Reliance Tax Saver Fund - Buy Online
The scheme aims to generate long-term capital appreciation from a portfolio that is invested predominantly in equity and equity related instruments.
One of the oldest as well as largest funds in the ELSS category, Reliance Tax Saver has sharply improved its performance in the last five years. It has a chequered past, lagging its benchmark in the early years until 2010, picking up for a couple of years and trailing again in 2013 before shooting up in the rankings recently. Overall, despite these ups and downs the fund has amassed an impressive five-year return of 21.8 per cent, best in the tax saving category for this period. The fund has also stayed at the top for 1- and 3-year periods. Its average
The fund's choppy performance can be attributed mainly to its conscious mid and small-cap bias in a category where many other funds are large-cap oriented. In the last three years alone, for instance, the fund's large-cap exposures have hovered between 15 and 33 per cent, far lower than the category average of 60-70 per cent. Mid-cap stocks account for 40 to 50 per cent of the portfolio, higher by anywhere between 15 and 30 per cent compared to the category.
The fund is also overweight on small-cap stocks to the extent of 13-15 per cent. The fund has maintained this bias despite expanding asset size, which has gone from R1,200 crore to over R2,800 crore in the last couple of years. The aggression in market cap selection is clearly responsible for the fund's blockbuster returns in some years (like 2010 and 2012) and its tendency to lag in others (2009 and 2013). All said though, the fund's record is impressive in light of its market-cap mix. One factor which has contributed to a stable strategy and a good five year record is a stable fund management team, for the past nine years since inception. Returns however tend to be quite volatile and hinged on the ups and downs of the mid and small-cap universe. Reliance Tax Saver is the fund for aggressive investors in the ELSS category.
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