Active Investing Fares Well In Small-Cap Space

by Hansraj Agrawal | Dec 7, 2024 | Share Market

Active funds or active investing relies on leveraging available information to outperform the index. This should imply that large and mid-cap (L&M) space with higher information availability, should perform better. But the same is not reflected in the performance of active funds in the L&M space compared to small-cap funds. The latter have delivered comparable or better returns on an absolute basis and outperformed in beating the index (alpha). We measure the gap in performance between the two and the reason for outperformance.

Right to win

A stock in the L&M space can sometime be covered by 10-15 analysts which should significantly lower any information asymmetry. On the other hand, small cap stocks are undercovered and can sometimes have no analyst coverage. The access to management and regular investor meetings (disclosed on stock exchange websites) also favours L&M stocks though small-cap stocks are improving investor access recently. The access and reduced information gap should power active investing in L&M space to beat the index. But the higher research focus on a small group of stocks could be leading to diminishing return on research, leading to negative alphas in most cases.

Macro readthroughs are much more impactful on the top end of the market compared to the bottom end. This should allow an additional lever for L&M fund managers to outperform the index compared to small-cap universe. A higher government capex outlay, a cut in repo rate, policy shifts in energy, export/imports and PLI announcements have a higher impact on L&M stocks with their conglomerate backing than on small-cap ecosystem. But this too has failed to elevate alpha performance.

With diminishing return on research and inability to leverage macroeconomic indicators, the management fees paid in L&M space ranging from 100-250 bps per year has been a bearing on investor returns.

Absolute performance

Small-cap stocks are expected to fare well on absolute return metric, which is shown in the table as well.

Small-cap universe is wider than L&M universe. This limits the number of positions taken in L&M funds, limit return potential. The sector selection is also wider in the small-cap space. Shifts in textile industry, evolving trade flows in chemicals and life sciences sector, growth tailwinds in electronics manufacturing, or renewable or alternate energy solutions find more resonance in small-cap space than in L&M sectors which are populated by mature sectors.

Earlier small-cap stocks were disproportionally impacted by corporate governance discounts. The situation is gradually improving as well. With periodic investor/conference calls, the management is regularly answerable to their strategies which should limit governance related discounts. The recent incidence of CE Info Systems (MapmyIndia) where announced plans of new company were modified under investor scrutiny is an example.

Gap in performance

We have considered active funds with more than five years of operations for analysis.

The 13 small-cap funds have delivered an average alpha of 380 bps over Nifty Smallcap 250 – TRI measured as average daily five-year rolling return CAGR for the last 10 years. In the L&M space with 19 funds, the alpha is a negative 80 bps over NIFTY LargeMidcap 250 – TRI index in the same measure. In fact only one fund in the small-cap space failed to outperform the index while only four of the 19 in L&M have managed to better the index. Nine of the small-cap active funds have beaten the index more the 75 per cent of the days on a 5-year CAGR basis while the large-cap counterpart has only three funds doing the same.

SBI Small Cap Fund has delivered an average 5-year CAGR of 23.1 per cent in the last 10 years compared to index return of 14.7 per cent. The top performer in the large-cap space is Mirae Asset Large & Midcap with average returns of 21.7 per cent compared to index returns of 15.4 per cent.

In the short timeframe of 1-year average returns in the last decade, volatility has impacted small-cap funds’ alpha performance. The alpha shrinks to 80 bps for small-cap funds but remains firmly at -100 bps in the large-cap space. The average Nifty Smallcap 250 – TRI returns over 1 year at 25.7 per cent though outperforms NIFTY LargeMidcap 250 – TRI average returns of 20.6 per cent.

Why invest

Small-caps have delivered comparable or better returns on an absolute basis and outperformed in beating the index (alpha)

Small-cap stocks are expected to fare well on absolute return metric

Small-cap universe is wider than L&M universe. This limits the number of positions taken in L&M funds limit return potential

