CRISIL MF Ranking Booklet Jun 2011

CRISIL Mutual Fund Ranking
For the quarter ended June 30, 2011
Defensive sectors contribute to equity funds outperformance

Higher exposure to defensive sectors such as consumer durables, fast moving consumer goods (FMCG), pharmaceuticals and healthcare was the key attribute of equity funds ranked CRISIL Fund Rank 1, as per the CRISIL Mutual Fund Ranking for the quarter ended June 2011. Over the last 12 months, the defensive sectors have significantly outperformed the market. Further, the exposure of CRISIL Fund Rank 1 schemes to these sectors was 19 per cent as of June 30, 2011 and has been consistently higher than the peers. The Indian equity market has been extremely volatile over the last 8 months on account of both domestic and global elements. On the domestic front, factors such as rising inflation, high interest rates and limited policy action has raised concerns about economic growth and has investors worried. The wholesale price index (WPI) based inflation rate touched 9.44 per cent as of June 2011 while Indias GDP growth for the quarter ended March 2011was 7.8 per cent vis-a-vis 8.3 per cent in the previous year quarter. The Reserve Bank of India too has raised repo rates by 50 basis points to 8.00 per cent on July 26, 2011 for the eleventh time over the past year to tame inflation. Globally also, there is an impending sovereign risk in the Eastern European countries mainly Greece. Given this uncertainty, investors have moved towards sectors such as FMCG and Pharma, which tend to be more stable in an otherwise volatile environment. The exposure of equity funds to defensive sectors has steadily increased from 14 per cent in September 2010 to 16 per cent in June 2011, reflecting the increasing preference of fund managers for relatively stable stocks. As of June 30, 2011, CRISIL Fund Rank 1 equity funds had an average exposure of 19 per cent towards these sectors, well above the 15 per cent exposure of the lower ranked peers, which led to their superior performance. The higher proportion of exposure towards these sectors and strong returns generated by them enabled CRISIL Fund Rank 1 schemes to outperform the industry. Over the last 12 months, the defensive sectoral indices, viz., BSE Consumer durables, CNX FMCG, CNX Pharma Index have delivered annualised returns of 41 per cent, 23 per cent and 12 per cent respectively as against the 6 per cent, 2 per cent and negative 2 per cent returns delivered by broader market indices like S&P CNX Nifty, S&P CNX 500 and CNX Midcap, respectively. Within debt funds, the short term funds continued to display robust performance, given the high interest rate regime. Shortterm income funds, with an absolute return of 2.35 per cent for the quarter ended June 30, 2011 (annualised returns of 9.31 per cent), was the best performing category among debt schemes. CRISIL expects short-term debt funds to continue providing superior returns within the debt category in line with RBIs hard stance on interest rates. The latest CRISIL Mutual Fund Ranking covers close to 73 per cent of the industry average assets under management as of June 2011. At the fund house level, HDFC Mutual Fund continued to lead the tally of top ranked funds across equity and debt categories with a total of 14 funds under CRISIL Fund Rank 1. Birla Sun Life Mutual Fund and ICICI Prudential Mutual Fund followed with a total of nine funds and eight funds respectively under CRISIL Fund Rank 1. A unique feature of CRISIL Mutual Fund Ranking is that unlike most other ranking models that are purely based on returns or net asset value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAV and portfolio-based attributes for evaluation. CRISILs fund ranking framework provides a singlepoint analysis of mutual funds, taking into consideration all factors, such as risk-adjusted returns, asset concentration, liquidity, asset quality and asset size. The rankings also include categories that focus specifically on long term consistency in performance. The ranks are assigned on a scale of 1 to 5, with CRISIL Fund Rank 1 indicating very good performance. In any peer group, the top 10 percentile of funds are ranked as CRISIL Fund Rank 1 and the next 20 percentile are ranked as CRISIL Fund Rank 2. Investors can use the CRISIL Fund Ranking, which is available on www.crisil.com, as a tool to support their investment decisions. The rankings are updated on a quarterly basis.
CRISIL Mutual Fund Ranking is a pro-bono exercise undertaken every quarter and hosted on www.crisil.com. The latest rankings covered 458 open-ended funds accounting for 73 per cent of the average assets managed by Indian mutual funds in June 2011. CRISIL Mutual Fund Ranking - Quarter ended Jun 2011
Mutual fund industry highlights

The Indian mutual fund industrys quarterly average assets under management (AUM) rose by over 6 per cent to Rs 7.47 trillion in the April-June quarter as compared to Rs 7.04 trillion in the January-March 2011 quarter. The month-end AUM during the quarter rose as well by around 14 per cent to Rs 6.73 trillion as of June from Rs 5.92 trillion in March. Mutual fund assets rose mainly on record inflows in April of Rs 1.8 trillion, 80 per cent of which were in liquid funds. The other two months of the quarter, viz May and June, recorded net outflows of Rs 1.1 trillion (Rs 624 billion in June and Rs 489 billion in May). It is typical of the industry to witness outflows in the last month of a quarter due to redemption by corporates and banks on account of advance tax payments and balance sheet capital adequacy requirements, respectively. There is generally a reversal of these outflows in the beginning of the new quarter. At the category level, money market funds and income funds (includes ultra short term debt funds) recorded the highest net
8.0 7.5
inflows during the quarter ended June of Rs 618 billion and Rs 102 billion, respectively. These categories had recorded outflows of Rs 165 billion and Rs 67 billion, respectively, in the March 2011 quarter. The inflows could be linked to improved liquidity in the system, as indicated by the Reserve Bank of India (RBI) in its mid-quarter policy review. The RBI data showed that net injection of liquidity through the central banks liquidity adjustment facility (LAF) repos fell from an average of Rs 840 billion during January-March 2011 to Rs 410 billion during April to June 15. New fund offers (NFOs) launched during the quarter mobilised Rs 183 billion through 138 NFOs, which is considerably lower than the Rs 587 billion mobilised via 261 NFOs in the March 2011 quarter. Fixed maturity plans (FMPs) continued their dominance in NFOs during the quarter, comprising more than 96 per cent of NFO collections. Demand for FMPs was due to rising interest rates in the economy.
Net flows (Rs billion) Industry AUM (Rs trillion)
1860 1465
Rs billion Income Funds Equity Funds Balanced Funds Liquid / Money Market Funds Gilt Funds Gold ETF Funds Other ETFs Fund of Funds Investing Overseas Total
Net Inflow/(Outflow) Quarter Quarter ended ended June 2011 March 2011 101.86 0.53 3.20 618.22 -2.79 9.42 -3.31 3.26 730.39 -67.44 44.21 6.98 -165.01 -6.34 7.98 8.05 -0.85 -172.42
Month End AUM March 2011 2919.75 1953.23 184.45 736.66 34.09 44.00 25.16 25.16 5922.50
Net flows Rs billion
1070 675 280
June-11 3055.66 1938.80 175.58 1425.67 32.73 55.68 20.57 27.07 6731.76
Difference 135.91 -14.43 -8.87 689.01 -1.36 11.68 -4.59 1.91 809.26
AUM Rs trillion
7.0 6.5 6.0 5.5 Jun-10 Jul-10 Feb-11 Aug-10 Sep-10 Nov-10 Dec-10 Mar-11 May-11 Jun-11 Oct-10 Jan-11 Apr-11
-115 -510 -905
-1300
At the fund house level, 31 out of 41 fund houses witnessed growth in quarterly average AUM in the June quarter. IDFC Mutual Fund registered the highest AUM growth in absolute terms. Its AUM rose by Rs 67 billion or 31 per cent to Rs 286 billion during the quarter. In percentage terms, Daiwa Mutual Fund was the top gainer with its AUM rising almost 3 times to Rs 6.65 billion in the June quarter from Rs 2 billion in the previous quarter. Meanwhile, Reliance Mutual Fund retained its top position in the average assets tally at Rs 1.02 trillion, marginally up from the earlier quarter. HDFC Mutual Fund maintained its second position, with its assets growing by over 6 per cent to Rs 920 billion, while ICICI Prudential Mutual Fund was third with quarterly average AUM of Rs 799 billion. UTI Mutual Fund was at fourth spot (Rs 691 billion) followed by Birla Sun Life Mutual Fund (Rs 675 billion). In terms of AUM distribution, the share of the top five mutual funds stood at 55 per cent in the June quarter while the AUM share of the top 10 mutual funds was close to 80 per cent. The bottom 10 fund houses continued to account for less than 1 per cent of the AUM in the June quarter. According to daily trade data released by the Securities and Exchange Board of India (SEBI), mutual funds were net buyers of
equities worth around Rs 8 billion in the June quarter, as against net selling of Rs 18 billion in the previous quarter. On the debt front, mutual funds were net buyers to the tune of Rs 940 billion in the quarter ended June as compared to net buying of Rs 878 billion in the previous quarter. In key regulatory news, the Reserve Bank of India (RBI) capped banks investment in liquid and short term debt mutual funds at 10 per cent of their net worth as of March 31 in the previous year. Banks have been given time till January 5, 2012 to comply with this norm. The regulators aim is to prevent the circular flow of funds between mutual funds and banks. The government detailed the final structure of Infrastructure Debt Funds as either backed by mutual funds or by non-banking financial company (NBFCs). Meanwhile, the government gave its approval to foreign retail investment in mutual funds schemes up to $10 billion. SEBI notified all mutual funds to provide an option to investors to receive allotment of units in their demat account while subscribing to a scheme from October 1, 2011. The market regulator also asked mutual fund houses to declare the number of unique investors in every scheme to eliminate redundant data of folios.
CRISIL Mutual Fund Ranking - Quarter ended Jun 2011
MARKET OVERVIEW
Equity markets overview

Index S&P CNX Nifty BSE Sensex CNX FMCG Index CNX Pharma Index CNX MIDCAP Index CNX Bank Index CNX PSE Index CNX AUTO Index CNX Metal Index CNX IT Index CNX Energy Index CNX Realty Index BSE CD Index BSE CG Index BSE Small Cap Index BSE Power Index 30-June-11 30-Mar-11 5647 18846 10369 4817 7972 11245 3394 3672 3981 6625 8615 268 6654 13906 8157 2612 5834 19445 9188 4536 8040 11705 3567 3862 4294 7148 9481 313 6240 13234 8176 2712 Absolute % change % change Change (3 month) (1 year) -186.35 -599.35 1180.55 281.15 -68.65 -460.80 -173.00 -190.55 -312.35 -523.40 -865.60 -45.65 414.03 671.73 -19.29 -100.10 -3.19 -3.08 12.85 6.20 -0.85 -3.94 -4.85 -4.93 -7.27 -7.32 -9.13 -14.57 6.64 5.08 -0.24 -3.69 6.30 6.47 23.38 12.02 -1.96 18.81 -14.00 5.38 -0.68 11.75 -11.65 -35.87 40.50 -5.47 -10.08 -17.08
5950 5810 5670
Nifty MF Daily Net Investment Nifty
4 3 1 -1 -2 -4
MF Daily Net Inv Rs. Billion
5530 5390 5250

