CRISIL Mutual Fund Ranking

For the quarter ended June 30, 2018

Contact Us

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Manager Associate Director
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Senior Research Analyst Associate Director
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Senior Regional Manager
priyanka.agarwal@crisil.com

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Regional Manager
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Industry highlights
The Indian mutual fund industry grew a meagre 1.52% in the
Table 1 – Category-wise average AUM (Rs billion)
quarter ended June 2018 according to the Association of
Apr-Jun Jan-Mar Absolute %
Mutual Funds in India (AMFI) numbers. Average assets under Mutual fund category
2018 2018 Change Change
management (AUM) increased by Rs 350 billion to a record Rs
Equity 6054 5881 173 2.94
23.45 trillion, driven by equity funds. However, fall in debt
Hybrid 3347 3332 15 0.45
funds’ AUM restricted a further rise during the quarter.
Debt 11060 11152 -92 -0.82
Equity funds continued to attract investors’ attention as the Others* 928 847 80 9.46
equity market - represented by Nifty 50 - gained nearly 6% in Solution Oriented 184 177 7 4.15
the quarter ended June. Equity funds’ assets rose nearly 3%
Closed Ended 1872 1706 167 9.78
to Rs 6.05 trillion, within which multicap funds had the highest
Total 23446 23096 350 1.52
share at 21%, followed by large cap (18%) and mid-cap (11%)
* includes funds of funds and index funds/ETFs
funds. The assets of these three equity categories rose 3%, 1%
Source - CRISIL Mutual Fund Database
and 1%, respectively, during the quarter.

Of the 41 fund houses (including infrastructure debt funds)

Except liquid funds – whose assets surged 15% to Rs 4.31
trillion – most debt funds retreated in the quarter as interest that have declared average AUM, 16 witnessed a fall in the

rate uncertainty weighed on the underlying instruments. quarter. The industry continued to be highly concentrated,
Assets of low and short duration funds (11% and 10% of debt with the share of the top five and top 10 fund houses almost
assets, respectively) decreased 3% and 4% to Rs 1.17 trillion unchanged at 57% and 81%, respectively.
and Rs 1.07 trillion, respectively. However, the high-risk, high-
ICICI Prudential Mutual Fund continued to be the industry
yielding credit risk funds’ assets gained 5% to Rs 875 billion.
leader in terms of assets managed in the quarter. Its assets
Assets of hybrid funds, which invest in more than one asset grew 1.43%, or by Rs 43.87 billion, on-quarter to Rs 3.11
class, increased 0.5% to Rs 3.35 trillion. Within the category, trillion. HDFC Mutual Fund came second with a rise of Rs 62.88
assets of aggressive hybrid fund – which constitutes half of billion or 2.09% to Rs 3.07 trillion. Aditya Birla Sun Life Mutual
the total hybrid assets – fell 3%. However, dynamic asset Fund was in the third position with Rs 2.50 trillion, up by Rs
allocation or balanced advantage funds saved the quarter with 17.13 billion or 0.69%. Assets of SBI Mutual Fund rose the
39% growth in average AUM to Rs 536 billion (16% of the total highest in absolute terms by Rs 154 billion or 7.08% in the
hybrid category assets). quarter to Rs 2.33 trillion.

Chart 1 – Mutual fund net flows and AUM trend

24 2.0
Major regulations and developments
22 1.5
● Securities and Exchange Board of India (Sebi) lowered the
Qtrly Avg AUM Rs trillion

‘additional expense’ charged by mutual funds to 5 basis

Net flows Rs trillion

20 1.0

points (bps) to help increase the penetration of such

18 0.5
products among investors.
16 0.0

14 -0.5

12 -1.0
Mar-17

Mar-18
Dec-17
Dec-16
Jun-16

Sep-16

Jun-17

Sep-17

Jun-18

Net flows (Rs trillion) Industry AUM (Rs trillion)

Source – AMFI

1
● Sebi asked fund houses to disclose on a daily basis total ● DSP Group bought BlackRock’s 40% stake in DSP
expense charged to customers for all schemes under a BlackRock Investment Managers for an undisclosed sum.
separate head on their websites as well as on the AMFI The new entity will be known as DSP Investment
website. Managers and DSP BlackRock Mutual Fund will become

● Sebi asked mutual funds to disclose the weighted average DSP Mutual Fund, subject to regulatory approvals.
performance of the new as well as old schemes in order to ● Dai-ichi Life acquired 39.62% stake in Union Asset
standardise performance disclosure of schemes once Management Company for an undisclosed sum.
they have been merged.

2
 OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices However, some gains were trimmed on tracking weakness in
Quarter ended Year ended global equities which fell on concerns of escalating trade war
Index Jun-18 Jun-18 between the US and China, and its impact on global economic
(% change) (% change) growth. Sentiments were dented further after the US Federal
Nifty 50 5.94 12.53 Reserve raised interest rates and took a more hawkish tone in
Nifty 100 4.92 11.77 forecasting a slightly faster pace of tightening for the rest of
Nifty IT Index 11.81 37.76 the year. Increase in global crude oil prices, which is likely to
Nifty FMCG 10.86 8.28 widen India’s current account deficit and push inflation
Nifty Pharma 9.75 -4.51 higher, also impacted the local indices. Weakness in the rupee
Nifty Bank 8.66 13.58 and selling by foreign institutional investors (FIIs) also acted
Nifty Energy Index 0.90 14.94 as a dampener. FIIs sold equities worth Rs 187 billion in the
Nifty Auto -1.04 1.60 June quarter compared with buying of equities worth Rs 139
Nifty Metal -2.06 15.00 billion in the March quarter. The market fell further owing to
Nifty Midcap 100 Index -3.07 2.55 uncertainty over the formation of the government in Karnataka
Nifty Commodities -4.73 2.71 and on concerns about the long-term health of the Eurozone

Nifty Infrastructure -6.10 -2.36 owing to political turmoil in Italy.

Nifty Realty -7.65 3.07

Nifty Smallcap 100 Index -7.88 -1.82
Sectoral indices sorted on three-month returns
Source - NSE
Indian equities soared in the quarter ended June, with
benchmark Nifty 50 up around 6%. Factors that propelled the
market included: a) upbeat domestic macros - India’s GDP
accelerated to 7.7% in January-March 2018, higher than the
revised 7% growth in the previous quarter, while IIP improved
to 4.9% in April 2018 from 4.4% in March 2018; b) rate hike by
NSE sectoral indices ended mixed in the quarter. Nifty IT Index
was the best sectoral performer – up around 12% as
technology stocks jumped on the back of weakness in the
rupee. Strong buying was also seen in defensive counters such
as FMCG and healthcare. Nifty FMCG and Nifty Pharma rose
about 11% and 10%, respectively. Among decliners, Nifty
Realty plunged over 7% owing to heavy selling pressure in
realty firms.
Chart 2 – Mutual fund daily investments & Nifty movement
11300 55

FII/ MF Daily Net Equity Investments

the RBI’s interest rate setting committee, while maintaining a
11100
neutral stance; c) sporadic recovery in the rupee; d) bargain 35
10900
hunting in recently battered stocks; e) persistent buying by
10700
Rs. billion

domestic institutional investors (they bought equities worth 15

Nifty 50

10500
Rs 377 billion in the June quarter compared with buying of Rs 10300 -5
256 billion in the March quarter); f) good earnings numbers 10100
from some index majors; g) India Meteorological Department’s 9900 -25
10-May-18
16-May-18
22-May-18
28-May-18
5-Apr-18

13-Jun-18
19-Jun-18
25-Jun-18
29-Jun-18
28-Mar-18

11-Apr-18
17-Apr-18

4-May-18

1-Jun-18
7-Jun-18
23-Apr-18
27-Apr-18

forecast of “normal monsoon”; and h) the International

Monetary Fund’s growth forecast for India: 7.4% in 2018 and
7.8% in 2019. Domestic equities also cheered US President FII Daily Net Equity Investments
Donald Trump and North Korean Leader Kim Jong Un’s pledge MF Daily Net Equity Investments
Nifty 50
to work towards complete denuclearisation of the Korean Source - SEBI, NSE
peninsula.

3
Debt market overview
Interbank call money rates hovered slightly below the repo foreign investment outflows from the domestic debt market
rate for most of the quarter owing to comfortable liquidity in on reports that China is looking at a gradual depreciation of
the banking system. The RBI periodically conducted reverse the yuan as a tool to offset the impact of any trade deal that
repo auctions to keep demand for funds from dipping too low. curbs Chinese exports to the US.
However, demand from banks to meet fund requirements
Further losses were restricted as the central bank’s move to
following outflows on account of the GST coupled with
ease rules for foreign investment in government securities
outflows towards payment of gilts purchased in some weekly
sparked hopes of more inflows in the near term. The RBI
gilt sales pulled up the call rates to a certain extent.
withdrew a rule that mandates foreign portfolio investors
Government bond prices ended lower in the quarter, with yield (FPIs) to invest in government bonds and state development
of the 10-year benchmark bond settling at 7.90% on June 29, loans (SDLs) with at least three years of residual maturity. It
2018 against 7.40% on March 28, 2018. Prices fell after the RBI also notified that the FPI investment limit in gilts had been
hiked its policy repo rate by 25 bps to 6.25%, marking the first raised by 50 bps for the ongoing fiscal to 5.5% of the

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

9.50% 8.30%

7.90%
8.50%

7.50%
7.50%
7.10%

6.50%
6.70%

5.50% 6.30%
25-Aug-17

15-Dec-17
22-Sep-17

9-Mar-18

6-Apr-18
28-Jul-17

20-Oct-17

12-Jan-18
30-Jun-17

17-Nov-17

29-Jun-18
9-Feb-18

4-May-18

1-Jun-18
17-Nov-17

4-May-18
12-Jan-18

9-Mar-18

6-Apr-18
28-Jul-17

25-Aug-17

20-Oct-17

15-Dec-17
30-Jun-17

22-Sep-17

29-Jun-18
1-Jun-18
9-Feb-18

Source – FIMMDA Source - CRISIL Fixed Income Database

increase in interest rates since 2014. Apart from raising outstanding stock, and to 6% by 2019-20 (April-March). Prices
interest rates, the central bank revised its inflation were buoyed further by intermittent value buying and on
projections. A resurgence in domestic inflation amid a rise in comfort from the view that the continuation of a neutral
global crude oil prices triggered worries of further policy stance by the central bank reduces the odds of aggressive
tightening by the central bank. Sentiment was also dented by policy tightening in the coming months. Gilts were also
the revision of norms on valuation of state government supported by reports that suggested the Centre may reduce
securities by the central bank, a move that will increase mark- the sale of short-term government papers in weekly gilt
to-market losses that banks suffer on these papers. Gilts auctions. Sentiments strengthened further as private weather
dipped further after the US Fed hinted at two more interest forecaster Skymet’s prediction of normal monsoon rainfall
rate hikes this year instead of one suggested earlier. this year eased concerns of domestic inflation.
Weakness in the rupee against the greenback triggered more
selling. A weak rupee erodes foreign investors' returns on
Indian assets, making these investments less lucrative.
Earlier, uncertainty surrounding the outcome of the Karnataka
state assembly election also drove up domestic bond yields.
Prices weakened further on worries about the possibility of

4
Key developments in the quarter: ● It also introduced an interest rate option whose value is
based on the rupee interest rate.
● The RBI relaxed its April notification, which prevented
FPIs from investing more than 20% of their portfolios in ● Sebi released guidelines for issuance of debt securities by
bonds issued by a single corporate group. real estate investment trusts and infrastructure
investment trusts.
● The central bank decided to revise the collateral
requirement for short-duration loans, and also plans to ● The capital markets regulator proposed a uniform
lower the margin requirement by 1% for rated SDLs. methodology to determine pricing of non-traded and
thinly traded non-convertible debt securities.
● The RBI decided to give foreign exchange licence to
standalone primary dealers.

