Investment Strategy: The fund has been invested in wide variety of securities with around 70% of the portfolio in AAA and equivalent securities. The fund's YTM as at 31 December 2010 is at 8.3% with average maturity of around 117 days.

Asset Size: The fund's AUM as at 31 March 2011 is INR 685 crore.

Performance: The fund has always been among the top performing funds in its peer group for all time periods - 5 year, 4 years, 3 years and so on. As of 31 December 2010, this fund has outperformed its benchmark Crisil Liquid Fund Index across all periods. Over the past 1 year, this fund has given 5.54% returns while its benchmark has given 5.11% and over a 5 year period, this fund has given CAGR returns of 7.25% while its benchmark has given 6.37% returns.

The fund has expense ratio of 0.64% as at 30 September 2010 which is lower than the category average of 0.70%.

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Investment Strategy: The fund's average maturity in the first seven months of 2010 was on an average 125 days; however post the SEBI regulation that securities with a residual maturity of over 91 days should be marked-to-market on a daily basis, the fund has brought down the average maturity and as on 31 December 2010, the fund average maturity is 55 days. The YTM of the fund as at 31 December 2010 is 8.3%. The fund carries an exit load of 0.25% if redeemed before 15 days so an investor investing in this fund should ensure that there is no immediate cash requirement .

Asset Size: The fund's AUM as at 31 March 2011 is INR 1,949 crore.

Performance: As of 31 December 2010, this fund has outperformed its benchmark across 6 months, 1 year and 5 year periods and has underperformed its benchmark in the 3 year period. Over the past 1 year, this fund has given 5.42% returns while its benchmark has given 4.7% and over a 5 year period, this fund has given CAGR returns of 7.20% while its benchmark has given 6.84% returns.

The fund's expense ratio is 0.31%, as at 30 September 2010, much lower than the category average of 0.70%.

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Investment Strategy: The fund is invested in a wide variety of debt securities and around 61% of the portfolio is in Certificate of Deposits and Commercial Papers for 2010. Prior to 2010, these two instruments had an exposure of close to 45% between December 2007 and December 2009. The fund's average maturity and modified duration as of December 2010 is at 73 days and 65.7 days respectively while the average maturity and modified duration for 2010 is at 86.4 days and close to 82 days respectively. The average maturity and modified duration have reduced considerably in comparison to the average maturity of 199 days and modified duration of 160 days between December 2007 and December 2009.One salient feature of this fund is that it has no exit load unlike a few other ultra short term funds which have exit loads for withdrawals within 15 days.

Asset Size: The fund's AUM as at 31 March 2011 is INR 497 crore.

Performance: This fund has always been among the better performing ultra short term funds. It has outperformed its benchmark Crisil Liquid Fund Index across 3 and 5 year periods. The fund has generated CAGR return of 6.90% over 5 years as compared to 6.38% generated by the benchmark; over the 3 year period this fund has given 6.62% returns in comparison to 6.12% of its benchmark as at 31 December 2010.

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Investment Strategy: The fund invests in medium to long tenure Government securities paper to generate relatively steady return with some market volatility. The fund actively adjusts the duration of the holdings depending on the fund manager's view on interest rates. In 2010, Reserve Bank of India (RBI) started hiking rates since March 2010. In February the fund portfolio had average maturity of 3.5 years which the fund manager brought down to 0.9 years in March 10 and again increased in September 10 to 3.9 Years. In last few months G-sec yields have started rising again and the papers are trading in the range of 7.85% to 8.20%. Due to increase in yields, the fund has also increased its average maturity and as at 30 November 2010, the fund average maturity is 9.8 years, with modified duration of 6.2 years and Yield to Maturity of 8.1 years.

Asset Size: The fund has a corpus of approximately Rs. 318 crore as at March 31, 2011.

Performance: On the basis of weighted average performance over the past five years, the fund is the best performing Gilt Long Term fund . Since inception the fund has generated CAGR return of 11.06% as compared to 10.43% generated by the benchmark I-Bex (I-Sec Sovereign Bond Index). However as the fund actively manages the duration of the fund, the fund is prone to higher volatility and higher risk. During 31 December 2008 to 14 March 2009, when the 10 year Gsec yield unexpectedly rose by 208 basis points, the fund gave absolute negative return of 11.42% during the period as the fund was running with modified duration of on an average of 9.4 years.

As at 30 September 2010, the fund's expense ratio is 1.25% which is lower than the category average of 1.49%.

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Investment Strategy: The fund invests in government securities of very short term nature. As at 30 November 2010, the fund has around 92% of the portfolio in maturity profile of 1 to 3 years. With yields increasing in last few months, the fund has increased its average maturity in November 2010 to 1.7 years from 1.3 years in October 2010; however it is still far lower than the high average maturity of 3.9 years reached in January 2010.

Asset Size: The fund's AUM is around Rs. 144 crore as at 31 March 2011.

Performance: This fund has been the best performing gilt short term fund on our platform over the past five year period (31-December-2005 to 31-December-2010). The fund has generated CAGR return of 8.22% in last 5 years and CAGR return of 9.16% in last three years (as at 31 December 2010 ) in comparison to an average return of 5.2% and 4.8% of the Gilt Short Term category during the same periods.