5-Apr-11 8-Apr-11 4-May-11 31-Mar-11 9-May-11 12-May-11 17-May-11 20-May-11 25-May-11 30-May-11 15-Apr-11 20-Apr-11 26-Apr-11 29-Apr-11 2-Jun-11 7-Jun-11 10-Jun-11 15-Jun-11 20-Jun-11 23-Jun-11 28-Jun-11
-5 -7
CD Consumer Durables, CG Capital Goods, HC Health Care
The S&P CNX Nifty and BSE Sensex fell by over 3 per cent in the quarter, mainly on high inflation numbers and consequent interest rate hikes announced by the RBI twice in the quarter. Inflationary concerns grew after the government allowed state-owned oil marketing companies to hike fuel prices. Weak global cues, such as slowdown in US economic growth and concerns of the re-emergence of the sovereign debt crisis in Greece, added to the markets woes. Earlier in the quarter, sentiments were affected due to downbeat earnings by Reliance Industries and Infosys, and lower-thanexpected April-June earnings guidance from Wipro. Weak economic data like quarterly gross domestic product (GDP) growth numbers and industrial production data for April also dampened investor sentiments. Losses were, however, capped on consistent FII (foreign institutional investors (FIIs) buying in June as global concerns receded after the Greek parliament voted in favour of harsh austerity measures to avoid a debt default. FIIs were net buyers to the tune of Rs 51.71 billion in the quarter while they were net sellers of equities worth Rs 31.18 billion in the quarter ended March 2011. Stock-specific movement following strong corporate earnings by index majors Larsen & Toubro, HCL Tech and HDFC Bank as well as partial retreat in crude oil prices also helped market erase some losses. CNX FMCG index was the top sectoral index gainer, up by 12.5 per cent, in the quarter due to defensive buying in the wake of market uncertainty. BSE Consumer Durables index followed with around 7 per cent gains in the month while CNX Pharma index rose 6.2 per cent. Among key decliners, CNX Realty index continued its steep fall (down around 15 per cent) due to the rising interest rates as well as concerns over further monetary tightening by the RBI.
In other developments, SEBI directed companies to dematerialise their entire promoter shareholding by September 30, 2011 with a view to make dealings in shares more transparent. Further, SEBI made Application Supported by Blocked (ASBA) Amounts facility mandatory for all nonretail investors, qualified institutional buyers and high networth individuals. SEBI allowed retail investors to place bids at a discounted price, instead of paying the full amount in public issues. The market regulator also allowed stock exchanges to offer incentives to brokers for generating volumes in illiquid securities in the equity derivatives segment. It allowed sovereign funds to buy a maximum 20 per cent stake in any listed company without any additional obligations. SEBI also relaxed its norm for company name change if companies have invested at least 50 per cent in the assets of the new business. Meanwhile, the National Stock Exchange received approval from SEBI to launch futures contracts on US benchmark indices like S&P 500 and Dow Jones, though it decided to introduce them only after getting regulatory approval for launching options contracts as well. The Bombay Stock Exchange (BSE) stated that trading would halt for the day if the Sensex rose or fell by 20 per cent in a single day for the JulySeptember quarter. Also, the BSE decided to remove Reliance Communications and Reliance Infrastructure from the Sensex from August 8 and replace the two with Sun Pharma and Coal India. It announced introduction of 135 additional stocks for trading in its equity derivatives segment as well.
Debt markets overview

Overnight interbank rates moved in the range of 5.75-7.70 per cent amid strong demand from banks to meet their reserve requirements. Rates were also pressurised after the RBI hiked its key re-financing rate, viz the repo rate, twice in the quarter - the first time by 50 basis points (bps) in its annual policy review and by 25 bps in its recent mid-quarter policy review to 7.50 per cent. Advance tax outflows in June also added to the pressure on call rates. However, some easing in rates was seen towards the end of the quarter as demand from banks fell due to fulfilment of their reserve requirements. Rates fell to 3.50-4.00 per cent on June 30.
10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 06-Jan-11 25-Jan-11 14-Feb-11 04-Mar-11 23-Mar-11 11-Apr-11 30-Apr-11 19-May-11 07-Jun-11 03-Oct-10 07-Aug-10 26-Aug-10 14-Sep-10 30-Jun-10 19-Jul-10 22-Oct-10 10-Nov-10 29-Nov-10 18-Dec-10 26-Jun-11 7.50% 13-Jan-11 26-Oct-10 23-Feb-11 19-May-11 16-Sep-10 30-Jun-10 27-Jun-11 6-Aug-10 6-Dec-10 6-Apr-11 8.00% 7.75%
During the quarter, the RBI decided to transit to a single independent varying policy rate as the repo rate while the reverse repo rate will continue to be operative and will be pegged at a fixed 100 bps below the repo rate. The central bank also introduced a new mechanism, Marginal Standing Facility (MSF), under which banks would be permitted to borrow short term funds up to 1 per cent of their deposits; the rate for MSF would be 100 bps above the repo rate.
Overnight MIBOR
8.50% 8.25%
10-Year Benchmark G-Sec Yield
Yields on government bonds rose sharply in the quarterended June with the new 10-year benchmark 7.80 per cent, 2021 paper closing at 8.33 per cent on June 30, 2011 as compared to 7.89 per cent on April 11, 2011, when the paper was introduced. The earlier 10-year benchmark 7.80 per cent, 2020 paper had closed at 7.98 per cent on March 31, 2011. Prices fell in the quarter, especially in May, with the yield on the benchmark paper reaching a 32-month high of 8.41 per cent on May 31 on fears of monetary tightening by the RBI on account of high monthly inflation numbers. Intermittent rise in crude oil prices coupled with a hike in fuel prices by oil marketing companies led to inflationary fears and aggressive monetary action by the RBI. A fall in prices was cushioned on lower-than-expected GDP growth numbers and industrial production data.
Among regulatory initiatives, the government increased the FII limit in infrastructure bonds from $5 billion to $25 billion; the overall FII limit for investment in corporate bonds was raised to $40 billion, i.e. $15 billion in corporate and $25 billion in infrastructure bonds. The finance ministry prepared a draft legislation to set up a separate Debt Management Office to manage government debt. The RBI released guidelines on credit default swaps in corporate bonds, which will take effect from October 24, 2011. Further, SEBI asked rating agencies to use common rating symbols and their meanings for debt instruments. The finance ministry cleared the RBIs draft guidelines on new bank licences with a rider that the existing 74 per cent cap on FDI be retained.
CRISIL launches Gilt Index

CRISIL Research, Indias largest independent research house, has launched the CRISIL Gilt Index which will track the performance of government securities. The CRISIL Gilt Index will provide market participants a realistic and easily accessible benchmark to analyse and measure the performance of sovereign investments. This is the eighth index introduced by CRISIL and reflects its ongoing effort to develop effective benchmarks for the Indian debt markets. The Indian debt market is dominated by government securities which constitute over three-fourth of the total debt outstanding as of end-June 2011. Even in terms of trading activity, government securities are the most liquid; they contribute over 80 per cent of the trading volumes of the debt market. Accordingly, it is critical to have a benchmark which closely tracks and reflects the performance of government securities. Through its Gilt Index, CRISIL aims at providing a realistic representation of the performance of the most liquid and dominant segment of the Indian debt market. The CRISIL Gilt Index comprises twelve most liquid government securities. For the construction of the index, CRISIL has adopted a two-fold approach based on liquidity and the amount outstanding. The selection of government securities is based on liquidity, while allocation of weights is based on the amount outstanding. The index is then calculated using a total return approach, capturing both coupon and clean price returns for the selected government securities across maturities. The base date of the index is January 1, 1997. The CRISIL Gilt Index provides an appropriate representation of the movement of yields in Indian government securities. The government securities included in the CRISIL Gilt Index are the most liquid, and typically represent 80 per cent of the total trading volumes and 25 per cent of the total amount outstanding in government securities. CRISIL strongly believes that the CRISIL Gilt Index will serve as an effective tool for institutional and retail investors to better understand the risk-return trade-offs in the Indian sovereign market. The CRISIL Gilt Index follows a family of debt and hybrid indices that are maintained by CRISIL and used by asset managers for benchmarking their products and portfolios. The CRISIL Gilt Index will be a public index. The updated details on index performance and portfolio constituents will be available on the CRISIL website (www.crisil.com) daily. This latest index is further evidence of CRISILs status as a pioneer in debt and hybrid indices in India. The CRISIL Gilt Index is expected to serve both as a benchmark and as an underlying index for investment products such as exchange-traded funds (ETFs) in government securities. CRISIL will continue to develop indices that are useful in analysing the performance of different asset classes and act as a critical input for market participants in making investment decisions in an otherwise shallow debt market.
CRISIL Mutual Fund categories

Equity Funds 1. 2. 3. 4. 5. 6. 7. 8. 9. Large Cap-oriented Equity funds Diversified Equity funds Small and Mid-cap Equity funds Equity Linked Savings Scheme (ELSS) Thematic - Infrastructure funds Index funds Balanced funds Monthly Income Plan - Aggressive Monthly Income Plan Conservative
Hybrid Funds
Debt Funds 10. Long Term Income funds 11. Short Term Income Funds 12. Liquid funds 13. Liquid funds - Institutional 14. Liquid funds - Super institutional 15. Ultra Short-term Debt funds 16. Ultra Short-term Debt funds - Institutional 17. Ultra Short-term Debt funds - Super institutional 18. Long Term Gilt funds Consistent Performers 19. Consistent Performers - Equity funds 20. Consistent Performers - Balanced funds 21. Consistent Performers - Debt funds 22. Consistent Performers - Liquid funds Performance period for rankings: 2-years for equity funds (other than index funds), long term income funds, gilt funds and hybrid funds; 1-year for index, liquid, ultra short-term debt and short-term debt funds; 5-years for Consistent Performers.
CRISIL Mutual Fund Ranking category definitions

Rankings category CRISIL Fund Rank 1 CRISIL Fund Rank 2 CRISIL Fund Rank 3 CRISIL Fund Rank 4 CRISIL Fund Rank 5 Interpretation Very good performance (top 10 percentile of the universe)* Good performance Average performance Below average performance Relatively weak performance
*If the top 10 percentile figure is not an integer, the same is rounded off to the next 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.
Large Cap-oriented Equity funds

Large Cap-oriented Equity funds Weightages Fidelity Equity Fund Fidelity India Growth Fund HDFC Top 200 Fund ICICI Prudential Focused Bluechip Equity Fund 1 1 1 1 1 1 1 1 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 75% 1 (1) 1 (1) 1 (1) 1 (1) Industry Company Concentration Concentration 10% 2 (3) 4 (5) 4 (4) 5 (5) 5% 1 (1) 2 (2) 2 (2) 5 (5) Liquidity 10% 4 (4) 5 (4) 3 (3) 1 (1)
Birla Sun Life Frontline Equity Fund Birla Sun Life Top 100 Fund Franklin India Bluechip Fund HDFC Index Fund - Sensex Plus Plan Principal Large Cap Fund Reliance Quant Plus Fund UTI Mastershare Unit Scheme UTI Opportunities Fund
2 2 2 2 2 2 2 2
2 3 2 3 2 N.A
2 (2) 2 (3) 2 (2) 2 (2) 2 (2) 2 2 (3) 2 (2)
2 (1) 2 (1) 1 (2) 3 (2) 3 (3) 3 3 (3) 3 (2)
1 (1) 1 (1) 2 (3) 4 (4) 1 (1) 5 3 (3) 2 (2)
3 (3) 3 (3) 3 (3) 3 (5) 4 (4) 1 3 (4) 5 (4)
3 2
DSP BlackRock Top 100 Equity Fund HSBC Dynamic Fund HSBC India Opportunities Fund ICICI Prudential Target Returns Fund ICICI Prudential Top 100 Fund ICICI Prudential Top 200 Fund IDFC Equity Fund IDFC Imperial Equity Fund - Plan A Kotak 50 Reliance Equity Advantage Fund SBI Magnum Equity Fund Sundaram India Leadership Fund UTI Master Plus Unit Scheme
3 3 3 3 3 3 3 3 3 3 3 3 3
3 4 3 N.A
3 (3) 3 (4) 3 (3) 3 3 (3) 3 (2) 3 3 (4) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3)
3 (4) 5 (4) 4 (4) 3 3 (2) 2 (3) 5 3 (3) 5 (4) 3 (3) 2 (3) 1 (1) 2 (3)
4 (3) 4 (3) 3 (3) 4 4 (5) 3 (4) 5 4 (4) 3 (4) 4 (4) 3 (4) 2 (2) 3 (3)
2 (2) 2 (1) 4 (5) 2 1 (1) 4 (5) 5 3 (2) 3 (3) 5 (4) 4 (3) 4 (4) 3 (3)
3 2 N.A
4 3 3 2 2 3
BNP Paribas Equity Fund DWS Alpha Equity Fund HSBC Equity Fund LIC NOMURA MF Equity Fund LIC NOMURA MF Growth Fund SBI Blue Chip Fund Sundaram Select Focus UTI Top 100 Fund
4 4 4 4 4 4 4 4
5 4 4 3 3 5 4 3
4 (5) 4 (4) 4 (5) 4 (3) 4 (3) 4 (5) 4 (4) 4 (3)
4 (4) 3 (3) 4 (3) 4 (5) 2 (2) 1 (1) 2 (2) 3 (3)
3 (5) 5 (5) 4 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3)
4 (1) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (2) 3 (3)
BARODA PIONEER Growth Fund LIC NOMURA MF Top 100 Fund UTI Contra Fund UTI Leadership Equity Fund Figures in bracket indicate the previous quarter score
5 5 5 5
4 5 5 4
5 (4) 5 (5) 5 (4) 5 (4)
4 (3) 4 (5) 1 (2) 3 (4)
3 (3) 3 (3) 3 (4) 3 (3)
2 (2) 1 (2) 4 (5) 2 (3)
Diversified Equity funds

