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Long term retail investors retain their investments despite market volatility
As per latest half yearly numbers for March 2012 on investor category-wise assets under management (AUM) and folios released by the Association of Mutual Funds in India (AMFI), over 60 per cent of retail investors stayed invested in equity mutual funds for more than two years. Out of the Rs 1.34 trillion of retail investments in equity mutual funds, Rs 825.77 billion was not withdrawn for over 24 months. This was despite the market witnessing a tumultuous phase in 2011 wherein the benchmark S&P CNX Nifty fell by around 25 per cent. This data reflects a growing awareness and maturity among retail investors towards benefit of long term investments in equity mutual funds. CRISIL Research analysis on investment in equity mutual funds clearly chalks out this benefit of long term investing. For the five year period ended March 2012, a CRISIL Consistent Fund Rank 1 Equity Fund gave an annualized return of 14 per cent and almost 30 per cent annualized returns over a 10 year period. Comparatively, in the short term period of one and two year, the scheme has given negative 6 per cent and 5 per cent respectively. It is thus imperative for retail investors to look at longer time frames while investing in equity mutual funds. Investors should also look at historical scheme performance, features before investing in any mutual fund scheme. To aid the investment decision process, every quarter CRISIL Research releases its mutual fund rankings in the public domain (www.crisil.com). Further, as a practice, CRISIL Research renews its criteria to align itself with market dynamics. In the latest CRISIL Mutual Fund Rankings released for the quarter ended March 2012, the time frame for performance analysis of long-term funds has been increased to three years from two. A longer time frame of performance analysis helps in identifying funds that have performed consistently across different market cycles, both in case of equity and debt products. The period of performance analysis has therefore been increased to assess consistent performance over a longer period of time. Further for liquid and ultra-short term debt funds, weightage on the volatility parameter has been increased; this is in line with the recent regulatory changes on fair valuation for debt funds proposed by SEBI. The weights for asset quality have been proportionately reduced as these categories invest the majority of their funds in highest credit rated instruments. The detailed ranking methodology has been provided in Annexure I of this booklet. The CRISIL Mutual Fund Rankings for the quarter ended March 2012 has ranked 469 funds across 22 categories and covers close to 90 per cent of the average assets under management of open ended mutual funds. At the fund house level, HDFC Mutual Fund continued to lead the tally of top ranked funds with 12 funds under CRISIL Fund Rank 1. This was followed by SBI Mutual Fund with seven funds and Birla Sun Life Mutual Fund with six funds. Tata Mutual Fund had three CRISIL Fund Rank 1 schemes compared to none during the previous quarter.
CRISIL MutualFundRanking
was third with assets of Rs 687 billion. The share of top 5 mutual funds average assets was 54 per cent in the March quarter while the share of top 10 funds was 77 per cent. The bottom 10 fund houses comprised less than 1 per cent of the average AUM during the same period. According to daily trade data released by the Securities and Exchange Board of India (SEBI), mutual funds net sold equities worth Rs 56 billion in the January-March quarter compared to net buying of Rs 2.5 billion in the OctoberDecember quarter. On the debt front, the net buying was Rs 1.31 trillion in the latest quarter compared with net buying of Rs 989 billion in the previous quarter.
8.0 7.5
2000
Mar-12
Dec-11
Difference
Income Funds Equity Funds* Balanced Funds Liquid / Money Market Funds Gilt Funds Gold ETF Funds
AUM Rs trillion
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Source AMFI
Bank of Indias (RBIs) directive to cap their mutual fund investments at 10 per cent of their net worth. According to data released by the RBI, banks investment in mutual funds fell to Rs 249 billion on March 23, 2012 compared to Rs 344 billion on January 13, 2012. Mark-to-market gains in the equity mutual funds category helped cushion the fall in AUM to some extent. The AUM in equity funds surged over 11 per cent or Rs 208 billion in the quarter to Rs 1.82 trillion despite outflows of Rs 31 billion. The equity markets represented by the S&P CNX Nifty gained 14.5 per cent in the quarter on the back of strong global and domestic cues coupled with robust FII inflows. Twenty-nine of the 44 fund houses witnessed a fall in their average quarterly assets with Reliance Mutual Fund recording the highest fall in absolute terms; its average AUM fell by Rs 42 billion or 5 per cent to Rs 781 billion in the March quarter. Among gainers, HDFC Mutual Fund registered the highest absolute growth with its average AUM rising by Rs 12.5 billion or 1.4 per cent to Rs 899 billion over the quarter. HDFC Mutual Fund also retained its top position with assets of Rs 899 billion in the March quarter; Reliance Mutual Fund was second with assets of Rs 781 billion, while ICICI Prudential Mutual fund
Among major regulatory initiatives, SEBI directed that the valuation of debt securities with residual maturity of more than 60 days should be done on a mark-to-market basis. For debt securities with residual maturity up to 60 days, valuation should be done on an amortisation basis provided such valuation will be reflective of the realisable value/ fair value of the securities. While this stands effective from September 30, 2012, the existing norm prescribes a cut-off of 91 days. The regulator also asked mutual funds to disclose daily transactions in debt securities with a 30-day lag. SEBI asked fund houses launching fixed maturity plans (FMPs) to spell out the sectors they will refrain from investing in. SEBI allowed fund managers to manage both domestic and overseas money across all their activities, including mutual funds, offshore and portfolio management services, as against its previous regulation that AMCs should appoint separate fund managers for each activity. SEBI further mandated that AMCs should appoint a separate fund manager for each fund managed by it unless the investment objectives and asset allocation are the same, and at least 70 per cent of the portfolio is replicated across all the funds managed by the fund manager. SEBI decided to liberalise the advertisement code for AMCs by making it more principle-based, rather than rule-based'.
