mf ranking booklet sept 2012

For the quarter ended September 30, 2012

CRISIL MutualFundRankingSeptember 2012

CRISIL MutualFundRanking

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Last updated: April 30, 2012

Equity funds with a higher exposure to the banking and

financial services (BFS), consumer non-durables and capital

goods sectors and lower exposure to information technology

(IT) and metals improved their rankings on the latest CRISIL

Mutual Fund Ranking released for the quarter ended

September 2012. The outperforming sectoral indices

generated returns in the range of 9-13 per cent during the

three-month period under review. The CNX Bank Index

generated 10.8 per cent, CNX Finance 13.5 per cent, CNX

FMCG Index 11 per cent and the BSE Capital Goods Index

9.30 per cent as against 8 per cent by the market benchmark

S&P CNX Nifty. On the other hand, the CNX IT Index

generated 2.75 per cent while the CNX Metals Index gave

negative 3.55 per cent returns in the quarter.

At the category level, equity oriented funds outperformed their

respective category benchmarks during the quarter. The small

and mid-cap category gave the best returns of over 10 per cent

among equity categories. At the fund house level, UTI Mutual

Fund led the tally of top ranked funds for the quarter ended

September 2012 with 10 funds under CRISIL Fund Rank 1

followed by HDFC Mutual Fund with seven top ranked funds,

Birla Sun Life Mutual Fund and IDFC Mutual Fund with six

funds each. The latest CRISIL Mutual Fund Ranking covers

close to 90 per cent of the industry's average assets under

management of the open ended schemes as of September

2012.

1


Higher exposure to BFS sector drives equity funds' performance

CRISIL has also revised its ranking criteria for short maturity

schemes (short-term income, ultra short-term debt and liquid

categories) to align the rankings as per SEBI's recent

guidelines to have a single plan structure across mutual fund

schemes. Accordingly, the institutional and super institutional

categories for liquid and ultra short-term debt funds and

Consistent Performers Liquid category have been

discontinued. For further details on the methodology,

investors can refer to www.crisil.com.

A unique feature of CRISIL Mutual Fund Ranking is that unlike

most other ranking models that are purely based on returns or

net asset value (NAV), CRISIL Mutual Fund Ranking uses a

combination of NAV and portfolio-based attributes for

evaluation. CRISIL's fund ranking framework provides a

single-point analysis of mutual funds, taking into consideration

all factors such as risk-adjusted returns, asset concentration,

liquidity, asset quality and asset 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 CRISIL Fund Rank 1 and the next 20 percentile are

ranked CRISIL Fund Rank 2.


Mutual fund industry highlights

2

Over 75 per cent of the 44 fund houses saw a rise in AUM in the latest quarter. UTI Mutual Fund witnessed the highest rise in AUM in absolute terms (by Rs 99 billion or 16 per cent) to Rs 708 billion in the September quarter. Among AUM losers, BNP Paribas Mutual Fund registered the highest fall in AUM in absolute terms (by Rs 7 billion or 16 per cent) to Rs 38 billion. HDFC Mutual Fund maintained its top position at Rs 978 billion of AUM, a rise of 5.6 per cent or Rs 51 billion in the latest period. The share in AUM of top five mutual funds stood at 54 per cent while the share of top 10 funds was 78 per cent. The bottom 10 fund houses continued to occupy less than 1 per cent of the AUM.

According to trade data released by the Securities and Exchange Board of India (SEBI), mutual funds were net sellers

Indian mutual funds' quarterly average assets under management (AUM) rose by almost 8 per cent (by Rs 545 billion) to Rs 7.47 trillion in the July-September quarter. The rise in average AUM was the highest since the September 2010 quarter (when the AMFI started declaring average AUM on a quarterly basis). On the other hand, the month-end AUM gained by 4.5 per cent (by Rs 313 billion) over the quarter to Rs 7.20 trillion in September.

Rise in assets was primarily due to inflow of Rs 290 billion in income funds (see Table 1). Within this category, dynamic bond funds, short-term income funds and ultra short-term debt funds garnered most of the inflows. With uncertainty in terms of the Reserve Bank of India (RBI) initiating a cut in interest rates, investors prefer to invest in these three categories.

The biggest drag on AUM was outflow of Rs 160 billion from liquid funds. This is a fallout of investors' view on fall in interest rates going forward urging investors to move to other short-term categories. Further, outflows by corporates to pay advance tax also added to the decline. Equity funds witnessed outflow of Rs 68 billion in the quarter mainly on profit booking. However, equity funds gained in assets by over 4 per cent (by Rs 78 billion) on mark to market gains. The equity market benchmark - S&P CNX Nifty - gained over 8 per cent in the latest quarter.

Rs billion

Month End AUMNet Inflow/(Outflow)

Quarter ended

Sep-2012

Quarter ended

Jun-2012Sep-12 Jun-12 Difference

Income Funds 289.62 210.21 3523.22 3167.35 355.87

Equity Funds* -67.94 -4.81 1873.46 1796.18 77.28

Balanced Funds -3.35 0.57 170.16 162.31 7.85

Liquid / Money

Market Funds -159.62 756.76 1446.75 1588.53 -141.78

Gilt Funds 0.29 -4.86 33.56 32.66 0.90

Gold ETF Funds 5.15 -2.18 111.98 100.86 11.12

Other ETFs 1.13 -0.04 18.06 16.03 2.03

Fund of Funds

Investing Overseas -1.73 -0.46 23.94 24.33 -0.39

Total 63.55 955.19 7201.13 6888.25 312.88

*Equity Funds includes ELSS Funds

Table 1 – Category-wise Net fund flows and AUM

Source – AMFI

of equities worth Rs 67.87 billion in the July-September quarter, sharply higher compared to net selling of Rs 6.27 billion in the April-June quarter. On the debt front, the net buying was Rs 806 billion in the latest quarter compared with Rs 1,390 billion in the previous quarter.

Among major regulatory initiatives, SEBI decided that all new investors will be subjected to single expense structure under a single plan to avoid differential treatment in the same scheme to different classes of investors. Further, as an alternate for investors who want to invest in the fund directly and not go through a distributor, SEBI has also announced that each scheme will offer an equivalent direct plan. This plan will have a separate NAV, different from the regular scheme. SEBI clarified that any short-term deployment of funds by portfolio managers in liquid mutual funds - for the purpose of cash management - shall be maintained on the lines as specified by the SEBI circular on maintenance of clients' funds in a separate bank account. SEBI issued guidelines allowing overseas individual investors to invest up to $1 billion in corporate bonds and debt schemes of mutual funds without any lock-in period. SEBI allowed fungibility of total expense ratio (TER) to accord flexibility and bring cost effectiveness. To improve the geographical reach and bring in long-term money from smaller towns, asset management companies (AMCs)

Source – Association of Mutual Funds in India (AMFI)

Chart 1 – Mutual Fund Net Flows and AUM Trend

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are allowed to charge additional TER (up to 30 basis points or bps) depending upon the extent of new inflows from locations beyond top 15 cities.

Mutual funds will also have to set apart at least 2 bps annually on daily net assets within the maximum limit of TER for investor education and awareness initiatives.. Further, SEBI said that mutual funds shall make complete disclosures in the half yearly report of trustees to SEBI regarding the actual efforts of the mutual funds to increase penetration and the details of opening of new branches especially beyond top 15 cities. Meanwhile, SEBI agreed to set up a Self-Regulatory Organisation (SRO) to regulate the mutual fund distribution business; mutual funds will use part of their AUMs to finance the operating costs of SRO.

3

Equity market overview

The Indian equity benchmark index - S&P CNX Nifty - surged over 8 per cent in the quarter ended September 2012 close at the heels of domestic cues and positive developments in the international markets especially in the last month of the quarter. Markets rallied after the government announced the much-awaited reforms measures such as foreign direct investment (FDI) in retail, airlines, trading exchanges, raising FDI cap in broadcast services, restructuring state-owned power distribution companies as well as fuel price hike to address the burgeoning gap in the fiscal deficit. The RBI's move to cut banks' cash reserve ratio (CRR) by 25 bps to 4.5 per cent in its mid-quarter monetary policy review, which boosted liquidity, augured well for the Indian equity market. Further, better showing of India's economic growth in Q1 FY13 at 5.5 per cent compared with 5.3 per cent in Q4 FY12, measures announced by SEBI for the financial markets and continuing strong buying by foreign institutional investors (FIIs) also aided the markets to gain. FIIs were net buyers of secondary market equities worth Rs 417 billion in the latest quarter compared with net selling of around Rs 20 billion in the previous quarter.

On the global front, positive cues came in the form of measures by central banks to support their slowing growth and contain the debt crisis in Europe. These included US Federal Reserve taking steps to support the economy, including spending $40 billion a month to buy mortgage bonds for as long as it deems necessary and its resolve to keep interest rates at record lows until mid-2015. The European Central Bank (ECB) too unveiled a new bond-buying programme aimed at containing the region's debt crisis.

