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CRISIL Mutual Fund Ranking

For the quarter ended December 31, 2017


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Analytical Business Development

Yatendra Chauhan Vishal Ahuja


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

Kiran Nate Dinesh Agarwal


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

Zunjar Sanzgiri Deepak Mittal


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

Vijay Krishnamurthy
Associate Director – Funds & Fixed Income Research
vijay.krishnamurthy@crisil.com
Industry highlights
The Indian mutual fund industry’s quarterly average assets Chart 1 – Mutual fund net flows and AUM trend
under management (AAUM) rose 6.8% to Rs 22.37 trillion 23 2.0
(excluding domestic fund of funds) in the quarter ended
21 1.5
December 2017 – the highest since the Association of Mutual

Qtrly Avg AUM Rs trillion


Funds in India (AMFI) started declaring quarterly AUM in

Net flows Rs trillion


19 1.0

September 2010. Equity, short-term debt and money market 17 0.5


funds were key growth drivers. On an annual basis, the
15 0.0
industry posted record growth of 32% (or Rs 5.4 trillion) in
2017 compared with 26% (or Rs 3.53 trillion) in the preceding 13 -0.5
year.
11 -1.0

Dec-15

Dec-16

Dec-17
Mar-16

Mar-17
Jun-16

Jun-17
Sep-16

Sep-17
Investors continued to be upbeat about investing in equity-
oriented funds (includes balanced funds and equity exchange
Net flows (Rs trillion) Industry AUM (Rs trillion)
traded funds or ETFs) as witnessed from the inflow trend. The
Source – AMFI
category has seen inflows for 16 consecutive quarters.
Robust inflows of Rs 882 billion clubbed with mark-to-market
Table 1 – Category-wise average AUM (Rs billion)
gains pushed the category’s assets over the Rs 9 trillion
Oct-Dec Jul-Sep Absolute %
mark. Assets grew 15.0%, or by Rs 1.23 trillion, to a new high Mutual fund category
2017 2017 Change (bn) change
of Rs 9.43 trillion. In 2017, the category’s AAUM rose by Rs
Equity* 9430.12 8197.36 1232.76 15.04
3.80 trillion compared with Rs 1.08 trillion growth in the Liquid/money market 4176.81 4075.14 101.67 2.49
preceding year. The equity market, represented by Nifty 50, Debt** 7563.81 7441.01 122.80 1.65
soared 7.6% in the quarter and 28.7% in 2017. Fixed maturity plans (FMPs) 1114.99 1147.90 -32.91 -2.87
Infrastructure debt fund 17.56 17.07 0.49 2.85
Short-term debt funds’ assets grew 3.1% (or by ~Rs 92
Gold ETFs 49.56 51.18 -1.63 -3.18
billion) to Rs 3.07 trillion in the quarter ended December. Others 14.32 16.39 -2.07 -12.61
Liquid funds reversed the previous quarter’s fall and rose Total 22367.17 20946.05 1421.12 6.78
2.5%, or by ~Rs 100 billion, to Rs 4.18 trillion. However, * Includes equity-oriented funds, balanced funds and ETFs other than gold
assets of ultra short-term debt funds dipped 1.2%, or by Rs ETFs
** Includes long-term, gilt, short-term, ultra short-term and other debt-
29 billion, to Rs 2.37 trillion. In 2017, AAUM of short-term
oriented funds
debt funds, ultra short-term debt funds and liquid funds Source - CRISIL Mutual Fund Database
posted growth of 23.5%, 20.2% and 20.5%, respectively.
Of the 42 fund houses (including infrastructure debt funds),
Falling expectations of monetary easing by the Reserve Bank
which have declared AAUM, only five witnessed a fall in
of India amid rising inflation and concerns about fiscal
assets. The industry continued to be highly concentrated,
slippage by the government weighed on long-maturity debt
with the share of the top five and top 10 fund houses coming
and gilt funds. While income funds’ assets posted modest
in at 56.89% and 80.70% compared with 56.95% and 80.97%,
growth of 4.1% to Rs 1.27 trillion, gilt funds’ assets fell 1.6%
respectively, a quarter ago.
to Rs 165 billion. On a yearly basis, income funds’ assets
increased 17.7%, while gilt funds’ assets fell 6.2%. Yield on
the 10-year benchmark bond rose to 7.33% in December-end
from 6.66% a quarter ago and 6.51% a year ago.

AAUM of gold ETFs fell 3.2% on-quarter and 4.4% on-year to


Rs 49.56 billion in December 2017. The category has been
witnessing consistent outflows for over four years owing to
subdued performance of the underlying asset class.

1
ICICI Prudential Mutual Fund continued to be the industry ● Sebi issued a consultation paper, proposing to allow
leader in terms of assets managed. Its assets grew 5.1%, or mutual funds and portfolio managers to participate in
by Rs 143 billion, on-quarter to Rs 2.93 trillion. HDFC Mutual the exchange-traded commodity derivatives market.
Fund came second with a rise of Rs 194 billion or 7.2% to Rs
● Sebi asked mutual fund houses to adopt total return
2.89 trillion. Reliance Mutual Fund maintained third position index to benchmark schemes from February 1.
with Rs 2.44 trillion, up by Rs 122 billion or 5.26%. Assets of
● Employee Provident Fund Organisation decided to credit
HDFC Mutual Fund and SBI Mutual Fund rose the highest in
units of ETFs to the provident fund accounts of its
absolute terms.
subscribers.

Major regulations and developments ● Pension Fund Regulatory and Development Authority
increased the maximum age of joining the National
● Securities and Exchange Board of India (Sebi) prescribed
Pension System-private sector to 65 years from 60 years.
norms for enhancing governance at mutual fund houses.
● NSE has enabled e-mandate facility on its mutual fund
● It decided to put a 10% cross-shareholding cap on
platform.
mutual funds.
● Bank of Baroda has acquired 51% stake held by foreign
● Sebi said mutual funds, while preparing a single
partner Pioneer Investments in their joint venture asset
consolidated list of stocks, should consider average full
management company.
market capitalisation of the previous six months of the
● HDFC Mutual Fund board has approved initiating the
stocks.
process for an initial public offering.
● The capital markets regulator asked mutual funds to
submit their proposals for rationalisation of schemes
after getting approval from trustees.

2
OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices However, some gains were trimmed owing to political
Quarter ended Year ended uncertainty in Europe, renewed geopolitical tensions
Index Dec-17 Dec-17 emanating from North Korea and sell-off in Chinese equities.
(% change) (% change) On the domestic front, growing concerns about fiscal
Nifty 50 7.58 28.65 slippage, particularly after the government announced
Nifty 100 8.29 31.05
additional market borrowings of Rs 500 billion for 2017-18,
Nifty Realty 26.84 109.80
pulled equities down. Disappointing goods and services tax
Nifty Free Float Smallcap 100 19.89 57.30
Nifty Free Float Midcap 100 16.71 47.26
(GST) revenue collection for November 2017, weak inflation
Nifty Infrastructure 12.07 34.11 and industrial output data also chipped off some gains.
Nifty Energy Index 11.56 38.73 Dampening hopes of a rate cut by the Reserve Bank of India
Nifty IT Index 11.36 12.18 (RBI) and fall in some heavyweights amid downbeat quarterly
Nifty Auto 11.09 31.37 earnings numbers pulled down the benchmarks further.
Nifty Metal 10.98 48.54
Nifty FMCG 9.68 29.38 All NSE sectoral indices ended higher in the quarter. Nifty
Nifty Commodities 8.98 34.75 Realty jumped about 27%, aided by the Cabinet’s decision to
Nifty Bank 6.18 40.50 increase in carpet area of houses under the Pradhan Mantri
Nifty Pharma 4.88 -6.30
Awas Yojana. Nifty Auto gained around 11% on stock-specific
Sectoral indices sorted on three-month returns
Source - NSE developments and year-end discounts offered by
manufactures. Nifty Metal also rallied nearly 11% following a
Indian equities, represented by benchmark Nifty 50, soared rise in global metal prices.
around 8% in the quarter ended December. Sentiments were
Chart 2 – Mutual fund daily investments & Nifty movement
supported by: a) the government’s proposed Rs 6.92 trillion
10700 75

FII/ MF Daily Net Equity Investments


infrastructure spending plan and Rs 2.11 trillion
recapitalisation plan for public sector banks, b) an 10500 55

improvement in India’s ‘Ease of Doing Business’ rankings, c) 10300 35

Rs. billion
Moody’s upgrade of India’s sovereign bond rating for the first
Nifty 50

10100 15
time in 14 years, d) the victory of the ruling party in the
9900 -5
Gujarat and Himachal Pradesh assembly elections, e) a
recovery in the country’s gross domestic product (GDP) in the 9700 -25
29-Sep-17
6-Oct-17

17-Nov-17
13-Oct-17
20-Oct-17
27-Oct-17

10-Nov-17

24-Nov-17

15-Dec-17
22-Dec-17
29-Dec-17
3-Nov-17

1-Dec-17
8-Dec-17

Q2 FY18 and passage of the US tax-deduction bill and f)


persistent buying by domestic institutional investors (DIIs);
they bought equities worth Rs 275 billion in the December FII Daily Net Equity Investments
MF Daily Net Equity Investments
quarter compared with buying of Rs 420 billion in the Nifty 50
previous quarter. Source - SEBI, NSE

3
Debt market overview
Interbank call money rates mostly remained below the repo about whether it would be able to pass key reforms. S&P’s
rate during the quarter amid comfortable liquidity in the decision to retain India’s sovereign rating also weighed on
banking system. Reversal of reverse repo auctions conducted bonds. The central bank’s move to reduce the held-to-
earlier by the RBI brought inflows into the system and kept maturity (HTM) limit and the statutory liquidity ratio (SLR)
fund demand low. However, ample liquidity prompted the dampened demand for gilts further. The RBI reduced the SLR
central bank to hold regular reverse repo auctions. Brief by 0.5% to 19.5% and cut the ceiling on SLR securities under
spike in call rates was seen on account of outflows pertaining HTM from 20.25% to 19.50% of banks' Net Demand and Time
to the GST and advance tax. Firm demand for funds from Liability (NDTL) in a phased manner.
banks to meet their quarter-end and mandatory reserve
Some losses were, however, trimmed on intermittent short
requirements also spiked up the rates to a certain extent. A
covering, quarter-end bond buying by public sector banks
further hike in the call rate was restrained, as the RBI
and as market players were relieved that the US Fed’s
conducted sporadic repo auctions to infuse liquidity.
monetary policy statement did not hint at more aggressive

