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 CONTENTS
JUNE 2020
Volume XVII, Number 9

27 Cover Story
Editorial
Principles What went wrong at
Value Research is an
independent investment
research company. Our goal is
Franklin and what
to serve our readers with data,
information and knowledge
that inform them about
to expect now
savings and investments and The closure of six debt schemes at Franklin
help them learn how to make Templeton and locking up of over `25,000
better choices.
The basis of our work is the
crore have shaken the industry. Why this
trust reposed in us by our happened and when investors will get back
readers. We are independent,
fair and honest. We are
their dues.
committed to achieving the
highest level of accuracy and
impartiality in everything that
we publish.
38 Cover Story
We recognise that the
nature of our work is such
that it influences decisions
that affect our readers’ future.
The science
We strive to bear this
responsibility with humility.
We recognise that while it is
of investing
not possible to be 100 per
cent accurate, it is possible to
in debt
always strive to achieve that
standard to the best of our
abilities.
funds
How to pick debt funds
Editor Dhirendra Kumar
Research and Editorial Aakar Rastogi,
that don’t fail you
Ashutosh Gupta, Debjani Chattopadhyay,
Deepika Saxena, Omkar Vasudev Bhat, Sandeep
P, Shivani Gola, Sneha Suri, and Vibhu Vats
Design Mukul Ojha
Production Hira Lal

ADVERTISING 24 Spotlight
Venkat K Naidu: 09664048666
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‘The economic output
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Address your correspondence to:
extremely muted’
Editor, Mutual Fund Insight
5 Commercial Complex, Chitra Vihar, Taher Badshah
Delhi-110092, India
e-mail: [email protected]
CIO, Equity, Invesco Mutual Fund

© 2020 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092.
Editor: Dhirendra Kumar. Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi 110 092. Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi -92.

Registered with the Registrar of Newspapers for India, Registration Number DELENG/2003/11417

4 Mutual Fund Insight June 2020

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 9 First Page 17 Top of Mind
DHIRENDRA KUMAR 7KUHH&,2VWHOOXVWKHVWDWH
Ratings, goals RIWKHGHEWIXQGVDWWKHLU
and funds $0&V

10 Fund Reporter 42 The Plan

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11 SIP Sahi Hai SRUWIROLR
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14 Fund Radar IXWXUHFRXUVH
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46 Ask Value Research
18 Inside Funds $OO\RXUVDYLQJVDQGLQYHVWPHQW
,QWHUHVWLQJGDWDRQIXQGV TXHULHVDQVZHUHG

20 Portfolio Moves
$[LV%OXHFKLS0XOWLFDSDQG0LGFDS)XQGV 50 Scoreboard
7KHPRVWFRPSUHKHQVLYHIXQGVFRUHFDUG
21 Quick Chat ZLWKNH\SHUIRUPDQFHQXPEHUVDQG
6KUH\DVK'HYDONDU)XQG0DQDJHURI$[LV LQYHVWPHQWGHWDLOV
%OXHFKLS$[LV0XOWLFDSDQG$[LV0LGFDS)XQGV
78 SIP Returns
22 How I Did It :RUWKRIWKHPRQWKO\6,3RI`LQYDULRXV
µ,KDYHOHDUQWWRLJQRUHWKHPDUNHWDQGVWLFN HTXLW\IXQGVRYHUILYHDQG\HDUV
WRP\SODQ¶

33 Category Watch
$JJUHVVLYHK\EULGIXQGV
83 Top-Rated Funds
35 Fund Analyst’s Choice )XQGVWKDWVWDQGRQWKHKLJKHVWUXQJRIWKH
7KUHHKDQGSLFNHGDJJUHVVLYHK\EULGIXQGV 9DOXH5HVHDUFKIXQGUDWLQJODGGHU

',6&/$,0(5
The contents of Mutual Fund Insight published by Value Research India Private Limited (the “Magazine”) are not intended to serve as professional advice or guidance and the Magazine takes no
responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Magazine based on its contents thereof. You are strongly advised to verify the
contents before taking any investment or other decision based on the contents of this Magazine. The Magazine is meant for general reading purposes only and is not meant to serve as a professional guide
for investors. The readers of this Magazine should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment
decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Magazine.
The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best
efforts to avoid any errors and omissions, however the publishers of this Magazine make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy,
adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and materials contained and/or expressed in this Magazine or of the results obtained, direct or
consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Magazine do not certify and/or endorse any opinions contained, provided, published or
expressed in this Magazine.
Reproduction of this publication in any form or by any means whatsoever without prior written permission of the publishers of this Magazine is strictly prohibited. All disputes shall be subject to the
jurisdiction of Delhi courts only. ALL RIGHTS RESERVED

6 Mutual Fund Insight June 2020

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 FIRST PAGE

Ratings, goals and funds

see into the future!), the ratings choose the right type of fund.
are an evaluation of how funds After that, the next best step to
have done in the past. Generally use the ratings is to use them as a
speaking, the past is a reasonable negative filter. Generally speaking,
guide to the future but sometimes the one or two star funds can be
it is not –this lies at the heart of eliminated from further
all methods of investment consideration. Only after that
research, no matter what type of does the rest of the process start,
investing we are talking about. which involves a careful valuation
Secondly, funds are rated not of each fund from a variety of

O ver the last few weeks, I

have had some queries
from readers about the
problems faced by mutual funds
that have had good ratings from
on how good they have been, but
on how good they have been in
comparison to other funds of the
same category. This relativity of
fund ratings has an important
objective and subjective
parameters. Do I expect each and
every fund investor to do that?
Between Value Research Online
and Mutual Fund Insight, we have
Value Research. This issue is not implication. Hypothetically, if well over 10 lakh regular readers/
new. Since the launch of ratings every fund in a category is lousy, users. Are all of them going to go
three decades ago, there have then the least lousy among them through this process?
been many occasions when we would get a five-star rating. The Definitely not! And this is the
have been asked by readers why opposite is also true. If all funds reason that we have, over the
highly rated funds have done were wonderful, the least years, launched products like the
poorly. In case of debt funds, wonderful would still get a one Mutual Fund Yearbook, which has
there have been occasions when star. Of course, this doesn't evolved into Best Funds for
highly rated funds have run into actually happen. In reality, there Growth, Income and Short-term
credit quality or liquidity issues, are always great funds and there Goals, and ‘Value 50’, which has
as some have done recently. are lousy funds and a whole range evolved into ‘Fund Analyst's’
My response is simple and has between them. Choice’. Instead of the technical
always been the same. It’s Moreover – and this is of the categories, these take actual
important to understand what the utmost importance – if a category investor goals and give a small
rating system is, how it serves you is unsuitable for you, then it does (the ‘small’ is very important) set
and what you can and cannot use not matter which funds are four of funds that satisfy those goals.
it for. The ‘cannot’ part in the or five stars. They are all Whereas a category may have a
previous sentence is probably the unsuitable for you. This has been 100 or more funds, these goals
most important. a big problem in recent times. have barely a handful.
Firstly, the rating is a purely People who should have invested Let the ratings be a
arithmetic, data-driven exercise in in equity hybrid funds chose professional and technical tool for
which all funds are treated by the small-cap funds and those who research. Individual investors
same algorithm. Any opinions or should have chosen liquid or should be focused on the goal-
subjective judgement of mine or overnight debt funds chose credit- oriented recommendations that
anyone else in Value Research risk funds. we produce.
plays no role in the ratings. It So how should you use the
goes without saying that since the ratings? The starting point for any Dhirendra Kumar
data is all from the past (we can’t fund-investment process is to Editor

Mutual Fund Insight June 2020 9

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 FUND REPORTER

Franklin Templeton AMC shuts 3VHKJOHUNLZ

down six debt funds Scheme Date New load
Citing illiquidity IDFC Mutual Fund: Core Equity Fund, May 08, 2020 For units in excess of 10% of the investment,
Sterling Value Fund, Multi Cap Fund, 1% will be charged for redemption within
in the bond market Focused Equity Fund, Infrastructure Fund, 365 days
and rising redemp- Asset Allocation Aggressive, Asset
tion pressure, Allocation Conservative, Asset Allocation
Moderate
Franklin
Nippon India Gold Savings Fund April 27, 2020 1% for redemption within 15 days
Templeton AMC has shut down
PGIM India Dynamic Bond Fund April 23, 2020 Nil
six of its debt schemes. Investors
UTI Mutual Fund: Treasury Advantage May 04, 2020 Nil
won’t be able to make any invest- Fund, Ultra Short Term Fund, Short-term
ments or withdraw them from Income Fund
these funds. Ruling out any dis-
tress sale, the AMC plans to liqui- -\UKTHUHNLYJOHUNLZ
date the funds’ assets and return Schemes Existing Î New
money to investors over time.
ABSL Banking & Financial Services Fund Essel Equity Hybrid Fund Saravana Kumar & Archit
The immediate impact of the Satyabrata Mohanty & Dhaval Gala Î Dhaval Gala Shah Î Saravana Kumar
Franklin crisis was seen on cred- ABSL Dividend Yield Fund Satyabrata Mohanty & Essel Mutual Fund: 3 in 1 Fund, Regular Savings
it-risk funds, which lost about Vineet Maloo Î Vineet Maloo Fund Suraj Makhija & Archit Shah Î Suraj Makhija
& Saravana Kumar
`9,000 crore in assets in just three ABSL Equity Hybrid ‘95 Fund Dhaval Shah, Pranay
days following the shutdown of Sinha & Mahesh Patil Î Satyabrata Mohanty, Essel Mutual Fund: Ultra Short Term Fund, Liquid
Dhaval Shah & Pranay Sinha Fund Archit Shah Î Saravana Kumar
the Franklin funds.
Read our full coverage on this ABSL India GenNext Fund Anil Shah & Chanchal Shriram Mutual Fund: Hybrid Equity Fund,
Khandelwal Î Chanchal Khandelwal Multicap Fund, Long Term Equity Fund, Balanced
matter in the cover story. Advantage Fund Rohit Kumar Gautam & Gargi
ABSL Midcap Fund Jayesh Gandhi Î Anil Shah Bhattacharyya Banerjee Î Gargi Bhattacharyya
Banerjee
BOI AXA Credit Risk Essel Arbitrage Fund Pradeep Sukte & Archit Shah
Î Pradeep Sukte & Saravana Kumar
Fund falls 50 per
cent in a day
After BOI AXA Mutual Fund, viz., Credit Risk Change in cut-off timings extended
Mutual Fund fur- Fund, Low Duration Fund, till further notice
ther marked down its exposure to Dynamic Bond Fund and Short The temporary
certain securities, the NAV of its Term Debt Fund saw their NAVs cut-off times for
Credit Risk Fund fell by about 50 fall between 4 to 6 per cent on making mutual
per cent on April 24, 2020. The April 30, 2020, due to complete fund investments
securities marked down belonged write-off of DHFL bonds. The have been extend-
to DHFL (100 per cent from 75 per fund house had earlier marked ed till further notice.
cent marked down earlier), RKV down the DHFL papers by For liquid and overnight
Enterprises (90 per cent from 50 75 per cent. funds, the new cut-off time is
per cent), Accelerating Education 12.30 pm. Any investment by
(90 per cent from 50 per cent), Liquid funds get until 30th June to 12.30 pm would get the previous
Dinram Holding (50 per cent) and comply with revised norms day’s NAV. Investments after that
Amantha Healthcare (75 per cent). In view of the dis- would get the same day’s NAV.
BOI AXA Short Term Income tress caused by For all other funds, the cut-off
Fund also lost about 9.5 per cent COVID-19, SEBI time will be 1 pm. Investments
of its NAV, while BOI AXA has extended the done by 1 pm would get the same
Conservative Hybrid Fund lost deadline to June day’s NAV and the investments
1.7 per cent. 30, 2020, for liquid funds to hold made after the cut-off time would
at least 20 per cent of their assets get the NAV for the next day.
Principal debt schemes register in cash and government securi- For redemptions and switches
abrupt fall ties. The original deadline was in all types of funds, the cut-off
Three debt schemes of Principal March 31, 2020. time will be 1 pm.

10 Mutual Fund Insight June 2020

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 SIP SAHI HAI
An Investor Education Initiative

SIPs for
freelancers
Freelancing means freedom. But
to achieve one’s financial goals,
disciplined investing through
SIPs is a must.

O
ver the years, as the internet connectivity has equity volatility as you invest through the market’s
improved and the use of technology has ups and downs and hence get to average your
widened, freelancing has emerged as a investment cost.
popular career option. Freelancers enjoy the flexibility Given their irregular incomes, for freelancers, the
and control that their work brings them. They don’t major challenge is to maintain an SIP. This is not as
have to work the traditional eight-nine hours at an difficult as it appears. Freelancers can start an SIP
office. They can decide when, where and how much with whatever amount they are comfortable with.
to work. Companies are also benefitting from this Equity funds allow SIPs from as low as `500 per
trend. They can get projects executed without hiring month. Parallelly, they should also create a ‘feeder
or training, that too in a timely fashion. fund’. Whenever they have a surplus, they can put it
However, with freedom comes responsibility. While into this feeder fund. This feeder fund can be a simple
freelancers have the freedom to decide their work savings bank account or a liquid fund. In any month,
routine, their long-term financial goals are similar to if their surplus falls short of their regular SIP
those of any full-time employee. They have to save commitment, they can withdraw from the feeder fund
enough for their retirement, plan for their children’s and invest in the equity fund.
education and wedding, and so on. But unlike Increasing SIPs with time is as important as starting
employees, who have a fixed income, freelancers’ them, more so if your initial SIPs are insufficient to
incomes tend to fluctuate, thus making it more accumulate the required corpus. Suppose you invest
challenging for them to plan and save for their future. `5,000 in an equity fund for 30 years. The fund gives
In absence of a regular income, an emergency you a return of 12 per cent per annum. After 30 years,
corpus and insurance are absolutely essential for you will have accumulated `1.54 crore. Now if you also
freelancers. They should maintain an emergency fund increase your SIPs by 10 per cent, your final corpus
equal to six to 12 months of monthly expenses. They will be about `4 crore. Hence, one should make it a
should also buy adequate life and health insurance. point to increase one’s SIPs every year.
For a life cover, term insurance is the best as it Freelancers prefer their way of working as it gives
provides a large cover for small premiums. them more control over their lives. But they do
For long-term goals, such as retirement, SIPs in appreciate that to be a successful freelancer, discipline
equity funds are the best. While equity may appear to is a must. SIPs are no different. They also allow you
be volatile in the short term, over the long-term, it to achieve financial freedom, provided you are
gives inflation-beating returns. SIPs help dampen the disciplined with them.

Mutual Fund Insight June 2020 11

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 FUND RADAR

The golden era comes back

As equity markets have tanked, gold has rallied. We assess if there is a case
for a gold component in your portfolio.

T
he gravity-defying rally in gold has renewed 9LZ\YNLUJLPUNVSKM\UKHZZL[Z
investor interest in the shiny metal. At a time After a prolonged fall, the assets of gold-funds have started to rise.
when other asset classes are struggling, gold has
`14,000 cr
delivered about 50 per cent over the last one year.
That’s very much in line with its image of being a safe 12,000
haven. As a result, gold-fund assets have spiked after
10,000
years of sustained decline (see the graph ‘Resurgence in
gold-fund assets). We compare gold’s historical 8,000
performance against equity and fixed income to see
how promising investing in gold has been. 6,000

4,000
Gold as a wealth creator September 2012 March 2020
To assess gold’s long-term performance, we compared
the 15-year rolling returns of gold with those of multi- @YVSSPUNYL[\YUZ!,X\P[`]ZNVSK
cap funds (see the graph ‘15Y rolling returns: Equity vs Over long periods, equity has beaten gold by a wide margin, except for
gold’). Clearly, equity funds have consistently outpaced the recent phase.
gold by a wide margin. The only exception is the recent 25% Multi-cap funds* Gold
phase, when equity markets have registered one of
their steepest falls ever in a short time span. Hence, 22
equity has proved to be a far superior asset class for
19
long-term wealth creation.
16
Gold as a protector of value
Next we wanted to check is gold indeed acts as a ‘safe 13
haven’, as it is popularly thought to be. The graph
‘Gold shines when equity loses lustre’ shows that in 10 *Median returns of open-end multi-cap funds - regular plans
almost every calendar year when Sensex has been in March 2013 March 2020

.VSKZOPULZ^OLULX\P[`SVZLZS\Z[YL
Whenever equity markets fall, gold tends to give positive returns. 28.95 29.37 All numbers in %

13.19 12.58
7.48 4.07
1.43

-0.81 -2.80 -5.03 -7.88

-16.50 -17.87
-20.79 -20.65 -24.64
-28.57
Sensex Gold

-52.45
1995 1996 1998 2000 2001 2008 2011 2015 YTD
Year to date (YTD) as on March 31, 2020

14 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

red, gold has performed better. So, it does act as hedge (WPUJOVMNVSKRLLWZWHUPJH^H`
against the equity volatility. The equity-gold combination has frequently performed better than the
equity-debt combination.
Implications for your portfolio 120% 100% equity 80% equity + 20% gold HTXLW\À[HGLQFRPH
On its own, gold may not be a rewarding asset, but what
happens when you have a gold component in your 80
portfolio? To find out, we created three portfolios: one
40
with only equity; one with 80 per cent equity and the
rest gold; and one with 80 per cent equity and the rest 0
fixed income. The last two were rebalanced yearly, at
the beginning of the calendar year, to restore the original -40
80:20 allocation. See the graph ‘A pinch of gold keeps
panic away’. As you can see, gold has helped limit the -80

losses well as compared to fixed income. 2001 2004 2007 2010 2013 2016 YTD

An SIP of `5,000 in each of the portfolios mentioned Year to date (YTD) as on April 1, 2020.

above would have yielded best results with the equity-

gold combination (see the graph ‘Worth of `5,000 SIP >VY[OVM`:07PUKPMMLYLU[WVY[MVSPVZ
in different portfolios’), that too with less volatility, as SIPs in equity-gold combination have delivered best returns, that too with
measured by standard deviation. However, do lower volatility.
appreciate that the outperformance of this portfolio 75 lakh 100% equity 80% equity + 20% gold HTXLW\À[HGLQFRPH
over the equity-only portfolio is mainly because of the
60 lakh
abrupt fall in the market since March 2020 and the
commensurate rally in gold. A recovery in the stock 45 lakh
market can again tilt the balance in favour of equity.
30 lakh
Should you invest in gold? 15 lakh
Value Research has long maintained that gold is an
unproductive asset class, whose value is derived more 0
from belief rather than economic sense. Unlike equity January 2001 April 2020
or bonds or deposits, the money that you invest in gold
80% equity + 80% equity +
does not contribute to economic growth. However, one 20% gold 20% fixed income 100% equity
can’t refute the observations above either. Gold has Total amount invested `11.55 lakh `11.55 lakh `11.55 lakh
repeatedly proved its worth in limiting the downside
Value of portfolio as on `55.5 lakh `47.69 lakh `49.61 lakh
when equity markets are panicky. Therefore, if abrupt April 1, 2020
falls in equity market make you anxious, a small
Returns 14.42% 13.13% 13.46%
allocation to gold can help allay your fears.
Annualised std. deviation 17.91 18.02 22.65
Apart from buying physical bullion, you can invest (measure of volatility)
in gold through gold ETFs, gold funds and Sovereign In both the charts above, equity is represented by average returns of multi-cap funds -
Gold Bonds (SGBs). Please note that gold jewellery isn’t regular plans. Fixed income is represented by average returns of short-duration debt
a sound investment as there are many other charges funds - regular plans.

built into it. It should be seen as a consumption item.

To invest in gold ETFs, you must have a trading and :.)PZZ\HUJLZPU/-@
demat account. Gold funds can be bought the way you Tranche Date of subscription Date of issuance
would buy a normal mutual fund. SGBs are the best 2020-21 Series I Apr 20-24, 2020 Apr 28, 2020
alternative. Though they have an eight-year maturity 2020-21 Series II May 11-15, 2020 May 19, 2020
(with premature exit possible after the fifth year), an 2020-21 Series III Jun 08-12, 2020 Jun 16, 2020
interest rate of 2.5 per cent and exemption from the
2020-21 Series IV Jul 06-10, 2020 Jul 14, 2020
capital-gains tax are a sweetener. The table ‘SGB
2020-21 Series V Aug 03-07, 2020 Aug 11, 2020
issuances in H1 FY21’ lists the issuances of SGBs in
2020-21 Series VI Aug 31-Sep 04, 2020 Sep 08, 2020
the first half of this financial year.

Mutual Fund Insight June 2020 15

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 FUND RADAR

Double whammy
Significant ETF mispricing can have implications for your overall returns,
especially amid subdued markets

T
he Indian equity markets witnessed one of their Why does it matter?
most brutal falls in March. Amid this, exchange- While this was a short-lived phenomenon, the price at
traded funds (ETFs) also began showing erratic which you can buy or sell an ETF is always subject to
movements. For a brief period towards the end of the market forces of demand and supply. Therefore,
March, the difference between the traded prices and such instances of huge mispricing cannot be ruled out
the underlying NAVs of ETFs surged to 10–15 per cent going forward. Though rare, they do hurt those
or even more (see the graph). Generally, ETF prices are investors who end up investing at very high prices.
closely aligned with their NAVs on a day-to-day basis. Think about an investor who ends up paying 15 per
That holds true at least for the bigger ETFs, which cent more than the worth of the underlying portfolio.
generate reasonable trading volumes. While the graph At a time when equity markets are already reeling,
shows four prominent ETFs, a similar trend was visible further loss due to overpaying greatly adds to the
across other ETFs as well. woes of an investor.
Can one avoid this? Since NAVs are only available
What caused it at the end of the day, comparing the trading price
A confluence of certain factors may have led to this. with them is only possible when the trading day is
For one, there was a rise in demand for ETFs around over. Hence, that’s not very helpful. But what an
that time as some investors, particularly high-net-worth investor can do is to compare the day’s movement in
ones, flocked towards them, given the uncertainty the price of the ETF with that of the index which it
created by COVID-19. tracks. Ideally, the prices of both should move in
Secondly, market makers or authorised participants tandem. For instance, if the Nifty 50 index is up 2 per
(APs), who are responsible for maintaining liquidity in cent on a particular day, an ETF tracking it should
ETFs, weren’t working at their full capacity as they also be trading about 2 per cent higher. But if you see
were adjusting to the work-from-home environment the ETF up by much more than that, that’s your cue to
amid the lockdown. That caused a supply-demand the potential misalignment in its pricing. Avoid
mismatch for a short phase. investing at that price.
Lastly, APs were quoting higher spreads on the ETFs, What if you find the ETF trading at a deep discount
given the uncertainty in the markets. to the underlying index? Well, you’ve just got lucky.

7YLTP\TWYPJPUN
The traded prices of ETFs jumped by 10–15 per cent vis-à-vis their NAVs for a short time in March.
40 % SBI ETF Nifty 50 SBI ETF Sensex UTI Nifty ETF UTI Sensex ETF

30

20

10

-10
January 1, 2020 Difference between traded price and NAV as a % of NAV April 28, 2020

16 Mutual Fund Insight June 2020

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 TOP OF MIND

‘Is my debt fund safe?’

The shutdown of six debt funds at Franklin Templeton has shaken investor confidence.
What’s the situation at your fund house? What’s your message to investors?
RAHUL GOSWAMI AMIT TRIPATHI
CIO, Fixed Income, ICICI Prudential Mutual Fund CIO – Fixed Income Investments, Nippon India Mutual Fund
At ICICI Prudential Mutual Fund, safety, liquidity and The popularity of mutual funds in the fixed-income
returns have remained the guiding philosophy for all space amongst retail and HNI investors has been pil-
the fixed-income funds, with utmost importance given lared on three fundamentals: transparency, liquidity
to delivering risk-adjusted returns to investors. We and returns. ‘Anytime liquidity’, one of
believe that the recent development
pment these pillars, has been put under
nder
of Franklin Templeton windingg scanner due to the winding-upup
up six of its debt schemes is decision taken by one fund
an isolated event. house for six of its open-end
We are among the largest fixed-income schemes.
fixed-income managers in ‘Never again’ should be
India, with total assets under the only approach to bring
management of $24 billion back investor confidence.
across various fixed income Irrespective of what it takes, the
funds; of this, more than 80 per industry should focus on higher
gher
cent of exposure is in AAA rated papers. As an AMC, fund-management discipline, asset
we have an unmatched track record of having never liquidity through the cycle, refraining from me-too
encountered any delay in our interest payments or strategies across distinct fund categories, and much
defaults in any of our funds. Our fixed-income higher levels of investor education.
schemes did not have any exposure to names which Discerning strategies on duration and credit
have been under stress over the past two years. should be duly highlighted, and some of these strate-
We believe that a deflationary environment where gies involving more patient capital (lock-ins, higher
prices come down across asset classes makes debt an ticket sizes, complete understanding of potential
interesting asset class to invest in. High banking risk-return) may eventually have to move to the
liquidity in excess of `7,00,000 crore, long-term repo closed-end and/or AIF platform.
operations (LTRO) and expectations of further rate In the meantime, mutual funds will regain their due
cuts could provide the necessary tailwind in the cur- place as a simple, transparent, liquid, and efficient
rent environment. savings avenue for investors for their various goals.

LAKSHMI IYER CIO (Debt), Kotak Mutual Fund

unnd
The Franklin episode has made investors jit-- There is a tendency for investors to paint
tery for the entire credit category, leading to the entire category with the same brush!
th
huge outflows across credit funds in the This
T aggravates panic and leads to pain on
industry, including ours. However, it is per- one’s
o portfolio. Hence, we would urge
tinent to note here that at Kotak, the liquidi-- investors
in to be mindful of asset quality and
ty generated out of secondary-market sales to o portfolio
por liquidity while undertaking invest-
fund such redemptions was entirely through h ments,
ments as also redemptions. A more informed
sale of non-AAA assets. Additionally, not a single
i l view
i than
th a decision taken in panic would be a better
rupee was borrowed to fund those outflows. This way to realise full potential in any asset class. Time
should give investors some relevant insights into our and again we have seen various instances in the past
portfolio quality across the rating spectrum that could validate this point.

Mutual Fund Insight June 2020 17

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 INSIDE FUNDS

Funds in action
Across funds, portfolios tell you a lot about sectors and companies
Much risk for your short-term money Really risky
The following funds which are meant to park your short-term At a category level, the exposure
money have 25 per cent or more allocated to AA and below papers. to lower-rated paper in credit-risk
Fund Category % of AA & below assets funds has been about 70 per
Nippon India Ultra Short Duration Fund Ultra Short Duration 71.42 cent or above.
IDBI Short Term Bond Fund Short Duration 68.83 AA & Below AAA / A1+ SOV Cash
ICICI Prudential Ultra Short Term Fund Ultra Short Duration 65.66
Mar-17
Edelweiss Short Term Fund Short Duration 60.57
Apr-17
Baroda Treasury Advantage Fund Low Duration 58.03
PGIM India Low Duration Fund Low Duration 52.31 May-17
L&T Low Duration Fund Low Duration 43.32 Jun-17
Kotak Low Duration Fund Low Duration 35.17 Jul-17
Axis Ultra Short Term Fund Ultra Short Duration 31.43 Aug-17
IDBI Ultra Short Term Fund Ultra Short Duration 30.39 Sep-17
Baroda Short Term Bond Fund Short Duration 30.30
Oct-17
Mahindra Low Duration Bachat Yojana Low Duration 28.09
Nov-17
Nippon India Low Duration Fund - Retail Plan Low Duration 26.78
Edelweiss Low Duration Fund - Retail Plan Low Duration 25.88 Dec-17
HSBC Short Duration Fund Short Duration 24.78 Jan-18
Data of March 2020. Regular plans only. Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18

Food for thought Oct-18

Nov-18
The fund holding in Nestle
has been going up. So has the stock price. Dec-18
Jan-19
Feb-19
Shares (lakh) Price (`)
45 18,000 Mar-19
Apr-19
40 16,000
May-19
35 14,000 Jun-19
30 12,000 Jul-19
Aug-19
25 10,000
Sep-19
20 8,000
Oct-19
15 6,000 Nov-19

10 4,000 Dec-19
Jan-20
5 2,000
Feb-20
0 0 Mar-20
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
0 10 20 30 40 50 60 70 80

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 Cementing the bond
Over three years, Ultratech, Shree, ACC, Ambuja and JK
Cement have seen a rise in funds’ stake.
% of funds’ equity assets invested in cement stocks: Mar-20 Mar-17

Ultratech Cement

Shree Cement
Most bought stocks
by funds
Grasim Industries … and the worth of shares bought
between Feb ‘20 and Mar ‘20
The Ramco Cements
` cr
ACC LARGE CAPS
Ambuja Cements Reliance Industries 4,218
JK Cement Axis Bank 2,833
JK Lakshmi Cement ICICI Bank 2,611
Birla Corporation MID CAPS

Dalmia Bharat
Tata Consumer Products 1,806
Remaining stocks
Indusind Bank 493
0 5 10 15 20 25 30 Lupin 492
SMALL CAPS
PVR 336
Narayana Hrudayalaya 175
Radico Khaitan 136

Falling big
Credit events, defaults and downgrades have hit debt funds hard. Here are the worst 10 single-day falls over the last five years.
DHFL
DHFL UTI Credit
Pramerica PGIM India Nippon India Baroda
Medium Term Pramerica Tata Corpo- BOI AXA Ultra Short PGIM India Risk Fund Treasury BOI AXA
Strategic
Fund Floating Rate rate Bond Credit Risk Term Short Maturi- Segregated Debt Fund Advantage Credit Risk
Medium Fund Fund Fund Ultra Short ty Fund Portfolio Fund Fund
Medium
Duration Floater Corporate Bond Credit Risk Duration Short Duration Credit Risk Duration Low Duration Credit Risk
4-Jun-19 4-Jun-19 4-Jun-19 26-Jun-19 13-Sep-19 13-Sep-19 31-Dec-19 5-Mar-20 6-Mar-20 24-Apr-20
-53.0% -48.4% -29.7% -26.3% -30.3% -21.3% -26.7% -25.2% -21.8% -50.2%

Mutual Fund Insight June 2020 19

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 PORTFOLIO MOVES

The league of outperformers

Shreyash Devalkar’s funds have contained downside well over the last one year,
especially during March 2020, when others suffered
Axis Bluechip (Managing since November 2016) One-year returns (as on April 30, 2020)
Fund vs index -2.12% -14.97 -14.06
1250 Fund S&P BSE 100 TRI Fund S&P BSE 100 TRI Large-cap category
1125
Fund portfolio
1000 Large caps Mid caps Small caps Cash
875 Fund 82.64% 0.00 0.00 17.36
750 Index 90.60% 9.15 0.25 –
625
May 2019 April 2020 Average stocks in the portfolio 24

Top 7.5% 7.0% 6.9% 6.0% 5.7%

bets HDFC Bank Avenue Su]permarts Kotak Mahindra Bank Infosys ICICI Bnk
Top holdings with the asset allocations (%) as on Apr 30, ’20
All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `12,717 crore as on April 30, 2020.

Axis Midcap (Managing since November 2016) One-year returns (as on April 30, 2020)
Fund vs index -0.08% -18.25 -13.82
1250 Fund S&P BSE MidCap TRI Fund S&P BSE MidCap TRI Mid-cap category
1125
Fund portfolio
1000 Large caps Mid caps Small caps Cash
875 Fund 15.57% 65.89 1.37 17.17
750 Index 18.37% 77.98 3.65 –
625
May 2019 April 2020 Average stocks in the portfolio 43

Top 5.3% 4.7% 3.8% 3.8% 3.5%

bets Avenue Supermarts Ipca Laboratories Bata India PI Industries Indraprastha Gas
Top holdings with the asset allocations (%) as on Apr 30, ’20
All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `5,098 crore as on April 30, 2020.

Axis Multicap (Managing since October 2017) One-year returns (as on April 30, 2020)
Fund vs index -2.35% -15.64 -13.12
1250 Fund S&P BSE 500 TRI Fund S&P BSE 500 TRI Multi-cap category
1125
Fund portfolio
1000 Large caps Mid caps Small caps Cash
875 Fund 77.95% 3.06 0.84 18.15
750 Index 77.06% 17.11 5.81 –
625
May 2019 April 2020 Average stocks in the portfolio 28

Top 8.3% 7.4% 7.1% 5.9% 4.8%

bets Avenue Supermarts HDFC Bank Kotak Mahindra Bank ICICI Bank Bajaj Finance
Top holdings with the asset allocations (%) as on Apr 30, ’20
All values are estimates derived from monthly portfolio disclosures. The fund has net assets of `5,592 crore as on April 30, 2020.

20 Mutual Fund Insight June 2020

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 QUICK CHAT Shreyash Devalkar, Fund Manager of Axis Bluechip, Axis Multicap and Axis Midcap Funds

‘Our funds have done well due to

our focus on quality’
Your large-, mid-, and multi-cap funds have contained In the times like the last two years, I think what
downside well in the last one year. What’s responsible matters more than absolute cash levels is what you
for this? hold in the remaining 85 per cent of the portfolio.
The last decade has seen markets favour quality and
growth as an investment style. Our fund house has Mid caps take longer to recover from an economic
been a staunch believer in quality and growth and by downturn. They also have a high casualty rate when
virtue of this investment philosophy, our funds have the times turn bad. What should investors expect from
done well. your mid-cap fund amid such circumstances?
We have a bottom-up approach to investing. A key In my opinion, one should not single out the mid-cap
hallmark has been its benchmark-agnostic portfolio segment to be vulnerable. The companies which are
construction, targeting leaders and challengers. In an leaders in a particular segment and have net cash or
environment dominated by the unknown, sticking to very low debt are as good an investment as large caps.
the market leaders and those with a proven One can notice during this fall that such mid
track record has worked well both in ris- caps have outperformed large caps, espe-
ing and falling markets. cially those in the large-cap finan-
The strategy that forms a core part cial-services sector. Mid caps as a
of our investment philosophy for pack may underperform if there is
the year is ‘survival of the fittest’. mid-cap-specific risk aversion,
As we see earnings downgrades which I have not noticed so far.
across the board, companies that The mid-cap space offers an
have the ability to withstand the eclectic mix of market leaders
long-term revenue vacuum will and well-run niche businesses
be winners as the cycle recovers. that we believe can withstand the
The trade over the last quarter has downturn and rebuild as and when
been to identify companies with high the economy reopens.
cash flows and low leverage.
What’s your outlook for the market for the
Your funds have high cash holdings of about next one year? How severe will the after-effects
17-18 per cent. How much are these responsible for of the pandemic be?
your fund’s outperformance? The current situation is still a health crisis. We are
The cash levels across my funds have been around 15 already seeing green spots emerge as the government
per cent for more than two years now. In some months, has lifted restrictions in select regions of the economy.
they were lower; in others, they were higher. The cash The ‘people first’ approach of the government is com-
level has been the outcome of a narrow set of compa- mendable and should help the economy recover faster
nies delivering on expectations over the last two years. and healthier. Unfortunately, for us, markets will
Only a few sectors delivered on growth, while others remain uncertain till the time a cure is found.
failed. The outcome of that is a concentrated portfolio. Volatility is likely to remain elevated. While we
That said, the underlying portfolio has undergone remain cautious, we believe the reasonable valuations
changes over the last two years, though cash levels are could be used as an opportunity to top up existing
high. The intent of the funds is not to hold large cash investments in a staggered manner.
positions but to invest in a staggered manner. As and Regardless of the path that the virus takes, it is
when economic activity gets broad-based, one can see important to note that ultimately it is more of a tempo-
higher cash deployment and more number of stocks. rary disruption that the economy will come out of.

Mutual Fund Insight June 2020 21

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 HOW I DID IT

‘I have learnt to ignore the

market and stick to my plan’
The market fall due to the COVID-19 breakout has not deterred Hardit Singh
Thind, who knows how to sail through volatile times

L
iving in Ludhiana, Hardit Singh Thind, 36, is a
mariner by profession and has been sailing
since 2002. Singh’s family includes his wife,
son and his mother. He also has a younger sister, who
lives in Mumbai.
Born in the woodcraft city of Nagina in UP, Hardit’s
childhood was that of a typical army brat. He had to
move from one cantonment to another every two years
or so. Reflecting on a well-learnt lesson, the brat in
him recalls, “When I was in Class 12, I just started rid-
ing to tuitions on my father’s scooter. My dad used to
give me a fuel allowance and instead of using it effec-
tively, I spent it on treating my friends. The fun part
ended when I ran out of money and had to walk 4 km
every day, as my dad didn’t bridge the deficit.”

Investment cruise
Since he began as a trainee with a small stipend for
only the months he sailed, he couldn’t save much. He
says, “From 2001 to 2006, most of my savings were equity exposure, he got his first exposure to the world
invested in my training and professional education. of mutual funds. Hardit says, “Over the years, my
Thankfully, the saving was enough that I did not father had invested in land, as most of his generation
need have to borrow money.” did. Therefore, to me, buying more land did not seem
Year 2006 was when he finally received his licence like the best option. Since my father had been diag-
but, in the process, he had run out of his savings. The nosed with cancer, even though he was covered by
licence, however, opened the gateways to a better ex-servicemen health insurance, liquidity of funds
pay. It was around the same time that his father was a major factor in our household’s pivot towards
retired from active service and decided to settle down mutual funds,” he adds.
in Ludhiana, the hometown of Singh’s parents. With limited knowledge, Hardit started investing in
Owing to a rise in his salary once he received his mutual funds. He recalls, “To save taxes, I started an
licence, Hardit wanted to spend big and so he did. SIP and invested the mandatory `1.5 lakh per year in
Highlighting this as his biggest financial mistake, Axis Long Term Equity Fund.” However, due to the
Hardit recalls, “One can say it was the rush of new lack of knowledge, he was completely dependent on
money and at that point, I did not realise the impor- recommendations by his bank’s relationship manager.
tance of time.” He ended up investing in lump sum and without keep-
ing a tab on the number of funds in his portfolio.
The ‘mutual’ beginning Persuaded by his bank, he also invested in unit-linked
During 2007–09, when his father invested his retire- insurance plans (ULIPs). “I signed the dotted line,
ment proceeds in debt funds, along with a 20 per cent though I did not understand what I was getting into.

22 Mutual Fund Insight June 2020

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Because of this, I sank a sizeable sum in ratio, the funds’ performance as compared
four different ULIPs,” accepts Hardit. to peers, and his experience with the fund
It was around this time that Hardit house. He invests in funds through the
discovered Value Research. While reading direct route. Referring to monitoring his
the brochure of Axis Long Term Equity portfolio, Hardit says, “I just love the ‘My
Fund, what caught his eye was the five- Investment’ section and keep a close eye
star rating. Intrigued to know who gave on my funds’ performance through the
that rating, he did a bit of Googling and Value Research website. But I review my
came across Value Research. “Those WHAT WE CAN funds only every six months, when I get
beginnings taught me the importance of LEARN FROM back home from my sailing.”
research before committing to any invest- HARDIT The birth of his son in 2016 made him
ment plan. Since then, my life has been think about investing for his higher edu-
` Realising your investment
better,” he mentions. He also has a run- cation. He has been investing about
mistakes and not repeating
ning subscription of Mutual Fund Insight. `20,000 across five funds (four are same
them are crucial for wealth
creation. as his and the fifth invests in US blue-
A few lessons chip companies) in his name, “I feel this
In 2010, Hardit lost his father to cancer. He ` Always appoint a nominee money should be enough to help him
was in the UK for his professional studies, IRU\RXU¿QDQFLDODFFRXQWV start with whatever he may choose,” says
so his sister chose to stay a year at home to Hardit. He also has a small direct-equity
` Get adequate health
get all his father’s finances sorted. He exposure but only to the companies he
insurance apart from the
recalls, “We managed to transfer all the employer-provided one. understands. Hardit is also well covered
money to my mother’s name. Now I make for uncertainties and has term life insur-
sure that all the nominee details are up to ` )RXU¿YHIXQGVDUH ance and health insurance (both personal
date for not only my funds but also those enough for adequate and employer-provided). As for his emer-
of my family members.” GLYHUVL¿FDWLRQ gency fund, he has kept a sufficient
Hardit got married in 2011 and began to amount in his NRE account, in an FD.
` ,QWHUQDWLRQDOGLYHUVL¿FDWLRQ
seriously think about financial stability in can help contain country- With respect to his fixed-income
old age. He desperately began his hunt for VSHFL¿FULVNV exposure, Hardit has been investing his
a stable yet an all-weather pension scheme. bonuses since 2010 in liquid funds.
He used VRO, did his own research and ` Start investing early to Recently, he started methodically pulling
found the NPS. Currently, he has opted for accumulate a corpus for out of these funds and subsequently
the auto-aggressive equity option of the your children’s needs. doing an SIP spread over four years in
NPS. Although the opening of the account ` Don’t be afraid of market his select four equity funds. This is in
was quite a hassle, he recalls, “I IDOOV)ROORZ\RXU¿QDQFLDO addition to the fresh SIPs he has been
approached the NPS as a tool to secure my plan. Continue investing. doing in these funds. His total SIP contri-
pension. Its strict withdrawal rules and bution (including his son’s) is about 55
long-term lock-in act as deterrence for me per cent of his take-home salary and he
to not ‘play’ too much with the money invested in it.” makes sure that his SIP contributions stay in line
Around this time, he also realised that he had been with his rising income.
investing in too many funds (at one point 25), which Roughly, he has an equity and debt asset allocation
resulted in poor asset allocation. He began the clean- of 70:30, but he aims for 100 per cent equity in the
up in 2016. This was the time when he was at home next three years, “As and when I achieve the 100 per
looking after his pregnant wife. He recalls, “I started cent equity allocation, I plan to stick to this asset allo-
to consolidate my holdings to the present four funds, cation till about 55 years of age and after that, I’ll start
with 60-20-20 per cent allocations in large, mid and moving to debt till I retire, maybe at 60,” says Hardit.
small caps.” Even with the ongoing COVID-19 crisis, Hardit
His selected funds are Axis Focused 25, Axis plans to stay invested, “I know I have taken a beating
Bluechip, Mirae Asset Emerging Bluechip and his old- amid the crisis, but I understand that this is also the
est Axis Long Term Equity Fund. Now his fund selec- time to invest. Over the years, I have learnt to ignore
tion is based on star rating, long-term returns, expense the market and stick to my plan,” signs off Singh.

Mutual Fund Insight June 2020 23

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 SPOTLIGHT Taher Badshah CIO, Equity, Invesco Mutual Fund

‘The economic output for FY21

is likely to be extremely muted’

T
he contra style of investing seeks to find ideas 19 on businesses and the economy, the emerging invest-
that have few takers in the present but which can ment opportunities and how he has managed to contain
get rerated later. The coronavirus pandemic has the downside in his fund.
shaken many businesses, with the survival of a
few coming at stake. Amid such a situation, the job of a As a fund manager, is this the most challenging time
contra fund manager has become all the more challeng- you have faced in your career so far?
ing. We speak to Taher Badshah, who manages Invesco One can say that the circumstances surrounding today’s
India Contra Fund, a five-star fund with assets upwards of market conditions are very different in that they do not
`4,000 crore. He fields questions on the impact of COVID- have precedents, which makes rationalising the situation

24 Mutual Fund Insight June 2020

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and taking portfolio decisions that much more complicat- will see significant dislocation in the near to medium
ed. However, one thing that runs commonly across most term. Non-essentials and high-end discretionary would
such market scenarios is investor psychology, which be among the hardest hit. At first instance, technolo-
invariably responds with extreme reactions. As fund gy-led disruptions and value migration will come into
managers, it’s critical to separate emotions from investing play for sectors such as airlines, travel and tourism. The
logic during such conditions. issue of migrant labour will delay recovery for labour-in-
tensive industries, such as construction and real estate.
It’s becoming evident that this crisis may linger on The path to stability of externally oriented sectors such
for many months. What kind of implications do you as IT, commodities and parts of pharma and healthcare
see for the economy? Do you anticipate any will likely be a function of the pace of recovery in the
structural changes in the economy or the way overseas markets.
businesses are run?
On current reckoning, the sudden stop resulting from the In which sectors or pockets do you see some great
lockdown of the last nearly 40 days will be devastating, contrarian opportunities emerging? What changes are
to say the least. It will significantly crunch economic out- you making to your Invesco Contra portfolio?
put during the current quarter and perhaps the next as With a nearly 25 per cent cut in asset prices on average in
well, even as some of the blow will likely be the past two months, large swathes of the mar-
cushioned during the balance of the year as ket have moved into the value or contra
some parts of India gradually emerge “Areas zone. Areas such as banking and finan-
from the lockdown. such as cial services, parts of consumer dis-
The overall economic output for cretionary and industrials could be
FY21 is likely to be extremely
banking and financial interesting breeding grounds for
muted. Corporate earnings, services, parts of contra ideas at this stage, whereas
which were estimated to grow at consumer discretionary reasonable value may be emerg-
about 20 per cent during the
year, will now likely end up
and industrials could be ing in sectors such as IT services
and utilities. Invesco India
being flat to marginally lower. interesting breeding Contra Fund typically runs with a
Long-term structural impact on grounds for contra positioning that benefits from a
businesses will be a function of
whether the world at large deals
ideas at this probable cyclical economic recov-
ery and thus has a natural affinity for
with this pandemic with an effective stage.” some of these presently unpopular seg-
treatment or is able to overcome the same ments of the market. However, in dealing
with a successful vaccine. In the case of the with contra/value propositions – propositions
former, many businesses will have to contend with the which do not enjoy growth support – it is extremely
challenges of social-distancing norms for a good time to important to avoid weak balance sheets or elements,
come, which can meaningfully alter the economics of which can impair franchise value. The recent market cor-
their business. The outcome may be less severe if a vac- rection has allowed us to further move up the quality
cine solution is in line of sight. curve in individual sectors while maintaining the overall
Meanwhile, consumer experiences and lifestyle chang- value proposition of the fund.
es of the past few months do suggest that technology-led
disruptions and value migration resulting therefrom How do you ensure if a contra bet is indeed an
could permanently impair a few industries while benefit- opportunity and not a trap? Many of the turnaround
ing a few others. Some trends such as social dining or stories which seemed to get back on their feet may
personal hygiene, etc., are unclear at this stage and may now get crippled?
be very slow to evolve as human behaviour also does not Value-oriented strategies or contra bets do run with the
change as quickly as one would like to believe. risk of delayed turnaround or value traps. Delays in turn-
arounds are easier to deal with by (a) buying at valua-
Which businesses are going to be hit the hardest in tions that provide the necessary downside cushion in the
your opinion? event of such delays and (b) ensuring that one avoids tak-
Very few pockets of the economy can escape the wrath of ing balance-sheet risks of the investee companies, even
such events and it is fair to say that almost all businesses while assuming P&L risks. By and large, value traps typi-

Mutual Fund Insight June 2020 25

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 SPOTLIGHT
cally arise out of disruption forces affecting an industry you generate alpha by making deft entry into and exits
and are identified and filtered at the stage of initial from your holdings and perhaps not so much from a
investment due diligence with the help of our invest- buy-and-hold approach. What are your triggers for
ment process. However, one has to acknowledge that entry and exits?
value traps can become evident at a later stage of owner- Invesco India Contra Fund, as dictated by its very man-
ship as well and the speed of response of fund managers date, runs with a highly disciplined approach of identify-
in mitigating their impact on the portfolio is crucial ing businesses that are head-winded, out of favour and
under such circumstances. because of which are also inexpensive on valuations. The
fund exercises due patience for the pessimism to turn
We observe that your Contra and Multicap Funds have into optimism, as reflected in the valuations of that entity
close to about 50 per cent overlap. What’s the in the market. Hence, the fund doesn’t follow a
difference between their stock-selection typical ‘buy and hold’ strategy but a very
strategies? How difficult is it for you to “In valuation-conscious strategy that tries to
wear two hats simultaneously? dealing with maximise returns and generate alpha
At the very outset, our proprietary through a combination of earnings
investment process and stock-cate-
contra/value recovery and re-rating. In doing
gorisation framework allows us to propositions, it is this, the strategy also ensures that
segregate investment ideas on the extremely important to the value proposition of the fund
basis of whether they are growth is available to investors at all
or value opportunities. Invesco
avoid weak balance sheets points in time.
Multicap Fund has a growth-orient- or elements, which can
ed bias, whereas Invesco Contra fol- impair franchise Your Contra Fund has been able
lows a value-focused strategy that has
value.” to contain the downside better than
a greater preference for value/turn- peers with great consistency
around opportunities which may migrate whenever markets have hit a rough
to becoming growth stories over time. Hence, patch. Is there anything that you actively do
even though the two funds would have overlaps to protect the downside?
arising mainly out of the growth component of Invesco India Contra Fund follows a val-
the two portfolios, the starting point for each of ue-conscious strategy that typically
these funds is different. With our investment eschews excessive valuations. In iden-
process clearly designed to demarcate growth tifying opportunities that are reason-
and value opportunities at the time of ideation, able/cheap as its starting point, it
it is then just a matter of matching the opportu- inherently tries to build enough margin
nities to the right strategy. of safety that acts as its downside
cover. Over its 13-year history, the fund
Which of these two funds would you has generally ensured that its aggregate
recommend to which investor? valuation is at a discount to that of
In a predominantly growth-dominated the broad market at any
market, Invesco India Contra Fund point in time. Besides, a
provides investors the opportunity value/contra strategy
to have exposure to a value/contra has to adopt very high
strategy. Invesco India Multicap thresholds on portfolio
Fund, on the other hand, is a quality, more so than
growth-oriented fund struc- even growth strategies.
tured to provide a balanced That’s because unlike a
exposure to large, mid and growth-oriented strategy,
small caps at all points the cushion of earnings
in time. growth is not available in
the event the investment
Your stock-holding thesis does not play out in
patterns suggest that the desired manner.

