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CRISIL Mutual Fund Ranking

For the quarter ended December 31, 2017

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Research Analyst – Funds & Fixed Income Research

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Director – Funds & Fixed Income Research

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Dinesh Agarwal


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Deepak Mittal


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Vijay Krishnamurthy


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1

Industry highlights

The Indian mutual fund industry’s quarterly average assets

under management (AAUM) rose 6.8% to Rs 22.37 trillion

(excluding domestic fund of funds) in the quarter ended

December 2017 – the highest since the Association of Mutual

Funds in India (AMFI) started declaring quarterly AUM in

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

funds were key growth drivers. On an annual basis, the

industry posted record growth of 32% (or Rs 5.4 trillion) in

2017 compared with 26% (or Rs 3.53 trillion) in the preceding

year.

Investors continued to be upbeat about investing in equity-

oriented funds (includes balanced funds and equity exchange

traded funds or ETFs) as witnessed from the inflow trend. The

category has seen inflows for 16 consecutive quarters.

Robust inflows of Rs 882 billion clubbed with mark-to-market

gains pushed the category’s assets over the Rs 9 trillion

mark. Assets grew 15.0%, or by Rs 1.23 trillion, to a new high

of Rs 9.43 trillion. In 2017, the category’s AAUM rose by Rs

3.80 trillion compared with Rs 1.08 trillion growth in the

preceding year. The equity market, represented by Nifty 50,

soared 7.6% in the quarter and 28.7% in 2017.

Short-term debt funds’ assets grew 3.1% (or by ~Rs 92

billion) to Rs 3.07 trillion in the quarter ended December.

Liquid funds reversed the previous quarter’s fall and rose

2.5%, or by ~Rs 100 billion, to Rs 4.18 trillion. However,

assets of ultra short-term debt funds dipped 1.2%, or by Rs

29 billion, to Rs 2.37 trillion. In 2017, AAUM of short-term

debt funds, ultra short-term debt funds and liquid funds

posted growth of 23.5%, 20.2% and 20.5%, respectively.

Falling expectations of monetary easing by the Reserve Bank

of India amid rising inflation and concerns about fiscal

slippage by the government weighed on long-maturity debt

and gilt funds. While income funds’ assets posted modest

growth of 4.1% to Rs 1.27 trillion, gilt funds’ assets fell 1.6%

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.

Chart 1 – Mutual fund net flows and AUM trend

Source – AMFI

Table 1 – Category-wise average AUM (Rs billion)

Mutual fund category Oct-Dec

2017

Jul-Sep

2017

Absolute

Change (bn)

%

change

Equity* 9430.12 8197.36 1232.76 15.04

Liquid/money market 4176.81 4075.14 101.67 2.49

Debt** 7563.81 7441.01 122.80 1.65

Fixed maturity plans (FMPs) 1114.99 1147.90 -32.91 -2.87

Infrastructure debt fund 17.56 17.07 0.49 2.85

Gold ETFs 49.56 51.18 -1.63 -3.18

Others 14.32 16.39 -2.07 -12.61

Total 22367.17 20946.05 1421.12 6.78

* Includes equity-oriented funds, balanced funds and ETFs other than gold

ETFs

** Includes long-term, gilt, short-term, ultra short-term and other debt-

oriented funds

Source - CRISIL Mutual Fund Database

Of the 42 fund houses (including infrastructure debt funds),

which have declared AAUM, only five witnessed a fall in

assets. The industry continued to be highly concentrated,

with the share of the top five and top 10 fund houses coming

in at 56.89% and 80.70% compared with 56.95% and 80.97%,

respectively, a quarter ago.

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

2

ICICI Prudential Mutual Fund continued to be the industry

leader in terms of assets managed. Its assets grew 5.1%, or

by Rs 143 billion, on-quarter to Rs 2.93 trillion. HDFC Mutual

Fund came second with a rise of Rs 194 billion or 7.2% to Rs

2.89 trillion. Reliance Mutual Fund maintained third position

with Rs 2.44 trillion, up by Rs 122 billion or 5.26%. Assets of

HDFC Mutual Fund and SBI Mutual Fund rose the highest in

absolute terms.

Major regulations and developments

● Securities and Exchange Board of India (Sebi) prescribed

norms for enhancing governance at mutual fund houses.

● It decided to put a 10% cross-shareholding cap on

mutual funds.