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


8.00% 7.20%

7.00%
7.50%

6.80%
7.00%
6.60%

6.50%
6.40%

6.00% 6.20%

6.00%
5.50%

04-Jun-17

30-Jun-17

26-Jul-17
25-Jan-17

12-Oct-17
30-Dec-16

21-Aug-17

07-Nov-17

03-Dec-17

29-Dec-17
09-May-17

16-Sep-17
20-Feb-17

13-Apr-17
18-Mar-17
24-Feb-17

6-Oct-17

3-Nov-17

1-Dec-17
24-Mar-17

8-Sep-17
14-Jul-17
30-Dec-16

21-Apr-17

11-Aug-17

29-Dec-17
27-Jan-17

16-Jun-17
19-May-17

Source – FIMMDA Source - CRISIL Fixed Income Database

Government bond prices declined in the December quarter, increases in interest rates. Gilts got further support after
with the yield on the 10-year benchmark 6.79% 2027 paper Moody's Investors Service upgraded India's local and foreign
rising to highest level in six quarters to 7.40% before finishing currency issuer rating to Baa2 from Baa3.
at 7.33% on December 29, 2017. The yield had ended at
6.66% on September 29, 2017. Prices were affected after the
Key developments in the quarter:
government announcement of Rs 500 billion of additional ● The RBI raised foreign portfolio investors’ (FPIs)
borrowing over the January-March 2018 period, sparking investment limit in central government securities by Rs
worries about fiscal slippage. In a latest development, the 64 billion to Rs 2.564 trillion and by Rs 58 billion to Rs
government has however reduced its additional borrowing to 451 billion in state development loans (SDLs).
Rs 200 billion instead of the originally proposed Rs 500
● The central bank also eased the rules for short-selling in
billion. Sentiments for gilts were further dented during the
government bonds, allowing traders to deliver securities
quarter after data showed a rise in domestic inflation and
from their own portfolio against short sales in
global crude oil prices, thereby diminishing hopes of interest
"exceptional situations" of market stress.
rate cuts by the RBI in the near future and even stoking fears
● Sebi came up with regulations regarding disclosure of
that the central bank could raise interest rates in the medium
financial results by issuers of listed debt on the
term. Gilts also fell after the ruling party won the Gujarat
exchange(s). Further, it allowed listing of security
assembly election by a thin margin, thereby raising concerns
receipts issued by asset reconstruction companies.

4
Ranking summary
For the quarter ended December 2017, CRISIL ranked 380 Indices 3 month 6 month 1 year 3 year
funds, which accounted for 80.69% of the mutual fund Nifty 50 7.58 10.61 28.65 8.34
industry’ assets. They comprised 169 equity, 182 debt and 29 Nifty 500 10.36 13.91 35.91 11.91
hybrid funds. Nifty Free Float
16.71 19.20 47.26 18.88
Midcap 100
As many as 113 were ranked 1 or 2 (top 30 percentile),
Nifty Free Float
accounting for 31.74% of the ranked funds’ assets under 19.89 24.38 57.30 19.94
Smallcap 100
management (AUM) vis-a-vis 29.83% in the September Returns above 1 year are annualised; as on December 29, 2017
quarter. ^Categories represented by CRISIL-AMFI fund performance indices

Aditya Birla Sun Life and ICICI Prudential Mutual Fund led the Financial services sector retains
pack of fund houses, as 10 of their funds made it to the top
favour
30 percentile of CRISIL Mutual Fund Ranking (CMFR). They
The top five sectors formed 64.87% of the market value of
were followed by Reliance Mutual Fund at 9.
equity funds, barring thematic infrastructure funds. These
In the equity-oriented funds category, the top position was funds maintained highest exposure to the financial services
shared by Aditya Birla Sun Life, IDFC, L&T and Reliance sector, in line with the previous quarter. Consumer goods
Mutual Fund at five funds each ranked 1 and 2. ICICI moved up as the second choice from the third place in the
Prudential and UTI Mutual Fund led among fixed income previous quarter making a promising comeback from the
funds, again at five funds each in the top 30 percentile, while previous quarter in terms of returns. Growth in core sectors
ICICI Prudential Mutual Fund (two funds) was the leader in and revival in exports in the December quarter bode well for
the hybrid category. the sector as signalled by the Purchasing Managers’ Index
(PMI) of 54.7 in December 2017.
Small and mid-cap funds lead amidst
Returns Returns
rally in the equity market Expo Dec Expo Sep
Sector Dec quarter Sep quarter
Unlike tepid growth in the September quarter, the equity quarter (%) quarter (%)
(%) (%)
market soared to record highs in the December quarter. Nifty Financial
50 returned 7.58% compared with 2.81% in the previous 29.00 5.39 30.05 4.69
services
quarter. Small cap and mid-cap indices registered returns as Consumer
9.87 11.21 9.50 -5.02
high as 19.89% and 16.71%, respectively. goods*
Automobile 9.85 11.09 10.11 2.57
Consequently, small and mid-cap funds led the rally among
Energy 9.28 11.56 8.78 10.11
equity funds with 14.14% returns in the quarter, followed by
Industrial
ELSS funds’ 11.07%. 6.86 5.49 6.74 -1.40
manufacturing*
*Sectoral returns were calculated using stock constituents of Nifty 100 in the
Returns (%) sector
Category^
3 month 6 month 1 year 3 year
The automobile sector benefited from an increase in
Diversified 10.41 14.35 34.95 12.12
economic activity as passenger vehicle sales picked up in
ELSS 11.07 15.00 37.59 13.09
November 2017. Nevertheless, exposure to the automobile
Small & Midcap 14.14 17.60 43.02 17.69
sector slipped to third place despite high returns in the
Large cap 8.68 11.69 31.28 11.02
sector. Energy and industrial manufacturing in that order
finished off the top five sectors by market value.

5
At the stock level, HDFC Bank (3.69% absolute returns in the Mkt value of Absolute
Investment
December quarter), ICICI Bank (13.52%), Larsen & Toubro investment by return %
Stock by no. of
(10.17%), Infosys (15.80%) and State Bank of India (22.08%) MFs as of Dec (issue till
schemes
were among the top holdings in the large cap and diversified (Rs mn) Dec)
funds. All except HDFC Bank quoted double-digit returns in Reliance Nippon Life Asset
5,512.80 19.13% 10
the quarter. Among small and mid-cap funds, the top Mgmt
holdings were Federal Bank (-3.68%), Voltas (29.61%), SBI Life Insurance 17,051.36 -0.66% 32
Schaeffler India (19.90%), Finolex Cables (30.55%) and Atul Shalby 179.70 -13.21% 2
Ltd (14.46%). All except Federal Bank generated substantial *Returns calculated as per September quarter closing price with respect to the
issue price
returns as the small and mid-cap index gained much more
than the broader market index (Nifty 50).
Hardening yields hit long-term debt
On the basis of stock concentration, the portfolio of small funds
and mid-cap funds was quite diversified in comparison to the 10-year government security (G-sec) yields rose 67 bps in the
large cap and diversified peers. quarter before closing at 7.33% in December 2017. The
Reserve Bank of India (RBI) maintaining status quo in repo
Top 5 stocks Top 10 stocks rate and high CPI (consumer price index) of 5.21% in
Exposure (%) Dec Sep Dec Sep December 2017 fuelled apprehensions of bond market
quarter quarter quarter quarter
investors. Announcement of additional market borrowing of
Large cap 25.79 26.12 39.43 40.56
Rs 50 thousand crore by the government (later in January
Diversified 17.53 18.96 26.35 27.80
reduced to Rs 20 thousand crore) added to the jitters in the
Small & mid-cap 5.90 6.05 9.98 10.54
G-sec market owing to worries of fiscal slippage.
ELSS 16.99 18.46 27.46 29.51
In the backdrop of the above events, credit opportunities
IPO segment works its charm with (CROP) and debt short funds largely maintained their
strong investments duration, while gilt and income funds substantially trimmed
The quarter witnessed initial public offerings (IPOs) of as their duration.
many as 11 stocks. Investment by mutual funds in these
8.50%
10-year Benchmark G-sec yield
stocks was ~Rs 48,741 million amidst the general optimism
in the equity market. 8.00%

Mkt value of Absolute 7.50%


Investment
investment by return %
Stock by no. of 7.00%
MFs as of Dec (issue till
schemes
(Rs mn) Dec) 6.50%
Future Supply Chain
1,246.95 2.15% 5 6.00%
Solutions
31-Dec-16
30-Sep-14

31-Dec-14

31-Dec-15

31-Dec-17
30-Jun-15

30-Sep-15

30-Jun-16

30-Sep-16

30-Jun-17

30-Sep-17
31-Mar-15

31-Mar-16

31-Mar-17

General Insurance
866.11 -17.36% 5
Corporation
Godrej Agrovet 2,799.96 25.92% 9
HDFC Standard Life
14,969.08 33.10% 27
Insurance
Indian Energy Exchange 2,014.14 -2.42% 8
Khadim India 950.50 -9.35% 5
Mahindra Logistics 1,253.44 2.14% 5
Prataap Snacks 1,896.86 33.24% 9

6
Duration is the key return driver
The quarter was dominated by duration calls and evidently
liquid and ultra-short-term funds led debt funds in this
quest. They were followed by CROP and debt short funds
Duration (years)

which had much smaller duration than their gilt and income
6.8 counterparts, and hence were better protected against the
5.9
5.3
4.7 rise in bond yields.

2.0 2.1 2.0 2.2


Unlike other CROP funds in the category, rank 1 funds
maintained greater exposure to ‘A+/A2+ & below’ securities
CROP Debt Short Gilt Income
Dec Qtr Sep Qtr
segment, averaging 34.21% in the quarter compared to
26.29% by the category. This ensures better income from
Rank 1 funds in all the debt categories had a lower duration
coupon payment when price appreciation is difficult to
to moderate the impact of rising yields. However, in
attain. On a similar note, rank 1 debt short funds relied more
continuance with the performance last quarter, gilt and
on corporate debt in comparison to their peers in the
income funds were the laggards in this quarter as well; in
category. Only 5.41% of their corpus was invested in G-secs
fact, their performance turned negative. Income funds
in the quarter against the category’s 14.64%.
returned -0.86% in the December quarter, while gilt funds
yielded -1.55%. In the September quarter, income and gilt CROP Debt Short Income
% Average
funds returned 0.97% and 0.50%, respectively. Dec Sep Dec Sep Dec Sep
Exposure
Qtr Qtr Qtr Qtr Qtr Qtr
Returns (%) A+/A2+ & below 26.29 25.64 0.42 0.36 0.43 0.21
Category^
3 months 6 months 1 year 3 years AA category & A1 48.97 47.84 10.01 9.80 10.94 10.39

Liquid 1.58 3.21 6.57 7.51 AAA & A1+ 19.06 20.92 68.56 67.10 26.98 26.97

Ultra ST 1.32 3.06 6.81 8.01 Sovereign 0.67 0.91 14.64 17.03 51.52 55.06

CROP 0.87 2.77 7.20 8.67 Cash & others 5.01 4.70 6.38 5.71 10.13 7.37

Short-term debt 0.63 2.38 5.92 8.04


Income -0.86 0.10 3.42 7.44 CROP funds witnessed maximum growth in AUM among debt
Gilt -1.55 -1.05 2.48 8.04 funds at 5.54% over the previous quarter. The increase was
Returns above 1 year are annualized; as on December 29, 2017 much higher among rank 1 funds whose corpus grew 14.04%
^ Categories represented by CRISIL-AMFI fund performance indices
in the quarter. AUM of other debt funds declined
sequentially.
Liquid and ultra-short-term funds gained 1.58% and 1.32%,
respectively, and scored highest on the three-month return
parameters which can be largely attributed to low modified
duration. They were followed by CROP funds’ 0.87%.