26 Mutual Fund Insight June 2020

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 COVER STORY

What went wrong

at Franklin and
what to expect now
The closure of six debt schemes at Franklin Templeton
and locking up of over `25,000 crore have shaken the
industry. Why this happened and when investors will
get back their dues.

Mutual Fund Insight June 2020 27

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 COVER STORY

Sneha Suri & Omkar Vasudev Bhat has always had a favourable spot among
investors. While the winding-up of its

S
o far, 2020 has not been kind to schemes has come as a big shock, the
the world. With the outbreak of reasons responsible for this were long in the
COVID-19 and the ensuing making. The immediate trigger was the
lockdowns, the world economy is dramatic fall in liquidity in the Indian debt
likely to suffer for the foreseeable markets, particularly in the case of lower-
future. The Indian mutual fund rated bonds. Such bonds constituted bulk of
industry is not untouched by the crisis. the portfolios of Franklin’s funds that have
Apart from the jerks in fund inflows, lack of been shut down recently.
liquidity in Indian debt markets has started Despite exposure to lower credits, the
to have an impact. On 23rd April, Franklin funds were able to honour redemptions
Templeton Mutual Fund announced during the initial phase of the COVID-19
winding-up of six of its debt schemes: Low lockdown. But it was not long before they
Duration Fund, Ultra Short Bond Fund, Short had to resort to borrowings, given the poor
Term Income Plan, Credit Risk Fund, liquidity and the consequent dislocation in
Dynamic Accrual Fund and Income credit markets. In the graphs titled ‘Falling
Opportunities Fund. assets, emergence of payables’, you can see
Consequently, no transactions – the consistently falling trend in the assets of
redemptions or purchases – would now be these funds and their respective net payables.
possible in these schemes. While the money Post the lockdown extension, the liquidity
is not lost, it will only be returned to further dried up and the fund house realised
investors as and when the fund house that it won’t be able to generate enough cash
disposes off assets. The AMC has ruled out to fund redemptions. As borrowings were
any distress sale. Owing to this already high in some funds, fire sale of
unprecedented development, `25,648 crore holdings would have resulted in significant
(as on 23rd April) of investor assets have value erosion. This would have been
been locked up. particularly detrimental to the investors who
chose to stay invested while favouring those
Why did it happen? who exited. Hence, given the circumstances,
Franklin Templeton, managing about `47,000 winding-up was the only viable option.
crore of debt assets as on March 31, 2020, The funds of funds which held the shut-

-HSSPUNHZZL[ZLTLYNLUJLVMWH`HISLZ
The stress in the six Franklin funds was visible in the form of falling assets and net payables as the funds had to resort to borrowings to meet redemptions.

Credit Risk Fund Dynamic Accrual Fund Income Opportunities Fund

7,229 3,892 3,785
Apr-19 Apr-19 Apr-19

6,624 4,030 3,410

Oct-19 Oct-19 Oct-19

3,527 2,541 1,855

Apr-20 Apr-20 Apr-20
571 36 489

Low Duration Fund Short Term Income - Retail Plan Ultra Short Bond - Super Institutional
7,107 13,260 18,337
Apr-19 Apr-19 Apr-19

5,704 12,551 19,950

Oct-19 Oct-19 Oct-19

2,389 5,658 9,679

Apr-20 Apr-20 Apr-20
208 1,582 637

April data as on 23rd of the month AUM (` cr) Net payables (` cr)

28 Mutual Fund Insight June 2020

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 down funds as the underlying could not 0TWHJ[VU[OL-V-Z
escape this tumult. Given that the Franklin’s funds of funds which had the six affected
schemes as underlying had to write-down 50 per cent of
underlying was no longer liquid, these FoFs
their holdings in those schemes
wrote down about 50 per cent of the Scheme NAV (`) Impact (%)
respective exposures on 24th April, leading Franklin India Life Stage FoF 50s Plus 26.04 -25.16
to massive one-day hit on their NAVs (see Franklin India Multi Asset Solution 9.85 -22.41
the table ‘Impact on the FoFs’). Franklin India Life Stage FoF 40s 37.26 -17.81
Franklin India Dynamic Asset Allocation FoF 61.70 -16.60
The hunt for yields Franklin India Life Stage FoF 30s 45.99 -13.51
Franklin’s credit-management practices, aka Franklin India Life Stage FoF 20s 63.48 -6.59
the ‘high yield approach’, and its flag-bearer
require no introduction. After the global crore in 2009 to about `54,000 crore by 2019,
financial crisis of 2008-09, the fund house – an annualised rate of 30 per cent per annum.
under the leadership of its CIO Santosh This was almost double the industry growth
Kamath – decided to go big on lower-rated rate. In 2009, Franklin was not among the top
bonds to pump the returns of its debt funds. 10 fund houses in terms of debt assets. But in
The graph ‘Taking the lower end of the road’ 2019, it had broken into the top five. The
illustrates how the AMC started taking success of Franklin’s funds inspired other
exposure to risky papers. During 2013-2014, AMCs as well.
the collective exposure of the six shut-down
funds to papers rated AA and below started In a spot of bother
exceeding that of AAA rated securities. As long as the markets were doing well,
The strategy worked wonders for the fund everything seemed to be fine with Franklin’s
house, enabling it to beat its peers (look at debt funds. Nobody complained about their
the graph ‘Returns on steroids’) risk-taking. On the contrary, investors
As can be seen in the graph, Franklin revelled in their returns. However, soon the
India Ultra Short Bond Fund – the largest risks started to materialise. A glimpse of this
among these – has been delivering fancy was visible in 2016, in the famous JSPL
numbers in each calendar year since 2009. episode. After a series of downgrades of
This has been true for quite a few of JSPL, Franklin Templeton decided to buy out
Franklin’s funds. Thanks to this the exposure on its own books in tranches to
performance, Franklin, which was already protect the investors from losses. However,
known for its equity franchise, was also given the magnitude of the current situation,
able to earn a name in the debt segment. Its a similar option was not possible.
debt assets (excluding liquid and overnight The current upheaval in debt funds
funds and FMPs) grew from around `3,000 started about two years back with the blow-
up of the infrastructure giant IL&FS. Since
then, Franklin has been in a spot of bother,
;HRPUN[OLSV^LYLUKVM[OLYVHK
The six Franklin debt funds that have been closed began betting big time on lower- witnessing a series of seemingly endless
rated assets after the global financial crisis. downgrades, defaults and segregations,
100 % AA and below AAA/A1+ March-end numbers culminating in the winding-up of six of its
funds. The fund house had a significant
80 exposure to troubled groups like DHFL,
60
Essel, Reliance ADAG, Vodafone Idea and
Yes Bank. Before their winding-up, all six
40 funds had segregated their respective
exposures to the troubled bonds of Vodafone
20
Idea and a few of these also segregated their
0 exposures to Yes Bank (look at the table
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 ‘Segregated portfolios’).

Mutual Fund Insight June 2020 29

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 COVER STORY
9L[\YUZVUZ[LYVPKZ
Thanks to their high lower-rated exposures, the six affected funds frequently beat their respective category returns.
Return Category average
Credit Risk Fund Dynamic Accrual Fund
12 16

9 12

6 8

3 4

0 0
2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Income Opportunities Fund Low Duration Fund

16 12

12 9

8 6

4 3

0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 2012 2013 2014 2015 2016 2017 2018 2019

Short Term Income - Retail Plan Ultra Short Bond Fund - Super Institutional Plan
12 12

9 9

6 6

3 3

0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

How things may pan out from here date is used as the maturity date.
Since the announcement of winding-up six z Before any money is returned to investors,
of its debt schemes, Franklin Templeton has the borrowings will be repaid first.
been trying hard to dismiss speculations z The percentages have been computed
around the money being lost. It has reassured considering the total of all amounts
investors that they will get their money back receivable less the outstanding borrowings
as soon as possible, yet anxious investors as the base.
want to know when that will happen. z Future Group has requested the AMC for a
The fund house came up with an moratorium, so the latter has used revised
estimated repayment schedule on April 30,
2020. To arrive at that, it assumed the
:LNYLNH[LKWVY[MVSPVZ 
The six affected schemes segregated their exposures to the troubled Vodafone Idea
following: and Yes Bank.
z All money comes back on the maturity Vodafone exposure Yes Bank exposure
segregated portfolios segregated portfolios
date. If a put option is available, then the Scheme on 24-Jan-20 on 6-Mar-20
maturity date is taken to be the option- Franklin India Credit Risk 2 1
exercise date. Franklin India Dynamic Accrual 2 1
z For perpetual bonds, the immediately Franklin India Income Opportunities 2 -
forthcoming call date is considered as the Franklin India Low Duration 2 -
maturity date. Franklin India Short-Term Income Plan Retail Plan 2 1
z For floating rate bonds, interest-rate reset Franklin India Ultra Short Bond - Super Institutional Plan 1 -

30 Mutual Fund Insight June 2020

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Subscription copy of [[email protected]]. Redistribution prohibited.
 COVER STORY

,Z[PTH[LKYLHSPZH[PVUZJOLK\SLZ
Based on certain assumptions, the fund house plans to pay investors back in pieces by the dates as mentioned. *Until July 2020

Credit Risk Fund Dynamic Accrual Fund

40 Payout# (%) Cumulative payout (%) 120 40 Payout# (%) Cumulative payout (%) 120

30 90 30 90

20 60 20 60

10 30 10 30

0 0 0 0
3M* Next 3M Next 6M Next 1Y Next 1Y Next 1Y Next 1Y Beyond 5Y 3M* Next 3M Next 6M Next 1Y Next 1Y Next 1Y Next 1Y Beyond 5Y

Income Opportunities Fund Low Duration Fund

60 Payout (%)
#
Cumulative payout (%) 120 40 Payout# (%) Cumulative payout (%) 120

45 90 30 90

30 60 20 60

15 30 10 30

0 0 0 0
3M* Next 3M Next 6M Next 1Y Next 1Y Next 1Y Next 1Y Beyond 5Y 3M* Next 3M Next 6M Next 1Y Next 1Y Next 1Y Next 1Y

Short Term Income - Retail Plan Ultra Short Bond Fund - Super Institutional Plan
40 Payout# (%) Cumulative payout (%) 120 40 Payout# (%) Cumulative payout (%) 120

30 90 30 90

20 60 20 60

10 30 10 30

0 0 0 0
3M* Next 3M Next 6M Next 1Y Next 1Y Next 1Y Next 1Y Beyond 5Y 3M* Next 3M Next 6M Next 1Y Next 1Y Next 1Y Next 1Y
#
The payout percentages are after deducting respective borrowings from the funds’ assets.

maturity dates. The graph ‘Estimated fund selection is important. It would be

realisation schedules’ details how the wrong to entirely write off debt funds, just
realisation may happen. as you would not shun equity funds for their
volatility. The need is to understand them.
The takeaway With their superior return potential as
The Franklin episode has undoubtedly compared to bank deposits and favourable
dented investor trust. Investors expect their taxation, they are indeed useful. The second
money to be safe in debt funds, especially in cover feature in this issue deals with the
the ones meant to park your short-term intricacies of the debt market and how you
money. Many keep their emergency corpus can pick a good debt fund.
in such funds. A sudden locking-up of their As for the investors of Franklin’s shut-
money has left them feeling cheated. down funds, the only option now is to be
At the same time, investors are becoming patient. With no redemptions to carry out, the
aware of the complications of debt markets. management team at Franklin can now focus
They have started to understand that even on finding the best-possible route to realise
debt funds entail risk and hence prudent these assets. Keep your fingers crossed.

32 Mutual Fund Insight June 2020

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 CATEGORY WATCH

The equity launchpad

Aggressive hybrid funds are ideal for those who want to embark upon their
equity journey. Here is how you can pick the most promising ones.

A )LJVTPUNWYVTPULU[
ggressive hybrid funds are fast becoming
prominent. Their assets have grown by over 35 The assets of aggressive hybrids as a per cent of total assets of equity
per cent per annum over the last 10 years, and hybrid funds have risen over three-fold over 10 years.
almost double the rate of growth of all equity and 13% 12%
hybrid funds taken together. With an AUM of `1 lakh
crore, they now make the third largest category among 10%
all equity and hybrid funds, trailing only large-cap and 9%
March-end numbers
multi cap-categories.
7%
With about a third of their assets invested in debt,
these funds are designed to contain the downside. 4%
That provides a great psychological relief, particularly 3% 3% 3% 3%
to new investors, who may shun equity due to a bad
initial experience. What’s more, this downside protec-
tion doesn’t cost much in terms of long-term returns. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
In most aggressive hybrids, the equity portion is con-
servatively managed, with over 65 per cent of their *VU[HPUPUNKV^UZPKL
equity allocation made to large-cap stocks. Since 2000, whenever multi-cap and aggressive hybrids have given
On the debt side, the portfolio duration is usually negative returns in a calendar year, the latter have fallen less.
dynamically managed. In the last five years, the average 0% 2000 2001 2008 2011 2018 2020*
maturities in these funds have varied from as low as
-12
one year to as high as 12 years or even more. In terms of
credit risk, on the one hand, there are funds which -24
mostly stick to top-rated corporate bonds and sovereign
securities; on the other, there are those which invest -36
aggressively in papers rated AA and below.
-48
Which ones to go for?
-60 *Till April 2020
The first thing to check while picking an aggressive
Multi-cap Aggressive hybrids
hybrid fund is how disciplined it is in maintaining its
equity and debt allocations. Though SEBI has addressed
5V[T\JOSVZZVMYL[\YUZ
this issue to a great extent by defining a band of 65–80
In spite of their debt allocation, aggressive hybrids are not very far from
per cent for equity allocation, still prefer the ones that pure equity multi caps in terms of returns.
do not keep oscillating to the extremes of this band.
15% Aggressive hybrids Multi-cap
Secondly, given that these funds are more suited to
conservative equity investors or first-timers, go for ones 12
which maintain a large-cap heavy portfolio and do not
expose you to the sharp moves of mid and small caps. 9
Lastly, remember that the main purpose of debt is
to provide stability, not generate returns. Therefore, 6

avoid funds whose debt allocation resembles that of a

3
credit-risk fund.
Find our selection of the best aggressive hybrid 0
funds in the next few pages. 5Y 7Y 10Y 15Y 20Y

Mutual Fund Insight June 2020 33

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 CATEGORY WATCH

List of aggressive hybrid funds

REGULAR DIRECT
SIP return (%) Trailing return (%) Quartile ranking SIP return (%) Trailing return (%) Quartile ranking
Fund Rating 3Y 5Y 3Y 5Y 10Y ’15 ’16 ’17 ’18 ’19 Rating 3Y 5Y 3Y 5Y ’15 ’16 ’17 ’18 ’19

ABSL Eq Hybrid ‘95  -8.99 -1.86 -2.85 3.04 8.36  -8.19 -0.82 -1.87 4.16
Baroda Hybrid Equity  -7.23 -0.98 -2.26 2.71 6.23  -6.29 0.22 -1.12 3.93
BNP Paribas Substantial Eqt Hybrid  3.54 - 5.41 - -  5.13 - 7.04 -
BOI AXA Mid & Small Cap Eqt & Debt  -7.25 - -1.04 - -  -6.42 - -0.20 -
Canara Robeco Eqt Hybrid  2.30 5.87 5.00 7.33 10.59  3.54 7.19 6.31 8.57
DSP Equity & Bond  -0.72 3.90 2.27 6.66 8.98  0.31 5.03 3.37 7.73
Edelweiss Agrsv Hybrid Not rated -2.64 1.92 1.67 4.34 7.06 Not rated -1.40 2.98 2.74 5.20
Franklin Eqt Hybrid  -5.20 0.16 0.16 3.79 8.79  -4.10 1.47 1.37 5.16
HDFC Children’s Gift  -4.70 1.93 1.40 5.47 11.63  -3.81 2.92 2.35 6.42
HDFC Hybrid Equity  -7.25 -0.94 0.09 4.94 10.78  -6.55 -0.19 1.04 5.99
HDFC Retrmnt Svngs Hybrid Eqt  -3.80 - 1.59 - -  -2.46 - 3.04 -
HSBC Managed Solutions India Growth  -6.38 0.41 -0.73 4.35 -  -6.08 0.73 -0.43 4.64
ICICI Pru Child Care Gift  -5.36 0.63 -0.39 4.42 8.07  -4.58 1.49 0.43 5.28
ICICI Pru Equity & Debt  -5.17 1.53 0.57 5.52 10.95  -4.39 2.61 1.57 6.70
IDBI Hybrid Equity  -5.24 - -2.16 - -  -3.83 - -0.51 -
IDFC Hybrid Equity  -7.70 - -2.66 - -  -6.29 - -1.06 -
JM Equity Hybrid  -12.05 -5.32 -4.87 -0.77 4.69  -11.16 -4.48 -4.14 0.06
Kotak Equity Hybrid  -4.53 0.96 -0.72 4.13 7.29  -3.27 2.40 0.59 5.63
L&T Hybrid Equity  -5.37 0.66 -0.44 4.54 -  -4.33 1.79 0.61 5.65
LIC MF Equity Hybrid  -1.34 1.97 0.92 2.44 5.90  -0.18 3.20 2.19 3.57
LIC MF ULIS  -5.03 0.50 1.41 2.80 5.56  -4.09 1.56 2.49 3.82
Mirae Asset Hybrid Equity  -0.75 - 4.06 - -  0.88 - 5.75 -
Nippon India Equity Hybrid  -18.45 -7.87 -7.31 -0.15 6.29  -17.60 -6.68 -6.25 1.05
PGIM India Hybrid Eqt  -5.85 -1.06 -1.68 1.45 4.71  -4.37 0.47 -0.22 2.91
Principal Hybrid Equity  -5.31 2.46 1.58 6.52 8.38  -4.10 3.77 2.86 7.70
Principal Retrmnt Svngs Prgrsv Not rated -8.43 - -1.84 - - Not rated -7.71 - -1.20 -
Quant Absolute Not rated -5.15 0.57 1.44 3.86 6.78 Not rated -4.02 1.39 2.28 4.37
SBI Equity Hybrid  -0.05 4.35 4.99 6.31 9.98  0.72 5.31 5.88 7.36
Shriram Hybrid Equity  -2.79 1.67 1.39 3.88 -  -1.47 2.81 2.51 4.83
Sundaram Equity Hybrid  -1.58 3.52 2.86 5.58 6.47  -0.38 4.72 4.18 6.57
Tata Hybrid Equity  -5.98 -0.88 -1.64 2.49 9.25  -4.76 0.37 -0.32 3.54
Tata Retrmnt Svngs Moderate  -2.16 4.13 2.18 6.84 -  -0.70 5.62 3.55 8.27
UTI Hybrid Equity  -8.88 -1.87 -2.81 2.76 6.48  -8.21 -1.15 -2.11 3.41
The following funds don’t appear in the table because they are relatively new and hence don’t have a returns history for the specified time periods: ABSL Retirement 40s, Axis Equity
Hybrid, Axis Retrmnt Svngs - Agrssv Plan, Essel Equity Hybrid, HSBC Equity Hybrid, ICICI Pru Retrmnt Hybrid Agrsv, Indiabulls Equity Hybrid, Invesco India Equity & Bond, Mahindra Hybrid
Eqt Nivesh Yojana, Motilal Oswal Equity Hybrid

Performance Top quartile Second quartile Third quartile Bottom quartile

Consistency: = Among top 25% in the category = Among top 25–50% in the category = Among bottom 25–50% in the category = Among bottom 25% in the category
The left-most bar in a series represents the fund’s performance in the first quarter of a calendar year. Similarly, subsequent bars represent the fund’s performance in second, third and last quarters of the calendar year.
Funds marked in this colour are our recommended funds. Data as on April 30, 2020. Funds suspended for sale have also been excluded.

34 Mutual Fund Insight June 2020

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 FUND HDFC HYBRID EQUITY  
REGULAR DIRECT

ANALYST’S
CH ICE Staid and serious
T
Launch his fund is the resultant of the allocation to AAA rated and
April 2005 merger of HDFC Balanced sovereign bonds and a negligible
Fund manager Fund and the pure-equity presence in lower-rated papers. The
Chirag Setalvad
HDFC Premier Fund after SEBI’s fund hasn’t been too aggressive about
reclassification. managing its duration either. The
The fund rebalances in a focus is on sticking to high-quality
Expense ratio (%) disciplined way, with the equity papers and holding them till
DIRECT allocation hovering about 70 per cent. maturity. The average maturity of the
1.03 1.21
MIN MEDIAN FUND MAX The equity portion is large-cap heavy, portfolio has largely remained
with about 70 per cent allocation to anchored close to the three-year mark
0.14 2.11 large caps and the rest in mid and over the last two years.
REGULAR small caps. While building its The fund has a hit a bit of rough
1.76 2.31
MIN FUND MEDIAN MAX portfolio, the fund aims to keep a patch and lost more than an average
reasonable margin of safety and peer since the start of the year. But
1.17 2.78
maintain adequate diversification. that shouldn’t be too much of a
Notably, the number of its stock concern, given its quality portfolio
Fund vs the market (%)
Regular Direct Sensex holdings has increased in the last two and experienced management.
years, from around 30 to well over 50, The fund’s regular plan is one of
-12.72 ever since Chirag Setalvad took over the least expensive in its category.
1-Year -12.18 the fund management. But its direct plan charges much
-12.55
On the debt side, the portfolio is higher than an average peer. A cut in
0.09
conservatively built, with a major expenses there would be welcome.
3-Year 1.04
5.35

4.94 7.5 lakh Growth of `10,000 SIP `5.86 lakh | `5.97 lakh
5-Year 5.99 Regular Direct
5.93
6.0 lakh
1.81
Recent
rally 2.20
4.5 lakh
6.47

-30.18
Recent 3.0 lakh
-30.10
crash
-37.90
1.5 lakh `6.0 lakh
Recent rally: May 31, 2019 — January 17, 2020 Amount invested
Recent crash: January 17, 2020 — March 23, 2020
Data as on April 30, ‘20. 0
Expense as on March 31, ‘20.. June 2015 April 2020

Year REGULAR DIRECT

2015 2016 2017 2018 2019 2020 (YTD) 2015 2016 2017 2018 2019 2020 (YTD)

Rating            
Quartile 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
ranking*
Fund 3.01 9.72 27.46 -2.79 7.52 -14.97 4.02 10.95 28.87 -1.61 8.23 -14.80
return (%)
Category 3.10 6.41 26.93 -2.82 7.85 -13.17 3.88 7.39 28.29 -1.68 9.07 -12.83
return (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style

Capitalisation

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on April 30, ’20. The
ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight June 2020 35

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 FUND MIRAE ASSET HYBRID EQUITY  
REGULAR DIRECT

ANALYST’S
CH ICE Positive spirit
E
Launch arlier known as Mirae built, primarily with a mix of
July 2015
Prudence Fund, this is a government bonds and top-rated
Fund manager
Neelesh Surana, relatively new fund in its bonds/commercial papers. The
Vrijesh Kasera, category. But it has swiftly made a exposure to any single issuer is
Harshad Borawake, name for itself by delivering strong usually kept below 5 per cent. The
Mahendra Kumar Jajoo
performance since its launch in July fund does take tactical duration calls
Expense ratio (%) 2015. Neelesh Surana, its veteran but mainly through sovereign and
DIRECT fund manager, is also the CIO of the PSU bonds. Occasionally, it also takes
0.65 1.03
MIN FUND MEDIAN MAX AMC. He has years of experience in cash calls based on market conditions.
fund management and has helped the While the track record of the fund
0.14 2.11 fund scale up its AUM at a fast pace is relatively small, it has
REGULAR by delivering superior returns. outperformed its peers since its
1.90 2.31
MIN FUND MEDIAN MAX The fund rebalances with inception. In 2018, when the category
discipline. Its equity allocation delivered negative returns, the fund
1.17 2.78
remains in the 70–75 per cent range, managed to effectively contain the
with 78–80 per cent allocated to large downside and deliver positive
Fund vs the market (%)
Regular Direct Sensex caps and the rest to mid caps and returns. This year as well, it has
small caps. The fund does not deviate fallen less than the category so far.
-7.53 much from the sectoral weights of its With expense ratios of 1.90 per
1-Year -6.03 benchmark but tries to outperform cent (regular plan) and 0.65 percent
-12.55
through bottom-up stock selection. (direct plan), it is reasonably priced
4.06
Its debt portfolio is conservatively compared to its peers.
3-Year 5.75
5.35
2.5 lakh Growth of `10,000 SIP `2.10 lakh | `2.13 lakh
5-Year
Regular Direct
2.0 lakh
5.41
Recent
rally 6.52
1.5 lakh
6.47

-29.16
Recent 1.0 lakh
-28.99
crash
-37.90
0.5 lakh `2.2 lakh
Recent rally: May 31, 2019 — January 17, 2020 Amount invested
Recent crash: January 17, 2020 — March 23, 2020
Data as on April 30, ‘20. 0
Expense as on March 31, ‘20.. July 2018 April 2020

Year REGULAR DIRECT

2015 2016 2017 2018 2019 2020 (YTD) 2015 2016 2017 2018 2019 2020 (YTD)

Rating            
Quartile 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
ranking*
Fund - 8.53 27.81 1.27 11.93 -12.43 - 10.72 30.26 2.79 13.83 -12.01
return (%)
Category - 6.41 26.93 -2.82 7.85 -13.17 - 7.39 28.29 -1.68 9.07 -12.83
return (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style

Capitalisation

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on April 30, ’20. The
ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

36 Mutual Fund Insight June 2020

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 FUND SBI EQUITY HYBRID  
REGULAR DIRECT

ANALYST’S
CH ICE The venturesome one
A
Launch n old-timer in the category, On the debt side, the fund is
December 1995 this fund has managed a managed more aggressively in
Fund manager consistent improvement in comparison to other funds on our
R Srinivasan
performance since 2012, when R list. About half of the debt portion is
Srinivasan took over the reins as its deployed in high-yielding credits
fund manager. Under him, the fund (minimum rating of A-), with the
Expense ratio (%) has always stayed ahead of its peers, balance in government/PSU bonds.
DIRECT except for 2016. This has helped it At the end of March 2020, 40 per
1.03 1.04
MIN MEDIAN FUND MAX become the largest one in its category. cent of the debt allocation was
The fund’s exposure to equity invested in below top-rated bonds.
0.14 2.11 moves in a 65–75 per cent range, However, the fund maintains a high
REGULAR which is a bit wider than some of its degree of diversification to mitigate
1.80 2.31
MIN FUND MEDIAN MAX other peers. The equity portfolio is risk. The portfolio is constructed
run in a multi-cap style, with no with a focus on both accrual and
1.17 2.78
predetermined target on market-cap duration strategies. In the last two
allocation. The fund earlier had years, the average maturity of the
Fund vs the market (%)
Regular Direct IndexReturn substantial mid- and-small-cap portfolio has oscillated between 2.5
allocations but large-cap allocation and eight years.
-4.91 now is well over 70 per cent. Given The regular plan is a steal in terms
1-Year -4.33 the size/liquidity-related constraints, of expenses. However, we would be
-12.55
that is likely to remain the case going happy to see a lower number for the
4.99
forward as well. direct plan as well.
3-Year 5.88
5.35

6.31 7.5 lakh Growth of `10,000 SIP `6.67 lakh | `6.83 lakh
5-Year 7.36 Regular Direct
5.93
6.0 lakh
7.13
Recent
rally 7.55
4.5 lakh
6.47

-26.44
Recent 3.0 lakh
-26.37
crash
-37.90
1.5 lakh `6.0 lakh
Recent rally: May 31, 2019 — January 17, 2020 Amount invested
Recent crash: January 17, 2020 — March 23, 2020
Data as on April 30, ‘20. 0
Expense as on March 31, ‘20.. June 2015 April 2020

Year REGULAR DIRECT

2015 2016 2017 2018 2019 2020 (YTD) 2015 2016 2017 2018 2019 2020 (YTD)

Rating            
Quartile 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
ranking*
Fund 7.36 3.70 27.66 -0.06 13.49 -12.20 8.52 5.02 29.04 0.89 14.24 12.01
return (%)
Category 3.10 6.41 26.93 -2.82 7.85 -13.17 3.88 7.39 28.29 -1.68 9.07 -12.83
return (%)
Investment style
Growth Blend Value
Large Medium Small
Fund style

Capitalisation

*Quartile ranking means the quartile in which the fund appears when all the funds in the category are arranged in a descending order of returns. YTD as on April 30, ’20. The
ratings of direct and regular plans have been calculated separately in relation to their respective regular and direct peers. Hence, they can be different.

Mutual Fund Insight June 2020 37

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 COVER STORY
COVER STORY

The science of
investing in
debt funds
How to pick
debt funds that
don’t fail you

Ashutosh Gupta & Omkar Vasudev Bhat Until a couple of years ago, they were
deemed as safe as bank deposits, gave good

T
he bad times for debt funds returns and kept investors happy. Now
don’t seem to be ending. Since frequently, one hears about this debt fund
the IL&FS episode in 2018, the registering a drop in its NAV and that debt
debt-fund industry has only fund writing off its investment in a bond.
gone deeper into crises. Obviously, this has unnerved investors.
Heightened risk aversion in The other cover story in this issue
the aftermath of IL&FS and ensuing funding discusses in detail what went wrong with
issues unleashed a series of downgrades, Franklin funds. Here we will revisit the
defaults and even segregations in the basics of investing in debt funds so that you
portfolios of debt funds. These were not can still pick winning debt funds and avoid
limited to riskier categories but also the ones that can destroy your capital. At the
impacted categories normally perceived as outset, it’s worth mentioning that recurring
safe, such as low-duration funds and short- incidents in debt funds shouldn’t be seen as
duration funds. The recent winding-up of six some industry-wide problem. Neither should
debt schemes by Franklin Templeton is the you dismiss debt funds as unworthy
latest tragedy in this saga. investments. Good debt funds have not just
The Franklin episode has struck investors weathered this storm but also given returns
at a time when investors are still trying to better than bank FDs. With their favourable
make sense of what’s wrong with debt funds. taxation, they have saved even more for their

38 Mutual Fund Insight June 2020

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investors. All that you need to do balance the corresponding risk.
now is to be more cognizant of the If you want to take risk for
risks in debt funds, as you are in larger gains, then you should
the case of equity funds. invest in equity.
The reason Franklin
Why you should invest in Templeton had to wind up six
debt funds of its schemes was that the fund
With the interest rates on small- house bet on lower-rated bonds
savings schemes falling to multi- to pump returns. Amidst the
decade lows, debt funds make for a ongoing crisis, due to reduced
useful substitute. For example, PPF liquidity in the debt market, the
interest rates are at their lowest in fund house found it difficult to
the last 25 years (see the graph ‘The sell its lower-rated papers to
fall continues’). meet redemptions. Eventually, it
As stated earlier, debt funds are more tax- decided to shutter its affected schemes.
friendly than bank deposits. When you Hence, when you pick a debt fund, you
invest in a debt fund, you need to pay tax must analyse its holdings to assess the risks
only when you sell. Till then, your returns involved. Let’s see what these are.
keep accumulating. In the case of FDs, you
When you invest
will have to pay tax on the interest accrued Credit risk in a debt fund,
every year. If you sell a debt fund within Credit risk means the possibility that issuer
you need to pay
three years of purchasing it, you have to pay of a bond may default on the interest or tax only when
tax as per your slab rate. If you sell after principal payment. Based on the repaying you sell. Till
three years, you have to pay a tax of 20 per ability of borrowers, credit-rating agencies then, your
cent post indexation. Indexation, which assign ratings to debt instruments. The returns keep
means adjusting your gains against inflation, higher the rating, the higher the probability accumulating. In
lowers your tax outgo. the borrower will pay up. For instance, an the case of FDs,
‘AAA’ rated bond has a high degree of safety. you will have to
Key risks in debt funds On the other hand, a ‘D’ rated one has a high pay tax on the
Debt funds come in various forms. There probability of default. interest accrued
are as many as 16 types. Within the same Assuming higher levels of credit risk by every year.
type, there could be different styles of investing in lower-rated papers is a trend
management, which can increase or that has been observed over the last decade.
decrease your risk. As seen in the graph titled ‘In search of
At Value Research, we have always yields’, since 2011 interest rates have
advised that you shouldn’t get venturesome largely been down-trending and
with your debt funds. While you do want simultaneously there has been a rise in
higher returns than bank deposits when allocation to instruments that are rated AA
you invest in debt funds, you should also and below. This is probably a result of
AMCs trying to keep debt funds attractive
in comparison to bank deposits and small-
;OLMHSSJVU[PU\LZ savings schemes.
PPF rates have been trending downwards over 35 years.
14 How fund managers mitigate credit risk
12 Besides using the ratings of credit-rating
agencies, AMCs have dedicated teams to do
10
their own credit assessment. They also
8
monitor the holdings regularly and diversify
6 them across issuers. Since AMCs lend on a
Apr 1986 Apr 2020
larger scale, they also have the ability to

Mutual Fund Insight June 2020 39

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 COVER STORY
of debt funds, there are plenty of options
0UZLHYJOVM`PLSKZ that maintain a high-quality portfolio. For
As interest rates in the economy have fallen, debt funds have increased their expo- this, you can use the credit rating break-up
sure to lower-rated papers to boost their yields and hence appear more attractive. of any debt fund at the Value Research
30 %
AA & below# Interest rate*
10 %
website (see a sample screenshot, ‘Portfolio
break-up on the Value Research website’).
25 9
Periodically monitor the portfolio of your
20 8 debt scheme. If there is a rise in allocation to
15 7 lower-rated papers, dig deeper.
10 6
5 5
Interest-rate risk
Also called the duration risk, this is the risk
0 4 of a sudden drop in the NAV of your debt
’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20
fund due to a rise in interest rates. In India,
# Excluding FMPs, overnight and liquid funds; *Average of SBI’s one-year FD rate for the corresponding year
the RBI sets interest rates depending upon
demand collateral against riskier lending. the ongoing inflation rate and economic
They also check if the borrower is indeed outlook. If it increases the interest rate, any
using the money for the stated purpose. new bond issuances will have to offer
Despite all these, accidents do happen, as higher interest. This would make the
seen in the case of IL&FS, which was rated existing bonds in the market relatively less
AAA. Economy also has a part to play in attractive due to their lower interest rates
defaults. In challenging times, like the and therefore their prices would fall to
present ones, defaults tend to rise. adjust for their lower payouts.
The further the maturity of a bond, the
How you can reduce credit risk greater would be the fall in its price when
This risk is relatively easier to deal with. All the interest rates rise. Thus, funds with long-
you need to do is to avoid funds that assume term bond holdings are more volatile as
too much credit risk. In almost all categories compared to those whose underlying bonds
are due to mature in a short period.

7VY[MVSPVIYLHR\WVU[OL=HS\L9LZLHYJO^LIZP[L How fund managers mitigate interest-rate risk

The fund page on the Value Research website captures the credit profile of debt There’s not much a fund manager can do to
funds, which helps you assess the credit risk a fund is assuming avoid this risk as most debt-fund categories
have been mandated by SEBI to operate
within a defined range of maturity. However,
there are categories, such as dynamic bond
funds, which have a flexible mandate in
terms of duration. They try to profit from
interest-rate movements by changing the
maturity profile of their holdings.

How you can reduce interest-rate risk

Investors can deal with this risk by limiting
themselves to fund categories that do not
extend the duration of their portfolios
beyond three-four years as funds in these
categories will have a fairly limited impact
due to interest-rate movements. For instance,
short-duration funds invest in bonds whose
maturity is not more than three years away.
One may be tempted by the promise of

40 Mutual Fund Insight June 2020

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dynamic bond funds that try to actively sell its bonds, it can still honour
manage duration in response to changes in redemptions by borrowing. These
interest rates. However, in reality, borrowings reflect in funds’ net payables.
outguessing interest-rate movements is very To counter the current liquidity freeze, the
difficult, if not impossible. This is visible in RBI has opened a credit window of `50,000
the historical returns of these funds, which crore for mutual funds.
are neither chart-topping nor smooth.
How fund managers mitigate liquidity risk
Liquidity risk When business is as usual, redemptions can
It signifies the inability to sell a bond be managed with inflows. Funds also use
before its maturity as there are no buyers. laddering of portfolio, i.e. their assets are
This is the biggest villain of the current spread across several bonds with different At Value
times in the Indian debt market and the maturities. This also helps maintain some Research, we
reason why Franklin Templeton had to degree of regularity with which money keeps have always
wind up six of its debt funds. Investors flowing back into the fund.Also, AMCs have advised that you
were queuing up to redeem their lines of credit with banks, wherein they can shouldn’t get
investments but the AMC was finding it borrow against their holdings to tide over any venturesome
difficult to honour the redemptions as it shortfalls. However, in a liquidity-strapped with your debt
could not sell large volumes of its environment, this too can dry up for lower- funds. If you
underlying bonds. rated securities. want to take risk
for larger gains,
This risk emanates from the inherent While these measures help, if all investors
then you should
mismatch in the liquidity of debt mutual were to show up together to demand their
invest in equity.
funds and their underlying portfolios. money, even the most efficient funds will
While debt funds provide liquidity to their likely land in trouble, akin to a bank run.
investors, their underlying bonds,
especially the lower-rated ones, may not be How you can reduce liquidity risk
themselves so liquid. If a fund is unable to Liquidity mismatch is inherent in debt funds
so it can’t be done away with completely.
However, if you stick to funds with high-
quality portfolios, this risk can be mitigated
to a great extent. High-quality bonds tend to
have takers even during stressed times and
are likely to be the last ones to go under
because of poor liquidity.

Signs that your debt fund may be heading for trouble

Outlier returns Rising issuer concentration + falling AUM
If your debt fund is giving chart-topping A fall in assets coupled with a rising
returns, check how your fund manager is concentration signal the fund being stuck
making that possible. If those returns with a few bonds of some troubled issuers,
come from taking high credit risk, that’s a which it is unable to sell. To meet
red flag. redemptions, it might have to sell its
High/rising allocation to lower-rated paper + healthier bonds, leaving the remaining
Falling AUM + Rising net payables unitholders increasingly exposed to the
This concoction can signal brewing illiquid bonds. If these issuers are
liquidity issues. It is likely that eventually downgraded, it can lead to
redemption pressures are mounting, and massive value erosion for the remaining
the fund is finding it difficult to sell its investors. This has happened with quite a
holdings and has started to borrow. few funds in the last two-three years.

Mutual Fund Insight June 2020 41

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 THE PLAN

‘Was equity the right choice?’

Santosh (51) has been investing in equity mutual funds regularly for more than 20 years
to meet his long-term goals. However, the recent market crash has unnerved him. The
value of his equity-fund investments has dropped from around `58 lakh to `45 lakh,
about 23 per cent, since the beginning of this year. He will need `10–15 lakh for his
son’s higher education in three-four years. He is also nearing his retirement.

YOUR RETURNS ARE STILL MUCH BETTER

While it’s disheartening to see the value 77-]ZT\S[PJHWM\UKZ!>VY[OVMTVU[OS`PU]LZ[TLU[VM`
of your investment fall dramatically, the In spite of their recent decline, multi-cap equity funds have beaten the PPF over the last 20 years.
average 20-year SIP return of multi-cap 80 lakh
funds still stands at 13.46 per cent. 70
Multi-cap
This is much higher than the returns of 7-8 60
`54.98 lakh
per cent from fixed-income products. The 50 13.46% pa
20-year annualised return of the PPF, which 40 PPF
is considered a high-yielding fixed-income `30.50 lakh
30
option, is only 8.52 per cent as on March 8.52% pa
20
31, 2020. See the graph ‘PPF vs multi-cap
10
Total amount
funds’. Tax-saving funds, which are also invested
multi-cap in nature, also help you save tax 0 `12 lakh
under Section 80C, as the PPF does. April 2000 Apr 2020

42 Mutual Fund Insight June 2020

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MARKETS WILL RECOVER
This is not the first time the market has
crashed. As a long-term investor, you must
0[KVLZU»[TH[[LYT\JO
Whether you begin investing near the lows or highs, SIPs have an averaging effect on your
have faced the crash of 2008. The market long-term returns. Also, catching the market bottom is almost impossible, so high lump-sum
eventually recovers. returns are difficult to achieve in real life.
5Y performance of the Sensex from lows 5Y performance of the Sensex from
Looking at the current crash, some investors after falling 20 per cent highs right before falling 20 per cent
wonder if they had invested at the wrong From Lump-sum returns (%) From Lump-sum returns (%)
time. In equity investing, there is no right or To SIP returns (%) To SIP returns (%)
25-Jan-91 26.07 9-Oct-90 19.88
wrong time. It’s all about consistency and a 25-Jan-96 5.85 9-Oct-95 18.36
long-term horizon. As the table ‘It doesn’t 26-Apr-93 14.73 22-Apr-92 -1.72
matter much’ shows even if you invest at the 26-Apr-98 7.38 22-Apr-97 6.71
bottom or near the top, your SIP returns 4-Dec-96 3.88 12-Sep-94 0.55
don’t show much difference. 4-Dec-01 0.00 12-Sep-99 11.72
21-Sep-01 36.37 11-Feb-00 2.25
21-Sep-06 39.87 11-Feb-05 20.64
17-May-04 21.98 14-Jan-04 8.62
17-May-09 16.30 14-Jan-09 0.92
15-Jun-06 13.69 10-May-06 7.97
15-Jun-11 8.91 10-May-11 10.08
9-Mar-09 21.84 8-Jan-08 -1.11
9-Mar-14 9.52 8-Jan-13 9.22
29-Jan-15 6.77
29-Jan-20 11.20

EQUITY IS STILL THE BEST YOUR SON’S HIGHER EDUCATION

You still have about nine years to your Start withdrawing systematically the money required
retirement. Continue investing in for your son’s higher education at least two to three years
equity funds. before the goal. It is important to average out your
Do not let this market crash make you redemptions the way you average your investments through
lose conviction in equities. Like all SIPs. This way, a sudden dramatic fall like the current one
other bad phases, this too shall pass. won’t derail your goals.
Make sure that you start The money needed for your son’s higher education won’t be required all at
systematically moving your equity once. The cost would be spread over two-three years, depending on the duration of
corpus to safer avenues three-four the course. So redeem only the money required in the first year and plan accordingly
years before you retire. by setting up an SWP. Hopefully, the markets will recover by that time.
Do not shun equity completely in your
post-retirement years. Allocate at least
one-third of your corpus to get
inflation-adjusted
DON’T IGNORE THESE
returns in retirement EMERGENCY LIFE INSURANCE You HEALTH
and avoid old-age CORPUS Keep an need life insurance only if INSURANCE
poverty. amount equal to you have financial Unplanned medical
Ensure that your six months of your dependents and your assets expenses can derail
annual withdrawals expenses and EMIs are not sufficient to take your financial future.
do not exceed 4–6 in a combination of care of them in your Maintain a sufficient
per cent of your liquid funds and absence. Buy only pure term health cover for all
corpus during post- sweep-in FDs. plans for life insurance. your family members.
retirement years.

