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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:

 
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Equity
Debt
Hybrid
Recommended Funds  Fund Class
Performance (Annualised)
1 year 2 years 3 years 5 years
Buy  
RELIANCE TOP 200 FUND- GROWTH  Large Cap  26.42 39.27 25.84 15.06
AXIS EQUITY FUND- GROWTH  Large Cap  18.06 27.07 23.81 12.86
CANARA ROBECO EQUITY DIVERSIFIED- GROWTH  Large Cap  20.46 29.2 21.39 13.46
BSL FRONTLINE EQUITY FUND- GROWTH  Large Cap  21.57 33.26 26.07 14.77
ICICI PRUDENTIAL FOCUSED BLUECHIP EQUITY FUND- GROWTH  Large Cap  18.13 30.25 23.19 14.79
ICICI PRUDENTIAL BANKING & FINANCIAL SERVICES FUND- GROWTH  Banking  28.59 44.34 29.29 17.93
SBI PHARMA FUND- GROWTH  Pharma  45.43 45.78 39.17 28.76
SBI FMCG FUND- GROWTH  FMCG  21.14 18.04 - -
ICICI PRUDENTIAL TECHNOLOGY FUND- GROWTH  Technology  18.98 35.8 33.19 21.33
KOTAK SELECT FOCUS FUND- GROWTH  Multi Cap  32.37 38.82 28.44 16.09
IDFC PREMIER EQUITY FUND- GROWTH  Multi Cap  35.39 46.2 32.3 19.08
RELIANCE EQUITY OPPORTUNITIES FUND- GROWTH  Multi Cap  26.9 42.07 27.06 17.43
MIRAE ASSET INDIA OPPORTUNITIES FUND- GROWTH  Multi Cap  26.4 39.14 28.24 17.18
FRANKLIN INDIA PRIMA PLUS FUND- GROWTH  Multi Cap  32.7 39.8 28.19 17.1
RELIANCE SMALL CAP FUND GROWTH PLAN- GROWTH  Midcap & Small cap  38.07 71.63 40.73 -
MIRAE ASSET EMERGING BLUECHIP FUND- GROWTH  Midcap & Small cap  45.21 61.48 40.4 25.18
DSP BLACKROCK MICRO CAP FUND- GROWTH  Midcap & Small cap  49.92 73.94 41.19 20.97
HDFC MID-CAP OPPORTUNITIES FUND- GROWTH  Midcap & Small cap  34.56 53.88 33.69 21.51
CANARA ROBECO EMERGING EQUITIES- GROWTH  Midcap & Small cap  46.37 68.02 40.56 23.58
TATA DIVIDEND YIELD FUND- GROWTH  Dividend Yield  25.92 33.78 22.24 14.25
ICICI PRUDENTIAL VALUE DISCOVERY FUND- GROWTH  Contra & Value  28.51 55.01 33.6 20.26
RELIANCE TAX SAVER ( ELSS ) FUND- GROWTH  ELSS  25.5 53.03 30.7 18.13
FRANKLIN INDIA TAXSHIELD- GROWTH  ELSS  32.64 39.22 27.71 17.8
ICICI PRUDENTIAL TAX PLAN- GROWTH  ELSS  19.01 40.26 26.59 15.36
CANARA ROBECO EQUITY TAX SAVER- GROWTH  ELSS  21.51 31.73 22.82 13.88
AXIS LONG TERM EQUITY FUND- GROWTH  ELSS  31.6 46.45 34.77 21.98
L&T GLOBAL REAL ASSETS FUND- GROWTH  Global  -8.15 2.2 7.3 10.73
JPMORGAN GREATER CHINA EQUITY OFF SHORE FUND- GROWTH  Global  6.51 11.63 16.64 13.3
CANARA ROBECO INFRASTRUCTURE FUND- GROWTH  Infrastructure  28.08 44.31 23.15 11.92
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.

RELIANCE TOP 200 FUND- GROWTH


Our Analysis:
The fund aims to invest into companies whose market capitalization is within the range of highest and lowest market capitalization of the S&P BSE 200 Index. Initially in December 2013, the fund had 78% of the corpus concentrated in large caps, while the remaining 20% was allocated among the midcap stocks. However, by November 2014, the allocation into large caps and mid-caps was to the tune of 91% and 6% respectively. The stock count of the fund as of November 2014 stood at 42, out of which 11 have been held continuously during the 3 years under analysis. It is interesting to note here that Infosys which had been among the top 5 stocks during December 2011 to October 2014 did not make it to this list in November 2014. HDFC Bank is the largest holding of the fund in November 2014 with an allocation of 7.20%.

Fund Manager Comments:
Diversified portfolio with investments in market leaders and tactical exposure to midcaps offer wealth creation in the long term
- The fund endeavors to invest predominantly in top 100 companies by market cap (70%) and the balance in quality mid cap companies.
- Aims to generates alpha through active sector calls & stock selection
- Investment Universe: Top 200 companies by Market Capitalization

Current Strategy
- Focus on India revival themes like Consumer Discretionary (Auto, Media, and Hospitality) Industrials (product Engineering companies) and Financials.
- Investments in global beneficiary theme like IT, Pharma etc.

Fund Details (As on November 2014)

Inception: 09 August, 2007

AUM : Rs. 1064 Crore

Fund Manager: Ashwani Kumar & Sailesh Raj Bhan

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

AXIS EQUITY FUND- GROWTH


Our Analysis:
The fund follows an active management strategy and the portfolio consists of strong growth companies with sustainable business models. As per the internal mandate of the fund, it is expected to maintain a minimum allocation of 70% of the corpus into large cap stocks. As such, the fund on an average has been holding 76% into large caps and 17% into mid-caps during the 1 year analysis period (December 2013 to November 2014). There have been ten stocks which have been consistently held for the 36 months under analysis. Among these 10 stocks, HDFC Bank has been among the top 5 holdings with an average allocation of 6.73%. During the last 7 months of analysis (May 2014 to November 2014), the following 5 stocks were the top holdings of this fund: Infosys, ICICI Bank, State Bank of India, HDFC Bank and Larsen & Toubro.

Fund Manager Comments:
- The fund is large cap biased (70-100%) with midcap allocations of (0-30%). It makes allocation to attractive mid cap ideas on a bottom up basis
- It selects stocks based on their ability to grow earnings on a sustainable basis from a medium term perspective while maintaining a highly liquid and risk managed portfolio.
- While the portfolio has been largely stable in the last few months, we continue to make adjustments as needed as it looks at the evolving cycle and prospects for corporate earnings. In the previous month, the fund increased allocation to consumers while reducing allocation to commodities sector.
- Within the overall sector and market cap limits, the fund has a higher allocation (relative to its history) to quality stocks in the cyclical and midcap space in order to benefit from the expected improvement in the economy over the next 2-3 years.

