CRISIL Mutual Fund Ranking For the quarter ended March 31, 2017
Contact Us
Analytical
Business Development
Yatendra Chauhan Associate Director – Funds & Fixed Income Research
[email protected]
Vishal Ahuja Director – Funds & Fixed Income Research
[email protected]
Kiran Nate Manager – Funds & Fixed Income Research
[email protected]
Deepak Mittal Associate Director – Funds & Fixed Income Research
[email protected]
Zunjar Sanzgiri Research Analyst – Funds & Fixed Income R esearch
[email protected]
Dinesh Agarwal Associate Director – Funds & Fixed Income Research
[email protected]
Contact Us
Analytical
Business Development
Yatendra Chauhan Associate Director – Funds & Fixed Income Research
[email protected]
Vishal Ahuja Director – Funds & Fixed Income Research
[email protected]
Kiran Nate Manager – Funds & Fixed Income Research
[email protected]
Deepak Mittal Associate Director – Funds & Fixed Income Research
[email protected]
Zunjar Sanzgiri Research Analyst – Funds & Fixed Income R esearch
[email protected]
Dinesh Agarwal Associate Director – Funds & Fixed Income Research
[email protected]
Industry highlights The Indian mutual fund industry’s quarterly average assets
Investors continued to distance themselves from gold ETFs
under management (AUM) posted record high fiscal growth,
for the fourth consecutive fiscal. The category’s average AUM
both in percentage and absolute terms, since the Association
fell 10.92%, or by Rs 6.92 billion, in the fiscal to Rs 56.43
of Mutual Funds in India (AMFI) started declaring quarterly
billion owing to outflows of Rs 7.75 billion and MTM losses.
AUM in September 2010. The industry grew 35.18%, or by Rs
However, on a quarterly basis, the category grew 8.91%
4.76 trillion, to a new high of Rs 18.30 trillion (excluding fund
owing to rise in prices of the underlying asset. Gold prices
of funds) in the fiscal ended March 2017 (FY17). Equity and
rose 2% in the quarter, but fell 1.9% in the year ended March
short-term debt funds continued to drive industry growth.
2017.
Average AUM grew 8.05%, or by Rs 1.36 trillion, on-quarter. Equity funds continued to be investors’ preferred category as reflected in the inflows trend. The category saw progressive increase in inflows: Rs 1.31 trillion in FY17, Rs 1.02 trillion in FY16 and Rs 831 billion in FY15. Strong inflows coupled with mark-to-market (MTM) gains prompted assets to cross the Rs 6 trillion mark. In FY17, the category’s assets grew a robust 43.17%, or by Rs 1.90 trillion, to a new high of Rs 6.30 trillion. On a quarterly basis, it grew 12.00%, or by Rs 675.14 billion. The equity market - represented by Nifty 50 - gained 12.07% and 18.55% in the quarter and fiscal ended March 2017, respectively. Assets of short-term debt funds grew 3.85 times in the past three years to a new high of Rs 2.72 trillion in March 2017. In the the latest fiscal, the category’s asset increased 81.29%, or by Rs 1.22 trillion, highlighting growing investors’ preference for short-maturity debt as it is less sensitive to interest rate changes. Other categories in the short maturity debt funds -ultra short-term short-term funds’ assets rose to a new high of Rs 1.98 trillion, up Rs 653.42 billion or 49.31% in the fiscal, while liquid funds touched a new high of Rs 3.98 trillion, up Rs 754.32 billion or 23.40%. On a quarterly basis, short-term debt, ultra short-term and liquid funds grew 9.29%, 0.32% and 14.75%, respectively. Long-maturity Long-maturity debt funds’ assets posted muted growth in FY17 amid growing expectations that the Reserve Bank of India’s (RBI’s) interest rate easing cycle has come to an end. In the February 2017 policy meeting, the RBI changed its policy stance to neutral from accommodative. While income funds’ average AUM grew 11.95% (lower growth vis-à-vis vis -à-vis short maturity debt) to Rs 1.09 trillion, gilt funds’ assets shrank 8.49% to Rs 158.41 billion. In the final quarter of FY17, income funds’ assets rose just 1.45% and gilt funds’ assets fell 10.15% owing to a jump in bond yields; yield on the 10year benchmark bond rose 6.69% in March-end 2017 from 6.51% a quarter ago.
Average AUM of direct plans rose to a new high of Rs 7.33 trillion, up 48.11% or by Rs 2.38 trillion (highest absolute fiscal rise). The share of direct plans in overall AUM rose to 40.1% in March 2017 from 36.6% a year ago and 39.5% a quarter ago.
Chart 1 – Mutual fund net flows and AUM trend 19.0 ) n o i l l i r t ₹ M U A g v A y l r t Q (
2.0
18.0 17.0 1.0
16.0 15.0 14.0
0.0
13.0
) n o i l l i r t ₹ s w o l f t e N (
12.0 11.0
5 1 r a M
5 1 n u J
5 1 p e S
5 1 c e D
6 1 r a M
Ne t flows (R (Rs tr tr ilillion) (R (RHS)
6 1 n u J
6 1 p e S
6 1 c e D
7 1 r a M
-1.0
In du du st stry AU AUM (R (Rs tr trillion)
Source – AMFI AMFI
Table 1 – Category-wise average AUM (₹ billion) Mutual fund category
Jan-Mar 2017
Oct-Dec 2016
Absolute Change (bn)
% change
Equity*
6302.27
5627.13
675.14
12.00
Liquid/money market
3977.39
3466.22
511.17
14.75
Debt**
6544.58
6380.06
164.52
2.58
Fixed maturity plans (FMPs)
1366.31
1368.32
-2.01
-0.15
Infrastructure debt fund
14.32
13.94
0.38
2.73
Gold ETFs
56.43
51.81
4.62
8.92
34.52 18295.83
25.92 16933.39
8.60 1362.44
33.18 8.05
Others Total
Source - CRISIL Mutual Fund Database
* Includes equity-oriented funds, balanced funds and ETFs ** Includes long-term, gilt, short-term, ultra short-term and other debt- oriented funds
1
Of the 42 fund houses (including infrastructure debt funds),
●
which have declared average AUM, four witnessed a fall in the quarter and six posted a fall in the year. The industry
Sebi notified rules allowing foreign fund managers to act as portfolio managers under a relaxed regulatory regime.
●
continued to be highly concentrated, with the share of the
Sebi said existing mutual funds will not require approval of a majority unit holders to invest in the derivatives
top five and top 10 fund houses rising to 57.01% and 80.81%
segment provided there is an exit option.
from 55.66% and 79.53%, respectively, a year ago. ●
Sebi allowed mutual funds to increase exposure limits
ICICI Prudential Mutual Fund continued to be the industry
provided for housing finance companies from 10% to
leader in terms of assets managed in FY17. Its assets grew
15%.
38.14%, or by Rs 671 billion, on-year to Rs 2.43 trillion. HDFC
●
Sebi asked credit rating agencies (CRAs) to give a 30-day
Mutual Fund came second with a rise of Rs 614 billion or
notice before withdrawal of ratings in case of open-end
34.93% to Rs 2.37 trillion. Reliance Mutual Fund maintained
mutual funds.
third position with Rs 2.11 trillion, up by Rs 525 billion or
●
Sebi halted approvals to new exchange-traded funds
33.13%. Assets of ICICI Prudential Mutual Fund and HDFC
(ETFs), other than those with Nifty and Sensex as the
Mutual Fund rose the highest in absolute terms.
underlying. It is considering a fresh set of guidelines for
Major regulations and developments in the quarter ●
Securities and Exchange Board of India (Sebi) directed
ETFs with sectoral indices as the underlying. ●
a part of the investor awareness outreach program. ●
BSE launched the ‘BSE StAR MF’ mobile application.
●
IDFC increased its stake to 100% in IDFC AMC and IDFC
mutual funds to disclose the performance of their schemes since inception and during the preceding one-, three- and five-year periods while advertising. It also allowed celebrities to endorse mutual funds products. ●
Sebi notified norms allowing mutual funds to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). It also said that mutual funds investing in these instruments will have to give 15 days to unitholders to exercise the exit option.
2
AMFI launched a media and communication campaign as
AMC Trustee Co by acquiring 25% stake held by Natixis Global Asset Management in these two companies for Rs 2.44 billion.
Equity market overview Table 2 – Movement of key equity market indices
However, further gains were restrained on worries over
Quarter ended
Year ended
stricter H-1B visa rules in the US and the impact of President
Mar-17
Mar-17
Trump's immigration ban on some countries. Investors were
(% change)
(% change)
Nifty 50
12.07
18.55
Nifty 100
12.94
20.87
its policy review on February 8, 2017 and said it would shift
Nifty Realty
30.00
37.30
its stance from accommodative to neutral, signalling an end
Nifty Free Float Smallcap 100
20.83
42.99
to further rate cuts. The market was also hit intermittently by
Nifty Free Float Midcap 100
19.83
34.85
a surge in consumer and retail inflation.
Nifty Bank
17.97
32.85
Nifty Metal
16.74
61.90
All the NSE and BSE sectoral indices ended higher in the
Nifty Infrastructure
14.17
21.53
quarter. Nifty Realty and S&P BSE Realty were the biggest
Nifty Commodities
14.02
41.84
Nifty FMCG
13.43
19.12
Nifty Energy Index
13.41
38.27
Nifty Auto
8.08
22.16
announced by Prime Minister Narendra Modi and higher
Nifty IT Index
2.92
-5.36
allocation of funds to these schemes. Nifty Bank and S&P
Nifty Pharma
1.40
-5.26
BSE BANKEX rose nearly 18% each owing to short covering
Index
Source - NSE
also disappointed after the RBI kept its policy rates on hold in
sectoral gainers – up 30% and 27%, respectively, amid optimism over lower lending rates and housing schemes
and on hopes that the RBI and the government would soon
Sectoral indices sorted on three-month returns
announce measures to tackle bad loans in the banking
Indian equity benchmarks S&P BSE Sensex and Nifty 50 gained around 11% and 12%, respectively, in the March quarter, boosted by strong domestic cues. The triggers were:
system. Strong buying interest was also seen in metal and FMCG firms. Nifty Metal and S&P BSE Metal were up about 17% each. Nifty FMCG and S&P BSE Consumer-durables
1) passage of the Finance Bill and four crucial bills related to
gained about 13% and 36%, respectively.
