A fund which has outpaced its benchmark over not one but three different market cycles, it has beaten its benchmark in 13 of the last 15 years. A rare fund in the ELSS category that focuses on the value style of investing, it has managed a four- or five-star rating pretty consistently since 2011, climbing from three stars in the earlier years. The fund is valuation-focused and the portfolio is constructed around stocks across sectors and market-capitalisation ranges, based on cheaper valuation and reasonable growth expectations. Expensive stocks which cannot be explained by valuation tools are avoided. A market-cap-agnostic fund, it has nevertheless allocated 55-65 per cent of its portfolio to large caps, 20-30 per cent to mid caps and 10-15 per cent to small caps in recent years. It does take some cash calls, with about 8 per cent of the assets in debt/cash as of end November 2015.

The fund's valuation-based calls have resulted in muted one-year returns, which are lower than that of the category. But the longer-term record over three, five and ten years provides comfort on investments. This fund's investment strategy typically delivers outsized returns in the beginning stages of a bull market and trails when markets are overheated. It also works well in containing losses during any market phase where bears are in control.

It's a good fund to own if you believe in avoiding the crowd and owning stocks that offer a bargain.