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The fund seeks to make gains by investing in equity shares and convertible and non convertible bonds/debentures of companies with good growth prospects and money market instruments. Two-third of the investments are generally in large caps and not more than 25 per cent is invested in one particular sector.

 

In the same manner, exposure to a single stock cannot cross 7.5 per cent if it's a part of the benchmark; otherwise the upper limit is 3 per cent. And cash limit has been mandated not to cross the 10 per cent mark.

 

Currently, its equity allocation is 98 per cent owing to improved market performance in 2012.

 

Performance

Though the fund has been around for past 21 years, the year 2008 holds significant importance as it was the year when this fund came of age. Since then it has been in the top-2 quartile in terms of performance. The improved showing was clearly evident during the market downturn of 2008 and 2011.

 

While it remains sturdy during the market fall, it's not so nimble on feet when it is on an upward swing. Though it manages to beat the category average even then, there is nothing spectacular about the performance.

 

One major reason for such a showing is the fund's portfolio diversification. It has a diversified portfolio of above 70 stocks which is quite high compared to the category average of 52 stocks. Even in the case of large caps, the allocation to a single stock has hardly gone above 3 per cent. Otherwise, there are miniscule allocations to a large number of stocks.

 

While such an allocation surely helps when markets tank, returns too become subdued when tidings change.

 

Notwithstanding all this, over the last 5 years, the fund has given an annualised return of 9.35 per cent which is markedly higher than the category average of 5.19 per cent.

 

Why invest?

Known pedigree, streamlined investment strategy over the past few years and an ability to stand tall during unfavourable climate make it an apt choice for a conservative investor in this space.

Happy Investing!!

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

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