MARKET OVERVIEW
% change (3 month)
14.52 29.78 28.16 26.17 24.86 24.08 23.95 18.08 17.02 16.14 11.83 10.06 8.45 6.14
% change (1 year)
-9.23 -23.70
S & P CNX Nifty
8 6 4 2 0 2 4 6 8
MF Daily Net Investment (Rs. billion)
S&P CNX Nifty CNX Realty Index CNX Bank Index CNX MIDCAP Index CNX Small Cap Index CNX AUTO Index CNX Metal Index CNX Infra CNX Commodities CNX 100 CNX FMCG Index CNX Pharma Index CNX Energy Index CNX IT Index
Source- NSE
5295.55 239.05 10212.75 7711.40 3386.00 4207.00 3054.75 2509.15 2473.55 5200.15 11426.05 5036.60 7557.20 6516.00
4624.30 184.20 7968.65 6111.85 2711.85 3390.55 2464.60 2124.90 2113.85 4477.35 10217.15 4576.25 6968.10 6139.00
-12.75 -4.09 -5.52 8.92 -28.85 -18.45 -17.09 -8.96 24.35 11.04 -20.29 -8.84
The Indian equity benchmark S&P CNX Nifty surged by over 14.5 per cent in the quarter ended March 2012 on the back of positive global and domestic cues. Global cues included strong US economic data and intermittent easing of the sovereign debt crisis in Europe post the liquidity infusion by the European Central Bank (ECB). Domestic cues included a fall in inflation numbers, cut in cash reserve ratio (CRR) by the Reserve Bank of India (RBI) to infuse liquidity and good quarterly results from banking and auto majors. Another major factor for the domestic markets upturn was robust foreign institutional investor (FII) buying. FIIs bought net equities worth Rs 440 billion in the January-March 2012 quarter compared with net selling to the tune of Rs 22 billion in the October-December quarter. Gains were capped in the last month of the quarter following the Union Budget announcements such as hike in service tax and excise duty as well as due to rising global crude oil prices and continuing uncertainty in the eurozone. All sectoral indices ended in positive territory during the quarter with the CNX Realty Index emerging as the top performer with nearly 30 per cent gains on strong buying in the sector and as liquidity easing measures by the RBI (cut in CRR) supported interest rate sensitive stocks. Sentiments for the banking sector too improved on the RBI announcement with the CNX Bank Index gaining over 28 per cent in the quarter. The surge in the quarter was also broad-based with
the CNX Midcap Index and CNX Small Cap Index gaining 26 per cent and 24 per cent respectively. Meanwhile, CNX IT Index gained the least, nearly 6 per cent, due to cautious outlook guidance given by IT majors Infosys, TCS and HCL Tech. Among regulatory developments, SEBI said that all scrips will have a circuit limit from the day of listing on exchanges based on a one-hour pre-open trade, a move aimed at protecting retail investors from artificial pricing of shares. SEBI asked merchant bankers to disclose the track record of public issues managed by them, effective from January 10, 2012. SEBI lifted restrictions on broad-based institutions, such as insurance and mutual funds, subscribing to preferential issues of companies. SEBI approved the proposal for promoters to auction shares and lower their stake instead of selling shares in public offers. SEBI also said that companies will have to reserve 15 per cent in a share buyback offer for retail shareholders, i.e. those investors whose shares are worth less than Rs 0.2 million. SEBI brought back loan facilities provided by banks including instruments such as other securities / instruments, loans and facilities that are appraised by credit rating agencies under its purview. SEBI decided to raise the minimum investment limit in Portfolio Management Schemes (PMS) to Rs 2.5 million per client from the current Rs 0.5 million.
CRISIL MutualFundRanking
gilts were also dampened after the RBI left the repo rate (its key lending rate) unchanged during its reviews in the quarter. However, in its policy review in April, the central bank cut its repo rate by 50 basis points to 8 per cent, the first rate cut in around three years. Losses for gilts were restricted by gains made in the first two months (yields fell from 8.28 per cent on January 30, 2012 to 8.20 per cent on February 29, 2012) of the quarter on fall in
Chart 4 10-Year Benchmark Gilt Yield
11.00%
9.00%
8.35%
7.00%
8.05% 7.75%
5.00%
31Mar-11 26-Apr-11 22-May-11 17-Jun-11 13-Jul-11 08-Aug-11 03-Sep-11 29-Sep-11 25-Oct-11 20-Nov-11 16-Dec-11 11-Jan-12 06-Feb-12 03-Mar-12 29-Mar-12
31-Mar11
26-Apr-11
22-May-11
17-Jun-11
13-Jul-11
8-Aug-11
3-Sep-11
29-Sep-11
25-Oct-11
20-Nov-11
16-Dec-11
11-Jan-12
6-Feb-12
3-Mar-12
Source - NSE
Meanwhile, call rates remained high in the quarter on the back of firm demand from banks to meet reserve requirements amid a tight liquidity situation and despite the RBIs measure to ease liquidity in the system. The central bank lowered the cash reserve ratio (CRR) for banks twice in the quarter - first by 50 bps in January and then by 75 bps in March to end the quarter with a CRR of 4.75 per cent. These cuts infused total liquidity of around Rs 800 billion in the banking system. Gilt prices closed a volatile January-March quarter almost flat, with the yield on the 10-year benchmark 8.79 per cent 2021 paper closing at 8.57 per cent on March 30, 2012 compared to 8.56 per cent on December 30, 2011. Gilt prices wiped off all gains made in the first two months of the quarter in March weighed down by oversupply concerns after the government announced a higher-than-expected borrowing programme in the Union Budget as well as higher fiscal deficit estimates for FY13. The government pegged net market borrowing at Rs 4.79 trillion in FY13 to fund around 93 per cent of the FY13 fiscal deficit which was targeted at Rs 5.14 trillion or 5.1 per cent of GDP. A higher-than-expected front-loading of gilt auctions in the first half of FY13 also negatively affected market sentiments. The government will borrow Rs 3.7 trillion on a gross basis in April-September, which is 65 per cent of the total (Rs 5.69 trillion) gross borrowing for FY13. Sentiments for
inflation numbers and expectation of monetary easing by market participants. Strong demand at the weekly gilt auctions and some weaker-than-expected domestic economic numbers also helped gilt prices during the quarter. Losses were further eased after some participants bought securities to enhance the valuation of their portfolio towards the end of the financial year. Absence of fresh supply of securities during the second half of March also lent some support to gilt prices. Among regulatory initiatives, the RBI clarified that NBFCs are not permitted to issue non-convertible debentures of less than 90 days maturity. The RBI modified the format of the monthly report on short selling of government securities to incorporate the recent changes in regulatory limits. SEBI said that any new debt limits to be allocated to foreign funds through the auction route cannot be reinvested. SEBI further stated that the bids for debt investment limits by FIIs and their group entities cannot exceed the maximum permitted quantum for a single entity. SEBI directed all regulated entities to shift the clearing and settlement of the OTC trades in debt instruments, CP and CDs to NSDL and Indian Clearing Corp with effect from April 1. Meanwhile the government plans to set up a separate debt management office (DMO) to manage the governments debt and is expected to table the legislation soon.
29-Mar-12
*If the top 10 percentile figure is not an integer, the same is rounded off to the next 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.
