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94 8300 8300
Religare Invesco Mid N Small Cap Fund
It is one of the most promising mid-cap funds from the recent crop, which impresses through its unconventional stock choices and consistency of performance since its launch six years ago. Flagged off in the stormy markets of March 2008, this fund has beaten stalwarts in the mid-cap category both over the last 3- and 5-years, with annualized returns of 21.8 and 28.3 per cent respectively. Holding steady at a 4-star slot for three years, the fund has earned a 5-star rating in the first quarter of this year.
The fund mainly selects its stocks from the CNX Midcap and BSE 200 indices adopting a bottom-up approach. While this may appear to be a limited universe, this fund house researches a fairly large number of stocks, with its research universe at 288 stocks.
The fund strays a good deal off the beaten track in its stock selection, relying to a great extent on filtering stocks by quantitative parameters, with a return on capital of over 15 per cent being a minimum bar. Explains, Vinay Paharia, fund manager; "We emphasise more on historical performance and less on forecasts. Of course we do look at the future if we think that the future is going to be materially different than the past and there is potential for change." The portfolio strategy tilts mainly towards growth stocks with limited evidence of bargain-hunting. Parameters that help it distinguish the quality of management are those such as related party transactions, accounting policies and level of disclosures in annual reports.
The fund consistently posts returns that are ahead or substantially outperforming the benchmark over different time frames. An ability to contain losses very well during the downturns of 2008, 2011 and 2013, has stood this fund's long term record in good stead. The fund has cumulatively outpaced its benchmark by a whopping 15.5 per cent CAGR over 5 years and 10.4 per cent over 3 years, one of the highest among peers. The 51 per cent return in the last one year signals this fund's active participation in the market rally.
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