Mutual Fund Research - way2wealth.com Cap Fund - Jan'17.pdf · Calendar Year Analysis YTD 2016 2015...

Jan 2017

Mutual Fund Research

LARGE CAP FUND

Category Presentation-

Toll Free No 1800 425 3690 www.way2wealth.com

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Birla SL Top 100 Fund

DSPBR Top 100 Fund

ICICI Pru Top 100 Fund

Kotak 50

Reliance Top 200 Fund

SBI Bluechip Fund

Source: Morningstar Direct

Birla Sun Life Top 100 Gr

Por�olio Date: 31/12/2016Return as on 20/01/2017

Investment Strategy

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Large cap focused fund which comprises of top 100 stocks by market

capitaliza�on

Pick established companies with strong corporate governance.

Seek to invest in companies with valua�ons cheaper on a growthadjusted basis

in comparison to the broad market indices and the benchmark index.

Try to target companies with above average financial performance and those

with demonstrated higher efficiency in use of capital.

Por�olio Posi�oning

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As with in the previous quarter, Financial Services, IT, Basic Material and

consumer cyclical and healthcare remain the top 5 sectoral bets.

Fund has added quite a few companies in the quarter including Dr Reddys, Divis

Lab, Hindalco while exi�ng from ACC, Tata Steels, Colgate amongst others.

Fund Manager Speak

“As poli�cal and economic developments unfurl in both global as well as domes�c

markets, there would be opportuni�es across categories. In some cases, the price

reac�on could be severe which the fund managers can take advantage of. Due to

demone�sa�oninduced slowdown and riskoff emana�ng from dollar strength and Fed

rate hikes, markets could be weak in the short term. But as currency gets available to the

public and markets factor in the incremental steps taken by the government domes�cally

to prop up growth and the agenda of the new President of the United States is

understood, stability to the markets would return. Now that the correc�on is here,

markets are providing a good entry point to investors with a medium to longterm view.

In fact, the India story has just got even be�er. “

Mahesh Pa�l CoChief Investment Officer, Birla Sun Life MF

Rolling Return Analysis

YTD 1 Y 3 Y 5 Y0.0

5.0

10.0

15.0

20.0

4.1

18.2 18.7 18.0

3.0

13.4

10.4 10.9

Re

turn

Fund Sta�s�cs

Incep�on Date

Fund Size (mn)

Expense Ra�o

Manager Name

Manager Tenure (Yrs)

