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CRISIL Mutual Fund Ranking

For the quarter ended March 31, 2017


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Analytical Business Development

Yatendra Chauhan Vishal Ahuja


Associate Director Funds & Fixed Income Research Director Funds & Fixed Income Research
yatendra.chauhan@crisil.com vishal.ahuja@crisil.com

Kiran Nate Deepak Mittal


Manager Funds & Fixed Income Research Associate Director Funds & Fixed Income Research
kiran.nate@crisil.com deepak.mittal@crisil.com

Zunjar Sanzgiri Dinesh Agarwal


Research Analyst Funds & Fixed Income Research Associate Director Funds & Fixed Income Research
zunjar.sanzgiri@crisil.com dinesh.agarwal@crisil.com
Industry highlights
The Indian mutual fund industrys quarterly average assets Investors continued to distance themselves from gold ETFs
under management (AUM) posted record high fiscal growth, for the fourth consecutive fiscal. The categorys average AUM
both in percentage and absolute terms, since the Association fell 10.92%, or by Rs 6.92 billion, in the fiscal to Rs 56.43
of Mutual Funds in India (AMFI) started declaring quarterly billion owing to outflows of Rs 7.75 billion and MTM losses.
AUM in September 2010. The industry grew 35.18%, or by Rs However, on a quarterly basis, the category grew 8.91%
4.76 trillion, to a new high of Rs 18.30 trillion (excluding fund owing to rise in prices of the underlying asset. Gold prices
of funds) in the fiscal ended March 2017 (FY17). Equity and rose 2% in the quarter, but fell 1.9% in the year ended March
short-term debt funds continued to drive industry growth. 2017.
Average AUM grew 8.05%, or by Rs 1.36 trillion, on-quarter.
Average AUM of direct plans rose to a new high of Rs 7.33
Equity funds continued to be investors preferred category as trillion, up 48.11% or by Rs 2.38 trillion (highest absolute
reflected in the inflows trend. The category saw progressive fiscal rise). The share of direct plans in overall AUM rose to
increase in inflows: Rs 1.31 trillion in FY17, Rs 1.02 trillion in 40.1% in March 2017 from 36.6% a year ago and 39.5% a
FY16 and Rs 831 billion in FY15. Strong inflows coupled with quarter ago.
mark-to-market (MTM) gains prompted assets to cross the
Rs 6 trillion mark. In FY17, the categorys assets grew a Chart 1 Mutual fund net flows and AUM trend
robust 43.17%, or by Rs 1.90 trillion, to a new high of Rs 6.30 19.0 2.0
trillion. On a quarterly basis, it grew 12.00%, or by Rs 675.14 18.0
(Qtrly Avg AUM trillion)

billion. The equity market - represented by Nifty 50 - gained

(Net flows trillion)


17.0
12.07% and 18.55% in the quarter and fiscal ended March 16.0
1.0

2017, respectively. 15.0

14.0
Assets of short-term debt funds grew 3.85 times in the past 0.0
13.0
three years to a new high of Rs 2.72 trillion in March 2017. In
12.0
the latest fiscal, the categorys asset increased 81.29%, or by
Rs 1.22 trillion, highlighting growing investors preference for 11.0 -1.0
Dec-15

Dec-16
Sep-15

Sep-16
Jun-15

Jun-16
Mar-15

Mar-16

Mar-17
short-maturity debt as it is less sensitive to interest rate
changes. Other categories in the short maturity debt funds --
Net flows (Rs trillion) (RHS) Industry AUM (Rs trillion)
ultra short-term funds assets rose to a new high of Rs 1.98
Source AMFI
trillion, up Rs 653.42 billion or 49.31% in the fiscal, while
liquid funds touched a new high of Rs 3.98 trillion, up Rs
Table 1 Category-wise average AUM ( billion)
754.32 billion or 23.40%. On a quarterly basis, short-term
Jan-Mar Oct-Dec Absolute %
debt, ultra short-term and liquid funds grew 9.29%, 0.32% Mutual fund category
2017 2016 Change (bn) change
and 14.75%, respectively. Equity* 6302.27 5627.13 675.14 12.00
Liquid/money market 3977.39 3466.22 511.17 14.75
Long-maturity debt funds assets posted muted growth in Debt** 6544.58 6380.06 164.52 2.58
FY17 amid growing expectations that the Reserve Bank of Fixed maturity plans (FMPs) 1366.31 1368.32 -2.01 -0.15
Infrastructure debt fund 14.32 13.94 0.38 2.73
Indias (RBIs) interest rate easing cycle has come to an end.
Gold ETFs 56.43 51.81 4.62 8.92
In the February 2017 policy meeting, the RBI changed its
Others 34.52 25.92 8.60 33.18
policy stance to neutral from accommodative. While income Total 18295.83 16933.39 1362.44 8.05
funds average AUM grew 11.95% (lower growth vis--vis Source - CRISIL Mutual Fund Database
short maturity debt) to Rs 1.09 trillion, gilt funds assets * Includes equity-oriented funds, balanced funds and ETFs
** Includes long-term, gilt, short-term, ultra short-term and other debt-
shrank 8.49% to Rs 158.41 billion. In the final quarter of FY17,
oriented funds
income funds assets rose just 1.45% and gilt funds assets
fell 10.15% owing to a jump in bond yields; yield on the 10-
year benchmark bond rose 6.69% in March-end 2017 from
6.51% a quarter ago.

1
Of the 42 fund houses (including infrastructure debt funds), Sebi notified rules allowing foreign fund managers to act
which have declared average AUM, four witnessed a fall in as portfolio managers under a relaxed regulatory regime.
the quarter and six posted a fall in the year. The industry
Sebi said existing mutual funds will not require approval
continued to be highly concentrated, with the share of the
of a majority unit holders to invest in the derivatives
top five and top 10 fund houses rising to 57.01% and 80.81% segment provided there is an exit option.
from 55.66% and 79.53%, respectively, a year ago.
Sebi allowed mutual funds to increase exposure limits
ICICI Prudential Mutual Fund continued to be the industry provided for housing finance companies from 10% to
leader in terms of assets managed in FY17. Its assets grew 15%.
38.14%, or by Rs 671 billion, on-year to Rs 2.43 trillion. HDFC Sebi asked credit rating agencies (CRAs) to give a 30-day
Mutual Fund came second with a rise of Rs 614 billion or notice before withdrawal of ratings in case of open-end
34.93% to Rs 2.37 trillion. Reliance Mutual Fund maintained mutual funds.
third position with Rs 2.11 trillion, up by Rs 525 billion or Sebi halted approvals to new exchange-traded funds
33.13%. Assets of ICICI Prudential Mutual Fund and HDFC (ETFs), other than those with Nifty and Sensex as the
Mutual Fund rose the highest in absolute terms. underlying. It is considering a fresh set of guidelines for
ETFs with sectoral indices as the underlying.
Major regulations and developments in the
AMFI launched a media and communication campaign as
quarter a part of the investor awareness outreach program.
Securities and Exchange Board of India (Sebi) directed BSE launched the BSE StAR MF mobile application.
mutual funds to disclose the performance of their
IDFC increased its stake to 100% in IDFC AMC and IDFC
schemes since inception and during the preceding one-,
AMC Trustee Co by acquiring 25% stake held by Natixis
three- and five-year periods while advertising. It also
Global Asset Management in these two companies for Rs
allowed celebrities to endorse mutual funds products.
2.44 billion.
Sebi notified norms allowing mutual funds to invest in
real estate investment trusts (REITs) and infrastructure
investment trusts (InvITs). It also said that mutual funds
investing in these instruments will have to give 15 days
to unitholders to exercise the exit option.

2
Equity market overview

MARKET OVERVIEW
Table 2 Movement of key equity market indices However, further gains were restrained on worries over
Quarter ended Year ended stricter H-1B visa rules in the US and the impact of President
Index Mar-17 Mar-17
Trump's immigration ban on some countries. Investors were
(% change) (% change)
also disappointed after the RBI kept its policy rates on hold in
Nifty 50 12.07 18.55
Nifty 100 12.94 20.87
its policy review on February 8, 2017 and said it would shift
Nifty Realty 30.00 37.30 its stance from accommodative to neutral, signalling an end
Nifty Free Float Smallcap 100 20.83 42.99 to further rate cuts. The market was also hit intermittently by
Nifty Free Float Midcap 100 19.83 34.85 a surge in consumer and retail inflation.
Nifty Bank 17.97 32.85
Nifty Metal 16.74 61.90 All the NSE and BSE sectoral indices ended higher in the
Nifty Infrastructure 14.17 21.53 quarter. Nifty Realty and S&P BSE Realty were the biggest
Nifty Commodities 14.02 41.84
sectoral gainers up 30% and 27%, respectively, amid
Nifty FMCG 13.43 19.12
optimism over lower lending rates and housing schemes
Nifty Energy Index 13.41 38.27
Nifty Auto 8.08 22.16 announced by Prime Minister Narendra Modi and higher
Nifty IT Index 2.92 -5.36 allocation of funds to these schemes. Nifty Bank and S&P
Nifty Pharma 1.40 -5.26 BSE BANKEX rose nearly 18% each owing to short covering
Source - NSE
and on hopes that the RBI and the government would soon
Sectoral indices sorted on three-month returns
announce measures to tackle bad loans in the banking
system. Strong buying interest was also seen in metal and
Indian equity benchmarks S&P BSE Sensex and Nifty 50
FMCG firms. Nifty Metal and S&P BSE Metal were up about
gained around 11% and 12%, respectively, in the March
17% each. Nifty FMCG and S&P BSE Consumer-durables
quarter, boosted by strong domestic cues. The triggers were:
gained about 13% and 36%, respectively.
1) passage of the Finance Bill and four crucial bills related to
GST, bringing India closer to a unified tax regime from July 1, Chart 2 Mutual fund daily investments & Nifty movement
2017; 2) landslide victory of the ruling party in Uttar Pradesh
9300 90

(FII/ MF Daily Net Equity


assembly elections; c) appreciation of the rupee against the

Investments . billion)
9100 60
dollar, d) strong buying interest by foreign institutional
(Nifty 50)

8900
investors (they bought equities worth Rs 448 billion in the 30
8700
March quarter against selling of Rs 312 billion in the previous 0
8500
quarter); e) the Union Budgets focus on fiscal prudence and
8300 -30
status quo on long-term capital gains tax on equities; and f)
8100 -60
stock-specific buying amid corporate earnings
13-Mar-17
19-Mar-17
25-Mar-17
31-Mar-17
6-Jan-17

11-Feb-17
17-Feb-17
23-Feb-17
31-Dec-16

12-Jan-17
18-Jan-17
24-Jan-17
30-Jan-17
5-Feb-17

1-Mar-17
7-Mar-17

announcements. On the global front, reports that US


President Donald Trump plans to announce corporate tax
FII Daily Net Equity Investments
cuts and expectations of a slower pace of monetary MF Daily Net Equity Investments
tightening by the US Federal Reserve (Fed) through the year Nifty 50
Source - SEBI, NSE
supported the market.