Diversified Equity funds Weightages HDFC Equity Fund ING Dividend Yield Fund Mirae Asset India Opportunities Fund Quantum Long-Term Equity Fund UTI Dividend Yield Fund UTI Equity Fund UTI MNC Fund Birla Sun Life India GenNext Fund Canara Robeco Equity Diversified DSP BlackRock Equity Fund DSP BlackRock Opportunities Fund HDFC Capital Builder Fund HDFC Core and Satellite Fund HDFC Growth Fund HDFC Premier MultiCap Fund ICICI Prudential Dynamic Plan JPMorgan India Equity Fund Kotak LifeStyle Morgan Stanley A.C.E. Fund Tata Contra Fund UTI India Lifestyle Fund AIG India Equity Fund Fidelity India Special Situations Fund Franklin India Flexi Cap Fund Franklin India High Growth Companies Fund Franklin India Prima Plus HDFC Long Term Equity Fund HSBC Unique Opportunities Fund ICICI Prudential Services Industries Fund Kotak Opportunities Morgan Stanley Growth Fund Principal Dividend Yield Fund Reliance Growth Fund Reliance Regular Savings Fund - Equity Reliance Vision Fund Religare Contra Fund SBI Magnum COMMA Fund SBI Magnum Multiplier Plus Scheme 1993 Sundaram Equity Multiplier Fund Sundaram Growth Fund Sundaram Rural India Fund Tata Equity Opportunities Fund Tata Equity PE Fund 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 2 2 3 2 3 2 2 1 2 2 2 3 3 1 2 3 3 2 2 3 3 2 3 3 3 3 2 3 3 3 3 4 3 N.A 3 3 4 3 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 75% 1 (1) 1 (1) 1 (1) 2 (1) 1 (1) 1 (2) 1 (2) 2 (3) 2 (2) 2 (3) 2 (2) 1 (2) 2 (1) 2 (2) 2 (2) 2 (2) 3 (3) 2 (3) 2 (1) 2 (2) 2 (3) 3 (4) 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 3 (3) 3 (3) 3 (4) 3 (3) Industry Company Concentration Concentration 10% 3 (3) 4 (4) 2 (3) 2 (1) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 1 (2) 3 (2) 4 (4) 2 (2) 2 (3) 1 (1) 1 (1) 3 (2) 5 (4) 3 (3) 3 (2) 5 (5) 1 (1) 5 (4) 2 (3) 1 (2) 1 (3) 4 (3) 4 (4) 4 (5) 3 (3) 3 (3) 4 (4) 1 (1) 2 (2) 3 (3) 2 (2) 5 (5) 3 (3) 4 2 (1) 4 (4) 3 (3) 3 (3) 5% 3 (3) 3 (3) 2 (2) 3 (3) 2 (2) 1 (1) 4 (5) 3 (3) 2 (2) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4) 4 (4) 2 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 2 (3) 4 (4) 4 (4) 3 (3) 5 (4) 2 (2) 3 (5) 2 (2) 5 (4) 3 (3) 1 (1) 1 (2) 3 (4) 3 (3) 4 (4) 3 (3) 5 2 (2) 3 (2) 3 (3) 1 (2) Liquidity 10% 3 (3) 3 (3) 2 (3) 2 (2) 2 (2) 2 (2) 5 (5) 4 (4) 2 (2) 4 (4) 3 (3) 3 (3) 5 (5) 4 (4) 3 (4) 3 (2) 1 (1) 4 (3) 2 (2) 3 (4) 2 (3) 3 (3) 5 (3) 3 (3) 4 (5) 3 (3) 4 (5) 3 (3) 3 (3) 2 (2) 2 (3) 2 (2) 4 (4) 4 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 1 (1) 4 (4) 5 (4) 4 (3)
Continued...
EQUITY FUNDS
Diversified Equity funds (Contd.)

Diversified Equity funds Weightages Tata Pure Equity Fund Tata Select Equity Fund Taurus Starshare Templeton India Growth Fund UTI-Services Industries Fund Bharti AXA Equity Fund - Regular Plan Birla Sun Life Advantage Fund Birla Sun Life Equity Fund Birla Sun Life Special Situations Fund DWS Investment Opportunity Fund Franklin India Opportunities Fund IDFC Classic Equity Fund - Plan A ING Domestic Opportunities Fund Kotak Contra L&T Opportunities Fund LIC NOMURA MF India Vision Fund Principal Services Industries Fund SBI One India Fund Tata Service Industries Fund ING OptiMix Multi Manager Equity Fund - Option A JM Equity Fund JM Multi Strategy Fund Principal Growth Fund Reliance Equity Fund SBI Magnum MultiCap Fund SBI Magnum Sector Umbrella - Contra Fund Figures in bracket indicate the previous quarter score 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 3 3 2 3 3 4 4 4 4 4 4 5 4 4 4 5 4 4 4 5 N.A N.A 5 5 5 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 75% 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (5) 4 (4) 4 (4) 4 (4) 4 (5) 4 (4) 4 (4) 4 (4) 5 (5) 5 5 5 (5) 5 (5) 5 (5) 5 (5) Industry Company Concentration Concentration 10% 3 (3) 3 (4) 2 (2) 4 (4) 5 (5) 3 (4) 4 (4) 3 (2) 3 (3) 2 (2) 2 (3) 3 (3) 4 (4) 3 (2) 3 (3) 4 (3) 5 (5) 2 (1) 5 (5) 3 (3) 3 2 3 (3) 3 (3) 3 (2) 3 (3) 5% 3 (3) 3 (3) 3 (3) 5 (5) 4 (3) 4 (4) 2 (3) 2 (1) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 2 (1) 4 (4) 5 (5) 2 (2) 3 (3) 1 (1) 5 5 2 (2) 4 (5) 3 (2) 2 (2) Liquidity 10% 3 (3) 4 (5) 1 (2) 3 (3) 3 (3) 1 (1) 4 (4) 5 (3) 2 (2) 3 (3) 1 (1) 4 (2) 3 (3) 2 (2) 3 (3) 1 (1) 3 (3) 3 (4) 4 (5) 3 (4) 5 5 2 (2) 1 (1) 2 (2) 3 (3)
10
Small and Mid-cap Equity funds

Small and Mid-cap Equity funds Weightages Birla Sun Life MNC Fund HDFC Mid-Cap Opportunities Fund Religare Mid Cap Fund UTI Master Value Fund Birla Sun Life Dividend Yield Plus DSP BlackRock Micro Cap Fund DSP BlackRock Small and Midcap Fund ICICI Prudential Discovery Fund Reliance Equity Opportunities Fund SBI Magnum Sector Umbrella - Emerging Business Fund Tata Dividend Yield Fund Birla Sun Life Pure Value Fund Birla Sun Life Small & Midcap Fund Franklin India Prima Fund Franklin India Smaller Companies Fund IDFC Premier Equity Fund - Plan A JPMorgan India Smaller Companies Fund Kotak Midcap SBI Magnum Global Fund Sundaram Select Midcap UTI Thematic - Mid Cap Fund Birla Sun Life Midcap Fund ICICI Prudential Emerging S T A R Fund Kotak Emerging Equity L&T Midcap Fund Principal Emerging Bluechip Fund Reliance Long Term Equity Fund SBI Magnum Midcap Fund HSBC Midcap Equity Fund JM Emerging Leaders Fund Sundaram S M I L E Fund Tata Mid Cap Fund Figures in bracket indicate the previous quarter score 1 1 1 1 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 5 5 5 5 2 1 N.A 1 2 1 1 2 2 2 2 4 3 3 3 2 3 3 3 3 3 4 4 5 3 4 4 4 5 5 4 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 75% 1 (2) 1 (1) 1 1 (1) 2 (2) 2 (1) 2 (1) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 4 (4) 5 (5) 4 (3) 4 (4) 4 (4) 4 (4) 5 (4) 5 (5) 4 (4) 5 (5) Industry Company Concentration Concentration 10% 5 (5) 4 (4) 3 3 (2) 4 (4) 3 (2) 1 (1) 2 (1) 2 (1) 4 (4) 5 (5) 4 (4) 3 (2) 1 (4) 1 (2) 4 (5) 3 (4) 3 (3) 3 (3) 2 (1) 3 (3) 3 (3) 2 (3) 4 (3) 5 (4) 3 (3) 2 (2) 5 (5) 1 (3) 2 (2) 4 (2) 2 (3) 5% 5 (5) 2 (3) 2 1 (1) 1 (1) 4 (3) 2 (1) 2 (3) 3 (3) 5 (5) 4 (4) 3 (4) 3 (3) 3 (3) 4 (4) 3 (4) 3 (3) 1 (2) 4 (3) 4 (4) 2 (2) 2 (2) 3 (3) 3 (2) 3 (2) 1 (1) 4 (4) 5 (5) 4 (4) 5 (5) 3 (2) 2 (2) Liquidity 10% 4 (5) 3 (4) 3 3 (3) 2 (2) 5 (5) 3 (2) 4 (3) 3 (3) 5 (5) 2 (2) 2 (3) 4 (4) 1 (1) 3 (3) 2 (2) 1 (3) 3 (1) 3 (4) 2 (2) 4 (3) 2 (2) 4 (4) 2 (2) 1 (1) 1 (1) 4 (4) 3 (4) 5 (5) 5 (3) 3 (4) 4 (3)
11
Equity Linked Savings Scheme (ELSS)

Equity Linked Savings Scheme (ELSS) Weightages Fidelity Tax Advantage Fund HDFC Tax Saver Fund ICICI Prudential Tax Plan Canara Robeco Equity Tax Saver DSP BlackRock Tax Saver Fund Franklin Taxshield Fund HDFC Long Term Advantage Fund ING Tax Savings Fund Religare Tax Plan Bharti AXA Tax Advantage Fund Birla Sun Life Tax Plan HSBC Tax Saver Equity Fund IDFC Tax Advantage (ELSS) Fund Kotak Tax Saver Scheme Principal Personal Tax Saver Reliance Tax Saver Fund Tata Tax Saving Fund Taurus Taxshield UTI Equity Tax Saving Plan (ETSP) Birla Sun Life Tax Relief 96 BNP Paribas Tax Advantage Plan L&T Tax Saver Fund LIC NOMURA MF Tax Plan 1997 SBI Magnum Tax Gain Scheme 1993 Sundaram Taxsaver DWS Tax Saving Fund JM Tax Gain Fund Principal Tax Saving Fund Figures in bracket indicate the previous quarter score 1 1 1 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 5 5 5 1 1 1 2 2 2 2 2 3 3 3 3 3 3 3 2 3 3 4 4 5 3 4 4 4 5 4 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 80% 1 (1) 1 (1) 1 (1) 2 (2) 3 (2) 2 (2) 2 (2) 2 (2) 2 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (4) 3 (3) 4 (5) 4 (3) 4 (4) 4 (4) 4 (4) 5 (5) 5 (4) 5 (5) Industry Company Concentration Concentration 10% 3 (3) 1 (1) 2 (2) 1 (1) 3 (3) 1 (2) 3 (3) 5 (4) 3 (2) 3 (5) 3 (3) 2 (2) 3 (3) 3 (3) 4 (4) 4 (3) 2 (2) 2 (1) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 2 (3) 5 (5) 2 (3) 3 (2) 3 (3) 5% 2 (2) 2 (2) 3 (2) 1 (2) 1 (1) 4 (4) 5 (5) 4 (5) 2 (3) 4 (4) 4 (3) 4 (4) 3 (3) 3 (1) 3 (2) 3 (3) 2 (3) 4 (4) 3 (3) 3 (3) 2 (3) 3 (3) 5 (4) 2 (2) 3 (3) 3 (4) 5 (5) 1 (1) Liquidity 5% 4 (3) 4 (5) 5 (5) 3 (4) 3 (4) 3 (3) 3 (4) 2 (1) 4 (3) 1 (1) 3 (2) 3 (3) 3 (3) 4 (4) 2 (2) 5 (5) 3 (4) 2 (2) 2 (3) 4 (4) 3 (3) 1 (2) 1 (1) 4 (3) 2 (2) 3 (3) 5 (2) 2 (3)
12
Thematic - Infrastructure funds

