mutual fund research - way2wealth.com cap fund - jan'17.pdf · calendar year analysis ytd 2016...
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Jan 2017
Mutual Fund Research
LARGE CAP FUND
Category Presentation-
Toll Free No 1800 425 3690 www.way2wealth.com
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Birla SL Top 100 Fund
DSPBR Top 100 Fund
ICICI Pru Top 100 Fund
Kotak 50
Reliance Top 200 Fund
SBI Bluechip Fund
Source: Morningstar Direct
Birla Sun Life Top 100 Gr
Por�olio Date: 31/12/2016Return as on 20/01/2017
Investment Strategy
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Large cap focused fund which comprises of top 100 stocks by market
capitaliza�on
Pick established companies with strong corporate governance.
Seek to invest in companies with valua�ons cheaper on a growthadjusted basis
in comparison to the broad market indices and the benchmark index.
Try to target companies with above average financial performance and those
with demonstrated higher efficiency in use of capital.
Por�olio Posi�oning
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As with in the previous quarter, Financial Services, IT, Basic Material and
consumer cyclical and healthcare remain the top 5 sectoral bets.
Fund has added quite a few companies in the quarter including Dr Reddys, Divis
Lab, Hindalco while exi�ng from ACC, Tata Steels, Colgate amongst others.
Fund Manager Speak
“As poli�cal and economic developments unfurl in both global as well as domes�c
markets, there would be opportuni�es across categories. In some cases, the price
reac�on could be severe which the fund managers can take advantage of. Due to
demone�sa�oninduced slowdown and riskoff emana�ng from dollar strength and Fed
rate hikes, markets could be weak in the short term. But as currency gets available to the
public and markets factor in the incremental steps taken by the government domes�cally
to prop up growth and the agenda of the new President of the United States is
understood, stability to the markets would return. Now that the correc�on is here,
markets are providing a good entry point to investors with a medium to longterm view.
In fact, the India story has just got even be�er. “
Mahesh Pa�l CoChief Investment Officer, Birla Sun Life MF
Rolling Return Analysis
YTD 1 Y 3 Y 5 Y0.0
5.0
10.0
15.0
20.0
4.1
18.2 18.7 18.0
3.0
13.4
10.4 10.9
Re
turn
Fund Sta�s�cs
Incep�on Date
Fund Size (mn)
Expense Ra�o
Manager Name
Manager Tenure (Yrs)
24/10/2005
� 22,289
2.42
Mahesh Pa�l
6.50
Birla Sun Life Top 100 Gr IISL Ni�y 50 PR INR
Investment Growth in 5 years
2012 2013 2014 2015 2016
100
150
200
250
300
Source: Morningstar Direct
Birla Sun Life Top 100 Gr
Calendar Year Analysis
YTD 2016 2015 2014 2013 201215.0
7.5
0.0
7.5
15.0
22.5
30.0
37.5
45.0
52.5
6.7 6.7
0.0
48.9
9.1
36.4
3.0 3.0
4.1
31.4
6.8
27.7
Re
turn
Risk Matrix
Vola�lity Alpha R2 Beta IR Sharpe
Birla Sun Life Top 100 Gr
IISL Ni�y 50 PR INR
18.24
18.91
6.066 95.95 0.95 2.20 0.81
0.440.130.641 98.03 1.29
Style Box
3.5 28.8 59.6
1.5 4.1 1.0
1.4 0.0 0.0
Larg
eM
idS
ma
ll
Value Blend Growth
Market Cap %
Market Cap Giant 61.1
Market Cap Large 30.8
Market Cap Mid 6.7
Market Cap Small 1.4
Market Cap Micro 0.0
Performance Analysis
YTD 1 Y 3 Y 5 Y 10 Y
Birla Sun Life Top 100 Gr
IISL Ni�y 50 PR INR
4.09
3.05
18.21
13.45
18.70
10.44
18.01
10.94
11.14
7.51
Top 10 Holdings
StocksPor�olio
Weigh�ng %
HDFC Bank Ltd
Infosys Ltd
ICICI Bank Ltd
Tata Motors Ltd
ITC Ltd
Grasim Industries Ltd
Kotak Mahindra Bank Ltd
HCL Technologies Ltd
Maru� Suzuki India Ltd
Reliance Industries Ltd
7.36
4.46
4.01
3.66
3.63
2.88
2.86
2.82
2.79
2.75
Por�olio Date: 31/12/2016Return Date: 20012017
Sector Exposure
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
Basic Materials %
Consumer Cyclical %
Financial Services %
Real Estate %
Consumer Defensive %
Healthcare %
U�li�es %
Communica�on Services %
Energy %
Industrials %
Technology %
Birla Sun Life Top 100 Gr IISL Ni�y 50 PR INR
Source: Morningstar Direct
DSP BlackRock Top 100 Equity Reg Gr
Por�olio Date: 31/12/2016Return as on 20/01/2017
Investment Strategy
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A pure large cap fund with Investment in companies whose market capitaliza�on is
within the range of highest & lowest market capitaliza�on of 100 largest listed
corpora�ons.
