Why This Large Cap Fund Is Well-Suited To Navigate Choppy Markets

by Hansraj Agrawal | Jan 10, 2025 | Share Market

The equity markets have been volatile and in a corrective mode for the past three months with a mix of factors at play – fears of US trade tariffs, FPI selling, valuation concerns, slowing GDP growth and underwhelming corporate results.

In the broader markets, only large-caps have relative valuation comfort, more so after the recent correction.

For investors with a medium risk appetite, large-cap funds are ideal investment vehicles from a long-term perspective. Without taking high risks and maintaining relatively less volatile portfolios, large-cap funds are ideal avenues for being in the core part of investor portfolios.

In this regard, Edelweiss Large Cap is a fund that investors can consider from a long-term perspective of at least 7-10 years.

The fund has a track record of over 15 years and has delivered healthy benchmark and category-beating returns over the long term.

Taking the SIP route for taking exposure to the fund would help average costs and reduce portfolio volatility.

Robust outperformer

Large-caps in general have struggled to beat the benchmark Nifty 100 TRI or the BSE 100 TRI, especially after market regulator SEBI brought in rigorous categorisation and investment norms. However, Edelweiss Large Cap has consistently done better than the the Nifty 100 TRI over the past decade or so.

In the past 1-year, 3-year, 5-year and 10-year timeframes, the fund has delivered 15.8 per cent, 15.2 per cent, 18.7 per cent and 14.3 per cent, respectively, on a point-to-point basis. The scheme outperformed its benchmark by 2-3 percentage points across timeframes.

When five-year rolling returns over the period January 2013 to January 2025 are considered, the fund has delivered mean returns of 14.3 per cent. For comparison, the Nifty 100 TRI delivered average returns of 13.3 per cent.

Also, in the period mentioned above, on a 5-year rolling basis, the scheme has beaten its benchmark Nifty 100 TRI over 94 per cent of the time. It has delivered more than 12 per cent over 78 per cent of the time during this period and more than 15 per cent for nearly 47 per cent of the time.

The fund’s SIP returns (XIRR) over the past 10 years are healthy, at 16.3 per cent. An SIP in its benchmark Nifty 100 TRI would have returned 14.7 per cent over the same period.

All return figures pertain to the direct plan of the fund.

Edelweiss Large Cap fund has an upside capture ratio of 100.2, indicating that its NAV rises almost as much as the benchmark during rallies. The scheme has a downside capture ratio of 81.3, suggesting that the scheme’s NAV falls much less than the Nifty 100 TRI during corrections. A score of 100 indicates that a fund performs in line with its benchmark. These observations are based on data from January 2022-January 2025.

Steady sector mix

Edelweiss Large Cap invests around 85 per cent (can go higher to 89-90 per cent at times) of its portfolio in large-cap stocks. About 10-15 per cent of its holdings is in mid-caps, a strategy that most schemes in the category resort to. The mid-cap holdings have aided the fund’s outperformance.

The exposure in large-cap stocks is reserved for the top few companies in any given sector.

There is a slight value tilt to the fund’s top holdings, though growth is also given considerable prominence. Most of the picks are from the Nifty 100 index.

Firms in the financial services space have always been the fund’s top holdings, with banks gaining the most prominence. IT software has also figured among the top holdings of the fund, though healthcare has now become the second largest segment held by the fund. Automobiles and auto parts have seen increased exposure in recent portfolios. Surprisingly, FMCG companies, which have witnessed anaemic growth and have been shunned by the markets, now figure among Edelweiss Large Cap fund’s key holdings. A stiff 25 per cent correction in some of the key stocks in the segment may have made these picks attractive.

The fund generally holds around 70 stocks in its portfolio, with exposure to individual firms rarely crossing 4 per cent barring the top few holdings.

Edelweiss Large Cap remains invested to the tune of 95-98 per cent and rarely holds high cash and debt positions.

The fund is suitable for investors with a medium risk appetite. Investors saving for financial targets that are 7-10 years away can opt for the systematic investment route.

The scheme can be a key component of an investor’s large-cap portfolio.

Why invest

Delivered 15.8%, 15.2%, 18.7% and 14.3%, respectively in 1-year, 3-year, 5-year and 10-year timeframes

On a 5-year rolling basis, beat benchmark Nifty 100 TRI 94% of time

XIRR over past 10 years at 16.3%

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The Concept Called Rolling Return

by Hansraj Agrawal | Jan 4, 2025 | Share Market

Imagine measuring distance in kilograms, or speed in litres. Makes sense? Not at all! This brings out the importance of measuring anything the right way. The financial world is no different.

When it comes to mutual funds, there are many ways to measure their performance and a combination of a few or all might be required to gauge the performance, depending on your investing horizon, style and risk appetite. Rolling return is one such important and appropriate tool. Here is a low down on this.

Why not trailing return

Let us try to understand the concept in terms of numbers and metrics with an example to drive home the concept better.

Sensex stood at 29,468 points as on March 31, 2020, and at 27,459 as on March 31, 2015. On an absolute basis, the index seems to have given paltry returns of 1.4 per cent annually over the five-year period. But the above dataset, measuring returns between two static points, is skewed owing to the nosedive that occurred exactly on Mar 23, 2020.

More often than not the process of investing is continuous and dispersed across time-scapes. Hence, using absolute or trailing returns, entails the error of according higher weights to the beginning and end points, while ignoring the intermittent market volatility inherent in this class of asset.

Why rolling returns

Three-year rolling return, calculated with monthly intervals, over the same five-year period considered above, stood at 11.5 per cent. This is interpreted as – investors who continued investing every month and held the investment for 3 years from the date of investment enjoyed an average return of 11.5 per cent during the period. How and why this world of difference?

Rolling return considers a series of point-to-point returns within the overall time frame taken for analysis. In the above case, 25 datasets are arrived at by calculating the returns starting from March 2015 to March 2018, April 2015 and April 2018, and so on until March 2017 to March 2020, and the three-year rolling return is the average of the 25 point-to-point returns within the five-year period.

