UTI Mid Cap Fund - Invest Online

An open-ended equity fund with the objective to provide 'Capital appreciation' by investing primarily in mid cap stocks.

Not only does the UTI Midcap Fund have a ten-year track record that spans three market cycles, it has done very well across all of them. The CAGR since launch is 21 per cent. The ten-year CAGR is 18 per cent. Both of these are rare in the category. The fund has managed this record mainly by avoiding the pitfalls of chasing momentum stocks. It is a very quality-conscious fund, which filters stocks on their ability to generate positive operating cash flows. Tiny caps, stocks with market cap below R500 crore, are consciously avoided. Typically, stocks with a R4,000 to R12,000 crore market cap find place in its portfolio. Given the liquidity risks inherent in mid-cap stocks, the fund avoids concentration and takes its sector exposures through several smaller holdings.

The fund has retained a rating of three-star and above right from 2009. Three-, five-, seven- and ten-year records all show outperformance of the benchmark by comfortable margins. The portfolio mix features a 10-25 per cent allocation to large-cap stocks, a 55-60 per cent mid-cap exposure and a 25-30 per cent small-cap weight. Large caps are tactically used to navigate overheated markets.

This fund is a good choice for investors who would like to benefit from the higher return potential of mid-cap stocks without taking on undue risks or volatility. The exceptional stability of the fund management team and style (same manager since 2007) is a big plus.

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