● Sebi said mutual funds, while preparing a single

consolidated list of stocks, should consider average full

market capitalisation of the previous six months of the

stocks.

● The capital markets regulator asked mutual funds to

submit their proposals for rationalisation of schemes

after getting approval from trustees.

● Sebi issued a consultation paper, proposing to allow

mutual funds and portfolio managers to participate in

the exchange-traded commodity derivatives market.

● Sebi asked mutual fund houses to adopt total return

index to benchmark schemes from February 1.

● Employee Provident Fund Organisation decided to credit

units of ETFs to the provident fund accounts of its

subscribers.

● Pension Fund Regulatory and Development Authority

increased the maximum age of joining the National

Pension System-private sector to 65 years from 60 years.

● NSE has enabled e-mandate facility on its mutual fund

platform.

● Bank of Baroda has acquired 51% stake held by foreign

partner Pioneer Investments in their joint venture asset

management company.

● HDFC Mutual Fund board has approved initiating the

process for an initial public offering.

3

Equity market overview

Table 2 – Movement of key equity market indices

Index

Quarter ended

Dec-17

(% change)

Year ended

Dec-17

(% change)

Nifty 50 7.58 28.65

Nifty 100 8.29 31.05

Nifty Realty 26.84 109.80

Nifty Free Float Smallcap 100 19.89 57.30

Nifty Free Float Midcap 100 16.71 47.26

Nifty Infrastructure 12.07 34.11

Nifty Energy Index 11.56 38.73

Nifty IT Index 11.36 12.18

Nifty Auto 11.09 31.37

Nifty Metal 10.98 48.54

Nifty FMCG 9.68 29.38

Nifty Commodities 8.98 34.75

Nifty Bank 6.18 40.50

Nifty Pharma 4.88 -6.30

Sectoral indices sorted on three-month returns

Source - NSE

Indian equities, represented by benchmark Nifty 50, soared

around 8% in the quarter ended December. Sentiments were

supported by: a) the government’s proposed Rs 6.92 trillion

infrastructure spending plan and Rs 2.11 trillion

recapitalisation plan for public sector banks, b) an

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

Moody’s upgrade of India’s sovereign bond rating for the first

time in 14 years, d) the victory of the ruling party in the

Gujarat and Himachal Pradesh assembly elections, e) a

recovery in the country’s gross domestic product (GDP) in the

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

quarter compared with buying of Rs 420 billion in the

previous quarter.

However, some gains were trimmed owing to political

uncertainty in Europe, renewed geopolitical tensions

emanating from North Korea and sell-off in Chinese equities.

On the domestic front, growing concerns about fiscal

slippage, particularly after the government announced

additional market borrowings of Rs 500 billion for 2017-18,

pulled equities down. Disappointing goods and services tax

(GST) revenue collection for November 2017, weak inflation

and industrial output data also chipped off some gains.

Dampening hopes of a rate cut by the Reserve Bank of India

(RBI) and fall in some heavyweights amid downbeat quarterly

earnings numbers pulled down the benchmarks further.

All NSE sectoral indices ended higher in the quarter. Nifty

Realty jumped about 27%, aided by the Cabinet’s decision to

increase in carpet area of houses under the Pradhan Mantri

Awas Yojana. Nifty Auto gained around 11% on stock-specific

developments and year-end discounts offered by

manufactures. Nifty Metal also rallied nearly 11% following a

rise in global metal prices.

Chart 2 – Mutual fund daily investments & Nifty movement

Source - SEBI, NSE

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MF Daily Net Equity Investments

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4

Debt market overview

Interbank call money rates mostly remained below the repo

rate during the quarter amid comfortable liquidity in the

banking system. Reversal of reverse repo auctions conducted

earlier by the RBI brought inflows into the system and kept

fund demand low. However, ample liquidity prompted the

central bank to hold regular reverse repo auctions. Brief

spike in call rates was seen on account of outflows pertaining

to the GST and advance tax. Firm demand for funds from

banks to meet their quarter-end and mandatory reserve

requirements also spiked up the rates to a certain extent. A

further hike in the call rate was restrained, as the RBI

conducted sporadic repo auctions to infuse liquidity.