Fund Details (as on November 2014)

Inception:05 January, 2010

AUM :Rs. 1408 Crore

Fund Manager: Pankaj Murarka

Exit Load : 1.00% on or before 1 Year, NIL after 1 Year

 
View Fact Sheet View Fund Card

CANARA ROBECO EQUITY DIVERSIFIED- GROWTH


Our Analysis:
The fund follows a bottom-up approach while selecting stocks. Here the focus will be on companies with a strong competitive position in good businesses and having quality management. The market capitalization trend shows that during the 1 year period of analysis (December 2013 to November 2014), the average allocation into large caps and mid caps was to the tune of 81% and 15% respectively. The fund held 57 stocks in November 2014, out of which only 14 have been a part of the portfolio during the 3 years of analysis. This is a clear indication that the fund is actively managed. Among the 14 stocks, some of the prominent holdings include names like HDFC Bank, ICICI Bank, Reliance Industries, Infosys, Larsen & Toubro, etc.

Fund Manager Comments:
Canara Robeco Equity Diversified focuses on growth oriented businesses which are expected to deliver capital appreciation over the medium to long term. The scheme predominately invests in large cap companies while taking small exposure to promising mid-cap companies. Through allocation to diverse sectors, the fund tries to mitigate concentration risk. It follows a blend of growth and value style of investing.

Going forward we intend to increase our mid cap allocation in order to capture any attractive investment opportunities in the mid-cap space. We have a positive outlook on Consumer Discretionary sectors like auto, auto ancillary, food & beverages, textile etc. With the revival of economy, we expect consumer spending will increase which in turn will give a boost to these sectors

Fund Details (As on November 2014)

Inception: 16 September, 2003

AUM : Rs. 799 Crore

Fund Manager: Ravi Gopalakrishnan

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

BSL FRONTLINE EQUITY FUND- GROWTH


Our Analysis:
The fund aims to be as diversified across industries/sectors as its benchmark index that is S&P BSE 200. The mandate is to invest into frontline stocks which according to the Fund Manager are stocks which provide superior growth opportunities. Over a period of 1 year (December 2013 to November 2014), the funds corpus has been mostly allocated into large cap stocks with an average allocation of 91%. As on November 2014, the fund held 73 stocks, out of which 27 have been a part of the portfolio for 36 months. Among these, ICICI Bank and ITC have been among the top 5 holdings during our entire period of analysis.

Fund Manager Comments:
Birla Sun Life Frontline E F - Plan A: has an investment strategy wherein it endeavors to optimize diversification by having sectoral weightage in line with the S&P BSE200index.The scheme is managed using 3 key principles:

1. Discipline-The scheme targets to maintain sector exposure within +/-25% or absolute+/-3% whichever is higher, of these sectoral weight in the benchmark index i.e. S&P BSE200, in order to maintain diversification and avoid excessive concentration in a single sector.

2. Bottom up stock picking is the key to generating alpha. The Fund Manager carries out extensive research to select companies mainly on its individual merits that offer higher growth potential.

3. Profit booking at opportune moments, particularly for midcaps where we have rotated exposure with in sectors from expensive stocks to cheaper stocks. This is a diversified scheme with a bias for large cap stocks but not exclusively focused on them. We intend to take advantage of select mid cap opportunities from time to time.

Fund Details (As on November 2014)

Inception: 30 August, 2002

AUM : Rs. 7711 Crore

Fund Manager: Mahesh Patil

Exit Load : 1.00% on or before 1 year, NIL after 1 year

 
View Fact Sheet View Fund Card

ICICI PRUDENTIAL FOCUSED BLUECHIP EQUITY FUND- GROWTH


Our Analysis:
The funds mandate is to invest into 20 large cap stocks and the universe of stock selection is top 200 stocks in terms of market capitalization on the NSE. However, as the AUM of the fund crosses INR 1000 crore, the fund manager has the freedom to take an exposure into more than 20 stocks. As far as the market capitalization trends are concerned, the fund is basically concentrated into large caps with an average allocation of 94% during December 2013 to November 2014. The fund as on November 2014 has 50 stocks and only 8 of them have been held for the entire period of analysis. The 8 consistent holdings in the portfolio included names like HDFC Bank, ICICI Bank, Infosys, ITC, Reliance Industries, Bharti Airtel, Hindustan Zinc and Grasim Industries. Since January 2012, HDFC Bank has been among the top 5 stocks with its allocation in the portfolio increasing from 1.44% in December 2011 to 7.29% by December 2014.

Fund Manager Comments:
The Scheme has adopted a "buy and hold" approach. The Scheme 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.
-The focus is more on stock selection than sector selection. The stock selection follows the bottom-up approach. The Schemes benchmark hugging approach ensures that the portfolio is well diversified across sectors.

Currently large caps are trading at discount to midcaps and provide an attractive opportunity for long term investors to consider Focused Bluechip Equity Fund.

Fund Details (As on November 2014)

Inception: 23 May, 2008

AUM : Rs. 8425 Crore

Fund Manager: Manish Gunwani

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

ICICI PRUDENTIAL BANKING & FINANCIAL SERVICES FUND- GROWTH


Our Analysis:
The fund will invest into companies which are engaged in banking and financial services. The funds portfolio will consist of banks and non-banking financial companies. The funds average allocation into large caps and mid caps stood at 69% and 27% respectively, over a period of 1 year (December 2013 to November 2014). During the 3 years under analysis, the number of stocks in the portfolio was in the range of 16 to 22. As on November 2014,the fund held 21 stocks out of which 8 have been a part of the portfolio during the 36 months under analysis. Among these stocks, ICICI Bank and HDFC Bank were the top 2 holdings during the entire period of analysis with an average allocation of 19.78% and 15.85% respectively. It is interesting to note here that half of the corpus of this fund is concentrated into private sector banks. The average allocation of the fund in private sector banks, public sector banks and finance companies stood at 55%, 19% and 22% respectively during the period of study.

Fund Manager Comments:
Demand for corporate credit remains weak due to a subdued capex cycle and fall in working capital demand while retail segment is the silver-lining where demand continues to remain healthy. During the 3rd quarter, asset quality pressures intensified for most banks largely due to pressures in the Small and Medium Enterprises (SME) segment. In the short term, banks may gain due to treasury profits.

Economic revival and lower borrowing costs can reduce the Non-Performing Assets of the banks and boost loan growth. This may directly benefit the banking and financial services sector.

