All Eyes On Consumption

by Hansraj Agrawal | Aug 23, 2025 | Share Market

Tailwinds have emerged for consumption with the recently announced GST reforms being another positive factor. The consumer will be armed with lower EMIs, higher post-tax income, lower inflation, lower cost of goods post the GST reforms alongside higher credit availability. The headwinds in export economy and the domestic focus on internal consumption, backed by a large elbow room in the fiscal space, make the consumption play all the more important for investors.

The sector though is showing initial signs of a fragile recovery in the last six months. We analyse the mutual funds tracking the sector and their performance for an appropriate fund to ride the ‘consumption recovery’.

Tailwinds

The reasons to expect a revival in consumption are aplenty. Inflation and credit availability are supportive of the segment. Inflation has eased significantly and is at its lowest in the last six years. While this may inhibit price-based growth, companies can benefit from either lower cost of production or expanding volumes and hence gain from operational leverage. Credit availability is robust with rate cuts of 100 bps in the last one year; concerns over credit demand moderation remain, however. The lower cost of borrowing should spur high-ticket consumption growth.

The general outlook is also pointing towards a recovery considering the weak base. Last year’s headwinds in rural economy have eased and are inching towards growth. But the urban segment is now under pressure which should be alleviated by tax and interest rate cuts announced in the last one year. The country is also expecting an above average monsoon, which should support a recovery in consumption.

In the macro sphere, the ambitious fiscal deficit targeting of the last few budgets is now being put to use. The healthy 4.8 per cent fiscal deficit for FY25 is now proving to be a wide enough elbow room for the government to spur consumption through taxation cuts. The income tax cuts have started to flow through to the salaried class. In the indirect route, the Centre is looking to rationalise GST structure by eliminating 28 per cent slab and moderating it to 5 or 18 per cent and a 40 per cent slab for sin goods. From insurance to automobiles, lower tax will be reaped by consumers entirely, further aiding the consumption sector.

Sector performance

Across varied industries under the consumption umbrella, the focus is on the upcoming festival season or the second half of the fiscal. In automobiles, retail, or FMCG, the bottom-line has not delivered stellar growth so far despite the tailwinds.

In terms of revenue/PAT growth in Q1FY26, automobiles slowed to 4.6/2.1 per cent year-on-year in the recent quarter. A high comparable base can be attributed for the modest growth, as PVs had driven strong growth in the last three years. FMCG reported 11 per cent year-on-year revenue growth but PAT growth slowed to 3.2 per cent in the quarter. The segment is investing in advertising, promotion and other expenses as competition for market share has intensified in the lean period along with shifting supply lines. Sunrise sectors of e-commerce have reported a 44 per cent year-on-year growth in Q1FY26.

Construction material segments of cement and steel have reported stellar quarter with 72 and 64 per cent year-on-year PAT growth. While the cost of commodity has improved (cement and steel) the operational leverage, lower cost of production and power, that has a higher renewables share, has aided the sector.

Fund options

Consumption sector outperformed Nifty-50 in the last decade. Nifty India Consumption index returned an average 14.7 per cent average 5-year CAGR in last 10 years on a rolling return basis compared to Nifty-50’s 13.1 per cent. The impact of Covid years was higher on the consumption sector but the bounce back was also sharper as evidenced by the outperformance.

While the index is outperforming, the funds tracking the sector (actively) have outperformed the sector index as well. Aditya Birla Consumption Fund has returned a daily average 5-year CAGR of 17 per cent compared to index’s 14.7 per cent. Similarly, Mirae Asset Great Consumer Fund and Canara Robeco Consumer Trend have returned 16.8 and 16.7 per cent respectively in the last decade.

It has to be noted that the funds improve their chances of beating the index only over longer time frames. We also measured the proportion of days the funds beat the index over the 10-year period on a rolling return basis. Overall, from the funds with more than five years of operations, the percentage of beating the index improves from 48 per cent in one year rolling return basis to 54 per cent in three year windows and to 67 per cent in five year windows. That is, a fund beats the index 67 per cent of the days in the past decade as measured on a 5-year return window.

Retailing, consumer durables, automobiles and banks are the leading sector exposures. Aditya Birla fund is well diversified (top 10 account for 36.7 per cent in July-25) compared to Mirae (49.8 per cent) and Canara (42.2 per cent). Telecom, with Bharti Airtel, is a leading constituent for the three with a visible outlook on ARPU gains and volume gains to compliment. A leading constituent is Eternal (Zomato) with its strong growth run. Despite rural recovery, the three funds are not overweight on rural specific exposure led by Bajaj Auto, Hero or TVS.

Published on August 23, 2025

Source link

Dynamic Duration Play

by Hansraj Agrawal | Aug 23, 2025 | Share Market

In India’s current scenario of steady interest rates, debt mutual funds emphasising short-term duration approach and strategic exposure to lower-grade credit securities are well-positioned to generate favourable returns. Dynamic bond funds, which adaptively distribute investments across duration and credit categories based on anticipated interest rate movements, are well placed to do this.

Within the dynamic bond fund space, Aditya Birla Sun Life Dynamic Bond Fund (ADBF) stands out as a good performer, having effectively managed diverse market scenarios. The fund has achieved a compounded annual growth rate of 7.6 per cent since its inception in September 2004.