3
Debt market overview
Interbank call money rates remained below the repo rate of borrowed Rs 660 billion. Strength in the rupee against the US
6.25% for most of the quarter owing to the comfortable dollar also aided bond prices. Further, the ruling partys win
liquidity in the system. Call rates were supported by periodic in the state assembly elections propped up gilts as the
repo auctions conducted by the RBI and inflows from victory is seen increasing the odds of reforms being passed
reversals of reverse repo auctions held earlier by the banking at the Centre. Bonds also gained as the US Fed did not raise
regulator. To prevent call rates from dipping too low, the RBI its projection of interest rate increases in 2017. Meanwhile,
regularly held reverse repo auctions and intermittently bonds were largely unaffected by the release of the
conducted cash management bills auctions. government's borrowing calendar for April-September. The
Centre will borrow Rs 3.72 trillion in the first half of the new
Gilts prices retreated in the quarter, with yield on the 10-year
financial year which began on April 1, frontloading 64% of its
benchmark the 6.97%, 2026 paper rising to 6.69% on
gross market borrowing for the year.
March 31, 2017 from 6.51% on December 30, 2016. Prices

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


9.50% 7.60%

9.00%
7.20%
8.50%

8.00%
6.80%
7.50%

7.00%
6.40%
6.50%

6.00% 6.00%

30-Nov-16
30-Apr-16
30-Apr-16

31-Jan-17
31-Jul-16

31-Aug-16

31-Oct-16

31-Dec-16
31-Jul-16

30-Nov-16

31-Jan-17

30-Jun-16

30-Sep-16

28-Feb-17
31-Aug-16

31-Oct-16

31-Dec-16

31-May-16
30-Jun-16

30-Sep-16

31-Mar-16
31-May-16

28-Feb-17

31-Mar-17
31-Mar-16

31-Mar-17

Source FIMMDA Source - CRISIL Fixed Income Database

were dented after the central banks interest rate setting Key developments in the quarter:
committee decided to maintain status quo and as it shifted
Finance Minister Arun Jaitley said the government will
from an accommodative stance to a neutral one, dashing
amend several laws including the RBI Act and the Income
hopes of an interest rate cut in the coming months. Gilts
Tax Act to allow political parties to raise funds through
dipped further as the domestic CPI and WPI inflation figures
electoral bonds.
came in higher than expected. Hawkish comments from US
Fed Chair Janet Yellen also hit sentiments. Profit booking The RBI allowed multilateral and regional financial
towards the end of the financial year pulled down gilts institutions to invest in masala bonds.
further. Uncertainty surrounding the RBIs standing liquidity It also issued revised guidelines for issuance of
facility, which is intended to drain excess liquidity, weighed commercial papers.
on prices as well. The facility will give the RBI the discretion
It released draft guidelines on interest rate risk on
to set the interest rate on the facility without reference to the
banking book (IRRBB).
policy target rate.
The central bank allowed banks to use statutory reserves
However, further decline in gilts was prevented after the
for servicing AT1 bonds if free reserves are insufficient.
government decided to trim its market borrowing for the last
It notified new norms allowing FPIs to invest in unlisted
part of fiscal 2017. As opposed to the earlier calendar,
corporate bonds and securitised debt instruments.
wherein the government was scheduled to borrow Rs 840
billion over January-February via weekly gilt sales, the Centre

4
CRISIL Mutual Fund categories
Equity Funds

1. Large Cap-oriented Equity Funds

2. Diversified Equity Funds

3. Small and Mid-cap Equity Funds

4. Thematic - Infrastructure Funds

5. Equity Linked Savings Scheme (ELSS)

6. Index Funds

Hybrid Funds

7. Balanced Funds

8. Monthly Income Plan - Aggressive

Debt Funds

9. Long Term Gilt Funds

10. Income Funds

11. Credit Opportunities Funds

12. Short Term Income Funds

13. Ultra-Short term Debt Funds

14. Liquid Funds

Performance period for rankings: Three years for equity funds (including index funds), income funds, gilt funds and hybrid funds;
one year for liquid, ultra-short term debt, short term income and credit opportunities funds.

CRISIL Mutual Fund Ranking category definitions


Rankings category Interpretation
CRISIL Fund Rank 1 Very good performance
CRISIL Fund Rank 2 Good performance
CRISIL Fund Rank 3 Average performance
CRISIL Fund Rank 4 Below average performance
CRISIL Fund Rank 5 Relatively weak performance

If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for
CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th
percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.

5
Large Cap oriented Equity funds (Cluster ranks are arranged alphabetically)
Mar 17 Mar 17 Mean Mean
Volatility Volatility Industry Company
Large Cap-oriented Equity funds Fund Categorization Rank Rank Return Return Liquidity
Regular Direct Concentration Concentration
Regular Direct Regular Direct
Weightages P1 P2 P3 P4 55% 25% 10% 5% 5%
ICICI Prudential Top 100 Fund 1 (1) 1 1 (1) 1 2 (2) 2 1 (1) 3 (4) 3 (3)
Kotak Select Focus Fund^ 1 (1) 1 1 (1) 1 3 (3) 3 3 (3) 2 (2) 5 (5)
SBI Blue Chip Fund 1 (1) 1 2 (1) 2 1 (1) 1 1 (1) 1 (1) 5 (5)

Birla Sun Life Frontline Equity


2 (2) 2 2 (2) 2 3 (3) 2 3 (3) 1 (1) 4 (5)
Fund
Birla Sun Life Top 100 Fund 2 (2) 2 2 (2) 2 3 (3) 3 2 (3) 1 (2) 3 (3)
DSP BlackRock Focus 25 Fund^ 2 (2) 2 1 (2) 2 4 (4) 4 4 (4) 4 (4) 3 (3)
HDFC Growth Fund 2 (2) 3 2 (2) 2 4 (5) 4 2 (2) 3 (3) 4 (4)
HSBC Equity Fund 2 (3) 3 3 (3) 3 4 (4) 4 4 (3) 4 (4) 2 (2)
ICICI Prudential Focused Bluechip
2 (2) 2 3 (2) 3 2 (3) 3 3 (3) 3 (3) 4 (4)
Equity Fund
Reliance Top 200 Fund 2 (3) 2 2 (3) 2 4 (4) 4 3 (3) 3 (3) 3 (3)

Edelweiss Equity Opportunities


3 (4) 3 3 (4) 4 3 (3) 3 2 (3) 2 (3) 1 (2)
Fund
Franklin India Bluechip Fund 3 (3) 3 3 (3) 3 1 (1) 1 3 (2) 3 (3) 3 (4)
HDFC Top 200 Fund 3 (3) 3 2 (3) 2 5 (5) 5 4 (4) 3 (3) 4 (4)
ICICI Prudential Select Large Cap
3 (2) 2 3 () 3 3 () 3 2 () 5 () 2 ()
Fund
IDBI India Top 100 Equity Fund 3 (3) 3 3 (4) 3 2 (2) 2 2 (3) 2 (1) 2 (2)
Kotak 50 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 3 (3) 3 (3)
L&T India Large Cap Fund 3 (4) 4 4 (4) 4 4 (4) 4 3 (3) 2 (2) 1 (1)
Motilal Oswal MOSt Focused 25
3 (2) 2 2 (2) 1 3 (4) 3 5 (5) 5 (5) 2 (2)
Fund
Principal Large Cap Fund 3 (3) 3 3 (3) 3 3 (3) 3 2 (2) 2 (3) 3 (2)
Reliance Focused Large Cap Fund 3 (3) 3 3 (3) 3 4 (5) 4 1 (2) 4 (4) 3 (3)
SBI Magnum Equity Fund 3 (3) 3 3 (3) 3 2 (2) 2 3 (4) 4 (4) 3 (3)
Tata Large Cap Fund 3 (3) 3 4 (3) 3 2 (2) 2 2 (1) 3 (3) 2 (2)
UTI Top 100 Fund^ 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 3 (2) 3 (3)

BNP Paribas Equity Fund^ 4 (5) 4 4 (5) 4 3 (3) 3 5 (5) 3 (3) 3 (3)
DSP BlackRock Top 100 Equity
4 (4) 4 3 (3) 3 5 (4) 5 4 (5) 4 (4) 3 (3)
Fund
JM Equity Fund 4 (4) 5 5 (4) 5 1 (2) 1 3 (3) 2 (3) 1 (2)
Reliance Vision Fund^ 4 4 3 3 5 5 3 4 5
Sundaram Select Focus 4 (4) 3 4 (5) 4 2 (1) 2 4 (4) 4 (4) 2 (1)
UTI Equity Fund 4 (4) 4 4 (3) 4 3 (3) 3 4 (3) 3 (3) 4 (4)
UTI Mastershare Unit Scheme 4 (3) 4 4 (3) 4 2 (2) 2 3 (2) 2 (2) 4 (4)

HDFC Large Cap Fund 5 (5) 5 5 (5) 5 4 (4) 4 5 (4) 5 (5) 2 (3)
UTI Bluechip Flexicap Fund 5 (4) 4 4 (4) 4 3 (3) 3 4 (4) 3 (2) 3 (3)
UTI Opportunities Fund 5 (5) 5 5 (4) 5 3 (3) 3 3 (4) 3 (3) 4 (4)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
P1 signifies period from Apr14 to Dec14, P2- Jan15 to Sep15, P3 -Oct15 to Jun16 and P4 - Jun16^ Feb17.
Mar17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun16.
Fund categorization in each period: Large Cap , Diversified , and Small & Mid Cap
^ Funds have met second level test, hence categorized as Large cap Funds.