Fund Details (As on November 2014)

Inception: 22 August, 2008

AUM : Rs. 608 Crore

Fund Manager: Venkatesh Sanjeevi

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

SBI PHARMA FUND- GROWTH


Our Analysis:
The funds mandate is to invest into pharmaceutical companies. An analysis of the market capitalization trends shows that the funds average allocation into large caps, mid caps and small caps over a 1 year period (December 2013 to November 2014) stood at 80%, 13% and 5% respectively. As on November 2014, the total stocks in the portfolio were 16 and out of this, 5 were a part of the portfolio for 36 months. Among these 5 stocks, Dr. Reddys Laboratories was the only stock which had been among the top 5 holdings during the entire period of study. An important observation regarding this fund is that Sun Pharmaceutical has been the top holding of this fund since August 2012 with an average allocation of 19.46%.

Fund Manager Comments:
Investing in SBI Pharma Fund is a good way to capitalize on the Pharmaceutical opportunity. The 2 key growth markets for Pharma are India (growth sound & stable @ 12-14%) and USA. (10% market share in the largest pharmaceutical market). Prospects continue to be quite promising.

The Fund seeks to outperform the benchmark by taking active positions in mid/small cap stocks that can outperform the large cap stocks and by tapping market inefficiencies in select large cap names. As the risk of regulatory issues on Pharma companies is quite high, the fund tries to have small but many active weight positions.

Fund Details (As on November 2014)

Inception: 14 July, 1999

AUM : Rs. 358 Crore

Fund Manager: Tanmaya Desai

Exit Load : NIL

 
View Fact Sheet View Fund Card

SBI FMCG FUND- GROWTH


Our Analysis:
The fund will invest into FMCG companies. The market capitalization trends for the time period, December 2013 to November 2014 shows that the fund is predominantly a large cap fund with the average allocation into the same being 77%. On the other hand the mid cap and small cap average allocation during the same time period was to the tune of 12% and 9% respectively. The fund held 16 stocks in November 2014, out of which 3 have been a part of the portfolio continuously for 3 years under study. During the entire period of analysis, ITC has been the top holding of this fund with an average allocation of 40.91%.The other 2 stocks were United Spirits and Agro Tech Foods, with an average allocation of 5.56% and 4.76% respectively during our period of study.

Fund Manager Comments:
SBI FMCG Outlook:
- The sector may face headwinds with deceleration in income growth esp. rural. Benign input cost may benefit the sector in the very short term but large part of the benefit will go away as companies may pass on part of the benefits to consumers over the medium term and nominal growth rate will be lower due to lower inflation. From a long term perspective secular drivers like low penetration and low per-capita usage will continue to aid growth as distribution reach of organized consumer companies increases and disposable incomes grow. To sum it up secular factors will continue to drive growth but a cyclical downturn is very much probable over the next one year.
- Sectors valuation relative to its own history and relative to market is well above average. Considering that we expect some moderation in sectors growth, risk reward is not favorable. Having said that the current valuation premium of the sector is largely a function of weakness in other sectors and if macro conditions deteriorate the premium may continue or expand.
- We continue to be positive on certain themes viz. packaged foods, decorative paints and feminine hygiene and will continue to stay invested in the stocks that ride them.

Investment Strategy: The benchmark is heavily concentrated. Four stocks comprise 83% of the benchmark. The fund has a limitation of investing not more than 10% or benchmark weight whichever is higher in a particular stock. Due to this constraint it is difficult to outperform the benchmark in periods when large caps do well. Our strategy during such periods is to increase coverage ratio. In other periods there is larger opportunity to generate alpha through selection of the right mid and small cap stocks. Coverage ratio of the fund has been between 50 to 65%. The floor has been maintained at 50% in order to mitigate benchmark risk.

Identification of stocks is a function of growth, return on capital and management capability. Corporate governance is a key criteria in mid and small cap stocks.

Current Positioning: We are underweight large caps by 21% and the same has been allocated to mid and small caps. Top underweight: HUVR (-17%) and ITC (-10%). Top overweights; P&G Hygiene (7%), Britannia (6%) and Kansai Nerolac (6%). All overweights fit the themes mentioned above. The scheme currently has 3% cash.

Fund Details (As on November 2014)

Inception:

AUM :

Fund Manager:

Exit Load :

 
View Fact Sheet View Fund Card

ICICI PRUDENTIAL TECHNOLOGY FUND- GROWTH


Our Analysis:
The mandate of this fund is to invest into technology and technology-dependent companies. The funds average allocation into large caps, mid caps and small caps stood at 55%, 28% and 9% respectively, over a period of 1 year (December 2013 to November 2014). The stock count of the fund in November 2014 was 14. Among these 14 stocks, 7 were held consistently for the 3 years under analysis. During the 36 months of analysis, Infosys was the top holding of this fund with an average allocation of 31.78%. As on November 2014, the top 5 stocks of this fund were: Infosys (35.11%), Persistent Systems (10.13%), Wipro (8.4%), Tech Mahindra (7.81%) and Cyient (7.21%).

Fund Manager 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. The midcaps are expected to catch up and have potential to deliver returns. No aggressive INR estimates being considered.

Fund Details (As on November 2014)

Inception: 03 March, 2000

AUM : Rs. 301 Crore

Fund Manager: Mrinal Singh

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

KOTAK SELECT FOCUS FUND- GROWTH


Our Analysis:
The funds mandate is to invest into companies without any market cap bias. However, the fund manager will invest in a few selected sectors depending on their potential to grow in the future. Despite the fact that this fund does not have any market capitalization bias, it tends to be predominantly invested into large caps. Over a period of 1 year (December 2013 to November 2014), the average allocation into large caps and mid caps were to the tune of 82% and 13% respectively. As on November 2014, the fund held 47 stocks out of which only 7 have been a part of the portfolio continuously during the 36 months of analysis. ICICI Bank, Infosys, HDFC Bank, Federal Bank, Reliance Industries, IndusInd Bank and Whirlpool of India were the 7 consistent holdings in the fund. Except for December 2011, ICICI Bank has been among the top 5 stock holdings during our entire period of study.

Fund Manager Comments:
The investment philosophy is built on the premise that different sectors of the economy perform varyingly over different periods of economic cycle. The focus is to invest in select sectors that are likely to outperform broader market. Once the sectors are selected through top-down analysis, the individual investment ideas within those sectors are picked up through bottom-up approach. Currently, we remain positive on interest rate sensitive sectors such as Banking&Financials, Auto&auto-ancillaries and consumer discretionary. The interest rate trajectory which has just turned downwards is likely to benefit these sectors. We also like Cement sector as a play on infrastructure spend.