GST, bringing India closer to a unified tax regime from July 1,
Chart 2 – Mutual fund daily investments & Nifty movement
2017; 2) landslide victory of the ruling party in Uttar Pradesh assembly elections; c) appreciation of the rupee against the dollar, d) strong buying interest by foreign institutional investors (they bought equities worth Rs 448 billion in the March quarter against selling of Rs 312 billion in the previous quarter); e) the Union Budget’s focus on fiscal prudence and status quo on long-term capital gains tax on equities; and f) stock-specific
buying
amid
corporate
earnings
announcements. On the global front, reports that US President Donald Trump plans to announce corporate tax
9300
90
9100
60
) 0 5 8900 y t f i 8700 N (
30 0
8500
-30
8300
8100
6 7 1 - 1 c n e a J D - 1 6 3
7 1 n a J 2 1
7 1 n a J 4 2
7 1 n a J 0 3
7 1 b e F 5
7 1 b e F 1 1
7 1 b e F 7 1
7 1 b e F 3 2
-60
7 7 7 7 7 7 1 - 1 - 1 - 1 - 1 - 1 r r r r r r a a a a a a M - M - M - M - M - M 1 7 3 9 5 1 1 1 2 3
FII Daily Net Equity Investments MF Daily Net Equity Investments Nifty 50
cuts and expectations of a slower pace of monetary tightening by the US Federal Reserve (Fed) through the year supported the market.
7 1 n a J 8 1
y t i ) u n o q i l E l i t b e . ₹ N s y t l i a n D e m F t M s / e I I v n I F (
Source - SEBI, NSE
3
M A R K E T O V E R V I E W
Debt market overview Interbank call money rates remained below the repo rate of
borrowed Rs 660 billion. Strength in the rupee against the US
6.25% for most of the quarter owing to the comfortable
dollar also aided bond prices. Further, the ruling party’s win
liquidity in the system. Call rates were supported by periodic
in the state assembly elections propped up gilts as the
repo auctions conducted by the RBI and inflows from
victory is seen increasing the odds of reforms being passed
reversals of reverse repo auctions held earlier by the banking
at the Centre. Bonds also gained as the US Fed did not raise
regulator. To prevent call rates from dipping too low, the RBI
its projection of interest rate increases in 2017. Meanwhile,
regularly held reverse repo auctions and intermittently
bonds were largely unaffected by the release of the
conducted cash management bills auctions.
government's borrowing calendar for April-September. The
Gilts prices retreated in the quarter, with yield on the 10-year benchmark – the 6.97%, 2026 paper – rising to 6.69% on March 31, 2017 from 6.51% on December 30, 2016. Prices
Chart 3 – Movement of overnight MIBOR
Centre will borrow Rs 3.72 trillion in the first half of the new financial year which began on April 1, frontloading 64% of its gross market borrowing for the year.
Chart 4 – 10-year benchmark gilt yield 7.60%
9.50% 9.00%
7.20%
8.50% 8.00%
6.80% 7.50% 7.00%
6.40%
6.50% 6.00%
6.00%
6 1 r a M 1 3
6 1 r p A 0 3
6 1 y a M 1 3
6 1 n u J 0 3
6 1 l u J 1 3
6 1 g u A 1 3
6 1 p e S 0 3
6 1 t c O 1 3
6 1 v o N 0 3
6 1 c e D 1 3
7 1 n a J 1 3
7 1 b e F 8 2
6 1 r a M 1 3
7 1 r a M 1 3
6 1 r p A 0 3
6 1 y a M 1 3
6 1 n u J 0 3
6 1 l u J 1 3
6 1 g u A 1 3
6 1 p e S 0 3
6 1 t c O 1 3
6 1 v o N 0 3
Source – FIMMDA
Source - CRISIL Fixed Income Database
were dented after the central bank’s interest rate setting
Key developments in the quarter:
6 1 c e D 1 3
7 1 n a J 1 3
7 1 b e F 8 2
7 1 r a M 1 3
committee decided to maintain status quo and as it shifted from an accommodative stance to a neutral one, dashing
●
amend several laws including the RBI Act and the Income
hopes of an interest rate cut in the coming months. Gilts
Tax Act to allow political parties to raise funds through
dipped further as the domestic CPI and WPI inflation figures
electoral bonds.
came in higher than expected. Hawkish comments from US Fed Chair Janet Yellen also hit sentiments. Profit booking
●
●
facility’, which is intended to drain excess liquidity, weighed ●
●
However, further decline in gilts was prevented after the
billion over January-February via weekly gilt sales, the Centre 4
The central bank allowed banks to use statutory reserves for servicing AT1 bonds if free reserves are insufficient.
government decided to trim its market borrowing for the last wherein the government was scheduled to borrow Rs 840
It released draft guidelines on interest rate risk on banking book (IRRBB).
policy target rate.
part of fiscal 2017. As opposed to the earlier calendar,
It also issued revised guidelines for issuance of commercial papers.
on prices as well. The facility will give the RBI the discretion to set the interest rate on the facility without reference to the
The RBI allowed multilateral and regional financial institutions to invest in ‘masala’ bonds.
towards the end of the financial year pulled down gilts further. Uncertainty surrounding the RBI’s ‘standing liquidity
Finance Minister Arun Jaitley said the government will
●
It notified new norms allowing FPIs to invest in unlisted corporate bonds and securitised debt instruments.
CRISIL Mutual Fund categories Equity Funds 1.
Large Cap-oriented Equity Funds
2.
Diversified Equity Funds
3.
Small and Mid-cap Equity Funds
4.
Thematic - Infrastructure Funds
5.
Equity Linked Savings Scheme (ELSS)
6.
Index Funds
Hybrid Funds 7.
Balanced Funds
8.
Monthly Income Plan - Aggressive
Debt Funds 9.
Long Term Gilt Funds
10. Income Funds 11. Credit Opportunities Funds 12. Short Term Income Funds 13. Ultra-Short term Debt Funds 14. Liquid Funds Performance period for rankings: Three years for equity funds (including index funds), income funds, gilt funds and hybrid funds; one year for liquid, ultra-short term debt, short term income and credit opportunities 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 (11 th to 30 th percentile), CRISIL Fund Rank 5 (last 91 st to 100 th percentile) and CRISIL Fund Rank 4 (71 st to 90 th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.
5
Large Cap oriented Equity funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Large Cap-oriented Equity funds
Fund Categorization
Rank
Rank
Mean
Mean
Return Return
Regular Direct Regular Direct Weightages
P1
P2
P3
P4
Volatility Volatility Regular
55%
Direct
25%
Industry
Company
Concentration Concentration 10%
5%
Liquidity 5%
ICICI Prudential Top 100 Fund
1 (1)
1
1 (1)
1
2 (2)
2
1 (1)
3 (4)
3 (3)
Kotak Select Focus Fund^
1 (1)
1
1 (1)
1
3 (3)
3
3 (3)
2 (2)
5 (5)
SBI Blue Chip Fund
1 (1)
1
2 (1)
2
1 (1)
1
1 (1)
1 (1)
5 (5)
2 (2)
2
2 (2)
2
3 (3)
2
3 (3)
1 (1)
4 (5)
Birla Sun Life Frontline Equity Fund Birla Sun Life Top 100 Fund
2 (2)
2
2 (2)
2
3 (3)
3
2 (3)
1 (2)
3 (3)
DSP BlackRock Focus 25 Fund^
2 (2)
2
1 (2)
2
4 (4)
4
4 (4)
4 (4)
3 (3)
HDFC Growth Fund
2 (2)
3
2 (2)
2
4 (5)
4
2 (2)
3 (3)
4 (4)
HSBC Equity Fund
2 (3)
3
3 (3)
3
4 (4)
4
4 (3)
4 (4)
2 (2)
2 (2)
2
3 (2)
3
2 (3)
3
3 (3)
3 (3)
4 (4)
2 (3)
2
2 (3)
2
4 (4)
4
3 (3)
3 (3)
3 (3)
3 (4)
3
3 (4)
4
3 (3)
3
2 (3)
2 (3)
1 (2)
Franklin India Bluechip Fund
3 (3)
3
3 (3)
3
1 (1)
1
3 (2)
3 (3)
3 (4)
HDFC Top 200 Fund
3 (3)
3
2 (3)
2
5 (5)
5
4 (4)
3 (3)
4 (4)
3 (2)
2
3 ()
3
3 ()
3
2 ()
5 ()
2 ()
IDBI India Top 100 Equity Fund
3 (3)
3
3 (4)
3
2 (2)
2
2 (3)
2 (1)
2 (2)
Kotak 50
3 (3)
3
3 (3)
3
3 (3)
3
3 (3)
3 (3)
3 (3)
L&T India Large Cap Fund
3 (4)
4
4 (4)
4
4 (4)
4
3 (3)
2 (2)
1 (1)
3 (2)
2
2 (2)
1
3 (4)
3
5 (5)
5 (5)
2 (2)
Principal Large Cap Fund
3 (3)
3
3 (3)
3
3 (3)
3
2 (2)
2 (3)
3 (2)
Reliance Focused Large Cap Fund
3 (3)
3
3 (3)
3
4 (5)
4
1 (2)
4 (4)
3 (3)
ICICI Prudential Focused Bluechip Equity Fund Reliance Top 200 Fund Edelweiss Equity Opportunities Fund
ICICI Prudential Select Large Cap Fund
Motilal Oswal MOSt Focused 25 Fund
SBI Magnum Equity Fund
3 (3)
3
3 (3)
3
2 (2)
2
3 (4)
4 (4)
3 (3)
Tata Large Cap Fund
3 (3)
3
4 (3)
3
2 (2)
2
2 (1)
3 (3)
2 (2)
UTI Top 100 Fund^
3 (3)
3
3 (3)
3
3 (3)
3
3 (3)
3 (2)
3 (3)
BNP Paribas Equity Fund^
4 (5)
4
4 (5)
4
3 (3)
3
5 (5)
3 (3)
3 (3)
4 (4)
4
3 (3)
3
5 (4)
5
4 (5)
4 (4)
3 (3)
4 (4)
5
5 (4)
5
1 (2)
1
3 (3)
2 (3)
1 (2)
DSP BlackRock Top 100 Equity Fund JM Equity Fund Reliance Vision Fund^
4
4
3
3
5
5
3
4
5
Sundaram Select Focus
4 (4)
3
4 (5)
4
2 (1)
2
4 (4)
4 (4)
2 (1)
UTI Equity Fund
4 (4)
4
4 (3)
4
3 (3)
3
4 (3)
3 (3)
4 (4)
UTI Mastershare Unit Scheme
4 (3)
4
4 (3)
4
2 (2)
2
3 (2)
2 (2)
4 (4)
HDFC Large Cap Fund
5 (5)
5
5 (5)
5
4 (4)
4
5 (4)
5 (5)
2 (3)
UTI Bluechip Flexicap Fund
5 (4)
4
4 (4)
4
3 (3)
3
4 (4)
3 (2)
3 (3)
UTI Opportunities Fund
5 (5)
5
5 (4)
5
3 (3)
3
3 (4)
3 (3)
4 (4)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter. P1 signifies period from Apr’14 to Dec’14, P2 - Jan’15 to Sep’15, P3 - Oct’15 to Jun’16 and P4 - Jun’16^ – Feb’17. Mar’17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun’16.
Fund categorization in each period: Large Cap
, Diversified
, and Small & Mid Cap
^ Funds have met second level test, hence categorized as Large cap Funds.