Moreover, analysing the individual data sets within the rolling returns throws out more data like – one, the maximum return over a three-year period stood at 15.8 per cent per annum and the worst, at negative 17 per cent, during the same five-year period; and two, investing across a three-year time horizon in Sensex during this period also ensured a 96 per cent chance of greater-than-zero returns. When viewed in this prism, for a systematic investor, risk in equity investing reduces looking at the data.

Pros and cons

Stretched over long time periods, rolling returns stand a better chance of weeding out volatility and giving a representative summary of the historical returns than trailing figures, for systematic investors. In general, data for at least two complete market cycles comprising a bull and a bear phase, or at the least one complete cycle helps rolling return analysis be more effective. In Indian stocks, a typical bull-bear cycle lasts around 12 years. In bond markets, your analysis needs to stretch to at least 10 years.

And the three-year rolling returns considered in the example quoted should be adjusted per the investment timeframe of each investor. Similarly, the monthly intervals could be adjusted for daily, weekly or yearly based on the frequency of investments.

As is the case with all historical data, rolling returns are again not the indicators of future returns, but do help you clearly gauge the riskiness of an asset class more lucidly.

Comprehensive approach

Rolling returns stand a better chance of weeding out inconsistencies and giving a representative summary of the historical returns than trailing figures for systematic investors.

