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FUNDSUPERMART.COM MUTUAL FUND RESEARCH RECOMMENDATIONS

At Fundsupermart.com, we have an in-house research team to provide independent research and detailed analyses of the market movements, and to help you make the smartest next move.

We strive to analyze funds with as long a comparable history as possible and only within their peer group.

For A Look At Our Methodology, Click here..

For A More Detailed Description Of Why We Recommend Any Particular Fund, Please Click On The Recommended Fund's Name Below:

 
Equity
Debt
Hybrid
Recommended Funds  Fund Class
Performance (Annualised)
1 year 2 years 3 years 5 years
Buy  
BSL FRONTLINE EQUITY FUND- GROWTH  Large Cap  21.48 19.05 9.17 20.87
FRANKLIN INDIA BLUECHIP FUND- GROWTH  Large Cap  14.3 11.59 5.94 18.38
CANARA ROBECO EQUITY DIVERSIFIED- GROWTH  Large Cap  17.52 13.16 8.55 21.04
SBI MAGNUM EQUITY FUND- GROWTH  Large Cap  15.35 13.3 7.46 19.03
ICICI PRUDENTIAL FOCUSED BLUECHIP EQUITY FUND- GROWTH  Large Cap  21.48 15.85 8.38 21.7
ICICI PRUDENTIAL BANKING & FINANCIAL SERVICES FUND- GROWTH  Banking  11.04 18.75 8.19 24.9
SBI PHARMA FUND- GROWTH  Pharma  29.83 27.24 22.1 33
SBI FMCG FUND- GROWTH  FMCG  13.59 - - -
ICICI PRUDENTIAL TECHNOLOGY FUND- GROWTH  Technology  57.66 30.96 18.48 35.22
UTI OPPORTUNITIES FUND- GROWTH  Multi Cap  18.28 13.27 9.6 21.32
MIRAE ASSET INDIA OPPORTUNITIES FUND- GROWTH  Multi Cap  25.25 17.99 10.11 24.93
AXIS EQUITY FUND- GROWTH  Multi Cap  17.05 19.07 9.53 -
IDFC PREMIER EQUITY FUND PLAN A- GROWTH  Multi Cap  25.01 17.36 12.51 25.64
RELIANCE EQUITY OPPORTUNITIES FUND- GROWTH  Multi Cap  18.96 15.7 11.23 27.59
HDFC MID-CAP OPPORTUNITIES FUND- GROWTH  Midcap & Small cap  34.63 18.99 14.66 29.05
IDFC STERLING EQUITY FUND- GROWTH  Midcap & Small cap  17.62 10.8 7.74 23
SBI EMERGING BUSINESS FUND- GROWTH  Midcap & Small cap  10.67 12.57 13.49 29.89
MIRAE ASSET EMERGING BLUECHIP FUND- GROWTH  Midcap & Small cap  35.5 22.98 16.49 -
TATA DIVIDEND YIELD FUND- GROWTH  Dividend Yield  21.32 10.95 7.41 22.53
ICICI PRUDENTIAL VALUE DISCOVERY FUND- GROWTH  Contra & Value  31.34 20.26 12.78 29.36
SBI CONTRA FUND- GROWTH  Contra & Value  10.19 10.13 3.28 13.91
HDFC INDEX FUND SENSEX PLUS PLAN- GROWTH  Index  16.39 13.65 6.05 18.05
FRANKLIN INDIA INDEX FUND BSE SENSEX PLAN- GROWTH  Index  18.31 14.43 5.08 15.96
ICICI PRUDENTIAL INDEX FUND  Index  18.32 14.12 5.65 15.81
FRANKLIN INDIA TAXSHIELD- GROWTH  ELSS  22.13 14.82 9.25 21.04
ICICI PRUDENTIAL TAX PLAN- GROWTH  ELSS  29.9 19.56 10.07 24.71
AXIS LONG TERM EQUITY FUND- GROWTH  ELSS  33.04 22.53 15.18 -
BNP PARIBAS TAX ADVANTAGE PLAN (ELSS)- GROWTH  ELSS  22.3 14.12 11.73 19.55
CANARA ROBECO EQUITY TAX SAVER- GROWTH  ELSS  18.17 13.49 8.41 22.16
L&T GLOBAL REAL ASSETS FUND- GROWTH  Global  22.17 16.25 11.79 -
JPMORGAN GREATER CHINA EQUITY OFF SHORE FUND- GROWTH  Global  24.35 19.13 11.38 -
BSL INTERNATIONAL EQUITY FUND PLAN A- GROWTH  Global  26.97 18.67 15.55 16.5
CANARA ROBECO INFRASTRUCTURE- GROWTH  Infrastructure  12.41 6.1 1.23 14.2
PINEBRIDGE INFRASTRUCTURE & ECONOMIC REFORM FUND STANDARD PLAN- GROWTH  Infrastructure  17.72 7.61 1.89 14.63
DSP BLACKROCK INDIA T.I.G.E.R. FUND- GROWTH  Infrastructure  13.47 8.24 0.88 11.16
Please note that while we hope that these recommendations would be useful for investors, you are also advised to look at the fund's scheme information document/ statement of additional information and do your own further research before making your investment decisions.

BSL FRONTLINE EQUITY FUND- GROWTH
Investment Strategy: The fund intends to be a diversified fund having an exposure across different industries and/or sectors which will be similar to its benchmark index (S&P BSE 200). The fund will have the same sectoral weights as that of the benchmark index; however, the fund manager has the flexibility to select the stocks within a particular sector. The fund will invest into frontline stocks which refers to companies that will provide superior growth opportunities as per the Fund Manager. The fund's stock count has been in the range of 54 to 70 during the period of analysis. As of November 2013, the fund's portfolio had around 66 stocks out of which 27 have been a part of the scheme for the entire period of analysis. If we dig deeper into the portfolio then it can be seen that there are 3 stocks namely ICICI Bank, ITC and Reliance Industries, which have been among the top 5 holdings during all the months of analysis. If sectoral allocation is considered, the top 5 sectoral picks as of November 2013 have been Banks (17%), Software (15%), Consumer non-durables (11%), Finance (9%) and Pharmaceuticals (8%). Among sectors, Banks and Software have been among the top 5 sectoral picks during all the months under analysis.

Performance:The fund made an entry into our Recommended Funds list for the first time in 2013 and continues to be a top performing large-cap fund this year as well. Over a 3-year and 5-year time period, the fund has generated a CAGR of 4.90% and 22.48% vis-à-vis the benchmark which returned 0.49% and 18.89% respectively. This outperformance could be attributed to the prudent stock selection being done by the Fund Manager.

Fund Manager's Comments:In the near term the economic activity is expected to pick up driven by a number of factors. a) The good monsoon has helped increase agricultural output which bodes well for the rural economy; b) Inflation and interest rates are expected to peak in the next few quarters. c) Rupee Depreciation has resulted in improved competitiveness for Indian exporters versus other countries. This comes at time when most of the developed world is witnessing a steady economic recovery leading to demand for global merchandise going up. d) Over the medium to long term the growth trajectory would be sustainable once investments pick up. The Cabinet Committee on Investments (CCI) and Project Monitoring Group (PMG) are working to resolve issues related to execution of projects. In addition, further step up is expected once general elections are through. Going ahead, we believe the above mentioned factors would lead to an improved growth outlook. Hence we are overweight on sectors like Banking and Financial Services sector, Software, Pharmaceuticals, Capital Goods etc., which is well reflected in our portfolio.

Inception Date: August 30, 2002
Fund Manager: Mahesh Patil
Asset Size: INR 3,584 crore (AUM as of November 2013)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: S&P BSE 200
 
View Fact Sheet Buy Fund View Fund Card

FRANKLIN INDIA BLUECHIP FUND- GROWTH
Investment Strategy: The fund's investment strategy is a combination of value and growth style of investing. The fund generally follows a bottom-up approach to stock selection and does not have a bias towards any particular sector. The stocks in the fund belong to the large-cap domain, which are defined as stocks whose market capitalization is higher than that of the 100th stock in the CNX 500 Index. The fund's stock count has been in the range of 37 to 46. A perusal of the portfolio shows that around 20 stocks have been a part of the portfolio during the period of analysis. Among these stocks, 3 stocks have been among the top 5 picks during the entire period of analysis. This includes stocks like Bharti Airtel, Infosys and ICICI Bank whose average allocation has been to the tune of 8%, 7% and 7% respectively. On the sectoral front, the top 5 picks as of November 2013 include Banks (22%), Software (11%), Pharmaceuticals (9%), Telecom - Services (8%) and Petroleum Products (8%). However, it can be seen that during the entire period of analysis, Banks and Software have been among the top 5 sectoral picks with an average allocation of 20% and 10% respectively.

Performance:One of the best performers in the large-cap category, the fund continues to be a part of our Recommended Funds list regardless of its short term volatility. The fund has generated a CAGR of 3.14% and 21.02% over a period of 3 years and 5 years. During the same time period, the benchmark has delivered a CAGR of 2.33% and 18.67% respectively.

Inception: December 1, 1993
Fund Managers: Anand Radhakrishnan & Anand Vasudevan
Asset Size: INR 4,915 crore (AUM as of November 2013)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: S&P BSE Sensex 
View Fact Sheet Buy Fund View Fund Card

CANARA ROBECO EQUITY DIVERSIFIED- GROWTH
Investment Strategy: The fund's investment strategy is based on bottom-up approach to stock picking. It is mandated to invest into companies with a strong competitive position in good business and is having a quality management team. The fund will be actively managed with the support of in-house research. While selecting stocks, the emphasis will be on fundamentals of the business, the industry structure, the quality of management, sensitivity to economic factors, the financial strength of the company and the key earning drivers. During the period of analysis, the total number of stocks in the portfolio has been in the range of 42 to 55. The active management of the fund is evident from the fact that out of the 50 stocks held in the portfolio in November 2013, only 14 have been a part of the portfolio during the entire period of analysis. As far as the sectoral allocation is concerned, the fund seems to prefer Banks, Consumer non-durables and Software as they have been among the top 5 sectoral picks during the analysis. The average allocation of the 3 preferred sectors have been to the tune of 18%, 11% and 10% respectively.