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Mutual Funds returns

by Hansraj Agrawal | Dec 7, 2024 | Share Market

EQUITY – FOCUSED FUNDS

360 ONE Focused Equity Fund

47.7

7617

1.8

0.9

24.2

17.4

22.0

16.0

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

175.7

1436

2.0

0.8

32.9

21.3

26.5

16.9

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

39.8

1010

2.1

0.9

30.2

20.3

27.3

–

0.57

EQUITY – LARGE CAP FUNDS

Canara Robeco Bluechip Equity Fund

62.7

14824

1.7

0.5

26.6

15.7

18.5

13.6

0.38

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

110.8

1747

2.1

0.8

26.3

19.5

21.4

16.1

0.42

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

50.2

12306

1.7

0.5

18.6

12.5

15.6

10.9

0.54

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

24.0

539

1.6

0.6

13.8

9.7

10.8

8.8

0.58

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

339.4

23485

1.7

0.9

28.0

22.8

24.4

14.1

0.43

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

70.3

60545

1.5

0.9

16.4

13.2

13.3

11.1

0.32

EQUITY – LARGE CAP FUNDS

ICICI Prudential Bluechip Fund

108.0

63670

1.5

0.9

26.1

19.5

19.9

13.9

0.38

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

87.9

9867

1.7

0.6

35.0

22.3

25.1

14.0

0.55

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

220.3

13495

1.8

1.0

37.3

11.5

31.0

18.3

0.58

EQUITY – VALUE FUNDS

ICICI Prudential Value Discovery Fund

454.9

49104

1.5

1.0

28.9

24.6

26.6

15.4

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

67.2

1591

2.1

0.7

45.6

29.5

31.4

17.5

0.56

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

107.3

5012

1.8

0.5

42.1

28.8

25.7

17.4

0.49

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

161.7

495

2.4

0.7

27.7

18.8

19.0

11.6

0.57

EQUITY – VALUE FUNDS

JM Value Fund

104.4

1073

2.2

0.9

34.7

27.7

26.0

17.6

0.47

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

57.2

3035

1.7

0.5

14.6

10.2

11.7

9.7

0.59

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

112.3

22898

1.6

0.6

63.2

36.6

33.6

20.7

0.56

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

180.9

61646

1.4

0.7

35.2

30.1

36.8

22.5

0.59

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

81.4

81919

1.3

0.6

28.3

17.2

25.3

17.9

0.55

EQUITY – MID CAP FUNDS

PGIM India Midcap Opportunities Fund

65.2

10943

1.7

0.5

26.4

15.8

29.8

16.2

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Absolute Fund

415.0

2199

2.0

0.7

18.8

15.3

24.3

15.3

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

374.3

10799

1.7

0.6

22.1

19.9

31.7

21.1

0.55

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

40.8

3585

1.9

0.7

37.0

25.5

35.8

19.1

0.54

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

119.9

3693

1.9

0.6

26.7

22.0

26.1

18.4

0.52

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

227.5

8941

1.7

0.6

25.9

25.0

32.7

18.2

0.61

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

274.4

27161

1.6

0.6

35.2

29.0

47.0

21.1

0.74

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

70.2

10046

1.1

0.6

13.4

9.7

11.4

9.3

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

SBI Long Term Equity Fund

440.7

27847

1.6

0.9

38.3

26.4

25.6

15.0

0.48

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

68.3

990

2.2

0.6

15.1

11.2

13.2

9.5

0.53

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

99.5

1453

2.1

0.8

15.6

19.4

16.1

13.1

0.27

EQUITY – DIVIDEND YIELD FUNDS

Templeton India Equity Income Fund

143.1

2414

2.1

1.2

32.9

21.6

25.8

15.5

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

101.7

7427

1.8

0.7

17.8

12.1

13.1

10.5

0.34

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

109.3

23952

1.6

0.6

30.3

22.4

28.4

19.4

0.52

EQUITY – LARGE & MID CAP FUNDS

Bandhan Core Equity Fund

133.6

7293

1.8

0.6

38.1

26.0

24.4

15.8

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

153.0

6894

1.7

0.6

21.5

18.0

23.2

15.4

0.40

EQUITY – VALUE FUNDS

Bandhan Sterling Value Fund

151.1

10054

1.8

0.7

27.6

21.6

26.5

15.7

0.42

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

58.3

519

2.3

0.8

37.4

27.6

31.7

16.9

0.60

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

28.2

1169

2.1

0.5

25.8

16.2

17.1

–

0.40

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

224.9

2349

2.0

0.8

29.7

18.3

18.6

13.4

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

178.2

8817

1.7

0.5

26.6

16.3

21.6

14.4

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

140.4

16841

1.6

0.8

34.2

21.2

22.6

16.2

0.42

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

83.9

1081

2.2

0.7

22.9

16.6

17.8

13.0

0.34

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

102.6

7677

1.7

0.4

46.7

27.5

31.2

19.1

0.55

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1658.6

17450

1.7

0.9

30.2

20.9

23.3

14.8

0.43

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1916.5

64929

1.4

0.8

32.0

26.0

23.9

14.7

0.43

EQUITY – FOCUSED FUNDS

HDFC Focused 30 Fund

221.6

14969

1.7

0.6

32.0

26.3

23.9

13.7

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

79.8

3322

1.8

1.2

12.9

10.5

11.2

8.8

0.54

EQUITY – MID CAP FUNDS

HDFC Mid-Cap Opportunities Fund

192.9

75037

1.4

0.7

34.4

29.1

29.7

18.3

0.54

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.7

1523

2.1

0.8

19.8

12.5

11.7

8.5

0.38

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

33.8

583

1.5

0.6

24.7

14.1

13.8

9.4

0.44

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

51.1

4875

1.9

0.6

31.1

25.9

26.7

14.8

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

373.9

40203

1.6

1.0

24.4

20.9

22.3

15.2

0.50

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

195.0

6779

1.9

1.2

39.7

36.0

32.0

16.7

0.53

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

958.7

17120

1.7

0.8

29.3

22.8

24.1

14.7

0.45

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

72.4

3201

1.7

0.9

13.0

9.6

10.0

9.4

0.62

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

133.4

1072

2.2

0.9

27.5

20.9

16.6

14.8

0.27

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

127.1

720

2.3

0.6

34.1

24.2

25.1

12.9

0.60

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

50.7

183

2.4

1.3

37.6

21.8

23.1

15.9

0.42

EQUITY – LARGE CAP FUNDS

Kotak Bluechip Fund

569.5

9327

1.8

0.6

25.4

15.9

18.1

13.0

0.34

EQUITY – MID CAP FUNDS

Kotak Emerging Equity Fund

136.5

50627

1.4

0.4

39.7

24.3

28.0

18.9

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Equity Hybrid Fund

62.7

6606

1.8

0.5

28.3

17.1

19.1

13.1

0.40

EQUITY – LARGE & MID CAP FUNDS

Kotak Equity Opportunities Fund

345.4

25034

1.6

0.5

32.5

22.4

22.5

15.8

0.42

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

25.8

7804

1.8

0.6

15.9

12.4

11.7

9.6

0.42

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

283.1

17593

1.6

0.5

32.9

19.8

31.7

19.1

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

48.8

24896

1.6

0.6

27.8

17.0

21.2

–

0.39

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

94.3

4118

1.8

0.4

23.3

20.1

20.5

16.1

0.40

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

151.1

38166

1.5

0.6

25.6

16.4

21.8

18.5

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

56.0

4187

1.8

0.7

54.7

28.9

24.9

–

0.43

EQUITY – MID CAP FUNDS

Nippon India Growth Fund

4192.1

33922

1.6

0.8

36.6

28.1

30.3

18.4

0.54

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

89.8

34105

1.6

0.7

28.6

22.7

21.0

14.2

0.37

EQUITY – VALUE FUNDS

Nippon India Value Fund

230.0

8542

1.9

1.2

34.3

24.9

25.6

16.0

0.46

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

36.4

6338

1.8

0.4

23.0

11.7

21.9

–

0.41

EQUITY – FOCUSED FUNDS

Quant Focused Fund

88.6

1118

2.2

0.7

22.3

18.4

22.5

16.1

0.42

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

39.7

6548

1.8

0.7

28.3

18.4

15.1

–

0.24

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

331.2

3074

2.0

0.9

27.9

22.8

23.2

16.1

0.43

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

55.8

11835

1.7

0.4

43.4

14.4

30.2

–

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

189.5

2451

2.0

1.1

34.5

28.6

28.8

16.3

0.52

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

51.6

2234

2.0

0.9

22.6

15.8

20.4

12.1

0.39

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

57.8

3264

2.0

1.1

16.2

15.1

13.5

13.6

0.22

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

193.6

5046

1.9

0.8

29.5

12.2

29.1

19.0

0.54

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

473.6

1540

2.2

1.4

31.5

24.3

24.5

12.6

0.47

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1760.8

22507

1.7

0.9

27.8

16.5

18.7

14.1

0.33

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

140.4

7729

1.8

0.9

27.5

16.1

17.9

12.6

0.34

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Frontline Equity Fund

521.1

29395

1.7

1.0

24.5

16.3

17.9

12.5

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life India GenNext Fund

216.0

5854

1.9

0.8

23.8

17.1

19.1

15.7

0.37

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

64.3

1426

1.9

1.0

12.6

8.9

9.9

8.6

0.40

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

28.9

297

2.2

1.0

9.6

5.8

8.3

6.8

0.41

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

21.8

1020

2.2

1.0

14.8

9.1

10.2

–

0.32

EQUITY – MID CAP FUNDS

Axis Midcap Fund

113.9

30008

1.6

0.5

36.6

18.6

23.8

16.6

0.50

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.0

2283

2.0

0.7

18.1

10.0

11.5

8.6

0.27

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

54.0

1798

2.1

0.8

50.6

31.4

31.7

16.9

0.50

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

76.9

1760

2.1

0.9

29.0

16.1

18.2

12.0

0.35

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

43.5

745

2.0

0.5

11.6

7.9

7.4

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

98.4

942

2.2

1.0

33.5

18.7

19.4

13.5

0.38

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

103.5

2143

2.0

0.5

33.8

22.2

26.3

16.6

0.50

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

94.3

957

1.8

0.7

12.2

8.0

9.5

8.1

0.50

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Emerging Equities

261.9

24629

1.6

0.6

34.2

18.1

22.4

16.8

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

358.2

10905

1.7

0.6

22.4

14.3

16.6

12.7

0.42

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

338.6

12908

1.7

0.6

26.1

15.2

19.4

13.6

0.39

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

164.2

867

2.3

1.0

48.7

31.1

30.1

16.7

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

349.4

10327

1.8

0.7

24.1

14.4

16.7

12.8

0.37

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

26.6

3212

1.9

0.7

16.7

10.5

10.6

8.9

0.31

EQUITY – LARGE & MID CAP FUNDS

DSP Equity Opportunities Fund

622.7

13804

1.7

0.7

33.3

21.6

22.0

15.9

0.41

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

104.5

11789

1.7

0.7

27.9

16.8

20.0

14.2

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

338.1

5406

1.9

0.8

45.7

33.7

30.3

17.4

0.50

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

204.2

16147

1.7

0.9

30.3

24.2

31.8

18.9

0.55

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

39.3

2365

2.0

0.4

36.6

20.9

21.5

–

0.40

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

89.6

3645

1.9

0.4

33.5

20.5

22.5

15.0

0.43

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

145.0

2825

2.0

0.9

39.1

31.4

28.6

17.9

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1508.8

6833

1.8

1.0

31.2

21.3

21.7

14.1

0.38

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Equity Hybrid Fund

269.6

2014

2.1

1.0

23.9

16.0

17.1

12.1

0.39

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

109.1

12068

1.8

1.0

27.9

19.3

21.2

14.4

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1366.3

15935

1.7

1.1

29.8

23.7

21.9

12.7

0.40

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

64.2

5463

1.9

0.9

13.5

10.6

11.5

9.4

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

117.0

24068

1.7

1.0

18.6

14.7

16.6

10.1

0.37

EQUITY – LARGE CAP FUNDS

HDFC Top 100 Fund

1140.5

36467

1.6

1.0

21.1

19.6

18.4

12.4

0.33

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

60.0

144

2.2

1.3

17.1

9.3

9.4

7.7

0.44

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

227.1

5048

1.9

1.2

38.4

20.4

21.6

13.4

0.38

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

492.5

1946

2.1

1.2

27.4

17.0

17.1

12.5

0.33

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

91.3

17237

1.7

0.7

34.3

27.9

32.4

20.7

0.51

EQUITY – VALUE FUNDS

HSBC Value Fund

112.5

13675

1.7

0.8

34.9

26.5

26.0

17.3

0.45

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