Investment strategy

ADBF employs an unrestricted investment approach characteristic of dynamic bond funds. The portfolio spans the entire duration spectrum, from very short-term instruments to extended-maturity bonds of 40–50 years, while covering the complete credit quality range from government securities to A-rated corporate bonds. The fund’s flexible methodology operates through three primary mechanisms: securing duration benefits during declining interest rate phases, generating carry income through coupon earnings in low-rate scenarios, and exploiting spread differentials by alternating between Government Securities (G-Secs), State Development Loans (SDLs), and corporate bonds across AAA/AA/A ratings.

Duration management

The fund has demonstrated active duration management over the past five years, with Macaulay duration fluctuating between 1.7 and 8.6 years. When repo rates increased following Covid-19, to address inflation concerns, the fund tactically shortened duration to 1.7 years in May 2022, enabling outperformance with 2.8 per cent returns versus the category’s 2.1 per cent average. Subsequently, from May 2022 through April 2024, expecting interest rate reductions, the fund increased duration to 8.5 years, achieving category-leading annualised returns of 8.2 per cent compared to the category’s 6.4 per cent. During April 2024 to August 2025, amidst declining rates, it recorded 9 per cent returns against the category’s 7.8 per cent.

Presently, the fund is shifting from duration-centred to credit exposure tactics, leveraging the reduced rate environment. Duration has been decreased from 9 to 6 years while incorporating AA-rated investments yielding 8.5-9 per cent.

Credit risk profile

The fund’s investment universe spans from sovereign securities to ‘A’ rated corporate instruments. Generally, AA and A-rated papers constitute approximately 20 per cent of holdings but may increase to 35–40 per cent when spreads present attractive opportunities. Remarkably, it remains the only fund in its category maintaining nearly 2 per cent allocation to an A+ rated instrument from Adani Airport Holdings. While allocations to ‘A’ rated securities enhance return potential, they also elevate credit risk.

Among peers, ADBF is one of four, along with ICICI Pru All Seasons Bond, 360 ONE Dynamic Bond, and Mahindra Manulife Dynamic Bond, that maintain higher AA-rated paper allocations. Notable AA-rated issuers within the portfolio include Jubilant Bevco, Nuvama Wealth Finance, Vedanta, SK Finance, Cholamandalam Investment & Finance, and Muthoot Finance. Non-AAA credit exposure is limited to 3 per cent per issuer, with most maturity periods confined to two to three years.

The fund had about three per cent invested in Jharkhand road project bonds that turned distressed during the IL&FS crisis in the 2020s. The issue was later resolved through the Supreme Court, enabling the fund to recover its entire money and exit the investment.

The current portfolio composition balances 35–40 per cent in government securities (primarily 15-year G-Secs), 35–40 per cent in AAA corporates with 5–10-year maturities, and 20 per cent in non-AAA instruments. The fund manager indicates that as yields continue to decline, duration will be reduced to 2–3 years, redirecting emphasis from capital appreciation to carry and spread strategies.

Performance

ADBF has maintained consistent placement within the top two quartiles over the previous five years. Three-year rolling returns over the last five years reveal the fund generated an average annual return of 7 per cent, surpassing the category average of 5.8 per cent. The fund’s returns varied between 5.5 per cent and 9.4 per cent during this timeframe.

As of July 31, 2025, the fund portfolio maintained a yield to maturity (YTM) of 7.3 per cent, exceeding the category average of 6.7 per cent. The fund imposes relatively elevated fees. The regular plan’s expense ratio stood at 1.23 per cent, nearly matching the peer average. The direct plan’s ratio was 0.64 per cent, above the category’s 0.52 per cent average.