6
Diversified Equity funds (Cluster ranks are arranged alphabetically)
Mar 17 Mar 17 Mean Mean
Volatility Volatility Industry Company
Diversified Equity funds Fund Categorization Rank Rank Return Return Liquidity
Regular Direct Concentration Concentration
Regular Direct Regular Direct
Weightages P1 P2 P3 P4 55% 25% 10% 5% 5%
Birla Sun Life Equity Fund 1 (1) 1 1 (1) 1 3 (3) 3 1 (3) 1 (1) 3 (3)
Birla Sun Life India GenNext Fund 1 (2) 1 2 (2) 2 2 (2) 2 5 (4) 2 (1) 2 (2)
Principal Emerging Bluechip Fund 1 (1) 1 1 (1) 1 5 (5) 5 1 (1) 1 (1) 3 (2)
Sundaram Rural India Fund 1 (1) 1 1 (1) 1 3 (3) 3 4 (3) 1 (1) 4 (3)
Tata Equity PE Fund 1 (1) 1 1 (1) 1 4 (4) 4 2 (3) 3 (3) 3 (3)

Birla Sun Life Advantage Fund 2 (2) 2 2 (2) 2 4 (4) 4 3 (4) 2 (2) 3 (2)
DSP BlackRock Opportunities Fund 2 (2) 2 1 (1) 1 4 (4) 4 3 (3) 3 (3) 2 (2)
ICICI Prudential Dynamic Plan 2 (2) 2 3 (3) 3 1 (1) 1 1 (1) 3 (3) 4 (4)
ICICI Prudential Multicap Fund 2 (2) 2 2 (2) 2 2 (2) 2 1 (1) 2 (3) 4 (4)

EQUITY FUNDS
IDFC Classic Equity Fund 2 (3) 2 3 (3) 2 3 (3) 3 4 (3) 1 (1) 2 (3)
Invesco India Contra Fund 2 (3) 2 2 (3) 2 3 (3) 3 2 (3) 3 (3) 1 (2)
Kotak Opportunities 2 (2) 2 2 (2) 2 3 (3) 3 3 (2) 2 (2) 2 (2)
Principal Growth Fund 2 (3) 3 2 (3) 2 5 (5) 5 2 (3) 1 (2) 1 (1)
Quantum Long-Term Equity Fund NA (1) 2 NA 3 NA 2 2 (3) 1 (4) 5 (1)
SBI Magnum MultiCap Fund 2 (2) 2 2 (2) 2 3 (3) 3 2 (2) 2 (2) 3 (3)

Axis Focused 25 Fund 3 (4) 3 3 (4) 3 3 (3) 3 5 (5) 5 (4) 3 (3)


Baroda Pioneer Growth Fund 3 (4) 3 4 (4) 4 3 (3) 3 3 (3) 3 (3) 1 (1)
Birla Sun Life Dividend Yield Plus 3 (4) 3 3 (4) 3 3 (3) 3 1 (1) 2 (2) 4 (4)
DSP BlackRock Equity Fund 3 (3) 3 3 (3) 3 4 (4) 4 3 (3) 3 (2) 3 (3)
Franklin India High Growth
3 (3) 3 3 (2) 3 3 (3) 3 5 (5) 5 (5) 4 (4)
Companies Fund
Franklin India Opportunities Fund 3 (3) 3 3 (3) 4 2 (2) 2 3 (2) 3 (3) 2 (3)
Franklin India Prima Plus 3 (3) 3 3 (3) 3 1 (1) 1 2 (2) 3 (3) 3 (3)
HDFC Capital Builder Fund 3 (3) 2 2 (3) 2 3 (3) 3 2 (2) 3 (3) 3 (3)
HSBC India Opportunities Fund 3 (4) 3 3 (4) 3 4 (4) 4 4 (4) 4 (4) 1 (1)
ICICI Prudential Value Discovery
3 (2) 3 3 (2) 3 2 (2) 2 2 (3) 4 (4) 5 (5)
Fund
IDBI Diversified Equity Fund 3 4 4 4 1 1 3 2 3
L&T Equity Fund 3 (4) 4 3 (4) 4 3 (3) 3 3 (3) 3 (3) 3 (3)
L&T India Special Situations Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 2 (2) 3 (3)
Mirae Asset India Opportunities
3 (2) 3 3 (2) 3 3 (3) 3 3 (3) 3 (3) 3 (2)
Fund
Reliance Growth Fund 3 (3) 3 2 (3) 2 4 (4) 4 3 (3) 3 (3) 5 (5)
Reliance Regular Savings Fund -
3 (3) 4 3 (3) 3 4 (5) 4 2 (1) 3 (3) 5 (5)
Equity
SBI Magnum Multiplier Fund 3 (3) 3 3 (3) 3 3 (3) 4 3 (2) 3 (3) 4 (4)
Tata Dividend Yield Fund 3 (3) 3 3 (3) 3 2 (2) 2 3 (2) 4 (3) 2 (2)
Templeton India Growth Fund 3 (3) 3 3 (3) 3 3 (3) 3 5 (5) 5 (5) 3 (3)

Franklin India Flexi Cap Fund 4 (3) 4 4 (4) 4 2 (2) 2 4 (4) 3 (3) 3 (3)
HDFC Core and Satellite Fund 4 (3) 4 3 (3) 3 5 (5) 5 2 (2) 5 (5) 3 (3)
HDFC Equity Fund 4 (4) 4 3 (3) 3 5 (5) 5 4 (4) 4 (5) 5 (5)
HDFC Premier MultiCap Fund 4 4 4 4 5 5 3 5 2
ICICI Prudential Exports and Other
4 (3) 4 4 (3) 4 2 (1) 2 4 (5) 4 (4) 4 (4)
Services Fund

7
Mar 17 Mar 17 Mean Mean
Volatility Volatility Industry Company
Diversified Equity funds Fund Categorization Rank Rank Return Return Liquidity
Regular Direct Concentration Concentration
Regular Direct Regular Direct
SBI Contra Fund 4 (4) 4 4 (4) 4 2 (2) 2 4 (5) 4 (4) 4 (4)
Tata Equity Opportunities Fund 4 (3) 3 4 (3) 3 3 (2) 3 3 (3) 3 (3) 3 (3)
UTI Dividend Yield Fund 4 (4) 4 4 (4) 4 3 (3) 3 3 (3) 3 (3) 3 (3)
UTI MNC Fund 4 (3) 3 4 (3) 4 1 (1) 1 4 (4) 4 (4) 4 (4)

Axis Equity Fund 5 (5) 5 5 (5) 5 2 (3) 2 5 (4) 4 (4) 3 (3)


Canara Robeco Equity Diversified 5 (5) 5 5 (5) 5 4 (4) 4 3 (2) 2 (2) 2 (3)
LIC MF Equity Fund 5 (5) 5 5 (5) 5 4 (4) 4 4 (4) 4 (4) 1 (1)
Reliance Equity Opportunities Fund 5 (5) 5 5 (5) 5 3 (3) 3 3 (3) 3 (3) 5 (5)
Tata Ethical Fund 5 (5) 5 5 (5) 5 1 (1) 1 3 (3) 3 (2) 2 (2)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
P1 signifies period from Apr14 to Dec14, P2- Jan15 to Sep15, P3 -Oct15 to Jun16 and P4 - Jun16^ Feb17.
Mar17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun16.
Fund categorization in each period: Large Cap , Diversified , and Small & Mid Cap

8
Small and Mid-cap Equity funds (Cluster ranks are arranged alphabetically)
Mar 17 Mar 17 Mean Mean
Volatility Volatility Industry Company
Small and Mid-cap Equity funds Fund Categorization Rank Rank Return Return Liquidity
Regular Direct Concentration Concentration
Regular Direct Regular Direct
Weightages P1 P2 P3 P4 55% 25% 10% 5% 5%
Birla Sun Life Small & Midcap
1 1 2 2 4 4 2 3 1
Fund
DSP BlackRock Micro Cap Fund 1 (1) 1 1 (1) 1 3 (4) 3 1 (1) 2 (3) 5 (4)
Mirae Asset Emerging Bluechip
1 (1) 1 1 (1) 1 3 (3) 3 3 (3) 3 (3) 3 (2)
Fund

Canara Robeco Emerging Equities 2 (3) 2 2 (3) 2 4 (4) 4 3 (3) 2 (2) 3 (3)
Franklin India Smaller Companies
2 (2) 2 3 (2) 3 2 (2) 2 2 (1) 1 (1) 4 (3)
Fund
Kotak Emerging Equity 2 (2) 2 2 (2) 2 2 (2) 2 3 (3) 3 (3) 3 (3)
Kotak Midcap 2 (3) 2 3 (3) 2 3 (3) 3 3 (2) 3 (3) 2 (2)
L&T Midcap Fund 2 (1) 2 2 (2) 2 3 (3) 3 2 (2) 1 (1) 2 (1)
Reliance Small Cap Fund 2 (2) 2 1 (1) 1 5 (5) 5 3 (3) 2 (2) 4 (4)

Birla Sun Life Midcap Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 2 (2) 3 (2)
Birla Sun Life Pure Value Fund 3 (3) 3 2 (2) 2 5 (5) 5 4 (4) 4 (4) 1 (2)
BNP Paribas Mid Cap Fund 3 (4) 3 4 (4) 4 3 (3) 3 4 (4) 4 (3) 2 (2)
DSP BlackRock Small and Midcap
3 (3) 3 2 (2) 3 4 (4) 4 3 (3) 3 (3) 3 (3)
Fund
Franklin India Prima Fund 3 (3) 3 3 (3) 3 2 (2) 2 4 (3) 3 (3) 3 (3)
HDFC Mid-Cap Opportunities Fund 3 (2) 3 3 (3) 3 2 (2) 2 4 (4) 2 (2) 4 (5)
ICICI Prudential MidCap Fund 3 (3) 3 3 (3) 3 3 (4) 3 1 (2) 4 (4) 2 (3)
L&T India Value Fund^ 3 (2) 3 3 (3) 3 4 (4) 4 3 (4) 2 (2) 2 (1)
SBI Magnum Midcap Fund 3 (3) 3 3 (3) 3 2 (2) 2 2 (3) 3 (4) 3 (3)
Sundaram S M I L E Fund 3 (4) 3 3 (3) 3 5 (5) 5 3 (4) 4 (4) 3 (3)
Sundaram Select Midcap 3 (2) 3 3 (2) 3 4 (4) 4 3 (3) 3 (3) 4 (4)
Tata Mid Cap Growth Fund 3 (4) 3 4 (4) 4 3 (3) 3 2 (2) 3 (3) 1 (2)

Birla Sun Life MNC Fund 4 (4) 4 4 (4) 4 1 (1) 1 5 (5) 5 (5) 5 (5)
IDFC Sterling Equity Fund 4 (5) 4 4 (4) 4 3 (3) 3 3 (2) 3 (4) 2 (3)
Motilal Oswal MOSt Focused
4 4 3 3 4 4 5 5 3
Midcap 30 Fund
Reliance Mid & Small Cap Fund 4 (3) 4 3 (3) 3 3 (3) 3 2 (2) 3 (3) 3 (4)
SBI Emerging Businesses Fund 4 (4) 4 4 (4) 4 1 (1) 1 4 (5) 5 (5) 5 (5)
UTI Mid Cap Fund 4 (3) 4 4 (4) 4 3 (3) 3 1 (1) 1 (1) 3 (3)

Axis Midcap Fund 5 (5) 5 5 (5) 5 3 (3) 3 5 (5) 4 (5) 3 (3)


IDFC Premier Equity Fund 5 (5) 5 5 (5) 5 2 (2) 2 3 (3) 3 (3) 4 (4)
SBI Magnum Global Fund 5 (4) 5 5 (5) 5 1 (1) 1 4 (4) 4 (4) 4 (4)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
P1 signifies period from Apr14 to Dec14, P2- Jan15 to Sep15, P3 -Oct15 to Jun16 and P4 - Jun16^ Feb17.
Mar17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun16.
Fund categorization in each period: Large Cap , Diversified , and Small & Mid Cap
^ Funds have met second level test, hence categorized as Small and Mid-cap Equity funds.