5
Ranking summary
The recent quarter witnessed recategorisation and Indices 3 months 6 months 1 year 3 years

rationalisation of funds as per the Sebi directive. In alignment Nifty 50 TRI 6.41 2.59 14.09 10.00

with the reclassification, CRISIL increased ranking categories Nifty 500 TRI 3.15 -2.83 11.30 11.27

from 14 to 24. It ranked 346 funds (73.31% of the mutual fund Nifty Midcap 100 TRI -2.97 -13.66 3.57 13.13

industry’ assets under management or AUM) for the quarter
ended June 2018, encompassing 145 equity, 171 debt and 30
hybrid funds.
As many as 103 funds were ranked 1 or 2 (top 30 percentile),
accounting for 27.95% of the ranked funds’ assets vis-a-vis
30.07% in the March quarter.
L&T Mutual Fund was the frontrunner among the fund houses,
as 10 of its funds made it to the top 30 percentile of CRISIL
Mutual Fund Ranking (CMFR). It was followed by Kotak
Mahindra Mutual Fund (9) and UTI Mutual Fund (8).
Nifty Smallcap 100
-6.94 -20.15 -0.08 11.79
TRI
Returns above 1 year are annualised; as on June 29, 2018
Top sectors recover – financial services retains the top slot
The top five sectors formed 65.76% of the market value of
equity funds, barring thematic infrastructure funds. The
financial services sector maintained the highest allocation of
market value, as in the previous quarter. It was followed by
consumer goods and automobile sectors. Performance of the
financial services sector improved in the June quarter despite
challenges faced by banks.

Growth in the core sector also hit a seven-month high of 6.7%

Among equity funds, the top position was shared by Axis, IDFC,
Kotak and L&T Mutual Fund with four funds each ranked either
1 or 2. Kotak, L&T and UTI Mutual Fund led among fixed income
funds, with five funds each in the top 30 percentile.
Large cap funds hold ground, while small and mid-cap funds
struggle
in June 2018; in this, electricity grew 4% and coal output
11.5%. Crude oil and natural gas production, however,
declined 3.4% and 2.7%, respectively. The combined effect
was a slightly improved performance in the energy sector for
the quarter, which came in fourth spot among equity mutual
fund investments.

After a sharp correction in the March quarter, the broader

Jun quarter Mar quarter
equity market recovered with small gains in the June quarter. Sector Expo Returns Expo Returns
Nifty 50 TRI returned 6.41% compared with -3.59% in the (%) (%) (%) (%)
previous quarter. Small and midcap indices continued to Financial services 29.51 7.83 28.91 -2.55
bleed. Nifty Midcap 100 TRI slumped -2.97%, while Nifty Consumer goods* 10.07 -0.17 9.75 -4.86
Smallcap 100 TRI lost -6.94%. Automobile 9.72 -1.04 9.61 -9.89
Energy 8.74 0.90 9.12 -7.26
In the given backdrop, large cap funds performed better than IT 7.72 11.81 6.66 7.25
other equity categories, returning 3.03%, followed by focused *Sectoral returns were calculated using stock constituents of Nifty 100 in the
funds at 2.12%. sector

The auto sector also displayed signs of improvement in April-

Returns (%)
Category June 2018 with 16.55% year-on-year growth. However, this
3 months 6 months 1 year 3 years
figure should be seen in the backdrop of a slump in vehicle
Large cap 3.03 -2.36 8.00 8.66
sales last year post transition from BS-III to BS-IV. The IT
Large and Mid Cap -0.02 -7.61 6.09 10.69
sector moved to the fifth spot by market value, overtaking
Multi cap 1.74 -4.83 8.51 10.55
industrial manufacturing. The sector posted steady growth in
Mid cap -2.82 -10.88 4.47 11.29
the past few months after a series of managerial and
Small cap -5.85 -14.77 5.34 15.83
operational hiccups.
ELSS 0.92 -5.92 7.68 10.30
Focused 2.12 -4.67 9.30 10.57

6
At the stock level, HDFC Bank (11.79% absolute returns in the 10-year Benchmark G-sec yield
June quarter), Infosys (16.41%), ICICI Bank (-1.06%), Larsen &
8.00%
Toubro (-2.73% %) and SBI (3.78%) were among the top five
holdings in the large, large and mid, multi cap, focused and 7.50%
value / contra funds. All of these, except ICICI Bank and L&T
7.00%
posted positive returns in the quarter. Among mid-cap funds,
the top five holdings were Cholamandalam Investment & 6.50%
Finance (4.28%), City Union Bank (7.10%), Exide Industries
6.00%
(15.91%), RBL Bank (15.05%) and Voltas (-15.64%). Atul Ltd

31-Dec-17
31-Dec-15

31-Dec-16

30-Jun-18
30-Jun-15

30-Sep-15

30-Jun-16

30-Sep-16

30-Jun-17

30-Sep-17
31-Mar-16

31-Mar-17

31-Mar-18
(1.46%), Finolex Cables (-13.84%), Deepak Nitrite (-1.63%),
Ipca Laboratories (6.70%) and Carborundum Universal (-
8.78%) were the top holdings in small cap funds.
The RBI Monetary Policy Committee raised the repo rate by 25
Lukewarm activity in the IPO segment basis points (bps) to 6.25%. Resultantly, the 10-year

The initial public offering (IPO) segment registered tepid government security (G-sec) yield rose 51 bps in the quarter

response in the quarter after steep fall in the equity market in and closed at 7.90% in June 2018.

the previous quarter. There were six IPOs in the quarter; and
In the current setting, all the debt categories have reduced
the mutual fund investment in these stocks added up to ~Rs
their modified duration to reduce interest rate sensitivity of
10,381 million.
their portfolio. The change is substantial in long-term debt

Investments in IPO by mutual funds categories such as medium to long duration, dynamic bond

Absolute
and gilt funds.
Mkt value as Investment
return %
Stock of Jun 2018 by no. of
(issue till 7
(Rs mn) schemes
Jun 2018)
6 5.3
ICICI Securities 5,615 -36.54% 22 5 4.3 4.4
3.8
Duration (years)

Indostar Capital Finance 1,972 -8.97% 7 4 3.5

3.0
Karda Construction - -3.28% - 3 2.2 2.3
1.8 1.9 1.6 1.7 1.8 1.9
2
Lemon Tree Hotels 746 37.23% 2
1 0.3 0.3
Mishra Dhatu Nigam 773 43.89% 2
0
Sandhar Technologies 1,275 15.95% 5
Gilt
Dynamic Bond
Money Market

Credit Risk
Banking & Psu

Corporate Bond

Medium Duration

Medium To Long
Duration

Short-term funds shine amidst hardening yields

The previous quarter was eventful for the debt market. Rise in
Brent crude oil prices added to the nervousness of investors,
with the inability to rein inflation so far. Retail inflation has
been inching northwards following the jump in core inflation.
It was 6.17% in May 2018 and 6.4% in June 2018.
Jun Qtr Mar Qtr
With the exception of banking and PSU funds, rank 1 funds in
all the other debt categories had a lower duration than their
corresponding peers to dial down the impact of hardening
yields. Nevertheless, long-term debt funds such as dynamic
bond funds, medium to long duration funds or gilt funds could
not earn positive returns. Medium to long duration funds
returned -0.74% in the June quarter, while gilt funds yielded -
0.66%. In the March quarter, medium to long duration and gilt
funds returned 0.99% and 1.05%, respectively.

7
 Returns (%) Low modified duration and high accruals lead the way for
Category 1 3
3 months 6 months debt funds
year years
Liquid 1.77 3.52 6.89 7.26 Low modified duration of funds has been the prime driver of
Ultra ST 1.60 3.39 6.63 7.53 performance as liquid, money market and ultra-short duration
Low duration 1.34 3.16 6.33 7.65 funds lead the tally. They were followed by low duration, credit
Money market 1.66 3.41 6.68 7.34 risk and short duration funds, which had lower duration than
Short duration 0.46 2.11 4.54 7.29 their long-term debt counterparts. Short-term funds were
Medium duration 0.19 1.90 4.31 7.98 protected from the impact of interest rate hike and, hence,
Medium to long performed better.
-0.74 0.25 0.14 6.73
duration
Dynamic bond -0.32 0.76 0.99 7.26 Another trait which was evident among dynamic bond and
Credit risk 0.52 2.34 5.19 8.19 medium to long duration funds was greater allocation of
Corporate bond 0.45 2.15 4.69 7.43 corpus to high yielding securities. Exposure to sub-AAA rated
Banking and PSU 0.28 2.02 4.60 7.31 securities put together formed 30.23% of the market value in
Gilt -0.66 0.39 -0.82 7.34
the June quarter, up from 24.14% in March quarter. Rank 1
Returns above 1 year are annualised; as on June 29, 2018
funds in this category allotted an even higher share to sub-
Liquid, money market and ultra-short duration funds led the AAA securities - 49.67% in June quarter against 42.56% in the
debt funds in this quarter and returned 1.77%, 1.66% and March quarter. This ensures accrual income from coupon
1.60%, respectively. payments when generating income from price appreciation
becomes challenging.
Owing to rising interest rates, gilt funds have accumulated
significant amount of cash and cash equivalents to the tune of Similarly, rank 1 funds in the medium to long duration category
15.5% in the quarter. Rank 1 funds in this category maintained allocated 40.2% of the market value to high yielding securities
23.76% of the portfolio in cash and cash equivalents in the June quarter compared with 35.93% in the March
compared with 9.73% by rank 5 funds. Dynamic bond funds quarter.
held 10.34% in cash and cash equivalents compared with
8.98% in the previous quarter.

Medium to long
% Average Banking & PSU Low duration Short duration Medium duration Dynamic bond
duration
exposure
Jun Qtr Mar Qtr Jun Qtr Mar Qtr Jun Qtr Mar Qtr Jun Qtr Mar Qtr Jun Qtr Mar Qtr Jun Qtr Mar Qtr

A+/A2+ & below 1.78 2.49 2.58 2.48 5.40 4.69 14.53 13.05 1.44 0.33 14.06 8.82
AA category & A1 12.97 11.35 22.85 23.21 12.09 12.61 50.92 49.75 10.87 9.89 16.12 15.10
AAA & A1+ 70.72 72.06 67.34 65.78 68.66 67.21 26.60 26.87 47.40 44.24 18.42 18.25
Sovereign 7.60 7.40 2.18 3.52 8.74 8.76 3.20 5.20 28.13 34.60 41.05 48.85
Cash & others 6.93 6.69 5.04 5.01 5.11 6.73 4.75 5.12 12.16 10.94 10.34 8.98

8
Aligning CMFR with Sebi categorisation
Owing to the circular on categorisation /rationalisation of mutual fund schemes as prescribed by the Securities and Exchange
Board of India (Sebi), CRISIL aligned CRISIL Mutual Fund Ranking (CMFR) as per the new Sebi-defined scheme categorisation in
March 2018. In doing so, certain changes have been made in the scheme shortlisting criteria and scheme ranking criteria for some
of the categories.

