|Category:||Equity: Large Cap|
|Assets:||R 137 crore (As on Dec 31, 2017)|
|Expense:||2.64% (As on Dec 31, 2017)|
The scheme will invest primarily in equity and equity related instruments including equity derivatives of companies which should be leaders on the respective industry.
+ Taher Badshah since Jan 2017
+ Vinay Paharia since Jun 2014
This fund has a slightly different mandate from other large-cap funds as it selects businesses that are in leadership positions in a sector. The fund saw its three-star rating upgraded to four stars two years ago and has held on to the rating.
The fund has been quite large-cap tilted, with a 90 per cent plus allocation to large caps and 5-10 per cent allocation to mid caps. Lately, the portfolio has been almost entirely large-cap oriented, with a 95 per cent plus allocation. This could have slowed recent performance, given the sustained outperformance from mid-cap stocks.
The fund is managed with a 'growth at a reasonable price' style. The portfolio is compact, with 40-50 stocks. The fund house's focus is on quality companies with strong cash flows and a high return on capital.
The fund has seen a slowdown in performance in the last one year, with the returns trailing the category returns by about 3 percentage points. But three- and five-year returns show it to be 4-5 percentage points ahead of the benchmark returns and 2-3 percentage points ahead of the category returns. The fund has outpaced its benchmark and category every year except 2012. The returns, however, have seen substantial acceleration after 2012. The slowdown in returns in the last one year could bear watching.
Its performance in a market crash is yet to be tested, though the fund survived the decline of 2011 rather well. The fund has recently seen Taher Badshah take over as fund manager and needs watching for any style changes.comments powered by Disqus