

13.4

16.3

10.5

0.53

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

55.6

5513

1.9

0.8

2.8

15.2

16.1

10.7

0.52

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

45.7

2365

2.1

1.1

-6.3

23.3

28.8

15.1

0.76

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

470.5

2002

2.1

1.3

-8.6

8.2

14.1

11.2

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

194.7

529

2.5

1.4

2.7

12.3

13.8

8.5

0.53

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

20.7

275

2.5

1.2

8.8

12.1

18.6

7.4

0.52

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

95.9

1021

2.3

1.4

-3.3

13.0

15.9

8.8

0.48

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

28.5

338

2.5

1.4

-3.0

18.6

22.4

–

0.63

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

29.1

618

2.4

1.0

-8.1

17.1

28.2

–

0.72

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

19.6

987

2.2

0.9

-8.2

8.6

8.0

–

0.21

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

42.0

1531

2.1

1.0

-9.5

8.4

13.1

9.2

0.35

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

34.6

317

2.3

0.4

-1.5

12.2

19.6

–

0.64

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.0

764

1.8

0.7

4.3

8.7

9.5

4.4

0.74

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

129.9

217

2.3

0.8

6.4

12.4

14.2

8.1

0.52

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

337.1

604

2.4

0.9

2.2

11.9

15.4

9.9

0.52

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

132.2

892

2.3

1.1

-4.5

15.5

19.5

13.7

0.71

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

220.5

356

2.6

-4.4

13.6

17.0

8.6

0.53

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

118.2

130

2.6

2.1

-5.2

17.1

20.8

13.8

0.60

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

201.2

3732

1.9

0.9

-1.5

12.0

18.1

11.4

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

138.8

2193

2.2

1.9

-4.1

20.2

25.4

11.9

0.77

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1345.2

3756

2.0

1.3

-1.8

11.7

12.3

8.1

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.2

1570

2.2

1.1

3.0

9.6

13.4

–

0.51

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

–

32.4

14805

1.7

0.6

3.4

16.1

21.8

–

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.0

2.1

1.1

3.0

7.2

11.1

7.4

1.00

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

45.1

1937

2.0

0.5

-3.5

20.1

29.8

–

0.76

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

24.1

4424

1.9

0.7

4.9

13.7

14.6

–

0.69

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

31.0

1473

2.1

0.7

-3.8

14.9

19.5

–

0.62

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

280.1

2953

2.0

0.9

1.2

18.5

23.8

13.2

0.70

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.0

12982

1.7

0.5

-3.9

16.2

29.3

–

0.84

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

39.7

3190

1.9

0.6

6.4

24.2

19.5

–

0.69

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

43.0

4980

1.8

0.4

0.1

20.3

29.8

–

0.86

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

16.4

674

1.1

0.3

5.5

8.2

10.1

–

0.72

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.6

2.4

1.4

1.6

12.1

14.7

–

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

19.9

2.3

0.9

0.3

14.0

16.6

–

0.53

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.9

2.3

0.9

4.8

16.0

19.1

–

0.68

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

26.4

4314

1.9

0.8

-0.4

19.0

22.4

–

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

93.6

250

2.5

1.8

8.0

18.3

22.0

12.8

0.66

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

782.2

15523

1.7

0.9

1.1

20.0

24.3

13.9

0.84

EQUITY – SECTOR – PHARMA FUNDS

ICICI Prudential Pharma Healthcare and Diagnostics (P.H.D) Fund

–

40.3

6104

1.9

1.0

11.6

28.1

21.4

–

0.79

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

133.8

19288

1.6

0.5

3.0

19.6

22.2

15.3

0.73

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.8

438

2.3

0.7

3.8

10.6

9.3

–

0.54

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

128.9

4070

1.9

0.7

1.4

19.0

23.1

13.2

0.67

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

41.5

7580

1.7

0.4

7.1

25.9

31.5

–

0.83

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

20.4

17537

1.7

0.6

4.7

11.3

12.0

–

0.73

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

148.4

4472

1.9

0.6

1.0

20.6

23.6

15.0

0.80

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

81.4

2.3

1.5

4.4

6.1

6.2

6.3

0.40

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

29.9

640

2.3

0.8

-1.3

19.8

21.4

–

0.70

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

27.6

2.3

1.2

7.4

9.1

10.0

6.8

0.59

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

29.7

2.5

1.2

8.7

19.9

14.5

–

0.51

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

23.2

170

2.5

1.4

-6.0

13.3

18.8

–

0.54

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