Performance: A first time entrant into the Recommended Funds list, this fund is one of the best performers in the large-cap space as per our model. Over a 3-year and 5-year time period, the fund has generated a CAGR of 4.75% and 23.61% vis-à-vis the benchmark which has delivered 0.49% and 18.89% respectively.

Fund Manager's Comments: In terms of current portfolio composition and outlook, we believe that with a slower growth in domestic economy and pick up in the developed economies, led by USA, the companies with a business model focused on international demand are likely to fare better. In addition the recent depreciation in INR has helped the competitiveness of Indian exporters. Thus we like select companies in IT, Pharma and manufacturing exports. We believe private sector banks are better placed with relatively superior asset quality and are expected to do well in 2014. Adequate capital, reliance on retail and SME lending and better managed corporate lending supports a healthy balance sheet and growth going ahead. We believe that the private sector banks will continue to gain market share at the expense of the State owned banks. We also continue to remain bullish on the Domestic Consumption story, a theme which we have been following for some time now. However, we are selective in terms of stock-picking given the current valuations and earnings expectations, some stocks are priced to perfection. High quality franchises generating attractive returns on capital & experiencing favorable business trends would be the businesses to watch out for in this space. Markets may be volatile in near term, given the uncertainty surrounding QE tapering and the upcoming General elections in domestic context. In such a scenario, bottom-up stock picking based on individual companies which have shown reasonable earnings & have visibility of growth going forward will be the mantra followed by the fund.

Inception Date: September 16, 2003

Fund Manager: Ravi Gopalakrishnan

Asset Size: INR 626 crore (AUM as of November 2013)

Exit Load: 1% on or before 1 year, Nil after 1 year

Benchmark: S&P BSE 200 
View Fact Sheet Buy Fund View Fund Card

SBI MAGNUM EQUITY FUND- GROWTH
Investment Strategy: The fund will invest into equity and equity related instruments, derivatives, debt instruments, Government Securities, money market instruments and derivative instruments. The fund's stock count stood at 37 in December 2010 after which it showed a declining trend and as of November 2013, stands at 31. As far as the portfolio goes, it can be seen that the fund had around 10 stocks which have been a part of its holdings during the entire period of analysis. Some of these include names like ICICI Bank, Infosys, HDFC Bank and ITC. Another interesting observation is that ICICI Bank has been among the top 5 picks during all the months under analysis. A scrutiny of the sectoral allocation shows that as of November 2013, the top 5 sectors were: Banks (22%), Software (18%), Petroleum Products (10%), Consumer non-durables (9%) and Pharmaceuticals (7%). Among these sectors, the Fund Manager has been bullish on Banks and Software which can be derived from the fact that they have been among the top 5 sectoral picks during the period of study with an average allocation of 22% and 13% respectively.

Performance: The fund is a first time entrant into our list of Recommended Large-cap Funds. The fund has generated a CAGR of 3.49% and 21.38% over a period of 3 years and 5 years while the benchmark performance has been to the tune of 1.94% and 18.16% respectively during the same time period.

Fund Manager's Comments:
* Pure large-cap fund, large-caps defined as the top 100 companies in terms of market cap rank
* Low on risk - target the 15th to the 45th percentile of the large-cap peer set
* Active tracking error constraint (4% to 6%) - max 6% sector active weight and 4% stock active weight (all active weights against relevant benchmarks; Reliance an exception coz of peer set constraints)
* Target a benchmark coverage of around 50%, defined as the sum of the lower of the portfolio or benchmark weight of stocks owned
* High on concentration (around 30 to 40 stocks) but that should be looked at in conjunction to the concentration on the benchmark
* Max 10% cash
* Investment perspective - medium term, 1-year

Inception Date: January 1, 2001

Fund Manager: R. Srinivasan

Asset Size: INR 1,043 crore (AUM as of November 2013)

Exit Load: 1% on or before 1 year, Nil after 1 year

Benchmark: CNX Nifty
 
View Fact Sheet Buy Fund View Fund Card

ICICI PRUDENTIAL FOCUSED BLUECHIP EQUITY FUND- GROWTH
Investment Strategy:The fund is mandated to invest into 20 large-cap stocks from among the top 200 available on the National Stock Exchange of India (NSE) in terms of market capitalization. However, the fund has the flexibility to increase the number of stocks to more than 20, if the fund corpus crosses INR 1,000 crore. The fund follows a bottom-up approach to select bargain stocks and does not have a sectoral bias. In the initial 3 months of the period of analysis, the fund had only 20 stocks, after which we could see a gradual increase in the number of stocks from 20 to 36. As far as the stock selection goes, the fund has around 9 stocks which have been held throughout the months of analysis. The top 5 holdings as of November 2013 include names like HDFC Bank (9%), Infosys (7%), ICICI Bank (7%), ITC (7%) and Kotak Mahindra Bank (5%). Among these stocks, the first four have been a part of the portfolio for the entire duration of the analysis. On the other hand, an analysis of the sectoral allocation shows that the fund management team has been betting big on 2 sectors, specifically Banks and Software whose average allocation has been 24% and 13% respectively. These sectors have been among the top 5 sectoral picks during the period of analysis.

Performance:The best performing large-cap fund on the platform, it continues to beat all the filters in the model year after year. Over a period of 3 years and 5 years, the fund has generated a CAGR of 6.36% and 24.66% while the benchmarks returns have been to the tune of 1.94% and 18.16% respectively.

Fund Manager's Comments:The fund's investment strategy is based on 3 criterions:

Long-Term Focus: The Fund has adopted a "buy and hold" approach. The Fund aims to identify companies that offer reasonable potential for long-term growth. It intends to take aggressive position in high conviction stocks with an aim to generate alpha.

Bottom-up approach: The focus is more on stock selection than sector selection. The stock selection follows the bottom-up approach. The endeavour is to select the best stock/s in a sector than to diversify into many stocks confined to sectors.

Benchmark hugging strategy: The Fund seeks to create a reasonable diversification across sectors while concentrating on around 35 stocks to limit dilution by over diversification. This is achieved by a benchmark hugging strategy, which ensures that the portfolio is well diversified across sectors, hence may help reducing the overall concentration risk.

Inception Date: May 23, 2008
Fund Manager: Manish Gunwani
Asset Size: INR 4,719 crore (AUM as of November 2013)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: CNX Nifty 
View Fact Sheet Buy Fund View Fund Card

ICICI PRUDENTIAL BANKING & FINANCIAL SERVICES FUND- GROWTH
Investment Strategy: The fund's mandate is to invest into companies whose focus is on banking and financial services. Here, Financial Services refers to those which provide non-banking financial services like stock broking, wealth management, insurance, etc. and could include names like MAX India, Motilal Oswal and others. The fund is basically biased towards the large-cap space as is evident from the fact that the average allocation into large-cap stocks during the period of analysis has been to the tune of 84%. The fund generally has a compact portfolio with the total number of stocks being in the range of 14 to 20. A detailed analysis of the portfolio shows that as on November 2013, the fund had around 17 stocks out of which 8 have been a part of the holdings during all the months under analysis. Among these 8 stocks, 7 stocks are from the banking space while 1 of them is from the NBFC space. It can also be gauged from the portfolio that ICICI Bank and HDFC Bank have been among the top 5 picks with an average allocation of 18% and 17% respectively. An interesting observation that can be made here is that the fund has been increasing the exposure into NBFCs as it has seen an increase from 3% to 29%. In this space, the fund has placed the biggest bets on MAX India, Mahindra & Mahindra Financial Services and HDFC with an average allocation of 6%, 5% and 4% respectively.

Performance: A first time entrant into our Recommended Funds list, this fund has been able to clear all the filters in our model this year. The fund has delivered a CAGR of 2.86% and 24.87% vis-à-vis the benchmark's CAGR of -1.85% and 23.32% over a time period of 3 years and 5 years.


Fund Manager's Comments: Portfolio construction: The Fund Manager can select stocks across the universe of listed companies available in the Banking and Financial Services sector including Banking, Broking, Asset Management, Wealth Management, Insurance, Non-Banking Financial Companies (NBFC), Investment Banking, Leasing and Finance, Term Lending Institutions and other companies as maybe engaged in providing banking and financial services. While the Fund's performance is benchmarked against S&P BSE Bankex, the Fund may opportunistically invest in companies outsidethe same, but which form part of Banking & Financial Services Industry.
Investment approach: The Fund can invest across market capitalizations and uses blend investment style.

Inception Date: August 22, 2008

Fund Manager: Venkatesh Sanjeevi

Asset Size: INR 258 crore (AUM as on November 2013)

Exit Load: 1% upto 1 year, Nil after 1 year

Benchmark: S&P BSE BANKEX 
View Fact Sheet Buy Fund View Fund Card

SBI PHARMA FUND- GROWTH
Investment Strategy: The fund will invest into companies which are in the pharmaceutical space. A perusal of the market capitalization trends over the last 3 years show that the fund has been gradually increasing the exposure into large-cap space, while reducing the allocation into mid-caps and small-caps. In the month of December 2010, the fund's exposure into large-caps, mid-caps and small-caps was to the tune of 55%, 29% and 9%, however, in November 2013, the allocation into these categories stood at 85%, 6% and 7% respectively. The stock count of the portfolio has been in the range of 13 to 18. Out of the 17 stocks held in the portfolio in November 2013, only 5 stocks have made it to the portfolio during all the months under analysis. These 5 stocks include Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Lupin, Cipla and Indoco Remedies. Among these, Dr Reddy's Laboratories has been the only consistent stock among the top 5 picks during the analysis. However, it can be observed that since February 2013, around 20% of the portfolio has seen a concentration in a single stock, namely, Sun Pharmaceutical Industries, whose current allocation (November 2013) stands at 25%.

