CRISIL Mutual Fund Ranking Booklet Dec2014

For the quarter ended December 31, 2014

CRISIL MutualFundRankingDecember 2014

CRISIL MutualFundRanking

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Last updated: August, 2014.

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1


Bond prices and yields move in opposite directions. A fall in interest rate benefits long-term debt oriented funds. Over the last one year, yields on the benchmark 10-year government security have fallen nearly 100 bps from 8.82% to 7.85%. But a chunk of that fall -- of 66 bps happened in the last 3 months. In the last one year, the average maturity of gilt-category holdings rose from 12.09 years to 16.96 years, with returns an impressive 16.40%, marginally lower than the benchmark CRISIL Gilt Index's 16.52%.

Across debt categories, funds with longer maturity fared better than peers. For instance, the CRISILAMFI Gilt Fund Performance Index and CRISILAMFI Income Fund Performance Index delivered 16.40% and 13.79%, respectively, compared with CRISILAMFI Short Term Debt Fund Performance Index's 10.82% and CRISILAMFI Ultra Short Fund Performance Index's 9.14%.

Birla Sun Life Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund, ICICI Prudential Mutual Fund and L&T Mutual Fund led the list of top rankers for the quarter with each having five funds under CRISIL Fund Rank 1, followed by Tata Mutual Fund with four. The quarterly ranking spans 17 categories across equity, debt and hybrid funds.

The latest CRISIL Mutual Fund Ranking covers close to 88% of the average assets under management of open-ended schemes at the end of December 2014. Unlike most other ranking models, which are based purely on returns or net asset

value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAV and portfolio-based attributes for evaluation. This provides a single-point analysis of mutual funds, taking into consideration key parameters such as risk-adjusted returns, asset concentration, liquidity, asset quality and size. The rankings also include categories that focus specifically on long-term consistency in performance. The ranks are assigned on a scale of 1 to 5, with CRISIL Fund Rank 1 indicating 'very good performance'. In any peer group, the top 10 percentile of funds are ranked as CRISIL Fund Rank 1 and the next 20 percentile as CRISIL Fund Rank 2. For further details on rankings and methodology, investors can log on to .www.crisil.com

Industry Highlights

The domestic mutual fund industry maintained the positive momentum in the last quarter of 2014. Average assets under management (AUM) rose to a record high and exceeded the Rs 11 trillion mark. Average AUM rose 4.39% or by Rs 465.41 bn to Rs 11.06 trillion (excluding fund of funds) in the quarter ended December 2014 as per the data released by the Association of Mutual Funds in India (AMFI). The industry's average assets increased 26.21% or by Rs 2.30 trillion in 2014 the fastest calendar year growth since the industry started declaring quarterly average assets in September 2010. Growth in the latest quarter was mainly driven by rise in equity funds' assets; the industry's total gain would have been higher but for the decline in AUM of liquid funds, FMPs and gold exchange traded funds (ETFs).

Equity funds, which were the toast of the industry the entire year, were the primary driver of industry assets in the latest quarter. The category's average AUM gained 15.74% or Rs 457.25 bn to a record high of Rs 3.36 trillion. For the year, the category gained 71.99% or Rs 1.41 trillion, the largest calendar year gain since the industry started declaring average assets (since September 2010). Growth was led by robust inflows and mark to market (MTM) gains. The category registered inflows of Rs 589.39 bn in 2014 compared with outflows of Rs 117.92 bn in 2013. The domestic equity market as represented by the CNX Nifty gained 31.39% in 2014 compared with 6.76% returns in 2013.

Gilt funds delivered the highest returns among debt-oriented categories in the quarter ended December 31, 2014, according to CRISIL Mutual Fund Ranking, gaining from the southern drift in interest rates.

The category, represented by CRISILAMFI Gilt Fund Performance Index, delivered absolute returns of 7.70% for the quarter compared with CRISIL Gilt Index's 6.73% (Table 1). CRISIL Fund Rank 1s from the gilt category have dynamically managed duration, taking advantage of falling yields on the one hand, and increasing cash exposure when interest rates rise on the other. This strategy has limited their downside in the last three years.

Gilt funds outperform as interest rates fall

CRISIL AMFI Gilt Fund Performance Index 7.70% 9.42% 13.98% 16.40% 9.12% 9.37%

CRISIL AMFI Income Fund Performance Index 6.22% 7.78% 11.45% 13.79% 8.66% 9.23%

CRISIL AMFI Short Term Debt Fund Performance Index 3.25% 5.19% 8.22% 10.82% 9.22% 9.46%

CRISIL AMFI Ultra Short Fund Performance Index 2.21% 4.31% 6.73% 9.14% 9.17% 9.19%

CRISIL AMFI Liquid Fund Performance Index 2.13% 4.30% 6.71% 9.01% 9.12% 9.14%

CRISIL GILT Index 6.73% 9.36% 13.65% 16.52% 8.73% 9.79%

CRISIL Composite Bond Fund Index 4.90% 7.36% 11.42% 14.31% 8.92% 9.06%

CRISIL Short Term Bond Fund Index 2.82% 5.16% 7.76% 10.47% 9.36% 9.27%

CRISIL Liquid Fund Index 2.13% 4.36% 6.68% 9.21% 9.12% 8.91%

3 months 6 months 5 years3 years1 year

Table 1 - Category and benchmark returns (%) for quarter ended December 2014

Absolute Absolute AnnualisedAnnualisedAbsolute

9 months

Absolute


2

term debt funds rose for the third consecutive quarter, up 11.48% or by Rs 99.08 bn to Rs 962.10 bn, while ultra short-term debt funds rose for the fourth consecutive quarter, up 7.48% or by Rs 79.70 bn to Rs 1.15 trillion. In 2014, short-term debt funds and ultra short-term debt funds witnessed 32% and 42% rise in assets respectively.

Liquid funds were the biggest drag on industry assets, with the category falling 5.24% or by Rs 149.94 bn to Rs 2.71 trillion. The category witnessed 17% rise in assets in 2014.

Assets of fixed maturity plans (FMPs) fell for the second consecutive quarter, down 4.29% or by Rs 70.85 bn to Rs 1.58 trillion. The category was adversely impacted by the change in taxation announced in the last year's Union Budget. Long-term capital gains tax on debt-oriented mutual funds was increased from 10% to 20% and the definition of 'long term' for debt mutual funds was changed to 36 months from 12 months effective from the date of the presentation of the budget (July 10, 2014).

HDFC Mutual Fund's average AUM retained its top position across fund houses in the December quarter with respect to total assets managed. The fund's average AUM was up by Rs 89.87 bn or 6.35% to Rs 1.50 trillion, the first AMC in the country

to cross that mark. ICICI Prudential Mutual Fund maintained the second position at Rs 1.37 trillion, up 7.13% or by Rs 91.00 bn (the top performer in absolute rise in assets). Reliance Mutual Fund was ranked third at Rs 1.26 trillion; its average assets rose Rs 40.01 bn or by 3.28%.

As per data from Securities and Exchange Board of India (SEBI), mutual funds bought equities worth Rs 147 bn during the three months ended December 2014 compared with Rs 162 bn of buying in the previous quarter. On the debt front, mutual funds net bought Rs 1.33 trillion in the quarter ended December compared with Rs 1.17 trillion in the previous quarter.

Major regulations and developments in the quarter

SEBI said a single consolidated view of all investments made by a person in mutual funds and other securities held in demat form would be provided from March 2015. It issued a notification

stating that smaller mutual fund players may be allowed to launch up to two new schemes in a year if the regulator is satisfied that the AMC is taking steps to meet the net worth requirement within specified timelines. The regulator has also allowed mutual fund distributors to use the stock exchange platform for non-demat transactions as well for sale or redemption of these financial products. It is working on a proposal to compensate fund houses on the basis of the performance of schemes over a period of time. AMFI said retail participation in mutual funds from beyond the top 15 cities in the country has increased remarkably in the past 18 months due to joint efforts made by the fund houses and SEBI.

The government received bids from seven asset management companies (AMCs) to manage the ETF it plans to float for disinvesting a part of its holdings under the Specified Undertakings of Unit Trust of India (SUUTI). Central Board of Direct Taxes notified Reliance Retirement Fund, set up by Reliance MF, as a pension fund for the purpose of Section 80C of the Income Tax Act. Birla Sun Life AMC completed the acquisition of ING MF schemes. Dewan Housing Finance Corporation Limited (DHFL) has acquired a 50% stake in Pramerica Asset Managers for an undisclosed amount. Principal Pnb Asset Management Company raised its net worth to Rs 0.77 bn.

Mutual fund category Oct-Dec 2014

Jul-Sep 2014

Equity* 3362.90 2905.65 457.25 15.74

Liquid/money market 2712.11 2862.05 -149.94 -5.24

Ultra short term 1145.27 1065.57 79.70 7.48

Short term debt 962.10 863.02 99.08 11.48

Long term debt 700.63 658.39 42.24 6.42

Gilt 69.84 56.84 12.99 22.86

Fixed maturity plans (FMPs) 1581.68 1652.52 -70.85 -4.29

Infrastructure debt fund 11.34 11.06 0.28 2.50

Other debt-oriented funds 414.76 394.89 19.87 5.03

Gold ETFs 71.78 76.98 -5.21 -6.76

Others 30.40 50.40 -20.00 -39.68

Total 11062.79 10597.38 465.41 4.39

Table 2 Category-wise average AUM (Rs bn)

Source - CRISIL Mutual Fund DatabaseSource Association of Mutual Funds in India (AMFI)

Chart 1 Mutual Fund Net Flows and AUM Trend

After remaining weak for most of 2014, average assets of long duration debt funds viz., long term debt funds and gilt funds showed gains in the final quarter. Long-term debt funds' average AUM gained 6.42% or Rs 42.24 bn to Rs 700.63 bn while gilt funds' assets rose 22.86% or by Rs 12.99 bn (first rise in the past six quarters) to Rs 69.84 bn as the categories attracted inflows amidst growing expectation of easing interest rates by the Reserve Bank of India (RBI) in 2015. While the central bank kept interest rates unchanged in the last quarter of 2014, in a surprise move on January 15, 2015, it cut its key repo rate by 25 bps to 7.75%. Consequently, the reverse repo rate under the LAF was adjusted to 6.75%, and the marginal standing facility (MSF) rate and the bank rate were adjusted to 8.75%. For the calendar year, long-term debt and gilt funds' assets declined 35% and 9% respectively.

Short-term debt funds and ultra short-term debt funds continued to sustain gains in the last quarter of 2014. Short-

Absolute Change (bn)

% Change

-1.3

-0.8

-0.3

0.2

0.7

1.2

1.7

5.5

6.5

7.5

8.5

9.5

10.5

11.5

Net flows (Rs trillion) Industry AUM (Rs trillion)

Dec-

13

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-

14

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Net

flo

ws R

s t

rillio

n

AU

M R

s t

rillio

n

* Includes equity-oriented funds, balanced funds and ETFs

Source- SEBI, NSE

and Japan, and Russia's deteriorating economic conditions amid fears of a global oil supply rut. The Centre's inability to pass key bills pertaining to insurance and mining during the winter session of the Parliament also affected market sentiments. The government, however, passed some of these bills afterwards through an ordinance.

NSE sectoral indices posted mixed performance in the quarter. CNX Bank Index (up 21.73%) was the topmost gainer, driven by upbeat earnings announcements from some banks, hopes of an interest rate cut by the RBI and news that the government is planning to divest its stake in some public lenders. CNX Auto index gained nearly 5% primarily buoyed by optimism of strong sales on the occasions of Dhanteras and Diwali, and hopes that fuel price cuts will boost demand for vehicles. CNX Metal index was the biggest loser down 7.13%, weighed down by disappointing Chinese manufacturing data. CNX Energy lost nearly 7% as sentiment for the sector was dented by the fall in global crude oil prices.