Most sectoral indices analysed ended positive in the latest quarter except the CNX Metal Index, which fell by 3.6 per cent. Metal stocks declined due to worries of a global slowdown in demand and after a number of metal companies were named in the Comptroller and Auditor General's (CAG's) report on coal block allocation. CNX FMCG gained the most among sectoral indices, up over 11 per cent due to robust earnings reported by index major Hindustan Unilever (HUL) and defensive buying. Rate sensitive sectoral indices like CNX Bank, CNX Auto and CNX Realty rose between 10 per cent and 11 per cent on liquidity easing measures by the RBI and on hopes of higher demand in the festive season.

Among regulatory developments, SEBI amended the Listing Agreement and made e-voting mandatory, effective October 1, 2012, for all such resolutions for which postal ballots are prescribed. SEBI increased the minimum application size for all investors subscribing to IPOs to Rs 10,000-15,000 from Rs 5,000-7,000. SEBI decided that a minimum lot of shares would be assured to retail investors in IPOs; it also approved e-IPO procedure for electronic bidding in public offers. SEBI tightened the eligibility criteria for inclusion and exclusion of shares from the futures and options segment. SEBI stated Indian companies will be allowed to achieve the minimum 25 per cent public shareholding rule through the allocation of bonus or rights shares. SEBI allowed partial fungibility of Indian depository receipts (IDRs) in a financial year to the extent of 25 per cent of the IDRs originally issued.

MA

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Source- NSE

Source- SEBI, NSE

Table 2 – Movement of Key Equity Market Indices Chart 2 – Mutual Fund Daily Investments & Nifty Movement

Index 28-Sep-12 29-Jun-12 Absolute

Change

% change

(3 month)

% change

(1 year)

S&P CNX Nifty 5703.30 5278.90 424.40 8.04 15.38

CNX FMCG Index 14136.00 12729.10 1406.90 11.05 42.10

CNX Bank Index 11456.80 10340.65 1116.15 10.79 21.00

CNX Auto Index 4369.55 3966.40 403.15 10.16 23.10

CNX Realty Index 245.40 222.95 22.45 10.07 3.28

CNX 100 5583.75 5159.15 424.60 8.23 14.89

CNX Pharma Index 5623.00 5216.00 407.00 7.80 24.38

CNX Energy Index 8071.65 7543.50 528.15 7.00 4.34

CNX Mid Cap Index 7840.55 7351.80 488.75 6.65 10.52

CNX Infra 2525.95 2415.90 110.05 4.56 -2.43

CNX Commodities 2495.10 2400.45 94.65 3.94 6.24

CNX Small Cap Index 3451.65 3350.85 100.80 3.01 4.30

CNX IT Index 6313.80 6144.60 169.20 2.75 11.18

CNX Metal Index 2768.40 2870.35 -101.95 -3.55 -5.24

Sectoral Indices sorted on 3-month returns

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4

Debt market overview

Indian call money rates hovered around 7.25-8.25 per cent in the July-September quarter amid moderate demand and sufficient liquidity in the system. A small rise in call rates was witnessed in September due to demand on account of quarterly corporate advance tax payments. Meanwhile, the RBI cut the CRR of scheduled banks by 25 bps to 4.5 per cent of their net demand and time liabilities (NDTL) from September 22; consequently, around Rs 170 billion of primary liquidity was injected into the banking system.

Gilt prices rose in the quarter with the yield on the 10-year benchmark 8.15 per cent, 2022 bond declining 23 bps to 8.15 per cent on September 28 compared with 8.38 per cent on June 29 as prices and yields move in opposite directions. Gilt prices started the quarter on a weak note after the RBI lowered the statutory liquidity ratio (SLR) by 100 bps to 23 per cent with effect from August 11. A cut in SLR leaves banks with more room to lend rather than invest in gilts. Sentiments were also dented due to rise in global crude oil prices leading to concerns

repatriation basis. The RBI tightened non-banking financial company (NBFC) securitisation norms by stipulating that a NBFC will have to retain at least 5 per cent of the loan being sold to another entity. It also asked banks to put up information about bulk deposit rates on their websites. On another front, the Ministry of Finance decided to freeze the long-pending proposal to have a separate debt management office (DMO) citing that as the country is facing a high fiscal deficit, the move might not be appropriate.

over persisting high inflation. However, gilt prices recovered as weak economic indicators such as fall in industrial output and infrastructure growth strengthened hopes of a rate cut by the RBI. The government maintaining its October-March borrowing at Rs 2 trillion on a gross basis in the second half of the fiscal year also helped sentiments.

Among regulatory developments, the RBI allowed qualified foreign investors (QFIs) to invest in debt securities on a

Source - CRISIL Fixed Income Database

Chart 4 – 10-Year Benchmark Gilt Yield

Source - National Stock Exchange (NSE)

Chart 3 – Movement of Overnight MIBOR

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CRISIL Mutual Fund categories

Equity Funds1. Large Cap-oriented Equity funds2. Diversified Equity funds3. Small and Mid-cap Equity funds4. Equity Linked Savings Scheme (ELSS)5. Thematic - Infrastructure funds 6. Index funds

Hybrid Funds7. Balanced funds8. Monthly Income Plan - Aggressive9. Monthly Income Plan - Conservative

Debt Funds10. Long Term Income funds11. Short Term Income Funds12. Liquid funds13. Ultra Short-term Debt funds14. Long Term Gilt funds

Consistent Performers15. Consistent Performers - Equity funds16. Consistent Performers - Balanced funds17. Consistent Performers - Debt funds

Performance period for rankings: 3-years for equity funds (other than index funds), long term income funds, long term gilt funds and

hybrid funds; 1-year for index, liquid, ultra short-term debt and short-term debt funds; 5-years ranking history in CRISIL Mutual Fund

Ranking for Consistent Performers.

CRISIL Mutual Fund Ranking category definitions

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 next 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.



6

Large Cap oriented Equity funds

Weightages 75% 10% 5% 10%

Birla Sun Life Top 100 Fund 1 ñ 2 1 (2) 2 (2) 1 (1) 3 (4)

Fidelity Equity Fund 1 ó1 1 (1) 3 (3) 3 (2) 4 (5)

ICICI Prudential Focused Bluechip Equity Fund 1 ó1 1 (1) 3 (3) 4 (4) 3 (2)

UTI Opportunities Fund 1 ó1 1 (1) 3 (3) 2 (2) 4 (4)

Birla Sun Life Frontline Equity Fund 2 ó2 2 (2) 2 (3) 1 (1) 4 (3)

Fidelity India Growth Fund 2 ó2 2 (1) 3 (4) 3 (3) 4 (5)

Franklin India Bluechip Fund 2 ó2 2 (2) 2 (2) 2 (3) 3 (3)

HDFC Index Fund - Sensex Plus Plan 2 ó2 2 (2) 3 (3) 4 (4) 5 (4)

HDFC Top 200 Fund 2 ò 1 2 (2) 4 (5) 3 (2) 3 (3)

ICICI Prudential Top 100 Fund 2 ó2 2 (2) 4 (4) 5 (5) 3 (3)

JPMorgan India Equity Fund 2 ñ 3 2 (3) 5 (4) 3 (3) 3 (3)

SBI Magnum Equity Fund 2 ó2 2 (2) 5 (5) 4 (4) 2 (2)

BNP Paribas Equity Fund 3 ó3 3 (3) 1 (1) 2 (3) 5 (4)

DSP BlackRock Top 100 Equity Fund 3 ó3 3 (3) 3 (5) 3 (4) 2 (2)

HSBC India Opportunities Fund 3 ó3 3 (3) 3 (2) 1 (1) 4 (4)

ICICI Prudential Target Returns Fund 3 ó3 3 (3) 3 (3) 5 (5) 2 (3)

ICICI Prudential Top 200 Fund 3 ó3 3 (3) 1 (2) 3 (3) 5 (4)

IDFC Equity Fund 3 ó3 3 (3) 3 (3) 4 (4) 1 (1)

ING Core Equity Fund 3 ó3 3 (3) 4 (5) 2 (2) 4 (5)

Kotak 50 3 ó3 3 (3) 5 (4) 3 (4) 3 (3)

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

Reliance Quant Plus Fund 3 ó3 3 (3) 5 (4) 5 (5) 1 (1)

Reliance Top 200 Fund 3 ó3 3 (3) 2 (2) 3 (3) 5 (5)

SBI Blue Chip Fund 3 ó3 3 (3) 3 (2) 2 (2) 3 (3)

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

UTI Master Plus Unit Scheme 3 ó3 3 (3) 3 (3) 3 (3) 2 (3)