Performance: The best performing pharma fund on our platform, this fund finds a place in our Recommended Funds list for the first time. Over a time period of 3 years and 5 years, the fund has delivered a CAGR of 16.98% and 32.81% respectively. During the same time period, the benchmark has delivered returns to the tune of 13.20% and 27.33% respectively.

Fund Manager's Comments
* Invests in Pharmaceuticals and Healthcare stocks.
* The fund seeks to outperform its benchmark by taking active positions in mid & small-caps that can substantially outperform large-caps. The fund can generate alpha from largecaps only during downturns.
* Benchmark coverage is high currently, greater than 70%. Function of outlook on the sector. Current belief is largecaps will do well in the near term and hence the coverage ratio is high as largecaps form greater than 70% of the benchmark.
* High on risk; exposure to a single sector.
* High on concentration (around 15 stocks) but that should be looked at in conjunction to the concentration on the benchmark.
* Max 10% cash.
* Investment perspective: Long term. Outlook on the sector is quite good over the next 3-5 years atleast.

Inception Date: July 14, 1999

Fund Manager: Tanmaya Desai

Asset Size: INR 148 crore (AUM as on November 2013)

Exit Load: Nil

Benchmark: S&P BSE Health Care 
View Fact Sheet Buy Fund View Fund Card

SBI FMCG FUND- GROWTH
Investment Strategy: The fund's mandate is to invest into FMCG companies. An analysis of the market capitalization trend shows that during the period of study, the fund has been gradually increasing the allocation into the large-cap space from 56% in December 2010 to 79% in November 2013. The fund's average allocation into large-caps, mid-caps and small-caps has been 73%, 8% and 13% respectively over the last 3 years. The fund has a compact portfolio with stocks in the range of 13 to 20. As of November 2013, the fund had 15 stocks out of which only 3 stocks have been a part of the portfolio during all the 36 months of analysis. The aforementioned 3 stocks are ITC, Hindustan Unilever and Agro Tech Foods with an average allocation of 34%, 9% and 4% respectively. It is interesting to note here that the allocation into ITC which was at 11% in December 2010 has been increased to almost 43% in November 2013. To add to it, ITC has always been among the top 5 picks during the entire period of analysis.

Performance: The best performer in the FMCG space continues its good innings this year as well. The fund has generated a CAGR of 23% and 35.68% as against the benchmark CAGR of 22.89% and 28.37%, respectively over a time period of 3 years and 5 years.


Fund Manager's Comments:
* Invests in consumer non durables.
* The fund seeks to outperform its benchmark by taking active positions in mid & small-caps that can substantially outperform large-caps. The fund can generate alpha from largecaps only during downturns.
* Benchmark coverage is between 50 to 60%.
* High on risk; exposure to a single sector.
* High on concentration (around 15 stocks) but that should be looked at in conjunction to the concentration on the benchmark.
* Max 10% cash.
* Investment perspective 5 to 7 years; as investors can experience the entire cycle as returns in sector funds are likely to be cyclical. Investors with a shorter time horizon face significant market risk relative to a broader market.

Inception Date: July 14, 1999

Fund Manager: Saurabh Pant

Asset Size: INR 220 crore (AUM as on November 2013)

Exit Load: Nil

Benchmark: S&P BSE FMCG 
View Fact Sheet Buy Fund View Fund Card

ICICI PRUDENTIAL TECHNOLOGY FUND- GROWTH
Investment Strategy: The fund will invest into technology and technology-dependent companies. A majority of the allocations would go into the stocks which constitute the benchmark Index (S&P BSE IT). However, the Fund Manager has the flexibility to invest outside the index but only in those companies which will form a part of Information Technology Services industry. The market capitalization trends show that over the last 3 years, the average allocation into large-caps, mid-caps and small-caps has been to the tune of 62%, 17% and 13% respectively. The stock count of this portfolio has been in the range of 10 to 14. As of November 2013, the fund had around 13 stocks out of which 4 have been a part of the portfolio during all the months under analysis. Among these 4, Infosys has been among the top 5 picks during the entire period of analysis. However, it can be seen that the Fund Manager has been trying to gradually reduce the exposure into Infosys from 52% in December 2010 to 28% in November 2013.

Performance: This fund has turned out to be the best performing technology fund in this review as well. Over a 3-year and 5-year time period, the fund has delivered a CAGR of 15.84% and 35.85% while the benchmark has returned 11.42% and 27.15% respectively.

Fund Manager's Comments: Portfolio Construction: The portfolio is constructed with a view to invest in businesses with sustainable volume growth. There is high concentration among selected equities with top five stocks constituting 71% of the portfolio. Stock selection is done with the primary objective of attractive valuation and long term return potential rather than currency view. Portfolio liquidity is also given due consideration. A large share of the funds under management is invested in the software stocks. However, the Scheme would opportunistically invest in companies outside the companies listed on S&P BSE IT index, but which form part of Information Technology Services Industry.
Investment Approach: The Fund can invest across market capitalizations and uses growth investment style. Currently the front line stocks have run up due to INR appreciation. The midcaps are expected to catch up and have potential to deliver returns. No aggressive INR estimates being considered.

Inception Date: March 3, 2000

Fund Manager: Mrinal Singh

Asset Size: INR 148 crore (AUM as on November 2013)

Exit Load: 1% upto 1 year, Nil after 1 year

Benchmark: S&P BSE IT 
View Fact Sheet Buy Fund View Fund Card

UTI OPPORTUNITIES FUND- GROWTH
Investment Strategy: The main intent of the fund is to respond to the dynamically changing Indian economy by moving its investments among different sectors as prevailing trends change. The Fund Manager has the flexibility to invest in select sectors based on his outlook on the macro economy. Normally, the fund will target 4 to 5 sectors that are expected to outperform the broader market over a short to medium term. An analysis of the market capitalization clearly shows the fund is a large-cap oriented fund as the average allocation has been around 89% over the last 3 years. The fund's stock count has been in the range of 36 to 46 during the entire period of analysis. As of November 2013, the fund held around 45 stocks out of which 20 have been a constant part of this portfolio. On the sectoral front, the top 5 sectors as of November 2013 include Software (20%), Banks (14%), Consumer non-durables (10%), Cement (8%), and Pharmaceuticals (5%). Among these sectors, the Fund Management team has been placing its bets on 2 sectors namely Banks and Consumer non-durables which have been among the top 5 sectoral picks during the entire period of analysis.

Performance: A fifth time entrant into our Recommended Funds list, this fund continues its good innings in this review as well. Over a time period of 3 years and 5 years, the fund has generated a CAGR of 5.74% and 23.81% as against the benchmark return of 1.49% and 18.88% respectively during the same time period.

Fund Manager's Comments: Our portfolio is positioned for a gradual and sluggish recovery over the next few quarters. In this scenario IT services becomes the new "defensive" and with the developed markets sustaining the growth momentum, it could also surprise investor's with growth as well. Our call on cement, remains a crucial one, we will hold till mid March, the period by which traditionally cement prices strengthen, if not, we would trim aggressively. Our auto exposure could be played out through the ancillaries, also mid caps and thus currently in flavor.
Based on the above thought process it should be evident that we are "hoping" for a consolidation, albeit a "healthy" correction. We would use this opportunity to add to our banking and automobile sector weights. This would be funded through paring of consumer staples and energy sector within the portfolio.

Inception Date: July 20, 2005

Fund Manager: Anoop Bhaskar

Asset Size: INR 3,519 crore (AUM as of November 2013)

Exit Load: 1% before 1 year, Nil after 1 year

Benchmark: S&P BSE 100
 
View Fact Sheet Buy Fund View Fund Card

MIRAE ASSET INDIA OPPORTUNITIES FUND- GROWTH
Investment Strategy: The investment strategy of this fund is to discover investment opportunities which will benefit from the Indian economic growth and its structural shifts. The fund is positioned in such a way that there may not be any bias towards a particular theme, sector, market cap or style in picking investment opportunities. It has been clearly mentioned in the investment strategy that the Fund Manager has the flexibility to manage the portfolio in an aggressive manner. The market capitalization trend shows that the fund's average allocation into large-caps, mid-caps and small-caps has been to the tune of 82%, 8% and 5% respectively for the period of analysis. During the last 3 years, the fund's holdings have been in the range of 47 to 58. A perusal of the portfolio shows that there are around 29 stocks which have been a part of the portfolio during the analysis. Among these stocks, 2 stocks, namely, ICICI Bank and Infosys have been among the top 5 picks during all the 36 months of scrutiny. An analysis of the sectoral allocation shows that Banks and Software have remained the favourite sectors of the Fund Management team. This is proved by the fact that they have been a part of the top 5 sectoral picks during the entire period of study with an average allocation of 18% and 11% respectively.

Performance: A relatively small fund which has been able to clear all the filters in our model, finds an entry into our Recommended Funds list for the fourth time. The fund has delivered a CAGR of 5.53% and 27.43% as against the benchmark return of 0.49% and 18.89% over a period of 3 years and 5 years respectively.