Government bond prices declined in the December quarter,

with the yield on the 10-year benchmark 6.79% 2027 paper

rising to highest level in six quarters to 7.40% before finishing

at 7.33% on December 29, 2017. The yield had ended at

6.66% on September 29, 2017. Prices were affected after the

government announcement of Rs 500 billion of additional

borrowing over the January-March 2018 period, sparking

worries about fiscal slippage. In a latest development, the

government has however reduced its additional borrowing to

Rs 200 billion instead of the originally proposed Rs 500

billion. Sentiments for gilts were further dented during the

quarter after data showed a rise in domestic inflation and

global crude oil prices, thereby diminishing hopes of interest

rate cuts by the RBI in the near future and even stoking fears

that the central bank could raise interest rates in the medium

term. Gilts also fell after the ruling party won the Gujarat

assembly election by a thin margin, thereby raising concerns

about whether it would be able to pass key reforms. S&P’s

decision to retain India’s sovereign rating also weighed on

bonds. The central bank’s move to reduce the held-to-

maturity (HTM) limit and the statutory liquidity ratio (SLR)

dampened demand for gilts further. The RBI reduced the SLR

by 0.5% to 19.5% and cut the ceiling on SLR securities under

HTM from 20.25% to 19.50% of banks' Net Demand and Time

Liability (NDTL) in a phased manner.

Some losses were, however, trimmed on intermittent short

covering, quarter-end bond buying by public sector banks

and as market players were relieved that the US Fed’s

monetary policy statement did not hint at more aggressive

increases in interest rates. Gilts got further support after

Moody's Investors Service upgraded India's local and foreign

currency issuer rating to Baa2 from Baa3.

Key developments in the quarter:

● The RBI raised foreign portfolio investors’ (FPIs)

investment limit in central government securities by Rs

64 billion to Rs 2.564 trillion and by Rs 58 billion to Rs

451 billion in state development loans (SDLs).

● The central bank also eased the rules for short-selling in

government bonds, allowing traders to deliver securities

from their own portfolio against short sales in

"exceptional situations" of market stress.

● Sebi came up with regulations regarding disclosure of

financial results by issuers of listed debt on the

exchange(s). Further, it allowed listing of security

receipts issued by asset reconstruction companies.

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

Source – FIMMDA Source - CRISIL Fixed Income Database

5.50%

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5

Ranking summary

For the quarter ended December 2017, CRISIL ranked 380

funds, which accounted for 80.69% of the mutual fund

industry’ assets. They comprised 169 equity, 182 debt and 29

hybrid funds.

As many as 113 were ranked 1 or 2 (top 30 percentile),

accounting for 31.74% of the ranked funds’ assets under

management (AUM) vis-a-vis 29.83% in the September

quarter.

Aditya Birla Sun Life and ICICI Prudential Mutual Fund led the

pack of fund houses, as 10 of their funds made it to the top

30 percentile of CRISIL Mutual Fund Ranking (CMFR). They

were followed by Reliance Mutual Fund at 9.

In the equity-oriented funds category, the top position was

shared by Aditya Birla Sun Life, IDFC, L&T and Reliance

Mutual Fund at five funds each ranked 1 and 2. ICICI

Prudential and UTI Mutual Fund led among fixed income

funds, again at five funds each in the top 30 percentile, while

ICICI Prudential Mutual Fund (two funds) was the leader in

the hybrid category.

Small and mid-cap funds lead amidst rally in the equity market

Unlike tepid growth in the September quarter, the equity

market soared to record highs in the December quarter. Nifty

50 returned 7.58% compared with 2.81% in the previous

quarter. Small cap and mid-cap indices registered returns as

high as 19.89% and 16.71%, respectively.

Consequently, small and mid-cap funds led the rally among

equity funds with 14.14% returns in the quarter, followed by

ELSS funds’ 11.07%.

Category^ Returns (%)

3 month 6 month 1 year 3 year

Diversified 10.41 14.35 34.95 12.12

ELSS 11.07 15.00 37.59 13.09

Small & Midcap 14.14 17.60 43.02 17.69

Large cap 8.68 11.69 31.28 11.02

Indices 3 month 6 month 1 year 3 year

Nifty 50 7.58 10.61 28.65 8.34

Nifty 500 10.36 13.91 35.91 11.91

Nifty Free Float

Midcap 100 16.71 19.20 47.26 18.88

Nifty Free Float

Smallcap 100 19.89 24.38 57.30 19.94

Returns above 1 year are annualised; as on December 29, 2017

^Categories represented by CRISIL-AMFI fund performance indices

Financial services sector retains favour

The top five sectors formed 64.87% of the market value of

equity funds, barring thematic infrastructure funds. These

funds maintained highest exposure to the financial services

sector, in line with the previous quarter. Consumer goods

moved up as the second choice from the third place in the

previous quarter making a promising comeback from the

previous quarter in terms of returns. Growth in core sectors

and revival in exports in the December quarter bode well for

the sector as signalled by the Purchasing Managers’ Index

(PMI) of 54.7 in December 2017.