UTI Mastershare Unit Scheme 3 ó3 3 (3) 3 (3) 3 (3) 3 (3)

UTI Top 100 Fund 3 ó3 3 (3) 4 (3) 3 (3) 3 (3)

DWS Alpha Equity Fund 4 ó4 4 (4) 3 (3) 4 (5) 4 (4)

HSBC Dynamic Fund 4 ò 3 4 (3) 1 (1) 2 (2) 3 (2)

HSBC Equity Fund 4 ó4 4 (4) 2 (3) 3 (3) 3 (3)

IDFC Imperial Equity Fund 4 ó4 4 (4) 4 (3) 4 (3) 2 (2)

LIC NOMURA MF Equity Fund 4 ó4 4 (4) 4 (4) 5 (4) 1 (1)

LIC NOMURA MF Growth Fund 4 ó4 4 (4) 4 (4) 4 (4) 1 (1)

Sundaram Growth Fund 4 ó4 4 (4) 2 (1) 1 (2) 3 (3)

Sundaram Select Focus 4 ó4 4 (4) 2 (1) 2 (1) 3 (3)

Baroda Pioneer Growth Fund 5 ó5 5 (5) 3 (3) 2 (2) 2 (2)

LIC NOMURA MF Top 100 Fund 5 ó5 5 (5) 4 (4) 3 (3) 2 (2)

Reliance Equity Fund 5 ó5 5 (5) 1 (2) 3 (3) 3 (3)

UTI Contra Fund 5 ó5 5 (5) 2 (2) 3 (3) 4 (4)

Figures in bracket indicate the previous quarter score

CRISIL Change CRISIL Superior

Fund Rank vs Fund Rank Return

Large Cap oriented Equity funds Sep - 12 Jun -12 Jun -12 Score Liquidity

Industry Company

Concentration Concentration


Birla Sun Life India GenNext Fund 1 ñ 2 1 (2) 5 (3) 2 (1) 4 (4)

Mirae Asset India Opportunities Fund 1 ó1 1 (1) 2 (2) 2 (2) 2 (2)

Quantum Long-Term Equity Fund 1 ó1 1 (1) 1 (2) 4 (4) 1 (1)

Reliance Equity Opportunities Fund 1 ó1 1 (1) 2 (2) 3 (3) 5 (5)

UTI Equity Fund 1 ó1 1 (1) 3 (3) 2 (2) 1 (1)

UTI India Lifestyle Fund 1 ñ 2 1 (2) 4 (5) 2 (3) 2 (2)

UTI MNC Fund 1 ó1 1 (1) 4 (4) 4 (4) 4 (4)

Canara Robeco Equity Diversified 2 ó2 2 (2) 3 (3) 2 (2) 2 (2)

Fidelity India Special Situations Fund 2 ó2 2 (2) 3 (5) 1 (2) 4 (5)

Franklin India Prima Plus 2 ó2 2 (3) 1 (2) 3 (3) 3 (2)

HDFC Capital Builder Fund 2 ó2 2 (2) 3 (3) 3 (3) 3 (3)

HDFC Growth Fund 2 ó2 2 (2) 2 (2) 4 (4) 3 (4)

ICICI Prudential Dynamic Plan 2 ó2 2 (2) 1 (1) 4 (4) 3 (3)

ING Dividend Yield Fund 2 ò 1 2 (1) 4 (4) 3 (3) 1 (3)

Principal Dividend Yield Fund 2 ó2 2 (2) 3 (3) 1 (1) 4 (5)

Tata Contra Fund 2 ó2 2 (2) 3 (3) 4 (3) 4 (3)

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

Tata Ethical Fund 2 ó2 2 (2) 2 (1) 4 (4) 3 (3)

Tata Pure Equity Fund 2 ñ 3 2 (3) 4 (4) 4 (3) 1 (1)

UTI Dividend Yield Fund 2 ó2 2 (2) 4 (4) 3 (2) 2 (2)

Birla Sun Life Long Term Advantage Fund 3 ó3 3 (3) 3 (3) 2 (2) 2 (2)

DSP BlackRock Equity Fund 3 ó3 3 (3) 1 (1) 1 (1) 4 (4)

Franklin India Flexi Cap Fund 3 ó3 3 (3) 2 (3) 3 (3) 4 (3)

Franklin India High Growth Companies Fund 3 ó3 3 (3) 1 (2) 3 (3) 5 (4)

HDFC Equity Fund 3 ò 2 3 (2) 3 (3) 3 (3) 3 (3)

HDFC Long Term Equity Fund 3 ó3 3 (2) 4 (4) 5 (5) 2 (3)

ICICI Prudential Services Industries Fund 3 ó3 3 (3) 5 (5) 5 (5) 3 (3)

Kotak Contra 3 ó3 3 (3) 3 (3) 2 (3) 2 (2)

Kotak Opportunities 3 ó3 3 (3) 4 (3) 2 (2) 4 (3)

Kotak Select Focus Fund 3 N.A 3 4 2 2

Morgan Stanley A.C.E. Fund 3 ó3 3 (3) 2 (3) 3 (2) 2 (1)

PineBridge India Equity Fund 3 ó3 3 (3) 1 (1) 4 (5) 5 (5)

Reliance Growth Fund 3 ó3 3 (4) 1 (1) 3 (2) 4 (4)

Reliance Regular Savings Fund - Equity 3 ó3 3 (3) 2 (2) 1 (1) 5 (5)

SBI Magnum Multiplier Plus Scheme 1993 3 ó3 3 (3) 2 (3) 3 (3) 3 (3)

Tata Equity Management Fund 3 ó3 3 (3) 4 (4) 5 (4) 1 (2)

Tata Equity Opportunities Fund 3 ó3 3 (3) 3 (3) 4 (4) 2 (1)

Tata Equity PE Fund 3 ó3 3 (3) 3 (3) 2 (2) 4 (4)

Taurus Starshare 3 ó3 3 (3) 3 (2) 3 (3) 2 (2)

Templeton India Growth Fund 3 ó3 3 (3) 5 (4) 5 (5) 3 (3)

UTI-Services Industries Fund 3 ó3 3 (3) 5 (5) 5 (5) 3 (2)




Diversified Equity funds Sep - 12 Jun -12 Jun -12 Score Liquidity

Industry Company


7

Diversified Equity funds

EQ

UIT

Y F

UN

DS


Continued


8

Diversified Equity funds (Contd.)


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

BOI AXA Equity Fund 4 ó 4 4 (4) 4 (4) 4 (4) 1 (1)

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

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

HDFC Core and Satellite Fund 4 ò 3 4 (3) 3 (1) 3 (3) 4 (4)

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

HSBC Unique Opportunities Fund 4 ò 3 4 (3) 3 (3) 3 (3) 2 (2)

IDFC Classic Equity Fund 4 ó 4 4 (4) 3 (4) 3 (3) 1 (1)

Morgan Stanley Growth Fund 4 ó 4 4 (4) 3 (2) 4 (3) 3 (3)

Principal Growth Fund 4 ó 4 4 (4) 2 (2) 1 (1) 3 (3)

Reliance Vision Fund 4 ó 4 4 (4) 5 (4) 4 (4) 4 (4)

Religare Contra Fund 4 ò 3 4 (3) 2 (3) 2 (3) 5 (4)

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

Birla Sun Life Advantage Fund 5 ó 5 5 (5) 3 (4) 2 (2) 3 (3)

Birla Sun Life Special Situations Fund 5 ó 5 5 (5) 2 (1) 2 (2) 3 (2)

DWS Investment Opportunity Fund 5 ó 5 5 (5) 4 (3) 4 (4) 3 (3)

JM Multi Strategy Fund 5 ó 5 5 (5) 5 (3) 5 (5) 5 (5)

L&T Opportunities Fund 5 ó 5 5 (5) 3 (3) 3 (3) 3 (3)

SBI Magnum COMMA Fund 5 ò 4 5 (4) 5 (5) 5 (4) 3 (3)

SBI Magnum Sector Umbrella - Contra Fund 5 ó 5 5 (5) 3 (3) 3 (3) 4 (3)




Diversified Equity funds Sep - 12 Jun -12 Jun -12 Score Liquidity

Industry Company


9

Small and Mid-cap Equity funds



Fund Rank vs Fund Rank Return Industry Company

Small and Mid-cap Equity funds Score Concentration Concentration Liquidity


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

HDFC Mid-Cap Opportunities Fund 1 ó 1 1 (1) 3 (4) 1 (1) 3 (3)

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

SBI Magnum Sector Umbrella - Emerging Businesses Fund 1 ñ 2 1 (1) 2 (3) 4 (5) 5 (5)

DSP BlackRock Micro Cap Fund 2 ó 2 2 (2) 3 (3) 4 (4) 5 (5)

DSP BlackRock Small and Midcap Fund 2 ñ 3 2 (3) 1 (2) 2 (2) 3 (3)