6
Diversified Equity funds (Cluster ranks are arranged alphabetically) Diversified Equity funds Weightages
Fund Categorization P1
P2
P3
Mar 17
Mar 17
Mean
Rank
Rank
Return Return
Regular
Direct
Regular Direct
P4
Mean
Volatility Volatility Regular
55%
Direct
25%
Industry
Company
Concentration
Concentration
10%
5%
5%
Liquidity
Birla Sun Life Equity Fund
1 (1)
1
1 (1)
1
3 (3)
3
1 (3)
1 (1)
3 (3)
Birla Sun Life India GenNext Fund
1 (2)
1
2 (2)
2
2 (2)
2
5 (4)
2 (1)
2 (2)
Principal Emerging Bluechip Fund
1 (1)
1
1 (1)
1
5 (5)
5
1 (1)
1 (1)
3 (2)
Sundaram Rural India Fund
1 (1)
1
1 (1)
1
3 (3)
3
4 (3)
1 (1)
4 (3)
Tata Equity PE Fund
1 (1)
1
1 (1)
1
4 (4)
4
2 (3)
3 (3)
3 (3)
Birla Sun Life Advantage Fund
2 (2)
2
2 (2)
2
4 (4)
4
3 (4)
2 (2)
3 (2)
DSP BlackRock Opportunities Fund
2 (2)
2
1 (1)
1
4 (4)
4
3 (3)
3 (3)
2 (2)
ICICI Prudential Dynamic Plan
2 (2)
2
3 (3)
3
1 (1)
1
1 (1)
3 (3)
4 (4)
ICICI Prudential Multicap Fund
2 (2)
2
2 (2)
2
2 (2)
2
1 (1)
2 (3)
4 (4)
IDFC Classic Equity Fund
2 (3)
2
3 (3)
2
3 (3)
3
4 (3)
1 (1)
2 (3)
Invesco India Contra Fund
2 (3)
2
2 (3)
2
3 (3)
3
2 (3)
3 (3)
1 (2)
Kotak Opportunities
2 (2)
2
2 (2)
2
3 (3)
3
3 (2)
2 (2)
2 (2)
Principal Growth Fund
2 (3)
3
2 (3)
2
5 (5)
5
2 (3)
1 (2)
1 (1)
NA (1)
2
NA
3
NA
2
2 (3)
1 (4)
5 (1)
SBI Magnum MultiCap Fund
2 (2)
2
2 (2)
2
3 (3)
3
2 (2)
2 (2)
3 (3)
Axis Focused 25 Fund
3 (4)
3
3 (4)
3
3 (3)
3
5 (5)
5 (4)
3 (3)
Baroda Pioneer Growth Fund
3 (4)
3
4 (4)
4
3 (3)
3
3 (3)
3 (3)
1 (1)
Birla Sun Life Dividend Yield Plus
3 (4)
3
3 (4)
3
3 (3)
3
1 (1)
2 (2)
4 (4)
DSP BlackRock Equity Fund
3 (3)
3
3 (3)
3
4 (4)
4
3 (3)
3 (2)
3 (3)
3 (3)
3
3 (2)
3
3 (3)
3
5 (5)
5 (5)
4 (4)
Franklin India Opportunities Fund
3 (3)
3
3 (3)
4
2 (2)
2
3 (2)
3 (3)
2 (3)
Franklin India Prima Plus
3 (3)
3
3 (3)
3
1 (1)
1
2 (2)
3 (3)
3 (3)
HDFC Capital Builder Fund
3 (3)
2
2 (3)
2
3 (3)
3
2 (2)
3 (3)
3 (3)
HSBC India Opportunities Fund
3 (4)
3
3 (4)
3
4 (4)
4
4 (4)
4 (4)
1 (1)
3 (2)
3
3 (2)
3
2 (2)
2
2 (3)
4 (4)
5 (5)
3
4
4
4
1
1
3
2
3
L&T Equity Fund
3 (4)
4
3 (4)
4
3 (3)
3
3 (3)
3 (3)
3 (3)
L&T India Special Situations Fund
3 (3)
3
3 (3)
3
3 (3)
3
3 (3)
2 (2)
3 (3)
3 (2)
3
3 (2)
3
3 (3)
3
3 (3)
3 (3)
3 (2)
3 (3)
3
2 (3)
2
4 (4)
4
3 (3)
3 (3)
5 (5)
3 (3)
4
3 (3)
3
4 (5)
4
2 (1)
3 (3)
5 (5)
SBI Magnum Multiplier Fund
3 (3)
3
3 (3)
3
3 (3)
4
3 (2)
3 (3)
4 (4)
Tata Dividend Yield Fund
3 (3)
3
3 (3)
3
2 (2)
2
3 (2)
4 (3)
2 (2)
Templeton India Growth Fund
3 (3)
3
3 (3)
3
3 (3)
3
5 (5)
5 (5)
3 (3)
Franklin India Flexi Cap Fund
4 (3)
4
4 (4)
4
2 (2)
2
4 (4)
3 (3)
3 (3)
HDFC Core and Satellite Fund
4 (3)
4
3 (3)
3
5 (5)
5
2 (2)
5 (5)
3 (3)
HDFC Equity Fund
4 (4)
4
3 (3)
3
5 (5)
5
4 (4)
4 (5)
5 (5)
4
4
4
4
5
5
3
5
2
4 (3)
4
4 (3)
4
2 (1)
2
4 (5)
4 (4)
4 (4)
Quantum Long-Term Equity Fund
Franklin India High Growth Companies Fund
ICICI Prudential Value Discovery Fund IDBI Diversified Equity Fund
Mirae Asset India Opportunities Fund Reliance Growth Fund Reliance Regular Savings Fund Equity
HDFC Premier MultiCap Fund ICICI Prudential Exports and Other Services Fund
E Q U I T Y F U N D S
7
Diversified Equity funds
Fund Categorization
Mar 17
Mar 17
Rank
Rank
Return Return
Mean
Mean
Regular
Direct
Regular Direct
Volatility Volatility Regular
Direct
Industry
Company
Concentration
Concentration
Liquidity
SBI Contra Fund
4 (4)
4
4 (4)
4
2 (2)
2
4 (5)
4 (4)
4 (4)
Tata Equity Opportunities Fund
4 (3)
3
4 (3)
3
3 (2)
3
3 (3)
3 (3)
3 (3)
UTI Dividend Yield Fund
4 (4)
4
4 (4)
4
3 (3)
3
3 (3)
3 (3)
3 (3)
UTI MNC Fund
4 (3)
3
4 (3)
4
1 (1)
1
4 (4)
4 (4)
4 (4)
Axis Equity Fund
5 (5)
5
5 (5)
5
2 (3)
2
5 (4)
4 (4)
3 (3)
Canara Robeco Equity Diversified
5 (5)
5
5 (5)
5
4 (4)
4
3 (2)
2 (2)
2 (3)
LIC MF Equity Fund
5 (5)
5
5 (5)
5
4 (4)
4
4 (4)
4 (4)
1 (1)
Reliance Equity Opportunities Fund
5 (5)
5
5 (5)
5
3 (3)
3
3 (3)
3 (3)
5 (5)
Tata Ethical Fund
5 (5)
5
5 (5)
5
1 (1)
1
3 (3)
3 (2)
2 (2)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter. P1 signifies period from Apr’14 to Dec’14, P2 - Jan’15 to Sep’15, P3 - Oct’15 to Jun’16 and P4 - Jun’16^ – Feb’17. Mar’17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun’16.
Fund categorization in each period: Large Cap
8
, Diversified
, and Small & Mid Cap
Small and Mid-cap Equity funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Small and Mid-cap Equity funds
Fund Categorization
Rank
Rank
Mean
Mean
Return Return
Regular Direct Regular Direct Weightages
P1
P2
P3
P4
Birla Sun Life Small & Midcap Fund DSP BlackRock Micro Cap Fund Mirae Asset Emerging Bluechip Fund Canara Robeco Emerging Equities Franklin India Smaller Companies Fund
Volatility Volatility Regular
55%
Direct
25%
Industry
Company
Concentration Concentration
Liquidity
10%
5%
5%
1
1
2
2
4
4
2
3
1
1 (1)
1
1 (1)
1
3 (4)
3
1 (1)
2 (3)
5 (4)
1 (1)
1
1 (1)
1
3 (3)
3
3 (3)
3 (3)
3 (2)
2 (3)
2
2 (3)
2
4 (4)
4
3 (3)
2 (2)
3 (3)
2 (2)
2
3 (2)
3
2 (2)
2
2 (1)
1 (1)
4 (3)
Kotak Emerging Equity
2 (2)
2
2 (2)
2
2 (2)
2
3 (3)
3 (3)
3 (3)
Kotak Midcap
2 (3)
2
3 (3)
2
3 (3)
3
3 (2)
3 (3)
2 (2)
L&T Midcap Fund
2 (1)
2
2 (2)
2
3 (3)
3
2 (2)
1 (1)
2 (1)
Reliance Small Cap Fund
2 (2)
2
1 (1)
1
5 (5)
5
3 (3)
2 (2)
4 (4)
Birla Sun Life Midcap Fund
3 (3)
3
3 (3)
3
3 (3)
3
3 (3)
2 (2)
3 (2)
Birla Sun Life Pure Value Fund
3 (3)
3
2 (2)
2
5 (5)
5
4 (4)
4 (4)
1 (2)
BNP Paribas Mid Cap Fund
3 (4)
3
4 (4)
4
3 (3)
3
4 (4)
4 (3)
2 (2)
3 (3)
3
2 (2)
3
4 (4)
4
3 (3)
3 (3)
3 (3)
Franklin India Prima Fund
3 (3)
3
3 (3)
3
2 (2)
2
4 (3)
3 (3)
3 (3)
HDFC Mid-Cap Opportunities Fund
3 (2)
3
3 (3)
3
2 (2)
2
4 (4)
2 (2)
4 (5)
ICICI Prudential MidCap Fund
3 (3)
3
3 (3)
3
3 (4)
3
1 (2)
4 (4)
2 (3)
L&T India Value Fund^
3 (2)
3
3 (3)
3
4 (4)
4
3 (4)
2 (2)
2 (1)
SBI Magnum Midcap Fund
3 (3)
3
3 (3)
3
2 (2)
2
2 (3)
3 (4)
3 (3)
Sundaram S M I L E Fund
3 (4)
3
3 (3)
3
5 (5)
5
3 (4)
4 (4)
3 (3)
Sundaram Select Midcap
3 (2)
3
3 (2)
3
4 (4)
4
3 (3)
3 (3)
4 (4)
Tata Mid Cap Growth Fund
3 (4)
3
4 (4)
4
3 (3)
3
2 (2)
3 (3)
1 (2)
Birla Sun Life MNC Fund
4 (4)
4
4 (4)
4
1 (1)
1
5 (5)
5 (5)
5 (5)
IDFC Sterling Equity Fund
4 (5)
4
4 (4)
4
3 (3)
3
3 (2)
3 (4)
2 (3)
4
4
3
3
4
4
5
5
3
Reliance Mid & Small Cap Fund
4 (3)
4
3 (3)
3
3 (3)
3
2 (2)
3 (3)
3 (4)
SBI Emerging Businesses Fund
4 (4)
4
4 (4)
4
1 (1)
1
4 (5)
5 (5)
5 (5)
UTI Mid Cap Fund
4 (3)
4
4 (4)
4
3 (3)
3
1 (1)
1 (1)
3 (3)
Axis Midcap Fund
5 (5)
5
5 (5)
5
3 (3)
3
5 (5)
4 (5)
3 (3)
IDFC Premier Equity Fund
5 (5)
5
5 (5)
5
2 (2)
2
3 (3)
3 (3)
4 (4)
SBI Magnum Global Fund
5 (4)
5
5 (5)
5
1 (1)
1
4 (4)
4 (4)
4 (4)
DSP BlackRock Small and Midcap Fund
Motilal Oswal MOSt Focused Midcap 30 Fund
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter. P1 signifies period from Apr’14 to Dec’14, P2 - Jan’15 to Sep’15, P3 - Oct’15 to Jun’16 and P4 - Jun’16^ – Feb’17. Mar’17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun’16.