Sector Expo Dec

quarter (%)

Returns

Dec quarter

(%)

Expo Sep

quarter (%)

Returns

Sep quarter

(%)

Financial

services 29.00 5.39 30.05 4.69

Consumer

goods* 9.87 11.21 9.50 -5.02

Automobile 9.85 11.09 10.11 2.57

Energy 9.28 11.56 8.78 10.11

Industrial

manufacturing* 6.86 5.49 6.74 -1.40

*Sectoral returns were calculated using stock constituents of Nifty 100 in the

sector

The automobile sector benefited from an increase in

economic activity as passenger vehicle sales picked up in

November 2017. Nevertheless, exposure to the automobile

sector slipped to third place despite high returns in the

sector. Energy and industrial manufacturing in that order

finished off the top five sectors by market value.

6

At the stock level, HDFC Bank (3.69% absolute returns in the

December quarter), ICICI Bank (13.52%), Larsen & Toubro

(10.17%), Infosys (15.80%) and State Bank of India (22.08%)

were among the top holdings in the large cap and diversified

funds. All except HDFC Bank quoted double-digit returns in

the quarter. Among small and mid-cap funds, the top

holdings were Federal Bank (-3.68%), Voltas (29.61%),

Schaeffler India (19.90%), Finolex Cables (30.55%) and Atul

Ltd (14.46%). All except Federal Bank generated substantial

returns as the small and mid-cap index gained much more

than the broader market index (Nifty 50).

On the basis of stock concentration, the portfolio of small

and mid-cap funds was quite diversified in comparison to the

large cap and diversified peers.

Exposure (%)

Top 5 stocks Top 10 stocks

Dec

quarter

Sep

quarter

Dec

quarter

Sep

quarter

Large cap 25.79 26.12 39.43 40.56

Diversified 17.53 18.96 26.35 27.80

Small & mid-cap 5.90 6.05 9.98 10.54

ELSS 16.99 18.46 27.46 29.51

IPO segment works its charm with strong investments The quarter witnessed initial public offerings (IPOs) of as

many as 11 stocks. Investment by mutual funds in these

stocks was ~Rs 48,741 million amidst the general optimism

in the equity market.

Stock

Mkt value of

investment by

MFs as of Dec

(Rs mn)

Absolute

return %

(issue till

Dec)

Investment

by no. of

schemes

Future Supply Chain

Solutions 1,246.95 2.15% 5

General Insurance

Corporation 866.11 -17.36% 5

Godrej Agrovet 2,799.96 25.92% 9

HDFC Standard Life

Insurance 14,969.08 33.10% 27

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

Stock

Mkt value of

investment by

MFs as of Dec

(Rs mn)

Absolute

return %

(issue till

Dec)

Investment

by no. of

schemes

Reliance Nippon Life Asset

Mgmt 5,512.80 19.13% 10

SBI Life Insurance 17,051.36 -0.66% 32

Shalby 179.70 -13.21% 2

*Returns calculated as per September quarter closing price with respect to the

issue price

Hardening yields hit long-term debt funds

10-year government security (G-sec) yields rose 67 bps in the

quarter before closing at 7.33% in December 2017. The

Reserve Bank of India (RBI) maintaining status quo in repo

rate and high CPI (consumer price index) of 5.21% in

December 2017 fuelled apprehensions of bond market

investors. Announcement of additional market borrowing of

Rs 50 thousand crore by the government (later in January

reduced to Rs 20 thousand crore) added to the jitters in the

G-sec market owing to worries of fiscal slippage.

In the backdrop of the above events, credit opportunities

(CROP) and debt short funds largely maintained their

duration, while gilt and income funds substantially trimmed

their duration.

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10-year Benchmark G-sec yield

7

Rank 1 funds in all the debt categories had a lower duration

to moderate the impact of rising yields. However, in

continuance with the performance last quarter, gilt and

income funds were the laggards in this quarter as well; in

fact, their performance turned negative. Income funds

returned -0.86% in the December quarter, while gilt funds

yielded -1.55%. In the September quarter, income and gilt

funds returned 0.97% and 0.50%, respectively.