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

IDFC Sterling Equity Fund 2 N.A 2 2 3 2

JPMorgan India Smaller Companies Fund 2 ñ 3 2 (3) 4 (4) 3 (3) 1 (2)

Religare Mid Cap Fund 2 ó 2 2 (2) 5 (4) 2 (3) 3 (3)

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

Birla Sun Life Dividend Yield Plus 3 ò 2 3 (2) 4 (4) 1 (1) 1 (1)

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

Franklin India Smaller Companies Fund 3 ñ 4 3 (4) 2 (2) 4 (4) 4 (4)

Kotak Midcap 3 ò 2 2 (2) 4 (4) 2 (2) 5 (4)

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

Reliance Long Term Equity Fund 3 ó 3 3 (3) 1 (1) 3 (3) 4 (4)

SBI Magnum Global Fund 3 ó 3 3 (3) 2 (3) 4 (3) 3 (3)

Tata Growth Fund 3 ñ 5 3 (5) 4 (3) 3 (3) 3 (2)

UTI Master Value Fund 3 ó 3 3 (3) 2 (1) 1 (1) 3 (3)

UTI Thematic - Mid Cap Fund 3 ó 3 3 (3) 2 (2) 1 (2) 4 (3)

Birla Sun Life Pure Value Fund 4 ó 4 4 (4) 4 (5) 4 (4) 4 (4)

Birla Sun Life Small & Midcap Fund 4 ò 3 4 (3) 1 (1) 2 (2) 3 (3)

ICICI Prudential MidCap Fund 4 ó 4 4 (4) 3 (3) 4 (4) 4 (4)

Kotak Emerging Equity 4 ò 3 3 (3) 4 (3) 3 (3) 5 (5)

L&T Midcap Fund 4 ò 3 4 (3) 3 (4) 2 (3) 1 (1)

SBI Magnum Midcap Fund 4 ñ 5 4 (5) 3 (2) 5 (5) 3 (3)

Sundaram Rural India Fund 4 ó 4 4 (4) 5 (5) 3 (4) 3 (2)

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

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

Sundaram Equity Multiplier Fund 5 N.A 5 5 5 2

Sundaram SMILE Fund 5 ò 4 5 (4) 3 (3) 4 (3) 4 (3)


Sep -12 Jun -12 Jun -12


Equity Linked Savings Scheme (ELSS)CRISIL Change CRISIL Superior


Equity Linked Savings Scheme (ELSS) Score Concentration Concentration Liquidity


Canara Robeco Equity Tax Saver 1 ó 1 1 (1) 3 (3) 2 (2) 4 (4)

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

Reliance Tax Saver Fund 1 ñ 2 1 (2) 4 (3) 4 (3) 5 (5)

BNP Paribas Tax Advantage Plan 2 ó 2 2 (2) 1 (1) 2 (2) 4 (4)

Fidelity Tax Advantage Fund 2 ó 2 2 (2) 2 (2) 3 (2) 3 (4)

HDFC Long Term Advantage Fund 2 ó 2 2 (2) 3 (2) 4 (4) 4 (4)

HSBC Tax Saver Equity Fund 2 ñ 3 2 (3) 1 (3) 3 (4) 3 (2)

ICICI Prudential Tax Plan 2 ò 1 2 (1) 2 (3) 3 (4) 4 (4)

Religare Tax Plan 2 ó 2 2 (2) 2 (3) 3 (3) 3 (3)

Birla Sun Life Tax Plan 3 ñ 4 3 (4) 3 (3) 2 (3) 3 (3)

DSP BlackRock Tax Saver Fund 3 ó 3 3 (3) 3 (4) 1 (1) 4 (3)

HDFC Tax Saver Fund 3 ò 2 3 (2) 2 (1) 2 (2) 4 (4)

IDFC Tax Advantage (ELSS) Fund 3 ó 3 3 (3) 3 (2) 4 (3) 3 (3)

Kotak Tax Saver Scheme 3 ó 3 3 (3) 3 (3) 2 (2) 5 (5)

SBI Magnum Tax Gain Scheme 1993 3 ó 3 3 (3) 2 (2) 3 (3) 3 (3)

Sundaram Taxsaver 3 ó 3 3 (3) 3 (3) 1 (1) 2 (2)

Tata Tax Saving Fund 3 ó 3 3 (3) 5 (4) 3 (3) 2 (2)

Taurus Taxshield 3 ó 3 3 (3) 4 (2) 3 (2) 2 (3)

UTI Equity Tax Saving Plan 3 ó 3 3 (3) 3 (3) 4 (3) 2 (2)

Birla Sun Life Tax Relief 96 4 ó 4 4 (4) 3 (3) 2 (3) 3 (3)

BOI AXA Tax Advantage Fund 4 ó 4 4 (4) 4 (4) 4 (4) 2 (1)

ING Tax Savings Fund 4 ò 3 4 (3) 5 (5) 3 (3) 2 (3)

LIC NOMURA MF Tax Plan 1997 4 ó 4 4 (4) 4 (4) 5 (5) 1 (1)

Principal Personal Tax Saver 4 ó 4 4 (4) 3 (4) 4 (4) 1 (2)

Principal Tax Saving Fund 4 ó 4 4 (4) 2 (2) 1 (1) 3 (3)

DWS Tax Saving Fund 5 ó 5 5 (5) 4 (4) 5 (5) 3 (3)

JM Tax Gain Fund 5 ó 5 5 (5) 5 (5) 5 (5) 5 (5)

L&T Tax Saver Fund 5 ó 5 5 (5) 4 (5) 3 (4) 1 (1)


Sep - 12 Jun -12 Jun -12

10

11

Thematic - Infrastructure funds


Index fundsCRISIL Change CRISIL

Fund Rank vs Fund Rank

Index funds Sep - 12 Jun - 12 Jun - 12

Weightages*

Kotak Nifty ETF 1 ó 1

Kotak Sensex ETF 1 ó 1

Goldman Sachs Nifty Exchange Traded Scheme 2 ó 2

HDFC Index Fund - Sensex Plan 2 ñ 3

IDBI Nifty Index Fund 2 ó 2

Reliance Index Fund - Nifty Plan 2 ñ 3

Franklin India Index Fund - BSE Sensex Plan 3 ó 3

Franklin India Index Fund - NSE Nifty Plan 3 ñ 4

HDFC Index Fund - Nifty Plan 3 ó 3

SBI Magnum Index Fund 3 ñ 4

UTI Nifty Index Fund 3 ò 2

Birla Sun Life Index Fund 4 ó 4

IDFC Nifty Fund 4 N.A

LIC NOMURA MF Index Fund - Nifty Plan 4 ñ 5

LIC NOMURA MF Index Fund - Sensex Plan 4 ó 4

ICICI Prudential Index Fund - Nifty Plan 5 ó 5

Principal Index Fund 5 ò 2

*100% weightage given to tracking error



Thematic - Infrastructure funds Score Concentration Concentration Liquidity


DSP BlackRock India T.I.G.E.R. Fund 1 ñ 2 1 (2) 2 (3) 1 (2) 2 (2)

Franklin Build India Fund 1 N.A 1 1 2 3

Birla Sun Life Infrastructure Fund 2 ó 2 2 (2) 2 (2) 3 (2) 3 (2)

Canara Robeco Infrastructure 2 ò 1 2 (1) 2 (1) 2 (1) 3 (3)

DSP BlackRock Natural Resources and New Energy Fund 2 ò 1 2 (1) 5 (5) 4 (3) 4 (4)

PineBridge Infrastructure and Economic Reform Fund 2 ó 2 2 (2) 1 (1) 5 (5) 5 (5)

HDFC Infrastructure Fund 3 ò 2 3 (2) 4 (4) 5 (5) 3 (3)

HSBC Progressive Themes Fund 3 ó 3 3 (3) 2 (2) 3 (3) 3 (4)

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

LIC NOMURA MF Infrastructure Fund 3 ñ 4 3 (4) 3 (2) 4 (4) 1 (3)

Sundaram Select Thematic Funds Energy Opportunities 3 ó 3 3 (3) 5 (5) 3 (4) 1 (1)

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

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

SBI Infrastructure Fund - Series I 4 ó 4 4 (4) 3 (4) 4 (4) 3 (3)

Sundaram CAPEX Opportunities Fund 4 ó 4 4 (4) 4 (3) 1 (1) 4 (5)

UTI Infrastructure Fund 4 ñ 5 4 (5) 3 (2) 3 (2) 2 (2)

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

Reliance Infrastructure Fund 5 N.A 5 3 2 4


Sep - 12 Jun -12 Jun -12


12

Balanced funds

Weightages 75% 10% 5% 5%*(100-K) 5%*(100-K) 10%*K

HDFC Balanced Fund 1 ó1 1 (1) 1 (2) 1 (3) 1 (1) 2 (2) 4 (4)