24/10/2005

� 22,289

2.42

Mahesh Pa�l

6.50

Birla Sun Life Top 100 Gr IISL Ni�y 50 PR INR

Investment Growth in 5 years

2012 2013 2014 2015 2016

100

150

200

250

300



Calendar Year Analysis

YTD 2016 2015 2014 2013 201215.0

7.5

0.0

7.5

15.0

22.5

30.0

37.5

45.0

52.5

6.7 6.7

0.0

48.9

9.1

36.4

3.0 3.0

4.1

31.4

6.8

27.7

Re

turn

Risk Matrix

Vola�lity Alpha R2 Beta IR Sharpe


IISL Ni�y 50 PR INR

18.24

18.91

6.066 95.95 0.95 2.20 0.81

0.440.130.641 98.03 1.29

Style Box

3.5 28.8 59.6

1.5 4.1 1.0

1.4 0.0 0.0

Larg

eM

idS

ma

ll

Value Blend Growth

Market Cap %

Market Cap Giant 61.1

Market Cap Large 30.8

Market Cap Mid 6.7

Market Cap Small 1.4

Market Cap Micro 0.0

Performance Analysis

YTD 1 Y 3 Y 5 Y 10 Y



4.09

3.05

18.21

13.45

18.70

10.44

18.01

10.94

11.14

7.51

Top 10 Holdings

StocksPor�olio

Weigh�ng %

HDFC Bank Ltd

Infosys Ltd

ICICI Bank Ltd

Tata Motors Ltd

ITC Ltd

Grasim Industries Ltd

Kotak Mahindra Bank Ltd

HCL Technologies Ltd

Maru� Suzuki India Ltd

Reliance Industries Ltd

7.36

4.46

4.01

3.66

3.63

2.88

2.86

2.82

2.79

2.75

Por�olio Date: 31/12/2016Return Date: 20012017

Sector Exposure

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

Basic Materials %

Consumer Cyclical %

Financial Services %

Real Estate %

Consumer Defensive %

Healthcare %

U�li�es %

Communica�on Services %

Energy %

Industrials %

Technology %

Birla Sun Life Top 100 Gr IISL Ni�y 50 PR INR


DSP BlackRock Top 100 Equity Reg Gr


Investment Strategy

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A pure large cap fund with Investment in companies whose market capitaliza�on is

within the range of highest & lowest market capitaliza�on of 100 largest listed

corpora�ons.

Endeavors to Generate Alpha while owning best of the index companies

Endeavors to lower por�olio vola�lity by incorpora�ng only large cap funds in the

por�olio

Invests in cos which have an established business model with a proven management

track record and a poten�al to generate high cash flows.


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Financial Services, Consumer Cyclical, Energy, Technology and Basic Material are the

top 5 sector contributors and together they contribute ~83% of the net asset, with

Healthcare and Industrial ge�ng replaced by Technology and basic material towards

the fagend of the quarter.

As in the last quarter, fund has hardly done any churning with it adding Vedanta, Tech

Mahindra, Hindalco and Bank of Baroda to the por�olio, while exi�ng from Kotak

Bank and Bajaj Finserv.

AMC/Fund Manager Speak

On domes�c front, the growth/demand slowdown caused by the Government’s recent de

mone�za�on drive may get further accentuated once GST is implemented. While GST may

cause a near term slowdown on account of the complexity and the scale of implementa�on,

we believe the unified system of taxa�on will be very posi�ve over the long term as it aims to

simplify the exis�ng indirect tax structure, prevent cascading of taxes, remove interstate

barriers and formalize a greater part of the economy. This will eventually lead to higher GDP

growth, lower infla�on and higher Government tax revenues on account of increased

compliance.


YTD 1 Y 3 Y 5 Y0.0

5.0

10.0

15.0

20.0

4.8

18.0

14.8

12.5

3.8

15.5

11.7 11.7

Re

turn

Fund Sta�s�cs

Incep�on Date

Fund Size (mn)

Expense Ra�o

Manager Name


10/03/2003

� 33,682

2.28

Harish Zaveri

1.50

DSP BlackRock Top 100 Equity Reg Gr S&P BSE 100 India INR


2012 2013 2014 2015 2016

100

120

140

160

180

200

220




YTD 2016 2015 2014 2013 201210.0

5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

4.9 4.9

2.3

37.5

2.2

30.3

3.6 3.6

3.2

32.3

5.9

30.0

Re

turn

Risk Matrix



S&P BSE 100 India INR

19.87

18.90

0.705 94.36 1.00 0.17 0.51

0.480.015 97.52 0.291.28

Style Box

10.5 29.4 58.7

0.0 0.0 1.4

0.0 0.0 0.0

Larg

eM

idS

ma

ll

Value Blend Growth

Market Cap %



Market Cap Mid 1.4




YTD 1 Y 3 Y 5 Y 10 Y



4.85

3.82

17.98

15.50

14.80

11.69

12.54

11.67

11.11

7.64

Top 10 Holdings

StocksPor�olio

Weigh�ng %

HDFC Bank Ltd

State Bank of India


Infosys Ltd

IndusInd Bank Ltd


Larsen & Toubro Ltd

Bharat Petroleum Corp Ltd

Tata Motors Ltd Class A

ICICI Bank Ltd

8.89

6.93

6.71

5.55

4.59

4.20

3.95

3.77

3.63

3.37


Sector Exposure

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

Basic Materials %

Consumer Cyclical %


Real Estate %


Healthcare %

U�li�es %


Energy %

Industrials %

Technology %

DSP BlackRock Top 100 Equity Reg Gr S&P BSE 100 India INR


ICICI Pru Top 100 Gr


Investment Strategy

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Invests in Large cap companies with poten�al for fast paced earnings growth.