Category^ Returns (%)

3 months 6 months 1 year 3 years

Liquid 1.58 3.21 6.57 7.51

Ultra ST 1.32 3.06 6.81 8.01

CROP 0.87 2.77 7.20 8.67

Short-term debt 0.63 2.38 5.92 8.04

Income -0.86 0.10 3.42 7.44

Gilt -1.55 -1.05 2.48 8.04

Returns above 1 year are annualized; as on December 29, 2017

^ Categories represented by CRISIL-AMFI fund performance indices

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.

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

which had much smaller duration than their gilt and income

counterparts, and hence were better protected against the

rise in bond yields.

Unlike other CROP funds in the category, rank 1 funds

maintained greater exposure to ‘A+/A2+ & below’ securities

segment, averaging 34.21% in the quarter compared to

26.29% by the category. This ensures better income from

coupon payment when price appreciation is difficult to

attain. On a similar note, rank 1 debt short funds relied more

on corporate debt in comparison to their peers in the

category. Only 5.41% of their corpus was invested in G-secs

in the quarter against the category’s 14.64%.

% Average

Exposure

CROP Debt Short Income

Dec

Qtr

Sep

Qtr

Dec

Qtr

Sep

Qtr

Dec

Qtr

Sep

Qtr

A+/A2+ & below 26.29 25.64 0.42 0.36 0.43 0.21

AA category & A1 48.97 47.84 10.01 9.80 10.94 10.39

AAA & A1+ 19.06 20.92 68.56 67.10 26.98 26.97

Sovereign 0.67 0.91 14.64 17.03 51.52 55.06

Cash & others 5.01 4.70 6.38 5.71 10.13 7.37

CROP funds witnessed maximum growth in AUM among debt

funds at 5.54% over the previous quarter. The increase was

much higher among rank 1 funds whose corpus grew 14.04%

in the quarter. AUM of other debt funds declined

sequentially.

2.0 2.0

5.9

4.7

2.1 2.2

6.8

5.3

CROP Debt Short Gilt Income

Du

rati

on

(y

ea

rs)

Dec Qtr Sep Qtr

8

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.

9

Large cap-oriented equity funds (Cluster ranks are arranged alphabetically)

Large Cap-oriented Equity

funds Fund Categorization

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Industry

Concentration

Company

Concentration Liquidity

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

Bluechip Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4) 3 (2) 4 (4)

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

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

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

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

Aditya Birla Sun Life Top 100

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

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

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

Reliance Focused Large Cap

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

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

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

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

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

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

Equity Fund 5 (4) 5 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3)

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.

EQ

UIT

Y F

UN

DS

10

Diversified equity funds (Cluster ranks are arranged alphabetically)

Diversified Equity funds Fund Categorization

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Industry

Concentration

Company


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

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

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

GenNext Fund 2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 2 (2) 2 (3)

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

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

DSP BlackRock

Opportunities Fund 2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 4 (4) 2 (2) 3 (3)

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



Multicap 35 Fund 2 (1) 3 (1) 2 (1) 2 (1) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4)

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

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

Aditya Birla Sun Life Equity

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

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

Companies Fund 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (4) 4 (5) 5 (5)

Franklin India Opportunities

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

HDFC Core and Satellite

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

HSBC India Opportunities

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

ICICI Prudential Dynamic

Plan 3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 2 (3) 4 (4)

ICICI Prudential Multicap

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

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

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

Reliance Regular Savings

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

SBI Contra Fund 3 (4) 3 (4) 3 (3) 3 (4) 3 (2) 3 (2) 4 (3) 4 (4) 4 (4)

11

Diversified Equity funds Fund Categorization

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Industry

Concentration

Company


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

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

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

Templeton India Growth

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

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

Diversified 4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 3 (3) 3 (3) 2 (1)

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


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

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

Aditya Birla Sun Life Dividend

Yield Plus 5 (3) 5 (3) 5 (3) 5 (3) 3 (3) 3 (3) 2 (1) 3 (3) 4 (4)

ICICI Prudential Exports and

Other Services Fund 5 (5) 5 (5) 4 (4) 4 (4) 2 (2) 2 (2) 4 (5) 5 (5) 4 (3)

ICICI Prudential Value

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

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)


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




12

Small and mid-cap equity funds (Cluster ranks are arranged alphabetically)

Small and Mid-cap Equity funds Fund Categorization

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Industry

Concentration

Company


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

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

Aditya Birla Sun Life Small &

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

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

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

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

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

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

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

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)


Midcap 30 Fund 5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (2)





^ Funds have met second level test, hence categorised as Small and Mid-cap Equity funds.