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

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

ICICI Prudential Equity and Derivatives

Fund - Volatility Advantage Plan 2 ó2 2 (2) 3 (3) 4 (4) 1 (1) 1 (1) 4 (3)

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

Tata Balanced Fund 2 ó2 2 (2) 4 (4) 3 (3) 1 (1) 3 (2) 3 (2)

Birla Sun Life 95 Fund 3 ó3 3 (3) 3 (3) 1 (2) 1 (1) 3 (4) 2 (2)

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

DSP BlackRock Balanced Fund 3 ó3 3 (3) 2 (2) 2 (1) 1 (1) 2 (3) 5 (4)

Edelweiss Absolute Return Fund 3 N.A 3 5 5 1 2 3

Kotak Balance 3 ó3 3 (3) 3 (2) 3 (4) 3 (1) 3 (3) 2 (2)

FT India Balanced Fund 4 ó4 4 (4) 2 (2) 2 (2) 2 (1) 5 (2) 2 (1)

LIC NOMURA MF Balanced Fund - Plan C 4 ñ 5 4 (4) 2 (3) 5 (5) 4 (4) 5 (5) 1 (1)

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

Sundaram Balanced Fund 4 ó4 4 (4) 3 (5) 4 (5) 2 (2) 4 (3) 1 (5)

Principal Balanced Fund 5 ò 4 5 (5) 1 (1) 4 (4) 3 (3) 1 (1) 3 (3)

UTI Balanced Fund 5 ò 4 5 (4) 5 (5) 2 (2) 3 (4) 4 (5) 2 (2)


K = Equity Component in Hybrid Funds

CRISIL Change CRISIL Superior Debt

Fund Rank vs Fund Rank Return Industry Company Asset Debt Equity

Balanced funds Score Concentration Concentration Quality Liquidity LiquiditySep - 12 Jun -12 Jun -12

13

HY

BR

ID F

UN

DS

Monthly Income Plan - Aggressive



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

Monthly Income Plan - Aggressive Score Concentration Concentration Quality Liquidity Liquidity DurationSep- 12 Jun -12 Jun -12

Weightages 60% 5% 5% 17.5% 7.5%*(100-K) 7.5%*K 5%

HDFC Monthly Income Plan - LTP 1 ó1 1 (1) 4 (4) 2 (3) 1 (1) 3 (2) 4 (4) 4 (5)

Reliance Monthly Income Plan 1 ó1 1 (1) 3 (3) 2 (1) 2 (2) 4 (4) 5 (5) 5 (4)

DSP BlackRock MIP Fund 2 ó2 2 (2) 2 (2) 3 (3) 1 (1) 2 (1) 2 (2) 3 (2)

HSBC MIP - Savings 2 ñ3 2 (3) 4 (4) 3 (3) 1 (1) 2 (3) 2 (3) 4 (4)

ICICI Prudential MIP 25 2 ó2 2 (2) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3) 3 (3)

Tata MIP Plus Fund 2 ó2 2 (3) 3 (3) 4 (4) 1 (1) 3 (1) 3 (3) 3 (4)

Birla Sun Life MIP II - Wealth 25 Plan 3 ó3 3 (3) 4 (4) 4 (4) 1 (1) 1 (2) 4 (4) 5 (4)

Canara Robeco Monthly Income Plan 3 ò2 3 (2) 5 (5) 2 (1) 1 (1) 2 (3) 4 (3) 2 (2)

HDFC Monthly Income Plan - STP 3 ó3 4 (3) 1 (1) 1 (2) 1 (1) 1 (2) 3 (4) 3 (2)

Kotak Monthly Income Plan 3 ó3 3 (2) 2 (2) 4 (5) 3 (1) 2 (4) 5 (5) 2 (2)

FT India Monthly Income Plan - Plan B 4 ó4 4 (4) 4 (5) 3 (3) 4 (3) 4 (4) 2 (2) 4 (3)

L&T Monthly Income Plan 4 ó4 4 (4) 2 (2) 1 (2) 1 (1) 3 (2) 4 (4) 2 (3)

SBI Magnum Income Plus Fund - Investment 4 ò3 4 (4) 3 (3) 4 (4) 1 (1) 3 (3) 1 (1) 2 (3)

UTI MIS Advantage Plan 4 ó4 3 (3) 5 (4) 2 (2) 2 (2) 5 (4) 3 (3) 4 (5)

LIC NOMURA MF Floater MIP 5 ò4 5 (4) 1 (3) 5 (5) 2 (2) 4 (5) 2 (2) 1 (1)

LIC NOMURA MF Monthly Income Plan 5 ó5 5 (5) 2 (2) 5 (4) 2 (2) 5 (5) 1 (2) 1 (1)



Monthly Income Plan - Conservative


Monthly Income Plan - Fund Rank vs Fund Rank Return Industry Company Asset Debt Equity Modified

Conservative Score Concentration Concentration Quality Liquidity Liquidity DurationSep - 12 Jun - 12 Jun - 12

Weightages 60% 5% 5% 17.5% 7.5%*(100-K) 7.5%*K 5%

Birla Sun Life MIP II - Savings 5 Plan 1 ó1 1 (1) 2 (2) 4 (3) 1 (1) 4 (2) 5 (4) 4 (3)

Birla Sun Life MIP 2 ó2 2 (3) 4 (4) 3 (2) 1 (1) 3 (3) 3 (4) 3 (3)

Birla Sun Life Monthly Income 2 ó2 2 (2) 3 (3) 3 (4) 1 (1) 3 (2) 4 (3) 4 (4)

ICICI Prudential MIP Plan 3 ó3 3 (3) 3 (3) 2 (5) 1 (1) 4 (4) 4 (3) 2 (2)

SBI Magnum Monthly Income Plan 3 ó3 3 (3) 4 (4) 3 (3) 1 (1) 1 (3) 3 (5) 2 (1)

UTI Monthly Income Scheme 3 ó3 3 (2) 5 (5) 2 (4) 2 (2) 5 (4) 2 (2) 5 (4)

HSBC MIP 4 ó4 4 (4) 3 (3) 1 (3) 1 (1) 2 (3) 2 (2) 3 (3)

Tata Monthly Income Fund 4 ó4 4 (4) 2 (2) 5 (1) 1 (1) 2 (1) 3 (3) 3 (5)

Principal Debt Savings Fund - Monthly

Income Plan - Growth Accumulation Plan 5 ó5 5 (5) 1 (1) 4 (2) 2 (2) 3 (5) 1 (1) 1 (2)




14

Long Term Income funds

Weightages 60% 5% 5% 5% 7.5% 17.5%

IDFC Dynamic Bond Fund - Plan B 1 ñ 2 1 (2) 3 (3) 1 (3) 1 (1) 3 (3) 1 (1)

SBI Dynamic Bond Fund 1 ó1 1 (1) 4 (3) 4 (2) 1 (1) 2 (2) 1 (1)

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

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

HSBC Flexi Debt Fund 2 ó2 2 (2) 2 (3) 1 (1) 1 (1) 2 (3) 1 (1)

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

Reliance Dynamic Bond Fund 2 ó2 2 (3) 3 (4) 2 (3) 1 (1) 1 (1) 1 (1)

Religare Active Income Fund 2 ñ 3 2 (3) 1 (1) 2 (2) 4 (1) 3 (3) 1 (1)

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

Birla Sun Life Income Plus 3 ó3 3 (3) 4 (3) 2 (2) 1 (1) 4 (3) 1 (1)

DWS Premier Bond Fund 3 ó3 3 (4) 2 (3) 2 (2) 1 (1) 2 (3) 1 (1)

HDFC High Interest Fund 3 ó3 3 (3) 4 (4) 3 (1) 1 (1) 3 (4) 1 (1)

HDFC Income Fund 3 ó3 3 (3) 4 (5) 1 (1) 1 (1) 3 (3) 1 (1)

HSBC Income Fund - Investment Plan 3 ò 2 3 (2) 3 (3) 3 (3) 1 (1) 3 (3) 1 (1)

IDFC Super Saver Income Fund - Investment Plan 3 ó3 3 (3) 3 (3) 3 (4) 1 (1) 4 (3) 1 (1)

Kotak Bond Plan A 3 ò 2 3 (2) 4 (5) 3 (3) 1 (1) 4 (4) 1 (1)

Reliance Income Fund 3 ó3 4 (3) 4 (4) 3 (3) 1 (1) 1 (1) 1 (1)

Sundaram Bond Saver 3 ñ 4 3 (4) 3 (4) 4 (5) 1 (1) 4 (3) 1 (1)

Templeton India Income Builder Account 3 ó3 2 (2) 3 (3) 4 (3) 1 (1) 5 (5) 4 (4)