As at 30 September 2010, the fund's expense ratio is 1% which is in line with the category average.

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Investment Strategy: The fund's objective is to generate stable returns and it invests in fixed income securities with short maturity. In the first seven months of 2010, the fund's average maturity was between 1.2 years to 1.4 years; however with yield going up in second half of 2010, the fund has increased its maturity and during August to December the fund's average maturity was between 1.8 years to 2.4 years.

Asset Size: The fund's AUM is around Rs. 2864 crore as at 31 March 2011.

Performance: The fund has performed consistently over the years and in the last 5 years has generated CAGR return of 8.52% (as at 31 December 2010) in comparison to 6.43% returns from its benchmark, the Crisil Liquid fund index. In addition, the fund has generated positive returns in all months on a monthly basis in the last 5 years. As at 31 December 2010, the fund's yield to maturity (YTM) stands at 8.54%, with modified duration and average maturity of 2.1 years.

The fund's expense ratio as at 30 September 2010 is 0.66% which is far lower than category average of 0.90%.

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Investment Strategy: The fund aims to provide steady income while avoiding interest rate volatility by holding papers till maturity. The fund invests some portion of the corpus in papers which are perceived to have higher credit risk to generate higher accrual. As at 31 December 2010, the fund has invested around 63% of the portfolio in A1+ and AAA rated and equivalent papers. Around 21% of the portfolio is invested in AA and AA+ and AA- equivalent papers and around 16% in A+ and equivalent rated papers.

Asset Size: The fund's AUM is around Rs. 3795 crore as at 31 March 2011.

Performance: The fund has been a consistent performer and has been the best performing fund in last 2 years. Over 5 years as at 31 December 2010 the fund has generated CAGR return of 8.66% in comparision to the 6.84% of its benchmark index, the Crisil Short Term bond fund index.

In terms of expense ratio, as at 30 September 2010, the fund's expense ratio is 1.3%, higher than the category average of 0.90%. However the return generated by the fund has compensated for the higher expense ratio.

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Investment Strategy: The fund objective is to generate optimal return with active management of the portfolio and duration. In the last two years the fund has been managed like a active medium term fund with average maturity ranging from 1 years to 3 years. The fund is invested around 42% in AAA rated security, 25% in AA rated security, 24% in sovereign, 2% in unrated papers and rest in cash and current assets. The fund has around 38% exposure in corporate debt, 24% in Government bonds, around 18% in floating rate papers and around 11% in securitised sebt.

Asset Size: The fund's AUM as at 31 March 2011 is INR 2,648 crore.

Performance: The fund has been a consistent performer and has generated CAGR return of 8.57% over last 5 years as compared to 5.66% generated by the benchmark Crisil Composite Bond Fund Index. In all the five risk periods of the debt market selected to evaluate the performance of funds in rising yield scenario, the fund has generated positive return in all five.

As at 30 September 2010, the fund's expense ratio was 0.98% which is very low as compared to category average of 1.58%.

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Investment Strategy: The fund objective is to invest substantially in floating rate debt and money market instruments and generate regular income for the investor. However as not too many floating rate papers are available in the markets, the fund is managed like an ultra short term fund. As at 31 December 2010, the fund has around 86% of the portfolio in Money Market Instruments and 14% in Cash and current assets. The fund's top holdings mainly compromise of certificates of deposits (CD) paper, with Canara Bank CDs accounting for 18% of the portfolio followed by United Bank of India and IDBI Bank having about 14% each. The fund invests in high quality papers with complete portfolio invested in AAA rated papers.

Asset Size: The fund's AUM stands at around Rs. 989 crore as at 31 March 2011.

Performance: In the last 5 years the fund has generated positive return in all the months and has significantly outperformed the benchmark with CAGR of 7.65% as compared to 6.38% by benchmark Crisil Liquid Fund Index and 6.75% generated by category average.

The fund expense ratio as at 30 September is among the lowest in the category at 0.16% as compared to category average of 0.48.

The fund carries an exit load of 0.25% if redeemed before 30 days so an investor investing in this fund should ensure that there is no immediate cash requirement.

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Investment Strategy: The fund invests in short term debt instruments and money market instruments with weighted average portfolio duration of equal to or less than 1 year. Due to scarcity of short term floating rate papers, the fund is managed like an ultra short term fund. As at 30 November 2010, the fund has around 61.22% in Commercial Papers and 27.35% in Certificates of Deposit.

Asset Size: The AUM of fund as at 31 March 2011 stands at Rs. 235 crores .

Performance: In the last 5 years the fund has generated positive returns in all the months and has significantly outperformed the benchmark with CAGR of 7.25% as compared to 6.38% by benchmark Crisil Liquid Fund Index.

As at 30 September 2010, the fund's expense ratio is 0.40% as compared to 0.48% category average.

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Investment Strategy: This fund invests in large cap stocks which can be either growth or value oriented. For the past three years, Banking, Information Technology, Refineries, Electric Equipment, Telecommunications and Power are the key sectors for this fund. These six sectors have accounted for more than 50% of the portfolio assets for the past 14 months. This fund did not have any exposure to the Power sector before July 2009 but since then the power sector has grown to one of the largest sectors in this fund. The allocation to power sector more than doubled to 7.07% in September 2010 from 3.20% in August 2010.