13

Thematic – infrastructure funds (Cluster ranks are arranged alphabetically)

Thematic - Infrastructure funds

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Industry

Concentration

Company


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)


14

Equity linked savings schemes (ELSS) (Cluster ranks are arranged alphabetically)

Equity Linked Savings Scheme (ELSS)

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Industry

Concentration

Company


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

Saving) 5 (5) 5 (4) 5 (5) 5 (5) 2 (1) 2 (1) 2 (1) 3 (3) 4 (4)


15

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.


Balanced funds (Cluster ranks are arranged alphabetically)

Balanced funds Dec 17 Rank

(Reg)

Dec 17

Rank

(Dir)

Superior

Return

Score (Reg)

Superior

Return

Score (Dir)

Industry

Concentration /

Exposure to

Sensitive Sector*

Company

Concentration

Debt Asset

Quality

Debt

Liquidity

Equity

Liquidity

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)


K = Equity Component in Hybrid Funds

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

HY

BR

ID F

UN

DS

16

Monthly income plan – aggressive (Cluster ranks are arranged alphabetically)

Monthly Income Plan - Aggressive

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Superior

Return

Score

(Reg)

Superior

Return

Score

(Dir)

Industry

Concentration

/ Exposure to

Sensitive

Sector*

Company

Concentration

Debt

Asset

Quality

Debt

Liquidity

Equity

Liquidity

Modified

Duration

Weightages 60% 5% 5% 17.5% 7.5%*(100-

K) 7.5%*K 5%

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)


K = Equity Component in Hybrid Funds


17

Long-term gilt funds (Cluster ranks are arranged alphabetically)

Long Term Gilt funds Dec 17 Rank

(Reg)

Dec 17 Rank

(Dir)

Superior Return

Score (Reg)

Superior Return

Score (Dir)

Modified

Duration Liquidity

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)


DE

BT

FU

ND

S

18

Income funds (Cluster ranks are arranged alphabetically)

Income funds

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Superior

Return

Score

(Reg)

Superior

Return

Score (Dir)

Modified

Duration

Exposure

to

Sensitive

Sector

Company


Asset

Quality

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)


19

Short-term income funds (Cluster ranks are arranged alphabetically)

Short Term Income Funds

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Exposure

to

Sensitive

Sector

Company

Concentration

Asset

Quality

Modified

Duration Liquidity

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

Aditya Birla Sun Life Floating Rate Fund - Long

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

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

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

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)


20

Credit opportunities funds (Cluster ranks are arranged alphabetically)

Credit Opportunities Funds Dec 17

Rank (Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Exposure to

Sensitive

Sector

Company

Concentration

Asset

Quality

Modified

Duration Liquidity

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

Franklin India Low Duration

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

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

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

Franklin India Income

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

Franklin India Short Term

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

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


Franklin India Corporate Bond


Franklin India Dynamic Accrual

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

Franklin India Income Builder

Account 3 (2) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 1 (1) 3 (3) 3 (3) 3 (3)

Kotak Income Opportunities

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

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

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

Aditya Birla Sun Life Medium

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

HDFC Corporate Debt


Reliance Regular Savings Fund -

Debt 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 4 (3) 3 (3) 4 (4)

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

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

ICICI Prudential Regular Savings

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


21

Ultra-short-term debt funds (Cluster ranks are arranged alphabetically)

Ultra Short-term Debt funds

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Exposure

to

Sensitive

Sector

Company

Concentration

Asset

Quality

Modified

Duration Liquidity

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

Plan 3 (3) 3 (3) 3 (3) 4 (3) 4 (4) 4 (4) 2 (3) 1 (3) 3 (3) 3 (3) 2 (2)

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

Advantage Plan 4 (4) 4 (4) 4 (4) 3 (3) 5 (5) 5 (5) 3 (3) 1 (3) 3 (4) 4 (5) 3 (3)

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)


22

Liquid funds (Cluster ranks are arranged alphabetically)

Liquid funds

Dec 17

Rank

(Reg)

Dec 17

Rank

(Dir)

Mean

Return

(Reg)