The movement in yields also affected the amount of cash


held by the fund managers. Rank 1 gilt funds stashed an
average of 21.01% cash and cash equivalents in the
December quarter against 12.37% in the September quarter
and were at an advantage compared with rank 5 in the
category which held just 7.45% cash in the December quarter
and invested the rest in sovereign securities. Such a pattern
was visible among rank 1 income funds as well, which
accumulated 12.74% cash and cash equivalents in the
quarter compared with 6.05% in the previous quarter.

7
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 schemes (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 Interpretation
CRISIL Fund Rank 1 Very good performance
CRISIL Fund Rank 2 Good performance
CRISIL Fund Rank 3 Average performance
CRISIL Fund Rank 4 Below average performance
CRISIL Fund Rank 5 Relatively weak performance

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

8
Large cap-oriented equity funds (Cluster ranks are arranged alphabetically)
Dec 17 Dec 17 Mean
Large Cap-oriented Equity Mean Return Volatility Volatility Industry Company
Fund Categorization Rank Rank Return Liquidity
funds (Reg) (Reg) (Dir) Concentration Concentration
(Reg) (Dir) (Dir)
Weightages P1 P2 P3 P4 55% 25% 10% 5% 5%
Kotak Select Focus Fund 1 (1) 1 (1) 2 (1) 1 (1) 3 (3) 3 (3) 4 (3) 2 (2) 4 (4)
Reliance Top 200 Fund 1 (2) 1 (3) 1 (2) 1 (2) 4 (4) 4 (4) 1 (3) 2 (2) 3 (3)
Reliance Vision Fund ^ 1 (3) 2 (3) 1 (2) 1 (2) 5 (5) 5 (5) 3 (3) 4 (4) 5 (5)

HDFC Growth Fund 2 (3) 2 (3) 1 (3) 2 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3)
ICICI Prudential Focused
2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4) 3 (2) 4 (4)
Bluechip Equity Fund

EQUITY FUNDS
ICICI Prudential Top 100 Fund
2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3)
^
Invesco India Dynamic Equity
2 (1) 1 (1) 3 (1) 2 (1) 1 (1) 1 (1) 1 (2) 4 (4) 1 (1)
Fund
Sundaram Select Focus 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (3) 1 (3)
UTI Top 100 Fund ^ 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (3) 2 (3)

Aditya Birla Sun Life Frontline


3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 4 (4)
Equity Fund
Aditya Birla Sun Life Top 100
3 (1) 3 (1) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 1 (1) 3 (3)
Fund
Franklin India Bluechip Fund 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 2 (3) 3 (3) 3 (4)
HDFC Equity Fund 3 (3) 3 (3) 2 (3) 2 (3) 5 (5) 5 (5) 4 (3) 3 (3) 5 (5)
HDFC Top 200 Fund 3 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (3) 3 (3) 4 (3)
HSBC Equity Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 1 (2)
Kotak 50 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 2 (3) 3 (3) 3 (3)
Motilal Oswal MOSt Focused
3 (2) 3 (2) 2 (1) 2 (1) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3)
25 Fund
Reliance Focused Large Cap
3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (1) 3 (3) 2 (3)
Fund
SBI Blue Chip Fund 3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 1 (1) 5 (5)
Tata Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3) 2 (2)
UTI Mastershare Unit Scheme 3 (4) 3 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4)

BNP Paribas Equity Fund ^ 4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 2 (2)
DSP BlackRock Focus 25
4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (4) 3 (4)
Fund
HDFC Large Cap Fund 4 (5) 4 (5) 3 (5) 4 (5) 4 (4) 4 (4) 5 (5) 5 (5) 2 (2)
ICICI Prudential Select Large
4 (5) 4 (4) 4 (5) 4 (4) 3 (3) 3 (3) 2 (1) 5 (5) 2 (2)
Cap Fund
UTI Equity Fund 4 (4) 4 (4) 4 (4) 5 (4) 3 (2) 2 (2) 3 (4) 2 (3) 4 (3)
UTI Opportunities Fund 4 (5) 4 (5) 5 (4) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)

DSP BlackRock Top 100


5 (4) 5 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3)
Equity Fund
JM Equity Fund 5 (4) 5 (4) 5 (5) 5 (5) 1 (1) 1 (1) 3 (2) 2 (2) 3 (1)
SBI Magnum Equity Fund 5 (4) 5 (5) 5 (4) 5 (4) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3)
Figures in bracket indicate the previous quarter rank.
P1 signifies period from Jan’15 to Sep’15, P2- Oct’15 to Jun’16, P3 -Jul’16 to Mar’17 and P4 - Mar’17 to Nov’17.
Dec’17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Mar’17.
Fund categorization in each period: Large Cap , Diversified , and Small & Mid Cap
^ Funds have met second level test, hence categorised as Large cap Funds.

9
Diversified equity funds (Cluster ranks are arranged alphabetically)
Dec 17 Dec 17 Mean
Mean Return Volatility Volatility Industry Company
Diversified Equity funds Fund Categorization Rank Rank Return Liquidity
(Reg) (Reg) (Dir) Concentration Concentration
(Reg) (Dir) (Dir)
Weightages P1 P2 P3 P4 55% 25% 10% 5% 5%
IDFC Focused Equity Fund 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 3 (4) 4 (4) 3 (4)
Principal Emerging Bluechip
1 (1) 1 (1) 1 (1) 1 (1) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3)
Fund
Principal Growth Fund 1 (2) 1 (2) 1 (2) 1 (2) 5 (5) 5 (5) 2 (2) 1 (2) 2 (2)
Sundaram Rural India Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (5) 1 (1) 3 (3)
Tata Equity PE Fund 1 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 2 (3) 3 (3) 3 (3)

Aditya Birla Sun Life India


2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 2 (2) 2 (3)
GenNext Fund
Axis Focused 25 Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 5 (4) 4 (4) 4 (3)
BNP Paribas Dividend Yield
2 (2) 2 (2) 3 (2) 2 (2) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2)
Fund
DSP BlackRock
2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 4 (4) 2 (2) 3 (3)
Opportunities Fund
HDFC Capital Builder Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (2)
IDFC Classic Equity Fund 2 (2) 2 (2) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2)
Invesco India Contra Fund 2 (3) 1 (3) 1 (3) 1 (3) 3 (3) 3 (3) 2 (3) 3 (3) 2 (2)
L&T Business Cycles Fund 2 (3) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3)
Mirae Asset India
2 (2) 3 (2) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Opportunities Fund
Motilal Oswal MOSt Focused
2 (1) 3 (1) 2 (1) 2 (1) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4)
Multicap 35 Fund
Reliance Growth Fund 2 (3) 2 (3) 2 (3) 2 (3) 5 (5) 5 (5) 1 (2) 1 (2) 5 (5)

Aditya Birla Sun Life


3 (1) 3 (1) 2 (1) 2 (1) 4 (4) 4 (4) 4 (4) 3 (3) 3 (2)
Advantage Fund
Aditya Birla Sun Life Equity
3 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 2 (1) 3 (3)
Fund
DSP BlackRock Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3)
Franklin India Flexi Cap Fund 3 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3) 3 (4) 3 (3)
Franklin India High Growth
3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (4) 4 (5) 5 (5)
Companies Fund
Franklin India Opportunities
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3)
Fund
HDFC Core and Satellite
3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 5 (5) 3 (3)
Fund
HSBC India Opportunities
3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 3 (4) 2 (3)
Fund
ICICI Prudential Dynamic
3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 2 (3) 4 (4)
Plan
ICICI Prudential Multicap
3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 1 (1) 3 (2) 4 (4)
Fund
Kotak Opportunities 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 2 (2) 3 (2)
L&T India Special Situations
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4)
Fund
Reliance Regular Savings
3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 2 (1) 4 (3) 5 (5)
Fund - Equity
SBI Contra Fund 3 (4) 3 (4) 3 (3) 3 (4) 3 (2) 3 (2) 4 (3) 4 (4) 4 (4)

10
Dec 17 Dec 17 Mean
Mean Return Volatility Volatility Industry Company
Diversified Equity funds Fund Categorization Rank Rank Return Liquidity
(Reg) (Reg) (Dir) Concentration Concentration
(Reg) (Dir) (Dir)
SBI Magnum MultiCap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 2 (1) 3 (3)
SBI Magnum Multiplier Fund 3 (3) 3 (4) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 5 (4)
Tata Equity Opportunities
3 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3)
Fund
Tata Ethical Fund 3 (4) 3 (4) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (3) 2 (1)
Templeton India Growth
3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3)
Fund
UTI MNC Fund 3 (4) 3 (3) 3 (4) 3 (4) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4)
UTI Multi Cap Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 3 (3) 3 (3) 2 (2) 1 (1)

Axis Equity Fund 4 (4) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 5 (5) 4 (4) 2 (2)
Baroda Pioneer Growth Fund 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 1 (2)
Canara Robeco Equity
4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 3 (3) 3 (3) 2 (1)
Diversified
Franklin India Prima Plus 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4)
HDFC Premier MultiCap Fund 4 4 3 3 5 5 4 4 1
IDBI Diversified Equity Fund 4 (4) 3 (4) 5 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2)
IIFL India Growth Fund 4 4 3 3 4 4 5 5 1
Indiabulls Bluechip Fund 4 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 2 (3) 4 (4) 2 (1)
L&T Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Reliance Equity
4 (5) 4 (5) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5)
Opportunities Fund
UTI Bluechip Flexicap Fund 4 (3) 4 (4) 3 (3) 4 (3) 2 (3) 2 (3) 4 (4) 3 (3) 3 (3)
Quantum Long-Term Equity
NA 4 (3) NA 5 (4) NA 2 (2) 2 (1) 4 (4) 2 (1)
Fund