Thematic - Infrastructure funds Weightages Birla Sun Life Basic Industries Fund DSP BlackRock Natural Resources and New Energy Fund AIG Infrastructure and Economic Reform Fund Canara Robeco Infrastructure HDFC Infrastructure Fund Religare Infrastructure Fund Birla Sun Life Infrastructure Fund DSP BlackRock India T.I.G.E.R. Fund ICICI Prudential Infrastructure Fund LIC NOMURA MF Infrastructure Fund Sundaram Select Thematic Funds Energy Opportunities Tata Infrastructure Fund HSBC Progressive Themes Fund Reliance Diversified Power Sector Fund SBI Infrastructure Fund - Series I Sundaram CAPEX Opportunities Fund JM Basic Fund UTI Infrastructure Fund Figures in bracket indicate the previous quarter score 1 1 2 2 2 2 3 3 3 3 3 3 4 4 4 4 5 5 1 2 2 2 1 3 2 3 3 3 4 3 4 4 4 3 5 5 CRISIL Fund Rank June - 11 Change vs Mar- 11 CRISIL Fund Rank Mar- 11 Superior Return Score 75% 1 (1) 1 (2) 2 (2) 2 (2) 2 (1) 2 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 4 (4) 4 (4) 4 (4) 4 (3) 5 (5) 5 (5) Industry Company Concentration Concentration 10% 2 (1) 5 (5) 1 (2) 3 (2) 4 (4) 2 (3) 3 (2) 3 (3) 4 (3) 3 (3) 5 (5) 4 (4) 2 (2) 4 (4) 1 (1) 3 (3) 2 (3) 3 (4) 5% 1 (1) 3 (3) 3 (4) 4 (3) 5 (5) 4 (3) 2 (2) 1 (1) 3 (4) 5 (4) 4 (4) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 4 (5) 2 (2) Liquidity 10% 3 (3) 2 (3) 2 (2) 3 (3) 3 (3) 4 (4) 3 (4) 3 (3) 2 (2) 1 (1) 2 (2) 3 (2) 4 (5) 4 (4) 4 (4) 5 (5) 5 (3) 1 (1)
Index funds
Index funds Weightages Kotak Sensex ETF Nifty Benchmark Exchange Traded Scheme - Nifty BeES Franklin India Index Fund - BSE Sensex Plan Kotak Nifty ETF Principal Index Fund UTI Master Index Fund Franklin India Index Fund - NSE Nifty Plan HDFC Index Fund - Sensex Plan IDBI Nifty Index Fund UTI Nifty Index Fund Birla Sun Life Index Fund HDFC Index Fund - Nifty Plan ICICI Prudential Index Fund - Nifty Plan SBI Magnum Index Fund LIC NOMURA MF Index Fund - Nifty Plan LIC NOMURA MF Index Fund - Sensex Plan Figures in bracket indicate the previous quarter score 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 2 1 3 1 2 2 3 3 N.A 3 4 4 3 5 4 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11
13
Balanced funds
Balanced funds Weightages HDFC Balanced Fund HDFC Prudence Fund 1 1 1 1 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 75% 1 (1) 1 (1) Industry Company Concentration Concentration 10% 1 (2) 4 (4) 5% 1 (1) 2 (3) Debt Asset Quality Debt Liquidity Equity Liquidity 10%*K 5 (5) 4 (4)
5%*(100-K) 5%*(100-K) 3 (3) 1 (1) 4 (4) 4 (3)
Birla Sun Life 95 Fund Canara Robeco Balance ICICI Prudential Balanced Fund Tata Balanced Fund
2 2 2 2
2 3 2 2
2 (2) 2 (3) 2 (2) 2 (2)
2 (1) 1 (1) 4 (3) 4 (4)
2 (2) 2 (2) 3 (3) 3 (4)
2 (2) 2 (2) 4 (2) 2 (3)
3 (2) 2 (2) 4 (4) 1 (1)
3 (2) 4 (3) 3 (4) 5 (3)
DSP BlackRock Balanced Fund FT India Balanced Fund ICICI Prudential Equity and Derivatives Fund - Volatility Advantage Plan Reliance Regular Savings Fund Balanced UTI Balanced Fund
3 3 3 3 3
3 4 4 2 3
3 (3) 4 (4) 3 (4) 3 (2) 3 (3)
2 (2) 3 (3) 4 (4) 3 (3) 5 (5)
1 (1) 4 (4) 4 (5) 3 (3) 2 (2)
4 (4) 2 (2) 1 (1) 3 (4) 5 (5)
2 (3) 2 (3) 1 (2) 3 (3) 5 (5)
4 (5) 2 (2) 3 (4) 3 (3) 2 (3)
Kotak Balance Principal Conservative Growth Fund SBI Magnum Balanced Fund Sundaram Balanced Fund
4 4 4 4
4 3 4 3
4 (4) 4 (3) 5 (4) 3 (3)
2 (2) 3 (3) 2 (3) 5 (5)
3 (2) 3 (3) 4 (3) 5 (4)
4 (4) 3 (4) 4 (3) 3 (3)
3 (4) 4 (4) 2 (1) 3 (3)
4 (3) 3 (4) 1 (2) 2 (1)
LIC NOMURA MF Balanced Fund Plan C Principal Balanced Fund
5 5
5 5
4 (5) 5 (5)
3 (2) 3 (4)
5 (5) 4 (4)
5 (5) 3 (3)
5 (5) 3 (2)
1 (1) 2 (2)
Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds
14
Monthly Income Plan - Aggressive

CRISIL Change CRISIL Superior Fund Rank vs Fund Rank Return Industry Company Debt Asset June - 11 Mar - 11 Mar - 11 Score Concentration Concentration Quality 60% 1 1 2 2 2 2 3 3 3 3 3 3 3 4 4 4 4 5 5 1 1 2 2 2 3 3 3 3 2 3 3 3 4 4 4 4 5 5 1 (1) 1 (1) 3 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 4 (4) 4 (4) 4 (5) 5 (5) 4 (4) 5 (4) 5% 4 (4) 3 (3) 3 (4) 1 (2) 5 (5) 4 (3) 4 (3) 4 (3) 5 (5) 3 (3) 2 (2) 3 (2) 3 (4) 3 (4) 2 (1) 2 (3) 2 (2) 3 (3) 1 (1) 5% 3 (2) 2 (2) 3 (3) 1 (3) 2 (3) 2 (2) 4 (4) 3 (3) 1 (1) 2 (2) 4 (3) 3 (3) 4 (4) 3 (4) 3 (1) 5 (5) 4 (3) 5 (5) 3 (4) 17.5% 3 (3) 4 (4) 2 (2) 3 (3) 2 (2) 4 (4) 3 (3) 3 (1) 4 (4) 1 (1) 4 (4) 5 (5) 2 (3) 3 (3) 2 (2) 1 (2) 3 (3) 5 (5) 3 (3) Equity Debt Liquidity Liquidity 7.5%*(100-K) 7.5%*K 2 (2) 4 (3) 4 (3) 2 (3) 3 (3) 4 (4) 2 (2) 3 (2) 4 (4) 2 (2) 3 (3) 5 (4) 1 (1) 3 (5) 3 (4) 1 (1) 3 (3) 5 (5) 3 (3) 4 (5) 4 (3) 3 (4) 3 (3) 2 (3) 3 (4) 3 (1) 2 (3) 5 (4) 3 (4) 4 (3) 1 (2) 3 (3) 5 (5) 3 (2) 2 (3) 1 (1) 2 (2) 4 (2) Modified Duration/ Average Maturity 5% 3 (4) 4 (4) 4 (3) 2 (2) 2 (2) 4 (4) 1 (1) 3 (1) 3 (3) 4 (3) 3 (3) 3 (3) 5 (5)
Monthly Income Plan - Aggressive Weightages HDFC Monthly Income Plan - LTP Reliance Monthly Income Plan Birla Sun Life MIP II - Wealth 25 Plan Canara Robeco Monthly Income Plan ICICI Prudential MIP 25 UTI MIS Advantage Plan DSP BlackRock Savings Manager Fund FT India Monthly Income Plan HDFC Monthly Income Plan - STP HSBC MIP - Savings Kotak Monthly Income Plan LIC NOMURA MF Floater MIP Tata MIP Plus Fund DWS Twin Advantage Fund L&T Monthly Income Plan SBI Magnum Income Plus Fund - Investment Sundaram Monthly Income Plan - Moderate Plan LIC NOMURA MF Monthly Income Plan Principal MIP - MIP Plus
HYBRID FUNDS
2 (2) 1 (2) 3 (4) 2 (3) 5 (5) 3 (3)
Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds
Monthly Income Plan - Conservative

CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Superior Rank Return Industry Company Mar - 11 Score Concentration Concentration 60% 1 2 2 3 3 3 3 4 4 5 1 2 3 3 3 3 2 4 4 5 1 (1) 2 (2) 3 (3) 3 (3) 4 (3) 3 (3) 2 (2) 3 (4) 4 (4) 5 (5) 5% 3 (2) 3 (3) 5 (5) 2 (2) 3 (3) 4 (4) 3 (3) 4 (4) 1 (1) 2 (3) 5% 3 (3) 4 (4) 3 (3) 4 (3) 1 (1) 3 (2) 2 (2) 2 (4) 3 (3) 5 (5) Debt Asset Quality 17.5% 3 (3) 3 (3) 3 (4) 2 (2) 1 (2) 3 (1) 5 (5) 4 (3) 4 (4) 2 (3) Equity Liquidity Modified Duration/ Average Maturity 5% 3 (2) 4 (3) 2 (2) 4 (3) 3 (3) 3 (4) 3 (4) 1 (1) 2 (3) 5 (5)
Monthly Income Plan - Conservative Weightages Birla Sun Life Monthly Income Birla Sun Life MIP ICICI Prudential MIP Plan Birla Sun Life MIP II - Savings 5 Plan HSBC MIP - Regular SBI Magnum Monthly Income Plan UTI Monthly Income Scheme DWS Money Plus Advantage Fund Principal MIP Accumulation Plan Tata Monthly Income Fund K = Equity Component in Hybrid Funds
Debt Liquidity
7.5%*(100-K) 7.5%*K 3 (3) 3 (3) 4 (4) 4 (3) 2 (2) 1 (1) 5 (4) 3 (5) 3 (3) 2 (2) 3 (4) 3 (3) 2 (3) 3 (3) 2 (3) 4 (4) 1 (2) 5 (5) 4 (1) 3 (2)
Figures in bracket indicate the previous quarter score
15
Long Term Income funds

Long Term Income funds Weightages BNP Paribas Bond Fund HSBC Flexi Debt Fund UTI Bond Fund 1 1 1 1 2 2 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Modified Debt Debt Return Duration/ Company Sectoral Score Average Maturity Concentration Concentration 60% 1 (1) 1 (2) 1 (1) 5% 1 (2) 2 (2) 4 (4) 5% 2 (2) 1 (3) 3 (2) 5% 5 (5) 1 (1) 1 (1) Debt Liquidity 7.5% 5 (5) 2 (2) 4 (4) Debt Asset Quality 17.5% 5 (5) 2 (2) 5 (4)
Birla Sun Life Income Fund Canara Robeco Income Plan Religare Active Income Fund SBI Magnum Income Fund Templeton India Income Builder Account
2 2 2 2 2
3 1 3 3 3
2 (3) 2 (1) 2 (3) 2 (3) 2 (3)
1 (1) 3 (3) 1 (1) 3 (3) 2 (2)
2 (3) 3 (3) 5 (5) 2 (2) 3 (4)
1 (1) 1 (1) 1 (1) 1 (1) 5 (5)
3 (3) 2 (3) 3 (4) 2 (2) 5 (5)
2 (2) 1 (3) 3 (4) 3 (3) 4 (4)
Birla Sun Life Income Plus BNP Paribas Flexi Debt Fund HDFC High Interest Fund HDFC Income Fund ICICI Prudential Income Opportunities Fund ICICI Prudential Long Term Plan IDFC Dynamic Bond Fund Reliance Dynamic Bond Fund Templeton India Income Fund
3 3 3 3 3 3 3 3 3
2 3 1 2 2 4 4 3 4
3 (2) 3 (3) 3 (2) 3 (2) 4 (2) 3 (3) 3 (4) 3 (4) 3 (4)
5 (2) 2 (3) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3) 3 (4) 2 (2)
4 (3) 5 (4) 1 (1) 1 (2) 3 (1) 3 (4) 3 (3) 4 (4) 2 (1)
1 (1) 4 (4) 1 (1) 1 (1) 1 (1) 4 (4) 1 (1) 1 (1) 5 (5)
2 (3) 4 (5) 3 (3) 1 (1) 3 (2) 4 (4) 2 (2) 1 (1) 5 (4)
3 (2) 4 (5) 1 (1) 2 (1) 3 (3) 2 (3) 3 (2) 2 (3) 4 (3)
DSP BlackRock Bond Fund IDFC Super Saver Income Fund Investment Plan Kotak Bond Regular LIC NOMURA MF Bond Fund Reliance Income Fund
4 4 4 4 4
5 4 2 3 3
4 (5) 4 (4) 4 (2) 3 (3) 4 (3)
3 (4) 5 (3) 5 (5) 4 (4) 3 (5)
5 (5) 2 (2) 3 (4) 3 (3) 4 (3)
1 (1) 1 (1) 1 (1) 1 (1) 1 (1)
3 (2) 3 (3) 3 (3) 4 (4) 1 (1)
3 (1) 3 (2) 4 (4) 5 (5) 3 (3)
Fidelity Flexi Bond Fund ICICI Prudential Income Plan Tata Income Fund
5 5 5
5 4 5
5 (5) 5 (4) 5 (5)
3 (1) 4 (3) 3 (3)
4 (5) 3 (2) 4 (3)
1 (1) 1 (1) 1 (1)
3 (3) 3 (2) 4 (3)
4 (4) 1 (2) 3 (3)
16
Short Term Income Funds