Mutual Fund Insight June 2020 43

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* The individual is assumed to earn a taxable income of more than `5 Crore. The effective tax rate is 30% marginal tax + 37% surcharge on the tax rate + 4% Health and Education cess = 42.74% i.e. highest
marginal tax bracket. The individual is assumed to utilise the complete tax deduction limit of `150,000 per financial year under Section 80C. This deduction is allowed to an Individual or an HUF. This is only
to illustrate the tax saving potential of ELSS and is not a tax advice. Please consult your tax consultant for tax purpose. This is applicable assuming the person is in the old tax regime. The Finance Bill, 2020
has proposed a New Personal Tax Regime where most of the deductions/exemptions such as section 80C, 80D, etc. are to be foregone. This is however optional.

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It invests in diversified stocks.

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 ASK
EXPERT ADVICE

The crisis at Franklin there is no tax. If you sell a debt fund

Templeton after three years, you get the benefit of
I believe retail investors were not completely indexation, which reduces your tax
wrong in selecting Franklin debt funds. Howev- outgo. Indexation lets you adjust your
er, we were shocked after receiving the news of gains against inflation.
the closure of six schemes. We are yet to come Though there are 16 types of debt
Don’t wait for out of COVID-19 lockdown and now this has funds, a retail investor can stick to liquid
the market to happened. What’s your opinion on this? funds, ultra-short-duration funds and
– ARUN
hit a bottom. short-duration funds. Don’t get venture-
Invest Across the six schemes, a total of about some with your debt-fund investments
consistently `26,000 crore is stuck. But the money and don’t try to maximise returns. The
has not disappeared. This isn’t a credit expectation should be of earning margin-
through the
issue, wherein all the funds’ holdings ally higher returns than deposits. And
market’s ups
have gone bad. You’ll start getting a part this can easily be achieved just by stick-
and downs ing to just three categories.
of your money gradually (see our cover
through SIPs story for details). If the market stabilises
and the fund house is able to realise rea- When to invest in the market?
sonable value of the holdings, one might When the market is at its highest, one waits for
get early repayments. Franklin Templeton the bottom and now when the market seems to
has actually secured investor money. If have reached its bottom, we are still waiting to
the fund house had to do a fire sale, then enter, fearing a dramatic decline further. What
investors would have lost money. Still, should a retail investor do in such a situation –
it’s a huge compromise, a massive blow enter or stick to the wait-and-watch mantra?
to investor confidence and disappointing. – AMIT

Nobody can tell when the market has hit

Over the long
term, actively Are debt funds worth their a bottom. Even in the current scenario,

managed funds
while? there are still many reasons that may
Normally debt funds are considered like FDs. lead to another market fall. For instance,
tend to beat However, owing to a spate of defaults and in the current crisis, the sales of many
their passively downgrades since the incidents like IL&FS, companies have hit rock bottom and this
managed peers DHFL, etc., many debt funds have given lesser may wipe out their entire profits. This
returns and even negative returns. Should we could result in a further fall in their
still hold onto debt funds? Kindly advise. share prices and hence the market.
– NAND Hence, it’s better to invest regularly in
All debt funds can’t be considered as a defined time frame. If you have, say, `5
substitutes for FDs. There are various lakh to invest, you can spread it over the
kinds of debt funds, with varying risk next six to 10 months, depending on how
profiles. While debt funds have given comfortable you are with market
low returns, the returns on deposits have declines. When you invest over a period,
also come down dramatically. you get to average your investment cost.
Debt funds are more tax-efficient. In Don’t keep waiting for the markets to
FDs, you have to pay tax on the interest touch their lowest. That may result in a
amounts. But unless you sell a debt fund, lost opportunity.

46 Mutual Fund Insight June 2020

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Diversifying through interna- If you are unlikely to need this investment
tional funds in the near future, then don’t switch. A big
Given the current situation, if I want to start fall has already happened and pulling out
CP5+2KPCPKPVGTPCVKQPCNHWPFHQTFKXGTUKſ- currently will result in heavy losses. But if
cation with a horizon of eight to 10 years or you are likely to need this money in the
International
maybe longer, should I be investing in US next two to three years, then by all means
funds or China funds? take your money out. Your investments are
funds investing
– SANTOSH PRABHU already down in value but by switching,
in the US
In this kind of market or in any market, you will be able to protect whatever is left. market provide
one should diversify by spreading one’s While it’s important to do SIPs, it’s exposure to
risk across different fund managers and also important to move a part of your some of the
geographies. That should be the reason for money gradually to safer avenues well biggest global
investing in an international fund. before you need it. This crisis has actual- companies and
Funds investing in the US market are ly reminded us that we should be a little hence act as
better than those investing in China as US more conservative. Although we may not good
companies are global in nature, thus pro- know when the markets may suddenly diversifiers
viding you ample diversification. Indian fall, we reasonably know when we are
investors have access to around six-seven likely to need our money.
US funds, including ETFs and index funds.
However, if you are getting attracted to Understanding the market cycle
international funds just because they Can you please elaborate what a market
have recently done a little better or they cycle is?
are now falling a little less than Indian – JULIUS

funds, then it may not be a good idea. We Periodic trends in business and economy
are witnessing rupee depreciation, which are called market cycles. Cycles happen
is translating into superior performance due to the alternating nature of demand
for international funds. Nevertheless, you and supply. It takes a couple of years to Start switching
can’t take it for granted, as this gain can observe the cyclicality of the market and to safer ave-
disappear. Thus, such reasons should not the economic cycle for various sectors. nues as your
be the catalyst or triggers for your invest- We always say that an investor must goals near to
ment decisions. experience a full market cycle. If you’re avoid any
investing through the lean time alone, abrupt decline
Switching out of equity funds you’ll not see returns unless you are also in your corpus
I have invested in equity funds which are invested during the upcycle. It’s a combi-
facing heavy losses. As there’s grim news nation of upcycle and down cycle that gen-
about the world and the Indian economy erates return. Sometimes these cycles are
and its future, is it advisable to switch from longer and sometimes they’re short.
existing funds to liquid funds or safe bond Typically, one can capture a good part of
funds now? the market cycle in about three and three-
– ANAND and-a-half years.

An Investor Education & Awareness Initiative by

A webinar series to discuss
savings and investment issues
and answer your questions

;VWVZ[`V\YX\LY`]PZP[! www.ValueResearchOnline.com/Hangouts

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 6XEVFULEH
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 SCOREBOARD FUND CLASSIFICATION
EQUITY No. of funds
HYBRID No. of funds
Large cap At least 80% in large caps 125 Aggressive hybrid 65–80% in equity and the rest in debt 46

Large & mid cap At least 35% each in large and Balanced hybrid 40–60% in equity and the rest in debt 10
mid caps 28
Conservative hybrid 10–25% in equity and the rest in debt 122
Multi cap Any proportion across large, mid
and small caps 102 Equity savings At least 65% in equity and at least
10% in debt 25
Mid cap At least 65% in mid caps 34
Arbitrage Investments in arbitrage opportunities 26
Small cap At least 65% in small caps 45
Dynamic asset Dynamic asset allocation 25
Value-oriented Following the value strategy 19 allocation between equity and debt

ELSS Across proportion across large, Multi asset Investments in 3 different asset classes, 16
mid and small caps 66 allocation with a minimum 10% in all three

Sectoral/ At least 80% in a particular

thematic* sector or theme 116 COMMODITIES
International More than 65% in foreign equities 39 Gold Investment in gold 21

DEBT No. of funds

Long duration Instruments with Macaulay duration greater than 7 years 4

Medium to long duration Instruments with Macaulay duration between 4 and 7 years; under anticipated adverse situation, 1 year to 4 years** 15

Medium duration Instruments with Macaulay duration between 3 and 4 years; under anticipated adverse situation, 1 year to 4 years** 27

Short duration Instruments with Macaulay duration between 1 year and 3 years 33

Money market Money-market instruments having maturity up to 1 year 20

Low duration Instruments with Macaulay duration between 6 and 12 months 30

Ultra short duration Instruments with Macaulay duration between 3 and 6 months 31

Liquid Debt and money-market securities with maturity of up to 91 days 42

Overnight Securities having maturity of 1 day 30

Dynamic bond Investments across durations 35

Corporate bond At least 80% in AA+ and above-rated corporate bonds 21

Credit risk At least 65% in AA and below-rated corporate bonds 31

Banking and PSU At least 80% in the debt instruments of banks, PSUs, public financial institutions and municipal bonds 19

Floater At least 65% in floating-rate instruments (including fixed-rate ones converted to floating rate) 7

Gilt At least 80% in government securities 23

Gilt with 10-year At least 80% in government bonds such

constant duration that the average maturity of the portfolio is 10 years 5

FMP Investment for a pre-defined term 821

*Include dividend-yield funds. **Anticipated adverse situation is if the fund manager expects the interest rates to move adversely

50 Mutual Fund Insight June 2020

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 SCOREBOARD GUIDE

The Value Research Scoreboard is designed to help you make the best possible investment deci-
sions. The Scoreboard captures essential data on every mutual fund scheme in an easy-to-use for-
mat. The data are updated each month and undergo rigorous validation. In the following pages,
you will find the details of both regular and direct plans.

Rating: The Value Research fund rating

system is a risk-adjusted rating system, represented
by a convenient composite measure of both returns
and risk.
It is purely quantitative and has no subjective
component. It gives a quick summary of how a fund Rank
has performed historically relative to its peers. Funds are ranked
z For equity and hybrid funds, the system com- based on their
bines three- and five-year performance periods. return position in
z For debt funds, fund ratings are based on the respective Value
eighteen-month weekly risk-adjusted perfor- Research fund cate-
mance. gory. In case of a tie,
z Equity funds with a minimum performance histo- the subsequent rank
Fund Name ry of three years and debt funds with a minimum is skipped. For
The fund name is history of 18 months are only rated. example, if three
listed alphabeti- z There have to be at least ten funds in a category funds are ranked 7,
cally in each row. for it to be rated and the fund must have at least then the subsequent
The first row (in `5 crore average AUM in the past six months. fund is assigned
bold) indicates the The distribution of ratings is as follows: rank 10. Speciality
name of the cate-  Top 10% funds  Next 22.5% equity funds are not
gory and its aver-  Middle 35%  Next 22.5% ranked due to their
age returns.  Bottom 10% NR Not rated diverse objectives.

REGULAR DIRECT
Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)

No.
A serial number is generated Return
for every fund scheme and is Return calculations are based on month-end net asset values
the first column of the (NAVs), assuming reinvestment of dividends, readjusted for
Scoreboard. To locate a spe- any bonus or rights. The return is computed by adjusting for
cific fund, look for this num- the dividend tax paid by the fund in the past. All trailing
ber in the Index against the returns for one-year period and above are annualised, while
name of the fund. returns for less than one year are absolute.

Expense, NAV, Assets

This section details information about the fund’s average expense ratio, NAV and AUM. The expense ratio indicates
the recurring per cent charge levied by the fund to manage assets, and the NAV is the per unit market price.

Mutual Fund Insight June 2020 51

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For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Large Cap -14.1 2.1 4.5 7.5 84 66 -13.2 2.0 5.2 51 49
1 ABSL Focused Eqt  -12.9 -0.1 4.4 9.6 65 36 1.93 52.13  -12.2 1.0 5.5 35 16 1.27 55.91 3199
2 ABSL Frontline Eqt  -16.9 -1.6 3.4 8.6 73 56 1.49 188.20  -16.3 -0.7 4.4 44 39 1.17 200.77 14466
3 ABSL Index  -15.5 2.2 3.9 6.4 49 49 0.58 97.03  -15.3 2.4 4.1 28 43 0.33 97.76 143
4 ABSL Nifty ETF NR -15.1 3.1 5.0 - 33 17 0.05 107.59 NR - - - - - - - 145
5 ABSL Nifty Next 50 ETF NR -12.3 - - - - - 0.05 243.43 NR - - - - - - - 52
6 ABSL Sensex ETF NR -12.4 1.8 - - 55 - 0.08 316.68 NR - - - - - - - 11
7 Axis Bluechip  -2.1 9.0 8.5 10.3 1 1 1.99 28.18  -0.9 10.5 9.8 1 1 0.47 30.71 10998
8 Axis Nifty 100 Index NR - - - - - - 1.01 8.50 NR - - - - - 0.16 8.54 267
9 Axis Nifty ETF NR -15.1 - - - - - 0.07 1017.72 NR - - - - - - - 6
10 Baroda Large Cap  -11.6 -0.5 2.1 - 67 - 2.67 12.95  -11.0 0.3 2.8 38 - 1.95 13.62 26
11 BHARAT 22 ETF NR -33.7 - - - - - 0.01 24.89 NR - - - - - - - 4652
12 BNP Paribas Large Cap  -4.6 3.1 5.2 10.3 32 14 2.39 84.61  -3.5 4.4 6.5 8 8 1.38 91.69 660
13 Canara Robeco Bluechip Eqt  -2.5 5.8 7.1 - 5 2 2.42 24.26  -1.2 7.0 8.4 2 2 1.17 26.09 335
14 DSP Equal Nifty 50 NR -23.4 - - - - - 0.87 7.84 NR -23.0 - - - - 0.37 7.94 76
15 DSP Nifty 50 Index NR -15.6 - - - - - 0.40 9.18 NR -15.4 - - - - 0.20 9.20 41
16 DSP Nifty Next 50 Index NR -13.5 - - - - - 0.57 9.27 NR -13.2 - - - - 0.27 9.30 47
17 DSP Top 100 Equity  -14.4 -1.2 2.8 6.8 71 63 2.16 177.37  -13.8 -0.5 3.6 42 46 1.18 185.95 1801
18 Edelweiss ETF Nifty 100 Quality 30 NR -11.6 3.4 - - 20 - 0.28 248.92 NR - - - - - - - 14
19 Edelweiss ETF Nifty 50 NR -15.0 3.3 - - 21 - 0.07 10664.21 NR - - - - - - - 1
20 Edelweiss Large Cap  -11.9 2.6 4.5 9.2 42 35 2.07 31.56  -10.6 3.7 5.5 12 17 0.58 33.41 145
21 Essel Large Cap Equity  -14.9 -2.0 4.6 - 76 34 2.30 19.67  -13.6 -0.6 6.0 43 10 0.58 21.67 66
22 Franklin Bluechip  -18.5 -2.8 2.2 7.0 80 64 2.01 383.20  -17.9 -2.0 3.0 46 47 1.28 407.24 4456
23 Franklin Index NSE Nifty  -15.9 2.0 3.9 6.5 54 48 0.84 77.99  -15.5 2.4 4.4 27 41 0.26 80.26 250
24 HDFC Index Nifty 50  -15.6 2.8 4.6 6.9 36 33 0.30 89.88  -15.5 2.9 4.8 18 28 0.10 91.02 1208
25 HDFC Index Sensex  -13.2 4.7 5.5 7.5 15 13 0.30 299.35  -13.0 4.9 5.6 6 13 0.10 303.70 957
26 HDFC Nifty 50 ETF NR -15.2 3.2 - - 28 - 0.05 1035.66 NR - - - - - - - 335
27 HDFC Sensex ETF NR -12.6 5.3 - - 8 - 0.05 3559.31 NR - - - - - - - 76
28 HDFC Top 100  -22.3 -1.9 3.2 7.6 75 58 2.08 390.87  -21.9 -1.2 3.9 45 45 1.13 409.96 12946
29 HSBC Large Cap Eqt  -11.9 1.1 4.8 6.8 60 26 2.57 186.87  -11.1 1.9 5.6 31 12 1.61 197.63 505
30 ICICI Pru BHARAT 22 FOF NR -33.5 - - - - - 0.01 7.34 NR -33.5 - - - - 0.01 7.34 13
31 ICICI Pru Bluechip  -15.0 1.1 4.8 9.7 61 27 2.05 36.23  -14.4 1.9 5.8 30 11 1.25 38.56 18892
32 ICICI Pru Nifty 100 ETF NR -14.8 2.2 4.9 - 50 22 0.46 107.42 NR - - - - - - - 10
33 ICICI Pru Nifty ETF NR -15.1 3.2 5.1 - 29 16 0.05 104.03 NR - - - - - - - 1541
34 ICICI Pru Nifty Index  -15.3 2.4 4.2 7.0 45 44 0.45 95.75  -15.0 2.8 4.6 21 32 0.10 98.59 688
35 ICICI Pru Nifty Low Vol 30 ETF NR -9.3 - - - - - 0.42 82.62 NR - - - - - - - 39
36 ICICI Pru Nifty Next 50 ETF NR -12.7 - - - - - 0.15 24.32 NR - - - - - - - 29
37 ICICI Pru Nifty Next 50 Index  -13.4 -2.9 4.9 - 81 25 0.70 21.30  -13.0 -2.5 5.3 49 19 0.48 21.99 597
38 ICICI Pru NV20 ETF NR -15.5 7.3 - - 4 - 0.19 49.57 NR - - - - - - - 10
39 ICICI Pru Sensex ETF NR -12.5 5.2 5.8 8.1 12 9 0.08 360.41 NR - - - - - - - 24
40 ICICI Pru Sensex Index NR -12.5 - - - - - 0.30 10.57 NR -12.3 - - - - 0.10 10.64 83
41 IDBI Focused 30 Eqt NR -12.3 - - - - - 2.55 8.73 NR -11.4 - - - - 1.67 9.15 127
42 IDBI India Top 100 Eqt  -7.2 -0.7 3.1 - 69 60 2.55 22.02  -6.0 1.0 4.5 36 38 1.42 23.85 287
43 IDBI Nifty Index  -15.9 1.7 3.4 - 58 57 1.03 18.16  -15.2 2.7 4.5 22 36 0.30 19.33 161
44 IDBI Nifty Junior Index  -12.9 -3.3 4.4 - 83 38 1.04 18.24  -12.4 -2.4 5.4 48 18 0.49 19.40 37
45 IDFC Large Cap  -11.5 1.8 3.8 6.8 56 53 2.47 28.86  -10.7 2.7 5.1 23 23 1.58 31.14 353
46 IDFC Nifty  -14.6 3.2 4.9 - 24 24 0.42 20.67  -14.4 3.3 5.0 15 24 0.24 20.82 169
47 IDFC Nifty ETF NR -14.7 3.3 - - 22 - 0.20 102.62 NR - - - - - - - 1
48 IDFC Sensex ETF NR -12.3 5.3 - - 7 - 0.50 350.26 NR - - - - - - - 1
49 Indiabulls Bluechip  -15.3 -0.1 5.0 - 66 20 2.43 18.12  -14.1 1.5 6.8 33 5 1.03 20.22 113
S&P BSE 100 Total Return Index -15.0 2.3 5.1 7.8

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

52 Mutual Fund Insight June 2020

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For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Large Cap -14.1 2.1 4.5 7.5 84 66 -13.2 2.0 5.2 51 49
50 Indiabulls Nifty 50 ETF NR -14.5 - - - - - 0.12 100.38 NR - - - - - - - 9
51 Invesco India Large Cap  -11.6 2.3 4.7 8.3 47 30 2.69 25.55  -10.4 3.9 6.5 10 9 1.45 28.51 159
52 Invesco India Nifty ETF NR -15.1 3.1 5.0 - 30 18 0.10 1057.38 NR - - - - - - - 2
53 JM Core 11  -18.8 -1.7 5.0 4.5 74 19 1.69 7.34  -17.3 -0.4 6.6 40 6 1.22 8.07 40
54 JM Large Cap  -4.6 2.6 3.2 6.0 41 59 2.04 63.72  -3.7 3.5 4.5 14 37 0.48 68.90 563
55 Kotak Bluechip  -12.0 0.9 4.3 8.0 62 39 2.15 207.49  -11.1 2.1 5.6 29 15 1.18 224.16 1178
56 Kotak Nifty ETF NR -15.2 3.1 4.7 7.3 31 31 0.14 102.25 NR - - - - - - - 863
57 Kotak NV 20 ETF NR -15.9 7.5 - - 3 - 0.10 50.45 NR - - - - - - - 11
58 Kotak Sensex ETF NR -12.8 5.1 5.6 7.9 13 11 0.28 348.27 NR - - - - - - - 11
59 L&T India Large Cap  -12.5 0.6 3.8 8.1 63 52 2.62 24.02  -11.7 1.4 4.6 34 33 1.70 25.34 411
60 L&T Nifty 50 Index Fund NR - - - - - - - 11.03 NR - - - - - - 11.03 -
61 L&T Nifty Next 50 Index Fund NR - - - - - - - 10.44 NR - - - - - - 10.44 -
62 LIC MF ETF Nifty 100 NR -14.9 2.2 - - 48 - 0.26 104.13 NR - - - - - - - 242
63 LIC MF ETF Nifty 50 NR -15.0 3.2 - - 27 - 0.10 103.35 NR - - - - - - - 394
64 LIC MF ETF Sensex NR -12.6 5.3 - - 6 - 0.10 355.48 NR - - - - - - - 314
65 LIC MF Index Nifty  -15.6 2.0 3.7 6.5 53 54 1.02 54.44  -15.2 2.5 4.3 26 42 0.47 56.47 19
66 LIC MF Index Sensex  -12.9 4.1 4.4 6.8 17 37 1.06 62.75  -12.7 4.6 4.9 7 25 0.55 65.05 18
67 LIC MF Large Cap  -7.4 2.5 3.8 7.1 43 51 2.55 24.40  -6.5 3.7 4.9 11 26 1.62 26.07 272
68 Mahindra Pragati Bluechip Yojana NR -12.6 - - - - - 2.67 8.92 NR -10.8 - - - - 0.62 9.13 76
69 Mirae Asset Large Cap  -14.0 2.7 7.1 11.4 37 3 1.65 44.30  -13.0 3.6 8.0 13 3 0.56 47.33 13209
70 Mirae Asset Nifty 50 ETF NR -15.2 - - - - - 0.07 99.83 NR - - - - - - - 77
71 Mirae Asset Nifty Next 50 ETF NR - - - - - - 0.14 241.56 NR - - - - - - - 25
72 Motilal Oswal Focused 25  -2.4 2.6 6.3 - 38 5 2.27 21.17  -1.3 3.9 7.7 9 4 1.02 23.27 988
73 Motilal Oswal M50 ETF NR -15.4 2.6 4.3 - 40 42 0.05 96.37 NR - - - - - - - 21
74 Motilal Oswal Nifty 50 Index NR - - - - - - 0.50 8.09 NR - - - - - 0.10 8.10 29
75 Motilal Oswal Nifty Next 50 Index Fund NR - - - - - - 1.00 8.50 NR - - - - - 0.30 8.52 22
76 Nippon India ETF Junior BeES NR -12.2 -2.0 5.5 8.6 77 12 0.15 251.21 NR - - - - - - - 944
77 Nippon India ETF Nifty 100 NR -15.6 1.4 4.3 - 59 40 0.97 102.73 NR - - - - - - - 5
78 Nippon India ETF Nifty BeES NR -15.1 3.2 5.0 7.6 23 21 0.05 104.60 NR - - - - - - - 2859
79 Nippon India ETF NV20 NR -14.6 8.0 - - 2 - 0.16 51.27 NR - - - - - - - 21
80 Nippon India ETF Sensex NR -12.6 5.3 5.9 - 11 7 0.07 360.75 NR - - - - - - - 18
81 Nippon India ETF Sensex Next 50 NR - - - - - - 0.25 25.97 NR - - - - - - - 9
82 Nippon India ETF Shariah BeES NR -6.7 3.8 6.3 7.4 19 4 1.05 244.72 NR - - - - - - - 2
83 Nippon India Index Nifty  -16.1 2.1 3.8 - 51 50 1.36 16.46  -15.3 2.9 4.5 20 35 0.10 17.15 175
84 Nippon India Index Sensex  -13.3 4.3 4.7 - 16 32 0.61 16.62  -12.6 5.1 5.3 5 20 0.10 17.27 59
85 Nippon India Junior BeES FoF NR -13.0 - - - - - 0.43 8.79 NR -12.8 - - - - 0.17 8.81 49
86 Nippon India Large Cap  -23.2 -1.4 3.0 8.7 72 61 1.99 27.24  -22.6 -0.4 4.0 41 44 0.49 29.08 8676
87 PGIM India Large Cap  -12.9 0.2 3.6 6.8 64 55 2.45 147.00  -11.7 1.6 5.1 32 22 1.04 161.21 239
88 Principal Nifty 100 Equal Weight  -19.2 -3.1 0.8 5.0 82 65 0.96 58.38  -19.1 -2.8 1.2 50 49 0.68 60.21 12
89 Quant Focused NR -12.7 -0.9 4.7 9.5 - - 2.48 27.51 NR -11.5 -0.2 5.1 - - 0.57 27.81 3
90 Quantum Nifty ETF NR -15.3 3.0 4.9 7.5 34 23 0.09 1013.53 NR - - - - - - - 6
91 SBI Bluechip  -13.9 -0.5 4.3 9.1 68 43 1.85 33.95  -13.3 0.5 5.3 37 21 1.04 36.22 17107
92 SBI ETF BSE 100 NR -15.2 2.1 4.8 - 52 28 0.14 102.88 NR - - - - - - - 3
93 SBI ETF Nifty 50 NR -15.2 3.2 - - 26 - 0.07 101.58 NR - - - - - - - 53167
94 SBI ETF Nifty Next 50 NR -12.3 -2.0 5.9 - 78 6 0.16 248.45 NR - - - - - - - 365
95 SBI ETF Quality NR -7.3 - - - - - 0.50 91.28 NR - - - - - - - 16
96 SBI ETF Sensex NR -12.6 5.3 5.8 - 10 8 0.07 358.71 NR - - - - - - - 20308
97 SBI ETF Sensex Next 50 NR -19.9 - - - - - 0.12 262.67 NR - - - - - - - 3
98 SBI Nifty Index  -16.1 2.3 4.1 6.5 46 45 0.69 84.37  -15.8 2.7 4.6 24 34 0.29 87.01 626
S&P BSE 100 Total Return Index -15.0 2.3 5.1 7.8

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 53

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For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Large Cap -14.1 2.1 4.5 7.5 84 66 -13.2 2.0 5.2 51 49
99 Sundaram Select Focus  -9.9 3.9 5.7 6.5 18 10 2.33 162.33  -9.2 5.1 6.5 4 7 1.39 170.91 801
100 Sundaram Smart NIFTY 100 Equal Wght  -19.2 -4.6 - - 84 - 0.95 9.67  -18.8 -3.9 - 51 - 0.43 9.91 16
101 Tata Index Nifty  -15.4 2.6 4.3 6.6 39 41 0.53 59.78  -15.1 3.0 4.8 17 29 0.05 63.48 36
102 Tata Index Sensex  -12.8 4.7 5.1 6.9 14 15 0.46 83.47  -12.3 5.2 5.6 3 14 0.11 86.30 19
103 Tata Large Cap  -16.8 -1.1 2.9 7.1 70 62 2.88 183.69  -16.0 0.1 4.4 39 40 1.87 200.62 577
104 Tata Nifty ETF NR -15.0 - - - - - 0.08 100.07 NR - - - - - - - 107
105 Taurus Largecap Equity  -15.2 -2.7 0.7 4.9 79 66 2.57 63.58  -15.0 -2.2 1.7 47 48 2.42 66.91 19
106 Taurus Nifty Index NR -15.5 2.5 4.0 - 44 47 1.09 18.50 NR -15.2 2.9 4.7 19 31 0.74 19.45 1
107 Union Large Cap NR -13.4 - - - - - 2.71 9.45 NR -12.8 - - - - 2.48 9.66 143
108 UTI Mastershare  -11.5 1.8 4.0 8.2 57 46 1.70 108.68  -10.7 2.6 4.7 25 30 1.26 113.75 4914
109 UTI Nifty ETF NR -15.2 3.2 - - 25 - 0.07 1044.91 NR - - - - - - - 13079
110 UTI Nifty Index  -15.4 3.0 4.7 7.0 35 29 0.17 64.70  -15.3 3.0 4.8 16 27 0.10 65.27 1729
111 UTI Nifty Next 50 ETF NR -12.0 - - - - - 0.15 248.86 NR - - - - - - - 282
112 UTI Nifty Next 50 Index NR -12.8 - - - - - 0.86 8.60 NR -12.3 - - - - 0.27 8.70 451
113 UTI S&P BSE Sensex Next 50 ETF NR -19.9 - - - - - 0.20 262.26 NR - - - - - - - 11
114 UTI Sensex ETF NR -12.6 5.3 - - 9 - 0.07 356.45 NR - - - - - - - 5658
Equity: Large & MidCap -13.7 -1.5 4.3 8.5 21 20 -12.6 -0.3 5.3 20 20
115 ABSL Eqt Advantage  -15.7 -3.9 3.8 8.2 17 12 1.99 341.28  -14.9 -2.9 4.9 17 12 1.17 363.16 3419
116 Axis Growth Opportunities NR -2.2 - - - - - 2.48 10.60 NR -0.5 - - - - 0.55 10.90 907
117 BOI AXA Large & Midcap Eqt  -8.0 -0.9 2.5 5.2 12 15 2.87 30.76  -6.9 0.3 3.8 9 15 1.60 33.43 140
118 Canara Robeco Emerging Equities  -10.5 0.2 8.3 15.1 7 2 1.90 84.29  -9.5 1.4 9.5 7 2 0.87 91.01 4254
119 DSP Equity Opp  -12.9 -0.9 6.1 9.3 10 6 2.00 192.22  -12.0 0.1 7.1 12 7 1.06 204.12 3890
120 Edelweiss Large & Midcap  -9.9 2.3 4.9 8.7 3 10 2.55 27.94  -8.5 3.6 6.0 3 10 0.95 30.33 393
121 Essel Large & Midcap NR -18.6 -3.8 - - - - 2.30 12.50 NR -17.2 -2.1 - - - 0.32 13.49 73
122 Franklin Eqt Advantage  -25.1 -5.9 -0.3 7.2 20 19 2.15 59.83  -24.5 -5.2 0.5 20 19 1.11 63.16 1683
123 HDFC Growth Opportunities  -19.0 -2.9 1.1 4.4 14 17 2.69 92.30  -18.9 -2.7 1.2 15 17 1.94 93.49 1004
124 HSBC Large and Midcap Eqt NR -13.2 - - - - - 2.58 8.63 NR -11.8 - - - - 0.82 8.78 503
125 ICICI Pru Large & Midcap  -18.2 -3.7 2.5 7.8 15 16 2.45 264.98  -17.6 -2.7 3.5 16 16 1.67 283.41 2421
126 ICICI Pru Midcap Select ETF NR -19.1 -6.2 - - 21 - 0.45 53.14 NR - - - - - - - 20
127 IDFC Core Equity  -19.5 -3.9 2.7 5.9 16 14 2.09 36.03  -18.5 -2.6 4.3 14 13 0.90 39.48 1829
128 Invesco India Growth Opp  -11.2 3.4 6.0 10.0 1 7 1.93 30.32  -10.3 4.8 7.6 1 5 0.98 33.63 1986
129 Kotak Equity Opportunities  -11.0 0.4 6.1 9.4 5 5 1.84 107.53  -10.1 1.5 7.4 6 6 1.08 116.18 2578
130 L&T Large and Midcap  -12.7 -2.3 3.5 9.1 13 13 2.41 40.92  -12.0 -1.5 4.3 13 14 1.68 43.22 957
131 LIC MF Large & Midcap  -9.7 0.2 6.4 - 6 4 2.45 13.25  -8.4 1.7 7.8 5 4 0.63 14.15 527
132 Mahindra Top 250 Nivesh Yjn NR - - - - - - 2.56 8.47 NR - - - - - 0.62 8.52 168
133 Mirae Asset Emerging Bluechip  -8.4 3.0 11.2 - 2 1 1.73 48.76  -7.5 3.9 12.2 2 1 0.92 52.13 7412
134 Motilal Oswal Large and Midcap NR - - - - - - 2.50 8.68 NR - - - - - 0.80 8.76 347
135 Nippon India Vision  -20.1 -5.2 -0.5 5.2 18 20 2.27 426.41  -19.7 -4.6 0.1 18 20 1.34 446.45 1929
136 Principal Emerging Bluechip  -10.6 -0.9 6.8 11.8 11 3 2.15 92.44  -9.6 0.2 8.0 11 3 1.00 99.09 1596
137 Quant Large & Midcap NR -3.0 -0.7 7.5 10.4 - - 2.48 35.19 NR -2.9 -0.4 7.7 - - 2.38 35.85 3
138 SBI Large & Midcap  -16.3 -0.4 4.3 9.1 9 11 2.29 186.63  -15.7 0.3 5.0 10 11 1.46 194.02 2136
139 Sundaram Large & Midcap  -17.1 -0.2 5.2 7.6 8 8 2.09 28.61  -16.2 1.0 6.1 8 9 0.85 30.27 885
140 Tata Large & Midcap  -9.5 0.9 4.9 8.7 4 9 2.98 183.95  -8.4 2.3 6.4 4 8 1.31 200.93 1225
141 Union Large & Midcap NR - - - - - - 2.52 8.73 NR - - - - - 1.79 8.76 162
142 UTI Core Equity  -21.3 -5.4 0.2 6.1 19 18 2.49 48.76  -20.9 -4.9 0.7 19 18 2.15 50.39 577
S&P BSE 100 Total Return Index -15.0 2.3 5.1 7.8
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6
S&P BSE Large Mid Cap TRI -15.1 1.6 5.1 7.9
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

54 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Multi Cap -13.1 -0.4 4.2 8.4 41 40 -12.1 0.5 5.2 41 40
143 ABSL Bal Bhavishya Yojna Wealth NR -11.2 - - - - - 2.60 9.40 NR -9.4 - - - - 0.47 9.63 192
144 ABSL Equity  -15.2 -1.2 5.6 9.1 26 15 1.67 618.74  -14.5 -0.1 6.6 24 13 1.11 661.86 8492
145 ABSL Retirement 30s NR -11.1 - - - - - 2.65 9.04 NR -9.3 - - - - 1.00 9.23 108
146 Axis Focused 25  -5.9 5.3 8.9 - 3 1 1.74 26.00  -4.8 6.5 10.3 3 1 0.65 28.41 8185
147 Axis Multicap NR -2.3 - - - - - 1.89 11.22 NR -0.8 - - - - 0.51 11.67 5058
148 Baroda Multi Cap  -13.0 -2.7 2.3 5.4 32 32 2.68 85.35  -12.4 -1.8 3.2 31 31 1.70 91.10 617
149 BNP Paribas Focused 25 Eqt NR -7.9 - - - - - 2.41 8.82 NR -6.6 - - - - 0.83 9.14 158
150 BNP Paribas Multi Cap  -10.7 -1.1 4.3 9.8 23 20 2.42 41.70  -9.5 0.4 6.0 20 19 1.14 46.36 481
151 Canara Robeco Eqt Diversified  -6.4 4.8 6.1 9.4 5 10 2.25 126.14  -5.2 5.7 6.9 5 11 0.97 132.50 1601
152 DSP Equity  -7.6 2.0 6.3 9.0 9 7 2.00 35.59  -6.8 2.9 7.1 9 8 0.52 38.18 2748
153 DSP Focus  -13.0 -1.1 3.7 - 24 22 2.22 20.14  -12.1 -0.2 4.5 25 24 1.11 21.28 1433
154 Edelweiss Multi Cap  -14.6 0.6 5.3 - 12 16 2.48 12.42  -13.1 1.9 6.5 11 14 0.65 13.18 426
155 Essel Multi Cap NR -16.0 - - - - - 2.50 8.96 NR -14.3 - - - - 0.68 9.31 149
156 Franklin Equity  -21.3 -3.7 1.9 8.8 36 35 1.90 471.67  -20.7 -2.8 3.0 36 34 1.12 504.83 7598
157 Franklin Focused Eqt  -20.6 -2.6 2.5 10.3 30 28 1.95 33.16  -19.9 -1.6 3.7 30 28 1.06 35.80 6171
158 HDFC Equity  -22.9 -2.6 2.5 7.8 31 30 1.76 519.91  -22.5 -1.9 3.3 32 29 1.16 549.73 16042
159 HDFC Focused 30  -22.4 -6.7 0.9 5.0 41 37 2.74 60.29  -21.7 -5.8 2.0 41 37 1.29 64.20 359
160 HDFC Retrmnt Savings Eqt  -15.8 -1.1 - - 25 - 2.65 14.27  -14.8 0.3 - 21 - 1.30 15.20 665
161 HSBC Multi Cap Eqt  -17.4 -3.2 2.2 8.2 35 33 2.69 71.30  -16.4 -2.3 3.1 35 33 1.39 75.59 276
162 ICICI Pru Focused Equity  -15.5 -0.8 2.7 7.3 21 27 2.86 25.98  -14.7 0.2 3.9 23 27 1.77 27.93 481
163 ICICI Pru Multicap  -20.4 -2.9 3.6 8.3 34 23 1.82 235.39  -19.6 -1.9 4.7 33 22 0.95 250.96 4156
164 ICICI Pru Retrmnt Pure Eqt NR -19.4 - - - - - 2.54 8.37 NR -17.7 - - - - 0.34 8.58 50
165 ICICI Pru S&P BSE 500 ETF NR -15.8 - - - - - 0.29 130.04 NR - - - - - - - 69
166 ICICI Prudential India Eqt FOF NR - - - - - - 0.89 8.24 NR - - - - - 0.19 8.25 17
167 IDBI Diversified Eqt  -10.0 -1.0 2.8 - 22 26 2.53 18.66  -8.7 0.8 4.3 18 25 1.17 20.20 234
168 IDFC Focused Equity  -12.8 -0.1 3.4 5.7 17 24 2.21 32.06  -11.6 1.5 5.0 14 20 0.89 35.23 1080
169 IDFC Multi Cap  -15.0 -2.8 2.0 10.4 33 34 1.98 78.96  -14.4 -2.1 2.7 34 35 1.33 83.19 4093
170 IIFL Focused Equity  -2.9 4.9 7.7 - 4 4 2.14 15.51  -1.5 6.5 9.0 4 3 0.90 16.64 665
171 Invesco India Multicap NR -11.1 -2.4 3.7 12.4 - - 2.37 41.54 NR -9.9 -0.9 5.4 - - 1.14 46.16 678
172 ITI Multi Cap NR - - - - - - 2.59 9.07 NR - - - - - 0.48 9.25 89
173 JM Multicap  -8.8 0.5 6.3 6.6 13 8 2.13 28.60  -8.1 1.2 7.6 16 7 1.32 30.84 107
174 Kotak Focused Equity NR - - - - - - 2.08 9.06 NR - - - - - 0.40 9.19 1292
175 Kotak Standard Multicap  -14.6 0.4 6.5 10.9 14 6 1.52 30.42  -13.8 1.5 7.7 15 6 0.72 32.68 22871
176 L&T Equity  -16.1 -2.1 2.5 8.0 28 29 2.25 68.92  -15.6 -1.4 3.2 28 30 1.71 72.47 1817
177 L&T Focused Equity NR -8.5 - - - - - 2.55 9.98 NR -7.4 - - - - 1.35 10.14 572
178 LIC MF Multicap  -7.3 -0.2 1.6 5.5 18 36 2.55 43.08  -6.6 0.6 2.4 19 36 1.59 45.30 239
179 Mahindra Mutual Badhat Yojana NR -7.1 - - - - - 2.61 10.04 NR -5.5 - - - - 0.86 10.69 246
180 Mirae Asset Focused NR - - - - - - 2.04 9.62 NR - - - - - 0.66 9.78 2205
181 Motilal Oswal Multicap 35  -15.6 -2.5 6.1 - 29 11 1.18 21.89  -14.8 -1.6 7.0 29 9 0.90 23.18 9129
182 Motilal Oswal Nifty 500 NR - - - - - - 1.00 8.99 NR - - - - - 0.40 9.03 29
183 Nippon India Focused Equity  -20.5 -4.4 3.2 9.7 37 25 2.31 37.89  -20.0 -3.6 4.1 37 26 1.02 40.22 2801
184 Nippon India Multi Cap  -27.7 -4.8 -0.4 8.2 38 40 2.12 71.17  -27.3 -4.1 0.4 38 40 0.73 75.16 6776
185 Nippon India Retrmnt Wealth Creation  -28.5 -6.1 -0.3 - 40 39 2.48 9.70  -27.8 -5.2 1.0 40 38 1.07 10.37 1127
186 Parag Parikh Long Term Equity  -5.2 6.3 7.6 - 1 5 1.95 23.96  -4.4 7.0 8.3 2 5 1.15 24.95 2448
187 PGIM India Diversified Eqt  -8.7 -0.1 4.7 - 16 18 2.50 12.22  -7.0 1.8 6.2 12 17 0.58 13.12 107
188 Principal Focused Multicap  -4.6 3.8 6.2 8.8 7 9 2.60 61.13  -4.0 4.5 7.0 7 10 1.91 64.26 294
189 Principal Multi Cap Growth  -16.5 -1.7 5.2 8.8 27 17 2.45 118.92  -15.8 -0.8 6.0 27 18 1.57 125.61 518
190 Quant Active  -11.6 1.9 6.1 7.6 10 12 2.48 161.14  -11.5 2.2 6.3 10 15 2.38 163.39 8
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 55

Subscription copy of [[email protected]]. Redistribution prohibited.
For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Multi Cap -13.1 -0.4 4.2 8.4 41 40 -12.1 0.5 5.2 41 40
191 Quantum Equity FoF  -14.3 -0.6 4.5 8.8 20 19 0.75 30.33  -14.1 -0.5 4.7 26 23 0.51 30.48 36
192 SBI Focused Equity  -7.8 6.2 7.9 13.4 2 3 1.80 130.67  -6.8 7.3 8.9 1 4 0.87 139.59 7012
193 SBI Magnum MultiCap  -14.8 0.0 5.6 8.8 15 14 1.86 41.80  -14.0 1.1 6.7 17 12 1.06 44.56 6542
194 Shriram Multicap NR -13.6 - - - - - 2.55 9.14 NR -11.9 - - - - 0.65 9.40 46
195 Sundaram Equity NR - - - - - - 2.51 8.68 NR - - - - - 0.44 8.80 435
196 Tata Focused Eqt NR - - - - - - 2.78 8.10 NR - - - - - 0.61 8.19 1022
197 Tata Multicap NR -7.4 - - - - - 2.67 9.65 NR -5.7 - - - - 0.61 9.96 1367
198 Tata Retrmnt Svngs Progressive  -7.3 2.1 8.0 - 8 2 3.77 26.92  -5.8 3.6 9.6 8 2 0.86 30.20 599
199 Taurus Starshare (Multi Cap)  -20.3 -4.9 0.0 5.7 39 38 2.59 90.19  -20.2 -4.8 0.7 39 39 2.29 93.54 160
200 Union Focused NR - - - - - - 2.59 9.81 NR - - - - - 2.05 9.87 145
201 Union Multi Cap  -9.7 1.1 2.3 - 11 31 2.53 17.78  -9.0 1.7 3.1 13 32 2.00 18.74 253
202 UTI Children’s Career Investment  -12.6 -0.6 4.1 7.6 19 21 2.23 32.24  -11.8 0.3 4.9 22 21 1.89 33.91 246
203 UTI Equity  -8.3 4.2 5.7 10.3 6 13 1.92 130.60  -7.8 4.7 6.2 6 16 1.40 134.73 8102
Equity: Mid Cap -13.8 -4.0 3.8 10.6 22 20 -12.4 -2.7 5.0 21 19
204 ABSL Midcap  -24.4 -9.7 0.8 7.0 22 20 1.96 214.81  -23.7 -8.9 1.7 21 19 1.32 228.51 1689
205 Axis Midcap  -0.1 7.9 7.9 - 1 1 1.94 36.12  1.2 9.2 9.2 1 1 0.56 39.44 4433
206 Baroda Midcap  -11.6 -4.1 -0.9 - 12 - 2.66 7.82  -11.0 -3.3 -0.1 12 - 1.84 8.30 37
207 BNP Paribas Midcap  -8.9 -4.0 4.1 12.1 10 9 2.37 28.36  -7.6 -2.5 5.7 10 7 0.95 31.21 561
208 DSP Midcap  -6.5 -0.7 7.8 12.0 4 2 1.94 50.54  -5.6 0.2 8.6 4 2 0.97 53.45 5667
209 Edelweiss Midcap  -11.4 -2.0 4.5 12.3 6 7 2.30 23.07  -10.0 -0.7 5.6 6 8 0.65 24.97 694
210 Franklin Prima  -18.1 -4.6 3.8 11.3 13 11 2.00 776.44  -17.4 -3.6 4.9 13 11 1.09 836.40 5459
211 HDFC Mid-Cap Opportunities  -19.4 -5.4 4.0 12.4 15 10 2.03 43.91  -18.9 -4.5 4.9 15 10 0.98 46.68 16304
212 ICICI Pru Midcap  -23.9 -7.0 1.2 7.9 18 19 2.58 72.46  -23.2 -6.0 2.3 18 18 1.61 77.51 1318
213 ICICI Prudential Midcap 150 ETF NR - - - - - - 0.27 52.00 NR - - - - - - - 20
214 IDBI Midcap  -18.4 -6.7 - - 16 - 2.57 8.71  -17.4 -4.9 - 16 - 1.68 9.30 134
215 Invesco India Midcap  -8.4 0.5 5.6 12.7 2 6 2.53 44.11  -7.1 2.2 7.4 2 3 1.23 49.39 648
216 Kotak Emrgng Eqt  -12.5 -2.8 5.8 11.3 8 5 2.15 33.36  -11.4 -1.6 7.2 7 4 0.63 36.31 5117
217 L&T Midcap  -15.2 -3.6 6.0 11.3 9 4 2.01 111.53  -14.2 -2.6 7.0 11 5 0.70 119.02 4715
218 Mahindra Unnati Emrgng Bsnss Yojana NR -7.9 - - - - - 2.55 8.56 NR -6.4 - - - - 0.86 8.91 401
219 Mirae Asset Midcap NR - - - - - - 2.12 9.22 NR - - - - - 0.76 9.34 1592
220 Motilal Oswal Midcap 100 ETF NR -21.7 -8.8 1.5 - 21 17 0.20 14.23 NR - - - - - - - 28
221 Motilal Oswal Midcap 30  -18.1 -7.0 2.0 - 17 15 2.10 20.62  -17.2 -5.8 3.3 17 13 1.10 22.25 1331
222 Motilal Oswal Nifty Midcap 150 NR - - - - - - 1.00 9.15 NR - - - - - 0.40 9.19 36
223 Nippon India ETF Nifty Midcap 150 NR -17.6 - - - - - 0.31 51.70 NR - - - - - - - 150
224 Nippon India Growth  -16.1 -2.4 3.6 7.4 7 12 2.12 931.75  -15.6 -1.8 4.4 8 12 1.21 980.23 5060
225 PGIM India Midcap Opp  -6.8 -4.0 1.9 - 11 16 2.52 16.68  -5.4 -2.4 3.2 9 15 0.76 17.84 123
226 Principal Midcap Fund NR - - - - - - 2.49 8.53 NR - - - - - 0.82 8.59 195
227 Quant Midcap NR -9.4 1.0 1.9 6.4 - - 2.48 50.49 NR -7.9 1.8 2.4 - - 0.57 51.91 8
228 SBI Magnum Midcap  -18.0 -7.9 1.3 10.2 19 18 2.33 59.65  -17.3 -7.0 2.3 19 17 1.23 63.86 2560
229 Sundaram Midcap  -21.5 -8.6 2.3 10.0 20 13 2.08 360.93  -20.9 -7.9 3.0 20 16 1.21 377.13 4129
230 Tata Midcap Growth  -11.0 -1.4 4.2 11.4 5 8 3.12 122.63  -9.6 -0.3 5.2 5 9 1.40 130.82 633
231 Taurus Discovery (Midcap)  -6.6 0.1 6.3 10.1 3 3 2.52 39.74  -6.2 0.5 6.9 3 6 2.02 41.15 40
232 Union Midcap Fund NR - - - - - - 2.60 12.01 NR - - - - - 1.50 12.02 189
233 UTI Midcap  -12.0 -4.9 2.3 10.9 14 14 2.31 85.94  -11.2 -4.1 3.2 14 14 1.35 91.20 2794
Equity: Small Cap -20.4 -7.9 2.1 7.9 13 13 -19.4 -7.0 3.1 13 13
234 ABSL Small Cap  -34.0 -15.3 -0.7 6.3 13 10 1.88 22.68  -33.2 -14.2 0.3 13 10 1.23 24.38 1463
S&P BSE 150 MidCap TRI -15.1 -3.7 5.3 8.8
S&P BSE 250 SmallCap TRI -31.3 -13.8 -1.9 0.9
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

