CRISIL Mutual Fund Ranking

For the quarter ended March 31, 2018

Contact Us

Analytical Business Development

Yatendra Chauhan Vishal Ahuja

Associate Director – Funds & Fixed Income Research Director – Funds & Fixed Income Research
yatendra.chauhan@crisil.com vishal.ahuja@crisil.com

Kiran Nate Dinesh Agarwal

Manager – Funds & Fixed Income Research Associate Director – Funds & Fixed Income Research
kiran.nate@crisil.com dinesh.agarwal@crisil.com

Zunjar Sanzgiri Deepak Mittal

Research Analyst – Funds & Fixed Income Research Associate Director – Funds & Fixed Income Research
zunjar.sanzgiri@crisil.com deepak.mittal@crisil.com

Vijay Krishnamurthy
Associate Director – Funds & Fixed Income Research
vijay.krishnamurthy@crisil.com
Industry highlights
The Indian mutual fund industry grew a robust 26% in the Chart 1 – Mutual fund net flows and AUM trend
fiscal year ended March 2018 (fiscal 2018) according to the 24 2.0
Association of Mutual Funds in India (AMFI). Average assets
22 1.5
under management (AUM), excluding fund of funds,

Qtrly Avg AUM Rs trillion

20 1.0

Net flows Rs trillion

increased by Rs 4.75 trillion to Rs 23.05 trillion in fiscal 2018
following similar absolute growth in the preceding fiscal. 18 0.5
Equity funds were the key drivers of industry growth. On a
16 0.0
quarterly basis, however, growth in average AUM slowed to
3% (or Rs 676.08 billion) in Q4 fiscal 2018 compared with 14 -0.5

6.8% (or Rs 1.43 trillion) in the quarter before. 12 -1.0

Mar-16

Mar-17

Mar-18
Dec-16
Dec-15

Dec-17
Jun-16

Sep-16

Jun-17

Sep-17
Equity funds continued to be investors’ favourites as
reflected in the inflows trend. The category saw progressive Net flows (Rs trillion) Industry AUM (Rs trillion)
increase in inflows: Rs 2.85 trillion in fiscal 2018, Rs 1.31 Source – AMFI
trillion in fiscal 2017, Rs 1.02 trillion in fiscal 2016 and Rs 831
billion in fiscal 2015. Robust inflows clubbed with mark-to- Table 1 – Category-wise average AUM (Rs billion)
market (MTM) gains prompted assets to cross the Rs 10 1 yr
trillion mark, up 62.7%, or by Rs 3.95 trillion, to a new high of Jan-Mar Oct-Dec Absolute % % change
Mutual fund category
Rs 10.25 trillion in fiscal 2018. On a quarterly basis, the 2018 2017 Change change (fiscal
2018)
category’s assets increased 8.73%, or by Rs 824 billion. The
Equity* 10253.75 9430.12 823.63 8.73 62.70
equity market - represented by Nifty 50 - gained 10.25% in
Liquid/money market 4607.67 4176.81 430.85 10.32 15.85
the fiscal but fell around 4% in Q4.
Debt** 6869.54 7563.81 -694.28 -9.18 4.97
Most debt funds posted subdued growth in the fiscal as Fixed maturity plans
1228.42 1114.99 113.44 10.17 -10.09
interest rate uncertainty weighed on the underlying (FMPs)

instruments. AUM growth in shorter duration funds such as Infrastructure debt

19.24 17.56 1.69 9.60 34.37
short-term debt and ultra short-term funds slowed to 2% and fund

6% to Rs 2.78 trillion and Rs 2.10 trillion, respectively, in Gold ETFs 48.59 49.56 -0.96 -1.95 -13.88

fiscal 2018 following robust growth of 81% and 49% in the Others 24.90 23.19 1.72 7.40 -44.35

preceding year. Among longer duration funds, income funds’ Total 23052.12 22376.03 676.08 3.02 25.93
* Includes equity-oriented funds, balanced funds and ETFs other than gold
assets posted modest growth of 8.2% to Rs 1.18 trillion in
ETFs
fiscal 2018, while gilt funds’ assets fell 2.3% to Rs 155 billion. ** Includes long-term, gilt, short-term, ultra short-term and other debt-
However, liquid funds were an exception and maintained oriented funds

steady growth of 16% in fiscal 2018 to reach an asset base of Source - CRISIL Mutual Fund Database

Rs 4.61 trillion following 23% growth in the preceding fiscal.

Of the 41 fund houses (including infrastructure debt funds)
The last quarter of the fiscal was harder hitting with assets of
debt oriented funds (except liquid funds) witnessing an that have declared average AUM, 12 witnessed a fall in the

erosion of 9% on a consolidated basis. quarter and six posted a fall in fiscal 2018. The industry
continued to be highly concentrated, with the share of the
Investors continued to withdraw money from gold exchange top five and top 10 fund houses almost unchanged at 57.1%
traded funds (ETFs) for the fifth consecutive fiscal. The and 80.81%, respectively.
category’s average AUM fell 13.88%, or by Rs 7.83 billion, to
Rs 48.59 billion owing to outflows of Rs 8.35 billion. On a
quarterly basis, too, assets fell nearly 2%. International gold
prices rose 2% in the quarter and 6.3% in the year ended
March 2018.

1
ICICI Prudential Mutual Fund continued to be the industry ● Sebi asked mutual fund houses to prominently disclose
leader in terms of assets managed in fiscal 2018. Its assets daily the total expenses they charge customers for all
grew 25.84%, or by Rs 628 billion, on-year to Rs 3.06 trillion. schemes under a separate head on their websites.
HDFC Mutual Fund came second with a rise of Rs 634 billion
● Sebi said the new framework with regard to tenure of
or 26.72% to Rs 3.01 trillion. Aditya Birla Sun Life Mutual independent trustees as well as directors will be
Fund was in the third position with Rs 2.48 trillion, up by Rs complied with in a phased manner within two years,
525 billion or 26.91%. Assets of HDFC Mutual Fund and ICICI which will ensure smooth transition at fund houses.
Prudential Mutual Fund rose the highest in absolute terms.
● AMFI issued a list of stocks based on their market
capitalisation for mutual funds.
Major regulations and developments
● The Pension Fund Regulatory and Development Authority
● Securities and Exchange Board of India (Sebi) reduced
(PFRDA) allowed partial withdrawal under the National
the number of cities where mutual fund houses can pay
Pension System for purchase of residential premises,
higher distribution fees to brokers. Earlier, fund houses
treatment of critical illness, higher education and
could pay additional brokerage only beyond the top 15
marriage of children.
cities. Now, they can pay additional brokerage only
● Employees Provident Fund Organisation (EPFO) lowered
beyond top 30 cities, thereby reducing the number of
the rate of interest on employees provident fund to
cities.
8.55% for its subscribers for 2017-18 from 8.65% in the
● The Sebi board approved the proposal to reduce the
previous fiscal.
maximum additional expense allowed for a mutual fund
● BSE launched a paperless e-mandate facility on its
to 5 basis points (bps) from 20 bps.
mutual fund platform.
● Sebi finalised norms for allowing mutual funds and
● BSE Star decided to charge a nominal fee on 26 asset
portfolio management services to participate in
management companies for using its services.
commodity derivatives.
● Punjab National Bank signed an agreement with
● Sebi is considering allowing ETFs based on metals such
Principal Financial Group to sell its stake in their mutual
as silver and platinum to encourage participation of
fund joint venture for an undisclosed sum.
retail and institutional investors in these instruments.

2
 OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices However, further losses were prevented after the central
Quarter ended Year ended government reduced its additional borrowing plan for fiscal
Index Mar-18 Mar-18 2018 by Rs 300 billion to Rs 200 billion and announced a
(% change) (% change) lower-than-expected borrowing programme for the first half
Nifty 50 -3.96 10.25 of fiscal 2019. Sentiments got a boost after the GST Council
Nifty 100 -4.61 10.68 reduced tax rates on 29 goods and 53 categories of services,
Nifty IT Index 7.25 16.89 and after the International Monetary Fund said India will
Nifty FMCG -2.70 10.98 regain the title of the world’s fastest growing major economy
Nifty Bank -5.00 13.15 in 2018-19. Inflows by foreign institutional investors (FIIs)
Nifty Energy Index -7.26 13.44 into domestic equities coupled with some encouraging
Nifty Infrastructure -8.49 7.49 domestic corporate earnings induced more buying. FIIs
Nifty Auto -9.89 9.53 bought equities worth Rs 139 billion in the March quarter
Nifty Commodities -9.96 6.40 compared with buying of Rs 164 billion in the previous
Nifty Metal -10.85 13.43 quarter. Value buying in beaten-down stocks, release of
Nifty Midcap 100 Index -11.25 9.07 strong domestic growth and industrial output data, and

Nifty Pharma -13.12 -19.72 easing of inflation supported the benchmarks further.

