In the days gone by, this offering was only for the bold. It could move from rock bottom in one year to a chart-topper the very next. Since 2008, it has left behind its erratic past and concentrated portfolios. This fund is truly a multi-cap offering with portfolio turnover amongst the highest in its category. “Churn for us is a function of underlying market cycles. It goes up in a volatile market as it throws up many opportunistic buys,” says Shetty. After a fabulous run in 2007, it fell in line with the category average in 2008 and put up a pretty good show in 2009. In 2010, the new fund manager took over and the fund has been an average performer since then. A more diversified portfolio and stable performances are now visible in this fund. Though there will be hiccups in this ride, long-term investors have been rewarded.
This article was originally published on April 26, 2012.
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