124.7

8850

1.8

1.0

18.1

15.1

12.8

13.0

0.21

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

913.0

14347

1.7

1.1

24.2

16.5

19.1

13.0

0.35

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

294.3

6330

1.9

1.1

36.9

22.7

25.8

15.7

0.45

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

54.1

905

2.2

0.9

21.3

14.1

12.5

10.1

0.29

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

132.3

2919

1.9

0.8

33.8

17.3

20.1

14.7

0.37

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

97.9

6149

1.8

0.6

45.0

24.3

22.2

16.0

0.41

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

70.1

1255

2.1

0.7

32.0

16.9

18.9

13.4

0.35

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

174.2

5625

1.8

0.6

49.0

26.2

28.7

18.1

0.54

EQUITY – FOCUSED FUNDS

JM Focused Fund

21.1

212

2.4

0.8

32.3

23.2

18.1

13.7

0.31

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

119.4

6148

1.8

0.6

29.5

19.7

21.0

14.8

0.39

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

83.1

50582

1.5

0.6

27.1

17.9

17.7

14.0

0.32

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

69.6

2368

2.0

0.6

41.4

29.7

29.0

16.5

0.49

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

52.4

852

2.3

1.1

59.2

33.9

28.5

15.7

0.50

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

39.8

3126

1.9

0.6

34.9

18.7

20.2

–

0.39

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

34.5

411

2.5

1.4

45.8

26.2

31.3

–

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

28.3

931

2.2

0.6

21.2

16.2

19.3

–

0.37

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

20.0

580

2.4

0.7

11.7

9.2

11.4

–

0.32

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

31.6

9025

1.7

0.4

20.9

13.4

15.4

–

0.35

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

111.9

39337

1.5

0.6

20.8

13.5

16.0

13.5

0.30

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

589.6

6238

1.9

1.1

17.8

19.6

15.6

12.8

0.24

EQUITY – FOCUSED FUNDS

Nippon India Focused Equity Fund

118.9

8477

1.9

1.2

18.8

16.9

20.9

14.0

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

35.1

756

2.3

0.8

21.5

15.6

19.4

–

0.36

EQUITY – LARGE CAP FUNDS

SBI Blue Chip Fund

91.1

50502

1.5

0.8

20.8

15.3

17.5

13.1

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

282.8

72428

1.4

0.7

19.9

12.4

14.6

12.1

0.33

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

23.4

5982

1.2

0.7

14.1

10.9

11.6

–

0.35

EQUITY – FOCUSED FUNDS

SBI Focused Equity Fund

335.4

34747

1.6

0.7

21.7

10.4

17.3

14.2

0.34

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

51.9

5006

1.9

0.9

30.9

28.4

27.3

16.6

0.48

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

611.5

29329

1.6

0.7

27.9

19.5

22.1

15.4

0.40

EQUITY – MID CAP FUNDS

SBI Magnum Midcap Fund

238.1

21455

1.7

0.8

25.7

20.0

27.6

16.2

0.50

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

182.5

33285

1.6

0.7

29.0

20.8

27.9

21.1

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

160.6

5358

1.8

0.7

22.2

13.4

16.0

12.3

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

34.9

1533

2.1

0.6

17.7

11.7

11.0

7.9

0.41

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

166.1

1105

2.3

1.3

25.9

15.2

19.5

13.6

0.39

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

40.3

2374

2.0

0.5

16.8

14.1

–

0.24

EQUITY – VALUE FUNDS

Tata Equity P/E Fund

361.1

8681

1.8

0.8

30.2

23.0

21.5

15.2

0.41

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

53.3

216

1.1

0.5

13.7

9.4

9.5

7.4

0.36

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

46.6

2375

2.0

0.7

31.2

21.8

22.0

–

0.45

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

533.5

8390

1.8

0.6

24.3

18.8

19.8

14.0

0.39

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

503.4

2415

2.0

1.0

22.6

16.0

17.2

12.0

0.31

EQUITY – MID CAP FUNDS

Tata Mid Cap Growth Fund

438.4

4444

1.9

0.7

29.0

22.2

25.8

16.7

0.49

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

125.5

129

2.6

2.2

21.3

20.4

24.0

15.9

0.46

EQUITY – VALUE FUNDS

Templeton India Value Fund

724.6

2199

2.1

0.9

26.3

23.0

24.9

14.3

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

65.5

931

2.3

1.3

23.2

16.9

20.9

12.2

0.40

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

52.3

1628

2.1

0.9

26.3

22.6

30.7

15.7

0.53

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

403.7

6107

1.9

1.2

26.2

18.2

19.6

12.3

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

67.1

1649

1.8

1.2

14.2

9.2

10.2

8.4

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

209.5

3872

1.9

0.9

22.7

13.5

18.5

12.5

0.35

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

180.9

4048

2.0

1.1

36.2

23.3

24.6

14.2

0.44

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

270.7

12860

1.7

0.9

19.2

12.1

16.6

11.7

0.32

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

312.5

12029

1.8

0.9

30.5

19.2

26.1

15.3

0.49

EQUITY – VALUE FUNDS

UTI Value Fund

170.2

10159

1.8

1.1

33.8

20.5

22.0

13.2

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1510.9

7688

1.9

1.1

22.3

13.0

14.7

10.7

0.31

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

98.3

1195

2.3

1.3

33.7

27.5

27.7

14.1

0.45

EQUITY – LARGE CAP FUNDS

Axis Bluechip Fund

60.2

33236

1.6

0.7

21.4

10.1

13.8

11.8

0.28

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

204.6

7291

1.9

1.2

23.9

15.3

16.7

11.8

0.31

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Hybrid Equity Fund

25.4

810

2.3

1.0

26.5

15.2

17.1

–

0.35

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

24.8

135

2.3

1.2

14.4

14.9

11.7

7.6

0.36

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

91.1

365

2.3

1.2

28.1

19.0

21.0

12.4

0.40

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

45.6

192

2.4

1.0

22.3

17.6

12.4

10.8

0.20

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

21.1

2162

1.3

0.4

14.3

10.4

10.2

–

0.29

EQUITY – FOCUSED FUNDS

DSP Focus Fund

54.3

2546

2.0

1.0

27.1

17.5

16.6

12.5

0.30

EQUITY – MID CAP FUNDS

DSP Midcap Fund

149.2

19015

1.7

0.8

29.5

18.6

21.6

15.7

0.42

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

56.3

180

1.1

0.5

12.7

9.2

8.9

7.1

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

112.9

393

2.3

0.7

29.8

18.1

19.0

12.8

0.34

EQUITY – LARGE CAP FUNDS

Franklin India Bluechip Fund

1025.6

7789

1.8

1.1

26.1

14.1

17.2

11.5

0.32

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Debt Hybrid Fund

87.6

245

1.4

0.7

13.0

9.0

8.5

7.7

0.32

EQUITY – MID CAP FUNDS

Franklin India Prima Fund

2808.9

12318

1.8

1.0

39.2

23.6

24.1

16.2

0.44

EQUITY – SMALL CAP FUNDS

Franklin India Smaller Companies Fund

183.9

13944

1.7

0.9

30.3

27.1

30.3

17.6

0.51

EQUITY – VALUE FUNDS

HDFC Capital Builder Value Fund

737.7

7429

1.8

1.0

30.2

20.4

21.3

13.9

0.37

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

144.4

33504

1.6

0.7

28.2

25.9

30.6

18.9

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

57.0

5720

1.9

0.8

29.4

15.9

16.2

12.1

0.34

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

139.1

4303

1.9

1.1

41.4

21.3

20.5

14.3

0.36

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

50.9

2585

2.0

1.0

41.9

29.6

27.4

17.2

0.45

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

411.6

11912

1.7

0.7

45.5

26.8

25.9

17.6

0.46

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

21.6

12406

1.0

0.5

9.8

8.9

8.3

8.0

0.22

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

486.9

1763

2.2

1.3

5.6

15.2

14.4

11.9

0.33

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

20.2

263

2.4

1.1

8.3

14.5

10.9

–

0.18

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

156.3

1147

2.1

1.0

28.7

17.1

16.9

12.4

0.31

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

104.4

1075

2.3

1.4

27.1

16.8

15.9

9.5

0.31

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

56.4

1474

2.1

1.0

22.9

12.1

14.6

10.7

0.28

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

21.5

1145

2.2

1.0

12.1

11.8

10.4

–

0.27

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

47.2

1865

2.1

0.9

19.3

13.4

14.8

12.0

0.28

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

36.5

316

2.3

0.3

22.3

15.5

18.5

–

0.33

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Fund

1471.7

5403

2.0

1.5

36.1

22.7

12.7

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

126.3

215

2.0

0.9

30.6

19.9

19.6

12.4

0.37

EQUITY – VALUE FUNDS

Quantum Long Term Equity Value Fund

127.3

1189

2.0

1.1

31.0

19.9

19.6

12.5

0.37

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

110.6

22206

1.7

0.8

21.4

14.4

17.1

13.6

0.32

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

227.8

4586

1.9

0.8

37.8

14.2

28.1

17.4

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

506.6

1351

2.2

1.7

23.3

16.6

19.9

13.7

0.38

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

96.1

1000

2.4

1.8

34.2

24.2

25.3

14.5

0.41

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

87.6

6871

1.8

0.7

28.7

17.3

19.2

14.7

0.34

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1399.4

12350

1.7

0.9

39.3

26.4

25.3

16.1

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Tax Saver Fund

45.4

4680

1.8

0.7

27.3

18.7

19.1

15.2

0.36

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Hybrid Equity Fund

439.1

4137

1.9

1.0

20.2

14.0

15.0

10.7

0.34

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.7

433

2.5

1.6

19.9

13.3

16.3

–

0.31

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

180.6

4203

2.0

1.4

36.2

20.2

22.8

13.7

0.47

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

327.6

26298

1.7

1.0

21.8

8.0

17.2

12.5

0.32

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

59.1

715

2.4

1.5

27.3

15.0

17.2

11.3

0.35

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

59.4

15895

1.7

1.0

25.4

12.9

13.2

11.5

0.26

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Equity Advantage Fund

913.5

5872

1.9

1.1

23.3

11.2

16.9

12.6

0.28

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

21.0

647

1.1

0.6

9.6

6.4

8.5

7.7

0.23

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

792.9

6015

1.9

1.1

31.9

19.4

24.0

14.7

0.43

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Pure Value Fund

131.5

6416

1.9

1.0

27.6

23.2

23.6

13.0

0.40

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

90.3

5181

1.9

0.9

27.5

18.9

24.7

14.7

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

96.5

36533

1.5

0.8

25.0

9.7

15.0

12.9

0.27

EQUITY – FOCUSED FUNDS

Axis Focused Fund

55.2

13356

1.7

0.8

23.1

6.7

12.9

12.4

0.23

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

31.0

119

2.0

1.0

10.5

6.3

6.6

6.8

0.23

EQUITY – FOCUSED FUNDS

Bandhan Focused Equity Fund

91.2

1793

2.1

0.8

38.9

20.2

19.4

12.7

0.36

EQUITY – LARGE CAP FUNDS

DSP Top 100 Equity Fund

464.4

4470

1.9

1.1

27.6

18.2

16.1

11.3

0.28

EQUITY – LARGE & MID CAP FUNDS

Franklin India Equity Advantage Fund

189.7

3518

2.0

1.3

29.4

16.0

19.4

12.3

0.33

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

560.7

1845

2.1

1.0

39.4

17.5

28.2

17.4

0.57

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

43.5

126

2.4

1.0

24.7

15.6

14.4

11.7

0.26

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

48.5

2516

2.1

1.1

34.9

34.4

26.5

11.2

0.41

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

196.8

536

2.5

1.4

24.0

13.1

12.7

8.5

0.28

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.9

319

2.5

1.6

34.3

20.6

24.0

–

0.42

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

63.9

12598

1.7

0.9

51.2

23.9

19.4

15.3

0.34

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

129.7

15673

1.7

1.0

28.9

20.3

19.8

10.6

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Equity Hybrid Fund

104.1

3858

2.0

1.2

22.7

17.1

14.2

10.5

0.23

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

15.6

713

1.7

0.7

10.3

8.6

6.0

–

0.08

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Hybrid Bond Fund

55.0

831

1.9

1.1

9.0

7.8

4.8

5.5

0.06

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

336.7

587

2.4

0.9

16.7

12.2

13.9

10.5

0.25

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

99.6

1564

2.2

1.3

25.6

21.0

18.8

14.7

0.35

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

141.0

933

2.3

1.0

25.7

19.3

21.3

14.3

0.45

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

267.3

3450

1.9

0.8

27.3

22.3

29.1

14.9

0.46

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

235.9

367

2.7

2.6

25.9

18.0

16.4

9.8

0.29

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

178.4

1170