Nifty Smallcap 100 Index -14.31 11.56

Most NSE sectoral indices ended lower in the quarter. Nifty
Nifty Realty -15.23 36.80
PSU Bank declined around 22% owing to a recent bank fraud.
Sectoral indices sorted on three-month returns
Source - NSE
Heavy selling pressure was also witnessed in realty shares.
Nifty Realty lost about 15%. Metal stocks witnessed heavy
Indian equity indices declined in the quarter ended March; selling due to imposition of import tariffs by the US on steel
benchmark Nifty 50 lost around 4%. The following and aluminium from China and other countries. Nifty Metal
developments dented market sentiment: a) the central dipped around 11%. Meanwhile, information technology
government unveiled a proposal to levy 10% long-term firms surged following encouraging earning numbers from
capital gains (LTCG) tax on equity investments in the Union some of the index majors and a depreciating rupee. Nifty IT
Budget and also raised the fiscal deficit target for 2017-18 to Index jumped 7.3%.
3.5% of GDP from 3.2%; b) a public sector bank unearthed a
Chart 2 – Mutual fund daily investments & Nifty movement
fraud of around $1.8 billion at one of its branches in Mumbai;
11300 55
FII/ MF Daily Net Equity Investments

c) the RBI’s decided to bar lenders from issuing Letters of

11100
Undertaking and Letters of Comfort; d) the rupee 35
10900
depreciated; e) the current account deficit widened to 2% of 10700
Rs. billion

15
the GDP at $13.5 billion in the December quarter; and f)
Nifty 50

10500
renewed domestic political uncertainty after the Telugu 10300 -5
Desam Party decided to quit the National Democratic 10100

Alliance and moved a no-confidence motion against the 9900 -25

15-Jan-18

24-Jan-18
28-Dec-17

6-Jan-18

1-Mar-18
11-Feb-18

20-Feb-18

28-Mar-18
2-Feb-18

10-Mar-18

19-Mar-18

government. Discouraging global cues included: a) a rate hike

by the US Federal Reserve and as it maintained its view on
three hikes this year; b) prospects of a global trade war, FII Daily Net Equity Investments
MF Daily Net Equity Investments
especially between the US and China; and c) sell-off in US Nifty 50
technology firms amid concerns about tighter regulations for Source - SEBI, NSE

the technology industry.

3
Debt market overview
Interbank call money rates remained below the repo rate for borrowing for fiscal 2018 from Rs 500 billion to Rs 200 billion
most of the quarter amid comfortable liquidity in the banking and also moved to ease debt supply burden in the first six
system. Surplus funds prompted the RBI to conduct reverse months of FY19 by deciding to borrow Rs 2.88 trillion via sale
repo auctions to drain away excess liquidity. However, some of dated securities during April-September, which is about
stress was witnessed in the call rates market owing to Goods 48% of its annual borrowing plan, and lower than the
and Services tax (GST)-related outflows. Meanwhile, the corresponding figure in prior years. More gains were seen
central bank will soon have greater flexibility in terms of following moderation in domestic consumer inflation and
managing liquidity operations with the addition of one more sporadic value buying. Sentiment was boosted for dated
tool – Standing Deposit Facility Scheme. securities after the RBI said it will inject additional Rs 1
trillion through longer tenor instruments to enable flexibility
Government bond prices ended lower in the March quarter
towards meeting fund needs in March-end.
amid high volatility, with yield on the 10-year benchmark

Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

9.50% 7.90%
9.00% 7.70%

8.50% 7.50%

8.00% 7.30%

7.50% 7.10%

7.00% 6.90%
6.70%
6.50%
6.50%
6.00%
6.30%
5.50%

23-Oct-17
29-Mar-17

02-Mar-18

28-Mar-18
09-Jan-18
15-Jun-17

11-Jul-17

06-Aug-17

18-Nov-17

14-Dec-17
01-Sep-17

27-Sep-17
20-May-17

04-Feb-18
24-Apr-17
29-Mar-17

19-Jul-17

28-Feb-18

28-Mar-18
26-Apr-17

11-Oct-17

08-Nov-17

06-Dec-17
16-Aug-17

13-Sep-17
24-May-17

21-Jun-17

03-Jan-18

31-Jan-18

Source – FIMMDA Source - CRISIL Fixed Income Database

7.17% 2028 paper ending at 7.40% on March 28, 2018 Key developments in the quarter:
compared with 7.33% on December 29, 2017. Gilts took a hit
● The Ministry of Finance notified that PSB
earlier amid fears of an interest rate hike by the central bank.
recapitalisation bonds - the bonds that are split into six
Sentiments were dented further after comments by RBI
instalments - will bear interest rates between 7.35% and
Deputy Governor Viral Acharya suggested that the central
7.68% and will mature between 2028 and 2033.
bank will not take measures to reduce mark-to-market
losses suffered by some banks recently on their bond ● The government decided that the EPFO will be mandated
portfolios. However, in April, the RBI allowed banks to spread to invest a minimum of 20% of its incremental corpus in
bond trading losses over four quarters. Intermittent rise in US debt-related instruments, against the present
Treasury yields and global crude oil prices also weighed on requirement of 35%.
gilts. Prices dipped following the budget announcement as a ● Further, it asked PSBs to seek its permission before
sharp hike in MSP of crops and a rise in the government's floating additional tier-1 bonds.
rural spending stoked fears of an increase in domestic
● The RBI and Sebi created a separate Rs 50 billion limit
inflation in the near term. Gilts declined further after the
for foreign investors in the interest rate futures segment.
government revised the fiscal deficit to 3.3% of GDP for FY19,
deviating from the fiscal glide path, and setting the target at ● Sebi made electronic platform mandatory for all private
a higher 3.5% for fiscal 2018. However, losses were capped placement issues on debt basis that have a threshold of
after the government decided to reduce its additional market Rs 2 billion.

4
Aligning CMFR with Sebi categorisation
Owing to the circular on categorisation /rationalisation of mutual fund schemes as prescribed by the Securities and Exchange
Board of India (Sebi), CRISIL has aligned CRISIL Mutual Fund Ranking (CMFR) with the new scheme categorisation. In doing so,
we have introduced new ranking categories in the March 2018 quarter ranking. Also, certain changes have been made in the
scheme shortlisting criteria and scheme ranking criteria for some of the categories.

On aligning with the Sebi circular, the number of categories being ranked under CMFR have been increased from 14 to 24.

Equity categories Debt categories Hybrid categories

Large cap Gilt Aggressive hybrid
Large & mid cap Banking & PSU Conservative hybrid
Multi cap Credit risk
Mid cap Corporate bond
Small cap Dynamic bond
Value fund Medium to long
Focused Medium duration
ELSS Short duration
Infrastructure Money market
Index/ETF Low duration
Ultra short duration
Liquid

Please refer to annexures for details:

● Annexure I – Selection criteria for schemes in CMFR

● Annexure II – CRISIL Mutual Fund Ranking – Methodology

● Annexure III – Exclusion list

5
CRISIL mutual fund categories
Equity funds Debt Funds

1. Large Cap funds 13. Gilt funds

2. Large & Mid Cap funds 14. Banking & PSU funds

3. Multi Cap funds 15. Credit Risk funds

4. Mid Cap funds 16. Corporate Bond funds

5. Small Cap funds 17. Dynamic Bond funds

6. Value/Contra funds 18. Medium to Long Duration funds

7. Focused funds 19. Medium Duration funds

8. Thematic - Infrastructure funds 20. Short Duration funds

9. Equity Linked Savings Schemes (ELSS) 21. Money Market funds

10. Index funds 22. Low Duration funds

23. Ultra Short Duration funds

Hybrid funds 24. Liquid funds

11. Aggressive Hybrid funds

12. Conservative Hybrid funds

CRISIL Mutual Fund Ranking category definitions

Rankings category
CRISIL Fund Rank 1
CRISIL Fund Rank 2
CRISIL Fund Rank 3
CRISIL Fund Rank 4
CRISIL Fund Rank 5
Interpretation
Very good performance
Good performance
Average performance
Below average performance
Relatively weak performance

If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for
CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th
percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.

6
Large Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility Industry Company
Large Cap funds Rank - Rank - Return - Return - Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg Dir
Weightages 55% 25% 10% 5% 5%
ICICI Prudential Bluechip Fund 1 1 1 1 3 3 3 3 4
SBI Blue Chip Fund 1 2 2 2 2 2 1 1 5

HSBC Large Cap Equity Fund 2 3 2 3 4 4 4 5 1

Indiabulls Bluechip Fund 2 1 2 1 4 4 1 4 3

EQUITY FUNDS
Reliance Large Cap Fund 2 2 1 2 4 4 3 2 4

Aditya Birla Sun Life Frontline Equity

3 3 3 3 3 3 3 1 5
Fund
Axis Bluechip Fund 3 2 3 2 2 3 5 4 3
HDFC Top 100 Fund 3 3 3 3 5 5 4 3 3
Kotak Bluechip Fund 3 3 3 3 3 3 2 3 2
Tata Large Cap Fund 3 3 4 3 3 2 2 4 2
UTI Mastershare Unit Scheme 3 3 3 3 2 2 3 3 4

BNP Paribas Large Cap Fund 4 4 4 4 3 3 3 3 3

DSP BlackRock Top 100 Equity Fund 4 4 3 4 5 5 5 5 3
Franklin India Bluechip Fund 4 4 4 4 1 1 2 3 3

IDBI India Top 100 Equity Fund 5 5 5 5 3 3 3 2 1

JM Large Cap Fund 5 5 5 5 1 1 4 2 2

7
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility - Volatility - Industry Company
Large & Mid Cap funds Rank - Rank - Return - Return - Liquidity
Reg Dir Concentration Concentration
Reg Dir Reg Dir

Weightages 55% 25% 10% 5% 5%

Invesco India Growth Opportunities

1 1 1 1 2 2 4 4 1
Fund

Principal Emerging Bluechip Fund 1 1 1 1 5 5 1 1 4

DSP BlackRock Equity

2 2 2 2 3 3 3 2 3
Opportunities Fund

Mirae Asset Emerging Bluechip

2 3 2 3 4 4 2 3 5
Fund
Sundaram Large & Mid Cap Fund 2 2 2 2 1 1 2 3 2

Aditya Birla Sun Life Equity

3 3 3 3 4 4 3 3 4
Advantage Fund
Canara Robeco Emerging Equities 3 3 3 3 4 4 1 2 3