Chart 2 Mutual Fund Daily Investments & Nifty Movement

Equity market overview

Indian equities represented by the CNX Nifty ended the quarter in positive territory, advancing 4% on the back of a host of domestic and overseas developments. Support for the market came in the form of various reforms introduced by the government including deregulation of diesel prices, ordinance to resolve coal sector issues arising from the Supreme Court's decision to scrap 214 coal blocks, austerity measures to trim fiscal deficit, easing of FDI norms in construction and real estate, and a massive financial inclusion scheme - Pradhan Mantri Jan Dhan Yojna (PMJDY). Dovish stance by the US Federal Reserve (Fed) and hints by the RBI of cutting interest rates early in 2015 also augured well for the market. Steady inflows of Rs 143 bn by FIIs during the quarter (except December) compared with Rs 235 bn in the September quarter also brought in gains.

Further gains were, however, restrained following some downbeat developments such as the rupee's weakness against the US dollar, concerns about the Eurozone, China

% change

(1 year)

% change

(3 months)

Table 3 Movement of Key Equity Market Indices

Absolute

Change

30-Sep-14

Source-National Stock Exchange ( NSE)Sectoral Indices sorted on 3-month returns

31-Dec-14Index

3

MA

RK

ET

OV

ER

VIE

W

-20

-10

0

10

20

30

40

50

7700

7900

8100

8300

8500

8700

FII

/ M

F D

aily

Net

Equity

Inve

stm

ents

Rs.

bill

ion

CN

X N

ifty

FII Daily Net Equity Investments MF Daily Net Equity Investments Nifty

12

-De

c-1

4

8-D

ec-

14

10

-De

c-1

4

4-D

ec-

14

2-D

ec-

14

28

-No

v-1

4

26

-No

v-1

4

20

-No

v-1

42

4-N

ov-

14

18

-No

v-1

4

14

-No

v-1

4

12

-No

v-1

4

10

-No

v-1

45

-No

v-1

4

29

-Oct

-14

27

-Oct

-14

22

-Oct

-14

31

-Oct

-14

20

-Oct

-14

13

-Oct

-14

16

-Oct

-14

9-O

ct-1

4

7-O

ct-1

43

0-S

ep

-14

29

-De

c-1

4

22

-De

c-1

4

24

-De

c-1

4

18

-De

c-1

4

16

-De

c-1

4

31

-De

c-1

4


CNX Nifty 8282.70 7964.80 317.90 3.99 31.39

CNX 100 8290.45 7905.70 384.75 4.87 33.17

CNX Bank 18736.65 15392.25 3344.40 21.73 64.57

CNX Midcap 12583.85 11418.30 1165.55 10.21 55.91

CNX Smallcap 5272.90 4943.35 329.55 6.67 54.95

CNX Auto 8281.20 7899.35 381.85 4.83 56.69

CNX FMCG 20126.20 19876.05 250.15 1.26 18.22

CNX Pharma 10949.80 10847.15 102.65 0.95 43.42

CNX Infrastructure 3039.85 3020.90 18.95 0.63 22.71

CNX Realty 203.10 202.80 0.30 0.15 10.02

CNX IT Sector 11216.30 11302.70 -86.40 -0.76 17.84

CNX Commodities 2688.65 2807.75 -119.10 -4.24 16.67

CNX Energy 8640.90 9275.15 -634.25 -6.84 8.54

CNX Metal 2661.05 2865.50 -204.45 -7.13 7.02

31-O

ct-1

4

30-N

ov-

14

31-D

ec-

14

31-O

ct-1

4

30-N

ov-

14

31-D

ec-

14

31-J

ul-14

31-A

ug-1

4

30-S

ep-1

4

31-J

an-1

4

28-F

eb-1

4

31-M

ar-

14

31-D

ec-1

3

30-A

pr-

14

31-M

ay-

14

30-J

un-1

4


operations (OMO) bond sales announced by the central bank triggered fears of additional supply in the market and halted the rally in prices. Sentiment was further dented by intermittent profit sales. News that the government may fall short of its direct tax collection target for the current financial year also weighed on gilts.

Among major developments, the Ministry of Finance said the government has no plan, as of now, to raise the open category investment cap for FIIs in government bonds even though the existing limit has been nearly exhausted. The RBI is working towards allowing settlement of government bonds in international systems like the Euroclear. The central bank said banks can shift their excess bond holdings to trading portfolios from the held-to-maturity (HTM) basket thrice a year from 2015 to deepen the government securities market. The RBI has reduced the quantum of securities that can be classified as held-to-maturity for standalone primary dealers to 100% of their audited net owned funds as at the end of the preceding financial year from 200% before.

of the US Fed's December policy statement prompted additional gilt purchases.

Further gains were, however, restricted by the rupee's fall against the US dollar, trimming of positions ahead of key economic data from the US, and the government's move to hike excise duty on petrol and diesel. Periodic open market

Chart 4 10-Year Benchmark Gilt Yield

Source - CRISIL Fixed Income Database

Debt market overview

Indian inter-bank call money rates hovered broadly in the range of 7.00-9.00% in the quarter ended December. The rates came under pressure due to banks' demand for funds to make indirect tax payments, borrowings to meet quarter-end reserve requirements and payments for gilts purchased during auctions. Demand for funds was also strong due to advance tax payments. Outflows towards payment for gilt and state

development bonds purchased in the auction put liquidity under stress, thereby pushing up the rates. Further rise in the call rates was, however, restricted due to inflows from government spending and the RBI's regular cash injections through term repo auctions.

Indian government bond prices (gilts) rose sharply in the quarter ended December, with the yield of the benchmark 8.40% 2024 paper ending at 7.86% on December 31 as against 8.51% on September 30. Gilts were boosted due to a sharp fall in global crude oil prices to multi-year lows and moderation in domestic inflation data, which led to expectations of interest rate cut by the central bank. Sentiments strengthened further after the RBI, in its latest review, said that a change in the monetary policy stance is likely in early 2015, including outside the policy review cycle if the trend of declining inflation continues and if fiscal developments are encouraging. Prices gained further following deregulation of diesel prices and easing of FDI norms in the construction sector. Among global cues, the dovish tone

4

Source - NSE

Chart 3 Movement of Overnight MIBOR

31-J

ul-14

31-A

ug-1

4

30-S

ep-1

4

31-J

an-1

4

28-F

eb-1

4

31-M

ar-

14

31-D

ec-1

3

30-A

pr-

14

31-M

ay-

14

30-J

un-1

46.00%

6.80%

7.60%

8.40%

9.20%

10.00%

10.80%

8.10%

8.40%

9.30%

9.00%

8.70%

7.80%

7.50%

5

Equity Funds1. Large Cap-oriented Equity Funds2. Diversified Equity Funds 3. Small and Mid-cap Equity Funds 4. Thematic - Infrastructure Funds5. Consistent Performers - Equity Funds 6. Equity Linked Savings Scheme (ELSS)7. Index Funds

Hybrid Funds8. Balanced Funds9. Consistent Performers - Balanced Funds10. Monthly Income Plan - Aggressive

Debt Funds11. Long Term Gilt Funds12. Long Term Income Funds13. Consistent Performers - Debt Funds14. Credit Opportunities Funds 15. Short Term Income Funds16. Ultra Short-term Debt Funds17. Liquid Funds

Performance period for rankings: three years for equity funds (other than index funds), long term income funds, gilt funds and hybrid

funds; one year for index, liquid, ultra short-term debt, credit opportunities funds and short term income funds; five years ranking

history in CRISIL Mutual Fund Ranking for consistent performers.

Rankings category Interpretation

CRISIL Fund Rank 1 Very good performance*

CRISIL Fund Rank 2 Good performance

CRISIL Fund Rank 3 Average performance

CRISIL Fund Rank 4 Below average performance

CRISIL Fund Rank 5 Relatively weak performance

*If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for

CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to

90th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.

CRISIL Mutual Fund Ranking category definitions

CRISIL Mutual Fund categories


Large Cap oriented Equity funds (Cluster ranks are arranged alphabetically)


6

CRISIL Change CRISIL

Fund Rank vs Fund Rank Mean Industry Company

Large Cap-oriented Equity funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Liquidity

Weightages 50(%) 25(%) 10(%) 5(%) 10(%)

Birla Sun Life Top 100 Fund 1 1 1 (1) 3 (3) 3 (2) 1 (1) 3 (3)

Franklin India Opportunities Fund 1 2 1 (2) 4 (4) 3 (4) 4 (4) 3 (3)

SBI Blue Chip Fund 1 1 2 (1) 1 (1) 2 (2) 2 (2) 4 (3)

Tata Equity Opportunities Fund 1 2 1 (2) 2 (2) 1 (2) 1 (2) 3 (3)

Baroda Pioneer Growth Fund 2 3 2 (3) 4 (4) 2 (1) 2 (1) 3 (3)

Birla Sun Life Frontline Equity Fund 2 2 2 (2) 3 (3) 3 (3) 1 (1) 4 (4)

Canara Robeco Large Cap+ Fund 2 2 4 (4) 3 (3) 4 (3) 3 (3) 1 (1)

ICICI Prudential Target Returns Fund 2 NA 3 3 5 5 1

L&T India Large Cap Fund 2 3 2 (3) 3 (3) 3 (3) 2 (2) 2 (2)

UTI Equity Fund 2 1 2 (2) 1 (1) 2 (2) 2 (2) 4 (4)

UTI Top 100 Fund 2 3 3 (3) 1 (1) 1 (2) 3 (3) 3 (3)

BOI AXA Equity Fund 3 2 3 (3) 3 (3) 2 (1) 1 (1) 3 (2)

HDFC Top 200 Fund 3 4 2 (2) 5 (5) 4 (4) 3 (3) 5 (5)

ICICI Prudential Focused Bluechip Equity Fund 3 3 3 (3) 2 (2) 4 (5) 3 (3) 5 (4)

ICICI Prudential Top 100 Fund 3 3 2 (2) 2 (3) 3 (5) 4 (4) 4 (3)

IDFC Imperial Equity Fund 3 4 5 (5) 3 (3) 4 (3) 5 (5) 1 (1)

JM Multi Strategy Fund 3 3 1 (1) 5 (5) 5 (5) 5 (4) 3 (3)

JPMorgan India Equity Fund 3 3 3 (3) 3 (3) 3 (4) 3 (3) 2 (2)

LIC Nomura MF Equity Fund 3 4 3 (3) 3 (4) 3 (4) 3 (4) 3 (3)

Principal Large Cap Fund 3 3 3 (3) 4 (3) 3 (3) 3 (3) 2 (2)

SBI Magnum Equity Fund 3 4 3 (3) 3 (3) 5 (5) 5 (5) 3 (4)

Tata Pure Equity Fund 3 3 4 (3) 2 (2) 3 (3) 2 (3) 3 (3)

UTI India Lifestyle Fund 3 3 4 (4) 2 (2) 1 (2) 2 (3) 3 (3)

UTI Mastershare Unit Scheme 3 3 3 (3) 2 (2) 1 (1) 3 (3) 4 (4)

UTI Opportunities Fund 3 2 3 (3) 1 (2) 3 (3) 3 (3) 5 (5)

Franklin India Bluechip Fund 4 5 4 (4) 2 (3) 2 (3) 3 (3) 4 (4)

HDFC Index Fund - Sensex Plus Plan 4 3 4 (3) 3 (3) 3 (3) 4 (4) 2 (2)

IDFC Equity Fund 4 3 5 (4) 3 (4) 4 (4) 4 (5) 1 (1)

Kotak 50 4 4 3 (4) 4 (4) 3 (4) 4 (4) 3 (3)

Reliance Focused Large Cap Fund 4 4 3 (3) 5 (5) 2 (3) 4 (5) 3 (3)

UTI Dividend Yield Fund 4 5 4 (5) 3 (2) 3 (3) 2 (2) 5 (5)

UTI Leadership Equity Fund 4 3 3 (3) 3 (3) 2 (3) 3 (3) 3 (3)

DSP BlackRock Top 100 Equity Fund 5 5 3 (4) 5 (5) 5 (4) 4 (4) 4 (4)

HSBC Equity Fund 5 5 4 (5) 4 (4) 4 (3) 3 (3) 2 (2)