CRISIL MutualFundRanking
Industry Concentration
10% 3 (3) 4 (3) 3 (4) 3 (4) 2 (1) 2 (1) 5 (5) 2 (2) 3 (3) 5 (4) 4 3 (3) 1 (2) 4 (5) 3 (4) 2 (3) 3 5 (5) 3 (3) 3 (3) 1 (2) 1 (2) 1 (1) 3 (2) 3 (2) 4 (3) 3 (5) 3 (4) 4 (3) 4 (4) 4 (3) 2 (1) 2 (2) 4 (3) 2 (3) 3 (2) 5 (4) 2
Company Concentration
5% 1 (1) 2 (2) 5 (5) 2 (2) 1 (1) 1 (1) 4 (3) 3 (3) 4 (4) 2 (2) 3 4 (3) 2 (2) 3 (4) 5 (5) 3 (4) 2 4 (4) 3 (1) 5 (5) 3 (3) 1 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (4) 4 (5) 4 (3) 4 (4) 4 (3) 2 (2) 3 (3) 3 (3) 2 (2) 5 (4) 3 (3) 3
Liquidity
10% 5 (5) 5 (5) 2 (2) 4 (4) 4 (3) 4 (4) 1 (2) 3 (3) 4 (4) 3 (3) 2 2 (2) 4 (4) 4 (4) 3 (3) 5 (4) 4 3 (3) 3 (4) 1 (1) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (4) 1 (1) 1 (1) 3 (2) 4 (5) 2 (2) 2 (2) 3 (3) 2 (2) 3
3 3 2 2 3 3 3
4 4 4 5 5
5 4 N.A 5
Industry Concentration
10% 4 (3) 2 (2) 3 (2) 2 1 (2) 2 4 (4)
Company Concentration
5% 3 (3) 2 (2) 4 (4) 2 3 (3) 2 4 (4)
Liquidity
10%
EQUITY FUNDS
Birla Sun Life India GenNext Fund Canara Robeco Equity Diversified Fidelity India Special Situations Fund HDFC Capital Builder Fund HDFC Equity Fund HDFC Growth Fund ICICI Prudential Dynamic Plan Principal Dividend Yield Fund Tata Equity PE Fund Tata Ethical Fund UTI Dividend Yield Fund UTI Equity Fund UTI India Lifestyle Fund
2 2 2 2 2 2 2 2 2 2 2 2 2
1 1 3
2 (1) 2 (1) 2 (2) 2 (2) 2 (3) 2 (2) 2 (2) 3 (3) 2 (3) 2 (2) 2 (1) 2 (1) 2 (1)
4 (5) 3 (2) 4 (4) 3 (4) 3 (3) 2 (2) 1 (3) 3 (4) 3 (4) 3 (4) 4 (3) 3 (3) 5 (5)
2 (2) 2 (2) 3 (3) 3 (4) 3 (2) 4 (4) 3 (3) 2 (3) 1 (1) 5 (5) 3 (2) 1 (1) 2 (3)
4 (3) 3 (2) 5 (5) 3 (3) 3 (3) 3 (3) 4 (3) 3 (5) 3 (5) 3 (3) 2 (2) 2 (2) 2 (3)
2 3
2 2 3 3
2 1 1 1
AIG India Equity Fund DSP BlackRock Equity Fund DSP BlackRock Opportunities Fund Franklin India Flexi Cap Fund Franklin India High Growth Companies Fund Franklin India Prima Plus HDFC Core and Satellite Fund HDFC Long Term Equity Fund HDFC Premier MultiCap Fund ICICI Prudential Services Industries Fund Kotak Opportunities Morgan Stanley A.C.E. Fund Reliance Growth Fund Reliance Regular Savings Fund - Equity Reliance Vision Fund Religare Contra Fund SBI Magnum Multiplier Plus Scheme 1993
Figures in bracket indicate the previous quarter score
3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
3 3 2 2
3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3)
2 (3) 2 (1) 3 (3) 3 (3) 1 (1) 1 (1) 3 (2) 4 (4) 3 (3) 5 (5) 3 (3) 2 (3) 1 (1) 1 (2) 4 (4) 3 (3) 2 (2)
5 (5) 1 (1) 2 (2) 4 (4) 3 (4) 3 (3) 4 (4) 4 (4) 4 (4) 5 (5) 1 (2) 3 (3) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)
5 (5) 3 (3) 1 (2) 3 (2) 5 (4) 3 (3) 5 (4) 4 (4) 4 (4) 3 (3) 2 (2) 2 (1) 4 (4) 4 (3) 3 (3) 4 (4) 3 (3) Continued
3 2
3 3 3 3 3 3 4 4 4
3 3
CRISIL MutualFundRanking
Bharti AXA Equity Fund Plan Birla Sun Life Advantage Fund Birla Sun Life Equity Fund Franklin India Opportunities Fund HSBC Unique Opportunities Fund Kotak Contra L&T Opportunities Fund Morgan Stanley Growth Fund SBI Magnum COMMA Fund SBI Magnum Sector Umbrella - Contra Fund SBI One India Fund Sundaram Equity Multiplier Fund Tata Service Industries Fund
4 4 4 4 4 4 4 4 4 4 4 4 4
3 4 5 3 3 3 4 4 4 5 3 3 5
4 (3) 4 (4) 4 (5) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 4 (5) 3 (3) 4 (3) 4 (4)
3 (4) 3 (3) 3 (2) 4 (3) 4 (4) 4 (4) 3 (3) 3 (2) 5 (5) 3 (2) 2 (2) 5 (3) 5 (5)
4 (4) 2 (2) 2 (1) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 4 (5) 3 (2) 2 (2) 4 (4) 4 (4)
1 (1) 3 (3) 3 (4) 1 (1) 2 (2) 2 (4) 2 (3) 2 (2) 3 (3) 4 (4) 4 (3) 5 (4) 4 (5)
Birla Sun Life Special Situations Fund DWS Investment Opportunity Fund IDFC Classic Equity Fund JM Multi Strategy Fund Principal Growth Fund Principal Services Industries Fund SBI Magnum MultiCap Fund
Figures in bracket indicate the previous quarter score
5 5 5 5 5 5 5
3 4 4 5 5 4 5
Liquidity
10% 3 (3) 3 (3) 5 (5)
Birla Sun Life Dividend Yield Plus DSP BlackRock Micro Cap Fund ICICI Prudential Discovery Fund IDFC Premier Equity Fund Religare Mid Cap Fund SBI Magnum Global Fund
2 2 2 2 2 2
2 2 3 1 2 2
Birla Sun Life Small & Midcap Fund DSP BlackRock Small and Midcap Fund Franklin India Prima Fund Franklin India Smaller Companies Fund JPMorgan India Smaller Companies Fund Kotak Midcap L&T Midcap Fund Sundaram Select Midcap Tata Growth Fund UTI Master Value Fund UTI Thematic - Mid Cap Fund