2.2

1.2

20.3

16.1

12.2

10.1

0.19

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

143.4

2252

2.2

1.8

29.7

23.6

22.2

12.7

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

40.8

5463

1.6

1.0

14.5

7.6

10.3

8.1

0.30

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1390.8

3956

2.0

1.3

24.8

13.2

12.2

10.7

0.26

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.4

1619

2.1

1.1

21.2

9.1

13.0

–

0.28

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

–

20.6

2547

2.0

0.8

23.9

13.2

12.8

–

0.43

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

–

26.9

12666

1.7

0.7

29.8

12.4

16.5

–

0.33

EQUITY – LARGE & MID CAP FUNDS

Axis Growth Opportunities Fund

–

33.0

13780

1.7

0.6

33.1

16.6

23.2

–

0.45

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

–

30.0

246

1.1

0.2

8.7

6.9

8.1

6.7

0.24

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

33.6

2.1

1.1

9.6

13.7

12.1

7.8

0.79

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

51.0

1537

2.0

0.5

35.2

25.4

38.0

–

0.70

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

24.1

4115

1.9

0.7

21.2

14.4

16.9

–

0.50

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

–

23.0

675

2.3

0.4

27.2

17.5

18.2

–

0.34

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

32.6

1447

2.1

0.6

28.3

19.6

20.9

–

0.43

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

302.8

2739

2.0

0.9

38.9

21.6

25.1

14.7

0.47

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

41.7

12452

1.7

0.4

31.5

23.6

34.8

–

0.62

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

41.6

3138

1.9

0.6

46.1

23.3

31.2

–

0.85

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

–

62.0

2195

2.0

0.4

24.5

17.9

18.5

12.5

0.42

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

46.3

4256

1.8

0.4

32.7

24.8

33.9

–

0.59

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

15.9

724

1.1

0.3

10.6

7.9

9.1

–

0.27

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

21.0

2.3

0.9

21.5

13.4

13.9

–

0.30

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

21.2

2.3

0.6

29.6

17.5

16.3

–

0.31

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.8

2.3

0.9

23.4

17.0

18.3

–

0.35

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

–

510.3

94866

1.4

0.7

23.3

23.2

21.0

14.1

0.44

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

28.8

3979

1.9

0.9

44.3

22.9

22.8

–

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

97.6

260

2.5

1.6

40.3

21.2

20.9

13.9

0.37

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

795.8

14152

1.7

0.9

31.5

22.6

22.2

15.0

0.40

EQUITY – SECTOR – PHARMA FUNDS

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

–

39.0

5024

1.9

1.1

49.5

25.6

30.7

–

0.88

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

–

89.7

8435

1.8

0.8

23.8

21.3

29.0

16.3

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

–

23.1

549

2.4

0.8

32.9

17.6

16.0

–

0.35

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

138.4

17718

1.6

0.5

39.9

22.6

23.5

16.5

0.44

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.8

341

2.3

0.7

18.5

10.3

9.7

–

0.35

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

138.7

3810

1.9

0.7

37.0

21.1

23.6

15.1

0.42

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

43.7

5353

1.8

0.4

43.0

27.7

32.9

–

0.56

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

20.3

16752

1.7

0.5

18.8

12.3

12.7

–

0.31

EQUITY – CONTRA FUNDS

Kotak India EQ Contra Fund

–

152.0

3935

1.9

0.6

33.7

23.9

22.9

15.6

0.42

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

80.2

2.3

1.2

10.4

6.1

7.0

6.5

0.34

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

31.3

464

2.5

1.2

42.3

22.6

24.1

–

0.49

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

26.5

2.0

1.0

12.9

8.9

9.3

6.8

0.25

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

–

21.9

143

2.5

1.6

23.2

13.3

17.0

–

0.32

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

30.7

2.4

1.2

48.6

19.1

23.9

–

0.67

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

26.9

143

2.5

1.6

37.3

20.5

21.4

–

0.39

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

23.4

423

2.4

0.7

27.5

20.6

18.6

–

0.35

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

22.9

595

2.4

0.7

23.1

14.4

16.5

–

0.32

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

–

34.5

3461

1.9

0.5

39.1

26.9

29.0

–

0.55

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

35.5

4858

1.8

0.5

30.6

20.7

25.3

–

0.47

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

19.5

1353

1.3

0.3

14.5

10.3

12.1

–

0.40

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.3

2770

1.9

0.5

39.6

19.3

28.8

–

0.82

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

–

20.5

109

2.3

0.4

19.4

13.7

13.3

–

0.28

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

29.7

2.3

0.4

20.1

13.8

15.0

–

0.27

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

23.4

267

2.3

0.4

18.7

14.7

16.2

–

0.29

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

–

173.0

8750

1.8

0.6

18.5

13.0

13.2

10.1

0.36

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

–

200.2

2188

2.0

0.7

26.4

22.2

24.3

14.0

0.50

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

299.6

38678

1.6

0.7

34.3

27.9

25.7

14.8

0.42

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

516.9

8689

1.8

0.9

37.3

20.7

28.0

15.2

0.78

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

47.6

1.3

0.5

8.7

6.5

7.4

7.8

0.21

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Hybrid Equity Fund

–

129.0

209

2.3

0.8

20.3

10.3

12.8

8.6

0.25

EQUITY – MULTI CAP FUNDS

Quant Active Fund

–

669.6

10614

1.7

0.6

22.9

18.0

29.0

18.9

0.51

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

100.4

7331

1.8

0.6

27.6

21.0

32.3

18.7

0.60

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

389.2

41907

1.5

0.6

28.4

25.3

30.5

16.2

0.60

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

431.2

3460

2.0

0.9

46.3

25.5

29.7

13.7

0.80

EQUITY – THEMATIC – MNC FUNDS

SBI Magnum Global Fund

–

377.8

6635

1.9

1.2

12.6

10.0

16.4

11.9

0.38

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

32.1

2.3

0.8

18.0

12.7

12.9

9.4

0.30

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

23.1

2.3

0.7

22.2

15.0

16.1

–

0.33

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

22.3

137

2.3

0.7

22.8

16.0

–

0.31

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

28.9

2.2

1.2

9.9

7.1

8.5

7.2

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram Diversified Equity

–

220.4

1560

2.2

1.6

19.7

15.4

16.9

11.9

0.29

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

382.0

2759

2.0

0.9

27.1

17.7

21.8

14.9

0.40

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.2

10288

1.7

0.4

15.2

12.1

13.5

–

0.43

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

23.7

3009

1.9

0.7

21.4

14.4

16.3

–

0.32

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

30.8

1208

2.1

0.7

41.5

22.1

27.3

–

0.80

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

43.5

9464

1.7

0.3

38.4

26.7

33.1

–

0.61

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

52.1

2.5

1.8

16.9

15.5

12.7

10.8

0.21

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

189.8

2.5

2.0

29.0

20.6

18.8

13.6

0.36

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

70.6

2.5

2.2

30.5

23.7

24.0

14.6

0.45

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

159.7

2.6

2.5

27.8

17.3

16.0

10.1

0.30

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

–

19.8

1462

2.1

1.0

14.2

10.1

12.2

–

0.34

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

16.5

135

2.0

1.4

10.6

7.7

8.6

–

0.29

EQUITY – VALUE FUNDS

Union Value Fund

–

28.3

295

2.5

1.3

24.0

20.4

21.8

–

0.42

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

17.7

642

1.7

0.8

11.9

10.9

11.3

–

0.46

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

290.8

1203

2.2

1.3

46.5

22.3

28.1

13.1

0.80

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

401.9

2981

2.0

1.2

24.0

14.5

15.6

11.3

0.35

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Should You Subscribe to the NFO of the Select Business Group Funds?

by Hansraj Agrawal | Dec 6, 2024 | Share Market

While investing in conglomerates has always been a broader idea, it is now officially a sub-theme within the thematic space with BSE launching its Select Business Group Index on October 8. Adding more to the fray, Tata MF has launched an index fund tracking the benchmark index while Aditya Birla Sun Life MF is out with an active fund benchmarked against the index.

Tata BSE Select Business Group Index Fund will officially be the first fund in this space, NFO of which closes on December 9. Aditya Birla Sun Life Conglomerate Fund, a close second and the only active fund in this space now, is open until December 19.

We try to dissect if this space puts on the table a differentiated approach and where the risk reward scale is tilted, and what should investors do.

About the index

BSE Select Business Group Index measures the performance of top 30 companies from the largest seven business groups in India, based on free float from the BSE 500 index, specifically excluding the companies belonging to the financial services sector. Currently, the seven business groups part of the index are Adani, Aditya Birla, Tata, Jindal, L&T, Mahindra, and Reliance (in no particular order).

The index is reconstituted semi-annually in June and December. While the weights are rebalanced on a quarterly basis, with weight cap at 23 per cent at both the individual stock and business group levels.

Concentrated exposure

The benchmark index and hence, Tata BSE Select Business Group Index Fund, proposes a concentrated approach with top 5 and 10 stocks adding up to 55 per cent and 71 per cent respectively. Picked from a niche universe of top business groups, the index is skewed marketcap-wise with large-cap exposure at 97 per cent.

While around 19 industries are covered by the index, there is no exposure to some of the best performers since Covid-19 , such as healthcare, pharmaceuticals, chemicals and realty, while exposure to FMCG, the defensive bellwether, is negligible.

While BSE Select Business Group Index has outperformed Nifty and Sensex across one-year, three-year, five-year and 10-year time horizons, outperformance against Nifty 100, Nifty 200 and Nifty 500, is only in the five-year and 10-year periods. The underperformance in the one-year and three-year periods could be attributed to the relative underperformance in IT, construction materials and oil and gas since 2021, which constitute around 42 per cent of the index. Also, no exposure to financials could add to underperformance in the coming years, considering the sector’s strong linkage with the broader economy.

This risk, is partially negated by ABSL Conglomerate Fund with the universe of conglomerates relatively larger at 36 and universe of companies at 169, consequently enhancing the probability of a wider sectoral coverage and mitigating the concentration risk. While the group exposure is capped at 25 per cent, relatively similar to the index, how many business groups find place in the index, alongside their weights, is a key monitorable.

With large and mid-caps accounting for just 21.3 per cent and 17.8 per cent of the universe respectively, and small-caps accounting for 60.9 per cent, the fund proposes to be tilted higher towards mid and small-caps than the universe.

ABSL Conglomerate Fund proposes to invest in holding companies to benefit from value unlocking on listing of their unlisted business arms. This, at best, is a medium-to-long term strategy and allocation towards the same will be another key monitorable.

High risk

Thematic funds are usually high-risk. This fund is no different, with limited universe to pick stocks from and meaningful exposure to conglomerates being a double-edged sword, considering the recent episodes in Adani and Raymond groups. While the fact that these conglomerates will have no dearth of capital, and venturing into new sunrise sectors and high growth opportunities is a given, an entry pass will just help that much, and sustaining and building a resilient business is another ball game.

Also, since exposure to most of the well-run parts of the conglomerates is not scarce in other funds across marketcap and sectors, this thematic space does not make a compelling case for investment. Investors could consider keeping these funds on their radar and track their returns, before investing in them.

Overview

With large- and mid-caps accounting for just 21.3 per cent and 17.8 per cent of the universe respectively, and small-caps accounting for 60.9 per cent, the fund proposes to be tilted higher towards mid- and small-caps than the universe.