Fund Details (As on November 2014)

Inception: 11 September, 2009

AUM : Rs. 1400 Crore

Fund Manager: Harsha Upadhyaya

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

IDFC PREMIER EQUITY FUND- GROWTH


Our Analysis:
The fund positions itself as part of the core long-term equity holdings of investors. In line with this, the funds endeavor is to adopt a well-balanced and prudent style of fund management so as to deliver good returns to its investors. A perusal of the market capitalization trends shows that during the 12 months under consideration (December 2013 to November 2014), the funds average allocation into large caps, mid caps and small caps stood at 29%, 56% and 7% respectively. The fund manager actively manages this portfolio. This can be seen from the fact that out of the 49 stocks held in November 2014, only 6 made it to in the portfolio continuously for 36 months. These 6 stocks included names like Page Industries, Blue Dart Express, Asian Paints, Bata India, Gujarat State Petronet and Coromandel International. During the entire period of study, Page Industries has been among the top 5 holdings with an average allocation of 5.4%.

Fund Manager Comments:
IDFC Premier Equity Fund has built a portfolio of companies catering to the domestic economy. This is where our biggest opportunity lies. Demographics are our biggest strength, which is where our bias has always been. Over the next year or two we will continue to see corporate India deleveraging its balance sheet and throwing out cash flows. On the other hand the consumer will see leverage grow. The latter is very structural in nature and we would see this trend play out for a long period of time. This is why as a fund we have chosen to stay with the domestic opportunities and not spread ourselves thin across multiple sectors. Our approach to selection of companies has not changed, over the years we have been allocating to consolidators, cash flow positive businesses and companies with low debt, when we put all this together we have a portfolio of market leaders with deleveraged businesses who could leverage into the next cycle.

Fund Details (As on November 2014)

Inception: 28 September, 2005

AUM : Rs. 6639 Crore

Fund Manager: Kenneth Andrade

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

RELIANCE EQUITY OPPORTUNITIES FUND- GROWTH


Our Analysis:
The fund aims to analyze the performance of the economy and industry on a continuous basis. A combination of value and growth approach would be followed while selecting stocks. The funds average allocation into large caps, mid caps and small caps stood at 52%, 41% and 6% respectively during December 2013 to November 2014. During our period of study, out of the 59 stocks in the portfolio in November 2014, 19 were held continuously for the whole 36 months. Among these 19 holdings, only Divis Laboratories have been among the top 5 stocks during all the months under analysis.

Fund Manager Comments:
- The fund approach is based on buying growth companies at reasonable valuations. It follows a Diversified flexi cap strategy investing across market caps and sectors.
- Normally 40-60% of the portfolio is invested in large caps and the rest in mid caps.
- The fund offers an optimal blend of
-Large Cap Stability
-Established Mid Caps
-Emerging Themes and
-Deep Value Stocks
Current strategy:
- Focus on Domestic Recovery themes which can benefit from improving macros, competitive advantage & Operating leverage. Ex:, Financial Services, Consumer Discretionary, Retailing
- High ROE businesses with Global Advantage - IT, Healthcare
- Emerging Themes - Big emerging opportunities, Non Traditional sectors with high growth potential. Ex: Internet, Media, Restaurants, Insurance

Fund Details (As on November 2014)

Inception: 31 March, 2005

AUM : Rs. 10347 Crore

Fund Manager: Sailesh Raj Bhan

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

MIRAE ASSET INDIA OPPORTUNITIES FUND- GROWTH


Our Analysis:
The investment strategy of this fund clearly states that it does not have any bias towards a particular theme, sector, market cap, or style in picking investment opportunities. The fund manager is given the flexibility to aggressively manage this portfolio vis-à-vis a diversified equity fund. During the 1 year period (December 2013 to November 2014), the funds corpus was mostly allocated into large cap stocks with the average allocation into the same being at 75%. On the other hand, during the same time period, the mid cap and small cap categories had an average allocation of 14% and 7% respectively. The fund held 56 stocks in November 2014, out of which 26 were a part of the portfolio during the entire 3 years of analysis. ICICI Bank and Infosys were among the top 5 stocks during all the 36 months of analysis with an average allocation of 6.59% and 5.99% respectively.

Fund Manager Comments:
The fund is our flagship in the multi-cap category. It is a large cap biased diversified fund, which has the flexibility to invest across sectors, market capitalization, themes, and investment styles. In general, midcaps are about 25% 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 the overall sector weights of benchmark. Key tenets of stock-selection approach are:
- We prefer businesses which has the potential to address large opportunity. Focus on businesses which have sustainable competitive advantage, and thus same needs to be reflected in high return ratios (ROE, ROI etc.)
- We look of companies which are run by competent management with good governance track record.
- We seek for enough Margin of Safety, i.e., buying growth businesses upto a reasonable price so that underlying risks related to business, and liquidity are mitigated.

Currently, we have a balanced portfolio which would capitalize on the expected recovery in the domestic market, as well as participate in secular businesses which may not necessarily be linked to domestic recovery.

Fund Details (As on November 2014)

Inception: 04 April, 2008

AUM : Rs. 812 Crore

Fund Manager: Neelesh Surana & Sumit Agrawal

Exit Load : 2.00% on or before 6 months ,1.00% after 6 months but on or before 1 year ,NIL after 1 year

 
View Fact Sheet View Fund Card

FRANKLIN INDIA PRIMA PLUS FUND- GROWTH


Our Analysis:
The funds style of investing will be a blend of value and growth and the portfolio will be created with a huge focus on large cap stocks along with marginal exposure into small/mid cap stocks. The market capitalization trends of this fund shows that over a 12 months period (December 2013 to November 2014), the average allocation into large caps,mid caps and small caps stood at 72%, 20% and 1% respectively. The portfolio consisted of 56 stocks in November 2014, out of which 21 have been a part of the portfolio during the entire period of analysis. Among these 21 stocks, Bharti Airtel, Infosys and ICICI Bank, have been among the top 5 stocks during the 36 months under analysis with an average allocation of 6.68%, 6.41% and 6.16% respectively.

Fund Manager Comments:
It is a diversified equity fund and invests in wealth creating companies whose competitive advantages are likely to translate into superior return on capital. The fund follows a bottom-up approach to stock selection, and in that sense, the sectoral allocations are a derivative of the individual picks rather than any top-down views. The portfolio comprises mainly of large cap stocks with some exposure to mid and small cap stocks (typically in the ratio of 80:20). The fund has delivered consistent and superior performance for over 20 years.

Outlook: Even though the benchmark indices viz. CNX Nifty & S&P BSE Sensex are near their all-time highs, valuations are accommodative as they are around the long term average. With decreasing valuation gap between large caps and midcaps, we may see less divergence in the returns as compared to last year. Incremental returns for equities are likely to be led by corporate earnings growth.

