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With five continuous quarters of underperformance, its start appeared doomed. It changed direction from March 2009 but the road has not been smooth.

After Husain took over in June 2009, he revamped the portfolio based on the premise that domestic recovery would be stronger than the global one. His move paid off. Come 2010, he failed to impress. Early that year he began to pare down exposure to stocks which he felt were overvalued. Unfortunately, his timing was less than perfect. "The market initially did stumble but later in the year started appreciating. We stuck by our fundamental research indicators and did not change our portfolio stance. Hence, the result was an underperformance," says Husain.

Husain tends to take a contrarian stance. Currently, Financial Services is the top sector amongst most funds in this category but this fund's allocation is just around 7 per cent. Again, due to valuations and headwinds in terms of regulatory tightening, especially in terms of provisioning norms, led to his stance in Banking.

Last year, allocation to Auto averaged around 21 per cent during the first six months of the years (category average: 5%) while the fund remained underweight on FMCG and Healthcare. In terms of sector bets and individual stock picks, Husain certainly does not follow the herd. Ever since he took over, popular stocks like Reliance Industries, ICICI Bank and State Bank of India do not feature here.

From being categorized as an 'Equity: Large & Mid Cap' fund, in September 2011, it moved to the 'Equity: Multi Cap' one. Its allocation to small caps has not exceeded 15 per cent in its entire history.

Over the last few quarters, this fund has fallen less than its peers. It's not among the most consistent ones in the category but by showing periodic bouts of performance and restraining its fall in downturns, it does reward investors.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

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These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. HDFC TaxSaver
2. ICICI Prudential Tax Plan
3. DSP BlackRock Tax Saver Fund
4. Birla Sun Life Tax Relief '96
5. Reliance Tax Saver (ELSS) Fund
6. IDFC Tax Advantage (ELSS) Fund
7. SBI Magnum Tax Gain Scheme 1993
8. Sundaram Tax Saver

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