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Mutual Funds returns

by Hansraj Agrawal | Nov 30, 2024 | Share Market

EQUITY – FOCUSED FUNDS

360 ONE Focused Equity Fund

46.8

7617

1.8

0.9

26.3

16.2

21.3

15.9

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

168.9

1436

2.0

0.8

34.0

19.7

25.4

16.5

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

38.5

1010

2.1

0.9

28.8

19.3

26.2

–

0.57

EQUITY – LARGE CAP FUNDS

Canara Robeco Bluechip Equity Fund

61.0

14581

1.7

0.5

28.4

14.4

17.9

13.3

0.38

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

108.4

1747

2.1

0.8

28.0

18.6

20.7

16.1

0.41

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

49.4

12306

1.7

0.5

19.8

11.7

14.9

10.7

0.54

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

23.8

539

1.6

0.6

14.2

9.3

10.5

8.7

0.58

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

331.1

23485

1.7

0.9

29.8

21.9

23.3

13.7

0.43

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

69.4

60545

1.5

0.9

16.9

12.6

12.9

10.9

0.32

EQUITY – LARGE CAP FUNDS

ICICI Prudential Bluechip Fund

105.9

63670

1.5

0.9

28.4

18.3

19.2

13.7

0.38

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

85.8

9867

1.7

0.6

36.3

21.2

23.9

13.7

0.55

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

213.6

13495

1.8

1.0

34.8

10.1

30.5

17.9

0.57

EQUITY – VALUE FUNDS

ICICI Prudential Value Discovery Fund

447.0

49104

1.5

1.0

30.9

23.4

25.7

15.4

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

65.3

1591

2.1

0.7

49.5

29.0

30.3

17.1

0.56

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

103.5

4722

1.8

0.5

42.9

27.3

24.5

17.0

0.49

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

157.5

457

2.4

0.7

30.6

17.7

18.3

11.3

0.57

EQUITY – VALUE FUNDS

JM Value Fund

101.4

1067

2.2

0.9

35.9

26.6

24.7

17.3

0.47

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

56.7

2999

1.7

0.5

15.1

10.0

11.4

9.6

0.58

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

108.4

20056

1.6

0.6

61.9

35.9

32.5

20.6

0.56

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

176.1

61027

1.4

0.7

35.3

29.7

35.6

22.5

0.59

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

80.0

81919

1.3

0.6

28.6

17.2

24.6

17.9

0.54

EQUITY – MID CAP FUNDS

PGIM India Midcap Opportunities Fund

62.8

10943

1.7

0.5

24.3

14.6

28.5

15.9

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Absolute Fund

410.9

2251

2.0

0.7

23.2

14.8

23.6

15.4

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

369.3

10980

1.7

0.7

25.9

19.2

30.8

21.1

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

39.6

3599

1.9

0.7

38.8

24.3

34.3

18.7

0.54

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

118.4

3709

1.9

0.6

31.0

21.4

25.2

18.4

0.52

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

223.7

8941

1.7

0.6

28.6

24.3

31.7

18.4

0.61

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

270.4

26331

1.6

0.6

38.6

28.9

46.0

20.9

0.74

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

69.7

10076

1.1

0.6

13.3

9.5

11.1

9.3

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

SBI Long Term Equity Fund

430.7

27559

1.6

0.9

39.8

25.3

24.5

14.7

0.48

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

67.5

990

2.2

0.6

15.3

10.7

12.8

9.4

0.53

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

96.6

1453

2.1

0.8

18.3

15.2

12.9

0.27

EQUITY – DIVIDEND YIELD FUNDS

Templeton India Equity Income Fund

140.3

2414

2.1

1.2

34.9

20.9

25.0

15.2

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

100.6

7427

1.8

0.7

19.2

11.6

12.7

10.4

0.33

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

106.0

23952

1.6

0.6

28.9

22.0

27.5

19.3

0.51

EQUITY – LARGE & MID CAP FUNDS

Bandhan Core Equity Fund

130.1

6917

1.8

0.6

39.0

24.9

23.3

15.5

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

149.4

6900

1.7

0.6

21.7

17.2

22.0

15.3

0.40

EQUITY – VALUE FUNDS

Bandhan Sterling Value Fund

147.7

10036

1.8

0.7

28.4

21.2

25.3

15.8

0.42

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

56.6

519

2.3

0.8

37.7

27.1

30.4

16.7

0.60

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.6

1169

2.1

0.5

26.8

15.3

16.4

–

0.40

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

219.7

2349

2.0

0.8

31.6

17.0

17.8

13.1

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

173.5

8791

1.7

0.5

28.3

15.1

20.8

14.2

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

136.9

16841

1.6

0.8

36.5

20.4

21.6

16.0

0.42

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

82.1

1081

2.2

0.7

24.6

15.5

17.0

12.7

0.34

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

99.3

7677

1.7

0.4

46.5

26.5

29.8

19.0

0.55

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1615.5

17450

1.7

0.9

32.2

19.7

22.2

14.6

0.43

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1883.7

64929

1.4

0.8

35.5

25.4

22.8

14.5

0.43

EQUITY – FOCUSED FUNDS

HDFC Focused 30 Fund

218.8

14969

1.7

0.6

35.4

25.9

22.9

13.7

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

79.2

3320

1.8

1.2

13.7

10.3

10.8

8.8

0.54

EQUITY – MID CAP FUNDS

HDFC Mid-Cap Opportunities Fund

187.3

75037

1.4

0.7

35.4

28.6

28.5

18.2

0.54

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

42.8

1504

2.1

0.8

19.6

11.4

11.2

8.4

0.37

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

33.1

548

1.5

0.6

23.2

13.3

13.2

9.2

0.43

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

50.1

4875

1.9

0.6

34.3

25.0

25.8

14.7

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

367.9

40203

1.6

1.0

25.9

19.9

21.6

15.2

0.50

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

188.8

6779

1.9

1.2

42.6

34.4

30.3

16.4

0.52

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

941.3

17120

1.7

0.8

31.5

21.8

23.2

14.4

0.45

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

72.0

3220

1.7

0.9

13.2

9.3

9.8

9.5

0.62

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

128.4

1072

2.2

0.9

28.4

19.2

15.5

14.5

0.27

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

124.1

679

2.3

0.6

34.5

23.2

24.4

12.6

0.60

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

49.2

181

2.4

1.3

38.3

20.4

22.0

15.6

0.42

EQUITY – LARGE CAP FUNDS

Kotak Bluechip Fund

555.9

9327

1.8

0.6

27.1

14.8

17.3

12.8

0.34

EQUITY – MID CAP FUNDS

Kotak Emerging Equity Fund

132.7

50627

1.4

0.4

39.5

23.8

27.0

18.8

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Equity Hybrid Fund

61.3

6606

1.8

0.5

28.8

16.3

18.3

12.9

0.40

EQUITY – LARGE & MID CAP FUNDS

Kotak Equity Opportunities Fund

336.0

25034

1.6

0.5

33.8

21.2

21.6

15.6

0.42

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

25.4

7804

1.8

0.7

16.2

11.8

11.3

9.4

0.41

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

276.0

17593

1.6

0.5

33.1

19.5

30.8

19.0

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

47.3

24896

1.6

0.6

28.7

15.8

20.1

–

0.39

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

92.7

4118

1.8

0.4

24.8

19.4

19.8

15.9

0.40

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

146.5

38166

1.5

0.6

26.2

15.4

20.7

18.4

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

53.5

4074

1.8

0.7

53.5

26.5

23.6

–

0.43

EQUITY – MID CAP FUNDS

Nippon India Growth Fund

4052.0

33922

1.6

0.8

37.4

26.9

28.9

18.1

0.54

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

87.2

34105

1.6

0.7

29.9

21.3

19.7

13.9

0.37

EQUITY – VALUE FUNDS

Nippon India Value Fund

222.7

8542

1.9

1.2

35.6

23.4

24.4

15.9

0.46

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

35.1

6338

1.8

0.4

22.8

10.7

20.6

–

0.40

EQUITY – FOCUSED FUNDS

Quant Focused Fund

87.1

1121

2.2

0.7

26.5

17.4

21.5

15.9

0.42

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

38.8

6457

1.8

0.7

31.2

17.5

14.3

–

0.25

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

327.8

3015

2.0

0.9

29.1

22.6

16.6

0.43

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

53.5

11835

1.7

0.4

39.8

12.6

29.5

–

0.57

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

184.4

2451

2.0

1.1

38.1

27.9

27.5

16.1

0.52

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

50.1

2234

2.0

0.9

23.2

14.5

19.5

11.9

0.39

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

56.3

3264

2.0

1.1

18.1

14.3

12.5

13.5

0.22

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

186.8

5046

1.9

0.8

26.8

10.8

28.3

18.4

0.54

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

459.5

1540

2.2

1.4

31.3

23.4

23.5

12.5

0.47

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1721.6

22507

1.7

0.9

29.2

15.3

17.8

14.0

0.33

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

137.4

7729

1.8

0.9

29.6

15.1

17.1

12.4

0.34

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Frontline Equity Fund

509.1

29395

1.7

1.0

26.5

15.1

17.0

12.3

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life India GenNext Fund

212.3

5854

1.9

0.8

25.2

16.1

18.4

15.8

0.37

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

63.8

1425

1.9

1.0

12.8

8.6

9.5

8.7

0.40

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

28.7

299

2.2

1.0

10.0

5.6

8.1

6.8

0.41

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

21.6

1020

2.2

1.0

16.0

8.7

9.9

–

0.31

EQUITY – MID CAP FUNDS

Axis Midcap Fund

110.4

30008

1.6

0.5

36.3

17.3

22.7

16.5

0.50

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

23.7

2268

2.0

0.7

18.2

9.3

11.1

8.4

0.27

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

52.2

1777

2.1

0.8

51.6

30.2

30.1

16.5

0.49

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

74.9

1697

2.1

0.9

30.9

14.7

17.4

11.6

0.35

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

43.1

745

2.0

0.5

11.7

7.6

7.4

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

95.1

942

2.2

1.0

35.8

17.3

18.4

13.1

0.38

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

100.8

2143

2.0

0.5

34.0

21.3

25.4

16.5

0.50

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

93.6

964

1.8

0.7

12.5

7.7

9.3

8.0

0.50

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Emerging Equities

252.6

24108

1.6

0.6

34.1

16.6

21.4

16.6

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

350.9

10873

1.7

0.6

23.7

13.4

16.1

12.5

0.42

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

328.9

12901

1.7

0.6

27.5

14.0

18.6

13.3

0.39

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

159.2

848

2.3

1.0

53.5

30.4

28.9

16.3

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