3 3 3 3 3 3 3 3 3 3 3
3 3 3 4 3 3 4 3 N.A
3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 3 (3) 4 3 (3) 3 (3)
1 (1) 1 (2) 2 (1) 2 (1) 5 (5) 3 (4) 4 (5) 3 (1) 2 3 (3) 2 (2)
2 (3) 2 (2) 3 (3) 4 (4) 3 (2) 2 (1) 3 (3) 3 (3) 3 1 (1) 1 (1)
4 (3) 2 (2) 2 (1) 3 (4) 3 (1) 3 (3) 1 (1) 2 (2) 3 3 (3) 3 (4)
3 3
Birla Sun Life Midcap Fund Birla Sun Life Pure Value Fund ICICI Prudential MidCap Fund Kotak Emerging Equity Principal Emerging Bluechip Fund SBI Magnum Midcap Fund
4 4 4 4 4 4
4 3 5 4 5 4
HSBC Midcap Equity Fund Reliance Long Term Equity Fund Sundaram S M I L E Fund
Figures in bracket indicate the previous quarter score
5 5 5
5 4 5
CRISIL MutualFundRanking
Liquidity
5% 3 (3) 4 (4) 2 (2)
HDFC Long Term Advantage Fund HDFC Tax Saver Fund ICICI Prudential Tax Plan ING Tax Savings Fund Reliance Tax Saver Fund Religare Tax Plan
2 2 2 2 2 2
2 3 3 2 3 2
Birla Sun Life Tax Plan BNP Paribas Tax Advantage Plan DSP BlackRock Tax Saver Fund HSBC Tax Saver Equity Fund IDFC Tax Advantage (ELSS) Fund Kotak Tax Saver Scheme SBI Magnum Tax Gain Scheme 1993 Sundaram Taxsaver Tata Tax Saving Fund Taurus Taxshield
3 3 3 3 3 3 3 3 3 3
3 2 3 3 3 4 3 3 2 3
3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (2) 3 (3)
3 (3) 1 (2) 3 (3) 3 (3) 4 (5) 2 (3) 2 (1) 5 (4) 4 (4) 2 (2)
3 (3) 2 (2) 1 (1) 4 (4) 4 (4) 2 (3) 2 (2) 3 (2) 3 (3) 1 (3)
3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 2 (2) 3 (2)
Bharti AXA Tax Advantage Fund Plan Birla Sun Life Tax Relief 96 JM Tax Gain Fund L&T Tax Saver Fund Principal Personal Tax Saver UTI Equity Tax Saving Plan (ETSP)
4 4 4 4 4 4
4 5 5 4 4 3
DWS Tax Saving Fund LIC NOMURA MF Tax Plan 1997 Principal Tax Saving Fund
Figures in bracket indicate the previous quarter score
5 5 5
4 4 5
10
Liquidity
10% 3 (3) 2 (3) 5 (5) 4 (3) 3 (3) 3 (3) 4 (4) 1 (1) 4 (4) 2 (3) 1 (1) 4 (4) 3 (2) 2 (2) 5 (5) 2 (2)
Index funds
CRISIL Fund Rank Mar - 12 Change vs Dec - 11 CRISIL Fund Rank Dec - 11
Index funds
Weightages* Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES) Kotak Nifty ETF IDBI Nifty Index Fund Kotak Sensex ETF Principal Index Fund UTI Nifty Index Fund Franklin India Index Fund - BSE Sensex Plan Franklin India Index Fund - NSE Nifty Plan HDFC Index Fund - Nifty Plan HDFC Index Fund - Sensex Plan Birla Sun Life Index Fund LIC NOMURA MF Index Fund - Nifty Plan LIC NOMURA MF Index Fund - Sensex Plan SBI Magnum Index Fund ICICI Prudential Index Fund - Nifty Plan Reliance Index Fund - Nifty Plan
* 100% weightage given to tracking error
1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5
2 1 3 1 2 2 3 3 3 4 4 4 3 4 5 5
11
CRISIL MutualFundRanking
Balanced funds
CRISIL Fund Rank Mar - 12 Change vs Dec - 11 CRISIL Fund Rank Dec - 11 Superior Return Score
75% 1 1 1 2 1 (1) 1 (2)
Balanced funds
Weightages HDFC Balanced Fund HDFC Prudence Fund
Debt Liquidity
Equity Liquidity
10%*K 5 (4) 5 (4)
Canara Robeco Balance ICICI Prudential Balanced Fund Reliance Regular Savings Fund Balanced Tata Balanced Fund
2 2 2 2
2 1 3 3
Birla Sun Life 95 Fund DSP BlackRock Balanced Fund FT India Balanced Fund ICICI Prudential Equity and Derivatives Fund Volatility Advantage Plan
3 3 3
2 3 3
3 (2)
4 (4)
4 (4)
1 (1)
1 (1)
4 (3)
Kotak Balance Principal Balanced Fund Sundaram Balanced Fund UTI Balanced Fund
4 4 4 4
4 5 4 4
5 5
4 5
5 (4) 5 (5)
2 (1) 4 (4)
5 (4) 3 (4)
5 (5) 1 (3)
5 (5) 2 (2)
1 (1) 3 (1)
12
Debt Liquidity
1 1 2 2 2 2 3 3 3 3 3 4 4 4 4 5 5
1 2 4 1 2 2 2 4 3 3 4 3 3 3 4 5 5
17.5% 7.5%*(100-K) 7.5%*K 1 (2) 3 (2) 4 (3) 2 (4) 4 (3) 4 (4) 1 (3) 1 (2) 1 (3) 1 (3) 2 (4) 1 (2) 1 (4) 1 (1) 2 (3) 2 (5) 1 (1) 2 (5) 1 (3) 2 (4) 1 (2) 3 (4) 2 (1) 2 (2) 3 (4) 3 (4) 1 (2) 5 (3) 1 (1) 4 (4) 4 (3) 2 (3) 4 (5) 3 (3) 5 (5) 2 (2) 4 (3) 2 (2) 5 (4) 3 (3) 5 (4) 3 (2) 4 (5) 3 (4) 3 (3) 2 (2) 3 (3) 2 (1) 1 (1) 2 (2) 1 (5)
HYBRID FUNDS
CRISIL Change CRISIL Superior Debt Fund Rank vs Fund Rank Return Industry Company Asset Mar - 12 Dec - 11 Dec - 11 Score Concentration Concentration Quality
60% 1 (2) 2 (1) 2 (3) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 5 (5) 5% 2 (3) 5 (2) 4 (5) 3 (3) 4 (3) 3 (4) 3 (4) 1 (1) 2 (2) 5% 4 (4) 4 (4) 2 (1) 3 (3) 2 (2) 3 (2) 1 (3) 3 (3) 5 (5) 17.5% 1 (3) 1 (3) 1 (4) 1 (4) 1 (1) 2 (5) 1 (2) 1 (3) 1 (2)
Debt Liquidity
