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Tata Balanced Fund
Investment Objective
The scheme seeks steady returns from debt along with growth from equities instruments. The likely equity to debt investment ratio is 70 to 30. Earlier known as Tata Equity Growth Fund, Tata Twin Balanced has been merged in to this fund.
Fund Managers
Atul Bhole since Jan 2013
S Raghupathi Acharya since Oct 2013
Analysis
The tightrope walk between safety and returns that a balanced fund has to perform is not straightforward, but Tata Balanced has done this better than most of its peers. This fund has handsomely outperformed the benchmark as well as the category over the last ten years. Ten year returns have been 16.7 per cent per annum. This compares very well with the category average of 13.5 per cent and the benchmark's 10.7 per cent. The fund ranks third among balanced funds that have been around for this period.
During this time, it has lagged behind the category for five calendar years, but has more than made up for it in the other five. This should make it obvious to investors that the fund is a tad more adventurous than some of the others in our current selection. The likely reason for this is it's tendency to hunt for gains amongst somewhat smaller companies. Mid-cap exposure has varied sharply between 47 and just 7 per cent, but has mostly been between 30 and 40 per cent in the past two years.
Having said that, the fund has still been relatively steady in its lead over the benchmark, with there being a lag (a small one) in just one year out of the last ten. Since 2000, Tata Balanced A has outperformed the benchmark by a cumulative 80+ per cent. In terms of absolute returns, the fund has dealt well with the shock of the global crisis of 2008. It is now about 35 per cent higher than its pre-crisis peak, which must be a great comfort to investors.
According to the manager, the fund follows the growth-at-reasonable-price (GARP) style and stocks are selected on a bottom-up basis backed by rigorous research. The mid-cap focus is on niche businesses backed by high entry barriers like technology, brand franchise, distribution network and relatively higher growth rate.
Over the last year, the fund has been underweight on metals and energy and occasionally overweight on FMCG. All in all, despite its rakish bearing, Tata Balanced A is a good choice for all but the most fearful equity investors.
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