344.9

10327

1.8

0.7

26.1

14.0

16.3

12.8

0.37

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

26.4

3212

1.9

0.7

18.4

10.1

10.4

8.9

0.31

EQUITY – LARGE & MID CAP FUNDS

DSP Equity Opportunities Fund

608.0

13804

1.7

0.7

35.5

20.8

21.1

15.6

0.41

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

102.0

11789

1.7

0.7

29.6

16.0

19.2

14.1

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

330.2

5406

1.9

0.8

51.0

33.2

29.1

17.2

0.50

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

198.1

16147

1.7

0.9

28.5

23.3

30.7

18.8

0.54

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

38.2

2365

2.0

0.4

38.2

19.7

20.6

–

0.40

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

86.7

3645

1.9

0.4

33.5

19.3

21.5

14.7

0.43

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

142.4

2825

2.0

0.9

43.8

30.9

27.4

18.1

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1468.5

6833

1.8

1.0

33.2

20.1

20.7

13.9

0.38

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Equity Hybrid Fund

264.2

2014

2.1

1.0

25.0

15.1

16.4

12.0

0.38

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

106.5

12068

1.8

1.0

29.0

18.4

20.1

14.4

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1341.7

15935

1.7

1.1

33.4

22.9

20.9

12.6

0.40

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

63.7

5463

1.9

0.9

14.3

10.3

11.2

9.4

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

114.9

24068

1.7

1.0

20.3

14.2

15.9

10.0

0.36

EQUITY – LARGE CAP FUNDS

HDFC Top 100 Fund

1116.2

36467

1.6

1.0

24.0

18.7

17.3

12.1

0.33

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

59.4

137

2.2

1.3

16.9

9.0

7.8

0.44

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

220.1

4943

1.9

1.2

39.0

19.1

20.6

13.2

0.38

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

476.4

1928

2.1

1.2

27.6

15.5

16.2

12.1

0.32

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

88.3

16920

1.7

0.7

33.7

27.6

31.1

20.6

0.51

EQUITY – VALUE FUNDS

HSBC Value Fund

108.4

13603

1.7

0.8

36.2

25.2

24.7

17.1

0.44

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

122.0

8850

1.8

1.0

20.2

14.3

11.8

12.9

0.21

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

895.1

14347

1.7

1.1

26.1

15.5

18.2

12.8

0.35

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

285.3

6330

1.9

1.1

37.4

21.7

24.4

15.5

0.45

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

53.1

905

2.2

0.9

22.3

13.4

11.9

9.7

0.28

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

127.7

2919

1.9

0.8

33.5

16.0

19.1

14.3

0.36

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

93.9

6149

1.8

0.6

43.8

22.5

21.0

15.5

0.40

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

68.0

1255

2.1

0.7

32.9

15.3

18.1

12.9

0.35

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

167.1

5625

1.8

0.6

47.3

25.1

27.6

17.9

0.53

EQUITY – FOCUSED FUNDS

JM Focused Fund

20.4

196

2.4

0.8

31.9

21.8

16.9

13.2

0.31

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

116.2

6148

1.8

0.6

30.9

18.2

20.2

14.6

0.39

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

80.9

50582

1.5

0.6

28.8

16.7

16.8

13.8

0.32

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

67.6

2368

2.0

0.6

43.3

28.8

27.8

16.4

0.49

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

51.0

786

2.3

1.1

60.9

33.2

27.6

15.3

0.50

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

38.9

3083

1.9

0.6

36.7

17.8

19.4

–

0.39

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

33.5

386

2.5

1.4

44.6

26.3

30.1

–

0.52

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

27.6

925

2.2

0.6

22.3

15.0

18.5

–

0.37

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

19.9

572

2.4

0.7

12.6

8.8

11.1

–

0.32

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

31.0

9025

1.7

0.4

21.9

12.7

14.8

–

0.35

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

108.9

39337

1.5

0.6

22.0

12.3

15.0

13.2

0.30

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

574.6

6238

1.9

1.1

20.0

19.0

14.3

12.6

0.25

EQUITY – FOCUSED FUNDS

Nippon India Focused Equity Fund

116.6

8477

1.9

1.2

20.0

16.0

19.9

14.0

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

34.0

756

2.3

0.8

21.4

14.2

18.3

–

0.36

EQUITY – LARGE CAP FUNDS

SBI Blue Chip Fund

89.4

50447

1.5

0.8

22.8

14.3

16.7

12.9

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

278.3

71585

1.4

0.7

20.8

11.6

13.9

12.1

0.33

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

23.2

5616

1.2

0.7

14.1

10.5

11.3

–

0.35

EQUITY – FOCUSED FUNDS

SBI Focused Equity Fund

329.3

34941

1.6

0.7

21.7

9.4

16.6

14.3

0.34

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

50.6

4963

1.9

0.9

32.7

27.4

26.1

16.4

0.49

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

600.0

28660

1.6

0.7

28.8

19.0

21.4

15.3

0.40

EQUITY – MID CAP FUNDS

SBI Magnum Midcap Fund

233.4

21407

1.7

0.8

25.5

19.8

26.7

16.2

0.50

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

178.6

33107

1.6

0.7

29.2

20.7

27.1

21.3

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

158.1

5358

1.8

0.7

23.4

12.8

15.4

12.2

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

34.4

1533

2.1

0.6

18.4

11.2

10.6

7.7

0.41

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

162.2

1105

2.3

1.3

27.3

14.3

18.9

13.3

0.39

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

39.3

2374

2.0

0.5

18.6

15.8

13.3

–

0.25

EQUITY – VALUE FUNDS

Tata Equity P/E Fund

354.0

8681

1.8

0.8

33.5

22.2

20.7

15.3

0.41

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

53.0

216

1.1

0.5

14.7

9.1

9.3

7.4

0.35

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

45.5

2375

2.0

0.7

32.5

20.8

21.0

–

0.45

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

523.9

8390

1.8

0.6

25.8

17.8

19.2

14.0

0.39

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

492.3

2415

2.0

1.0

25.7

14.8

16.3

11.9

0.31

EQUITY – MID CAP FUNDS

Tata Mid Cap Growth Fund

429.0

4444

1.9

0.7

30.9

21.6

24.8

16.7

0.48

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

121.7

129

2.6

2.2

20.9

19.7

22.8

15.6

0.45

EQUITY – VALUE FUNDS

Templeton India Value Fund

713.2

2199

2.1

0.9

29.1

22.1

24.0

14.1

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

64.0

931

2.3

1.3

24.7

15.8

20.2

12.1

0.40

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

50.8

1628

2.1

0.9

24.6

22.4

29.6

15.7

0.53

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

395.8

6111

1.9

1.2

27.1

17.3

18.7

12.1

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

66.7

1645

1.8

1.2

14.5

8.9

9.9

8.4

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

204.4

3873

1.9

0.9

23.5

12.4

17.6

12.3

0.35

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

175.9

3976

2.0

1.1

36.8

22.1

23.4

13.9

0.44

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

265.5

12842

1.7

0.9

20.8

11.2

15.9

11.6

0.32

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

305.5

11894

1.8

0.9

30.0

18.5

25.2

15.2

0.48

EQUITY – VALUE FUNDS

UTI Value Fund

166.9

10141

1.8

1.1

35.6

19.5

21.2

13.1

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1480.3

7688

1.9

1.1

23.2

11.9

14.1

10.6

0.30

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

95.6

1195

2.3

1.3

36.2

26.6

26.2

14.0

0.45

EQUITY – LARGE CAP FUNDS

Axis Bluechip Fund

58.8

33236

1.6

0.7

23.3

8.8

13.2

11.5

0.28

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

199.9

7334

1.9

1.2

25.0

14.3

16.1

11.7

0.31

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Hybrid Equity Fund

24.8

787

2.3

1.0

26.3

14.3

16.2

–

0.35

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

24.3

135

2.3

1.2

16.4

14.0

11.3

7.5

0.36

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

88.6

365

2.3

1.2

29.5

17.7

20.1

12.1

0.40

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

44.2

192

2.4

1.0

23.8

16.2

11.5

10.6

0.21

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

21.0

2162

1.3

0.4

15.2

10.1

9.8

–

0.29

EQUITY – FOCUSED FUNDS

DSP Focus Fund

53.1

2546

2.0

1.0

29.2

16.7

15.9

12.5

0.30

EQUITY – MID CAP FUNDS

DSP Midcap Fund

145.8

19015

1.7

0.8

30.6

18.1

20.9

15.7

0.42

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

56.0

185

1.1

0.5

13.3

9.0

8.6

7.1

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

109.7

393

2.3

0.7

31.3

17.0

18.0

12.6

0.34

EQUITY – LARGE CAP FUNDS

Franklin India Bluechip Fund

997.3

7789

1.8

1.1

26.7

12.6

16.1

11.2

0.32

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Debt Hybrid Fund

86.9

222

1.4

0.7

13.4

8.7

8.2

7.7

0.32

EQUITY – MID CAP FUNDS

Franklin India Prima Fund

2734.4

12318

1.8

1.0

40.5

22.7

23.1

16.3

0.44

EQUITY – SMALL CAP FUNDS

Franklin India Smaller Companies Fund

179.9

13944

1.7

0.9

31.0

26.8

29.4

17.7

0.50

EQUITY – VALUE FUNDS

HDFC Capital Builder Value Fund

720.7

7429

1.8

1.0

33.1

19.6

20.2

13.7

0.37

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

139.9

33504

1.6

0.7

27.4

25.5

29.3

18.8

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

55.2

5631

1.9

0.8

28.5

14.6

15.3

11.9

0.33

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

134.6

4253

1.9

1.1

41.4

20.2

19.5

14.0

0.36

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

49.6

2611

2.0

1.0

45.0

28.9

26.3

17.1

0.45

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

391.3

11768

1.7

0.7

42.2

24.8

24.2

17.2

0.46

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

21.5

12406

1.0

0.5

9.8

8.6

8.1

–

0.22

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

488.6

1763

2.2

1.3

8.8

15.0

14.2

12.6

0.32

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

19.6

261

2.4

1.1

10.7

13.4

10.2

–

0.18

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

152.1

1140

2.1

1.0

29.9

15.8

16.1

12.3

0.31

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

101.6

1067

2.3

1.4

28.2

15.7

15.2

9.4

0.31

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

55.0

1467

2.1

1.0

25.0

10.8

13.9

10.5

0.28

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

21.1

1238

2.2

1.0

10.9

11.3

10.1

–

0.27

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

45.8

1925

2.1

0.9

19.2

12.1

14.0

11.7

0.29

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

35.5

316

2.3

0.3

22.8

14.6

17.6

–

0.33

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Fund

1425.2

5403

2.0

1.5

36.9

21.2

21.4

12.4