Fund Details (As on November 2014)

Inception: 29 September, 1994

AUM : Rs. 3445 Crore

Fund Manager: Anand Radhakrishnan & R. Janakiraman

Exit Load : 1.00% on or before 1 year

 
View Fact Sheet View Fund Card

RELIANCE SMALL CAP FUND GROWTH PLAN- GROWTH


Our Analysis:
The fund will primarily invest into small cap stocks which will try to maximize return and minimize risk by adequate diversification. As per the mandate of the fund, small cap stocks are those stocks whose market capitalization is between the highest and lowest market capitalization of companies on S&P BSE Small Cap Index at the time of investment. In line with the mandate, the funds average allocation into mid caps and small caps stood at 33% and 47% during the 1 year period (December 2013 to November 2014). The fund had 57 stocks in the portfolio in November 2014, out of which 15 have been held consistently for all the months under study. Among the 11 stocks, only Atul Ltd has been among the top 5 holdings of the fund since March 2012. In November 2014, the top 5 holdings in the portfolio included names like L G Balakrishnan & Bros (4.38%), Atul (3.7%), TVS Motor Company (3.47%), HDFC Bank (2.99%) and CCL Products (2.91%).

Fund Manager Comments:
- A focused small cap fund investing primarily in Small cap (65%) with tactical allocation to other market caps.
- Bottom up investment approach focused on stock specific opportunities.
- Focus on identifying business with higher growth potential, reasonable size & quality management which are available at attractive valuations
- Portfolio well diversified across stocks and sectors.

Current Strategy/Focus Themes:
- Domestic Economic Recovery  Product engineering cos, Construction
- Policy action beneficiaries  Fertilizers, Banks
- Domestic Consumption  Apparel, Healthcare, consumer durables
- Niche plays - Chemicals, Hotels

Fund Details (As on November 2014)

Inception: 21 September, 2010

AUM : Rs. 1320 Crore

Fund Manager: Sunil Singhania

Exit Load : 2.00% on or before 1 year, 1.00% after 1 year but on or before 2 years, NIL after 2 years.

 
View Fact Sheet View Fund Card

MIRAE ASSET EMERGING BLUECHIP FUND- GROWTH


Our Analysis:
The funds focus is on stocks which are not part of the top 100 stocks by market capitalization and whose market capitalization is atleast INR 100 crore at the time of investment. The fund will be diversified across sectors and will have a large base of stocks in the portfolio which will help in reducing concentration and liquidity risk. The fund has a good mix of large cap, mid cap and small cap stocks in the portfolio. This can be seen from the market capitalization trends during the time period that is December 2013 to November 2014, wherein the large cap, mid cap and small cap stocks had an average allocation of 47%, 36% and 12% respectively. The funds stock count on November 2014 stood at 61 and out of these, 22 of the stocks have been held consistently for all the 36 months. As of November 2014, the top 5 stocks in the portfolio are: Sundaram Finance (3.43%), Yes Bank (3.40%), ICICI Bank (3.38%), Tech Mahindra (3.38%) and Karur Vysya Bank (2.68%). It is interesting to note here that it is only in July 2014 that Karur Vysya Bank found a place in the portfolio for the first time during our period of study.

Fund Manager Comments:
MAEBF is our mid cap dedicated flagship product. Our strategy continues to follow strict investment discipline while selecting investment companies. While we follow a bottom-up approach for stock selection, the overall portfolio construction also considers the overall sector weights of benchmark. Key tenets of stock-selection approach are:
- We prefer businesses which has the potential to address large opportunity. Focus on businesses which have sustainable competitive advantage, and thus same needs to be reflected in high return ratios (ROE, ROI etc.)
- While choosing small companies, we have an internal criterion of preferring companies which have atleast Rs 100 Crore p.a. operating profit.
- We look of companies which are run by competent management with good governance track record.
- We seek for enough Margin of Safety, i.e., buying growth businesses upto a reasonable price so that underlying risks related to business, and liquidity are mitigated.

Currently, we have a balanced portfolio which would capitalize on the expected recovery in the domestic market, as well as participate in secular businesses which may not necessarily be linked to domestic recovery.

Fund Details (As on November 2014)

Inception: 09 July, 2010

AUM : Rs. 610 Crore

Fund Manager: Neelesh Surana

Exit Load : 2.00% on or before 6 months ,1.00% after 6 months but on or before 1 year, NIL after 1 year

 
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DSP BLACKROCK MICRO CAP FUND- GROWTH


Our Analysis:
As per the Investment strategy of this fund, The Investment Manager will use a disciplined quantitative analysis of financial operating statistics. The fund manager will be using a blend of both value and growth strategies while selecting stocks. True to its label, this fund has the maximum corpus concentrated in mid and small cap stocks. During the 1 year of analysis,(December 2013 to November 2014), the average allocation of the fund into mid caps and small caps were to the tune of 46% and 44%. The funds holding as on November 2014 stood at 62, out of which 11 have been a part of the portfolio continuously for 3 years. Among these 11 stocks, Indoco Remedies was the only stock which was among the top 5 holdings during the entire period of analysis. The top 5 stocks in the portfolio in November 2014 were: Indoco Remedies (5.12%), Repco Home Finance (3.51%), Symphony (3.35%), Sharda Cropchem (3.15%) and DCB Bank (2.99%).

Fund Details (As on November 2014)

Inception: 14 June, 2007

AUM : Rs. 1682 Crore

Fund Manager: Vinit Sambre

Exit Load : 1.00% on or before 2 Years, NIL after 2 Years

 
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HDFC MID-CAP OPPORTUNITIES FUND- GROWTH


Our Analysis:
This will be a diversified fund consisting of small and mid-cap companies. Although the fund follows a buy and hold strategy, if valuations become too demanding then the fund manager will resort to selling, even if there are reasonable growth prospects in the long run. A perusal of the market capitalization trends showed that the funds average allocation into large caps, mid caps and small caps during the 1 year period (December 2013 to November 2014) stood at 37%,50% and 8% respectively. As on November 2014, the fund held 67 stocks out of which 30 have been a part of the portfolio during the entire 36 months under study. During August 2014 to November 2014, there have been 3 stocks which have been among the top 5 holdings of this fund and these included names like Aurobindo Pharma, AIA Engineering and Voltas.