9
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Mar 17 Mar 17 Mean Mean
Volatility Volatility Industry Company
Thematic - Infrastructure funds Rank Rank Return Return Liquidity
Regular Direct Concentration Concentration
Regular Direct Regular Direct
Weightages 55% 25% 10% 5% 5%
DSP BlackRock Natural Resources and New Energy Fund 1 1 1 1 4 4 5 5 1
L&T Infrastructure Fund 1 (1) 2 1 (1) 1 3 (3) 3 3 (3) 1 (1) 2 (2)

Franklin Build India Fund 2 (1) 2 2 (1) 2 2 (2) 2 3 (3) 4 (4) 3 (3)
IDFC Infrastructure Fund 2 (3) 2 2 (3) 2 4 (4) 4 4 (4) 3 (4) 2 (2)
JM Basic Fund 2 (2) 1 2 (2) 2 3 (3) 3 2 (3) 4 (3) 1 (1)
Kotak Infrastructure and Economic Reform Fund 2 (2) 2 3 (2) 3 1 (1) 1 3 (3) 3 (3) 3 (3)

Birla Sun Life India Reforms Fund 3 (3) 3 3 (3) 3 1 (1) 1 5 (5) 5 (3) 2 (1)
Birla Sun Life Infrastructure Fund 3 (3) 3 3 (3) 3 3 (3) 3 1 (1) 1 (1) 3 (3)
Canara Robeco Infrastructure Fund 3 (3) 3 3 (3) 3 2 (2) 2 4 (4) 4 (5) 2 (3)
DSP BlackRock India T.I.G.E.R. Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 2 (3) 3 (3)
Reliance Diversified Power Sector Fund 3 (4) 3 2 (4) 2 4 (4) 4 4 (5) 3 (3) 5 (5)
Tata Infrastructure Fund 3 (3) 3 4 (3) 4 2 (2) 2 2 (2) 2 (2) 4 (3)

ICICI Prudential Infrastructure Fund 4 (4) 4 5 (4) 5 3 (3) 3 2 (3) 3 (4) 4 (4)
SBI Infrastructure Fund 4 (2) 4 4 (2) 4 3 (3) 3 3 (2) 4 (5) 5 (5)
Sundaram Infrastructure Advantage Fund 4 (3) 4 4 (3) 4 2 (3) 2 1 (1) 2 (2) 4 (4)
UTI Infrastructure Fund 4 (4) 4 4 (5) 4 4 (4) 4 2 (2) 2 (2) 3 (3)

HDFC Infrastructure Fund 5 (5) 5 5 (4) 5 5 (5) 5 4 (4) 3 (3) 4 (4)


HSBC Infrastructure Equity Fund 5 (5) 5 3 (5) 3 5 (5) 5 3 (3) 3 (3) 3 (2)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

10
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)
Mar
Mar 17 Mean Mean
17 Volatility Volatility Industry Company
Equity Linked Savings Scheme (ELSS) Rank Return Return Liquidity
Rank Regular Direct Concentration Concentration
Regular Regular Direct
Direct
Weightages 55% 25% 10% 5% 5%
DSP BlackRock Tax Saver Fund 1 (1) 1 1 (1) 1 4 (4) 4 2 (2) 2 (3) 3 (3)
Principal Tax Saving Fund 1 (3) 2 1 (3) 2 5 (5) 5 3 (3) 2 (2) 1 (1)

HDFC Long Term Advantage Fund 2 (3) 3 2 (2) 2 3 (3) 3 3 (3) 4 (4) 4 (4)
Kotak Tax Saver Scheme 2 (2) 1 2 (2) 1 3 (3) 3 3 (3) 3 (3) 2 (2)
L&T Tax Advantage Fund 2 (2) 2 3 (2) 3 3 (3) 3 2 (2) 1 (2) 3 (3)
Tata India Tax Savings Fund 2 (1) 2 2 (2) 2 3 (3) 3 3 (3) 1 (1) 3 (3)

Birla Sun Life Tax Plan 3 (2) 3 3 (3) 3 2 (2) 2 3 (2) 3 (3) 4 (3)
Birla Sun Life Tax Relief 96 3 (2) 3 3 (1) 3 3 (3) 3 3 (3) 3 (3) 5 (5)
Franklin India Taxshield Fund 3 (3) 3 3 (3) 3 2 (2) 2 4 (4) 3 (3) 3 (3)
HDFC Tax Saver Fund 3 (4) 3 3 (3) 3 4 (4) 4 3 (4) 4 (4) 3 (3)
ICICI Prudential Long Term Equity Fund (Tax Saving) 3 (3) 3 3 (3) 3 1 (1) 1 2 (3) 3 (3) 4 (4)
IDFC Tax Advantage Fund 3 (4) 2 3 (4) 3 4 (3) 4 2 (2) 2 (2) 3 (3)
Invesco India Tax Plan 3 (3) 3 3 (3) 3 3 (3) 3 4 (3) 4 (4) 1 (2)
Reliance Tax Saver Fund 3 (3) 3 2 (3) 2 5 (5) 5 3 (3) 4 (4) 5 (5)
Sundaram Taxsaver 3 (3) 3 3 (3) 3 4 (4) 4 3 (3) 2 (2) 3 (3)
UTI Long Term Equity Fund (Tax Saving) 3 (3) 3 4 (4) 3 2 (2) 2 1 (1) 3 (1) 2 (2)

Axis Long Term Equity Fund 4 (4) 4 4 (3) 4 2 (2) 2 5 (5) 5 (5) 4 (4)
IDBI Equity Advantage Fund 4 (3) 4 3 (3) 4 1 (1) 1 4 (4) 5 (5) 3 (3)
Principal Personal Tax Saver 4 (3) 4 4 (4) 4 3 (3) 3 3 (4) 3 (3) 2 (1)
SBI Magnum Tax Gain Scheme 1993 4 (4) 4 4 (4) 4 3 (3) 3 4 (3) 3 (3) 3 (4)

BNP Paribas Long Term Equity Fund 5 (5) 5 5 (5) 5 3 (3) 3 5 (5) 3 (3) 2 (2)
Canara Robeco Equity Tax Saver 5 (5) 5 5 (5) 5 3 (4) 3 1 (1) 3 (3) 3 (3)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

11
Index funds (Cluster ranks are arranged alphabetically)
Mar 17 Rank Mar 17 Rank
Index funds
Regular Direct
Weightages
Kotak Nifty ETF 1 (1) 1

Reliance ETF Nifty BeES 2 (1) 2


ICICI Prudential Nifty iWIN ETF 2 (2) 2
UTI Nifty Index Fund 2 (2) 2

IDBI Nifty Index Fund 3 (2) 3


SBI Nifty Index Fund 3 (3) 3
HDFC Index Fund - Nifty Plan 3 (3) 3
Franklin India Index Fund - NSE Nifty Plan 3 (3) 3
HDFC Index Fund - Sensex Plan 3 (3) 3
Reliance Index Fund - Nifty Plan 3 (3) 3

ICICI Prudential Nifty Index Fund 4 (4) 4


SBI-ETF SENSEX 4 (4) 4
Birla Sun Life Nifty ETF 4 (4) 4

Birla Sun Life Index Fund 5 (5) 5


Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

12
Balanced funds (Cluster ranks are arranged alphabetically)
Industry
Superior Superior
Mar 17 Mar 17 Concentration /
Return Return Company Debt Asset Debt Equity
Balanced funds Rank Rank Exposure to
Score Score Concentration Quality Liquidity Liquidity
Regular Direct Sensitive
Regular Direct
Sector*
5%* 5%*
Weightages 75% 10% 5% 10%*K
(100-K) (100-K)
ICICI Prudential Balanced Fund 1 (1) 1 1 (1) 1 2 (3) 3 (4) 3 (3) 3 (3) 3 (3)

Birla Sun Life Balanced 95 Fund 2 (2) 2 2 (2) 2 3 (2) 2 (1) 2 (2) 3 (3) 3 (3)
DSP BlackRock Balanced Fund 2 (2) 3 2 (2) 3 4 (4) 3 (3) 3 (3) 4 (3) 3 (3)
HDFC Balanced Fund 2 (2) 2 2 (2) 2 3 (2) 3 (3) 3 (3) 2 (3) 4 (4)

Canara Robeco Balance 3 (3) 3 3 (3) 3 2 (2) 2 (2) 2 (2) 2 (2) 2 (3)
HDFC Prudence Fund 3 (3) 3 3 (3) 3 3 (3) 4 (4) 4 (4) 2 (2) 4 (4)
Kotak Balance 3 (3) 2 3 (3) 2 1 (1) 1 (2) 3 (4) 3 (3) 3 (2)
L&T India Prudence Fund 3 (3) 3 3 (3) 3 3 (3) 2 (3) 3 (2) 3 (2) 3 (4)
Reliance Regular Savings Fund -
3 (3) 3 3 (3) 3 3 (3) 4 (4) 5 (3) 4 (3) 3 (3)
Balanced
UTI Balanced Fund 3 (4) 4 3 (4) 4 2 (3) 3 (3) 3 (3) 4 (4) 2 (2)

Franklin India Balanced Fund 4 (3) 3 4 (3) 4 4 (4) 3 (3) 4 (3) 3 (4) 2 (2)
SBI Magnum Balanced Fund 4 (4) 4 4 (4) 3 5 (5) 4 (3) 4 (5) 5 (4) 5 (5)
Tata Balanced Fund 4 (4) 4 4 (4) 4 3 (3) 3 (2) 1 (1) 1 (1) 4 (3)

HYBRID FUNDS
JM Balanced Fund 5 (5) 5 5 (5) 5 4 (4) 5 (5) 2 (4) 3 (5) 1 (1)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio

13
Monthly Income Plan Aggressive (Cluster ranks are arranged alphabetically)
Industry
Superior Superior
Mar 17 Mar 17 Concentration Debt
Return Return Company Debt Equity Modified
Monthly Income Plan - Aggressive Rank Rank / Exposure to Asset
Score Score Concentration Liquidity Liquidity Duration
Regular Direct Sensitive Quality
Regular Direct
Sector*
7.5%*
Weightages 60% 5% 5% 17.5% 7.5%*K 5%
(100-K)
Birla Sun Life MIP II - Wealth 25 Plan 1 (1) 1 1 (1) 1 4 (4) 4 (4) 2 (2) 2 (2) 4 (4) 5 (4)
ICICI Prudential MIP 25 1 (2) 2 1 (2) 1 5 (5) 3 (3) 5 (5) 3 (3) 4 (4) 4 (3)