IDFC Core Equity Fund 3 2 3 2 3 3 2 1 3

Kotak Equity Opportunities Fund 3 3 3 3 3 3 3 3 3
L&T Large and Midcap Fund 3 3 3 3 3 3 3 2 3
SBI Large & Midcap Fund 3 3 3 3 3 3 3 4 4
UTI Top 100 Fund 3 3 3 3 2 2 3 3 2

Franklin India Equity Advtange

4 4 4 4 1 1 4 4 3
Fund

HDFC Growth Opportunities Fund 4 5 4 5 3 3 5 5 1

ICICI Prudential Large & Mid Cap
4 4 4 4 2 2 3 3 3
Fund

Reliance Vision Fund 5 5 5 5 5 5 5 5 5

Tata Large & Mid Cap Fund 5 4 5 4 3 3 4 3 2

8
Multi Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Active Active
Mar 18 Volatility- Volatility- Industry Company
Multi Cap funds Rank- Return- Return- Liquidity
Rank- Dir Reg Dir Concentration Concentration
Reg Reg Dir

Weightages 55% 25% 10% 5% 5%

Motilal Oswal Multicap 35 Fund 1 1 1 1 4 4 5 5 4

Principal Multi Cap Growth
1 1 1 1 5 5 2 1 1
Fund

Aditya Birla Sun Life Equity

2 2 2 2 3 3 3 2 3
Fund

Kotak Standard Multicap Fund 2 2 2 2 2 2 5 3 4

Mirae Asset India Equity Fund 2 2 2 2 3 3 4 4 2
SBI Magnum MultiCap Fund 2 2 2 2 2 2 3 1 3

Canara Robeco Equity

3 4 4 4 3 3 3 4 1
Diversified
DSP BlackRock Equity Fund 3 3 3 3 4 4 2 2 3
HSBC Multi Cap Equity Fund 3 3 3 4 4 4 4 4 2
ICICI Prudential Multicap Fund 3 3 3 3 1 1 1 3 3

L&T Equity Fund 3 3 3 3 3 3 3 3 2

UTI Equity Fund 3 3 3 3 2 2 4 3 3

Baroda Pioneer Multi Cap Fund 4 4 5 5 3 3 3 3 2

BNP Paribas Multi Cap Fund 4 3 4 3 3 3 1 2 3
Franklin India Equity Fund 4 4 4 4 1 1 2 4 4
HDFC Equity Fund 4 4 3 3 5 5 4 5 4

IDFC Multi Cap Fund 5 5 5 5 2 2 2 2 5

Reliance Multicap Fund 5 5 4 4 4 4 3 3 5

9
Mid Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility Industry Company
Mid Cap funds Rank - Rank - Return - Return - Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg Dir

Weightages 55% 25% 10% 5% 5%

Kotak Emerging Equity 1 1 1 1 1 1 4 3 3

L&T Midcap Fund 1 1 1 1 3 3 1 1 2

DSP BlackRock Midcap Fund 2 2 2 2 3 3 2 3 3

Franklin India Prima Fund 2 2 3 3 1 1 2 3 4
ICICI Prudential MidCap Fund 2 2 2 2 4 4 1 4 2

Aditya Birla Sun Life Midcap Fund 3 3 3 3 3 3 2 2 2

Axis Midcap Fund 3 3 3 3 2 2 5 5 3

HDFC Mid-Cap Opportunities Fund 3 3 2 2 2 2 4 2 5
Reliance Growth Fund 3 3 3 3 5 5 3 1 4

Sundaram Mid Cap Fund 3 3 3 3 3 3 3 2 5

BNP Paribas Mid Cap Fund 4 4 5 4 3 3 3 3 1

Tata Mid Cap Growth Fund 4 4 4 4 4 4 3 3 1
UTI Mid Cap Fund 4 4 4 4 4 4 3 4 3

Motilal Oswal Midcap 30 Fund 5 5 5 5 5 5 5 5 3

SBI Magnum Midcap Fund 5 5 4 5 2 2 4 4 4

10
Small Cap funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean
Volatility Volatility Industry Company
Small Cap funds Rank - Rank - Return - Return - Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg Dir

Weightages 55% 25% 10% 5% 5%

HDFC Small Cap Fund 1 1 2 2 2 2 1 3 3

L&T Emerging Businesses Fund 2 2 2 2 3 3 2 2 3

SBI Small Cap Fund 2 2 1 1 3 3 5 5 4

Aditya Birla Sun Life Small Cap

3 3 3 3 3 3 2 3 2
Fund

Franklin India Smaller

3 3 3 3 1 1 3 2 3
Companies Fund
Kotak Small Cap Fund 3 3 4 4 2 2 4 3 1
Reliance Small Cap Fund 3 3 3 3 4 4 3 1 4

DSP BlackRock Small Cap Fund 4 4 4 4 3 3 3 3 5

HSBC Small Cap Equity Fund 4 4 3 3 5 5 4 4 2

Sundaram Small Cap Fund 5 5 5 5 4 4 3 4 3

11
Value / Contra funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility - Industry Company
Value / Contra Funds Rank - Rank - Return Return - Liquidity
- Reg Dir Concentration Concentration
Reg Dir - Reg Dir
Weightages 55% 25% 10% 5% 5%
Tata Equity PE Fund 1 2 1 2 3 3 3 3 2

HDFC Capital Builder Value Fund 2 2 3 3 1 1 3 3 3

Invesco India Contra Fund 2 1 2 1 3 3 3 3 3

Aditya Birla Sun Life Pure Value Fund 3 3 3 3 5 5 2 2 3

IDFC Sterling Value Fund 3 3 2 2 3 3 1 1 4
L&T India Value Fund 3 3 3 3 3 3 2 2 3
Reliance Value Fund - Equity 3 3 3 3 4 4 3 3 5
Templeton India Value Fund 3 3 3 3 4 4 5 5 1

SBI Contra Fund 4 4 4 4 3 3 4 3 3

UTI Value Opportunities Fund 4 3 4 3 2 2 4 4 2
Quantum Long Term Equity Value Fund* NA 4 NA 4 NA 3 3 4 1

ICICI Prudential Value Discovery Fund 5 5 5 5 2 2 3 4 4

* As regular plan of the Quantum Long Term Equity Fund has not completed three years, only direct plan is ranked.

12
Focused funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Active Active
Volatility Volatility Industry Company
Focused Funds Rank - Rank - Return - Return Liquidity
- Reg - Dir Concentration Concentration
Reg Dir Reg - Dir

Weightages 55% 25% 10% 5% 5%

IDFC Focused Equity Fund 1 1 1 1 3 3 2 2 3

Axis Focused 25 Fund 2 2 2 2 3 3 4 3 3

Sundaram Select Focus 2 2 3 3 1 1 3 3 2

Aditya Birla Sun Life Focused

3 3 3 3 2 2 3 2 2
Equity Fund
DSP BlackRock Focus Fund 3 4 3 4 3 3 3 3 3

HDFC Focused 30 Fund 3 3 3 3 5 5 2 4 3

ICICI Prudential Focused Equity
3 3 4 4 3 3 3 5 1
Fund

Motilal Oswal Focused 25 Fund 3 3 3 3 3 3 5 4 3

SBI Focused Equity Fund 3 3 2 2 2 2 3 3 5

Franklin India Focused Equity

4 4 3 3 3 3 3 3 4
Fund

Reliance Focused Equity Fund 4 3 4 3 4 4 1 1 4

IIFL Focused Equity Fund 5 5 5 5 4 4 4 3 3

13
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean
Volatility Volatility - Industry Company
Thematic - Infrastructure funds Rank - Rank - Return - Return - Liquidity
- Reg Dir Concentration Concentration
Reg Dir Reg Dir

Weightages 55% 25% 10% 5% 5%

DSP BlackRock Natural Resources

1 1 1 1 4 4 5 5 1
and New Energy Fund
IDFC Infrastructure Fund 1 1 2 1 4 4 1 2 3

Kotak Infrastructure and Economic

2 2 3 2 1 1 3 2 3
Reform Fund

L&T Infrastructure Fund 2 2 1 2 3 3 2 2 3

Reliance Power & Infra Fund 2 2 2 2 4 4 5 4 5

Aditya Birla Sun Life Infrastructure

3 3 3 3 3 3 1 1 2
Fund
DSP BlackRock India T.I.G.E.R. Fund 3 3 3 3 3 3 4 3 3
Franklin Build India Fund 3 3 3 3 2 2 3 4 1
Sundaram Infrastructure Advantage
3 3 2 3 3 3 3 1 4
Fund
Tata Infrastructure Fund 3 3 4 4 1 1 3 3 2

ICICI Prudential Infrastructure Fund 4 4 4 4 2 2 2 3 3

SBI Infrastructure Fund 4 4 3 3 2 2 4 5 4
UTI Infrastructure Fund 4 4 5 5 3 3 2 3 2

HDFC Infrastructure Fund 5 5 5 5 5 5 4 4 5

HSBC Infrastructure Equity Fund 5 5 4 4 5 5 3 3 4

14
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean
Volatility Volatility Industry Company
Equity Linked Savings Scheme (ELSS) Rank - Rank - Return Return Liquidity
- Reg - Dir Concentration Concentration
Reg Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

IDFC Tax Advantage (ELSS) Fund 1 1 1 1 4 4 1 1 3

Motilal Oswal Long Term Equity Fund 1 1 1 1 3 3 5 5 2

Aditya Birla Sun Life Tax Relief 96 2 2 2 2 2 2 2 4 5

Invesco India Tax Plan 2 2 2 2 2 2 3 4 1
L&T Tax Advantage Fund 2 2 2 2 3 3 2 2 3
Tata India Tax Savings Fund 2 2 2 2 4 4 2 2 2