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

Equity categories Debt categories Hybrid categories

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

Please refer to annexures for details:

● Annexure I – Selection criteria for schemes in CMFR

● Annexure II – CRISIL Mutual Fund Ranking – Methodology

● Annexure III – Exclusion list

9
CRISIL mutual fund categories
Equity funds Debt Funds

1. Large Cap funds 13. Gilt funds

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

3. Multi Cap funds 15. Credit Risk funds

4. Mid Cap funds 16. Corporate Bond funds

5. Small Cap funds 17. Dynamic Bond funds

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

7. Focused funds 19. Medium Duration funds

8. Thematic - Infrastructure funds 20. Short Duration funds

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

10. Index funds 22. Low Duration funds

23. Ultra Short Duration funds

Hybrid funds 24. Liquid funds

11. Aggressive Hybrid funds

12. Conservative Hybrid funds

CRISIL Mutual Fund Ranking category definitions

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

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

10
Large Cap funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Active Active
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Axis Bluechip Fund 1 (3) 1 (2) 1 (3) 1 (2) 2 (2) 2 (3) 4 (5) 4 (4) 3 (3)

HSBC Large Cap Equity

1 (2) 2 (3) 1 (2) 2 (3) 4 (4) 4 (4) 5 (4) 5 (5) 1 (1)
Fund

ICICI Prudential Bluechip

2 (1) 1 (1) 2 (1) 1 (1) 3 (3) 3 (3) 3 (3) 2 (3) 4 (4)
Fund

EQUITY FUNDS
Reliance Large Cap Fund 2 (2) 2 (2) 2 (1) 2 (2) 4 (4) 4 (4) 3 (3) 3 (2) 4 (4)
UTI Mastershare Unit
2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 1 (2) 3 (3) 3 (3) 3 (4)
Scheme

Aditya Birla Sun Life

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 5 (5)
Frontline Equity Fund
BNP Paribas Large Cap
3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3)
Fund
DHFL Pramerica Large Cap
3 3 4 3 3 3 3 4 1
Fund

HDFC Top 100 Fund 3 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (3) 4 (3)
Kotak Bluechip Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 3 (3) 3 (2)

SBI Blue Chip Fund 3 (1) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 2 (1) 2 (1) 5 (5)

Franklin India Bluechip

4 (4) 4 (4) 4 (4) 4 (4) 2 (1) 2 (1) 1 (2) 3 (3) 3 (3)
Fund
JM Large Cap Fund 4 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 2 (4) 1 (2) 2 (2)
Tata Large Cap Fund 4 (3) 3 (3) 4 (4) 4 (3) 3 (3) 3 (2) 2 (2) 3 (4) 2 (2)

DSP BlackRock Top 100

5 (4) 4 (4) 3 (3) 4 (4) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
Equity Fund
IDBI India Top 100 Equity
5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (3) 3 (3) 2 (2) 2 (1)
Fund

Figures in brackets indicate previous quarter ranks

11
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Active Active
Volatility Volatility Industry Company
Large & Mid Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Canara Robeco Emerging
1 (3) 1 (3) 1 (3) 1 (3) 4 (4) 4 (4) 1 (1) 2 (2) 4 (3)
Equities
Sundaram Large and Mid Cap
1 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 4 (2) 3 (3) 1 (2)
Fund

Invesco India Growth

2 (1) 1 (1) 2 (1) 1 (1) 2 (2) 2 (2) 5 (4) 4 (4) 1 (1)
Opportunities Fund
Mirae Asset Emerging Bluechip
2 (2) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (2) 3 (3) 4 (5)
Fund
Principal Emerging Bluechip
2 (1) 2 (1) 1 (1) 2 (1) 5 (5) 5 (5) 1 (1) 1 (1) 3 (4)
Fund

DSP BlackRock Equity

3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 4 (3) 2 (2) 3 (3)
Opportunities Fund
Franklin India Equity
3 (4) 3 (4) 4 (4) 4 (4) 1 (1) 1 (1) 3 (4) 4 (4) 3 (3)
Advantage Fund

IDFC Core Equity Fund 3 (3) 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 2 (2) 1 (1) 3 (3)
Kotak Equity Opportunities
3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3)
Fund
L&T Large and Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (3)
SBI Large & Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (4)

UTI Core Equity Fund 3 (3) 4 (3) 3 (3) 4 (3) 2 (2) 2 (2) 2 (3) 3 (3) 2 (2)

Aditya Birla Sun Life Equity

4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (4)
Advantage Fund
HDFC Growth Opportunities
4 (4) 5 (5) 4 (4) 5 (5) 3 (3) 3 (3) 4 (5) 5 (5) 2 (1)
Fund
ICICI Prudential Large & Mid
4 (4) 4 (4) 4 (4) 3 (4) 3 (2) 3 (2) 2 (3) 2 (3) 3 (3)
Cap Fund

Reliance Vision Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (5) 5 (5) 5 (5)
Tata Large & Mid Cap Fund 5 (5) 4 (4) 5 (5) 4 (4) 3 (3) 3 (3) 5 (4) 3 (3) 2 (2)

Figures in brackets indicate previous quarter ranks

12
Multi Cap funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Active Active
Volatility Volatility Industry Company
Multi Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Principal Multi Cap Growth
1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 2 (2) 1 (1) 1 (1)
Fund
UTI Equity Fund 1 (3) 1 (3) 1 (3) 1 (3) 2 (2) 2 (2) 4 (4) 3 (3) 4 (3)

Canara Robeco Equity

2 (3) 2 (4) 2 (4) 2 (4) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1)
Diversified
Kotak Standard Multicap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (5) 3 (3) 4 (4)
Mirae Asset India Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 3 (4) 3 (2)

Motilal Oswal Multicap 35

2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4)
Fund

Aditya Birla Sun Life Equity

3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Fund

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

L&T Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2)
SBI Magnum MultiCap Fund 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 2 (1) 3 (3)

BNP Paribas Multi Cap Fund 4 (4) 4 (3) 4 (4) 4 (3) 3 (3) 3 (3) 1 (1) 3 (2) 2 (3)
Franklin India Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2) 4 (4) 3 (4)

HDFC Equity Fund 4 (4) 4 (4) 4 (3) 3 (3) 5 (5) 5 (5) 5 (4) 5 (5) 4 (4)
IDFC Multi Cap Fund 4 (5) 4 (5) 4 (5) 4 (5) 2 (2) 2 (2) 2 (2) 1 (2) 5 (5)

Baroda Pioneer Multi Cap Fund 5 (4) 5 (4) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Reliance Multicap Fund 5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 2 (3) 3 (3) 5 (5)

Figures in brackets indicate previous quarter ranks

13
Mid Cap funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Active Active
Volatility Volatility Industry Company
Mid Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Axis Midcap Fund 1 (3) 1 (3) 1 (3) 1 (3) 2 (2) 2 (2) 5 (5) 5 (5) 2 (3)

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

Edelweiss Mid Cap Fund 2 2 2 2 4 4 3 1 1

HDFC Mid-Cap Opportunities Fund 2 (3) 2 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 3 (2) 5 (5)
Kotak Emerging Equity 2 (1) 2 (1) 2 (1) 2 (1) 1 (1) 1 (1) 3 (4) 3 (3) 3 (3)

DSP BlackRock Midcap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 4 (3) 4 (3)

Franklin India Prima Fund 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 2 (3) 4 (4)
ICICI Prudential MidCap Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 1 (1) 3 (4) 3 (2)
Reliance Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (3) 2 (1) 3 (4)

Sundaram Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 5 (5)

Aditya Birla Sun Life Midcap Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 3 (2) 2 (2)
Motilal Oswal Midcap 30 Fund 4 (5) 5 (5) 4 (5) 4 (5) 4 (5) 4 (5) 5 (5) 5 (5) 2 (3)
UTI Mid Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (4) 5 (4) 2 (3) 4 (4) 3 (3)

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

SBI Magnum Midcap Fund 5 (5) 5 (5) 5 (4) 5 (5) 2 (2) 2 (2) 4 (4) 4 (4) 4 (4)

Figures in brackets indicate previous quarter ranks

14
Small Cap funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility Industry Company
Small Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

HDFC Small Cap Fund 1 (1) 1 (1) 1 (2) 1 (2) 2 (2) 2 (2) 1 (1) 3 (3) 3 (3)

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

Reliance Small Cap Fund 2 (3) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3) 1 (1) 4 (4)

Aditya Birla Sun Life Small Cap

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (2)
Fund
Franklin India Smaller Companies
3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 2 (2) 3 (3)
Fund
Kotak Small Cap Fund 3 (3) 3 (3) 3 (4) 3 (4) 2 (2) 2 (2) 4 (4) 3 (3) 1 (1)
SBI Small Cap Fund 3 (2) 3 (2) 3 (1) 3 (1) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4)

DSP BlackRock Small Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 3 (3) 5 (5)

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

Sundaram Small Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3) 4 (4) 3 (3)

Figures in brackets indicate previous quarter ranks

15
Value / Contra funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Active Active
Volatility Volatility Industry Company
Value / Contra Funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Invesco India Contra Fund 1 (2) 1 (1) 1 (2) 1 (1) 3 (3) 3 (3) 4 (3) 3 (3) 1 (3)

IDFC Sterling Value Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 2 (1) 1 (1) 3 (4)

Tata Equity PE Fund 2 (1) 2 (2) 2 (1) 2 (2) 3 (3) 3 (3) 3 (3) 4 (3) 2 (2)

HDFC Capital Builder Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3)
L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3)
Reliance Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5)

UTI Value Opportunities Fund 3 (4) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 5 (4) 4 (4) 2 (2)

Aditya Birla Sun Life Pure Value

4 (3) 3 (3) 4 (3) 3 (3) 5 (5) 5 (5) 1 (2) 2 (2) 3 (3)
Fund
ICICI Prudential Value Discovery
4 (5) 4 (5) 4 (5) 4 (5) 1 (1) 2 (2) 4 (3) 5 (4) 4 (4)
Fund
Quantum Long Term Equity Value
NA 4 (4) NA 4 (4) NA 1 (1) 2 (3) 2 (4) 3 (1)
Fund *

SBI Contra Fund 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (4) 3 (3) 4 (3)

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

Figures in brackets indicate previous quarter ranks

16
Focused funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Active Active
Volatility Volatility Industry Company
Focused Funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Axis Focused 25 Fund 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)

IDFC Focused Equity Fund 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3)

Sundaram Select Focus 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 1 (2)

Aditya Birla Sun Life Focused Equity

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 2 (2) 3 (2)
Fund
ICICI Prudential Focused Equity Fund 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 5 (5) 2 (1)

Motilal Oswal Focused 25 Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 4 (4) 3 (3)
Reliance Focused Equity Fund 3 (4) 3 (3) 3 (4) 2 (3) 4 (4) 4 (4) 5 (1) 1 (1) 3 (4)
SBI Focused Equity Fund 3 (3) 3 (3) 2 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 5 (5)

DSP BlackRock Focus Fund 4 (3) 5 (4) 4 (3) 4 (4) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3)

HDFC Focused 30 Fund 4 (3) 4 (3) 5 (3) 5 (3) 5 (5) 5 (5) 1 (2) 3 (4) 2 (3)

Franklin India Focused Equity Fund 5 (4) 4 (4) 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4)

Figures in brackets indicate previous quarter ranks

17
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility Industry Company
Thematic - Infrastructure funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

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

Franklin Build India Fund 2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 4 (4) 1 (1)

IDFC Infrastructure Fund 2 (1) 2 (1) 2 (2) 2 (1) 4 (4) 4 (4) 1 (1) 2 (2) 3 (3)
Kotak Infrastructure and Economic
2 (2) 2 (2) 3 (3) 3 (2) 1 (1) 1 (1) 3 (3) 2 (2) 2 (3)
Reform Fund

DSP BlackRock India T.I.G.E.R. Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 2 (3)

ICICI Prudential Infrastructure Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3)
Reliance Power & Infra Fund 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 4 (4) 5 (5) 4 (4) 5 (5)
SBI Infrastructure Fund 3 (4) 3 (4) 3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 5 (5) 4 (4)

Sundaram Infrastructure Advantage

3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 4 (4)
Fund

Tata Infrastructure Fund 3 (3) 3 (3) 3 (4) 3 (4) 2 (1) 2 (1) 3 (3) 3 (3) 2 (2)

Aditya Birla Sun Life Infrastructure

4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 2 (1) 1 (1) 3 (2)
Fund
HSBC Infrastructure Equity Fund 4 (5) 4 (5) 4 (4) 4 (4) 4 (5) 4 (5) 3 (3) 3 (3) 3 (4)

UTI Infrastructure Fund 4 (4) 4 (4) 4 (5) 4 (5) 3 (3) 3 (3) 2 (2) 3 (3) 3 (2)

HDFC Infrastructure Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 4 (5)

Figures in brackets indicate previous quarter ranks

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

Weightages 55% 25% 10% 5% 5%

Invesco India Tax Plan 1 (2) 1 (2) 2 (2) 1 (2) 3 (2) 3 (2) 3 (3) 4 (4) 1 (1)