This fund has higher cash holdings in comparison to HDFC Top 200 fund or ICICI Prudential Focused Bluechip fund. On an average, this fund has had close to 7% cash holding in the past three years and this can be a source of slight underperformance in comparison to the other recommended large cap funds. This fund has not used derivatives in any month for the past three years.

Asset Size: The fund's AUM is around Rs. 3798 crore as at 31 March 2011.

Performance: This is one of the better performing large cap funds. As of 31 December 2010, this fund has given 22.96% on a 1 year period in comparison to 17.43% of its benchmark, i.e.SENSEX. Additionally, on a 5 year period, this fund has given 20.13% of annualized growth in comparison to 16.87% of its benchmark index. This fund has outperformed its benchmark across all periods, right from six months till since inception. The returns of this fund are slightly lower in comparison to the other two recommended large cap funds primarily due to high cash holdings in the portfolio.

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Investment Strategy: This fund invests into companies primarily from the BSE 200 index. Banking, Information Technology, Engineering, Pharma and Refineries are the most important sectors to this fund. These five sectors, on an average, account for over 50% of the portfolio investments. In the past three years, in only 3 months have the investments in these five sectors dipped below 49%. Banking is the single largest sector that this fund invests in, and in the past 36 months, investments in banking sector have never fallen below 15% of the portfolio and accounted for 24.55% of the portfolio in October 2010. Banking sector has accounted for over 20% of the portfolio throughout 2010 except for June 2010, where the banking sector holdings fell to 19.56%.

The fund has utilized derivatives only in 6 months in the past three years (most of it in 2010) and never more than 1.8% of the portfolio. The fund on an average has had 4% in cash in the past three years. If we exclude periods where the cash holding in the portfolio had exceeded 5%, then the average cash holding in the portfolio drops to 3%. The highest cash holding this fund had was in June 2009 at 10.3%

Asset Size: The fund's AUM is around Rs. 10,369 crore as at 31 March 2011.

Performance: This fund is one of the best performing equity funds in India, and is the best performing large cap fund over 5 year period (31 December 2005 to 31 December 2010). This fund has been consistently performing well and has been on our recommended funds list for the past two years (four recommended funds reviews).

As of 31 December 2010, this fund has given annualized returns of 30.93% over a 10 year period while its benchmark index , the BSE 200 Index has given annualized returns of 19.19%. Even over a 5 year period, this fund has given annualized return of 23.03%, while its benchmark has given 16.37%.

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Investment Strategy: The fund's strategy is to invest in about 20 large cap stocks. Banking, Information Technology, Automobiles, Refineries and Metals are the key sectors for this fund. These five sectors account for over 50% of the portfolio investments. In the first year since inception, these five sectors accounted for less than 50% of the portfolio, but after the first year, the combined weightage of these sectors in the portfolio has never dropped below 50% and in 2010, these sectors accounted for more than 60% of the portfolio in 5 months, mainly in the second half of 2010.

Unlike HDFC Top 200 fund which hardly used derivatives, this fund has used derivatives every month since its inception except for December 2009. In 2008, derivatives accounted for, on an average, 16% of the portfolio's investment; in 2009, the derivatives accounted for 9.6% of the portfolio and in 2010, the derivatives accounted for 5.7% of the portfolio. The cash holdings in the portfolio for 2010 have been 4.2% on an average.

Asset Size: The fund's AUM is around Rs. 1969 crore as at 31 March 2011.

Performance: Despite being in existence for less than three years, this fund has demonstrated one of the best performances in its class. As of 31 December 2010, this fund has given annualized returns since inception of 23.58% whereas its benchmark, the S&P CNX NIFTY has given a return of 8.6%. On a one year basis this fund has given 27.1% whereas its benchmark has given 17.95% return.

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Investment Strategy: The fund invests in banking and financial stocks across market capitalisation but focuses mainly on the large cap banking stocks. In the past three years, large cap stocks on an average account for about 75% of the portfolio, midcap stocks account for about 8% of the portfolio, small cap stocks account for about 2% of the portfolio and cash holdings account for 13% of the portfolio.

Investments in public and private sector banks account for about 76% of the portfolio on an average. The public sector banks account for 51% of the portfolio while the private sector banks account for 25% of the portfolio. Non Banking Financial companies (NBFCs) also account for about 6% of the portfolio.

Asset Size: The fund's AUM is around Rs. 1661 crore as at 31 March 2011.

Performance: This fund is the best performing Banking fund in India and also the best performing Banking fund on our platform over a 5 year period (31 December 2005 to 31 December 2010). We have been recommending this fund for the past two years.

As of 31 December 2010, this fund has outperformed its benchmark, the S&P CNX Bank Index across all periods. Over a 1 year period, this fund has given 46.1% while its benchmark has given 35.8% and has given annualized returns of 28.4% over a 5 year period in comparison to 22.5% of the benchmark over the same 5 year period.

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Investment Strategy: The fund invests in pharma and healthcare stocks across market capitalisation but focuses mainly on the large cap and small cap stocks. In the past three years, large cap stocks on an average account for about 46% of the portfolio, midcap stocks account for about 19% of the portfolio, small cap stocks account for about 28% of the portfolio and cash holdings account for 6% of the portfolio.