Sundaram Growth Fund 5 4 5 (5) 4 (4) 4 (3) 3 (2) 2 (1)

Sundaram Select Focus 5 4 5 (4) 4 (4) 3 (4) 3 (4) 2 (2)

Figures in bracket indicate the previous quarter rank



Diversified Equity funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Liquidity l

Weightages 50.0% 25.0% 10.0% 5.0% 10.0%

Franklin India High Growth Companies Fund 1 1 1 (1) 2 (2) 2 (3) 3 (3) 4 (4)

ICICI Prudential Exports and Other Services Fund 1 1 1 (1) 1 (1) 5 (5) 4 (4) 3 (3)

L&T India Value Fund 1 NA 1 4 1 1 3

PineBridge India Equity Fund # 1 2 2 (2) 1 (1) 2 (2) 5 (5) 3 (3)

Tata Ethical Fund 1 1 3 (3) 1 (1) 2 (3) 2 (3) 3 (2)

UTI MNC Fund 1 1 1 (1) 1 (1) 3 (4) 4 (4) 4 (4)

Birla Sun Life India GenNext Fund 2 3 3 (3) 2 (2) 4 (4) 3 (3) 3 (2)

Birla Sun Life Long Term Advantage Fund 2 2 2 (2) 3 (3) 3 (2) 1 (1) 2 (1)

Birla Sun Life Special Situations Fund 2 3 2 (2) 4 (4) 4 (3) 4 (4) 2 (2)

Franklin India Prima Plus 2 2 2 (3) 1 (2) 2 (3) 2 (2) 4 (4)

HSBC India Opportunities Fund 2 2 3 (2) 3 (3) 3 (2) 3 (3) 2 (2)

Kotak Select Focus Fund 2 2 2 (2) 3 (3) 4 (4) 3 (2) 3 (3)

Mirae Asset India Opportunities Fund 2 2 2 (2) 3 (3) 3 (3) 2 (3) 3 (3)

Principal Growth Fund 2 1 2 (2) 4 (4) 2 (1) 1 (1) 2 (1)

Reliance Equity Opportunities Fund 2 3 1 (2) 3 (3) 2 (2) 2 (3) 5 (5)

SBI Magnum MultiCap Fund 2 3 2 (3) 3 (3) 2 (2) 2 (2) 3 (3)

Sundaram Equity Multiplier Fund 2 NA 3 3 1 1 2

Tata Equity PE Fund 2 2 1 (1) 4 (3) 2 (2) 2 (3) 3 (3)

Birla Sun Life Advantage Fund 3 3 2 (2) 4 (4) 4 (3) 3 (2) 3 (3)

Birla Sun Life Dividend Yield Plus 3 4 3 (4) 3 (3) 4 (4) 3 (3) 4 (4)

Birla Sun Life Equity Fund 3 2 2 (1) 3 (3) 3 (1) 2 (2) 3 (3)

BNP Paribas Equity Fund 3 NA 3 2 3 3 3

DSP BlackRock Opportunities Fund 3 3 3 (3) 3 (3) 4 (3) 1 (1) 3 (2)

DWS Investment Opportunity Fund 3 3 4 (4) 3 (3) 3 (3) 2 (2) 1 (1)

Franklin India Flexi Cap Fund 3 3 2 (3) 3 (3) 3 (3) 4 (4) 4 (3)

HDFC Capital Builder Fund 3 3 3 (3) 2 (2) 3 (3) 3 (3) 3 (3)

HDFC Small and Mid Cap Fund 3 3 3 (3) 3 (3) 1 (1) 1 (1) 4 (3)

ICICI Prudential Dynamic Plan 3 3 4 (3) 1 (1) 1 (2) 3 (3) 4 (4)

ICICI Prudential Top 200 Fund 3 3 3 (3) 3 (3) 2 (3) 3 (3) 3 (3)

Kotak Classic Equity Fund 3 2 4 (4) 2 (2) 3 (3) 3 (2) 2 (1)

Kotak Opportunities 3 NA 3 3 4 3 2

L&T Equity Fund 3 NA 3 2 2 2 4

L&T India Special Situations Fund 3 3 3 (3) 3 (3) 3 (3) 2 (1) 3 (3)

Principal Dividend Yield Fund 3 3 4 (4) 4 (3) 4 (4) 3 (3) 1 (2)

Quantum Long-Term Equity Fund 3 2 4 (3) 2 (2) 1 (1) 3 (3) 2 (2)

Reliance Growth Fund 3 3 3 (3) 4 (4) 2 (2) 3 (3) 5 (5)

Reliance Regular Savings Fund - Equity 3 3 3 (3) 4 (4) 1 (2) 2 (2) 5 (5)

Reliance Top 200 Fund 3 3 2 (3) 3 (3) 3 (4) 4 (4) 3 (3)

SBI Magnum Multiplier Plus Scheme 1993 3 3 3 (3) 2 (3) 2 (1) 3 (3) 5 (4)

Sundaram Rural India Fund 3 NA 4 3 3 3 2

Union KBC Equity Fund 3 NA 4 3 3 3 1

Continued

Diversified Equity funds (Cluster ranks are arranged alphabetically)

7

EQ

UIT

Y F

UN

DS




Diversified Equity funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Liquidity l

Weightages 50.0% 25.0% 10.0% 5.0% 10.0%

Axis Equity Fund 4 NA 4 3 3 4 3

Canara Robeco Equity Diversified 4 NA 4 3 3 2 3

DSP BlackRock Equity Fund 4 4 3 (3) 4 (4) 3 (3) 3 (2) 4 (4)

DSP BlackRock Focus 25 Fund 4 4 3 (4) 3 (3) 3 (4) 5 (4) 3 (3)

HDFC Core and Satellite Fund 4 4 3 (3) 5 (5) 3 (3) 4 (4) 3 (3)

HDFC Equity Fund 4 3 3 (2) 5 (4) 4 (4) 4 (3) 5 (5)

HDFC Premier MultiCap Fund 4 4 3 (4) 5 (5) 3 (2) 4 (3) 3 (3)

IDFC Classic Equity Fund 4 4 5 (5) 2 (2) 3 (3) 3 (3) 1 (2)

Reliance Vision Fund 4 4 3 (3) 4 (4) 3 (3) 4 (4) 4 (4)

SBI Contra Fund 4 4 4 (4) 2 (2) 3 (3) 3 (3) 5 (5)

Tata Dividend Yield Fund 4 4 4 (4) 2 (2) 5 (4) 3 (3) 3 (3)

Taurus Starshare 4 3 4 (4) 4 (4) 4 (3) 3 (2) 1 (1)

HDFC Growth Fund 5 5 5 (4) 4 (4) 4 (4) 4 (4) 4 (4)

HDFC Large Cap Fund 5 5 5 (5) 2 (2) 4 (3) 5 (5) 2 (3)

Religare Invesco PSU Equity Fund 5 5 5 (5) 5 (5) 5 (5) 5 (5) 2 (2)

SBI PSU Fund 5 5 5 (5) 5 (5) 5 (5) 5 (5) 2 (3)

Sundaram Select Thematic Funds PSU Opportunities 5 5 5 (5) 5 (5) 5 (5) 4 (4) 1 (2)

Templeton India Growth Fund 5 4 3 (3) 3 (3) 5 (5) 5 (5) 4 (4)


# From January 31, 2015, the right to manage and administer all the Schemes of PBI MF will be transferred from PineBridge Investments Asset Management Company

(India) Private Limited (PBI AMC) to Kotak Mahindra Asset Management Company Limited (Kotak AMC)

Diversified Equity funds (Contd.) (Cluster ranks are arranged alphabetically)


8



Small and Mid-cap Equity funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Liquidity l

Weightages 50.0% 25.0% 10.0% 5.0% 10.0%

Canara Robeco Emerging Equities 1 1 2 (2) 4 (4) 2 (1) 2 (2) 1 (1)

L&T Midcap Fund 1 2 3 (3) 2 (2) 2 (2) 1 (1) 2 (2)

Principal Emerging Bluechip Fund 1 2 3 (3) 4 (4) 2 (2) 3 (3) 1 (2)

BNP Paribas Mid Cap Fund 2 2 4 (3) 3 (3) 3 (3) 3 (3) 1 (1)

DSP BlackRock Micro Cap Fund 2 2 1 (1) 4 (3) 1 (1) 3 (2) 4 (4)

Franklin India Smaller Companies Fund 2 1 2 (1) 2 (3) 3 (2) 2 (1) 3 (3)

JPMorgan India Mid and Small Cap Fund 2 3 2 (3) 3 (3) 4 (4) 2 (2) 2 (2)

Kotak Emerging Equity 2 3 3 (3) 2 (2) 3 (3) 2 (2) 3 (2)

Reliance Small Cap Fund 2 1 1 (1) 4 (4) 3 (3) 3 (4) 4 (4)

UTI Mid Cap Fund 2 1 2 (1) 3 (3) 1 (1) 1 (1) 3 (3)

Axis Midcap Fund 3 3 3 (3) 3 (3) 2 (2) 2 (2) 3 (3)

Birla Sun Life MNC Fund 3 4 3 (4) 1 (1) 5 (5) 5 (5) 4 (4)

Birla Sun Life Pure Value Fund 3 3 2 (2) 5 (5) 4 (4) 4 (3) 2 (3)

Birla Sun Life Small & Midcap Fund 3 4 4 (4) 3 (3) 4 (5) 3 (4) 2 (3)

Franklin India Prima Fund 3 3 3 (3) 2 (2) 3 (3) 2 (2) 3 (3)

HSBC Midcap Equity Fund 3 3 3 (3) 5 (5) 2 (2) 3 (3) 2 (2)

ICICI Prudential MidCap Fund 3 3 2 (2) 4 (4) 3 (4) 4 (5) 3 (3)

Mirae Asset Emerging Bluechip Fund 3 2 2 (2) 3 (3) 3 (3) 2 (2) 3 (3)

Religare Invesco Mid N Small Cap Fund 3 3 3 (3) 3 (2) 4 (4) 4 (4) 2 (2)

SBI Magnum Global Fund 3 3 4 (4) 1 (1) 4 (4) 4 (4) 4 (5)

SBI Magnum Midcap Fund 3 2 3 (2) 2 (2) 3 (3) 3 (3) 3 (3)

Sundaram S M I L E Fund 3 3 1 (2) 5 (5) 4 (3) 3 (3) 3 (3)

Tata Mid Cap Growth Fund 3 2 3 (3) 3 (3) 2 (3) 3 (3) 2 (2)

DSP BlackRock Small and Midcap Fund 4 5 4 (4) 4 (5) 3 (2) 4 (3) 3 (3)

HDFC Mid-Cap Opportunities Fund 4 3 3 (3) 2 (2) 4 (3) 1 (1) 5 (5)

ICICI Prudential Value Discovery Fund 4 3 3 (2) 3 (3) 2 (3) 3 (3) 4 (4)

IDFC Sterling Equity Fund 4 5 5 (5) 3 (2) 1 (1) 5 (5) 3 (4)

Kotak Midcap 4 4 4 (4) 3 (4) 3 (3) 3 (3) 3 (3)

Reliance Mid & Small Cap Fund 4 3 3 (3) 3 (4) 3 (2) 3 (3) 4 (4)

Sundaram Select Midcap 4 4 4 (3) 4 (4) 3 (3) 4 (4) 4 (4)

Birla Sun Life Midcap Fund 5 5 4 (4) 3 (3) 5 (4) 3 (3) 3 (3)

IDFC Premier Equity Fund 5 4 5 (4) 2 (1) 3 (4) 4 (4) 5 (5)

SBI Emerging Businesses Fund 5 5 5 (5) 1 (1) 5 (5) 5 (5) 5 (5)


Small and Mid-cap Equity funds (Cluster ranks are arranged alphabetically)

9


Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)


10



Thematic - Infrastructure funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Liquidity l

Weightages 50.0% 25.0% 10.0% 5.0% 10.0%

Franklin Build India Fund 1 1 1 (1) 1 (1) 1 (1) 1 (2) 2 (2)