Fund Manager's Comments: Mirae Asset India Opportunities Fund is large cap biased diversified fund, which has the flexibility to invest across sectors, market capitalization, themes & investment styles. In general, midcaps is about 25-30% of the portfolio, with focus on larger midcaps. The overall investment approach is to build a portfolio of solid businesses that could perform creditably over all time frames. While we follow a bottom-up approach for stock selection, the overall portfolio construction also consider sector weights of benchmark, to reduce risks. Some binding principles to our investment approach are as follows:
* Focus on businesses which have sustainable Competitive Advantages and high Return ratios (E.g.: ROE, ROI etc.). We prefer companies which are sector leaders
* A strong and clean management track record that has proven it can manage businesses in all economic cycles
* We seek companies which provide "Margin of Safety", which mitigates underlying risks (related to business, liquidity and volatility).
* We prefer companies with Strong Earnings Growth & Earnings Visibility

Inception Date: April 4, 2008

Fund Managers: Neelesh Surana & Gopal Agrawal

Asset Size: INR 330 crore (AUM as of November 2013)

Exit Load: 2% within 6 months, 1% after 6 months, but within 1 year, Nil after 1 year

Benchmark: S&P BSE 200
 
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AXIS EQUITY FUND- GROWTH
Investment Strategy: This is an actively managed fund which aims to build a diversified portfolio consisting of strong growth companies with sustainable business models. The fund will invest across the market capitalization spectrum. However, an analysis of the market capitalization trends shows that the fund is biased towards the large-cap space. The average allocation into large-caps, mid-caps and small-caps has been 81%, 3% and 5% respectively during the period of analysis. Over the last 3 years, the stock count has been in the range of 27 to 44. A detailed analysis of the portfolio shows that there are around 10 stocks which have been a constant part of the portfolio. In addition to this, HDFC Bank has been one of the top 5 holdings during the entire period of analysis. Furthermore, on the sectoral front, as of November 2013, the top 5 sectoral picks are Banks (21%), Software (18%), Finance (9%), Consumer non-durables (7%) and Pharmaceuticals (8%). It can also be observed that the Fund Manager's preferred sectors have been Banks, Software and Consumer Non Durables as all 3 have been among the top 5 picks during all the months under analysis.

Performance: A first time entrant into the Recommended Funds list, this fund has turned out to be one of the better performers in the multi-cap space as per our model. Over a time period of 1 year and 3 years, the fund has delivered a CAGR of 12.49% and 5.44% vis-à-vis the benchmark whose performance has been to the tune of 6.03% and 1.94%.

Inception Date: January 5, 2010
Fund Manager: Pankaj Murarka
Asset Size: INR 604 crore (AUM as of November 2013)
Exit Load: 1% within 1 year
Benchmark: CNX Nifty 
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IDFC PREMIER EQUITY FUND PLAN A- GROWTH
Investment Strategy: The fund's mandate is to invest into well-managed sustainable businesses whose stocks are available at reasonable value through a process of disciplined research. To mitigate the overall risk, the portfolio has been diversified across different sectors. An analysis of the market capitalization trend shows that the fund is well diversified with an average exposure of 43%, 20% and 9% into large-caps, mid-caps and small-caps. An interesting observation here is that the large-cap exposure has seen an increase from 41% in December 2010 to 57% in November 2013. On the other hand, the allocation into mid-cap and small-cap space has also increased from 12% and 4% to 25% and 10% respectively, during the same time period. As far as the stock count goes, the number of stocks in the portfolio has increased from 15 in December 2010 to 56 by November 2013. A detailed analysis of the portfolio shows that as of November 2013, the top 5 holdings in the portfolio are Page Industries (7%), Blue Dart Express (5%), Bata India (5%), Kaveri Seed Company (5%) and United Spirits (4%). As far as the sectoral allocation is concerned, the fund's top sectors as per their average allocation during the entire period of analysis has been Consumer non-durables (16%), Textile Products (7%), Transportation (7%), Finance (6%) and Banks (6%).

Performance: The fund has entered our Recommended Funds' list for the first time and as per the model is the best performing multi cap fund on our platform. The fund has delivered a CAGR of 6% and 28.29% vis-à-vis the benchmark's CAGR of -0.19% and 18.72% over a time period of 3 years and 5 years respectively.

Fund Manager's Comments: Premier is an unrestricted diversified equity fund that invests across market caps. The fund follows a buy and hold strategy, invests in companies that are at an early stage in their economic cycle. Attempts to capture shifts in the business environment, looks for growth in companies and polarize towards an idea or theme.

The portfolio has attempted to identify emerging themes & segment leaders which have a strong correlation to the growth of the economy. The current environment makes the structure a little difficult in absence of any growth. Over the next few months, we would overemphasize valuation and individual company business models and hope they would eventually turn out growth once the cycle bottoms. To pick a homogenous pool of companies based on growth is not contextually in its place in this environment. Over the years we have been allocating to consolidators, cash flow positive businesses and companies with low debt. We think where the markets and economy is positioned; our investing style should work for an absolute return over the next two years. The economy may not be in the best of shape but it's time to pick the winners viz, companies that are solvent, have visibility of growth and consolidators.

The portfolio has expanded itself to 53 companies with portfolio invested at 90%. Over the next couple of month we would expect a consolidation of our convictions into fewer companies and pruning down the tail. We would like the portfolio to be invested in 40 companies. This we think in the current size of the fund would be an optimum number to work with.

Inception Date: September 28, 2005

Fund Manager: Kenneth Andrade

Asset Size: INR 3,522 crore (AUM as of November 2013)

Exit Load: 1% before 1 year,Nil after 1 year

Benchmark: S&P BSE 500  
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RELIANCE EQUITY OPPORTUNITIES FUND- GROWTH
Investment Strategy: The fund will follow a top-down approach to stock selection, which means that the Fund Manager will analyze the economy, sector, industry and company to select the appropriate stocks. Along with this, the fund will also follow bottom-up approach to decide the final selection of stocks. The fund is truly a multi-cap fund as it does not have any market capitalization bias as can be seen from the fact that the allocation into large-caps has increased from 48% to 64%, during the period of analysis. On the other hand, the mid-cap allocation has also increased from 19% to 27% while the fund has been reducing the small-cap concentration from 14% to 7%. The stock count in the portfolio has been to the tune of 30 to 63. As of November 2013, the fund held around 52 stocks out of which 16 have been a consistent part of the portfolio. It is interesting to see that Divi's Laboratories has not only been a part of the portfolio during the entire period of analysis but also has been among the top 5 picks during all the months under consideration. On the sectoral front, the fund has been showing a preference for Software, Pharmaceuticals and Banks which have been among the top 5 sectoral picks during the period of study with an average allocation of 14%, 13% and 12% respectively.

Performance: A fund that is true to its mandate of following a flexible approach to investing, this fund has found a place in our list of recommended funds this year as well. Over a time period of 3 years and 5 years, the fund has delivered a CAGR of 5.53% and 28.05% vis-à-vis the benchmark's return of 1.49% and 18.88% respectively.

Fund Manager's Comments: We expect equities to be among the top performing asset classes over the medium to long term. As the economic growth recovers we believe themes like Exports, Import Substitution and Operating leverage are likely to display a sharp earning growth.

Given this backdrop the fund's portfolio is focusing on some of these key themes:

* Exports Theme: Currency depreciation to benefit a quarter of the portfolio as these companies is net exporters for ex: IT Services, Pharma, and Engineering exporters.
* Import Substitution: Benefit from Import substitution or Replacement demand through exposure in sectors like Auto ancillary, Engineering, Cap goods
* Operating leverage (capacity utilization) - Focus on co's with strong operating leverage, high ROE, no balance sheet stress currently ignored by market
* Distressed valuations due to non fundamental factors like OFS (Offer for Sale) etc where we participated in companies like Honeywell, Kennametals, Linde India etc
Thus the portfolio is aligned to benefit from these areas over the medium term.

Inception Date: March 31, 2005
Fund Manager: Sailesh Raj Bhan
Asset Size: INR 5,029 crore (AUM as of November 2013)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: S&P BSE 100 
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HDFC MID-CAP OPPORTUNITIES FUND- GROWTH
Investment Strategy: The investment strategy of the fund will be to focus on small and mid-cap companies. The fund will follow a buy and hold strategy and the portfolio will be fairly diversified. A perusal of the market capitalization spectrum shows that the fund has been increasing the exposure into large-caps and mid-caps, while the concentration in the small-cap space has been drastically reduced from 30% in December 2010 to 15% in November 2013. The fund's average allocation into large-caps, mid-caps and small-caps has been to the tune of 46%, 27% and 22%. The number of stocks in the portfolio during the period of analysis has been in the range of 53 to 72. The fund sticks to its mandate of buy and hold. This can be derived from the fact that out of 63 stocks held in November 2013, around 51% of stocks have found a place in the portfolio during the analysis. A deeper scrutiny of the portfolio shows that the fund has been betting big on Ipca Laboratories, which has been among the top 5 picks during December 2010 to November 2013 with an average allocation of 4%. As far as the sectoral trends are considered, the fund seems to have a liking towards 3 sectors, namely, Industrial Products, Pharmaceuticals and Banks, as all 3 of them have been among the top 5 sectoral picks during the entire period of analysis.

Performance: This fund has made it to our Recommended Funds list for the fifth time. Over a time period of 3 years and 5 years, the fund has generated a CAGR of 6.02% and 27.62% while the benchmark has delivered returns of -4.35%, and 18.71% respectively.