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

Aditya Birla Sun Life Tax Relief 96 2 (2) 2 (2) 2 (2) 2 (2) 1 (2) 1 (2) 2 (2) 4 (4) 5 (5)
Axis Long Term Equity Fund 2 (3) 2 (3) 1 (3) 2 (3) 2 (2) 2 (2) 5 (4) 4 (4) 4 (4)
IDFC Tax Advantage Fund 2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3)
L&T Tax Advantage Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3)

Canara Robeco Equity Tax Saver 3 (3) 3 (3) 3 (4) 3 (4) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2)
Franklin India Taxshield Fund 3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 1 (1) 3 (4) 3 (3) 3 (2)
ICICI Prudential Long Term Equity
3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 1 (2) 3 (3) 4 (4)
Fund (Tax Saving)
IDBI Equity Advantage Fund 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 2 (2) 4 (5) 5 (5) 3 (4)

Sundaram Diversified Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (1) 1 (1) 4 (3)
Tata India Tax Savings Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 3 (2) 2 (2) 2 (2)
UTI Long Term Equity Fund (Tax
3 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1)
Saving)

BNP Paribas Long Term Equity Fund 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 4 (3) 3 (3) 1 (3)
DSP BlackRock Tax Saver Fund 4 (3) 4 (3) 3 (3) 4 (3) 4 (4) 4 (4) 4 (4) 2 (2) 3 (3)
HDFC Tax Saver Fund 4 (4) 4 (4) 4 (3) 4 (4) 5 (5) 5 (5) 3 (3) 4 (4) 3 (4)

Kotak Tax Saver Scheme 4 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3)

Reliance Tax Saver Fund 5 (5) 5 (5) 5 (4) 5 (4) 5 (5) 5 (5) 4 (4) 3 (3) 5 (5)
SBI Magnum Tax Gain Scheme 5 (4) 5 (4) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 2 (2) 4 (3)

Figures in brackets indicate previous quarter ranks

19
Index funds (Cluster ranks are arranged alphabetically)
Jun - 18 Rank Jun - 18 Rank
Index funds
- Reg - Dir

Weightages
SBI - ETF Sensex 1 (5) 1 (5)

ICICI Prudential Nifty ETF 2 (2) 2 (2)

Kotak Nifty ETF 2 (1) 2 (1)
Reliance ETF Nifty BeES 2 (2) 2 (2)

Franklin India Index Fund - NSE Nifty Plan 3 (3) 4 (3)

HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - Sensex Plan 3 3

IDBI Nifty Index Fund 3 (3) 3 (2)

SBI Nifty Index Fund 3 (2) 3 (3)
UTI Nifty Index Fund 3 (3) 3 (3)

Aditya Birla Sun Life Nifty ETF 4 (4) 4 (4)

ICICI Prudential Nifty Index Fund 4 (3) 3 (3)

Reliance Index Fund - Nifty Plan 4 (4) 4 (4)

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

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

Figures in brackets indicate previous quarter ranks

20
Aggressive Hybrid (Cluster ranks are arranged alphabetically)
Industry
Jun - 18 Jun - 18 Mean Mean Concentration Debt
Volatility Volatility Company Debt Equity
Aggressive Hybrid Funds Rank Rank Return Return / Exposure to Asset
- Reg - Dir Concentration Liquidity Liquidity
- Reg - Dir - Reg - Dir Sensitive Quality
Sector*

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

Principal Hybrid Equity

1 (1) 1 (1) 1 (1) 1 (1) 4 (5) 4 (5) 3 (2) 2 (1) 3 (3) 3 (3) 2 (1)
Fund

Canara Robeco Equity Debt

2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 3 (4) 2 (1) 2 (1) 2 (2)
Allocation Fund

L&T Hybrid Equity Fund 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 1 (2) 3 (4)

SBI Equity Hybrid Fund 2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (4) 4 (5)

Franklin India Equity Hybrid

3 (3) 3 (3) 4 (4) 4 (4) 2 (1) 2 (1) 2 (5) 4 (3) 4 (4) 4 (4) 2 (2)
Fund

HDFC Hybrid Equity Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 2 (3) 5 (4)

ICICI Prudential Equity &

3 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (3) 3 (2) 3 (3) 4 (4)
Debt Fund

JM Equity Hybrid Fund 3 (4) 3 (4) 4 (4) 4 (5) 1 (2) 1 (2) 5 (3) 1 (2) 5 (4) 4 (4) 1 (2)

Reliance Equity Hybrid

3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 5 (5) 3 (3)
Fund

HYBRID FUNDS
UTI Hybrid Equity Fund 3 (4) 4 (4) 3 (3) 3 (4) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3)

Aditya Birla Sun Life Equity

4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 2 (2) 3 (3) 3 (2) 3 (3)
Hybrid 95 Fund

DSP BlackRock Equity &

4 (4) 4 (4) 3 (3) 3 (3) 5 (4) 5 (4) 4 (3) 4 (3) 3 (3) 3 (3) 4 (3)
Bond Fund

Kotak Equity Hybrid 4 (3) 3 (3) 4 (4) 4 (3) 2 (2) 2 (2) 2 (2) 2 (2) 4 (5) 4 (3) 3 (3)

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

K = Equity Component in Hybrid Funds

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

Figures in brackets indicate previous quarter ranks

21
Conservative Hybrid (Cluster ranks are arranged alphabetically)
Industry
Jun - 18 Jun - 18 Mean Mean Concentration Debt
Conservative Volatility Volatility Company Debt Equity Modified
Rank Rank Return Return / Exposure to Asset
Hybrid Funds - Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir - Reg - Dir Sensitive Quality
Sector*

7.5%
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
* (100-K)

BNP Paribas
Conservative 1 (4) 1 (2) 3 (4) 2 (3) 1 (1) 1 (1) 1 (3) 5 (5) 2 (3) 2 (4) 1 (3) 2 (1)
Hybrid Fund

IDFC Regular
1 (1) 1 (1) 4 (4) 3 (4) 3 (3) 3 (3) 2 (1) 2 (2) 1 (1) 1 (1) 2 (3) 3 (3)
Savings Fund

Axis Regular Saver

2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 4 (2) 1 (1)
Fund

ICICI Prudential
Regular Savings 2 (3) 2 (4) 1 (1) 1 (2) 4 (4) 4 (4) 5 (5) 2 (3) 5 (5) 4 (3) 4 (4) 3 (3)
Fund

UTI Regular
2 (1) 2 (1) 1 (2) 1 (2) 2 (3) 2 (3) 4 (3) 3 (2) 3 (3) 3 (3) 3 (3) 5 (4)
Savings Fund

Aditya Birla Sun

Life Regular 3 (2) 3 (2) 2 (2) 2 (1) 5 (5) 5 (5) 3 (4) 4 (4) 3 (2) 3 (2) 3 (3) 3 (3)
Savings Fund

BOI AXA
Conservative 3 (2) 4 (3) 2 (1) 3 (1) 3 (2) 3 (2) 5 (5) 4 (5) 4 (4) 5 (5) 3 (2) 1 (2)
Hybrid

Canara Robeco
Income Saver 3 (4) 3 (4) 5 (5) 4 (5) 3 (3) 3 (3) 3 (2) 4 (3) 2 (2) 2 (2) 1 (1) 2 (4)
Fund

Franklin India
3 (4) 3 (4) 3 (4) 4 (4) 2 (2) 2 (2) 2 (3) 1 (1) 4 (3) 4 (4) 2 (1) 4 (2)
Debt Hybrid Fund

HSBC Regular
3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 4 (5)
Savings Plan

Sundaram Debt
Oriented Hybrid 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (3) 3 (3) 3 (3) 3 (2)
Fund

DSP BlackRock
Regular Savings 4 (3) 4 (3) 3 (2) 3 (3) 3 (3) 3 (3) 4 (3) 3 (2) 3 (3) 3 (4) 3 (3) 3 (3)
Fund

Kotak Debt Hybrid 4 (3) 3 (3) 3 (3) 3 (2) 4 (4) 4 (4) 1 (1) 2 (4) 4 (4) 2 (3) 4 (4) 2 (3)

SBI Debt Hybrid

4 (3) 4 (3) 4 (3) 4 (3) 1 (1) 1 (1) 3 (4) 1 (1) 3 (3) 4 (5) 5 (5) 4 (4)
Fund

HDFC Hybrid Debt

5 (5) 5 (5) 4 (3) 5 (4) 5 (5) 5 (5) 3 (4) 3 (3) 3 (4) 3 (2) 5 (4) 5 (5)
Fund

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

K = Equity Component in Hybrid Funds

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

Figures in brackets indicate previous quarter ranks

22
Gilt funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility Modified
Gilt Funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
- Reg - Dir - Reg - Dir

Weightages 50% 25% 10% 15%

Edelweiss Government Securities Fund 1 (1) 1 (1) 2 (3) 2 (3) 1 (1) 1 (1) 2 (1) 3 (3)

UTI Gilt Fund 1 (3) 3 (3) 1 (1) 1 (2) 3 (3) 3 (3) 2 (2) 3 (3)

Canara Robeco Gilt 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2)
DHFL Pramerica Gilt Fund 2 (2) 3 (2) 3 (2) 3 (3) 1 (1) 1 (1) 1 (1) 5 (5)
Reliance Gilt Securities Fund 2 (1) 2 (2) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 3 (3)

DSP BlackRock Govt Sec Fund 3 (3) 2 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (5) 1 (2)

ICICI Prudential Gilt Fund 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 5 (5) 5 (4) 3 (3)
IDFC G Sec Fund - Investment Plan 3 (4) 3 (4) 3 (4) 4 (4) 2 (2) 2 (2) 3 (4) 3 (3)
L&T Gilt 3 (2) 1 (1) 4 (3) 3 (1) 3 (3) 3 (3) 1 (3) 1 (1)

LIC MF G-Sec Fund 3 (5) 3 (5) 4 (5) 4 (5) 2 (2) 2 (2) 3 (2) 2 (4)
SBI Magnum Gilt Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4)

Aditya Birla Sun Life Government

4 (3) 4 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 4 (3)
Securities Fund

HDFC Gilt Fund 4 (4) 5 (4) 3 (3) 4 (4) 2 (2) 2 (2) 4 (2) 4 (5)
Kotak Gilt - Investment 4 (4) 4 (4) 4 (4) 3 (3) 4 (4) 4 (4) 3 (3) 5 (4)

Franklin India Government Securities

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (2)
Fund

Tata Gilt Securities Fund 5 (3) 4 (3) 5 (4) 5 (3) 4 (4) 4 (4) 4 (4) 2 (1)

Figures in brackets indicate previous quarter ranks

DEBT FUNDS

23
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

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

Axis Banking & PSU Debt

1 (1) 2 (1) 1 (1) 1 (1) 3 (1) 3 (1) 1 (1) 3 (3) 3 (3) 3 (1) 3 (3)
Fund

L&T Banking and PSU

2 (2) 1 (2) 2 (2) 2 (2) 2 (2) 2 (3) 1 (1) 5 (4) 2 (1) 1 (2) 1 (2)
Debt Fund

UTI-Banking & PSU Debt

2 (4) 3 (4) 2 (2) 2 (3) 1 (2) 1 (2) 5 (5) 3 (5) 4 (3) 2 (2) 4 (3)
Fund

DHFL Pramerica Banking

3 (4) 3 (4) 3 (4) 3 (3) 2 (3) 2 (2) 1 (1) 4 (2) 3 (4) 2 (3) 3 (4)
& PSU Debt Fund

DSP BlackRock Banking &

3 (2) 3 (2) 4 (5) 4 (5) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 3 (3) 2 (2)
PSU Debt Fund

IDFC Banking & PSU Debt

3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3) 3 (3) 3 (3)
Fund

Kotak Banking and PSU

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (4) 2 (3) 4 (4) 4 (4) 3 (3)
Debt Fund

Reliance Banking & PSU

4 (3) 4 (3) 3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 2 (2) 3 (3) 3 (3) 4 (3)
Debt Fund