Published on August 23, 2025

Source link

Mutual Funds returns

by Hansraj Agrawal | Aug 23, 2025 | Share Market

EQUITY – VALUE FUNDS

Bandhan Value Fund

146.0

9964

1.8

0.7

-4.6

18.0

26.7

14.8

0.92

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

38.0

1258

2.1

0.7

-3.7

20.1

23.3

–

0.68

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

63.2

16407

1.6

0.5

2.9

15.7

18.0

13.4

0.66

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

25.5

750

1.6

0.6

7.8

11.3

10.8

8.9

0.94

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

515.3

101773

1.3

0.7

1.3

19.2

22.4

14.4

1.05

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1419.1

16579

1.7

1.1

4.8

22.4

24.4

13.6

0.98

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1998.3

80642

1.4

0.7

7.3

23.0

27.3

15.5

1.02

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

231.7

21456

1.6

0.6

8.2

23.3

27.2

14.3

1.07

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

339.1

26406

1.6

0.8

-0.8

20.9

25.1

14.3

0.85

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

194.3

83847

1.4

0.7

3.2

26.7

28.8

17.3

0.98

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

74.6

64964

1.4

0.9

6.8

13.4

14.3

11.0

1.10

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

52.7

5735

1.8

0.6

1.3

23.9

27.6

15.5

1.08

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

396.6

44605

1.6

1.0

5.9

19.9

24.2

15.5

1.11

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

92.7

12380

1.7

0.6

5.2

22.9

24.1

15.2

0.87

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

194.0

7941

1.9

1.1

0.9

29.9

33.7

16.5

1.08

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

998.8

23246

1.7

0.8

3.0

21.7

25.7

15.8

0.96

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

110.8

71788

1.4

0.9

2.7

18.5

21.4

14.1

0.82

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

197.9

14424

1.7

1.0

-4.5

13.2

22.3

16.4

0.60

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

470.9

53716

1.5

1.0

3.1

22.1

25.6

14.9

1.10

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

58.1

3130

1.7

0.5

3.1

10.1

10.8

9.4

1.00

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

104.4

33609

1.6

0.7

2.9

28.9

33.4

17.1

0.88

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

621.1

7222

1.8

1.0

9.0

19.1

25.3

13.4

0.74

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

203.4

2664

2.0

0.6

-2.8

17.7

22.8

14.5

0.77

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4167.6

38581

1.6

0.7

2.2

26.1

28.8

17.3

0.89

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

91.4

44165

1.5

0.7

3.3

20.2

23.7

14.0

0.85

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

168.8

65922

1.4

0.6

-5.6

24.9

32.7

20.5

0.88

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

84.5

113281

1.3

0.6

7.3

20.5

22.3

17.5

0.91

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

417.8

2101

2.0

0.8

-5.3

12.5

21.6

15.4

0.80

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

358.0

11649

1.7

0.6

-11.7

15.7

25.9

20.0

0.73

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

36.9

3279

1.9

0.7

-13.3

18.8

32.8

18.4

0.82

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

254.1

29463

1.6

0.7

-8.6

26.1

34.8

19.4

0.85

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

72.8

9799

1.6

1.1

5.2

10.1

11.2

9.0

1.17

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

434.8

30271

1.6

1.0

-1.6

24.4

24.7

14.1

0.90

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

70.6

1116

2.2

0.6

5.3

11.5

12.9

9.5

0.91

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

46.4

7487

1.8

0.8

-4.7

16.8

20.6

15.6

0.68

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

106.5

8157

1.8

0.7

5.2

13.1

13.6

10.8

0.82

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

527.1

30235

1.6

1.0

1.3

15.6

19.2

12.3

0.70

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

106.3

26143

1.6

0.6

1.5

20.2

26.6

18.1

0.86

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

151.3

6974

1.7

0.7

-3.0

16.0

22.9

14.0

0.78

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

134.5

9997

1.7

0.6

0.0

24.9

25.3

15.7

0.85

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

56.2

608

2.3

0.7

-4.9

24.9

27.5

16.3

0.78

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

111.4

1912

2.1

0.8

-0.3

17.3

21.3

15.7

0.69

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

159.9

917

2.3

1.0

-2.1

25.6

30.1

15.5

0.88

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

137.7

16981

1.6

0.7

-0.8

19.6

22.9

15.3

0.80

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

196.6

17005

1.7

0.8

-2.2

21.4

27.3

16.4

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

63.7

2994

1.9

0.4

3.1

17.8

19.5

12.2

0.89

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

50.6

12792

1.7

0.5

12.2

13.7

10.4

0.71

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

101.8

11027

1.7

0.4

3.8

25.8

29.2

17.4

0.85

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

141.5

2950

2.0

1.0

-2.3

28.9

31.9

17.0

0.93

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

135.9

2349

2.1

1.2

-8.4

17.0

23.9

15.0

1.05

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1472.7

6706

1.8

1.0

-0.7

19.5

23.2

13.0

0.78

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1634.5

18988

1.7

0.9

-0.1

19.5

24.0

13.7

0.80

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

108.9

12421

1.8

1.0

0.0

17.4

23.6

13.7

0.76

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

81.6

3388

1.7

1.2

3.7

10.3

11.0

8.7

1.11

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1136.9

38117

1.6

1.0

-1.5

16.5

20.6

12.8

0.75

EQUITY – VALUE FUNDS

HSBC Value Fund

110.3

13817

1.7

0.8

1.6

24.9

25.8

15.7

0.81

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

76.4

3237

1.7

1.0

7.2

10.3

10.0

9.4

1.21

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