7.5%*(100-K) 7.5%*K 2 (3) 4 (3) 5 (4) 3 (4) 3 (2) 4 (5) 2 (2) 3 (3) 1 (1) 4 (4) 3 (3) 4 (2) 3 (2) 5 (4) 2 (1) 3 (3) 1 (5) 2 (3)
Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds
13
CRISIL MutualFundRanking
Modified Duration
5% 2 3 (3) 3 (3)
BNP Paribas Bond Fund Plan HSBC Flexi Debt Fund HSBC Income Fund - Investment Plan IDFC Dynamic Bond Fund Religare Active Income Fund SBI Magnum Income Fund
2 2 2 2 2 2
3 2 N.A 1 2 2
Birla Sun Life Income Plus BNP Paribas Flexi Debt Fund Plan Canara Robeco Income Plan DSP BlackRock Strategic Bond Fund DWS Premier Bond Fund - Regular Plan HDFC High Interest Fund HDFC Income Fund IDFC Super Saver Income Fund Investment Plan Kotak Bond Regular Reliance Dynamic Bond Fund Reliance Income Fund Templeton India Income Builder Account
3 3 3 3 3 3 3 3 3 3 3 3
3 4 3 2 3 3 3 3 4 2 3 3
3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (4) 3 (3) 4 (4) 3 (2)
4 (4) 3 (3) 3 (3) 2 (2) 1 (2) 5 (4) 5 (4) 4 (3) 5 (5) 4 (5) 4 (4) 3 (2)
3 (2) 4 (5) 3 (3) 2 (1) 1 (2) 2 (4) 2 (3) 3 (3) 4 (3) 3 (3) 3 (3) 4 (3)
1 (1) 5 (4) 1 (5) 1 (1) 1 (4) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (5)
2 (2) 5 (3) 3 (3) 3 (4) 4 (4) 3 (2) 3 (2) 3 (3) 4 (3) 1 (1) 1 (1) 5 (5)
1 (2) 1 (3) 1 (3) 1 (3) 1 (4) 1 (2) 1 (2) 1 (3) 1 (4) 1 (1) 1 (1) 3 (5)
Fidelity Flexi Bond Fund ICICI Prudential Income Opportunities Fund ICICI Prudential Long Term Plan Plan LIC NOMURA MF Bond Fund Sundaram Bond Saver Templeton India Income Fund
4 4 4 4 4 4
4 4 3 4 4 3
DSP BlackRock Bond Fund ICICI Prudential Income Plan Tata Income Fund Figures in bracket indicate the previous quarter score
5 5 5
5 5 5
14
Sectoral Concentration
5.0% 1 (1) 4 (4) 1 (1) 4 (4) 1 (1) 1 1 (1) 5 (5) 1 (4) 4 1 (1) 5 (5) 1 (1) 1 (3) 1 (1) 5 (5) 1 (1) 4 (4) 1 (1) 3 (1) 1 (1) 1 (1) 1 (1) 5 (5) 4 1 (1) 1 (3) 1 (1) 3 (1) 3 3 (4) 1 (1) 1 3 (3) 1 (1) 4 (4) 4 (4) 3 (3) 4 (3)
Asset Quality
15.0% 1 (1) 1 (2) 1 (3) 1 (3) 1 (1) 1 1 (4) 1 (1) 1 (2) 1 1 (3) 1 (3) 1 (2) 1 (2) 1 (3) 1 (3) 1 (3) 1 (3) 1 (3) 1 (3) 1 (3) 1 (4) 1 (4) 1 (1) 1 1 (1) 2 (4) 1 (2) 1 (4) 2 1 (3) 1 (3) 1 2 (5) 2 (4) 2 (4) 3 (5) 2 (5) 3 (5)
DEBT FUNDS
3 (3) 3 (3) 4 4 (5) 4 (3) 2 4 (4) 3 (4) 4 (3) 5 (5) 3 (4) 5 (5)
15
CRISIL MutualFundRanking
Liquid funds
CRISIL Fund Rank Mar - 12 Change vs Dec - 11 CRISIL Fund Rank Dec - 11
Liquid funds
Weightages Principal Cash Management Fund SBI Magnum InstaCash SBI Magnum InstaCash Liquid Floater Plan
Mean Return
42.5%
Volatility
20.0% 1 (1) 1 (1) 1 (2)
Asset Size
5.0% 4 (4) 3 (4) 4 (4)
DRP*
5.0% 1 (1) 2 (3) 2 (3)
Liquidity
12.5% 3 (3) 3 (3) 1 (3)
1 1 1
1 2 2
IDBI Liquid Fund IDFC Cash Fund JM High Liquidity Fund Plan LIC NOMURA MF Liquid Fund Reliance Liquid Fund - Cash Plan UTI Liquid Cash Plan
2 2 2 2 2 2
2 2 2 3 1 3
Birla Sun Life Cash Plus Birla Sun Life Floating Rate Fund Short Term DSP BlackRock Liquidity Fund HDFC Cash Management Fund Savings Plan HDFC Liquid Fund ICICI Prudential Liquid Plan Pramerica Liquid Fund Reliance Liquid Fund - Treasury Plan UTI Money Market Fund
3 3 3 3 3 3 3 3 3
3 3 4 2 1 3 4 3 4
Axis Liquid Fund Fidelity Cash Fund Plan HSBC Cash Fund ICICI Prudential Money Market Fund Kotak Floater - Short Term Templeton India Treasury Management Account
4 4 4 4 4 4
3 4 3 N.A 5 4
DWS Insta Cash Plus Fund Sundaram Money Fund Tata Liquidity Management Fund
5 5 5
4 5 N.A
4 (4) 5 (5) 4
4 (3) 3 (3) 3
2 (2) 3 (4) 5
4 (4) 5 (5) 3
1 (3) 1 (4) 1
1 (1) 3 (4) 5
4 (4) 3 (3) 5
Figures in bracket indicate the previous quarter score * Downside risk probability
16
Volatility
20.0% 1 (1) 2 (2) 1 (1) 2 (2) 3 (3) 2 (2) 3 (4) 4 (4) 4 (5) 3 (3) 5 (5) 3 (3) 5 (3) 4 (4) 2 (2) 4 (4) 3
Asset Size
5.0% 2 (2) 2 (2) 4 (4) 2 (4) 2 (2) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 1 (1) 4 (4) 5 (5) 5 (5) 3 (2) 3
1 1 2 2 2 2 3 3 3 3 3 4 4 4 4 5 5
1 1 2 4 2 3 2 3 4 2 3 4 5 3 5 4 N.A
Change vs Dec - 11
Mean Return
42.5% 3 (3) 4 (4) 4 (4) 4 (3) 2 (2) 2 (3) 3 (2) 5 (4) 5 (5) 3 (4) 3 (3) 3 (3)
Volatility
20.0% 1 (1) 1 (2) 3 (3) 2 (2) 2 (2) 2 (1) 4 (3) 4 (3) 3 (3) 3 (2) 3 (4) 3 (3)
Asset Size
5.0% 4 (4) 2 (2) 1 (1) 2 (2) 3 (3) 2 (1) 1 (2) 2 (2) 5 (5) 4 (3) 3 (3) 5 (4)
DRP*
5.0% 1 (1) 2 (2) 3 (3) 1 (2) 2 (2) 2 (1) 4 (4) 5 (4) 4 (3) 2 (2) 4 (4) 3 (3)
Asset Quality
10.0% 1 (1) 1 (2) 1 (3) 1 (2) 1 (4) 1 (4) 1 (3) 1 (3) 1 (3) 1 (2) 1 (3) 1 (4)
1 1 2 2 2 2 3 3 3 3 3 3