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Mutual Funds returns

by Hansraj Agrawal | Jan 4, 2025 | Share Market

EQUITY – FOCUSED FUNDS

360 ONE Focused Equity Fund

46.0

7305

1.8

0.9

17.3

13.9

20.2

15.8

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

168.9

1453

2.0

0.8

22.7

17.4

24.9

16.3

0.53

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

39.4

1054

2.1

0.8

26.4

17.2

26.7

–

0.60

EQUITY – LARGE CAP FUNDS

Canara Robeco Bluechip Equity Fund

61.2

14824

1.7

0.5

20.1

13.2

17.5

13.5

0.39

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

109.2

1747

2.1

0.8

21.7

17.5

20.8

15.8

0.43

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

49.8

12381

1.7

0.5

14.9

11.2

15.0

10.8

0.56

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

24.3

561

1.6

0.6

14.0

9.8

10.9

8.9

0.60

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

334.4

23989

1.7

0.9

21.0

21.3

23.3

14.1

0.44

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

70.0

60534

1.5

0.9

14.0

12.5

12.9

11.0

0.32

EQUITY – LARGE CAP FUNDS

ICICI Prudential Bluechip Fund

105.3

63938

1.4

0.9

19.5

16.8

18.7

13.8

0.38

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

85.7

9945

1.7

0.6

28.2

19.8

23.8

14.0

0.57

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

218.0

13990

1.8

1.0

28.9

7.8

30.0

18.2

0.59

EQUITY – VALUE FUNDS

ICICI Prudential Value Discovery Fund

446.5

48988

1.5

1.0

21.8

22.6

25.5

15.1

0.57

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

65.7

1609

2.1

0.7

35.2

27.2

30.0

17.0

0.58

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

104.8

5012

1.8

0.5

34.5

25.8

24.6

17.2

0.51

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

154.3

495

2.4

0.7

16.8

15.3

17.7

11.1

0.58

EQUITY – VALUE FUNDS

JM Value Fund

101.6

1073

2.2

1.0

24.9

24.6

17.4

0.48

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

56.9

3035

1.7

0.5

11.8

9.8

11.3

9.6

0.60

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

113.3

22898

1.6

0.5

58.8

34.5

33.5

20.4

0.58

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

176.5

61646

1.4

0.7

27.0

25.8

34.9

21.8

0.61

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

82.0

84641

1.3

0.6

25.6

16.8

24.9

17.5

0.55

EQUITY – MID CAP FUNDS

PGIM India Midcap Opportunities Fund

64.7

11093

1.7

0.5

23.1

13.1

28.6

16.0

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Absolute Fund

402.9

2199

2.0

0.7

11.3

13.2

23.4

14.9

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

358.8

10799

1.7

0.6

11.0

17.0

30.5

20.1

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

39.7

3585

1.9

0.7

25.1

23.0

35.2

18.8

0.56

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

119.6

3693

1.9

0.6

19.8

21.2

25.8

18.1

0.53

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

225.8

8941

1.8

0.6

20.1

23.8

32.3

18.3

0.62

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

264.1

27161

1.6

0.7

23.0

25.1

45.3

20.5

0.75

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

69.8

9915

1.1

0.6

11.3

9.2

11.0

9.2

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

SBI Long Term Equity Fund

429.3

27847

1.6

0.9

27.8

24.0

24.2

14.7

0.49

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

68.2

1005

2.2

0.6

13.3

10.6

12.9

9.5

0.54

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

95.9

1450

2.1

0.8

9.6

17.7

14.6

12.5

0.26

EQUITY – DIVIDEND YIELD FUNDS

Templeton India Equity Income Fund

139.5

2399

2.1

1.2

21.7

19.3

24.3

15.3

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

100.7

7400

1.8

0.7

14.2

11.1

12.5

10.5

0.34

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

108.4

24353

1.6

0.6

27.7

19.9

27.4

19.0

0.53

EQUITY – LARGE & MID CAP FUNDS

Bandhan Core Equity Fund

131.8

7293

1.8

0.6

29.8

23.3

23.4

15.9

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

149.3

6894

1.8

0.7

15.3

14.8

21.8

15.0

0.40

EQUITY – VALUE FUNDS

Bandhan Sterling Value Fund

146.9

10054

1.8

0.7

19.2

17.2

24.9

15.0

0.43

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

56.1

539

2.3

0.8

28.2

23.6

29.8

16.5

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.7

1180

2.1

0.5

20.8

14.5

16.2

–

0.41

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

220.0

2403

2.0

0.8

22.5

16.0

17.6

13.1

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

172.9

8817

1.7

0.6

19.6

13.2

20.3

14.2

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

136.9

16835

1.6

0.7

25.8

18.9

21.3

15.9

0.42

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

82.4

1100

2.2

0.7

17.1

14.2

16.8

12.7

0.34

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

102.0

8280

1.7

0.4

40.9

25.5

30.2

18.9

0.57

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1630.9

17808

1.7

0.9

23.6

18.7

22.3

14.4

0.44

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1878.4

66304

1.4

0.8

24.9

23.8

22.6

14.7

0.43

EQUITY – FOCUSED FUNDS

HDFC Focused 30 Fund

217.1

15521

1.7

0.6

25.1

23.6

22.6

13.8

0.44

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

79.3

3308

1.8

1.2

10.6

10.0

10.7

8.8

0.55

EQUITY – MID CAP FUNDS

HDFC Mid-Cap Opportunities Fund

192.2

76061

1.4

0.8

29.5

27.7

28.8

18.0

0.55

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.2

1523

2.1

0.8

16.4

11.6

11.2

8.3

0.39

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

34.4

583

1.5

0.6

25.3

14.2

13.8

9.5

0.47

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

50.1

4783

1.9

0.6

23.6

22.9

25.3

14.5

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

369.3

40089

1.6

1.0

19.6

19.1

21.3

15.1

0.50

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

187.2

6990

1.9

1.2

28.3

33.2

29.7

16.2

0.53

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

945.0

17694

1.7

0.8

23.3

20.9

23.1

14.8

0.45

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

72.6

3173

1.7

0.9

11.9

9.3

9.8

9.4

0.63

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

127.9

1110

2.2

0.9

21.2

18.9

14.9

14.1

0.27

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

124.3

720

2.3

0.7

26.1

22.2

24.3

12.8

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

49.7

183

2.4

1.3

31.1

19.4

21.9

15.9

0.43

EQUITY – LARGE CAP FUNDS

Kotak Bluechip Fund

554.2

9498

1.8

0.6

18.7

13.4

16.9

12.8

0.34

EQUITY – MID CAP FUNDS

Kotak Emerging Equity Fund

135.6

52049

1.4

0.4

35.3

22.7

27.0

18.4

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Equity Hybrid Fund

61.7

6815

1.8

0.5

23.4

15.4

18.0

13.1

0.41

EQUITY – LARGE & MID CAP FUNDS

Kotak Equity Opportunities Fund

336.6

25648

1.6

0.5

25.8

19.6

21.1

15.5

0.43

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

25.4

7974

1.8

0.6

12.2

11.4

11.2

9.4

0.43

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

278.9

17732

1.6

0.5

26.7

18.1

30.2

18.6

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

47.1

25315

1.6

0.6

18.4

14.0

19.6

–

0.40

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

94.4

4156

1.8

0.4

20.7

19.3

20.3

16.1

0.40

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

145.9

38680

1.5

0.6

16.7

13.5

20.2

17.9

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

56.1

4187

