Great in bear markets and good in bull markets - that, in short, sums up the track record of this fund. Consistency in performance has helped it retain a four- or five-star rating since 2010. Usually parking about 75 per cent in mid-cap companies, it has the flexibility to invest up to 25 per cent in large-cap companies. Its philosophy is to invest in businesses with good fundamental attributes and that are run by sensible managements. The style is growth at a reasonable price, with the fund filtering companies that are growing at about 15-20 per cent with good cash-flow generation and an acceptable return on equity.

After a good show in 2013-14, the fund's returns have been slightly below the benchmark and the category in 2015. This is probably a reflection of its conservative choices in overheated markets. But it has beaten its benchmark over three-, five- and seven-year periods by double-digit margins. It has lower exposure than peers to large and small caps. What stands out in its yearly returns is its ability to weather any kind of bear market. In 2008, 2011 and 2013, this was a rare mid-cap fund to contain losses to levels far lower than peers as and the benchmark. The fund has delivered muted participation in bull markets though, mostly just about matching the benchmark. Tactical calls to raise its large-cap allocations have proved spot on. The good performance has seen its corpus exceed R10,000 crore in 2015.

This is a good choice if you want higher returns that mid caps can provide, without undue shocks in choppy markets.