Aditya Birla Sun Life Dividend


5 (3) 5 (3) 5 (3) 5 (3) 3 (3) 3 (3) 2 (1) 3 (3) 4 (4)
Yield Plus
ICICI Prudential Exports and
5 (5) 5 (5) 4 (4) 4 (4) 2 (2) 2 (2) 4 (5) 5 (5) 4 (3)
Other Services Fund
ICICI Prudential Value
5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (2) 1 (2) 4 (4) 4 (5)
Discovery Fund
LIC MF Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 4 (4) 1 (1)
UTI Dividend Yield Fund 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (3) 3 (3) 3 (3) 4 (3)
Figures in bracket indicate the previous quarter rank.
* As regular plan of the Quantum Long Term Equity Fund has not completed three years, only direct plan is ranked.
P1 signifies period from Jan’15 to Sep’15, P2- Oct’15 to Jun’16, P3 -Jul’16 to Mar’17 and P4 - Mar’17 to Nov’17.
Dec’17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Mar’17.
Fund categorization in each period: Large Cap , Diversified , and Small & Mid Cap

11
Small and mid-cap equity funds (Cluster ranks are arranged alphabetically)
Dec 17 Dec 17 Mean Mean
Volatility Volatility Industry Company
Small and Mid-cap Equity funds Fund Categorization Rank Rank Return Return Liquidity
(Reg) (Dir) Concentration Concentration
(Reg) (Dir) (Reg) (Dir)
Weightages P1 P2 P3 P4 55% 25% 10% 5% 5%
HDFC Small Cap Fund 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 2 (2) 2 (3) 3 (3)
L&T Emerging Businesses Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 2 (1) 1 (1) 3 (3)
Reliance Small Cap Fund 1 (2) 1 (2) 1 (2) 1 (2) 5 (5) 5 (5) 3 (3) 1 (1) 4 (4)

Aditya Birla Sun Life Pure Value


2 (3) 2 (3) 2 (2) 2 (2) 5 (5) 5 (5) 4 (4) 4 (4) 2 (3)
Fund
Aditya Birla Sun Life Small &
2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 1 (1) 2 (3) 3 (2)
Midcap Fund
DSP BlackRock Micro Cap Fund 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (5)
IDFC Sterling Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3)
L&T Midcap Fund 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 1 (2) 1 (1) 2 (2)
Mirae Asset Emerging Bluechip
2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
Fund

Aditya Birla Sun Life Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (2)
BNP Paribas Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1)
Canara Robeco Emerging Equities 3 (2) 3 (2) 3 (2) 2 (2) 4 (4) 4 (4) 2 (3) 3 (2) 2 (2)
DSP BlackRock Small and Midcap
3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Fund
Franklin India Prima Fund 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)
Franklin India Smaller Companies
3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4)
Fund
HDFC Mid-Cap Opportunities Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 2 (2) 5 (5)
ICICI Prudential MidCap Fund 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3)
Kotak Emerging Equity 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (3) 3 (3)
Kotak Midcap 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
L&T India Value Fund ^ 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (2) 1 (3)
Sundaram S M I L E Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 4 (4) 3 (3)
Sundaram Select Midcap 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 4 (4)
Tata Mid Cap Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 1 (1)

Aditya Birla Sun Life MNC Fund 4 (5) 4 (5) 4 (5) 4 (5) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5)
Reliance Mid & Small Cap Fund 4 (4) 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
SBI Emerging Businesses Fund 4 (4) 4 (4) 3 (4) 4 (4) 1 (1) 1 (1) 5 (5) 5 (5) 4 (4)
SBI Magnum Global Fund 4 (5) 3 (5) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3) 4 (4) 4 (4)
SBI Magnum Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 4 (3) 4 (3) 3 (3)
UTI Mid Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (2) 3 (3) 3 (3)

Axis Midcap Fund 5 (4) 5 (4) 5 (5) 5 (5) 2 (3) 2 (3) 4 (4) 4 (4) 2 (1)
IDFC Premier Equity Fund 5 (4) 5 (4) 5 (4) 5 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4)
Motilal Oswal MOSt Focused
5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (2)
Midcap 30 Fund
Figures in bracket indicate the previous quarter rank.
P1 signifies period from Jan’15 to Sep’15, P2- Oct’15 to Jun’16, P3 -Jul’16 to Mar’17 and P4 - Mar’17 to Nov’17.
Dec’17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Mar’17.
Fund categorization in each period: Large Cap , Diversified , and Small & Mid Cap
^ Funds have met second level test, hence categorised as Small and Mid-cap Equity funds.

12
Thematic – infrastructure funds (Cluster ranks are arranged alphabetically)
Dec 17 Dec 17 Mean Mean
Volatility Volatility Industry Company
Thematic - Infrastructure funds Rank Rank Return Return Liquidity
(Reg) (Dir) Concentration Concentration
(Reg) (Dir) (Reg) (Dir)
Weightages 55% 25% 10% 5% 5%
DSP BlackRock Natural Resources and New Energy Fund 1 (1) 2 (1) 1 (1) 1 (1) 4 (4) 4 (4) 5 (5) 5 (5) 1 (1)
L&T Infrastructure Fund 1 (1) 1 (2) 1 (1) 2 (1) 3 (3) 3 (3) 3 (3) 1 (2) 3 (3)

IDFC Infrastructure Fund 2 (2) 1 (2) 2 (2) 1 (2) 3 (3) 3 (3) 2 (1) 2 (1) 2 (2)
JM Basic Fund 2 (2) 2 (1) 3 (2) 3 (2) 4 (4) 4 (4) 2 (3) 4 (4) 1 (1)
Sundaram Infrastructure Advantage Fund 2 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (2) 2 (2) 4 (4)

Aditya Birla Sun Life Infrastructure Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3)
DSP BlackRock India T.I.G.E.R. Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Franklin Build India Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (4) 3 (3)
Kotak Infrastructure and Economic Reform Fund 3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (4) 3 (3) 2 (2)
Reliance Diversified Power Sector Fund 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 4 (4) 5 (5) 3 (3) 5 (5)
SBI Infrastructure Fund 3 (5) 3 (5) 3 (4) 3 (4) 2 (2) 2 (2) 4 (3) 4 (4) 4 (4)
Tata Infrastructure Fund 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (3) 3 (3) 3 (3)

Canara Robeco Infrastructure Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 5 (5) 2 (2)
HSBC Infrastructure Equity Fund 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 4 (3) 3 (3)
ICICI Prudential Infrastructure Fund 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) 2 (2) 2 (2) 3 (3) 4 (4)

HDFC Infrastructure Fund 5 (5) 5 (5) 4 (5) 4 (5) 5 (5) 5 (5) 4 (4) 3 (3) 5 (5)
UTI Infrastructure Fund 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3)
Figures in bracket indicate the previous quarter rank.

13
Equity linked savings schemes (ELSS) (Cluster ranks are arranged alphabetically)
Dec 17 Dec 17 Mean Mean
Volatility Volatility Industry Company
Equity Linked Savings Scheme (ELSS) Rank Rank Return Return Liquidity
(Reg) (Dir) Concentration Concentration
(Reg) (Dir) (Reg) (Dir)
Weightages 55% 25% 10% 5% 5%
IDFC Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (2) 1 (2) 3 (3)
Principal Tax Saving Fund 1 (2) 1 (2) 1 (2) 1 (2) 5 (5) 5 (5) 2 (3) 2 (2) 1 (2)

Aditya Birla Sun Life Tax Plan 2 (2) 2 (2) 3 (3) 2 (3) 2 (2) 2 (2) 3 (3) 4 (4) 4 (4)
Aditya Birla Sun Life Tax Relief 96 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 4 (3) 5 (5)
L&T Tax Advantage Fund 2 (2) 2 (2) 2 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4)
Tata India Tax Savings Fund 2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 2 (2) 2 (1) 2 (3)

BNP Paribas Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 2 (2)
DSP BlackRock Tax Saver Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 2 (2) 3 (3)
HDFC Long Term Advantage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
HDFC Tax Saver Fund 3 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 3 (4) 4 (3)
Invesco India Tax Plan 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 5 (5) 2 (1)
Kotak Tax Saver Scheme 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2)
Principal Personal Tax Saver 3 (3) 3 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1)
Reliance Tax Saver Fund 3 (3) 3 (3) 2 (3) 2 (3) 5 (5) 5 (5) 3 (3) 3 (3) 5 (5)
Sundaram Diversified Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (2) 1 (1) 3 (3)
UTI Long Term Equity Fund (Tax Saving) 3 (4) 3 (5) 4 (4) 3 (4) 3 (3) 3 (3) 3 (1) 3 (3) 2 (2)

Axis Long Term Equity Fund 4 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 4 (5) 4 (4)
Franklin India Taxshield Fund 4 (3) 4 (3) 5 (4) 5 (4) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)
IDBI Equity Advantage Fund 4 (4) 4 (3) 4 (3) 4 (3) 1 (2) 1 (2) 5 (5) 5 (4) 3 (3)
SBI Magnum Tax Gain Scheme 1993 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3)

Canara Robeco Equity Tax Saver 5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
ICICI Prudential Long Term Equity Fund (Tax
5 (5) 5 (4) 5 (5) 5 (5) 2 (1) 2 (1) 2 (1) 3 (3) 4 (4)
Saving)
Figures in bracket indicate the previous quarter rank.

14
Index funds (Cluster ranks are arranged alphabetically)
Index funds Dec 17 Rank (Reg) Dec 17 Rank (Dir) Tracking Error
Weightages 100%
Kotak Nifty ETF 1(1) 1(1) 0.05%

ICICI Prudential Nifty iWIN ETF 2(2) 2(2) 0.13%


Reliance ETF Nifty BeES 2(2) 2(2) 0.06%
UTI Nifty Index Fund 2(2) 2(2) 0.19%

Franklin India Index Fund - NSE Nifty Plan 3(3) 3(3) 0.24%
HDFC Index Fund - Nifty Plan 3(3) 3(3) 0.22%
HDFC Index Fund - Sensex Plan 3(3) 3(3) 0.24%
ICICI Prudential Nifty Index Fund 3(3) 4(4) 0.27%
IDBI Nifty Index Fund 3(3) 3(3) 0.22%
SBI Nifty Index Fund 3(3) 3(3) 0.19%

Aditya Birla Sun Life Index Fund 4(4) 5(5) 0.54%


Aditya Birla Sun Life Nifty ETF 4(4) 4(4) 0.51%
Reliance Index Fund - Nifty Plan 4(4) 3(3) 0.33%

SBI-ETF SENSEX 5(5) 4(4) 0.55%


ETFs, which only have a single option, have been ranked in both regular & direct categories.
Figures in bracket indicate the previous quarter rank.