137.3

1433

2.1

0.8

10.1

21.6

22.4

15.0

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

119.8

841

2.2

0.6

-7.2

20.8

21.0

12.2

0.77

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

97.4

5957

1.8

0.5

-9.6

22.9

25.1

15.8

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

62.6

7864

1.8

0.5

2.3

15.4

19.4

12.9

0.83

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

26.3

8452

1.8

0.7

4.0

11.7

11.5

9.2

0.97

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

571.6

10342

1.7

0.6

1.0

15.2

18.7

12.4

0.66

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

48.7

26076

1.6

0.6

0.8

16.7

20.9

–

0.73

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

50.9

4402

1.8

0.6

-1.5

24.9

25.1

16.0

0.61

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

176.8

9355

1.7

0.6

2.9

12.4

13.4

9.7

0.84

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

120.9

8599

1.8

1.1

-0.9

14.8

21.8

13.5

0.73

EQUITY – VALUE FUNDS

Nippon India Value Fund

223.1

8768

1.8

1.1

-1.9

22.1

25.1

14.8

0.81

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1463.7

6174

1.9

1.3

2.1

21.4

23.5

12.6

0.79

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

36.7

6271

1.8

0.4

2.8

13.7

19.1

13.2

0.60

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

66.4

11468

1.7

0.5

3.7

15.1

25.0

15.0

0.77

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

209.0

8778

1.8

0.7

-15.4

18.7

27.1

16.2

0.79

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

124.4

221

2.1

0.9

0.1

17.5

20.4

12.8

0.83

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

312.5

3135

2.0

0.9

-7.5

16.5

24.1

15.3

0.82

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.0

5738

1.6

1.0

5.2

11.5

11.8

9.0

0.80

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

622.0

33348

1.6

0.8

2.8

18.3

23.1

14.5

0.87

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

92.2

53030

1.5

0.8

1.6

14.4

18.5

12.2

0.70

EQUITY – MID CAP FUNDS

SBI Midcap Fund

228.9

22547

1.7

0.8

-5.1

16.3

25.2

14.0

0.85

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

218.5

4687

1.9

0.9

3.4

16.5

23.5

16.4

0.66

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

100.5

1548

2.1

0.8

2.2

18.4

22.2

13.4

0.66

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

51.0

2344

2.0

0.9

0.5

15.6

19.6

12.4

0.65

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

401.6

6422

1.9

1.2

0.7

16.5

19.4

12.0

0.88

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

178.7

4865

1.9

1.1

-0.8

21.7

24.6

13.5

0.85

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

60.2

3497

2.0

1.1

7.5

16.2

21.3

13.5

0.59

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

220.0

6239

1.8

0.8

-0.1

16.0

20.5

14.6

0.66

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

168.4

4670

1.9

0.9

-7.7

12.6

20.2

16.6

0.53

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1791.0

23127

1.7

0.9

2.7

17.6

20.0

13.6

0.67

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

140.3

7731

1.8

0.9

1.4

15.6

18.5

12.4

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

67.2

1524

1.8

0.9

7.7

9.1

11.1

8.4

1.13

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

20.9

3431

1.9

0.7

3.9

13.7

13.2

–

0.74

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.2

1083

2.2

0.9

6.7

15.6

18.0

–

0.71

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

87.4

1974

2.1

0.8

4.0

18.3

17.8

12.4

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

49.7

1676

2.1

0.8

-11.4

28.1

31.4

15.4

0.79

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

77.4

1917

2.0

0.9

0.5

16.5

18.1

12.5

0.60

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

158.1

1397

2.0

0.8

-9.4

18.2

21.6

14.9

0.60

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.7

1230

2.1

0.5

-0.2

14.5

16.2

–

0.65

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

219.1

2650

2.0

0.8

-3.9

16.0

18.3

12.3

0.64

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

101.0

2183

2.0

0.6

-3.8

20.5

24.0

14.6

0.75

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

97.4

950

1.8

0.7

5.9

8.6

7.9

0.78

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

175.4

8870

1.7

0.5

-0.2

15.0

19.8

14.1

0.69

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

360.0

11059

1.7

0.6

2.4

13.8

15.6

12.1

0.68

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

344.5

13389

1.7

0.5

3.2

16.0

18.9

13.4

0.65

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

259.6

25551

1.6

0.6

2.0

17.4

21.1

15.2

0.69

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

356.5

11436

1.7

0.6

4.7

16.0

16.9

12.2

0.70

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

27.6

3503

1.9

0.7

5.5

11.4

10.6

9.0

0.68

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

21.8

3501

1.2

0.4

5.6

10.0

11.0

–

1.02

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

101.8

11852

1.7

0.7

-0.8

17.0

19.6

13.7

0.62

EQUITY – FOCUSED FUNDS

DSP Focused Fund

53.7

2595

2.0

0.9

-0.7

17.3

18.0

11.5

0.62

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

313.8

5406

1.9

0.7

-7.6

27.7

31.7

16.0

0.87

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

612.0

15502

1.7

0.6

-1.8

20.3

22.0

14.9

0.76

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

470.0

6399

1.8

0.9

2.1

17.9

18.5

11.4

0.70

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

58.7

178

1.2

0.5

6.5

9.9

9.1

7.1

0.88

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

38.1

2768

1.9

0.4

-1.0

18.7

21.5

14.0

0.69

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

86.5

4063

1.9

0.5

-0.1

18.0

21.6

14.1

0.70

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

83.4

1292

2.1

0.6

-2.0

15.5

18.0

12.4

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

270.9

2256

2.1

1.0

2.3

15.5

17.7

11.4

0.79

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

90.9

204

1.4

0.7