Fund categorization in each period: Large Cap
, Diversified
, and Small & Mid Cap
^ Funds have met second le vel test, hence categorized as Small and Mid-cap Equity funds.
9
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically) Mar 17
Mar 17
Mean
Mean
Rank
Rank
Return
Return
Regular
Direct
Regular
Direct
10%
5%
1
1
1
1
4
4
5
5
1
L&T Infrastructure Fund
1 (1)
2
1 (1)
1
3 (3)
3
3 (3)
1 (1)
2 (2)
Franklin Build India Fund
2 (1)
2
2 (1)
2
2 (2)
2
3 (3)
4 (4)
3 (3)
IDFC Infrastructure Fund
2 (3)
2
2 (3)
2
4 (4)
4
4 (4)
3 (4)
2 (2)
JM Basic Fund
2 (2)
1
2 (2)
2
3 (3)
3
2 (3)
4 (3)
1 (1)
Kotak Infrastructure and Economic Reform Fund
2 (2)
2
3 (2)
3
1 (1)
1
3 (3)
3 (3)
3 (3)
Birla Sun Life India Reforms Fund
3 (3)
3
3 (3)
3
1 (1)
1
5 (5)
5 (3)
2 (1)
Birla Sun Life Infrastructure Fund
3 (3)
3
3 (3)
3
3 (3)
3
1 (1)
1 (1)
3 (3)
Thematic - Infrastructure funds Weightages DSP BlackRock Natural Resources and New Energy Fund
Volatility
Volatility
Regular
Direct
55%
25%
Industry
Company
Concentration Concentration
Liquidity 5%
Canara Robeco Infrastructure Fund
3 (3)
3
3 (3)
3
2 (2)
2
4 (4)
4 (5)
2 (3)
DSP BlackRock India T.I.G.E.R. Fund
3 (3)
3
3 (3)
3
3 (3)
3
3 (3)
2 (3)
3 (3)
Reliance Diversified Power Sector Fund
3 (4)
3
2 (4)
2
4 (4)
4
4 (5)
3 (3)
5 (5)
Tata Infrastructure Fund
3 (3)
3
4 (3)
4
2 (2)
2
2 (2)
2 (2)
4 (3)
ICICI Prudential Infrastructure Fund
4 (4)
4
5 (4)
5
3 (3)
3
2 (3)
3 (4)
4 (4)
SBI Infrastructure Fund
4 (2)
4
4 (2)
4
3 (3)
3
3 (2)
4 (5)
5 (5)
Sundaram Infrastructure Advantage Fund
4 (3)
4
4 (3)
4
2 (3)
2
1 (1)
2 (2)
4 (4)
UTI Infrastructure Fund
4 (4)
4
4 (5)
4
4 (4)
4
2 (2)
2 (2)
3 (3)
HDFC Infrastructure Fund
5 (5)
5
5 (4)
5
5 (5)
5
4 (4)
3 (3)
4 (4)
HSBC Infrastructure Equity Fund
5 (5)
5
3 (5)
3
5 (5)
5
3 (3)
3 (3)
3 (2)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
10
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically) Equity Linked Savings Scheme (ELSS)
Mar 17 Rank Regular
Mar 17 Rank Direct
Mean Return Regular
Weightages
Mean Return Direct
Volatility Regular
55%
Volatility Direct
25%
Industry Concentration
Company Concentration
Liquidity
10%
5%
5%
DSP BlackRock Tax Saver Fund
1 (1)
1
1 (1)
1
4 (4)
4
2 (2)
2 (3)
3 (3)
Principal Tax Saving Fund
1 (3)
2
1 (3)
2
5 (5)
5
3 (3)
2 (2)
1 (1)
HDFC Long Term Advantage Fund
2 (3)
3
2 (2)
2
3 (3)
3
3 (3)
4 (4)
4 (4)
Kotak Tax Saver Scheme
2 (2)
1
2 (2)
1
3 (3)
3
3 (3)
3 (3)
2 (2)
L&T Tax Advantage Fund
2 (2)
2
3 (2)
3
3 (3)
3
2 (2)
1 (2)
3 (3)
Tata India Tax Savings Fund
2 (1)
2
2 (2)
2
3 (3)
3
3 (3)
1 (1)
3 (3)
Birla Sun Life Tax Plan
3 (2)
3
3 (3)
3
2 (2)
2
3 (2)
3 (3)
4 (3)
Birla Sun Life Tax Relief 96
3 (2)
3
3 (1)
3
3 (3)
3
3 (3)
3 (3)
5 (5)
Franklin India Taxshield Fund
3 (3)
3
3 (3)
3
2 (2)
2
4 (4)
3 (3)
3 (3)
HDFC Tax Saver Fund
3 (4)
3
3 (3)
3
4 (4)
4
3 (4)
4 (4)
3 (3)
ICICI Prudential Long Term Equity Fund (Tax Saving)
3 (3)
3
3 (3)
3
1 (1)
1
2 (3)
3 (3)
4 (4)
IDFC Tax Advantage Fund
3 (4)
2
3 (4)
3
4 (3)
4
2 (2)
2 (2)
3 (3)
Invesco India Tax Plan
3 (3)
3
3 (3)
3
3 (3)
3
4 (3)
4 (4)
1 (2)
Reliance Tax Saver Fund
3 (3)
3
2 (3)
2
5 (5)
5
3 (3)
4 (4)
5 (5)
Sundaram Taxsaver
3 (3)
3
3 (3)
3
4 (4)
4
3 (3)
2 (2)
3 (3)
UTI Long Term Equity Fund (Tax Saving)
3 (3)
3
4 (4)
3
2 (2)
2
1 (1)
3 (1)
2 (2)
Axis Long Term Equity Fund
4 (4)
4
4 (3)
4
2 (2)
2
5 (5)
5 (5)
4 (4)
IDBI Equity Advantage Fund
4 (3)
4
3 (3)
4
1 (1)
1
4 (4)
5 (5)
3 (3)
Principal Personal Tax Saver
4 (3)
4
4 (4)
4
3 (3)
3
3 (4)
3 (3)
2 (1)
SBI Magnum Tax Gain Scheme 1993
4 (4)
4
4 (4)
4
3 (3)
3
4 (3)
3 (3)
3 (4)
BNP Paribas Long Term Equity Fund
5 (5)
5
5 (5)
5
3 (3)
3
5 (5)
3 (3)
2 (2)
Canara Robeco Equity Tax Saver
5 (5)
5
5 (5)
5
3 (4)
3
1 (1)
3 (3)
3 (3)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
11
Index funds (Cluster ranks are arranged alphabetically) Mar 17 Rank
Mar 17 Rank
Regular
Direct
Kotak Nifty ETF
1 (1)
1
Reliance ETF Nifty BeES
2 (1)
2
Index funds Weightages
ICICI Prudential Nifty iWIN ETF
2 (2)
2
UTI Nifty Index Fund
2 (2)
2
IDBI Nifty Index Fund
3 (2)
3
SBI Nifty Index Fund
3 (3)
3
HDFC Index Fund - Nifty Plan
3 (3)
3
Franklin India Index Fund - NSE Nifty Plan
3 (3)
3
HDFC Index Fund - Sensex Plan
3 (3)
3
Reliance Index Fund - Nifty Plan
3 (3)
3
ICICI Prudential Nifty Index Fund
4 (4)
4
SBI-ETF SENSEX
4 (4)
4
Birla Sun Life Nifty ETF
4 (4)
4
Birla Sun Life Index Fund
5 (5)
5
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
12
Balanced funds (Cluster ranks are arranged alphabetically) Balanced funds
Mar 17
Mar 17
Rank
Rank
Regular
Direct
Superior
Superior
Return
Return
Score
Score
Regular
Direct
Weightages
75%
Industry Concentration / Exposure to Sensitive
Company
Debt Asset
Debt
Equity
Concentration
Quality
Liquidity
Liquidity
5%*
5%*
(100-K)
(100-K)
Sector* 10%
5%
10%*K
ICICI Prudential Balanced Fund
1 (1)
1
1 (1)
1
2 (3)
3 (4)
3 (3)
3 (3)
3 (3)
Birla Sun Life Balanced 95 Fund
2 (2)
2
2 (2)
2
3 (2)
2 (1)
2 (2)
3 (3)
3 (3)
DSP BlackRock Balanced Fund
2 (2)
3
2 (2)
3
4 (4)
3 (3)
3 (3)
4 (3)
3 (3)
HDFC Balanced Fund
2 (2)
2
2 (2)
2
3 (2)
3 (3)
3 (3)
2 (3)
4 (4)
Canara Robeco Balance
3 (3)
3
3 (3)
3
2 (2)
2 (2)
2 (2)
2 (2)
2 (3)
HDFC Prudence Fund
3 (3)
3
3 (3)
3
3 (3)
4 (4)
4 (4)
2 (2)
4 (4)
Kotak Balance
3 (3)
2
3 (3)
2
1 (1)
1 (2)
3 (4)
3 (3)
3 (2)
L&T India Prudence Fund
3 (3)
3
3 (3)
3
3 (3)
2 (3)
3 (2)
3 (2)
3 (4)
3 (3)
3
3 (3)
3
3 (3)
4 (4)
5 (3)
4 (3)
3 (3)
UTI Balanced Fund
3 (4)
4
3 (4)
4
2 (3)
3 (3)
3 (3)
4 (4)
2 (2)
Franklin India Balanced Fund
4 (3)
3
4 (3)
4
4 (4)
3 (3)
4 (3)
3 (4)
2 (2)
SBI Magnum Balanced Fund
4 (4)
4
4 (4)
3
5 (5)
4 (3)
4 (5)
5 (4)
5 (5)
Tata Balanced Fund
4 (4)
4
4 (4)
4
3 (3)
3 (2)
1 (1)
1 (1)
4 (3)
JM Balanced Fund
5 (5)
5
5 (5)
5
4 (4)
5 (5)
2 (4)
3 (5)
1 (1)
Reliance Regular Savings Fund Balanced
H Y B R I D F U N D S
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter. K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for de bt portion of the portfolio
13
Monthly Income Plan – Aggressive (Cluster ranks are arranged alphabetically) Monthly Income Plan - Aggressive
Mar 17
Mar 17
Rank
Rank
Regular
Direct
Superior
Superior
Return
Return
Score
Score
Regular
Direct
Weightages
60%
Industry Concentration / Exposure to Sensitive