Follows blended style of inves�ng.

Follows Top Down and non benchmark hugging approach for por�olio

construc�on.

Takes Macro/Sector Calls and Contrarian Calls with an aim to generate alpha.

Tries to take bet on select stock among each sector; don’t believe in inclusion of

no of stocks.


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Financial Services, Basic Materials, Technology, Healthcare and industrials are the

top 5 sector contributors and they contribute ~66% of the net asset.

As in the last quarter, Financial Services, basic material and healthcare remain the

top pick of the Fund.

Fund has exited from quite a few companies in the quarter including Axis Bank,

CESE and Reliance Industries.

Fund has also ac�vely added new cos like Britannia Industries, ITC, L&T amongst

other to the por�olio in the OctDec’16 quarter.


There is a case for being moderately overweight on equi�es with 2 year View. This is with

an understanding that vola�lity is likely to prevail up to March 2017.Post that we believe

deleveraging cycle may start playing out and capacity u�liza�on may increase leading to

improvement in earnings.


YTD 1 Y 3 Y 5 Y0.0

5.0

10.0

15.0

20.0

25.0

30.0

4.7

24.1

17.1 16.2

3.0

13.4

10.4 10.9

Re

turn

Fund Sta�s�cs

Incep�on Date

Fund Size (mn)

Expense Ra�o

Manager Name


09/07/1998

� 15,304

2.43

Mul�ple

4.92

ICICI Pru Top 100 Gr IISL Ni�y 50 PR INR


2012 2013 2014 2015 2016

100

125

150

175

200

225

250




YTD 2016 2015 2014 2013 201210.0

5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

10.3 10.3

0.6

38.3

11.4

32.8

3.0 3.0

4.1

31.4

6.8

27.7

Re

turn

Risk Matrix




17.43

18.91

5.308 92.03 0.90 1.25 0.77

0.440.641 98.03 1.29 0.13

Style Box

0.4 26.3 53.8

10.5 4.2 0.0

1.4 3.0 0.4

Larg

eM

idS

ma

ll

Value Blend Growth

Market Cap %



Market Cap Mid 14.7




YTD 1 Y 3 Y 5 Y 10 Y



4.71

3.05

24.14

13.45

17.08

10.44

16.16

10.94

10.96

7.51

Top 10 Holdings

StocksPor�olio

Weigh�ng %

Power Grid Corp Of India Ltd

Bhar� Airtel Ltd

HDFC Bank Ltd

Tata Chemicals Ltd

Coal India Ltd

Tech Mahindra Ltd

ICICI Bank Ltd

Infosys Ltd

Great Eastern Shipping Co Ltd

Cipla Ltd

8.23

7.92

5.62

5.26

4.30

4.13

4.00

3.96

3.82

3.82


Sector Exposure

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0

Basic Materials %

Consumer Cyclical %


Real Estate %


Healthcare %

U�li�es %


Energy %

Industrials %

Technology %

ICICI Pru Top 100 Gr IISL Ni�y 50 PR INR


Kotak 50 Reg Gr


Investment Strategy

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A large cap fund with no sector bias.

Takes tac�cal call on Mid Caps to generate alpha.

Fund invests into sector leaders with a special emphasis of inves�ng in companies

that will likely see improvements in return ra�os.

As the fund name suggests, fund will keep por�olio holding at 50 stocks, with

flexibility of increasing the number to 59.


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Financial Services, Consumer Cyclical, Technology, Basic Material and Consumer

Defensive are the top 5 sectoral bets with Healthcare being replaced by Consumer

Defensive.

Financial Services remains the main contributor, with it contribu�ng 2728% of the

total net Asset

Fund has not done much churning with it exi�ng from Jubliant Foodworks, Siemens

and Grasim Industries. The Fund has added couple of Stocks in the quarter including

Laurus Lab and M&M Financial Services.


