Not a great performer initially, it stole the show in 2002 with a return of 74.58 per cent (category average: 19.43 per cent). From a ranking of 23, it shot to number one position. Skeptics who wrote it off as a stroke of luck had to shut up next year when the fund delivered 155.16 per cent (category average: 111.62 per cent).
Just when the fund managed to wow everyone, it delivered only 19.81 per cent in 2004 (category average: 25.84 per cent). In 2005, it performed better at 53.47 per cent (category average: 46.70 per cent).
These volatile returns are typical of the fund. For instance, in 2001, it badly underperformed the category average in the first quarter but outperformed it in the remaining. Year 2002 delivered much more than the category average in the first two quarters, underperformed in the third, marginally beat the category average in the fourth. 2003 outperformed the category average in all quarters but managed to do so in only two quarters of 2004. Though mid-caps were responsible for the performance in those two years, the fund is not hell bent on only investing in them. Mid-2002, the small- and mid-cap allocation at one time moved higher than 80 per cent. This year, the fund has averaged around 30 per cent in small- and mid-cap allocation. Automobiles has been the topmost sector the entire year. From a peak of 19.47 per cent of the portfolio (July), it is now 16.52 per cent (November). Diversified across 34 stocks, the top three sectors account for around 42.41 per cent of the portfolio with the top-most stock, Divi's Labs, at 5.66 per cent.
As on December 1, 2006, the fund beat the category average in its year-to-date, one-year, two-year and three-year returns. Its five-year returns are 64.40 per cent (category average: 44 per cent).