L&T Infrastructure Fund 1 1 3 (2) 2 (2) 2 (2) 1 (1) 2 (1)

Birla Sun Life Infrastructure Fund 2 2 2 (2) 3 (3) 4 (4) 2 (1) 3 (3)

HSBC Progressive Themes Fund 2 3 1 (2) 5 (5) 2 (2) 4 (4) 2 (2)

PineBridge Infrastructure and Economic Reform Fund # 2 2 2 (1) 1 (1) 5 (5) 5 (5) 4 (4)

DSP BlackRock India T.I.G.E.R. Fund 3 3 3 (3) 4 (3) 4 (3) 2 (3) 3 (3)

HDFC Infrastructure Fund 3 3 2 (3) 5 (5) 1 (2) 3 (3) 5 (5)

ICICI Prudential Infrastructure Fund 3 3 3 (3) 3 (3) 2 (1) 3 (3) 4 (4)

JM Basic Fund 3 2 3 (3) 3 (4) 3 (3) 4 (4) 1 (1)

Tata Infrastructure Fund 3 4 4 (4) 2 (2) 4 (4) 3 (3) 3 (3)

IDFC Infrastructure Fund 4 5 5 (5) 3 (3) 3 (4) 5 (5) 1 (2)

Sundaram Infrastructure Advantage Fund 4 4 4 (4) 2 (2) 3 (3) 2 (2) 3 (3)

UTI Infrastructure Fund 4 3 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)

Reliance Diversified Power Sector Fund 5 5 4 (4) 4 (4) 5 (5) 3 (2) 5 (5)

SBI Infrastructure Fund 5 4 5 (5) 4 (4) 3 (3) 4 (4) 4 (4)


# From January 31, 2015, the right to manage and administer all the Schemes of PBI MF will be transferred from PineBridge Investments Asset Management Company

(India) Private Limited (PBI AMC) to Kotak Mahindra Asset Management Company Limited (Kotak AMC)


Fund Rank vs Fund Rank Mean CRISIL Rank

Consistent Performers - Equity funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Performance

Weightages 35.0% 15.0% 50.0%

Birla Sun Life India GenNext Fund 1 1 2 (2) 2 (2) 1 (1)

Birla Sun Life MNC Fund 1 1 1 (1) 1 (1) 1 (1)

Birla Sun Life Top 100 Fund 1 1 2 (2) 3 (3) 1 (1)

Franklin India High Growth Companies Fund 1 2 1 (2) 3 (3) 2 (2)

ICICI Prudential Exports and Other Services Fund 1 1 1 (1) 3 (2) 2 (2)

Reliance Equity Opportunities Fund 1 1 2 (2) 3 (3) 1 (1)

Tata Ethical Fund 1 1 3 (2) 1 (1) 1 (1)

UTI Equity Fund 1 1 3 (3) 2 (2) 1 (1)

UTI MNC Fund 1 1 1 (1) 1 (1) 1 (1)

Birla Sun Life Frontline Equity Fund 2 2 3 (3) 3 (3) 2 (2)

Birla Sun Life Infrastructure Fund 2 2 3 (4) 5 (5) 1 (1)

BNP Paribas Equity Fund 2 2 3 (3) 2 (2) 2 (2)

DSP BlackRock India T.I.G.E.R. Fund 2 3 4 (4) 5 (5) 2 (2)

Franklin India Prima Fund 2 2 1 (1) 1 (2) 3 (3)

Franklin India Prima Plus 2 2 2 (2) 1 (2) 2 (2)

ICICI Prudential Dynamic Plan 2 2 3 (2) 1 (1) 2 (2)

ICICI Prudential Value Discovery Fund 2 2 1 (1) 3 (2) 2 (2)

IDFC Premier Equity Fund 2 2 2 (2) 1 (1) 2 (2)

JPMorgan India Mid and Small Cap Fund 2 2 1 (1) 3 (3) 2 (3)

L&T Equity Fund 2 2 3 (3) 3 (3) 2 (2)

L&T India Large Cap Fund 2 2 3 (3) 3 (3) 2 (2)

L&T India Special Situations Fund 2 NA 2 2 2

SBI Blue Chip Fund 2 3 3 (3) 2 (3) 2 (3)

SBI Emerging Businesses Fund 2 2 2 (2) 2 (2) 2 (2)

SBI Magnum Global Fund 2 2 2 (1) 1 (1) 3 (3)

Tata Dividend Yield Fund 2 2 3 (3) 2 (1) 2 (2)

UTI Mid Cap Fund 2 2 1 (1) 3 (3) 3 (3)

UTI Opportunities Fund 2 1 3 (3) 2 (2) 1 (1)

Birla Sun Life Dividend Yield Plus 3 3 3 (3) 2 (1) 3 (3)

Birla Sun Life Equity Fund 3 3 3 (3) 3 (3) 3 (3)

Canara Robeco Equity Diversified 3 2 3 (3) 3 (2) 2 (2)

DSP BlackRock Equity Fund 3 3 3 (3) 4 (3) 3 (3)

DSP BlackRock Opportunities Fund 3 3 3 (3) 3 (3) 3 (3)

DSP BlackRock Small and Midcap Fund 3 3 2 (2) 4 (4) 3 (3)

Franklin India Bluechip Fund 3 3 4 (4) 3 (3) 3 (2)

Franklin India Flexi Cap Fund 3 3 2 (3) 3 (3) 3 (3)

Franklin India Opportunities Fund 3 4 3 (3) 3 (4) 3 (4)

HDFC Capital Builder Fund 3 3 2 (2) 2 (2) 3 (3)

HDFC Equity Fund 3 3 3 (2) 4 (4) 3 (2)

HDFC Growth Fund 3 3 4 (4) 3 (3) 3 (3)

HDFC Top 200 Fund 3 3 3 (3) 5 (5) 2 (2)

HSBC India Opportunities Fund 3 3 3 (3) 3 (3) 3 (3)

ICICI Prudential Infrastructure Fund 3 3 4 (5) 5 (5) 3 (3)

ICICI Prudential MidCap Fund 3 3 2 (2) 3 (3) 5 (5)

ICICI Prudential Top 100 Fund 3 2 3 (3) 3 (3) 2 (2)

ICICI Prudential Top 200 Fund 3 3 3 (3) 3 (3) 3 (3)

JPMorgan India Equity Fund 3 3 3 (3) 3 (3) 3 (3)

Kotak Midcap 3 3 2 (2) 3 (3) 3 (3)

Kotak Opportunities 3 3 3 (3) 3 (3) 3 (3)

Continued

Consistent Performers - Equity funds (Cluster ranks are arranged alphabetically)

11


Consistent Performers - Equity funds (Contd.) (Cluster ranks are arranged alphabetically)


Fund Rank vs Fund Rank Mean CRISIL Rank

Consistent Performers - Equity funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Performance

Weightages 35.0% 15.0% 50.0%

PineBridge India Equity Fund # 3 3 2 (3) 1 (1) 3 (3)

Principal Growth Fund 3 3 3 (3) 4 (4) 3 (3)

Principal Large Cap Fund 3 3 3 (3) 3 (3) 3 (3)

Reliance Mid & Small Cap Fund 3 3 2 (2) 3 (3) 4 (4)

Reliance Top 200 Fund 3 3 3 (3) 4 (4) 3 (3)

SBI Magnum Equity Fund 3 3 3 (3) 3 (3) 3 (3)

SBI Magnum Midcap Fund 3 3 1 (1) 2 (2) 3 (3)

SBI Magnum Multiplier Plus Scheme 1993 3 3 3 (3) 3 (3) 3 (3)

Sundaram Select Midcap 3 3 2 (2) 3 (3) 3 (3)

Tata Equity Opportunities Fund 3 3 3 (3) 2 (2) 3 (3)

Tata Equity PE Fund 3 3 2 (2) 3 (3) 3 (3)

Tata Pure Equity Fund 3 3 4 (4) 2 (3) 3 (3)

Taurus Starshare 3 3 4 (4) 4 (4) 3 (3)

UTI Dividend Yield Fund 3 3 4 (4) 2 (2) 3 (3)

UTI Mastershare Unit Scheme 3 3 3 (4) 2 (2) 3 (3)

UTI Top 100 Fund 3 NA 4 2 3

Baroda Pioneer Growth Fund 4 5 4 (4) 4 (4) 4 (5)

Birla Sun Life Advantage Fund 4 4 3 (3) 4 (4) 4 (4)

Birla Sun Life Midcap Fund 4 4 2 (3) 3 (2) 5 (5)

DSP BlackRock Top 100 Equity Fund 4 4 4 (4) 4 (4) 4 (3)

HDFC Core and Satellite Fund 4 4 4 (3) 4 (4) 4 (4)

HDFC Large Cap Fund 4 4 5 (4) 2 (2) 4 (4)

HDFC Premier MultiCap Fund 4 4 4 (3) 4 (4) 4 (3)

IDFC Classic Equity Fund 4 4 4 (5) 2 (3) 4 (4)

JM Basic Fund 4 4 5 (5) 5 (5) 3 (3)

Kotak 50 4 4 4 (4) 3 (3) 4 (4)

Reliance Growth Fund 4 3 3 (3) 4 (4) 3 (4)

Reliance Regular Savings Fund - Equity 4 3 3 (3) 4 (4) 4 (3)

Reliance Vision Fund 4 4 3 (4) 4 (4) 5 (5)

SBI Magnum MultiCap Fund 4 4 3 (3) 3 (3) 4 (4)

Sundaram Rural India Fund 4 4 3 (3) 3 (3) 4 (4)

Sundaram S M I L E Fund 4 4 2 (2) 5 (5) 5 (5)

Tata Infrastructure Fund 4 5 5 (5) 5 (5) 4 (4)

Templeton India Growth Fund 4 4 4 (3) 3 (3) 4 (4)

UTI Leadership Equity Fund 4 4 4 (4) 3 (3) 4 (4)

HSBC Equity Fund 5 5 4 (4) 4 (3) 5 (5)

IDFC Imperial Equity Fund 5 5 5 (5) 3 (3) 4 (4)

Reliance Diversified Power Sector Fund 5 5 5 (5) 5 (5) 5 (4)

Reliance Focused Large Cap Fund 5 4 4 (4) 4 (4) 5 (5)

SBI Contra Fund 5 5 4 (4) 2 (2) 5 (5)

Sundaram Growth Fund 5 4 5 (5) 4 (4) 4 (4)

Sundaram Infrastructure Advantage Fund 5 5 5 (5) 4 (4) 4 (4)

Sundaram Select Focus 5 5 5 (4) 4 (4) 5 (5)

UTI Infrastructure Fund 5 5 5 (5) 5 (5) 4 (4)


# From January 31, 2015, the right to manage and administer all the Schemes of PBI MF will be transferred from PineBridge Investments Asset Management Company (India) Private Limited (PBI AMC) to Kotak Mahindra Asset Management Company Limited (Kotak AMC)


12



Equity Linked Savings Scheme (ELSS) Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Liquidity l

Weightages 50.0% 30.0% 10.0% 5.0% 5.0%

Axis Long Term Equity Fund 1 1 1 (1) 2 (2) 4 (5) 4 (5) 4 (4)

Reliance Tax Saver Fund 1 1 1 (1) 5 (5) 3 (3) 3 (4) 5 (5)

Birla Sun Life Tax Relief 96 2 3 2 (3) 3 (3) 3 (3) 3 (3) 5 (5)

BNP Paribas Long Term Equity Fund 2 2 3 (3) 2 (2) 3 (2) 3 (3) 2 (2)

Franklin India Taxshield Fund 2 3 3 (3) 1 (1) 3 (3) 2 (3) 3 (3)

Religare Invesco Tax Plan 2 2 3 (2) 1 (1) 2 (2) 3 (3) 2 (2)

Birla Sun Life Tax Plan 3 3 2 (3) 2 (3) 3 (3) 3 (3) 3 (3)

DSP BlackRock Tax Saver Fund 3 3 3 (2) 3 (3) 3 (3) 1 (1) 3 (3)