Axis Long Term Equity Fund 3 3 3 3 2 2 4 4 4

Canara Robeco Equity Tax Saver 3 3 4 4 3 3 3 3 2
DSP BlackRock Tax Saver Fund 3 3 3 3 4 4 4 2 3

ICICI Prudential Long Term Equity Fund

3 3 3 3 1 1 2 3 4
(Tax Saving)

Kotak Tax Saver Scheme 3 3 4 3 3 3 3 3 3

Sundaram Diversified Equity 3 3 3 3 4 4 1 1 3
UTI Long Term Equity Fund (Tax Saving) 3 3 3 3 3 3 3 3 1

Franklin India Taxshield Fund 4 4 4 4 1 1 4 3 2

HDFC Tax Saver Fund 4 4 3 4 5 5 3 4 4

IDBI Equity Advantage Fund 4 4 3 3 2 2 5 5 4
SBI Magnum Tax Gain Scheme 4 4 5 5 3 3 3 2 3

BNP Paribas Long Term Equity Fund 5 5 5 5 3 3 3 3 3

Reliance Tax Saver Fund 5 5 4 4 5 5 4 3 5

15
Index funds (Cluster ranks are arranged alphabetically)
Index funds Mar 18 Rank - Reg Mar 18 Rank - Dir

Weightages

Kotak Nifty ETF 1 1

ICICI Prudential Nifty ETF 2 2

Reliance ETF Nifty BeES 2 2
SBI Nifty Index Fund 2 3

Franklin India Index Fund - NSE Nifty Plan 3 3

HDFC Index Fund - Nifty 50 Plan 3 3
ICICI Prudential Nifty Index Fund 3 3
IDBI Nifty Index Fund 3 2
IDFC Nifty Fund 3 3
UTI Nifty Index Fund 3 3

Aditya Birla Sun Life Index Fund 4 4

Aditya Birla Sun Life Nifty ETF 4 4
Reliance Index Fund - Nifty Plan 4 4

SBI - ETF SENSEX 5 5

ETFs, which have only single option, have been ranked in both regular & direct categories

16
Aggressive Hybrid (Cluster ranks are arranged alphabetically)
Industry
Mar 18 Mar 18 Mean Mean Concentration Debt
Volatility Volatility Company Debt Equity
Aggressive Hybrid Funds Rank - Rank - Return Return / Exposure to Asset
- Reg - Dir Concentration Liquidity Liquidity
Reg Dir - Reg - Dir Sensitive Quality
Sector*

5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)

Principal Hybrid Equity

1 1 1 1 5 5 2 1 3 3 1
Fund

Canara Robeco Equity

2 2 3 3 3 3 2 4 1 1 2
Debt Allocation Fund

HDFC Hybrid Equity Fund 2 2 2 2 3 3 3 4 3 3 4

ICICI Prudential Equity &
2 2 2 2 3 3 1 3 2 3 4
Debt Fund

Aditya Birla Sun Life

3 3 3 3 4 4 4 2 3 2 3
Equity Hybrid 95 Fund
Franklin India Equity
3 3 4 4 1 1 5 3 4 4 2
Hybrid Fund
Kotak Equity Hybrid 3 3 4 3 2 2 2 2 5 3 3

HYBRID FUNDS
L&T Hybrid Equity Fund 3 3 3 3 3 3 3 3 2 2 4
Reliance Equity Hybrid
3 3 2 2 4 4 4 5 4 5 3
Fund
SBI Equity Hybrid Fund 3 3 3 3 2 2 3 3 3 4 5

DSP BlackRock Equity &

4 4 3 3 4 4 3 3 3 3 3
Bond Fund
JM Equity Hybrid Fund 4 4 4 5 2 2 3 2 4 4 2
UTI Hybrid Equity Fund 4 4 3 4 3 3 4 3 3 3 3

Tata Hybrid Equity Fund 5 5 5 4 3 3 3 4 2 2 3

K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio

17
Conservative Hybrid (Cluster ranks are arranged alphabetically)
Industry
Mar 18 Mar 18 Mean Mean Concentration Debt
Conservative Volatility Volatility Company Debt Equity Modified
Rank - Rank - Return Return / Exposure to Asset
Hybrid Funds - Reg - Dir Concentration Liquidity Liquidity Duration
Reg Dir - Reg - Dir Sensitive Quality
Sector*
7.5%
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
*(100-K)
IDFC Regular
1 1 4 4 3 3 1 2 1 1 3 3
Savings Fund
UTI Regular Savings
1 1 2 2 3 3 3 2 3 3 3 4
Fund

Aditya Birla Sun Life

Regular Savings 2 2 2 1 5 5 4 4 2 2 3 3
Fund
BOI AXA
2 3 1 1 2 2 5 5 4 5 2 2
Conservative Hybrid
Sundaram Debt
Oriented Hybrid 2 2 3 3 3 3 2 3 3 3 3 2
Fund

Axis Regular Saver

3 3 3 3 3 3 3 3 2 3 2 1
Fund
DSP BlackRock
Regular Savings 3 3 2 3 3 3 3 2 3 4 3 3
Fund
HSBC Regular
3 3 5 5 4 4 3 3 1 1 2 5
Savings Plan
ICICI Prudential
Regular Savings 3 4 1 2 4 4 5 3 5 3 4 3
Fund
Kotak Debt Hybrid 3 3 3 2 4 4 1 4 4 3 4 3
SBI Debt Hybrid
3 3 3 3 1 1 4 1 3 5 5 4
Fund

BNP Paribas
Conservative Hybrid 4 2 4 3 1 1 3 5 3 4 3 1
Fund
Canara Robeco
4 4 5 5 3 3 2 3 2 2 1 4
Income Saver Fund
Franklin India Debt
4 4 4 4 2 2 3 1 3 4 1 2
Hybrid Fund

HDFC Hybrid Debt

5 5 3 4 5 4 4 3 4 2 4 5
Fund
Reliance Hybrid
5 5 3 3 2 2 2 4 5 3 5 3
Bond Fund

K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio

18
Gilt funds (Cluster ranks are arranged alphabetically)
Mar 18 Mean Mean
Mar 18 Volatility Volatility Modified
Gilt Funds Rank - Return - Return - Liquidity
Rank - Dir - Reg - Dir Duration
Reg Reg Dir

Weightages 50% 25% 10% 15%

Edelweiss Government Securities Fund 1 1 3 3 1 1 1 3

Reliance Gilt Securities Fund 1 2 1 1 3 3 3 3

Canara Robeco Gilt 2 2 3 3 3 3 3 2

DHFL Pramerica Gilt Fund 2 2 2 3 1 1 1 5
L&T Gilt 2 1 3 1 3 3 3 1

Aditya Birla Sun Life Government Securities Fund 3 3 2 2 4 4 3 3

DSP BlackRock Govt Sec Fund 3 3 3 4 3 3 5 2
ICICI Prudential Gilt Fund 3 3 2 2 5 5 4 3
SBI Magnum Gilt Fund 3 3 3 3 3 3 3 4
Tata Gilt Securities Fund 3 3 4 3 4 4 4 1
UTI Gilt Advantage Fund - Long Term Plan 3 3 1 2 3 3 2 3

HDFC Gilt Fund 4 4 3 4 2 2 2 5

IDFC G Sec Fund - Investment Plan 4 4 4 4 2 2 4 3
Kotak Gilt - Investment 4 4 4 3 4 4 3 4

Franklin India Government Securities Fund 5 5 5 5 5 5 5 2

LIC MF G-Sec Fund 5 5 5 5 2 2 2 4

DEBT FUNDS

19
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Banking and PSU funds Rank - Rank - Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir - Reg - Dir
Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Axis Banking & PSU Debt Fund 1 1 1 1 1 1 1 3 3 1 3

DSP BlackRock Banking & PSU Debt

2 2 5 5 3 3 1 1 2 3 2
Fund
L&T Banking and PSU Debt Fund 2 2 2 2 2 3 1 4 1 2 2

Edelweiss Banking and PSU Debt

3 3 3 3 3 3 1 4 3 3 4
Fund
IDFC Banking & PSU Debt Fund 3 3 3 3 3 3 1 3 3 3 3
Kotak Banking and PSU Debt Fund 3 3 3 3 4 4 4 3 4 4 3
Reliance Banking & PSU Debt Fund 3 3 4 4 4 4 1 2 3 3 3

Sundaram Banking & PSU Debt Fund 3 3 3 4 3 3 1 3 2 4 1

DHFL Pramerica Banking & PSU Debt

4 4 4 3 3 2 1 2 4 3 4
Fund
UTI-Banking & PSU Debt Fund 4 4 2 3 2 2 5 5 3 2 3

HDFC Banking & PSU Debt Fund 5 5 3 2 5 5 4 3 5 5 5

20
Credit Risk funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Credit Risk funds Rank - Rank - Return Return - Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir - Reg Dir
Sector

Weightages 50% 10% 5.0% 5% 10% 5% 15%

L&T Credit Risk Fund 1 2 4 4 2 2 1 1 2 2 3

DHFL Pramerica Credit

2 2 2 2 4 4 3 1 2 4 2
Risk Fund
Kotak Credit Risk Fund 2 1 3 3 3 3 2 1 3 2 2
UTI Income Opportunities
2 2 3 3 2 2 3 1 2 2 3
Fund

Aditya Birla Sun Life

3 3 2 2 3 3 4 1 4 3 3
Credit Risk Fund
BOI AXA Credit Risk Fund 3 5 1 1 3 3 4 5 5 3 4
DSP BlackRock Credit
3 3 4 5 4 4 2 4 3 4 3
Risk Fund