5.9

9.7

9.1

7.5

0.83

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1032.5

7773

1.8

1.1

2.6

14.4

18.8

11.1

0.65

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

66.0

5674

1.9

0.9

3.6

10.3

12.0

9.7

0.94

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

117.8

24511

1.7

1.0

2.5

13.1

17.3

10.3

0.81

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

47.6

2540

2.0

1.1

-2.7

29.8

31.8

11.3

0.92

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

142.0

36353

1.6

0.7

24.8

30.1

18.1

0.86

EQUITY – VALUE FUNDS

HDFC Value Fund

739.3

7348

1.8

1.0

19.9

22.5

13.7

0.76

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.6

163

2.2

1.2

5.4

10.2

9.1

7.6

0.61

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

34.0

655

1.5

0.7

4.8

13.6

13.5

8.8

0.66

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

219.0

5075

1.9

1.2

0.5

19.9

21.4

13.0

0.62

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

80.9

16536

1.7

0.6

-7.1

21.3

30.1

18.2

0.75

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

133.6

9930

1.8

1.0

10.5

16.5

21.2

13.4

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

940.6

14403

1.7

1.1

2.9

16.9

20.6

13.1

0.73

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

22.7

15302

1.0

0.5

6.8

8.9

9.3

8.3

1.22

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

299.1

6654

1.9

1.0

3.1

22.9

26.1

15.0

0.81

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

88.2

8498

1.8

0.7

-1.7

19.3

28.1

15.7

0.94

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

54.0

1034

2.1

0.8

2.9

13.6

12.6

9.3

0.59

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

64.0

1569

2.1

0.8

-4.6

26.7

28.6

16.6

0.76

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

103.1

8007

1.8

0.6

11.8

26.4

24.3

15.8

0.72

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

69.2

1528

2.0

0.7

0.1

16.8

18.9

12.6

0.61

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

183.6

7802

1.7

0.6

14.0

29.2

28.2

17.8

0.80

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

48.9

207

2.4

1.1

-4.9

20.7

23.1

15.0

0.71

EQUITY – VALUE FUNDS

JM Value Fund

96.7

1062

2.2

0.9

-11.3

24.7

25.6

16.1

0.76

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

115.0

6355

1.8

0.6

-2.5

16.7

20.7

13.6

0.68

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

84.4

53293

1.4

0.6

2.2

17.1

19.1

13.5

0.65

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

65.1

2388

2.0

0.7

-6.3

22.8

29.0

15.3

0.80

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

339.4

28084

1.6

0.5

-0.6

19.4

22.0

14.8

0.74

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

137.4

57375

1.4

0.4

3.8

22.5

27.4

17.6

0.85

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

261.8

17903

1.6

0.5

-5.8

17.0

27.7

17.0

0.80

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

48.7

1038

2.2

0.8

-6.1

27.9

30.7

14.9

0.80

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

28.5

953

2.2

0.6

-0.9

14.7

20.4

–

0.69

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

20.6

552

2.4

0.7

3.0

9.6

11.4

–

0.70

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

32.9

3921

1.9

0.5

-4.1

23.6

26.9

–

0.77

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

32.1

9181

1.7

0.4

2.0

13.4

15.7

12.3

0.67

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

95.8

4403

1.8

0.4

-2.1

18.5

21.6

15.9

0.69

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

149.3

40554

1.5

0.6

-1.7

16.1

20.7

16.7

0.68

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

113.0

39975

1.5

0.5

2.0

13.2

16.8

12.9

0.61

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

62.1

13727

1.7

0.9

6.5

23.6

19.5

13.0

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

105.0

3936

2.0

1.1

2.7

16.0

18.9

9.9

0.82

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

128.8

15339

1.7

1.0

-0.3

18.3

22.8

10.8

0.76

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

35.2

779

2.2

0.7

2.6

14.2

19.6

–

0.68

EQUITY – FOCUSED FUNDS

Quant Focused Fund

84.4

1017

2.2

0.7

-10.2

14.7

20.8

14.1

0.63

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

111.8

3651

1.9

0.7

-14.4

17.4

21.8

16.0

0.65

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

42.5

8450

1.8

0.8

13.6

19.4

21.9

16.2

0.63

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

300.8

77794

1.4

0.7

8.2

14.0

16.2

12.0

0.76

EQUITY – FOCUSED FUNDS

SBI Focused Fund

351.0

37936

1.6

0.8

5.9

15.2

18.8

14.1

0.67

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

48.3

4969

1.9

1.0

-9.8

22.9

26.3

15.4

0.83

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

161.1

6583

1.8

0.7

1.1

12.9

16.0

12.2

0.69

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

515.9

1377

2.2

1.7

2.7

16.0

20.4

13.8

0.72

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

160.9

1100

2.3

1.3

-2.3

14.6

18.8

13.1

0.60

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1393.1

12596

1.8

0.9

1.8

24.4

26.3

14.5

0.80

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

256.9

3394

1.9

0.9

-1.1

21.4

27.5

13.5

0.76

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

42.4

2895

1.9

0.5

9.8

18.8

20.2

–

0.59

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

55.3

268

1.1

0.5

5.9

9.8

10.0

7.4

0.93

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

45.5

2482

2.0

0.7

-0.5

19.0

20.6

–

0.61

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

522.7

8773

1.7

0.6

-2.7

15.6

19.6

13.0

0.72

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

495.8

2631

2.0

1.0

-3.2

14.6

18.9

11.3

0.67

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

431.0

4984

1.9

0.6

-3.0

21.2

24.3

14.9

0.78

EQUITY – VALUE FUNDS

Templeton India Value Fund

710.5

2237

2.0

0.9

-5.6

19.0

26.6

13.8

0.92

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.3

1372

2.2

1.0

2.5

10.2

10.9

–