Investments in Pharmaceuticals companies account for about 89% of the portfolio on an average.

Asset Size: The fund's AUM is around Rs. 552 crore as at 31 March 2011.

Performance: This fund is the best performing Pharma fund in India and also the best performing Pharma fund on our platform over a 5 year period (31 December 2005 to 31 December 2010). We have been recommending this fund for the past two years.

As of 31 December 2010, this fund has outperformed its benchmark, the BSE Health care Index across all periods except for the 6 months and 1 year periods. Over a 1 year period, this fund has given 31.9% while its benchmark has given 34.2% and has given annualized returns of 27.2% over a 5 year period in comparison to 16.7% of the benchmark over the same 5 year period.

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Investment Strategy:
The fund invests in Fast Moving Consumer Good (FMCG) sector across market capitalisation but focuses mainly on the large cap and small cap stocks. In the past three years, large cap stocks on an average account for about 64% of the portfolio, small cap stocks for about 16% of the portfolio, while Midcap allocation has increased from 0.4% in March 2009 to 10.5% of the portfolio in December 2010. The cash holdings account for 3% of the portfolio. The portfolio also has an exposure to future derivatives but has no exposure through options with the average futures exposure at about 10.7%.

The fund invests in FMCG sectors like cigarettes, household goods, consumer food, paints and textiles. In fact, the household, personal products and cigarette sector investments have on an average accounted for over 45.5% in the past three years.

Asset Size: The fund's AUM is around Rs. 70 crore as at 31 March 2011.

Performance: As at 31 December 2010, the fund has delivered 24.93% absolute returns on a 1 year basis, 4.37% CAGR returns on a 3 year basis and 15.11% CAGR returns on a 5 year basis and 17.36% CAGR returns since the fund's inception.

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Investment Strategy: The fund invests in IT and IT sector oriented stocks across market capitalisation but focuses mainly on the large cap and small cap stocks. In the past three years, large cap stocks on an average account for about 52% of the portfolio, midcap stocks account for about 2% of the portfolio, small cap stocks account for about 39% of the portfolio and cash holdings account for 4.4% of the portfolio. The portfolio also has exposure to derivatives and the average exposure is 3.4%

Investments in Indian software companies account for about 85% of the portfolio on an average; electronic components sector has an average exposure 2.3%.

Asset Size: The fund's AUM is around Rs. 117 crore as at 31 March 2011.

Performance: This fund is the best performing IT fund in India and also the best performing IT fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark, BSE IT Index across all periods except for the 3 year period. Over a 1 year period, this fund has given 32.88% while its benchmark has given 28.3% and has given annualized returns of 15.1% over a 5 year period in comparison to 12.8% of the benchmark over the same 5 year period.

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Investment Strategy: The fund invests in 60 to 80 stocks across market capitalisation. In the past three years, large cap stocks on an average account for 78.5% of the portfolio, midcap stocks account for 8.3% of the portfolio, small cap stocks account for 6.5% of the portfolio and cash holdings account for 5.4% of the portfolio.

Banking, Information Technology, Refineries, Pharmaceuticals and Cigarettes are the important sectors for this portfolio. These five sectors on an average account for 44.4% of the portfolio. Banking is the largest sector and allocation to banking has never fallen below 15% in the past three years. The Cigarettes sector has seen considerable allocation. From 1.6% exposure to the sector in December 2007, the fund has 4.35% of its portfolio in the cigarette sector as of December 2010.

Asset Size: The fund's AUM is around Rs. 3288 crore as at 31 March 2011.

Performance: This fund is one of the better performing domestic equity funds in India and the second best performing multi cap fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

This fund has outperformed its benchmark, the BSE 200 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 26.9% while its benchmark has given 16.22% and over a 5 year period, this fund has given 21.3% while its benchmark has given 16.4%

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Investment Strategy: The fund invests mainly in growth oriented stocks. In the past three years, large cap stocks on an average account for 76% of the portfolio, midcap stocks account for 14% of the portfolio, small cap stocks account for 7% of the portfolio and cash holdings account for 2.5% of the portfolio. The fund uses debt and derivative instruments very rarely.

Banking, Information Technology, Pharmaceuticals, Construction & Engineering, Oil Exploration and Watches are the important sectors for this portfolio. These six sectors on an average account for 50% of the portfolio. Banking is the largest sector and allocation to banking has never fallen below 15% in the past three years. This fund has decreased the allocation to the pharmaceuticals sectors from 14.14% in January 2008 to 8.3% in December 2010. However, the Watches sector has seen considerable allocation. From no exposure to the sector in January 2008, the fund has 4.45% of its portfolio in the Watches sector as of December 2010.

Asset Size: The fund's AUM is around Rs. 8947 crore as at 31 March 2011.

Performance: This fund is one of the best performing domestic equity funds in India and the best performing multi cap fund on our platform over a 5 year period (31 December 2005 to 31 December 2010). This fund has been consistently performing well and has been on our recommended funds list for the past two years (four recommended funds reviews).