Franklin India Credit Risk

3 3 2 2 2 2 3 1 4 3 4
Fund

IDFC Credit Risk Fund 3 3 5 4 4 4 3 1 1 4 2

ICICI Prudential Credit

4 4 3 3 1 1 4 1 4 1 5
Risk Fund

Reliance Credit Risk Fund 4 4 3 3 3 3 5 1 3 3 3

SBI Credit Risk Fund 4 3 3 3 3 3 3 1 3 3 4

HDFC Credit Risk Debt

5 4 4 4 5 5 2 1 3 5 1
Fund

21
Corporate Bond funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Corporate Bond funds Rank - Rank - Return Return - Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
Reg Dir - Reg Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Kotak Corporate Bond

1 1 2 2 1 1 1 5 3 1 4
Fund

HDFC Corporate Bond

2 2 3 4 4 4 1 1 2 4 1
Fund
Reliance Prime Debt
2 2 1 1 2 2 4 1 4 2 4
Fund

Aditya Birla Corporate

3 3 3 3 3 3 1 2 4 3 3
Bond Fund

ICICI Prudential
3 3 2 3 3 3 1 3 3 4 3
Corporate Bond Fund
IDFC Corporate Bond
3 3 4 3 3 3 1 4 2 3 2
Fund

DHFL Pramerica
4 4 4 4 4 4 1 3 3 3 2
Premier Bond Fund

Tata Corporate Bond

4 4 3 2 2 2 5 3 5 2 5
Fund

Sundaram Corporate
5 5 5 5 5 5 1 4 1 5 3
Bond Fund

22
Dynamic Bond funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean Exposure to
Volatility Volatility Modified Company Asset
Dynamic Bond Funds Rank - Rank - Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Reg Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Dynamic Bond Fund 1 1 3 3 4 4 5 1 1 2 1

SBI Dynamic Bond Fund 1 1 3 3 3 3 4 1 3 1 2

Franklin India Dynamic

2 2 1 1 1 1 1 5 1 5 5
Accrual Fund

ICICI Prudential All

2 3 1 1 4 4 3 5 3 4 3
Seasons Bond Fund
Kotak Dynamic Bond
2 2 2 2 2 2 2 3 1 4 3
Fund

Axis Dynamic Bond Fund 3 3 2 2 2 2 3 3 3 5 4

BNP Paribas Flexi Debt
3 3 3 3 2 2 2 3 4 2 3
Fund

Canara Robeco Dynamic

3 2 3 3 5 5 3 1 5 1 1
Bond Fund
HSBC Flexi Debt Fund 3 3 5 5 3 3 4 1 2 2 2
Reliance Dynamic Bond
3 3 3 3 4 4 5 1 3 3 3
Fund
Tata Dynamic Bond Fund 3 3 3 3 3 3 1 1 4 3 2
UTI-Dynamic Bond Fund 3 3 2 2 3 3 3 4 4 3 3

DSP BlackRock Strategic

4 4 4 4 3 3 3 1 3 3 3
Bond Fund

HDFC Dynamic Debt Fund 4 4 3 3 3 3 4 4 3 3 4

Union Dynamic Bond
4 4 5 5 3 3 3 1 3 3 3
Fund

Aditya Birla Sun Life

5 5 4 4 5 5 3 4 1 4 5
Dynamic Bond Fund
Edelweiss Dynamic Bond
5 5 4 4 1 1 2 1 5 3 4
Fund Plan

23
Medium to Long Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Medium to Long Duration Volatility Volatility Modified to Company Asset
Rank - Rank - Return Return Liquidity
Funds - Reg - Dir Duration Sensitive Concentration Quality
Reg Dir - Reg - Dir
Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

Reliance Income Fund 1 1 4 3 4 4 5 1 1 1 1

ICICI Prudential Bond Fund 2 3 2 2 1 1 2 4 3 3 3

SBI Magnum Income Fund 2 2 1 1 2 2 2 1 3 5 5

Aditya Birla Sun Life Income

3 2 3 3 5 5 4 1 2 2 2
Fund
LIC MF Bond Fund 3 3 3 4 2 2 3 1 1 4 3
Tata Income Fund 3 3 3 3 3 3 1 1 5 4 2

Kotak Bond 4 4 5 4 4 4 3 1 4 3 4
UTI Bond Fund 4 4 2 2 3 3 3 5 4 3 3

HDFC Income Fund 5 5 4 5 3 3 4 4 3 2 4

24
Medium Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean Company
Volatility Volatility Modified to Asset
Medium Duration Funds Rank - Rank - Return Return Concentrat Liquidity
- Reg - Dir Duration Sensitive Quality
Reg Dir - Reg - Dir ion
Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Bond Fund - Medium

1 1 5 5 2 2 3 1 5 1 1
Term

DHFL Pramerica Medium

2 2 3 3 5 5 3 3 3 2 2
Term Fund
Franklin India Income
2 3 2 2 1 2 1 3 1 5 5
Opportunities Fund

BNP Paribas Medium Term

3 4 4 4 2 3 3 1 4 3 3
Fund

HDFC Medium Term Debt

3 3 4 4 3 3 2 1 1 2 3
Fund
Kotak Medium Term Fund 3 3 3 2 3 3 3 3 1 3 4
L&T Resurgent India Bond
3 3 3 3 4 4 4 4 3 3 2
Fund

SBI Magnum Medium

3 2 1 1 4 4 3 3 4 3 3
Duration Fund

Aditya Birla Sun Life Medium

4 4 2 3 3 3 2 4 1 4 4
Term Plan
Reliance Classic Bond Fund 4 3 3 3 3 3 5 3 1 3 3

ICICI Prudential Medium Term

5 5 3 3 3 1 4 5 1 4 3
Bond

25
Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Short Duration funds Rank - Rank - Return - Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir Reg - Dir
Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

HDFC Short Term Debt Fund 1 1 1 2 1 1 3 3 3 1 2

L&T Short Term Bond Fund 1 1 2 3 2 2 1 3 2 2 1

IDFC Bond Fund - Short Term 2 2 3 3 3 3 1 5 1 3 1

Sundaram Short Term Debt
2 2 2 2 1 1 4 1 3 1 4
Fund
Tata Short Term Bond Fund 2 2 5 4 3 3 1 1 1 3 3

Axis Short Term Fund 3 3 3 3 3 3 3 5 3 3 2

DHFL Pramerica Short
3 3 2 1 3 3 4 1 4 3 5
Maturity Fund

Invesco India Short Term

3 3 5 5 4 4 1 3 2 4 2
Fund
Kotak Bond Short Term Plan 3 3 4 4 2 2 1 3 3 2 3
Reliance Short Term Fund 3 3 3 4 5 5 1 3 3 5 3
SBI Short Term Debt Fund 3 3 3 3 3 3 1 4 3 3 3
UTI Short Term Income Fund 3 4 3 5 2 2 3 4 3 2 3

DSP BlackRock Short Term

4 4 4 3 4 4 1 3 4 3 3
Fund

Franklin India Short Term

4 4 1 1 3 3 5 1 5 4 5
Income Plan
ICICI Prudential Short Term
4 3 3 2 5 5 4 3 2 4 3
Fund

Aditya Birla Sun Life Short

5 5 3 3 4 4 5 1 5 5 4
Term Opportunities Fund
HSBC Short Duration Fund 5 5 4 3 3 3 3 4 4 3 4

26
Money Market funds (Cluster ranks are arranged alphabetically)
Mar 18 Mar 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Money Market funds Rank - Rank - Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
Reg Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Tata Money Market Fund 1 1 3 4 2 2 3 3 1 1 1

HDFC Money Market Fund 2 2 4 4 1 1 3 1 2 2 3

ICICI Prudential Money

2 2 3 3 3 3 1 3 3 3 3
Market Fund

Kotak Money Market 3 3 2 3 3 3 4 4 2 2 2

L&T Money Market Fund 3 3 1 1 4 4 4 2 5 4 5
Reliance Money Market 3 3 3 3 3 3 3 3 3 3 3
UTI Money Market Fund 3 3 3 3 2 2 3 4 3 3 3

Aditya Birla Sun Life

4 5 2 2 3 3 5 5 3 3 4
Money Manager Fund
SBI Savings Fund 4 4 4 2 4 4 2 2 4 4 4

IDFC Money Manager

5 4 5 5 5 5 2 3 4 5 2
Fund

27
Low Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Low Duration funds Rank - Rank - Return Return - Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir - Reg Dir
Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

DSP BlackRock Low Duration

1 1 3 3 3 3 1 3 1 3 1
Fund

Tata Treasury Advantage Fund 1 1 3 4 2 2 3 2 1 2 2

Invesco India Treasury

2 2 4 5 2 2 2 3 2 2 1
Advantage Fund
Reliance Low Duration Fund 2 2 3 3 3 3 3 1 2 3 3

SBI Magnum Low Duration

2 2 3 4 3 3 3 3 2 1 2
Fund
UTI Treasury Advantage Fund 2 3 3 4 1 1 2 5 2 2 2

Axis Treasury Advantage Fund 3 3 3 2 3 3 1 3 3 3 3

Baroda Pioneer Treasury

3 4 1 2 4 4 4 4 3 4 4
Advantage Fund
Canara Robeco Savings Fund 3 3 4 5 2 2 3 3 3 3 3

HDFC Low Duration Fund 3 3 5 4 4 4 3 1 3 4 3

ICICI Prudential Savings Fund 3 3 2 3 4 4 3 3 3 4 3

IDFC Low Duration Fund 3 3 2 3 3 3 4 1 3 3 3

LIC MF Savings Plus Fund 3 3 4 3 3 3 1 4 3 3 3
Sundaram Low Duration Fund 3 2 4 3 1 1 1 4 3 1 2