Endeavors to Generate Alpha while owning best of the index companies
Endeavors to lower por�olio vola�lity by incorpora�ng only large cap funds in the
por�olio
Invests in cos which have an established business model with a proven management
track record and a poten�al to generate high cash flows.
Por�olio Posi�oning
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Financial Services, Consumer Cyclical, Energy, Technology and Basic Material are the
top 5 sector contributors and together they contribute ~83% of the net asset, with
Healthcare and Industrial ge�ng replaced by Technology and basic material towards
the fagend of the quarter.
As in the last quarter, fund has hardly done any churning with it adding Vedanta, Tech
Mahindra, Hindalco and Bank of Baroda to the por�olio, while exi�ng from Kotak
Bank and Bajaj Finserv.
AMC/Fund Manager Speak
On domes�c front, the growth/demand slowdown caused by the Government’s recent de
mone�za�on drive may get further accentuated once GST is implemented. While GST may
cause a near term slowdown on account of the complexity and the scale of implementa�on,
we believe the unified system of taxa�on will be very posi�ve over the long term as it aims to
simplify the exis�ng indirect tax structure, prevent cascading of taxes, remove interstate
barriers and formalize a greater part of the economy. This will eventually lead to higher GDP
growth, lower infla�on and higher Government tax revenues on account of increased
compliance.
Rolling Return Analysis
YTD 1 Y 3 Y 5 Y0.0
5.0
10.0
15.0
20.0
4.8
18.0
14.8
12.5
3.8
15.5
11.7 11.7
Re
turn
Fund Sta�s�cs
Incep�on Date
Fund Size (mn)
Expense Ra�o
Manager Name
Manager Tenure (Yrs)
10/03/2003
� 33,682
2.28
Harish Zaveri
1.50
DSP BlackRock Top 100 Equity Reg Gr S&P BSE 100 India INR
Investment Growth in 5 years
2012 2013 2014 2015 2016
100
120
140
160
180
200
220
Source: Morningstar Direct
DSP BlackRock Top 100 Equity Reg Gr
Calendar Year Analysis
YTD 2016 2015 2014 2013 201210.0
5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
4.9 4.9
2.3
37.5
2.2
30.3
3.6 3.6
3.2
32.3
5.9
30.0
Re
turn
Risk Matrix
Vola�lity Alpha R2 Beta IR Sharpe
DSP BlackRock Top 100 Equity Reg Gr
S&P BSE 100 India INR
19.87
18.90
0.705 94.36 1.00 0.17 0.51
0.480.015 97.52 0.291.28
Style Box
10.5 29.4 58.7
0.0 0.0 1.4
0.0 0.0 0.0
Larg
eM
idS
ma
ll
Value Blend Growth
Market Cap %
Market Cap Giant 61.3
Market Cap Large 37.3
Market Cap Mid 1.4
Market Cap Small 0.0
Market Cap Micro 0.0
Performance Analysis
YTD 1 Y 3 Y 5 Y 10 Y
DSP BlackRock Top 100 Equity Reg Gr
S&P BSE 100 India INR
4.85
3.82
17.98
15.50
14.80
11.69
12.54
11.67
11.11
7.64
Top 10 Holdings
StocksPor�olio
Weigh�ng %
HDFC Bank Ltd
State Bank of India
Maru� Suzuki India Ltd
Infosys Ltd
IndusInd Bank Ltd
Reliance Industries Ltd
Larsen & Toubro Ltd
Bharat Petroleum Corp Ltd
Tata Motors Ltd Class A
ICICI Bank Ltd
8.89
6.93
6.71
5.55
4.59
4.20
3.95
3.77
3.63
3.37
Por�olio Date: 31/12/2016Return Date: 20012017
Sector Exposure
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Basic Materials %
Consumer Cyclical %
Financial Services %
Real Estate %
Consumer Defensive %
Healthcare %
U�li�es %
Communica�on Services %
Energy %
Industrials %
Technology %
DSP BlackRock Top 100 Equity Reg Gr S&P BSE 100 India INR
Source: Morningstar Direct