This fund has outperformed its benchmark, the S&P CNX 500 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 29.22% while its benchmark has given 14.13% and over a 5 year period, this fund has given 22.75% while its benchmark has given 14.96%.

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Investment Strategy: UTI Opportunities fund invests in sectors that are expected to do well in the future while moving out of sectors which look overvalued. In the past three years, large cap stocks on an average account for 74.6% of the portfolio, midcap stocks account for 4.4% of the portfolio, small cap stocks account for 4.4% of the portfolio and cash holdings account for 12.7% of the portfolio.

Automobiles, Banking, Information Technology, Cement & Construction and Cigarettes are the important sectors for this portfolio. These five sectors on an average account for 27% of the portfolio over the past three years and for 35.5% of the portfolio in 2010. Automobile is the largest sector and the allocation to this sector has grown rapidly from 1% in August 2009 to 9.11% in December 2010.

Asset Size: The fund's AUM is around Rs. 1583 crore as at 31 March 2011.

Performance: This fund is one of the better performing domestic equity funds in India and the third best performing multi cap fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

This fund has outperformed its benchmark, the BSE 100 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 19.0% while its benchmark has given 15.7% and over a 5 year period, this fund has given 17.94% while its benchmark has given 16.6%.

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Investment Strategy: This fund focuses on the large cap, midcap and small cap stocks almost equally. This can be seen from the analysis of the holding patterns of this fund. In the past three years, large cap stocks on an average account for 30% of the portfolio, midcap stocks account for 33% of the portfolio, small cap stocks account for 29% of the portfolio and cash holdings account for 6.1% of the portfolio. The fund managers use derivatives in the portfolio quite often but the allocation to derivatives is less than 4% of the portfolio.

Pharmaceuticals, Fertilizers, Electric Equipment, Information Technology and Sugar are the important sectors for this portfolio. Unlike most top performing equity funds, this fund does not have banking as one of the key sectors. These five sectors on an average account for 21.5% of the portfolio. This fund unlike HDFC Midcap Opportunities fund is invested across more sectors.

Asset Size: The fund's AUM is around Rs. 1163 crore as at 31 March 2011.

Performance: This fund is one of the better performing domestic midcap and small cap funds in India. Even though the fund has a history of less than four years, this fund is also the best performing midcap and small cap fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark, the CNX Midcap Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 29.62% while its benchmark has given 19.16% and since inception, this fund has given annualized returns of 16.98% while its benchmark has given 14.71%.

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Investment Strategy: This scheme aims to generate good returns by focusing on large and midcap stocks. In the past three years, large cap stocks on an average account for 53.9% of the portfolio, midcap stocks account for 18% of the portfolio, small cap stocks account for 22.4% of the portfolio and cash holdings account for 5.5% of the portfolio.

Pharmaceuticals, Auto Ancillary, Banking, Abrasives and Air Conditioners are the important sectors for this portfolio. These five sectors on an average account for 35% of the portfolio. However, these five sectors have accounted for 44.5% of the portfolio for 2010. Pharmaceuticals is the largest sector allocation as it has grown from 4.4% in December 2007 to 16.87% in December 2010. Air conditioner is another sector which has seen high allocation; from 1.2% allocation in March 2008, the allocation has grown to 5.06% in December 2010.

Asset Size: The fund's AUM is around Rs. 1221 crore as at 31 March 2011.

Performance: This fund is one of the better performing domestic midcap and small cap funds in India and is also the best performing midcap and small cap fund on our platform.

As of 31 December 2010, this fund has outperformed its benchmark , the CNX Midcap Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 32.33% while its benchmark has given 19.16% and since inception, this fund has given annualized returns of 14.97% while its benchmark has given 12.63%.

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Investment Strategy: The fund manager aims to invest in equity shares that have a high dividend yield in comparison to S&P CNX Nifty at the time of investment. The fund invests in stocks across the entire market capitalisation but focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 68% of the portfolio, midcap stocks account for about 9% of the portfolio, small cap stocks account for about 7% of the portfolio and cash holdings account for 11% of the portfolio. The fund also invests in deposits regularly; these deposits make up 3.5% of the portfolio.

Banking, Information Technology, Cement & Construction, Power and Oil Exploration are the important sectors for this portfolio. These five sectors have accounted on an average for 35% of the portfolio across the three year period and about 43% of the portfolio in 2010. Exposure to the Cement & Construction sector has seen a dramatic pickup in the past three years; the allocation has increased from 1.1% of the portfolio allocation in December 2007 to 8.5% in December 2010.

Asset Size: The fund's AUM is around Rs. 3263 crore as at 31 March 2011.

Performance: This fund is one of the better performing Dividend Yield funds in India and also the best performing Dividend Yield fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark, the BSE 100 Index across 1 year, 3 year, 5 year and since inception periods. Over a 1 year period, this fund has given 24.27% while its benchmark has given 15.66% and has given annualized returns of 21.4% over a 5 year period in comparison to 16.58% of the benchmark over the same 5 year period.

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Investment Strategy: The fund invests in stocks across the entire market capitalisation almost equally. In the past three years, large cap stocks on an average account for about 37% of the portfolio, midcap stocks account for about 22% of the portfolio, small cap stocks account for about 30% of the portfolio and cash holdings account for 6% of the portfolio. The fund also invests in derivatives, which make up 3% of the portfolio on an average.