BNP Paribas Flexi Debt Fund 4 ó4 4 (4) 3 (2) 5 (4) 5 (5) 3 (4) 1 (1)

Canara Robeco Income Plan 4 ò 3 3 (3) 3 (3) 3 (3) 5 (1) 3 (4) 1 (1)

ICICI Prudential Income Opportunities Fund 4 ó4 4 (4) 5 (5) 5 (3) 1 (1) 1 (2) 1 (1)

JPMorgan India Active Bond Fund 4 N.A 4 2 5 1 2 1

LIC NOMURA MF Bond Fund 4 ó4 4 (3) 3 (2) 3 (4) 1 (1) 4 (4) 1 (2)

Templeton India Income Fund 4 ó4 4 (4) 2 (2) 3 (3) 5 (5) 5 (5) 3 (3)

DSP BlackRock Bond Fund 5 ó5 5 (5) 2 (3) 3 (2) 1 (1) 3 (3) 1 (1)

ICICI Prudential Income Plan 5 ò 4 5 (4) 5 (4) 2 (4) 1 (1) 4 (2) 1 (1)

Tata Income Fund 5 ó5 5 (5) 1 (2) 3 (5) 1 (1) 2 (1) 1 (1)


CRISIL Change CRISIL Superior Debt Debt Debt

Fund Rank vs Fund Rank Return Modified Company Sectoral Debt Asset

Long Term Income funds Score Duration Concentration Concentration Liquidity Quality Sep - 12 Jun-12 Jun-12

15

DE

BT

FU

ND

S

Short Term Income funds CRISIL

Fund Rank Mean Company Sectoral Asset Modified

Short Term Income funds Return Volatility Concentration Concentration Quality Duration LiquiditySep -12*

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

Birla Sun Life Short Term Fund 1 1 4 3 1 1 3 2

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

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

Religare Credit Opportunities Fund 1 3 1 3 1 1 1 5

Canara Robeco Short Term Fund 2 3 2 4 4 1 3 3

IDBI Short Term Bond Fund 2 3 2 4 1 1 2 2

ING Short Term Income Fund 2 4 3 3 1 1 4 1

JM Short Term Fund 2 2 1 5 1 1 2 4

Morgan Stanley Short Term Bond Fund 2 2 3 1 1 1 3 3

Peerless Short Term Fund 2 2 1 5 1 1 2 3

PineBridge Short Term Fund 2 2 2 4 1 1 4 1

Sundaram Flexible Fund - Short Term Plan 2 4 3 5 1 1 2 1

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

Birla Sun Life Dynamic Bond Fund 3 1 5 2 4 1 5 3

BNP Paribas Short Term Income Fund 3 4 3 3 1 1 4 3

DSP BlackRock Income Opportunities Fund 3 5 3 3 1 1 3 3

DSP BlackRock Short Term Fund 3 4 3 3 1 1 3 3

Fidelity Short Term Income Fund 3 5 3 3 1 1 3 2

HDFC High Interest Fund - Short Term Plan 3 3 3 1 1 1 4 3

HDFC Short Term Plan 3 3 3 2 4 1 3 3

HSBC Income Fund - Short Term Plan 3 5 3 3 1 1 3 2

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

JPMorgan India Short Term Income Fund 3 4 2 3 1 1 2 3

Pramerica Short Term Income Fund 3 3 2 3 1 1 2 4

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

Religare Short Term Plan 3 3 4 2 1 1 2 2

Tata Short Term Bond Fund 3 5 4 4 1 1 3 3

Templeton India Low Duration Fund 3 3 2 1 4 2 1 4

Birla Sun Life Medium Term Plan 4 2 5 4 5 1 2 4

DWS Short Maturity Fund 4 3 3 1 4 1 3 4

ICICI Prudential Regular Savings Fund 4 4 3 1 1 2 3 4

ICICI Prudential Short Term Plan 4 3 3 3 1 1 4 3

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

Principal Income Fund - Short Term Plan 4 3 4 3 1 1 3 3

Taurus Short Term Income Fund 4 2 2 5 5 1 1 4

UTI Short Term Income Fund 4 1 5 1 1 2 5 3

Kotak Income Opportunities Fund 5 3 4 3 5 3 4 4

Reliance Regular Savings Fund - Debt 5 4 3 1 4 3 3 5

Templeton India Income Opportunities Fund 5 2 3 4 5 4 5 5

Templeton India Short Term Income Plan 5 3 3 1 4 3 3 5

*Ranking for the previous quarter not disclosed as it is not comparable due to change in criteria



16

Liquid funds

CRISIL

Fund Rank Mean Asset Asset Company #Liquid funds Return Volatility Size DRP Quality Concentration LiquiditySep -12*

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

Baroda Pioneer Liquid Fund 1 2 1 3 1 1 4 2

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

IDFC Cash Fund 1 3 1 2 1 1 3 2

Religare Liquid Fund 1 2 2 2 1 1 1 3

UTI Liquid Cash Plan 1 3 2 1 3 1 2 2

Axis Liquid Fund 2 3 2 2 2 1 1 3

Birla Sun Life Cash Plus 2 3 3 1 3 1 3 3

Kotak Liquid Fund 2 3 3 2 1 1 3 3

L&T Liquid Fund 2 3 2 3 1 1 1 3

LIC NOMURA MF Liquid Fund 2 4 1 3 3 1 3 3

Peerless Liquid Fund 2 1 1 3 1 1 3 3

Principal Cash Management Fund 2 2 2 3 1 1 3 3

Reliance Liquidity Fund 2 3 2 2 2 1 3 4

Taurus Liquid Fund 2 1 2 3 2 1 2 3

Union KBC Liquid Fund 2 2 3 3 3 1 1 2

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

BNP Paribas Overnight Fund 3 2 4 4 3 1 3 3

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

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

DWS Treasury Fund - Cash Plan 3 2 3 4 3 1 3 5

ICICI Prudential Money Market Fund 3 3 3 3 4 1 4 2

IDBI Liquid Fund 3 2 3 3 2 1 4 3

JM High Liquidity Fund 3 1 3 3 3 1 1 4

JPMorgan India Liquid Fund 3 2 3 3 2 1 1 3

Kotak Floater - Short Term 3 1 3 3 3 1 1 5

Pramerica Liquid Fund 3 1 4 4 1 1 3 4

Reliance Liquid Fund - Cash Plan 3 4 4 4 4 1 4 1

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

SBI Magnum InstaCash - Liquid Floater Plan 3 4 4 4 4 1 4 1

Sundaram Money Fund 3 3 2 3 2 1 2 4

Tata Liquid Fund 3 4 3 2 4 1 3 2

UTI Money Market Fund 3 3 1 3 3 1 4 4

Canara Robeco Liquid 4 4 4 3 5 1 4 5

Daiwa Liquid Fund 4 2 4 4 3 1 4 5

Fidelity Cash Fund 4 4 4 4 4 1 3 2

HDFC Cash Management Fund - Savings Plan 4 3 5 3 3 1 1 3

HDFC Liquid Fund 4 3 5 1 3 1 3 2

HSBC Cash Fund 4 5 3 5 5 1 1 3

ING Liquid Fund 4 4 4 4 3 1 1 3

Morgan Stanley Liquid Fund 4 5 3 4 1 1 3 3

SBI Magnum InstaCash 4 4 3 3 4 1 4 4

Templeton India Treasury Management Account 4 3 4 2 3 1 3 4

BOI AXA Liquid Fund 5 5 3 5 5 1 5 1

Edelweiss Liquid Fund 5 5 3 5 4 1 5 1

Sahara Liquid Fund 5 4 5 5 5 1 5 1

Tata Money Market Fund 5 3 5 5 4 1 5 5

Templeton India Cash Management Account 5 5 5 4 5 1 5 2

*Ranking for the previous quarter not disclosed as it is not comparable due to change in criteria#Downside Risk Probability

17


Ultra Short-term Debt fundsCRISIL

Fund Rank Mean Asset Modified Asset Company #Ultra Short-term Debt funds Return Volatility Size Duration DRP Quality Concentration LiquiditySep -12*