Fund Manager Comments:
The Fund provides investors an opportunity to invest in a diversified portfolio of small and midsized companies with faster growth potential. Such a portfolio offers a higher return potential than one comprising primarily large cap companies but also carries relatively higher risk, particularly over the short and medium term.
Small and mid  cap companies offer the potential of higher returns due to the following reasons:
-Relatively less known by market participants / price discovery by market is not full
-Better growth prospects due to presence in a new segment / area that is growing at a faster pace
-Ability to gain market share due to new technology / better product / service etc.
-Room for P/E multiples to expand if the company transitions from a small / mid  cap to a large cap

Thus, this can provide diversification to an investors overall equity mutual fund portfolio as on 31st Jan 2015, the corpus is 9653.40 Crs with 91.40% exposure to mid-cap. The fund has consistently beaten the benchmark over last 3 years.

Fund Details (As on November 2014)

Inception: 25 June, 2007

AUM : Rs. 8632 Crore

Fund Manager: Chirag Setalvad

Exit Load : 1.00% on or before 1 year, NIL after 1 year

 
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CANARA ROBECO EMERGING EQUITIES- GROWTH


Our Analysis:
The funds mandate is to invest into mid cap stocks which have the potential to emerge as bigger corporates in the future. In the case of this fund, mid and small companies are defined as those which are ranked from 151 to 500 on the basis of market capitalization. The 1 year analysis (December 2013 to November 2014) of the market capitalization trends shows that the funds average allocation into mid caps and small caps have been to the tune of 64% and 16%. During the same period, the average allocation into large cap stocks stood at 18%. An interesting observation that can be made here is that there has been only 1 stock (Wabco India) which has been held continuously for 36 months out of the total 61 stocks held in November 2014.

Fund Manager Comments:
Canara Robeco Emerging Equities follows a bottom up stock picking approach to identify the future leaders in the mid-cap space. The growth oriented style of investing combined with a value approach creates a well diversified portfolio of fundamentally strong companies. This stock-picking strategy is also known as GARP investing: Growth at a Reasonable Price. At the same time quality is very important for the fund. The fund aims to invest in good quality and fundamentally strong businesses.

The Indian economy is undergoing a growth phase, in such a scenario midcaps usually deliver faster earnings growth and therefore offer attractive investment opportunities. We believe that mid-caps will continue to outperform over the long run. However, this might be associated with higher volatility as by nature, mid-caps tend to be more volatile than large cap stocks.

Fund Details (As on November 2014)

Inception: 11 March, 2005

AUM : Rs. 179 Crore

Fund Manager: Ravi Gopalakrishnan & Krishna Sanghavi

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
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TATA DIVIDEND YIELD FUND- GROWTH


Our Analysis:
The fund intends to invest into stocks which have a high dividend yield. In this case, dividend yield will be considered high if it is greater than the dividend yield of the S&P BSE Index last published by S&P BSE. An analysis of the market capitalization trends shows that the funds average allocation into large caps, mid caps and small caps stood at 60%, 31% and 6% respectively over a period of 1 year (December 2013 to November 2014). The fund is actively managed as can be seen from the fact that out of the 39 stocks held in November 2014, only 1 (Infosys) has been a part of the portfolio during the 3 years of study. It has also been observed that since May 2014, ICICI Bank, HCL Technologies and HDFC Bank have been among the top 5 holdings of this fund.

Fund Manager Comments:
Tata Dividend Yield Fund (TDYF) is an open ended equity fund that aims to invest at least 70% of its assets in shares with high dividend yields. 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 strategy to buy businesses with strong fundamental attributes and cash flows has delivered across market cycles. Following the strategy to invest using dividend yield as a metric allows the fund manager to consider such strong businesses for investing when they are undervalued. As the outlook for growth improves, both the earnings and multiples tend to improve, indicating a positive outlook over a longer period for a value focused fund like Tata Dividend Yield Fund.

Fund Details (As on November 2014)

Inception: 22 November, 2004

AUM : Rs. 327 Crore

Fund Manager: Rupesh Patel

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
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ICICI PRUDENTIAL VALUE DISCOVERY FUND- GROWTH


Our Analysis:
The funds mandate is to invest into companies which are trading at a discount to their fair value after considering other factors like earnings, asset value, free cash flow and dividend yield. The fund is diversified across the market capitalization spectrum with average allocation into large caps, mid caps and small caps being at 44%, 41% and 8% respectively during December 2013 to November 2014. As on November 2014, the fund held 61 stocks out of which 25 have been held continuously for 3 years under study. ICICI Bank is the top holding of this fund in November 2014 followed by Reliance Industries, Sadbhav Engineering, Amara Raja Batteries and Wipro with an allocation of 7.07%, 3.87%, 2.99%, 2.92% and 2.52% respectively.

Fund Manager Comments:
We may use contra investing strategy which involves selection of stocks that are not popular at the moment but have the potential to do well over time because of factors such as strong fundamentals, future turnaround in the business cycle and revival in economic growth.

Indian IT peers may benefit from several billion dollar worth of renewal deals which has potential to power growth in the sector and explains the schemes overweight stance on Software. There is no visible pick up in the demand environment in Consumer Non-Durables & Retailing and valuations are expensive too. Hence, we are underweight on FMCG.

Fund Details (As on November 2014)

Inception: 16 August, 2004

AUM : Rs. 7690 Crore

Fund Manager: Mrinal Singh

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
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RELIANCE TAX SAVER ( ELSS ) FUND- GROWTH


Our Analysis:
The funds focus will be towards actively managing the portfolio and in this process will take defensive/aggressive positions depending on the available opportunities. During the 3 years under analysis (November 2011 to October 2014), the fund held stocks in the range of 30 to 51. The fund as on October 2014 held 51 stocks out of which 15 have been a part of the portfolio during the entire period of study. Since September 2013, TVS Motor Company has been the top holding of this fund with an average allocation of 6%. As far as the sectoral trends are concerned, Industrial Capital Goods, Auto and Industrial Products have been among the top 5 sectoral picks during our period of analysis.

Fund Manager Comments:
- The fund is diversified equity offering that attempts to invest in market leaders and long term alpha creators.
- The fund attempts to maintain almost equal allocations to Top 100 companies and growth oriented Mid cap companies
- Around 20%-30% of the portfolio is invested in high quality MNCs which are leaders in technology/ brands and quality managements

Current Strategy: Attempt to create a balanced portfolio on a macro basis
- Domestic Capex Revival/ economic recovery: Financials, Capital Goods
- Domestic Consumption oriented themes like Autos, FMCG etc
- Global plays  Healthcare and IT Services sectors
- Contrarian Investments  Out of favor and deep value stocks

Fund Details (As on November 2014)

Inception: 22 September, 2005

AUM : Rs. 3618 Crore

Fund Manager: Ashwani Kumar

Exit Load : NIL

 
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FRANKLIN INDIA TAXSHIELD- GROWTH


Our Analysis:
The style of investing followed by this fund is a combination of growth and value. The portfolio is made up of stocks spread across sectors and market capitalization and the fund manager follows a bottom-up approach in selecting stocks. During the last 3 years (November 2011-October 2014), the number of stocks in the portfolio has been in the range of 44 to 58. A detailed analysis of the portfolio shows that the fund as of October 2014 held approximately 54 stocks, out of which 21 have been in the portfolio during the entire period of analysis. An observation that can be made here is that Infosys and Bharti Airtel were the only 2 stocks which were among the top 5 picks during these 36 months of analysis having an average allocation of 6.78% and 6.76 % respectively. The fund has been taking a huge exposure into banks with the average allocation into the same remaining at 20% during our period of study. The fund has also been positive on 2 other sectors namely software and pharmaceuticals whose average allocation in the portfolio was to the tune of 10% and 11% respectively in our current analysis.