HSBC Tax Saver Equity Fund 3 3 3 (3) 4 (4) 4 (4) 3 (3) 2 (2)

ICICI Prudential Tax Plan 3 2 2 (2) 3 (3) 5 (4) 4 (4) 3 (3)

IDFC Tax Advantage Fund 3 3 3 (3) 3 (3) 2 (2) 5 (3) 3 (3)

Kotak Tax Saver Scheme 3 5 3 (5) 3 (3) 3 (3) 3 (3) 3 (3)

Principal Tax Saving Fund 3 2 2 (2) 5 (5) 2 (2) 1 (1) 1 (1)

SBI Magnum Tax Gain Scheme 1993 3 3 3 (3) 3 (3) 3 (3) 3 (4) 4 (4)

Tata Tax Saving Fund 3 3 4 (3) 3 (2) 1 (1) 2 (2) 1 (2)

UTI Equity Tax Saving Plan 3 3 5 (5) 2 (2) 1 (1) 3 (3) 3 (3)

Canara Robeco Equity Tax Saver 4 4 4 (4) 3 (3) 3 (3) 3 (2) 3 (3)

HDFC Tax Saver Fund 4 4 3 (3) 4 (4) 4 (4) 4 (3) 4 (4)

L&T Tax Advantage Fund 4 4 4 (4) 3 (3) 3 (3) 2 (2) 3 (3)

Principal Personal Tax Saver 4 4 5 (4) 4 (4) 4 (4) 4 (4) 2 (1)

HDFC Long Term Advantage Fund 5 3 3 (3) 3 (3) 5 (5) 5 (5) 4 (4)

Sundaram Taxsaver 5 5 4 (4) 4 (4) 2 (3) 2 (2) 3 (3)


Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)

13



Fund Rank vs Fund Rank

Index funds Dec - 14 Sep - 14 Sep - 14

Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES) 1 2

Kotak Nifty ETF 2 1

R* Shares Nifty ETF 2 NA

HDFC Index Fund - Nifty Plan 3 3

HDFC Index Fund - Sensex Plan 3 3

IDBI Nifty Index Fund 3 2

Reliance Index Fund - Nifty Plan 3 3

SBI Nifty Index Fund 3 3

UTI Nifty Index Fund 3 3

Franklin India Index Fund - NSE Nifty Plan 4 4

ICICI Prudential Index Fund - Nifty Plan 4 4

Birla Sun Life Index Fund 5 5


Index funds (Cluster ranks are arranged alphabetically)


14

CRISIL Change CRISIL Superior Debt

Fund Rank vs Fund Rank Return Industry Company Asset Debt Equity

Balanced funds Dec - 14 Sep - 14 Sep - 14 Score Concentration Concentration Quality Liquidity Liquidity

Weightages 75.0% 10.0% 5.0% 5.0%*(100-K) 5.0%*(100-K) 10.0%*K

HDFC Balanced Fund 1 2 1 (2) 2 (2) 2 (2) 1 (1) 2 (2) 4 (4)

Tata Balanced Fund 1 2 1 (2) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3)

Birla Sun Life 95 Fund 2 3 2 (3) 5 (5) 1 (2) 3 (2) 4 (4) 3 (3)

ICICI Prudential Balanced Fund 2 1 2 (1) 5 (4) 2 (3) 1 (1) 4 (4) 3 (3)

SBI Magnum Balanced Fund 2 3 2 (3) 3 (3) 3 (4) 1 (1) 5 (3) 5 (4)

Canara Robeco Balance 3 3 3 (3) 3 (4) 2 (2) 1 (1) 1 (1) 2 (2)

DSP BlackRock Balanced Fund 3 4 3 (4) 3 (3) 4 (4) 1 (1) 2 (3) 4 (2)

Franklin India Balanced Fund 3 3 3 (3) 1 (3) 3 (3) 1 (2) 5 (5) 2 (2)

HDFC Prudence Fund 3 2 3 (2) 3 (3) 4 (3) 1 (1) 3 (4) 5 (5)

Reliance Regular Savings Fund - Balanced 3 3 3 (3) 4 (4) 5 (4) 1 (1) 1 (2) 4 (4)

ICICI Prudential Balanced Advantage Fund 4 4 4 (4) 1 (1) 5 (5) 1 (1) 3 (3) 3 (3)

JM Balanced Fund 4 NA 4 4 4 1 3 2

UTI Balanced Fund 4 4 4 (4) 2 (2) 3 (3) 1 (1) 3 (3) 3 (3)

Baroda Pioneer Balance Fund 5 NA 5 2 3 1 3 1

Kotak Balance 5 5 5 (5) 4 (2) 1 (1) 1 (2) 4 (3) 1 (1)


K = Equity Component in Hybrid Funds

Balanced funds (Cluster ranks are arranged alphabetically)

15

HY

BR

ID F

UN

DS

CRISIL Change CRISIL Superior CRISIL

Fund Rank vs Fund Rank Return Fund Rank

Consistent Performers - Balanced funds Dec - 14 Sep - 14 Sep - 14 Score Performance

Weightages 50.0% 50.0%

ICICI Prudential Balanced Fund 1 1 1 (1) 1 (1)

HDFC Balanced Fund 2 2 2 (2) 2 (2)

HDFC Prudence Fund 2 2 2 (2) 2 (2)

Tata Balanced Fund 2 2 2 (2) 2 (2)

Birla Sun Life 95 Fund 3 3 3 (3) 3 (3)

Canara Robeco Balance 3 3 3 (3) 3 (3)

ICICI Prudential Balanced Advantage Fund 3 3 3 (3) 3 (3)

Reliance Regular Savings Fund - Balanced 3 3 4 (3) 3 (3)

SBI Magnum Balanced Fund 3 3 3 (3) 3 (3)

DSP BlackRock Balanced Fund 4 4 4 (4) 4 (4)

Franklin India Balanced Fund 4 4 3 (4) 4 (4)

Kotak Balance 4 5 5 (5) 4 (4)

UTI Balanced Fund 5 4 4 (4) 5 (5)


Consistent Performers - Balanced funds (Cluster ranks are arranged alphabetically)



16

CRISIL Change CRISIL Superior Debt

Fund Rank vs Fund Rank Return Industry Company Asset Debt Equity Modified

Monthly Income Plan - Aggressive Dec - 14 Sep - 14 Sep - 14 Score Concentration Concentration Quality Liquidity Liquidity Duration

Weightages 60.0% 5.0% 5.0% 17.5% 7.5%*(100-K) 7.5%*K 5.0%

Birla Sun Life MIP II - Wealth 25 Plan 1 1 1 (1) 5 (4) 4 (4) 1 (1) 3 (4) 4 (4) 4 (5)

ICICI Prudential MIP 25 1 2 1 (2) 3 (4) 2 (1) 1 (1) 4 (3) 4 (4) 3 (3)

HDFC Monthly Income Plan - LTP 2 2 2 (2) 3 (3) 3 (3) 1 (1) 3 (3) 5 (5) 5 (4)

Reliance Monthly Income Plan 2 3 2 (2) 4 (3) 2 (2) 1 (1) 4 (4) 5 (5) 3 (4)

UTI MIS Advantage Plan 2 1 2 (1) 3 (3) 3 (2) 1 (1) 4 (4) 3 (3) 3 (3)

Canara Robeco Monthly Income Plan 3 2 3 (3) 3 (3) 4 (3) 1 (1) 2 (2) 2 (2) 2 (3)

Franklin India Monthly Income Plan 3 3 3 (3) 2 (2) 3 (2) 2 (2) 5 (5) 3 (3) 4 (5)

HSBC MIP - Savings 3 3 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 5 (4)

IDFC Monthly Income Plan 3 3 3 (3) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3) 4 (3)

Kotak Monthly Income Plan 3 3 3 (3) 2 (1) 5 (3) 1 (1) 3 (3) 2 (2) 2 (2)

Tata MIP Plus Fund 3 3 3 (4) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3)

BNP Paribas Monthly Income Plan 4 NA 4 2 1 1 3 2 3

DSP BlackRock MIP Fund 4 4 4 (3) 4 (4) 3 (4) 1 (1) 2 (2) 3 (3) 3 (3)

HDFC Monthly Income Plan - STP 4 4 4 (4) 1 (2) 2 (3) 2 (2) 3 (3) 4 (4) 2 (2)

LIC Nomura MF Monthly Income Plan 5 4 5 (5) 5 (5) 5 (5) 1 (1) 3 (3) 1 (1) 1 (1)

Peerless Income Plus Fund 5 5 5 (4) 4 (5) 4 (4) 2 (3) 5 (5) 1 (1) 1 (1)


K = Equity Component in Hybrid Funds

Monthly Income Plan - Aggressive (Cluster ranks are arranged alphabetically)

17

CRISIL Change CRISIL Superior

Fund Rank vs Fund Rank Return Modified

Long Term Gilt funds Dec - 14 Sep - 14 Sep - 14 Score Duration Liquidity

Weightages 75.0% 10.0% 15.0%

L&T Gilt 1 1 2 (1) 3 (3) 1 (3)

SBI Magnum Gilt Fund - Long Term 1 1 1 (1) 3 (2) 3 (3)

IDFC G Sec Fund - PF Plan 2 2 3 (2) 3 (3) 2 (1)

Reliance Gilt Securities Fund 2 2 2 (2) 3 (3) 1 (3)

UTI Gilt Advantage Fund - Long Term Plan 2 3 1 (3) 5 (5) 3 (3)

Birla Sun Life Govt Securities - Long Term Plan 3 4 3 (3) 4 (4) 3 (5)

Franklin India Government Securities Fund - Composite Plan 3 3 3 (3) 4 (4) 3 (2)

Franklin India Government Securities Fund - Long Term Plan 3 3 3 (4) 4 (5) 4 (2)

HDFC Gilt Fund - Long Term Plan 3 3 3 (3) 3 (4) 3 (3)

ICICI Prudential Gilt - Investment - PF Option 3 3 2 (3) 5 (3) 3 (4)

IDFC G Sec Fund - Investment Plan 3 3 3 (3) 3 (3) 2 (2)

Tata Gilt Mid Term Fund 3 NA 3 1 4

Tata Gilt Securities Fund 3 2 3 (2) 2 (2) 3 (4)

Baroda Pioneer Gilt Fund 4 NA 4 2 5

DWS Gilt Fund 4 4 4 (3) 1 (1) 5 (5)

ICICI Prudential Long Term Gilt Fund 4 4 4 (4) 3 (3) 4 (3)

DSP BlackRock Govt Sec Fund 5 5 5 (5) 3 (1) 2 (3)

Kotak Gilt - Investment 5 3 5 (4) 2 (3) 3 (4)


Long Term Gilt funds (Cluster ranks are arranged alphabetically)

DE

BT

FU

ND

S



18

CRISIL Change CRISIL Superior

Fund Rank vs Fund Rank Return Modified Company Sectoral Asset

Long Term Income funds Dec - 14 Sep - 14 Sep - 14 Score Duration Concentration Concentration Liquidity Quality

Weightages 60.0% 5.0% 5.0% 5.0% 7.5% 17.5%

BNP Paribas Flexi Debt Fund 1 2 1 (2) 3 (2) 4 (5) 4 (4) 3 (3) 1 (1)

HDFC High Interest Fund - Dynamic Plan 1 1 1 (1) 4 (4) 1 (1) 1 (1) 3 (3) 1 (1)

Reliance Dynamic Bond Fund 1 1 1 (1) 4 (3) 1 (3) 1 (1) 3 (4) 1 (1)

Canara Robeco Dynamic Bond Fund 2 2 2 (2) 3 (5) 4 (3) 1 (1) 3 (3) 1 (1)

DSP BlackRock Strategic Bond Fund 2 2 2 (2) 3 (3) 1 (3) 1 (4) 3 (3) 1 (1)

HDFC Income Fund 2 3 3 (3) 3 (4) 1 (1) 1 (1) 3 (4) 1 (1)

IDFC Dynamic Bond Fund 2 3 2 (3) 5 (4) 1 (4) 1 (1) 1 (2) 1 (1)