Aditya Birla Sun Life Low

4 3 5 3 3 3 4 1 4 3 3
Duration Fund
DHFL Pramerica Low Duration
4 4 3 2 2 2 3 4 4 2 4
Fund
Franklin India Low Duration
4 5 1 1 5 5 5 1 5 5 5
Fund
Kotak Low Duration Fund 4 4 2 1 4 4 4 3 4 4 4

L&T Low Duration Fund 5 5 3 3 5 5 3 3 5 5 5

Principal Low Duration Fund 5 4 2 2 3 3 5 5 4 3 4

28
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short Duration Funds Rank - Rank - Return - Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
Reg Dir Reg - Dir
Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

L&T Ultra Short Term Fund 1 1 3 3 4 4 1 3 2 4 2

DSP BlackRock Money

2 3 4 3 3 3 1 3 2 3 2
Manager Fund
Motilal Oswal Ultra Short
2 2 5 5 3 3 1 3 1 2 1
Term Fund

SBI Magnum Ultra Short

2 3 3 4 2 2 4 4 3 1 4
Duration Fund

Aditya Birla Sun Life Savings

3 3 2 2 5 5 3 2 4 5 3
Fund
BOI AXA Ultra Short Duration
3 4 2 2 4 4 1 3 4 3 4
Fund
DHFL Pramerica Ultra Short
3 2 2 2 3 3 1 2 2 3 3
Term Fund

Kotak Savings 3 4 3 4 3 3 1 4 3 3 3
Reliance Ultra Short Duration
3 2 4 4 1 1 4 4 3 2 3
Fund

Franklin India Ultra Short

4 5 1 1 3 3 4 1 5 4 5
Bond Fund

Invesco India Ultra Short

4 4 3 3 4 4 3 1 4 3 4
Term Fund
UTI Ultra Short Term Fund 4 3 4 3 2 2 3 3 3 4 3

Indiabulls Ultra Short Term

5 3 3 3 2 2 5 5 3 2 2
Fund

29
Liquid funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 18 Mar 18 Mean Mean
Volatility - Volatility to Company Asset
Liquid funds Rank - Rank - Return - Return - Liquidity
Reg - Dir Sensitive Concentration Quality
Reg Dir Reg Dir
Sector

Weightages 50% 10% 5% 5% 10% 20%

Edelweiss Liquid Fund 1 1 3 1 4 4 1 3 3 1

Kotak Liquid 1 1 3 4 4 4 3 5 1 1
L&T Liquid Fund 1 2 2 3 2 2 3 1 3 3

Baroda Pioneer Liquid Fund 2 2 1 1 5 5 1 1 2 1

DHFL Pramerica Insta Cash
2 2 3 4 2 2 2 3 2 3
Fund
DSP BlackRock Liquidity Fund 2 2 3 2 3 3 3 1 1 2
HDFC Liquid Fund 2 2 5 5 3 3 3 3 1 2
Indiabulls Liquid Fund 2 1 3 3 1 1 3 1 2 3

Axis Liquid Fund 3 3 1 2 3 3 3 1 3 3

BNP Paribas Liquid Fund 3 3 5 3 2 2 4 3 4 4

Franklin India Liquid Fund 3 3 3 4 3 3 2 5 3 3

ICICI Prudential Liquid Fund 3 3 2 3 5 5 3 1 2 2
IDBI Liquid Fund 3 3 4 3 1 1 4 1 4 4
IDFC Cash Fund 3 3 4 5 3 3 2 4 2 3
Invesco India Liquid Fund 3 3 3 3 2 2 4 1 3 3
Mahindra Liquid Fund 3 3 5 3 1 1 3 1 4 4
Tata Liquid Fund 3 3 3 3 3 3 3 1 3 2
UTI Liquid Cash Plan 3 4 2 3 4 4 2 4 3 3

HSBC Cash Fund 4 4 3 4 2 2 4 1 5 5

JM Liquid Fund 4 4 3 3 3 3 5 4 3 2
LIC MF Liquid Fund 4 4 4 2 3 3 3 4 5 3

Reliance Liquid Fund 4 4 2 2 4 4 4 3 3 4

Sundaram Money Fund 4 3 4 4 3 3 2 1 5 3

Aditya Birla Sun Life Liquid

5 5 2 2 3 3 5 4 4 5
Fund

BOI AXA Liquid Fund 5 5 1 1 4 4 1 5 3 4

SBI Liquid Fund 5 5 4 5 5 5 5 3 4 5

30
Annexure I – Selection criteria for schemes in CMFR
Owing to changes in the categorisation /rationalisation of
mutual fund schemes as prescribed by Sebi, CRISIL has
increased its ranking categories in CMFR - March 2018 from
14 to 24.
1. Equity funds
Equity-oriented funds have been retained in their respective
categories as defined by the AMCs.
In case of large cap, large and mid-cap, multi-cap, mid-cap,
focused and value/contra categories, funds which were being
ranked in different categories previously, with different
historical risk-return profiles, are now part of the same
category. Hence, for evaluating the performance of such a
varied group of funds under one category, active returns (with
respect to their appropriate CRISIL-AMFI performance
indices) parameter is used instead of mean returns. Since all
the funds ranked in the small cap category have come from
the erstwhile small & midcap category, mean returns have
been used.
Funds in the thematic – infrastructure category follow an
investment objective to invest in infrastructure-related
sectors. Other sectoral/thematic funds have been excluded.
Equity linked savings schemes (ELSS) invest in equity and
equity-related instruments, and are aimed to enable
investors to avail tax deduction under Section 80 C of the
Income Tax Act.
Index funds / ETFs: Schemes launched with an objective to
generate returns that are commensurate with the
performance of their benchmark’s total return index (TRI),
subject to tracking errors, are considered.
The following will be excluded:
● Index schemes that allow the fund manager to take
overweight investment positions on stocks that comprise
their benchmark index.
● Index schemes that are benchmarked to indices other
than S&P BSE Sensex and Nifty 50.
2. Hybrid funds
Aggressive hybrid
Schemes investing more than 65%, but less than 80% of the
assets under management (AUM) in equity securities and 20-
35% in debt instruments, are considered. All funds that have
historically maintained the stated equity exposure (three-
year average) have been included in this category.
Conservative hybrid
This category includes schemes where investment in equity
is limited to 10-25% of the AUM and rest in debt instruments.
Funds that have historically maintained >10% equity
exposure (three-year average) have been included in this
category.
3. Debt funds
In the gilt category, funds with a mandate to manage
duration dynamically are considered. Gilt funds with 10-year
constant maturity are not part of this category.
In the medium to long duration category, funds with three-
year average duration between 3-8 years have been retained.
In the medium duration category, funds with three-year
average duration below four years have been retained.
In the short duration category, funds with one-year average
duration between 1-3 years are classified as defined by Sebi.
In the credit risk category, funds that were historically
classified as credit opportunities funds in CMFR are
considered. Funds with other historical classifications have
been excluded.
In the corporate bond category, funds that maintained one-
year average exposure >60% to corporate bonds, with the
highest credit rating (i.e. AA+ and above), have been
considered.
31
In the banking and PSU bond category, funds that maintained
one-year average exposure >60% to debt instruments of
banks, public sector undertakings, and public financial
institutions have been considered.
In the liquid and dynamic bond categories, funds have been
retained in their respective categories as defined by the
AMCs.
In the low duration category, funds with one-year average
duration below 1.3 years have been retained.
32
In the ultra short duration and money market categories,
funds that were considered under the erstwhile ultra-short
term and liquid categories have been retained.
Link of Sebi circular on categorisation and rationalisation of
mutual fund schemes:
https://www.sebi.gov.in/legal/circulars/oct-
2017/categorization-and-rationalization-of-mutual-fund-
schemes_36199.html
Annexure II – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within
a peer group. The basic criteria for inclusion in the ranking
universe are three-year / one-year NAV history and AUM in
excess of category cut-off limits, and complete portfolio
disclosure. Three-year NAV history is considered across all
equity, hybrid, dynamic bond, medium duration, medium to
long duration and gilt categories; whereas one-year for
banking & PSU, corporate bond, credit risk, short duration ,
low duration, money market, ultra short duration and liquid
categories.
Only open-ended schemes are considered. Ranking is
based on the following parameters:
Mean return and volatility
Mean return and volatility are considered as separate
parameters across all categories. Mean return is the
average of daily returns based on the scheme’s NAV for the
period under analysis and volatility is the standard
deviation of these returns. While the period for analysis is
three years for equity, hybrid, medium duration, medium to
long duration categories; it is one year for banking & PSU,
corporate bond, credit risk, liquid, and other short term
categories. The period of analysis is broken into four
overlapping periods (latest 36, 27, 18 and 9 months for
three-year period, and latest 12, 9, 6 and 3 months for one-
year period). Each period is assigned a progressive weight
starting from the longest period as follows: 32.5%, 27.5%,
22.5% and 17.5%, respectively.
Active return
Owing to changes in the categorisation /rationalisation of
mutual fund schemes, as prescribed by Sebi from March
2018 onwards, CMFR incorporated the active return
parameter in equity categories (large cap, large and mid-
cap, multi cap, mid-cap, focused and value/contra) for
evaluation. As funds from different categories with
different risk-return profiles are in these categories, active
return (with respect to their appropriate CRISIL-AMFI
performance indices) is used instead of mean return. The
period of analysis is broken into four overlapping periods -
latest 36, 27, 18 and 9 months - and progressive weights
are assigned as discussed earlier.
Portfolio concentration analysis
Concentration measures the risk arising out of improper
diversification. For equity securities, diversity score is used
as the parameter to measure industry as well as company
concentration. In case of debt schemes, the company
concentration is analysed at an individual issuer specific
limit. The limit is linked with the credit rating of the issuer;
a high rated issuer will have higher limits and as the rating
declines the limit is reduced progressively.
Exposure to sensitive sectors
In case of debt schemes, industry concentration is
analysed for exposure to sensitive sectors which are arrived
based on Industry Risk Score (IRS) for various sectors.
CRISIL’s assessment of IRS quantifies the credit risk
associated with an industry on a uniform scale to ensure
comparability across industries. The score captures the
influence of various industry variables on the debt
repayment ability of companies in a particular sector over a
3-4-year horizon.
Liquidity analysis
It measures the ease with which a portfolio can be
liquidated. The lower the score, the better. In case of
equities, it measures the number of days to liquidate the
portfolio. Liquidity is calculated by taking the average
portfolio liquidity score of the past three months.
Equity liquidity is computed as follows:
Liquidity score of each stock = No. of shares held / daily
average trading volume of past six months
Portfolio liquidity score = Weighted average liquidity score
of the above
Gilt liquidity is measured by analysing the number of days it
takes to liquidate the portfolio based on turnover (volume),
the number of days security is traded, and the number of
trades in any security for a three-month period for that
security. Corporate debt liquidity is computed by
classifying each security into three categories - liquid, semi
liquid and illiquid - and then evaluating a scheme’s
exposure to each category.
33
Asset quality
Asset quality measures the probability of default by the
issuer of a debt security to honour the debt obligation in
time.
Duration
Modified duration is considered across all the debt
categories except liquid to capture the interest rate risk of
the portfolio. The lower the value, the better. Going forward,
Macaulay duration will be used instead of Modified
duration.
Tracking error
This is used only for index schemes. The tracking error is an
estimation of the variability in a scheme’s performance vis-
à-vis the index that it tracks. The lower the tracking error,
the better.
Eligibility criteria
● Only open-ended funds are considered
● NAV history
34
− Three years for equity, hybrid, gilt, dynamic,
medium to long and medium duration funds
− One year for banking & PSU, corporate bond, credit
risk and other short term funds including liquid
funds
● Schemes falling under 98 percentile of the category
AUM are shortlisted
− Quarterly average AUM is considered
− Schemes meeting inception criteria are eligible
schemes
● Complete portfolio disclosure for all three months in
the last quarter
● Minimum five schemes in each category
● March 2017 onwards, CMFR introduced rankings for
direct plans of the shortlisted funds as per the
appropriate categorisation, provided they have
sufficient NAV history.
Parametric weights
Equity categories:

