FRANKLIN INDIA TAXSHIELD fund has an impressive longterm track record but, of late, its performance has dipped. The fund's stewardship has changed and so has its approach. It is not being run with any market-cap bias but it remains heavily invested in large-cap stocks.

The conservative large-cap focus--a stance carried forward from previous years--is partly the reason for the fund's under performance in recent years, compared to more aggressive peers. The fund still maintains heavy exposure in its top picks, with financials forming a bulk of its larger positions.

FRANKLIN INDIA TAXSHIELD has historically had a superior risk-reward profile in its category, but this has been partly eroded with the slip in its returns. However, the new team has proven capabilities to execute the strategy, and is likely to yield results in few years.