Despite being in existence since 2006, BNP Paribas Tax Advantage has seen a turnaround in performance only last year as it succeeded in protecting its capital much better than its peers. With a new management team, it may be worthwhile to track the scheme's progress

BNP Paribas Tax Advantage does not have a great performance history. It has vastly under-performed its benchmark index until 2010. It was only last yearthat it out-performed both, benchmark and peers. This it did by cushioning its decline amidst a volatile market. The portfolio reconstruction by the new management team through allocation of a higher percentage of investment to consumption-oriented sectors than industrial ones worked well. While a cautious decision to have only a limited exposure to industrials have cost the scheme some returns this year so far, the management is confident that it will make up for the loss given the portfolios focus on retail consumption theme. Investors need to track its performance as with the current portfolio orientation, one can expect it to perform decently in the coming months.