HDFC Monthly Income Plan - LTP 2 (2) 2 2 (2) 2 4 (3) 3 (3) 4 (4) 3 (2) 4 (5) 5 (5)
IDFC Monthly Income Plan 2 (3) 2 3 (3) 3 2 (2) 4 (2) 1 (1) 2 (1) 3 (3) 1 (3)
Kotak Monthly Income Plan 2 (1) 1 2 (1) 2 1 (2) 1 (3) 3 (3) 3 (3) 3 (2) 3 (2)

DSP BlackRock MIP Fund 3 (3) 3 2 (3) 2 3 (5) 3 (4) 3 (3) 4 (4) 3 (3) 2 (3)
HDFC Monthly Income Plan - STP 3 (4) 3 3 (4) 3 3 (3) 2 (1) 3 (3) 4 (4) 3 (3) 3 (2)
HSBC Monthly Income Plan 3 (3) 4 4 (3) 4 2 (3) 3 (3) 1 (1) 1 (1) 2 (2) 3 (4)
Sundaram Monthly Income Plan 3 (2) 3 3 (2) 3 5 (4) 5 (3) 3 (3) 5 (5) 5 (4) 2 (1)
UTI MIS Advantage Plan 3 (3) 3 3 (3) 3 3 (3) 4 (5) 4 (3) 4 (3) 2 (3) 3 (5)

BNP Paribas Monthly Income Plan 4 (4) 3 4 (4) 3 3 (3) 3 (1) 4 (2) 3 (3) 3 (3) 3 (3)
Franklin India Monthly Income Plan 4 (3) 4 4 (3) 4 3 (2) 2 (3) 2 (3) 3 (3) 1 (2) 4 (3)
Reliance Monthly Income Plan 4 (3) 4 3 (3) 4 4 (4) 2 (2) 5 (4) 5 (5) 5 (5) 4 (3)

Canara Robeco Monthly Income Plan 5 (5) 5 5 (5) 5 2 (3) 5 (2) 2 (2) 1 (2) 2 (3) 2 (4)
LIC MF Monthly Income Plan 5 (4) 5 5 (4) 5 1 (1) 1 (4) 3 (5) 2 (3) 1 (1) 1 (1)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio

14
Long Term Gilt funds (Cluster ranks are arranged alphabetically)
Mar 17 Superior Superior
Mar 17 Rank Modified
Long Term Gilt funds Rank Return Score Return Score Liquidity
Regular Duration
Direct Regular Direct
Weightages 75% 10% 15.0%
Reliance Gilt Securities Fund 1 (1) 1 1 (1) 1 3 (3) 3 (3)
UTI Gilt Advantage Fund - Long Term Plan 1 (2) 2 1 (3) 1 3 (3) 3 (2)

ICICI Prudential Gilt - Investment - PF Option 2 (2) 3 2 (2) 3 5 (4) 4 (3)


IDFC G Sec Fund - PF Plan 2 (3) 2 2 (3) 2 2 (3) 3 (2)
L&T Gilt 2 (2) 1 2 (2) 2 3 (4) 1 (2)
SBI Magnum Gilt Fund - Long Term 2 (1) 2 2 (1) 2 3 (2) 4 (3)

Birla Sun Life Gilt Plus - PF Plan 3 3 3 3 4 3


DSP BlackRock Govt Sec Fund 3 (3) 3 3 (3) 3 2 (3) 2 (3)
Franklin India G-Sec Fund - Composite Plan 3 (3) 3 4 (3) 3 4 (3) 2 (3)
Franklin India G-Sec Fund - Long Term Plan 3 (3) 3 3 (3) 3 4 (3) 3 (3)
HDFC Gilt Fund - Long Term Plan 3 (3) 4 3 (3) 3 4 (5) 5 (4)
ICICI Prudential Long Term Gilt Fund 3 (3) 3 3 (2) 3 5 (5) 4 (4)
IDFC G Sec Fund - Investment Plan 3 (4) 3 3 (4) 3 2 (2) 3 (3)
Invesco India Gilt Fund 3 (3) 2 3 (3) 2 3 (4) 1 (3)
Kotak Gilt - Investment 3 (3) 3 3 (3) 3 3 (4) 3 (4)

DHFL Pramerica Gilt Fund 4 (5) 5 3 (4) 4 3 (1) 5 (5)


Edelweiss Government Securities Fund 4 4 4 4 1 3
Tata Gilt Mid Term Fund 4 (4) 4 4 (4) 4 3 (2) 4 (5)
Tata Gilt Securities Fund 4 (5) 3 4 (5) 4 2 (2) 2 (2)

Birla Sun Life Govt Securities - Long Term Plan 5 (4) 5 5 (4) 5 3 (3) 3 (4)
LIC MF G-Sec Fund 5 (4) 4 5 (5) 5 1 (1) 2 (1)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

DEBT FUNDS

15
Income funds (Cluster ranks are arranged alphabetically)
Superior Superior Exposure
Mar 17 Mar 17
Return Return Modified to Company Asset
Income funds Rank Rank Liquidity
Score Score Duration Sensitive Concentration Quality
Regular Direct
Regular Direct Sector
Weightages 60% 5% 5% 5% 7.5% 17.5%
Canara Robeco Dynamic Bond Fund 1 (2) 2 1 (2) 2 3 (3) 1 (1) 5 (3) 1 (2) 2 (3)
ICICI Prudential Long Term Plan 1 (1) 1 1 (1) 1 4 (3) 5 (5) 3 (2) 3 (4) 3 (4)
UTI Bond Fund 1 (2) 1 1 (2) 1 3 (3) 1 (1) 3 (4) 3 (3) 3 (3)
UTI-Dynamic Bond Fund 1 (1) 1 1 (1) 1 3 (3) 1 (1) 4 (4) 3 (3) 3 (3)

DHFL Pramerica Dynamic Bond Fund 2 2 2 2 4 1 1 1 3


ICICI Prudential Dynamic Bond Fund 2 (3) 2 2 (3) 2 3 (2) 5 (4) 2 (2) 5 (4) 5 (4)
ICICI Prudential Income Plan 2 (1) 2 2 (1) 1 5 (3) 5 (5) 3 (3) 4 (3) 3 (3)
IDFC Dynamic Bond Fund 2 (2) 1 2 (3) 2 2 (3) 1 (1) 4 (3) 2 (1) 1 (1)
IDFC Super Saver Income Fund - Investment
2 (2) 2 2 (3) 2 2 (3) 1 (1) 4 (3) 1 (1) 1 (1)
Plan
Reliance Dynamic Bond Fund 2 (2) 3 3 (2) 3 4 (4) 1 (1) 3 (1) 3 (3) 3 (3)
SBI Dynamic Bond Fund 2 (3) 2 2 (2) 2 3 (3) 4 (1) 4 (5) 2 (3) 2 (3)

Axis Dynamic Bond Fund 3 (3) 2 3 (3) 2 4 (3) 1 (1) 1 (3) 3 (3) 3 (3)
Axis Regular Savings Fund 3 3 3 3 1 4 2 5 5
Birla Sun Life Dynamic Bond Fund 3 (3) 3 3 (2) 3 5 (4) 4 (4) 1 (1) 4 (5) 4 (5)
Birla Sun Life Income Plus 3 (3) 3 3 (3) 3 5 (5) 1 (1) 1 (1) 2 (3) 1 (2)
Birla Sun Life Treasury Optimizer Plan 3 4 3 4 3 4 1 4 3
BNP Paribas Flexi Debt Fund 3 (3) 3 3 (3) 3 3 (2) 1 (1) 4 (4) 3 (3) 3 (3)
DHFL Pramerica Medium Term Income Fund 3 3 3 3 2 4 3 4 4
HDFC High Interest Fund - Dynamic Plan 3 (2) 3 3 (2) 3 4 (4) 1 (1) 3 (1) 3 (3) 4 (5)
ICICI Prudential Income Opportunities Fund 3 (4) 3 3 (4) 3 2 (1) 4 (4) 1 (1) 4 (4) 3 (4)
Invesco India Active Income 3 (3) 3 3 (4) 4 3 (5) 1 (1) 5 (3) 2 (2) 2 (1)
Kotak Flexi Debt 3 3 3 3 3 3 3 4 4
Reliance Income Fund 3 (3) 3 4 (3) 3 4 (4) 1 (1) 3 (3) 2 (2) 2 (2)
SBI Magnum Income Fund 3 (4) 3 2 (3) 3 3 (2) 5 (5) 3 (4) 5 (5) 5 (5)
Sundaram Flexible Fund - Flexible Income Plan 3 (3) 3 3 (3) 3 3 (2) 1 (1) 3 (3) 3 (4) 3 (3)

Canara Robeco Medium Term Opportunities


4 4 4 4 1 1 1 4 5
Fund
DSP BlackRock Bond Fund 4 (4) 4 4 (4) 4 2 (2) 1 (1) 4 (5) 5 (5) 4 (4)
DSP BlackRock Strategic Bond Fund 4 (3) 4 3 (3) 4 2 (2) 1 (4) 3 (5) 3 (2) 3 (2)
HDFC Income Fund 4 (3) 4 4 (3) 3 5 (5) 4 (4) 3 (1) 3 (3) 3 (4)
Kotak Bond 4 (3) 4 4 (3) 4 4 (4) 1 (1) 1 (3) 2 (3) 4 (4)
LIC MF Bond Fund 4 (4) 5 4 (4) 5 2 (1) 1 (1) 1 (3) 3 (4) 3 (3)
Tata Dynamic Bond Fund 4 (4) 3 4 (4) 3 1 (3) 1 (1) 4 (4) 3 (1) 2 (2)

Edelweiss Bond Fund 5 (4) 4 5 (4) 4 1 (1) 1 (1) 5 (4) 3 (4) 4 (3)
HSBC Flexi Debt Fund 5 (5) 5 5 (5) 5 3 (4) 1 (1) 3 (3) 2 (3) 2 (2)
L&T Triple Ace Bond Fund 5 (5) 5 5 (5) 5 3 (3) 3 (4) 3 (3) 3 (2) 2 (3)
Union Dynamic Bond Fund 5 (5) 5 5 (5) 5 3 (3) 1 (1) 5 (1) 1 (2) 1 (2)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

16
Credit Opportunities Funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 17 Mar 17 Mean Mean
Volatility Volatility to Company Asset Modified
Credit Opportunities funds Rank Rank Return Return Liquidity
Regular Direct Sensitive Concentration Quality Duration
Regular Direct Regular Direct
Sector
Weightages 50.0% 10.0% 5.0% 5.0% 10.0% 5.0% 15.0%
Franklin India Low Duration Fund 1 (2) 2 3 (4) 3 1 (1) 1 3 (3) 1 (1) 3 (3) 1 (1) 3 (3)
Reliance Corporate Bond Fund 1 (1) 1 2 (1) 2 5 (5) 5 2 (2) 1 (1) 1 (1) 5 (5) 1 (1)