“By and large, the consump�on basket should do reasonably well. While these events are

hard to predict in terms of what the government end up doing, I guess there is a reasonable

chance that both on the rural side as well as on the middle class consump�ons side, there

could be some kind of leeway given by the government in terms of tax rates etc and that

could be some kind of a posi�ve sen�ment for these categories. “

Harish Krishnan, Sr VP & Fund Manager Equity, Kotak MF


YTD 1 Y 3 Y 5 Y0.0

5.0

10.0

15.0

20.0

14.2

16.7

3.8

14.9

3.0

13.4

10.4 10.9

Re

turn

Fund Sta�s�cs

Incep�on Date

Fund Size (mn)

Expense Ra�o

Manager Name


29/12/1998

� 11,518

2.31

Harish Krishnan

3.00

Kotak 50 Reg Gr IISL Ni�y 50 PR INR


2012 2013 2014 2015 2016

100

120

140

160

180

200

220


Kotak 50 Reg Gr


YTD 2016 2015 2014 2013 201210.0

5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

23.4

4.3

42.5

3.82.9 2.93.0 3.0

4.1

31.4

6.8

27.7

Re

turn

Risk Matrix


Kotak 50 Reg Gr

IISL Ni�y 50 PR INR 18.91 0.440.641 98.03 1.29 0.13

0.580.750.9595.992.28718.24

Style Box

6.0 23.7 55.0

0.0 6.2 6.1

0.0 2.0 1.1

Larg

eM

idS

ma

ll

Value Blend Growth

Market Cap %



Market Cap Mid 12.3




YTD 1 Y 3 Y 5 Y 10 Y

Kotak 50 Reg Gr

IISL Ni�y 50 PR INR 3.05 13.45 10.44 10.94 7.51

9.9614.1616.6914.903.84

Top 10 Holdings

StocksPor�olio

Weigh�ng %

HDFC Bank Ltd

Infosys Ltd

ITC Ltd

ICICI Bank Ltd

IndusInd Bank Ltd



Hero MotoCorp Ltd

Axis Bank Ltd

Sun Pharmaceu�cals Industries Ltd

8.12

6.78

5.49

4.64

4.18

3.93

3.59

3.57

3.28

3.06


Sector Exposure

0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0

Basic Materials %

Consumer Cyclical %


Real Estate %


Healthcare %

U�li�es %


Energy %

Industrials %

Technology %

Kotak 50 Reg Gr IISL Ni�y 50 PR INR


Reliance Top 200 Gr


Investment Strategy

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Investment in companies whose market capitaliza�on is within the range of highest & lowest

market capitaliza�on of S&P BSE 200 Index.

Endeavors to Generate Alpha while owning best of the index companies

Endeavors to invest in leaders or poten�al leaders with established business models &

sustainable free cash flows.

Endeavors to invest in growth companies at a reasonable valua�on & with high return on

equity.

Invests in emerging large cap companies which have an established business model with a

proven management track record and a poten�al to generate high cash flows.


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Financial Services, Consumer Cyclical, industrial, technology and Energy are the top 5

sectoral picks, with fund toggling between healthcare, consumer defensive and energy in the

quarter.

Fund has exited from United Breweries, BHEL, Motherson Sumi, Cipla and Tata Motors while

adding Sun Pharma, Indian Oil, Coal India and Eicher Motors to the por�olio.


Trump policies are expected to be protec�onist and may resume trade wars but would have limited

impact on India. Informa�on Technology and Pharmaceu�cal sectors may face some pressure. As

Trump aims to double the US GDP growth to 4%, it will be beneficial to India in the medium term to

long term. Indian Macros stand out among its peers in the recent past. Even in term of CAD, it has

come off the highs seen in 2012 and is in a comfortable posi�on now. India will con�nue to stand out

a�er the structural reforms which are in place currently. Post the demone�sa�on move, interest rates

looks set to fall further and remain structurally low. We are entering a lower interest rate regime

structurally and lower interest rates are beneficial for equi�es.