Fund Manager Comments:
It is an open end Equity Linked Savings Scheme (ELSS), where the fund manager seeks steady growth by maintaining a diversified portfolio of equities across sectors and market-caps. Therefore the fund is market-cap agnostic, with focus on bottom up stock selection. The funds investment style is a mix of growth and value (blend). The fund has a long term performance and dividend track record of over 15 years.

Outlook: At the domestic level, a lot of earlier headwinds such as inflation, current account deficit, high interest rates and policy logjam seem to have subsided, and have actually turned into tailwinds. Presently, market valuations are around long term averages, and are still accommodative. With re-rating already factored in valuations, the headroom for P/E multiple expansion is limited. Hence incremental returns are likely to be led by corporate earnings growth. We believe that gradual recovery in economic growth is likely to continue and translate into stronger earnings growth in the long term.

Fund Details (As on November 2014)

Inception: 10 April, 1999

AUM : Rs. 1568 Crore

Fund Manager: Anand Radhakrishnan & Anil Prabhudas

Exit Load : NIL

 
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ICICI PRUDENTIAL TAX PLAN- GROWTH


Our Analysis:
The investment strategy of the fund will be an active value based approach to stock picking. The stocks will be selected on the basis of the fundamentals of the business, the industry structure, the quality of management, sensitivity to economic factors, the financial strength of the company and the key earnings drivers. The fund has been holding stocks in the range of 47 to 64 during the 36 months of analysis (November 2011-October 2014). As of October 2014, the funds total stock holdings were 49, out of which 9 have been held continuously during our period of study. Some of these 9 stocks included names like Reliance Industries, ICICI Bank, Infosys, Texmaco Rail & Engineering, etc. A perusal of the sectoral trends show that Banks, Software and Pharmaceuticals have been among the top 5 picks during the 36 months under study with an average allocation of 15%, 12% and 10% respectively.

Fund Manager Comments:
Currently, the scheme is majorly invested in large cap stocks. After strong performance of midcaps in the recent past, the scheme is likely to be biased towards large caps. The government has started taking several policy initiatives in order to revive the stalled projects and initiate new projects. This will revive the investment activity and support credit offtake. Hence, the scheme has high exposure to Banks & Finance.

The scheme is a suitable avenue to park money for long term investing. It aims to provide long term risk adjusted returns to the investors.

Fund Details (As on November 2014)

Inception: 19 August, 1999

AUM : Rs. 2413 Crore

Fund Manager: Chintan Haria

Exit Load : NIL

 
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CANARA ROBECO EQUITY TAX SAVER- GROWTH


Our Analysis:
The investment strategy of the fund is focused towards identifying companies with strong competitive position in good business and having quality management. The stocks in the portfolio are selected on the basis of the fundamentals of the business, the industry structure, the quality of management, sensitivity to economic factors, the financial strength of the company and the key earnings drivers. The fund has been holding stocks in the range of 52 to 61 during our period of study (November 2011-October 2014).The funds stock holdings as on October 2014 stood at 52, out of which only 11 have found a place in the portfolio during the 36 months of analysis. Among these 11 stocks, HDFC Bank has been among the top 5 stock picks during the entire period of analysis with an average allocation of 6%. The fund manager has been biased towards the banking space as can be seen from the fact that the average allocation into this sector has been at 21% over a period of 3 years. It is also interesting to note here that banks and software have been among the top 5 sectoral picks in all the months under analysis with the average allocation into the latter standing at 12%.

Fund Manager Comments:
Canara Robeco Equity Tax Saver is an ELSS with a 3 year lock-in period providing Tax Benefits under Section 80 C of Income Tax. Thus it offers dual benefit of tax saving along with equity investing. The scheme follows a blend style of investing with significant exposure to large cap companies.

The government has already taken certain steps to bolster economic growth. Some of these measures like labour reforms, launch of online clearance window for forest approvals, Make in India campaign etc. are expected to create an environment conducive for business growth. We believe that these factors coupled with the improving macro-economic factors and benign interest rate scenario may benefit the rate sensitive sectors. Accordingly, the fund has a positive outlook towards these sectors.


Fund Details (As on November 2014)

Inception: 31 March, 1993

AUM : Rs. 887 Crore

Fund Manager: Krishna Sanghavi

Exit Load : NIL

 
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AXIS LONG TERM EQUITY FUND- GROWTH


Our Analysis:
The funds mandate is to invest into a diversified portfolio of strong growth companies with sustainable business models. The fund manager uses a bottom-up approach to select stocks and the investments are not limited to companies constituting the benchmark that is S&P BSE 200. The fund also has the flexibility to invest across the entire market capitalization spectrum. During our period of study (November 2011-October 2014), the funds total stock holdings have been in the range of 35 to 44 respectively. As on October2014, the fund held 38 stocks, out of which 18 of them have been a part of the portfolio during the entire 3 years of analysis. During the last year (November 2013-October 2014), 3 stocks which were among the top holdings of this fund included names like HDFC Bank, Kotak Mahindra Bank and Larsen & Toubro. On the sectoral front, Banks and Finance have been among the top 5 picks for the entire period under study having an average allocation of 15% and 13% respectively.

Fund Manager Comments:
- The fund invests across market cap with large caps around 50-100% and midcaps up to 50%
- 3 year lock-in eliminates near term pressure on stock selection & helps support quality businesses through their market cycle
- The fund is focused on long term earnings growth prospects and quality as key criteria for stock selection.
- With a view of capturing growth over the next 3-5 years, the portfolio has a higher allocation to the domestic economy and in sectors where the Indian consumer opportunity can be leveraged, such as private sector banks, autos, auto ancillary, housing & consumption sector etc.
- The fund also includes bottom-up stock selection ideas in Pharma, IT and defence sectors. Normally, the portfolio avoids highly cyclical stories and highly regulated sectors.
- The fund looks at opportunities across the market cap and the portfolio remains balanced between its large and mid-cap allocations. While short term volatility may continue, we dont see any major concerns from a medium term perspective.