Balanced funds (Cluster ranks are arranged alphabetically)


Industry
Dec 17 Superior Superior

HYBRID FUNDS
Dec 17 Rank Concentration / Company Debt Asset Debt Equity
Balanced funds Rank Return Return
(Reg) Exposure to Concentration Quality Liquidity Liquidity
(Dir) Score (Reg) Score (Dir)
Sensitive Sector*
Weightages 75% 10% 5% 5%*(100 K) 5%*(100 K) 10%*K
HDFC Balanced Fund 1 (2) 2 (2) 1 (2) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 4 (4)

DSP BlackRock Balanced Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (4) 3 (3) 3 (3) 4 (4) 3 (3)
ICICI Prudential Balanced Fund 2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 3 (3) 2 (3) 2 (3) 3 (3)
Reliance Regular Savings Fund Balanced 2 (1) 1 (1) 2 (1) 1 (1) 4 (3) 5 (4) 4 (4) 4 (3) 3 (3)

Aditya Birla Sun Life Balanced 95 Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 2 (2) 3 (3) 3 (2) 3 (3)
Canara Robeco Balance 3 (3) 4 (3) 3 (3) 4 (3) 2 (3) 2 (2) 1 (2) 1 (1) 2 (2)
HDFC Prudence Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 4 (4) 3 (5) 3 (3) 4 (4)
L&T India Prudence Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 2 (3) 2 (2) 2 (3) 4 (4)
SBI Magnum Balanced Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (4) 3 (3) 3 (4) 5 (5)
UTI Balanced Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 3 (2) 3 (3) 3 (4) 3 (3)

Franklin India Balanced Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 3 (3) 4 (4) 5 (5) 2 (2)
JM Balanced Fund 4 (5) 5 (5) 4 (5) 5 (5) 4 (3) 4 (5) 5 (2) 4 (2) 1 (1)
Kotak Balance 4 (4) 3 (4) 4 (4) 3 (4) 2 (2) 1 (1) 4 (4) 3 (3) 3 (2)

Tata Balanced Fund 5 (4) 4 (4) 5 (4) 4 (4) 3 (3) 4 (3) 2 (1) 2 (2) 2 (3)
Figures in bracket indicate the previous quarter rank.
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio

15
Monthly income plan – aggressive (Cluster ranks are arranged alphabetically)
Industry
Superior Superior
Dec 17 Dec 17 Concentration Debt
Return Return Company Debt Equity Modified
Monthly Income Plan - Aggressive Rank Rank / Exposure to Asset
Score Score Concentration Liquidity Liquidity Duration
(Reg) (Dir) Sensitive Quality
(Reg) (Dir)
Sector*
7.5%*(100-
Weightages 60% 5% 5% 17.5% 7.5%*K 5%
K)
Aditya Birla Sun Life MIP II - Wealth 25 Plan 1 (1) 1 (1) 1 (1) 1 (1) 4 (3) 5 (4) 2 (2) 3 (3) 4 (3) 3 (5)
BOI AXA Regular Return Fund 1 1 1 2 1 4 3 3 2 1

ICICI Prudential MIP 25 2 (1) 2 (1) 2 (1) 1 (1) 5 (5) 3 (4) 5 (5) 3 (3) 4 (3) 4 (4)
Kotak Monthly Income Plan 2 (2) 3 (2) 3 (2) 3 (2) 1 (1) 3 (2) 3 (3) 2 (3) 3 (3) 3 (3)
Sundaram Monthly Income Plan 2 (3) 2 (3) 2 (3) 2 (3) 3 (2) 4 (5) 4 (4) 3 (3) 4 (4) 2 (1)

DSP BlackRock MIP Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 3 (3) 5 (5) 3 (3) 2 (2)
HDFC Monthly Income Plan - LTP 3 (2) 3 (3) 2 (2) 3 (3) 3 (3) 3 (4) 4 (4) 3 (3) 5 (4) 5 (4)
HDFC Monthly Income Plan - STP 3 (4) 3 (4) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 2 (2) 3 (2) 3 (3)
IDFC Monthly Income Plan 3 (3) 4 (3) 4 (3) 4 (3) 2 (2) 4 (2) 2 (1) 1 (1) 3 (4) 3 (3)
UTI MIS Advantage Plan 3 (2) 3 (2) 3 (2) 3 (2) 2 (3) 1 (3) 3 (3) 4 (4) 3 (2) 3 (3)

BNP Paribas Monthly Income Plan 4 (4) 2 (2) 3 (4) 2 (2) 5 (5) 5 (5) 3 (4) 4 (5) 1 (5) 1 (1)
Franklin India Monthly Income Plan 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 4 (3) 5 (4) 2 (1) 2 (2)
Reliance Monthly Income Plan 4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 3 (3) 5 (5) 4 (4) 5 (5) 4 (4)

Canara Robeco Monthly Income Plan 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (2) 1 (2) 2 (1) 1 (2) 4 (3)
HSBC Monthly Income Plan 5 (3) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 1 (1) 1 (2) 2 (3) 5 (5)
Figures in bracket indicate the previous quarter rank.
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio

16
Long-term gilt funds (Cluster ranks are arranged alphabetically)
Dec 17 Rank Dec 17 Rank Superior Return Superior Return Modified
Long Term Gilt funds Liquidity
(Reg) (Dir) Score (Reg) Score (Dir) Duration
Weightages 75% 10% 15%
Reliance Gilt Securities Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (4)
SBI Magnum Gilt Fund - Long Term 1 (2) 2 (2) 1 (2) 1 (1) 2 (2) 3 (4)

Aditya Birla Sun Life Gilt Plus - PF Plan 2 (2) 1 (2) 2 (2) 2 (2) 3 (3) 1 (3)
Canara Robeco Gilt PGS 2 2 2 2 3 2
ICICI Prudential Gilt - Investment - PF Option 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 4 (3)
UTI Gilt Advantage Fund - Long Term Plan 2 (1) 2 (1) 2 (1) 2 (2) 3 (3) 3 (3)

DHFL Pramerica Gilt Fund 3 (4) 3 (4) 3 (3) 3 (4) 1 (1) 5 (5)
Edelweiss Government Securities Fund 3 (3) 3 (4) 3 (4) 3 (4) 1 (1) 3 (3)
HDFC Gilt Fund - Long Term Plan 3 (3) 4 (4) 3 (3) 4 (3) 4 (3) 5 (5)
ICICI Prudential Long Term Gilt Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 4 (3)
IDFC G Sec Fund - PF Plan 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 3 (3)
Tata Gilt Mid Term Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 4 (4)
Tata Gilt Securities Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 2 (3)

DSP BlackRock Govt Sec Fund 4 (3) 5 (3) 4 (3) 5 (4) 3 (3) 2 (2)
IDFC G Sec Fund - Investment Plan 4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (3)
Kotak Gilt - Investment 4 (4) 4 (3) 4 (4) 4 (3) 4 (3) 4 (4)
L&T Gilt 4 (4) 3 (3) 4 (4) 3 (3) 2 (2) 2 (1)

Franklin India G-Sec Fund - Long Term Plan 5 (3) 4 (3) 5 (3) 4 (3) 5 (2) 1 (1)
LIC MF G-Sec Fund 5 (5) 5 (5) 5 (5) 5 (5) 2 (3) 3 (2)
Figures in bracket indicate the previous quarter rank.

DEBT FUNDS

17
Income funds (Cluster ranks are arranged alphabetically)
Superior Exposure
Dec 17 Dec 17 Superior
Return Modified to Company Asset
Income funds Rank Rank Return Liquidity
Score Duration Sensitive Concentration Quality
(Reg) (Dir) Score (Dir)
(Reg) Sector
Weightages 60% 5% 5% 5% 7.5% 17.5%
Aditya Birla Sun Life Treasury Optimizer Plan 1 (3) 2 (3) 2 (3) 2 (3) 1 (2) 3 (3) 3 (1) 4 (4) 3 (3)
ICICI Prudential Long Term Plan 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 4 (4) 5 (3) 3 (3) 3 (3)
Kotak Flexi Debt 1 (3) 1 (3) 1 (2) 1 (3) 2 (3) 3 (3) 3 (3) 4 (4) 4 (3)

DHFL Pramerica Medium Term Income Fund 2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 4 (4) 3 (1) 5 (4) 4 (4)
ICICI Prudential Dynamic Bond Fund 2 (2) 1 (2) 1 (1) 1 (2) 3 (3) 5 (5) 3 (3) 4 (4) 3 (3)
SBI Dynamic Bond Fund 2 (1) 2 (2) 3 (2) 3 (2) 3 (3) 1 (1) 5 (4) 1 (2) 2 (2)
SBI Magnum Income Fund 2 (3) 2 (3) 2 (2) 2 (2) 2 (2) 5 (5) 3 (4) 5 (4) 5 (4)
Sundaram Flexible Fund - Flexible Income Plan 2 (3) 3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 3 (4) 3 (3) 3 (3)
UTI-Dynamic Bond Fund 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (1) 4 (3) 3 (3) 3 (4)

Aditya Birla Sun Life Income Plus 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 3 (4) 2 (2) 2 (2)
Axis Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 4 (3) 4 (3)
BNP Paribas Flexi Debt Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (3) 4 (5) 3 (3) 3 (3)
Canara Robeco Dynamic Bond Fund 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 5 (5) 1 (1) 1 (2)
Canara Robeco Medium Term Opportunities Fund 3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 1 (1) 3 (3) 3 (4) 4 (4)
DSP BlackRock Bond Fund 3 (4) 3 (4) 2 (3) 2 (4) 2 (2) 4 (4) 1 (1) 5 (5) 5 (5)
HDFC High Interest Fund - Dynamic Plan 3 (3) 4 (3) 3 (4) 3 (3) 4 (3) 1 (1) 1 (1) 3 (3) 4 (4)
ICICI Prudential Income Opportunities Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4) 1 (1) 4 (3) 3 (3)
ICICI Prudential Income Plan 3 (2) 2 (2) 2 (2) 2 (2) 4 (5) 5 (5) 3 (3) 3 (3) 3 (3)
IDFC Dynamic Bond Fund 3 (2) 3 (2) 3 (2) 4 (2) 4 (4) 1 (1) 1 (1) 2 (2) 1 (1)
IDFC Super Saver Income Fund - Investment Plan 3 (2) 3 (2) 4 (3) 4 (2) 4 (4) 1 (1) 1 (1) 1 (1) 1 (1)
Reliance Dynamic Bond Fund 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (2)
Tata Dynamic Bond Fund 3 (3) 3 (2) 3 (3) 3 (3) 3 (4) 1 (1) 4 (4) 2 (1) 2 (1)
UTI Bond Fund 3 (2) 3 (1) 3 (2) 3 (1) 3 (3) 3 (1) 4 (3) 3 (3) 3 (3)

Aditya Birla Sun Life Dynamic Bond Fund 4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 3 (3) 1 (1) 4 (4) 4 (4)
HDFC Income Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 3 (1) 2 (2) 3 (3)
Kotak Bond 4 (4) 4 (4) 4 (4) 4 (4) 5 (4) 3 (1) 1 (4) 3 (3) 5 (4)
L&T Triple Ace Bond Fund 4 (5) 4 (4) 4 (5) 4 (4) 2 (2) 1 (1) 3 (3) 3 (3) 3 (3)
LIC MF Bond Fund 4 (4) 4 (5) 4 (4) 4 (5) 3 (3) 1 (1) 3 (3) 3 (3) 2 (2)
Reliance Income Fund 4 (3) 3 (3) 4 (3) 3 (3) 3 (4) 1 (1) 3 (3) 2 (2) 2 (2)

DSP BlackRock Strategic Bond Fund 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 1 (1) 4 (3) 3 (3) 3 (3)
HSBC Flexi Debt Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 1 (1) 2 (3) 2 (2) 2 (2)
Union Dynamic Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 1 (1) 3 (4) 3 (2) 3 (3)
Figures in bracket indicate the previous quarter rank.