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

124.4

211

2.0

0.9

33.0

19.3

18.8

12.3

0.37

EQUITY – VALUE FUNDS

Quantum Long Term Equity Value Fund

125.4

1179

2.0

1.1

33.6

19.2

18.7

12.4

0.37

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

107.8

22093

1.7

0.8

22.3

13.3

16.2

13.4

0.32

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

220.3

4304

1.9

0.8

34.6

12.5

27.5

16.7

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

493.4

1351

2.2

1.7

23.9

15.4

18.9

13.4

0.38

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

94.0

1000

2.4

1.8

38.2

23.5

24.3

14.4

0.41

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

85.1

6871

1.8

0.7

29.7

16.1

18.1

14.6

0.33

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1360.6

12350

1.7

0.9

40.1

25.3

24.3

16.1

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Tax Saver Fund

44.3

4680

1.8

0.7

29.2

17.8

18.1

15.1

0.36

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Hybrid Equity Fund

432.1

4137

1.9

1.0

21.9

13.3

14.4

10.7

0.34

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.1

433

2.5

1.6

21.1

11.8

15.4

–

0.30

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

178.1

4198

2.0

1.4

39.6

19.7

22.1

13.6

0.47

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

319.9

25924

1.7

1.0

22.2

6.8

16.3

12.3

0.32

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

58.1

709

2.5

1.6

28.2

13.8

16.4

11.1

0.35

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

58.0

15895

1.7

1.0

26.2

11.7

12.4

11.5

0.26

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Equity Advantage Fund

886.5

5872

1.9

1.1

23.7

10.0

15.8

12.4

0.28

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

20.9

647

1.1

0.6

10.2

6.3

8.3

7.7

0.23

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

773.6

6015

1.9

1.1

32.2

18.9

23.1

14.8

0.43

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Pure Value Fund

127.8

6416

1.9

1.0

28.4

22.4

22.1

13.0

0.40

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

88.9

5181

1.9

0.9

28.0

18.9

23.8

14.9

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

93.6

36533

1.5

0.8

24.9

8.4

14.0

12.7

0.26

EQUITY – FOCUSED FUNDS

Axis Focused Fund

53.5

13356

1.7

0.8

23.1

5.1

11.9

12.2

0.22

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

30.8

120

2.0

1.0

10.5

6.0

6.4

6.8

0.23

EQUITY – FOCUSED FUNDS

Bandhan Focused Equity Fund

87.9

1746

2.1

0.8

39.5

18.6

18.3

12.2

0.35

EQUITY – LARGE CAP FUNDS

DSP Top 100 Equity Fund

456.9

4470

1.9

1.1

30.4

17.4

15.3

11.1

0.29

EQUITY – LARGE & MID CAP FUNDS

Franklin India Equity Advantage Fund

184.5

3518

2.0

1.3

29.8

14.7

18.4

12.1

0.33

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

542.3

1845

2.1

1.0

38.4

15.5

27.3

16.7

0.56

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

42.2

126

2.4

1.0

26.5

14.2

13.6

11.3

0.26

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

47.2

2516

2.1

1.1

38.7

33.5

24.6

11.0

0.40

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

192.8

535

2.5

1.4

24.7

12.3

12.1

8.5

0.28

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.2

315

2.5

1.6

35.2

19.7

22.8

–

0.41

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

62.2

12024

1.7

0.9

50.5

22.7

18.4

15.3

0.33

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

126.5

15673

1.7

1.0

31.7

19.0

18.2

10.6

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Equity Hybrid Fund

101.8

3858

2.0

1.2

23.4

16.0

13.3

10.2

0.23

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

15.5

718

1.7

0.7

10.7

8.3

5.7

–

0.08

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Hybrid Bond Fund

54.7

831

1.9

1.1

9.2

7.7

4.7

5.5

0.06

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

328.3

587

2.4

0.9

18.2

11.0

13.1

10.2

0.25

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

97.8

1564

2.2

1.3

25.7

20.2

18.2

14.7

0.35

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

137.8

933

2.3

1.0

28.6

18.3

20.5

14.1

0.44

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

260.3

3450

1.9

0.8

26.6

21.8

27.9

15.0

0.46

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

230.0

367

2.7

2.6

27.3

16.8

15.6

9.6

0.29

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

173.7

1159

2.2

1.2

21.9

14.9

11.0

9.9

0.20

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

139.9

2293

2.2

1.8

33.3

22.8

21.1

12.6

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

40.3

5433

1.6

0.9

14.7

7.1

9.8

8.1

0.29

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1371.5

3956

2.0

1.3

25.2

12.5

11.7

11.1

0.26

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.1

1619

2.1

1.1

22.8

8.4

12.4

–

0.28

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

–

20.4

2547

2.0

0.8

25.9

12.6

12.4

–

0.43

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

–

26.1

12666

1.7

0.7

31.0

11.1

15.7

–

0.33

EQUITY – LARGE & MID CAP FUNDS

Axis Growth Opportunities Fund

–

32.0

13780

1.7

0.6

31.6

15.7

22.0

–

0.45

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

–

29.9

194

1.1

0.2

9.3

6.7

7.9

6.7

0.24

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

33.4

2.1

1.1

9.9

13.4

11.9

7.8

0.79

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

49.7

1537

2.0

0.5

34.4

25.7

37.0

–

0.70

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

23.6

4115

1.9

0.7

22.5

13.6

16.2

–

0.50

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

–

22.1

675

2.3

0.4

26.5

15.7

17.1

–

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

31.9

1447

2.1

0.6

28.6

18.4

20.2

–

0.43

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

292.2

2739

2.0

0.9

38.3

20.3

24.0

14.3

0.47

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

40.5

12324

1.7

0.4

30.9

23.4

33.7

–

0.61

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

41.5

3138

1.9

0.6

47.9

22.3

30.8

–

0.85

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

–

60.7

2195

2.0

0.4

25.9

16.9

17.9

12.3

0.42

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

45.3

4256

1.8

0.4

32.9

24.8

32.9

–

0.59

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

15.8

724

1.1

0.3

10.8

7.6

8.8

–

0.27

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.6

2.3

0.9

22.9

12.5

13.3

–

0.30

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

20.5

2.3

0.6

31.2

16.0

15.3

–

0.31

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.2

2.3

0.9

26.7

15.9

17.4

–

0.35

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

–

502.7

94866

1.4

0.7

25.7

22.7

20.1

14.0

0.44

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

27.5

3609

1.9

0.9

41.6

21.1

21.5

–

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

94.3

258

2.5

1.6

40.4

19.9

13.6

0.37

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

780.1

14152

1.7

0.9

33.5

21.5

21.3

14.8

0.40

EQUITY – SECTOR – PHARMA FUNDS

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

–

38.5

5024

1.9

1.1

49.9

24.0

29.9

–

0.88

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

–

87.7

8435

1.8

0.8

24.2

20.8

28.1

16.1

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

–

22.5

549

2.4

0.8

33.4

16.5

15.2

–

0.34

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

134.4

17718

1.6

0.5

41.1

21.4

22.4

16.3

0.44

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.6

341

2.3

0.7

19.0

9.9

9.4

–

0.35

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

133.9

3810

1.9

0.7

36.1

19.9

22.5

15.0

0.42

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

42.2

5353

1.8

0.4

41.3

27.2

31.7

–

0.56

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

19.9

16752

1.7

0.5

19.0

11.6

12.2

–

0.31

EQUITY – CONTRA FUNDS

Kotak India EQ Contra Fund

–

148.9

3935

1.9

0.6

36.9

22.9

22.1

15.4

0.42

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

79.6

2.3

1.2

10.6

5.7

6.7

6.4

0.34

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

30.6

437

2.5

1.2

45.2

21.7

23.1

–

0.49

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

26.2

2.0

1.0

13.4

8.3

8.8

6.7

0.25

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

–

21.3

143

2.5

1.6

24.1

12.0

16.1

–

0.32

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

30.2

2.4

1.2

48.4

17.3

23.3

–

0.67

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

25.9

138

2.5

1.6

36.4

19.1

20.0

–

0.38

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

23.0

397

2.4

0.7

27.9

19.4

17.8

–

0.35

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

22.4

577

2.4

0.7

25.4

13.3

15.7

–

0.31

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

–

33.5

3341

1.9

0.5

39.5

25.9

28.0

–

0.55

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

34.5

4735

1.8

0.5

29.4

19.7

24.3

–

0.47

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

19.3

1353

1.3

0.3

15.6

10.1

11.8

–

0.40

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.0

2770

1.9

0.5

40.2

17.7

28.3

–

0.82

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

–

20.0

109

2.3

0.4

19.2

12.8

12.7

–

0.28

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

29.1

2.3

0.4

21.5

12.9

14.4

–

0.27

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

22.9

267

2.3

0.4

19.8

13.9

15.5

–

0.30

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

–

170.3

8750

1.8

0.6

19.8

12.4

12.7

9.9

0.36

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

–

197.4

2073

2.0

0.7

27.9

21.5

23.5

14.0

0.50

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

291.6

38678

1.6

0.7

35.1

26.8

24.5

14.6

0.42

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

510.8

8689

1.8

0.9

36.8

18.9

27.4

15.1

0.78

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

47.3

1.3

0.5

8.9

6.3

7.3

7.8

0.21

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Hybrid Equity Fund

–

125.4

209

2.3

0.8

19.4

9.1

12.0

8.4

0.24

EQUITY – MULTI CAP FUNDS

Quant Active Fund

–

661.3

10531

1.7

0.6

25.4

17.3

28.1

18.9

0.51

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

98.4

7514

1.8

0.6

31.4

20.0

31.3

18.6

0.60

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

381.5

40486

1.5

0.6

30.5

25.1

29.5

16.2

0.60

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

422.8

3416

2.0

0.9

45.7

23.5

28.7

13.6

0.80

EQUITY – THEMATIC – MNC FUNDS

SBI Magnum Global Fund

–

372.5

6550

1.9

1.2

11.1

9.5

15.9

12.1

0.38

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.4

2.3

0.8

18.9

11.7

12.2

9.1

0.29