22.3

515

2.4

0.7

-3.9

15.3

19.3

–

0.61

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

22.7

709

2.3

0.7

-0.4

13.1

18.5

–

0.64

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

34.6

5727

1.8

0.4

-0.2

19.5

25.1

–

0.73

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

20.2

1574

1.4

0.4

6.7

10.7

12.3

–

0.91

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.9

2908

1.9

0.5

5.8

21.5

18.7

–

0.66

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

28.0

2.3

0.4

-4.2

11.4

15.8

–

0.52

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

22.2

255

2.3

0.4

-3.4

11.5

17.0

–

0.57

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

297.2

45881

1.5

0.7

4.0

23.3

29.9

14.4

0.95

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

519.5

8737

1.8

0.9

5.1

23.0

18.6

13.2

0.66

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

49.3

1.3

0.6

5.8

7.0

8.9

7.0

1.07

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

93.6

7011

1.8

0.6

-11.4

17.0

27.2

17.8

0.77

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

602.1

9632

1.7

0.6

-13.8

12.7

23.1

16.7

0.64

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

375.4

46947

1.5

0.7

-2.0

20.3

29.6

15.2

1.17

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

432.4

4027

1.9

0.9

11.6

26.7

20.2

11.2

0.77

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

351.3

6194

1.9

1.2

-3.9

6.9

13.9

9.7

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.1

2.4

1.0

-4.0

10.3

12.8

8.6

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

20.8

2.3

0.8

-10.1

10.3

13.6

–

0.37

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

19.9

137

2.4

0.8

-10.8

10.4

14.2

–

0.39

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.4

2.2

1.2

4.0

7.2

8.3

6.6

0.78

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram Diversified Equity

–

219.9

1489

2.2

1.7

3.4

13.0

19.0

11.1

0.69

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

376.6

2842

2.0

0.9

2.3

16.3

22.9

14.4

0.73

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.3

10031

1.7

0.4

1.9

10.6

12.6

–

0.85

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

23.8

3388

1.9

0.6

4.2

14.9

17.3

–

0.62

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

31.0

1339

2.1

0.6

5.2

23.6

18.9

–

0.68

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

39.3

11576

1.7

0.3

-1.5

22.2

30.4

–

0.86

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

53.7

2.4

1.6

9.0

14.9

19.8

11.8

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

185.4

2.4

1.8

3.6

18.1

19.0

12.7

0.68

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

66.2

2.5

2.0

-3.4

18.5

22.9

13.5

0.64

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

155.2

2.6

2.4

-0.9

13.4

17.1

9.0

0.52

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

16.8

155

2.0

1.5

3.5

7.9

8.3

–

0.60

EQUITY – VALUE FUNDS

Union Value Fund

–

27.7

333

2.5

1.2

0.9

17.3

21.3

–

0.74

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

18.2

709

1.6

0.7

4.4

10.4

11.6

–

0.98

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

294.8

1146

2.3

1.3

11.8

25.6

18.8

11.2

0.65

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

382.8

2835

2.0

1.2

-4.3

11.0

13.9

9.0

0.49

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SEBI permits use of mutual funds for IAs, RAs deposit compliance

by Hansraj Agrawal | Aug 13, 2025 | Share Market

The investment advisers and research analysts are required to comply with the revised norms by September 30.
| Photo Credit:
FRANCIS MASCARENHAS

SEBI has allowed investment advisers and research analysts to use liquid mutual funds and overnight mutual funds for meeting their mandatory deposit requirements, providing an alternative to scheduled bank deposits.

Overnight mutual funds are a type of debt mutual fund that invests in overnight securities — debt instruments with a maturity of just one day.

Currently, Investment Advisers (IAs) and Research Analysts (RAs) are mandated to maintain a specified deposit with a scheduled bank, marked as a lien in favour of the Investment Adviser Administration and Supervisory Body (IAASB) or the Research Analyst Administration and Supervisory Body (RAASB), as applicable.

Based on the representations from industry participants and feedback received during public consultations, Sebi’s board approved the proposal in its June 2025 meeting. The amendments to the Research Analysts rules and Investment Advisers norms were notified by the regulator on August 6-7, respectively.

According to the circular issued on Tuesday, Sebi said, “In order to ensure compliance with the deposit requirements under the norms, IAs and RAs will now maintain a deposit in the form of units of a liquid mutual fund or an overnight mutual fund or as a deposit maintained with a scheduled bank.” Such a deposit will be marked as a lien in favour of IAASB or RAASB, as the case may be, it added.