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

Birla Sun Life Ultra Short Term Fund 1 3 3 3 3 2 1 1 2

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

ICICI Prudential Flexible Income Plan 1 4 3 1 1 3 1 2 2

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

JM Money Manager Fund - Regular Plan 1 1 4 4 2 1 1 5 4

UTI Treasury Advantage Fund 1 3 3 1 3 2 1 2 2

Baroda Pioneer Treasury Advantage Fund 2 2 4 3 3 2 1 3 3

Birla Sun Life Cash Manager 2 3 3 2 3 3 1 3 3

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

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

ICICI Prudential Banking & PSU Debt Fund 2 5 1 5 1 5 1 5 1

ICICI Prudential Floating Rate Plan 2 4 3 2 2 4 1 3 2

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

JM Money Manager Fund - Super Plan 2 1 4 4 2 1 1 4 5

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

Religare Ultra Short Term Fund 2 3 3 3 3 1 1 3 3

Tata Floater Fund 2 3 3 2 3 2 1 3 3

Axis Treasury Advantage Fund 3 3 3 2 3 2 1 3 3

BNP Paribas Money Plus Fund 3 2 3 3 3 3 1 2 3

Canara Robeco Treasury Advantage Fund 3 4 1 3 2 3 1 3 3

DSP BlackRock Money Manager Fund 3 4 2 2 3 4 1 3 3

DWS Money Plus Fund 3 5 2 3 5 4 1 2 1

DWS Treasury Fund - Investment Plan 3 1 5 4 5 4 1 1 1

DWS Ultra Short Term Fund 3 2 4 2 2 2 1 1 5

HSBC Floating Rate Fund - Long Term Plan 3 4 2 4 2 3 1 4 3

IDBI Ultra Short Term Fund 3 3 3 3 3 2 1 3 4

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

L&T Ultra Short Term Fund 3 3 2 3 3 2 1 1 3

LIC NOMURA MF Income Plus Fund 3 5 1 4 1 5 1 4 4

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

Peerless Ultra Short Term Fund 3 1 4 3 5 1 1 4 5

SBI Short Horizon Debt Fund - Ultra Short Term Fund 3 3 3 1 3 3 1 3 3

Sundaram Ultra Short Term Fund 3 3 3 3 4 3 1 2 3

Taurus Ultra Short Term Bond Fund 3 2 4 3 2 1 1 4 4

Templeton India Ultra-short Bond Fund 3 2 4 2 3 3 1 3 5

DWS Cash Opportunities Fund 4 2 4 4 4 3 1 1 5

Edelweiss Ultra Short Term Bond Fund 4 4 3 5 2 3 1 5 1

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

IDFC Ultra Short Term Fund 4 1 5 5 3 3 1 5 2

ING Treasury Advantage Fund 4 4 5 5 1 4 1 1 3

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

Pramerica Ultra Short Term Bond Fund 4 3 2 4 4 3 1 4 4

Principal Debt Opportunities Fund - Conservative Plan 4 2 2 5 3 3 1 5 4

Reliance Medium Term Fund 4 2 5 2 5 4 1 2 2

Tata Treasury Manager Fund 4 3 2 4 2 2 1 4 4

UTI Floating Rate Fund - STP 4 3 2 4 4 3 1 4 4

Daiwa Treasury Advantage Fund 5 4 2 4 2 3 1 5 5

ICICI Prudential Ultra Short Term Plan 5 5 5 3 4 5 1 3 3

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

Kotak Flexi Debt 5 4 3 3 4 3 1 4 5

Pramerica Treasury Advantage Fund 5 3 5 5 4 5 1 5 1

Reliance Floating Rate Fund - Short Term Plan 5 2 5 3 5 5 1 2 3

*Ranking for the previous quarter not disclosed as it is not comparable due to change in criteria#Downside Risk Probability


18

Long Term Gilt fundsCRISIL Change CRISIL Superior

Fund Rank vs Fund Rank Return Modified Asset

Long Term Gilt funds Score Duration Liquidity QualitySep - 12 Jun - 12 Jun - 12

Weightages 75% 5% 12.5% 7.5%

IDFC G Sec Fund - Investment Plan - Plan B 1 ñ 2 1 (2) 2 (2) 3 (2) 1 (1)

Kotak Gilt - Investment 1 ó 1 1 (1) 3 (4) 3 (4) 1 (1)

Birla Sun Life Gilt Plus - PF Plan 2 N.A 2 4 4 1

Birla Sun Life Govt Securities Long Term Plan 2 ò 1 2 (1) 2 (1) 3 (1) 1 (1)

HDFC Gilt Fund - Long Term Plan 2 ó 2 2 (2) 3 (3) 2 (3) 1 (1)

ICICI Prudential Gilt - Investment 2 ó 2 2 (2) 4 (3) 5 (3) 1 (1)

LIC NOMURA MF G-Sec Fund 3 ñ 4 3 (4) 3 (4) 2 (4) 1 (1)

Reliance Gilt Securities Fund 3 ó 3 3 (3) 3 (3) 4 (5) 1 (1)

SBI Magnum Gilt Fund - Long Term 3 ó 3 3 (3) 4 (2) 4 (5) 1 (1)

Templeton India G-Sec Fund - Composite Plan 3 ó 3 4 (3) 1 (5) 1 (2) 1 (1)

UTI Gilt Advantage Fund - Long Term Plan 3 ò 2 3 (2) 5 (3) 4 (3) 1 (1)

DSP BlackRock Govt Sec Fund 4 ó 4 4 (4) 3 (2) 3 (1) 1 (1)

ICICI Prudential Gilt - Investment - PF Option 4 ò 3 4 (3) 5 (3) 5 (3) 1 (1)

Tata Gilt Securities Fund - Plan A 4 ò 3 3 (3) 4 (3) 2 (4) 1 (1)

Templeton India G-Sec Fund - Long Term Plan 4 ó 4 4 (4) 2 (5) 1 (2) 1 (1)

Fidelity Flexi Gilt Fund 5 ó 5 5 (5) 1 (1) 3 (3) 1 (1)

Principal Government Securities Fund 5 ò 4 5 (4) 2 (4) 2 (3) 1 (1)


19

CO

NS

IST

EN

T P

ER

FO

RM

ER

S

Consistent Performers - Equity fundsCRISIL Change CRISIL Superior CRISIL

Fund Rank vs Fund Rank Return Fund Rank

Consistent Performers - Equity funds Score PerformanceSep - 12 Jun -12 Jun -12

Weightages 50% 50%

Fidelity Equity Fund 1 N.A 2 1

ICICI Prudential Discovery Fund 1 ó 1 1 (1) 2 (2)

IDFC Premier Equity Fund 1 N.A 2 1

Reliance Equity Opportunities Fund 1 ó 1 1 (1) 1 (1)

SBI Magnum Sector Umbrella - Emerging Businesses Fund 1 ñ 2 1 (1) 2 (2)

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

UTI Dividend Yield Fund 1 ó 1 2 (2) 1 (1)

UTI Equity Fund 1 ó 1 1 (1) 1 (2)

UTI Opportunities Fund 1 ó 1 1 (1) 1 (1)

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

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

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

Birla Sun Life Top 100 Fund 2 N.A 2 3

Canara Robeco Equity Diversified 2 ó 2 1 (1) 2 (2)

Franklin India Bluechip Fund 2 ó 2 2 (2) 2 (2)

HDFC Capital Builder Fund 2 ó 2 2 (2) 2 (2)

HDFC Equity Fund 2 ò 1 2 (2) 2 (1)

HDFC Growth Fund 2 ó 2 3 (2) 2 (2)

HDFC Top 200 Fund 2 ó 2 3 (3) 1 (1)

ICICI Prudential Dynamic Plan 2 ó 2 2 (2) 2 (2)

Kotak Midcap 2 ó 2 1 (2) 3 (3)

Principal Large Cap Fund 2 N.A 2 2

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

Tata Contra Fund 2 N.A 2 2

Tata Ethical Fund 2 ñ 3 2 (2) 3 (3)

UTI Master Value Fund 2 ó 2 3 (2) 2 (2)

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

Canara Robeco Infrastructure 3 N.A 4 2

DSP BlackRock Equity Fund 3 ò 2 3 (3) 2 (1)

DSP BlackRock Opportunities Fund 3 ó 3 4 (3) 3 (3)

DSP BlackRock Top 100 Equity Fund 3 ò 2 3 (3) 2 (2)

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

Franklin India Prima Fund 3 ó 3 2 (2) 4 (4)

Franklin India Prima Plus 3 ò 2 2 (2) 3 (3)

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

HDFC Premier MultiCap Fund 3 ó 3 3 (3) 3 (3)

ICICI Prudential Services Industries Fund 3 N.A 3 4

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

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

Kotak Contra 3 ó 3 3 (3) 4 (4)

Kotak Opportunities 3 ó 3 4 (4) 3 (3)

Principal Dividend Yield Fund 3 ó 3 3 (3) 3 (3)

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

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

SBI Magnum Equity Fund 3 ò 2 3 (3) 3 (3)

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

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

Continued



20

Consistent Performers - Equity funds (Contd.)CRISIL Change CRISIL Superior CRISIL


Consistent Performers - Equity funds Score PerformanceSep - 12 Jun -12 Jun -12

Weightages 50% 50%

Sundaram SMILE Fund 3 ó 3 3 (3) 3 (3)

Tata Equity PE Fund 3 ó 3 3 (3) 3 (3)

Tata Pure Equity Fund 3 ó 3 3 (3) 3 (3)