ICICI Pru Top 100 Gr
Por�olio Date: 31/12/2016Return as on 20/01/2017
Investment Strategy
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Invests in Large cap companies with poten�al for fast paced earnings growth.
Follows blended style of inves�ng.
Follows Top Down and non benchmark hugging approach for por�olio
construc�on.
Takes Macro/Sector Calls and Contrarian Calls with an aim to generate alpha.
Tries to take bet on select stock among each sector; don’t believe in inclusion of
no of stocks.
Por�olio Posi�oning
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Financial Services, Basic Materials, Technology, Healthcare and industrials are the
top 5 sector contributors and they contribute ~66% of the net asset.
As in the last quarter, Financial Services, basic material and healthcare remain the
top pick of the Fund.
Fund has exited from quite a few companies in the quarter including Axis Bank,
CESE and Reliance Industries.
Fund has also ac�vely added new cos like Britannia Industries, ITC, L&T amongst
other to the por�olio in the OctDec’16 quarter.
AMC/Fund Manager Speak
There is a case for being moderately overweight on equi�es with 2 year View. This is with
an understanding that vola�lity is likely to prevail up to March 2017.Post that we believe
deleveraging cycle may start playing out and capacity u�liza�on may increase leading to
improvement in earnings.
Rolling Return Analysis
YTD 1 Y 3 Y 5 Y0.0
5.0
10.0
15.0
20.0
25.0
30.0
4.7
24.1
17.1 16.2
3.0
13.4
10.4 10.9
Re
turn
Fund Sta�s�cs
Incep�on Date
Fund Size (mn)
Expense Ra�o
Manager Name
Manager Tenure (Yrs)
09/07/1998
� 15,304
2.43
Mul�ple
4.92
ICICI Pru Top 100 Gr IISL Ni�y 50 PR INR
Investment Growth in 5 years
2012 2013 2014 2015 2016
100
125
150
175
200
225
250
Source: Morningstar Direct
ICICI Pru Top 100 Gr
Calendar Year Analysis
YTD 2016 2015 2014 2013 201210.0
5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
10.3 10.3
0.6
38.3
11.4
32.8
3.0 3.0
4.1
31.4
6.8
27.7
Re
turn
Risk Matrix
Vola�lity Alpha R2 Beta IR Sharpe
ICICI Pru Top 100 Gr
IISL Ni�y 50 PR INR
17.43
18.91
5.308 92.03 0.90 1.25 0.77
0.440.641 98.03 1.29 0.13
Style Box
0.4 26.3 53.8
10.5 4.2 0.0
1.4 3.0 0.4
Larg
eM
idS
ma
ll
Value Blend Growth
Market Cap %
Market Cap Giant 56.3
Market Cap Large 24.2
Market Cap Mid 14.7
Market Cap Small 4.8
Market Cap Micro 0.0
Performance Analysis
YTD 1 Y 3 Y 5 Y 10 Y
ICICI Pru Top 100 Gr
IISL Ni�y 50 PR INR
4.71
3.05
24.14
13.45
17.08
10.44
16.16
10.94
10.96
7.51
Top 10 Holdings
StocksPor�olio
Weigh�ng %
Power Grid Corp Of India Ltd
Bhar� Airtel Ltd
HDFC Bank Ltd
Tata Chemicals Ltd
Coal India Ltd
Tech Mahindra Ltd
ICICI Bank Ltd
Infosys Ltd
Great Eastern Shipping Co Ltd
Cipla Ltd
8.23
7.92
5.62
5.26
4.30
4.13
4.00
3.96
3.82
3.82
Por�olio Date: 31/12/2016Return Date: 20012017
Sector Exposure
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
Basic Materials %
Consumer Cyclical %
Financial Services %
Real Estate %
Consumer Defensive %
Healthcare %
U�li�es %
Communica�on Services %
Energy %
Industrials %
Technology %
ICICI Pru Top 100 Gr IISL Ni�y 50 PR INR
Source: Morningstar Direct
Kotak 50 Reg Gr
Por�olio Date: 31/12/2016Return as on 20/01/2017
Investment Strategy
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A large cap fund with no sector bias.