1 2 2 2 3 1 3 2 3 3 3 4
4 4 4 4 5 5
3 4 4 5 4 5
17
CRISIL MutualFundRanking
Ultra Short-term Debt Funds
CRISIL Change Fund Rank vs Mar - 12 Dec - 11 CRISIL Fund Rank Mean Dec - 11 Return
37.5% 2 (2) 3 (3) 1 (1) 4 (4) 3 (3) 1 (2) 2 (2) 3 (3) 4 (4) 4 (4) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (4) 3 3 (3) 3 (3) 4 (4) 4 (5) 4 (4) 2 5 (5) 2 (1) 2 (2) 3 (3) 3 3 (3) 2 (2) 4 (4) 1 (1) 4 (3) 3 (2) 3 (3) 5 (5) 3 2 (3) 4 (5) 5 (4) 5 (5) 5 4 (4) 3 (3)
Volatility
20.0% 3 (3) 3 (2) 4 (5) 1 (2) 3 (3) 4 (3) 3 (3) 3 (2) 2 (2) 2 (2) 3 (3) 4 (5) 4 (4) 3 (4) 4 (4) 2 (1) 2 (2) 3 (3) 1 (1) 3 3 (3) 3 (3) 2 (2) 2 (1) 2 (2) 3 1 (1) 4 (4) 3 (3) 2 (3) 1 3 (4) 4 (3) 4 (3) 5 (4) 2 (3) 3 (4) 5 (5) 1 (1) 3 4 (4) 2 (2) 5 (4) 3 (3) 4 5 (5) 5 (5)
DRP*
5.0% 2 (2) 4 (4) 1 (2) 4 (5) 2 (2) 1 (1) 2 (2) 3 (2) 3 (4) 4 (4) 1 (1) 1 (2) 1 (1) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 3 (3) 3 (3) 5 (5) 5 (4) 4 (3) 2 5 (5) 2 (1) 2 (2) 3 (3) 3 3 (3) 3 (3) 4 (4) 2 (3) 3 (3) 2 (1) 3 (3) 5 (5) 3 3 (3) 5 (5) 4 (4) 4 (4) 4 4 (4) 3 (3)
1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5
18
Axis Treasury Advantage Fund - Institutional Birla Sun Life Ultra Short Term Fund Institutional Canara Robeco Treasury Advantage Fund Institutional HSBC Floating Rate Fund - Long Term Plan Institutional L&T Ultra Short Term Fund - Institutional SBI Short Horizon Debt Fund Ultra Short Term Fund - Institutional
2 2 2 2 2 2
3 1 1 2 2 1
Baroda Pioneer Treasury Advantage Fund Institutional Birla Sun Life Cash Manager - Institutional Birla Sun Life Floating Rate Fund Long Term - Institutional Birla Sun Life Savings Fund - Institutional DSP BlackRock Money Manager Fund Institutional Plan DWS Ultra Short Term Fund - Institutional HDFC Floating Rate Income Fund Short Term Plan - Wholesale IDFC Money Manager Fund Treasury Plan - (Institutional) ING Treasury Advantage Fund - Institutional Reliance Money Manager Fund - Institutional UTI Treasury Advantage Fund - Institutional
3 3 3 3 3 3 3 3 3 3 3
2 3 N.A 3 3 3 2 2 3 4 3
2 (3) 3 (3) 2 3 (3) 5 (5) 1 (1) 3 (4) 4 (4) 2 (1) 4 (3) 3 (2)
3 (3) 3 (2) 3 1 (1) 3 (2) 4 (4) 3 (2) 2 (1) 5 (5) 1 (2) 3 (5)
4 (4) 2 (2) 4 2 (2) 3 (2) 2 (2) 3 (3) 2 (2) 5 (4) 1 (1) 2 (1)
4 (3) 4 (4) 4 3 (4) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (5)
2 (1) 3 (2) 4 3 (2) 4 (4) 3 (3) 4 (3) 3 (2) 5 (4) 3 (2) 2 (3)
1 (2) 1 (4) 1 1 (4) 1 (1) 1 (3) 1 (3) 1 (3) 1 (3) 1 (5) 1 (4)
4 (3) 2 (1) 4 3 (3) 3 (4) 3 (1) 2 (2) 5 (4) 3 (1) 2 (1) 3 (3)
3 (2) 3 (3) 1 4 (4) 2 (3) 4 (3) 2 (1) 2 (1) 2 (2) 4 (4) 3 (4)
BNP Paribas Money Plus Fund Institutional Plan DWS Cash Opportunities Fund Institutional Plan JPMorgan India Treasury Fund Super Institutional Plan Tata Treasury Manager Fund - SHIP Templeton India Ultra-short Bond Fund Institutional UTI Floating Rate Fund - STP - Institutional
4 4 4 4 4 4
3 4 3 4 5 3
DSP BlackRock Income Opportunities Fund Institutional IDFC Money Manager Fund Investment Plan - (Institutional) Kotak Flexi Debt - Institutional Figures in bracket indicate the previous quarter score * Downside risk probability
5 5 5
4 5 5
19
CRISIL MutualFundRanking
Ultra Short-term Debt funds - Super Institutional
CRISIL Change Fund Rank vs Mar - 12 Dec - 11 CRISIL Fund Rank Mean Dec - 11 Return
37.5% 1 1 3 (3)
Volatility
20.0% 1 (1)
DRP*
5.0% 1 (1)
2 2
3 2
4 (5) 4 (4)
3 (3) 2 (2)
5 (5) 2 (2)
1 (4) 2 (1)
5 (5) 3 (3)
1 (2) 1 (3)
4 (5) 1 (3)
1 (1) 3 (2)
3 3
2 4
5 (4) 3 (3)
2 (2) 4 (3)
1 (1) 2 (2)
4 (3) 3 (2)
3 (2) 4 (4)
1 (2) 1 (5)
4 (2) 2 (3)
2 (2) 4 (4)
4 4
3 4
2 (2) 2 (2)
3 (4) 4 (4)
3 (3) 4 (4)
3 (4) 4 (5)
4 (4) 2 (2)
1 (3) 1 (4)
3 (2) 5 (4)
3 (3) 4 (4)
1 (1)
5 (5)
4 (3)
5 (3)
2 (3)
1 (4)
3 (4)
5 (5)
Change vs Dec - 11
Modified Duration
5% 2 (3) 5 (5) 2 (2) 3 2 4 (4) 3 (3) 3 (2) 4 (1) 3 (3) 1 3 (2) 2 (1) 3 (2) 3 (3) 3 (3) 5 (4) 4 (5) 1 (4) 4 (4)
Liquidity
12.5% 4 (2) 4 (2) 3 (3) 3 1 3 (4) 2 (3) 2 (3) 3 (4) 3 (5) 4 4 (2) 5 (1) 3 (4) 3 (5) 5 (1) 2 (3) 3 (4) 1 (3) 2 (2)
Asset Quality
7.5% 1 (1) 1 (4) 1 (1) 1 1 1 (1) 1 (1) 1 (1) 1 (1) 1 (5) 1 1 (5) 1 (1) 1 (4) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1)
1 1 2 2 2 2 3 3 3 3 3 3 3 3 4 4 4 4 5 5
5 5
20