YTD 1 Y 3 Y 5 Y0.0

5.0

10.0

15.0

20.0

25.0

4.2

15.5

19.417.2

4.1

16.4

13.612.6

Re

turn

Fund Sta�s�cs

Incep�on Date

Fund Size (mn)

Expense Ra�o

Manager Name


08/08/2007

� 23,377

2.49

9.42

Reliance Top 200 Gr S&P BSE 200 India INR


2012 2013 2014 2015 2016

100

150

200

250

300


Ashwani KumarSailesh Raj Bhan

Reliance Top 200 Gr


YTD 2016 2015 2014 2013 20127.5

0.0

7.5

15.0

22.5

30.0

37.5

45.0

52.5

60.0

2.2 2.2 1.1

54.6

4.2

41.0

4.0 4.0

1.5

35.5

4.4

31.0

Re

turn

Risk Matrix


Reliance Top 200 Gr


19.07

18.59

4.461 94.86 0.98 1.45 0.79

0.530.856 96.93 1.26 0.51

Style Box

4.7 27.3 58.4

0.1 3.5 6.0

0.0 0.0 0.0

Larg

eM

idS

ma

ll

Value Blend Growth

Market Cap %



Market Cap Mid 9.6




YTD 1 Y 3 Y 5 Y 10 Y

Reliance Top 200 Gr


4.24

4.05

15.48

16.38

19.36

13.55

17.24

12.58

10.23

7.94

Top 10 Holdings

StocksPor�olio

Weigh�ng %

State Bank of India

ITC Ltd

Infosys Ltd

ICICI Bank Ltd



HDFC Bank Ltd

Larsen & Toubro Ltd

Mahindra & Mahindra Ltd

GAIL (India) Ltd

8.56

5.69

5.19

4.91

4.63

4.25

4.14

3.75

3.70

3.66


Sector Exposure

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

Basic Materials %

Consumer Cyclical %


Real Estate %


Healthcare %

U�li�es %


Energy %

Industrials %

Technology %

Reliance Top 200 Gr S&P BSE 200 India INR


SBI Bluechip Reg Gr


Investment Strategy

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Diversified basket of equity stocks of companies whose market cap is at least equal to or

more than the least market capitalized stock of BSE 100 index

Alloca�on to large caps through bo�omup stock selec�on

Opportunis�c alloca�on to high convic�on midcaps

Max cash alloca�on endeavored to be capped at 10%


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Financial Services, Healthcare, Basic Material, Consumer Cyclical and Industrial are the

top picks with Basic Material replacing Technology as Top 5 contributor from the previous

quarter.

Together they contribute ~78%of the net asset.

Fund has not done much churning in the fund, exi�ng from ONGC and adding Hero

MotoCorp and Power Finance Corp to the por�olio.

Fund Manager Speak

“I don’t see any posi�ve shortterm triggers unless the growth rebound happens faster than

expected. But I don’t see that happening. Today, on one side, there’s uncertainty about the

growth, and on the other, raw material costs are going up. So if demand growth doesn’t come

back, companies won’t be able to pass on the addi�onal cost and margins will be squeezed. I

think everything boils down to how fast earnings will recover. The blue chip is a topperforming

fund in the long term, while the midcap has also done reasonably well over the same period. Our

focus is on what we want to buy in the por�olio and what will create longterm wealth. ”

Sohini Andani (Fund Manager)


YTD 1 Y 3 Y 5 Y0.0

5.0

10.0

15.0

20.0

25.0

3.7

15.7

20.219.3

3.8

15.5

11.7 11.7

Re

turn

Fund Sta�s�cs

Incep�on Date

Fund Size (mn)