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

22.5

2.3

0.7

23.9

13.6

15.2

–

0.33

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

21.7

137

2.3

0.7

23.9

14.9

15.0

–

0.31

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

28.8

2.2

1.2

10.5

6.9

8.3

7.3

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram Diversified Equity

–

214.4

1560

2.2

1.6

20.7

14.3

15.9

11.7

0.29

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

373.2

2759

2.0

0.9

29.3

17.4

21.1

14.7

0.41

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.0

10288

1.7

0.4

16.6

11.5

13.0

–

0.44

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

23.2

3009

1.9

0.7

23.2

13.6

15.6

–

0.32

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

30.5

1208

2.1

0.7

41.5

20.4

26.7

–

0.80

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

42.7

9464

1.7

0.3

39.6

26.6

32.1

–

0.61

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

50.9

2.5

1.8

19.6

14.1

12.0

10.7

0.22

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

184.3

2.5

2.0

28.8

19.2

17.9

13.3

0.36

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

69.3

2.5

2.2

32.0

23.1

23.2

14.4

0.45

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

156.0

2.6

2.5

29.0

16.2

15.3

9.9

0.29

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

–

19.6

1462

2.1

1.0

15.8

9.4

11.8

–

0.34

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

16.3

135

2.0

1.4

11.4

7.3

8.3

–

0.29

EQUITY – VALUE FUNDS

Union Value Fund

–

27.8

295

2.5

1.3

26.8

19.6

21.0

–

0.42

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

17.5

613

1.7

0.8

12.8

10.5

11.0

–

0.46

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

287.6

1187

2.3

1.3

46.2

20.8

27.5

12.9

0.80

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

394.6

3031

2.0

1.2

23.8

13.9

14.9

11.5

0.34

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Should You Invest In Kotak Transportation & Logistics NFO?

by Hansraj Agrawal | Nov 30, 2024 | Share Market

Launches in the sectoral/thematic category of funds usually come up when a theme is hot. For long, UTI Transportation and Logistics (T&L) was the only active fund focused on auto and allied sectors. But at least four more (from Aditya Birla Sun Life, ICICI Pru, HDFC and Bandhan MFs) came up in quick succession in the last two years, coinciding with the upturn in auto sales following the Covid slump. So far, in 2024 and in the previous two calendar years (2022 and 2023), the Nifty T&L TRI (Total Returns Index) has outperformed the Nifty and Nifty 500 by 6 to 26 percentage points. Given the tailwinds seen so far, Kotak T&L is trying to hop on to this bandwagon and strike when the iron is hot. The NFO is open till December 9.

Drivers and stock selection

Bettering road infrastructure, scope for greater penetration given the population size, and increasing affordability aiding in premiumisation are long-term drivers for auto stocks. Along with this, the push for electric vehicles and the need to develop the surrounding eco-system are creating a new set of opportunities for investors. The government’s efforts to aid faster movement of goods and lower the cost of transport through the setting up of dedicated freight corridors, multi modal logistics parks, initiatives such as GATI Shakti, Bharatmala and Sagarmala and so forth, provide runway for growth in the logistics space. The rise of e-commerce provides offers good scope too. The fund will be a ride on all these structural drivers.

The Nifty T&L index is the benchmark for the fund. No prizes for guessing the top holdings in the index: listed large-cap auto manufacturers Mahindra & Mahindra (14.5 per cent), Tata Motors (10.5 per cent), Maruti Suzuki (8.7 per cent) and Bajaj Auto (6.5 per cent). On the logistics side, Zomato (8.9 per cent) and Adani Ports (6 per cent) are the top weights in the index. Considering that this is an active fund, with limited large-cap stocks both in the auto and in the logistics space, the theme itself makes it lean towards mid and small-cap stocks. As per the NFO presentation, the stock universe for the theme consists of only 10 large-caps but 26 mid-cap and 278 small-cap stocks. All existing T&L funds hold between 60-74 per cent in auto and auto ancillary stocks making the theme more dependent on the fortunes of the auto sector. Given the narrower pool of stocks in logistics, the holding pattern of the Kotak fund could be no different.

Cyclical play

Looking through the rear-view mirror, domestic auto sales have been on a purple patch in the last 2-3 fiscals. But the cyclical nature of the industry is beginning to show up. In the current fiscal, only two-wheelers sales, which picked up late, continues to grow in double-digits year-on-year. Passenger vehicle sales growth is at best flat, while commercial vehicle sales are already showing a contraction. This is reflecting in the stock movements in these segments. From the September-end market peak until now, while bellwether Nifty has lost about 7-8 per cent, the fall in the Nifty T&L and the Nifty Auto indices is nearly double that. Frontline auto stocks such as Tata Motors, Maruti Suzuki, Bajaj Auto, Hero MotoCorp and TVS are down 18-32 per cent from their respective peaks. Having come up only during the post-Covid upcycle, the relatively newer funds are showing good one-year returns at 30-40 per cent. However, a closer look at UTI T&L fund which has a track record of more than 10 years shows that during bad years for the auto sales (2018- 2021 being examples), the fund has done worse than the broader markets represented by the BSE 500 (data from Value Research). Existing funds too are playing their cards carefully. The UTI fund holds only 64 per cent in the auto and auto components space in its latest October portfolio, compared to 80 per cent a year ago. The HDFC fund has steadily trimmed it to 69 per cent now from 77 per cent in April 2024 and the ABSL fund, to 60 per cent from 68 per cent in June 2024.

As always, timing the entry and exit is key in sectoral/thematic funds. Those buying now must be prepared to go through the cyclical downturn before the upturn begins.

Overview

Stock universe for the theme consists of only 10 large-caps but 26 mid-caps and 278 small-caps

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A Three-Decade-Old Flexi-Cap Fund To Lighten Up Your Portfolio

by Hansraj Agrawal | Nov 29, 2024 | Share Market

After the sharp rise in equity indices for much of calendar year 2024, the last couple of months have seen markets correct sharply on the back of heavy FII selling. Increasing allocation to the US from foreign investors after the Presidential elections, underwhelming show from domestic companies in the recent quarter and weakening consumer sentiments have hurt flows.

With several segments in the markets correcting sharply, there appear to be pockets of value available for investors. This is especially so in the large-cap space, though there are some attractive parts in the lower market cap segments as well.

In this regard, a seasoned flexicap fund that is tilted towards large-cap stocks and has a robust track record would suit investors with a medium risk appetite looking to save for long-term goals.

Franklin India Flexi Cap fund (Franklin India Equity earlier) completed 30 years and has recorded a solid performance over the decades. It does have the odd patches of occasional underperformance, such as during a few years in the middle of the previous decade. But over the last seven years, the fund has remarkably improved in consistency while beating its benchmark.

Investors can consider deploying sums in the fund via the systematic investment plan (SIP) route.

Delivering outperformance

Over the past 1-year, 3-year, 5-year and 10-year periods, the fund has delivered compounded annual returns of 35 per cent, 20.4 per cent, 23.2 per cent and 15.7 per cent, respectively on a point-to-point basis. This performance places it among the top few funds in the category. The scheme outperformed the Nifty 500 TRI by 2-4 percentage points over the medium to long term.

When three-year rolling returns over the past seven years (November 2017-November 2024) are considered, Franklin India Flexi Cap has delivered mean returns of 20.4 per cent.

Also, in the aforementioned 7-year period, on a 3-year rolling basis, the scheme has beaten the Nifty 500 TRI more than 80 per cent of the time. It has delivered more than 15 per cent nearly 79 per cent time over this period and more than 12 per cent nearly 90 per cent of the time.

The fund’s SIP returns (XIRR) over the past 10 years are fairly robust at 18.7 per cent. An SIP in the Nifty 500 TRI would have returned 16.8 per cent over this period.

All return figures pertain to the direct plan of Franklin India Flexi Cap.

The fund has an upside capture ratio of nearly 102, indicating that its NAV rises a bit more than the benchmark during rallies. But more importantly, it has a downside capture ratio of 84.7, indicating that the scheme’s NAV falls a lot less than the Nifty 500 TRI during corrections. A score of 100 indicates that a fund performs in line with its benchmark. This is based on data from November 2021-November 2023.

Stable sector mix

Franklin India Flexi Cap has favoured large cap stocks in its stock selection. Usually, these large-caps account for 70-75 per cent of the overall portfolio. During short periods in the past the proportion has gone a few percentage points below the 70 per cent mark. Mid and small-cap stocks usually make up 20-25 per cent of the fund value. Barring rare occasions such as during the October 2023 volatility due to geopolitical tensions and US yields rising rapidly at that time, the fund has kept cash and equivalent to less than 5 per cent of the portfolio.

With valuations in the reasonably comfortable zone in the large cap space, especially after the recent correction, the tilt may help the fund deliver steady returns over the medium to long term.

Banks and software companies have always been the top couple of sectors held by the fund. Investments in segments such as construction, telecom-services, automobiles, cement and cement products are the other key ones and are churned based on market and industry conditions.

The fund favours the value style for most part as private banks figure among top the holdings. A few growth picks also figure in the portfolio.

Mid and small-cap exposure is in sectors where there is limited availability of large-cap stocks such as auto components, industrial products, capital markets and so forth.

Th fund takes concentrated exposure to the top few stocks. The top 10 stocks account for a little less than 47 per cent of the overall portfolio. The holdings start to get diffused beyond the top 10.

Sticking to the fund via the SIP route for 7-10 years is necessary for healthy performance outcomes.