Banking, Pharmaceuticals, Information Technology, Cement & Construction and Power are the important sectors for this portfolio. These five sectors have accounted on an average for 40% of the portfolio across the three year period. Banking and Pharmaceuticals are the largest sectors in the portfolio. In the past three years, exposure to banking sector has never fallen below 9% of the portfolio and exposure to the pharmaceuticals sector has never fallen below 5%.

Asset Size: The fund's AUM is around Rs. 1626 crore as at 31 March 2011.

Performance: This fund is one of the best performing Contra funds in India and also the best performing Contra fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark, the S&P CNX Nifty across 1 year, 3 year, 5 year and since inception periods but has underperformed its benchmark in the 6 months period. Over a 1 year period, this fund has given 27.7% while its benchmark has given 18.0% and has given annualized returns of 19.5% over a 5 year period in comparison to 16.7% of the benchmark over the same 5 year period.

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Investment Strategy: Franklin India Index Fund - BSE Sensex Plan was invested into the index stocks more than 99% at all times except for four months in 2010. Even in these four months, the amount of cash held by the fund never exceeded 2.4%. This fund did not use any index futures in 2010.

Asset Size: The Assets under Management (AUM) of the scheme is around Rs. 65 crore as at 31 March 2011.

Performance: Tracking error is the performance metric for an Index fund. So, we considered the tracking error for this fund from 1 year, 3 year and 5 year perspectives. This fund has tracking errors on the positive side except for the 5 year period, that is, the fund outperformed the index in all periods except the 5 year period, and the tracking errors have always been below 0.6%.

Over a 1 year period, this fund has given 17.78% returns while its benchmark, the BSE SENSEX has given 17.43% and on a 5 year annualized basis, this fund has given 16.70% while the benchmark has given 16.87%.

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Investment Strategy: ICICI Prudential Index Fund tracks the Nifty, and invested between 77% and 98% of the fund corpus in the index stocks in 2010. This fund never held more than 1% of the fund corpus as cash. However, this fund had exposure to Nifty futures in all the months of 2010. The percentage of the fund's corpus invested in Nifty futures was in excess of 14% during the first half of 2010. However, since June 2010, the fund's exposure to Nifty futures is below 10% of its corpus.


Asset Size: The fund AUM is around Rs. 92 crore as at 31 March 2011.

Performance: Tracking error is the performance metric for an Index fund. So, we considered the tracking error for this fund from 1 year, 3 year and 5 year perspectives. This fund has tracking errors on the positive side for all the three periods and the tracking errors for 3 and 5 year have been more than 1%. The reason for high positive tracking error is due to fund's investment into Nifty futures.

Over a 1 year period, this fund has given 18.73% returns while its benchmark, the S&P CNX NIFTY has given 17.94% and on a 5 year annualized basis, this fund has given 18.08% while the benchmark has given 16.66%.

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Investment Strategy: This fund focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 76% of the portfolio, midcap stocks account for about 9% of the portfolio, small cap stocks account for about 8% of the portfolio and cash holdings account for 5.2% of the portfolio.

Banking, Pharmaceuticals, Information Technology, Refineries and Cigarettes are the important sectors for this portfolio. These five sectors have accounted on an average for 45% of the portfolio in 2010, and 42% across the three year period. Banking sector has never had an allocation of less than 13% in the past three years and continues to be the dominant sector in the portfolio. Exposure to the Cigarette sector has increased tremendously in the past three years, from 1.4% of the portfolio allocation in December 2007 to 4.4% in December 2010.

Asset Size: The fund's AUM is around Rs. 1281 crore as at 31 March 2011.

Performance: This fund is one of the best performing ELSS funds in India and also the best performing ELSS fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).
As of 31 December 2010, this fund has outperformed its benchmark, the BSE 200 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 29.23% while its benchmark has given 16.22% and since inception, this fund has given annualized returns of 19.38% while its benchmark has given 15.0%.

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Investment Strategy: This fund focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 75% of the portfolio, midcap stocks account for about 15.5% of the portfolio, small cap stocks account for about 3.5% of the portfolio and cash holdings account for 5.0% of the portfolio.

Banking, Pharmaceuticals, Information Technology, Oil Exploration and Electric Equipment are the important sectors for this portfolio. These five sectors have accounted on an average for 45.5% of the portfolio across the three year period and about 48% of the portfolio in 2010. Banking sector has never had an allocation of less than 15% in the past three years and continues to be the dominant sector in the portfolio. Exposure to the Electric Equipment sector has seen a drastic reduction in the past three years; the allocation has decreased from 13.5% of the portfolio allocation in December 2007 to 4.3% in December 2010.

Asset Size: The fund's AUM is around Rs. 3093 crore as at 31 March 2011.

Performance: This fund is one of the best performing ELSS funds in India and also the second best performing ELSS fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark, the S&P CNX 500 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 26.42% while its benchmark has given 14.13% and has given annualized returns of 17.9% over a 5 year period in comparison to 14.96% of the benchmark over the same 5 year period.