Fund Manager's Comments: Small and Mid-Cap companies offer higher return potential than large cap companies on one hand but also carry higher risk than large cap companies, particularly over the short and medium term. The following are some of the reasons why Small / Mid cap companies offer higher return potential. To reduce risk, the Fund will maintain a well diversified portfolio. While the portfolio focuses primarily on a buy and hold strategy at most times, it will balance the same with a rational approach to selling when the valuations become too demanding even in the face of reasonable growth prospects in the long run.
Mid Caps in India are an ignored category of stocks as they are not as extensively covered/ researched as some of the well known large cap companies. We are focusing on quality companies at reasonable valuations. We feel our portfolio will do reasonably well over the medium to long term
Inception Date: June 25, 2007

Fund Manager: Chirag Setalvad

Asset Size: INR 2,847 crore (AUM as of November 2013)

Exit Load: 1% within 1 year,Nil after 1 year

Benchmark: CNX Midcap 
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IDFC STERLING EQUITY FUND- GROWTH
Investment Strategy: The fund intends to invest into well-managed growth companies which are available at reasonable valuations. The portfolio of this fund would consist of emerging businesses and companies which are aspiring leaders in their respective field of operations. The 3 guiding principles on the basis of which this portfolio is constructed are the following:
(a) Sustainable company profits drive long term share value,
(b) Acquire stocks at reasonable value and
(c) Monitor market interest to ensure consistent performance
A glance through the market capitalization trends show that the fund's average exposure into large-caps, mid-caps and multi-caps has been 43%, 21% and 14% respectively during the period of analysis. In the month of December 2010, the fund had only 15 stocks which were gradually increased to 41 by November 2013. This fund has been actively managed as is clear from the fact that during the entire period of analysis; there were only 4 stocks which found a place in the portfolio during the entire duration. They included names like Nestle India, Mahindra & Mahindra Financial Services, Vardhman Textiles and Castrol India. The fund's preferred sectors during our period of analysis have been Finance and Consumer non-durables which were also among the top 5 sectoral picks with an average allocation of 11% and 9% respectively.

Performance: The fund continues to be one of the best performers in the mid-cap space in this review as well. The fund has generated a CAGR of 4.72% and 26.63%% vis-à-vis the benchmark whose CAGR has been to the tune of -4.35% and 18.71% respectively over a period of 3 years and 5 years.

Fund Manager's Comments: Sterling Equity Fund actively builds a portfolio of companies with proven business model. The focus is on identifying structural changes in the macro environment and align companies based on how their valuations stack up within their respective industries. The fund has a representation of all CNX Midcap sectors and within that there is active stock selection.

Sterling will continue to invest into companies with strong business fundamentals and proven business models. The fund looks across the value chain and attempts to invest into companies which capture a larger share of the profit pool. The fund has gone underweight on the consumption sector, primarily on valuations and will go neutral to overweight at appropriate valuations. The export basket will continue to benefit from currency depreciation and we are playing the basket through technology, pharmaceuticals and textile stocks. The fund continues to remain underweight on financials due to asset quality concerns and is looking to capture the investment cycle pickup through good capital goods and utilities.

Inception Date: March 7, 2008
Fund Manager: Aniruddha Naha
Asset Size: INR 1,335 crore (AUM as of November 2013)
Exit Load: 2% within 18 Months, NIL after 18 months
Benchmark: CNX Midcap 
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SBI EMERGING BUSINESS FUND- GROWTH
Investment Strategy: The fund's main focus will be on emerging business themes which are based on export/outsourcing opportunities and/or global competitiveness of such themes. Emerging domestic investment themes will also be a focus area for this fund. Looking at the market capitalization trends, the fund has been increasing allocation into large-caps from 13% in December 2010 to 44% in November 2013. On the other hand, the exposure into mid-caps and small-caps has seen a reduction from 24% and 57% to 15% and 35% during the period of analysis. This change in the market capitalization trend is a clear indication that the fund will not be as aggressive as it was in the last few years. The fund has a compact portfolio with stocks in the range of 24 to 33 during the period of analysis. As far as the stock concentration is concerned, the fund has around 24 stocks in November 2013 out of which only 8 have been held on a continuous basis. Some of these long-term bets include names like Page Industries, Hawkins Cookers, Goodyear India and Agro Tech Foods. The sectoral trends indicate that as of November 2013, the top 5 sectoral picks are Consumer non-durables (23%), Trading (10%), Banks (8%), Textile Products (7%) and Pharmaceuticals (7%).

Performance: This fund continues to top the charts in the mid-cap category this year as well. Over a period of 3 years and 5 years, the fund has generated a CAGR of 9.78% and 32.10% vis-à-vis the benchmark's CAGR of -0.19% and 18.72%.

Fund Manager's Comments:
* High risk, high return portfolio strategy
* Consciously concentrated; target to own around 20 to 30 stocks
* Portfolio built on high conviction ideas from a minimum 3-year perspective; theoretically market cap agnostic but tends to mid-and-small-cap biased due to the 'high return' nature
* No sector bias, benchmark agnostic
* Max 10% cash
* Investment perspective - long term, 3 years plus

Inception Date: October 11, 2004

Fund Manager: R. Srinivasan

Asset size: INR 1,238 crore (AUM as of November 2013)

Exit Load: 1% within 1 year, Nil after 1 year

Benchmark: S&P BSE 500
 
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MIRAE ASSET EMERGING BLUECHIP FUND- GROWTH
Investment Strategy: The fund's mandate is to invest into companies which are not part of the top 100 stocks by market capitalization and have at least Rs.100 crores of market capitalization at the time of investment. While selecting the different investment opportunities, the Fund Manager is not biased towards any particular theme, sector or style. The average allocation into large-caps, mid-caps and small-caps has been 59%, 24% and 13% respectively during the period of analysis. The stock count has been in the range of 45 to 59. As of November 2013, the fund had around 59 stocks out of which 20 have been a part of the holdings for the entire period of study. An analysis of the sectoral trends show that the top 5 sectors in November 2013 were Pharmaceuticals (16%), Banks (14%), Software (10%), Consumer non-durables (9%) and Auto Ancillaries (8%). Among these sectors, the Fund Manager has been betting big on Pharmaceuticals and Consumer non-durables which have been among the top 5 sectoral picks during the last 3 years with an average allocation of 12% and 10% respectively.

Performance: This is the first time the fund has made an entry into our Recommended Funds List. The fund has delivered a CAGR of 7.42% and 8.84% as against the benchmark return of -4.45% and -4.35% over a time period of 1 year and 3 years respectively.

Fund Manager's Comments: We believe that consistent performance is based on rigorous investment approach while selecting stocks. Our strategy consists of following a strict investment criteria while selecting companies. While we follow a bottom-up approach for stock selection, the overall portfolio construction also consider sector weights of benchmark, to reduce risks. Some binding principles to our investment approach are:
* While choosing small companies, we have an internal criterion of preferring companies which have atleast Rs 100 crores p.a. of PAT/Cash Flow
* A strong and clean management track record that has proven it can manage businesses in all economic cycles
* Businesses which has the potential to address large opportunity
* Focus on businesses which have sustainable Competitive Advantages, and high Return ratios (Eg: ROE, ROI etc.), and free cash generation
* We seek companies which provide "Margin of Safety", which mitigates underlying risks (related to business, liquidity and volatility which are very important for mid and small cap companies).

Inception Date: July 9, 2010

Fund Manager: Neelesh Surana

Asset Size: INR 160 crore (AUM as of November 2013)

Exit Load: 2% within 6 months, 1% after 6 months but within 1 year, Nil after 1 year

Benchmark: CNX Midcap 
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TATA DIVIDEND YIELD FUND- GROWTH
Investment Strategy: The fund's endeavour will be to invest into those companies that have a high dividend yield. High Dividend Yield means that the dividend yield of the stock will be greater than the dividend yield of S&P BSE Sensex last released/published by S&P BSE. It is clearly mentioned in their strategy that the fund would take a 70% exposure into high dividend yield stocks while the rest 30% could be deployed in stocks which may not give a high dividend yield. As far as the market capitalization trend is concerned, the fund has been showing a preference towards the large-cap space and has been trying to reduce the exposure into small-cap stocks. This can be seen from the fact that the large-cap stocks which had an exposure of 59% in December 2010 currently constitute 74% of the Portfolio as on November 2013. On the other hand, the fund which had a 21% exposure into small caps in December 2010 has been reduced to 9% as on November 2013. The fund had around 38 stocks in November 2013 out of which only 9 have been a part of the portfolio during the entire study period. Some of these veterans include Infosys, Navneet Education, Polaris Financial Technology and Sun TV Network. As on November 2013, the top 5 sectoral picks are Software (20%), Banks (15%), Finance (11%), Consumer Non Durables (8%) and Media & Entertainment (7%). However, Software has been the most favoured sector of this fund as it has been among the top 5 sectoral picks during the entire period of analysis with an average allocation of 16%.

Performance: This is the first time that the fund has made an entry into our Recommended Funds list. Over a time period of 3 years and 5 years, the fund has generated a CAGR of 3.35% and 24.45% vis-à-vis the benchmark which has delivered 3.57% and 21.70% respectively.

Fund Manager's Comments: Tata Dividend Yield Fund (TDYF) is an open ended equity fund that invests at least 70% of its assets in shares with high dividend yields. A particular stock is considered high dividend yield stock if its dividend yield is greater than the dividend yield of BSE Sensex at the time of investment. The Fund focuses on buying businesses which are generating cash and paying dividends consistently along with reasonable growth at times when such stocks are attractively valued and have better margin of safety. The Scheme uses dividend yield as one of the criterion to filter stocks to invest.
Investment in stocks with high dividend yields is a "Defensive Investment Strategy". High dividend yield stocks are more likely to provide greater degree of protection to investors than other stocks in falling equity market. On the other hand, these stocks show good possibilities of capital appreciation over a longer period of time.
As high dividend payouts, in general, imply that the underlying business has strong fundamental attributes and is generating sufficient cashflow from operations to fund its growth and pay out dividends. A portfolio of such carefully selected strong cash generating businesses purchased at right price would do well over a long period of time with gains coming from both dividend yield and capital appreciation.