IDFC Super Saver Income Fund - Investment Plan 2 3 3 (3) 5 (4) 1 (3) 1 (1) 1 (1) 1 (1)

UTI Bond Fund 2 2 2 (2) 5 (3) 3 (4) 1 (4) 4 (4) 1 (1)

Axis Dynamic Bond Fund 3 3 3 (3) 3 (3) 3 (2) 1 (1) 3 (3) 1 (1)

Birla Sun Life Income Plus 3 3 3 (3) 4 (5) 3 (1) 1 (1) 3 (4) 1 (1)

Canara Robeco Income 3 3 3 (3) 3 (4) 3 (2) 1 (1) 3 (3) 1 (1)

HSBC Flexi Debt Fund 3 4 3 (4) 3 (3) 1 (1) 1 (1) 2 (2) 1 (1)

ICICI Prudential Income Opportunities Fund 3 2 3 (2) 2 (2) 4 (3) 4 (4) 2 (1) 1 (1)

ICICI Prudential Income Plan 3 3 3 (3) 4 (4) 1 (1) 1 (1) 4 (4) 1 (1)

JPMorgan India Active Bond Fund 3 3 3 (3) 1 (2) 4 (4) 1 (1) 1 (1) 1 (1)

Kotak Bond 3 3 3 (3) 3 (4) 3 (1) 1 (1) 5 (5) 1 (1)

L&T Flexi Bond Fund 3 2 2 (2) 3 (3) 5 (4) 1 (1) 3 (2) 1 (1)

Principal Income Fund - Long Term Plan 3 4 4 (5) 3 (3) 3 (3) 1 (1) 2 (3) 1 (1)

Reliance Income Fund 3 4 3 (4) 4 (5) 1 (3) 1 (1) 4 (4) 1 (1)

Sundaram Flexible Fund - Flexible Income Plan 3 3 3 (4) 2 (3) 4 (4) 1 (1) 2 (3) 1 (1)

Tata Income Fund 3 2 3 (2) 2 (2) 3 (3) 1 (1) 4 (3) 1 (1)

UTI-Dynamic Bond Fund 3 1 2 (1) 2 (1) 5 (5) 5 (5) 3 (2) 1 (1)

DSP BlackRock Bond Fund 4 4 3 (3) 3 (2) 3 (3) 1 (5) 5 (5) 5 (5)

DWS Premier Bond Fund 4 3 5 (3) 1 (1) 3 (3) 1 (1) 2 (2) 1 (1)

HSBC Income Fund - Investment Plan 4 5 4 (5) 3 (3) 1 (1) 1 (1) 2 (2) 1 (1)

LIC Nomura MF Bond Fund 4 4 4 (4) 2 (2) 4 (4) 5 (1) 5 (3) 1 (1)

SBI Dynamic Bond Fund 4 5 4 (5) 4 (3) 1 (3) 1 (1) 3 (3) 1 (1)

Sundaram Bond Saver 4 3 4 (3) 3 (3) 1 (1) 1 (1) 3 (3) 1 (1)

L&T Triple Ace Bond Fund 5 4 5 (4) 2 (3) 3 (3) 5 (1) 3 (2) 1 (1)

Religare Invesco Active Income Fund 5 4 4 (4) 1 (1) 5 (5) 1 (5) 4 (4) 1 (1)

SBI Magnum Income Fund 5 5 5 (4) 3 (2) 3 (3) 4 (4) 4 (3) 1 (1)


Long Term Income funds (Cluster ranks are arranged alphabetically)

19

CRISIL Change CRISIL Superior CRISIL

Fund Rank vs Fund Rank Return Fund Rank

Consistent Performers - Debt funds Dec - 14 Sep - 14 Sep - 14 Score Performance

Weightages 50.0% 50.0%

IDFC Dynamic Bond Fund 1 1 1 (1) 1 (1)

UTI Bond Fund 1 1 2 (2) 1 (1)

HDFC High Interest Fund - Dynamic Plan 2 2 1 (1) 2 (2)

HSBC Flexi Debt Fund 2 2 3 (2) 2 (2)

Kotak Bond 2 3 2 (2) 3 (3)

Birla Sun Life Income Plus 3 3 3 (3) 3 (3)

BNP Paribas Flexi Debt Fund 3 3 3 (3) 3 (3)

Canara Robeco Income 3 3 3 (3) 3 (3)

HDFC Income Fund 3 3 3 (3) 3 (3)

IDFC Super Saver Income Fund - Investment Plan 3 3 2 (3) 3 (3)

Reliance Income Fund 3 4 3 (5) 4 (4)

SBI Magnum Income Fund 3 2 4 (4) 2 (2)

ICICI Prudential Income Plan 4 5 3 (4) 5 (5)

Religare Invesco Active Income Fund 4 NA 4 3

Tata Income Fund 4 4 4 (3) 4 (3)

DSP BlackRock Bond Fund 5 5 5 (5) 5 (5)

LIC Nomura MF Bond Fund 5 4 5 (4) 4 (4)


Consistent Performers - Debt funds (Cluster ranks are arranged alphabetically)



20


Fund Rank vs Fund Rank Mean Asset Company Sectoral Asset Modified

Credit Opportunities Funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Size Concentration Concentration Quality Duration Liquidity

Weightages 45.0% 10.0% 5.0% 7.5% 5.0% 10.0% 7.5% 10.0%

Franklin India Short Term Income Plan 1 1 2 (3) 2 (1) 1 (1) 3 (1) 1 (2) 5 (5) 3 (3) 3 (3)

Franklin India Corporate Bond Opportunities Fund 2 2 2 (2) 3 (4) 2 (2) 1 (1) 3 (3) 5 (4) 4 (4) 4 (4)

Franklin India Income Builder Account 2 4 1 (1) 5 (5) 3 (3) 1 (3) 2 (1) 4 (3) 5 (5) 5 (5)

Franklin India Income Opportunities Fund 2 3 3 (3) 2 (2) 3 (3) 1 (1) 3 (3) 5 (4) 4 (4) 4 (4)

Birla Sun Life Medium Term Plan 3 3 3 (2) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 3 (3)

Birla Sun Life Short Term Opportunities Fund 3 3 3 (3) 4 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 1 (2)

ICICI Prudential Regular Savings Fund 3 3 4 (4) 3 (3) 2 (2) 1 (1) 3 (3) 5 (5) 3 (2) 3 (3)

L&T Income Opportunities Fund 3 2 3 (3) 3 (2) 4 (4) 4 (3) 4 (4) 3 (3) 2 (1) 3 (3)

Reliance Regular Savings Fund - Debt 3 3 4 (4) 2 (2) 2 (2) 4 (4) 3 (3) 5 (5) 2 (2) 2 (2)

UTI Income Opportunities Fund 3 3 3 (3) 3 (4) 4 (4) 1 (1) 2 (3) 3 (4) 3 (3) 4 (3)

ICICI Prudential Corporate Bond Fund 4 2 2 (2) 4 (4) 3 (3) 5 (3) 2 (2) 3 (3) 4 (4) 2 (2)

Kotak Income Opportunities Fund 4 5 4 (3) 1 (3) 4 (4) 3 (5) 4 (4) 5 (5) 2 (2) 3 (3)

Pramerica Credit Opportunities Fund 4 4 3 (4) 4 (3) 5 (5) 3 (3) 3 (2) 5 (5) 1 (3) 3 (4)

DSP BlackRock Income Opportunities Fund 5 4 5 (5) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 3 (3) 2 (1)


Credit Opportunities Funds (Cluster ranks are arranged alphabetically)

21


Fund Rank vs Fund Rank Mean Company Sectoral Asset Modified

Short Term Income funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Concentration Concentration Quality Duration Liquidity

Weightages 42.5% 15.0% 5.0% 5.0% 15.0% 7.5% 10.0%

HDFC Short Term Opportunities Fund 1 1 4 (2) 1 (2) 3 (3) 3 (3) 1 (1) 1 (2) 2 (3)

L&T Short Term Opportunities Fund 1 1 3 (3) 3 (3) 4 (3) 1 (1) 1 (1) 2 (2) 1 (2)

Axis Short Term Fund 2 2 4 (4) 2 (2) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3)

Birla Sun Life Short Term Fund 2 3 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3)

DWS Short Maturity Fund 2 3 3 (2) 2 (2) 1 (1) 1 (1) 1 (1) 2 (3) 5 (4)

JPMorgan India Banking and PSU Debt Fund 2 NA 2 4 5 1 1 3 1

Tata Short Term Bond Fund 2 2 3 (3) 3 (1) 2 (2) 1 (1) 1 (1) 3 (2) 3 (3)

DSP BlackRock Banking & PSU Debt Fund 3 2 3 (3) 4 (3) 4 (4) 1 (1) 1 (1) 4 (4) 2 (1)

HDFC High Interest Fund - Short Term Plan 3 4 2 (2) 4 (4) 1 (1) 3 (4) 1 (2) 4 (5) 4 (4)

HDFC Medium Term Opportunities Fund 3 3 3 (1) 3 (4) 4 (3) 4 (4) 1 (1) 3 (3) 2 (2)

HSBC Income Fund - Short Term Plan 3 3 5 (4) 2 (3) 3 (2) 1 (1) 1 (1) 3 (3) 3 (2)

IDFC Super Saver Income Fund - Medium Term 3 4 1 (4) 5 (5) 3 (4) 1 (1) 1 (1) 5 (5) 2 (3)

IDFC Super Saver Income Fund - Short Term 3 3 5 (3) 2 (3) 4 (4) 1 (1) 1 (1) 3 (3) 2 (2)

JPMorgan India Short Term Income Fund 3 2 4 (3) 1 (2) 5 (4) 3 (3) 1 (1) 1 (2) 3 (3)

Kotak Bond Short Term Plan 3 3 4 (3) 3 (4) 3 (3) 3 (4) 1 (1) 2 (4) 4 (4)

UTI Short Term Income Fund 3 2 2 (3) 3 (3) 1 (4) 3 (1) 1 (1) 4 (1) 4 (3)

ICICI Prudential Short Term Plan 4 5 1 (2) 5 (5) 1 (2) 5 (5) 1 (2) 4 (4) 4 (4)

Reliance Short Term Fund 4 4 2 (3) 4 (4) 1 (2) 4 (4) 1 (1) 4 (4) 3 (4)

Religare Invesco Short Term Fund 4 4 4 (5) 4 (3) 4 (3) 1 (1) 1 (1) 5 (4) 3 (3)

SBI Short Term Debt Fund 4 3 3 (3) 3 (4) 3 (3) 4 (3) 1 (1) 3 (3) 3 (3)

Sundaram Select Debt ST Asset Plan 4 3 3 (4) 3 (3) 3 (3) 4 (3) 1 (1) 3 (3) 3 (3)

DSP BlackRock Short Term Fund 5 4 3 (3) 3 (3) 3 (3) 5 (5) 2 (2) 3 (3) 4 (5)

HDFC Short Term Plan 5 5 2 (1) 2 (2) 1 (1) 4 (4) 5 (5) 2 (3) 5 (5)


Short Term Income funds (Cluster ranks are arranged alphabetically)



Fund Rank vs Fund Rank Mean Asset Modified Asset Company #Ultra Short-term Debt funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Size Duration DRP Quality Concentration Liquidity

Weightages 37.5% 20.0% 5.0% 7.5% 5.0% 10.0% 5.0% 10.0%

ICICI Prudential Flexible Income Plan 1 1 2 (2) 3 (3) 1 (1) 3 (3) 2 (2) 1 (1) 1 (3) 3 (3)

Kotak Banking and PSU Debt Fund 1 NA 3 1 5 1 3 1 5 2

Religare Invesco Credit Opportunities Fund 1 1 2 (1) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 1 (1) 5 (5)

UTI Treasury Advantage Fund 1 2 2 (3) 3 (2) 2 (2) 3 (2) 3 (5) 1 (1) 3 (3) 3 (3)