Franklin India Dynamic Accrual Fund 2 (3) 2 1 (1) 1 3 (2) 3 3 (3) 1 (1) 4 (4) 3 (3) 4 (5)
Franklin India Income Opportunities Fund 2 (4) 2 2 (3) 1 1 (3) 1 2 (2) 4 (4) 4 (4) 1 (1) 4 (4)
Kotak Income Opportunities Fund 2 (2) 2 3 (3) 3 3 (4) 3 4 (3) 1 (1) 2 (2) 3 (4) 2 (2)
UTI Income Opportunities Fund 2 (1) 1 3 (3) 2 3 (2) 3 1 (2) 1 (3) 2 (2) 3 (3) 2 (2)

Birla Sun Life Corporate Bond Fund 3 (3) 3 3 (3) 3 4 (4) 4 3 (2) 3 (1) 3 (3) 4 (4) 2 (2)
BOI AXA Corporate Credit Spectrum Fund 3 (4) 4 1 (2) 3 2 (3) 2 1 (1) 5 (5) 5 (5) 2 (2) 4 (3)
Franklin India Corporate Bond Opportunities
3 (4) 3 2 (4) 2 2 (3) 2 3 (4) 1 (1) 4 (4) 2 (2) 5 (5)
Fund
Franklin India Income Builder Account 3 (4) 3 3 (2) 3 3 (3) 3 3 (3) 4 (4) 3 (4) 3 (3) 3 (4)
Franklin India Short Term Income Plan 3 (5) 3 2 (3) 2 2 (3) 2 2 (3) 4 (4) 5 (5) 2 (2) 5 (4)
HDFC Corporate Debt Opportunities Fund 3 (3) 3 3 (2) 3 4 (4) 4 3 (4) 1 (1) 3 (3) 4 (4) 3 (3)
HDFC Regular Savings Fund 3 (3) 3 4 (4) 5 2 (2) 2 2 (3) 1 (1) 3 (3) 2 (2) 3 (3)
ICICI Prudential Corporate Bond Fund 3 (2) 3 4 (3) 3 4 (4) 4 4 (5) 1 (1) 1 (1) 4 (4) 3 (3)
Kotak Medium Term Fund 3 (2) 3 3 (2) 3 4 (5) 4 3 (2) 1 (1) 2 (2) 4 (4) 1 (1)
L&T Income Opportunities Fund 3 (3) 3 3 (4) 3 3 (3) 3 3 (3) 4 (4) 2 (2) 3 (3) 3 (3)

DHFL Pramerica Credit Opportunities Fund 4 (5) 4 4 (5) 4 3 (2) 3 4 (4) 3 (5) 4 (4) 3 (3) 3 (3)
DSP BlackRock Income Opportunities Fund 4 (3) 3 5 (3) 4 3 (3) 3 3 (3) 1 (1) 3 (3) 3 (3) 2 (2)
Reliance Regular Savings Fund - Debt 4 (3) 4 4 (4) 4 3 (2) 3 5 (4) 1 (3) 3 (3) 3 (3) 3 (4)
SBI Corporate Bond Fund 4 (3) 4 3 (3) 4 3 (3) 3 4 (4) 5 (3) 3 (3) 3 (3) 3 (3)

Birla Sun Life Medium Term Plan 5 (3) 5 5 (2) 5 5 (4) 5 3 (3) 1 (1) 3 (3) 5 (5) 3 (2)
ICICI Prudential Regular Savings Fund 5 (4) 5 3 (3) 3 3 (3) 3 5 (5) 1 (1) 3 (3) 3 (3) 4 (4)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

17
Short Term Income Funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 17 Mar 17 Mean Mean
Volatility Volatility to Company Asset Modified
Short Term Income funds Rank Rank Return Return Liquidity
Regular Direct Sensitive Concentration Quality Duration
Regular Direct Regular Direct
Sector
Weightages 50.0% 10.0% 5.0% 5.0% 10.0% 5.0% 15.0%
IDFC Money Manager Fund - Investment
1 (3) 1 3 (4) 3 1 (1) 1 1 (1) 4 (5) 2 (3) 1 (1) 3 (4)
Plan
IDFC Super Saver Income Fund - Medium
1 (1) 1 2 (3) 2 3 (3) 3 1 (1) 5 (3) 1 (1) 3 (3) 1 (1)
Term
UTI-Banking & PSU Debt Fund 1 (1) 1 1 (1) 2 3 (3) 3 1 (1) 4 (5) 2 (1) 2 (2) 1 (1)

Birla Sun Life Floating Rate Fund - Long


2 2 3 3 1 1 1 3 4 1 4
Term
HDFC Medium Term Opportunities Fund 2 (2) 2 2 (2) 3 4 (3) 4 1 (1) 3 (3) 2 (3) 4 (4) 2 (2)
HDFC Short Term Opportunities Fund 2 (3) 2 3 (3) 3 1 (1) 1 3 (3) 3 (1) 3 (3) 1 (1) 4 (4)
ICICI Prudential Ultra Short Term Plan 2 (3) 3 2 (3) 3 3 (3) 3 3 (1) 1 (1) 3 (3) 3 (3) 4 (3)
Tata Short Term Bond Fund 2 (2) 2 3 (4) 3 2 (2) 2 1 (1) 1 (1) 1 (2) 2 (3) 3 (2)
UTI Short Term Income Fund 2 (3) 2 1 (2) 2 3 (4) 3 1 (1) 3 (4) 4 (3) 2 (2) 4 (3)

Axis Short Term Fund 3 (3) 3 3 (3) 2 3 (3) 3 3 (3) 4 (3) 3 (3) 3 (3) 3 (3)
Birla Sun Life Short Term Fund 3 (2) 3 2 (3) 3 3 (3) 3 1 (1) 3 (1) 3 (3) 3 (3) 3 (3)
DHFL Pramerica Banking & PSU Debt Fund 3 (3) 3 5 (3) 5 3 (3) 3 1 (1) 1 (1) 3 (2) 4 (3) 1 (2)
ICICI Prudential Short Term Plan 3 (3) 3 1 (2) 1 4 (4) 4 4 (4) 2 (4) 3 (4) 5 (4) 4 (4)
IDFC Super Saver Income Fund - Short
3 (3) 3 4 (5) 4 2 (2) 2 1 (1) 5 (3) 3 (3) 2 (2) 2 (3)
Term
Invesco India Short Term Fund 3 (2) 4 4 (3) 5 4 (4) 4 1 (1) 3 (3) 3 (2) 3 (4) 3 (2)
Kotak Bond Short Term Plan 3 (3) 2 3 (3) 2 3 (3) 3 3 (3) 3 (3) 3 (3) 3 (3) 3 (4)
L&T Short Term Opportunities Fund 3 (3) 3 4 (5) 4 2 (2) 2 1 (1) 4 (3) 2 (3) 2 (2) 2 (3)
Reliance Banking & PSU Debt Fund 3 (3) 3 3 (3) 4 5 (4) 5 1 (3) 4 (4) 2 (2) 5 (4) 2 (3)
Reliance Floating Rate Fund 3 (3) 3 4 (4) 5 2 (1) 2 1 (4) 3 (4) 3 (3) 4 (1) 2 (3)
Reliance Short Term Fund 3 (3) 3 3 (3) 3 4 (3) 4 4 (3) 3 (3) 4 (3) 4 (3) 3 (3)
SBI Short Term Debt Fund 3 (3) 3 3 (3) 3 3 (2) 3 4 (4) 2 (1) 2 (2) 3 (2) 3 (3)

DHFL Pramerica Short Maturity Fund 4 (5) 3 2 (3) 1 2 (2) 2 4 (5) 1 (3) 4 (5) 3 (2) 5 (5)
DSP BlackRock Banking & PSU Debt Fund 4 (2) 4 3 (2) 3 5 (4) 5 5 (1) 5 (5) 1 (1) 4 (3) 2 (1)
HDFC Banking & PSU Debt Fund 4 (4) 5 2 (2) 2 5 (4) 5 4 (4) 1 (3) 5 (5) 5 (4) 5 (3)
HSBC Income Fund - Short Term Plan 4 (4) 4 4 (4) 4 3 (3) 3 1 (1) 3 (3) 4 (4) 3 (3) 4 (4)
Kotak Banking and PSU Debt Fund 4 (4) 4 3 (3) 3 4 (3) 4 3 (3) 3 (4) 5 (5) 3 (3) 3 (3)
Sundaram Select Debt ST Asset Plan 4 (2) 4 4 (4) 3 2 (2) 2 5 (3) 3 (3) 3 (3) 2 (3) 3 (2)

Axis Fixed Income Opportunities Fund 5 (5) 4 3 (3) 1 3 (3) 3 4 (3) 2 (1) 5 (4) 3 (3) 5 (5)
DHFL Pramerica Premier Bond Fund 5 (5) 5 5 (4) 4 4 (3) 4 5 (5) 2 (1) 3 (3) 4 (4) 3 (3)
DSP BlackRock Short Term Fund 5 (4) 5 5 (5) 4 3 (3) 3 1 (1) 4 (3) 4 (4) 3 (3) 3 (3)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

18
Ultra Short-term Debt funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 17 Mar 17 Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short-term Debt funds Rank Rank Return Return Liquidity
Regular Direct Sensitive Concentration Quality Duration
Regular Direct Regular Direct
Sector
Weightages 50.0% 10.0% 5.0% 5.0% 10.0% 5.0% 15.0%
DHFL Pramerica Short Term Floating Rate
1 (3) 1 3 (4) 3 3 (3) 3 1 (4) 3 (1) 2 (3) 4 (3) 2 (2)
Fund
Indiabulls Ultra Short Term Fund 1 (1) 1 2 (2) 2 2 (2) 2 3 (3) 4 (4) 2 (1) 1 (1) 3 (3)
LIC MF Income Plus Fund 1 1 4 3 4 4 1 3 1 4 1
Sundaram Banking & PSU Debt Fund 1 (1) 1 4 (5) 5 1 (1) 1 1 (1) 4 (5) 1 (1) 2 (1) 1 (1)