56 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Small Cap -20.4 -7.9 2.1 7.9 13 13 -19.4 -7.0 3.1 13 13
235 Axis Small Cap  -3.2 2.7 7.3 - 1 2 2.23 26.90  -1.8 4.0 8.6 1 2 0.29 28.98 1879
236 BOI AXA Small Cap NR -3.2 - - - - - 2.73 10.06 NR -1.3 - - - - 0.78 10.32 43
237 Canara Robeco Small Cap NR -18.1 - - - - - 2.44 8.39 NR -16.7 - - - - 0.91 8.57 291
238 DSP Small Cap  -19.6 -10.1 2.4 11.5 9 7 2.00 43.91  -18.9 -9.5 3.0 9 7 1.08 46.06 3507
239 Edelweiss Small Cap NR -12.5 - - - - - 2.51 9.57 NR -11.2 - - - - 0.96 9.75 377
240 Franklin Smaller Companies  -30.6 -11.4 -0.2 10.4 10 9 2.04 37.29  -29.9 -10.4 1.0 10 8 1.09 40.39 4506
241 HDFC Small Cap  -33.0 -7.0 2.8 7.5 6 6 2.10 28.88  -32.3 -5.8 4.0 6 6 1.05 31.26 6246
242 HSBC Small Cap Eqt  -29.4 -12.8 -1.9 4.1 11 11 2.62 34.46  -28.5 -11.9 -1.0 11 11 1.12 36.64 247
243 ICICI Pru Small Cap  -22.2 -9.2 -1.9 7.1 8 12 2.47 19.14  -21.2 -8.4 -1.2 8 12 0.72 20.12 881
244 IDBI Small Cap NR -22.8 - - - - - 2.53 7.21 NR -21.9 - - - - 1.60 7.65 87
245 IDFC Emrgng Businesses NR - - - - - - - 9.33 NR - - - - - - 9.37 475
246 Invesco India Small Cap NR -12.7 - - - - - 2.40 9.17 NR -11.3 - - - - 0.99 9.40 435
247 ITI Small Cap Fund NR - - - - - - 2.49 7.40 NR - - - - - 0.30 7.44 150
248 Kotak Small Cap  -16.6 -6.8 3.2 9.5 5 5 1.91 58.78  -15.4 -5.6 4.7 5 5 0.90 64.41 1169
249 L&T Emerging Businesses  -30.3 -9.2 4.0 - 7 4 2.05 16.82  -29.5 -8.3 5.0 7 4 0.80 17.69 3815
250 Motilal Oswal Nifty Smallcap 250 NR - - - - - - 1.00 8.09 NR - - - - - 0.40 8.12 21
251 Nippon India Small Cap  -21.4 -5.6 5.8 - 3 3 2.21 31.25  -20.7 -4.6 7.0 3 3 1.15 33.51 5985
252 Principal Small Cap NR - - - - - - 2.50 8.84 NR - - - - - 0.93 9.00 134
253 Quant Small Cap NR -27.5 -10.5 -3.6 5.2 - - 2.48 35.16 NR -27.4 -10.2 -3.4 - - 2.38 35.76 2
254 SBI Small Cap  -11.4 2.0 9.0 15.6 2 1 2.25 45.51  -10.3 3.2 10.4 2 1 0.93 49.40 2704
255 Sundaram Small Cap  -27.5 -14.4 -2.7 6.2 12 13 2.65 59.08  -26.9 -13.7 -2.0 12 13 1.63 61.78 732
256 Tata Small Cap NR -19.1 - - - - - 2.69 8.47 NR -17.6 - - - - 0.69 8.72 468
257 Union Small Cap  -12.8 -6.0 -0.2 - 4 8 2.71 12.03  -12.2 -5.3 0.7 4 9 2.27 12.61 245
Equity: Value Oriented -19.6 -4.5 2.6 8.1 14 13 -18.8 -3.5 3.6 14 13
258 ABSL Pure Value  -27.4 -12.2 0.2 8.6 14 11 1.76 36.71  -26.6 -11.2 1.3 14 10 0.55 39.41 2764
259 HDFC Capital Builder Value  -24.1 -3.9 2.8 8.6 7 6 2.30 225.05  -23.4 -2.8 3.9 7 6 1.05 239.95 2952
260 ICICI Pru Value Discovery  -16.1 -2.9 1.8 10.5 5 9 2.07 122.67  -15.6 -2.2 2.8 6 8 1.39 131.04 11664
261 IDBI Long Term Value NR -15.1 - - - - - 2.54 8.72 NR -14.1 - - - - 1.73 8.97 81
262 IDFC Sterling Value  -32.6 -9.8 -0.7 7.3 13 13 2.10 34.45  -31.9 -8.8 0.3 13 13 1.08 36.92 1905
263 Indiabulls Value  -16.1 -9.6 - - 12 - 2.30 9.86  -14.8 -8.1 - 12 - 0.50 10.75 13
264 Invesco India Contra  -12.4 2.5 7.0 10.5 2 1 2.10 41.93  -11.5 3.9 8.5 2 1 0.85 46.16 3658
265 JM Value NR -16.1 -3.1 4.9 3.5 - - 2.53 26.72 NR -15.5 -2.5 6.1 - - 1.50 28.69 85
266 Kotak India EQ Contra  -15.8 2.5 5.0 8.0 1 3 2.24 44.78  -14.6 4.0 6.6 1 2 1.15 49.22 631
267 L&T India Value  -19.5 -5.4 4.3 10.4 9 4 1.95 28.82  -18.7 -4.5 5.2 9 4 0.91 30.60 4937
268 Nippon India Value  -18.9 -2.7 3.4 7.4 4 5 2.37 59.94  -18.4 -2.0 4.2 5 5 1.03 63.31 2162
269 Quantum Long Term Eqt Value  -24.1 -4.7 2.4 7.8 8 7 1.79 42.24  -23.7 -4.4 2.7 8 9 1.29 42.63 581
270 SBI Contra  -23.4 -5.7 0.0 4.2 10 12 2.32 85.40  -22.9 -5.1 0.7 10 12 1.77 89.38 963
271 Tata Equity PE  -15.0 -3.0 5.3 9.7 6 2 2.67 113.47  -13.7 -1.7 6.4 4 3 0.49 121.04 3470
272 Templeton India Value  -27.8 -8.5 0.4 4.8 11 10 2.65 183.57  -27.1 -7.7 1.2 11 11 1.52 193.58 320
273 Union Value Discovery NR -15.0 - - - - - 2.58 9.04 NR -14.2 - - - - 2.23 9.16 92
274 UTI Value Opportunities  -13.1 0.5 2.3 8.1 3 8 1.90 53.51  -12.6 1.3 3.0 3 7 1.47 56.45 3294
Equity: ELSS -14.0 -1.0 4.0 8.5 34 30 -13.1 0.0 5.0 34 30
275 ABSL Tax Relief 96  -11.0 1.8 5.9 9.6 6 9 1.47 123.99  -10.1 2.9 6.9 6 9 0.84 30.06 8167
276 Axis Long Term Equity  -3.9 6.3 7.3 14.4 1 2 1.72 42.68  -3.1 7.3 8.4 1 2 0.93 46.24 17495
277 Baroda ELSS 96  -16.1 -5.3 0.7 5.4 31 29 2.65 22.75  -15.4 -4.5 1.6 31 28 1.93 27.90 125
278 BNP Paribas Long Term Equity  -6.1 1.7 4.5 10.4 7 14 2.36 35.70  -5.0 2.9 5.5 7 13 1.10 37.73 369
S&P BSE 100 Total Return Index -15.0 2.3 5.1 7.8
S&P BSE 250 SmallCap TRI -31.3 -13.8 -1.9 0.9
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 57

Subscription copy of [[email protected]]. Redistribution prohibited.
For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: ELSS -14.0 -1.0 4.0 8.5 34 30 -13.1 0.0 5.0 34 30
279 BOI AXA Tax Advantage  1.7 4.7 6.5 7.8 2 4 2.66 50.90  2.8 6.0 8.0 2 3 1.51 55.98 225
280 Canara Robeco Eqt Tax Saver  -6.7 4.7 6.2 9.6 3 7 2.33 22.15  -5.8 5.6 7.0 4 8 1.41 64.16 829
281 DSP Tax Saver  -12.8 -0.1 6.3 10.1 12 6 1.97 42.23  -12.0 0.9 7.3 13 6 1.00 44.65 4667
282 Edelweiss LT Eqt (Tax Svngs)  -13.8 -2.2 2.6 8.3 22 22 2.43 40.02  -12.2 -0.7 3.8 21 21 0.70 43.37 93
283 Essel Long Term Advantage  -18.6 -2.9 - - 25 - 2.25 11.79  -17.3 -1.3 - 22 - 0.93 12.66 42
284 Franklin Taxshield  -23.1 -4.2 1.4 8.8 29 27 2.08 441.05  -22.4 -3.2 2.4 29 25 1.08 470.79 2782
285 HDFC Taxsaver  -23.0 -5.6 0.9 6.9 32 28 1.89 406.98  -22.5 -4.9 1.6 32 29 1.34 425.79 5069
286 HSBC Tax Saver Eqt  -15.9 -3.7 3.4 8.1 27 19 2.55 30.85  -14.8 -2.8 4.2 28 19 1.25 32.71 111
287 ICICI Pru LT Eqt (Tax Saving)  -17.4 -1.1 3.6 9.2 18 18 1.94 314.74  -16.8 -0.2 4.7 20 18 1.40 337.28 4802
288 IDBI Eqt Advantage  -9.0 -0.1 3.7 - 15 17 2.42 23.64  -7.8 1.4 5.1 11 15 1.19 25.57 432
289 IDFC Tax Advantage (ELSS)  -22.6 -3.1 2.1 8.9 26 24 2.39 43.68  -21.8 -1.9 3.3 25 22 1.10 47.30 1488
290 Indiabulls Tax Savings NR -13.8 - - - - - 2.25 8.29 NR -12.9 - - - - 0.50 8.48 65
291 Invesco India Tax  -9.4 3.2 6.1 11.1 5 8 2.44 46.15  -8.3 4.7 7.8 5 5 1.32 51.25 806
292 ITI Long Term Equity NR - - - - - - 2.56 8.43 NR - - - - - 0.38 8.53 22
293 JM Tax Gain  -13.4 -0.1 5.2 7.1 11 10 2.38 14.63  -12.8 0.7 6.6 14 10 0.80 15.88 29
294 Kotak Tax Saver  -12.5 -0.1 5.2 8.3 14 11 2.55 38.88  -11.4 1.1 6.6 12 11 1.24 42.61 909
295 L&T Tax Advantage  -16.0 -2.9 4.2 8.7 24 15 2.11 44.96  -15.5 -2.2 4.9 27 17 1.53 47.11 2346
296 LIC MF Tax  -13.0 0.8 3.1 7.6 9 20 2.62 57.42  -12.0 2.0 4.1 9 20 1.30 61.65 209
297 Mahindra Mutual Kar Bachat Yojana  -14.5 -4.0 - - 28 - 2.39 9.89  -13.1 -2.1 - 26 - 0.62 10.65 240
298 Mirae Asset Tax Saver  -10.8 4.1 - - 4 - 2.18 15.81  -9.3 5.6 - 3 - 0.74 16.82 2671
299 Motilal Oswal Long Term Eqt  -12.0 -1.2 7.9 - 19 1 2.20 14.91  -10.9 0.1 9.4 19 1 0.90 16.01 1262
300 Nippon India Tax Saver (ELSS)  -27.4 -10.1 -2.7 7.7 34 30 2.10 40.76  -26.9 -9.3 -1.9 34 30 0.95 43.14 7080
301 Parag Parikh Tax Saver NR - - - - - - 2.45 9.26 NR - - - - - 1.15 9.35 30
302 PGIM India Long Term Eqt  -15.3 -1.2 - - 20 - 2.37 12.20  -13.9 0.5 - 15 - 0.80 12.99 253
303 Principal Tax Savings  -16.9 -2.1 4.9 8.8 21 13 2.54 173.34  -16.5 -1.5 5.5 23 14 2.05 180.06 302
304 Quant Tax  -13.6 -0.6 6.7 5.0 16 3 2.48 80.36  -12.2 0.2 7.3 18 7 0.57 83.02 7
305 Quantum Tax Saving  -23.5 -4.4 2.6 7.7 30 21 1.79 42.16  -23.1 -4.1 2.9 30 23 1.29 42.56 54
306 SBI Long Term Equity  -16.6 -2.4 1.8 7.5 23 25 2.17 120.05  -16.1 -1.7 2.4 24 26 1.40 125.43 5379
307 Shriram Long Term Equity NR -6.3 - - - - - 2.55 9.82 NR -4.4 - - - - 0.60 10.07 21
308 Sundaram Diversified Equity  -21.4 -5.7 2.4 6.5 33 23 2.26 79.89  -21.1 -5.2 2.9 33 24 2.08 82.29 1775
309 Tata India Tax Savings  -13.8 0.2 6.5 10.4 10 5 3.20 46.38  -12.5 1.6 7.8 10 4 0.69 86.60 1557
310 Taurus Tax Shield  -13.7 1.6 5.1 7.7 8 12 2.23 68.51  -13.1 2.2 6.0 8 12 0.93 72.11 50
311 Union Long Term Equity  -9.9 -0.1 1.6 - 13 26 2.64 22.04  -9.6 0.4 2.3 16 27 2.62 22.97 201
312 UTI Long Term Equity  -11.4 -0.7 4.0 7.4 17 16 2.55 76.95  -10.6 0.2 5.0 17 16 1.53 81.81 1000
Equity: Sectoral-Banking -27.7 -5.7 0.7 4.1 17 15 -21.8 -2.1 4.6 11 10
313 ABSL Banking & Fin Services  -28.6 -5.6 4.8 - 12 4 2.25 20.74  -27.8 -4.6 5.8 8 4 1.45 22.10 1191
314 ABSL Banking ETF NR - - - - - - - 214.11 NR - - - - - - - 85
315 Baroda Banking & Fin Services  -20.2 -2.8 3.0 - 10 10 2.70 18.43  -19.6 -2.1 3.8 6 7 1.94 19.50 33
316 Edelweiss ETF Nifty Bank NR -28.0 -1.1 - - 5 - 0.11 2172.80 NR - - - - - - - 1
317 ICICI Pru Bank ETF NR - - - - - - 0.16 214.25 NR - - - - - - - 532
318 ICICI Pru Banking & Fin Services  -29.6 -5.6 4.9 11.0 11 3 2.03 45.92  -29.0 -4.6 6.1 7 3 1.35 49.47 2535
319 ICICI Pru Private Banks ETF NR - - - - - - 0.16 115.80 NR - - - - - - - 539
320 IDBI Banking & Fin Services NR -20.9 - - - - - 2.48 8.23 NR -19.9 - - - - 1.55 8.53 78
321 Invesco India Financial Services  -17.7 1.3 6.5 10.1 4 2 2.50 46.75  -16.7 2.9 8.3 3 2 1.68 52.15 151
322 Kotak Banking ETF NR -28.4 -1.3 3.5 - 6 7 0.18 217.79 NR - - - - - - - 4750
323 Kotak PSU Bank ETF NR -56.8 -28.9 -17.5 -8.8 17 15 0.49 130.94 NR - - - - - - - 19
324 LIC MF Banking & Fin Services  -20.8 -10.0 -2.4 - 15 13 2.46 8.78  -20.0 -8.9 -1.4 11 10 1.48 9.25 39
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6
S&P BSE Bankex Total Return Index -25.6 -0.3 4.0 9.3
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

58 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Sectoral-Banking -27.7 -5.7 0.7 4.1 17 15 -21.8 -2.1 4.6 11 10
325 Motilal Oswal Nifty Bank NR - - - - - - 1.00 7.84 NR - - - - - 0.40 7.87 32
326 Nippon India Banking  -35.3 -8.6 0.5 7.7 14 11 2.42 180.96  -34.9 -7.9 1.3 10 9 1.12 189.78 1699
327 Nippon India ETF Bank BeES NR -28.4 -1.4 3.4 8.5 8 9 0.19 216.71 NR - - - - - - - 4297
328 Nippon India ETF PSU Bank BeES NR -56.8 -28.8 -17.4 -8.7 16 14 0.49 14.58 NR - - - - - - - 44
329 SBI Banking & Fin Services  -18.9 3.4 9.0 - 1 1 2.21 14.70  -18.0 4.6 10.1 1 1 1.16 15.46 1088
330 SBI ETF Nifty Bank NR -28.4 -1.4 3.5 - 7 8 0.20 214.82 NR - - - - - - - 2743
331 Sundaram Fin Services Opp  -15.8 -1.4 4.1 7.1 9 5 2.67 34.89  -15.2 -0.5 4.8 5 6 2.14 36.59 167
332 Tata Banking & Fin Services  -13.9 1.3 - - 3 - 1.94 16.16  -12.6 3.0 - 2 - 1.10 17.37 352
333 Tata Nifty Private Bank ETF NR - - - - - - 0.13 118.06 NR - - - - - - - 9
334 Taurus Banking & Financial Srvcs  -17.1 1.5 4.0 - 2 6 2.46 21.18  -16.4 2.4 5.2 4 5 2.16 22.75 6
335 UTI Banking & Fin Services  -32.2 -7.9 0.5 5.9 13 12 2.83 67.08  -31.6 -6.9 1.6 9 8 1.83 72.29 378
Equity: Sectoral-Infrastructure -22.6 -8.3 -0.3 2.9 21 20 -22.5 -7.6 0.8 20 18
336 ABSL Infrastructure  -27.3 -11.5 -2.3 2.9 18 19 2.41 23.05  -26.7 -10.8 - 17 - 1.91 24.34 301
337 BOI AXA Mfg & Infrastructure  -11.2 -3.0 2.6 2.2 3 2 2.50 13.62  -9.9 -1.7 4.0 3 1 1.24 14.87 30
338 Canara Robeco Infrastructure  -17.2 -8.6 0.3 5.3 12 9 2.57 36.76  -16.5 -7.7 1.2 11 8 1.71 38.91 77
339 DSP T.I.G.E.R.  -24.3 -8.4 -0.1 3.9 11 11 2.47 68.16  -23.8 -7.8 0.5 12 11 1.52 70.97 663
340 Franklin Build India  -27.7 -6.1 1.3 10.0 7 6 2.49 30.81  -26.9 -5.0 2.6 6 5 1.35 33.57 771
341 HDFC Infrastructure  -37.8 -18.6 -8.7 -1.2 20 20 2.53 10.30  -37.3 -18.0 -8.0 19 18 1.73 10.93 370
342 HSBC Infrastructure Eqt  -35.3 -20.4 -8.9 -1.7 21 - 2.65 11.25  -34.4 -19.7 -8.1 20 - 1.25 11.93 56
343 ICICI Pru Infrastructure  -27.7 -9.0 -2.2 2.2 15 18 2.63 36.78  -27.3 -8.3 -1.5 14 17 2.21 38.66 819
344 IDFC Infrastructure  -29.9 -12.6 -1.6 - 19 15 2.49 10.49  -29.2 -11.4 -0.3 18 15 1.41 11.51 439
345 Invesco India Infrastructure  -7.1 -1.0 2.1 6.4 1 3 2.30 15.55  -5.6 0.7 3.9 1 2 0.79 17.42 32
346 Kotak Infra & Eco Reform  -23.9 -9.7 0.5 5.2 16 7 2.48 15.16  -23.0 -8.5 2.0 15 7 1.41 16.66 212
347 L&T Infrastructure  -27.1 -8.6 1.6 4.1 13 5 2.30 11.51  -26.2 -7.7 2.5 10 6 0.91 12.23 1005
348 LIC MF Infrastructure  -20.2 -5.3 -0.9 1.9 6 14 2.48 11.41  -19.7 -4.3 0.2 5 13 1.19 12.24 37
349 Nippon India ETF Infra BeES NR -10.7 -4.8 -2.2 - 5 17 1.10 285.00 NR - - - - - - - 10
350 Nippon India Power & Infra  -24.5 -10.2 0.0 -1.0 17 10 2.51 73.57  -24.0 -9.7 0.7 16 10 1.21 76.90 829
351 Quant Infrastructure NR -25.5 -6.7 -1.6 -3.0 8 16 2.48 6.52 NR -24.1 -5.8 -1.0 7 16 0.57 6.73 1
352 SBI Infrastructure  -15.8 -3.9 2.1 2.0 4 4 2.60 12.71  -15.3 -3.2 2.8 4 4 2.04 13.30 338
353 Sundaram Infrastructure Adv  -24.8 -8.8 -0.2 -0.5 14 12 2.73 24.28  -24.4 -8.1 0.3 13 12 2.14 25.23 342
354 Tata Infrastructure  -21.6 -7.6 0.3 2.4 9 8 3.03 43.31  -21.0 -7.1 0.9 8 9 1.84 45.00 354
355 Taurus Infrastructure NR -14.4 -2.1 3.1 3.8 2 1 2.52 21.10 NR -14.0 -1.6 3.9 2 3 2.37 22.14 3
356 UTI Infrastructure  -21.1 -7.6 -0.7 1.6 10 13 2.39 41.61  -20.8 -7.2 -0.2 9 14 2.10 42.95 843
Equity: Sectoral-Pharma 19.3 5.8 3.0 12.9 4 3 20.9 7.1 4.0 4 3
357 ABSL Pharma & Healthcare NR - - - - - - 2.71 12.28 NR - - - - - 0.91 12.48 171
358 DSP Healthcare NR 22.5 - - - - - 2.44 12.68 NR 24.8 - - - - 0.20 13.02 281
359 ICICI Pru Pharma Hlthcr & Diagn NR 18.0 - - - - - 2.49 12.08 NR 19.7 - - - - 0.86 12.42 1073
360 IDBI Healthcare NR 24.7 - - - - - 2.42 12.61 NR 27.2 - - - - 1.07 12.91 27
361 Mirae Asset Healthcare NR 24.5 - - - - - 2.43 13.36 NR 26.5 - - - - 0.80 13.76 378
362 Nippon India Pharma NR 16.8 11.1 6.5 13.7 1 1 2.32 179.67 NR 17.7 12.0 7.4 1 1 1.18 190.88 2190
363 SBI Healthcare Opportunities NR 14.4 1.9 0.9 13.7 4 3 2.36 139.42 NR 15.6 3.1 2.1 4 3 1.37 150.91 853
364 Tata India Pharma & HealthCare NR 17.6 5.6 - - 2 - 2.74 10.85 NR 19.4 7.3 - 2 - 1.05 11.67 153
365 UTI Healthcare NR 15.6 4.8 1.5 11.3 3 2 2.46 99.93 NR 16.6 5.8 2.5 3 2 1.76 106.79 360
Equity: Sectoral-Technology -10.1 12.5 7.7 11.4 5 4 -9.3 13.6 8.6 5 4
366 ABSL Digital India NR -9.5 12.7 8.9 9.7 3 1 2.52 49.54 NR -8.7 13.8 9.8 3 1 1.67 52.48 332
367 Franklin Technology NR -6.2 12.0 8.1 11.0 4 2 2.43 159.34 NR -5.5 12.8 8.8 4 2 1.42 166.54 209
368 ICICI Pru Technology NR -15.2 9.5 6.3 13.0 5 4 2.92 51.34 NR -14.6 10.4 7.2 5 4 2.36 54.36 320
369 SBI Technology Opportunities NR -6.2 13.5 7.4 11.9 2 3 2.45 37.82 NR -5.5 14.6 8.4 2 3 1.75 67.50 134
370 Tata Digital India NR -13.6 14.6 - - 1 - 3.05 13.49 NR -12.1 16.6 - 1 - 1.06 14.54 306
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 59

Subscription copy of [[email protected]]. Redistribution prohibited.
For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Thematic -14.4 -1.7 3.0 8.6 13 13 -13.4 -0.9 3.6 11 11
371 ABSL Intl Eqt B NR -17.6 -2.6 2.0 5.5 7 10 2.58 15.39 NR -17.3 -2.1 2.5 7 9 2.23 15.97 58
372 ABSL Manufacturing Equity NR -10.5 -3.6 3.2 - 11 8 2.60 11.50 NR -9.8 - - - - 2.10 12.06 397
373 Axis ESG Eqt Fund NR - - - - - - 2.05 9.83 NR - - - - - 0.41 9.87 1554
374 DSP Quant NR - - - - - - 1.28 9.59 NR - - - - - 0.54 9.66 184
375 Franklin Opportunities NR -18.9 -3.1 1.7 7.3 10 11 2.48 60.58 NR -18.2 -2.4 2.5 9 8 1.36 63.63 392
376 ICICI Pru Commodities NR - - - - - - 2.31 8.09 NR - - - - - 0.83 8.16 21
377 ICICI Pru Exports & Services NR -15.7 -3.1 2.2 10.9 9 9 2.78 47.88 NR -15.1 -2.2 3.1 8 7 2.41 50.69 449
378 ICICI Pru FMCG NR -8.9 4.8 7.4 15.3 2 1 2.96 220.16 NR -8.2 5.7 8.3 2 1 2.40 232.37 461
379 ICICI Pru India Opportunities NR -23.6 - - - - - 1.96 8.30 NR -22.3 - - - - 0.39 8.48 1955
380 ICICI Pru Manufacture in India NR -19.3 - - - - - 2.52 8.46 NR -18.1 - - - - 0.83 8.67 593
381 Kotak Pioneer NR - - - - - - 2.13 8.72 NR - - - - - 0.58 8.79 525
382 L&T Business Cycles NR -19.1 -7.3 0.4 - 12 12 2.57 12.12 NR -18.4 -6.6 1.1 10 10 1.63 12.62 427
383 Mahindra Rural Bhrt & Cnsmptn Yjn NR -14.4 - - - - - 2.52 8.62 NR -12.7 - - - - 0.62 8.87 49
384 Nippon India ETF Dividend Opp NR -17.9 -0.1 4.6 - 6 4 0.16 25.26 NR - - - - - - - 2
385 Nippon India Quant NR -11.3 1.1 3.3 6.8 5 7 1.18 23.11 NR -10.5 1.9 3.7 5 6 0.19 24.21 18
386 Quantum India ESG Eqt NR - - - - - - 1.40 8.98 NR - - - - - 0.90 9.02 12
387 SBI Equity Minimum Variance NR -12.8 - - - - - 0.70 9.05 NR -12.5 - - - - 0.30 9.09 39
388 SBI Magnum COMMA NR -9.9 -2.8 5.5 3.0 8 2 2.59 32.71 NR -9.4 -2.1 6.2 6 2 2.05 34.33 179
389 SBI Magnum Equity ESG NR -13.7 1.6 4.7 8.5 4 3 2.27 91.47 NR -13.1 2.5 5.5 4 3 1.44 96.72 2039
390 Sundaram Services NR -8.9 - - - - - 2.39 10.02 NR -8.2 - - - - 1.41 10.16 916
391 Tata Ethical NR -5.3 1.7 3.7 9.2 3 6 3.28 149.29 NR -4.3 2.9 4.7 3 5 1.52 160.01 466
392 Tata Quant Fund NR - - - - - - 2.63 7.94 NR - - - - - 0.86 7.99 83
393 Taurus Ethical NR -3.8 4.9 4.5 8.5 1 5 2.30 49.55 NR -2.9 5.8 5.4 1 4 0.08 52.58 32
394 UTI Transportation & Logistics NR -28.4 -14.1 -4.1 10.5 13 13 2.66 68.01 NR -27.6 -13.1 -3.0 11 11 1.56 73.38 808
Equity: Thematic-Dividend Yield -15.2 -3.0 2.6 7.1 5 5 -14.4 -2.3 3.3 5 5
395 ABSL Dividend Yield NR -14.2 -6.7 -0.1 5.9 4 5 2.34 136.20 NR -13.7 -6.0 0.7 4 5 1.07 143.88 532
396 ICICI Pru Dividend Yield Eqt NR -26.3 -7.9 1.0 - 5 4 2.85 12.43 NR -25.7 -7.1 1.7 5 4 1.92 12.99 122
397 IDBI Dividend Yield NR -4.9 - - - - - 2.45 9.70 NR -3.4 - - - - 1.06 9.92 68
398 Principal Dividend Yield NR -11.1 3.0 6.8 8.4 1 1 2.59 48.00 NR -10.5 3.6 7.4 1 1 2.11 49.88 137
399 Templeton India Eqt Income NR -20.8 -3.5 1.6 7.2 3 3 2.46 37.42 NR -20.2 -2.8 2.3 3 3 1.16 39.23 638
400 UTI Dividend Yield NR -13.6 0.0 3.7 6.9 2 2 2.07 56.85 NR -13.2 0.6 4.4 2 2 1.68 59.48 1786
Equity: Thematic-MNC -5.0 3.0 4.5 13.3 3 3 -4.2 3.9 5.5 3 3
401 ABSL MNC NR -8.6 2.8 4.0 14.2 2 3 1.91 697.69 NR -7.9 3.8 5.1 2 3 1.45 746.09 3143
402 ICICI Pru MNC NR - - - - - - 2.73 9.22 NR - - - - - 1.02 9.33 478
403 SBI Magnum Global NR -0.5 3.7 5.1 12.4 1 1 2.02 166.98 NR 0.3 4.5 6.0 1 1 1.34 177.23 3133
404 UTI MNC NR -5.9 2.4 4.3 13.2 3 2 2.46 179.61 NR -5.1 3.3 5.3 3 2 1.48 191.11 1770
Equity: Thematic-Energy -15.6 -4.8 6.1 6.4 2 1 -14.4 -3.6 6.9 2 1
405 DSP Natural Rsrcs and New Energy NR -26.6 -7.6 6.1 6.4 2 1 2.48 24.49 NR -26.0 -6.9 6.9 2 1 1.50 25.70 232
406 Tata Resources & Energy NR -4.5 -2.0 - - 1 - 3.61 13.62 NR -2.9 -0.3 - 1 - 1.08 14.69 25
Equity: Thematic-PSU -19.9 -11.3 -1.2 5.1 3 3 -10.8 -7.6 2.3 2 2
407 ABSL PSU Eqt NR - - - - - - - 8.03 NR - - - - - - 8.08 179
408 CPSE ETF NR -36.6 -16.6 -6.0 - 3 3 0.01 17.46 NR - - - - - - - 10073
409 Invesco India PSU Equity NR -2.2 -4.0 5.1 5.1 1 1 2.45 17.04 NR -1.2 -2.7 6.8 1 1 1.67 18.86 113
410 SBI PSU NR -20.9 -13.2 -2.8 - 2 2 2.53 8.06 NR -20.5 -12.6 -2.2 2 2 1.93 8.41 140
Equity: Thematic-Consumption -8.8 1.6 6.5 11.0 9 8 -8.0 2.4 7.3 8 7
411 ABSL India GenNext NR -6.8 3.0 8.2 13.5 5 2 2.54 76.35 NR -5.7 4.2 9.4 4 2 1.29 82.29 1179
412 BNP Paribas India Consumption NR 2.8 - - - - - 2.34 11.68 NR 4.4 - - - - 0.45 11.98 441
413 Canara Robeco Consumer Trends NR -4.3 5.0 8.6 11.9 1 1 2.44 37.39 NR -3.1 6.4 9.8 1 1 1.31 40.18 314
414 ICICI Pru Bharat Consumption NR -8.8 - - - - - 2.71 9.06 NR -7.2 - - - - 0.82 9.22 390
415 Mirae Asset Great Consumer NR -11.1 4.6 6.7 - 2 5 2.18 30.59 NR -9.5 6.1 8.2 3 3 0.57 33.69 774

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

60 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Equity REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Equity: Thematic-Consumption -8.8 1.6 6.5 11.0 9 8 -8.0 2.4 7.3 8 7
416 Nippon India Consumption NR -8.1 -4.6 3.9 7.8 9 7 2.52 59.20 NR -7.5 -3.8 4.7 8 6 1.07 62.63 68
417 Nippon India ETF Consumption NR -5.1 4.3 7.7 - 4 3 0.13 48.26 NR - - - - - - - 10
418 Quant Consumption NR -16.5 -4.0 5.0 2.1 - - 2.48 21.61 NR -15.1 -3.2 5.8 - - 0.57 22.83 1
419 SBI Consumption Opportunities NR -21.0 -0.7 5.5 14.7 7 6 2.52 55.45 NR -20.2 0.4 6.6 6 5 1.55 99.36 478
420 Sundaram Rural & Consumption NR -14.2 -2.8 7.5 9.8 8 4 2.33 35.42 NR -13.5 -2.1 8.2 7 4 1.37 37.11 1303
421 Tata India Consumer NR -7.8 4.6 - - 3 - 3.20 15.62 NR -6.4 6.2 - 2 - 0.94 16.79 994
422 UTI India Consumer NR -5.2 1.3 3.8 8.6 6 8 2.65 23.71 NR -4.8 1.9 4.4 5 7 2.17 24.71 216
Equity: International 0.5 6.0 3.3 4.4 30 29 0.6 6.1 3.8 28 26
423 ABSL Commodity Eqt Global Agri NR -17.6 -3.0 -1.6 3.2 26 25 1.65 19.50 NR -17.3 -2.6 -1.3 25 23 1.30 20.08 5
424 ABSL Global Emerging Opp NR 10.5 6.3 2.0 1.7 15 16 1.13 13.87 NR 11.0 6.6 2.2 14 16 0.63 14.13 105
425 ABSL Global Real Estate NR -11.1 0.5 -0.4 - 24 24 1.28 17.12 NR -10.7 0.9 0.0 22 22 0.83 17.70 13
426 ABSL Intl Eqt A NR 3.3 11.4 5.1 9.9 7 10 2.58 22.19 NR 3.7 12.0 5.6 6 10 0.44 23.03 69
427 DSP Global Allocation NR 9.1 7.3 4.6 - 12 12 2.09 13.42 NR 9.7 7.8 5.0 10 11 1.55 13.74 27
428 DSP US Flexible Equity NR 3.8 10.4 9.1 - 8 5 2.50 26.24 NR 4.4 11.2 9.8 7 4 2.19 27.53 225
429 DSP World Agriculture NR -1.7 3.4 1.4 - 20 19 2.42 16.21 NR -1.5 3.7 1.8 19 17 2.26 16.60 24
430 DSP World Energy NR -19.5 -3.4 -5.4 0.8 27 29 2.40 10.85 NR -19.2 -3.1 -5.2 26 26 2.24 11.07 13
431 DSP World Gold NR 62.5 13.0 11.0 1.5 6 4 2.41 17.61 NR 63.2 13.5 11.5 5 3 2.14 18.20 308
432 DSP World Mining NR 2.0 7.6 3.0 -1.7 11 14 2.42 8.35 NR 2.4 8.2 3.6 9 13 2.26 8.69 24
433 Edelweiss ASEAN Eqt Off Shore NR -17.0 0.7 0.7 - 23 20 2.39 17.44 NR -16.5 1.5 1.7 21 18 1.79 18.76 30
434 Edelweiss Emrgng Mkt Opp Eqt Offshr NR -3.7 7.8 3.1 - - - 2.35 12.47 NR -2.8 8.6 3.7 - - 1.66 12.92 11
435 Edelweiss Eur Dynamic Eqt Offshore NR -7.2 -0.7 -0.3 - 25 22 2.39 10.06 NR -6.6 0.1 0.6 23 20 1.92 10.63 19
436 Edelweiss Grtr China Eqt Off-shore NR 21.9 18.3 8.9 12.9 - - 2.39 34.53 NR 22.8 19.3 9.9 - - 1.81 36.98 158
437 Edelweiss US Tech Eqt FOF NR - - - - - - - 10.61 NR - - - - - - 10.63 92
438 Edelweiss US Value Eqt Offshore NR -1.7 5.5 5.0 - 17 11 2.39 15.69 NR -0.8 6.4 5.8 15 9 1.66 16.56 33
439 Franklin Asian Equity NR -1.1 6.6 5.1 8.3 13 9 2.59 22.39 NR -0.6 7.3 5.8 12 8 2.02 23.46 127
440 Franklin Feeder Franklin Eur Grth NR -22.7 -7.2 -4.1 - 29 27 1.43 7.53 NR -22.0 -6.2 -2.9 27 25 0.59 8.11 14
441 Franklin Feeder Franklin US Opp NR 15.6 19.0 12.7 - 2 2 1.60 36.82 NR 16.6 20.0 13.7 1 1 0.61 39.52 1288
442 HSBC Asia Pacific (ExJapan) Div Yld NR -2.2 6.8 4.6 - - - 2.00 14.21 NR -1.4 7.6 5.4 - - 1.24 14.85 5
443 HSBC Brazil NR -34.0 -7.4 -4.3 - 30 28 2.52 5.49 NR -33.5 -6.8 - 28 - 1.66 5.79 12
444 HSBC Global Consumer Opp NR -1.1 8.6 5.3 - 9 8 2.16 13.38 NR -0.4 9.4 6.0 8 7 1.47 13.88 4
445 HSBC Global Emerging Markets NR -2.2 5.0 2.2 4.2 - - 2.48 13.96 NR -1.5 5.8 - - - 1.69 14.72 8
446 ICICI Pru Global Advtg (FOF) NR - - - - - - 1.13 10.76 NR - - - - - 0.06 10.79 22
447 ICICI Pru Global Stable Eqt (FOF) NR 3.3 6.2 5.5 - 16 7 1.34 15.67 NR 4.0 7.1 6.3 13 6 0.20 16.49 83
448 ICICI Pru US Bluechip Eqt NR 12.2 15.4 11.8 - 5 3 2.57 31.59 NR 13.3 16.4 12.7 4 2 1.79 33.59 507
449 Invesco (I) Feeder Global Eqt Incm NR -7.6 2.7 1.9 - 21 18 1.13 11.92 NR -7.0 3.8 3.0 18 14 0.51 12.76 6
450 Invesco India Feeder Pan Eur Eqt NR -17.4 -3.5 -3.1 - 28 26 0.65 8.86 NR -16.9 -2.6 -2.1 24 24 0.11 9.46 21
451 Kotak Global Emerging Market NR -2.1 3.6 -0.4 5.4 19 23 1.63 15.17 NR -1.6 4.4 0.4 17 21 1.16 16.02 70
452 Motilal Oswal NASDAQ 100 ETF NR 24.5 23.3 18.6 - 1 1 0.54 663.89 NR - - - - - - - 557
453 Motilal Oswal Nasdaq 100 FOF NR 23.4 - - - - - 0.50 14.37 NR 23.9 - - - - 0.10 14.45 298
454 Motilal Oswal S&P 500 Index Fund NR - - - - - - - 10.02 NR - - - - - - 10.02 -
455 Nippon India ETF Hang Seng BeES NR -7.3 7.9 3.1 9.5 10 13 0.92 300.61 NR - - - - - - - 11
456 Nippon India Japan Equity NR -0.2 6.6 2.8 - 14 15 2.11 12.84 NR 0.7 7.6 3.6 11 12 0.94 13.42 32
457 Nippon India US Eqt Opportunities NR 9.9 16.3 - - 4 - 2.35 17.09 NR 11.1 17.5 - 3 - 0.20 17.92 97
458 PGIM India Euro Eqt NR -4.8 1.3 0.1 4.9 22 21 1.28 12.76 NR -3.8 2.7 1.3 20 19 0.24 13.78 2
459 PGIM India Global Eqt Opp NR 16.3 16.8 5.8 - 3 6 1.11 21.86 NR 17.1 18.2 6.9 2 5 0.25 23.43 69
460 Principal Global Opportunities NR -6.6 4.5 2.0 5.3 18 17 1.43 27.05 NR -6.3 4.9 2.4 16 15 0.95 27.87 13
461 Sundaram Global Brand NR 2.7 6.4 2.8 5.3 - - 2.37 17.36 NR 3.1 7.0 3.4 - - 2.28 18.07 33
S&P BSE 500 Total Return Index -15.6 0.6 4.9 7.6
S&P BSE Energy Total Return Index -5.4 11.3 16.3 8.3
S&P BSE IT Total Return Index -10.5 16.3 8.6 12.4