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

65.4

908

2.3

1.4

0.9

16.0

20.3

12.1

0.68

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

49.4

1682

2.1

1.0

-1.5

18.8

26.3

14.6

0.69

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

69.2

1707

1.8

1.2

5.0

9.7

10.8

8.2

1.02

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

176.2

4040

2.0

1.4

-4.2

19.7

20.9

13.6

0.75

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

274.2

12720

1.8

0.9

-0.4

12.7

17.1

11.4

0.59

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

303.1

11822

1.8

0.9

-4.2

17.7

22.9

13.7

0.68

EQUITY – VALUE FUNDS

UTI Value Fund

168.2

9899

1.8

1.1

-0.4

18.7

21.6

13.2

0.78

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

42.0

5402

1.6

1.0

6.0

8.9

10.5

7.9

0.64

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

436.2

1460

2.2

1.4

-9.4

20.1

21.3

11.8

0.72

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1525.5

7480

1.8

1.1

2.4

13.5

16.3

10.4

0.65

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

94.9

1151

2.3

1.4

-4.2

25.4

27.3

13.6

0.76

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

786.8

6106

1.9

1.0

-0.9

19.4

24.1

13.3

0.75

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

29.9

282

2.2

1.0

4.6

7.1

7.8

6.6

0.59

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.2

945

2.3

1.1

3.5

9.8

10.6

8.3

0.67

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

26.9

13084

1.7

0.7

3.5

14.5

16.9

–

0.50

EQUITY – MID CAP FUNDS

Axis Midcap Fund

114.5

31384

1.6

0.6

1.9

19.2

22.2

15.4

0.68

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.2

2292

2.0

0.8

3.3

10.6

10.5

8.5

0.49

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.3

324

1.1

0.2

5.4

7.6

8.0

6.6

0.84

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

209.5

7447

1.9

1.1

1.3

15.5

18.9

10.8

0.64

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

87.2

410

2.3

1.1

-6.1

17.0

20.1

12.0

0.62

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

47.7

297

2.4

0.8

12.8

17.2

19.8

11.8

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

95.8

911

2.2

1.0

2.0

18.5

12.1

0.58

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

21.6

698

2.3

0.5

-6.3

13.9

17.1

–

0.50

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

109.6

416

2.3

0.7

-1.5

16.2

18.9

11.5

0.61

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

193.8

3579

2.0

1.3

3.5

16.8

21.7

11.8

0.72

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2755.7

12540

1.8

1.0

0.2

23.4

24.3

15.1

0.73

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

169.5

13825

1.7

0.9

-8.5

24.4

29.7

15.7

0.80

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.5

1567

2.1

0.9

3.1

12.0

10.1

7.6

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

133.8

4144

1.9

1.2

-0.4

19.9

20.5

13.1

0.61

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

474.5

1849

2.1

1.3

-1.7

14.7

17.5

12.1

0.55

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

392.2

11845

1.7

0.7

0.4

24.6

23.9

15.6

0.63

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

22.6

754

2.3

0.7

3.3

16.8

16.1

–

0.62

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

125.9

2822

1.9

0.8

-0.7

17.6

18.9

13.2

0.55

EQUITY – FOCUSED FUNDS

JM Focused Fund

19.7

284

2.4

0.7

-6.3

19.4

13.1

0.57

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

153.2

511

2.4

0.8

-7.9

16.2

16.9

10.8

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

152.7

1115

2.2

1.0

-0.6

15.6

18.6

11.7

0.65

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

21.4

165

2.5

1.6

-3.5

12.2

16.2

–

0.51

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

38.4

3101

1.9

0.6

-3.3

16.3

20.3

13.9

0.67

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

56.0

1459

2.1

1.0

-1.3

12.1

15.7

10.2

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

20.6

123

2.3

0.6

1.1

13.2

14.7

–

0.61

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

58.3

899

1.9

1.1

8.0

8.8

8.9

5.5

1.25

EQUITY – VALUE FUNDS

Quantum Value Fund

125.3

1188

2.1

1.1

0.1

17.6

20.5

12.7

0.82

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

108.5

22117

1.7

0.9

-2.0

13.2

17.9

12.5

0.64

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

173.9

35563

1.6

0.7

-4.3

16.9

24.5

18.3

0.79

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

35.2

1679

2.1

0.6

2.0

11.0

10.3

7.7

0.52

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

99.5

1576

2.2

1.3

0.6

17.5

19.2

13.9

0.63

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

95.0

962

2.4

1.9

-1.6

22.7

26.3

13.8

0.77

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

85.3

6789

1.8

0.8

-0.8

16.2

20.2

13.9

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

432.8

4091

1.9

1.0

-1.7

11.6

15.7

9.6

0.68

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

46.4

11501

1.7

0.4

-9.3

12.9

21.6

–

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

43.9

4595

1.8

0.7

-1.7

15.7

19.7

13.5

0.66

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

169.8

2224

2.1

1.1

-13.6

20.0

27.5

14.5

0.75

EQUITY – VALUE FUNDS

Tata Value Fund

341.5

8608

1.8

0.8

-7.5

19.4

21.0

14.7

0.71

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.5

453

2.5

1.5

-1.0

12.8

16.8

–

0.57

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

187.3

1305

2.2

1.2

9.7

16.8

21.1

11.0

0.61

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

327.6

25685

1.7

1.0

2.6

10.9

16.3

12.0

0.48

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

58.9

696

2.5

1.6

-2.8

14.0

17.0

11.2

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

61.2

15457

1.7

0.9

2.5

14.4

14.0

10.7

0.46

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.2

839

1.1

0.6

7.0

9.0

9.6

7.7

0.57

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

900.9

5736

1.9

1.1

-2.4

14.3

17.7

11.4

0.48

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