Birla Sun Life Frontline Equity Fund Canara Robeco Equity Diversified DSP BlackRock Equity Fund DSP BlackRock Top 100 Equity Fund Franklin India Bluechip Fund HDFC Capital Builder Fund HDFC Growth Fund HDFC Premier MultiCap Fund ICICI Prudential Dynamic Plan SBI Magnum Sector Umbrella - Emerging Business Fund Sundaram Select Midcap Tata Equity PE Fund UTI Equity Fund UTI Master Value Fund
2 2 2 2 2 2 2 2 2 2 2 2 2 2
2 1 2 2 2 2 2 N.A
3 (2) 2 (1) 2 (3) 3 (2) 2 (2) 3 (2) 2 (2) 2 1 (1) 2 (2) 2 (3) 3 (3) 2 (1) 2 (2)
1 (1) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 2 (2) 3 2 (1) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2)
1 2 3 3 1 2
Birla Sun Life Midcap Fund DSP BlackRock Opportunities Fund Franklin India Flexi Cap Fund Franklin India Prima Fund Franklin India Prima Plus HDFC Core and Satellite Fund HSBC India Opportunities Fund ICICI Prudential Top 100 Fund ICICI Prudential Top 200 Fund Kotak 50 Kotak Midcap Principal Dividend Yield Fund Reliance Growth Fund Reliance Regular Savings Fund - Equity Reliance Vision Fund SBI Magnum Equity Fund SBI Magnum Global Fund SBI Magnum Multiplier Plus Scheme 1993 Sundaram India Leadership Fund Sundaram S M I L E Fund
Figures in bracket indicate the previous quarter score
3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
4 3 3 3 2 2 3 3 3 3 3 3 3 N.A
3 (4) 3 (3) 3 (2) 2 (3) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 4 (3) 2 (3) 3 (3) 3 (4) 4 3 (4) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4)
3 (3) 2 (2) 3 (3) 4 (4) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 2 4 (4) 3 (3) 3 (4)
4 3 3 3 4 4
CONSISTENT PERFORMERS
21
CRISIL MutualFundRanking
Consistent Performers - Equity funds (Contd.)
CRISIL Fund Rank Mar - 12 Change vs Dec - 11 CRISIL Fund Rank Dec - 11 Superior Return Score
50% 3 3 3 3 3 3 3 3 2 3 3 3 3 N.A 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 2 (3) 3
Birla Sun Life Advantage Fund BNP Paribas Equity Fund DWS Alpha Equity Fund Franklin India Opportunities Fund HSBC Equity Fund HSBC Midcap Equity Fund ICICI Prudential MidCap Fund Kotak Opportunities SBI Magnum Midcap Fund SBI Magnum Sector Umbrella - Contra Fund Sundaram Growth Fund Sundaram Select Focus Tata Service Industries Fund UTI Master Plus Unit Scheme
4 4 4 4 4 4 4 4 4 4 4 4 4 4
5 4 3 4 4 N.A
4 (5) 3 (4) 5 (4) 4 (4) 4 (3) 4 4 (4) 4 (4) 4 4 (4) 4 (5) 5 (4) 3 4 (3)
5 (5) 4 (5) 3 (3) 4 (5) 4 (4) 5 5 (5) 3 (3) 5 4 (4) 3 (4) 4 (3) 4 4 (5)
5 4 N.A
4 4 4 N.A
Birla Sun Life Equity Fund DSP BlackRock India T.I.G.E.R. Fund JM Basic Fund LIC NOMURA MF Equity Fund Principal Growth Fund Tata Infrastructure Fund UTI Infrastructure Fund
Figures in bracket indicate the previous quarter score
5 5 5 5 5 5 5
5 5 N.A
4 5 5 5
22
23
CRISIL MutualFundRanking
Mean Return
30%
Volatility
20% 3 (4) 1 (1)
1 1
1 1
1 (2) 2 (2)
HDFC Liquid Fund Principal Cash Management Fund UTI Liquid Cash Plan
2 2 2
2 2 2
Birla Sun Life Cash Plus ICICI Prudential Liquid Plan JM High Liquidity Fund LIC NOMURA MF Liquid Fund UTI Money Market Fund
3 3 3 3 3
3 3 3 3 3
DSP BlackRock Liquidity Fund HSBC Cash Fund Sundaram Money Fund
4 4 4
4 5 4
DWS Insta Cash Plus Fund Templeton India Treasury Management Account
Figures in bracket indicate the previous quarter score
5 5
4 5
3 (3) 3 (4)
4 (5) 5 (5)
5 (5) 5 (5)
24
Superior Return Score The Superior Return Score (SRS) is the relative measure of the return and the risk for the schemes compared to their peer group. It is computed for Equity Oriented Categories, Equity Linked Saving Schemes (ELSS), Debt, Balanced, Monthly Income Plan (Aggressive & Conservative) and Gilt categories for a three - year period split into four buckets of nine months each. The weightages for the four nine-monthly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for Equity, Balanced and Debt categories, the SRS is calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage. Mean Return and Volatility Mean Return and Volatility are considered separately in case of Liquid, Ultra Short Term Debt and Debt-Short term schemes for a one - year period. Mean return is average of daily return on fund NAV for the latest one-year period and the Volatility is the standard deviation of these returns. The weightages for the four quarterly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for the Liquid category, Mean Return and Volatility are calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage.