1.8

0.7

47.7

27.1

24.4

–

0.46

EQUITY – MID CAP FUNDS

Nippon India Growth Fund

4140.1

34584

1.6

0.8

28.5

25.9

29.1

18.4

0.55

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

87.5

35313

1.6

0.7

20.1

20.3

19.4

14.0

0.37

EQUITY – VALUE FUNDS

Nippon India Value Fund

225.2

8536

1.9

1.2

23.8

22.1

24.3

15.9

0.47

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

35.6

6354

1.8

0.4

18.1

9.0

20.5

–

0.42

EQUITY – FOCUSED FUNDS

Quant Focused Fund

86.6

1118

2.2

0.7

13.6

16.7

21.8

15.6

0.43

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

38.4

6548

1.8

0.7

20.8

16.7

13.8

–

0.24

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

334.5

3074

2.0

0.9

25.8

22.8

23.4

16.5

0.45

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

54.4

12659

1.7

0.4

34.8

9.7

28.7

–

0.59

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

179.9

2404

2.1

1.1

23.4

24.1

26.4

15.4

0.53

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

51.0

2269

2.0

0.9

18.4

13.6

19.6

12.0

0.40

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

55.6

3270

2.0

1.1

10.6

13.5

12.0

12.7

0.21

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

188.4

5333

1.9

0.8

22.0

8.0

27.6

18.8

0.56

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

456.0

1537

2.2

1.4

20.2

20.5

22.6

12.2

0.47

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1726.3

22440

1.7

0.9

20.6

13.9

17.6

13.9

0.33

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

137.5

7706

1.8

0.9

21.7

13.7

16.8

12.4

0.34

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Frontline Equity Fund

508.3

29323

1.7

1.0

18.0

13.8

16.8

12.3

0.34

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life India GenNext Fund

215.1

5892

1.9

0.8

20.3

16.1

18.6

15.4

0.37

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

64.1

1411

1.9

1.0

11.0

8.4

9.6

8.4

0.41

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

28.8

292

2.2

1.0

8.3

5.4

8.1

6.8

0.42

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

21.7

1015

2.3

1.0

12.1

8.3

10.0

–

0.32

EQUITY – MID CAP FUNDS

Axis Midcap Fund

113.3

30330

1.6

0.5

32.4

16.9

23.3

16.3

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

23.9

2283

2.0

0.8

15.8

9.0

11.1

8.6

0.28

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

52.3

1798

2.1

0.8

39.8

28.5

29.5

16.4

0.51

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

75.3

1760

2.1

0.9

20.9

13.7

17.2

11.9

0.35

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

43.6

749

2.0

0.5

10.3

7.7

7.4

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

96.3

952

2.2

1.0

26.0

16.5

18.4

13.1

0.39

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

103.4

2145

2.0

0.5

29.4

21.2

25.4

16.3

0.51

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

93.7

952

1.9

0.7

10.4

7.4

9.2

8.0

0.51

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Emerging Equities

257.5

24629

1.6

0.6

29.0

15.5

21.5

16.3

0.43

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

349.2

10747

1.7

0.6

16.8

11.9

15.7

12.3

0.42

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

329.8

12908

1.7

0.6

19.9

12.4

18.3

13.4

0.39

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

159.7

867

2.3

1.0

38.0

27.7

28.8

16.1

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

346.3

10379

1.8

0.7

19.8

13.0

16.1

12.6

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

26.5

3201

1.9

0.7

13.5

9.8

10.3

8.9

0.32

EQUITY – LARGE & MID CAP FUNDS

DSP Equity Opportunities Fund

609.2

14023

1.7

0.7

25.5

19.7

20.9

15.7

0.41

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

102.2

11765

1.7

0.7

21.0

14.5

19.0

13.9

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

325.6

5515

1.9

0.8

33.4

31.0

28.4

16.8

0.51

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

203.5

16307

1.7

0.8

26.2

21.1

30.0

18.5

0.56

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

38.4

2446

2.0

0.4

28.0

17.9

20.4

–

0.41

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

87.8

3745

1.9

0.4

27.1

18.0

21.4

14.9

0.44

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

139.8

2848

2.0

0.9

28.6

28.9

27.0

17.3

0.49

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1483.2

6890

1.8

1.0

24.4

19.2

20.7

13.8

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Equity Hybrid Fund

266.8

2050

2.1

1.0

19.2

14.7

16.3

11.9

0.40

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

105.8

12183

1.8

0.9

21.0

17.0

20.0

13.9

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1336.1

15945

1.7

1.1

22.7

21.3

20.6

12.6

0.40

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

63.8

5516

1.9

0.9

10.6

10.0

11.0

9.4

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

114.8

24185

1.7

1.0

14.0

12.9

15.5

10.1

0.37

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1108.9

36587

1.6

1.0

13.7

17.0

17.1

12.2

0.34

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

60.4

147

2.2

1.3

16.5

9.1

9.3

7.8

0.47

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

222.8

5048

1.9

1.2

30.8

17.4

20.4

13.2

0.39

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

477.9

1946

2.1

1.2

20.5

13.6

16.0

12.2

0.33

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

89.6

17237

1.7

0.7

30.5

23.6

30.9

20.2

0.53

EQUITY – VALUE FUNDS

HSBC Value Fund

108.6

13675

1.7

0.8

27.4

22.5

24.4

16.7

0.45

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

120.7

9026

1.8

1.0

13.7

13.2

11.4

12.3

0.20

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

895.6

14210

1.7

1.1

19.8

14.0

17.8

12.9

0.35

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

286.8

6369

1.9

1.1

27.5

20.3

24.5

15.4

0.46

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

53.7

926

2.2

0.8

17.5

13.0

12.2

10.1

0.30

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

130.5

2954

1.9

0.8

28.3

15.0

19.4

14.4

0.38

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

97.3

6340

1.8

0.7

39.5

21.6

21.7

15.9

0.43

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

68.4

1317

2.1

0.8

23.1

14.2

17.8

13.1

0.35

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

174.9

5863

1.8

0.6

44.8

24.7

28.2

18.0

0.56

EQUITY – FOCUSED FUNDS

JM Focused Fund

20.8

212

2.4

0.8

27.1

20.9

17.4

13.6

0.32

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

116.1

6232

1.8

0.6

23.3

16.9

19.7

14.5

0.39

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

80.2

51276

1.5

0.6

18.6

14.8

16.3

13.6

0.32

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

68.2

2395

2.0

0.6

33.1

27.7

27.5

16.2

0.50

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

52.3

852

2.3

1.1

50.7

32.6

27.8

15.7

0.51

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

39.7

3126

1.9

0.6

30.4

16.8

19.6

–

0.40

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

34.7

411

2.5

1.4

41.6

24.4

30.5

–

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

27.5

931

2.2

0.6

14.1

12.9

18.3

–

0.38

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

19.9

580

2.4

0.7

9.0

8.2

10.9

–

0.32

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

30.9

9054

1.7

0.4

15.1

11.4

14.4