18
Short-term income funds (Cluster ranks are arranged alphabetically)
Exposure
Dec 17 Dec 17 Mean Mean
Volatility Volatility to Company Asset Modified
Short Term Income Funds Rank Rank Return Return Liquidity
(Reg) (Dir) Sensitive Concentration Quality Duration
(Reg) (Dir) (Reg) (Dir)
Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
Aditya Birla Sun Life Floating Rate Fund - Long
1 (2) 1 (2) 1 (3) 1 (3) 1 (1) 1 (1) 4 (4) 4 (5) 4 (4) 1 (1) 3 (3)
Term
HDFC Short Term Opportunities Fund 1 (2) 1 (2) 1 (3) 2 (3) 1 (1) 1 (1) 4 (3) 3 (3) 3 (4) 1 (1) 3 (3)
Kotak Corporate Bond Fund 1 (1) 1 (1) 1 (2) 1 (3) 1 (1) 1 (1) 3 (4) 5 (2) 3 (3) 1 (1) 4 (4)
UTI-Banking & PSU Debt Fund 1 (2) 2 (3) 1 (2) 2 (4) 3 (3) 3 (3) 1 (1) 3 (4) 4 (3) 2 (2) 2 (2)

Aditya Birla Sun Life Short Term Fund 2 (3) 2 (3) 2 (1) 2 (2) 3 (3) 3 (3) 1 (1) 3 (4) 3 (3) 3 (3) 3 (3)
HDFC Medium Term Opportunities Fund 2 (1) 2 (2) 2 (1) 3 (2) 4 (4) 4 (4) 1 (1) 1 (3) 2 (2) 4 (3) 1 (2)
ICICI Prudential Ultra Short Term Plan 2 (3) 3 (4) 2 (3) 3 (3) 3 (3) 3 (3) 3 (4) 5 (3) 2 (3) 3 (3) 3 (4)
IDFC Corporate Bond Fund 2 (2) 2 (2) 3 (2) 3 (2) 3 (4) 3 (4) 1 (1) 3 (3) 3 (3) 3 (3) 2 (2)
IDFC Super Saver Income Fund - Short Term 2 (2) 2 (2) 3 (3) 3 (4) 2 (2) 2 (2) 1 (1) 5 (5) 2 (2) 2 (2) 1 (1)
L&T Short Term Opportunities Fund 2 (2) 1 (1) 3 (4) 3 (4) 2 (2) 2 (2) 1 (1) 3 (3) 3 (2) 2 (2) 2 (1)
Reliance Banking & PSU Debt Fund 2 (2) 3 (2) 3 (2) 4 (3) 5 (5) 5 (5) 1 (1) 3 (1) 1 (1) 5 (4) 2 (2)

Axis Short Term Fund 3 (4) 3 (3) 3 (3) 2 (2) 2 (3) 2 (3) 4 (3) 5 (4) 3 (3) 2 (2) 3 (3)
DHFL Pramerica Short Maturity Fund 3 (3) 3 (3) 2 (1) 1 (1) 3 (2) 3 (2) 4 (5) 1 (1) 4 (4) 3 (3) 5 (5)
DSP BlackRock Banking & PSU Debt Fund 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4) 1 (1) 1 (5) 2 (2) 4 (5) 2 (2)
DSP BlackRock Short Term Fund 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3) 1 (1) 1 (2) 4 (4) 4 (3) 3 (3)
HDFC Floating Rate Income Fund - Long Term Plan 3 (3) 3 (4) 3 (4) 5 (5) 3 (4) 3 (4) 1 (1) 3 (4) 1 (1) 2 (4) 3 (3)
IDFC Super Saver Income Fund - Medium Term 3 (1) 3 (1) 5 (4) 5 (4) 4 (3) 4 (3) 1 (1) 4 (4) 1 (1) 5 (5) 1 (1)
Kotak Banking and PSU Debt Fund 3 (3) 4 (3) 2 (2) 3 (2) 4 (4) 4 (4) 3 (3) 4 (3) 4 (4) 3 (3) 2 (2)
Reliance Floating Rate Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (3) 2 (3) 3 (3) 3 (3)
Reliance Short Term Fund 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 1 (3) 1 (1) 3 (3) 4 (3) 3 (3)
SBI Short Term Debt Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (4) 2 (2) 3 (3) 4 (4)
Sundaram Select Debt ST Asset Plan 3 (4) 2 (3) 3 (4) 2 (3) 1 (2) 1 (2) 5 (5) 4 (3) 2 (2) 1 (2) 4 (4)
Tata Short Term Bond Fund 3 (3) 2 (2) 4 (4) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 1 (1) 3 (3) 4 (3)
UTI Short Term Income Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 4 (1) 2 (1) 3 (3) 2 (2) 3 (3)

DHFL Pramerica Banking & PSU Debt Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4) 3 (4) 3 (3)
HDFC Banking & PSU Debt Fund 4 (5) 5 (5) 2 (3) 2 (3) 5 (5) 5 (5) 5 (4) 4 (3) 5 (5) 5 (5) 4 (4)
HSBC Income Fund - Short Term Plan 4 (5) 5 (5) 4 (5) 4 (3) 2 (3) 2 (3) 1 (4) 3 (3) 4 (4) 3 (3) 4 (4)
ICICI Prudential Short Term Plan 4 (3) 4 (3) 4 (2) 3 (1) 4 (5) 4 (5) 4 (4) 4 (2) 3 (2) 3 (4) 4 (4)
IDFC Money Manager Fund - Investment Plan 4 (1) 4 (1) 5 (3) 5 (4) 4 (2) 3 (2) 1 (1) 4 (3) 3 (3) 5 (5) 1 (1)
Invesco India Short Term Fund 4 (4) 4 (4) 5 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (4) 3 (3)
Kotak Bond Short Term Plan 4 (4) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3) 1 (3) 2 (4) 3 (3) 2 (2) 3 (3)

Aditya Birla Sun Life Short Term Opportunities


5 5 3 2 5 5 5 1 5 4 5
Fund
Axis Fixed Income Opportunities Fund 5 (4) 4 (4) 2 (1) 1 (1) 3 (3) 3 (3) 5 (5) 1 (1) 5 (5) 3 (3) 5 (5)
DHFL Pramerica Premier Bond Fund 5 (4) 4 (4) 5 (5) 5 (5) 3 (4) 4 (4) 1 (1) 3 (3) 3 (3) 4 (4) 2 (2)
HDFC High Interest Fund - Short Term Plan 5 (5) 5 (5) 3 (5) 3 (5) 5 (5) 5 (5) 1 (1) 3 (3) 5 (5) 4 (4) 5 (5)
Figures in bracket indicate the previous quarter rank.

19
Credit opportunities funds (Cluster ranks are arranged alphabetically)
Dec 17 Mean Mean Exposure to
Dec 17 Volatility Volatility Company Asset Modified
Credit Opportunities Funds Rank Return Return Sensitive Liquidity
Rank (Reg) (Reg) (Dir) Concentration Quality Duration
(Dir) (Reg) (Dir) Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
Franklin India Low Duration
1 (1) 1 (1) 2 (3) 2 (3) 1 (1) 1 (1) 4 (3) 1 (1) 3 (3) 1 (1) 3 (3)
Fund
L&T Short Term Income Fund 1 1 2 3 1 1 2 1 1 1 3

Axis Regular Savings Fund 2 2 3 3 4 4 1 1 1 4 1


BOI AXA Corporate Credit
2 (3) 3 (4) 1 (2) 1 (2) 3 (3) 3 (3) 1 (1) 5 (5) 5 (5) 2 (2) 4 (3)
Spectrum Fund
Franklin India Income
2 (2) 2 (2) 1 (2) 1 (2) 2 (1) 2 (1) 3 (3) 1 (4) 4 (5) 2 (2) 4 (4)
Opportunities Fund
Franklin India Short Term
2 (2) 2 (2) 2 (1) 2 (1) 2 (2) 2 (2) 3 (2) 1 (1) 4 (4) 3 (3) 4 (5)
Income Plan
HDFC Regular Savings Fund 2 (2) 3 (2) 4 (4) 4 (5) 2 (2) 2 (2) 3 (3) 1 (1) 2 (2) 2 (1) 2 (3)

DSP BlackRock Income


3 (3) 4 (3) 4 (4) 5 (4) 3 (3) 3 (3) 2 (1) 1 (1) 3 (3) 4 (3) 2 (3)
Opportunities Fund
Franklin India Corporate Bond
3 (3) 2 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 1 (1) 3 (4) 3 (2) 5 (5)
Opportunities Fund
Franklin India Dynamic Accrual
3 (3) 3 (3) 2 (1) 2 (1) 3 (2) 3 (2) 4 (4) 1 (1) 4 (4) 3 (3) 5 (4)
Fund
Franklin India Income Builder
3 (2) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 1 (1) 3 (3) 3 (3) 3 (3)
Account
Kotak Income Opportunities
3 (3) 3 (3) 4 (5) 3 (5) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2) 3 (2) 2 (2)
Fund
Kotak Medium Term Fund 3 (4) 3 (4) 3 (5) 3 (4) 4 (4) 4 (4) 2 (3) 1 (1) 3 (3) 4 (4) 2 (1)
L&T Income Opportunities Fund 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 2 (2) 1 (5) 2 (2) 3 (3) 3 (3)
Reliance Corporate Bond Fund 3 (1) 3 (1) 4 (3) 4 (3) 5 (5) 5 (5) 3 (3) 1 (1) 2 (1) 5 (4) 1 (1)
UTI Income Opportunities Fund 3 (3) 2 (2) 3 (4) 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 2 (2) 2 (3) 3 (3)

Aditya Birla Sun Life Corporate


4 (3) 3 (3) 3 (2) 2 (2) 4 (4) 4 (4) 4 (4) 1 (1) 5 (3) 3 (4) 3 (2)
Bond Fund
Aditya Birla Sun Life Medium
4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 1 (1) 3 (3) 4 (4) 3 (3)
Term Plan
HDFC Corporate Debt
4 (4) 4 (4) 5 (4) 4 (4) 4 (4) 4 (4) 2 (2) 1 (1) 3 (3) 5 (5) 2 (2)
Opportunities Fund
Reliance Regular Savings Fund -
4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 4 (3) 3 (3) 4 (4)
Debt
SBI Corporate Bond Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 1 (4) 3 (3) 3 (3) 3 (3)

ICICI Prudential Corporate Bond


5 (3) 5 (3) 5 (3) 5 (3) 4 (4) 4 (4) 4 (4) 1 (1) 2 (1) 4 (5) 3 (2)
Fund
ICICI Prudential Regular Savings
5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 4 (3) 2 (3) 4 (4)
Fund
Figures in bracket indicate the previous quarter rank.