Takes tac�cal call on Mid Caps to generate alpha.
Fund invests into sector leaders with a special emphasis of inves�ng in companies
that will likely see improvements in return ra�os.
As the fund name suggests, fund will keep por�olio holding at 50 stocks, with
flexibility of increasing the number to 59.
Por�olio Posi�oning
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Financial Services, Consumer Cyclical, Technology, Basic Material and Consumer
Defensive are the top 5 sectoral bets with Healthcare being replaced by Consumer
Defensive.
Financial Services remains the main contributor, with it contribu�ng 2728% of the
total net Asset
Fund has not done much churning with it exi�ng from Jubliant Foodworks, Siemens
and Grasim Industries. The Fund has added couple of Stocks in the quarter including
Laurus Lab and M&M Financial Services.
AMC/Fund Manager Speak
“By and large, the consump�on basket should do reasonably well. While these events are
hard to predict in terms of what the government end up doing, I guess there is a reasonable
chance that both on the rural side as well as on the middle class consump�ons side, there
could be some kind of leeway given by the government in terms of tax rates etc and that
could be some kind of a posi�ve sen�ment for these categories. “
Harish Krishnan, Sr VP & Fund Manager Equity, Kotak MF
Rolling Return Analysis
YTD 1 Y 3 Y 5 Y0.0
5.0
10.0
15.0
20.0
14.2
16.7
3.8
14.9
3.0
13.4
10.4 10.9
Re
turn
Fund Sta�s�cs
Incep�on Date
Fund Size (mn)
Expense Ra�o
Manager Name
Manager Tenure (Yrs)
29/12/1998
� 11,518
2.31
Harish Krishnan
3.00
Kotak 50 Reg Gr IISL Ni�y 50 PR INR
Investment Growth in 5 years
2012 2013 2014 2015 2016
100
120
140
160
180
200
220
Source: Morningstar Direct
Kotak 50 Reg Gr
Calendar Year Analysis
YTD 2016 2015 2014 2013 201210.0
5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
23.4
4.3
42.5
3.82.9 2.93.0 3.0
4.1
31.4
6.8
27.7
Re
turn
Risk Matrix
Vola�lity Alpha R2 Beta IR Sharpe
Kotak 50 Reg Gr
IISL Ni�y 50 PR INR 18.91 0.440.641 98.03 1.29 0.13
0.580.750.9595.992.28718.24
Style Box
6.0 23.7 55.0
0.0 6.2 6.1
0.0 2.0 1.1
Larg
eM
idS
ma
ll
Value Blend Growth
Market Cap %
Market Cap Giant 59.0
Market Cap Large 25.7
Market Cap Mid 12.3
Market Cap Small 3.0
Market Cap Micro 0.0
Performance Analysis
YTD 1 Y 3 Y 5 Y 10 Y
Kotak 50 Reg Gr
IISL Ni�y 50 PR INR 3.05 13.45 10.44 10.94 7.51
9.9614.1616.6914.903.84
Top 10 Holdings
StocksPor�olio
Weigh�ng %
HDFC Bank Ltd
Infosys Ltd
ITC Ltd
ICICI Bank Ltd
IndusInd Bank Ltd
Maru� Suzuki India Ltd
Reliance Industries Ltd
Hero MotoCorp Ltd
Axis Bank Ltd
Sun Pharmaceu�cals Industries Ltd
8.12
6.78
5.49
4.64
4.18
3.93
3.59
3.57
3.28
3.06
Por�olio Date: 31/12/2016Return Date: 20012017
Sector Exposure
0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0
Basic Materials %
Consumer Cyclical %
Financial Services %
Real Estate %
Consumer Defensive %
Healthcare %
U�li�es %
Communica�on Services %
Energy %
Industrials %
Technology %
Kotak 50 Reg Gr IISL Ni�y 50 PR INR
Source: Morningstar Direct
Reliance Top 200 Gr
Por�olio Date: 31/12/2016Return as on 20/01/2017
Investment Strategy
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Investment in companies whose market capitaliza�on is within the range of highest & lowest
market capitaliza�on of S&P BSE 200 Index.