–

0.35

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

108.3

39555

1.5

0.6

15.2

10.6

14.7

13.2

0.30

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

569.3

6307

1.9

1.1

11.9

17.8

14.0

12.2

0.24

EQUITY – FOCUSED FUNDS

Nippon India Focused Equity Fund

115.5

8412

1.9

1.2

12.2

14.6

19.1

13.6

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

34.9

770

2.3

0.7

18.4

13.2

18.7

–

0.38

EQUITY – LARGE CAP FUNDS

SBI Blue Chip Fund

89.2

50502

1.5

0.8

15.2

13.0

16.4

12.9

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

278.3

72428

1.4

0.7

15.4

10.8

13.7

11.8

0.34

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

23.3

5982

1.4

0.9

12.1

10.4

11.1

–

0.35

EQUITY – FOCUSED FUNDS

SBI Focused Equity Fund

335.6

34747

1.6

0.7

19.6

10.1

16.8

14.0

0.35

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

50.0

5006

1.9

0.9

20.9

25.1

25.6

16.3

0.49

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

601.4

29329

1.6

0.7

19.9

17.7

21.0

15.2

0.41

EQUITY – MID CAP FUNDS

SBI Magnum Midcap Fund

238.0

21455

1.7

0.8

22.0

18.5

26.9

15.9

0.51

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

179.7

33285

1.6

0.7

25.1

19.0

27.0

20.0

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

159.6

5469

1.8

0.7

18.6

12.1

15.6

12.3

0.39

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

34.5

1540

2.1

0.6

13.9

10.8

10.7

7.8

0.43

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

161.8

1118

2.3

1.3

19.0

13.1

18.5

13.4

0.39

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

38.9

2378

2.0

0.5

10.4

15.5

12.5

–

0.24

EQUITY – VALUE FUNDS

Tata Equity P/E Fund

353.9

8640

1.8

0.8

22.7

20.7

20.5

14.9

0.41

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

53.2

224

1.1

0.5

11.6

8.9

9.3

7.3

0.36

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

47.0

2414

2.0

0.7

28.1

20.5

22.1

–

0.48

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

518.8

8342

1.8

0.6

16.5

16.3

18.6

13.6

0.39

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

487.8

2436

2.0

1.0

15.1

13.2

16.0

11.8

0.32

EQUITY – MID CAP FUNDS

Tata Mid Cap Growth Fund

431.4

4494

1.9

0.7

23.5

20.2

24.7

16.2

0.49

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

120.9

130

2.6

2.1

12.5

18.1

22.5

15.5

0.46

EQUITY – VALUE FUNDS

Templeton India Value Fund

704.0

2199

2.1

0.9

16.5

20.9

23.3

14.2

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

64.2

935

2.3

1.3

18.5

14.3

20.0

11.9

0.41

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

52.0

1662

2.1

1.0

25.0

20.2

29.6

15.4

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

397.5

6107

1.9

1.2

20.9

16.5

18.5

12.2

0.44

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

66.7

1649

1.8

1.2

12.0

8.6

9.8

8.3

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

204.6

3872

1.9

0.9

16.7

11.0

17.1

12.3

0.35

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

177.1

4048

2.0

1.1

28.3

21.2

23.1

14.0

0.45

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

266.1

12860

1.7

0.9

14.8

9.8

15.5

11.6

0.32

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

307.1

12029

1.8

0.9

24.8

16.7

24.9

14.9

0.50

EQUITY – VALUE FUNDS

UTI Value Fund

164.6

10159

1.8

1.1

25.2

17.5

20.4

13.0

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1481.2

7684

1.9

1.1

17.0

11.1

13.9

10.4

0.31

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

95.3

1188

2.3

1.3

25.0

24.6

25.7

13.7

0.46

EQUITY – LARGE CAP FUNDS

Axis Bluechip Fund

59.1

33547

1.6

0.7

16.4

7.9

13.0

11.7

0.28

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

200.4

7291

1.9

1.2

18.2

12.2

15.7

11.3

0.31

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Hybrid Equity Fund

25.4

810

2.3

1.0

22.5

13.0

16.6

–

0.37

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

24.1

136

2.3

1.2

8.0

13.5

10.9

7.3

0.36

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

87.5

374

2.3

1.2

18.9

15.6

19.7

12.1

0.40

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

44.0

204

2.4

1.0

14.2

15.5

11.1

10.2

0.20

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

21.1

2258

1.3

0.4

12.6

9.6

9.8

–

0.29

EQUITY – FOCUSED FUNDS

DSP Focus Fund

53.3

2523

2.0

1.0

21.4

15.3

15.5

12.2

0.30

EQUITY – MID CAP FUNDS

DSP Midcap Fund

148.2

19216

1.7

0.8

24.1

17.2

20.7

15.4

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

56.3

180

1.1

0.5

11.5

8.8

8.7

7.1

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

110.0

398

2.3

0.7

22.5

14.9

17.8

12.5

0.35

EQUITY – LARGE CAP FUNDS

Franklin India Bluechip Fund

999.5

7847

1.8

1.1

19.4

11.6

16.1

11.3

0.32

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Debt Hybrid Fund

87.4

224

1.4

0.7

11.2

8.6

8.2

7.6

0.33

EQUITY – MID CAP FUNDS

Franklin India Prima Fund

2792.2

12441

1.8

1.0

33.1

22.5

23.5

15.8

0.46

EQUITY – SMALL CAP FUNDS

Franklin India Smaller Companies Fund

181.5

14045

1.7

0.9

24.0

24.7

29.0

17.2

0.52

EQUITY – VALUE FUNDS

HDFC Capital Builder Value Fund

718.7

7384

1.8

1.0

22.3

17.5

20.0

13.7

0.38

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

141.5

33842

1.6

0.7

22.2

22.3

29.2

18.5

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

56.2

5720

1.9

0.8

25.0

13.6

15.5

11.9

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

137.6

4303

1.9

1.1

35.8

18.4

19.7

14.1

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

48.7

2585

2.0

1.0

30.6

25.7

16.8

0.46

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

412.4

11912

1.7

0.7

41.1

25.5

25.1

17.4

0.49

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

21.6

12437

1.0

0.5

8.7

8.6

7.9

8.0

0.22

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

483.0

1729

2.2

1.3

1.8

14.2

12.0

0.33

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

19.3

263

2.4

1.1

1.7

12.4

9.5

–

0.18

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

157.1

1147

2.1

1.0

27.0

15.6

16.5

12.4

0.32

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

102.2

1075

2.3

1.4

20.7

14.4

14.9

9.4

0.31

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

55.0

1474

2.1

1.0

17.2

9.6

13.5

10.5

0.28

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

20.9

1145

2.2

1.0

9.9

10.4

9.7

–

0.26

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

45.3

1865

2.1

0.9

14.8

11.1

13.1

11.5

0.28

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

36.1

319

2.3

0.3

19.0

13.0

17.8

–

0.33

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Fund

1448.7

5546

2.0

1.5

28.4

20.2

21.5

12.7

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

123.0

215

2.0

0.9

22.9

17.8

18.2

12.3

0.38

EQUITY – VALUE FUNDS

Quantum Long Term Equity Value Fund

123.9

1189

2.0

1.1

23.2

17.7

18.2

12.4

0.37

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

109.0

22206

1.7

0.8

16.4

12.8

16.1

13.4

0.33

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

229.4

4586

1.9

0.8

33.3

11.8

27.8

17.4

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

497.8

1356

2.2

1.7

18.2

14.5

18.9

13.6

0.39

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

94.1

989

2.4

1.8

26.0

21.4

24.1

14.3

0.43

