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This fund's portfolio is conservative. The fund manager invests in fundamentally strong companies with an average 82 per cent allocation to Nifty stocks. Though the equity allocation remains above 90 per cent most of the times, it came down to as low as 80 per cent during the market turmoil in 2008. The average for past 3 years has been 90 per cent and currently it stands at 96 per cent. Further, investments are in growth stocks with no restriction on allocation to a single stock or sector. In 2012, exposure to HDFC Bank touched 7 per cent.

 

Performance

For a 25-year-old fund, expectedly, it has had a chequered past. But it has been a fairly consistent performer vis-a-vis the category with sporadic periods of underperformance. In the past 10 years, it has underperformed only thrice. So, while it underperformed the category average in 2009 and 2012, it was among the top performers in 2007 and 2011. Even during the tough years of 2008 and 2011 it did not crumble and outperformed the category.

 

This fund has the tendency to hold on to a higher proportion in cash at times, which could result in missed opportunities. The highest that it held to cash was in 2008, when 15 per cent of the portfolio was in cash.

 

The fund portfolio has 45 stocks, a little higher than the category average of 38. Quality stocks such as HPCL, ITC, Reliance, SBI, Infosys, Tata Global Beverages and BHEL have been in the portfolio for long periods. Along with investments in giant caps, it also has a fairly high allocation to mid caps like SKF India and Sanofi India. Around 30 stocks have been part of the top-5 holdings since its launch which account for 30 per cent of the portfolio which has come down from the earlier 40-45 per cent. Currently, it is overweight on healthcare and construction and underweight on FMCG and financial vis-a-vis the index.

 

Why invest?

A conservative approach to investing checks its fall during bear phases and its long history of consistent performance over different market cycles makes it a strong candidate to consider.

Happy Investing!!

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