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 61

Subscription copy of [[email protected]]. Redistribution prohibited.
For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Aggressive Hybrid -10.0 0.1 4.1 8.1 32 24 -9.0 1.2 5.2 32 24
462 ABSL Eq Hybrid ‘95  -15.4 -2.8 3.0 8.4 30 17 1.63 636.85  -14.8 -1.9 4.2 29 17 1.08 684.70 6914
463 ABSL Retirement 40s NR -6.6 - - - - - 2.50 9.46 NR -5.0 - - - - 1.03 9.64 68
464 Axis Equity Hybrid NR -4.7 - - - - - 2.10 9.74 NR -3.4 - - - - 0.69 10.00 1336
465 Axis Retrmnt Svngs - Agrssv Plan NR - - - - - - 2.33 9.10 NR - - - - - 0.65 9.16 399
466 Baroda Hybrid Equity  -13.1 -2.3 2.7 6.2 27 20 2.53 48.51  -12.5 -1.1 3.9 27 18 1.85 52.62 365
467 BNP Paribas Substantial Eqt Hybrid  1.4 5.4 - - 1 - 2.37 11.91  3.0 7.0 - 1 - 0.66 12.48 355
468 BOI AXA Mid & Small Cap Eqt & Debt  -11.0 -1.0 - - 22 - 2.65 11.30  -10.3 -0.2 - 21 - 1.79 11.68 269
469 Canara Robeco Eqt Hybrid  -1.5 5.0 7.3 10.6 2 1 2.02 156.31  -0.3 6.3 8.6 2 1 0.98 166.36 2621
470 DSP Equity & Bond  -4.1 2.3 6.7 9.0 6 3 1.95 145.63  -3.2 3.4 7.7 7 3 0.94 155.18 5118
471 Edelweiss Agrsv Hybrid NR -7.9 1.7 4.3 7.1 - - 2.31 23.46 NR -6.6 2.7 5.2 - - 1.88 24.60 11
472 Essel Equity Hybrid NR -10.9 - - - - - 2.35 9.40 NR -9.3 - - - - 0.73 9.72 150
473 Franklin Eqt Hybrid  -12.0 0.2 3.8 8.8 16 16 2.23 106.29  -11.1 1.4 5.2 16 13 1.22 115.08 1333
474 HDFC Children’s Gift  -11.2 1.4 5.5 11.6 12 8 2.01 107.16  -10.5 2.4 6.4 12 8 1.16 113.72 2519
475 HDFC Hybrid Equity  -12.7 0.1 4.9 10.8 17 9 1.76 46.98  -12.2 1.0 6.0 17 9 1.21 49.26 14891
476 HDFC Retrmnt Svngs Hybrid Eqt  -10.5 1.6 - - 8 - 2.73 14.99  -9.3 3.0 - 8 - 1.33 15.97 331
477 HSBC Equity Hybrid NR -6.1 - - - - - 2.53 10.22 NR -4.7 - - - - 1.03 10.43 483
478 HSBC Managed Solutions India Growth  -12.6 -0.7 4.3 - 21 12 1.89 15.69  -12.3 -0.4 4.6 24 15 1.50 15.96 51
479 ICICI Pru Child Care Gift  -13.1 -0.4 4.4 8.1 18 11 2.57 123.09  -12.4 0.4 5.3 20 12 2.11 130.29 512
480 ICICI Pru Equity & Debt  -12.7 0.6 5.5 11.0 15 7 1.82 117.42  -12.3 1.6 6.7 15 6 1.27 126.56 16219
481 ICICI Pru Retrmnt Hybrid Agrsv NR -12.2 - - - - - 2.48 9.11 NR -10.4 - - - - 0.42 9.33 66
482 IDBI Hybrid Equity  -6.9 -2.2 - - 26 - 2.54 10.55  -5.9 -0.5 - 25 - 1.69 11.19 194
483 IDFC Hybrid Equity  -13.2 -2.7 - - 28 - 2.50 9.98  -12.0 -1.1 - 26 - 1.14 10.54 474
484 Indiabulls Equity Hybrid NR -10.3 - - - - - 2.31 9.52 NR -8.4 - - - - 0.61 9.80 26
485 Invesco India Equity & Bond NR -7.6 - - - - - 2.39 9.64 NR -6.4 - - - - 1.05 9.90 328
486 JM Equity Hybrid  -23.1 -4.9 -0.8 4.7 31 24 2.13 35.74  -22.4 -4.1 0.1 31 24 1.52 38.39 8
487 Kotak Equity Hybrid  -9.2 -0.7 4.1 7.3 20 13 2.18 13.40  -8.1 0.6 5.6 19 11 0.95 15.22 1077
488 L&T Hybrid Equity  -9.9 -0.4 4.5 - 19 10 1.85 23.62  -8.9 0.6 5.7 18 10 0.55 25.44 5405
489 LIC MF Equity Hybrid  -4.9 0.9 2.4 5.9 14 22 2.48 96.26  -4.0 2.2 3.6 14 20 1.38 103.07 352
490 LIC MF ULIS  -10.6 1.4 2.8 5.6 11 18 2.26 16.49  -9.9 2.5 3.8 11 19 1.71 17.45 234
491 Mahindra Hybrid Eqt Nivesh Yojana NR - - - - - - 2.56 9.90 NR - - - - - 0.68 10.05 113
492 Mirae Asset Hybrid Equity  -7.5 4.1 - - 4 - 1.90 13.74  -6.0 5.7 - 4 - 0.65 14.91 2923
493 Motilal Oswal Equity Hybrid NR 2.4 - - - - - 2.40 10.60 NR 3.9 - - - - 0.70 10.87 278
494 Nippon India Equity Hybrid  -26.8 -7.3 -0.1 6.3 32 23 2.13 38.87  -26.3 -6.3 1.1 32 23 0.94 42.04 4582
495 PGIM India Hybrid Eqt  -11.7 -1.7 1.5 4.7 24 - 2.32 60.59  -10.3 -0.2 2.9 22 - 0.73 66.48 106
496 Principal Hybrid Equity  -12.5 1.6 6.5 8.4 9 4 2.27 67.88  -11.4 2.9 7.7 9 4 1.00 73.12 1017
497 Principal Retrmnt Svngs Prgrsv NR -15.6 -1.8 - - 25 - 2.27 11.58 NR -14.7 -1.2 - 28 - 1.45 11.93 2
498 Quant Absolute NR -11.9 1.4 3.9 6.8 10 15 2.48 120.58 NR -10.5 2.3 4.4 13 16 0.57 124.10 2
499 SBI Equity Hybrid  -4.9 5.0 6.3 10.0 3 5 1.80 127.86  -4.3 5.9 7.4 3 5 1.04 136.29 26925
500 Shriram Hybrid Equity  -7.3 1.4 3.9 - 13 14 2.35 15.51  -5.9 2.5 4.8 10 14 0.65 16.35 50
501 Sundaram Equity Hybrid  -6.9 2.9 5.6 6.5 5 6 1.72 83.97  -6.1 4.2 6.6 5 7 1.02 89.12 1432
502 Tata Hybrid Equity  -12.1 -1.6 2.5 9.2 23 21 2.78 187.39  -11.2 -0.3 3.5 23 21 0.99 200.05 3005
503 Tata Retrmnt Svngs Moderate  -6.6 2.2 6.8 - 7 2 2.43 28.14  -5.1 3.5 8.3 6 2 0.73 31.10 938
504 UTI Hybrid Equity  -15.3 -2.8 2.8 6.5 29 19 1.87 142.50  -14.7 -2.1 3.4 30 22 1.25 148.11 3167
Hybrid: Balanced Hybrid -7.2 0.9 4.0 7.0 9 7 -6.5 1.6 4.7 9 7
505 Axis Children’s Gift NR -3.9 3.9 - - 2 - 2.44 12.60 NR -2.6 5.5 - 2 - 1.07 13.47 379
506 Franklin Pension NR 0.1 3.9 5.7 8.7 3 2 2.30 127.52 NR 0.9 4.6 6.5 3 2 1.15 134.27 412
507 ICICI Pru Asset Allocator (FOF) NR -3.7 5.0 7.1 8.5 1 1 1.21 53.07 NR -2.4 5.7 7.6 1 1 0.06 55.23 6176
508 ICICI Pru Passive Strategy (FOF) NR -19.9 -1.8 2.8 6.7 7 5 0.31 53.52 NR -19.6 -1.4 3.1 8 6 0.01 55.16 72
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3
VR Balanced Total Return Index -11.1 4.0 5.5 7.7

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

62 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Balanced Hybrid -7.2 0.9 4.0 7.0 9 7 -6.5 1.6 4.7 9 7
509 LIC MF Children’s Gift NR -6.1 -2.0 2.2 4.3 8 6 2.34 16.07 NR -5.4 -1.2 3.2 7 5 1.39 17.19 10
510 Principal Retrmnt Svngs Moderate NR -5.3 1.4 - - 4 - 2.45 12.06 NR -4.7 2.0 - 4 - 1.99 12.40 1
511 Tata Young Citizens NR -10.8 -2.8 1.6 6.3 9 7 2.56 22.48 NR -10.3 -1.8 2.7 9 7 2.02 24.18 140
512 UTI Children’s Career Svngs NR -6.4 0.4 4.6 8.0 5 3 1.75 21.50 NR -6.2 0.6 4.8 5 3 1.61 21.74 3136
513 UTI Retrmnt Benefit Pension NR -8.6 -0.2 4.1 6.4 6 4 1.47 23.90 NR -8.0 0.4 4.7 6 4 1.25 24.91 2453
Hybrid: Conservative Hybrid 0.3 3.3 5.6 7.4 34 31 1.2 4.3 6.5 34 30
514 ABSL Regular Savings  -6.9 -0.3 4.6 7.8 30 26 2.00 36.30  -6.2 0.7 5.7 30 22 0.72 38.70 1382
515 ABSL Retirement 50s NR 7.8 - - - - - 2.27 10.83 NR 9.3 - - - - 0.82 11.01 29
516 Axis Regular Saver  -1.6 3.5 4.9 - 21 21 2.24 19.26  -0.7 4.6 6.3 20 20 1.24 21.08 173
517 Axis Retrmnt Svngs - Cons Plan NR - - - - - - 2.06 9.86 NR - - - - - 0.33 9.93 101
518 Baroda Conservative Hybrid  11.4 7.4 7.3 7.6 1 3 2.08 26.40  12.3 8.3 8.2 2 5 1.26 28.08 21
519 BNP Paribas Cons Hybrid  3.9 5.0 6.2 7.5 9 12 2.10 29.50  5.6 7.0 8.4 3 4 0.70 33.17 370
520 BOI AXA Conservative Hybrid  -9.9 -1.0 3.1 5.4 31 29 2.32 18.88  -9.4 -0.4 3.7 31 28 1.72 19.54 93
521 Canara Robeco Cons Hybrid  7.0 5.7 6.2 8.0 4 10 1.96 60.19  8.1 6.8 7.4 5 9 0.93 64.87 213
522 DSP Regular Savings  0.3 1.1 4.4 6.8 29 27 2.19 35.61  1.9 2.4 5.5 28 24 0.58 38.15 212
523 Essel Regular Savings  0.8 3.3 5.4 - 22 20 2.05 19.17  1.9 4.9 7.1 17 10 0.98 21.34 33
524 Franklin Debt Hybrid  1.1 3.8 5.4 7.6 19 19 2.26 56.17  1.9 4.6 6.3 21 19 1.40 59.32 269
525 Franklin Life Stage FoF 50s Plus FR  1.9 5.1 6.4 7.7 8 7 0.79 38.51  2.3 5.5 6.9 13 13 0.18 39.70 24
526 HDFC Hybrid Debt  -0.9 2.4 5.5 7.7 24 17 1.85 45.03  -0.5 2.9 6.1 24 21 1.50 46.71 2475
527 HDFC Retrmnt Svngs Hybrid Debt  3.4 4.4 - - 15 - 2.14 13.47  4.5 5.8 - 10 - 1.14 14.30 77
528 HSBC Managed Solutions Ind Cons  4.4 5.2 6.2 - 6 11 1.76 15.51  5.1 5.6 6.6 11 16 0.95 15.83 115
529 HSBC Regular Savings  3.9 3.7 5.5 7.3 20 18 2.35 37.80  5.7 4.6 6.3 19 18 0.48 39.77 88
530 ICICI Pru Income Optimizer (FOF)  -1.7 3.9 4.7 6.8 18 25 1.07 33.69  -1.2 4.5 5.2 22 27 0.10 35.00 104
531 ICICI Pru Regular Savings  3.7 6.1 7.8 9.1 3 2 1.91 44.17  4.3 6.9 8.6 4 3 1.38 46.64 1622
532 ICICI Pru Retirement Hybrid Cons NR 3.3 - - - - - 2.09 10.52 NR 5.2 - - - - 0.49 10.74 62
533 ICICI Pru Thematic Advtg (FOF)  -13.6 -1.1 4.3 6.7 32 28 1.25 62.43  -13.4 -0.8 - 32 - 0.91 63.32 7
534 IDFC Asset Allocation Agrsv  -12.4 -1.8 2.5 6.8 33 30 1.29 20.20  -11.6 -1.0 3.2 34 29 0.64 20.99 11
535 IDFC Asset Allocation Cons  2.5 4.5 6.3 7.8 13 9 0.71 21.69  3.2 5.3 7.0 15 11 0.06 22.53 10
536 IDFC Asset Allocation Moderate  -4.0 1.9 4.7 7.6 26 23 1.03 21.61  -3.4 2.5 5.4 26 26 0.33 22.38 25
537 IDFC Regular Savings  2.9 4.0 6.0 8.0 17 13 2.18 22.11  3.8 4.9 6.9 18 12 1.22 23.56 178
538 Indiabulls Savings Income  2.2 7.0 - - 2 - 2.00 13.77  3.7 8.6 - 1 - 0.25 14.67 25
539 Kotak Asset Allocator  3.7 4.7 7.3 8.9 11 4 0.75 83.67  4.1 5.6 8.0 12 7 0.36 86.71 46
540 Kotak Debt Hybrid  4.7 4.6 6.9 8.0 12 6 2.13 32.31  5.9 5.9 8.2 9 6 1.15 34.90 232
541 L&T Conservative Hybrid  4.2 4.4 5.6 6.6 16 16 2.32 36.06  4.7 5.1 6.3 16 17 1.79 37.91 32
542 LIC MF Debt Hybrid  6.3 5.1 5.9 6.1 7 14 2.24 57.73  7.2 6.0 6.8 8 14 1.17 60.99 62
543 Nippon India Hybrid Bond  -14.2 -1.8 2.0 6.0 34 31 2.01 36.76  -13.5 -1.0 2.8 33 30 1.18 39.12 963
544 Nippon India Retrmnt Incm Generation  6.6 5.4 6.3 - 5 8 1.94 13.53  7.5 6.7 7.7 6 8 0.84 14.50 246
545 Principal Retrmnt Svngs Cons NR -2.4 2.1 - - 25 - 2.25 12.11 NR -2.0 2.6 - 25 - 1.84 12.35 1
546 SBI Debt Hybrid  1.6 2.8 5.8 7.4 23 15 1.79 39.72  2.2 3.6 6.7 23 15 1.18 42.20 948
547 SBI Magnum Children’s Benefit  -2.3 4.5 8.5 9.9 14 1 2.26 54.32  -1.5 5.5 9.4 14 1 1.46 57.86 59
548 Sundaram Debt Oriented Hybrid  -4.3 1.2 4.8 6.4 28 22 2.18 18.75  -3.5 2.3 5.7 29 23 1.35 19.74 35
549 Tata Retrmnt Savings Cons  4.6 4.9 7.1 - 10 5 2.94 20.70  5.8 6.3 8.7 7 2 1.08 22.78 129
550 UTI Regular Savings  -6.9 1.8 4.7 7.2 27 24 1.78 38.53  -6.3 2.5 5.4 27 25 1.10 40.41 1674
Hybrid: Equity Savings -3.2 2.1 5.2 14 6 -2.3 3.2 6.0 14 5
551 ABSL Eqt Savings  -2.2 1.3 4.9 - 11 5 2.43 13.04  -1.3 2.4 6.0 12 4 1.61 13.83 542
552 Axis Equity Saver  -2.3 4.3 - - 3 - 2.39 12.61  -1.1 5.5 - 3 - 1.05 13.33 680
553 Baroda Equity Savings NR - - - - - - 2.04 10.39 NR - - - - - 0.99 10.48 413
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3
VR Balanced Total Return Index -11.1 4.0 5.5 7.7
VR MIP Total Return Index 1.1 6.0 6.7 7.6

Performance as on March 31, 2020 AUM and Expense Ratio as on February 29, 2020

Mutual Fund Insight June 2020 63

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For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Equity Savings -3.2 2.1 5.2 14 6 -2.3 3.2 6.0 14 5
554 DSP Equity Savings  -5.6 1.0 - - 12 - 2.34 11.92  -4.2 2.5 - 11 - 0.82 12.64 551
555 Edelweiss Equity Savings  3.8 6.3 6.5 - 1 1 1.75 14.45  4.8 7.3 7.3 1 1 0.83 15.02 81
556 Franklin Eqt Savings NR -6.8 - - - - - 2.10 9.53 NR -5.1 - - - - 0.17 9.83 171
557 HDFC Equity Savings  -5.8 1.7 6.0 7.5 9 - 2.02 34.72  -5.1 3.0 7.2 10 - 1.37 37.11 3296
558 ICICI Pru Equity Savings  -2.5 3.4 5.8 - 4 3 1.35 13.45  -2.0 4.1 - 6 - 0.69 12.70 1202
559 IDBI Eqt Savings NR -0.2 1.5 3.2 - - - 2.16 16.36 NR 0.8 3.0 4.4 - - 1.34 17.53 10
560 IDFC Equity Savings NR -1.1 2.6 4.1 5.9 - - 2.48 19.78 NR 0.0 3.6 5.0 - - 1.53 20.84 51
561 Invesco India Equity Savings NR 1.2 - - - - - 2.30 10.27 NR 3.1 - - - - 0.50 10.50 178
562 Kotak Equity Savings  0.3 5.2 6.2 - 2 2 2.14 14.33  1.2 6.0 7.0 2 2 1.21 14.91 1449
563 L&T Equity Savings  -10.1 -0.2 2.6 - 13 6 1.59 16.06  -9.3 0.7 3.4 13 5 0.64 17.01 84
564 Mahindra Dhan Sanchay Eqt Svngs Yjn  -2.9 1.5 - - 10 - 2.43 10.90  -1.3 3.5 - 8 - 0.66 11.63 181
565 Mirae Asset Equity Savings NR -0.1 - - - - - 1.79 10.37 NR 1.0 - - - - 1.23 10.54 85
566 Nippon India Eqt Svngs Fund  -23.1 -5.9 - - 14 - 2.49 9.69  -22.5 -5.0 - 14 - 0.90 10.20 476
567 PGIM India Equity Savings  -2.9 3.0 5.2 7.1 5 4 2.07 31.02  -1.9 4.2 6.4 4 3 1.12 33.44 29
568 Principal Equity Savings  -1.7 2.6 4.6 5.5 7 - 2.36 35.28  -0.6 3.8 5.7 7 - 1.56 37.74 36
569 SBI Equity Savings  -3.1 2.8 - - 6 - 1.70 12.66  -2.5 4.1 - 5 - 1.03 13.55 1274
570 Sundaram Equity Savings NR -2.1 - - - - - 2.27 10.15 NR -0.2 - - - - 0.91 10.42 102
571 Tata Equity Savings  -1.6 2.1 3.6 5.8 8 - 2.93 32.24  -0.5 3.2 4.7 9 - 1.23 34.65 115
572 Union Equity Savings NR 1.1 - - - - - 2.08 10.59 NR - - - - - 2.06 10.71 169
573 UTI Equity Savings NR -3.4 - - - - - 1.39 9.82 NR -2.6 - - - - 0.81 9.99 189
Hybrid: Arbitrage 5.7 5.8 6.2 7.2 17 15 6.3 6.4 6.8 17 15
574 ABSL Arbitrage  6.1 6.1 6.2 7.0 7 8 0.90 20.21  6.7 6.7 6.8 8 8 0.32 21.04 3004
575 Axis Arbitrage  6.0 6.0 6.2 - 10 9 0.99 14.26  6.8 6.9 7.0 3 3 0.27 14.93 2169
576 BNP Paribas Arbitrage  6.4 6.2 - - 5 - 1.00 12.30  7.0 6.8 - 4 - 0.36 12.54 475
577 BOI AXA Arbitrage NR 4.8 - - - - - 1.00 11.01 NR 5.6 - - - - 0.22 11.14 31
578 DSP Arbitrage NR 6.1 - - - - - 0.95 11.44 NR 6.7 - - - - 0.35 11.60 831
579 Edelweiss Arbitrage  6.5 6.3 6.4 - 1 1 1.10 14.70  7.2 7.0 7.1 1 1 0.34 15.21 2387
580 Essel Arbitrage NR 3.3 - - - - - 2.25 10.72 NR 3.7 - - - - 1.77 10.83 1
581 HDFC Arbitrage  5.7 5.7 6.1 7.1 15 13 0.90 23.34 NR 6.2 6.3 6.6 15 14 0.35 14.94 4222
582 ICICI Pru Equity Arbitrage  6.0 6.1 6.2 7.6 8 7 0.93 26.03  6.6 6.7 6.9 9 6 0.45 27.12 7154
583 IDFC Arbitrage  5.7 6.0 6.1 7.3 11 11 1.08 24.78  6.5 6.7 6.8 7 9 0.28 25.86 6491
584 Indiabulls Arbitrage  5.8 5.9 6.3 - 13 5 1.12 14.01  6.4 6.4 6.9 13 5 0.42 14.45 41
585 Invesco India Arbitrage  6.1 6.0 6.1 7.1 12 10 1.02 24.04  6.7 6.6 6.7 12 11 0.32 25.11 320
586 ITI Arbitrage NR - - - - - - 1.00 10.30 NR - - - - - 0.25 10.35 11
587 JM Arbitrage  4.7 5.2 5.7 7.0 16 15 0.94 25.62  5.2 5.6 6.2 16 15 0.70 26.51 141
588 Kotak Equity Arbitrage  6.0 6.2 6.3 7.5 3 3 0.98 28.18  6.6 6.7 6.9 6 7 0.44 29.22 10580
589 L&T Arbitrage Opportunities  6.3 6.2 6.3 - 4 4 0.96 14.50  6.8 6.8 6.9 5 4 0.46 15.00 506
590 LIC MF Arbitrage NR 5.6 - - - - - 1.00 10.74 NR 6.3 - - - - 0.35 10.83 57
591 Nippon India Arbitrage  6.0 6.3 6.3 - 2 2 1.00 20.21  6.7 7.0 7.0 2 2 0.02 21.04 6821
592 PGIM India Arbitrage  5.7 5.8 6.1 - 14 12 0.84 14.19  6.2 6.4 6.6 14 12 0.27 14.65 110
593 Principal Arbitrage NR 3.7 2.7 - - 17 - 0.90 11.44 NR 4.2 3.2 - 17 - 0.38 11.71 5
594 SBI Arbitrage Opportunities  6.0 6.0 6.0 7.3 9 14 0.91 25.62  6.5 6.6 6.6 11 13 0.46 26.57 4402
595 Sundaram Arbtg NR - - - - - - 0.93 10.14 NR - - - - - 0.26 10.15 72
596 Tata Arbitrage NR 6.5 - - - - - 1.68 10.91 NR 7.4 - - - - 0.29 11.02 606
597 Union Arbitrage NR 6.2 - - - - - 1.05 10.77 NR 6.7 - - - - 1.03 10.83 78
598 UTI Arbitrage  6.1 6.2 6.2 7.1 6 6 0.92 26.55  6.6 6.7 6.8 10 10 0.34 27.46 2283
CCIL T Bill Liquidity Weight 4.4 4.2 4.4 4.8
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3
VR MIP Total Return Index 1.1 6.0 6.7 7.6

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

64 Mutual Fund Insight June 2020

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For more on funds, visit www.valueresearchonline.com

Hybrid REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1Y 3Y 5Y 10 Y 3 Y 5 Y Expense NAV Rating 1Y 3Y 5Y 3 Y 5 Y Expense NAV (` cr)
Hybrid: Dynamic Asset Allocation -3.2 2.9 5.1 8.1 13 11 -2.1 4.0 6.1 13 11
599 ABSL Asset Allocator MMFoF  -0.2 3.5 6.7 6.3 6 2 1.29 28.67  0.4 3.9 6.9 8 4 0.64 14.48 5
600 ABSL Balanced Advantage  -4.8 1.0 6.8 7.8 12 1 1.91 50.27  -3.8 2.1 7.8 11 1 1.02 53.66 2175
601 Axis Dynamic Equity NR -2.5 - - - - - 2.08 10.73 NR -1.2 - - - - 0.73 11.18 1531
602 Baroda Dynamic Equity NR 1.6 - - - - - 2.59 10.75 NR 3.1 - - - - 1.22 11.00 484
603 BNP Paribas Dynamic Eqt NR 2.3 - - - - - 2.32 10.47 NR 4.2 - - - - 0.31 10.69 95
604 BOI AXA Eqt Debt Rebalancer  -7.6 -0.3 2.7 - 13 11 2.35 13.97  -7.0 0.3 3.3 13 11 1.73 14.44 97
605 DSP Dynamic Asset Allocation  2.2 4.2 6.1 - 3 3 2.26 15.46  3.9 5.7 7.3 3 2 0.60 16.55 1147
606 Edelweiss Balanced Advtg  2.0 5.4 5.3 8.6 1 5 2.14 24.08  3.4 6.6 6.3 1 6 0.58 25.58 1250
607 HDFC Balanced Advantage NR -17.2 -1.9 3.7 8.9 - - 1.93 164.81 NR -16.7 1.0 4.7 - - 1.18 172.50 32369
608 ICICI Pru Balanced Advantage  -5.7 3.1 6.0 10.2 7 4 1.75 33.52  -5.3 4.1 7.2 6 3 1.06 36.20 22849
609 IDFC Dynamic Equity  -0.5 4.6 4.7 - 2 7 2.34 13.23  0.8 6.2 6.1 2 7 1.05 14.25 789
610 Invesco India Dynamic Equity  -5.8 2.3 5.2 8.6 9 6 2.29 27.28  -4.7 3.6 6.8 9 5 0.98 30.15 683
611 ITI Balanced Advtg NR - - - - - - 2.54 8.66 NR - - - - - 0.43 8.72 179
612 Kotak Balanced Advantage NR -2.5 - - - - - 1.72 10.21 NR -1.5 - - - - 0.99 10.40 3251
613 L&T Balanced Advantage  0.7 4.2 4.3 - 4 - 2.48 24.42  1.9 5.4 5.6 4 - 1.11 26.38 590
614 Motilal Oswal Dynamic  0.7 3.7 - - 5 - 2.20 12.31  1.8 4.9 - 5 - 0.90 12.81 1039
615 Nippon India Balanced Advantage NR -8.0 1.7 4.8 8.8 - - 2.09 83.98 NR -6.8 2.8 5.7 - - 0.14 88.91 2529
616 Principal Balanced Advantage  -2.8 2.6 4.3 - 8 9 2.42 20.23  -1.4 4.0 5.7 7 8 0.59 21.94 137
617 SBI Dynamic Asset Allocation  -9.1 2.1 4.5 - 10 8 2.04 12.25  -8.1 3.3 5.3 10 9 0.99 12.78 545
618 Shriram Balanced Advantage NR - - - - - - 2.60 9.89 NR - - - - - 0.60 10.06 39
619 Sundaram Balanced Advtg NR - - - - - - 2.49 10.39 NR - - - - - 0.59 10.42 487
620 Tata Balanced Advantage NR -0.6 - - - - - 2.34 10.31 NR 1.2 - - - - 0.84 10.56 927
621 Union Balanced Advantage NR 0.3 - - - - - 2.74 10.68 NR 0.9 - - - - 2.32 10.84 396
622 UTI Unit Linked Insurance  -8.9 1.0 4.2 6.9 11 10 1.49 23.29  -8.3 1.6 4.8 12 10 1.11 24.25 3896
Hybrid: Multi Asset Allocation -3.0 2.6 5.2 6.3 9 9 -2.3 3.3 5.9 9 9
623 ABSL Fin Planning FOF Agrsv NR -3.3 2.6 6.2 - 5 2 1.17 21.84 NR -2.5 3.4 7.1 5 2 0.42 22.95 99
624 ABSL Fin Planning FOF Cons NR 2.6 4.3 5.7 - 3 4 1.00 18.76 NR 3.2 4.9 6.3 3 5 0.47 19.49 4
625 ABSL Fin Planning FOF Moderate Plan NR 0.1 3.7 5.9 - 4 3 1.13 19.98 NR 0.7 4.2 6.5 4 3 0.60 20.73 12
626 Axis Retrmnt Svngs - Dynamic Plan NR - - - - - - 2.33 9.46 NR - - - - - 0.57 9.52 227
627 Axis Triple Advantage NR 0.7 4.4 5.2 - 2 5 2.33 19.44 NR 2.0 5.5 6.3 2 4 0.98 21.04 259
628 Essel 3 in 1 NR -6.5 0.7 3.4 - 7 8 2.14 16.71 NR -5.2 1.9 4.8 6 8 1.05 18.22 14
629 HDFC Dynamic PE Ratio FOF NR -8.6 0.3 4.7 - 9 7 1.00 17.11 NR -7.9 1.2 5.7 8 6 0.33 18.16 15
630 HDFC Multi Asset NR -4.8 1.5 4.4 7.1 - - 2.47 30.60 NR -4.0 2.2 5.1 - - 1.17 32.00 198
631 HSBC Managed Solutions Ind Moderate NR -8.7 0.7 5.0 - 8 6 2.01 15.65 NR -8.1 1.1 5.4 9 7 1.28 15.95 93
632 ICICI Pru Multi Asset NR -10.4 1.0 5.2 9.4 - - 1.70 238.80 NR -9.8 2.0 6.2 - - 1.15 253.58 9023
633 Quant Multi Asset NR -6.1 0.8 3.9 5.3 - - 2.48 34.54 NR -6.0 0.7 3.8 - - 2.38 34.44 1
634 Quantum Multi Asset FOFs NR 4.0 5.7 7.2 - 1 1 0.50 19.10 NR 4.3 5.9 7.3 1 1 0.26 19.18 16
635 SBI Multi Asset Allocation NR 6.6 5.2 6.9 8.5 - - 1.81 28.28 NR 7.2 6.1 7.9 - - 1.21 29.99 221
636 Tata Multi Asset Opp Fund NR - - - - - - 2.54 9.81 NR - - - - - 0.89 9.84 333
637 UTI Multi Asset NR -4.0 0.8 3.1 6.3 6 9 2.38 32.28 NR -3.3 1.8 4.0 7 9 1.74 34.15 564
S&P BSE Sensex Total Return Index -12.5 5.3 5.9 8.3
VR Balanced Total Return Index -11.1 4.0 5.5 7.7

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 65

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For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Long Duration 0.2 4.4 16.9 9.2 2 1 0.4 4.7 17.4 9.9 2 1
638 Bhrt Bond ETF - April 2030 NR -0.1 3.8 - - - - 0.01 1039.25 NR - - - - - - - - 7006
639 Bhrt Bond FOF - April 2030 NR -0.1 3.8 - - - - 0.05 10.39 NR -0.1 3.8 - - - - 0.05 10.39 587
640 ICICI Pru Long Term Bond NR 1.2 4.7 15.8 9.2 2 1 1.80 68.08 NR 1.2 4.8 16.4 9.9 2 1 1.58 72.41 839
641 Nippon India Nivesh Lakshya NR 0.0 5.3 18.0 - 1 - 0.53 13.00 NR 0.0 5.4 18.4 - 1 - 0.21 13.08 829
Debt: Medium to Long Duration 0.7 2.9 9.2 6.1 14 14 0.7 3.1 10.0 7.0 14 14
642 ABSL Income  0.2 3.2 11.4 7.2 7 5 0.72 90.26  0.2 3.3 12.2 8.0 9 7 0.25 95.17 1298
643 Canara Robeco Income  0.5 2.8 11.3 7.1 8 7 1.88 42.68  0.6 3.0 12.5 8.1 6 5 0.85 45.15 108
644 HDFC Income  0.2 2.4 9.9 5.8 11 12 2.24 44.13  0.3 2.5 10.5 6.4 11 12 1.74 46.53 585
645 HSBC Debt  0.9 3.5 11.9 6.7 4 10 2.11 33.11  1.0 3.8 12.8 7.6 5 10 1.25 35.06 36
646 ICICI Pru Bond  0.0 2.2 11.3 7.5 10 4 1.08 28.59  0.0 2.4 11.9 8.1 10 6 0.61 29.50 3363
647 ICICI Pru Debt Management (FOF)  -0.2 0.8 7.6 7.0 12 8 0.83 31.57  -0.2 0.8 8.0 7.6 12 9 0.67 32.57 183
648 IDFC Bond Income  1.8 4.9 14.3 7.9 2 2 1.91 50.68  1.8 5.0 15.0 8.6 2 2 1.28 53.60 672
649 JM Income  1.4 4.0 -4.7 1.5 13 13 0.76 47.60  1.5 4.2 -3.8 2.5 13 13 0.40 51.21 21
650 Kotak Bond  0.5 3.7 11.8 7.1 5 6 1.75 56.77  0.6 4.0 13.0 8.1 4 4 0.78 60.32 1430
651 LIC MF Bond  1.2 3.2 11.7 7.0 6 9 1.08 54.47  1.3 3.4 12.5 7.6 7 8 0.18 56.66 178
652 Nippon India Income  1.7 4.9 14.8 8.5 1 1 1.62 67.87  1.7 5.1 15.7 9.4 1 1 0.87 72.14 296
653 SBI Magnum Income  -0.1 2.2 12.9 7.7 3 3 1.46 50.58  -0.1 2.4 13.5 8.5 3 3 0.85 52.74 1295
654 Tata Income  0.3 3.0 11.3 6.3 9 11 2.32 60.68  0.4 3.2 12.3 7.5 8 11 1.07 64.56 63
655 UTI Bond  1.3 -0.3 -7.1 -1.5 14 14 1.58 47.77  1.4 -0.1 -6.2 -0.7 14 14 0.96 51.01 440
Debt: Medium Duration -0.8 -0.9 2.3 5.2 16 14 -0.8 -0.9 3.0 5.9 16 14
656 ABSL Medium Term  -5.8 -5.4 -9.1 0.2 15 14 1.72 20.70  -5.7 -5.2 -8.5 1.0 15 14 0.97 21.71 3958
657 Axis Strategic Bond  -0.8 1.3 6.6 7.0 7 4 1.04 19.41  -0.7 1.5 7.3 7.7 7 4 0.35 20.59 1230
658 Bhrt Bond ETF - April 2023 NR 0.4 2.2 - - - - 0.01 1027.70 NR - - - - - - - - 6927
659 Bhrt Bond FOF - April 2023 NR 0.4 2.1 - - - - 0.05 10.27 NR 0.4 2.1 - - - - 0.05 10.27 673
660 BNP Paribas Medium Term  0.3 1.6 -1.9 2.5 13 12 1.08 14.18  0.3 1.7 -1.3 3.3 13 12 0.58 14.86 59
661 DSP Bond  -0.1 1.7 2.8 4.7 11 10 0.70 59.15  -0.1 1.7 3.3 5.1 11 11 0.40 61.66 268
662 HDFC Medium Term Debt  -1.4 0.2 7.7 6.6 6 5 1.29 39.74  -1.3 0.4 8.6 7.4 6 5 0.49 41.55 1373
663 ICICI Pru Medium Term Bond  -1.7 0.2 8.3 6.6 5 6 1.59 30.80  -1.6 0.4 9.0 7.3 5 6 0.98 32.68 6627
664 ICICI Pru Retrmnt Pure Debt NR -0.3 1.3 9.8 - 3 - 2.10 11.12 NR -0.1 1.7 11.8 - 1 - 0.42 11.37 354
665 IDFC Bond Medium Term  1.2 3.1 10.8 7.5 2 3 1.44 34.57  1.3 3.3 11.5 8.2 3 3 0.76 36.33 3006
666 Indiabulls Income  1.4 3.2 9.0 8.3 4 1 0.90 16.95  1.4 3.4 9.6 8.8 4 2 0.40 17.97 30
667 Kotak Medium Term  -3.5 -2.7 2.9 4.9 10 9 1.74 15.73  -3.4 -2.5 3.7 5.8 10 9 0.87 16.60 2896
668 L&T Resurgent India Bond  -2.6 -0.8 5.9 5.3 9 8 1.49 14.35  -2.5 -0.5 6.8 6.2 9 8 0.54 15.02 1591
669 Nippon India Strategic Debt  -1.4 -25.9 -27.3 -7.7 16 - 1.91 10.39  -1.3 -25.8 -26.7 -6.8 16 - 0.83 10.94 908
670 SBI Magnum Medium Duration  -0.1 1.8 11.2 8.2 1 2 1.22 36.00  -0.1 1.9 11.7 8.9 2 1 0.79 37.87 3276
671 Sundaram Medium Term Bond  -0.7 -0.5 6.1 5.8 8 7 2.13 54.66  -0.6 -0.3 6.9 6.7 8 7 1.20 58.20 73
672 Tata Medium Term  0.2 2.4 -8.3 0.5 14 13 1.95 25.99  0.3 2.5 -7.4 1.4 14 13 0.38 27.94 48
673 UTI Medium Term  0.3 -2.2 1.6 4.5 12 11 1.64 13.71  0.4 -2.1 2.3 5.2 12 10 1.13 14.22 167
Debt: Short Duration -0.2 1.2 4.5 5.4 28 25 -0.2 1.3 5.2 6.1 28 25
674 ABSL Short Term  -0.1 0.5 7.1 6.7 17 13 0.99 33.13  -0.1 0.7 7.8 7.4 17 13 0.43 34.62 2860
675 Axis Short Term  0.3 1.8 9.4 7.5 6 4 0.95 22.20  0.3 2.0 10.1 8.2 6 2 0.28 23.45 4821
676 Baroda Short Term Bond  -1.1 0.7 7.7 7.2 16 9 1.29 21.44  -1.0 0.8 8.5 8.0 16 9 0.59 22.44 280
677 BNP Paribas Short term  0.3 1.4 6.9 6.7 18 14 1.19 22.74  0.4 1.6 7.8 7.4 18 14 0.35 23.78 165
678 BOI AXA ST Income  -9.6 -6.4 -19.9 -3.5 28 25 1.10 16.18  -9.6 -6.2 -19.4 -2.9 28 25 0.55 17.18 41
679 Canara Robeco Short Duration  0.3 1.6 8.2 6.9 15 - 1.02 18.99  0.4 1.7 9.0 7.6 15 - 0.42 20.07 519
680 DSP Short-term  0.8 1.9 9.5 7.2 5 10 0.92 34.44  0.8 2.1 10.3 8.0 5 8 0.29 36.24 3312
681 Edelweiss Short Term  0.8 2.4 -0.5 4.2 21 17 0.80 16.74  0.8 2.6 0.2 4.7 21 18 0.10 17.24 10
682 HDFC Short Term Debt  -0.1 1.4 9.4 7.7 8 1 0.39 22.61  -0.1 1.5 9.6 7.9 14 10 0.19 22.87 11204
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2
VR Bond Index 0.8 2.9 9.5 7.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

66 Mutual Fund Insight June 2020

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For more on funds, visit www.valueresearchonline.com

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Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Short Duration -0.2 1.2 4.5 5.4 28 25 -0.2 1.3 5.2 6.1 28 25
683 HSBC Short Duration  0.1 1.5 -1.2 3.5 22 20 1.30 29.97  0.2 1.7 -0.2 4.5 22 19 0.35 32.02 325
684 ICICI Pru Short Term  0.2 1.6 9.2 7.3 9 8 1.15 42.26  0.3 1.8 10.0 8.2 8 4 0.40 44.49 11874
685 IDBI Short Term Bond  -0.8 0.2 -1.3 3.7 23 18 1.59 18.32  -0.7 0.3 -0.7 4.8 23 17 0.81 19.52 25
686 IDFC All Seasons Bond  0.4 2.0 10.5 7.6 1 3 0.50 31.84  0.4 2.1 11.0 8.1 1 5 0.10 32.85 149
687 IDFC Bond Short Term  0.3 1.6 9.4 7.5 7 5 0.80 41.65  0.3 1.8 9.9 8.1 12 6 0.29 43.50 11573
688 Indiabulls Short Term  1.0 1.8 4.7 6.2 19 15 1.43 1629.32  1.2 2.2 5.8 7.4 19 15 0.13 1759.08 42
689 Invesco India Short Term  0.2 1.7 9.1 6.9 12 12 1.25 2648.80  0.3 1.9 10.0 7.8 9 11 0.40 2818.13 622
690 JM Short-term  1.2 2.6 -3.6 2.9 25 21 0.67 25.18  1.2 2.7 -3.3 3.1 25 23 0.67 25.65 10
691 Kotak Bond Short-term  0.5 1.9 9.6 7.3 4 7 1.13 38.19  0.6 2.1 10.5 8.2 4 1 0.31 40.34 9526
692 L&T Short Term Bond  0.8 2.5 9.9 7.7 3 2 0.73 19.63  0.8 2.7 10.5 8.2 3 3 0.25 20.30 4778
693 LIC MF Short Term Debt NR 0.7 1.8 8.8 - 14 - 1.46 11.10 NR 0.8 2.1 10.0 - 10 - 0.41 11.25 204
694 Mirae Asset Short Term  0.4 2.0 9.1 - 10 - 1.09 11.72  0.5 2.2 9.9 - 11 - 0.11 11.91 329
695 Nippon India Short-term  0.4 1.5 9.0 7.0 13 11 1.11 37.93  0.5 1.7 9.9 7.8 13 12 0.31 39.72 6860
696 PGIM India Short Maturity  0.3 1.4 0.2 3.6 20 19 1.40 33.30  0.4 1.6 0.9 4.5 20 20 0.68 35.42 37
697 Principal Short Term Debt  -5.2 -3.7 -6.9 1.6 27 24 1.05 30.30  -5.2 -3.6 -6.5 2.3 27 24 0.53 31.91 134
698 SBI Short Term Debt  0.9 2.1 10.0 7.4 2 6 0.85 23.53  1.0 2.3 10.6 8.0 2 7 0.35 24.37 12277
699 Sundaram Short Term Debt  0.2 1.5 -5.2 2.3 26 23 0.93 30.23  0.2 1.7 -4.5 3.2 26 22 0.27 32.11 156
700 Tata Short-term Bond  0.2 1.7 9.1 4.9 11 16 1.68 35.45  0.3 1.9 10.1 5.9 7 16 0.29 37.50 2333
701 UTI Short-term Income  0.7 1.9 -3.4 2.8 24 22 0.80 21.78  0.7 2.0 -3.0 3.3 24 21 0.42 22.52 1826
Debt: Low Duration -0.2 -0.4 0.2 4.5 25 25 -0.1 -0.3 0.7 5.0 25 25
702 ABSL Low Duration  0.2 1.2 7.5 7.1 7 9 1.21 484.56  0.3 1.4 8.4 8.0 1 1 0.39 514.87 8799
703 Axis Treasury Advantage  0.3 1.4 7.9 7.4 2 1 0.58 2263.27  0.4 1.4 8.3 7.9 4 3 0.28 2333.50 4229
704 Baroda Treasury Advantage  -0.3 -29.6 -43.8 -13.8 25 25 0.90 1221.36  -0.3 -29.6 -43.7 -13.5 25 25 0.59 1249.96 55
705 BNP Paribas Low Duration  0.2 1.8 6.9 6.9 11 10 1.00 30.07  0.2 2.0 7.8 7.7 8 7 0.17 31.65 228
706 Canara Robeco Savings  0.5 1.5 7.5 7.2 8 8 0.55 31.54  0.5 1.5 7.7 7.4 10 11 0.33 31.96 936
707 DSP Low Duration  0.4 1.3 7.9 7.4 3 2 0.55 14.73  0.5 1.4 8.3 7.7 5 4 0.30 14.97 2757
708 Edelweiss Low Duration  0.1 1.1 -6.1 2.6 21 21 1.02 2103.63  0.2 1.3 -5.3 3.4 21 20 0.21 2165.07 61
709 HDFC Low Duration  -0.2 0.9 6.9 6.7 10 13 1.04 41.99  -0.1 1.1 7.6 7.4 12 12 0.44 44.14 12965
710 HSBC Low Duration  0.3 0.9 -3.7 3.0 19 20 1.03 15.79  0.4 1.1 -2.9 3.9 19 19 0.22 16.66 128
711 ICICI Pru Savings  0.1 1.0 7.7 7.4 6 3 0.50 387.79  0.1 1.0 7.8 7.5 9 10 0.41 390.84 18921
712 IDFC Low Duration  0.4 1.5 7.8 7.4 4 4 0.49 28.67  0.4 1.6 8.1 7.6 6 9 0.27 29.01 4391
713 Invesco India Treasury Advtg  0.4 1.3 8.0 7.4 1 6 0.65 2800.64  0.4 1.4 8.3 7.7 3 6 0.35 2873.67 1627
714 JM Low Duration  0.3 1.1 -12.9 0.0 23 23 0.44 23.26  0.3 1.1 -12.8 0.1 23 23 0.42 23.45 28
715 Kotak Low Duration  -0.3 0.7 6.8 7.2 12 7 1.07 2456.14  -0.3 0.9 7.7 8.0 11 2 0.31 2574.21 5760
716 L&T Low Duration  -2.4 -1.4 1.8 5.3 16 17 0.98 20.47  -2.4 -1.2 2.4 5.8 16 16 0.46 21.00 792
717 LIC MF Savings  0.3 1.0 2.5 5.5 15 15 0.83 29.41  0.4 1.1 3.0 6.1 15 15 0.28 30.91 727
718 Mahindra Low Duration Bachat Yojana  0.2 1.3 7.2 6.7 9 12 1.14 1233.38  0.3 1.5 8.0 7.7 7 5 0.32 1269.64 342
719 Mirae Asset Savings  0.1 1.0 4.8 5.9 14 14 0.81 1688.25  0.2 1.2 5.5 6.6 14 14 0.21 1780.10 565
720 Nippon India Low Duration  -0.3 0.9 5.7 6.8 13 11 1.05 2743.22  -0.3 1.1 6.2 7.1 13 13 0.34 2815.74 3268
721 PGIM India Low Duration  -0.7 0.2 -10.8 0.7 22 22 1.17 22.80  -0.6 0.4 -10.1 1.4 22 22 0.40 23.83 93
722 Principal Low Duration  -5.3 -4.3 -15.6 -1.4 24 24 0.60 2484.84  -5.2 -4.3 -15.5 -1.1 24 24 0.43 2582.78 117
723 SBI Magnum Low Duration  0.5 1.5 7.7 7.4 5 5 1.05 2615.37  0.5 1.7 8.3 7.6 2 8 0.40 2644.06 7994
724 Sundaram Low Duration  0.2 1.2 -3.1 3.4 18 18 0.74 24.76  0.2 1.3 -2.7 4.0 18 18 0.33 25.71 432
725 Tata Treasury Advantage  0.5 1.5 1.7 5.4 17 16 0.63 2900.56  0.5 1.5 1.9 5.6 17 17 0.33 2937.25 600
726 UTI Treasury Advantage  0.5 1.6 -4.6 3.1 20 19 0.38 2472.02  0.5 1.6 -4.4 3.3 20 21 0.28 2498.07 2029
Debt: Ultra Short Duration 0.4 1.3 6.2 6.0 23 16 0.4 1.4 6.6 6.5 23 16
727 ABSL Savings  0.2 1.2 7.4 7.5 3 2 0.45 398.51  0.3 1.2 7.5 7.6 7 2 0.33 401.87 12836
728 Axis Ultra Short Term  0.1 1.1 6.6 - 14 - 1.19 11.20  0.2 1.3 7.6 - 4 - 0.28 11.36 2740
729 Baroda Ultra Short Duration  0.6 1.5 7.0 - 10 - 0.38 1150.06  0.6 1.5 7.2 - 14 - 0.20 1154.20 137
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 67