Short Term Income Funds Weightages HDFC Short Term Opportunities Fund JM Short Term Fund JPMorgan India Short Term Income Fund Morgan Stanley Short Term Bond Fund 1 1 1 1 N.A 2 1 1 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 42.5% 1 1 (2) 2 (1) 2 (2) Volatility 15.0% 1 2 (2) 2 (3) 1 (1) Company Sectoral Concentration Concentration 5.0% 5 3 (5) 3 (3) 2 (1) 5.0% 1 1 (1) 1 (1) 1 () Asset Quality 15.0% 2 2 (2) 1 (2) 2 (2) Modified Duration/ Average Maturity 7.5% 1 1 (2) 1 (1) 2 (1) 3 (3) 3 (2) 1 (1) Liquidity 10.0%
AIG Short Term Fund A x is S h o r t Te r m F u n d Birla Sun Life Medium Term Plan Canara Robeco Short Term Fund HSBC Income Fund - Short Term Plan Religare Credit Opportunities Fund Taurus Short Term Income Fund
2 2 2 2 2 2 2
2 2 3 3 2 3 2
2 (3) 3 (3) 1 (1) 2 (3) 3 (2) 3 (3) 1 (1)
3 (3) 3 (2) 4 (3) 2 (2) 2 (2) 1 (1) 1 (1)
5 (5) 4 (3) 3 (3) 4 (3) 1 (4) 4 (4) 3 (4)
1 (1) 1 (1) 4 (5) 1 (1) 1 (1) 1 (3) 1 (1)
1 (2) 1 (2) 2 (3) 3 (2) 2 (1) 2 (4) 3 (3)
2 (2) 3 (1) 5 (4) 2 (2) 2 (2) 1 (2) 2 (2)
1 (1) 1 (2) 3 (3) 2 (3) 2 (1) 5 (3) 4 (5)
Birla Sun Life Dynamic Bond Fund Plan BNP Paribas Short Term Income Fund Plan DSP BlackRock Short Term Fund DWS Short Maturity Fund IDFC Super Saver Income Fund Short Term ING Short Term Income Fund Religare Short Term Plan SBI Short Horizon Debt Fund - Short Term Fund Sundaram Flexible Fund - Short Term Plan UTI Short Term Income Fund
3 3 3 3 3 3 3 3 3 3
3 N.A
3 (3) 3 2 (2) 3 (3) 4 (5) 2 (2) 5 3 (3) 3 (4) 2 (4)
4 (4) 3 2 (2) 3 (3) 4 (4) 3 (3) 3 3 (3) 3 (2) 5 (3)
2 (2) 4 4 (3) 1 (1) 3 (4) 3 (3) 4 2 (2) 3 (3) 3 (3)
4 (4) 1 1 (1) 1 (1) 1 (1) 1 (1) 1 1 (1) 1 (1) 1 (1)
3 (3) 3 3 (1) 3 (3) 4 (3) 3 (3) 2 1 (1) 3 (3) 4 (4)
5 (4) 2 3 (3) 3 (3) 4 (4) 3 (3) 2 4 (3) 3 (3) 5 (5)
3 (4) 2 2 (2) 4 (4) 2 (2) 3 (2) 2 2 (2) 3 (3) 3 (3)
1 3 4 3 4 2 3 4
DEBT FUNDS
HDFC Short Term Plan ICICI Prudential Short Term Plan IDFC Super Saver Income Fund Medium Term Kotak Bond Short Term Plan Kotak Credit Opportunities Fund Principal Income Fund - Short Term Plan Reliance Short Term Fund
4 4 4 4 4 4 4
3 4 3 5 N.A
4 (4) 4 (4) 4 (3) 5 (5) 4 4 (2) 5 (3)
5 (4) 4 (4) 4 (5) 3 (3) 2 2 (3) 4 (4)
2 (3) 2 (3) 5 (4) 3 (4) 4 5 (5) 2 (2)
4 (4) 3 (3) 1 (1) 4 (1) 5 4 (4) 4 (1)
4 (3) 4 (3) 3 (3) 3 (4) 4 4 (4) 4 (3)
3 (3) 4 (4) 5 (5) 3 (3) 3 4 (3) 4 (5)
3 (3) 4 (4) 3 (3) 4 (3) 4 4 (4) 3 (3)
3 3
HDFC High Interest Fund - Short Term Plan Reliance Regular Savings Fund - Debt Templeton India Income Opportunities Fund Templeton India Short Term Income Plan
5 5 5 5
4 5 5 4
4 (4) 5 (4) 3 (3) 3 (5)
5 (5) 4 (4) 5 (5) 3 (3)
2 (1) 1 (2) 1 (2) 3 (3)
4 (4) 5 (4) 5 (5) 5 (4)
5 (4) 5 (5) 5 (5) 5 (4)
4 (4) 4 (4) 3 (3) 3 (3)
4 (3) 5 (4) 5 (5) 5 (4)
17
Liquid funds
Liquid funds Weightages ICICI Prudential Liquid Plan Principal Cash Management Fund SBI Magnum InstaCash - Liquid Floater Plan HDFC Cash Management Fund - Savings Plan HDFC Liquid Fund IDFC Cash Fund Reliance Liquid Fund - Cash Plan SBI Magnum InstaCash Birla Sun Life Cash Plus DSP BlackRock Liquidity Fund Fidelity Cash Fund HSBC Cash Fund JM High Liquidity Fund L&T Liquid Fund Liquid Benchmark Exchange Traded Scheme Liquid BeES UTI Liquid Cash Plan Kotak Floater - Short Term LIC NOMURA MF Liquid Fund Reliance Liquid Fund - Treasury Plan Taurus Liquid Fund UTI Money Market Fund 1 1 1 2 2 2 2 2 3 3 3 3 3 3 3 3 4 4 4 4 4 2 1 2 2 3 1 N.A 1 4 4 N.A 4 3 3 3 2 5 3 4 N.A 3 CRISIL Fund Rank June- 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 42.5% 4 (4) 2 (3) 1 (1) 2 (2) 3 (2) 3 (3) 2 2 (1) 4 (4) 2 (2) 4 5 (5) 1 (1) 3 (3) 5 (5) 4 (4) 1 (2) 3 (2) 3 (3) 3 4 (4) Volatility 10.0% 3 (4) 1 (1) 2 (3) 4 (4) 4 (4) 1 (1) 2 2 (2) 3 (4) 4 (5) 4 3 (3) 2 (2) 3 (3) 1 (1) 3 (2) 5 (5) 3 (3) 2 (3) 5 3 (2) Asset Size 5.0% 1 (1) 4 (4) 5 (5) 3 (3) 2 (2) 2 (2) 2 3 (3) 1 (1) 3 (2) 5 5 (5) 3 (3) 4 (4) 4 (5) 1 (1) 2 (3) 3 (3) 3 (4) 3 4 (4) DRP 5.0% 4 (3) 2 (1) 1 (3) 3 (4) 3 (4) 3 (1) 2 2 (1) 3 (5) 3 (4) 4 5 (4) 1 (1) 2 (1) 5 (1) 4 (1) 1 (5) 3 (3) 2 (1) 3 4 (1) Asset Quality 20.0% 1 (1) 3 (3) 2 (3) 4 (3) 4 (3) 3 (2) 3 2 (1) 4 (3) 2 (2) 1 1 (1) 4 (4) 2 (2) 4 (5) 3 (3) 5 (3) 5 (5) 3 (3) 2 4 (3) Company Concentration Liquidity 5.0% 1 (1) 1 (3) 2 (3) 2 (2) 1 (2) 3 (4) 5 1 (2) 4 (3) 3 (4) 3 1 (1) 3 (4) 3 (3) 3 (2) 3 (3) 4 (4) 5 (3) 5 (5) 3 4 (4) 12.5% 2 (2) 3 (4) 2 (3) 1 (1) 2 (1) 3 (2) 2 3 (2) 3 (3) 3 (3) 2 1 (1) 5 (5) 4 (4) 1 (2) 3 (3) 5 (5) 3 (3) 3 (4) 5 4 (3)
DWS Insta Cash Plus Fund Sundaram Money Fund Templeton India Treasury Management Account Figures in bracket indicate the previous quarter score
5 5 5
5 4 5
3 (3) 5 (5) 3 (4)
4 (4) 3 (3) 5 (5)
2 (3) 4 (4) 3 (2)
3 (4) 5 (3) 4 (5)
3 (5) 3 (2) 3 (2)
1 (1) 4 (5) 4 (5)
4 (5) 4 (2) 4 (4)
18
Liquid funds - Institutional

Liquid funds - Institutional Weightages ICICI Prudential Liquid Plan - Institutional Plus SBI Premier Liquid Fund - Institutional Canara Robeco Liquid - Institutional Tata Liquid Fund - SHIP UTI Liquid Cash Plan - Institutional Plan Axis Liquid Fund - Institutional Birla Sun Life Cash Plus - Institutional BNP Paribas Overnight Fund - Institutional Plan DSP BlackRock Liquidity Fund - Institutional Plan Reliance Liquid Fund - Treasury Plan - Institutional BARODA PIONEER Liquid Fund - Institutional DWS Insta Cash Plus Fund - Institutional UTI Money Market Fund - Institutional Daiwa Liquid Fund - Institutional JPMorgan India Liquid Fund - Super Institutional Plan Figures in bracket indicate the previous quarter score 1 1 2 2 2 3 3 3 3 3 4 4 4 5 5 2 1 2 2 1 4 4 3 3 3 5 5 3 3 4 CRISIL Change Fund Rank vs June- 11 Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 42.5% 5 (4) 2 (3) 5 (5) 1 (2) 3 (3) 2 (2) 4 (5) 1 (1) 2 (2) 3 (4) 3 (3) 4 (4) 3 (3) 4 (3) 3 (1) Volatility 10.0% 3 (3) 1 (2) 1 (1) 3 (2) 2 (1) 4 (4) 3 (3) 3 (3) 5 (5) 2 (3) 4 (4) 4 (3) 2 (2) 3 (4) 5 (5) Asset Size 5.0% 1 (1) 2 (3) 4 (4) 2 (2) 2 (2) 3 (2) 1 (1) 4 (5) 3 (3) 3 (3) 3 (4) 3 (3) 4 (3) 5 (5) 5 (4) DRP 5.0% 5 (3) 2 (3) 5 (1) 1 (1) 3 (1) 2 (3) 4 (4) 1 (3) 3 (3) 3 (1) 3 (4) 4 (4) 3 (1) 4 (4) 2 (5) Asset Quality 20.0% 1 (1) 3 (2) 2 (3) 5 (3) 3 (3) 2 (3) 4 (3) 2 (5) 1 (2) 4 (3) 3 (3) 3 (5) 4 (3) 3 (1) 5 (2) Company Concentration Liquidity 5.0% 1 (2) 1 (1) 1 (3) 4 (2) 3 (3) 1 (2) 4 (3) 3 (3) 3 (4) 5 (4) 3 (5) 1 (1) 4 (3) 5 (5) 3 (4) 12.5% 1 (1) 3 (2) 3 (4) 2 (3) 2 (2) 4 (4) 1 (1) 5 (5) 3 (2) 3 (4) 2 (3) 5 (5) 3 (3) 4 (3) 4 (3)
Liquid funds - Super Institutional

