BNP Paribas Midcap Fund - Invest Online

The Investment objective of the scheme is to seek to generate long-term capital appreciation by investing primarily in companies with high growth opportunities in the middle and small capitalization segment, defined as G? Future LeadersG?. The fund will emphasize on companies that appear to offer opportunities for long-term growth and will be inclined towards companies that are driven by dynamic style of management and entrepreneurial flair. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns.

This fund has convincingly trounced benchmarks and the category over one, three and five years. It has retained a five-star rating for the last two years. Like other BNP Paribas funds, it swears by the business-management-valuation framework. It hunts for high-growth companies that meet quality parameters. The stocks selected are either sector leaders in the mid-cap space or challengers in large sectors.

After trailing its benchmark from 2007 to 2009, this fund began to strongly outpace its category from 2011. This period coincided with a change in fund manager and strategy as well. From a predominantly mid- and small-cap fund, the fund has since shifted its allocations to park 15-25 per cent of its portfolio in large caps, 45-55 per cent in mid caps and 25-35 per cent in small caps. The fund rather actively shuffles its allocations between the three buckets, with big shifts from month to month. Relative to its category, the fund is overweight on large and mid caps and has less of a small-cap tilt, which is good for risk containment. The fund size remains manoeuvrable at R322 crore (June 2015) and this may allow the manager to own some mid- and small-cap positions that its more behemoth peers may not be able to.

Given that the improvement in this fund's performance is recent, investors may like to watch for a track record across an entire cycle before making it a large position. It's a good fund to own for those who don't want to go overboard on risks.

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