Aditya Birla Sun Life Frontline Equity Fund large-cap fund outperformed its benchmark and peers for 13 straight years, from 2004 until 2016, slipping up marginally in 2017. This track record has earned it a four- or five-star rating consistently for over 10 years, a rare achievement in any category.

Aditya Birla Sun Life Frontline Equity Fund historically benchmarked itself to the BSE 200 index, pegging its sector weights and stock selection to this index. It only rarely selected stocks outside the index. But after SEBI's new categorisation rules, it has been reclassified as a pure large-cap fund. The portfolio will, therefore, be selected from the top 100 stocks by market capitalisation, with a minimum 80 per cent allocation to such stocks. The Nifty 50 will be its new benchmark. These changes are set to take effect from mid-May 2018. These changes may not materially alter the character of the fund, though the fund manager will have to make do with a more restricted universe for stock selection. The fund uses a 'growth at a reasonable price' approach to select stocks and this will remain unchanged.

Good performance has led to the asset size nudging Rs20,000 crore. But the pure large-cap mandate will ensure that this doesn't affect maneuverability. The fund owns 70-80 stocks in its portfolio for a well-diversified profile. A steady management team has led to the continuity of style and market-cap bias over a decade. The fund has delivered good participation in bull markets but it is its ability to contain losses in the bear markets of 2008 or 2011 which makes it stand out.