Endeavors to Generate Alpha while owning best of the index companies
Endeavors to invest in leaders or poten�al leaders with established business models &
sustainable free cash flows.
Endeavors to invest in growth companies at a reasonable valua�on & with high return on
equity.
Invests in emerging large cap companies which have an established business model with a
proven management track record and a poten�al to generate high cash flows.
Por�olio Posi�oning
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Financial Services, Consumer Cyclical, industrial, technology and Energy are the top 5
sectoral picks, with fund toggling between healthcare, consumer defensive and energy in the
quarter.
Fund has exited from United Breweries, BHEL, Motherson Sumi, Cipla and Tata Motors while
adding Sun Pharma, Indian Oil, Coal India and Eicher Motors to the por�olio.
AMC/Fund Manager Speak
Trump policies are expected to be protec�onist and may resume trade wars but would have limited
impact on India. Informa�on Technology and Pharmaceu�cal sectors may face some pressure. As
Trump aims to double the US GDP growth to 4%, it will be beneficial to India in the medium term to
long term. Indian Macros stand out among its peers in the recent past. Even in term of CAD, it has
come off the highs seen in 2012 and is in a comfortable posi�on now. India will con�nue to stand out
a�er the structural reforms which are in place currently. Post the demone�sa�on move, interest rates
looks set to fall further and remain structurally low. We are entering a lower interest rate regime
structurally and lower interest rates are beneficial for equi�es.
Rolling Return Analysis
YTD 1 Y 3 Y 5 Y0.0
5.0
10.0
15.0
20.0
25.0
4.2
15.5
19.417.2
4.1
16.4
13.612.6
Re
turn
Fund Sta�s�cs
Incep�on Date
Fund Size (mn)
Expense Ra�o
Manager Name
Manager Tenure (Yrs)
08/08/2007
� 23,377
2.49
9.42
Reliance Top 200 Gr S&P BSE 200 India INR
Investment Growth in 5 years
2012 2013 2014 2015 2016
100
150
200
250
300
Source: Morningstar Direct
Ashwani KumarSailesh Raj Bhan
Reliance Top 200 Gr
Calendar Year Analysis
YTD 2016 2015 2014 2013 20127.5
0.0
7.5
15.0
22.5
30.0
37.5
45.0
52.5
60.0
2.2 2.2 1.1
54.6
4.2
41.0
4.0 4.0
1.5
35.5
4.4
31.0
Re
turn
Risk Matrix
Vola�lity Alpha R2 Beta IR Sharpe
Reliance Top 200 Gr
S&P BSE 200 India INR
19.07
18.59
4.461 94.86 0.98 1.45 0.79
0.530.856 96.93 1.26 0.51
Style Box
4.7 27.3 58.4
0.1 3.5 6.0
0.0 0.0 0.0
Larg
eM
idS
ma
ll
Value Blend Growth
Market Cap %
Market Cap Giant 54.4
Market Cap Large 36.0
Market Cap Mid 9.6
Market Cap Small 0.0
Market Cap Micro 0.0
Performance Analysis
YTD 1 Y 3 Y 5 Y 10 Y
Reliance Top 200 Gr
S&P BSE 200 India INR
4.24
4.05
15.48
16.38
19.36
13.55
17.24
12.58
10.23
7.94
Top 10 Holdings
StocksPor�olio
Weigh�ng %
State Bank of India
ITC Ltd
Infosys Ltd
ICICI Bank Ltd
Reliance Industries Ltd
HCL Technologies Ltd
HDFC Bank Ltd
Larsen & Toubro Ltd
Mahindra & Mahindra Ltd
GAIL (India) Ltd
8.56
5.69
5.19
4.91
4.63
4.25
4.14
3.75
3.70
3.66
Por�olio Date: 31/12/2016Return Date: 20012017
Sector Exposure
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
Basic Materials %
Consumer Cyclical %
Financial Services %
Real Estate %
Consumer Defensive %
Healthcare %
U�li�es %
Communica�on Services %
Energy %
Industrials %
Technology %