Company Concentration
Debt Asset Quality
Debt
Equity
Modified
Liquidity
Liquidity
Duration
7.5%*K
5%
Sector* 5%
5%
17.5%
7.5%* (100-K)
Birla Sun Life MIP II - Wealth 25 Plan
1 (1)
1
1 (1)
1
4 (4)
4 (4)
2 (2)
2 (2)
4 (4)
5 (4)
ICICI Prudential MIP 25
1 (2)
2
1 (2)
1
5 (5)
3 (3)
5 (5)
3 (3)
4 (4)
4 (3)
HDFC Monthly Income Plan - LTP
2 (2)
2
2 (2)
2
4 (3)
3 (3)
4 (4)
3 (2)
4 (5)
5 (5)
IDFC Monthly Income Plan
2 (3)
2
3 (3)
3
2 (2)
4 (2)
1 (1)
2 (1)
3 (3)
1 (3)
Kotak Monthly Income Plan
2 (1)
1
2 (1)
2
1 (2)
1 (3)
3 (3)
3 (3)
3 (2)
3 (2)
DSP BlackRock MIP Fund
3 (3)
3
2 (3)
2
3 (5)
3 (4)
3 (3)
4 (4)
3 (3)
2 (3)
HDFC Monthly Income Plan - STP
3 (4)
3
3 (4)
3
3 (3)
2 (1)
3 (3)
4 (4)
3 (3)
3 (2)
HSBC Monthly Income Plan
3 (3)
4
4 (3)
4
2 (3)
3 (3)
1 (1)
1 (1)
2 (2)
3 (4)
Sundaram Monthly Income Plan
3 (2)
3
3 (2)
3
5 (4)
5 (3)
3 (3)
5 (5)
5 (4)
2 (1)
UTI MIS Advantage Plan
3 (3)
3
3 (3)
3
3 (3)
4 (5)
4 (3)
4 (3)
2 (3)
3 (5)
BNP Paribas Monthly Income Plan
4 (4)
3
4 (4)
3
3 (3)
3 (1)
4 (2)
3 (3)
3 (3)
3 (3)
Franklin India Monthly Income Plan
4 (3)
4
4 (3)
4
3 (2)
2 (3)
2 (3)
3 (3)
1 (2)
4 (3)
Reliance Monthly Income Plan
4 (3)
4
3 (3)
4
4 (4)
2 (2)
5 (4)
5 (5)
5 (5)
4 (3)
Canara Robeco Monthly Income Plan
5 (5)
5
5 (5)
5
2 (3)
5 (2)
2 (2)
1 (2)
2 (3)
2 (4)
LIC MF Monthly Income Plan
5 (4)
5
5 (4)
5
1 (1)
1 (4)
3 (5)
2 (3)
1 (1)
1 (1)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter. K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
14
Long Term Gilt funds (Cluster ranks are arranged alphabetically) Long Term Gilt funds
Mar 17 Rank Regular
Mar 17
Superior
Superior
Rank
Return Score
Return Score
Direct
Regular
Direct
Weightages
75%
Modified Duration
Liquidity
10%
15.0%
Reliance Gilt Securities Fund
1 (1)
1
1 (1)
1
3 (3)
3 (3)
UTI Gilt Advantage Fund - Long Term Plan
1 (2)
2
1 (3)
1
3 (3)
3 (2)
ICICI Prudential Gilt - Investment - PF Option
2 (2)
3
2 (2)
3
5 (4)
4 (3)
IDFC G Sec Fund - PF Plan
2 (3)
2
2 (3)
2
2 (3)
3 (2)
L&T Gilt
2 (2)
1
2 (2)
2
3 (4)
1 (2)
SBI Magnum Gilt Fund - Long Term
2 (1)
2
2 (1)
2
3 (2)
4 (3)
3
3
3
3
4
3
DSP BlackRock Govt Sec Fund
3 (3)
3
3 (3)
3
2 (3)
2 (3)
Franklin India G-Sec Fund - Composite Plan
3 (3)
3
4 (3)
3
4 (3)
2 (3)
Franklin India G-Sec Fund - Long Term Plan
3 (3)
3
3 (3)
3
4 (3)
3 (3)
HDFC Gilt Fund - Long Term Plan
3 (3)
4
3 (3)
3
4 (5)
5 (4)
ICICI Prudential Long Term Gilt Fund
3 (3)
3
3 (2)
3
5 (5)
4 (4)
IDFC G Sec Fund - Investment Plan
3 (4)
3
3 (4)
3
2 (2)
3 (3)
Invesco India Gilt Fund
3 (3)
2
3 (3)
2
3 (4)
1 (3)
Kotak Gilt - Investment
3 (3)
3
3 (3)
3
3 (4)
3 (4)
DHFL Pramerica Gilt Fund
4 (5)
5
3 (4)
4
3 (1)
5 (5)
4
4
4
4
1
3
Birla Sun Life Gilt Plus - PF Plan
Edelweiss Government Securities Fund Tata Gilt Mid Term Fund
4 (4)
4
4 (4)
4
3 (2)
4 (5)
Tata Gilt Securities Fund
4 (5)
3
4 (5)
4
2 (2)
2 (2)
Birla Sun Life Govt Securities - Long Term Plan
5 (4)
5
5 (4)
5
3 (3)
3 (4)
LIC MF G-Sec Fund
5 (4)
4
5 (5)
5
1 (1)
2 (1)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
D E B T F U N D S
15
Income funds (Cluster ranks are arranged alphabetically) Income funds
Mar 17
Mar 17
Rank
Rank
Regular
Direct
Superior
Superior
Return
Return
Modified
to
Company
Score
Score
Duration
Sensitive
Concentration
Regular
Weightages Canara Robeco Dynamic Bond Fund
Direct 60%
1 (2)
2
1 (2)
Exposure
2
Liquidity
Asset Quality
Sector 5%
5%
5%
7.5%
17.5%
3 (3)
1 (1)
5 (3)
1 (2)
2 (3)
ICICI Prudential Long Term Plan
1 (1)
1
1 (1)
1
4 (3)
5 (5)
3 (2)
3 (4)
3 (4)
UTI Bond Fund
1 (2)
1
1 (2)
1
3 (3)
1 (1)
3 (4)
3 (3)
3 (3)
UTI-Dynamic Bond Fund
1 (1)
1
1 (1)
1
3 (3)
1 (1)
4 (4)
3 (3)
3 (3)
DHFL Pramerica Dynamic Bond Fund
2
2
2
2
4
1
1
1
3
ICICI Prudential Dynamic Bond Fund
2 (3)
2
2 (3)
2
3 (2)
5 (4)
2 (2)
5 (4)
5 (4)
ICICI Prudential Income Plan
2 (1)
2
2 (1)
1
5 (3)
5 (5)
3 (3)
4 (3)
3 (3)
IDFC Dynamic Bond Fund
2 (2)
1
2 (3)
2
2 (3)
1 (1)
4 (3)
2 (1)
1 (1)
2 (2)
2
2 (3)
2
2 (3)
1 (1)
4 (3)
1 (1)
1 (1)
Reliance Dynamic Bond Fund
2 (2)
3
3 (2)
3
4 (4)
1 (1)
3 (1)
3 (3)
3 (3)
SBI Dynamic Bond Fund
2 (3)
2
2 (2)
2
3 (3)
4 (1)
4 (5)
2 (3)
2 (3)
Axis Dynamic Bond Fund
3 (3)
2
3 (3)
2
4 (3)
1 (1)
1 (3)
3 (3)
3 (3)
3
3
3
3
1
4
2
5
5
Birla Sun Life Dynamic Bond Fund
3 (3)
3
3 (2)
3
5 (4)
4 (4)
1 (1)
4 (5)
4 (5)
Birla Sun Life Income Plus
3 (3)
3
3 (3)
3
5 (5)
1 (1)
1 (1)
2 (3)
1 (2)
3
4
3
4
3
4
1
4
3
3 (3)
3
3 (3)
3
3 (2)
1 (1)
4 (4)
3 (3)
3 (3)
3
3
3
3
2
4
3
4
4
3 (2)
3
3 (2)
3
4 (4)
1 (1)
3 (1)
3 (3)
4 (5)
IDFC Super Saver Income Fund - Investment Plan
Axis Regular Savings Fund
Birla Sun Life Treasury Optimizer Plan BNP Paribas Flexi Debt Fund DHFL Pramerica Medium Term Income Fund HDFC High Interest Fund - Dynamic Plan ICICI Prudential Income Opportunities Fund
3 (4)
3
3 (4)
3
2 (1)
4 (4)
1 (1)
4 (4)
3 (4)
Invesco India Active Income
3 (3)
3
3 (4)
4
3 (5)
1 (1)
5 (3)
2 (2)
2 (1)
3
3
3
3
3
3
3
4
4
Kotak Flexi Debt Reliance Income Fund
3 (3)
3
4 (3)
3
4 (4)
1 (1)
3 (3)
2 (2)
2 (2)
SBI Magnum Income Fund
3 (4)
3
2 (3)
3
3 (2)
5 (5)
3 (4)
5 (5)
5 (5)
Sundaram Flexible Fund - Flexible Income Plan
3 (3)
3
3 (3)
3
3 (2)
1 (1)
3 (3)
3 (4)
3 (3)
4
4
4
4
1
1
1
4
5
DSP BlackRock Bond Fund
4 (4)
4
4 (4)
4
2 (2)
1 (1)
4 (5)
5 (5)
4 (4)
DSP BlackRock Strategic Bond Fund
4 (3)
4
3 (3)
4
2 (2)
1 (4)
3 (5)
3 (2)
3 (2)
HDFC Income Fund
4 (3)
4
4 (3)
3
5 (5)
4 (4)
3 (1)
3 (3)
3 (4)
Kotak Bond
4 (3)
4
4 (3)
4
4 (4)
1 (1)
1 (3)
2 (3)
4 (4)
LIC MF Bond Fund
4 (4)
5
4 (4)
5
2 (1)
1 (1)
1 (3)
3 (4)
3 (3)
Tata Dynamic Bond Fund
4 (4)
3
4 (4)
3
1 (3)
1 (1)
4 (4)
3 (1)
2 (2)
Canara Robeco Medium Term Opportunities Fund
Edelweiss Bond Fund
5 (4)
4
5 (4)
4
1 (1)
1 (1)
5 (4)
3 (4)
4 (3)
HSBC Flexi Debt Fund
5 (5)
5
5 (5)
5
3 (4)
1 (1)
3 (3)
2 (3)
2 (2)
L&T Triple Ace Bond Fund
5 (5)
5
5 (5)
5
3 (3)
3 (4)
3 (3)
3 (2)
2 (3)
Union Dynamic Bond Fund
5 (5)
5
5 (5)
5
3 (3)
1 (1)
5 (1)
1 (2)
1 (2)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
16
Credit Opportunities Funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Credit Opportunities funds
Mean
Mean
Return
Return
Regular Direct Regular
Direct
Rank
Rank
Weightages
Exposure Volatility Volatility Regular
Direct
to
Company
Asset
Sensitive Concentration Quality
Modified Duration