20
Ultra-short-term debt funds (Cluster ranks are arranged alphabetically)
Exposure
Dec 17 Dec 17 Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short-term Debt funds Rank Rank Return Return Liquidity
(Reg) (Dir) Sensitive Concentration Quality Duration
(Reg) (Dir) (Reg) (Dir)
Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Ultra Short Term Fund 1 (2) 1 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 2 (2) 1 (2)
Motilal Oswal MOSt Ultra Short Term Bond Fund 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 4 (4) 1 (1) 1 (1) 1 (1)
SBI Ultra Short Term Debt Fund 1 (2) 2 (2) 3 (3) 5 (5) 1 (1) 1 (1) 3 (2) 3 (3) 2 (2) 3 (2) 2 (3)
UTI Treasury Advantage Fund 1 (1) 2 (1) 2 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (1) 2 (2) 2 (2) 2 (2)

DHFL Pramerica Short Term Floating Rate Fund 2 (1) 2 (1) 3 (3) 4 (3) 3 (4) 3 (4) 1 (1) 1 (1) 1 (1) 4 (4) 2 (1)
DHFL Pramerica Ultra Short Term Fund 2 (2) 2 (2) 2 (3) 3 (4) 1 (1) 1 (1) 1 (2) 1 (3) 2 (2) 1 (1) 4 (4)
DSP BlackRock Money Manager Fund 2 (2) 1 (1) 4 (5) 3 (5) 1 (1) 1 (1) 3 (4) 1 (3) 3 (2) 1 (1) 3 (3)
DSP BlackRock Ultra Short Term Fund 2 (2) 2 (2) 4 (3) 4 (3) 3 (3) 3 (3) 1 (1) 1 (4) 3 (3) 3 (3) 1 (1)
Indiabulls Ultra Short Term Fund 2 (2) 1 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 4 (3) 2 (3) 1 (2) 3 (3)
JM Money Manager Fund - Super Plus Plan 2 (1) 3 (2) 3 (3) 4 (4) 3 (3) 3 (3) 1 (1) 5 (5) 2 (1) 3 (3) 1 (1)
Kotak Treasury Advantage Fund 2 (3) 2 (3) 3 (3) 3 (4) 2 (2) 2 (2) 2 (1) 4 (3) 3 (3) 2 (2) 2 (3)
Tata Ultra Short Term Fund 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 1 (2) 3 (3) 2 (3)

Aditya Birla Sun Life Savings Fund 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 5 (5) 3 (3) 1 (1) 3 (3) 4 (4) 3 (3)
Axis Banking & PSU Debt Fund 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 4 (4) 1 (1) 5 (5) 2 (3) 3 (3) 2 (2)
Axis Treasury Advantage Fund 3 (3) 3 (3) 3 (4) 3 (3) 3 (2) 3 (2) 1 (1) 3 (4) 3 (3) 2 (1) 3 (4)
Baroda Pioneer Treasury Advantage Fund 3 (3) 4 (3) 1 (1) 1 (2) 3 (3) 3 (3) 4 (4) 4 (3) 4 (4) 4 (4) 4 (4)
BOI AXA Treasury Advantage Fund 3 3 1 1 2 2 4 4 5 2 4
Canara Robeco Savings Plus Fund 3 (2) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2)
HDFC Floating Rate Income Fund - Short Term
3 (3) 3 (3) 3 (3) 4 (3) 4 (4) 4 (4) 2 (3) 1 (3) 3 (3) 3 (3) 2 (2)
Plan
ICICI Prudential Flexible Income Plan 3 (3) 3 (3) 2 (2) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3)
IDFC Ultra Short Term Fund 3 (3) 3 (3) 3 (2) 4 (3) 3 (3) 3 (3) 4 (4) 3 (1) 3 (3) 3 (3) 3 (2)
Invesco India Ultra Short Term Fund 3 (3) 3 (3) 4 (4) 5 (4) 3 (3) 3 (3) 2 (2) 1 (1) 2 (3) 3 (3) 3 (3)
LIC MF Savings Plus Fund 3 (3) 3 (3) 3 (4) 2 (3) 2 (2) 2 (2) 3 (3) 4 (3) 3 (4) 2 (2) 3 (3)
Principal Low Duration Fund 3 (4) 4 (4) 1 (1) 2 (2) 4 (3) 4 (3) 4 (3) 4 (5) 4 (4) 4 (4) 4 (4)
Reliance Money Manager Fund 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (1) 2 (2) 3 (3) 3 (3)
Sundaram Ultra Short Term Fund 3 (3) 2 (2) 3 (4) 3 (3) 2 (3) 2 (3) 2 (1) 3 (4) 3 (3) 2 (2) 3 (2)
UTI Floating Rate Fund - STP 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (3) 3 (3) 1 (1) 4 (3) 2 (2) 3 (4)

Aditya Birla Sun Life Cash Manager 4 (4) 3 (3) 4 (4) 3 (3) 4 (4) 4 (4) 3 (4) 3 (3) 3 (3) 4 (4) 3 (3)
Franklin India Ultra Short Bond Fund 4 (3) 4 (4) 1 (1) 1 (1) 3 (2) 3 (2) 5 (5) 1 (1) 5 (5) 3 (3) 5 (5)
HDFC Cash Management Fund - Treasury
4 (4) 4 (4) 4 (4) 3 (3) 5 (5) 5 (5) 3 (3) 1 (3) 3 (4) 4 (5) 3 (3)
Advantage Plan
IDFC Money Manager Fund - Treasury Plan 4 (3) 4 (3) 5 (5) 5 (4) 4 (4) 4 (4) 3 (3) 3 (4) 3 (2) 5 (5) 2 (2)
Invesco India Medium Term Bond Fund 4 (4) 4 (4) 3 (2) 2 (2) 4 (3) 4 (3) 3 (3) 1 (1) 5 (5) 4 (4) 5 (5)
Reliance Medium Term Fund 4 (4) 4 (4) 4 (3) 4 (2) 5 (5) 5 (5) 3 (3) 3 (1) 4 (4) 5 (5) 3 (3)
SBI Savings Fund 4 (5) 5 (5) 4 (4) 3 (4) 3 (3) 3 (3) 5 (4) 1 (1) 4 (4) 3 (3) 5 (4)
SBI Treasury Advantage Fund 4 (4) 3 (4) 4 (4) 3 (4) 3 (3) 3 (3) 5 (5) 1 (1) 3 (2) 3 (3) 4 (3)

DHFL Pramerica Low Duration Fund 5 (5) 5 (5) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 5 (3) 5 (5) 3 (3) 5 (5)
ICICI Prudential Savings Fund 5 (5) 5 (5) 5 (3) 3 (1) 5 (5) 5 (5) 4 (4) 3 (3) 4 (4) 5 (4) 4 (5)
IDBI Ultra Short Term Fund 5 (4) 4 (4) 5 (5) 3 (5) 3 (2) 3 (2) 4 (3) 5 (4) 4 (3) 3 (3) 4 (3)
Kotak Low Duration Fund 5 (5) 5 (5) 2 (2) 1 (1) 4 (4) 4 (4) 5 (5) 3 (5) 4 (4) 5 (4) 4 (4)
Figures in bracket indicate the previous quarter rank.

21
Liquid funds (Cluster ranks are arranged alphabetically)
Exposure
Dec 17 Dec 17 Mean Mean
Volatility Volatility to Company Asset
Liquid funds Rank Rank Return Return Liquidity
(Reg) (Dir) Sensitive Concentration Quality
(Reg) (Dir) (Reg) (Dir)
Sector
Weightages 50% 10% 5% 5% 10% 20%
DSP BlackRock Liquidity Fund 1 (2) 1 (2) 3 (4) 3 (3) 1 (1) 1 (1) 3 (3) 1 (1) 2 (3) 2 (3)
Indiabulls Liquid Fund 1 (1) 1 (1) 2 (1) 2 (1) 3 (2) 3 (2) 2 (1) 1 (1) 1 (1) 1 (1)
Reliance Liquidity Fund 1 (2) 1 (2) 4 (4) 4 (4) 2 (3) 2 (3) 1 (2) 1 (4) 2 (2) 1 (2)

Axis Liquid Fund 2 (2) 2 (2) 2 (2) 3 (2) 2 (2) 2 (2) 3 (4) 1 (1) 3 (3) 3 (2)
Baroda Pioneer Liquid Fund 2 (1) 2 (1) 3 (3) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 3 (2)
HDFC Liquid Fund 2 (3) 2 (3) 4 (4) 5 (5) 3 (4) 3 (4) 3 (3) 1 (1) 1 (2) 2 (2)
ICICI Prudential Liquid Plan 2 (2) 2 (2) 4 (3) 4 (4) 2 (4) 2 (3) 2 (3) 3 (1) 2 (2) 2 (2)
Invesco India Liquid Fund 2 (2) 2 (2) 3 (2) 3 (3) 2 (2) 2 (2) 4 (3) 1 (1) 3 (3) 2 (3)
Sundaram Money Fund 2 (2) 3 (2) 4 (3) 3 (3) 1 (1) 1 (1) 3 (3) 1 (1) 5 (4) 3 (3)
UTI Liquid Cash Plan 2 (2) 2 (2) 3 (3) 4 (4) 2 (2) 2 (2) 3 (2) 4 (3) 3 (2) 2 (2)

DHFL Pramerica Insta Cash Plus Fund 3 (3) 3 (3) 2 (2) 3 (3) 5 (4) 4 (4) 1 (3) 1 (1) 3 (4) 3 (3)
HDFC Cash Management Fund - Savings
3 (3) 3 (3) 5 (5) 4 (4) 4 (4) 4 (4) 2 (4) 1 (4) 2 (3) 2 (3)
Plan
HSBC Cash Fund 3 (3) 4 (3) 2 (3) 3 (3) 3 (2) 3 (2) 3 (3) 1 (1) 3 (4) 4 (4)
IDFC Cash Fund 3 (3) 3 (3) 3 (4) 4 (4) 3 (3) 3 (3) 2 (2) 4 (1) 2 (2) 3 (2)
JM High Liquidity Fund 3 (1) 3 (1) 2 (1) 2 (1) 4 (3) 4 (3) 4 (2) 4 (1) 3 (1) 3 (1)
Kotak Liquid 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 3 (4) 4 (5) 3 (2) 1 (1)
L&T Liquid Fund 3 (3) 3 (3) 1 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3)
LIC MF Liquid Fund 3 (3) 2 (3) 3 (4) 3 (2) 3 (3) 3 (3) 2 (2) 1 (1) 3 (5) 2 (3)
Mahindra Liquid Fund 3 (3) 3 (3) 3 (2) 1 (2) 3 (3) 3 (3) 3 (2) 1 (1) 3 (3) 4 (4)
Reliance Liquid Fund - Treasury Plan 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (1) 3 (3) 3 (3)
SBI Premier Liquid Fund 3 (3) 3 (3) 4 (4) 5 (5) 2 (1) 2 (1) 4 (3) 3 (3) 4 (3) 4 (3)
Tata Liquid Fund 3 (4) 3 (4) 3 (3) 3 (4) 4 (3) 4 (3) 2 (1) 4 (5) 2 (3) 3 (3)
Tata Money Market Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (1) 3 (1) 2 (2) 3 (3)
UTI Money Market Fund 3 (4) 3 (4) 3 (3) 2 (2) 3 (3) 3 (3) 2 (4) 3 (3) 3 (4) 3 (4)

