Launched in 2015, the fund started on a sombre note and found a place at the bottom of the category in the first full calendar year (2016) of its existence. But it hasn't looked back since then and has consistently beaten an average peer in every calendar year after that. Being an equity savings fund, it invests in a mix of equity shares, bonds and arbitrage opportunities. While the equity portion strives to provide capital appreciation, the debt and arbitrage positions aim to generate steady income. Overall, this combination is suitable for a medium investment horizon of around three to five years. Regular income seekers looking for a simple, hands-free solution should also find this fund to their liking. The investment strategy and portfolio As per the stated asset allocation of the fund, the net (unhedged) equity allocation can vary between 20-45 per cent, but in practice, it has usually remained at the upper end of this range. Barring a few months, the net equity of the fund has usually stayed in a narrow range of 40-45 per cent of the total assets, and we quite like that. We are not big fans of strategies that move their asset allocation around dynamically, as we don't think it is possible to take a call on the market accurately in a sustainable manner. Instead, we prefer a much more static asset allocation suited to the investment needs of an investor. Though the fund's net equity allocation of around 40-45 per cent is slightly on the higher side and makes it a
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