25
CRISIL MutualFundRanking
Portfolio Concentration Analysis Concentration measures the risk arising out of improper diversification. Diversity Score (Herfindahl index) is used as the parameter to measure Industry concentration and Company concentration for equity securities. In case of Debt papers, the industry concentration is analyzed only for any over exposure in sensitive sectors which is arrived at based on CRISILs assessment of the prospects for various sectors and Company concentration will have an individual issuer specific limit of 10.0 per cent. Liquidity Analysis It measures the ease with which the portfolio can be liquidated. In case of equities, liquidity is calculated by taking the average of last 3 months impact cost published by stock exchanges. Gilt liquidity is measured by analysing the market turnover, days traded and size of trade for a three months period for that security. Corporate debt liquidity is computed by classifying each security into 3 categories - Liquid, Semi Liquid and Illiquid and then evaluating a funds exposure to each such category. Asset Quality Asset Quality measures the probability of default by the issuer of a debt security to honour the debt obligation in time. CRISIL penalizes lower rated securities to a higher level in its analysis. Average Maturity Modified duration /Average Maturity are considered across all debt categories except liquid to capture the interest rate risk of the portfolio. The analysis is done on lower the better basis.
Downside Risk Probability (DRP) DRP measures the probability of the investment getting lower returns than short tenor risk free securities. It is measured by assessing the number of times a funds return falls below the risk free return over the period of analysis. The risk free return is taken as the 91-day T-Bill yield over the period. Asset Size It is considered only for Ultra Short Term Debt and Liquid categories to take into account the effect of large fund flows on the funds performance and ability of the funds to manage such flows optimally. Higher the asset size better it is. Tracking Error This is used only for Index funds. The tracking error is an estimation of the variability in a funds performance vis--vis the index that it tracks. Lower the tracking error better it is. Historic CRISIL Mutual Fund Performance Historic CRISIL Mutual Fund performance is considered only for the Consistent category. Quarterly Mutual Fund ranks during the five year period of analysis are weighted, with separate one year periods weighted differentially with the most recent period having the highest weightage.
26
iii) iv)
Eligible schemes are classified into the following subcategories ii) 1a) Large cap-oriented equity funds Schemes that have at least 75 per cent exposure in CRISIL-defined large cap stocks (top 100 stocks based on 9-month daily average market capitalisation on the National Stock Exchange) in the preceding 36 months split into 4 blocks of 9 months each. The 75 per cent exposure in these stocks must be available for a minimum of 6 out of 9 months in each block. Exposure to Nifty futures is considered as large cap exposure. 1b) Small and mid-cap-oriented equity funds Defined as those having less than 45 per cent exposure in CRISIL-defined large cap stocks for the preceding 36 months. 1c) Thematic Infrastructure funds Defined as those that follow an investment objective to invest in infrastructure related sectors. CRISIL defined infrastructure sectors are - Energy, Construction, Industrial Capital Goods, Industrial Manufacturing, Metals, Cement & Cement Products, Services and Telecom. iii)
2.
Hybrid Funds
2a) Balanced funds Schemes investing more than 65 per cent, but less than 80 per cent, of the AUM in equity securities, and 20-35 per cent in long-term bonds/government securities are considered. Speciality schemes with the above asset allocation focusing on children, pension, unit-linked insurance, young citizens, charity, and retirement are not considered. 2b) Monthly Income Plan (MIP) Schemes, where investment into equity is restricted to a maximum of 30 per cent and generally declare monthly dividends are considered as i) MIP - Aggressive: where the objective limits investment in equity securities to 15-30 per cent of the corpus.
27
CRISIL MutualFundRanking
ii)
MIP - Conservative: where the objective limits investment in equity securities to 15 per cent of the corpus.
3d) Ultra short term debt funds Schemes named as ultra short term debt schemes are considered. Those without such nomenclature will be considered only if the AMC assures their positioning as an ultra short term debt scheme and also their risk-return characteristics needs to be in line with the category peers. Based on the minimum investment amount disclosed in the offer documents, schemes are further classified into: i) ii) Retail - Minimum investment less than Rs 1 million Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million
3)
Debt Funds
3a) Long term income funds Schemes that predominantly invest in long-term corporate debt papers and government securities (G-Secs) are considered. These schemes also invest in short-term and money market securities. Schemes investing 60 per cent or more in G-Secs over the last 3 years will not be included. 3b) Short term income funds Schemes that predominantly invest in short term corporate debt papers, Certificate of Deposit (CDs), money market instruments and G-Secs are considered. 3c) Liquid funds Schemes whose portfolio constitutes money market instruments and short-term debt instruments with a residual maturity of up to 91 days are considered. Depending on the minimum investment amount disclosed in the offer documents, liquid funds are classified into i) ii) Retail - Minimum investment less than Rs 1 million Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million 4)
iii) Super Institutional - Minimum investment of more than Rs 50 million 3e) Long term gilt funds Schemes that predominantly invest in long-term securities issued by Central and state governments, including government securities and T-bills, of varying maturities are considered. Consistent Mutual Fund Performers Schemes that have rankings in all quarterly CRISIL Mutual Fund Ranking over a 5-year timeframe are considered. Note: While the above classification will be the guide in selection and creation of peers for the purpose of ranking, CRISIL will be free to take a subjective call on the inclusion/exclusion of a scheme from among the peers in a ranking category.
For further details on CRISIL Mutual Fund Ranking, please contact: Deepak Mittal: +91 22 3342 8031
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