Inception Date: November 22, 2004

Fund Manager: Rupesh Patel

Asset Size: INR 293 crore (AUM as on November 2013)

Exit Load: 1% within 1 year, Nil after 1 year

Benchmark: CNX 500 
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ICICI PRUDENTIAL VALUE DISCOVERY FUND- GROWTH
Investment Strategy: The fund's focus will be to build a well-diversified portfolio of companies available at a discount to its fair value after taking into consideration factors like earnings, asset value, free cash flow and dividend yield. In short, the Fund will use the process of discovery to select stocks which are trading at a discount to its intrinsic value. The fund has a bias towards the mid and small-cap space as can be seen from the fact that over the last 3 years, the average allocation into large-caps, mid-caps and small-caps has been to the tune of 45%, 23% and 24%. True to its mandate, this is a well-diversified portfolio with the stock count being in the range of 57 to 77. A detailed analysis of the portfolio shows that the fund held around 69 stocks in November 2013, out of which 23 have been held during all the months of analysis. As far as the sectoral allocation is concerned, the top 5 sectoral picks as on November 2013 are Banks (13%), Software (10%), Auto Ancillaries (8%), Pharmaceuticals (5%) and Transportation (5%). Among these sectors the favourite sectors have been Banks and Software which have been among the top 5 sectoral picks with an average allocation of 12% and 9% respectively.

Performance: The best value fund in the industry which has been a part of our Recommended Funds since 2010, continues its good innings this year as well. Over a time period of 3 years and 5 years, the fund has generated a CAGR of 5.89% and 31.59% as against the benchmark which has generated -4.35% and 18.71% respectively.


Fund Manager's Comments: The Fund follows a value investment style and intends to offer a diversified portfolio of stocks
that have high potential but are quoting at a discount to their fair/intrinsic value.
The Fund follows a bottom-up investment approach along with a blend of strategies like value, dividend yield,contra and special situations.

Diversification:
The Fund aims at maintaining a well-diversified portfolio with the flexibility to invest across
Sectors and market capitalisations.

Value investing: The Fund, through its process of discovery, seeks to identify stocks whose prices are low relative to their historic performance, earnings, book value, cash flow potential and dividend yield.
Beyond these, the Fund Manager may use contra investing strategy and special situations:
* A contra investing strategy entails not joining the bandwagon. It involves selection of stocks that are not popular at the moment but have the potential to deliver over time because of factors like strong fundamentals, future turnaround in the cycle and so on.
* Special situations - Typically, these are large cap stocks that the Fund Manager believes are beaten down due to non-fundamental reasons.
All of these indicators are based on the fact that the market is not always efficiently matching price with performance. Investment managers are betting that this inefficiency gives them an opportunity for reasonable returns.


Inception Date: August 16, 2004

Fund Manager: Mrinal Singh

Asset Size: INR 2,881 crore (AUM as on November 2013)

Exit Load: 1% upto 12 months, Nil after 12 months

Benchmark: CNX Midcap 
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SBI CONTRA FUND- GROWTH
Investment Strategy: The fund's mandate is to invest into stocks which are currently out of favour. An analysis of the market capitalization trends show that the fund's average allocation into large-caps, mid-caps and small-caps has been 73%, 11% and 9% respectively over the last 3 years. As far as the stock count is concerned, it can be seen that in December 2010, the fund had around 76 stocks which have been reduced to 38 stocks in November 2013. The fund is actively manged which can be derived from the fact that out of 38 stocks held in November 2013, only 6 have been a part of the portfolio during the entire duration of the study. An analysis of the sectoral trends show that as on November 2013, the top 5 sectoral picks are Banks (17%), Software (15%), Pharmaceuticals (10%), Consumer non-durables (10%) and Petroleum Products (8%). However, the fund has been placing big bets on Banks and Consumer Non Durables which have been among the top 5 sectoral picks with an average allocation of 15% and 10%.

Performance: When our Recommended Fund was launched in June 2009, SBI Contra had found a place in our list after which it was removed in the next review. However, after 4 years, the fund has made a comeback in our list of Recommended Funds. The fund generated a CAGR of -1.43% and 16.20 % over a period of 3 years and 5 years. On the other hand, the benchmark has delivered a CAGR of 1.49% and 18.88% during the same time period.

Fund Manager's Comments:
* Multi cap portfolio with a Contrarian bias
* Contra' defined as stocks which satisfy majority of the following factors - Negative sell side view, Negative momentum (essentially fundamental), Negative active weight by peers, Deep value and Event negative
* Percentage of 'Contra' a function of a positive long term view on the stock based on price-value mismatch. Contra effect could be based on both allocation and selection
* Large caps minimum 50% of the fund
* Run on a combination of a top down (large caps) and bottom up approach (mid caps)
* Max 10% cash
* Investment perspective - medium to long term, 2-3 years

Inception Date: July 14, 1999,

Fund Manager: R. Srinivasan

Asset Size: INR 1969 crore (AUM as on November 2013)

Exit Load: 1% within 1 year, Nil after 1 year

Benchmark: S&P BSE 100 
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HDFC INDEX FUND SENSEX PLUS PLAN- GROWTH
Investment Strategy: The fund will be a passively managed fund in which 80-90% of the net assets would follow an investment strategy that is similar to the Sensex. On the other hand, the balance 10-20% of the net assets will be invested into stocks that have a high probability to outperform the Sensex.

Performance: The best performing Index Fund on the platform finds an entry into our Recommended Funds list again. The fund has generated a CAGR of 2.99% and 19.57% over a time period of 3 years and 5 years, while the benchmark delivered a CAGR of 2.33% and 18.67% respectively.

Inception Date: July 17, 2002
Fund Manager: Vinay Kulkarni
Asset Size: INR 78 crore (AUM as on November 2013)
Exit Load: 1% within 30 days, Nil after 30 days
Benchmark: S&P BSE Sensex
 
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FRANKLIN INDIA INDEX FUND BSE SENSEX PLAN- GROWTH
Investment Strategy: The fund is a passively managed fund which tracks S&P BSE Sensex.

Performance: The fund continues to be one of the better performing Index Funds in this review as well. Over a time period of 3 years and 5 years, the fund has generated a CAGR of 2.47% and 18.68%, while the benchmark has delivered a CAGR of 2.33% and 18.67% respectively.

Inception Date: August 27, 2001
Fund Manager: Anil Prabhudas
Asset Size: INR 43 crore (AUM as on November 2013)
Exit Load: 1% within 30 days, Nil after 30 days
Benchmark: S&P BSE Sensex
 
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ICICI PRUDENTIAL INDEX FUND
Investment Strategy: The fund's mandate is to invest into stocks constituting the CNX Nifty index and exchange traded derivatives on the CNX Nifty Index. Further, the fund will keep a small proportion of the surplus liquid to meet any redemption requirements.

Performance: This is the fifth time that the fund continues to be in our recommended list. The fund has delivered a CAGR of 2.49% and 18.73% over a time period of 3 years and 5 years, while the benchmark has delivered a CAGR of 1.94% and 18.16% respectively.

Inception Date: February 26, 2002
Fund Manager: Kayzad Eghlim
Asset Size: INR 67 crore (AUM as on November 2013)
Exit Load: 0.25% upto 7 days, Nil after 7 days
Benchmark: CNX Nifty 
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FRANKLIN INDIA TAXSHIELD- GROWTH
Investment Strategy: The investment strategy of the fund is a combination of value and growth style of investing. The fund will follow a bottom-up approach to stock picking and has the flexibility to invest across sectors and market capitalizations. The fund is biased towards the large cap space, as can be seen from the fact that the average allocation into large caps has been in the range of 81% during the period of analysis (November 2010-October 2013). On the other hand, the average allocation into mid caps and small caps have been in the range of 9% and 3% respectively. The number of stocks in the portfolio has been in the range of 44 to 58 during the last 3 years. An analysis of the portfolio shows that as on October 2013, the fund had around 49 stocks out of which 16 stocks have found a place in the portfolio during the 3 years of analysis. During the same time period there were 2 stocks i.e. Infosys and Bharti Airtel which have been among the top 5 holdings in all the 36 months. As far as the sectoral allocation is concerned, the top 5 sectors as on October 2013 are Banks (20%), Pharmaceuticals (12%), Computers' Software (11%), Telecom - Services (8%) and Refineries/Marketing (7%). A closer look at the sectoral picks shows that Banks, Computer-software and Telecom-Services have been among the top 5 sectoral picks during the 3 years of analysis with an average allocation of 18%,10% and 8% respectively.

Performance: The fund made an entry into our recommended funds list for the first time in 2012.Over a period of 3 years and 5 years the fund has generated a CAGR of 4.13% and 19.93% vis-à-vis -1.66% and 16.63% delivered by the benchmark.

Inception Date: April 10, 1999
Fund Managers: Anand Radhakrishnan & Anil Prabhudas
Asset Size: INR 980 crore (AUM as on October 2013)
Exit Load: Nil
Benchmark: CNX 500
 
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ICICI PRUDENTIAL TAX PLAN- GROWTH
Investment Strategy: The investment approach followed by this fund is the value style which focuses on the fundamentals of the business, industry structure, quality of management, sensitivity to economic factors, financial strength of the company and key earnings drivers. As far as the market capitalization of the fund is concerned, the average allocation into large caps, mid caps and small caps have been to the tune of 70%, 8% and 16% respectively during the period of analysis (November 2010 - October 2013). The total number of stocks has been in the range of 51 to 66 during the last 3 years. A detailed examination of the portfolio shows that as on October 2013, the fund had around 61 stocks out of which only 13 stocks have been present in the portfolio for all the 3 years under analysis. As far as the sectoral allocation is concerned, Banks and Pharmaceuticals have been among the favourite picks of this fund. This is because both of these sectors have been among the top 5 picks during the entire period of analysis with Banks and Pharmaceuticals having an average allocation of 13% and 10% respectively.