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Investment Strategy: The Mirae Asset China Advantage fund is a feeder fund that invests in the Mirae Asset China Sector Leader Equity Fund. The Mirae Asset China Sector Leader Equity Fund invests in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. As of 31 December 2010, the Mirae Asset China Advantage fund has invested 97.86% in to the Mirae Asset China Sector Leader Equity Fund.

Asset Size: The fund's AUM is around Rs. 101 crore as at 31 March 2011.

Performance: This fund is the best performing global fund in India and also the best performing global fund on our platform. As of 31 December 2010, this fund has outperformed its benchmark, the MSCI China Index, across all periods. Over a 1 year period, this fund has given 11.56% while its benchmark has given -1.68% and has given annualized returns of 9.73% since its inception in comparison to -0.15% of the benchmark.

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Investment Strategy: The Principal Global Opportunities Fund is a feeder fund that invests in the Principal Global Investors - Emerging Markets Equity Fund. The Emerging Markets fund invests in emerging markets across the world and as of December 2010 has more than 50% exposure to China, Brazil, South Korea, Taiwan and India. As of 31 December 2010, the Principal Global Opportunities Fund has invested 99.67% of its corpus in the Principal Global Investors - Emerging Markets Equity Fund. As of 31 December 210, 99.56% of the corpus of the Emerging Markets Fund is completely invested into emerging market equities.

Asset Size: The fund's AUM is around Rs. 49 crore as at 31 March 2011.

Performance: This fund is the one of the best performing global funds in India and the second best performing global fund on our platform over a 5 year period (31 December 2005 to 31 December 2010). As of 31 December 2010, this fund has outperformed its benchmark, the MSCI World Index, the across all periods. Over a 1 year period, this fund has given 11.53% while its benchmark has given 7.83% and has given annualized returns of 7.8% over a 5 year period in comparison to -1.53% of the benchmark over the same 5 year period.

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Investment Strategy: This fund invests in stocks of infrastructure companies across market capitalisation but focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 65% of the portfolio, midcap stocks account for about 13% of the portfolio, small cap stocks account for about 7% of the portfolio and cash holdings account for 6% of the portfolio. The fund uses derivatives every month. The average holding of the derivatives is about 5% of the portfolio.

Banking, Electric Equipment, Telecommunication, Power, and Oil Exploration are the important sectors for this portfolio. These five sectors have accounted on an average for 42.5% of the portfolio across the three year period and about 45% of the portfolio in 2010. Banking sector has seen high allocation in the portfolio; from 5.35% in December 2007 to 18.8% in December 2010.

Asset Size: The fund's AUM is around Rs. 2,286 crore as at 31 March 2011.

Performance: This fund is one of the better performing Infrastructure funds in India and also the second best performing infrastructure fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark , the BSE 100 Index across 5 year and since inception periods but has underperformed its benchmark for the past 3 year, 1 year and six months period. Infrastructure was one of the bottom performing sectors for 2010. Over a 1 year period, this fund has given 13.78% while its benchmark has given 15.66%, and has given annualized returns of 18.45% over a 5 year period in comparison to 16.58% of the benchmark over the same 5 year period.

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Investment Strategy: This fund invests in infrastructure companies across market capitalization, but focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 66% of the portfolio, midcap stocks account for about 7% of the portfolio, small cap stocks account for about 6% of the portfolio and cash holdings account for 8.0% of the portfolio. The fund uses derivatives quite often. The average holding of the derivatives is about 5% of the portfolio. The fund also had exposure to debt securities on an average of 18% of the portfolio from January 2008 to October 2008, but since November 2008, this fund has had no exposure to debt securities.

Banking, Electric Equipment, Telecommunication, Power and Oil Exploration are the important sectors for this portfolio. These five sectors have accounted for on an average 40% of the portfolio across the three year period and about 52% of the portfolio in 2010. Banking sector has seen high allocation in the portfolio; from 5.35% in December 2007 to 18.8% in December 2010.

Asset Size: The fund's AUM is around Rs. 3009 crore as at 31 March 2011.

Performance: This fund is one of the best performing infrastructure funds in India and also the best performing infrastructure fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).

As of 31 December 2010, this fund has outperformed its benchmark, the S&P CNX NIFTY Index across 3 year, 5 year and since inception periods but has underperformed its benchmark for the past 1 year and six months period. Infrastructure was one of the bottom performing sectors for 2010. Over a 1 year period, this fund has given 9.98% while its benchmark has given 17.95% and has given annualized returns of 22.29% over a 5 year period in comparison to 16.66% of the benchmark over the same 5 year period.

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Investment Strategy: The fund is a balanced fund with mandate to invest minimum average of 65% in equities. The equity portion of the fund is actively managed and fund manager manages the asset allocation based on his outlook on the market. In a downward trending market like in 2008, the fund manager reduced exposure to equity from 72% in December 2007 to 57% in October 2008. However post that when the market recovered fund manager increased exposure to equity and was invested around 72% in May 2009. Currently the fund is invested around 72% in equities, 23% in debt and around 5% in cash and cash equivalent. In terms of market capitalisation, the equity portion of the portfolio has a good mix of both large-cap and midcap stocks. The fund manager manages the equity portion actively and moves across capitalisation based on market outlook. At the start of last year, out of 72% of the portfolio in equity 41% was in large-cap stocks and 32% in mid-cap stocks but over the period the fund manager changed the exposure and increased the midcap exposure to 40% in August 2010 and again reduced the exposure to 32% in December 2010. Currently out of 72% in equity, the fund is invested around 40% in large-cap stocks and 32% in mid-cap stocks.