Subscription copy of [[email protected]]. Redistribution prohibited.
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Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Ultra Short Duration 0.4 1.3 6.2 6.0 23 16 0.4 1.4 6.6 6.5 23 16
730 BOI AXA Ultra Short Duration  0.4 1.3 6.8 7.3 12 4 0.58 2426.85  0.4 1.3 7.0 7.5 15 7 0.33 2467.85 260
731 Canara Robeco Ultra ST  0.4 1.2 6.1 6.0 17 10 0.95 2944.95  0.4 1.4 6.7 6.7 16 11 0.37 3044.04 184
732 DSP Ultra Short  0.6 1.4 6.7 6.0 13 11 0.83 2613.03  0.6 1.5 7.5 6.8 10 10 0.28 2738.29 2317
733 Essel Ultra Short Term  0.3 1.1 5.6 6.2 19 9 1.05 2138.38  0.4 1.2 6.3 6.9 18 9 0.73 2234.50 21
734 HDFC Ultra Short Term  0.5 1.5 7.1 - 9 - 0.64 11.26  0.5 1.6 7.4 - 12 - 0.24 11.32 7155
735 HSBC Ultra SD NR 0.6 1.4 - - - - 0.47 1014.45 NR 0.6 1.5 - - - - 0.22 1015.10 476
736 ICICI Pru Ultra Short Term  0.0 0.9 7.3 7.3 5 - 1.04 20.36  0.0 1.1 7.9 7.9 2 - 0.39 21.48 6155
737 IDBI Ultra Short Term  -0.4 0.5 5.5 6.3 20 8 0.67 2066.66  -0.4 0.6 5.9 7.0 20 8 0.26 2155.01 119
738 IDFC Ultra Short Term  0.6 1.6 7.5 - 2 - 0.36 11.44  0.6 1.7 7.7 - 3 - 0.21 11.47 4182
739 Indiabulls Ultra Short Term  0.6 1.8 7.1 7.1 8 7 0.65 1951.91  0.6 1.9 7.6 7.6 6 3 0.11 2019.08 88
740 Invesco India Ultra Short Term  0.5 1.4 6.9 7.1 11 - 0.93 2049.52  0.6 1.5 7.4 7.6 11 - 0.28 2125.76 524
741 JM Ultra Short Duration  0.2 1.0 -3.0 3.3 23 15 0.98 25.32  0.3 1.1 -2.5 3.8 23 15 0.46 26.10 23
742 Kotak Savings  0.5 1.5 7.2 7.2 6 5 0.78 32.26  0.6 1.6 7.6 7.6 5 4 0.32 33.03 9155
743 L&T Ultra Short Term  0.6 1.7 7.2 7.2 7 6 0.56 32.86  0.6 1.7 7.5 7.5 9 6 0.23 33.63 1670
744 LIC MF Ultra ST NR 0.3 0.9 - - - - 0.52 1018.59 NR 0.3 0.9 - - - - 0.22 1019.90 26
745 Mahindra Ultra ST Yjn NR 0.4 1.6 - - - - 0.72 1034.94 NR 0.4 1.7 - - - - 0.30 1037.31 118
746 Motilal Oswal Ultra Short Term  0.6 1.6 6.1 1.1 16 16 0.08 13.16  0.6 1.6 6.1 1.3 19 16 0.08 13.54 64
747 Nippon India Ultra Short Duration  -0.1 0.3 0.4 4.3 22 14 1.12 2900.56  0.0 0.5 1.2 5.2 22 14 0.34 3072.18 1012
748 PGIM India Ultra ST  0.5 1.6 14.7 9.4 1 1 0.75 25.94  0.6 1.7 14.7 9.6 1 1 0.26 26.32 84
749 Principal Ultra Short Term  0.3 1.1 5.7 4.4 18 13 1.15 2110.69  0.4 1.3 6.6 5.2 17 13 0.24 2175.71 108
750 SBI Magnum Ultra Short Duration  0.5 1.5 7.3 7.4 4 3 0.50 4472.31  0.6 1.5 7.5 7.6 8 5 0.34 4504.51 8548
751 Sundaram Ultra Short Term NR 0.4 1.3 - - - - 1.07 10.50 NR 0.5 1.5 - - - - 0.21 10.60 332
752 Tata Ultra Short Term NR 0.5 1.4 6.5 - 15 - 1.44 10.86 NR 0.6 1.6 7.2 - 13 - 0.21 10.95 140
753 UTI Ultra Short Term  0.6 1.1 2.5 5.4 21 12 0.93 3122.13  0.6 1.2 3.1 6.0 21 12 0.35 3255.42 1659
754 YES Ultra Short Term NR 0.2 1.0 - - - - 0.80 1048.64 NR 0.2 1.1 - - - - 0.30 1053.94 4
Debt: Liquid 0.4 1.3 5.7 6.5 42 36 0.4 1.3 5.9 6.6 39 35
755 ABSL Liquid  0.4 1.4 6.1 6.8 8 10 0.30 319.07  0.4 1.4 6.2 6.9 10 9 0.21 320.91 30612
756 Axis Liquid  0.4 1.4 6.1 6.8 9 2 0.18 2203.68  0.4 1.5 6.2 6.9 13 11 0.13 2213.96 19980
757 Baroda Liquid  0.4 1.5 6.1 6.8 7 5 0.29 2282.49  0.4 1.5 6.2 6.9 8 6 0.19 2298.48 3086
758 BNP Paribas Liquid  0.4 1.4 6.1 6.8 5 13 0.18 3047.95  0.4 1.4 6.2 6.9 6 7 0.08 3069.94 1212
759 BOI AXA Liquid  0.4 1.4 5.8 6.7 29 23 0.21 2278.58  0.4 1.4 5.9 6.8 28 23 0.12 2294.54 365
760 Canara Robeco Liquid  0.3 1.1 5.5 6.5 31 30 0.12 2390.46  0.3 1.1 5.5 6.6 31 30 0.11 2397.34 850
761 DSP Liquid ETF NR 0.2 1.0 4.9 - 39 - 0.60 1000.00 NR - - - - - - - - 82
762 DSP Liquidity  0.4 1.4 6.0 6.7 18 18 0.21 2833.69  0.4 1.5 6.1 6.8 16 14 0.11 2852.52 8191
763 Edelweiss Liquid  0.4 1.4 6.0 6.8 12 14 0.37 2546.20  0.5 1.5 6.3 6.9 3 5 0.09 2569.61 993
764 Essel Liquid  0.3 1.2 5.4 6.6 33 29 0.20 2172.55  0.3 1.2 5.5 6.7 33 28 0.15 2186.63 47
765 Franklin Liquid  0.4 1.5 6.4 6.9 2 1 0.81 2983.25  0.4 1.5 6.4 7.0 2 2 0.11 2996.41 6963
766 HDFC Liquid  0.4 1.4 5.9 6.6 23 27 0.30 3899.68  0.4 1.4 6.0 6.7 23 26 0.20 3923.09 71319
767 HSBC Cash  0.4 1.3 5.9 6.8 20 15 0.23 1978.09  0.4 1.3 6.0 6.8 20 16 0.12 1986.37 3833
768 ICICI Pru Liquid  0.4 1.4 6.0 6.7 11 16 0.32 293.73  0.4 1.4 6.1 6.8 14 19 0.20 295.05 37995
769 ICICI Pru Liquid ETF NR 0.2 0.8 4.5 - 41 - 0.50 1000.00 NR - - - - - - - - 34
770 IDBI Liquid  0.4 1.5 6.2 6.8 3 3 0.17 2124.68  0.4 1.5 6.3 6.9 4 3 0.13 2140.35 1094
771 IDFC Cash  0.4 1.3 5.8 6.6 30 28 0.16 2400.87  0.4 1.3 5.8 6.7 30 29 0.11 2411.90 7003
772 IIFL Liquid  0.3 1.0 5.2 6.1 36 31 0.23 1542.97  0.3 1.0 5.2 6.2 36 31 0.20 1547.98 376
773 Indiabulls Liquid  0.4 1.3 5.9 6.7 21 22 0.22 1933.12  0.4 1.4 6.0 6.8 19 22 0.12 1947.00 309
774 Invesco India Liquid  0.4 1.3 5.8 6.7 28 24 0.22 2726.19  0.4 1.3 5.9 6.8 29 24 0.15 2739.78 3484
775 ITI Liquid NR 0.2 0.9 4.9 - 38 - 0.23 1050.20 NR 0.2 0.9 5.0 - 38 - 0.12 1051.38 26
776 JM Liquid  0.4 1.3 5.8 6.7 26 19 0.15 54.24  0.4 1.3 5.9 6.8 25 21 0.15 54.55 2712
777 Kotak Liquid  0.4 1.3 5.9 6.7 25 25 0.25 4016.53  0.4 1.3 5.9 6.7 26 27 0.20 4031.15 23622
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

68 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Liquid 0.4 1.3 5.7 6.5 42 36 0.4 1.3 5.9 6.6 39 35
778 L&T Liquid  0.4 1.4 6.0 6.8 16 12 0.15 2722.04  0.4 1.4 6.0 6.8 22 20 0.10 2733.11 6098
779 LIC MF Liquid  0.4 1.5 6.0 6.7 13 21 0.25 3590.29  0.4 1.5 6.2 6.9 11 13 0.11 3618.65 5956
780 Mahindra Liquid  0.4 1.4 6.1 6.8 10 9 0.25 1287.84  0.4 1.4 6.2 6.9 7 4 0.14 1294.23 2098
781 Mirae Asset Cash Management  0.4 1.4 5.9 6.7 22 20 0.20 2078.04  0.4 1.4 6.0 6.8 21 18 0.06 2102.97 2968
782 Motilal Oswal Liquid NR 0.4 1.0 4.9 - 37 - 0.40 10.72 NR 0.4 1.1 5.1 - 37 - 0.20 10.74 468
783 Nippon India ETF Liquid BeES NR 0.1 0.6 3.2 4.5 42 35 0.65 1000.00 NR - - - - - - - - 2079
784 Nippon India Liquid  0.5 1.4 6.1 6.8 6 6 0.27 4844.74  0.5 1.4 6.2 6.9 9 8 0.08 4873.62 21754
785 Parag Parikh Liquid  0.3 1.2 5.3 - 35 - 0.25 1118.49  0.3 1.2 5.4 - 35 - 0.15 1120.82 390
786 PGIM India Insta Cash  0.4 1.3 6.0 6.8 14 8 0.25 258.09  0.4 1.4 6.2 6.9 12 12 0.05 259.47 646
787 Principal Cash Mgmt  0.3 1.2 5.5 3.4 32 36 0.17 1755.19  0.3 1.2 5.5 3.5 32 35 0.08 1764.33 142
788 Quant Liquid  0.3 1.3 6.4 6.8 1 4 0.97 31.15  0.3 1.4 6.8 7.1 1 1 0.62 31.50 60
789 Quantum Liquid  0.3 1.1 5.4 6.0 34 33 0.26 26.96  0.3 1.1 5.5 6.1 34 33 0.16 27.01 254
790 SBI Liquid  0.4 1.4 5.9 6.7 24 26 0.26 3106.05  0.4 1.4 6.0 6.7 24 25 0.18 3121.72 37768
791 Sundaram Money  0.4 1.4 6.0 6.7 19 17 0.26 41.81  0.4 1.4 6.1 6.8 18 17 0.17 42.04 3953
792 Tata Liquid  0.5 1.5 6.1 6.8 4 7 0.41 3127.72  0.5 1.5 6.2 6.9 5 10 0.20 3146.56 9430
793 Taurus Liquid  0.2 0.8 4.5 6.0 40 32 0.18 1954.74  0.2 0.8 4.5 6.1 39 32 0.14 1963.97 18
794 Union Liquid  0.4 1.5 6.0 5.4 15 34 0.19 1906.14  0.4 1.5 6.1 5.5 15 34 0.09 1919.88 513
795 UTI Liquid Cash  0.4 1.4 6.0 6.8 17 11 0.30 3251.10  0.4 1.4 6.1 6.8 17 15 0.16 3265.50 18287
796 YES Liquid NR 0.3 1.1 5.8 - 27 - 0.18 1080.49 NR 0.3 1.2 5.9 - 27 - 0.10 1081.58 80
Debt: Money Market 0.6 1.5 7.2 7.0 17 13 0.6 1.6 7.4 7.3 17 13
797 ABSL Money Manager  0.6 1.8 7.7 7.6 4 2 0.31 270.83  0.6 1.8 7.8 7.7 4 3 0.18 272.63 8318
798 Axis Money Market NR 0.6 1.7 - - - - 0.31 1052.58 NR 0.6 1.7 - - - - 0.16 1053.66 401
799 Baroda Money Market NR 0.6 1.5 - - - - 0.60 1056.79 NR 0.6 1.5 - - - - 0.33 1059.38 22
800 DSP Savings  0.7 1.4 7.3 6.9 11 - 0.46 39.42  0.7 1.5 7.5 7.2 7 - 0.21 40.14 953
801 Franklin Savings  0.6 1.7 7.9 7.6 1 1 0.28 37.22  0.6 1.7 8.1 7.8 2 2 0.12 38.14 3357
802 HDFC Money Market  0.7 1.8 7.8 7.4 3 7 0.35 4204.03  0.7 1.9 8.0 7.6 3 6 0.15 4250.86 6692
803 ICICI Pru Money Maket  0.6 1.6 7.3 7.3 8 8 0.27 279.11  0.6 1.6 7.5 7.5 10 9 0.15 280.91 5529
804 IDFC Money Manager  0.6 1.4 6.3 6.2 16 12 1.04 30.71  0.6 1.6 7.0 6.9 14 11 0.30 32.17 1994
805 Indiabulls Savings  0.4 1.3 6.9 - 14 - 0.22 1119.27  0.4 1.3 7.0 - 15 - 0.09 1121.06 23
806 Invesco India Money Market  0.6 1.5 6.4 7.0 15 9 0.55 2286.82  0.7 1.6 6.7 7.3 16 10 0.20 2329.85 602
807 JM Money Market  0.3 1.1 5.3 6.3 17 11 0.45 27.94  0.3 1.2 5.5 6.6 17 12 0.39 28.38 20
808 Kotak Money Market  0.6 1.6 7.4 7.4 6 5 0.26 3321.04  0.6 1.6 7.5 7.5 8 8 0.17 3334.14 7188
809 L&T Money Market  0.6 1.7 7.8 7.6 2 3 0.76 20.01  0.6 1.8 8.3 8.1 1 1 0.25 20.58 804
810 Nippon India Money Market  0.6 1.7 7.6 7.5 5 4 0.25 3051.62  0.6 1.7 7.7 7.6 6 5 0.15 3072.34 3491
811 PGIM India Money Market Fund NR 0.6 - - - - - 0.63 1008.37 NR 0.6 - - - - - 0.11 1009.35 103
812 Quant Money Market  0.3 1.3 6.9 7.1 13 - 0.21 31.24  0.3 1.3 7.1 7.2 13 - 0.11 31.52 20
813 SBI Savings  0.5 1.4 7.2 6.9 12 10 0.83 31.15  0.6 1.6 7.8 7.6 5 4 0.23 32.55 10868
814 Sundaram Money Market  0.6 1.6 7.4 - 7 - 0.29 11.25  0.6 1.6 7.5 - 11 - 0.20 11.27 205
815 Tata Money Market  0.5 1.7 7.3 4.8 9 13 0.54 3460.99  0.5 1.7 7.5 4.9 9 13 0.22 3483.05 280
816 UTI Money Market  0.6 1.5 7.3 7.4 10 6 0.27 2263.89  0.6 1.6 7.4 7.5 12 7 0.17 2281.33 4575
Debt: Overnight 0.2 0.9 4.8 5.5 16 3 0.2 1.0 5.0 5.8 16 3
817 ABSL Overnight NR 0.2 0.9 4.8 - 12 - 0.16 1080.52 NR 0.2 0.9 5.0 - 9 - 0.04 1082.65 9054
818 Axis Overnight NR 0.2 0.9 4.9 - 6 - 0.10 1057.16 NR 0.2 0.9 5.0 - 10 - 0.05 1057.94 3706
819 Baroda Overnight NR 0.2 1.0 5.0 - 3 - 0.11 1050.61 NR 0.3 1.0 5.0 - 5 - 0.06 1051.14 99
820 BNP Paribas Overnight NR 0.2 0.9 4.9 - 7 - 0.18 1052.20 NR 0.2 1.0 5.0 - 4 - 0.08 1053.50 179
821 BOI AXA Overnight NR 0.3 1.0 - - - - 0.17 1010.96 NR 0.3 1.1 - - - - 0.07 1011.21 53
822 Canara Robeco Overnight NR 0.3 1.0 - - - - 0.11 1036.23 NR 0.3 1.0 - - - - 0.10 1036.56 175
823 DSP Overnight NR 0.3 1.0 5.0 - 1 - 0.15 1070.36 NR 0.3 1.0 5.1 - 1 - 0.08 1071.73 1762
824 Edelweiss Overnight NR 0.3 1.0 - - - - 0.15 1036.98 NR 0.3 1.0 - - - - 0.06 1037.68 811
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 69

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For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Overnight 0.2 0.9 4.8 5.5 16 3 0.2 1.0 5.0 5.8 16 3
825 Franklin Overnight NR 0.2 0.9 - - - - 0.19 1046.33 NR 0.2 0.9 - - - - 0.10 1046.94 1076
826 HDFC Overnight NR 0.2 0.9 4.8 5.6 14 2 0.20 2961.11 NR 0.2 0.9 4.9 5.7 15 3 0.10 2975.66 15372
827 HSBC Overnight NR 0.2 0.9 - - - - 0.26 1044.73 NR 0.2 0.9 - - - - 0.11 1046.22 287
828 ICICI Pru Overnight NR 0.2 0.9 4.8 - 11 - 0.20 107.82 NR 0.2 0.9 4.9 - 12 - 0.06 107.98 10321
829 IDFC Overnight NR 0.2 0.9 4.8 - 13 - 0.20 1066.39 NR 0.2 0.9 5.0 - 11 - 0.07 1068.08 2699
830 Indiabulls Overnight NR 0.2 0.9 - - - - 0.20 1037.86 NR 0.2 0.9 - - - - 0.10 1038.72 67
831 Invesco India Overnight NR 0.2 0.9 - - - - 0.15 1012.11 NR 0.2 0.9 - - - - 0.09 1012.30 419
832 ITI Overnight NR 0.2 0.9 - - - - 0.18 1021.93 NR 0.2 0.9 - - - - 0.08 1022.46 12
833 JM Overnight Fund NR 0.2 0.9 - - - - - 1016.97 NR 0.2 1.0 - - - - - 1017.25 253
834 Kotak Overnight NR 0.2 0.9 4.9 - 8 - 0.15 1067.45 NR 0.2 0.9 4.9 - 14 - 0.10 1068.17 6434
835 L&T Overnight NR 0.2 0.8 4.3 5.1 16 3 0.79 1488.94 NR 0.2 0.9 5.0 5.9 7 1 0.08 1561.98 1650
836 LIC MF Overnight NR 0.2 0.9 - - - - 0.20 1036.60 NR 0.2 0.9 - - - - 0.07 1037.66 944
837 Mahindra Overnight NR 0.2 0.9 - - - - 0.21 1034.69 NR 0.2 0.9 - - - - 0.11 1035.52 30
838 Mirae Asset Overnight NR 0.2 1.0 - - - - 0.20 1024.11 NR 0.3 1.0 - - - - 0.10 1024.71 538
839 Nippon India Overnight NR 0.2 0.9 4.9 - 4 - 0.17 107.31 NR 0.3 1.0 5.0 - 3 - 0.07 107.46 5418
840 PGIM India Overnight NR 0.3 1.0 - - - - 0.15 1031.54 NR 0.3 1.0 - - - - 0.04 1032.33 58
841 SBI Overnight NR 0.2 0.9 4.9 5.7 10 1 0.18 3231.46 NR 0.2 0.9 4.9 5.8 13 2 0.11 3260.91 9436
842 Sundaram Overnight NR 0.2 0.9 5.0 - 2 - 0.19 1063.67 NR 0.2 1.0 5.1 - 2 - 0.09 1064.89 640
843 Tata Overnight NR 0.2 0.9 4.9 - 9 - 0.25 1054.89 NR 0.2 0.9 5.0 - 8 - 0.10 1056.09 4570
844 Union Overnight NR 0.2 0.9 4.7 - 15 - 0.17 1053.33 NR 0.2 0.9 4.9 - 16 - 0.07 1054.48 31
845 UTI Overnight NR 0.2 0.9 4.9 5.6 5 - 0.12 2718.81 NR 0.2 1.0 5.0 5.7 6 - 0.04 2740.64 4068
846 YES Overnight NR 0.2 0.9 - - - - 0.19 1031.06 NR 0.2 0.9 - - - - 0.13 1031.48 1
Debt: Dynamic Bond 0.6 2.8 9.2 6.3 28 24 0.6 2.9 9.9 7.1 28 24
847 ABSL Active Debt Multi Manager FoF  -0.6 0.6 7.9 6.0 19 17 0.80 26.89  -0.5 0.8 8.6 6.6 19 18 0.20 27.85 11
848 ABSL Dynamic Bond  -1.8 -0.7 -0.8 2.6 27 22 1.43 31.28  -1.8 -0.5 -0.2 3.2 27 22 0.85 32.57 2481
849 Axis All Seasons Debt FOF NR -0.6 1.2 - - - - 0.52 10.13 NR -0.6 1.3 - - - - 0.22 10.14 62
850 Axis Dynamic Bond  0.0 3.3 12.8 8.0 7 9 0.65 21.31  0.1 3.4 13.5 8.8 6 8 0.22 22.97 488
851 Baroda Dynamic Bond  1.6 3.9 0.4 3.6 25 21 1.59 17.37  1.7 4.0 0.8 4.1 25 21 1.24 18.29 21
852 BNP Paribas Flexi Debt  1.2 4.2 10.8 7.0 15 12 1.21 34.79  1.3 4.3 11.8 8.0 15 11 0.66 36.68 121
853 Canara Robeco Dynamic Bond  1.4 4.0 11.6 6.5 12 16 1.75 22.89  1.4 4.1 12.5 7.3 12 15 1.04 23.91 110
854 DSP Strategic Bond  2.2 6.0 14.9 8.3 4 4 1.14 2490.81  2.2 6.1 15.6 8.8 4 7 0.45 2567.22 1189
855 Edelweiss Dynamic Bond  0.8 3.5 12.5 8.2 8 - 1.04 22.06  0.9 3.6 13.4 8.9 7 - 0.31 23.43 46
856 HDFC Dynamic Debt  -0.4 0.8 7.4 3.9 20 20 1.77 63.41  -0.3 1.1 8.2 4.6 20 20 0.61 66.97 568
857 HSBC Flexi Debt  0.3 2.7 11.2 6.5 14 15 1.78 26.90  0.4 2.9 12.1 7.3 14 14 0.98 28.45 101
858 ICICI Pru All Seasons Bond  0.5 2.9 11.4 8.1 13 7 1.34 25.78  0.6 3.1 12.1 8.8 13 6 0.77 26.81 2997
859 IDBI Dynamic Bond  -0.6 1.2 5.1 3.9 24 19 1.62 15.95  -0.6 1.4 5.9 5.2 24 19 0.84 16.93 23
860 IDFC Dynamic Bond  1.9 5.5 15.4 8.4 3 2 1.80 25.66  2.0 5.7 16.3 9.2 2 3 0.99 27.27 2102
861 IIFL Dynamic Bond  -0.4 1.1 6.9 6.8 21 14 1.34 15.82  -0.3 1.3 7.6 7.4 21 13 0.69 16.43 258
862 Indiabulls Dynamic Bond NR 1.2 2.0 9.4 - 17 - 0.74 1130.04 NR 1.2 2.1 10.0 - 17 - 0.24 1138.24 27
863 JM Dynamic Debt  0.4 1.1 5.4 6.7 23 - 0.66 30.51  0.5 1.3 5.9 7.2 23 - 0.38 31.72 116
864 Kotak Dynamic Bond  0.0 2.0 10.8 8.4 16 3 1.08 26.87  0.0 2.1 11.5 9.0 16 5 0.43 28.11 1017
865 L&T Flexi Bond  1.1 3.6 12.0 7.6 10 10 1.62 22.25  1.1 3.8 12.8 8.5 10 9 0.96 23.34 59
866 Mirae Asset Dynamic Bond  1.5 5.8 15.8 8.1 1 6 1.47 12.76  1.6 6.1 17.1 9.6 1 1 0.78 13.29 58
867 Nippon India Dynamic Bond  2.6 5.2 12.3 7.2 9 11 2.15 27.52  2.7 5.4 13.1 7.9 9 12 1.39 28.90 807
868 PGIM India Dynamic Bond  0.9 2.8 11.9 8.1 11 8 1.75 1983.69  0.9 3.1 12.7 9.1 11 4 0.82 2117.23 46
869 Principal Dynamic Bond  -2.6 -0.8 -4.1 1.8 28 23 1.53 29.87  -2.6 -0.8 -3.7 2.4 28 23 1.06 31.45 29
870 Quant Dynamic Bond  0.4 1.6 6.1 4.5 22 - 0.21 62.61  0.4 1.6 6.3 4.7 22 - 0.11 63.49 20
871 Quantum Dynamic Bond  1.4 4.3 14.0 8.3 5 5 0.68 15.61  1.4 4.3 14.1 8.4 5 10 0.56 15.67 60
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2
VR Bond Index 0.8 2.9 9.5 7.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

70 Mutual Fund Insight June 2020

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For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Dynamic Bond 0.6 2.8 9.2 6.3 28 24 0.6 2.9 9.9 7.1 28 24
872 SBI Dynamic Bond  1.3 4.4 15.5 8.5 2 1 1.65 26.37  1.3 4.5 16.2 9.4 3 2 1.03 27.70 1342
873 Tata Dynamic Bond  0.2 2.6 8.1 6.0 18 18 2.22 30.27  0.3 2.9 9.2 7.1 18 17 0.45 32.61 280
874 Union Dynamic Bond  1.0 3.8 12.9 6.9 6 13 1.52 17.87  1.0 3.9 13.2 7.2 8 16 1.50 18.63 135
875 UTI Dynamic Bond  1.9 2.5 -0.1 1.4 26 24 1.58 20.04  2.0 2.6 0.6 2.1 26 24 0.98 20.99 366
Debt: Corporate Bond 0.2 1.7 7.9 6.8 20 14 0.2 1.8 8.3 7.3 20 14
876 ABSL Corporate Bond  1.0 2.5 10.0 8.1 7 2 0.45 79.06  1.0 2.5 10.1 8.3 9 2 0.30 79.71 16897
877 ABSL Retrmnt 50s Plus Debt NR 0.6 1.9 6.4 - 16 - 2.13 10.67 NR 0.8 2.2 8.0 - 15 - 0.98 10.86 66
878 Axis Corporate Debt  -0.3 1.4 5.2 - 17 - 1.04 12.03  -0.3 1.5 6.0 - 17 - 0.28 12.31 190
879 BNP Paribas Corporate Bond  -0.1 1.0 0.5 4.2 19 13 0.70 20.17  0.0 1.1 0.9 4.7 19 13 0.40 20.97 28
880 Canara Robeco Corporate Bond  0.7 2.1 9.4 7.0 10 10 1.02 16.27  0.7 2.2 10.2 7.8 8 8 0.43 16.86 214
881 DSP Corporate Bond  0.3 1.5 10.1 - 6 - 0.50 11.82  0.3 1.6 10.4 - 6 - 0.23 11.87 1125
882 Edelweiss Corporate Bond  -0.2 2.3 -6.5 2.0 20 14 1.10 13.35  -0.1 2.4 -6.1 2.5 20 14 0.69 13.72 29
883 Franklin Corporate Debt  -0.7 -0.2 7.8 7.5 14 7 0.92 71.12  -0.7 -0.1 8.4 8.1 14 6 0.32 74.86 1466
884 HDFC Corporate Bond  0.3 2.3 10.3 8.1 5 3 0.50 22.97  0.3 2.3 10.5 8.2 5 3 0.30 23.15 12828
885 ICICI Pru Corporate Bond  0.6 1.8 9.4 7.7 9 6 0.56 20.95  0.6 1.9 9.8 8.0 10 7 0.25 21.65 11736
886 IDFC Corporate Bond  0.3 2.0 8.2 7.2 13 8 0.58 13.82  0.3 2.0 8.5 7.5 13 9 0.28 14.01 12817
887 Invesco India Corporate Bond  0.3 1.3 9.8 6.5 8 11 0.60 2299.33  0.3 1.4 10.2 7.1 7 12 0.20 2415.30 1010
888 Kotak Corporate Bond  0.3 1.4 8.9 7.9 11 4 0.60 2699.36  0.3 1.5 9.2 8.2 12 5 0.31 2769.56 4306
889 L&T Triple Ace Bond  0.0 3.2 14.4 8.6 1 1 0.61 52.79  0.0 3.3 14.8 9.0 1 1 0.29 55.26 3168
890 Nippon India Prime Debt  -0.2 1.1 7.0 7.1 15 9 0.74 42.09  -0.2 1.2 7.5 7.5 16 10 0.34 43.33 911
891 PGIM India Premier Bond  -0.2 1.0 8.8 6.1 12 12 0.95 31.24  -0.1 1.2 9.7 7.2 11 11 0.17 33.54 51
892 SBI Corporate Bond NR 0.6 2.1 10.4 - 4 - 0.85 11.29 NR 0.6 2.2 11.0 - 4 - 0.35 11.36 12435
893 Sundaram Corporate Bond  0.7 2.2 11.5 7.8 2 5 0.46 28.97  0.7 2.2 11.7 8.2 2 4 0.28 29.60 952
894 Union Corporate Bond  0.0 1.7 4.4 - 18 - 1.40 11.15  0.1 1.7 4.8 - 18 - 1.38 11.22 305
895 UTI Corporate Bond  -0.3 1.6 11.2 - 3 - 0.58 11.72  -0.2 1.7 11.5 - 3 - 0.32 11.79 1065
Debt: Credit Risk -4.4 -6.0 -5.8 0.6 19 17 -4.4 -5.8 -5.0 1.5 19 17
896 ABSL Credit Risk  -2.6 -1.5 0.0 4.3 10 7 1.37 13.68  -2.5 -1.3 0.8 5.4 10 7 0.84 14.34 4645
897 Axis Credit Risk  -1.2 0.1 2.8 5.1 7 6 1.65 14.98  -1.2 0.3 4.0 6.5 7 6 0.58 16.01 1071
898 Baroda Credit Risk  -1.8 -3.6 -2.5 3.4 12 8 1.77 13.93  -1.7 -3.4 -1.7 4.4 12 8 1.00 14.73 490
899 BOI AXA Credit Risk  -51.8 -49.4 -72.2 -33.3 19 17 1.51 3.65  -51.8 -49.4 -72.2 -33.2 19 17 1.23 3.68 167
900 DSP Credit Risk  -2.5 -1.2 1.2 1.8 9 12 1.11 28.47  -2.5 -1.1 2.0 2.5 9 13 0.79 29.81 1126
901 HDFC Credit Risk Debt  -2.1 -0.6 6.7 6.1 2 2 1.47 16.29  -2.1 -0.4 7.1 6.8 4 3 0.97 17.08 13812
902 ICICI Pru Credit Risk  -0.7 0.6 8.5 7.4 1 1 1.49 21.61  -0.6 0.7 9.1 8.2 1 1 0.92 23.01 11994
903 IDBI Credit Risk  -2.1 -13.7 -19.3 -3.5 17 15 1.38 11.77  -2.0 -13.6 -18.8 -2.6 17 15 0.80 12.42 49
904 IDFC Credit Risk  -1.9 -0.6 6.6 6.1 3 3 1.49 12.11  -1.8 -0.4 7.5 7.2 3 2 0.66 12.50 1516
905 Invesco India Credit Risk  0.1 0.9 2.0 1.8 8 11 1.50 1357.58  0.2 1.3 3.1 2.7 8 11 0.05 1422.19 179
906 Kotak Credit Risk  -2.7 -2.5 4.7 5.8 6 5 1.45 21.36  -2.6 -2.3 5.7 6.7 6 4 0.76 22.85 4798
907 L&T Credit Risk  -4.4 -3.0 -1.8 3.3 11 9 1.68 20.67  -4.4 -2.8 -1.1 4.0 11 9 0.89 21.46 1421
908 Mahindra Credit Risk Yojana  -0.5 0.7 6.3 - 4 - 1.82 11.11  -0.4 0.9 7.5 - 2 - 0.57 11.32 146
909 Nippon India Credit Risk  -0.7 -12.0 -9.8 -0.1 16 14 1.60 22.71  -0.7 -11.8 -9.2 0.7 16 14 0.80 24.12 3270
910 PGIM India Credit Risk  -2.1 -7.9 -5.6 1.7 13 13 1.73 13.62  -2.1 -7.6 -4.7 2.8 13 10 0.70 14.41 259
911 Principal Credit Risk  -6.2 -5.3 -7.2 1.9 15 10 1.52 2700.85  -6.2 -5.2 -6.5 2.7 15 12 0.78 2803.59 32
912 SBI Credit Risk  -1.1 0.0 6.2 6.0 5 4 1.53 31.34  -1.1 0.1 6.9 6.7 5 5 0.90 32.75 4929
913 Sundaram ST Credit Risk  0.2 1.1 -6.9 2.2 14 - 1.43 25.47  0.2 1.3 -6.3 3.0 14 - 0.69 26.73 131
914 UTI Credit Risk  0.1 -15.6 -29.7 -7.6 18 16 1.59 11.78  0.2 -15.4 -29.0 -6.6 18 16 0.77 12.81 711
Debt: Banking and PSU 0.2 1.7 10.2 7.7 17 16 0.2 1.8 10.6 8.1 17 16
915 ABSL Banking & PSU Debt  0.3 2.0 10.3 7.9 8 7 0.67 262.66  0.3 2.1 10.6 8.3 9 8 0.35 267.84 9774
916 Axis Banking & PSU Debt  0.3 1.6 10.0 8.4 11 3 0.59 1917.62  0.4 1.7 10.3 8.7 11 3 0.29 1947.83 13089
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2
VR Bond Index 0.8 2.9 9.5 7.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 71

Subscription copy of [[email protected]]. Redistribution prohibited.
For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Banking and PSU 0.2 1.7 10.2 7.7 17 16 0.2 1.8 10.6 8.1 17 16
917 DSP Banking & PSU Debt  0.7 2.6 10.9 7.9 5 8 0.50 17.45  0.7 2.6 11.2 8.2 5 10 0.25 17.83 2269
918 Edelweiss Banking and PSU Debt  -0.2 3.5 14.1 9.0 1 1 0.56 17.58  -0.1 3.6 14.4 9.3 1 1 0.20 17.92 193
919 Franklin Banking & PSU Debt  0.0 2.1 11.0 8.6 4 2 0.58 16.48  0.0 2.2 11.3 9.0 4 2 0.23 16.92 1156
920 HDFC Banking and PSU Debt  -0.6 0.9 9.2 7.4 14 13 0.81 16.42  -0.6 1.1 9.7 7.9 13 12 0.36 16.73 4874
921 ICICI Pru Banking & PSU Debt  0.0 1.0 9.0 7.2 15 15 0.82 23.17  0.1 1.1 9.5 7.6 14 14 0.37 23.66 7456
922 IDFC Banking & PSU Debt  0.3 2.1 11.2 8.4 2 4 0.67 17.81  0.4 2.2 11.5 8.7 3 4 0.30 18.03 13750
923 Indiabulls Banking & PSU Debt NR 0.5 1.2 - - - - 0.72 1078.85 NR 0.6 1.4 - - - - 0.22 1084.40 34
924 Invesco India Banking & PSU Debt  -0.3 1.0 8.5 7.3 16 14 0.65 1680.07  -0.3 1.2 9.0 7.7 16 13 0.05 1763.25 40
925 Kotak Banking & PSU Debt  -0.2 1.4 10.3 8.0 9 6 0.61 46.62  -0.2 1.4 10.6 8.4 10 7 0.29 47.56 4759
926 L&T Banking & PSU Debt  0.3 1.7 10.7 7.6 6 11 0.61 18.05  0.4 1.8 11.2 8.0 6 11 0.21 18.64 2891
927 LIC MF Banking & PSU Debt  0.5 1.6 9.4 7.8 12 9 0.83 25.84  0.5 1.7 10.0 8.4 12 6 0.28 27.12 1179
928 Nippon India Banking & PSU Debt  0.6 2.4 11.2 8.1 3 5 0.79 14.96  0.6 2.5 11.6 8.5 2 5 0.30 15.18 4276
929 PGIM India Banking & PSU Debt  0.2 1.7 10.6 7.7 7 10 0.60 17.72  0.2 1.8 11.1 8.3 7 9 0.10 18.34 47
930 SBI Banking and PSU  0.4 1.7 10.1 8.0 10 - 0.81 2289.26  0.4 1.8 10.7 8.5 8 - 0.34 2375.23 4559
931 Sundaram Banking & PSU Debt  0.4 1.5 9.3 7.5 13 12 0.36 31.98  0.4 1.6 9.4 7.6 15 15 0.23 32.18 1305
932 Tata Banking & PSU Debt NR -0.3 0.9 - - - - 1.13 10.34 NR -0.2 1.0 - - - - 0.22 10.37 281
933 UTI Banking & PSU Debt  0.6 2.1 8.5 4.3 17 16 0.31 15.20  0.6 2.2 8.6 4.4 17 16 0.25 15.30 134
Debt: Floater 0.1 1.3 7.7 7.1 6 5 0.2 1.4 8.2 7.6 6 5
934 ABSL Floating Rate NR 0.5 1.5 8.1 7.6 2 1 0.41 249.36 NR 0.5 1.6 8.3 7.9 3 1 0.19 253.54 6706
935 Franklin Floating Rate NR -0.1 0.6 6.5 6.5 6 5 0.95 29.80 NR -0.1 0.8 7.1 7.0 6 5 0.10 31.36 407
936 HDFC Floating Rate Debt NR 0.1 1.2 7.6 7.3 4 2 0.38 35.15 NR 0.1 1.2 7.8 7.5 5 4 0.23 35.42 9799
937 ICICI Pru Floating Interest NR -0.4 0.5 7.1 6.7 5 4 1.32 299.11 NR -0.3 0.7 7.9 7.6 4 3 0.59 315.41 6645
938 Kotak Floating Rate NR -0.6 1.3 - - - - 0.63 1056.95 NR -0.5 1.4 - - - - 0.23 1059.67 84
939 Nippon India Floating Rate NR 0.6 2.2 9.1 7.3 1 3 0.55 31.98 NR 0.7 2.3 9.6 7.8 1 2 0.20 33.10 7676
940 UTI Floater NR 0.7 1.9 7.7 - 3 - 1.28 1119.83 NR 0.8 2.1 8.7 - 2 - 0.32 1136.76 1112
Debt: Gilt 1.7 5.2 14.7 8.2 25 25 1.9 5.4 15.3 8.9 21 21
941 ABSL Govt Securities  2.8 5.7 15.9 9.2 7 4 1.18 60.37  2.9 5.9 16.6 9.9 6 4 0.58 62.74 272
942 Axis Gilt  3.0 6.5 17.4 8.7 2 9 0.68 18.80  3.0 6.6 17.9 9.3 2 11 0.22 19.51 61
943 Baroda Gilt  1.3 4.0 12.5 7.3 22 20 1.87 31.84  1.4 4.2 13.4 8.1 18 16 1.05 33.94 27
944 Canara Robeco Gilt  1.6 4.4 13.9 7.4 17 19 1.25 57.40  1.6 4.5 14.6 8.0 13 17 0.59 59.59 57
945 DSP Govt Securities  1.8 6.0 16.9 9.2 4 5 1.23 69.56  1.9 6.2 17.5 10.0 4 3 0.55 72.02 705
946 Edelweiss Govt Securities  1.3 5.4 14.9 8.8 16 8 1.36 17.67  1.3 5.5 15.5 9.3 12 9 1.22 18.18 69
947 Franklin Govt Securities  1.3 4.8 11.5 6.2 24 24 1.16 46.15  1.3 5.0 12.1 7.0 20 20 0.59 49.33 276
948 HDFC Gilt  1.8 4.3 11.7 7.2 23 21 0.89 41.58  1.9 4.4 12.1 7.7 19 18 0.44 42.79 1004
949 ICICI Pru Gilt  2.3 5.6 15.1 9.1 14 6 1.04 73.30  2.4 5.7 15.6 9.7 11 7 0.79 76.74 1405
950 IDBI Gilt  0.4 4.4 10.3 5.3 25 25 1.59 16.60  0.5 4.6 11.2 6.3 21 21 0.64 17.42 19
951 IDFC GSF Investment  2.0 5.9 17.6 9.5 1 3 1.03 26.11  2.0 6.1 18.3 10.1 1 2 0.42 27.33 518
952 Invesco India Gilt  1.3 4.0 12.5 6.8 21 23 1.25 2180.29  1.4 4.2 13.4 7.6 17 19 0.24 2317.46 26
953 Kotak Gilt Investment  2.3 6.4 15.2 8.7 13 11 1.40 73.96  2.4 6.7 16.4 9.8 8 5 0.40 79.65 449
954 L&T Gilt  1.3 4.4 12.6 6.8 20 22 1.83 51.23  1.4 4.7 14.1 8.3 15 15 0.58 55.20 133
955 LIC MF G-Sec Long Term ETF NR 1.3 5.1 14.9 8.2 15 16 0.26 20.98 NR - - - - - - - - 88
956 LIC MF GSF  1.5 5.1 15.4 8.4 10 15 - 26.48  - - - - - - - - 36
957 Nippon India ETF Long Term Gilt NR 1.3 5.2 15.5 8.5 9 13 0.11 21.30 NR - - - - - - - - 423
958 Nippon India Gilt Securities Inst  1.9 5.4 16.3 9.7 6 1 1.59 28.87  2.0 5.7 17.3 10.8 5 1 0.69 31.10 1204
959 PGIM India Gilt  1.1 4.2 13.1 8.0 19 17 0.66 22.87  1.1 4.3 13.6 8.5 16 13 0.14 23.44 35
960 SBI Magnum Gilt  1.7 5.3 17.1 8.9 3 7 0.96 47.73  1.7 5.4 17.7 9.5 3 8 0.51 49.32 2251
961 Tata GSF  2.0 4.9 13.9 7.4 18 18 1.92 59.82  2.0 5.1 14.6 8.5 14 14 0.85 63.84 171
962 UTI Gilt  2.8 5.5 15.6 8.6 8 12 0.92 47.30  2.8 5.5 15.9 8.9 10 12 0.64 48.29 496
CCIL All Sovereign Bond - TRI 1.4 5.5 16.7 9.8
CCIL T Bill Liquidity Weight 0.5 1.2 4.4 4.2

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

72 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

For more on funds, visit www.valueresearchonline.com

Debt REGULAR DIRECT

Return (%) Rank Return (%) Rank Assets
No Fund Name Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV Rating 1M 3M 1Y 3Y 1 Y 3 Y Expense NAV (` Cr)
Debt: Gilt with 10 yr Constant Duration 1.6 5.3 16.7 9.7 5 5 1.9 5.4 17.3 10.5 4 4
963 DSP 10Y G-Sec NR 2.0 5.4 16.1 8.1 4 4 0.39 16.66 NR 2.0 5.5 16.4 8.4 4 4 0.29 16.88 46
964 ICICI Pru Constant Maturity Gilt NR 2.0 5.6 17.7 10.6 2 2 0.33 17.87 NR 2.1 5.7 18.0 10.8 2 2 0.17 18.12 121
965 IDFC Govt Securities Constant Mtrty NR 1.8 5.4 18.2 12.1 1 1 0.54 33.67 NR 1.9 5.4 18.3 12.2 1 1 0.40 33.94 195
966 SBI ETF 10 Year Gilt NR 0.6 5.1 15.3 7.4 5 5 0.14 196.74 NR - - - - - - - - 1
967 SBI Magnum Constant Maturity NR 1.6 4.9 16.2 10.4 3 3 0.64 47.08 NR 1.7 5.0 16.6 10.8 3 3 0.34 48.16 573
Commodities: Gold 8.0 15.8 47.5 16.0 21 21 9.5 17.6 49.7 16.5 10 10
968 ABSL Gold  10.2 17.2 51.0 16.2 2 7 0.51 15.18  10.3 17.3 51.6 16.5 2 5 0.24 15.48 99
969 ABSL Gold ETF NR 7.0 14.8 46.7 16.1 10 8 0.49 4325.43 NR - - - - - - - - 126
970 Axis Gold  10.9 19.8 52.0 16.6 1 4 0.47 15.13  10.8 19.8 52.4 17.2 1 3 0.15 16.23 77
971 Axis Gold ETF NR 6.4 13.8 46.0 16.0 14 11 0.50 4088.87 NR - - - - - - - - 168
972 HDFC Gold  9.7 18.6 50.0 16.7 4 2 0.40 15.47  9.7 18.7 50.6 17.2 4 2 0.05 15.91 330
973 HDFC Gold ETF NR 6.7 14.2 45.3 16.1 20 9 0.65 4209.98 NR - - - - - - - - 798
974 ICICI Pru Gold ETF NR 6.5 13.7 45.6 15.5 19 20 0.98 42.07 NR - - - - - - - - 1209
975 ICICI Pru Regular Gold Svngs (FOF)  10.4 18.2 48.2 15.6 9 18 0.14 16.00  10.4 18.2 48.6 16.0 8 8 0.09 16.31 108
976 IDBI Gold  6.7 14.3 44.3 14.6 21 21 0.65 13.07  6.7 14.3 44.9 15.2 10 10 0.25 13.49 35
977 IDBI Gold ETF NR 6.8 14.4 45.7 16.3 17 5 0.35 4371.41 NR - - - - - - - - 74
978 Invesco India Gold  11.8 17.1 49.3 15.5 5 19 0.59 14.59  11.8 17.2 49.9 15.9 5 9 0.14 14.90 24
979 Invesco India Gold ETF NR 6.7 14.2 46.4 16.0 11 10 0.45 4257.79 NR - - - - - - - - 47
980 Kotak Gold  9.2 17.5 48.3 15.9 8 14 0.14 19.88  9.2 17.6 48.9 16.4 7 7 0.15 20.55 284
981 Kotak Gold ETF NR 6.7 14.1 46.1 15.9 13 13 0.55 410.57 NR - - - - - - - - 758
982 Nippon India ETF Gold BeES NR 6.7 14.0 45.8 15.7 15 17 0.79 41.14 NR - - - - - - - - 3179
983 Nippon India Gold Savings  11.4 18.6 50.8 16.6 3 3 1.31 20.03  11.4 18.7 51.3 17.1 3 4 0.89 20.67 801
984 Quantum Gold NR 6.7 14.1 45.7 15.8 18 16 0.97 2045.47 NR - - - - - - - - 77
985 Quantum Gold Savings  7.9 16.9 48.4 16.3 7 6 0.18 19.32  7.9 16.9 48.6 16.5 9 6 0.06 19.40 24
986 SBI ETF Gold NR 6.6 14.1 46.2 15.8 12 15 0.50 4212.99 NR - - - - - - - - 1010
987 SBI Gold  6.6 17.4 49.1 16.8 6 1 0.52 14.98  6.6 17.5 49.8 17.2 6 1 0.12 15.44 493
988 UTI Gold ETF NR 6.6 14.1 45.8 16.0 16 12 1.12 4143.70 NR - - - - - - - - 501
CCIL All Sovereign Bond - TRI 1.4 5.5 16.7 9.8
Domestic Price of Gold 7.1 14.8 47.8 17.1

