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SBI Magnum Equity Fund
Earlier known as Magnum Multiplier Plus '90, the scheme seeks capital appreciation through investments in diversified portfolio of equities of high growth companies. The scheme was made open-ended in January 1998.
An old-timer, SBI Magnum Equity Fund (earlier Magnum Multiplier Scheme) has undergone several avatars in the last ten years. Its Value Research ratings have climbed to a fairly consistent 4-star rating in the last three years.
The fund has shown a significant improvement in performance in the last 5 years, after streamlining the portfolio and fund strategy in the same period. Until 2006, it was an aggressively managed multi-cap fund with a fourth of its assets parked in mid-cap stocks. Mid-cap exposures were again scaled up during the bear markets of 2008-09, costing the fund dearly. But thereafter, the fund has seen a streamlining of sectoral exposures as well as stock choices with a bias towards large-caps. After four fund manager changes between 2004 and 2009, the fund also saw stability in the portfolio management since 2009, with R Srinivasan taking over at the helm.
Large-cap stocks have made up 90 per cent or more of the portfolio since 2009, which has bolstered the fund's ability to contain downside risk and lent consistency to its returns. One aspect of the fund's earlier strategy which has been continued is its compact portfolio of about 30 stocks. This is a growth oriented fund, where the top ten stocks make up over 57 per cent of the portfolio.
The fund's 1-year and 3-year returns at 52 per cent and 18.1 per cent are substantially ahead of the category at 48 and 17.2 per cent respectively. The fund has climbed the rantings relative to its peers in this period. The 5-year returns at 13.9 per cent, though ahead of the benchmark, are yet to catch up with the top funds in this category. However, with the fund staying ahead of the market in most bull phases, the 10 year return is quite healthy at 20.6 per cent.
Emerging as a promising bet given its recent run; investors can take small exposures and build them up as returns improve, considering its changing stance over the years.
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