Reliance Top 200 Gr S&P BSE 200 India INR
Source: Morningstar Direct
SBI Bluechip Reg Gr
Por�olio Date: 31/12/2016Return as on 20/01/2017
Investment Strategy
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Diversified basket of equity stocks of companies whose market cap is at least equal to or
more than the least market capitalized stock of BSE 100 index
Alloca�on to large caps through bo�omup stock selec�on
Opportunis�c alloca�on to high convic�on midcaps
Max cash alloca�on endeavored to be capped at 10%
Por�olio Posi�oning
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Financial Services, Healthcare, Basic Material, Consumer Cyclical and Industrial are the
top picks with Basic Material replacing Technology as Top 5 contributor from the previous
quarter.
Together they contribute ~78%of the net asset.
Fund has not done much churning in the fund, exi�ng from ONGC and adding Hero
MotoCorp and Power Finance Corp to the por�olio.
Fund Manager Speak
“I don’t see any posi�ve shortterm triggers unless the growth rebound happens faster than
expected. But I don’t see that happening. Today, on one side, there’s uncertainty about the
growth, and on the other, raw material costs are going up. So if demand growth doesn’t come
back, companies won’t be able to pass on the addi�onal cost and margins will be squeezed. I
think everything boils down to how fast earnings will recover. The blue chip is a topperforming
fund in the long term, while the midcap has also done reasonably well over the same period. Our
focus is on what we want to buy in the por�olio and what will create longterm wealth. ”
Sohini Andani (Fund Manager)
Rolling Return Analysis
YTD 1 Y 3 Y 5 Y0.0
5.0
10.0
15.0
20.0
25.0
3.7
15.7
20.219.3
3.8
15.5
11.7 11.7
Re
turn
Fund Sta�s�cs
Incep�on Date
Fund Size (mn)
Expense Ra�o
Manager Name
Manager Tenure (Yrs)
14/02/2006
� 101,043
2.39
Sohini Andani
6.33
SBI Bluechip Reg Gr S&P BSE 100 India INR
Investment Growth in 5 years
2012 2013 2014 2015 2016
100
150
200
250
300
Source: Morningstar Direct
SBI Bluechip Reg Gr
Calendar Year Analysis
YTD 2016 2015 2014 2013 201215.0
7.5
0.0
7.5
15.0
22.5
30.0
37.5
45.0
52.5
4.8 4.88.0
47.9
7.6
38.2
3.6 3.6
3.2
32.3
5.9
30.0
Re
turn
Risk Matrix
Vola�lity Alpha R2 Beta IR Sharpe
SBI Bluechip Reg Gr
S&P BSE 100 India INR
16.67
18.90
6.829 95.75 0.89 2.23 0.93
0.480.290.015 97.52 1.28
Style Box
7.6 14.4 63.8
1.0 7.6 4.9
0.0 0.0 0.7
Larg
eM
idS
ma
ll
Value Blend Growth
Market Cap %
Market Cap Giant 50.5
Market Cap Large 35.4
Market Cap Mid 13.5
Market Cap Small 0.7
Market Cap Micro 0.0
Performance Analysis
YTD 1 Y 3 Y 5 Y 10 Y
SBI Bluechip Reg Gr
S&P BSE 100 India INR
3.71
3.82
15.69
15.50
20.17
11.69
19.27
11.67
9.94
7.64
Top 10 Holdings
StocksPor�olio
Weigh�ng %
HDFC Bank Ltd
Sun Pharmaceu�cals Industries Ltd
Reliance Industries Ltd
Larsen & Toubro Ltd
Mahindra & Mahindra Ltd
UPL Ltd
HCL Technologies Ltd
Bharat Electronics Ltd
Infosys Ltd
Hindustan Petroleum Corp Ltd
6.48
3.29
3.17
3.16
3.03
3.01
3.01
2.98
2.97
2.57
Por�olio Date: 31/12/2016Return Date: 20012017
Sector Exposure
0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5
Basic Materials %
Consumer Cyclical %
Financial Services %
Real Estate %
Consumer Defensive %
Healthcare %
U�li�es %
Communica�on Services %
Energy %
Industrials %
Technology %