Performance as on April 30, 2020 AUM and Expense Ratio as on March 31, 2020

Mutual Fund Insight June 2020 73

Subscription copy of [[email protected]]. Redistribution prohibited.
 SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
Aditya Birla SL Active Debt Multi Manager FoF,847 Axis Retrmnt Svngs - Dynamic Plan,626 DSP Dynamic Asset Allocation,605 Franklin Eqt Hybrid,473
ABSL Arbitrage,574 Axis Short Term,675 DSP Equal Nifty 50,14 Franklin Eqt Savings,556
ABSL Asset Allocator MMFoF,599 Axis Small Cap,235 DSP Equity,152 Franklin Equity,156
ABSL Bal Bhavishya Yojna Wealth,143 Axis Strategic Bond,657 DSP Equity Opp,119 Franklin Feeder Franklin Eur Grth,440
ABSL Balanced Advantage,600 Axis Treasury Advantage,703 DSP Equity Savings,554 Franklin Feeder Franklin US Opp,441
ABSL Banking & Fin Services,313 Axis Triple Advantage,627 DSP Focus,153 Franklin Floating Rate,935
ABSL Banking ETF,314 Axis Ultra Short Term,728 DSP Global Allocation,427 Franklin Govt Securities,947
ABSL Commodity Eqt Global Agri,423 Baroda Banking & Fin Services,315 DSP Healthcare,358 Franklin Life Stage FoF 50s Plus FR,525
ABSL Corporate Bond,876 Baroda Conservative Hybrid,518 DSP Liquid ETF,761 Franklin Liquid,765
ABSL Credit Risk,896 Baroda Credit Risk,898 DSP Liquidity,762 Franklin Opportunities,375
ABSL Digital India,366 Baroda Dynamic Bond,851 DSP Low Duration,707 Franklin Overnight,825
ABSL Dynamic Bond,848 Baroda Dynamic Equity,602 DSP Midcap,208 Franklin Pension,506
ABSL Eq Hybrid ‘95,462 Baroda Equity Savings,553 DSP Natural Rsrcs and New Energy,405 Franklin Prima,210
ABSL Eqt Savings,551 Baroda Gilt,943 DSP Nifty 50 Index,15 Franklin Savings,801
ABSL Fin Planning FOF Agrsv,623 Baroda Hybrid Equity,466 DSP Nifty Next 50 Index,16 Franklin Smaller Companies,240
ABSL Fin Planning FOF Cons,624 Baroda Large Cap,10 DSP Overnight,823 Franklin Taxshield,284
ABSL Fin Planning FOF Moderate Plan,625 Baroda Liquid,757 DSP Quant,374 Franklin Technology,367
ABSL Floating Rate,934 Baroda Midcap,206 DSP Regular Savings,522 Templeton India Eqt Income,399
ABSL Focused Eqt,1 Baroda Money Market,799 DSP Savings,800 Templeton India Value,272
ABSL Frontline Eqt,2 Baroda Multi Cap,148 DSP Short-term,680 HDFC Arbitrage,581
ABSL Global Emerging Opp,424 Baroda Overnight,819 DSP Small Cap,238 HDFC Capital Builder Value,259
ABSL Global Real Estate,425 Baroda Short Term Bond,676 DSP Strategic Bond,854 HDFC Children’s Gift,474
ABSL Gold,968 Baroda Treasury Advantage,704 DSP T.I.G.E.R.,339 HDFC Corporate Bond,884
ABSL Gold ETF,969 Baroda Ultra Short Duration,729 DSP Tax Saver,281 HDFC Credit Risk Debt,901
ABSL Index,3 BNP Paribas Arbitrage,576 DSP Top 100 Equity,17 HDFC Dynamic Debt,856
ABSL India GenNext,411 BNP Paribas Cons Hybrid,519 DSP Ultra Short,732 HDFC Dynamic PE Ratio FOF,629
ABSL Infrastructure,336 BNP Paribas Corporate Bond,879 DSP US Flexible Equity,428 HDFC Equity,158
ABSL Intl Eqt B,371 BNP Paribas Dynamic Eqt,603 DSP World Agriculture,429 HDFC Equity Savings,557
ABSL Liquid,755 BNP Paribas Flexi Debt,852 DSP World Energy,430 HDFC Floating Rate Debt,936
ABSL Low Duration,702 BNP Paribas Focused 25 Eqt,149 DSP World Gold,431 HDFC Focused 30,159
ABSL Manufacturing Equity,372 BNP Paribas India Consumption,412 DSP World Mining,432 HDFC Gold,972
ABSL Medium Term,656 BNP Paribas Large Cap,12 Edelweiss Agrsv Hybrid,471 HDFC Gold ETF,973
ABSL Midcap,204 BNP Paribas Liquid,758 Bhrt Bond ETF - April 2023,658 HDFC Growth Opportunities,123
ABSL Money Manager,797 BNP Paribas Long Term Equity,278 Bhrt Bond ETF - April 2030,638 HDFC Hybrid Debt,526
ABSL Nifty ETF,4 BNP Paribas Low Duration,705 Bhrt Bond FOF - April 2023,659 HDFC Hybrid Equity,475
ABSL Nifty Next 50 ETF,5 BNP Paribas Medium Term,660 Bhrt Bond FOF - April 2030,639 HDFC Index Nifty 50,24
ABSL Overnight,817 BNP Paribas Midcap,207 Edelweiss Arbitrage,579 HDFC Index Sensex,25
ABSL Pharma & Healthcare,357 BNP Paribas Multi Cap,150 Edelweiss ASEAN Eqt Off Shore,433 HDFC Infrastructure,341
ABSL PSU Eqt,407 BNP Paribas Overnight,820 Edelweiss Balanced Advtg,606 HDFC Low Duration,709
ABSL Pure Value,258 BNP Paribas Short term,677 Edelweiss Banking and PSU Debt,918 HDFC Medium Term Debt,662
ABSL Regular Savings,514 BNP Paribas Substantial Eqt Hybrid,467 Edelweiss Corporate Bond,882 HDFC Mid-Cap Opportunities,211
ABSL Retirement 30s,145 BOI AXA Arbitrage,577 Edelweiss Dynamic Bond,855 HDFC Money Market,802
ABSL Retirement 40s,463 BOI AXA Conservative Hybrid,520 Edelweiss Emrgng Mkt Opp Eqt Offshr,434 HDFC Multi Asset,630
ABSL Retirement 50s,515 BOI AXA Credit Risk,899 Edelweiss Equity Savings,555 HDFC Nifty 50 ETF,26
ABSL Retrmnt 50s Plus Debt,877 BOI AXA Eqt Debt Rebalancer,604 Edelweiss ETF Nifty 100 Quality 30,18 HDFC Overnight,826
ABSL Savings,727 BOI AXA Large & Midcap Eqt,117 Edelweiss ETF Nifty 50,19 HDFC Retrmnt Savings Eqt,160
ABSL Sensex ETF,6 BOI AXA Liquid,759 Edelweiss ETF Nifty Bank,316 HDFC Retrmnt Svngs Hybrid Debt,527
ABSL Short Term,674 BOI AXA Mfg & Infrastructure,337 Edelweiss Eur Dynamic Eqt Offshore,435 HDFC Retrmnt Svngs Hybrid Eqt,476
ABSL Small Cap,234 BOI AXA Mid & Small Cap Eqt & Debt,468 Edelweiss Govt Securities,946 HDFC Sensex ETF,27
Axis All Seasons Debt FOF,849 BOI AXA Overnight,821 Edelweiss Grtr China Eqt Off-shore,436 HDFC Short Term Debt,682
Axis Arbitrage,575 BOI AXA Small Cap,236 Edelweiss Large & Midcap,120 HDFC Small Cap,241
Axis Banking & PSU Debt,916 BOI AXA ST Income,678 Edelweiss Large Cap,20 HDFC Top 100,28
Axis Bluechip,7 BOI AXA Tax Advantage,279 Edelweiss Liquid,763 HDFC Ultra Short Term,734
Axis Children’s Gift,505 BOI AXA Ultra Short Duration,730 Edelweiss Low Duration,708 HSBC Asia Pacific (ExJapan) Div Yld,442
Axis Corporate Debt,878 Canara Robeco Bluechip Eqt,13 Edelweiss LT Eqt (Tax Svngs),282 HSBC Brazil,443
Axis Credit Risk,897 Canara Robeco Cons Hybrid,521 Edelweiss Midcap,209 HSBC Cash,767
Axis Dynamic Bond,850 Canara Robeco Consumer Trends,413 Edelweiss Multi Cap,154 HSBC Debt,645
Axis Dynamic Equity,601 Canara Robeco Corporate Bond,880 Edelweiss Overnight,824 HSBC Equity Hybrid,477
Axis Equity Hybrid,464 Canara Robeco Dynamic Bond,853 Edelweiss Short Term,681 HSBC Flexi Debt,857
Axis Equity Saver,552 Canara Robeco Emerging Equities,118 Edelweiss Small Cap,239 HSBC Global Consumer Opp,444
Axis ESG Eqt Fund,373 Canara Robeco Eqt Diversified,151 Edelweiss US Tech Eqt FOF,437 HSBC Global Emerging Markets,445
Axis Focused 25,146 Canara Robeco Eqt Hybrid,469 Edelweiss US Value Eqt Offshore,438 HSBC Infrastructure Eqt,342
Axis Gilt,942 Canara Robeco Eqt Tax Saver,280 Essel 3 in 1,628 HSBC Large and Midcap Eqt,124
Axis Gold,970 Canara Robeco Gilt,944 Essel Arbitrage,580 HSBC Low Duration,710
Axis Gold ETF,971 Canara Robeco Income,643 Essel Equity Hybrid,472 HSBC Managed Solutions Ind Cons,528
Axis Growth Opportunities,116 Canara Robeco Infrastructure,338 Essel Large & Midcap,121 HSBC Managed Solutions Ind Moderate,631
Axis Liquid,756 Canara Robeco Liquid,760 Essel Large Cap Equity,21 HSBC Managed Solutions India Growth,478
Axis Long Term Equity,276 Canara Robeco Overnight,822 Essel Liquid,764 HSBC Multi Cap Eqt,161
Axis Midcap,205 Canara Robeco Savings,706 Essel Multi Cap,155 HSBC Overnight,827
Axis Money Market,798 Canara Robeco Short Duration,679 Essel Regular Savings,523 HSBC Regular Savings,529
Axis Multicap,147 Canara Robeco Small Cap,237 Essel Ultra Short Term,733 HSBC Short Duration,683
Axis Nifty 100 Index,8 DSP 10Y G-Sec,963 Franklin Asian Equity,439 HSBC Small Cap Eqt,242
Axis Nifty ETF,9 DSP Arbitrage,578 Franklin Banking & PSU Debt,919 HSBC Tax Saver Eqt,286
Axis Overnight,818 DSP Banking & PSU Debt,917 Franklin Bluechip,22 HSBC Ultra SD,735
Axis Regular Saver,516 DSP Bond,661 Franklin Build India,340 ICICI Pru All Seasons Bond,858
Axis Retrmnt Svngs - Agrssv Plan,465 DSP Corporate Bond,881 Franklin Corporate Debt,883 BHARAT 22 ETF,11
Axis Retrmnt Svngs - Cons Plan,517 DSP Credit Risk,900 Franklin Eqt Advantage,122 ICICI Pru Asset Allocator (FOF),507

74 Mutual Fund Insight June 2020

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 SCOREBOARD INDEX For more on funds, visit www.valueresearchonline.com
ICICI Pru Balanced Advantage,608 IDBI India Top 100 Eqt,42 Invesco India Nifty ETF,52 L&T Infrastructure,347
ICICI Pru Bank ETF,317 IDBI Liquid,770 Invesco India Overnight,831 L&T Large and Midcap,130
ICICI Pru Banking & Fin Services,318 IDBI Long Term Value,261 Invesco India PSU Equity,409 L&T Low Duration,716
ICICI Pru Banking & PSU Debt,921 IDBI Midcap,214 Invesco India Short Term,689 L&T Midcap,217
ICICI Pru BHARAT 22 FOF,30 IDBI Nifty Index,43 Invesco India Small Cap,246 L&T Money Market,809
ICICI Pru Bharat Consumption,414 IDBI Nifty Junior Index,44 Invesco India Tax,291 L&T Nifty 50 Index Fund,60
ICICI Pru Bluechip,31 IDBI Short Term Bond,685 Invesco India Treasury Advtg,713 L&T Nifty Next 50 Index Fund,61
ICICI Pru Bond,646 IDBI Small Cap,244 Invesco India Ultra Short Term,740 L&T Overnight,835
ICICI Pru Child Care Gift,479 IDBI Ultra Short Term,737 ITI Arbitrage,586 L&T Resurgent India Bond,668
ICICI Pru Commodities,376 IDFC Arbitrage,583 ITI Balanced Advtg,611 L&T Short Term Bond,692
ICICI Pru Constant Maturity Gilt,964 IDFC Asset Allocation Agrsv,534 ITI Liquid,775 L&T Tax Advantage,295
ICICI Pru Corporate Bond,885 IDFC Asset Allocation Cons,535 ITI Long Term Equity,292 L&T Triple Ace Bond,889
ICICI Pru Credit Risk,902 IDFC Asset Allocation Moderate,536 ITI Multi Cap,172 L&T Ultra Short Term,743
ICICI Pru Debt Management (FOF),647 IDFC Banking & PSU Debt,922 ITI Overnight,832 LIC MF Arbitrage,590
ICICI Pru Dividend Yield Eqt,396 IDFC Bond Medium Term,665 ITI Small Cap Fund,247 LIC MF Banking & Fin Services,324
ICICI Pru Equity & Debt,480 IDFC Cash,771 JM Arbitrage,587 LIC MF Banking & PSU Debt,927
ICICI Pru Equity Arbitrage,582 IDFC Core Equity,127 JM Core 11,53 LIC MF Children’s Gift,509
ICICI Pru Equity Savings,558 IDFC Corporate Bond,886 JM Dynamic Debt,863 LIC MF Debt Hybrid,542
ICICI Pru Exports & Services,377 IDFC Credit Risk,904 JM Equity Hybrid,486 LIC MF Equity Hybrid,489
ICICI Pru Floating Interest,937 IDFC Dynamic Bond,860 JM Income,649 LIC MF ETF Nifty 100,62
ICICI Pru Focused Equity,162 IDFC Dynamic Equity,609 JM Large Cap,54 LIC MF ETF Nifty 50,63
ICICI Pru Gilt,949 IDFC Emrgng Businesses,245 JM Liquid,776 LIC MF ETF Sensex,64
ICICI Pru Global Advtg (FOF),446 IDFC Equity Savings,560 JM Low Duration,714 LIC MF G-Sec Long Term ETF,955
ICICI Pru Global Stable Eqt (FOF),447 IDFC Focused Equity,168 JM Money Market,807 LIC MF GSF,956
ICICI Pru Gold ETF,974 IDFC Govt Securities Constant Mtrty,965 JM Multicap,173 LIC MF Index Nifty,65
ICICI Pru Infrastructure,343 IDFC GSF Investment,951 JM Overnight Fund,833 LIC MF Index Sensex,66
ICICI Pru Large & Midcap,125 IDFC Hybrid Equity,483 JM Short-term,690 LIC MF Infrastructure,348
ICICI Pru Liquid,768 IDFC Infrastructure,344 JM Tax Gain,293 LIC MF Large & Midcap,131
ICICI Pru Liquid ETF,769 IDFC Large Cap,45 JM Ultra Short Duration,741 LIC MF Large Cap,67
ICICI Pru Long Term Bond,640 IDFC Low Duration,712 JM Value,265 LIC MF Liquid,779
ICICI Pru Manufacture in India,380 IDFC Money Manager,804 Kotak Asset Allocator,539 LIC MF Multicap,178
ICICI Pru Medium Term Bond,663 IDFC Multi Cap,169 Kotak Balanced Advantage,612 LIC MF Overnight,836
ICICI Pru Midcap,212 IDFC Nifty,46 Kotak Banking ETF,322 LIC MF Savings,717
ICICI Pru Midcap Select ETF,126 IDFC Nifty ETF,47 Kotak Bond,650 LIC MF Short Term Debt,693
ICICI Pru MNC,402 IDFC Overnight,829 Kotak Bond Short-term,691 LIC MF Tax,296
ICICI Pru Money Maket,803 IDFC Regular Savings,537 Kotak Corporate Bond,888 LIC MF ULIS,490
ICICI Pru Multi Asset,632 IDFC Sensex ETF,48 Kotak Credit Risk,906 LIC MF Ultra ST,744
ICICI Pru Multicap,163 IDFC Sterling Value,262 Kotak Debt Hybrid,540 Mahindra Credit Risk Yojana,908
ICICI Pru Nifty 100 ETF,32 IDFC Tax Advantage (ELSS),289 Kotak Dynamic Bond,864 Mahindra Dhan Sanchay Eqt Svngs Yjn,564
ICICI Pru Nifty ETF,33 IDFC Ultra Short Term,738 Kotak Emrgng Eqt,216 Mahindra Hybrid Eqt Nivesh Yojana,491
ICICI Pru Nifty Low Vol 30 ETF,35 IIFL Dynamic Bond,861 Kotak Equity Arbitrage,588 Mahindra Liquid,780
ICICI Pru Nifty Next 50 ETF,36 IIFL Focused Equity,170 Kotak Equity Hybrid,487 Mahindra Low Duration Bachat Yojana,718
ICICI Pru Nifty Next 50 Index,37 IIFL Liquid,772 Kotak Equity Opportunities,129 Mahindra Mutual Badhat Yojana,179
ICICI Pru NV20 ETF,38 Indiabulls Arbitrage,584 Kotak Equity Savings,562 Mahindra Mutual Kar Bachat Yojana,297
ICICI Pru Pharma Hlthcr & Diagn,359 Indiabulls Banking & PSU Debt,923 Kotak Floating Rate,938 Mahindra Overnight,837
ICICI Pru Private Banks ETF,319 Indiabulls Bluechip,49 Kotak Focused Equity,174 Mahindra Pragati Bluechip Yojana,68
ICICI Pru Regular Gold Svngs (FOF),975 Indiabulls Dynamic Bond,862 Kotak Global Emerging Market,451 Mahindra Rural Bhrt & Cnsmptn Yjn,383
ICICI Pru Regular Savings,531 Indiabulls Equity Hybrid,484 Kotak Gold,980 Mahindra Top 250 Nivesh Yjn,132
ICICI Pru Retirement Hybrid Cons,532 Indiabulls Income,666 Kotak India EQ Contra,266 Mahindra Ultra ST Yjn,745
ICICI Pru Retrmnt Hybrid Agrsv,481 Indiabulls Liquid,773 Kotak Infra & Eco Reform,346 Mahindra Unnati Emrgng Bsnss Yojana,218
ICICI Pru Retrmnt Pure Debt,664 Indiabulls Nifty 50 ETF,50 Kotak Low Duration,715 Mirae Asset Cash Management,781
ICICI Pru Retrmnt Pure Eqt,164 Indiabulls Overnight,830 Kotak Medium Term,667 Mirae Asset Dynamic Bond,866
ICICI Pru S&P BSE 500 ETF,165 Indiabulls Savings,805 Kotak Money Market,808 Mirae Asset Emerging Bluechip,133
ICICI Pru Savings,711 Indiabulls Short Term,688 Kotak Nifty ETF,56 Mirae Asset Equity Savings,565
ICICI Pru Sensex ETF,39 Indiabulls Tax Savings,290 Kotak NV 20 ETF,57 Mirae Asset Focused,180
ICICI Pru Sensex Index,40 Indiabulls Ultra Short Term,739 Kotak Overnight,834 Mirae Asset Great Consumer,415
ICICI Pru Short Term,684 Indiabulls Value,263 Kotak Pioneer,381 Mirae Asset Healthcare,361
ICICI Pru Small Cap,243 Invesco India Arbitrage,585 Kotak PSU Bank ETF,323 Mirae Asset Hybrid Equity,492
ICICI Pru Technology,368 Invesco (I) Feeder Global Eqt Incm,449 Kotak Savings,742 Mirae Asset Large Cap,69
ICICI Pru Thematic Advtg (FOF),533 Invesco India Arbitrage,585 Kotak Sensex ETF,58 Mirae Asset Midcap,219
ICICI Pru Ultra Short Term,736 Invesco India Banking & PSU Debt,924 Kotak Small Cap,248 Mirae Asset Nifty 50 ETF,70
ICICI Pru US Bluechip Eqt,448 Invesco India Contra,264 Kotak Standard Multicap,175 Mirae Asset Nifty Next 50 ETF,71
ICICI Pru Value Discovery,260 Invesco India Corporate Bond,887 Kotak Tax Saver,294 Mirae Asset Overnight,838
ICICI Prudential India Eqt FOF,166 Invesco India Credit Risk,905 L&T Arbitrage Opportunities,589 Mirae Asset Savings,719
ICICI Prudential Midcap 150 ETF,213 Invesco India Dynamic Equity,610 L&T Balanced Advantage,613 Mirae Asset Short Term,694
IDBI Banking & Fin Services,320 Invesco India Equity & Bond,485 L&T Banking & PSU Debt,926 Mirae Asset Tax Saver,298
IDBI Credit Risk,903 Invesco India Equity Savings,561 L&T Business Cycles,382 Motilal Oswal Dynamic,614
IDBI Diversified Eqt,167 Invesco India Feeder Pan Eur Eqt,450 L&T Conservative Hybrid,541 Motilal Oswal Equity Hybrid,493
IDBI Dividend Yield,397 Invesco India Financial Services,321 L&T Credit Risk,907 Motilal Oswal Focused 25,72
IDBI Dynamic Bond,859 Invesco India Gilt,952 L&T Emerging Businesses,249 Motilal Oswal Large and Midcap,134
IDBI Eqt Advantage,288 Invesco India Gold,978 L&T Equity,176 Motilal Oswal Liquid,782
IDBI Eqt Savings,559 Invesco India Gold ETF,979 L&T Equity Savings,563 Motilal Oswal Long Term Eqt,299
IDBI Focused 30 Eqt,41 Invesco India Infrastructure,345 L&T Flexi Bond,865 Motilal Oswal M50 ETF,73
IDBI Gilt,950 Invesco India Large Cap,51 L&T Focused Equity,177 Motilal Oswal Midcap 100 ETF,220
IDBI Gold,976 Invesco India Liquid,774 L&T Gilt,954 Motilal Oswal Midcap 30,221
IDBI Gold ETF,977 Invesco India Midcap,215 L&T Hybrid Equity,488 Motilal Oswal Multicap 35,181
IDBI Healthcare,360 Invesco India Money Market,806 L&T India Large Cap,59 Motilal Oswal NASDAQ 100 ETF,452
IDBI Hybrid Equity,482 Invesco India Multicap,171 L&T India Value,267 Motilal Oswal Nasdaq 100 FOF,453

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Motilal Oswal Nifty 50 Index,74 PGIM India Insta Cash,786 SBI Long Term Equity,306 Tata Ultra Short Term,752
Motilal Oswal Nifty 500,182 PGIM India Large Cap,87 SBI Magnum Children’s Benefit,547 Tata Young Citizens,511
Motilal Oswal Nifty Bank,325 PGIM India Long Term Eqt,302 SBI Magnum COMMA,388 Taurus Banking & Financial Srvcs,334
Motilal Oswal Nifty Midcap 150,222 PGIM India Low Duration,721 SBI Magnum Equity ESG,389 Taurus Discovery (Midcap),231
Motilal Oswal Nifty Next 50 Index Fund,75 PGIM India Midcap Opp,225 SBI Magnum Global,403 Taurus Ethical,393
Motilal Oswal Nifty Smallcap 250,250 PGIM India Money Market Fund,811 SBI Magnum Low Duration,723 Taurus Infrastructure,355
Motilal Oswal S&P 500 Index Fund,454 PGIM India Overnight,840 SBI Magnum Medium Duration,670 Taurus Liquid,793
Motilal Oswal Ultra Short Term,746 PGIM India Premier Bond,891 SBI Magnum Midcap,228 Taurus Nifty Index,106
Nippon India Arbitrage,591 PGIM India Short Maturity,696 SBI Magnum MultiCap,193 Taurus Starshare (Multi Cap),199
CPSE ETF,408 PGIM India Ultra ST,748 SBI Multi Asset Allocation,635 Taurus Tax Shield,310
Nippon India Balanced Advantage,615 Principal Arbitrage,593 SBI Nifty Index,98 Union Arbitrage,597
Nippon India Banking,326 Principal Balanced Advantage,616 SBI Overnight,841 Union Balanced Advantage,621
Nippon India Banking & PSU Debt,928 Principal Credit Risk,911 SBI PSU,410 Union Corporate Bond,894
Nippon India Consumption,416 Principal Dividend Yield,398 SBI Savings,813 Union Dynamic Bond,874
Nippon India Dynamic Bond,867 Principal Dynamic Bond,869 SBI Short Term Debt,698 Union Equity Savings,572
Nippon India Eqt Svngs Fund,566 Principal Emerging Bluechip,136 SBI Small Cap,254 Union Focused,200
Nippon India Equity Hybrid,494 Principal Focused Multicap,188 Shriram Balanced Advantage,618 Union Large & Midcap,141
Nippon India ETF Bank BeES,327 Principal Global Opportunities,460 Shriram Hybrid Equity,500 Union Large Cap,107
Nippon India ETF Consumption,417 Principal Hybrid Equity,496 Shriram Long Term Equity,307 Union Liquid,794
Nippon India ETF Dividend Opp,384 Principal Low Duration,722 Shriram Multicap,194 Union Long Term Equity,311
Nippon India ETF Gold BeES,982 Principal Midcap Fund,226 Sundaram Arbtg,595 Union Midcap Fund,232
Nippon India ETF Hang Seng BeES,455 Principal Nifty 100 Equal Weight,88 Sundaram Balanced Advtg,619 Union Multi Cap,201
Nippon India ETF Infra BeES,349 Principal Retrmnt Svngs Cons,545 Sundaram Banking & PSU Debt,931 Union Overnight,844
Nippon India ETF Junior BeES,76 Principal Retrmnt Svngs Moderate,510 Sundaram Corporate Bond,893 Union Small Cap,257
Nippon India ETF Liquid BeES,783 Principal Retrmnt Svngs Prgrsv,497 Sundaram Debt Oriented Hybrid,548 Union Value Discovery,273
Nippon India ETF Long Term Gilt,957 Principal Small Cap,252 Sundaram Diversified Equity,308 UTI Arbitrage,598
Nippon India ETF Nifty 100,77 Principal Tax Savings,303 Sundaram Equity,195 UTI Banking & Fin Services,335
Nippon India ETF Nifty BeES,78 Principal Ultra Short Term,749 Sundaram Equity Hybrid,501 UTI Banking & PSU Debt,933
Nippon India ETF Nifty Midcap 150,223 Quant Absolute,498 Sundaram Equity Savings,570 UTI Bond,655
Nippon India ETF NV20,79 Quant Active,190 Sundaram Fin Services Opp,331 UTI Children’s Career Investment,202
Nippon India ETF PSU Bank BeES,328 Quant Consumption,418 Sundaram Global Brand,461 UTI Children’s Career Svngs,512
Nippon India ETF Sensex,80 Quant Dynamic Bond,870 Sundaram Infrastructure Adv,353 UTI Core Equity,142
Nippon India ETF Sensex Next 50,81 Quant Focused,89 Sundaram Large & Midcap,139 UTI Corporate Bond,895
Nippon India ETF Shariah BeES,82 Quant Infrastructure,351 Sundaram Low Duration,724 UTI Credit Risk,914
Nippon India Floating Rate,939 Quant Large & Midcap,137 Sundaram Midcap,229 UTI Dividend Yield,400
Nippon India Focused Equity,183 Quant Liquid,788 Sundaram Money,791 UTI Dynamic Bond,875
Nippon India Gilt Securities Inst,958 Quant Money Market,812 Sundaram Money Market,814 UTI Equity,203
Nippon India Gold Savings,983 Quant Small Cap,253 Sundaram Rural & Consumption,420 UTI Equity Savings,573
Nippon India Growth,224 Quant Tax,304 Sundaram Select Focus,99 UTI Floater,940
Nippon India Hybrid Bond,543 Quantum Dynamic Bond,871 Sundaram Services,390 UTI Gilt,962
Nippon India Income,652 Quantum Equity FoF,191 Sundaram Short Term Debt,699 UTI Gold ETF,988
Nippon India Index Nifty,83 Quantum Gold,984 Sundaram Small Cap,255 UTI Healthcare,365
Nippon India Index Sensex,84 Quantum Gold Savings,985 Sundaram Smart NIFTY 100 Equal Wght,100 UTI Hybrid Equity,504
Nippon India Japan Equity,456 Quantum India ESG Eqt,386 Sundaram ST Credit Risk,913 UTI Infrastructure,356
Nippon India Junior BeES FoF,85 Quantum Liquid,789 Sundaram Ultra Short Term,751 UTI Liquid Cash,795
Nippon India Large Cap,86 Quantum Long Term Eqt Value,269 Tata Arbitrage,596 UTI Long Term Equity,312
Nippon India Liquid,784 Quantum Multi Asset FOFs,634 Tata Balanced Advantage,620 UTI Medium Term,673
Nippon India Low Duration,720 Quantum Nifty ETF,90 Tata Banking & Fin Services,332 UTI Midcap,233
Nippon India Money Market,810 Quantum Tax Saving,305 Tata Banking & PSU Debt,932 UTI MNC,404
Nippon India Multi Cap,184 SBI Arbitrage Opportunities,594 Tata Digital India,370 UTI Money Market,816
Nippon India Nivesh Lakshya,641 SBI Banking & Fin Services,329 Tata Dynamic Bond,873 UTI Multi Asset,637
Nippon India Overnight,839 SBI Banking and PSU,930 Tata Equity PE,271 UTI Nifty ETF,109
Nippon India Pharma,362 SBI Bluechip,91 Tata Ethical,391 UTI Nifty Index,110
Nippon India Power & Infra,350 SBI Contra,270 Tata Focused Eqt,196 UTI Nifty Next 50 ETF,111
Nippon India Prime Debt,890 SBI Corporate Bond,892 Tata GSF,961 UTI Nifty Next 50 Index,112
Nippon India Quant,385 SBI Credit Risk,912 Tata Hybrid Equity,502 UTI Overnight,845
Nippon India Retrmnt Incm Generation,544 SBI Debt Hybrid,546 Tata Income,654 UTI Regular Savings,550
Nippon India Retrmnt Wealth Creation,185 SBI Dynamic Asset Allocation,617 Tata India Consumer,421 UTI Retrmnt Benefit Pension,513
Nippon India Short-term,695 SBI Dynamic Bond,872 Tata India Pharma & HealthCare,364 UTI S&P BSE Sensex Next 50 ETF,113
Nippon India Small Cap,251 SBI Equity Hybrid,499 Tata India Tax Savings,309 UTI Sensex ETF,114
Nippon India Strategic Debt,669 SBI Equity Minimum Variance,387 Tata Infrastructure,354 UTI Short-term Income,701
Nippon India Tax Saver (ELSS),300 SBI Equity Savings,569 Tata Large & Midcap,140 UTI Transportation & Logistics,394
Nippon India Ultra Short Duration,747 SBI ETF 10 Year Gilt,966 Tata Large Cap,103 UTI Ultra Short Term,753
Nippon India US Eqt Opportunities,457 SBI ETF BSE 100,92 Tata Liquid,792 UTI Unit Linked Insurance,622
Nippon India Value,268 SBI ETF Gold,986 Tata Medium Term,672 UTI Value Opportunities,274
Nippon India Vision,135 SBI ETF Nifty 50,93 Tata Multi Asset Opp Fund,636 YES Liquid,796
Parag Parikh Liquid,785 SBI ETF Nifty Bank,330 Tata Multicap,197 YES Overnight,846
Parag Parikh Long Term Equity,186 SBI ETF Nifty Next 50,94 Tata Nifty ETF,104 YES Ultra Short Term,754
Parag Parikh Tax Saver,301 SBI ETF Quality,95 Tata Nifty Private Bank ETF,333
PGIM India Arbitrage,592 SBI ETF Sensex,96 Tata Quant Fund,392
PGIM India Banking & PSU Debt,929 SBI ETF Sensex Next 50,97 Tata Resources & Energy,406
PGIM India Credit Risk,910 SBI Focused Equity,192 Tata Retrmnt Savings Cons,549
PGIM India Diversified Eqt,187 SBI Gold,987 Tata Retrmnt Svngs Moderate,503
PGIM India Dynamic Bond,868 SBI Healthcare Opportunities,363 Tata Retrmnt Svngs Progressive,198
PGIM India Euro Eqt,458 SBI Infrastructure,352 Tata Short-term Bond,700
PGIM India Gilt,959 SBI Large & Midcap,138 Tata Small Cap,256
PGIM India Global Eqt Opp,459 SBI Liquid,790 Tata Treasury Advantage,725

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 SCOREBOARD

Performance snapshot
Here are the performance data of the Indian mutual fund industry as of April 2020
REGULAR DIRECT
Category/benchmark 1 mth 3 mths 1 yr 3 yrs 5 yrs 10 yrs 20 yrs 1 mth 3 mths 1 yr 3 yrs 5 yrs
Equity: Large Cap 13.58 -16.58 -14.06 2.11 4.51 7.53 12.31 13.50 -16.75 -13.21 1.99 5.16
Equity: Large & MidCap 13.26 -19.13 -13.72 -1.54 4.28 8.49 12.84 13.27 -18.82 -12.59 -0.30 5.32
Equity: Multi Cap 12.89 -17.87 -13.12 -0.43 4.20 8.39 14.06 12.96 -17.63 -12.11 0.53 5.19
Equity: Mid Cap 12.70 -20.14 -13.82 -3.97 3.85 10.64 15.87 12.58 -19.59 -12.35 -2.66 5.05
Equity: Small Cap 11.76 -24.36 -20.39 -7.92 2.08 7.86 — 11.89 -24.13 -19.41 -6.97 3.11
Equity: Value Oriented 14.48 -19.89 -19.55 -4.49 2.63 8.14 15.85 14.58 -19.71 -18.78 -3.54 3.59
Equity: ELSS 12.72 -18.23 -13.99 -1.02 3.99 8.47 12.96 12.82 -18.02 -13.07 0.01 4.99
Equity: International 9.46 -9.73 -2.24 5.49 2.68 6.13 — 9.62 -10.68 -2.67 5.27 2.96
S&P BSE Sensex TRI 14.42 -16.97 -12.55 5.35 5.93 8.28 12.12 14.42 -16.97 -12.55 5.35 5.93
S&P BSE SENSEX Next 50 TRI 15.27 -17.42 -18.54 -5.85 2.46 6.74 — 15.27 -17.42 -18.54 -5.85 2.46
S&P BSE 500 TRI 14.63 -18.31 -15.64 0.60 4.89 7.58 12.14 14.63 -18.31 -15.64 0.60 4.89
S&P BSE Large Cap TRI 14.76 -17.14 -14.70 2.77 5.02 7.71 — 14.76 -17.14 -14.70 2.77 5.02
S&P BSE Mid Cap TRI 13.66 -21.92 -18.25 -5.70 4.12 6.68 — 13.66 -21.92 -18.25 -5.70 4.12
S&P BSE Small Cap TRI 15.54 -23.90 -22.97 -9.37 1.25 3.14 — 15.54 -23.90 -22.97 -9.37 1.25
Equity: Sectoral-Banking 11.46 -31.12 -27.66 -5.72 0.70 4.11 — 12.24 -29.03 -21.82 -2.05 4.56
S&P BSE Bankex TRI 12.13 -29.93 -25.56 -0.35 3.97 9.35 — 12.13 -29.93 -25.56 -0.35 3.97
Equity: Sectoral-Infrastructure 12.53 -24.01 -22.62 -8.31 -0.32 2.86 — 12.43 -24.28 -22.52 -7.63 0.81
S&P BSE India Infrastructure TRI 11.84 -25.04 -34.31 -14.08 -4.40 0.62 — 11.84 -25.04 -34.31 -14.08 -4.40
Equity: Sectoral-Pharma 23.58 12.87 19.25 5.83 2.97 12.91 14.93 23.79 13.33 20.94 7.06 4.00
S&P BSE Healthcare TRI 26.21 10.28 7.89 1.45 -0.42 11.90 13.66 26.21 10.28 7.89 1.45 -0.42
Equity: Sectoral-Technology 10.78 -12.10 -10.14 12.47 7.69 11.40 8.80 10.87 -11.89 -9.27 13.64 8.57
S&P BSE IT TRI 10.84 -9.94 -10.51 16.25 8.64 12.40 7.81 10.84 -9.94 -10.51 16.25 8.64
Hybrid: Aggressive Hybrid 9.62 -13.90 -10.04 0.12 4.14 8.07 11.79 9.73 -13.66 -8.99 1.25 5.18
Hybrid: Balanced Hybrid 8.09 -11.14 -7.16 0.87 4.00 6.98 9.50 8.16 -10.97 -6.47 1.60 4.66
Hybrid: Conservative Hybrid 3.46 -4.01 0.30 3.33 5.56 7.35 7.77 3.51 -3.81 1.20 4.27 6.55
VR Balanced TRI 11.76 -14.09 -11.15 4.01 5.55 7.73 — 11.76 -14.09 -11.15 4.01 5.55
VR MIP TRI 4.43 -3.84 1.15 5.99 6.66 7.59 — 4.43 -3.84 1.15 5.99 6.66
Debt: Long Duration 0.25 4.43 16.89 9.23 9.24 8.46 8.77 0.38 4.67 17.37 9.92 10.07
Debt: Medium Duration -0.77 -0.91 2.25 5.18 6.40 7.22 7.20 -0.78 -0.92 3.03 5.94 7.21
Debt: Short Duration -0.21 1.18 4.46 5.37 6.38 7.37 — -0.15 1.35 5.16 6.08 7.10
Debt: Ultra Short Duration 0.38 1.26 6.18 6.00 6.74 7.91 7.31 0.41 1.38 6.65 6.49 7.23
Debt: Liquid 0.37 1.27 5.70 6.49 6.85 7.80 7.27 0.39 1.33 5.92 6.64 7.00
Debt: Dynamic Bond 0.58 2.79 9.19 6.33 7.16 8.21 7.63 0.63 2.95 9.89 7.08 7.94
Debt: Corporate Bond 0.19 1.70 7.86 6.84 7.40 7.82 7.39 0.23 1.81 8.35 7.30 7.92
Debt: Credit Risk -4.44 -5.97 -5.78 0.60 3.64 6.33 — -4.37 -5.79 -5.03 1.46 4.53
CCIL All Sovereign Bond - TRI 1.36 5.52 16.66 9.79 9.59 9.07 — 1.36 5.52 16.66 9.79 9.59
CCIL T Bill Liquidity Weight 0.46 1.22 4.38 4.23 4.43 4.76 — 0.46 1.22 4.38 4.23 4.43
VR Bond 0.78 2.95 9.51 7.15 7.30 7.52 — 0.78 2.95 9.51 7.15 7.30
Returns (%) as on April 30, 2020

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 SCOREBOARD

SIP returns
Worth of the monthly SIP of `10,000 across various time periods
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
Axis Bluechip Equity: Large Cap  3.41 3.79 7.81 7.31 10.92 21.15  4.80 3.87 9.22 7.57
Axis Midcap Equity: Mid Cap  3.03 3.77 7.16 7.19 - -  4.34 3.85 8.49 7.43
Mirae Asset Emerging Bluechip Equity: Large & MidCap  -2.03 3.49 6.27 7.03 - -  -1.10 3.54 7.25 7.20
Canara Robeco Bluechip Eqt Equity: Large Cap  2.17 3.72 6.27 7.03 - -  3.44 3.79 7.55 7.26
IIFL Focused Equity Equity: Multi Cap  1.38 3.68 5.98 6.98 - -  2.94 3.77 7.51 7.25
Canara Robeco Eqt Hybrid Hybrid: Aggressive Hybrid  2.30 3.73 5.87 6.96 10.37 20.54  3.54 3.80 7.19 7.19
Parag Parikh Long Term Equity Equity: Multi Cap  0.85 3.65 5.81 6.95 - -  1.62 3.69 6.56 7.08
Axis Focused 25 Equity: Multi Cap  -1.50 3.52 5.77 6.94 - -  -0.25 3.59 7.13 7.18
Axis Long Term Equity Equity: ELSS  0.37 3.62 5.55 6.90 13.52 24.29  1.32 3.67 6.64 7.09
SBI Focused Equity Equity: Multi Cap  -0.92 3.55 5.21 6.84 11.94 22.33  0.12 3.61 6.29 7.03
Canara Robeco Eqt Diversified Equity: Multi Cap  0.10 3.61 5.18 6.84 9.07 19.17  1.10 3.66 6.10 7.00
Canara Robeco Eqt Tax Saver Equity: ELSS  0.24 3.61 4.94 6.80 9.37 19.48  1.15 3.66 5.85 6.95
BOI AXA Tax Advantage Equity: ELSS  -0.48 3.57 4.83 6.78 9.40 19.52  0.69 3.64 6.20 7.02
Tata Retrmnt Svngs Progressive Equity: Multi Cap  -3.13 3.43 4.41 6.71 - -  -1.56 3.51 6.08 6.99
Motilal Oswal Focused 25 Equity: Large Cap  -0.38 3.58 4.39 6.70 - -  0.87 3.65 5.78 6.94
Principal Focused Multicap Equity: Multi Cap  -0.35 3.58 4.35 6.70 8.71 18.82  0.38 3.62 5.14 6.83
SBI Equity Hybrid Hybrid: Aggressive Hybrid  -0.05 3.60 4.35 6.70 10.25 20.41  0.72 3.64 5.31 6.86
Nippon India ETF Shariah BeES Equity: Large Cap Not rated -0.39 3.58 4.24 6.68 7.62 17.77 Not rated - - - -
Tata Retrmnt Svngs Moderate Hybrid: Aggressive Hybrid  -2.16 3.48 4.13 6.66 - -  -0.70 3.56 5.62 6.91
Axis Small Cap Equity: Small Cap  -1.77 3.50 4.00 6.64 - -  -0.45 3.58 5.33 6.87
Nippon India ETF Sensex Equity: Large Cap Not rated -2.15 3.48 3.95 6.63 - - Not rated - - - -
SBI ETF Sensex Equity: Large Cap Not rated -2.17 3.48 3.94 6.63 - - Not rated - - - -
DSP Equity & Bond Hybrid: Aggressive Hybrid  -0.72 3.56 3.90 6.62 8.92 19.02  0.31 3.62 5.03 6.81
ICICI Pru Sensex ETF Equity: Large Cap Not rated -2.15 3.48 3.90 6.62 7.71 17.85 Not rated - - - -
Sundaram Select Focus Equity: Large Cap  -2.48 3.46 3.74 6.60 7.14 17.33  -1.44 3.52 4.78 6.77
Kotak Sensex ETF Equity: Large Cap Not rated -2.38 3.47 3.72 6.59 7.51 17.67 Not rated - - - -
BNP Paribas Large Cap Equity: Large Cap  -0.62 3.57 3.66 6.58 9.53 19.65  0.60 3.63 4.98 6.81
DSP Equity Equity: Multi Cap  -2.58 3.46 3.59 6.57 8.95 19.06  -1.71 3.51 4.48 6.72
Sundaram Equity Hybrid Hybrid: Aggressive Hybrid  -1.58 3.51 3.52 6.56 6.40 16.67  -0.38 3.58 4.72 6.76
UTI Equity Equity: Multi Cap  -1.75 3.50 3.45 6.55 9.23 19.34  -1.22 3.53 4.00 6.64
HDFC Index Sensex Equity: Large Cap  -2.79 3.45 3.41 6.54 7.22 17.40  -2.58 3.46 3.61 6.57
Canara Robeco Emerging Equities Equity: Large & MidCap  -4.83 3.34 3.36 6.53 14.72 25.91  -3.68 3.40 4.69 6.75
Quant Large & Midcap Equity: Large & MidCap Not rated -2.53 3.46 3.32 6.53 11.10 21.35 Not rated -2.23 3.48 3.57 6.57
Tata Index Sensex Equity: Large Cap  -2.59 3.46 3.32 6.53 6.73 16.96  -2.11 3.48 3.82 6.61
Mirae Asset Large Cap Equity: Large Cap  -4.73 3.34 3.15 6.50 10.75 20.96  -3.71 3.40 4.18 6.67
DSP Midcap Equity: Mid Cap  -3.91 3.39 3.11 6.49 11.93 22.32  -3.04 3.43 4.06 6.65
Invesco India Contra Equity: Value Oriented  -4.94 3.33 3.04 6.48 10.80 21.02  -3.77 3.40 4.51 6.73
Invesco India Tax Equity: ELSS  -3.32 3.42 3.02 6.48 10.38 20.55  -1.97 3.49 4.62 6.74
Invesco India Growth Opp Equity: Large & MidCap  -4.29 3.37 2.93 6.46 9.36 19.47  -3.07 3.43 4.47 6.72
JM Multicap Equity: Multi Cap  -4.78 3.34 2.88 6.45 8.73 18.84  -4.01 3.38 3.96 6.63
Nippon India Index Sensex Equity: Large Cap  -3.05 3.43 2.88 6.45 - -  -2.31 3.47 3.62 6.58
SBI Small Cap Equity: Small Cap  -7.50 3.20 2.80 6.44 15.84 27.51  -6.32 3.26 4.14 6.66
LIC MF Index Sensex Equity: Large Cap  -3.04 3.43 2.69 6.42 6.29 16.57  -2.65 3.46 3.17 6.50
Data as of April 2020

