Reliance Tax Saver Fund - An aggressive performer in the ELSS category, this fund has alternated between chart-busting returns and a moderate show. After a huge outperformance of the category, which lifted its ranking to five stars in 2014-15, it has dipped to three stars lately. But it has retained a three-star or higher ranking for much of its existence.

Reliance Tax Saver (ELSS) Fund has seen substantial swings in its market-cap allocations over the years. Large-cap weights were below 40 per cent until 2015, but have been steadily pegged up to 60 per cent in the last one year. Mid-caps, which were taking up a 40 per cent plus weight in the portfolio a year ago, are now down to 25 to 30 per cent, with small caps occupying about 15 per cent of it. The fund sets aside 20 to 30 per cent of the portfolio for multinational companies with robust fundamentals. It follows a blend of growth and value investing.

Reliance Tax Saver (ELSS) Fund three and five-year returns are ahead of the benchmark returns by 5 to 9 percentage points. As compared to the category, the fund has slightly underperformed over three years but is ahead of it by 4 percentage points over five years.

In 2015, after a bumper performance in 2014, the fund managed a timely shift to domestic recovery plays. This timely move has helped it stay ahead of the race in recent times, when economically sensitive and cyclical stocks have been back in vogue. Overall, the fund has fared better in tear-away bull markets than in bearish markets. This is an aggressive fund in the ELSS space.