Mean

Return

(Dir)

Volatility

(Reg)

Volatility

(Dir)

Exposure

to

Sensitive

Sector

Company

Concentration

Asset

Quality Liquidity

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

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

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

Account 4 (4) 4 (4) 1 (2) 2 (2) 3 (3) 3 (3) 4 (3) 3 (4) 4 (4) 5 (5)

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 -

Short Term 5 (5) 5 (5) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 4 (5) 5 (5) 5 (4)

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)


23

Annexure I - CRISIL Mutual Fund Ranking methodology

CRISIL Mutual Fund Ranking is the relative ranking of mutual

fund schemes within a peer group. The basic criteria for

inclusion in the ranking universe are three-year NAV history

(one-year for liquid, ultra-short-term debt, short term

income, credit oriented funds and assets under management

in excess of category cut-off limits and complete portfolio

disclosure. Only open ended schemes are considered.

Ranking is based on the following parameters:

Category-wise average AUM cut-off:

Schemes falling under 98 percentile of the category AUM are

shortlisted

● Quarterly average AUM is considered

● Schemes meeting inception criteria are eligible schemes

Superior return score (SRS)

SRS is the relative measure of the schemes’ returns and risk

(volatility) compared with their peer group. It is computed for

income, balanced, monthly income plan (aggressive) and long

term gilt categories. The three-year period of evaluation is

divided into four overlapping periods – the latest 36, 27, 18

and 9 months. Each period has a progressive weight starting

from the longest period: 32.5%, 27.5%, 22.5% and 17.5%

respectively.

Mean Return and Volatility

Mean return and volatility are considered as separate

parameters in case of equity funds (large-cap, small & mid-

cap, equity diversified, equity linked savings schemes or

ELSS and thematic infrastructure), short term debt

categories (liquid, ultra-short-term debt and short term

income) and credit opportunities funds. Mean return is the

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 funds, it is one year for liquid, credit oriented,

ultra-short-term debt and short term income funds. The

period of analysis is broken into four periods (latest 36, 27, 18

and 9 months for equity categories and latest 12, 9, 6 and 3

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.

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 and 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,

high rated issuer will have higher limits and as the rating

declines the limit is also reduced progressively.

Exposure to sensitive sector

In case of debt schemes, the industry concentration is

analysed for any exposure to sensitive sectors which are

arrived based on Industry Risk Score (IRS) for various sectors.

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

time horizon.

Liquidity analysis

It measures the ease with which a portfolio can be liquidated.

The lower the score, the better it is.

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

will take to liquidate the portfolio based on turnover (volume)

and number of securities in the portfolio, the number of days

security has been traded and the number of trades over the

latest three-month period for that security.

24

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.

Asset quality

Asset quality measures the probability of default by the

issuer of a debt security to honour the debt obligation on

time.

Modified duration/ average maturity

Modified duration / average maturity is considered across all

debt categories except liquid to capture the interest rate risk

of the portfolio. The lower the value, the better it is.

Tracking error

This is used only for index funds. The tracking error is an

estimation of the variability in an index fund’s performance

vis-à-vis the index it proposes to replicate. The lower the

tracking error, the better it is.

25

Annexure II - Definition of CRISIL Mutual Fund Ranking categories

Only open-ended schemes that are open for subscription are

eligible for the selection criteria under the following

categories:

1. Equity funds

Schemes that predominantly invest in equity instruments

(excluding hybrid schemes) are considered. Schemes with

the following features are excluded -

● Schemes not open to investors at large and open only to

a specific set of investors.

● Schemes whose scheme information document /

statement of additional information permits dynamic

asset allocations (both debt and equity could vary

between 0 and 100%), except on receipt of an

undertaking from the AMC, assuring predominant

investment in equity.

● Schemes for which there is a delay in receipt of

portfolios from the fund house.

● Schemes with a stated objective to predominantly invest

in overseas securities.

Eligible schemes are classified into the following sub-

categories -

1a) Large-cap-oriented equity funds

Schemes that have at least 75% exposure to CRISIL-defined

large-cap stocks (top 100 stocks based on daily average

market capitalisation on the National Stock Exchange) in the

preceding 36 months split into four blocks of nine months

each. The 75% exposure in these stocks must be available for

a minimum of six out of nine months in each block. Exposure

to Nifty futures is considered as large-cap exposure.