Sundaram Banking & PSU

4 (3) 4 (3) 5 (3) 5 (4) 4 (3) 4 (3) 1 (1) 3 (3) 1 (2) 4 (4) 2 (1)
Debt Fund

HDFC Banking & PSU

5 (5) 5 (5) 4 (3) 4 (2) 5 (5) 5 (5) 4 (4) 3 (3) 5 (5) 5 (5) 5 (5)
Debt Fund

Figures in brackets indicate previous quarter ranks

24
Credit Risk funds (Cluster ranks are arranged alphabetically)
Exposure
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility to Company Asset Modified
Credit Risk funds Rank Rank Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
- Reg - Dir - Reg - Dir
Sector

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

Kotak Credit Risk Fund 1 (2) 1 (1) 2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 1 (1) 3 (3) 3 (2) 3 (2)

Franklin India Credit Risk

2 (3) 3 (3) 1 (2) 2 (2) 3 (2) 3 (2) 3 (3) 1 (1) 4 (4) 4 (3) 5 (4)
Fund

ICICI Prudential Credit

2 (4) 3 (4) 2 (3) 2 (3) 3 (1) 3 (1) 4 (4) 1 (1) 4 (4) 2 (1) 4 (5)
Risk Fund

UTI Credit Risk Fund 2 (2) 2 (2) 3 (3) 3 (3) 1 (2) 1 (2) 3 (3) 1 (1) 2 (2) 1 (2) 2 (3)

Aditya Birla Sun Life

3 (3) 2 (3) 2 (2) 1 (2) 3 (3) 3 (3) 4 (4) 1 (1) 5 (4) 3 (3) 4 (3)
Credit Risk Fund

Axis Credit Risk Fund 3 2 3 3 2 3 2 1 2 3 3

DSP BlackRock Credit

3 (3) 3 (3) 4 (4) 4 (5) 4 (4) 4 (4) 2 (2) 4 (4) 3 (3) 3 (4) 2 (3)
Risk Fund

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

SBI Credit Risk Fund 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 4 (3) 1 (1) 3 (3) 2 (3) 4 (4)

DHFL Pramerica Credit

4 (2) 4 (2) 4 (2) 3 (2) 4 (4) 4 (4) 3 (3) 4 (1) 3 (2) 4 (4) 3 (2)
Risk Fund

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

Reliance Credit Risk 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 4 (3) 3 (3) 3 (3)

HDFC Credit Risk Debt

5 (5) 5 (4) 5 (4) 5 (4) 5 (5) 5 (5) 3 (2) 1 (1) 2 (3) 5 (5) 2 (1)
Fund

Figures in brackets indicate previous quarter ranks

25
Corporate Bond funds (Cluster ranks are arranged alphabetically)
Exposure
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility to Company Asset Modified
Corporate Bond 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%

Kotak Corporate Bond

1 (1) 1 (1) 1 (2) 1 (2) 1 (1) 1 (1) 5 (1) 4 (5) 3 (3) 1 (1) 4 (4)
Fund

Reliance Prime Debt

2 (2) 2 (2) 2 (1) 2 (1) 2 (2) 2 (2) 4 (4) 2 (1) 5 (4) 2 (2) 5 (4)
Fund

Tata Corporate Bond

2 (4) 2 (4) 2 (3) 2 (2) 2 (2) 2 (2) 1 (5) 2 (3) 4 (5) 2 (2) 4 (5)
Fund

Aditya Birla Sun Life

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2) 4 (4) 3 (3) 3 (3)
Corporate Bond Fund

HDFC Corporate Bond

3 (2) 3 (2) 4 (3) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2) 4 (4) 3 (1)
Fund

ICICI Prudential
3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 2 (3) 4 (4) 2 (3)
Corporate Bond Fund

DHFL Pramerica Premier

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 4 (3) 3 (3) 3 (3) 1 (2)
Bond Fund

IDFC Corporate Bond

4 (3) 4 (3) 3 (4) 3 (3) 3 (3) 3 (3) 1 (1) 5 (4) 3 (2) 3 (3) 2 (2)
Fund

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

Figures in brackets indicate previous quarter ranks

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

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

Franklin India Dynamic Accrual

1 (2) 1 (2) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 1 (1) 5 (5) 5 (5)
Fund

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

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

Kotak Dynamic Bond Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (2) 3 (3) 1 (1) 3 (4) 3 (3)

SBI Dynamic Bond Fund 2 (1) 2 (1) 3 (3) 3 (3) 3 (3) 3 (3) 1 (4) 1 (1) 5 (3) 2 (1) 3 (2)

BNP Paribas Flexi Debt Fund 3 (3) 2 (3) 3 (3) 3 (3) 3 (2) 3 (2) 4 (2) 1 (3) 4 (4) 2 (2) 3 (3)

Canara Robeco Dynamic Bond

3 (3) 3 (2) 3 (3) 3 (3) 5 (5) 5 (5) 2 (3) 1 (1) 5 (5) 1 (1) 2 (1)
Fund

DSP BlackRock Strategic Bond

3 (4) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) 2 (3)
Fund

ICICI Prudential All Seasons Bond

3 (2) 3 (3) 1 (1) 1 (1) 3 (4) 3 (4) 3 (3) 5 (5) 3 (3) 4 (4) 3 (3)
Fund

Reliance Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (5) 1 (1) 3 (3) 3 (3) 1 (3)

Tata Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 1 (1) 4 (4) 3 (3) 2 (2)

UTI-Dynamic Bond Fund 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3) 3 (3)

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

HSBC Flexi Debt Fund 4 (3) 4 (3) 5 (5) 5 (5) 4 (3) 4 (3) 5 (4) 1 (1) 3 (2) 3 (2) 3 (2)

Union Dynamic Bond Fund 4 (4) 4 (4) 5 (5) 5 (5) 3 (3) 3 (3) 4 (3) 1 (1) 3 (3) 2 (3) 3 (3)

Aditya Birla Sun Life Dynamic

5 (5) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 3 (3) 3 (4) 1 (1) 4 (4) 5 (5)
Bond Fund

HDFC Dynamic Debt Fund 5 (4) 5 (4) 4 (3) 4 (3) 4 (3) 4 (3) 5 (4) 4 (4) 3 (3) 3 (3) 4 (4)

Figures in brackets indicate previous quarter ranks

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

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

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

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

Reliance Income Fund 2 (1) 1 (1) 3 (4) 3 (3) 4 (4) 4 (4) 4 (5) 1 (1) 2 (1) 1 (1) 1 (1)

Aditya Birla Sun Life Income

3 (3) 3 (2) 3 (3) 3 (3) 5 (5) 5 (5) 3 (4) 1 (1) 4 (2) 2 (2) 2 (2)
Fund

Canara Robeco Income Fund 3 2 3 3 3 3 1 1 3 2 3

LIC MF Bond Fund 3 (3) 3 (3) 4 (3) 4 (4) 2 (2) 2 (2) 4 (3) 1 (1) 1 (1) 4 (4) 2 (3)

Kotak Bond 4 (4) 4 (4) 4 (5) 4 (4) 4 (4) 4 (4) 2 (3) 3 (1) 2 (4) 3 (3) 3 (4)

UTI Bond Fund 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 5 (5) 5 (4) 4 (3) 4 (3)

HDFC Income Fund 5 (5) 5 (5) 5 (4) 5 (5) 3 (3) 3 (3) 5 (4) 4 (4) 4 (3) 3 (2) 4 (4)

Figures in brackets indicate previous quarter ranks

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

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

IDFC Bond Fund - Medium

1 (1) 1 (1) 5 (5) 5 (5) 2 (2) 2 (2) 2 (3) 1 (1) 5 (5) 1 (1) 1 (1)
Term Plan

Axis Strategic Bond Fund 2 2 2 2 3 3 2 2 1 3 3

Franklin India Income

2 (2) 3 (3) 1 (2) 1 (2) 1 (1) 1 (2) 3 (1) 3 (3) 3 (1) 5 (5) 4 (5)
Opportunities Fund

Aditya Birla Sun Life Medium

3 (4) 4 (4) 2 (2) 3 (3) 3 (3) 3 (3) 1 (2) 4 (4) 1 (1) 4 (4) 5 (4)
Term Plan

DHFL Pramerica Medium

3 (2) 2 (2) 4 (3) 4 (3) 5 (5) 5 (5) 3 (3) 3 (3) 4 (3) 2 (2) 2 (2)
Term Fund

HDFC Medium Term Debt

3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 3 (2) 1 (1) 4 (1) 2 (2) 3 (3)
Fund

Kotak Medium Term Fund 3 (3) 3 (3) 3 (3) 3 (2) 2 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (4)

SBI Magnum Medium

3 (3) 3 (2) 3 (1) 2 (1) 4 (4) 4 (4) 4 (3) 3 (3) 1 (4) 3 (3) 3 (3)
Duration Fund

L&T Resurgent India Bond

4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 5 (4) 4 (4) 1 (3) 3 (3) 2 (2)
Fund

Reliance Strategic Debt Fund 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 3 (3) 3 (1) 3 (3) 3 (3)

ICICI Prudential Medium Term

5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 2 (1) 3 (4) 5 (5) 1 (1) 4 (4) 3 (3)
Bond Fund

Figures in brackets indicate previous quarter ranks

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

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

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

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

Kotak Bond Short Term Plan 2 (3) 2 (3) 3 (4) 3 (4) 3 (2) 3 (2) 1 (1) 3 (3) 2 (3) 4 (2) 1 (3)

Sundaram Short Term Debt Fund 2 (2) 2 (2) 2 (2) 1 (2) 1 (1) 1 (1) 4 (4) 3 (1) 3 (3) 1 (1) 3 (4)

UTI Short Term Income Fund 2 (3) 3 (4) 2 (3) 3 (5) 2 (2) 2 (2) 1 (3) 1 (4) 4 (3) 2 (2) 3 (3)

Axis Short Term Fund 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 4 (5) 3 (3) 3 (3) 2 (2)

DHFL Pramerica Short Maturity

3 (3) 3 (3) 3 (2) 3 (1) 3 (3) 3 (3) 4 (4) 1 (1) 4 (4) 2 (3) 5 (5)
Fund

Franklin India Short Term

3 (4) 3 (4) 1 (1) 1 (1) 4 (3) 4 (3) 5 (5) 1 (1) 5 (5) 5 (4) 5 (5)
Income Plan

ICICI Prudential Short Term Fund 3 (4) 3 (3) 4 (3) 3 (2) 4 (5) 4 (5) 4 (4) 4 (3) 2 (2) 3 (4) 3 (3)

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

SBI Short Term Debt Fund 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 1 (1) 5 (4) 3 (3) 3 (3) 4 (3)

Tata Short Term Bond Fund 3 (2) 2 (2) 3 (5) 3 (4) 2 (3) 2 (3) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3)

HSBC Short Duration Fund 4 (5) 4 (5) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 4 (4) 3 (3) 4 (4)

Invesco India Short Term Fund 4 (3) 4 (3) 4 (5) 4 (5) 5 (4) 5 (4) 1 (1) 4 (3) 3 (2) 5 (4) 2 (2)

Reliance Short Term Fund 4 (3) 5 (3) 5 (3) 5 (4) 5 (5) 5 (5) 1 (1) 1 (3) 3 (3) 4 (5) 3 (3)

Aditya Birla Sun Life Short Term

5 (5) 5 (5) 3 (3) 4 (3) 4 (4) 4 (4) 5 (5) 1 (1) 5 (5) 4 (5) 4 (4)
Opportunities Fund

DSP BlackRock Short Term Fund 5 (4) 4 (4) 5 (4) 5 (3) 3 (4) 3 (4) 1 (1) 1 (3) 3 (4) 3 (3) 3 (3)

Figures in brackets indicate previous quarter ranks

30
Money Market funds (Cluster ranks are arranged alphabetically)
Jun - 18 Jun - 18 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Money Market funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

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

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

ICICI Prudential Money

2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3) 3 (3) 3 (3)
Market Fund

Kotak Money Market 2 (3) 2 (3) 3 (2) 3 (3) 2 (3) 2 (3) 3 (4) 4 (4) 3 (2) 1 (2) 2 (2)