Liquid funds - Super institutional Weightages ICICI Prudential Liquid Plan - Super Institutional IDFC Cash Fund - Plan C - (Super Institutional) Canara Robeco Liquid - Super Institutional HDFC Liquid Fund - Premium Plus Plan Reliance Liquidity Fund SBI Premier Liquid Fund - Super Institutional Birla Sun Life Cash Plus - Institutional Premium Fidelity Cash Fund - Super Institutional Plan JM High Liquidity Fund - Super Institutional L&T Liquid Fund - Super Institutional Kotak Liquid Institutional Premium Plan Religare Liquid Fund - Super Institutional Sundaram Money Fund - Super Institutional Taurus Liquid Fund - Super Institutional DWS Insta Cash Plus Fund - Super Institutional Templeton India Treasury Management Account - Super Institutional Plan Figures in bracket indicate the previous quarter score 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 2 1 2 3 2 2 3 3 3 3 4 4 3 4 5 4 CRISIL Change Fund Rank vs June - 11 Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 42.5% 3 (3) 2 (3) 2 (3) 5 (4) 2 (4) 3 (2) 3 (3) 4 (4) 1 (2) 3 (5) 5 (3) 4 (3) 4 (3) 1 (4) 4 (2) 2 (2) Volatility 10.0% 3 (3) 1 (1) 1 (2) 3 (3) 2 (3) 2 (2) 3 (3) 4 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 5 (5) 4 (4) 5 (4) Asset Size 5.0% 1 (1) 2 (3) 4 (3) 2 (2) 2 (2) 2 (3) 1 (1) 5 (5) 4 (3) 4 (4) 3 (2) 3 (3) 5 (4) 4 (4) 3 (3) 3 (2) DRP 5.0% 4 (3) 2 (1) 1 (1) 5 (3) 3 (1) 3 (3) 5 (4) 4 (3) 1 (1) 2 (1) 4 (4) 3 (4) 2 (3) 2 (5) 3 (3) 4 (4) Asset Quality 20.0% 1 (1) 3 (3) 2 (2) 4 (3) 2 (3) 3 (2) 4 (3) 1 (3) 4 (4) 3 (3) 2 (3) 4 (3) 4 (2) 2 (2) 4 (5) 3 (3) Company Concentration Liquidity 5.0% 1 (2) 4 (3) 1 (3) 1 (2) 4 (3) 1 (2) 5 (3) 4 (4) 3 (4) 3 (3) 3 (2) 3 (3) 5 (5) 2 (3) 1 (1) 4 (4) 12.5% 1 (2) 2 (2) 3 (3) 1 (1) 3 (3) 2 (3) 2 (3) 2 (2) 5 (5) 4 (3) 4 (4) 3 (3) 3 (3) 5 (4) 4 (4) 4 (4)
19
Ultra Short-term Debt funds

CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 37.5% 1 1 1 1 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 1 2 1 1 2 2 3 1 3 3 2 2 3 3 N.A 3 2 3 2 4 4 3 4 3 N.A 3 3 3 5 3 4 4 5 3 4 N.A 4 5 5 4 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (2) 3 (3) 3 (3) 4 (4) 5 (4) 4 (4) 1 (2) 3 (3) 4 (3) 3 3 (3) 1 (1) 1 (1) 1 (1) 3 (3) 2 (2) 3 (3) 5 (4) 3 (3) 3 2 (2) 3 (3) 3 (3) 2 (2) 4 (4) 3 (4) 5 (5) 4 (4) 4 (3) 5 (5) 2 4 (4) 4 (5) 2 (2) 2 (2) Asset Size 5.0% 3 (3) 3 (3) 1 (1) 2 (2) 2 (3) 4 (3) 2 (2) 3 (3) 1 (1) 2 (2) 2 (2) 2 (2) 3 (4) 3 (3) 5 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) 2 (2) 3 (3) 4 (3) 1 (1) 3 2 (2) 3 (3) 1 (1) 4 (3) 4 (4) 3 (4) 5 (5) 3 (2) 4 (3) 3 (3) 3 3 (5) 3 (3) 3 (4) 3 (3) Modified Duration/ Average Maturity 7.5% 3 (3) 2 (1) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 (1) 2 (2) 1 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 3 (3) 4 (4) 1 (3) 3 (2) 3 (4) 4 (4) 2 (2) 1 (2) 3 (3) 3 2 (1) 3 (3) 4 (4) 3 (4) 5 (4) 3 (3) 2 (3) 1 (3) 2 (2) 4 (4) 5 5 (5) 4 (5) 5 (5) 4 (5) Asset Quality 15.0% 3 (3) 1 (2) 3 (3) 2 (1) 3 (3) 3 (3) 3 (3) 4 (3) 4 (4) 1 (2) 2 (3) 3 (3) 3 (2) 2 (3) 1 2 (1) 2 (1) 3 (3) 3 (3) 3 (3) 3 (4) 2 (2) 4 (5) 4 (4) 4 4 (4) 2 (3) 3 (4) 5 (5) 2 (2) 4 (4) 1 (1) 5 (5) 3 (3) 3 (2) 3 3 (3) 4 (4) 5 (5) 5 (4) Company Concentration Liquidity 5.0% 3 (3) 2 (2) 1 (2) 1 (2) 3 (4) 4 (3) 3 (2) 1 (1) 3 (2) 3 (4) 4 (3) 3 (1) 3 (3) 1 (3) 4 2 (3) 5 (4) 5 (5) 5 (4) 3 (3) 3 (3) 1 (2) 4 (3) 1 (2) 3 1 (3) 3 (3) 3 (3) 1 (3) 4 (4) 1 (1) 5 (5) 4 (4) 3 (1) 1 (2) 3 4 (5) 3 (3) 3 (5) 4 (4) 10.0% 1 (2) 3 (3) 1 (1) 3 (3) 2 (2) 2 (1) 3 (3) 2 (1) 3 (3) 2 (2) 2 (2) 2 (3) 4 (3) 3 (4) 3 3 (3) 3 (2) 3 (3) 5 (4) 4 (5) 4 (4) 4 (4) 1 (4) 3 (3) 3 4 (4) 3 (3) 3 (3) 5 (5) 2 (2) 4 (4) 1 (1) 3 (5) 4 (3) 4 (3) 5 2 (2) 5 (4) 3 (5) 3 (3)
Ultra Short-term Debt funds Weightages Birla Sun Life Ultra Short Term Fund DSP BlackRock Money Manager Fund HDFC Cash Management Fund Treasury Advantage Plan SBI Short Horizon Debt Fund - Ultra Short Term Fund Birla Sun Life Cash Manager Birla Sun Life Floating Rate Fund Long Term Birla Sun Life Savings Fund HDFC Floating Rate Income Fund Short Term Plan ICICI Prudential Flexible Income Plan ICICI Prudential Floating Rate Plan Option A IDFC Money Manager Fund - Treasury Plan Tata Floater Fund Axis Treasury Advantage Fund Canara Robeco Treasury Advantage Fund Daiwa Treasury Advantage Fund Fidelity Ultra Short Term Debt Fund IDFC Ultra Short Term Fund JM Money Manager Fund JM Money Manager Fund - Super Plan JM Money Manager Fund - Super Plus Plan Kotak Floater - Long Term L&T Ultra Short Term Fund LIC NOMURA MF Savings Plus Fund Reliance Money Manager Fund Religare Ultra Short Term Fund Templeton India Ultra-short Bond Fund UTI Floating Rate Fund - STP UTI Treasury Advantage Fund BNP Paribas Money Plus Fund DSP BlackRock Floating Rate Fund DWS Ultra Short Term Fund HSBC Ultra Short Term Bond Fund LIC NOMURA MF Income Plus Fund Principal Near-Term Fund Conservative Plan Sundaram Ultra Short Term Fund Taurus Ultra Short Term Bond Fund IDFC Money Manager Fund Investment Plan Kotak Flexi Debt Reliance Floating Rate Fund - Short Term Plan Reliance Medium Term Fund
Volatility 15.0% 2 (3) 2 (2) 2 (3) 4 (4) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 1 (2) 1 (2) 4 (4) 2 (2) 1 (1) 3 2 (2) 4 (4) 4 (4) 4 (4) 3 (3) 3 (4) 3 (3) 4 (4) 3 (3) 3 4 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 5 (5) 3 (3) 3 (2) 1 (1) 4 5 (5) 2 (1) 5 (5) 5 (5)
DRP 5.0% 3 (2) 3 (3) 3 (3) 2 (2) 3 (4) 2 (3) 3 (3) 3 (3) 3 (4) 4 (4) 2 (3) 1 (1) 3 (2) 3 (3) 3 4 (3) 2 (3) 1 (1) 1 (1) 2 (2) 1 (2) 3 (3) 5 (3) 3 (4) 2 3 (2) 3 (2) 3 (3) 2 (2) 4 (4) 4 (4) 5 (5) 4 (3) 3 (3) 5 (5) 2 5 (4) 4 (5) 4 (4) 4 (3)
20
Ultra Short-term Debt funds - Institutional

CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 37.5% 1 1 1 1 1 1 3 1 2 (2) 4 (4) 3 (2) 3 (3) Asset Size 5.0% 3 (3) 1 (1) 1 (1) 2 (2) Modified Duration/ Average Maturity 7.5% 4 (3) 1 (2) 2 (3) 2 (3) Asset Quality 15.0% 3 (3) 3 (4) 4 (5) 1 (1) Company Concentration Liquidity 5.0% 4 (4) 1 (2) 3 (2) 1 (2) 10.0% 1 (1) 1 (1) 3 (3) 3 (3)
Ultra Short-term Debt funds-Institutional Weightages Birla Sun Life Ultra Short Term Fund Institutional HDFC Cash Management Fund - Treasury Advantage Plan - Wholesale Option ICICI Prudential Flexible Income Plan Premium SBI Short Horizon Debt Fund - Ultra Short Term Fund - Institutional Birla Sun Life Cash Manager - Institutional Birla Sun Life Floating Rate Fund - Long Term - Institutional Canara Robeco Treasury Advantage Fund Institutional HDFC Floating Rate Income Fund - Short Term Plan - Wholesale IDFC Money Manager Fund - Treasury Plan - Plan B - (Institutional) ING Treasury Advantage Fund - Institutional UTI Floating Rate Fund - STP - Institutional Birla Sun Life Savings Fund - Institutional Edelweiss Ultra Short Term Bond Fund Institutional Fidelity Ultra Short Term Debt Fund Institutional HSBC Floating Rate Fund - Long Term Plan - Institutional JPMorgan India Treasury Fund - Super Institutional Plan L&T Ultra Short Term Fund - Institutional Reliance Money Manager Fund - Institutional Templeton India Ultra-short Bond Fund Institutional UTI Treasury Advantage Fund - Institutional Axis Treasury Advantage Fund - Institutional BNP Paribas Money Plus Fund - Institutional Plan DWS Ultra Short Term Fund - Institutional Kotak Flexi Debt - Institutional Religare Ultra Short Term Fund - Institutional Sundaram Ultra Short Term Fund Institutional Tata Treasury Manager Fund - SHIP Baroda Pioneer Treasury Advantage Fund Institutional DSP BlackRock Strategic Bond Fund Institutional DWS Treasury Fund - Investment Plan Institutional IDFC Money Manager Fund - Investment Plan - Plan B - (Institutional)
Volatility 15.0% 2 (2) 2 (1) 2 (2) 4 (3)
DRP 5.0% 1 (2) 4 (4) 4 (3) 2 (2)
2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4
2 1 3 2 2 2 3 3 N.A
2 (3) 1 (1) 4 (4) 3 (3) 3 (3) 4 (4) 1 (1) 2 (2) 4 3 (3) 4 (4) 4 (3) 3 (4) 3 (3) 3 (2) 2 (2) 4 (4) 2 (3) 1 (2) 2 (3) 2 (2) 5 (5) 1 (1)
2 (3) 3 (4) 1 (1) 3 (3) 1 (1) 1 (2) 5 (4) 2 (2) 3 3 (2) 2 (1) 3 (3) 4 (3) 3 (3) 4 (4) 4 (4) 1 (5) 3 (2) 4 (3) 3 (3) 3 (4) 4 (3) 4 (4)
2 (2) 5 (3) 3 (2) 2 (3) 2 (2) 5 (4) 3 (2) 2 (2) 5 4 (3) 4 (4) 4 (4) 3 (3) 1 (1) 2 (2) 1 (1) 3 (3) 4 (3) 3 (4) 3 (3) 2 (3) 3 (3) 4 (5)
4 (3) 3 (3) 3 (3) 2 (1) 4 (4) 1 (1) 3 (4) 5 (4) 2 3 (3) 2 (2) 3 (1) 1 (2) 3 (4) 1 (2) 4 (5) 3 (3) 2 (4) 3 (3) 5 (5) 3 (3) 4 (4) 2 (2)
3 (3) 1 (1) 4 (5) 4 (3) 3 (3) 1 (3) 1 (1) 3 (2) 2 3 (3) 2 (4) 2 (2) 3 (3) 4 (4) 2 (3) 3 (2) 3 (4) 3 (1) 3 (3) 4 (3) 2 (2) 5 (4) 2 (2)
2 (3) 3 (3) 1 (2) 4 (4) 2 (3) 3 (3) 2 (3) 3 (4) 2 1 (1) 2 (2) 1 (2) 2 (1) 4 (4) 4 (4) 4 (4) 2 (2) 5 (5) 4 (4) 4 (5) 5 (5) 3 (1) 3 (3)
3 (4) 4 (4) 1 (3) 1 (1) 4 (3) 3 (2) 4 (3) 3 (2) 5 2 (3) 4 (4) 3 (4) 1 (3) 1 (2) 1 (3) 3 (3) 3 (3) 1 (3) 1 (1) 3 (4) 3 (3) 1 (2) 5 (4)
1 (2) 2 (1) 4 (4) 1 (1) 2 (2) 3 (3) 2 (2) 3 (3) 2 3 (3) 3 (2) 4 (3) 4 (4) 3 (3) 5 (4) 3 (3) 4 (4) 5 (5) 4 (4) 5 (5) 4 (5) 4 (4) 2 (2)
2 3 2 3 3 3 3 4 5 4 4 4 4 3
5 5 5 5
4 5 4 5
3 (3) 5 (5) 5 (5) 5 (4)
2 (2) 5 (5) 5 (4) 5 (5)
4 (4) 4 (5) 5 (5) 3 (5)
4 (4) 5 (5) 4 (2) 5 (5)
4 (4) 5 (5) 5 (4) 5 (5)
3 (3) 5 (2) 5 (3) 3 (2)
5 (5) 5 (5) 4 (1) 4 (5)
5 (5) 2 (2) 3 (4) 2 (2)
21
Ultra Short-term Debt funds - Super institutional