Fund Details (As on November 2014)

Inception: 29 December, 2009

AUM : Rs. 3199 Crore

Fund Manager: Jinesh Gopani

Exit Load : NIL

 
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L&T GLOBAL REAL ASSETS FUND- GROWTH


Our Analysis:
The fund will invest into Fidelity Funds-Global Real Asset Securities Fund, an offshore fund launched by Fidelity Funds. The underlying fund will invest atleast 70% of the corpus into companies which have an exposure into commodities, property, industrials, utilities, energy, materials and infrastructure. The top 5 sectors of this fund as on November 2014 are: Energy (26.84%), Materials (20.25%), Industrials (20%), Financials (16.48%) and Consumer Discretionary (4.21%).

Fund Manager Comments:
Global equities delivered positive returns (in US dollar terms) in a volatile fourth quarter. The Federal Reserve (Fed) ended its quantitative easing programme, but other central banks continued to increase money supply in order to support growth, which boosted equity markets. The crude oil price has continued to decline since mid-June, particularly after the Organization of the Petroleum Exporting Countries (OPEC) decided not to cut production, which resulted in volatility, especially in emerging market equities. A strengthening US dollar also weighed on commodity prices. From a regional perspective, US equities advanced as the domestic economy continued to perform well amid hopes that a lower oil price would sustain momentum in the consumer-led recovery. This was despite the threat of rising interest rates and associated market volatility. European equities were negatively impacted by concerns about the pace of global growth and fears about Greece exiting the eurozone. The Japanese market registered strong positive returns in yen terms as further monetary policy easing by the Bank of Japan (BoJ) sent the Yen lower. The re-election of Prime Minister Shinzo Abe and his decision to delay another consumption tax increase boosted investor sentiment. Emerging markets, which delivered negative returns, underperformed developed markets. Russian equities were particularly weak amid deteriorating domestic data, the falling oil price and pressure on the rouble. On the other hand, an interest rate cut by the central bank supported the Chinese market. At a sector level, consumer discretionary stocks outperformed, while energy stocks tracked oil prices lower.

Fund Details (As on November 2014)

Inception: 11 February, 2010

AUM : Rs. 62 Crore

Fund Manager: Abhijeet Dakshikar

Exit Load : 1.00% on or before 1 year

 
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JPMORGAN GREATER CHINA EQUITY OFF SHORE FUND- GROWTH


Our Analysis:
The fund invests into the parent fund, 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. The underlying fund will invest into companies from the Peoples Republic of China, Hong Kong and Taiwan (Greater China).
As on November 2014, the country-wise allocation of the portfolio is: China (55.3%), Taiwan (25.4%) and Hong Kong (18.8%).

Fund Manager Comments:
JPMorgan India Greater China Fund
The Greater China region provides equity investors with the most flexible way to access investment opportunities related to China. Opportunities include the operational gearing of Taiwanese technology companies ongoing global demand for consumer electronics, tapping Chinese domestic consumption power as well as selective sectors that could benefit from Chinas structural reform measures.

China's supportive reform initiatives
With the benchmark interest rates being reduced in November 2014, the Chinese authorities have indicated that monetary policy is likely to be relaxed in a more comprehensive manner over months and quarters ahead to support growth. Fiscal policy could also play an important role in keeping growth in line with governments target.
With structural reforms gathering momentum, we continue to expect the new economy to be the main reform beneficiaries, including internet and software, health care, green energy and environmental protection. Equities in these sectors should outperform traditional sectors like industrials, energy and financials. 2015 is also expected to be a year where markets start to build expectations over the 13th Five Year Plan that will run from 2016 to 2020.

Greater China Equities
" In an environment of a strong USD, we believe that the currencies of Hong Kong, China and Taiwan can be more resilient relative to some other emerging markets. The Hong Kong dollar is officially pegged to the USD.
" Meanwhile, China and Taiwan both run healthy current account surpluses. A gradual improvement in export performance is likely to reinforce this position. All three economies also enjoy sizeable foreign exchange reserve position. Attractive market valuations
" In terms of trailing price to book (P/B) and 12-month forward price to earnings (P/E) ratios, Hong Kong and Taiwanese equities are trading below their 10-year averages. In the case of China, valuations are even more compelling with the forward PEs of 11x for the China A-share market and 9.3x for overseas listed MSCI China.

JPMorgan Greater China Fund
The fund is overweight in Chinese internet stocks, selected information technology stocks, renewable energy stocks and consumer discretionary stocks to take advantage of reform measures and strong domestic consumption trends. The fund is underweight in defensive sectors (telecoms and utilities) and is positioned to take advantage of structural growth trends in the Greater China region.

Fund Details (As on November 2014)

Inception: 26 August, 2009

AUM : Rs. 123 Crore

Fund Manager: Namdev Chougule

Exit Load : 1.00% on or before 18 months ,NIL after 18 months

 
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CANARA ROBECO INFRASTRUCTURE FUND- GROWTH


Our Analysis:
The funds mandate is to invest into those companies which will benefit from the huge infrastructure spending that will happen in the country. The emphasis will be on companies with reasonable valuation and a high earnings potential. A perusal of the market capitalization trends shows that during December 2013 to November 2014, the average allocation into large caps, mid caps and small caps stood at 69%, 19% and 9% respectively. As on November 2014, the fund held 33 stocks out of which 12 have been consistently a part of this portfolio for 36 months under analysis. Since July 2014, there were 3 stocks which have been the top holdings of this fund and these included names like Ultra Tech Cement, Power Grid Corporation of India and HDFC Bank.

Fund Manager Comments:
Canara Robeco Infrastructure aims to invest in companies which directly or indirectly participate in Indias Infrastructure story. The scheme aims to have concentrated holdings with a bias towards Large Market Capitalization Stocks.

Within the Infrastructure space, we are positive on cements, railways, water and roads as we believe these are the low hanging fruits and are likely target area for the government in the near term. To give an illustration, to carry on Swachh Ganga Abhiyan campaign proper infrastructure such as pipes, affluent treatments etc would have to be in place; this in turn would benefit water sanitation and supply companies. Other projects like 100 smart cities, dedicated freight corridor etc. would require huge investments in infrastructure, giving a push to this sector.

Fund Details (As on November 2014)

Inception: 02 December, 2005

AUM : Rs. 101 Crore

Fund Manager: Ravi Gopalakrishnan & Yogesh Patil

Exit Load : 1.00% on or before 1 year ,NIL after 1 year

 
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