Performance: The fund entered our recommended funds list for the first time in January 2013 and continues to be a top performing ELSS in this review as well. The fund over a period of 3 and 5 years has generated a CAGR of 2.33% and 22.85% while the benchmark has delivered a CAGR of -1.66% and 16.63% respectively.

Fund Manager's Comments: We expect equities to outperform other asset classes over next 3-5 years. The lock in for 3 years will help investors to derive the benefit of long term investing. ICICI Prudential Tax Plan is a flexicap fund and exposure to mid and smallcap equities is likely to help the fund as we are bullish in this space. The large cap stocks though are expensive. Export Theme: IT and Pharmasector exposure will help capture the rupee depreciation play. Exposure to high quality metal and energy will provide the Beta in a Global rally.
Inception Date: August 19, 1999

Fund Manager: Chintan Haria
Asset Size: INR 1,506 crore (AUM as on October 2013)
Exit Load: Nil
Benchmark: CNX 500 
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AXIS LONG TERM EQUITY FUND- GROWTH
Investment Strategy: The fund will invest in a diversified portfolio of strong growth companies with a sustainable business model. Although the benchmark of the fund is S&P BSE 200, the fund enjoys the flexibility to invest across market capitalizations, industries/sectors. The investment need not be limited to companies which are a part of the benchmark index. An analysis of the market capitalization spectrum shows that the fund has increased allocation to large caps from 66% to 76% and midcaps from 8% to 17% during November 2010 to October 2013. Over the last 3 years, the portfolios total holdings have been in the range of 37 to 45. The total number of stocks in the portfolio as on October 2013 has been 37, out of which 10 stocks have been continuously held during the 3 years of analysis. As far as sectoral allocation is concerned, there were 3 sectors which have been among the top 5 picks during the entire period of analysis. These sectors include Banks, Computer-Software and Housing Finance whose average exposure has been 15%, 9% and 7% respectively.

Performance: A third time entrant into our recommended funds list, Axis Long Term Equity Fund continues to be the best performing ELSS in this review as well. The fund has generated a CAGR of 14.47 % and 6.95% while its benchmark has delivered 9.42% and -1.22% over a time period of 1 year and 3 years respectively.

Fund Manager's Comments: We believe that our consistently strong results are driven by a detailed investment approach that is substantiated by rigorous research and careful, self-reliant analysis of investment opportunities. This approach is underpinned by our belief that an exhaustive understanding of the industry, company management, corporate structure and competition is needed when selecting investments. Our hard work and effort has been well rewarded with the superior returns weve generated while minimizing risks and avoiding investments in bad stocks. Our strategy consists of systematic due diligence of potential investments and partners against a strict investment criteria followed by focused conceptualization and planning of practical ideas that can be implemented profitably, given time horizons. Further, we look to diversify our investments across sectors to maintain a balanced portfolio and minimize our exposure to market downturns.

Some binding principles to our investment approach are as follows:
* An immaculate and exemplary management track record that has proven it can manage businesses in all economic cycles
* A business model that has delivered superior performance
* High sustainable growth and return metrics
* Attractive industry

Inception Date: December 29, 2009
Fund Manager: Jinesh Gopani
Asset size: INR 738 crore (AUM as on October 2013)
Exit Load: Nil
Benchmark: S&P BSE 200 
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BNP PARIBAS TAX ADVANTAGE PLAN (ELSS)- GROWTH
Investment Strategy: The fund aims to provide long-term capital growth by investing in a diversified and actively managed portfolio of equity and equity related securities. As far as the market capitalization of the fund is concerned, the average allocation into large caps, mid caps and small caps have been to the tune of 78%, 8% and 8% respectively during November 2010 to October 2013. During the same time period, the number of stocks held in the portfolio has been in the range of 43 to 58. In October 2013, the fund had around 44 stocks out of which only 2 stocks have made it to the portfolio during the 3 years of analysis. The 2 stocks are Infosys and HDFC Bank, whose average allocation has been around 4% and 6%. As on October 2013, the top 5 sectoral picks of the fund are Computers'Software (14%), Banks (12%), Telecom Services (11%), Pharmaceuticals (8%) and Housing Finance (5%). Among these sectors it is Banks and Pharmaceuticals which have been among the top 5 sectoral picks during the period of analysis with an average allocation of around 15% and 9% respectively.

Performance: The fund has made it to our recommended funds list for the first time. The fund has generated a CAGR of 5.08% and 18.46% over a period of 3 years and 5 years respectively, as against the benchmark which has delivered a return of -1.22% and 16.79% during the same time period.

Fund Manager's Comments: The bias is maintained towards growth oriented sectors which are driven by the focus on consumption, infrastructure & economic growth. Mid Cap exposure through stock specific investments can lend a greater alpha. Accordingly, we are overweight on, Software, Banks, Telecom and Pharmaceuticals and underweight on Hotel, Media and Entertainment, and Construction. The investment is spread across 24 sectors with Top 3 sectors contributing 38.87%.

Inception Date: January 5, 2006
Fund Manager: Shreyash Devalkar
Asset Size: INR 145 crore (AUM as on October 2013)
Exit Load: Nil
Benchmark: S&P BSE 200 
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CANARA ROBECO EQUITY TAX SAVER- GROWTH
Investment Strategy: The fund's investment strategy is to identify companies which have a strong competitive position in a good business and have a quality management to support it. The fund will follow an active investment style and the main focus would be on long-term fundamentally driven values. An analysis of the market capitalization trends over the last 3 years (November 2010-October 2013) shows that the fund has been showing an increasing bias towards the large cap space. This can be seen from the fact that the fund's large cap exposure has increased from 69% in November 2010 to 89% in October 2013. On the other hand, the fund has reduced the exposure into small caps from 13% to 2% during the same period. A closer look at the portfolio reveals that the stock count has been in the range of 50 to 60.As on October 2013, the fund has around 57 stocks out of which 10 of them have been a part of the portfolio during the above mentioned time period. A detailed analysis of the portfolio shows that HDFC Bank has been among the top 5 holdings in the fund during all the months of analysis, with an exposure of 6% as on October 2013. An analysis of the sectoral allocation shows that the fund's top 5 sectors as on October 2013 are Banks (20%), Computers' Software (15%), Pharmaceuticals (8%), Telecom - Services (7%) and Refineries/Marketing (5%). Banks and Computer-Software have remained among the top 5 sectors during the entire period of analysis with an average allocation of 18% and 9% respectively.

Performance: The fund has been a part of our recommended funds list since 2012 and continues to be one of the best performing ELSS this year as well. Over a period of 3 and 4 years, the fund has generated a CAGR of 3.27%% and 11.49% vis-à-vis the benchmark which has delivered 0.003% and 6.72% respectively.

Fund Manager's Comments: We expect the Indian markets to move in trend with the expected recovery in macro-economic fundamental and corporate earnings growth. The economic recovery is likely to be driven by exports (manufacturing as well as services) aided by competitiveness post the depreciated Rupee and policy reforms undertaken by Government. We believe the companies with exports led earnings growth are likely to benefit as the equity markets focuses on earnings growth. In terms of policy reforms, the financial sectors companies with adequate capital and a stable asset quality will benefit by participation in the credit growth that will likely follow the GDP growth as the economic activity picks up. Also going ahead, the expected improvement in economic fundamentals is more likely to help the mid cap companies as they have been impacted badly due to the slowdown. The portfolio is positioned accordingly with a focus on exports and domestic recovery with attractively poised mid caps that are likely to benefit from the rebound in economic activity.

Inception Date: March 31, 1993
Fund Manager: Krishna Sanghavi
Asset Size: INR 618 crore (AUM as on October 2013)
Exit Load: Nil
Benchmark: S&P BSE 100
 
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L&T GLOBAL REAL ASSETS FUND- GROWTH
Investment Strategy: The Fund will invest into the underlying scheme, Fidelity Funds - Global Real Asset Securities Fund, an offshore fund launched by Fidelity Funds. The underlying fund will in turn invest around 70% of the surplus in equities of companies across the world that provide exposure to commodities, property, industrials, utilities, energy, materials and infrastructure.

Fund Manager's Comments: The fund manager of the underlying Fund believes that there's a merit in bottom-up security selection at this juncture as central banks begin to withdraw stimulus support. He expects that the recent developments would return markets' focus to company fundamentals, reduce the impact of policy related swings and provide multiple drivers for performance. Cairn Energy remains the fund's largest overweight holding at the stock level. The fund manager continues to favour the prospects of its 2014 drilling programme, notwithstanding the short-term disappointment from its Moroccan operations. The exposure to agriculture-focused holding Monsanto was also increased during the quarter as it has outlined continued growth initiatives, supported by a robust research and development (R&D) pipeline as well as the development of new areas such as precision agriculture. The Fund also has significant overweight position in SBA Communications due to likelihood of substantial investment in network build ups/tower leasing in the US over the next 3-5 years. The fund manager has a positive outlook on US construction-related holdings. He increased the exposure to cement and construction materials producer Eagle Materials. In addition to US non-residential construction, Eagle supports shale-related construction activity. Wolseley, a leading US building materials company listed in the UK, was also added as a valuation opportunity compared to its US peers. (source: FIL Limited)

Inception Date: February 11, 2010

Fund Manager: Abhijeet Dakshikar

Asset Size: INR 98 crore (AUM as on November 2013)

Exit Load: 1% within 1 year, Nil after 1 year

Benchmark: MSCI ACWI Industrials, MSCI ACWI Real Estate, MSCI ACWI Utilities, MSCI Materials and MSCI Energy 
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JPMORGAN GREATER CHINA EQUITY OFF SHORE FUND- GROWTH
Investment Strategy: The fund invests into JPMorgan Funds - Greater China Fund, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity, in a country of the Greater China region. As on November 2013, the country-wise allocation of the portfolio is: China (55%), Taiwan (24%) and Hong Kong (21%).