85.0

5011

1.9

0.9

-4.9

18.5

23.6

12.9

0.64

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

121.6

6099

1.9

1.0

-8.3

20.2

22.3

11.7

0.62

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

97.0

35172

1.5

0.8

2.0

12.9

15.6

11.7

0.44

EQUITY – FOCUSED FUNDS

Axis Focused Fund

55.6

12585

1.7

0.8

3.0

10.3

13.5

11.9

0.37

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

60.9

33360

1.6

0.7

1.5

11.6

14.5

12.0

0.45

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

31.9

107

2.0

1.1

3.6

7.1

6.5

0.43

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

24.7

140

2.3

1.2

-1.7

10.6

11.0

6.9

0.47

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

44.7

825

2.0

0.5

4.8

8.4

7.6

7.2

0.59

EQUITY – MID CAP FUNDS

DSP Midcap Fund

148.3

19331

1.7

0.7

-1.4

19.6

19.5

14.5

0.59

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

513.6

1888

2.0

1.0

-4.9

20.5

20.4

15.6

0.55

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

43.0

128

2.5

1.3

-0.2

14.3

16.1

10.8

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

56.1

5513

1.9

0.8

1.4

15.9

16.0

10.9

0.51

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

46.0

2365

2.1

1.1

-8.9

24.0

27.6

15.4

0.74

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

480.1

2002

2.1

1.3

-9.8

8.7

14.1

11.4

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

195.9

529

2.5

1.4

0.7

13.1

13.5

8.7

0.53

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

20.9

275

2.5

1.2

5.6

13.2

18.2

7.7

0.52

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

98.7

1021

2.3

1.4

-4.3

14.7

16.0

9.3

0.48

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.0

338

2.5

1.4

-4.7

20.2

22.0

–

0.62

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

30.0

618

2.4

1.0

-9.4

18.5

27.8

–

0.70

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

20.2

987

2.2

0.9

-10.8

9.9

8.4

–

0.21

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

42.8

1531

2.1

1.0

-13.8

9.4

13.0

9.7

0.34

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

35.2

317

2.3

0.5

-3.2

13.2

19.5

–

0.63

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.0

764

1.8

0.7

3.7

8.8

9.4

4.5

0.74

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

131.2

217

2.3

0.8

4.9

13.1

14.1

8.5

0.51

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

342.4

604

2.4

0.9

0.7

12.9

15.4

10.3

0.51

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

133.6

892

2.3

1.1

-6.3

16.2

19.2

14.0

0.70

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

223.5

356

2.6

-6.1

14.2

17.1

9.1

0.53

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

122.1

130

2.6

2.1

-7.0

18.7

20.7

14.3

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

205.0

3732

1.9

0.9

-2.9

13.2

17.8

11.9

0.57

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

139.9

2193

2.2

1.9

-5.4

20.9

24.6

12.2

0.76

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1384.6

3756

2.0

1.3

-1.9

12.7

12.3

8.5

0.41

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.4

1570

2.2

1.1

1.5

10.4

13.3

–

0.50

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

–

32.8

14805

1.7

0.6

1.8

16.5

21.4

–

0.65

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.1

2.1

1.1

2.4

7.5

11.1

7.4

0.97

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

46.0

1937

2.0

0.5

-6.6

21.1

28.7

–

0.74

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

24.3

4424

1.9

0.7

3.9

14.4

–

0.67

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

32.1

1473

2.1

0.7

-3.6

16.5

19.5

–

0.62

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

287.6

2953

2.0

0.9

-0.2

20.1

23.9

13.7

0.69

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.6

12982

1.7

0.5

-5.8

17.2

28.3

–

0.81

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

40.2

3190

1.9

0.6

3.5

25.6

18.8

–

0.67

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

43.9

4980

1.8

0.4

-1.7

21.6

29.1

–

0.84

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

16.5

674

1.1

0.3

5.2

8.5

9.7

–

0.71

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.8

2.4

1.4

0.3

12.7

14.6

–

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

20.2

2.3

0.9

-2.0

14.7

16.4

–

0.52

EQUITY – VALUE FUNDS

Groww Value Fund

–

27.0

2.3

0.9

2.5

16.6

18.8

–

0.67

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

27.0

4314

1.9

0.8

-1.4

20.4

22.2

–

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

95.3

250

2.5

1.8

6.4

19.6

22.0

13.1

0.65

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

794.5

15523

1.7

0.9

-0.5

21.2

23.6

14.2

0.83

EQUITY – SECTOR – PHARMA FUNDS

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

–

40.5

6104

1.9

1.0

8.7

29.1

21.2

–

0.77

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

135.5

19288

1.6

0.5

0.9

20.6

22.0

15.7

0.72

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

17.0

438

2.3

0.7

3.1

11.0

9.3

–

0.53

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

131.2

4070

1.9

0.7

-0.8

20.0

22.5

13.6

0.66

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

42.2

7580

1.7

0.4

3.8

26.7

30.5

–

0.81

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

20.5

17537

1.7

0.6

3.6

11.7

11.9

–

0.72

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

150.8

4472

1.9

0.6

-0.8

21.8

23.5

15.5

0.79

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

81.3

2.3

1.5

3.7

6.1

6.3

0.40

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

30.4

640

2.3

0.8

-3.6

21.2

21.1

–

0.68

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

27.8

2.3

1.2

6.3

9.6

9.7

6.9

0.57

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

29.8

2.5

1.2

5.3

21.3

14.5

–

0.48

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

23.6

170

2.5

1.4

-8.3

14.7

18.6

–

0.52

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

23.1

515

2.4

0.7

-4.1

16.8

19.5

–

0.62