Large cap, large & mid

Small cap, infrastructure
Category cap, multi cap, mid cap, Index / ETFs
and ELSS
value/contra, focused

Active return (%) 55 - -

Mean returns (%) - 55 -

Tracking error (%) - - 100

Volatility (%) 25 25 -

Company concentration (%) 5 5 -

Industry concentration (%) 10 10 -

Equity - liquidity (%) 5 5 -

Time (years) 3 3 3

Hybrid categories:

Category Aggressive hybrid Conservative hybrid

Mean return (%) 50 50

Volatility (%) 25 10

Company concentration (%) 5 5

Industry concentration / exposure to sensitive

10 5
sector (%)*

Equity - liquidity (%) 10%*K 7.5%*K

Debt - asset quality (%) 5%* (100-K) 17.5

Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)

Modified duration (%) - 5

Time (years) 3 3

K = Equity component in hybrid schemes

* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio

35
Debt categories:

Banking and PSU, corporate bond,

Dynamic,
credit risk, short duration, low
Category Gilt medium to long, Liquid
duration, money market, ultra short
medium duration
duration

Mean return (%) 50 50 50 50

Volatility (%) 25 10 10 10

Company concentration (%) - 5 5 5

Exposure to sensitive sector (%) - 5 5 5

Debt - asset quality (%) - 17.5 10 10

Debt liquidity (%) 15 7.5 15 20

Modified duration (%) 10 5 5 -

Time (years) 3 3 1 1

36
Annexure III – Exclusion list
For CMFR - March 2018, the following Sebi-defined categories have been excluded from the rankings.

Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme funds)

Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds

Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, arbitrage funds, equity savings fund

Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)

Miscellaneous: Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for
which new category has not been disclosed

Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these
funds is as follows:

Short name New category Reason for exclusion

Aditya Birla Sun Life Sensex ETF Index/ETF Does not have three-year NAV history

The criteria to be classified in the banking & PSU fund category was not
Aditya Birla Sun Life Treasury Optimizer Plan Banking & PSU
met

Axis Gilt Fund Gilt Historical portfolio attributes do not match the new category definition

Axis Corporate Debt Fund Corporate Bond Does not have one-year NAV history

Axis Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition

Axis Multicap Fund Multi Cap Does not have three-year NAV history

Axis Nifty ETF Index/ETF Does not have three-year NAV history

Axis Strategic Bond Fund Medium Duration Historical portfolio attributes do not match the new category definition

Baroda Pioneer Balance Fund Aggressive Hybrid Did not meet AUM criteria

Baroda Pioneer Credit Opportunities Fund Credit Risk Did not meet AUM criteria

Baroda Pioneer Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria

Baroda Pioneer ELSS - 96 ELSS Did not meet AUM criteria

Baroda Pioneer Gilt Fund Gilt Did not meet AUM criteria

Baroda Pioneer Income Fund Medium to Long Did not meet AUM criteria

Fund has not completed 3 years since change of attributes in October

Baroda Pioneer Large Cap Fund Large Cap
2016

Baroda Pioneer Mid-cap Fund Mid Cap Did not meet AUM criteria

Baroda Pioneer MIP Fund Conservative Hybrid Did not meet AUM criteria

Baroda Pioneer Short Term Bond Fund Short Duration Did not meet AUM criteria

BNP Paribas Corporate Bond Fund Corporate Bond Did not meet AUM criteria

BNP Paribas Focused 25 Equity Fund Focused Does not have three-year NAV history

BNP Paribas Low Duration Fund Low Duration Did not meet AUM criteria

BNP Paribas Short Term Fund Short Duration Did not meet AUM criteria

BNP Paribas Substantial Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history

37
Short name New category Reason for exclusion

BOI AXA Large & Mid Cap Fund Large & Mid Cap Did not meet AUM criteria

BOI AXA Manufacturing & Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria

BOI AXA Mid & Small Cap Equity & Debt Fund Aggressive Hybrid Does not have three-year NAV history

BOI AXA Short Term Income Fund Short Duration Did not meet AUM criteria

BOI AXA Tax Advantage Fund ELSS Did not meet AUM criteria

Canara Robeco Bluechip Equity Fund Large Cap Did not meet AUM criteria

Canara Robeco Corporate Bond Fund Corporate Bond Did not meet AUM criteria

Canara Robeco Income Fund Plan Medium to Long Did not meet AUM criteria

Canara Robeco Infrastructure Sectoral/Thematic Did not meet AUM criteria

Canara Robeco Liquid Liquid Did not meet AUM criteria

Canara Robeco Short Duration Fund Short Duration Did not meet AUM criteria

Canara Robeco Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria

DHFL Pramerica Diversified Equity Fund Multi Cap Did not meet AUM criteria

DHFL Pramerica Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria

DHFL Pramerica Hybrid Debt Fund Conservative Hybrid Did not meet AUM criteria

Fund has not completed 3 years since change of attributes to hybrid

DHFL Pramerica Hybrid Equity Fund Aggressive Hybrid
fund from an equity fund in March 2016

DHFL Pramerica Large Cap Fund Large Cap Did not meet AUM criteria

DHFL Pramerica Long Term Equity Fund ELSS Does not have three-year NAV history

DHFL Pramerica Midcap Opportunities Fund Mid Cap Did not meet AUM criteria

DHFL Pramerica Strategic Debt Fund Medium to Long Historically managed as an inflation indexed bond fund

DSP BlackRock Bond Fund Medium Duration Historical portfolio attributes do not match the new category definition

DSP BlackRock Savings Fund Money Market Did not meet AUM criteria

Edelweiss Corporate Bond Fund Corporate Bond Did not meet AUM criteria

Edelweiss ETF - Nifty 50 Index/ETF Does not have three-year NAV history

Edelweiss Large and Mid Cap Fund Large & Mid Cap Did not meet AUM criteria

Edelweiss Large Cap Fund Large Cap Did not meet AUM criteria

Edelweiss Long Term Equity Fund (Tax

ELSS Did not meet AUM criteria
Savings)

Edelweiss Low Duration Low Duration Did not meet AUM criteria

Edelweiss Mid Cap Fund Mid Cap Did not meet AUM criteria

Edelweiss Multi-Cap Fund Multi Cap Did not meet AUM criteria

Edelweiss Short Term Fund Short Duration Did not meet AUM criteria

Essel Equity Hybrid Fund Aggressive Hybrid Does not have three-year NAV history

Essel Flexible Income Fund Dynamic Bond Did not meet AUM criteria

Essel Large & Midcap Fund Large & Mid Cap Does not have three-year NAV history

Essel Large Cap Equity Fund Large Cap Did not meet AUM criteria

Essel Liquid Fund Liquid Did not meet AUM criteria

38
Short name New category Reason for exclusion

Essel Long Term Advantage Fund ELSS Does not have three-year NAV history

Essel Regular Savings Fund Conservative Hybrid Did not meet AUM criteria

Essel Short Term Fund Short Duration Did not meet AUM criteria

Essel Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria

Franklin India Banking & PSU Debt Fund Banking & PSU Did not meet AUM criteria

Franklin India Income Builder Account Corporate Bond Historical portfolio attributes do not match the new category definition