Aditya Birla Sun Life Money

3 (4) 4 (5) 2 (2) 1 (2) 3 (3) 3 (3) 5 (5) 5 (5) 4 (3) 2 (3) 3 (4)
Manager Fund

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

Reliance Money Market 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 3 (3) 3 (3)

UTI Money Market Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (3) 4 (4) 5 (3) 3 (3) 4 (3)

IDFC Money Manager Fund 4 (5) 4 (4) 5 (5) 5 (5) 5 (5) 5 (5) 3 (2) 3 (3) 3 (4) 5 (5) 1 (2)

L&T Money Market Fund 4 (3) 3 (3) 4 (1) 2 (1) 4 (4) 4 (4) 1 (4) 1 (2) 4 (5) 4 (4) 4 (5)

SBI Savings Fund 5 (4) 5 (4) 4 (4) 4 (2) 4 (4) 4 (4) 4 (2) 2 (2) 3 (4) 4 (4) 5 (4)

Figures in brackets indicate previous quarter ranks

31
Low Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility to Company Asset Modified
Low Duration funds Rank Rank Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
- Reg - Dir - Reg - Dir
Sector

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

Sundaram Low Duration Fund 1 (3) 1 (2) 3 (4) 2 (3) 1 (1) 1 (1) 1 (1) 3 (4) 2 (3) 2 (1) 1 (2)

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

Canara Robeco Savings Fund 2 (3) 3 (3) 3 (4) 4 (5) 1 (2) 1 (2) 3 (3) 1 (3) 3 (3) 1 (3) 2 (3)

Invesco India Treasury Advantage Fund 2 (2) 2 (2) 4 (4) 4 (5) 3 (2) 3 (2) 1 (2) 3 (3) 1 (2) 3 (2) 1 (1)

SBI Magnum Low Duration Fund 2 (2) 2 (2) 2 (3) 3 (4) 2 (3) 2 (3) 1 (3) 4 (3) 3 (2) 1 (1) 3 (2)

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

Axis Treasury Advantage Fund 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3) 3 (3) 3 (3)

Baroda Pioneer Treasury Advantage

3 (3) 3 (4) 2 (1) 3 (2) 3 (4) 3 (4) 5 (4) 3 (4) 4 (3) 4 (4) 3 (4)
Fund

DSP BlackRock Low Duration Fund 3 (1) 2 (1) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (3) 1 (1) 3 (3) 2 (1)

HSBC Low Duration Fund 3 3 4 3 3 3 1 5 3 3 3

ICICI Prudential Savings Fund 3 (3) 4 (3) 3 (2) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 4 (4) 4 (3)

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

LIC MF Savings Fund 3 (3) 3 (3) 2 (4) 2 (3) 2 (3) 2 (3) 3 (1) 4 (4) 3 (3) 2 (3) 3 (3)

Reliance Low Duration Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3) 3 (3)

Aditya Birla Sun Life Low Duration

4 (4) 4 (3) 4 (5) 2 (3) 3 (3) 3 (3) 4 (4) 1 (1) 5 (4) 3 (3) 4 (3)
Fund

DHFL Pramerica Low Duration Fund 4 (4) 4 (4) 3 (3) 2 (2) 3 (2) 3 (2) 3 (3) 5 (4) 4 (4) 3 (2) 5 (4)

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

Kotak Low Duration Fund 4 (4) 3 (4) 2 (2) 1 (1) 4 (4) 4 (4) 4 (4) 3 (3) 4 (4) 4 (4) 4 (4)

Franklin India Low Duration Fund 5 (4) 5 (5) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 3 (1) 5 (5) 5 (5) 5 (5)

L&T Low Duration Fund 5 (5) 5 (5) 5 (3) 5 (3) 5 (5) 5 (5) 4 (3) 1 (3) 4 (5) 5 (5) 4 (5)

Figures in brackets indicate previous quarter ranks

32
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)
Exposure
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short Duration Funds Rank Rank Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality Duration
- Reg - Dir - Reg - Dir
Sector

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

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

DSP BlackRock Money Manager

2 (2) 2 (3) 4 (4) 3 (3) 3 (3) 3 (3) 4 (1) 1 (3) 2 (2) 2 (3) 2 (2)
Fund

SBI Magnum Ultra Short Duration

2 (2) 2 (3) 2 (3) 3 (4) 1 (2) 1 (2) 3 (4) 4 (4) 3 (3) 1 (1) 3 (4)
Fund

Aditya Birla Sun Life Savings Fund 3 (3) 4 (3) 3 (2) 4 (2) 5 (5) 5 (5) 3 (3) 3 (2) 3 (4) 5 (5) 3 (3)

BOI AXA Ultra Short Duration

3 (3) 3 (4) 2 (2) 2 (2) 3 (4) 3 (4) 1 (1) 3 (3) 3 (4) 3 (3) 3 (4)
Fund

DHFL Pramerica Ultra Short Term

3 (3) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (2) 3 (2) 3 (3) 3 (3)
Fund

Kotak Savings Fund 3 (3) 3 (4) 3 (3) 3 (4) 3 (3) 3 (3) 3 (1) 3 (4) 3 (3) 3 (3) 3 (3)

Motilal Oswal Ultra Short Term

3 (2) 3 (2) 5 (5) 5 (5) 3 (3) 3 (3) 1 (1) 4 (3) 2 (1) 3 (2) 2 (1)
Fund

UTI Ultra Short Term Fund 3 (4) 3 (3) 4 (4) 4 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)

Franklin India Ultra Short Bond

4 (4) 4 (5) 1 (1) 1 (1) 4 (3) 4 (3) 4 (4) 1 (1) 5 (5) 4 (4) 5 (5)
Fund

Invesco India Ultra Short Term

4 (4) 3 (4) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (1) 4 (4) 3 (3) 4 (4)
Fund

Reliance Ultra Short Duration

5 (3) 5 (2) 3 (4) 2 (4) 2 (1) 2 (1) 5 (4) 5 (4) 4 (3) 2 (2) 4 (3)
Fund

Figures in brackets indicate previous quarter ranks

33
Liquid funds (Cluster ranks are arranged alphabetically)
Exposure
Jun - 18 Jun - 18 Mean Mean
Volatility Volatility to Company Asset
Liquid funds Rank Rank Return Return Liquidity
- Reg - Dir Sensitive Concentration Quality
- Reg - Dir - Reg - Dir
Sector

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

DHFL Pramerica Insta Cash Fund 1 (2) 2 (2) 2 (3) 3 (4) 1 (2) 1 (2) 1 (2) 1 (3) 1 (2) 3 (3)

Indiabulls Liquid Fund 1 (2) 1 (1) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 1 (1) 2 (2) 3 (3)

L&T Liquid Fund 1 (1) 1 (2) 1 (2) 1 (3) 2 (2) 2 (2) 2 (3) 1 (1) 1 (3) 1 (3)

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

DSP BlackRock Liquidity Fund 2 (2) 2 (2) 4 (3) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2)

Invesco India Liquid Fund 2 (3) 2 (3) 3 (3) 4 (3) 2 (2) 2 (2) 3 (4) 1 (1) 3 (3) 3 (3)

Mirae Asset Cash Management Fund 2 1 2 2 2 2 4 3 3 1

Tata Liquid Fund 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 1 (3) 1 (1) 2 (3) 2 (2)

Aditya Birla Sun Life Liquid Fund 3 (5) 3 (5) 3 (2) 3 (2) 3 (3) 3 (3) 3 (5) 3 (4) 3 (4) 5 (5)

Axis Liquid Fund 3 (3) 3 (3) 1 (1) 2 (2) 3 (3) 3 (3) 4 (3) 1 (1) 3 (3) 2 (3)

Baroda Pioneer Liquid Fund 3 (2) 3 (2) 2 (1) 2 (1) 5 (5) 5 (5) 3 (1) 1 (1) 4 (2) 2 (1)

Edelweiss Liquid Fund 3 (1) 3 (1) 2 (3) 1 (1) 4 (4) 4 (4) 1 (1) 3 (3) 3 (3) 3 (1)

HDFC Liquid Fund 3 (2) 3 (2) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 4 (3) 2 (1) 2 (2)

Kotak Liquid 3 (1) 4 (1) 3 (3) 5 (4) 4 (4) 4 (4) 5 (3) 4 (5) 2 (1) 1 (1)

Mahindra Liquid Fund 3 (3) 3 (3) 3 (5) 1 (3) 2 (1) 2 (1) 2 (3) 1 (1) 4 (4) 5 (4)

Reliance Liquid Fund 3 (4) 3 (4) 3 (2) 3 (2) 4 (4) 4 (4) 4 (4) 4 (3) 3 (3) 4 (4)

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

UTI Liquid Cash Plan 3 (3) 3 (4) 3 (2) 3 (3) 4 (4) 4 (4) 3 (2) 1 (4) 3 (3) 3 (3)

ICICI Prudential Liquid Fund 4 (3) 4 (3) 4 (2) 4 (3) 5 (5) 5 (5) 3 (3) 4 (1) 3 (2) 3 (2)

IDFC Cash Fund 4 (3) 4 (3) 4 (4) 4 (5) 4 (3) 4 (3) 5 (2) 5 (4) 2 (2) 3 (3)

JM Liquid Fund 4 (4) 4 (4) 3 (3) 4 (3) 3 (3) 3 (3) 2 (5) 5 (4) 5 (3) 3 (2)

LIC MF Liquid Fund 4 (4) 3 (4) 4 (4) 3 (2) 3 (3) 3 (3) 3 (3) 1 (4) 5 (5) 3 (3)

SBI Liquid Fund 4 (5) 4 (5) 5 (4) 5 (5) 5 (5) 5 (5) 4 (5) 1 (3) 3 (4) 4 (5)

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

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

IDBI Liquid Fund 5 (3) 5 (3) 3 (4) 2 (3) 1 (1) 1 (1) 5 (4) 4 (1) 4 (4) 4 (4)

Figures in brackets indicate previous quarter ranks

34
Annexure I – Selection criteria for schemes in CMFR
Owing to changes in the categorisation /rationalisation of
mutual fund schemes as prescribed by Sebi, CRISIL has
increased its ranking categories in CMFR - March 2018 from
14 to 24.
1. Equity funds
Equity-oriented funds have been retained in their respective
categories as defined by the AMCs.
2. Hybrid funds
Aggressive hybrid
Schemes investing more than 65%, but less than 80% of the
assets under management (AUM) in equity securities and 20-
35% in debt instruments, are considered. All funds that have
historically maintained the stated equity exposure (three-year
average) have been included in this category.

In case of large cap, large and mid-cap, multi-cap, mid-cap,

focused and value/contra categories, funds which were being
ranked in different categories previously, with different
historical risk-return profiles, are now part of the same
category. Hence, for evaluating the performance of such a
varied group of funds under one category, active returns (with
respect to their appropriate CRISIL-AMFI performance
indices) parameter is used instead of mean returns. Since all
the funds ranked in the small cap category have come from the
erstwhile small & midcap category, mean returns have been
used.
Conservative hybrid
This category includes schemes where investment in equity is
limited to 10-25% of the AUM and rest in debt instruments.
Funds that have historically maintained >10% equity exposure
(three-year average) have been included in this category.
3. Debt funds
In the gilt category, funds with a mandate to manage duration
dynamically are considered. Gilt funds with 10-year constant
maturity are not part of this category.

Funds in the thematic – infrastructure category follow an
investment objective to invest in infrastructure-related
sectors. Other sectoral/thematic funds have been excluded.
Equity linked savings schemes (ELSS) invest in equity and
equity-related instruments, and are aimed to enable investors
to avail tax deduction under Section 80 C of the Income Tax
Act.
Index funds / ETFs: Schemes launched with an objective to
generate returns that are commensurate with
performance of their benchmark’s total return index (TRI),
subject to tracking errors, are considered.
The following will be excluded:
In the medium to long duration category, funds with three-
year average duration between 3-8 years have been retained.
In the medium duration category, funds with three-year
average duration below four years have been retained.
In the short duration category, funds with one-year average
duration between 1-3 years are classified as defined by Sebi.
In the credit risk category, funds that were historically
classified as credit opportunities funds in CMFR are
the
considered. Funds with other historical classifications have
been excluded.
In the corporate bond category, funds that maintained one-
year average exposure >60% to corporate bonds, with the

● Index schemes that allow the fund manager to take highest credit rating (i.e. AA+ and above), have been
overweight investment positions on stocks that comprise considered.
their benchmark index.
● Index schemes that are benchmarked to indices other
than S&P BSE Sensex and Nifty 50.