The investment advisers and research analysts are required to comply with the revised norms by September 30.

Leading stock exchange BSE, which functions as both IAASB and RAASB, has been directed to implement necessary systems and procedures for the implementation of the provisions of the new framework and bring the same to the notice of registered entities.

Published on August 13, 2025

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Fund review: Axis Short Duration Fund

by Hansraj Agrawal | Aug 9, 2025 | Share Market

At its August meeting, the Monetary Policy Committee of the Reserve Bank of India (RBI) decided to maintain the repo rate at 5.5 per cent and kept its neutral stance unchanged. While there has been some easing in inflation, the RBI refrained from further reducing rates, citing the need for continued transmission of prior rate cuts and a cautious approach due to ongoing global and domestic uncertainties. This decision suggests that most of the rate cuts in the current cycle are likely done, limiting potential gains from long-duration bonds. In such a scenario — marked by stable interest rates — shorter-duration and accrual-focused fixed income strategies are better poised to generate returns with low volatility.

In the short-duration fund segment, those that adopt an active duration management approach and selectively take exposure to slightly lower-rated credit (such as AA-rated instruments) tend to perform relatively well. Axis Short Duration Fund (ASDF) stands out as an example of this approach. Since its inception in January 2013, the fund has delivered an annualised return of 8.3 per cent. The fund’s core strategy revolves around keeping the portfolio’s Macaulay duration between one to three years, as mandated by the category, while tactically navigating interest rate cycles and liquidity conditions.

Active duration

ASDF has been among the top-performing funds over the past two years, particularly in terms of one-year returns. Two strategic levers contributed to this performance. First, the fund manager adopted a top-down macroeconomic approach, making timely and active shifts between corporate bonds, government securities, and money market instruments to align with changing interest rate dynamics. Second, the fund made early duration extensions during the easing cycle, the narrowing of spreads in the AA-rated segment, and a timely reduction in maturity to focus on the more favourable two-to-five-year maturity bracket.

Notably, the fund was one of the few in its category to extend its average maturity to three years as early as February 2023 in anticipation of falling interest rates. By comparison, most peers took another four months to reach similar maturity levels. Also, in the current scenario wherein the rate environment became more accommodative and short-term yields attractive, the fund proactively reduced its average maturity from 3.8 years in April 2025 to 2.7 years by July 2025. In contrast, the average maturity of the overall short-duration fund category stood at 3.3 years, showcasing ASDF’s agility in seizing short-term opportunities.

Allocation to AA papers

Credit quality positioning has also been a significant contributor to the fund’s performance. ASDF typically follows an 80:20 allocation strategy, with 80 per cent invested in AAA-rated instruments and the remaining 20 per cent in AA-rated papers. This exposure to AA-rated bonds boosts accrual income without significantly compromising credit quality. Latest data show the fund’s exposure to AA-rated papers stood at around 13 per cent, above the category average of 7 per cent. Among the notable AA-rated holdings are bonds issued by Godrej Seeds & Genetics and Jubilant Beverages, while its AA+ investments include instruments from Godrej Industries, Muthoot Finance, Shriram Finance, and Tata Realty & Infrastructure.

Importantly, ASDF has maintained a clean credit track record, barring a minor 0.4 per cent exposure to Dewan Housing Finance Corporation during the 2019 bond crisis. The fund has since recovered the entire amount. The current corporate bond allocation is focused mainly on two-to-five-year papers issued by non-banking financial companies (NBFCs) and housing finance companies (HFCs). Government securities allocation has ranged between 2 per cent and 14 per cent in the last five years, reflecting a conservative and tactical approach to duration management.

Performance

From a performance standpoint, ASDF has consistently ranked in the top two quartiles across most time periods over the past seven years. During this period, it delivered top-two-quartile one-year returns in 82 per cent of all rolling periods. A five-year rolling return analysis over the last decade shows the fund generated an average annualised return of 7 per cent, compared to the category average of 6.2 per cent. The fund’s returns ranged between 6 per cent and 8.4 per cent during this time.

As of July 31, 2025, the fund’s debt portfolio carried a yield to maturity (YTM) of 6.8 per cent, slightly above the category average of 6.7 per cent. The expense ratio for the regular plan stood at 0.9 per cent, lower than the peer average of 0.98 per cent. For the direct plan, the ratio was 0.37 per cent — just above the category’s average of 0.36 per cent.

Published on August 9, 2025

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