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.0

709

2.3

0.7

-2.4

14.0

18.4

–

0.64

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

35.3

5727

1.8

0.4

-2.3

20.7

25.1

–

0.72

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

20.3

1574

1.4

0.4

5.7

11.0

12.1

–

0.89

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.9

2908

1.9

0.5

3.1

22.5

18.5

–

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

28.4

2.3

0.4

-5.7

12.6

15.8

–

0.51

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

22.6

255

2.2

0.6

-4.4

12.8

17.3

–

0.56

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

301.7

45881

1.5

0.7

2.2

24.4

29.1

14.7

0.94

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

521.9

8737

1.8

0.9

2.9

23.9

18.5

13.0

0.64

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

49.5

1.3

0.6

5.4

7.2

8.7

7.1

1.06

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

94.7

7011

1.8

0.6

-13.0

17.6

26.7

18.2

0.75

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

612.6

9632

1.7

0.6

-15.4

13.5

22.6

16.9

0.61

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

379.6

46947

1.5

0.7

-3.8

21.2

29.0

15.6

1.15

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

437.9

4027

1.9

0.9

10.4

27.9

20.4

11.0

0.74

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

357.3

6194

1.9

1.2

-4.9

7.6

13.7

9.9

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.3

2.4

1.0

-5.7

10.7

12.5

8.8

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

21.0

2.3

0.8

-11.4

11.0

13.4

–

0.37

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

20.1

137

2.4

0.8

-12.3

11.2

13.9

–

0.38

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.4

2.2

1.2

3.3

7.2

8.2

6.6

0.76

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram Diversified Equity

–

222.6

1489

2.2

1.7

2.0

14.0

18.8

11.4

0.68

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

381.8

2842

2.0

0.9

0.8

17.3

22.7

14.8

0.72

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.5

10031

1.7

0.4

1.6

11.1

12.6

–

0.84

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

24.3

3388

1.9

0.6

2.6

15.8

17.4

–

0.61

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

31.3

1339

2.1

0.6

3.6

24.8

19.0

–

0.66

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

40.1

11576

1.7

0.3

-4.8

23.0

29.8

–

0.84

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

53.4

2.4

1.6

5.9

15.5

19.1

12.1

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

184.8

2.4

1.8

-0.4

18.1

18.6

12.8

0.67

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

66.9

2.5

2.0

-6.3

19.3

22.3

13.9

0.63

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

156.0

2.6

2.4

-3.3

13.8

17.0

9.3

0.51

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

16.8

155

2.0

1.5

3.3

8.2

8.3

–

0.59

EQUITY – VALUE FUNDS

Union Value Fund

–

28.1

333

2.5

1.2

-0.6

18.6

21.2

–

0.72

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

18.2

709

1.6

0.7

3.8

10.6

11.5

–

0.97

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

296.6

1146

2.3

1.3

8.4

26.7

18.7

11.0

0.62

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

396.9

2835

2.0

1.2

-3.9

12.4

14.0

9.5

0.48

Source link

Simply Put: Market Makers

by Hansraj Agrawal | Aug 16, 2025 | Share Market

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

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

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

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

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

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

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

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

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

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

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

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

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

Nirmal: Got it! Thanks, Rahul.

Published on August 16, 2025

Source link

Saving for your child’s future

by Hansraj Agrawal | Aug 16, 2025 | Share Market

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

Balanced investment approach

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

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

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

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

Performance

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

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

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

Structure

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

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

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

Should you invest

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

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

Published on August 16, 2025

Source link

How To Invest In Gold And Silver Together For Better Returns

by Hansraj Agrawal | Aug 16, 2025 | Share Market

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

Metal mettle

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

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

Timing, DIY problems

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

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

Strategy

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

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

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

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

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

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

Our take

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

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

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

Published on August 16, 2025

Source link

« Older Entries

Next Entries »

Times Top News

Times Top News

Recent Posts

Recent Comments