35
In the banking and PSU bond category, funds that maintained
one-year average exposure >60% to debt instruments of
banks, public sector undertakings, and public financial
institutions have been considered.
In the liquid and dynamic bond categories, funds have been
retained in their respective categories as defined by the AMCs.
In the low duration category, funds with one-year average
duration below 1.3 years have been retained.
36
In the ultra short duration and money market categories,
funds that were considered under the erstwhile ultra-short
term and liquid categories have been retained.
Link of Sebi circular on categorisation and rationalisation of
mutual fund schemes:
https://www.sebi.gov.in/legal/circulars/oct-
2017/categorization-and-rationalization-of-mutual-fund-
schemes_36199.html
Annexure II – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within
a peer group. The basic criteria for inclusion in the ranking
universe are three-year / one-year NAV history and AUM in
excess of category cut-off limits, and complete portfolio
disclosure. Three-year NAV history is considered across all
equity, hybrid, dynamic bond, medium duration, medium to
long duration and gilt categories; whereas one-year for
banking & PSU, corporate bond, credit risk, short duration,
low duration, money market, ultra short duration and liquid
categories.
Only open-ended schemes are considered. Ranking is based
on the following parameters:
Mean return and volatility
Mean return and volatility are considered as separate
parameters across all categories. Mean return is the average
of daily returns based on the scheme’s NAV for the period
under analysis and volatility is the standard deviation of
these returns. While the period for analysis is three years for
equity, hybrid, medium duration, medium to long duration
categories; it is one year for banking & PSU, corporate bond,
credit risk, liquid, and other short term categories. The
period of analysis is broken into four overlapping periods
(latest 36, 27, 18 and 9 months for three-year period, and
latest 12, 9, 6 and 3 months for one-year period). Each period
is assigned a progressive weight starting from the longest
period as follows: 32.5%, 27.5%, 22.5% and 17.5%,
respectively.
Active return
Owing to changes in the categorisation /rationalisation of
mutual fund schemes, as prescribed by Sebi from March
2018 onwards, CMFR incorporated the active return
parameter in equity categories (large cap, large and mid-
cap, multi cap, mid-cap, focused and value/contra) for
evaluation. As funds from different categories with different
risk-return profiles are in these categories, active return
(with respect to their appropriate CRISIL-AMFI performance
indices) is used instead of mean return. The period of
analysis is broken into four overlapping periods - latest 36,
27, 18 and 9 months - and progressive weights are assigned
as discussed earlier.
Portfolio concentration analysis
Concentration measures the risk arising out of improper
diversification. For equity securities, diversity score is used
as the parameter to measure industry as well as company
concentration. In case of debt schemes, the company
concentration is analysed at an individual issuer specific
limit. The limit is linked with the credit rating of the issuer; a
high rated issuer will have higher limits and as the rating
declines the limit is reduced progressively.
Exposure to sensitive sectors
In case of debt schemes, industry concentration is analysed
for exposure to sensitive sectors which are arrived based on
Industry Risk Score (IRS) for various sectors. CRISIL’s
assessment of IRS quantifies the credit risk associated with
an industry on a uniform scale to ensure comparability
across industries. The score captures the influence of
various industry variables on the debt repayment ability of
companies in a particular sector over a 3-4-year horizon.
Liquidity analysis
It measures the ease with which a portfolio can be
liquidated. The lower the score, the better. In case of
equities, it measures the number of days to liquidate the
portfolio. Liquidity is calculated by taking the average
portfolio liquidity score of the past three months.
Equity liquidity is computed as follows:
Liquidity score of each stock = No. of shares held / daily
average trading volume of past six months
Portfolio liquidity score = Weighted average liquidity score
of the above
Gilt liquidity is measured by analysing the number of days it
takes to liquidate the portfolio based on turnover (volume),
the number of days security is traded, and the number of
trades in any security for a three-month period for that
security. Corporate debt liquidity is computed by classifying
each security into three categories - liquid, semi liquid and
illiquid - and then evaluating a scheme’s exposure to each
category.
37
Asset quality
Asset quality measures the probability of default by the
issuer of a debt security to honour the debt obligation in
time.
Duration
Modified duration is considered across all the debt
categories except liquid to capture the interest rate risk of
the portfolio. The lower the value, the better. Going forward,
Macaulay duration will be used instead of Modified duration.
Tracking error
This is used only for index schemes. The tracking error is an
estimation of the variability in a scheme’s performance vis-
à-vis the index that it tracks. The lower the tracking error,
the better.
Eligibility criteria
● Only open-ended funds are considered
● NAV history
38
− Three years for equity, hybrid, gilt, dynamic,
medium to long and medium duration funds
− One year for banking & PSU, corporate bond, credit
risk and other short term funds including liquid
funds
● Schemes falling under 98 percentile of the category
AUM are shortlisted
− Quarterly average AUM is considered
− Schemes meeting inception criteria are eligible
schemes
● Complete portfolio disclosure for all three months in
the last quarter
● Minimum five schemes in each category
● March 2017 onwards, CMFR introduced rankings for
direct plans of the shortlisted funds as per the
appropriate categorisation, provided they have
sufficient NAV history.
Parametric weights
Equity categories:
Large cap, large & mid
Small cap, infrastructure
Category cap, multi cap, mid cap, Index / ETFs
and ELSS
value/contra, focused

Active return (%) 55 - -

Mean returns (%) - 55 -

Tracking error (%) - - 100

Volatility (%) 25 25 -

Company concentration (%) 5 5 -

Industry concentration (%) 10 10 -

Equity - liquidity (%) 5 5 -

Time (years) 3 3 3

Hybrid categories:
Category Aggressive hybrid Conservative hybrid

Mean return (%) 50 50

Volatility (%) 25 10

Company concentration (%) 5 5

Industry concentration / exposure to sensitive sector (%)* 10 5

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

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

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

Modified duration (%) - 5

Time (years) 3 3

K = Equity component in hybrid schemes

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

Debt categories:
Dynamic, Banking and PSU, corporate bond, credit risk,
Category Gilt medium to long, medium short duration, low duration, money market, Liquid
duration ultra short duration

Mean return (%) 50 50 50 50

Volatility (%) 25 10 10 10

Company concentration (%) - 5 5 5

Exposure to sensitive sector (%) - 5 5 5

Debt - asset quality (%) - 17.5 10 10

Debt liquidity (%) 15 7.5 15 20

Modified duration (%) 10 5 5 -

Time (years) 3 3 1 1

39
Annexure III – Exclusion list
The following Sebi-defined categories are currently excluded from the rankings:

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

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

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

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

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

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

Scheme name New category Reason for exclusion

Aditya Birla Sun Life Banking & PSU Debt Fund Banking & PSU
Aditya Birla Sun Life Sensex ETF
Axis Corporate Debt Fund
Axis Gilt Fund
Axis Multicap Fund
Axis Nifty ETF
Baroda Pioneer Conservative Hybrid Fund
Baroda Pioneer Credit Risk Fund
Baroda Pioneer Dynamic Bond Fund
Baroda Pioneer ELSS – 96
Baroda Pioneer Gilt Fund
Baroda Pioneer Hybrid Equity Fund
Baroda Pioneer Income Fund
Baroda Pioneer Large Cap Fund
Baroda Pioneer Midcap Fund
Baroda Pioneer Short Term Bond Fund
Baroda Pioneer Ultra Short Duration Fund
BNP Paribas Corporate Bond Fund
BNP Paribas Focused 25 Equity Fund
BNP Paribas Low Duration Fund
BNP Paribas Medium Term Fund
BNP Paribas Short Term Fund
BNP Paribas Substantial Equity Hybrid Fund
BOI AXA Large & Mid Cap Equity Fund
BOI AXA Liquid Fund
BOI AXA Manufacturing & Infrastructure Fund
BOI AXA Mid & Small Cap Equity & Debt Fund
BOI AXA Short Term Income Fund
The criteria to be classified in the banking & PSU fund category was not
met
Index/ETF Does not have three-year NAV history
Corporate Bond Does not have one-year NAV history
Gilt Historical portfolio attributes do not match the new category definition
Multi Cap Does not have three-year NAV history
Index/ETF Does not have three-year NAV history
Conservative Hybrid Did not meet AUM criteria
Credit Risk Did not meet AUM criteria
Dynamic Bond Did not meet AUM criteria
ELSS Did not meet AUM criteria
Gilt Did not meet AUM criteria
Aggressive Hybrid Did not meet AUM criteria
Medium to Long Did not meet AUM criteria
Fund has not completed 3 years since change of attributes in October
Large Cap
2016
Mid Cap Did not meet AUM criteria
Short Duration Did not meet AUM criteria
Ultra Short Duration Does not have one-year NAV history
Corporate Bond Did not meet AUM criteria
Focused Does not have three-year NAV history
Low Duration Did not meet AUM criteria
Medium Duration Did not meet AUM criteria
Short Duration Did not meet AUM criteria
Aggressive Hybrid Does not have three-year NAV history
Large & Mid Cap Did not meet AUM criteria
Liquid Did not meet AUM criteria
Sectoral/Thematic Did not meet AUM criteria
Aggressive Hybrid Does not have three-year NAV history
Short Duration Did not meet AUM criteria