Expense Ra�o

Manager Name


14/02/2006

� 101,043

2.39

Sohini Andani

6.33

SBI Bluechip Reg Gr S&P BSE 100 India INR


2012 2013 2014 2015 2016

100

150

200

250

300


SBI Bluechip Reg Gr


YTD 2016 2015 2014 2013 201215.0

7.5

0.0

7.5

15.0

22.5

30.0

37.5

45.0

52.5

4.8 4.88.0

47.9

7.6

38.2

3.6 3.6

3.2

32.3

5.9

30.0

Re

turn

Risk Matrix


SBI Bluechip Reg Gr


16.67

18.90

6.829 95.75 0.89 2.23 0.93

0.480.290.015 97.52 1.28

Style Box

7.6 14.4 63.8

1.0 7.6 4.9

0.0 0.0 0.7

Larg

eM

idS

ma

ll

Value Blend Growth

Market Cap %



Market Cap Mid 13.5




YTD 1 Y 3 Y 5 Y 10 Y

SBI Bluechip Reg Gr


3.71

3.82

15.69

15.50

20.17

11.69

19.27

11.67

9.94

7.64

Top 10 Holdings

StocksPor�olio

Weigh�ng %

HDFC Bank Ltd

Sun Pharmaceu�cals Industries Ltd


Larsen & Toubro Ltd

Mahindra & Mahindra Ltd

UPL Ltd


Bharat Electronics Ltd

Infosys Ltd

Hindustan Petroleum Corp Ltd

6.48

3.29

3.17

3.16

3.03

3.01

3.01

2.98

2.97

2.57


Sector Exposure

0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5

Basic Materials %

Consumer Cyclical %


Real Estate %


Healthcare %

U�li�es %


Energy %

Industrials %

Technology %

SBI Bluechip Reg Gr S&P BSE 100 India INR


VolatilityStandard deviation is a statistical measurement which, when applied to an investment fund, expresses its volatility, or risk. It shows how widely a range of returns varied from the fund's average return over a particular period. Low volatility reduces the risk of buying into an investment in the upper range of its deviation cycle, then seeing its value head towards the lower extreme.

Jensen's AlphaThis is a risk-adjusted measure used to gauge the extent to which a manager has added value to the returns that could have been expected from a benchmark portfolio, while taking into account the fund's sensitivity to that benchmark.This is a test of whether a fund has achieved a better performance than its Beta would suggest: a positive Jensen Alpha indicates an active management style with superior stock-picking ability; a negative figure is produced if returns are falling short of the adjusted benchmark return.

R-SquaredThe R-Squared measure is an indication of how closely correlated a fund is to an index or a benchmark. It can be treated as a percentage, showing what proportion of a fund's movements can be attributed to those of the benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all, and 1, rarely, showing a perfect match. Values upwards of 0.7 suggest that the fund's behavior is increasingly closely linked to its benchmark, whereas the relevance diminishes as R-Squared descends towards 0.5, and starts to disappear altogether below that.

BetaBeta is a statistical estimate of a fund's volatility by comparison to that of its benchmark, i.e. how sensitive the fund is to movements in the section of the market that comprises the benchmark. A fund with a Beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark, so that with a Beta of 1.5, say, the fund will be expected to rise or fall 1.5 points for every 1 point of benchmark movement.

Information RatioSo called because it assesses the degree to which a manager uses skill and knowledge to enhance returns, this is a versatile and useful risk-adjusted measure of actively-managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its Tracking Error (which is a measure of the volatility of those excess returns). In this way, we arrive at the value, per unit of extra risk assumed, that the manager's decisions have added to what the market would have delivered anyway.The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding. This is particularly useful when comparing a group of funds with similar management styles and asset allocation policies.

Sharpe RatioThis is a commonly-used measure which calculates the level of a fund's return over and above the return of a notional risk-free investment, such as cash or Government bonds. The difference in returns is then divided by the fund's standard deviation - its volatility, or risk measurement. The resulting ratio is an indication of the amount of excess return generated per unit of risk.The higher the Sharpe ratio the better: as the ratio increases, so does the risk-adjusted performance.


DISCLAIMER

The contents of this material are general and are neither comprehensive nor appropriate for every individual and are solely for the informational purposes of the readers. This material does not take into account the specific investment objectives, financial situation or needs of an individual/s or a Corporate/s or any entity/s. A qualified professional should be consulted before making an investment decisions or acting on any information contained in this material. All investments involve risk and past performance does not guarantee future results. Investigate before you invest. You are strongly cautioned to verify any information before using it for any personal or business purpose.

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Mutual Fund Research - way2wealth.com Cap Fund - Jan'17.pdf · Calendar Year Analysis YTD 2016 2015...

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