Ultra Short-term Debt funds Super institutional Weightages ICICI Prudential Floating Rate Plan Option D DSP BlackRock Money Manager Fund Institutional Plan IDFC Money Manager Fund - Treasury Plan - Plan C - (Super Institutional) Canara Robeco Treasury Advantage Fund Super Institutional Fidelity Ultra Short Term Debt Fund - Super Institutional ICICI Prudential Banking & PSU Debt Fund - Premium Plus Templeton India Ultra-short Bond Fund Super Institutional DSP BlackRock Floating Rate Fund Institutional Sundaram Ultra Short Term Fund - Super Institutional Taurus Ultra Short Term Bond Fund - Super Institutional 1 2 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 37.5% 3 (4) Asset Size 5.0% 2 (1) Modified Duration/ Average Maturity 7.5% 2 (2) Asset Quality 15.0% 1 (1) Company Concentration Liquidity 5.0% 3 (4) 10.0% 1 (2)
Volatility 15.0% 3 (3)
DRP 5.0% 4 (4)
2 2
1 1
4 (5) 4 (4)
2 (1) 2 (2)
3 (2) 1 (1)
3 (1) 3 (4)
3 (4) 4 (4)
2 (2) 3 (4)
3 (1) 4 (2)
3 (2) 3 (1)
3 3 3 3
2 2 3 4
3 (2) 3 (2) 2 (1) 3 (2)
1 (1) 3 (2) 3 (5) 4 (4)
3 (2) 4 (5) 4 (4) 2 (2)
3 (3) 3 (2) 1 (2) 2 (1)
2 (2) 3 (2) 1 (1) 2 (3)
2 (3) 3 (1) 3 (4) 5 (5)
1 (2) 3 (3) 5 (5) 1 (2)
3 (4) 3 (3) 2 (1) 4 (4)
4 4
4 4
5 (5) 2 (3)
3 (2) 4 (4)
5 (4) 3 (3)
5 (4) 4 (5)
5 (5) 3 (2)
3 (2) 4 (2)
4 (5) 1 (1)
2 (2) 4 (4)
1 (1)
5 (5)
3 (4)
4 (5)
3 (1)
4 (4)
3 (4)
5 (5)
Long Term Gilt funds

Long Term Gilt funds Weightages Birla Sun Life Govt Securities Long Term Plan UTI Gilt Advantage Fund - Long Term Plan HDFC Gilt Fund - Long Term Plan ICICI Prudential Gilt - Investment ICICI Prudential Gilt - Treasury - PF Option - AAPP Kotak Gilt - Investment Birla Sun Life Gilt Plus Plan Canara Robeco Gilt PGS ICICI Prudential Gilt - Investment - PF Option LIC NOMURA MF G-Sec Fund Reliance Gilt Securities Fund SBI Magnum Gilt Fund - Long Term Tata Gilt Securities Fund DSP BlackRock Govt Sec Fund Principal Government Securities Fund Templeton India G-Sec Fund - Composite Plan Templeton India G-Sec Fund - Long Term Plan Fidelity Flexi Gilt Fund UTI G-Sec Fund Figures in bracket indicate the previous quarter score 1 1 2 2 2 2 3 3 3 3 3 3 3 4 4 4 4 5 5 1 3 1 2 2 2 3 3 2 3 4 4 3 3 3 4 4 5 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 75% 1 (1) 1 (2) 2 (2) 3 (2) 2 (2) 2 (1) 3 (3) 3 (3) 3 (3) 2 (3) 3 (4) 3 (4) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 5 (5) Modified Duration/ Average Maturity 5% 2 (1) 1 (2) 3 (4) 3 (3) 1 (2) 5 (5) 2 (1) 2 (3) 4 (3) 2 (3) 3 (4) 4 (4) 5 (4) 4 (5) 4 (3) 3 (3) 3 (3) 3 (2) 3 (2) Liquidity 12.5% 2 (1) 4 (5) 3 (3) 4 (3) 5 (4) 5 (5) 2 (2) 2 (3) 3 (3) 2 (2) 1 (3) 1 (1) 4 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (2) 3 (2) Asset Quality 7.5% 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 5 (4) 1 (1) 1 (1) 1 (1) 5 (5) 1 (1) 1 (1) 4 (5) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1)
22
Consistent Performers - Equity funds

Consistent Performers - Equity funds Weightages Birla Sun Life Dividend Yield Plus DSP BlackRock Equity Fund HDFC Equity Fund HDFC Top 200 Fund ICICI Prudential Discovery Fund UTI Master Value Fund Birla Sun Life Frontline Equity Fund Canara Robeco Equity Diversified DSP BlackRock Top 100 Equity Fund Franklin India Bluechip Fund HDFC Capital Builder Fund HDFC Core and Satellite Fund HDFC Growth Fund Reliance Growth Fund Sundaram Select Midcap Templeton India Growth Fund UTI Equity Fund Birla Sun Life Basic Industries Fund Birla Sun Life Midcap Fund DSP BlackRock Opportunities Fund DWS Alpha Equity Fund Franklin India Prima Fund Franklin India Prima Plus ICICI Prudential Top 100 Fund ICICI Prudential Top 200 Fund Kotak 50 Kotak Opportunities SBI Magnum Equity Fund Sundaram Growth Fund Sundaram India Leadership Fund Tata Equity PE Fund Tata Pure Equity Fund Tata Select Equity Fund UTI Mastershare Unit Scheme UTI Thematic - Mid Cap Fund Birla Sun Life Equity Fund HSBC Equity Fund HSBC India Opportunities Fund ING Domestic Opportunities Fund LIC NOMURA MF Equity Fund Reliance Vision Fund SBI Magnum Global Fund SBI Magnum Multiplier Plus Scheme 1993 SBI Magnum Sector Umbrella - Contra Fund Sundaram Select Focus UTI Master Plus Unit Scheme Birla Sun Life Advantage Fund BNP Paribas Equity Fund DSP BlackRock India T.I.G.E.R. Fund Franklin India Opportunities Fund Principal Growth Fund UTI Infrastructure Fund Figures in bracket indicate the previous quarter score 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 N.A 1 1 1 N.A 1 2 N.A 2 2 2 N.A 2 2 N.A 2 2 3 3 3 3 3 3 3 3 3 N.A 3 N.A N.A N.A 3 3 3 3 4 4 4 N.A 4 4 4 3 3 N.A 5 4 N.A 4 5 5 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 50% 1 2 (2) 1 (1) 1 (1) 1 1 (1) 2 (2) 2 2 (2) 2 (2) 2 (2) 2 2 (2) 3 (3) 2 2 (2) 1 (1) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 3 (3) 3 3 3 3 (3) 3 (3) 3 (3) 2 (2) 5 (4) 4 (4) 4 (4) 4 4 (4) 4 (3) 3 (4) 3 (3) 4 (3) 4 4 (4) 4 (4) 5 5 (5) 5 (5) 5 (5) 5 (5) CRISIL Rank Performance 50% 2 1 (1) 1 (2) 1 (1) 2 2 (2) 1 (1) 2 1 (1) 2 (3) 3 (3) 3 2 (2) 1 (2) 3 2 (2) 2 (3) 2 (2) 3 (3) 3 (3) 2 (2) 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 3 3 (3) 3 3 3 3 (3) 4 (4) 3 (3) 4 (4) 4 (3) 4 (4) 4 (4) 4 5 (5) 4 (4) 4 (3) 3 (3) 3 (3) 3 5 (5) 5 (5) 5 2 (2) 5 (4) 5 (5) 4 (4)
CONSISTENT PERFORMERS
23
Consistent Performers - Balanced funds

Consistent Performers - Balanced funds Weightages DSP BlackRock Balanced Fund HDFC Prudence Fund Birla Sun Life 95 Fund HDFC Balanced Fund Tata Balanced Fund Canara Robeco Balance FT India Balanced Fund ICICI Prudential Balanced Fund Sundaram Balanced Fund Kotak Balance SBI Magnum Balanced Fund UTI Balanced Fund LIC NOMURA MF Balanced Fund - Plan C Principal Balanced Fund Figures in bracket indicate the previous quarter score 1 1 2 2 2 3 3 3 3 4 4 4 5 5 1 1 2 2 2 3 3 4 3 4 3 4 5 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 50% 2 (2) 1 (1) 2 (1) 1 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 4 (4) 4 (4) 4 (5) 5 (5) CRISIL Rank Performance 50% 2 (1) 1 (1) 2 (2) 2 (2) 1 (2) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4)
Consistent Performers - Debt funds

Consistent Performers - Debt funds Weightages Birla Sun Life Income Fund Birla Sun Life Income Plus Kotak Bond Regular Reliance Income Fund UTI Bond Fund HDFC Income Fund ICICI Prudential Income Plan IDFC Super Saver Income Fund - Investment Plan HDFC High Interest Fund LIC NOMURA MF Bond Fund Templeton India Income Fund DSP BlackRock Bond Fund SBI Magnum Income Fund Figures in bracket indicate the previous quarter score 1 1 2 2 2 3 3 3 4 4 4 5 5 2 1 1 2 3 3 2 3 4 3 4 5 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Superior Return Score 50% 1 (1) 1 (1) 2 (2) 2 (2) 2 (3) 3 (3) 4 (2) 3 (3) 4 (4) 3 (3) 4 (4) 5 (5) 5 (5) CRISIL Rank Performance 50% 2 (2) 1 (1) 1 (1) 2 (2) 3 (3) 3 (3) 2 (2) 3 (3) 4 (3) 4 (4) 4 (4) 5 (4) 5 (5)
24
Consistent Performers - Liquid funds