40
Scheme name
BOI AXA Tax Advantage Fund
Canara Robeco Bluechip Equity Fund
Canara Robeco Corporate Bond Fund
Canara Robeco Infrastructure
Canara Robeco Liquid
Canara Robeco Short Duration Fund
Canara Robeco Ultra Short Term Fund
DHFL Pramerica Diversified Equity Fund
DHFL Pramerica Dynamic Bond Fund
DHFL Pramerica Hybrid Debt Fund
DHFL Pramerica Hybrid Equity Fund
DHFL Pramerica Long Term Equity Fund
DHFL Pramerica Midcap Opportunities Fund
DHFL Pramerica Strategic Debt Fund
DSP BlackRock Bond Fund
DSP BlackRock Savings Fund
Edelweiss Banking and PSU Debt Fund
Edelweiss Corporate Bond Fund
Edelweiss Dynamic Bond Fund
Edelweiss ETF - Nifty 50
Edelweiss Large and Mid Cap Fund
Edelweiss Large Cap Fund
Edelweiss Long Term Equity Fund (Tax
Savings)
Edelweiss Low Duration
Edelweiss Multi-Cap Fund
Edelweiss Short Term Fund
Essel Equity Hybrid Fund
Essel Flexible Income Fund
Essel Large & Midcap Fund
Essel Large Cap Equity Fund
Essel Liquid Fund
Essel Long Term Advantage Fund
Essel Multi Cap Fund
Essel Regular Savings Fund
Essel Short Term Fund
Essel Ultra Short Term Fund
Franklin India Banking & PSU Debt Fund
Franklin India Corporate Debt Fund
Franklin India Savings Fund
HDFC NIFTY 50 ETF
HDFC Sensex ETF
HSBC Debt Fund
HSBC Tax Saver Equity Fund
ICICI Prudential Banking & PSU Debt Fund
New category Reason for exclusion
ELSS Did not meet AUM criteria
Large Cap Did not meet AUM criteria
Corporate Bond Did not meet AUM criteria
Sectoral/Thematic Did not meet AUM criteria
Liquid Did not meet AUM criteria
Short Duration Did not meet AUM criteria
Ultra Short Duration Did not meet AUM criteria
Multi Cap Did not meet AUM criteria
Dynamic Bond Did not meet AUM criteria
Conservative Hybrid Did not meet AUM criteria
Fund has not completed 3 years since change of attributes to hybrid
Aggressive Hybrid
fund from an equity fund in March 2016
ELSS Does not have three-year NAV history
Mid Cap Did not meet AUM criteria
Medium to Long Historically managed as an inflation indexed bond fund
Medium Duration Historical portfolio attributes do not match the new category definition
Money Market Did not meet AUM criteria
Banking & PSU Did not meet AUM criteria
Corporate Bond Did not meet AUM criteria
Dynamic Bond Did not meet AUM criteria
Index/ETF Did not meet AUM criteria
Large & Mid Cap Did not meet AUM criteria
Large Cap Did not meet AUM criteria
ELSS Did not meet AUM criteria
Low Duration Did not meet AUM criteria
Multi Cap Did not meet AUM criteria
Short Duration Did not meet AUM criteria
Aggressive Hybrid Does not have three-year NAV history
Dynamic Bond Did not meet AUM criteria
Large & Mid Cap Does not have three-year NAV history
Large Cap Did not meet AUM criteria
Liquid Did not meet AUM criteria
ELSS Does not have three-year NAV history
Multi Cap Does not have three-year NAV history
Conservative Hybrid Did not meet AUM criteria
Short Duration Did not meet AUM criteria
Ultra Short Duration Did not meet AUM criteria
Banking & PSU Did not meet AUM criteria
Corporate Bond Historical portfolio attributes do not match the new category definition
Money Market Did not meet AUM criteria
Index/ETF Does not have three-year NAV history
Index/ETF Does not have three-year NAV history
Medium to Long Did not meet AUM criteria
ELSS Did not meet AUM criteria
The criteria to be classified in the banking & PSU fund category was not
Banking & PSU
met
41
Scheme name
ICICI Prudential Sensex ETF
ICICI Prudential Sensex Index Fund
ICICI Prudential Smallcap Fund
ICICI Prudential Ultra Short Term Fund
IDBI Credit Risk Fund
IDBI Diversified Equity Fund
IDBI Dynamic Bond Fund
IDBI Focused 30 Equity Fund
IDBI Gilt Fund
IDBI Hybrid Equity Fund
IDBI Midcap Fund
IDBI Short Term Bond Fund
IDBI Small Cap Fund
IDBI Ultra Short Term Fund
IDFC Hybrid Equity Fund
IDFC Large Cap
IDFC Nifty ETF
IDFC Nifty Fund
IDFC Sensex ETF
IIFL Focused Equity Fund
IIFL Liquid Fund
Indiabulls Bluechip Fund
Indiabulls Gilt Fund
Indiabulls Income Fund
Indiabulls Savings Income Fund
Indiabulls Short Term Fund
Indiabulls Tax Savings Fund
Indiabulls Ultra Short Term Fund
Indiabulls Value Discovery Fund
Invesco India Banking & PSU Debt Fund
Invesco India Corporate Bond Fund
Invesco India Credit Risk Fund
Invesco India Equity & Bond Fund
Invesco India Gilt Fund
Invesco India Infrastructure Fund
Invesco India Largecap Fund
Invesco India Mid Cap Fund
Invesco India Money Market Fund
Invesco India Multicap Fund
Invesco India Nifty Exchange Traded Fund
Invesco India Regular Savings Fund
JM Dynamic Debt Fund
JM G-Sec Fund
JM Income Fund
JM Low Duration Fund
JM Money Market Fund
42
New category Reason for exclusion
Index/ETF Did not meet AUM criteria
Index/ETF Does not have three-year NAV history
Small Cap Used to historically maintain significant exposure in foreign equities
Ultra Short Duration Historically maintained some equity exposure (including derivatives)
Credit Risk Did not meet AUM criteria
Multi Cap Did not meet AUM criteria
Dynamic Bond Did not meet AUM criteria
Focused Does not have three-year NAV history
Gilt Did not meet AUM criteria
Aggressive Hybrid Does not have three-year NAV history
Mid Cap Does not have three-year NAV history
Short Duration Did not meet AUM criteria
Small Cap Does not have three-year NAV history
Ultra Short Duration Did not meet AUM criteria
Aggressive Hybrid Does not have three-year NAV history
Large Cap Did not meet AUM criteria
Index/ETF Does not have three-year NAV history
Index/ETF Did not meet AUM criteria
Index/ETF Does not have three-year NAV history
Focused Did not meet AUM criteria
Liquid Did not meet AUM criteria
Large Cap Did not meet AUM criteria
Gilt Did not meet AUM criteria
Medium Duration Did not meet AUM criteria
Conservative Hybrid Does not have three-year NAV history
Short Duration Did not meet AUM criteria
ELSS Does not have three-year NAV history
Ultra Short Duration Did not meet AUM criteria
Value Fund Does not have three-year NAV history
Banking & PSU Did not meet AUM criteria
Corporate Bond Historical portfolio attributes do not match the new category definition
Credit Risk Did not meet AUM criteria
Aggressive Hybrid Does not have three-year NAV history
Gilt Did not meet AUM criteria
Sectoral/Thematic Did not meet AUM criteria
Large Cap Did not meet AUM criteria
Mid Cap Did not meet AUM criteria
Money Market Did not meet AUM criteria
Multi Cap Did not meet AUM criteria
Index/ETF Did not meet AUM criteria
Conservative Hybrid Did not meet AUM criteria
Dynamic Bond Historical portfolio attributes do not match the new category definition
Gilt Did not meet AUM criteria
Medium to Long Did not meet AUM criteria
Low Duration Did not meet AUM criteria
Money Market Did not meet AUM criteria
Scheme name
JM Multicap Fund
JM Short Term Fund
JM Tax Gain Fund
JM Ultra Short Duration Fund
JM Value Fund
Kotak India EQ Contra Fund
Kotak Sensex ETF
L&T Conservative Hybrid Fund
L&T Flexi Bond Fund
L&T India Large Cap Fund
L&T Triple Ace Bond Fund
LIC MF Banking & PSU Debt
LIC MF Debt Hybrid Fund
LIC MF Equity Hybrid Fund
LIC MF ETF - Nifty 50
LIC MF ETF - Sensex
LIC MF Index Fund - Nifty Plan
LIC MF Index Fund - Sensex Plan
LIC MF Infrastructure Fund
LIC MF Large & Mid Cap Fund
LIC MF Large Cap Fund
LIC MF Multicap Fund
LIC MF Tax Plan 1997
Mahindra Mutual Fund Badhat Yojana
Mahindra Mutual Fund Kar Bachat Yojana
Mahindra Mutual Fund Low Duration Bachat
Yojana
Mahindra Unnati Emerging Business Yojana
Mirae Asset Dynamic Bond Fund
Mirae Asset Hybrid - Equity
Mirae Asset Savings Fund Savings
Mirae Asset Short Term Fund
Mirae Asset Tax Saver Fund
Motilal Oswal M50 ETF (MOSt Shares M50)
Parag Parikh Liquid Fund
Parag Parikh Long Term Equity Fund
Principal Cash Management Fund
Principal Corporate Bond Fund
Principal Credit Risk Fund
Principal Dynamic Bond Fund
Principal Focused Multicap Fund
Principal Low Duration Fund
Principal Short Term Debt Fund
Principal Tax Saving Fund
Principal Ultra Short Term Fund
Quantum Dynamic Bond Fund
New category Reason for exclusion
Multi Cap Did not meet AUM criteria
Short Duration Did not meet AUM criteria
ELSS Did not meet AUM criteria
Ultra Short Duration Did not meet AUM criteria
Value Fund Did not meet AUM criteria
Contra Fund Did not meet AUM criteria
Index/ETF Did not meet AUM criteria
Conservative Hybrid Did not meet AUM criteria
Dynamic Bond Did not meet AUM criteria
Large Cap Did not meet AUM criteria
Corporate Bond Did not meet AUM criteria
The criteria to be classified in the banking & PSU fund category was not
Banking & PSU
met
Conservative Hybrid Did not meet AUM criteria
Aggressive Hybrid Did not meet AUM criteria
Index/ETF Does not have three-year NAV history
Index/ETF Does not have three-year NAV history
Index/ETF Did not meet AUM criteria
Index/ETF Did not meet AUM criteria
Sectoral/Thematic Did not meet AUM criteria
Large & Mid Cap Did not meet AUM criteria
Large Cap Did not meet AUM criteria
Multi Cap Did not meet AUM criteria
ELSS Did not meet AUM criteria
Multi Cap Does not have three-year NAV history
ELSS Does not have three-year NAV history
Low Duration Did not meet AUM criteria
Mid Cap Does not have three-year NAV history
Dynamic Bond Does not have three-year NAV history
Aggressive Hybrid Does not have three-year NAV history
Low Duration Did not meet AUM criteria
Short Duration Does not have one-year NAV history
ELSS Does not have three-year NAV history
Index/ETF Did not meet AUM criteria
Liquid Does not have one-year NAV history
Multi Cap Historically maintained significant exposure to foreign equities
Liquid Did not meet AUM criteria
Corporate Bond Historical portfolio attributes do not match the new category definition
Credit Risk Historical portfolio attributes do not match the new category definition
Dynamic Bond Did not meet AUM criteria
Focused Did not meet AUM criteria
Low Duration Did not meet AUM criteria
Short Duration Did not meet AUM criteria
ELSS Did not meet AUM criteria
Ultra Short Duration Did not meet AUM criteria
Dynamic Bond Did not meet AUM criteria
43
Scheme name New category Reason for exclusion
Quantum Liquid Fund Liquid Did not meet AUM criteria
Quantum Nifty ETF Index/ETF Did not meet AUM criteria
Quantum Tax Saving Fund ELSS Did not meet AUM criteria
Reliance ETF Sensex Index/ETF Did not meet AUM criteria
Reliance Index Fund - Sensex Plan Index/ETF Did not meet AUM criteria
SBI - ETF Nifty 50 Index/ETF Does not have three-year NAV history
The criteria to be classified in the banking & PSU fund category was not
SBI Banking and PSU Fund Banking & PSU
met
Shriram Hybrid Equity Fund Aggressive Hybrid Did not meet AUM criteria
Sundaram Equity Hybrid Fund Aggressive Hybrid Did not meet AUM criteria
Sundaram Medium Term Bond Fund Medium Duration Did not meet AUM criteria
Sundaram Short Term Credit Risk Fund Credit Risk Historical portfolio attributes do not match the new category definition
Tata Income Fund Medium to Long Did not meet AUM criteria
Tata Index Fund - Nifty Index/ETF Did not meet AUM criteria
Tata Index Fund - Sensex Index/ETF Did not meet AUM criteria
Tata Medium Term Fund Medium Duration Did not meet AUM criteria
Tata Mid Cap Growth Fund Mid Cap Did not meet AUM criteria
Taurus Discovery (Midcap) Fund Mid Cap Did not meet AUM criteria
Taurus Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Taurus Largecap Equity Fund Large Cap Did not meet AUM criteria
Taurus Liquid Fund Liquid Did not meet AUM criteria
Taurus Nifty Index Fund Index/ETF Did not meet AUM criteria
Taurus Starshare (Multi Cap) Fund Multi Cap Did not meet AUM criteria
Taurus Taxshield ELSS Did not meet AUM criteria
Templeton India Value Fund Value Fund Did not meet AUM criteria
Union Corporate Bond Fund Corporate Bond Does not have one-year NAV history
Union Equity Fund Multi Cap Did not meet AUM criteria
Union Largecap Fund Large Cap Does not have three-year NAV history
Union Liquid Fund Liquid Did not meet AUM criteria
Fund has not completed one year since change of attributes in
Union Short Term Fund Short Duration
September 2017
Union Small Cap Fund Small Cap Did not meet AUM criteria
Union Tax Saver Scheme ELSS Did not meet AUM criteria
UTI - Medium Term Fund Medium Duration Did not meet AUM criteria
UTI Nifty Exchange Traded Fund Index/ETF Does not have three-year NAV history
UTI Sensex Exchange Traded Fund Index/ETF Does not have three-year NAV history

44
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