Liquidity
Sector
50.0%
10.0%
5.0%
5.0%
10.0%
5.0%
15.0%
Franklin India Low Duration Fund
1 (2)
2
3 (4)
3
1 (1)
1
3 (3)
1 (1)
3 (3)
1 (1)
3 (3)
Reliance Corporate Bond Fund
1 (1)
1
2 (1)
2
5 (5)
5
2 (2)
1 (1)
1 (1)
5 (5)
1 (1)
Franklin India Dynamic Accrual Fund
2 (3)
2
1 (1)
1
3 (2)
3
3 (3)
1 (1)
4 (4)
3 (3)
4 (5)
Franklin India Income Opportunities Fund
2 (4)
2
2 (3)
1
1 (3)
1
2 (2)
4 (4)
4 (4)
1 (1)
4 (4)
Kotak Income Opportunities Fund
2 (2)
2
3 (3)
3
3 (4)
3
4 (3)
1 (1)
2 (2)
3 (4)
2 (2)
UTI Income Opportunities Fund
2 (1)
1
3 (3)
2
3 (2)
3
1 (2)
1 (3)
2 (2)
3 (3)
2 (2)
Birla Sun Life Corporate Bond Fund
3 (3)
3
3 (3)
3
4 (4)
4
3 (2)
3 (1)
3 (3)
4 (4)
2 (2)
BOI AXA Corporate Credit Spectrum Fund
3 (4)
4
1 (2)
3
2 (3)
2
1 (1)
5 (5)
5 (5)
2 (2)
4 (3)
3 (4)
3
2 (4)
2
2 (3)
2
3 (4)
1 (1)
4 (4)
2 (2)
5 (5)
3 (4)
3
3 (2)
3
3 (3)
3
3 (3)
4 (4)
3 (4)
3 (3)
3 (4)
Franklin India Corporate Bond Opportunities Fund Franklin India Income Builder Account Franklin India Short Term Income Plan
3 (5)
3
2 (3)
2
2 (3)
2
2 (3)
4 (4)
5 (5)
2 (2)
5 (4)
HDFC Corporate Debt Opportunities Fund
3 (3)
3
3 (2)
3
4 (4)
4
3 (4)
1 (1)
3 (3)
4 (4)
3 (3)
HDFC Regular Savings Fund
3 (3)
3
4 (4)
5
2 (2)
2
2 (3)
1 (1)
3 (3)
2 (2)
3 (3)
ICICI Prudential Corporate Bond Fund
3 (2)
3
4 (3)
3
4 (4)
4
4 (5)
1 (1)
1 (1)
4 (4)
3 (3)
Kotak Medium Term Fund
3 (2)
3
3 (2)
3
4 (5)
4
3 (2)
1 (1)
2 (2)
4 (4)
1 (1)
L&T Income Opportunities Fund
3 (3)
3
3 (4)
3
3 (3)
3
3 (3)
4 (4)
2 (2)
3 (3)
3 (3)
DHFL Pramerica Credit Opportunities Fund
4 (5)
4
4 (5)
4
3 (2)
3
4 (4)
3 (5)
4 (4)
3 (3)
3 (3)
DSP BlackRock Income Opportunities Fund
4 (3)
3
5 (3)
4
3 (3)
3
3 (3)
1 (1)
3 (3)
3 (3)
2 (2)
Reliance Regular Savings Fund - Debt
4 (3)
4
4 (4)
4
3 (2)
3
5 (4)
1 (3)
3 (3)
3 (3)
3 (4)
SBI Corporate Bond Fund
4 (3)
4
3 (3)
4
3 (3)
3
4 (4)
5 (3)
3 (3)
3 (3)
3 (3)
Birla Sun Life Medium Term Plan
5 (3)
5
5 (2)
5
5 (4)
5
3 (3)
1 (1)
3 (3)
5 (5)
3 (2)
ICICI Prudential Regular Savings Fund
5 (4)
5
3 (3)
3
3 (3)
3
5 (5)
1 (1)
3 (3)
3 (3)
4 (4)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
17
Short Term Income Funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Short Term Income funds
Rank
Rank
Regular Direct
Mean
Mean
Return
Return
Regular
Direct
Weightages IDFC Money Manager Fund - Investment
Exposure Volatility Volatility Regular
Direct
to
Company
Sensitive Concentration
Asset
Modified
Quality
Duration
Liquidity
Sector
50.0%
10 .0%
5.0%
5.0%
10.0%
5.0%
15.0%
1 (3)
1
3 (4)
3
1 (1)
1
1 (1)
4 (5)
2 (3)
1 (1)
3 (4)
1 (1)
1
2 (3)
2
3 (3)
3
1 (1)
5 (3)
1 (1)
3 (3)
1 (1)
1 (1)
1
1 (1)
2
3 (3)
3
1 (1)
4 (5)
2 (1)
2 (2)
1 (1)
2
2
3
3
1
1
1
3
4
1
4
HDFC Medium Term Opportunities Fund
2 (2)
2
2 (2)
3
4 (3)
4
1 (1)
3 (3)
2 (3)
4 (4)
2 (2)
HDFC Short Term Opportunities Fund
2 (3)
2
3 (3)
3
1 (1)
1
3 (3)
3 (1)
3 (3)
1 (1)
4 (4)
Plan IDFC Super Saver Income Fund - Medium Term UTI-Banking & PSU Debt Fund Birla Sun Life Floating Rate Fund - Long Term
ICICI Prudential Ultra Short Term Plan
2 (3)
3
2 (3)
3
3 (3)
3
3 (1)
1 (1)
3 (3)
3 (3)
4 (3)
Tata Short Term Bond Fund
2 (2)
2
3 (4)
3
2 (2)
2
1 (1)
1 (1)
1 (2)
2 (3)
3 (2)
UTI Short Term Income Fund
2 (3)
2
1 (2)
2
3 (4)
3
1 (1)
3 (4)
4 (3)
2 (2)
4 (3)
Axis Short Term Fund
3 (3)
3
3 (3)
2
3 (3)
3
3 (3)
4 (3)
3 (3)
3 (3)
3 (3)
Birla Sun Life Short Term Fund
3 (2)
3
2 (3)
3
3 (3)
3
1 (1)
3 (1)
3 (3)
3 (3)
3 (3)
DHFL Pramerica Banking & PSU Debt Fund
3 (3)
3
5 (3)
5
3 (3)
3
1 (1)
1 (1)
3 (2)
4 (3)
1 (2)
ICICI Prudential Short Term Plan
3 (3)
3
1 (2)
1
4 (4)
4
4 (4)
2 (4)
3 (4)
5 (4)
4 (4)
3 (3)
3
4 (5)
4
2 (2)
2
1 (1)
5 (3)
3 (3)
2 (2)
2 (3)
3 (2)
4
4 (3)
5
4 (4)
4
1 (1)
3 (3)
3 (2)
3 (4)
3 (2)
IDFC Super Saver Income Fund - Short Term Invesco India Short Term Fund Kotak Bond Short Term Plan
3 (3)
2
3 (3)
2
3 (3)
3
3 (3)
3 (3)
3 (3)
3 (3)
3 (4)
L&T Short Term Opportunities Fund
3 (3)
3
4 (5)
4
2 (2)
2
1 (1)
4 (3)
2 (3)
2 (2)
2 (3)
Reliance Banking & PSU Debt Fund
3 (3)
3
3 (3)
4
5 (4)
5
1 (3)
4 (4)
2 (2)
5 (4)
2 (3)
Reliance Floating Rate Fund
3 (3)
3
4 (4)
5
2 (1)
2
1 (4)
3 (4)
3 (3)
4 (1)
2 (3)
Reliance Short Term Fund
3 (3)
3
3 (3)
3
4 (3)
4
4 (3)
3 (3)
4 (3)
4 (3)
3 (3)
SBI Short Term Debt Fund
3 (3)
3
3 (3)
3
3 (2)
3
4 (4)
2 (1)
2 (2)
3 (2)
3 (3)
DHFL Pramerica Short Maturity Fund
4 (5)
3
2 (3)
1
2 (2)
2
4 (5)
1 (3)
4 (5)
3 (2)
5 (5)
DSP BlackRock Banking & PSU Debt Fund
4 (2)
4
3 (2)
3
5 (4)
5
5 (1)
5 (5)
1 (1)
4 (3)
2 (1)
HDFC Banking & PSU Debt Fund
4 (4)
5
2 (2)
2
5 (4)
5
4 (4)
1 (3)
5 (5)
5 (4)
5 (3)
HSBC Income Fund - Short Term Plan
4 (4)
4
4 (4)
4
3 (3)
3
1 (1)
3 (3)
4 (4)
3 (3)
4 (4)
Kotak Banking and PSU Debt Fund
4 (4)
4
3 (3)
3
4 (3)
4
3 (3)
3 (4)
5 (5)
3 (3)
3 (3)
Sundaram Select Debt ST Asset Plan
4 (2)
4
4 (4)
3
2 (2)
2
5 (3)
3 (3)
3 (3)
2 (3)
3 (2)
Axis Fixed Income Opportunities Fund
5 (5)
4
3 (3)
1
3 (3)
3
4 (3)
2 (1)
5 (4)
3 (3)
5 (5)
DHFL Pramerica Premier Bond Fund
5 (5)
5
5 (4)
4
4 (3)
4
5 (5)
2 (1)
3 (3)
4 (4)
3 (3)
DSP BlackRock Short Term Fund
5 (4)
5
5 (5)
4
3 (3)
3
1 (1)
4 (3)
4 (4)
3 (3)
3 (3)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
18
Ultra Short-term Debt funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Ultra Short-term Debt funds
Rank
Rank
Regular Direct
Mean
Mean
Return
Return
Regular
Direct
Weightages DHFL Pramerica Short Term Floating Rate Fund Indiabulls Ultra Short Term Fund LIC MF Income Plus Fund Sundaram Banking & PSU Debt Fund Axis Banking & PSU Debt Fund
Exposure Volatility Volatility Regular
Direct
to
Company
Asset
Sensitive Concentration Quality
Modified Duration
Liquidity
Sector
50.0%
10.0%
5.0%
5.0%
10.0%
5.0%
15.0%
1 (3)
1
3 (4)
3
3 (3)
3
1 (4)
3 (1)
2 (3)
4 (3)
2 (2)
1 (1)
1
2 (2)
2
2 (2)
2
3 (3)
4 (4)
2 (1)
1 (1)
3 (3)
1
1
4
3
4
4
1
3
1
4
1
1 (1)
1
4 (5)
5
1 (1)
1
1 (1)
4 (5)
1 (1)
2 (1)
1 (1)
2
2
3
3
4
4
1
4
2
4
2
DSP BlackRock Ultra Short Term Fund
2 (2)
2
3 (3)
4
3 (3)
3
1 (1)
3 (4)
2 (2)
2 (3)
2 (1)
IDFC Banking Debt Fund
2 (2)
2
5 (5)
5
1 (2)
1
1 (1)
5 (5)
1 (1)
1 (1)
1 (1)
Invesco India Credit Opportunities Fund
2 (1)
2
4 (5)
5
1 (1)
1
5 (4)
3 (3)
2 (2)
3 (1)
4 (4)
JM Money Manager Fund - Super Plus Plan
2 (3)
2
3 (3)
4
4 (4)
4
1 (1)
4 (4)
2 (3)
3 (4)
2 (3)
L&T Ultra Short Term Fund
2 (2)