Axis Banking & PSU Debt Fund 2 2 3 3 4 4 1 4 2 4 2


DSP BlackRock Ultra Short Term Fund 2 (2) 2 3 (3) 4 3 (3) 3 1 (1) 3 (4) 2 (2) 2 (3) 2 (1)
IDFC Banking Debt Fund 2 (2) 2 5 (5) 5 1 (2) 1 1 (1) 5 (5) 1 (1) 1 (1) 1 (1)
Invesco India Credit Opportunities Fund 2 (1) 2 4 (5) 5 1 (1) 1 5 (4) 3 (3) 2 (2) 3 (1) 4 (4)
JM Money Manager Fund - Super Plus Plan 2 (3) 2 3 (3) 4 4 (4) 4 1 (1) 4 (4) 2 (3) 3 (4) 2 (3)
L&T Ultra Short Term Fund 2 (2) 2 3 (3) 3 3 (3) 3 3 (1) 3 (1) 2 (3) 3 (3) 2 (2)
SBI Ultra Short Term Debt Fund 2 (2) 3 3 (4) 4 2 (2) 2 2 (2) 1 (1) 3 (2) 2 (2) 3 (3)
Tata Ultra Short Term Fund 2 (3) 2 3 (3) 3 2 (3) 2 2 (2) 1 (1) 3 (2) 3 (3) 3 (3)
UTI Treasury Advantage Fund 2 (3) 3 2 (2) 3 2 (3) 2 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)

Axis Treasury Advantage Fund 3 (2) 2 3 (4) 3 2 (2) 2 1 (2) 1 (1) 2 (2) 2 (2) 3 (2)
Baroda Pioneer Treasury Advantage Fund 3 (4) 3 1 (2) 1 3 (2) 3 5 (5) 4 (4) 4 (4) 3 (3) 4 (4)
Birla Sun Life Savings Fund 3 (3) 5 2 (1) 3 5 (4) 5 4 (4) 3 (3) 4 (4) 5 (5) 4 (3)
Canara Robeco Savings Plus Fund 3 (3) 3 3 (3) 4 3 (3) 3 1 (1) 4 (3) 3 (3) 2 (3) 3 (3)
DHFL Pramerica Ultra Short Term Fund 3 (2) 3 3 (3) 4 2 (1) 2 3 (3) 3 (1) 3 (1) 1 (2) 3 (3)
DSP BlackRock Money Manager Fund 3 (4) 2 5 (5) 4 1 (1) 1 4 (2) 2 (1) 2 (3) 1 (2) 3 (3)
Edelweiss Banking and PSU Debt Fund 3 4 4 5 4 4 1 3 3 5 1
Franklin India Ultra Short Bond Fund 3 (4) 4 1 (1) 1 2 (2) 2 5 (5) 1 (1) 5 (5) 3 (3) 5 (5)
HDFC Floating Rate Income Fund - Short Term
3 (3) 3 3 (2) 3 4 (4) 4 3 (3) 3 (3) 3 (3) 4 (4) 2 (2)
Plan
ICICI Prudential Flexible Income Plan 3 (2) 3 2 (2) 2 4 (4) 4 3 (3) 3 (1) 3 (3) 4 (4) 3 (3)
IDFC Money Manager Fund - Treasury Plan 3 (3) 3 4 (4) 4 3 (4) 3 1 (3) 1 (3) 3 (3) 3 (4) 2 (2)
IDFC Ultra Short Term Fund 3 (3) 3 2 (3) 3 3 (3) 3 4 (3) 1 (3) 3 (3) 3 (3) 3 (3)
Invesco India Ultra Short Term Fund 3 (2) 3 4 (3) 3 3 (4) 3 3 (3) 1 (1) 3 (3) 3 (3) 3 (3)
Kotak Treasury Advantage Fund 3 (3) 3 3 (4) 4 2 (2) 2 3 (3) 2 (3) 3 (3) 2 (2) 3 (4)
Reliance Medium Term Fund 3 (3) 3 2 (1) 2 5 (4) 5 3 (3) 3 (1) 4 (4) 5 (5) 3 (3)
Reliance Money Manager Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Sundaram Ultra Short Term Fund 3 (3) 3 4 (4) 3 3 (3) 3 3 (3) 3 (4) 3 (2) 3 (3) 2 (2)
UTI Floating Rate Fund - STP 3 (3) 3 2 (3) 2 3 (3) 3 3 (3) 3 (3) 4 (4) 2 (3) 4 (3)

Birla Sun Life Cash Manager 4 (3) 3 3 (3) 3 4 (4) 4 3 (1) 3 (3) 3 (3) 4 (3) 3 (3)
DHFL Pramerica Low Duration Fund 4 (5) 4 2 (2) 2 2 (2) 2 3 (5) 1 (5) 5 (5) 3 (2) 4 (5)
HDFC Cash Management Fund - Treasury
4 (4) 4 3 (3) 3 5 (5) 5 3 (3) 1 (3) 4 (4) 4 (5) 4 (3)
Advantage Plan
ICICI Prudential Savings Fund 4 (5) 4 1 (3) 1 4 (5) 4 4 (4) 4 (1) 5 (5) 4 (4) 5 (4)
Invesco India Medium Term Bond Fund 4 (5) 4 2 (2) 2 3 (3) 3 3 (4) 1 (1) 4 (5) 3 (3) 5 (5)
Kotak Low Duration Fund 4 (4) 3 1 (2) 1 4 (3) 4 4 (3) 3 (4) 5 (4) 4 (3) 5 (5)
Principal Low Duration Fund 4 (4) 5 3 (3) 2 3 (3) 3 4 (3) 5 (4) 4 (4) 3 (3) 3 (4)
SBI Savings Fund 4 (4) 4 4 (4) 3 3 (3) 3 3 (4) 1 (1) 3 (3) 3 (3) 4 (4)
SBI Treasury Advantage Fund 4 (3) 4 4 (3) 3 3 (3) 3 4 (4) 3 (1) 3 (2) 3 (3) 3 (3)

19
Exposure
Mar 17 Mar 17 Mean Mean
Volatility Volatility to Company Asset Modified
Ultra Short-term Debt funds Rank Rank Return Return Liquidity
Regular Direct Sensitive Concentration Quality Duration
Regular Direct Regular Direct
Sector
IDBI Ultra Short Term Fund 5 (3) 5 5 (4) 4 3 (3) 3 3 (3) 5 (1) 1 (2) 3 (4) 3 (2)
Indiabulls Short Term Fund 5 (5) 5 3 (3) 2 5 (5) 5 5 (5) 4 (5) 4 (4) 5 (4) 4 (4)
LIC MF Savings Plus Fund 5 (4) 4 3 (3) 3 3 (3) 3 4 (4) 5 (4) 3 (3) 2 (2) 3 (4)
Sundaram Income Plus 5 3 5 2 3 3 4 4 4 3 4
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

20
Liquid funds (Cluster ranks are arranged alphabetically)
Exposure
Mar 17 Mar 17 Mean Mean
Volatility Volatility to Company Asset
Liquid funds Rank Rank Return Return Liquidity
Regular Direct Sensitive Concentration Quality
Regular Direct Regular Direct
Sector
Weightages 50.0% 10.0% 5.0% 5.0% 10.0% 20.0%
Indiabulls Liquid Fund 1 (1) 1 1 (1) 1 1 (3) 2 2 (2) 1 (1) 5 (4) 1 (1)
JM High Liquidity Fund 1 (1) 1 1 (1) 1 2 (2) 2 2 (1) 3 (1) 1 (2) 1 (1)
LIC MF Liquid Fund 1 (2) 1 4 (4) 3 3 (2) 3 3 (3) 1 (1) 4 (4) 2 (2)

Axis Liquid Fund 2 (3) 2 2 (3) 2 2 (1) 1 3 (4) 1 (1) 2 (3) 3 (3)
Baroda Pioneer Liquid Fund 2 (3) 2 2 (2) 1 3 (5) 3 3 (5) 3 (4) 1 (1) 3 (2)
HSBC Cash Fund 2 (2) 3 3 (3) 4 2 (2) 3 1 (1) 3 (1) 3 (2) 3 (3)
IDFC Cash Fund 2 (3) 2 4 (4) 4 2 (3) 3 3 (3) 4 (1) 1 (3) 2 (2)
Kotak Liquid 2 (3) 2 3 (3) 4 4 (4) 4 4 (4) 3 (4) 2 (2) 1 (1)
L&T Liquid Fund 2 (2) 2 3 (3) 3 3 (3) 3 4 (2) 1 (3) 2 (3) 2 (2)
Tata Money Market Fund 2 (3) 2 2 (3) 3 3 (2) 2 1 (3) 1 (3) 2 (3) 2 (3)

Canara Robeco Liquid 3 3 4 5 1 1 3 5 3 2


DHFL Pramerica Insta Cash Plus Fund 3 (3) 3 2 (2) 3 3 (3) 4 1 (2) 3 (4) 3 (2) 4 (4)
DSP BlackRock Liquidity Fund 3 (2) 2 3 (3) 3 3 (3) 2 2 (2) 1 (1) 4 (3) 3 (2)
HDFC Cash Management Fund - Savings
3 (3) 3 5 (5) 3 4 (3) 4 2 (3) 4 (3) 3 (2) 3 (3)
Plan
HDFC Liquid Fund 3 (3) 3 4 (4) 4 4 (3) 4 3 (4) 3 (1) 2 (2) 2 (3)
ICICI Prudential Liquid Plan 3 (1) 3 3 (2) 3 4 (4) 4 2 (2) 4 (1) 2 (1) 3 (3)
ICICI Prudential Money Market Fund 3 (2) 3 3 (2) 2 4 (3) 4 4 (3) 3 (1) 2 (1) 4 (4)
Invesco India Liquid Fund 3 (2) 3 2 (3) 2 2 (1) 2 3 (3) 3 (1) 4 (4) 3 (3)
Reliance Liquid Fund - Treasury Plan 3 (3) 3 2 (3) 2 3 (3) 3 3 (3) 1 (1) 3 (3) 3 (3)
Reliance Liquidity Fund 3 (4) 3 3 (3) 3 3 (2) 3 3 (3) 1 (5) 4 (3) 3 (3)
Sundaram Money Fund 3 (2) 3 3 (4) 3 2 (2) 2 3 (3) 1 (3) 3 (3) 3 (2)
Tata Liquid Fund 3 (3) 3 4 (4) 4 3 (3) 3 1 (1) 1 (3) 3 (2) 3 (3)
UTI Liquid Cash Plan 3 (3) 3 3 (3) 4 3 (4) 3 4 (4) 1 (3) 3 (3) 2 (3)

Birla Sun Life Cash Plus 4 (4) 4 3 (2) 3 5 (4) 5 3 (3) 3 (4) 4 (4) 4 (5)
IDBI Liquid Fund 4 (3) 4 4 (4) 4 3 (2) 3 2 (2) 4 (3) 3 (3) 4 (4)
Kotak Floater - Short Term 4 (4) 5 2 (2) 2 3 (3) 3 5 (4) 3 (1) 4 (3) 4 (4)
SBI Magnum InstaCash 4 (4) 4 3 (3) 3 2 (3) 2 4 (4) 5 (4) 3 (5) 4 (4)
SBI Premier Liquid Fund 4 (3) 4 4 (4) 5 1 (4) 1 4 (2) 4 (1) 4 (3) 4 (3)
Union Liquid Fund 4 (4) 4 5 (5) 5 3 (3) 3 3 (3) 4 (5) 3 (4) 3 (2)
UTI Money Market Fund 4 (4) 4 3 (3) 2 4 (4) 3 5 (4) 3 (4) 3 (4) 5 (5)

Birla Sun Life Floating Rate Fund - Short


5 (5) 5 1 (2) 2 5 (4) 5 5 (5) 5 (3) 5 (5) 5 (5)
Term
Franklin India Treasury Management
5 (4) 5 3 (3) 3 4 (5) 4 3 (3) 4 (3) 5 (4) 5 (3)
Account
Reliance Liquid Fund - Cash Plan 5 (5) 4 5 (5) 3 5 (5) 5 4 (5) 3 (4) 3 (3) 3 (4)
Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.