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

85.9

6918

1.8

0.7

22.6

14.7

18.4

14.4

0.35

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1395.1

12425

1.7

0.9

32.8

24.7

24.5

15.9

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Tax Saver Fund

44.5

4663

1.8

0.7

21.6

16.0

18.1

14.9

0.36

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Hybrid Equity Fund

431.2

4150

1.9

1.0

14.9

12.3

14.4

10.4

0.34

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.3

438

2.5

1.6

14.6

11.0

15.3

–

0.31

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

175.3

4203

2.0

1.4

26.5

17.0

21.5

13.5

0.48

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

324.2

26298

1.7

1.0

18.1

6.1

16.2

12.5

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

58.7

715

2.4

1.5

23.9

13.8

16.7

11.4

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

57.8

15746

1.7

1.0

18.1

11.0

12.3

11.0

0.26

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Equity Advantage Fund

899.2

5870

1.9

1.1

18.2

8.5

16.1

12.3

0.29

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

21.1

624

1.1

0.6

8.7

6.0

8.5

7.6

0.24

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

781.9

5930

1.9

1.1

23.4

17.4

22.9

14.4

0.44

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Pure Value Fund

128.4

6378

1.9

1.0

20.1

20.6

22.1

12.8

0.42

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

89.2

5160

1.9

1.0

22.7

16.6

23.3

14.4

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

94.8

36373

1.5

0.8

19.8

8.1

13.9

12.5

0.27

EQUITY – FOCUSED FUNDS

Axis Focused Fund

53.9

13289

1.7

0.8

17.2

4.9

11.8

12.2

0.23

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

30.9

118

2.0

1.0

8.4

5.7

6.4

6.7

0.24

EQUITY – FOCUSED FUNDS

Bandhan Focused Equity Fund

90.3

1793

2.1

0.8

32.3

17.3

18.6

12.7

0.37

EQUITY – LARGE CAP FUNDS

DSP Top 100 Equity Fund

457.3

4530

1.9

1.1

23.2

15.8

15.0

11.2

0.28

EQUITY – LARGE & MID CAP FUNDS

Franklin India Equity Advantage Fund

185.8

3545

2.0

1.3

22.0

13.9

18.2

11.9

0.34

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

554.2

1950

2.0

1.0

32.7

14.9

26.8

17.4

0.57

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

41.7

127

2.4

1.0

15.0

12.7

13.0

11.2

0.26

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

46.8

2496

2.1

1.1

23.3

31.1

24.5

10.9

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

192.7

536

2.5

1.4

18.8

11.0

11.7

8.3

0.28

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

30.3

319

2.5

1.6

33.0

19.3

23.7

–

0.43

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

64.9

12598

1.7

0.9

47.9

22.9

19.1

15.4

0.37

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

124.6

15666

1.7

1.0

19.6

17.2

10.2

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Equity Hybrid Fund

102.3

3850

2.0

1.2

17.8

15.3

13.2

10.3

0.24

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

15.5

713

1.7

0.7

8.3

7.8

5.6

–

0.09

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Hybrid Bond Fund

55.0

831

1.9

1.1

8.1

7.6

4.6

5.5

0.07

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

329.9

594

2.4

0.9

12.0

10.0

12.9

10.4

0.26

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

100.7

1586

2.2

1.3

23.5

20.3

18.9

14.7

0.36

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

137.1

941

2.3

1.0

17.2

16.2

20.2

14.1

0.45

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

261.6

3424

1.9

0.8

20.4

19.2

27.6

14.3

0.48

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

232.0

371

2.6

19.4

16.1

15.5

9.8

0.30

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

172.3

1170

2.2

1.2

12.7

14.7

10.7

9.4

0.19

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

138.8

2252

2.2

1.8

20.1

21.2

20.7

12.3

0.39

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

40.7

5463

1.6

1.0

13.0

6.9

9.8

8.1

0.30

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1366.9

3889

2.0

1.3

18.8

11.4

11.7

10.3

0.26

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.0

1616

2.1

1.1

17.1

7.6

12.2

–

0.28

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

–

20.5

2599

2.0

0.8

19.5

12.1

12.5

–

0.44

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

–

26.7

12855

1.7

0.7

25.8

10.3

15.9

–

0.35

EQUITY – LARGE & MID CAP FUNDS

Axis Growth Opportunities Fund

–

32.4

14007

1.7

0.6

27.9

14.5

22.1

–

0.46

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

–

30.1

246

1.1

0.2

7.9

6.5

7.8

6.7

0.24

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

33.3

2.1

1.1

7.4

12.9

11.7

7.7

0.79

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

50.3

1613

2.0

0.5

32.5

22.1

36.5

–

0.72

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

23.7

4213

1.9

0.7

16.1

12.6

16.1

–

0.51

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

–

22.2

689

2.3

0.4

19.2

14.7

16.5

–

0.34

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

32.7

1466

2.1

0.6

25.3

18.8

20.4

–

0.44

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

299.0

2791

2.0

0.9

32.8

18.6

24.3

14.5

0.49

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

40.5

12452

1.7

0.5

23.7

20.0

33.1

–

0.63

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

41.8

3249

1.9

0.6

38.8

20.6

30.7

–

0.85

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

–

62.1

2267

2.0

0.4

21.8

16.7

18.0

12.5

0.43

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

45.7

4374

1.8

0.4

26.6

22.1

32.4

–

0.60

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

15.9

726

1.1

0.3

9.3

7.4

8.8

–

0.28

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.3

2.3

0.9

13.5

11.1

12.8

–

0.30

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

20.4

2.3

0.6

19.9

14.7

14.9

–

0.32

EQUITY – VALUE FUNDS

Groww Value Fund

–

25.7

2.3

0.9

13.8

14.1

16.8

–

0.35

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

–

502.7

95570

1.4

0.8

17.3

21.9

19.9

14.1

0.45

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

28.7

3979

1.9

0.9

41.3

20.3

22.2

–

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

96.3

260

2.5

1.6

35.2

18.5

20.2

13.7

0.39

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

772.8

14193

1.7

0.9

21.8

19.6

20.7

14.7

0.40

EQUITY – SECTOR – PHARMA FUNDS

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

–

40.1

5045

1.9

1.1

43.3

24.2

30.8

–

0.89

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

–

86.9

8375

1.8

0.8

16.2

19.0

27.0

15.8

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

–

22.9

574

2.4

0.8

27.6

15.6

15.5

–

0.37

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

135.9

18019

1.6

0.5

32.6

20.3

22.4

16.3

0.45

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.9

354

2.3

0.7

17.0

9.9

9.6

–

0.37

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

137.5

3897

1.9

0.7

32.4

18.8

23.0

14.9

0.44

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

43.5

5842

1.8

0.4

38.9

25.5

31.6

–

0.58

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

20.0

16959

1.7

0.6

15.6

11.4

12.1

–

0.32

EQUITY – CONTRA FUNDS

Kotak India EQ Contra Fund

–

147.9

4034

1.9

0.6

23.8

20.9

21.6

15.4