Axis Banking Debt Fund 2 3 3 (3) 4 (5) 5 (5) 1 (4) 4 (4) 1 (1) 4 (4) 1 (1)

Birla Sun Life Savings Fund 2 2 1 (1) 3 (3) 1 (1) 3 (4) 2 (2) 1 (1) 1 (1) 3 (4)

DWS Treasury Fund - Investment Plan 2 3 4 (3) 3 (5) 4 (4) 2 (4) 4 (3) 1 (1) 3 (3) 2 (2)

DWS Ultra Short Term Fund 2 3 2 (2) 3 (4) 3 (3) 2 (3) 2 (2) 1 (1) 1 (3) 3 (3)

HDFC Floating Rate Income Fund - Short Term Plan 2 2 2 (2) 3 (2) 2 (2) 3 (2) 1 (2) 1 (1) 1 (1) 3 (4)

Reliance Money Manager Fund 2 1 4 (3) 2 (1) 1 (1) 3 (1) 3 (4) 1 (1) 3 (3) 3 (4)

Sundaram Flexible Fund - Short Term Plan 2 3 3 (3) 4 (4) 3 (3) 2 (4) 4 (3) 1 (1) 4 (4) 1 (1)

Axis Treasury Advantage Fund 3 2 5 (5) 1 (2) 4 (4) 3 (1) 5 (5) 1 (1) 1 (1) 3 (3)

Baroda Pioneer Treasury Advantage Fund 3 3 3 (3) 3 (3) 4 (5) 2 (2) 3 (3) 1 (1) 3 (3) 4 (4)

Birla Sun Life Floating Rate Fund - Long Term 3 3 1 (2) 4 (4) 4 (4) 4 (3) 2 (2) 1 (1) 4 (4) 2 (2)

DSP BlackRock Money Manager Fund 3 3 4 (5) 2 (2) 3 (2) 3 (2) 4 (4) 1 (1) 3 (3) 4 (3)

HDFC Cash Management Fund - Treasury Advantage Plan 3 2 5 (5) 2 (1) 1 (1) 4 (3) 3 (5) 1 (1) 1 (2) 3 (3)

IDFC Money Manager Fund - Investment Plan 3 4 3 (3) 4 (4) 3 (3) 2 (5) 4 (4) 1 (1) 5 (5) 1 (1)

IDFC Money Manager Fund - Treasury Plan 3 3 5 (5) 2 (1) 4 (5) 3 (3) 5 (4) 1 (1) 3 (3) 2 (3)

IDFC Ultra Short Term Fund 3 2 3 (2) 3 (3) 3 (3) 3 (3) 2 (2) 1 (1) 3 (3) 3 (3)

JM Money Manager Fund - Super Plus Plan 3 3 3 (4) 2 (2) 4 (5) 4 (3) 3 (3) 1 (1) 4 (4) 2 (2)

JPMorgan India Treasury Fund 3 3 3 (2) 3 (3) 3 (3) 2 (3) 2 (2) 1 (1) 5 (4) 3 (3)

L&T Ultra Short Term Fund 3 3 3 (3) 3 (3) 3 (4) 4 (3) 3 (3) 1 (1) 3 (3) 3 (3)

SBI Ultra Short Term Debt Fund 3 3 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 1 (1) 3 (1) 3 (4)

Sundaram Ultra Short Term Fund 3 3 4 (4) 2 (2) 3 (4) 3 (3) 3 (3) 1 (1) 3 (5) 3 (3)

Tata Floater Fund 3 2 3 (3) 2 (2) 3 (3) 3 (2) 3 (3) 1 (1) 3 (2) 3 (3)

UTI Floating Rate Fund - STP 3 1 4 (4) 1 (1) 2 (2) 3 (1) 5 (5) 1 (1) 4 (3) 2 (2)

Birla Sun Life Cash Manager 4 4 3 (4) 3 (3) 2 (2) 4 (3) 3 (4) 1 (1) 1 (2) 4 (4)

Franklin India Ultra Short Bond Fund 4 4 1 (1) 4 (3) 2 (2) 3 (3) 1 (1) 2 (2) 1 (1) 5 (5)

IDFC Banking Debt Fund 4 5 3 (3) 4 (4) 4 (4) 2 (4) 4 (3) 1 (1) 5 (5) 1 (1)

Kotak Floater - Long Term 4 4 2 (2) 3 (3) 3 (3) 5 (4) 2 (1) 1 (1) 3 (3) 4 (5)

Principal Debt Opportunities Fund 4 NA 5 1 5 1 5 1 1 4

Reliance Medium Term Fund 4 4 3 (4) 4 (4) 3 (3) 5 (5) 3 (3) 1 (1) 4 (4) 2 (2)

Religare Invesco Ultra Short Term Fund 4 4 4 (4) 3 (3) 2 (3) 3 (2) 3 (4) 1 (1) 1 (1) 5 (4)

Franklin India Low Duration Fund 5 5 1 (1) 5 (3) 3 (3) 5 (5) 1 (1) 4 (4) 1 (1) 5 (5)

ICICI Prudential Savings Fund 5 4 3 (3) 5 (4) 3 (3) 4 (4) 3 (3) 2 (1) 1 (3) 4 (3)

ICICI Prudential Ultra Short Term Plan 5 5 2 (4) 5 (5) 3 (3) 4 (5) 3 (3) 1 (1) 4 (4) 3 (2)

LIC NOMURA MF Savings Plus Fund 5 NA 4 5 5 5 4 1 3 4


# Downside risk probability

Ultra Short-term Debt funds (Cluster ranks are arranged alphabetically)


22


Fund Rank vs Fund Rank Mean Asset Asset Company #Liquid funds Dec - 14 Sep - 14 Sep - 14 Return Volatility Size DRP Quality Concentration Liquidity

Weightages 42.5% 20.0% 5.0% 5.0% 10.0% 5.0% 12.5%

Canara Robeco Liquid 1 1 4 (4) 1 (1) 4 (3) 4 (4) 1 (1) 1 (3) 3 (2)

DSP BlackRock Liquidity Fund 1 1 3 (4) 2 (2) 2 (2) 3 (4) 1 (1) 3 (3) 1 (1)

SBI Premier Liquid Fund 1 1 4 (4) 2 (2) 1 (1) 4 (3) 1 (1) 1 (3) 3 (3)

Union KBC Liquid Fund 1 2 4 (3) 1 (1) 4 (4) 4 (3) 1 (1) 1 (3) 3 (2)

Axis Liquid Fund 2 2 2 (3) 2 (2) 2 (2) 2 (3) 1 (1) 3 (2) 3 (3)

DWS Insta Cash Plus Fund 2 2 3 (4) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3)

HSBC Cash Fund 2 2 3 (3) 2 (2) 4 (4) 3 (2) 1 (1) 4 (1) 4 (3)

ICICI Prudential Liquid Plan 2 3 2 (2) 3 (3) 1 (1) 1 (2) 1 (1) 4 (4) 2 (2)

ICICI Prudential Money Market Fund 2 2 2 (3) 2 (2) 3 (3) 2 (3) 1 (1) 1 (3) 2 (3)

Pramerica Liquid Fund 2 1 2 (3) 1 (1) 5 (5) 2 (1) 1 (1) 3 (1) 5 (4)

Religare Invesco Liquid Fund 2 3 2 (3) 2 (3) 2 (3) 1 (2) 1 (1) 1 (3) 4 (4)

Sundaram Money Fund 2 3 3 (3) 2 (3) 3 (3) 2 (3) 1 (1) 3 (4) 2 (1)

BOI AXA Liquid Fund 3 3 4 (4) 3 (3) 4 (4) 5 (5) 1 (1) 3 (3) 3 (3)

HDFC Cash Management Fund - Savings Plan 3 3 4 (3) 3 (3) 2 (2) 4 (3) 1 (1) 3 (1) 3 (3)

HDFC Liquid Fund 3 3 3 (2) 3 (4) 2 (2) 3 (3) 1 (1) 1 (2) 3 (3)

IDBI Liquid Fund 3 3 5 (4) 3 (3) 3 (3) 4 (5) 1 (1) 1 (1) 2 (2)

IDFC Cash Fund 3 3 3 (3) 3 (3) 2 (2) 3 (3) 1 (1) 3 (3) 3 (3)

Indiabulls Liquid Fund 3 4 1 (2) 4 (4) 4 (4) 2 (3) 1 (1) 1 (3) 2 (2)

Kotak Floater - Short Term 3 3 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 5 (4) 3 (2)

L&T Liquid Fund 3 2 3 (3) 3 (2) 3 (3) 3 (3) 1 (1) 4 (3) 2 (2)

LIC Nomura MF Liquid Fund 3 2 4 (5) 3 (2) 3 (3) 4 (4) 1 (1) 3 (1) 4 (3)

Reliance Liquid Fund - Treasury Plan 3 2 3 (2) 4 (3) 1 (1) 3 (3) 1 (1) 1 (1) 3 (3)

Reliance Liquidity Fund 3 3 4 (3) 3 (3) 3 (3) 4 (3) 1 (1) 4 (4) 2 (1)

SBI Magnum InstaCash 3 3 4 (4) 2 (2) 4 (4) 4 (4) 1 (1) 3 (3) 4 (3)

Tata Liquid Fund 3 3 5 (5) 1 (1) 4 (3) 5 (4) 1 (1) 4 (4) 4 (4)

Tata Money Market Fund 3 3 3 (2) 3 (3) 3 (3) 3 (2) 1 (1) 3 (3) 3 (5)

Taurus Liquid Fund 3 3 1 (1) 3 (3) 3 (4) 1 (1) 1 (1) 3 (4) 5 (5)

UTI Liquid Cash Plan 3 3 3 (3) 4 (4) 2 (2) 3 (4) 1 (1) 1 (2) 3 (3)

Birla Sun Life Cash Plus 4 4 2 (1) 4 (4) 1 (1) 3 (2) 1 (1) 5 (3) 4 (4)

Birla Sun Life Floating Rate Fund - Short Term 4 4 2 (1) 4 (4) 3 (3) 3 (1) 1 (1) 4 (3) 4 (5)

DWS Treasury Fund - Cash Plan 4 4 5 (5) 4 (4) 5 (5) 5 (5) 1 (1) 3 (1) 1 (3)

JM High Liquidity Fund 4 4 2 (2) 4 (3) 3 (3) 2 (2) 1 (1) 4 (5) 3 (4)

JPMorgan India Liquid Fund 4 3 3 (3) 3 (3) 3 (2) 3 (3) 1 (1) 5 (5) 1 (1)

Kotak Liquid 4 4 3 (3) 4 (4) 2 (2) 2 (3) 1 (1) 5 (5) 1 (2)

Principal Cash Management Fund 4 5 3 (3) 3 (3) 5 (5) 2 (3) 1 (1) 4 (5) 4 (5)

UTI Money Market Fund 4 3 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 1 (3) 5 (4)

Baroda Pioneer Liquid Fund 5 4 3 (2) 5 (5) 3 (3) 3 (3) 1 (1) 1 (3) 3 (3)

Franklin India Treasury Management Account 5 5 1 (2) 5 (5) 3 (3) 3 (4) 1 (1) 3 (1) 5 (3)

Peerless Liquid Fund 5 4 1 (1) 5 (5) 5 (4) 1 (1) 1 (1) 3 (3) 3 (4)

Reliance Liquid Fund - Cash Plan 5 5 5 (5) 5 (5) 4 (4) 5 (5) 1 (1) 3 (4) 2 (4)


# Downside risk probability

Liquid funds (Cluster ranks are arranged alphabetically)

23


thematic infrastructure) and consistent performers - equity as

well as short term debt categories (liquid, ultra short-term debt

and short term income and credit opportunities funds). SRS is

used for the rest of the categories. Mean return is the average of

daily returns based on the scheme's NAV for the period under

analysis and volatility is the standard deviation of these returns.

While the period for analysis is three years for equity funds, it is

one year for liquid, ultra short-term debt, credit opportunities and

short term income funds. The period of analysis is broken into

four periods (latest 36, 27, 18 and 9 months for equity categories

and latest 12, 9, 6 and 3 months for short term categories). Each

period is assigned a progressive weight starting from the longest

period as follows: 32.5%, 27.5%, 22.5% and 17.5% respectively.

