How has the fund performed? With a 10-year return of 15.31%, the fund has outperformed both the benchmark index (12.75%) and the category average return (14.38%). The fund has comfortably beaten its category average over the past decade.
Growth of Rs 10,000 vis-a-vis category and benchmark Annualised performance (%) The fund has outperformed in recent months, but struggled over 3- and 5-year periods
As on 26 Sep 2018
Yearly performance (%) The fund’s return profile has been weak in recent years
As on 26 Sep 2018
BASIC FACTS Date of launch: 18 May 1992
Category: Equity
Type: Multi cap
Average AUM: Rs 8,873.73 crore
Benchmark: S&P BSE 200 Total return index
WHAT IT COSTS NAVs (As on 26 SEP 2018)
Growth option: Rs 138
Dividend option: Rs 102
Minimum investment: Rs 5,000
Minimum SIP amount: Rs 500
Expense ratio (%): 2.33
Exit load: For units in excess of 10% of the investment,1% will be charged for redemption within 365 days
Fund Manager: Ajay Tyagi
Tenure: 2 Years and 7 Months
Education: CFA, Masters in finance
Where does the fund invest? The fund takes large positions in its top bets despite its highly diversified portfolio
How risky is it? The fund’s risk-return profile is slightly better than its category average
Wherever not specified, data as on 31 Aug 2018. source: Value Research
Should You Buy? Earlier a large-cap oriented scheme, it’s now positioned as a multi-cap offering. The fund manager emphasises on quality businesses that offer structural growth over the long term. The aim is to ride their entire growth story, rather than play the valuation game—buying low and selling high.
The fund prefers businesses with strong return on equity and high cash flows. It avoids sectors where growth is not structural, such as telecom, and oil and gas. The fund portfolio is diversified but it takes large active positions in its top bets. It’s return profile has suffered in recent years owing to a strict focus on quality, but the fund has exhibited a strong run this year. However, it needs to be more consistent in its performance to be a top draw in its category.