Fund Manager's Comments: We expect the macro environment to be stable in 2014 while reform implementations become the focus. We do not see strong surge of activity as corporate China and local governments go through the deleveraging process. We also do not see sharp slowdown in the economy as the government has room to ease its monetary stance, maintaining enough room to carry out reforms. On the structural reform front, we expect that 2014 will be the key policy launch year. As the government has set 2020 as the deadline for achieving major reforms, we believe the next two years will be the concentrated launch period for key policies. The market trades at 9x forward one-year price-to-earnings, with 10% earnings growth looking undemanding (vs.mid cycle 12x). We believe structural reform could cut SOE costs as well as drive further multiple re-rating for China, supporting a relative healthy market outlook for China.

Inception Date: August 26, 2009

Fund Manager: Namdev Chougule

Asset size: INR 134 crore (AUM as on November 2013)

Exit Load: 1% within 18 months, Nil after 18 months

Benchmark: MSCI Golden Dragon Index (Total Return Net) 
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BSL INTERNATIONAL EQUITY FUND PLAN A- GROWTH
Investment Strategy: The fund's mandate is to invest into international stocks. The portfolio would be diversified geographically so as to benefit from low correlation between various countries and the portfolio will have high quality-high growth stocks. As on November 2013, the top 5 regions were United States (67%), Hong Kong (6%), Germany (4%), Japan (4%) and United Kingdom (4%).

Fund Manager's Comments: The global economy is showing signs of bouncing back driven by stronger growth in advanced economies, and flat to higher growth rates in the Emerging markets. Going forward, we expect a good year for global equity and bond markets. The major global economies look positioned to deliver faster growth, although this positive synchronization is occurring on back of varying rates, supported by diverging policies. Historically, the conditions seen today have benefitted equities, especially cyclical growth opportunities. The Developed markets outside the US have also advanced briskly, supported by improved conditions in the Euro zone and brightening sentiment in Japan.
The announcement effect of QE Tapering by the US Fed adversely affected the currencies and the markets across the globe. However the markets took the news in its stride and the response to the actual event was muted. QE Tapering signals better prospects for the US economy and labour market. It is estimated that global GDP growth will be between 2.8 %to 3.2 % next year as against 2 % in 2013.
The above stated factors speak about the positive prospects of international markets. Through BSL International Equity Fund, the investors can participate in the global growth story and have an exposure to diversified portfolio of international stocks.

Inception Date: October 31, 2007

Fund Manager: Vineet Maloo

Asset Size: INR 91 crore (AUM as on November 2013)

Exit Load: Nil

Benchmark: S&P Global 1200 
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CANARA ROBECO INFRASTRUCTURE- GROWTH
Investment Strategy: The fund will invest into those companies which are in the infrastructure sector. To define the sector, the fund house follows the classification of industries as given by The Association of Mutual Funds in India (AMFI), from which it chooses a set of companies which according to them would constitute the infrastructure sector. A glance on the market capitalization spectrum shows that over the last 3 years, the fund's average allocation into large-cap, mid-caps and small-caps has been 69%, 8% and 16% respectively. The total number of stocks in the portfolio has been in the range of 31 to 43 during the period of analysis. A detailed analysis of the portfolio shows that there have been 11 stocks which have been held continuously in the fund for 36 months. Some of these stocks include names like Power Grid Corporation of India, Reliance Industries, Oil India, NTPC and Sadbhav Engineering. A perusal of the sectoral allocation shows that the fund has been betting big on 2 major sectors that are Cement and Power, both of which have been among the top 5 sectoral picks during the entire period of analysis with an average allocation of 15% each.

Performance: The best performing infrastructure fund as per the model finds an entry into our Recommended Funds list for the first time. The fund has generated a CAGR of -3.40% and 16.33% vis-à-vis the benchmark's CAGR of 1.49% and 18.88% over a time period of 3 years and 5 years.

Fund Manager's Comments: Canara Robeco Infrastructure is a thematic fund focused on identifying the Growth Oriented Companies within the Infrastructure space. The Fund aims at having concentrated holdings with a bias towards Large Market Capitalization Stocks.
The Indian economy has been amongst the fastest growing economies in the world. However, one critical requirement for momentum in the growth to continue is sustained and accelerated development of infrastructure. The need for stepping up the scale and scope of private investment in infrastructure has been emphasized by the Government of India at all levels. In line with this, the Government has been opening up subsectors of infrastructure for private sector investment. While an aggregate amount of over Rs 24,24,277 cr has been invested in Indian infrastructure in Eleventh five year up by 190% , Over the next five year plan, the magnitude of investments required in the Indian infrastructure sector is estimated at Rs. 55,74,663 cr.
Urbanization is one of the key megatrends that will shape the next leg of Indian economic growth. The story of India's urbanization is one of the fundamental facets driving its economic potential in the future. India's urban population as percentage of total population is well below the global average of 58% and other BRIC countries. India has ample room to create more concept cities in the next decade. There are signs of a policy initiative in this regard. Urbanization in India (both organic growth and the migration story) would arrive with strong demand for infrastructure, specifically in power stations, electricity grids, water supply & treatment plants, roads, railways, airports, bridges, telecommunications networks, affordable housing, hospitals and more. Our endeavour would be to identify and invest in companies which have visibility of earnings and prospects for growth in these sub sectors.

Inception Date: December 2, 2005

Fund Managers: Ravi Gopalakrishnan & Yogesh Patil

Asset Size: INR 71 crore (AUM as on November 2013)

Exit Load: 1% within 1 year, Nil after 1 year 
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PINEBRIDGE INFRASTRUCTURE & ECONOMIC REFORM FUND STANDARD PLAN- GROWTH
Investment Strategy: The fund's strategy is to invest into those companies which will benefit from the potential investments in infrastructure and unfolding economic reforms. An analysis of the market capitalization trends show that during the period of analysis, the average exposure into large-caps, mid-caps and small-caps have been to the tune of 67%, 11% and 7% respectively. An interesting observation here is that the fund has been gradually increasing the allocation into mid-caps and small-caps. For instance, the mid-cap and small-cap exposure has increased from 10% and 4% in December 2010 to 18% and 19% respectively in November 2013. The fund continues to maintain a compact portfolio with the number of stocks being in the range of 16 to 33. A detailed analysis of the portfolio shows that there are only 4 stocks which have been a consistent part of the fund during the entire period of analysis. These stocks include names like Coromandel International, Indraprastha Gas, Power Grid Corporation of India and AIA Engineering respectively. As of November 2013, the top 5 sectoral picks have been in this order: Industrial Products (24%), Industrial Capital Goods (16%), Cement (15%), Construction Project (12%) and Gas (11%). A closer look at the portfolios show that as on November 2013, around 24% of allocation is made into Industrial Products alone, which initially had only 6% exposure as of December 2010. We have also observed that this fund currently has nil exposure to the banking sector which is a crucial component of many infrastructure funds. Although the fund started taking an exposure into this sector in December 2012 after exiting out of it completely in October 2011, we can see that the Fund Manager has again moved out from this sector completely in July 2013 after taking almost 11% exposure into this sector in May 2013.

Performance: A fourth time entrant into our Recommended Funds list, this fund continues to be one of the best performers in this review as well. The fund has generated a CAGR of - 4.77% and 13.99% over a 3-year and 5-year time period. On the other hand, the benchmark has delivered a CAGR of 1.49% and 18.88% during the same time period.


Fund Manager's Comments: The Infrastructure sector has been facing two major challenges. First is the inadequate capacity of the government to provide the necessary support such as project clearances etc. Second is the price of public goods (spectrum for example) which are transferred to the private sector. The companies, in turn, had focused only on India demand as they believed that it was enough for their growth aspirations.

The government is already addressing the capacity issue and has seen initial success. The judiciary has forced the government to relook at the "pricing" issue for public goods and again, we are seeing policies and procedures being put in place to address this. The companies have realized that they need to geographically diversify their business and are now seeing a healthy portion of their sales coming from exports. The near term challenge is to attract equity in the sector so that balance sheets becomes less leveraged, thereby helping propel growth.

Inception Date: February 25, 2008

Fund Manager: Huzaifa Husain

Asset Size: INR 70 crore (AUM as on November 2013)

Exit Load: 1% within 1 year, Nil after 1 year

Benchmark: S&P BSE 100 
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DSP BLACKROCK INDIA T.I.G.E.R. FUND- GROWTH
Investment Strategy: The fund's mandate is to invest into those companies which will benefit from the ongoing process of economic reforms and the investments happening in the infrastructure sector. The fund will follow a combination of top-down and bottom-up approach to select stocks. The fund is basically a large-cap fund with its exposure having increased from 72% to 84% during the period of analysis in the large-cap space. The fund has been gradually reducing the exposure into mid-caps from 18% to 6% during the same period. The stock count of this portfolio has been in the range of 53 to 83. As of November 2013, the fund held around 57 stocks out of which only 18 were able to be a part of the portfolio during the entire period of analysis. On the sectoral front, the top 5 picks as of November 2013 were Banks (23%), Construction Project (12%), Power (10%), Finance (8%) and Telecom-Services (7%). Among the sectors, the preferred ones have been Banks and Power which have been among the top 5 sectoral picks during the study with an average allocation of 20% and 11%.

Performance: One of the better performing infrastructure funds on the platform finds its place in this review as well. Over a period of 3 years and 5 years, the fund has generated a CAGR of -6.69% and 12.38% as against the benchmark CAGR of 1.49% and 18.88%, respectively.

Inception Date: June 11, 2004

Fund Manager: Rohit Singhania

Asset Size: INR 1,066 crore (AUM as on November 2013)

Exit Load: 1% before 1 year, Nil on or after 1 year

Benchmark: S&P BSE 100 
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