Consistent Performers - Liquid funds Weightages HDFC Cash Management Fund - Savings Plan Reliance Liquid Fund - Treasury Plan HDFC Liquid Fund Principal Cash Management Fund UTI Liquid Cash Plan Birla Sun Life Cash Plus ICICI Prudential Liquid Plan JM High Liquidity Fund Sundaram Money Fund UTI Money Market Fund DSP BlackRock Liquidity Fund DWS Insta Cash Plus Fund LIC NOMURA MF Liquid Fund HSBC Cash Fund Templeton India Treasury Management Account Figures in bracket indicate the previous quarter score 1 1 2 2 2 3 3 3 3 3 4 4 4 5 5 1 1 2 2 2 3 3 3 3 3 4 4 4 5 5 CRISIL Fund Rank June - 11 Change vs Mar - 11 CRISIL Fund Rank Mar - 11 Mean Return 30% 1 (1) 2 (3) 2 (2) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 5 (5) 3 (3) 4 (4) 3 (2) 1 (1) 5 (5) 3 (3) Volatility 20% 4 (4) 1 (1) 4 (4) 1 (1) 2 (2) 4 (4) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 5 (5) 3 (3) 3 (3) 5 (5) CRISIL Rank Performance 50% 1 (1) 1 (1) 2 (2) 3 (3) 2 (2) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 5 (5) 4 (4) 4 (4) 5 (5)
25
Annexure I - CRISIL Mutual Fund Ranking methodology
CRISIL Mutual Fund Ranking is the relative performance ranking of mutual fund schemes within the peer group. The basic eligibility criteria for inclusion in the ranking universe are two-years NAV history (one-year for Liquid, Ultra Short Term Debt, Index and Debt-Short funds and five year inclusion for the Consistent Performers), assets under management in excess of category cut-off limits and complete portfolio disclosure. The ranking is done based on the following parameters: Category wise average AUM cutoffs Assets under management (AUM), on quarterly average basis for the last quarter of the period for which ranking is done, should be in excess of the cut off limits as under: Large Cap Oriented Equity Funds Diversified Equity Funds Small and Mid Cap Funds Thematic Infrastructure Funds ELSS Income Funds Income Short Balanced Funds Liquid Funds Liquid Funds- Institutional Liquid Funds- Super Institutional Gilt Funds-Long MIP Aggressive MIP Conservative Ultra Short Term Debt Ultra Short Term Debt- Institutional Ultra Short Term Debt- Super Inst Index Funds Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs 500 million 500 million 500 million 500 million 250 million 250 million 250 million 150 million 500 million 1000 million 1500 million 250 million 250 million 250 million 250 million 1000 million 1500 million 100 million
Mean Return and Volatility Mean Return and Volatility are considered separately in case of Liquid, Ultra Short Term Debt and Debt-Short term schemes for a one - year period. Mean return is average of daily return on fund NAV for the latest one-year period and the Volatility is the standard deviation of these returns. The weightages for the four quarterly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for the Liquid category, Mean Return and Volatility are calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage. Portfolio Concentration Analysis Concentration measures the risk arising out of improper diversification. Diversity Score is used as the parameter to measure Industry concentration and Company concentration for equity securities. In case of Debt papers, the industry concentration is analyzed only for any / over exposure in sensitive sectors which is arrived at based on CRISILs assessment of the prospects for various sectors and Company concentration will have an individual issuer specific limit of 10.0 per cent. Liquidity Analysis It measures the ease with which the portfolio can be liquidated. In case of Equities, liquidity is calculated by taking the average of last 3 months impact cost published by stock exchanges. Gilt liquidity is measured by analysing the market turnover, days traded and size of trade in any security for a three months period for that security. Corporate Debt Liquidity is computed by classifying each security into 3 categories - Liquid, Semi Liquid and Illiquid and then evaluating a funds exposure to each such category. Asset Quality Asset Quality measures the probability of default by the issuer of a debt security to honour the debt obligation in time. CRISIL penalizes lower rated securities to a higher level in its analysis. Modified duration /Average Maturity Modified duration /Average Maturity are considered across all debt categories except liquid to capture the interest rate risk of the portfolio. Lower the value better it is.
Superior Return Score The Superior Return Score (SRS) is the relative measure of the return and the risk for the schemes compared to their peer group. It is computed for Equity Oriented Categories, Equity Linked Saving Schemes (ELSS), Debt, Balanced, Monthly Income Plan (Aggressive & Conservative) and Gilt categories for a two - year period. The weightages for the four six-monthly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for Equity, Balanced and Debt categories, the SRS is calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage.
26
Downside Risk Probability (DRP) DRP measures the probability of the investment getting lower returns than short tenor risk free securities. It measured by assessing the number of times a funds return falls below the risk free return over the period of analysis. The risk free return is taken as the 91-day T-Bill yield over the period. Asset Size It is considered only for Ultra Short Term Debt and Liquid categories to take into account the effect of large fund flows on the funds performance and ability of the funds to manage such flows optimally. Higher the asset size better it is.
Tracking Error This is used only for Index funds. The tracking error is an estimation of the variability in a funds performance vis--vis the index that it tracks. Lower the tracking error better it is. Historic CRISIL Mutual Fund Performance Historic CRISIL Mutual performance is considered only for the Consistent category. Quarterly Mutual Fund ranks during the five year period of analysis are weighted with separate one year periods weighted differentially with the most recent period having the highest weightage.
27
Annexure II - Category definition for CRISIL Mutual Fund Ranking
Only open-ended schemes are eligible for the selection criteria under the following categories: 1. Equity Funds Schemes that predominantly invest in equity instruments (excluding hybrid schemes) are considered. Schemes with the following features are excluded i) Schemes not open to investors at large and open only to a specific set of investors. ii) Schemes whose offer document permits dynamic asset allocations (both debt and equity could vary between 0 and 100 per cent), except on receipt of an undertaking from the AMC, assuring predominant investment in equity. iii) Schemes for which there is a delay in receipt of portfolios from the fund house. iv) Schemes with a stated objective to predominantly invest in derivatives and /or overseas securities. Eligible schemes are classified into the following sub-categories 1a) Large cap-oriented equity funds Schemes that have at least 75 per cent exposure in CRISILdefined large cap stocks (top 100 stocks based on 6-month daily average market capitalisation on the National Stock Exchange) in the preceding 24 months split into 4 blocks of 6 months each. The 75 per cent exposure in these stocks must be available for a minimum of 4 out of 6 months in each block. Exposure to Nifty futures is considered as large cap exposure. 1b) Small and mid-cap-oriented equity funds Defined as those having less than 45 per cent exposure in CRISIL-defined large cap stocks for the preceding 24 months. 1c) Thematic Infrastructure funds Defined as those that follow an investment objective to invest in infrastructure related sectors. CRISIL defined infrastructure sectors are - Energy, Construction, Industrial Capital Goods, Industrial Manufacturing, Metals, Cement & Cement Products, Services and Telecom. 1d) Equity Linked Savings Scheme (ELSS) Schemes that invest in equity and equity-related instruments, and are aimed to enable investors to avail tax rebates under Section 80 C of the Income Tax Act are considered. 1e) Diversified equity funds All remaining eligible equity schemes are ranked under this category. 1f) Index funds Schemes launched with an objective to generate returns that are commensurate with the performance of their benchmarks Total Return Index (TRI), subject to tracking errors are considered. Open-ended exchange traded funds (ETFs) are also included. The following will be excluded: i) Index schemes that allow the fund manager to take overweight investment positions on stocks that comprise their benchmark index. ii) Index schemes having sectoral indices as benchmarks. iii) Index schemes that are benchmarked to indices other than BSE Sensex and S&P CNX Nifty. 2. Hybrid Funds 2a) Balanced funds Schemes investing more than 60 per cent, but less than 80 per cent, of the AUM in equity securities, and 20-40 per cent in long-term bonds/government securities are considered. Speciality schemes with the above asset allocation focusing on
children, pension, unit-linked insurance, young citizens, charity, and retirement are not considered. 2b) Monthly Income Plan (MIP) Schemes, where investment into equity is restricted to a maximum of 30 per cent and generally declare monthly dividends are considered as i) MIP - Aggressive: where the objective limits investment in equity securities to 15-30 per cent of the corpus. ii) MIP - Conservative: where the objective limits investment in equity securities to 15 per cent of the corpus. 3) Debt Funds 3a) Long term income funds Schemes that predominantly invest in long-term corporate debt papers and government securities (G-Secs) are considered. These schemes also invest in short-term and money market securities. Schemes investing 60 per cent or more in G-Secs over the last 2 years will not be included. 3b) Short term income funds Schemes that predominantly invest in short term corporate debt papers, Certificate of Deposit (CDs), money market instruments and G-Secs are considered. 3c) Liquid funds Schemes whose portfolio constitutes money market instruments and short-term debt instruments with a residual maturity of up to 91 days are considered. Depending on the minimum investment amount disclosed in the offer documents, liquid funds are classified into i) Retail - Minimum investment less than Rs 1 million ii) Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million iii) Super Institutional - Minimum investment of more than Rs 50 million 3d) Ultra short term debt funds Schemes named as ultra short term debt schemes are considered. Those without such nomenclature will be considered only if the AMC assures their positioning as an ultra short term debt scheme and also their risk-return characteristics needs to be in line with the category peers. Based on the minimum investment amount disclosed in the offer documents, schemes are further classified into: i) Retail - Minimum investment less than Rs 1 million ii) Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million iii) Super Institutional - Minimum investment of more than Rs 50 million 3e) Long term gilt funds Schemes that predominantly invest in long-term securities issued by Central and state governments, including government securities and T-bills, of varying maturities are considered. 4) Consistent Mutual Fund Performers Schemes that have rankings in all quarterly CRISIL Mutual Fund Ranking over a 5-year timeframe are considered. 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.
28
Note: 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. Disclaimer: CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not liable for investment decisions which may be based on the views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISILs Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form without CRISILs prior written approval.
Head Office CRISIL House Central Avenue Road, Hiranandani Business Park Powai, Mumbai - 400 076. Phone: +91 (22) 3342 3000 Fax: +91 (22) 3342 3001 Regional Offices in India Ahmedabad Unit No.706, 7th Floor, Venus Atlantis, Near Reliance Petrol Pump, Prahladnagar, Ahmedabad 380 015. Phone: +91 (79) 4024 4500 Fax: +91 (79) 4024 4520
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About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are Indias leading ratings agency. We are also the foremost provider of high-end research to the worlds largest banks and leading corporations. About CRISIL Research CRISIL Research is the countrys largest independent and integrated research house with strong domain expertise on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to deliver superior perspectives and insights to over 1200 domestic and global clients, through a range of research reports, analytical tools, subscription products and customised solutions. Privacy Notice
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For further details on CRISIL Mutual Fund Ranking, please contact: Ashish Sethi : +91-22-3342 8023 Deepak Mittal: +91-22-3342 8031
CRISIL Research CRISIL Limited CRISIL House, 8th Floor, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076, India Tel: +91 (22) 3342 8023/ 3342 8031/ (B) 3342 3000 Fax: +91 (22) 3342 8088 E-mail: CRISILFundServices@crisil.com
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CRISIL MF Ranking Booklet Jun 2011

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CRISIL MF Ranking Booklet Jun 2011

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CRISIL Mutual Fund Ranking

For the quarter ended June 30, 2011

Defensive sectors contribute to equity funds outperformance

Mutual fund industry highlights

Net flows (Rs billion) Industry AUM (Rs trillion)

Net flows Rs billion

1070 675 280

-115 -510 -905

Equity markets overview

5530 5390 5250

CD Consumer Durables, CG Capital Goods, HC Health Care

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Debt markets overview

10-Year Benchmark G-Sec Yield

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

CRISIL launches Gilt Index

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

CRISIL Mutual Fund categories

CRISIL Mutual Fund Ranking category definitions

Large Cap-oriented Equity funds

2 (2) 2 (3) 2 (2) 2 (2) 2 (2) 2 2 (3) 2 (2)

2 (1) 2 (1) 1 (2) 3 (2) 3 (3) 3 3 (3) 3 (2)

1 (1) 1 (1) 2 (3) 4 (4) 1 (1) 5 3 (3) 2 (2)

3 (3) 3 (3) 3 (3) 3 (5) 4 (4) 1 3 (4) 5 (4)

4 (5) 4 (4) 4 (5) 4 (3) 4 (3) 4 (5) 4 (4) 4 (3)

4 (4) 3 (3) 4 (3) 4 (5) 2 (2) 1 (1) 2 (2) 3 (3)

3 (5) 5 (5) 4 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3)

4 (1) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (2) 3 (3)

5 (4) 5 (5) 5 (4) 5 (4)

4 (3) 4 (5) 1 (2) 3 (4)

3 (3) 3 (3) 3 (4) 3 (3)

2 (2) 1 (2) 4 (5) 2 (3)

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Diversified Equity funds

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Diversified Equity funds (Contd.)

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Small and Mid-cap Equity funds

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Equity Linked Savings Scheme (ELSS)

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Thematic - Infrastructure funds

CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

5%*(100-K) 5%*(100-K) 3 (3) 1 (1) 4 (4) 4 (3)

2 (2) 2 (3) 2 (2) 2 (2)

2 (1) 1 (1) 4 (3) 4 (4)

2 (2) 2 (2) 3 (3) 3 (4)

2 (2) 2 (2) 4 (2) 2 (3)

3 (2) 2 (2) 4 (4) 1 (1)

3 (2) 4 (3) 3 (4) 5 (3)

3 (3) 4 (4) 3 (4) 3 (2) 3 (3)

2 (2) 3 (3) 4 (4) 3 (3) 5 (5)

1 (1) 4 (4) 4 (5) 3 (3) 2 (2)

4 (4) 2 (2) 1 (1) 3 (4) 5 (5)

2 (3) 2 (3) 1 (2) 3 (3) 5 (5)

4 (5) 2 (2) 3 (4) 3 (3) 2 (3)

4 (4) 4 (3) 5 (4) 3 (3)

2 (2) 3 (3) 2 (3) 5 (5)

3 (2) 3 (3) 4 (3) 5 (4)

4 (4) 3 (4) 4 (3) 3 (3)

3 (4) 4 (4) 2 (1) 3 (3)

4 (3) 3 (4) 1 (2) 2 (1)

5%(100-K) 5%(100-K) 3 (3) 1 (1) 4 (4) 4 (3)