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

79.8

2.3

1.2

9.1

5.4

6.7

6.4

0.35

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

30.9

464

2.5

1.2

35.0

20.3

23.2

–

0.50

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

26.4

2.0

1.0

9.7

7.9

8.8

6.8

0.26

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

–

21.2

143

2.5

1.6

15.0

10.7

15.7

–

0.32

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

30.3

2.4

1.2

38.5

16.5

23.2

–

0.68

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

26.9

143

2.5

1.6

32.7

19.0

20.7

–

0.42

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

23.2

423

2.4

0.6

23.7

19.0

17.9

–

0.37

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

22.2

595

2.3

0.7

15.4

11.8

15.5

–

0.32

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

–

33.7

3461

1.9

0.5

29.7

23.8

27.8

–

0.56

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

35.2

4858

1.8

0.5

23.9

18.9

24.4

–

0.48

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

19.4

1374

1.3

0.3

12.3

9.6

11.7

–

0.40

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

39.7

2743

1.9

0.5

35.8

18.1

29.1

–

0.83

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

–

20.1

135

2.3

0.4

15.2

11.8

12.6

–

0.28

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

28.9

2.3

0.4

14.2

10.9

14.1

–

0.27

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

22.8

266

2.3

0.4

13.5

11.6

15.2

–

0.29

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

–

170.8

8850

1.8

0.6

14.3

11.9

12.5

10.1

0.36

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

–

199.4

2188

2.0

0.6

21.5

20.9

24.0

14.0

0.51

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

292.4

39001

1.6

0.7

26.4

25.6

24.3

14.7

0.43

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

527.3

8638

1.8

0.9

29.9

19.0

27.9

15.3

0.79

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

47.6

1.3

0.5

7.7

6.2

7.2

7.8

0.21

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Hybrid Equity Fund

–

127.3

212

2.3

0.8

16.9

9.1

12.2

8.6

0.26

EQUITY – MULTI CAP FUNDS

Quant Active Fund

–

650.5

10614

1.7

0.6

13.4

15.6

28.3

18.4

0.52

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

97.6

7331

1.8

0.6

16.4

18.7

31.5

18.5

0.61

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

381.0

41907

1.5

0.6

20.1

23.3

29.2

16.0

0.60

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

440.6

3460

2.0

0.9

40.7

23.0

29.7

13.9

0.81

EQUITY – THEMATIC – MNC FUNDS

SBI Magnum Global Fund

–

375.9

6635

1.9

1.2

8.6

8.2

16.0

11.5

0.40

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.9

2.3

0.8

13.9

11.4

12.6

9.4

0.31

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

22.9

2.3

0.7

17.2

13.6

15.4

–

0.34

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

22.1

141

2.3

0.7

16.6

14.0

15.2

–

0.33

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

28.8

2.1

1.2

8.6

6.6

8.3

7.1

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram Diversified Equity

–

216.0

1558

2.2

1.6

14.7

12.8

15.9

11.7

0.30

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

378.2

2761

2.0

0.9

21.3

15.6

21.1

14.9

0.41

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.0

10258

1.7

0.4

11.5

11.0

13.0

–

0.44

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

23.0

2976

1.9

0.7

14.8

11.7

15.4

–

0.32

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

31.8

1214

2.1

0.7

36.7

20.9

27.8

–

0.82

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

42.4

9572

1.7

0.3

31.7

23.7

31.7

–

0.62

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

49.7

2.5

1.8

9.2

13.2

11.1

10.1

0.21

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

185.9

2.5

1.9

20.9

18.3

17.9

13.4

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

68.7

2.5

2.0

20.8

21.2

22.6

14.2

0.46

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

156.4

2.6

2.5

20.1

15.3

15.0

10.0

0.30

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

–

19.7

1457

2.1

1.0

11.3

9.3

11.8

–

0.35

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

16.4

140

2.0

1.4

8.9

7.1

8.3

–

0.30

EQUITY – VALUE FUNDS

Union Value Fund

–

27.6

300

2.5

1.3

17.9

17.7

20.5

–

0.42

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

17.6

642

1.7

0.8

10.1

10.3

11.0

–

0.46

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

293.6

1203

2.2

1.3

38.9

20.1

27.9

13.2

0.80

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

397.6

2981

2.0

1.2

19.0

12.6

15.1

11.3

0.36

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Manufacturing Theme MFs Did Well In 2024. Can They Do An Encore In 2025?

by Hansraj Agrawal | Jan 3, 2025 | Share Market

Equity mutual funds that bet on the manufacturing theme have demonstrated notable performance over the last two years. In 2024, it was among the top performing categories. The category delivered 26 per cent in 2024 while the broader index Nifty 500 total return index (TRI) posted 16 per cent.

Asset management companies have queued up to launch new schemes in the category lately. In the past 12 months, eight out of 17 schemes were introduced. Twelve of the schemes are actively managed, while four are passive schemes.

Only three – Aditya Birla Sun Life Manufacturing Equity, Bank of India Mfg & Infra and ICICI Prudential Manufacturing – have a track record of more than five years. The assets under management of the category as of November 2024 were worth ₹37,686 crore.

In 2024, Axis India Manufacturing fund topped the return chart with 33 per cent, followed by Kotak Manufacture in India and Bank of India Mfg & Infra that clocked returns of 25.7 per cent and 25.5 per cent respectively. Overweight positions in auto, capital goods and pharmaceuticals contributed to the better performance of these schemes.

A semi-diversified theme

These schemes try to capitalise on manufacturing trends and opportunities, investing across relevant sectors.

They bet on multiple industries largely encompassing 11 sectors including Automobiles & Auto ancillary, Chemicals, Pharmaceuticals, Capital goods and Engineering, Food & beverages, Textiles, Consumer durables, Building materials, Defence & aerospace and Industrials.

The stocks under these sectors are likely to benefit especially from the Indian government’s reform initiatives such as Make in India, that have been instrumental in fostering a favourable business environment, encouraging investment, and promoting indigenous manufacturing. Make in India, Industrial corridor development programme, PM Gati Shakti, PLI schemes and atmanirbhar Bharat are likely to increase manufacturing’s contribution to GDP. Such initiatives alongside labour and tax reforms and the opportunities arising from China +1 augur well for medium-term growth of the manufacturing theme in India.

Each scheme in the category follows its own philosophy in picking stocks that are engaging in manufacturing activities. All follow a bottom-up approach, picking stocks across market capitalisation.

For instance, per the current strategy, Axis India Manufacturing looks for companies that are benefiting mainly from import substitution and focusing on export opportunities, while Kotak Manufacture in India bets big on auto & auto ancillary, pharmaceuticals, capital goods and metals.