2
3 (3)
3
3 (3)
3
3 (1)
3 (1)
2 (3)
3 (3)
2 (2)
SBI Ultra Short Term Debt Fund
2 (2)
3
3 (4)
4
2 (2)
2
2 (2)
1 (1)
3 (2)
2 (2)
3 (3)
Tata Ultra Short Term Fund
2 (3)
2
3 (3)
3
2 (3)
2
2 (2)
1 (1)
3 (2)
3 (3)
3 (3)
UTI Treasury Advantage Fund
2 (3)
3
2 (2)
3
2 (3)
2
3 (3)
3 (3)
3 (3)
2 (2)
3 (3)
Axis Treasury Advantage Fund
3 (2)
2
3 (4)
3
2 (2)
2
1 (2)
1 (1)
2 (2)
2 (2)
3 (2)
Baroda Pioneer Treasury Advantage Fund
3 (4)
3
1 (2)
1
3 (2)
3
5 (5)
4 (4)
4 (4)
3 (3)
4 (4)
Birla Sun Life Savings Fund
3 (3)
5
2 (1)
3
5 (4)
5
4 (4)
3 (3)
4 (4)
5 (5)
4 (3)
Canara Robeco Savings Plus Fund
3 (3)
3
3 (3)
4
3 (3)
3
1 (1)
4 (3)
3 (3)
2 (3)
3 (3)
DHFL Pramerica Ultra Short Term Fund
3 (2)
3
3 (3)
4
2 (1)
2
3 (3)
3 (1)
3 (1)
1 (2)
3 (3)
DSP BlackRock Money Manager Fund
3 (4)
2
5 (5)
4
1 (1)
1
4 (2)
2 (1)
2 (3)
1 (2)
3 (3)
Edelweiss Banking and PSU Debt Fund Franklin India Ultra Short Bond Fund HDFC Floating Rate Income Fund - Short Term Plan ICICI Prudential Flexible Income Plan
3
4
4
5
4
4
1
3
3
5
1
3 (4)
4
1 (1)
1
2 (2)
2
5 (5)
1 (1)
5 (5)
3 (3)
5 (5)
3 (3)
3
3 (2)
3
4 (4)
4
3 (3)
3 (3)
3 (3)
4 (4)
2 (2)
3 (2)
3
2 (2)
2
4 (4)
4
3 (3)
3 (1)
3 (3)
4 (4)
3 (3)
IDFC Money Manager Fund - Treasury Plan
3 (3)
3
4 (4)
4
3 (4)
3
1 (3)
1 (3)
3 (3)
3 (4)
2 (2)
IDFC Ultra Short Term Fund
3 (3)
3
2 (3)
3
3 (3)
3
4 (3)
1 (3)
3 (3)
3 (3)
3 (3)
Invesco India Ultra Short Term Fund
3 (2)
3
4 (3)
3
3 (4)
3
3 (3)
1 (1)
3 (3)
3 (3)
3 (3)
Kotak Treasury Advantage Fund
3 (3)
3
3 (4)
4
2 (2)
2
3 (3)
2 (3)
3 (3)
2 (2)
3 (4)
Reliance Medium Term Fund
3 (3)
3
2 (1)
2
5 (4)
5
3 (3)
3 (1)
4 (4)
5 (5)
3 (3)
Reliance Money Manager Fund
3 (3)
3
3 (3)
3
3 (3)
3
3 (3)
3 (3)
3 (3)
3 (3)
2 (2)
Sundaram Ultra Short Term Fund
3 (3)
3
4 (4)
3
3 (3)
3
3 (3)
3 (4)
3 (2)
3 (3)
2 (2)
UTI Floating Rate Fund - STP
3 (3)
3
2 (3)
2
3 (3)
3
3 (3)
3 (3)
4 (4)
2 (3)
4 (3)
Birla Sun Life Cash Manager
4 (3)
3
3 (3)
3
4 (4)
4
3 (1)
3 (3)
3 (3)
4 (3)
3 (3)
DHFL Pramerica Low Duration Fund
4 (5)
4
2 (2)
2
2 (2)
2
3 (5)
1 (5)
5 (5)
3 (2)
4 (5)
4 (4)
4
3 (3)
3
5 (5)
5
3 (3)
1 (3)
4 (4)
4 (5)
4 (3)
ICICI Prudential Savings Fund
4 (5)
4
1 (3)
1
4 (5)
4
4 (4)
4 (1)
5 (5)
4 (4)
5 (4)
Invesco India Medium Term Bond Fund
4 (5)
4
2 (2)
2
3 (3)
3
3 (4)
1 (1)
4 (5)
3 (3)
5 (5)
HDFC Cash Management Fund - Treasury Advantage Plan
Kotak Low Duration Fund
4 (4)
3
1 (2)
1
4 (3)
4
4 (3)
3 (4)
5 (4)
4 (3)
5 (5)
Principal Low Duration Fund
4 (4)
5
3 (3)
2
3 (3)
3
4 (3)
5 (4)
4 (4)
3 (3)
3 (4)
SBI Savings Fund
4 (4)
4
4 (4)
3
3 (3)
3
3 (4)
1 (1)
3 (3)
3 (3)
4 (4)
SBI Treasury Advantage Fund
4 (3)
4
4 (3)
3
3 (3)
3
4 (4)
3 (1)
3 (2)
3 (3)
3 (3)
19
Mar 17 Mar 17 Ultra Short-term Debt funds
Rank
Rank
Regular Direct
Mean
Mean
Return
Return
Regular
Direct
Exposure Volatility Volatility Regular
Direct
to
Company
Asset
Sensitive Concentration Quality
Modified Duration
Liquidity
Sector
IDBI Ultra Short Term Fund
5 (3)
5
5 (4)
4
3 (3)
3
3 (3)
5 (1)
1 (2)
3 (4)
3 (2)
Indiabulls Short Term Fund
5 (5)
5
3 (3)
2
5 (5)
5
5 (5)
4 (5)
4 (4)
5 (4)
4 (4)
LIC MF Savings Plus Fund
5 (4)
4
3 (3)
3
3 (3)
3
4 (4)
5 (4)
3 (3)
2 (2)
3 (4)
5
3
5
2
3
3
4
4
4
3
4
Sundaram Income Plus
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
20
Liquid funds (Cluster ranks are arranged alphabetically) Liquid funds
Mar 17
Mar 17
Mean
Mean
Rank
Rank
Return
Return
Regular
Direct
Regular
Direct
Weightages
Exposure Volatility
Volatility
Regular
Direct
to
Company
Sensitive Concentration
Asset Quality
Liquidity
Sector
50.0%
10.0%
5.0%
5.0%
10.0%
20.0%
Indiabulls Liquid Fund
1 (1)
1
1 (1)
1
1 (3)
2
2 (2)
1 (1)
5 (4)
1 (1)
JM High Liquidity Fund
1 (1)
1
1 (1)
1
2 (2)
2
2 (1)
3 (1)
1 (2)
1 (1)
LIC MF Liquid Fund
1 (2)
1
4 (4)
3
3 (2)
3
3 (3)
1 (1)
4 (4)
2 (2)
Axis Liquid Fund
2 (3)
2
2 (3)
2
2 (1)
1
3 (4)
1 (1)
2 (3)
3 (3)
Baroda Pioneer Liquid Fund
2 (3)
2
2 (2)
1
3 (5)
3
3 (5)
3 (4)
1 (1)
3 (2)
HSBC Cash Fund
2 (2)
3
3 (3)
4
2 (2)
3
1 (1)
3 (1)
3 (2)
3 (3)
IDFC Cash Fund
2 (3)
2
4 (4)
4
2 (3)
3
3 (3)
4 (1)
1 (3)
2 (2)
Kotak Liquid
2 (3)
2
3 (3)
4
4 (4)
4
4 (4)
3 (4)
2 (2)
1 (1)
L&T Liquid Fund
2 (2)
2
3 (3)
3
3 (3)
3
4 (2)
1 (3)
2 (3)
2 (2)
Tata Money Market Fund
2 (3)
2
2 (3)
3
3 (2)
2
1 (3)
1 (3)
2 (3)
2 (3)
3
3
4
5
1
1
3
5
3
2
DHFL Pramerica Insta Cash Plus Fund
3 (3)
3
2 (2)
3
3 (3)
4
1 (2)
3 (4)
3 (2)
4 (4)
DSP BlackRock Liquidity Fund
3 (2)
2
3 (3)
3
3 (3)
2
2 (2)
1 (1)
4 (3)
3 (2)
3 (3)
3
5 (5)
3
4 (3)
4
2 (3)
4 (3)
3 (2)
3 (3)
HDFC Liquid Fund
3 (3)
3
4 (4)
4
4 (3)
4
3 (4)
3 (1)
2 (2)
2 (3)
ICICI Prudential Liquid Plan
3 (1)
3
3 (2)
3
4 (4)
4
2 (2)
4 (1)
2 (1)
3 (3)
Canara Robeco Liquid
HDFC Cash Management Fund - Savings Plan
ICICI Prudential Money Market Fund
3 (2)
3
3 (2)
2
4 (3)
4
4 (3)
3 (1)
2 (1)
4 (4)
Invesco India Liquid Fund
3 (2)
3
2 (3)
2
2 (1)
2
3 (3)
3 (1)
4 (4)
3 (3)
Reliance Liquid Fund - Treasury Plan
3 (3)
3
2 (3)
2
3 (3)
3
3 (3)
1 (1)
3 (3)
3 (3)
Reliance Liquidity Fund
3 (4)
3
3 (3)
3
3 (2)
3
3 (3)
1 (5)
4 (3)
3 (3)
Sundaram Money Fund
3 (2)
3
3 (4)
3
2 (2)
2
3 (3)
1 (3)
3 (3)
3 (2)
Tata Liquid Fund
3 (3)
3
4 (4)
4
3 (3)
3
1 (1)
1 (3)
3 (2)
3 (3)
UTI Liquid Cash Plan
3 (3)
3
3 (3)
4
3 (4)
3
4 (4)
1 (3)
3 (3)
2 (3)
Birla Sun Life Cash Plus
4 (4)
4
3 (2)
3
5 (4)
5
3 (3)
3 (4)
4 (4)
4 (5)
IDBI Liquid Fund
4 (3)
4
4 (4)
4
3 (2)
3
2 (2)
4 (3)
3 (3)
4 (4)
Kotak Floater - Short Term
4 (4)
5
2 (2)
2
3 (3)
3
5 (4)
3 (1)
4 (3)
4 (4)
SBI Magnum InstaCash
4 (4)
4
3 (3)
3
2 (3)
2
4 (4)
5 (4)
3 (5)
4 (4)
SBI Premier Liquid Fund
4 (3)
4
4 (4)
5
1 (4)
1
4 (2)
4 (1)
4 (3)
4 (3)
Union Liquid Fund
4 (4)
4
5 (5)
5
3 (3)
3
3 (3)
4 (5)
3 (4)
3 (2)
UTI Money Market Fund
4 (4)
4
3 (3)
2
4 (4)
3
5 (4)
3 (4)
3 (4)
5 (5)
5 (5)
5
1 (2)
2
5 (4)
5
5 (5)
5 (3)
5 (5)
5 (5)
5 (4)
5
3 (3)
3
4 (5)
4
3 (3)
4 (3)
5 (4)
5 (3)
5 (5)
4
5 (5)
3
5 (5)
5
4 (5)
3 (4)
3 (3)
3 (4)
Birla Sun Life Floating Rate Fund - Short Term Franklin India Treasury Management Account Reliance Liquid Fund - Cash Plan
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
21
Annexure I - CRISIL Mutual Fund Ranking methodology CRISIL Mutual Fund Ranking is the relative ranking of mutual fund schemes within a peer group. The basic criteria for
follows: 32.5%, 27.5%, 22.5% and 17.5% respectively.
