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AXIS LONG TERM EQUITY FUND
Investment Strategy
The fund’s mandate is to invest into a diversified portfolio of strong growth companies with sustainable business models. The fund manager uses a bottom-up approach to select stocks and the investments are not limited to companies constituting the benchmark that is S&P BSE 200. The fund also has the flexibility to invest across the entire market capitalization spectrum. During our period of study (November 2011-October 2014), the fund’s total stock holdings have been in the range of 35 to 44 respectively. As on October2014, the fund held 38 stocks, out of which 18 of them have been a part of the portfolio during the entire 3 years of analysis. During the last year (November 2013-October 2014), 3 stocks which were among the top holdings of this fund included names like HDFC Bank, Kotak Mahindra Bank and Larsen & Toubro. On the sectoral front, Banks and Finance have been among the top 5 picks for the entire period under study having an average allocation of 15% and 13% respectively.
Performance of the Fund vis-à-vis Benchmark (%)
Inception Date: December 29, 2009
Fund Manager: Jinesh Gopani
Asset size: INR 2,804 crore (AUM as on Oct 2014)
Exit Load: Nil
CANARA ROBECO EQUITY TAX SAVER
Investment Strategy
The investment strategy of the fund is focused towards identifying companies with strong competitive position in good business and having quality management. The stocks in the portfolio are selected on the basis of the fundamentals of the business, the industry structure, the quality of management, sensitivity to economic factors, the financial strength of the company and the key earnings drivers. The fund has been holding stocks in the range of 52 to 61 during our period of study (November 2011-October 2014).The fund’s stock holdings as on October 2014 stood at 52, out of which only 11 have found a place in the portfolio during the 36 months of analysis. Among these 11 stocks, HDFC Bank has been among the top 5 stock picks during the entire period of analysis with an average allocation of 6%. The fund manager has been biased towards the banking space as can be seen from the fact that the average allocation into this sector has been at 21% over a period of 3 years. It is also interesting to note here that banks and software have been among the top 5 sectoral picks in all the months under analysis with the average allocation into the latter standing at 12%.
Performance of the Fund vis-à-vis Benchmark (%)
Inception Date: March 31, 1993
Fund Manager: Krishna Sanghavi
Asset Size: INR 851 crore (AUM as on October 2014)
Exit Load: Nil
FRANKLIN INDIA TAXSHIELD
Investment Strategy
The style of investing followed by this fund is a combination of growth and value. The portfolio is made up of stocks spread across sectors and market capitalization and the fund manager follows a bottom-up approach in selecting stocks. During the last 3 years (November 2011-October 2014), the number of stocks in the portfolio has been in the range of 44 to 58. A detailed analysis of the portfolio shows that the fund as of October 2014 held approximately 54 stocks, out of which 21 have been in the portfolio during the entire period of analysis. An observation that can be made here is that Infosys and Bharti Airtel were the only 2 stocks which were among the top 5 picks during these 36 months of analysis having an average allocation of 6.78% and 6.76 % respectively. The fund has been taking a huge exposure into banks with the average allocation into the same remaining at 20% during our period of study. The fund has also been positive on 2 other sectors namely software and pharmaceuticals whose average allocation in the portfolio was to the tune of 10% and 11% respectively in our current analysis.
Performance of the Fund vis-à-vis Benchmark (%)
Inception Date: April 10, 1999
Fund Manager: Anand Radhakrishnan & Anil Prabhudas
Asset Size: INR 1,483 crore (AUM as on Oct 2014)
Exit Load: Nil
ICICI PRUDENTIAL TAX PLAN
Investment Strategy
The investment strategy of the fund will be an active value based approach to stock picking. The stocks will be selected on the basis of the fundamentals of the business, the industry structure, the quality of management, sensitivity to economic factors, the financial strength of the company and the key earnings drivers. The fund has been holding stocks in the range of 47 to 64 during the 36 months of analysis (November 2011-October 2014). As of October 2014, the fund’s total stock holdings were 49, out of which 9 have been held continuously during our period of study. Some of these 9 stocks included names like Reliance Industries, ICICI Bank, Infosys, Texmaco Rail & Engineering, etc. A perusal of the sectoral trends show that Banks, Software and Pharmaceuticals have been among the top 5 picks during the 36 months under study with an average allocation of 15%, 12% and 10% respectively.
Performance of the Fund vis-à-vis Benchmark (%)
Inception Date: August 19, 1999
Fund Manager: Chintan Haria
Asset Size: INR 2,376 crore (AUM as on Oct 2014)
Exit Load: Nil
RELIANCE TAX SAVER (ELSS) FUND
Investment Strategy
The fund’s focus will be towards actively managing the portfolio and in this process will take defensive/aggressive positions depending on the available opportunities. During the 3 years under analysis (November 2011 to October 2014), the fund held stocks in the range of 30 to 51. The fund as on October 2014 held 51 stocks out of which 15 have been a part of the portfolio during the entire period of study. Since September 2013, TVS Motor Company has been the top holding of this fund with an average allocation of 6%. As far as the sectoral trends are concerned, Industrial Capital Goods, Auto and Industrial Products have been among the top 5 sectoral picks during our period of analysis.
Performance of the Fund vis-à-vis Benchmark (%)
Inception Date: September 22, 2005
Fund Manager: Ashwani Kumar
Asset Size: INR 3,393 crore (AUM as on Oct 2014
Exit Load: Nil
iFAST Investment Advisory Division is part of iFAST Financial India Pvt Ltd
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