As far as the market capitalisation segments allocation is concerned, HDFC Manufacturing, ICICI Pru Manufacturing and Kotak Manufacture in India manage a large-cap oriented portfolio while the schemes such as Motilal Oswal Manufacturing, LIC MF Manufacturing and Invesco India Manufacturing hold a mid and small-cap heavy portfolio as of November 2024.

HDFC Manufacturing, ICICI Pru Manufacturing, and Axis India Manufacturing funds have spread their investments throughout more than 80 stocks. Meanwhile Quant Manufacturing and Motilal Oswal Manufacturing have a concentrated approach of investing in 30 stocks.

Is a repeat possible?

While explaining on the outlook for the theme, Harsha Upadhyaya, CIO Equity said, “The outlook for the manufacturing sector in the country continues to be strong given renewed thrust from the government through conducive policy push, growing domestic demand across segments in line with growing economy and increasing export opportunities, availability of low-cost and skilled labour, large consumer base, so on and so forth”.

However, when interest rates are higher and inflation is shooting up, the manufacturing theme may fare poorly.

Investors should keep in mind that sector and thematic funds are cyclical in nature. They are risky investments as they may fall into prolonged underperformance over a long period of time. Note that the manufacturing theme delivered suboptimal returns from 2019 to 2022, despite their strong performance in 2023 and 2024.

However, over the long run, the manufacturing theme delivered decent returns. Performance as measured by the 10-year rolling returns calculated from the last 20 years data shows that the Nifty India manufacturing TRI delivered a compounded annualised return of 12.7 per cent while the Nifty 500 TRI gave 12.5 per cent. Meanwhile, the other index, Nifty500 Multicap India Manufacturing 50:30:20 TRI gave 13.3 per cent during the period.

Majority of manufacturing-focused schemes have a short track-record of less than three years and are yet to prove their mettle.

High-risk investors who are well-versed in equity market dynamics can consider investing a small portion in these schemes. The minimum time horizon would be seven years and more.

Portfolio composition

Schemes capitalise on manufacturing trends

Bet on multiple industries encompassing 11 sectors

Stock picks across market capitalisation

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Three Hybrid Mutual Fund Schemes To Ride Out The Current Equity Market Volatility

by Hansraj Agrawal | Dec 28, 2024 | Share Market

Indian equity markets have been on a rollercoaster ride over the last four months. A host of factors triggered volatility and dampened investor sentiments including tepid second-quarter (Q2) earnings, relentless sell-off by foreign institutional investors, rising valuations of domestic mid and small-cap stocks alongside escalating geopolitical tensions.

Investors with a medium-risk profile, who are concerned about the current market volatility, can consider investing in balanced mutual fund schemes that have a mix of equity and debt in their portfolio.

Balanced funds can serve you the purpose of limiting your portfolio risk in equity market downturns. Aggressive hybrid funds is one such category that invests between 65 and 80 per cent in equity with the rest being parked in debt assets. The higher allocation to equity can help deliver good returns during equity market rallies, while the debt exposure helps cap losses amid market downturns.

Aggressive hybrid funds follow a static asset allocation of maintaining their equity exposure between 65 and 80 per cent while the balanced advantage funds, another hybrid category, has the leeway to move between equity and debt without any restriction. These funds maintain a well-rounded equity component, with exposure to large, mid, and small-caps, while the debt portion generates yields through a mix of credit, interest rate, and duration strategies.

Here are the three aggressive hybrid funds short-listed from among those rated four and five star by bl.portfolio Star Track MF Ratings.

Bank of India Mid & Small Cap Equity & Debt Fund

Bank of India Mid & Small Cap Equity & Debt Fund has been the top fund among the aggressive hybrid category in the last 5-year timeframe with the largest allocation to small and mid-cap companies. Although, investing higher into mid and small-cap stocks can result in delivering comparatively better returns, it also entails relatively higher risk.

Performance as measured by the five-year rolling return calculated from the last 10-year data shows that the fund delivered a compounding annualised return of 17 per cent, while the Nifty 50 – TRI posted 13.4 per cent. Meanwhile, the aggressive hybrid fund category gave 12 per cent during the period.

The fund has a higher degree of risk in the category (17.3 as against the category average of 14.9), as measured by the annualised standard deviation calculated for the last five-years. Given that it produced better returns over a period of time, the fund’s comparatively greater degree of risk within the category can be justified.

ICICI Prudential Equity & Debt Fund

ICICI Prudential Equity & Debt Fund has done well in both equity market rallies and downturns. However, its performance during market falls has been notable thanks to its prudent in-house asset allocation model based on the price-to-book metric. Over the last five years, equity allocation has been kept between 65 and 75 per cent.

The scheme’s low volatility has led to superior risk-adjusted returns when compared to those of peers over the long-term. One reason is that it invests more in high-quality large-cap stocks, helping to reduce the risk while generating better returns.

The scheme uses a blend of top-down and bottom-up approaches for stock selection. The fund managers prefer to follow the counter cyclical pattern in sector selection, contrarian style of investing and a bottom-up approach.

Quant Absolute Fund

Earlier known as Escorts Balanced Fund, the Quant Absolute Fund has been one of the top active funds within the category, both in terms of churning within the equity market capitalisation segments and also among the permitted asset classes. In contrast to four years ago, when the fund operated with a significant portfolio of mid-cap and small-cap stocks, its equity portion is now fully invested with large-caps.

Its equity portion is built with the quantitative approach based on the proprietary VLRT framework, that includes aspects related to the three axes of Valuation, Liquidity, and Risk appetite. On the debt side, the fund follows a low to moderate duration strategy that aims to generate income and minimise return volatility.

Performance as measured by the five-year rolling return calculated from the last 10-year data shows that the fund delivered a compounding annualised return of 17.6 per cent (top within the category), while the Nifty 50 – TRI posted 13.4 per cent. Meanwhile the aggressive hybrid fund category gave 12 per cent during the period.

Why invest

Limits risk in market downturns

Invests between 65 per cent and 80 per cent in equity, rest in debt assets

Well-rounded with exposure to large-, mid-, small-caps

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