21
Annexure I - CRISIL Mutual Fund Ranking methodology
CRISIL Mutual Fund Ranking is the relative ranking of mutual follows: 32.5%, 27.5%, 22.5% and 17.5% respectively.
fund schemes within a peer group. The basic criteria for
inclusion in the ranking universe are three-year NAV history Portfolio Concentration Analysis
(one-year for liquid, ultra-short term debt, short term Concentration measures the risk arising out of improper
income, credit oriented funds and assets under management diversification. For equity securities, diversity score is used
in excess of category cut-off limits and complete portfolio as the parameter to measure industry and company
disclosure. Only open ended schemes are considered. concentration. In case of debt schemes, the company
Ranking is based on the following parameters: concentration is analysed at an individual issuer specific
limit. The limit is linked with the credit rating of the issuer,
Category-wise average AUM cut-off: high rated issuer will have higher limits and as the rating
Schemes falling under 98 percentile of the category AUM are declines the limit is also reduced progressively.
shortlisted
Exposure to Sensitive Sector
Quarterly average AUM is considered
In case of debt schemes, the industry concentration is
Schemes meeting inception criteria are eligible schemes
analysed for any exposure to sensitive sectors which are
arrived based on Industry Risk Score (IRS) for various sectors.
CRISILs assessment of IRS quantifies the credit risk
Superior Return Score (SRS)
associated with an industry on a uniform scale to ensure
SRS is the relative measure of the schemes returns and risk comparability across industries. The score captures the
(volatility) compared with their peer group. It is computed for influence of various industry variables on the debt repayment
income, balanced, monthly income plan (aggressive) and long ability of companies in a particular sector over a 3-4 year
term gilt categories. The three-year period of evaluation is time horizon.
divided into four overlapping periods the latest 36, 27, 18
and 9 months. Each period has a progressive weight starting Liquidity Analysis
from the longest period: 32.5%, 27.5%, 22.5% and 17.5%
It measures the ease with which a portfolio can be liquidated.
respectively.
The lower the score, the better it is.

Mean Return and Volatility In case of equities, it measures the number of days to
Mean return and volatility are considered as separate liquidate the portfolio. Liquidity is calculated by taking the
parameters in case of equity funds (large cap, small & mid- average portfolio liquidity score of the past three months.
cap, equity diversified, equity linked savings schemes or
Equity liquidity is computed as follows:
ELSS and thematic infrastructure), short term debt
Liquidity score of each stock = No. of shares held / Daily
categories (liquid, ultra short-term debt and short term
average trading volume of past six months
income) and credit opportunities funds. Mean return is the
average of daily returns based on the schemes NAV for the Portfolio liquidity score = Weighted average liquidity score of
period under analysis and volatility is the standard deviation the above
of these returns. While the period for analysis is three years
for equity funds, it is one year for liquid, credit oriented, ultra Gilt liquidity is measured by analysing the number of days it
short-term debt and short term income funds. The period of will take to liquidate the portfolio based on turnover (volume)
analysis is broken into four periods (latest 36, 27, 18 and 9 and number of securities in the portfolio, the number of days
months for equity categories and latest 12, 9, 6 and 3 months security has been traded and the number of trades over the
for short term categories). Each period is assigned a latest three-month period for that security.
progressive weight starting from the longest period as

22
Corporate debt liquidity is computed by classifying each Modified Duration /Average Maturity
security into three categories - liquid, semi liquid and illiquid
Modified duration / average maturity is considered across all
- and then evaluating a schemes exposure to each category.
debt categories except liquid to capture the interest rate risk
of the portfolio. The lower the value, the better it is.
Asset Quality
Asset quality measures the probability of default by the Tracking Error
issuer of a debt security to honour the debt obligation on
This is used only for index funds. The tracking error is an
time.
estimation of the variability in an index funds performance
vis--vis the index it proposes to replicate. The lower the
tracking error, the better it is.

23
Annexure II - Category definition for CRISIL Mutual Fund Ranking
categories

Only open-ended schemes that are open for subscription are midcap category in only 1 out of 4 buckets will be further
eligible for the selection criteria under the following evaluated.
categories:
Average exposure in large cap stocks will be computed
with top 110 stocks (as per market cap) for that bucket. If
1. Equity funds
average exposure to large cap stocks is greater than or
Schemes that predominantly invest in equity instruments equal to 75%, the fund will be classified as a large Cap
(excluding hybrid schemes) are considered. Schemes with fund. For small & mid cap average exposure in large cap
the following features are excluded - stocks will be computed with top 100 stocks (as per
market cap) for that bucket and if the exposure is less
Schemes not open to investors at large and open only to than or equal to 45%, the fund will be classified as a
a specific set of investors. small & mid cap fund
Schemes whose scheme information document /
1c) Thematic infrastructure funds
statement of additional information permits dynamic
Schemes that follow an investment objective to invest in
asset allocations (both debt and equity could vary
infrastructure related sectors.
between 0 and 100%), except on receipt of an
undertaking from the AMC, assuring predominant
1d) ELSS
investment in equity.
Schemes that invest in equity and equity-related
Schemes for which there is a delay in receipt of
instruments, and are aimed to enable investors to avail tax
portfolios from the fund house.
deduction under Section 80 C of the Income Tax Act are
Schemes with a stated objective to predominantly invest
considered.
in overseas securities.
Eligible schemes are classified into the following sub- 1e) Diversified equity funds
categories - All remaining eligible equity schemes are ranked under this
category.
1a) Large cap-oriented equity funds
Schemes that have at least 75% exposure to CRISIL-defined 1f) Index funds
large cap stocks (top 100 stocks based on daily average Schemes launched with an objective to generate returns that
market capitalisation on the National Stock Exchange) in the are commensurate with the performance of their
preceding 36 months split into four blocks of nine months benchmarks Total Return Index (TRI), subject to tracking
each. The 75% exposure in these stocks must be available for errors are considered. Open-ended exchange traded funds
a minimum of six out of nine months in each block. Exposure (ETFs) are also included.
to Nifty futures is considered as large cap exposure.
The following will be excluded:
1b) Small and mid-cap-oriented equity funds
Index schemes that allow the fund manager to take
Schemes that have less than 45% exposure to CRISIL-
overweight investment positions on stocks that comprise
defined large cap stocks for the preceding 36 months as per their benchmark index.
the above methodology.
Index schemes that are benchmarked to indices other

Second level test for large-cap and small & midcap funds than S&P BSE Sensex and Nifty 50.

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

24
2. Hybrid funds 3d) Short term income funds

2a) Balanced funds Schemes that predominantly invest in short term corporate
debt papers, certificates of deposit (CDs), money market
Schemes investing more than 65%, but less than 80%, of the
instruments and G-Secs are considered. The average
AUM in equity securities and 20-35% in debt and money
portfolio modified duration over the last one year must be
market securities are considered. Speciality schemes with
less than 3 years.
the above asset allocation focusing on children, pension,
unit-linked insurance, young citizens, charity and retirement
3e) Ultra short-term debt funds
are not considered.
Schemes that predominantly invest in short term corporate

2b) Monthly income plan (MIP) - Aggressive debt papers, certificates of deposit (CDs), money market
instruments and G-Secs are considered. The average
Schemes where investment in equity normally limits to 15-
portfolio modified duration over the last one year must be
30% of the corpus and generally declare monthly dividends
less than 1.25 years.
are considered.
Second level test for short term income and ultra short-term
3. Debt funds debt funds:
3a) Long term gilt funds
An additional check will be made to identify funds which
Schemes with an exposure in excess of 98% over the past
keep duration at a very wide deviation from its category
three years to the following are considered for ranking:
definition over some months but still manage to keep the
average in line of the category.
Central and state government securities
Maximum number of Upper limit Lower limit
Cash and cash equivalents such as collateralised
Category times limit can be (modified (modified
borrowing and lending obligations (CBLOs), reverse repo,
breached duration) duration)
net receivables, etc.
Short term 2 out of last 12
3b) Income funds 3.5 0.80
income months
Schemes that predominantly invest in long term corporate Ultra short- 0 out of last 12
1.5 NA
debt papers and government securities (G-Secs) are term debt months
considered. These schemes also invest in short term and
money market securities. Funds which do not fit into any criteria will be scrutinized
by the internal criteria committee on case-by-case basis
3c) Credit Opportunities funds
3f) Liquid funds
Schemes that predominately invest in sub-AAA rated
Schemes whose portfolio constitutes money market
securities and have a residual maturity of greater than six
instruments and short-term debt instruments with a residual
months are considered.
maturity of up to 91 days are considered.

25
Parametric Weights
Large Cap,
Diversified, Long Short
MIP - Ultra Short
Category Small & Index Balanced Term Income CROP Term Liquid
Aggressive Term Debt
Midcap, Infra Gilt Income
and ELSS
Superior Return Score (%) - - 75 60 75 60 - - - -
Mean Return (%) 55 - - - - - 50 50 50 50
Volatility (%) 25 - - - - - 10 10 10 10
Tracking Error (%) - 100 - - - - - - - -
Company Concentration (%) 5 - 5 5 - 5 5 5 5 5
Industry Concentration / Exposure to
10 - 10 5 - 5 5 5 5 5
Sensitive Sector (%)*
Equity - Liquidity (%) 5 - 10%*K 7.5%*K - - - - - -
5%*
Debt - Asset Quality (%) - - 17.5 - 17.5 10 10 10 10
(100-K)
5%* 7.5%*
Debt Liquidity (%) - - 15 7.5 15 15 15 20
(100-K) (100-K)
Modified Duration (%) - - - 5 10 5 5 5 5 -
3 3 3 3 3 1 1 1 1
Time Period 3 years
years years years years years year year year year

K = Equity component in hybrid schemes


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

Note:

While the above classification will be the guide in selection and creation of peers for the purpose of ranking, CRISIL will be free
to take a subjective call on the inclusion/exclusion of a scheme from among the peers in a ranking category.

An entity wishing to use the CRISIL Mutual Fund Ranking in its prospectus / offer document / advertisement / promotion/ sales
literature, or wishing to re-disseminate these rankings, may do so only after obtaining the written permission of the ranking
entity, CRISIL Research, CRISIL Limited.

26
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