SBI Bluechip Reg Gr S&P BSE 100 India INR
Source: Morningstar Direct
VolatilityStandard deviation is a statistical measurement which, when applied to an investment fund, expresses its volatility, or risk. It shows how widely a range of returns varied from the fund's average return over a particular period. Low volatility reduces the risk of buying into an investment in the upper range of its deviation cycle, then seeing its value head towards the lower extreme.
Jensen's AlphaThis is a risk-adjusted measure used to gauge the extent to which a manager has added value to the returns that could have been expected from a benchmark portfolio, while taking into account the fund's sensitivity to that benchmark.This is a test of whether a fund has achieved a better performance than its Beta would suggest: a positive Jensen Alpha indicates an active management style with superior stock-picking ability; a negative figure is produced if returns are falling short of the adjusted benchmark return.
R-SquaredThe R-Squared measure is an indication of how closely correlated a fund is to an index or a benchmark. It can be treated as a percentage, showing what proportion of a fund's movements can be attributed to those of the benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all, and 1, rarely, showing a perfect match. Values upwards of 0.7 suggest that the fund's behavior is increasingly closely linked to its benchmark, whereas the relevance diminishes as R-Squared descends towards 0.5, and starts to disappear altogether below that.
BetaBeta is a statistical estimate of a fund's volatility by comparison to that of its benchmark, i.e. how sensitive the fund is to movements in the section of the market that comprises the benchmark. A fund with a Beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark, so that with a Beta of 1.5, say, the fund will be expected to rise or fall 1.5 points for every 1 point of benchmark movement.
Information RatioSo called because it assesses the degree to which a manager uses skill and knowledge to enhance returns, this is a versatile and useful risk-adjusted measure of actively-managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its Tracking Error (which is a measure of the volatility of those excess returns). In this way, we arrive at the value, per unit of extra risk assumed, that the manager's decisions have added to what the market would have delivered anyway.The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding. This is particularly useful when comparing a group of funds with similar management styles and asset allocation policies.
Sharpe RatioThis is a commonly-used measure which calculates the level of a fund's return over and above the return of a notional risk-free investment, such as cash or Government bonds. The difference in returns is then divided by the fund's standard deviation - its volatility, or risk measurement. The resulting ratio is an indication of the amount of excess return generated per unit of risk.The higher the Sharpe ratio the better: as the ratio increases, so does the risk-adjusted performance.
Source: Morningstar Direct
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Source: Morningstar Direct
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Source: Morningstar Direct