1b) Small- and mid-cap-oriented equity funds

Schemes that have less than 45% exposure to CRISIL-

defined large-cap stocks for the preceding 36 months as per

the above methodology.

Second level test for large-cap and small & midcap funds

● Funds failing to meet the criteria of large-cap or small &

midcap category in only 1 out of 4 buckets will be further

evaluated.

● Average exposure in large-cap stocks will be computed

with top 110 stocks (as per market cap) for that bucket. If

average exposure to large-cap stocks is greater than or

equal to 75%, the fund will be classified as a large Cap

fund. For small & mid cap average exposure in large-cap

stocks will be computed with top 100 stocks (as per

market cap) for that bucket and if the exposure is less

than or equal to 45%, the fund will be classified as a

small & mid cap fund

1c) Thematic – infrastructure funds

Schemes that follow an investment objective to invest in

infrastructure related sectors.

1d) ELSS

Schemes that invest in equity and equity-related

instruments, and are aimed to enable investors to avail tax

deduction under Section 80 C of the Income Tax Act are

considered.

1e) Diversified equity funds

All remaining eligible equity schemes are ranked under this

category.

1f) Index funds

Schemes launched with an objective to generate returns that

are commensurate with the performance of their

benchmark’s Total Return Index (TRI), subject to tracking

errors are considered. Open-ended exchange traded funds

(ETFs) are also included.

The following will be excluded:

● Index schemes that allow the fund manager to take

overweight investment positions on stocks that comprise

their benchmark index.

● Index schemes that are benchmarked to indices other

than S&P BSE Sensex and Nifty 50.

2. Hybrid funds

2a) Balanced funds

Schemes investing more than 65%, but less than 80%, of the

AUM in equity securities and 20-35% in debt and money

market securities are considered. Speciality schemes with

26

the above asset allocation focusing on children, pension,

unit-linked insurance, young citizens, charity and retirement

are not considered.

2b) Monthly income plan - aggressive

Schemes where investment in equity normally limits to 15-

30% of the corpus and generally declare monthly dividends

are considered.

3. Debt funds

3a) Long-term gilt funds

Schemes with an exposure in excess of 98% over the past

three years to the following are considered for ranking:

● Central and state government securities

● Cash and cash equivalents such as collateralised

borrowing and lending obligations (CBLOs), reverse repo,

net receivables, etc.

3b) Income funds

Schemes that predominantly invest in long term corporate

debt papers and government securities (G-Secs) are

considered. These schemes also invest in short term and

money market securities.

3c) Credit opportunities funds

Schemes that predominately invest in sub-AAA rated

securities and have a residual maturity of greater than six

months are considered.

3d) Short-term income funds

Schemes that predominantly invest in short term corporate

debt papers, certificates of deposit (CDs), money market

instruments and G-Secs are considered. The average

portfolio modified duration over the last one year must be

less than 3 years.

3e) Ultra-short-term debt funds

Schemes that predominantly invest in short term corporate

debt papers, certificates of deposit (CDs), money market

instruments and G-Secs are considered. The average

portfolio modified duration over the last one year must be

less than 1.25 years.

Second level test for short term income and ultra-short-term

debt funds:

● An additional check will be made to identify funds which

keep duration at a very wide deviation from its category

definition over some months but still manage to keep the

average in line of the category.

Category

Maximum number of

times limit can be

breached

Upper limit

(modified

duration)

Lower limit

(modified

duration)

Short term

income

2 out of last 12

months 3.5 0.80

Ultra-short-

term debt

0 out of last 12

months 1.5 NA

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.

27

Parametric weights

Category

Large cap,

diversified,

small &

midcap, infra

and ELSS

Index Balanced MIP -

aggressive

Long-

term

Gilt

Income CROP

Short-

term

income

Ultra-short

term debt Liquid

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

Sensitive Sector (%)* 10 - 10 5 - 5 5 5 5 5

Equity - Liquidity (%) 5 - 10%*K 7.5%*K - - - - - -

Debt - Asset Quality (%) - - 5%*

(100-K) 17.5 - 17.5 10 10 10 10

Debt Liquidity (%) - - 5%*

(100-K)

7.5%*

(100-K) 15 7.5 15 15 15 20

Modified Duration (%) - - - 5 10 5 5 5 5 -

Time Period 3

years 3 years

3

years

3

years

3

years

3

years

1

year

1

year

1

year

1

year

K = Equity component in hybrid schemes


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.

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