In case of consistent performers - equity, mean return and

volatility are calculated for five years; each one-year period is

weighted progressively with the most recent period having the

highest weight.

Downside Risk Probability (DRP)

DRP is considered for liquid and ultra short-term debt categories.

DRP measures the probability of the investment earning lower

returns compared with short tenor risk-free securities. It is

measured by assessing the number of times a scheme's return

falls below the risk-free return during the period of analysis. The

risk-free return is taken as 91-day T-Bill auction yield revised on a

weekly basis. The period of analysis is broken into four periods,

the latest 12, 9, 6 and 3 months. Progressive weights are applied

for each period.

Portfolio Concentration Analysis

Concentration measures the risk arising out of improper

diversification. For equity securities, diversity score is used as the

parameter to measure industry and company concentration. In

case of debt schemes, industry concentration is analysed for any

exposure to sensitive sectors which are arrived at based on

CRISIL's assessment of the prospects for various sectors, and

the company concentration is analysed at an individual issuer

specific limit of 10%.

Liquidity Analysis

It measures the ease with which a portfolio can be liquidated. The

lower the score, the better it is.

In case of equities, it measures the number of days to liquidate

the portfolio. Liquidity is calculated by taking the average portfolio

liquidity score of the past three months.

Annexure I - CRISIL Mutual Fund Ranking methodology

CRISIL Mutual Fund Ranking is a relative ranking of mutual

fund schemes within a peer group. The basic criteria for

inclusion in the ranking universe are three-year NAV history

(one-year for liquid, ultra short-term debt, short term income,

credit opportunities and index funds; and five years for

consistent performers), assets under management (AUM) in

excess of category cut-off limits and complete portfolio 1disclosure. Only open ended schemes are considered. The

ranking is based on the following parameters:

Category wise average AUM cutoffs:

AUM, on a quarterly average basis for the quarter for which the

ranking is done, should be in excess of the cut-off limit as

under:

Categories Minimum corpus (Rs mn)

1. Large Cap Oriented Equity Funds 1,000

2. Diversified Equity Funds 1,000

3. Small & Mid-cap Equity Funds 1,000

4. Thematic - Infrastructure Funds 1,000

5. Equity Linked Savings Scheme 1,000

6. Index Funds 250

7. Balanced Funds 500

8. Monthly Income Plan - Aggressive 500

9. Long Term Gilt Funds 500

10. Long Term Income Funds 500

11. Short Term Income Funds 2,500

12. Credit Opportunities Funds 2,500

13. Ultra Short-term Debt 5,000

14. Liquid Funds 10,000

Superior Return Score (SRS)

SRS is the relative measure of the schemes' returns and risk

(volatility) compared with their peer group. It is computed for

long term income, balanced, monthly income plan (aggressive)

and long term gilt categories. The three-year period of

evaluation is divided into four overlapping periods the latest

36, 27, 18 and 9 months. Each period has a progressive weight

starting from the longest period: 32.5%, 27.5%, 22.5% and

17.5% respectively.

In case of consistent performers (for balanced and debt

categories), SRS is calculated for five years; each one-year

period is weighted progressively with the most recent period

having the highest weightage.

Mean Return and Volatility

Mean return and volatility are considered as separate

parameters in case of equity funds (large cap, small & mid-cap,

equity diversified, equity linked savings schemes or ELSS and


24

1Only regular plans are considered for ranking

debt categories except liquid to capture the interest rate risk of

the portfolio. The lower the value, the better it is.

Asset Size

It is considered for credit opportunities, ultra short-term debt

and liquid categories to take into account the effect of large

fund flows on the schemes' performance and ability of the

schemes to manage such flows optimally. The higher the

asset size, the better it is.

Tracking Error

This is used only for index funds. The tracking error is an

estimation of the variability in an index fund's performance

vis--vis the index it proposes to replicate. The lower the

tracking error, the better it is.

Historic CRISIL Mutual Fund Ranking Performance

Historic CRISIL Mutual Fund Ranking performance is

considered only for the consistent category. Quarterly mutual

fund rankings during the five-year period of analysis are

broken into five blocks of one-year each. Each block is

progressively weighted with the most recent period having the

highest weightage.

Equity liquidity is computed as follows:

Liquidity score of each stock = No. of shares held / Daily

average trading volume of past six months

Portfolio liquidity score = Weighted average liquidity score of

the above

Gilt liquidity is measured by analysing the number of days it will

take to liquidate the portfolio based on turnover (volume) and

number of securities in the portfolio, the number of days

security has been traded and the number of trades over the

latest three-month period for that security.

Corporate debt liquidity is computed by classifying each

security into three categories - liquid, semi liquid and illiquid -

and then evaluating a scheme's exposure to each category.

Asset Quality

Asset quality measures the probability of default by the issuer of

a debt security to honour the debt obligation on time.

Modified Duration /Average Maturity

Modified duration / average maturity is considered across all

25



26

1d) Equity Linked Savings Scheme (ELSS)

Schemes that invest in equity and equity-related

instruments, and are aimed to enable investors to avail

tax deduction under Section 80 C of the Income Tax Act

are considered.

1e) Diversified equity funds

All remaining eligible equity schemes are ranked under

this category.

1f) Index funds

Schemes launched with an objective to generate returns

that are commensurate with the performance of their

benchmark's Total Return Index (TRI), subject to tracking

errors are considered. Open-ended exchange traded

funds (ETFs) are also included.

The following will be excluded:

i) Index schemes that allow the fund manager to take

overweight investment positions on stocks that

comprise their benchmark index.

ii) Index schemes having sectoral indices as

benchmarks.

iii) Index schemes that are benchmarked to indices

other than S&P BSE Sensex and CNX Nifty.

2) Hybrid Funds

2a) Balanced funds

Schemes investing more than 65%, but less than 80%, of

the AUM in equity securities and 20-35% in debt and

money market securities are considered. Speciality

schemes with the above asset allocation focusing on

children, pension, unit-linked insurance, young citizens,

charity and retirement are not considered.

2b) Monthly Income Plan (MIP) - Aggressive

Schemes where investment in equity normally limits to

15-30% of the corpus and generally declare monthly

dividends are considered.

Annexure II - Category definition for CRISIL Mutual Fund Ranking categories

Only open-ended schemes that are open for subscription are

eligible for the selection criteria under the following categories:

1) Equity Funds

Schemes that predominantly invest in equity instruments

(excluding hybrid schemes) are considered. Schemes

with the following features are excluded -

i) Schemes not open to investors at large and open

only to a specific set of investors.

ii) Schemes whose scheme information document /

statement of additional information permits dynamic

asset allocations (both debt and equity could vary

between 0 and 100%), except on receipt of an

undertaking from the AMC, assuring predominant

investment in equity.

iii) Schemes for which there is a delay in receipt of

portfolios from the fund house.

iv) Schemes with a stated objective to predominantly

invest in overseas securities.

Eligible schemes are classified into the following sub-

categories -

1a) Large cap-oriented equity funds

Schemes that have at least 75% exposure to CRISIL-

defined large cap stocks (top 100 stocks based on daily

average market capitalisation on the National Stock

Exchange) in the preceding 36 months split into four

blocks of nine months each. The 75% exposure in these

stocks must be available for a minimum of six out of nine

months in each block. Exposure to Nifty futures is

considered as large cap exposure.

1b) Small and mid-cap-oriented equity funds

Schemes that have less than 45% exposure to CRISIL-

defined large cap stocks for the preceding 36 months as

per the above methodology.

1c) Thematic Infrastructure funds

Schemes that follow an investment objective to invest in

infrastructure related sectors. CRISIL-defined

infrastructure sectors are energy, construction, industrial

capital goods, industrial manufacturing, metals, cement &

cement products, services and telecom.

3d) Credit Opportunities funds

Schemes that predominately invest in AA rated and

equivalent or below rated securities and have a residual

maturity of greater than six months are considered.

3e) Liquid funds

Schemes whose portfolio constitutes money market

instruments and short-term debt instruments with a

residual maturity of up to 91 days are considered.

3f) Ultra short-term debt funds

Schemes named as ultra short-term debt schemes are

considered. Those without such nomenclature will be

considered only if the AMC assures their positioning as

ultra short-term debt scheme and also their risk-return

characteristics need to be in line with category peers.

4) Consistent Performers

Schemes that have rankings in all quarterly CRISIL Mutual

Fund Ranking over a five-year timeframe are considered.

3) Debt Funds

3a) Long term income funds

Schemes that predominantly invest in long term

corporate debt papers and government securities (G-

Secs) are considered. These schemes also invest in

short term and money market securities.

3b) Long term gilt funds

Schemes with an exposure in excess of 98% over the

past three years to the following are considered for

ranking:

Central and state government securities

Cash and cash equivalents such as collateralised

borrowing and lending obligations (CBLOs), reverse

repo, net receivables, etc.

3c) Short term income funds

Schemes that predominantly invest in short term

corporate debt papers, certificates of deposit (CDs),

money market instruments and G-Secs are considered.

27


Short

Income

term


Superior Return Score (%) - - - 75 60 60 75 - - - - 50

Mean Return (%) 50 50 - - - - - 42.5 45 37.5 42.5 35 -

Volatility (%) 25 30 - - - - - 15 10 20 20 15 -

DRP (%) - - - - - - - - 5 5 - -

Tracking Error (%) - - 100 - - - - - - - - -

Company Concentration (%) 5 5 - 5 5 5 - 5 7.5 5 5 - -

Sectoral Concentration (%) 10 10 - 10 5 5 - 5 5 - - - -

Equity - Liquidity (%) 10 5 - 10*K 7.5%*K - - - - - - -

Debt - Asset Quality (%) - - - 5*(100-K) 17.5 17.5 - 15 10 10 10 - -

Debt/Gilt - Liquidity (%) - - - 5*(100-K) 7.5%*(100-K) 7.5 15 10 10 10 12.5 - -

Modified Duration (%) - - - - 5 5 10 7.5 7.5 7.5 - - -

Asset Size (%) - - - - - - - - 5 5 5 - -

CRISIL Mutual Fund Ranking (%) - - - - - - - - - - 50 50

Time Period of Analysis 3 years 3 years 1 year 3 years 3 years 3 years 3 years 1 year 1 year 1 year 1 year 5 years 5 years

Minimum Corpus (Rs mn) 1000 1000 250 500 500 500 500 2500 2500 5000 10000 - -

Balanced

& Debt

Note: While the above classification will be the guide in selection and creation of peers for the purpose of ranking, CRISIL will be free to take a

subjective call on the inclusion/exclusion of a scheme from among the peers in a ranking category.

For further details, please visit www.crisil.com

Note: An entity wishing to use the CRISIL Mutual Fund Ranking in its Scheme information document / Statement of additional information /

advertisement / promotion / sales literature / website, or wishing to re-disseminate these rankings, may do so only after obtaining the written

permission of the ranking entity, CRISIL Research, CRISIL Limited.

Consistent

Equity

Performers -

Liquid

Short-

Ultra

term

Debt

Long

term

Income

Long

Gilt

term

Aggressive

Monthly

Income

Plan -

BalancedIndexELSS

Large cap, Small

Infrastructure

and Mid-cap,

Equity Diversified

& Thematic

K = Equity component in hybrid schemes

Parametric Weights

Category

28

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Page 1Page 23: Gilt Funds best performers acrosPage 45: Mutual fund industry highlights6: Equity market overview7: Debt market overview8: CRISIL Mutual Fund categories9: Large Cap oriented Equity funds10: Diversified Equity funds11: Diversified Equity funds (Contd.12: Small and Mid-cap Equity funds13: Thematic - Infrastructure funds 14: Consistent Performers - EquityPage 1516: Equity Linked Savings Scheme17: Index Fund18: Balanced funds19: Consistent Performers - Balanced20: Monthly Income Plan - Aggressive21: Long T

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CRISIL Mutual Fund Ranking Booklet Dec2014