Asset Size: The AUM of fund as at 31 March 2011 stands at Rs. 741 crores .

Performance: The fund has been a consistent performer and is the third best fund over last 5 years as at 31 December 2010. It has generated CAGR return of 18.87% as compared to 13.65% delivered by the benchmark Crisil Balanced Fund Index and 11.85% category average. Since its inception the fund has given CAGR return of 18.09% as compared to 16.07% delivered by the benchmark.

The fund's expense ratio is 2.08% as compared to category average of 2.17% as at 30 September 2010.

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Investment Strategy: The fund is a balanced fund with a mandate to invest on an average minimum 65% in equities. However the fund is mostly invested 72% to 75% in equities, 22% to 25% in debt and around 3% to 5% in cash and cash equivalent. The fund maintains the above exposure across all market scenarios. The equity portion of the portfolio has a good mix of both large-cap and midcap stocks, with on an average both having equal share each. However the fund manager manages the equity portion actively and moves across capitalisation based on market outlook. At the start of last year, the fund manager was more inclined towards mid-cap and small cap stocks and as markets started rising and valuation started becoming rich the manager favoured large caps. As at December 2010, the fund has around 74% in equities out of which 42% is in large-cap stocks and 32% in mid-cap and small cap stocks.

Asset Size: The fund's AUM is around Rs. 5,970 crore as at 31 March 2011.

Performance: HDFC Prudence has always been in the top quartile of performance across all time periods. The fund is the best performing fund in among its peer group and over last 5 years as at 31 December 2010 has generated CAGR return of 20.85% as compared to 13.65% delivered by the benchmark Crisil Balanced Fund Index and 11.85% category average.

The fund expense ratio is among the lowest in the category. The fund's expense ratio is 1.82% as compared to category average of 2.17%.

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Investment Strategy: The fund is mostly invested 22% - 25% in equities, 65% - 75% in debt and around 3% to 10% in cash and cash equivalent. The fund maintains the above exposure across all market scenarios. The equity portion of the portfolio has a good mix of both large-cap and midcap stocks with on an average both having equal share. On the debt side, the fund manager has managed the average maturity of the portfolio based on his outlook on the interest rate. During October 2008 to December 2008, when the yields were falling, the fund had average maturity 4.7 years and modified duration of 4.3 years. However in rising interest rate scenario in 2010, the fund has maintained an average maturity of 2.5 years. With rising yield, the fund has increased the maturity to 3 years in November 2010 from 2.3 years in January 2010. As at 31 December 2010, the fund has average maturity of 2.8 years and modified duration of 1.9 years.

Asset Base: The fund's AUM is around Rs. 9903 crore as at 31 March 2011.

Performance: On the basis of weighted average performance evaluation, this fund has been the best performing fund and has always been in the top quartile across all time horizons. Over the last 5 years, the fund has outperformed its category average as well as benchmark Crisil MIP Blended Index by a huge margin. The fund has generated CAGR return of 12.07% as compared to 7.90% and 8.25% delivered by benchmark and category average respectively.

In terms of dividend declaration, the fund has declared dividend in all 12 months in 2010, in 2009 the fund declared in all months expect for the month of February and in 2008 when the market was in bear phase, the fund declared dividend in 10 out of 12 months.

The fund expense ratio as at 30 September 2010 is among the lowest in the industry and stands at 1.45% as compared to category average of 1.91%.

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Investment Strategy: The fund carries an average 17% to 19% in equities and 75% to 80% in debt and rest in cash and cash equivalent. However the percentage of equity allocation changes with the fund managers outlook on equity markets; the fund manager may also use derivatives to gain exposure to equities. The fund manager had around 19% in equities at the start of year 2008; however with markets falling and outlook turning bearish on the market the exposure to equity was reduced to 15% by May 2008 and further reduced to 10% in July 2008. In February 2009, the fund had equity exposure of 17% but it was through derivatives and rather than direct stock calls, was invested around 9% in S&P CNX Nifty. The fund manager also takes cash call depending upon his outlook; in the last seven months exposure to cash on an average is 1.89%. As at 31 December 2010, the fund has around 19% in equities, 77% in debt with weighted average maturity of 935 days and around 4% in cash and cash equivalent.

Asset Size: The AUM of the fund is around Rs. 8,393 crore as at 31 March 2011.

Performance: The fund has been a consistent performer over long term; it has been the best performing fund over three years and third best performing fund in five year as at 31 December 2010. The fund has generated CAGR return of 12.47% over 5 years as compared to category average of 8.25% and 7.90% delivered by the benchmark Crisil MIP Blended Index.
In terms of dividend declaration, the fund has declared dividends in all 12 months in 2010, in 2009 the fund declared in all months expect for the month of March and in 2008 when the market was in bear phase, the fund declared dividend in 10 out of 12 months.

The fund's expense ratio as at 30 September 2010 is among the lowest in the industry and stands at 1.55% as compared to category average of 1.91%.

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