Franklin India Savings Plus Fund Money Market Did not meet AUM criteria

HDFC Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria

HDFC NIFTY ETF Index/ETF Does not have three-year NAV history

HDFC Balanced Fund, which is slated to merge with this fund, is being
HDFC Premier MultiCap Fund Aggressive Hybrid
ranked for this quarter

HDFC Sensex ETF Index/ETF Does not have three-year NAV history

HSBC Debt Fund Medium to Long Did not meet AUM criteria

HSBC Low Duration Fund Low Duration Did not meet AUM criteria

HSBC Tax Saver Equity Fund ELSS Did not meet AUM criteria

The criteria to be classified in the banking & PSU fund category was not
ICICI Prudential Banking & PSU Debt Fund Banking & PSU
met

ICICI Prudential Indo Asia Equity Fund Small Cap Used to historically maintain significant exposure in foreign equities

ICICI Prudential Ultra Short Term Fund Ultra Short Duration Historically maintained some equity exposure (including derivatives)

ICICI Prudential Sensex ETF Index/ETF Did not meet AUM criteria

ICICI Prudential Sensex Index Fund Index/ETF Does not have three-year NAV history

IDBI Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition

IDBI Diversified Equity Fund Multi Cap Did not meet AUM criteria

IDBI Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria

IDBI Focused 30 Equity Fund Focused Does not have three-year NAV history

IDBI Gilt Fund Gilt Did not meet AUM criteria

IDBI Hybrid Equity Fund Aggressive Hybrid Does not have three-year NAV history

IDBI Midcap Fund Mid Cap Does not have three-year NAV history

IDBI Short Term Bond Fund Short Duration Did not meet AUM criteria

IDBI Small Cap Fund Small Cap Does not have three-year NAV history

IDBI Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria

IDFC Hybrid Equity Fund Aggressive Hybrid Does not have three-year NAV history

IDFC Large Cap Large Cap Did not meet AUM criteria

IDFC Nifty ETF Index/ETF Does not have three-year NAV history

IDFC Sensex ETF Index/ETF Does not have three-year NAV history

IIFL Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria

IIFL Liquid Fund Liquid Did not meet AUM criteria

Indiabulls Gilt Fund Gilt Did not meet AUM criteria

39
Short name New category Reason for exclusion

Indiabulls Income Fund Medium Duration Did not meet AUM criteria

Indiabulls Savings Income Fund Conservative Hybrid Does not have three-year NAV history

Indiabulls Short Term Fund Short Duration Did not meet AUM criteria

Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history

Indiabulls Value Discovery Fund Value Fund Does not have three-year NAV history

Invesco India Banking & PSU Debt Fund Banking & PSU Did not meet AUM criteria

Invesco India Corporate Bond Fund Corporate Bond Did not meet AUM criteria

Invesco India Credit Risk Fund Credit Risk Did not meet AUM criteria

Invesco India Gilt Fund Gilt Did not meet AUM criteria

Invesco India Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria

Invesco India Largecap Fund Large Cap Did not meet AUM criteria

Invesco India Mid Cap Fund Mid Cap Did not meet AUM criteria

Invesco India Money Market Fund Money Market Did not meet AUM criteria

Invesco India Multicap Fund Multi Cap Did not meet AUM criteria

Invesco India Nifty Exchange Traded Fund Index/ETF Did not meet AUM criteria

Invesco India Regular Savings Fund Conservative Hybrid Did not meet AUM criteria

JM Value Fund Value Fund Did not meet AUM criteria

JM Dynamic Debt Fund Dynamic Bond Historical portfolio attributes do not match the new category definition

JM G-Sec Fund Gilt Did not meet AUM criteria

JM Income Fund Medium to Long Did not meet AUM criteria

JM Ultra Short Duration Fund Ultra Short Duration Did not meet AUM criteria

JM Money Market Fund Money Market Did not meet AUM criteria

JM Low Duration Fund Low Duration Did not meet AUM criteria

JM Multicap Fund Multi Cap Did not meet AUM criteria

JM Short Term Fund Short Duration Did not meet AUM criteria

JM Tax Gain Fund ELSS Did not meet AUM criteria

Kotak Classic Equity Fund Contra Fund Did not meet AUM criteria

Kotak Sensex ETF Index/ETF Did not meet AUM criteria

L&T Conservative Hybrid Fund Conservative Hybrid Did not meet AUM criteria

L&T Flexi Bond Fund Dynamic Bond Did not meet AUM criteria

L&T India Large Cap Fund Large Cap Did not meet AUM criteria

L&T Triple Ace Bond Fund Corporate Bond Did not meet AUM criteria

LIC MF Balanced Fund Aggressive Hybrid Did not meet AUM criteria

LIC MF Equity Fund Multi Cap Did not meet AUM criteria

LIC MF ETF - Nifty 50 Index/ETF Does not have three-year NAV history

LIC MF ETF - Sensex Index/ETF Does not have three-year NAV history

LIC MF Growth Fund Large Cap Did not meet AUM criteria

40
Short name New category Reason for exclusion

The criteria to be classified in the banking & PSU fund category was not
LIC MF Income Plus Fund Banking & PSU
met

LIC MF Index Fund - Nifty Plan Index/ETF Did not meet AUM criteria

LIC MF Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria

LIC MF Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria

LIC MF Midcap Fund Large & Mid Cap Did not meet AUM criteria

LIC MF Monthly Income Plan Conservative Hybrid Did not meet AUM criteria

LIC MF Tax Plan 1997 ELSS Did not meet AUM criteria

Mahindra Badhat Yojana Multi Cap Does not have three-year NAV history

Mahindra Kar Bachat Yojana ELSS Does not have three-year NAV history

Mahindra Low Duration Bachat Yojana Low Duration Did not meet AUM criteria

Mahindra Unnati Emerging Business Yojana Mid Cap Does not have three-year NAV history

Mirae Asset Cash Management Fund Liquid Did not meet AUM criteria

Mirae Asset Dynamic Bond Fund Dynamic Bond Does not have three-year NAV history

Mirae Asset Hybrid - Equity Aggressive Hybrid Does not have three-year NAV history

Mirae Asset Savings Fund Low Duration Did not meet AUM criteria

Mirae Asset Short Term Fund Short Duration Does not have one-year NAV history

Mirae Asset Tax Saver Fund ELSS Does not have three-year NAV history

Motilal Oswal M50 ETF (MOSt Shares M50) Index/ETF Did not meet AUM criteria

Parag Parikh Liquid Fund Liquid Does not have one-year NAV history

Parag Parikh Long Term Equity Fund Multi Cap Historically maintained significant exposure to foreign equities

Principal Cash Management Fund Liquid Did not meet AUM criteria

Principal Corporate Bond Fund Corporate Bond Did not meet AUM criteria

Principal Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition

Principal Dynamic Bond Fund Dynamic Bond Did not meet AUM criteria

Principal Focused Multicap Fund Focused Did not meet AUM criteria

The AMC has a ranked fund in the ELSS category. (Fresh subscriptions
Principal Personal Tax Saver Fund ELSS
have been discontinued until further notice)

Principal Short Term Debt Fund Short Duration Did not meet AUM criteria

Principal Tax Saving Fund ELSS Did not meet AUM criteria

Principal Ultra Short Term Fund Ultra Short Duration Did not meet AUM criteria

Quantum Dynamic Bond Fund Dynamic Bond Does not have three-year NAV history

Quantum Liquid Fund Liquid Did not meet AUM criteria

Quantum Nifty ETF Index/ETF Did not meet AUM criteria

Quantum Tax Saving Fund ELSS Did not meet AUM criteria

Reliance ETF Sensex Index/ETF Did not meet AUM criteria

Reliance Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria

SBI - ETF Nifty 50 Index/ETF Does not have three-year NAV history

41
Short name New category Reason for exclusion

The criteria to be classified in the banking & PSU fund category was not
SBI Banking and PSU Fund Banking & PSU
met

Shriram Equity and Debt Opportunities Fund Aggressive Hybrid Did not meet AUM criteria

Sundaram Balanced Fund Aggressive Hybrid Did not meet AUM criteria

Sundaram Bond Saver Medium Duration Did not meet AUM criteria

Sundaram Income Plus Credit Risk Historical portfolio attributes do not match the new category definition

Tata Index Fund - NIFTY Index/ETF Did not meet AUM criteria

Tata Index Fund - SENSEX Index/ETF Did not meet AUM criteria

Tata Medium Term Fund Medium Duration Did not meet AUM criteria

Taurus Discovery (Midcap) Fund Mid Cap Did not meet AUM criteria

Taurus Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria

Taurus Largecap Equity Fund Large Cap Did not meet AUM criteria

Taurus Liquid Fund Liquid Did not meet AUM criteria

Taurus Nifty Index Fund Index/ETF Did not meet AUM criteria

Taurus Starshare (Multi Cap) Fund Multi Cap Did not meet AUM criteria

Taurus Taxshield ELSS Did not meet AUM criteria

Union Corporate Bond Fund Corporate Bond Does not have one-year NAV history

Union Equity Fund Multi Cap Did not meet AUM criteria

Union Largecap Fund Large Cap Does not have three-year NAV history

Union Liquid Fund Liquid Did not meet AUM criteria

Fund has not completed one year since change of attributes in

Union Short Term Fund Short Duration
September 2017

Union Small Cap Fund Small Cap Did not meet AUM criteria

Union Tax Saver Scheme ELSS Did not meet AUM criteria

UTI - Medium Term Fund Medium Duration Did not meet AUM criteria

UTI Nifty Exchange Traded Fund Index/ETF Does not have three-year NAV history

UTI Sensex Exchange Traded Fund Index/ETF Does not have three-year NAV history

42
Notes
Notes
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