78 Mutual Fund Insight June 2020

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 REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
Taurus Discovery (Midcap) Equity: Mid Cap  -4.40 3.36 2.55 6.40 10.77 20.99  -3.95 3.39 3.06 6.48
Kotak Equity Opportunities Equity: Large & MidCap  -4.31 3.37 2.49 6.39 9.26 19.37  -3.21 3.43 3.79 6.60
Principal Hybrid Equity Hybrid: Aggressive Hybrid  -5.31 3.31 2.46 6.39 8.42 18.53  -4.10 3.38 3.77 6.60
JM Large Cap Equity: Large Cap  -0.86 3.55 2.45 6.38 6.56 16.80  0.14 3.61 3.62 6.57
IDFC Nifty Equity: Large Cap  -4.06 3.38 2.41 6.38 - -  -3.93 3.39 2.55 6.40
ICICI Pru Nifty ETF Equity: Large Cap Not rated -4.35 3.36 2.39 6.37 - - Not rated - - - -
ABSL Tax Relief 96 Equity: ELSS  -4.76 3.34 2.37 6.37 10.30 20.47  -3.75 3.40 3.49 6.55
Invesco India Nifty ETF Equity: Large Cap Not rated -4.40 3.36 2.37 6.37 - - Not rated - - - -
Nippon India ETF Nifty BeES Equity: Large Cap Not rated -4.32 3.37 2.37 6.37 6.97 17.17 Not rated - - - -
LIC MF Large & Midcap Equity: Large & MidCap  -5.89 3.28 2.32 6.36 - -  -4.47 3.36 3.90 6.62
Invesco India Midcap Equity: Mid Cap  -4.24 3.37 2.31 6.36 11.86 22.24  -2.71 3.45 4.08 6.65
ABSL Nifty ETF Equity: Large Cap Not rated -4.47 3.36 2.28 6.36 - - Not rated - - - -
Quantum Nifty ETF Equity: Large Cap Not rated -4.50 3.36 2.24 6.35 6.90 17.11 Not rated - - - -
Kotak Nifty ETF Equity: Large Cap Not rated -4.46 3.36 2.16 6.34 6.67 16.91 Not rated - - - -
Edelweiss Large Cap Equity: Large Cap  -4.09 3.38 2.13 6.33 8.14 18.26  -2.90 3.44 3.27 6.52
BNP Paribas Long Term Equity Equity: ELSS  -2.69 3.45 2.13 6.33 9.37 19.48  -1.53 3.52 3.28 6.52
LIC MF Large Cap Equity: Large Cap  -2.72 3.45 2.11 6.33 6.95 17.15  -1.70 3.51 3.23 6.51
UTI Nifty Index Equity: Large Cap  -4.61 3.35 2.10 6.33 6.56 16.81  -4.54 3.35 2.19 6.34
Quant Active Equity: Multi Cap  -4.72 3.35 2.06 6.32 9.37 19.49  -4.42 3.36 2.33 6.37
Kotak Standard Multicap Equity: Multi Cap  -5.92 3.28 2.02 6.31 10.20 20.36  -4.92 3.33 3.17 6.50
Kotak India EQ Contra Equity: Value Oriented  -5.85 3.29 1.99 6.31 7.75 17.89  -4.48 3.36 3.58 6.57
Principal Emerging Bluechip Equity: Large & MidCap  -6.66 3.24 1.97 6.31 12.61 23.14  -5.56 3.30 3.19 6.50
LIC MF Equity Hybrid Hybrid: Aggressive Hybrid  -1.34 3.53 1.97 6.31 5.49 15.89  -0.18 3.59 3.20 6.51
Taurus Tax Shield Equity: ELSS  -5.75 3.29 1.96 6.30 7.18 17.36  -5.07 3.33 2.74 6.43
HDFC Children’s Gift Hybrid: Aggressive Hybrid  -4.70 3.35 1.93 6.30 9.23 19.34  -3.81 3.39 2.92 6.46
Edelweiss Agrsv Hybrid Hybrid: Aggressive Hybrid Not rated -2.64 3.46 1.92 6.30 6.65 16.89 Not rated -1.40 3.52 2.98 6.47
HDFC Index Nifty 50 Equity: Large Cap  -4.83 3.34 1.91 6.30 6.51 16.76  -4.66 3.35 2.10 6.33
Edelweiss Large & Midcap Equity: Large & MidCap  -4.54 3.35 1.91 6.30 7.91 18.04  -3.11 3.43 3.22 6.51
HSBC Large Cap Eqt Equity: Large Cap  -4.78 3.34 1.89 6.29 6.53 16.78  -3.94 3.39 2.75 6.43
Kotak Tax Saver Equity: ELSS  -4.82 3.34 1.87 6.29 8.30 18.42  -3.65 3.40 3.23 6.51
ICICI Pru Nifty 100 ETF Equity: Large Cap Not rated -5.05 3.33 1.86 6.29 - - Not rated - - - -
DSP Tax Saver Equity: ELSS  -5.57 3.30 1.82 6.28 9.78 19.91  -4.59 3.35 2.92 6.46
SBI ETF BSE 100 Equity: Large Cap Not rated -5.40 3.31 1.79 6.28 - - Not rated - - - -
Invesco India Large Cap Equity: Large Cap  -4.01 3.38 1.75 6.27 7.70 17.85  -2.50 3.46 3.48 6.55
Tata Index Nifty Equity: Large Cap  -4.83 3.34 1.73 6.27 6.07 16.38  -4.50 3.36 2.15 6.34
Tata Large & Midcap Equity: Large & MidCap  -3.78 3.39 1.72 6.27 8.57 18.68  -2.45 3.47 3.22 6.51
Motilal Oswal M50 ETF Equity: Large Cap Not rated -4.72 3.35 1.72 6.27 - - Not rated - - - -
Shriram Hybrid Equity Hybrid: Aggressive Hybrid  -2.79 3.45 1.67 6.26 - -  -1.47 3.52 2.81 6.44
UTI Mastershare Equity: Large Cap  -4.06 3.38 1.66 6.26 7.31 17.48  -3.24 3.42 2.51 6.39
PGIM India Diversified Eqt Equity: Multi Cap  -3.95 3.39 1.61 6.25 - -  -2.08 3.49 3.42 6.54
IDFC Large Cap Equity: Large Cap  -4.79 3.34 1.60 6.25 6.00 16.32  -3.86 3.39 2.75 6.43
ICICI Pru Nifty Index Equity: Large Cap  -4.94 3.33 1.60 6.25 6.29 16.57  -4.53 3.36 2.04 6.32
Tata India Tax Savings Equity: ELSS  -6.36 3.26 1.59 6.25 9.72 19.85  -4.91 3.33 3.07 6.49
Taurus Nifty Index Equity: Large Cap Not rated -4.79 3.34 1.54 6.24 - - Not rated -4.43 3.36 2.19 6.34
ICICI Pru Equity & Debt Hybrid: Aggressive Hybrid  -5.17 3.32 1.53 6.24 9.16 19.27  -4.39 3.36 2.61 6.41
SBI Nifty Index Equity: Large Cap  -5.36 3.31 1.40 6.22 5.86 16.21  -4.96 3.33 1.86 6.29
ABSL Index Equity: Large Cap  -5.17 3.32 1.31 6.20 5.81 16.16  -4.95 3.33 1.56 6.24
Quant Tax Equity: ELSS  -7.22 3.21 1.31 6.20 7.97 18.10  -6.14 3.27 2.12 6.33
Data as of April 2020

Mutual Fund Insight June 2020 79

Subscription copy of [[email protected]]. Redistribution prohibited.
 SCOREBOARD
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
JM Tax Gain Equity: ELSS  -7.16 3.22 1.26 6.19 8.30 18.42  -6.43 3.26 2.36 6.37
Union Multi Cap Equity: Multi Cap  -3.55 3.41 1.23 6.19 - -  -2.93 3.44 1.93 6.30
Edelweiss Multi Cap Equity: Multi Cap  -7.06 3.22 1.23 6.19 - -  -5.48 3.30 2.63 6.41
Motilal Oswal Long Term Eqt Equity: ELSS  -8.63 3.14 1.22 6.19 - -  -7.40 3.21 2.70 6.42
Nippon India Index Nifty Equity: Large Cap  -5.42 3.31 1.18 6.18 - -  -4.62 3.35 1.97 6.31
ICICI Pru Bluechip Equity: Large Cap  -6.24 3.27 1.17 6.18 7.95 18.08  -5.51 3.30 2.07 6.32
DSP Equity Opp Equity: Large & MidCap  -6.79 3.24 1.16 6.18 8.78 18.88  -5.83 3.29 2.25 6.35
Nippon India ETF Nifty 100 Equity: Large Cap Not rated -5.83 3.29 1.15 6.18 - - Not rated - - - -
Kotak Bluechip Equity: Large Cap  -4.70 3.35 1.15 6.18 7.28 17.46  -3.55 3.41 2.46 6.39
Franklin Index NSE Nifty Equity: Large Cap  -5.45 3.31 1.14 6.18 5.83 16.18  -4.99 3.33 1.62 6.25
LIC MF Index Nifty Equity: Large Cap  -5.31 3.31 1.13 6.17 5.70 16.07  -4.84 3.34 1.65 6.26
Kotak Equity Hybrid Hybrid: Aggressive Hybrid  -4.53 3.36 0.96 6.15 6.27 16.56  -3.27 3.42 2.40 6.38
SBI Magnum MultiCap Equity: Multi Cap  -6.91 3.23 0.89 6.14 9.39 19.50  -5.95 3.28 2.01 6.31
ABSL Focused Eqt Equity: Large Cap  -5.75 3.29 0.82 6.13 8.34 18.45  -4.83 3.34 1.92 6.30
IDBI Nifty Index Equity: Large Cap  -5.55 3.30 0.82 6.13 - -  -4.62 3.35 1.94 6.30
L&T India Large Cap Equity: Large Cap  -4.99 3.33 0.82 6.13 6.85 17.07  -4.15 3.37 1.69 6.26
Tata Midcap Growth Equity: Mid Cap  -5.74 3.29 0.81 6.12 11.03 21.28  -4.54 3.35 1.94 6.30
Indiabulls Bluechip Equity: Large Cap  -6.71 3.24 0.75 6.11 - -  -5.28 3.32 2.43 6.38
L&T Hybrid Equity Hybrid: Aggressive Hybrid  -5.37 3.31 0.66 6.10 - -  -4.33 3.37 1.79 6.28
ICICI Pru Child Care Gift Hybrid: Aggressive Hybrid  -5.36 3.31 0.63 6.10 7.75 17.89  -4.58 3.35 1.49 6.23
Baroda Large Cap Equity: Large Cap  -4.63 3.35 0.60 6.09 - -  -3.94 3.39 1.38 6.21
ABSL Equity Equity: Multi Cap  -7.83 3.18 0.58 6.09 9.33 19.44  -6.91 3.23 1.66 6.26
LIC MF Multicap Equity: Multi Cap  -3.35 3.42 0.58 6.09 4.95 15.46  -2.59 3.46 1.39 6.22
Quant Absolute Hybrid: Aggressive Hybrid Not rated -5.15 3.32 0.57 6.09 7.15 17.33 Not rated -4.02 3.38 1.39 6.22
Sundaram Large & Midcap Equity: Large & MidCap  -8.47 3.15 0.54 6.08 7.73 17.87  -7.39 3.21 1.62 6.25
IDBI India Top 100 Eqt Equity: Large Cap  -4.37 3.36 0.53 6.08 - -  -2.91 3.44 2.10 6.33
SBI ETF Nifty Next 50 Equity: Large Cap Not rated -8.06 3.17 0.51 6.08 - - Not rated - - - -
LIC MF ULIS Hybrid: Aggressive Hybrid  -5.03 3.33 0.50 6.08 5.06 15.55  -4.09 3.38 1.56 6.24
UTI Long Term Equity Equity: ELSS  -5.78 3.29 0.48 6.07 6.73 16.96  -4.93 3.33 1.43 6.22
UTI Children’s Career Investment Equity: Multi Cap  -7.23 3.21 0.44 6.07 6.87 17.09  -6.35 3.26 1.36 6.21
BNP Paribas Multi Cap Equity: Multi Cap  -6.46 3.25 0.43 6.07 8.40 18.52  -5.06 3.33 2.06 6.32
PGIM India Large Cap Equity: Large Cap  -5.70 3.29 0.41 6.06 6.71 16.94  -4.35 3.36 1.95 6.30
HSBC Managed Solutions India Growth Hybrid: Aggressive Hybrid  -6.38 3.26 0.41 6.06 - -  -6.08 3.27 0.73 6.11
LIC MF Tax Equity: ELSS  -6.96 3.23 0.39 6.06 7.07 17.26  -5.84 3.29 1.58 6.25
Tata Equity PE Equity: Value Oriented  -9.44 3.10 0.36 6.05 9.43 19.54  -8.10 3.17 1.68 6.26
Nippon India ETF Junior BeES Equity: Large Cap Not rated -8.02 3.17 0.33 6.05 8.54 18.65 Not rated - - - -
IDFC Focused Equity Equity: Multi Cap  -8.45 3.15 0.32 6.05 5.20 15.66  -7.09 3.22 1.96 6.31
IDBI Eqt Advantage Equity: ELSS  -6.04 3.28 0.17 6.03 - -  -4.59 3.35 1.74 6.27
UTI Value Opportunities Equity: Value Oriented  -5.68 3.29 0.16 6.02 6.08 16.39  -5.00 3.33 0.91 6.14
Kotak Emrgng Eqt Equity: Mid Cap  -8.23 3.16 0.16 6.02 11.38 21.67  -7.04 3.22 1.56 6.24
Franklin Eqt Hybrid Hybrid: Aggressive Hybrid  -5.20 3.32 0.16 6.02 7.57 17.72  -4.10 3.38 1.47 6.23
Union Long Term Equity Equity: ELSS  -4.29 3.37 0.15 6.02 - -  -3.87 3.39 0.77 6.12
Quant Midcap Equity: Mid Cap Not rated -4.75 3.34 0.04 6.01 5.37 15.80 Not rated -3.69 3.40 0.80 6.12
JM Core 11 Equity: Large Cap  -10.17 3.07 0.01 6.00 7.07 17.27  -8.61 3.14 1.67 6.26
SBI Bluechip Equity: Large Cap  -6.73 3.24 0.00 6.00 8.43 18.54  -5.89 3.28 1.03 6.16
Principal Multi Cap Growth Equity: Multi Cap  -9.46 3.10 -0.03 5.99 8.57 18.68  -8.59 3.15 0.91 6.14
Quant Focused Equity: Large Cap Not rated -7.26 3.21 -0.12 5.98 9.91 20.05 Not rated -6.34 3.26 0.58 6.09
ICICI Pru Focused Equity Equity: Multi Cap  -6.13 3.27 -0.20 5.97 5.98 16.31  -5.16 3.32 0.93 6.14
Data as of April 2020

80 Mutual Fund Insight June 2020

Subscription copy of [[email protected]]. Redistribution prohibited.

 REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
SBI Large & Midcap Equity: Large & MidCap  -7.81 3.19 -0.27 5.96 8.47 18.58  -7.13 3.22 0.44 6.07
JM Value Equity: Value Oriented Not rated -9.88 3.08 -0.30 5.95 7.23 17.40 Not rated -9.26 3.11 0.66 6.10
Principal Tax Savings Equity: ELSS  -9.63 3.09 -0.31 5.95 8.45 18.56  -9.09 3.12 0.28 6.04
Motilal Oswal Multicap 35 Equity: Multi Cap  -9.73 3.09 -0.36 5.95 - -  -8.87 3.13 0.63 6.10
DSP Focus Equity: Multi Cap  -6.86 3.23 -0.36 5.95 - -  -5.89 3.28 0.60 6.09
Essel Large Cap Equity Equity: Large Cap  -7.73 3.19 -0.43 5.93 - -  -6.29 3.26 1.09 6.17
ICICI Pru Nifty Next 50 Index Equity: Large Cap  -9.05 3.12 -0.47 5.93 - -  -8.66 3.14 -0.02 6.00
Invesco India Multicap Equity: Multi Cap Not rated -7.78 3.19 -0.48 5.93 10.49 20.67 Not rated -6.42 3.26 1.15 6.18
Edelweiss Midcap Equity: Mid Cap  -8.59 3.15 -0.51 5.92 11.28 21.56  -7.17 3.22 0.79 6.12
ICICI Pru LT Eqt (Tax Saving) Equity: ELSS  -7.40 3.21 -0.55 5.92 7.89 18.02  -6.63 3.25 0.46 6.07
IDBI Diversified Eqt Equity: Multi Cap  -6.38 3.26 -0.64 5.90 - -  -4.79 3.34 1.10 6.17
L&T Midcap Equity: Mid Cap  -11.03 3.02 -0.67 5.90 11.24 21.51  -9.99 3.07 0.44 6.07
BOI AXA Large & Midcap Eqt Equity: Large & MidCap  -6.98 3.23 -0.67 5.90 5.36 15.79  -5.81 3.29 0.61 6.09
L&T Large and Midcap Equity: Large & MidCap  -8.49 3.15 -0.77 5.88 7.59 17.74  -7.71 3.19 0.09 6.01
DSP Top 100 Equity Equity: Large Cap  -7.43 3.20 -0.80 5.88 5.29 15.73  -6.74 3.24 -0.05 5.99
IDBI Nifty Junior Index Equity: Large Cap  -8.92 3.13 -0.81 5.88 - -  -8.24 3.16 0.18 6.03
Tata Hybrid Equity Hybrid: Aggressive Hybrid  -5.98 3.28 -0.88 5.87 7.46 17.62  -4.76 3.34 0.37 6.06
HDFC Hybrid Equity Hybrid: Aggressive Hybrid  -7.25 3.21 -0.94 5.86 5.05 15.54  -6.55 3.25 -0.19 5.97
ABSL Frontline Eqt Equity: Large Cap  -8.45 3.15 -0.96 5.86 7.26 17.44  -7.72 3.19 -0.05 5.99
Baroda Hybrid Equity Hybrid: Aggressive Hybrid  -7.23 3.21 -0.98 5.85 4.96 15.46  -6.29 3.26 0.22 6.03
HDFC Top 100 Equity: Large Cap  -9.75 3.09 -1.05 5.84 6.00 16.32  -9.14 3.12 -0.32 5.95
PGIM India Hybrid Eqt Hybrid: Aggressive Hybrid  -5.85 3.29 -1.06 5.84 4.81 15.35  -4.37 3.36 0.47 6.07
Tata Large Cap Equity: Large Cap  -8.08 3.17 -1.12 5.83 5.70 16.07  -7.04 3.22 0.23 6.03
Baroda Multi Cap Equity: Multi Cap  -7.56 3.20 -1.14 5.83 5.26 15.71  -6.73 3.24 -0.21 5.97
Edelweiss LT Eqt (Tax Svngs) Equity: ELSS  -7.92 3.18 -1.14 5.83 6.80 17.02  -6.33 3.26 0.36 6.06
PGIM India Midcap Opp Equity: Mid Cap  -6.15 3.27 -1.21 5.82 - -  -4.61 3.35 0.30 6.05
Nippon India Growth Equity: Mid Cap  -9.52 3.10 -1.25 5.81 7.18 17.37  -8.89 3.13 -0.51 5.92
BNP Paribas Midcap Equity: Mid Cap  -8.12 3.17 -1.27 5.81 10.40 20.57  -6.73 3.24 0.31 6.05
L&T Tax Advantage Equity: ELSS  -10.48 3.05 -1.28 5.81 7.04 17.23  -9.92 3.08 -0.58 5.91
L&T Equity Equity: Multi Cap  -9.05 3.12 -1.52 5.77 6.34 16.62  -8.38 3.16 -0.77 5.88
HSBC Tax Saver Eqt Equity: ELSS  -9.94 3.08 -1.59 5.76 7.04 17.24  -8.98 3.13 -0.63 5.90
Nippon India Large Cap Equity: Large Cap  -10.80 3.03 -1.61 5.76 7.17 17.35  -9.90 3.08 -0.55 5.92
Franklin Focused Eqt Equity: Multi Cap  -9.61 3.09 -1.64 5.76 9.47 19.59  -8.67 3.14 -0.51 5.92
ICICI Pru Multicap Equity: Multi Cap  -9.94 3.08 -1.70 5.75 7.27 17.44  -9.01 3.12 -0.61 5.91
Nippon India Value Equity: Value Oriented  -10.34 3.06 -1.81 5.73 6.73 16.96  -9.69 3.09 -1.03 5.84
ABSL Eq Hybrid ‘95 Hybrid: Aggressive Hybrid  -8.99 3.12 -1.86 5.72 6.61 16.85  -8.19 3.17 -0.82 5.88
UTI Hybrid Equity Hybrid: Aggressive Hybrid  -8.88 3.13 -1.87 5.72 5.10 15.58  -8.21 3.16 -1.15 5.83
HDFC Equity Equity: Multi Cap  -11.11 3.02 -1.94 5.71 6.06 16.37  -10.47 3.05 -1.14 5.83
IDFC Multi Cap Equity: Multi Cap  -9.09 3.12 -2.02 5.70 8.13 18.25  -8.42 3.15 -1.27 5.81
ICICI Pru Value Discovery Equity: Value Oriented  -8.27 3.16 -2.17 5.68 8.78 18.89  -7.62 3.19 -1.29 5.81
ABSL Eqt Advantage Equity: Large & MidCap  -10.66 3.04 -2.19 5.68 7.88 18.01  -9.69 3.09 -1.01 5.85
SBI Long Term Equity Equity: ELSS  -8.82 3.13 -2.20 5.67 6.19 16.49  -8.20 3.16 -1.52 5.77
ICICI Pru Large & Midcap Equity: Large & MidCap  -10.47 3.05 -2.28 5.66 5.80 16.16  -9.61 3.09 -1.22 5.82
HSBC Multi Cap Eqt Equity: Multi Cap  -10.25 3.06 -2.30 5.66 6.58 16.82  -9.34 3.11 -1.37 5.80
Taurus Largecap Equity Equity: Large Cap  -8.10 3.17 -2.43 5.64 3.70 14.49  -7.71 3.19 -1.82 5.73
Franklin Prima Equity: Mid Cap  -11.45 3.00 -2.44 5.64 10.19 20.34  -10.57 3.05 -1.40 5.79
Franklin Bluechip Equity: Large Cap  -9.40 3.10 -2.45 5.64 5.05 15.54  -8.64 3.14 -1.58 5.76
Nippon India Focused Equity Equity: Multi Cap  -11.18 3.02 -2.46 5.64 9.03 19.14  -10.48 3.05 -1.57 5.77
Data as of April 2020

Mutual Fund Insight June 2020 81

Subscription copy of [[email protected]]. Redistribution prohibited.
 SCOREBOARD
REGULAR DIRECT
3-year 5-year 10-year 3-year 5-year
Return Value Return Value Return Value Return Value Return Value
Rating (%) (` lakh) (%) (` lakh) (%) (` lakh) Rating (%) (` lakh) (%) (` lakh)
IDFC Core Equity Equity: Large & MidCap  -12.01 2.98 -2.48 5.63 5.10 15.58  -10.82 3.03 -0.96 5.86
Baroda Midcap Equity: Mid Cap  -8.95 3.13 -2.55 5.62 - -  -8.16 3.17 -1.67 5.75
HDFC Growth Opportunities Equity: Large & MidCap  -10.04 3.07 -2.67 5.61 3.22 14.14  -9.87 3.08 -2.51 5.63
Nippon India Small Cap Equity: Small Cap  -14.86 2.84 -2.71 5.60 - -  -13.97 2.88 -1.55 5.77
L&T India Value Equity: Value Oriented  -12.47 2.95 -2.75 5.59 9.60 19.72  -11.59 3.00 -1.77 5.74
HDFC Mid-Cap Opportunities Equity: Mid Cap  -12.48 2.95 -2.82 5.58 9.95 20.09  -11.72 2.99 -1.86 5.72
IDFC Tax Advantage (ELSS) Equity: ELSS  -13.12 2.92 -2.92 5.57 7.33 17.50  -12.01 2.98 -1.66 5.75
UTI Midcap Equity: Mid Cap  -10.18 3.07 -3.03 5.55 9.81 19.94  -9.37 3.11 -2.10 5.69
HDFC Capital Builder Value Equity: Value Oriented  -13.29 2.91 -3.31 5.52 6.56 16.81  -12.30 2.96 -2.14 5.68
Principal Nifty 100 Equal Weight Equity: Large Cap  -10.98 3.03 -3.47 5.49 3.16 14.10  -10.73 3.04 -3.11 5.54
Baroda ELSS 96 Equity: ELSS  -10.85 3.03 -3.49 5.49 4.37 15.00  -10.10 3.07 -2.60 5.62
Franklin Equity Equity: Multi Cap  -11.43 3.00 -3.51 5.49 6.73 16.96  -10.60 3.04 -2.50 5.63
Kotak Small Cap Equity: Small Cap  -12.87 2.93 -3.78 5.45 8.03 18.16  -11.65 2.99 -2.31 5.66
Sundaram Diversified Equity Equity: ELSS  -13.36 2.91 -3.98 5.42 5.20 15.66  -12.95 2.93 -3.47 5.49
HDFC Taxsaver Equity: ELSS  -13.12 2.92 -3.99 5.42 4.78 15.33  -12.55 2.95 -3.31 5.52
Union Small Cap Equity: Small Cap  -10.87 3.03 -4.38 5.37 - -  -10.27 3.06 -3.61 5.47
Franklin Taxshield Equity: ELSS  -12.82 2.94 -4.39 5.37 6.28 16.57  -11.90 2.98 -3.35 5.51
Taurus Starshare (Multi Cap) Equity: Multi Cap  -12.03 2.97 -4.40 5.36 3.39 14.26  -11.91 2.98 -4.12 5.40
Motilal Oswal Midcap 30 Equity: Mid Cap  -12.37 2.96 -4.79 5.31 - -  -11.26 3.01 -3.51 5.49
UTI Core Equity Equity: Large & MidCap  -13.34 2.91 -4.96 5.29 3.92 14.66  -12.87 2.93 -4.41 5.36
Nippon India Vision Equity: Large & MidCap  -13.15 2.92 -5.14 5.26 3.80 14.56  -12.63 2.95 -4.50 5.35
JM Equity Hybrid Hybrid: Aggressive Hybrid  -12.05 2.97 -5.32 5.24 2.76 13.81  -11.16 3.02 -4.48 5.35
HDFC Focused 30 Equity: Multi Cap  -14.34 2.86 -5.33 5.24 3.46 14.31  -13.51 2.90 -4.30 5.38
SBI Contra Equity: Value Oriented  -13.74 2.89 -5.55 5.21 3.07 14.03  -13.18 2.92 -4.89 5.30
ICICI Pru Midcap Equity: Mid Cap  -15.92 2.79 -5.64 5.20 7.51 17.66  -15.01 2.83 -4.55 5.34
SBI Magnum Midcap Equity: Mid Cap  -13.02 2.93 -5.68 5.19 8.65 18.76  -12.17 2.97 -4.64 5.33
Nippon India Multi Cap Equity: Multi Cap  -15.36 2.81 -5.81 5.17 5.03 15.52  -14.71 2.85 -5.04 5.28
Sundaram Midcap Equity: Mid Cap  -16.18 2.78 -5.95 5.15 7.93 18.06  -15.49 2.81 -5.22 5.25
Motilal Oswal Midcap 100 ETF Equity: Mid Cap Not rated -15.89 2.79 -6.05 5.14 - - Not rated - - - -
DSP Small Cap Equity: Small Cap  -15.61 2.80 -6.13 5.13 10.15 20.31  -14.95 2.83 -5.43 5.22
Franklin Eqt Advantage Equity: Large & MidCap  -15.44 2.81 -6.47 5.09 4.69 15.25  -14.71 2.85 -5.64 5.20
HDFC Small Cap Equity: Small Cap  -20.83 2.57 -6.56 5.07 5.67 16.05  -19.78 2.61 -5.22 5.25
L&T Emerging Businesses Equity: Small Cap  -22.18 2.51 -6.88 5.03 - -  -21.25 2.55 -5.81 5.17
Templeton India Value Equity: Value Oriented  -17.55 2.71 -6.98 5.02 3.17 14.10  -17.20 2.73 -6.51 5.08
Nippon India Retrmnt Wealth Creation Equity: Multi Cap  -17.30 2.72 -7.02 5.02 - -  -16.44 2.76 -5.85 5.17
ABSL Midcap Equity: Mid Cap  -17.88 2.70 -7.49 4.96 5.65 16.03  -17.10 2.73 -6.55 5.08
ICICI Pru Small Cap Equity: Small Cap  -17.38 2.72 -7.65 4.93 3.69 14.48  -16.39 2.77 -6.73 5.05
Nippon India Equity Hybrid Hybrid: Aggressive Hybrid  -18.45 2.67 -7.87 4.91 3.52 14.35  -17.60 2.71 -6.68 5.06
IDFC Sterling Value Equity: Value Oriented  -22.42 2.50 -8.97 4.77 4.10 14.79  -21.47 2.54 -7.84 4.91
Nippon India Tax Saver (ELSS) Equity: ELSS  -18.96 2.65 -9.10 4.75 4.45 15.06  -18.29 2.68 -8.26 4.86
ABSL Pure Value Equity: Value Oriented  -21.49 2.54 -9.76 4.67 6.14 16.44  -20.54 2.58 -8.59 4.82
Franklin Smaller Companies Equity: Small Cap  -21.71 2.53 -9.86 4.66 7.96 18.09  -20.82 2.57 -8.69 4.80
Quant Small Cap Equity: Small Cap Not rated -17.72 2.71 -10.70 4.56 -1.41 11.18 Not rated -17.48 2.72 -10.48 4.59
HSBC Small Cap Eqt Equity: Small Cap  -22.63 2.49 -11.14 4.51 3.84 14.60  -21.71 2.53 -10.15 4.63
Sundaram Small Cap Equity: Small Cap  -22.13 2.51 -11.49 4.47 4.56 15.15  -21.40 2.54 -10.72 4.56
ABSL Small Cap Equity: Small Cap  -25.83 2.35 -12.30 4.38 3.99 14.71  -24.88 2.39 -11.13 4.51

Data as of April 2020

82 Mutual Fund Insight June 2020

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 Value Research pioneered mutual fund ratings way back in 1993 to enable
investors make the right pick. The lowest rating is one star and the highest
TOP-RATED is five stars. Ratings act as the first filter in fund selection, since they take

FUNDS
into account the return as well as risk undertaken to achieve that return.
Risk-adjusted return from a fund is the sole basis of Value Research fund
rating (detailed methodology on page 51). Below are the schemes in various
categories that have been rated five and four star.

DEBT REGULAR (82/231)

HYBRID: CONSERVATIVE HYBRID DEBT: SHORT DURATION ICICI Pru All Seasons Bond Reg 

Baroda Conservative Hybrid Reg  Axis Short Term Reg  IDFC Dynamic Bond Reg 

Canara Robeco Cons Hybrid Reg  HDFC Short Term Debt Reg  Kotak Dynamic Bond Reg 

Franklin Life Stage FoF 50s Plus FR Reg  ICICI Pru Short Term Reg  Mirae Asset Dynamic Bond Reg 

HSBC Managed Solutions Ind Cons Reg  IDFC All Seasons Bond Reg  PGIM India Dynamic Bond Reg 

ICICI Pru Income Optimizer (FOF) Reg  IDFC Bond Short Term Reg  Quantum Dynamic Bond Reg 

ICICI Pru Regular Savings Reg  Kotak Bond Short-term Reg  SBI Dynamic Bond Reg 

IDFC Asset Allocation Cons Reg  L&T Short Term Bond Reg 
DEBT: CORPORATE BOND
Indiabulls Savings Income Reg  SBI Short Term Debt Reg 
ABSL Corporate Bond Reg 
Kotak Asset Allocator Reg 
DEBT: LOW DURATION DSP Corporate Bond Reg 
Kotak Debt Hybrid Reg 
ABSL Low Duration Reg  Franklin Corporate Debt Reg 
SBI Debt Hybrid Reg 
Axis Treasury Advantage Reg  HDFC Corporate Bond Reg 
Tata Retrmnt Savings Cons Reg 
Canara Robeco Savings Reg  ICICI Pru Corporate Bond Reg 

HYBRID: EQUITY SAVINGS ICICI Pru Savings Reg  Kotak Corporate Bond Reg 
Axis Equity Saver Reg  IDFC Low Duration Reg  L&T Triple Ace Bond Reg 
Edelweiss Equity Savings Reg  Invesco India Treasury Advtg Reg  UTI Corporate Bond Reg 
ICICI Pru Equity Savings Reg  Kotak Low Duration Reg 
DEBT: CREDIT RISK
Kotak Equity Savings Reg  Mahindra Low Duration Bachat Yojana Reg 
Axis Credit Risk Reg 
Principal Equity Savings Reg  SBI Magnum Low Duration Reg 
HDFC Credit Risk Debt Reg 
DEBT: MEDIUM TO LONG DURATION DEBT: ULTRA SHORT TERM ICICI Pru Credit Risk Reg 
ICICI Pru Bond Reg  ABSL Savings Reg  IDFC Credit Risk Reg 
ICICI Pru Debt Management (FOF) Reg  Baroda Ultra Short Duration Reg  Kotak Credit Risk Reg 
IDFC Bond Income Reg  BOI AXA Ultra Short Duration Reg  Mahindra Credit Risk Yojana Reg 
Nippon India Income Reg  HDFC Ultra Short Term Reg  SBI Credit Risk Reg 
SBI Magnum Income Reg  ICICI Pru Ultra Short Term Reg 
DEBT: BANKING AND PSU
IDFC Ultra Short Term Reg 
DEBT: MEDIUM DURATION Axis Banking & PSU Debt Reg 
HDFC Medium Term Debt Reg  Kotak Savings Reg 
Franklin Banking & PSU Debt Reg 
ICICI Pru Medium Term Bond Reg  PGIM India Ultra ST Reg 
IDFC Banking & PSU Debt Reg 
IDFC Bond Medium Term Reg  SBI Magnum Ultra Short Duration Reg 
Kotak Banking & PSU Debt Reg 
Indiabulls Income Reg  DEBT: DYNAMIC BOND LIC MF Banking & PSU Debt Reg 
SBI Magnum Medium Duration Reg  Axis Dynamic Bond Reg 

Edelweiss Dynamic Bond Reg 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in April 2020
ABSL Banking & PSU Debt Reg Nippon India Retrmnt Incm Generation Reg

Baroda Short Term Bond Reg

Funds suspended for sale have been excluded.

Mutual Fund Insight June 2020 83

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 DEBT DIRECT (84/231)
HYBRID: CONSERVATIVE HYBRID DEBT: SHORT DURATION ICICI Pru All Seasons Bond Dir 

Baroda Conservative Hybrid Dir  Axis Short Term Dir  IDFC Dynamic Bond Dir 

BNP Paribas Cons Hybrid Dir  HDFC Short Term Debt Dir  IIFL Dynamic Bond Dir 

Canara Robeco Cons Hybrid Dir  ICICI Pru Short Term Dir  Kotak Dynamic Bond Dir 

Essel Regular Savings Dir  IDFC All Seasons Bond Dir  L&T Flexi Bond Dir 

Franklin Life Stage FoF 50s Plus FR Dir  IDFC Bond Short Term Dir  Mirae Asset Dynamic Bond Dir 

HDFC Retrmnt Svngs Hybrid Debt Dir  Kotak Bond Short-term Dir  PGIM India Dynamic Bond Dir 

ICICI Pru Regular Savings Dir  L&T Short Term Bond Dir  SBI Dynamic Bond Dir 

IDFC Asset Allocation Cons Dir  Mirae Asset Short Term Dir 
DEBT: CORPORATE BOND
Indiabulls Savings Income Dir 
DEBT: LOW DURATION ABSL Corporate Bond Dir 
Kotak Debt Hybrid Dir 
ABSL Low Duration Dir  DSP Corporate Bond Dir 
Tata Retrmnt Savings Cons Dir 
Axis Treasury Advantage Dir  Franklin Corporate Debt Dir 

HYBRID: EQUITY SAVINGS Canara Robeco Savings Dir  HDFC Corporate Bond Dir 
Axis Equity Saver Dir  ICICI Pru Savings Dir  ICICI Pru Corporate Bond Dir 
Edelweiss Equity Savings Dir  IDFC Low Duration Dir  Kotak Corporate Bond Dir 
ICICI Pru Equity Savings Dir  Invesco India Treasury Advtg Dir  UTI Corporate Bond Dir 
Kotak Equity Savings Dir  Kotak Low Duration Dir 
DEBT: CREDIT RISK
Principal Equity Savings Dir  Mahindra Low Duration Bachat Yojana Dir 
Axis Credit Risk Dir 
SBI Magnum Low Duration Dir 
DEBT: MEDIUM TO LONG DURATION HDFC Credit Risk Debt Dir 
Canara Robeco Income Dir  DEBT: ULTRA SHORT TERM ICICI Pru Credit Risk Dir 
ICICI Pru Bond Dir  ABSL Savings Dir  IDFC Credit Risk Dir 
IDFC Bond Income Dir  Axis Ultra Short Term Dir  Kotak Credit Risk Dir 
Nippon India Income Dir  BOI AXA Ultra Short Duration Dir  Mahindra Credit Risk Yojana Dir 
SBI Magnum Income Dir  ICICI Pru Ultra Short Term Dir  SBI Credit Risk Dir 
IDFC Ultra Short Term Dir 
DEBT: MEDIUM DURATION DEBT: BANKING AND PSU
Axis Strategic Bond Dir  Indiabulls Ultra Short Term Dir 
Axis Banking & PSU Debt Dir 
HDFC Medium Term Debt Dir  Invesco India Ultra Short Term Dir 
Edelweiss Banking and PSU Debt Dir 
ICICI Pru Medium Term Bond Dir  Kotak Savings Dir 
Franklin Banking & PSU Debt Dir 
IDFC Bond Medium Term Dir  PGIM India Ultra ST Dir 
IDFC Banking & PSU Debt Dir 
Indiabulls Income Dir  SBI Magnum Ultra Short Duration Dir 
Kotak Banking & PSU Debt Dir 
SBI Magnum Medium Duration Dir  DEBT: DYNAMIC BOND LIC MF Banking & PSU Debt Dir 
Axis Dynamic Bond Dir 

Edelweiss Dynamic Bond Dir 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in April 2020
Baroda Short Term Bond Dir

ICICI Pru Debt Management (FOF) Dir

Funds suspended for sale have been excluded.

84 Mutual Fund Insight June 2020

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 Star ratings of funds are recalculated each month with no subjective input. A
fund is rated only when there are minimum 10 funds in the category, with a
TOP-RATED minimum three-year history for equity and hybrid funds and 18-month

FUNDS
history for debt funds. In the case of equity funds, a fund’s overall rating
stems from a weighted average of two time periods – three and five years –
where available. Equity funds less than three-year old are not rated and debt
funds with less than 18-month history are also not rated.
EQUITY REGULAR (76/223)
HYBRID: AGGRESSIVE HYBRID EQUITY: LARGE & MIDCAP Taurus Discovery (Midcap) Reg 

BNP Paribas Substantial Eqt Hybrid Reg  Canara Robeco Emerging Equities Reg 
EQUITY: SMALL CAP
Canara Robeco Eqt Hybrid Reg  DSP Equity Opp Reg 
Axis Small Cap Reg 
DSP Equity & Bond Reg  Invesco India Growth Opp Reg 
L&T Emerging Businesses Reg 
HDFC Children’s Gift Reg  Kotak Equity Opportunities Reg 
Nippon India Small Cap Reg 
HDFC Retrmnt Svngs Hybrid Eqt Reg  LIC MF Large & Midcap Reg 
SBI Small Cap Reg 
ICICI Pru Equity & Debt Reg  Mirae Asset Emerging Bluechip Reg 
EQUITY: VALUE ORIENTED
Mirae Asset Hybrid Equity Reg  Principal Emerging Bluechip Reg 
Invesco India Contra Reg 
Principal Hybrid Equity Reg  Sundaram Large & Midcap Reg 
Kotak India EQ Contra Reg 
SBI Equity Hybrid Reg 
EQUITY: MULTI CAP L&T India Value Reg 
Sundaram Equity Hybrid Reg  Axis Focused 25 Reg 
Tata Equity PE Reg 
Tata Retrmnt Svngs Moderate Reg  Canara Robeco Eqt Diversified Reg 
UTI Value Opportunities Reg 
EQUITY: LARGE CAP DSP Equity Reg 
EQUITY: ELSS
Axis Bluechip Reg  Edelweiss Multi Cap Reg 
ABSL Tax Relief 96 Reg 
BNP Paribas Large Cap Reg  IIFL Focused Equity Reg 
Axis Long Term Equity Reg 
Canara Robeco Bluechip Eqt Reg  JM Multicap Reg 
BOI AXA Tax Advantage Reg 
Edelweiss Large Cap Reg  Kotak Standard Multicap Reg 
Canara Robeco Eqt Tax Saver Reg 
HDFC Index Nifty 50 Reg  Motilal Oswal Multicap 35 Reg 
DSP Tax Saver Reg 
HDFC Index Sensex Reg  Parag Parikh Long Term Equity Reg 
Invesco India Tax Reg 
ICICI Pru Bluechip Reg  SBI Focused Equity Reg 
JM Tax Gain Reg 
IDFC Nifty Reg  SBI Magnum MultiCap Reg 
Kotak Tax Saver Reg 
Indiabulls Bluechip Reg  Tata Retrmnt Svngs Progressive Reg 
Mirae Asset Tax Saver Reg 
JM Large Cap Reg  UTI Equity Reg 
Motilal Oswal Long Term Eqt Reg 
Mirae Asset Large Cap Reg 
EQUITY: MID CAP Quant Tax Reg 
Motilal Oswal Focused 25 Reg 
Axis Midcap Reg  Tata India Tax Savings Reg 
Nippon India Index Sensex Reg 
DSP Midcap Reg  Taurus Tax Shield Reg 
Sundaram Select Focus Reg 
Invesco India Midcap Reg 
Tata Index Sensex Reg 
Kotak Emrgng Eqt Reg 
UTI Nifty Index Reg 
L&T Midcap Reg 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in April 2020
HDFC Small Cap Reg

Tata Midcap Growth Reg

Funds suspended for sale have been excluded.

Mutual Fund Insight June 2020 85

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 EQUITY DIRECT (77/223)
HYBRID: AGGRESSIVE HYBRID EQUITY: LARGE & MIDCAP EQUITY: SMALL CAP
BNP Paribas Substantial Eqt Hybrid Dir  Canara Robeco Emerging Equities Dir  Axis Small Cap Dir 

Canara Robeco Eqt Hybrid Dir  Invesco India Growth Opp Dir  HDFC Small Cap Dir 

DSP Equity & Bond Dir  Kotak Equity Opportunities Dir  Nippon India Small Cap Dir 

HDFC Children’s Gift Dir  LIC MF Large & Midcap Dir  SBI Small Cap Dir 

HDFC Retrmnt Svngs Hybrid Eqt Dir  Mirae Asset Emerging Bluechip Dir 
EQUITY: VALUE ORIENTED
ICICI Pru Equity & Debt Dir  Principal Emerging Bluechip Dir  Invesco India Contra Dir 
Mirae Asset Hybrid Equity Dir  Sundaram Large & Midcap Dir  Kotak India EQ Contra Dir 
Principal Hybrid Equity Dir  L&T India Value Dir 
EQUITY: MULTI CAP
SBI Equity Hybrid Dir  ABSL Equity Dir  Tata Equity PE Dir 
Sundaram Equity Hybrid Dir  Axis Focused 25 Dir  UTI Value Opportunities Dir 
Tata Retrmnt Svngs Moderate Dir  Canara Robeco Eqt Diversified Dir 
EQUITY: ELSS
EQUITY: LARGE CAP DSP Equity Dir  ABSL Tax Relief 96 Dir 
Axis Bluechip Dir  Edelweiss Multi Cap Dir  Axis Long Term Equity Dir 
BNP Paribas Large Cap Dir  IIFL Focused Equity Dir  BOI AXA Tax Advantage Dir 
Canara Robeco Bluechip Eqt Dir  JM Multicap Dir  Canara Robeco Eqt Tax Saver Dir 
Edelweiss Large Cap Dir  Kotak Standard Multicap Dir  DSP Tax Saver Dir 
HDFC Index Sensex Dir  Motilal Oswal Multicap 35 Dir  Invesco India Tax Dir 
ICICI Pru Bluechip Dir  Parag Parikh Long Term Equity Dir  JM Tax Gain Dir 
Indiabulls Bluechip Dir  SBI Focused Equity Dir  Kotak Tax Saver Dir 
Invesco India Large Cap Dir  SBI Magnum MultiCap Dir  LIC MF Tax Dir 
JM Large Cap Dir  Tata Retrmnt Svngs Progressive Dir  Mirae Asset Tax Saver Dir 
Kotak Bluechip Dir  UTI Equity Dir  Motilal Oswal Long Term Eqt Dir 
LIC MF Large Cap Dir  Tata India Tax Savings Dir 
EQUITY: MID CAP
Mirae Asset Large Cap Dir  Taurus Tax Shield Dir 
Axis Midcap Dir 
Motilal Oswal Focused 25 Dir 
DSP Midcap Dir 
Nippon India Index Sensex Dir 
Edelweiss Midcap Dir 
SBI Bluechip Dir 
Invesco India Midcap Dir 
Sundaram Select Focus Dir 
Kotak Emrgng Eqt Dir 
Tata Index Sensex Dir 
L&T Midcap Dir 

RATING DOWNGRADE List of funds that moved out of the five- and four-star grades in April 2020
JM Core 11 Dir

Funds suspended for sale have been excluded.

mutual fund ratings are revised every month. The above ratings are as on April 30, 2020.

86 Mutual Fund Insight June 2020

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www.kotakmf.com | Toll free Number : 1800 222 626 |

Kotak Balanced Advantage Fund - An open-ended dynamic asset allocation fund

It is suitable for investors who are seeking*:

Subscription copy of [[email protected]]. Redistribution prohibited.

 Investing in Equity Diversified Fund
is like living in a joint family.
You may have several reasons to celebrate.
The Canara Robeco Equity Diversified Fund endeavours to invest in Indian Companies that present opportunities
for growth across diverse industries. Thus, empowering your portfolio with investment opportunities spread across
a wider base. It’s one of our leading funds that has the potential for a smarter tomorrow.

CANARA ROBECO Equity Diversified Fund

(Multi Cap Fund - An open-ended equity scheme investing across large cap, mid cap, small cap stocks)

RISKOMETER

This product is suitable for investors MODERATE

MO
LY DE
TE
who are seeking* : RA
DE W
O LO
HI RA
GH T
E
LY
M

• Capital appreciation over long term

HIG
LOW

• Investment in equity and equity related instruments

LOW HIGH
across large cap, mid cap, small cap stocks
Investors understand that their principal
will be at Moderately High Risk

To know more, please contact your Financial Adviser or visit www.canararobeco.com

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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