inclusion in the ranking universe are three-year NAV history
Portfolio Concentration Analysis
(one-year for liquid, ultra-short term debt, short term
Concentration measures the risk arising out of improper
income, credit oriented funds and assets under management
diversification. For equity securities, diversity score is used
in excess of category cut-off limits and complete portfolio
as the parameter to measure industry and company
disclosure. Only open ended schemes are considered.
concentration. In case of debt schemes, the company
Ranking is based on the following parameters:
concentration is analysed at an individual issuer specific
Category-wise average AUM cut-off: Schemes falling under 98 percentile of the category AUM are shortlisted ●
Quarterly average AUM is considered
●
Schemes meeting inception criteria are eligible schemes
limit. The limit is linked with the credit rating of the issuer, high rated issuer will have higher limits and as the rating declines the limit is also reduced progressively.
Exposure to Sensitive Sector In case of debt schemes, the industry concentration is analysed for any exposure to sensitive sectors which are arrived based on Industry Risk Score (IRS) for various sectors.
Superior Return Score (SRS)
CRISIL’s assessment of IRS quantifies the credit risk
SRS is the relative measure of the schemes’ returns and risk
comparability across industries. The score captures the
(volatility) compared with their peer group. It is computed for
influence of various industry variables on the debt repayment
income, balanced, monthly income plan (aggressive) and long
ability of companies in a particular sector over a 3-4 year
term gilt categories. The three-year period of evaluation is
time horizon.
associated with an industry on a uniform scale to ensure
divided into four overlapping periods – the latest 36, 27, 18 and 9 months. Each period has a progressive weight starting from the longest period: 32.5%, 27.5%, 22.5% and 17.5% respectively.
Liquidity Analysis It measures the ease with which a portfolio can be liquidated. The lower the score, the better it is.
Mean Return and Volatility
In case of equities, it measures the number of days to
Mean return and volatility are considered as separate
liquidate the portfolio. Liquidity is calculated by taking the
parameters in case of equity funds (large cap, small & mid-
average portfolio liquidity score of the past three months.
cap, equity diversified, equity linked savings schemes or ELSS and
thematic infrastructure), short term debt
categories (liquid, ultra short-term debt and short term income) and credit opportunities funds. Mean return is the
Equity liquidity is computed as follows:
Liquidity score of each stock = No. of shares held / Daily average trading volume of past six months
average of daily returns based on the scheme’s NAV for the
Portfolio liquidity score = Weighted average liquidity score of
period under analysis and volatility is the standard deviation
the above
of these returns. While the period for analysis is three years for equity funds, it is one year for liquid, credit oriented, ultra
Gilt liquidity is measured by analysing the number of days it
short-term debt and short term income funds. The period of
will take to liquidate the portfolio based on turnover (volume)
analysis is broken into four periods (latest 36, 27, 18 and 9
and number of securities in the portfolio, the number of days
months for equity categories and latest 12, 9, 6 and 3 months
security has been traded and the number of trades over the
for short term categories). Each period is assigned a
latest three-month period for that security.
progressive weight starting from the longest period as 22
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.
Modified Duration /Average Maturity Modified duration / average maturity is considered across all debt categories except liquid to capture the interest rate risk
Asset Quality
of the portfolio. The lower the value, the better it is.
Asset quality measures the probability of default by the
Tracking Error
issuer of a debt security to honour the debt obligation on time.
This is used only for index funds. The tracking error is an estimation of the variability in an index fund’s performance vis-à-vis the index it proposes to replicate. The lower the tracking error, the better it is.
23
Annexure II - Category definition for CRISIL Mutual Fund Ranking categories Only open-ended schemes that are open for subscription are
midcap category in only 1 out of 4 buckets will be further
eligible for the selection criteria under the following
evaluated.
categories:
●
Average exposure in large cap stocks will be computed with top 110 stocks (as per market cap) for that bucket. If
1. Equity funds
average exposure to large cap stocks is greater than or
Schemes that predominantly invest in equity instruments
equal to 75%, the fund will be classified as a large Cap
(excluding hybrid schemes) are considered. Schemes with
fund. For small & mid cap average exposure in large cap
the following features are excluded -
stocks will be computed with top 100 stocks (as per market cap) for that bucket and if the exposure is less
●
●
Schemes not open to investors at large and open only to
than or equal to 45%, the fund will be classified as a
a specific set of investors.
small & mid cap fund
Schemes whose scheme information document / statement of additional information permits dynamic asset allocations (both debt and equity could vary between 0 and 100%), except on receipt of an undertaking from the AMC, assuring predominant investment in equity.
●
Schemes for which there is a delay in receipt of portfolios from the fund house.
●
Schemes with a stated objective to predominantly invest in overseas securities.
1c) Thematic – infrastructure funds Schemes that follow an investment objective to invest in infrastructure related sectors.
1d) ELSS Schemes
that
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 are considered.
Eligible schemes are classified into the following sub-
1e) Diversified equity funds
categories -
All remaining eligible equity schemes are ranked under this
1a) Large cap-oriented equity funds
category.
Schemes that have at least 75% exposure to CRISIL-defined
1f) Index funds
large cap stocks (top 100 stocks based on daily average
Schemes launched with an objective to generate returns that
market capitalisation on the National Stock Exchange) in the
are
preceding 36 months split into four blocks of nine months
benchmark’s Total Return Index (TRI), subject to tracking
each. The 75% exposure in these stocks must be available for
errors are considered. Open-ended exchange traded funds
a minimum of six out of nine months in each block. Exposure
(ETFs) are also included.
commensurate
with
the
performance
of
their
to Nifty futures is considered as large cap exposure. The following will be excluded:
1b) Small and mid-cap-oriented equity funds ●
Schemes that have less than 45% exposure to CRISIL-
overweight investment positions on stocks that comprise
defined large cap stocks for the preceding 36 months as per the above methodology.
Second level test for large-cap and small & midcap funds ●
24
Funds failing to meet the criteria of large cap or small &
Index schemes that allow the fund manager to take their benchmark index.
●
Index schemes that are benchmarked to indices other than S&P BSE Sensex and Nifty 50.
2. Hybrid funds
3d) Short term income funds
2a) Balanced funds
Schemes that predominantly invest in short term corporate
Schemes investing more than 65%, but less than 80%, of the AUM in equity securities and 20-35% in debt and money market 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) - Aggressive Schemes where investment in equity normally limits to 1530% of the corpus and generally declare monthly dividends are considered.
3. Debt funds
debt papers, certificates of deposit (CDs), money market instruments and G-Secs are considered. The average portfolio modified duration over the last one year must be less than 3 years.
3e) Ultra short-term debt funds Schemes that predominantly invest in short term corporate debt papers, certificates of deposit (CDs), money market instruments and G-Secs are considered. The average portfolio modified duration over the last one year must be less than 1.25 years.
Second level test for short term income and ultra short-term debt funds:
3a) Long term gilt funds Schemes with an exposure in excess of 98% over the past
●
keep duration at a very wide deviation from its category
three years to the following are considered for ranking: ●
Central and state government securities
●
Cash and cash equivalents such as collateralised
An additional check will be made to identify funds which definition over some months but still manage to keep the average in line of the category.
Category
borrowing and lending obligations (CBLOs), reverse repo,
Maximum number of
Upper limit
Lower limit
times limit can be
(modified
(modified
breached
duration)
duration)
3.5
0.80
1.5
NA
net receivables, etc. Short term
2 out of last 12
income
months
Schemes that predominantly invest in long term corporate
Ultra short-
0 out of last 12
debt papers and government securities (G-Secs) are
term debt
months
3b) Income funds
considered. These schemes also invest in short term and money market securities.
●
Funds which do not fit into any criteria will be scrutinized by the internal criteria committee on case-by-case basis
3c) Credit Opportunities funds Schemes that predominately invest in sub-AAA rated securities and have a residual maturity of greater than six months are considered.
3f) 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.
25
Parametric Weights Large Cap, Category
Diversified, Small & Midcap, Infra
Index
Balanced
MIP Aggressive
Long Term
Income
CROP
Gilt
Short Term Income
Ultra Short Term Debt
Liquid
and ELSS Superior Return Score (%)
-
-
75
60
75
60
-
-
-
-
Mean Return (%)
55
-
-
-
-
-
50
50
50
50
Volatility (%)
25
-
-
-
-
-
10
10
10
10
Tracking Error (%)
-
100
-
-
-
-
-
-
-
-
Company Concentration (%)
5
-
5
5
-
5
5
5
5
5
10
-
10
5
-
5
5
5
5
5
Equity - Liquidity (%)
5
-
10%*K
7.5%*K
-
-
-
-
-
-
Debt - Asset Quality (%)
-
-
17.5
-
17.5
10
10
10
10
Debt Liquidity (%)
-
-
15
7.5
15
15
15
20
-
-
Industry Concentration / Exposure to Sensitive Sector (%)*
Modified Duration (%) Time Period
3 years
3 years
5%* (100-K) 5%*
7.5%*
(100-K)
(100-K)
-
5
10
5
5
5
5
-
3
3
3
3
1
1
1
1
years
years
years
years
year
year
year
year
K = Equity component in hybrid schemes * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
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. An entity wishing to use the CRISIL Mutual Fund Ranking in its prospectus / offer document / advertisement / promotion/ sales literature, or wishing to re-disseminate these rankings, may do so only after obtaining the written permission of the ranking entity, CRISIL Research, CRISIL Limited.
26