Aditya Birla Sun Life Cash Plus 4 (4) 4 (4) 2 (3) 2 (3) 5 (5) 5 (5) 4 (4) 3 (4) 3 (3) 4 (3)
BNP Paribas Overnight Fund 4 4 4 3 3 3 3 5 4 3
Franklin India Treasury Management
4 (4) 4 (4) 1 (2) 2 (2) 3 (3) 3 (3) 4 (3) 3 (4) 4 (4) 5 (5)
Account
ICICI Prudential Money Market Fund 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (1) 3 (3) 4 (4)
Kotak Floater - Short Term 4 (4) 5 (5) 2 (2) 3 (3) 4 (4) 4 (4) 4 (5) 5 (4) 4 (3) 3 (4)
SBI Magnum InstaCash 4 (4) 4 (4) 4 (3) 4 (3) 1 (2) 1 (2) 4 (4) 5 (4) 4 (4) 3 (5)
Union Liquid Fund 4 (3) 3 (3) 5 (5) 5 (5) 2 (2) 2 (2) 3 (3) 3 (1) 4 (3) 4 (3)

Aditya Birla Sun Life Floating Rate Fund -


5 (5) 5 (5) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 4 (5) 5 (5) 5 (4)
Short Term
IDBI Liquid Fund 5 (5) 4 (4) 3 (4) 3 (3) 3 (3) 3 (4) 5 (4) 3 (4) 4 (5) 4 (4)
Reliance Liquid Fund - Cash Plan 5 (5) 5 (5) 5 (5) 1 (2) 4 (5) 5 (5) 5 (5) 3 (1) 5 (4) 5 (5)
Figures in bracket indicate the previous quarter rank.

22
Annexure I - CRISIL Mutual Fund Ranking methodology
CRISIL Mutual Fund Ranking is the relative ranking of mutual Portfolio concentration analysis
fund schemes within a peer group. The basic criteria for
Concentration measures the risk arising out of improper
inclusion in the ranking universe are three-year NAV history
diversification. For equity securities, diversity score is used
(one-year for liquid, ultra-short-term debt, short term
as the parameter to measure industry and company
income, credit oriented funds and assets under management
concentration. In case of debt schemes, the company
in excess of category cut-off limits and complete portfolio
concentration is analysed at an individual issuer specific
disclosure. Only open ended schemes are considered.
limit. The limit is linked with the credit rating of the issuer,
Ranking is based on the following parameters:
high rated issuer will have higher limits and as the rating
declines the limit is also reduced progressively.
Category-wise average AUM cut-off:
Schemes falling under 98 percentile of the category AUM are Exposure to sensitive sector
shortlisted
In case of debt schemes, the industry concentration is
● Quarterly average AUM is considered analysed for any exposure to sensitive sectors which are

● Schemes meeting inception criteria are eligible schemes arrived based on Industry Risk Score (IRS) for various sectors.
CRISIL’s assessment of IRS quantifies the credit risk
Superior return score (SRS) associated with an industry on a uniform scale to ensure
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.
divided into four overlapping periods – the latest 36, 27, 18
and 9 months. Each period has a progressive weight starting Liquidity analysis
from the longest period: 32.5%, 27.5%, 22.5% and 17.5% It measures the ease with which a portfolio can be liquidated.
respectively. 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 Equity liquidity is computed as follows:
ELSS and thematic infrastructure), short term debt
Liquidity score of each stock = No. of shares held / Daily
categories (liquid, ultra-short-term debt and short term
average trading volume of past six months
income) and credit opportunities funds. Mean return is the
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
Gilt liquidity is measured by analysing the number of days it
for equity funds, it is one year for liquid, credit oriented,
will take to liquidate the portfolio based on turnover (volume)
ultra-short-term debt and short term income funds. The
and number of securities in the portfolio, the number of days
period of analysis is broken into four periods (latest 36, 27, 18
security has been traded and the number of trades over the
and 9 months for equity categories and latest 12, 9, 6 and 3
latest three-month period for that security.
months for short term categories). Each period is assigned a
progressive weight starting from the longest period as
follows: 32.5%, 27.5%, 22.5% and 17.5% respectively.

23
Corporate debt liquidity is computed by classifying each Modified duration/ average maturity
security into three categories - liquid, semi liquid and illiquid
Modified duration / average maturity is considered across all
- and then evaluating a scheme’s exposure to each category.
debt categories except liquid to capture the interest rate risk
of the portfolio. The lower the value, the better it is.
Asset quality
Asset quality measures the probability of default by the Tracking error
issuer of a debt security to honour the debt obligation on
This is used only for index funds. The tracking error is an
time.
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.

24
Annexure II - Definition of CRISIL Mutual Fund Ranking categories

Only open-ended schemes that are open for subscription are ● Average exposure in large-cap stocks will be computed
eligible for the selection criteria under the following with top 110 stocks (as per market cap) for that bucket. If
categories: average exposure to large-cap stocks is greater than or
equal to 75%, the fund will be classified as a large Cap
1. Equity funds fund. For small & mid cap average exposure in large-cap
Schemes that predominantly invest in equity instruments stocks will be computed with top 100 stocks (as per
(excluding hybrid schemes) are considered. Schemes with market cap) for that bucket and if the exposure is less
the following features are excluded - than or equal to 45%, the fund will be classified as a
small & mid cap fund
● Schemes not open to investors at large and open only to
1c) Thematic – infrastructure funds
a specific set of investors.
Schemes that follow an investment objective to invest in
● Schemes whose scheme information document /
infrastructure related sectors.
statement of additional information permits dynamic
asset allocations (both debt and equity could vary 1d) ELSS
between 0 and 100%), except on receipt of an
Schemes that invest in equity and equity-related
undertaking from the AMC, assuring predominant
instruments, and are aimed to enable investors to avail tax
investment in equity.
deduction under Section 80 C of the Income Tax Act are
● Schemes for which there is a delay in receipt of
considered.
portfolios from the fund house.
● Schemes with a stated objective to predominantly invest 1e) Diversified equity funds
in overseas securities. All remaining eligible equity schemes are ranked under this
Eligible schemes are classified into the following sub- category.
categories -
1f) Index funds
1a) Large-cap-oriented equity funds Schemes launched with an objective to generate returns that
Schemes that have at least 75% exposure to CRISIL-defined are commensurate with the performance of their
large-cap stocks (top 100 stocks based on daily average benchmark’s Total Return Index (TRI), subject to tracking
market capitalisation on the National Stock Exchange) in the errors are considered. Open-ended exchange traded funds
preceding 36 months split into four blocks of nine months (ETFs) are also included.
each. The 75% exposure in these stocks must be available for
The following will be excluded:
a minimum of six out of nine months in each block. Exposure
to Nifty futures is considered as large-cap exposure. ● Index schemes that allow the fund manager to take
overweight investment positions on stocks that comprise
1b) Small- and mid-cap-oriented equity funds their benchmark index.
Schemes that have less than 45% exposure to CRISIL- ● Index schemes that are benchmarked to indices other
defined large-cap stocks for the preceding 36 months as per than S&P BSE Sensex and Nifty 50.
the above methodology.
2. Hybrid funds
Second level test for large-cap and small & midcap funds
2a) Balanced funds
● Funds failing to meet the criteria of large-cap or small & Schemes investing more than 65%, but less than 80%, of the
midcap category in only 1 out of 4 buckets will be further AUM in equity securities and 20-35% in debt and money
evaluated. market securities are considered. Speciality schemes with

25
the above asset allocation focusing on children, pension, 3d) Short-term income funds
unit-linked insurance, young citizens, charity and retirement
Schemes that predominantly invest in short term corporate
are not considered.
debt papers, certificates of deposit (CDs), money market
instruments and G-Secs are considered. The average
2b) Monthly income plan - aggressive
portfolio modified duration over the last one year must be
Schemes where investment in equity normally limits to 15-
less than 3 years.
30% of the corpus and generally declare monthly dividends
are considered. 3e) Ultra-short-term debt funds
Schemes that predominantly invest in short term corporate
3. Debt funds
debt papers, certificates of deposit (CDs), money market
3a) Long-term gilt funds instruments and G-Secs are considered. The average
Schemes with an exposure in excess of 98% over the past portfolio modified duration over the last one year must be
three years to the following are considered for ranking: less than 1.25 years.

● Central and state government securities Second level test for short term income and ultra-short-term
debt funds:
● Cash and cash equivalents such as collateralised
borrowing and lending obligations (CBLOs), reverse repo,
● An additional check will be made to identify funds which
net receivables, etc.
keep duration at a very wide deviation from its category
3b) Income funds definition over some months but still manage to keep the
Schemes that predominantly invest in long term corporate average in line of the category.

debt papers and government securities (G-Secs) are Maximum number of Upper limit Lower limit
considered. These schemes also invest in short term and Category times limit can be (modified (modified
money market securities. breached duration) duration)
Short term 2 out of last 12
3.5 0.80
3c) Credit opportunities funds income months

Schemes that predominately invest in sub-AAA rated Ultra-short- 0 out of last 12


1.5 NA
securities and have a residual maturity of greater than six term debt months

months are considered.


Funds which do not fit into any criteria will be
scrutinized by the internal criteria committee on case-
by-case basis
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.

26
Parametric weights
Large cap,
diversified, Long- Short-
MIP - Ultra-short
Category small & Index Balanced term Income CROP term Liquid
aggressive term debt
midcap, infra Gilt income
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
Industry Concentration / Exposure to
10 - 10 5 - 5 5 5 5 5
Sensitive Sector (%)*
Equity - Liquidity (%) 5 - 10%*K 7.5%*K - - - - - -
5%*
Debt - Asset Quality (%) - - 17.5 - 17.5 10 10 10 10
(100-K)
5%* 7.5%*
Debt Liquidity (%) - - 15 7.5 15 15 15 20
(100-K) (100-K)
Modified Duration (%) - - - 5 10 5 5 5 5 -
3 3 3 3 3 1 1 1 1
Time Period 3 years
years 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.

27
Notes
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