Taurus Starshare 3 ó 3 3 (3) 3 (3)

Templeton India Growth Fund 3 ó 3 3 (3) 3 (3)

UTI Mastershare Unit Scheme 3 ó 3 3 (3) 3 (3)

UTI Thematic - Mid Cap Fund 3 ó 3 2 (2) 3 (3)

UTI-Services Industries Fund 3 ó 3 3 (3) 4 (4)

Birla Sun Life Equity Fund 4 ó 4 4 (4) 4 (4)

BNP Paribas Equity Fund 4 ò 3 3 (3) 4 (4)

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

DWS Alpha Equity Fund 4 ó 4 5 (4) 3 (3)

Franklin India Opportunities Fund 4 ó 4 4 (4) 4 (4)

HSBC Equity Fund 4 ñ 5 5 (5) 4 (4)

HSBC India Opportunities Fund 4 ò 3 4 (3) 4 (4)

HSBC Midcap Equity Fund 4 ó 4 4 (4) 5 (5)

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

IDFC Classic Equity Fund 4 ñ 5 4 (4) 5 (5)

Kotak 50 4 ò 3 4 (4) 3 (3)

LIC NOMURA MF Equity Fund 4 ó 4 4 (4) 4 (4)

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

SBI Magnum Midcap Fund 4 ó 4 3 (3) 5 (5)

SBI Magnum Sector Umbrella - Contra Fund 4 ó 4 4 (4) 4 (4)

Sundaram Growth Fund 4 ó 4 4 (4) 4 (3)

UTI Master Plus Unit Scheme 4 ó 4 3 (3) 4 (4)

Birla Sun Life Advantage Fund 5 ò 4 4 (4) 5 (5)

ICICI Prudential Infrastructure Fund 5 ò 4 5 (5) 3 (2)

JM Basic Fund 5 ó 5 5 (5) 5 (5)

Principal Growth Fund 5 ó 5 4 (4) 5 (5)

SBI Magnum MultiCap Fund 5 ó 5 4 (4) 5 (5)

Sundaram CAPEX Opportunities Fund 5 ó 5 5 (5) 4 (3)

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

Tata Infrastructure Fund 5 ó 5 5 (5) 3 (3)

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


21

CRISIL Change CRISIL Superior CRISIL


Consistent Performers - Balanced funds Score PerformanceSep - 12 Jun -12 Jun -12

Weightages 50% 50%

HDFC Balanced Fund 1 ó 1 1 (1) 1 (1)

HDFC Prudence Fund 1 ó 1 2 (1) 1 (1)

Canara Robeco Balance 2 ó 2 2 (2) 3 (3)

ICICI Prudential Balanced Fund 2 ñ 3 2 (2) 3 (3)

Tata Balanced Fund 2 ó 2 1 (2) 2 (2)

Birla Sun Life 95 Fund 3 ò 2 3 (3) 2 (2)

DSP BlackRock Balanced Fund 3 ó 3 3 (3) 2 (2)

FT India Balanced Fund 3 ó 3 3 (3) 3 (3)

Kotak Balance 3 ó 3 3 (3) 3 (3)

Principal Balanced Fund 4 ó 4 4 (5) 4 (4)

Sundaram Balanced Fund 4 ó 4 4 (4) 4 (4)

UTI Balanced Fund 4 ó 4 4 (4) 4 (4)

LIC NOMURA MF Balanced Fund - Plan C 5 ó 5 5 (4) 5 (5)

SBI Magnum Balanced Fund 5 ó 5 5 (5) 5 (5)


Consistent Performers - Debt funds

CRISIL Change CRISIL Superior CRISIL


Consistent Performers - Debt funds Score PerformanceSep - 12 Jun - 12 Jun - 12

Weightages 50% 50%

Kotak Bond Fund 1 ó 1 1 (1) 1 (1)

UTI Bond Fund 1 ó 1 1 (1) 1 (1)

Birla Sun Life Income Plus 2 ó 2 2 (2) 2 (2)

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

Reliance Income Fund 2 ó 2 3 (3) 2 (2)

HDFC Income Fund 3 ó 3 3 (3) 2 (2)

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

HDFC High Interest Fund 4 ò 3 4 (4) 3 (4)

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

LIC NOMURA MF Bond Fund 4 ó 4 4 (4) 4 (4)

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

Templeton India Income Fund 5 ó 5 4 (4) 5 (5)


Consistent Performers - Balanced funds



22

CRISIL Mutual Fund Ranking is the relative performance ranking of mutual fund schemes within the peer group. The basic eligibility criteria for inclusion in the ranking universe are the three-year NAV history (one-year for liquid, ultra short-term debt, index and short term income funds and five years for consistent performers), assets under management in excess of category cut-off limits and complete portfolio disclosure. The ranking is done based on the following parameters

:

The superior return score (SRS) is the relative measure of the schemes' returns and the risk (volatility) compared to their peer group. It is computed for equity oriented categories, equity linked saving schemes (ELSS), long term income, balanced, monthly income plan (aggressive & conservative) and long term gilt categories for a three-year period broken into four quartiles. Each nine-month quartile has a progressive weighting starting from the latest period: 32.5 per cent, 27.5 per cent, 22.5 per cent and 17.5 per cent, respectively. In case of consistent performers (for equity, balanced and debt categories), the SRS is calculated for a period of five years, with each one year period being weighted progressively with the most recent period having the highest weightage.

Mean return and volatility are considered as separate parameters in case of liquid, ultra short-term debt and short term income funds while they are combined under SRS for the rest of the categories. Mean return is the average of daily returns based on the scheme's NAV for the latest one-year period and the volatility is the standard deviation of these returns. This is broken into four quarterly periods and each period is assigned a progressive weight starting from the latest period as follows: 32.5 per cent, 27.5 per cent, 22.5 per cent and 17.5 per cent, respectively.

DRP measures the probability of the investment getting lower returns than 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 the 91-day T-Bill yield over the period. DRP is considered for liquid and ultra-short term debt categories. Progressive weights are applied for each quarterly period.

Mean return, volatility and DRP are measured using asset weighted returns of a scheme across plans until September 30, 2012. The performance of the surviving plan is considered for all periods of performance analysis post this period.

Concentration measures the risk arising out of improper diversification. Diversity score is used as the parameter to

Superior Return Score

Mean Return, Volatility and Downside Risk Probability (DRP)

Portfolio Concentration Analysis

measure industry concentration and company concentration for equity securities. In case of debt schemes, the 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 company concentration will have an individual issuer specific limit of 10.0 per cent.

It measures the ease with which the portfolio can be liquidated. In case of equities, liquidity is calculated by taking the weighted average impact cost of the past three months. Impact cost data is as published by stock exchanges. Gilt liquidity is measured by analysing the market turnover, days traded and size of trade in any security for a 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 measures the probability of default by the issuer of a debt security to honour the debt obligation in time. CRISIL penalises lower rated securities to a higher level in its analysis.

Modified duration /Average maturity is considered across all debt categories except liquid to capture the interest rate risk of the portfolio. Lower the value, the better it is.

It is considered only for 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. Higher the asset size, the better it is.

This is used only for index schemes. The tracking error is an estimation of the variability in a scheme's performance vis-à-vis the index that it tracks. Lower the tracking error, the better it is.

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 weighted differentially with separate one year period with the most recent period having the highest weightage.

Liquidity Analysis

Asset Quality

Modified Duration /Average Maturity

Asset Size

Tracking Error

Historic CRISIL Mutual Fund Ranking Performance

Annexure I - CRISIL Mutual Fund Ranking methodology

23


Only open-ended schemes open for subscription are eligible

for the selection criteria under the following categories:

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 offer document permits dynamic

asset allocations (both debt and equity could vary

between 0 and 100 per cent), 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 derivatives and /or overseas securities.

Eligible schemes are classified into the following sub-

categories -

Schemes that have at least 75 per cent exposure in

CRISIL-defined large cap stocks (top 100 stocks based

on 9-month daily average market capitalisation on the

National Stock Exchange) in the preceding 36 months

split into 4 blocks of 9 months each. The 75 per cent

exposure in these stocks must be available for a

minimum of 6 out of 9 months in each block. Exposure to

Nifty futures is considered as large cap exposure.

Defined as those having less than 45 per cent exposure in

CRISIL-defined large cap stocks for the preceding 36

months.

Defined as those 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.

1) Equity Funds

1a) Large cap-oriented equity funds

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

1c) Thematic – Infrastructure funds

1d) Equity Linked Savings Scheme (ELSS)

1e) Diversified equity funds

1f) Index funds

2) Hybrid Funds

2a) Balanced funds

2b) Monthly Income Plan (MIP)

Schemes that invest in equity and equity-related

instruments, and are aimed to enable investors to avail

tax rebates under Section 80 C of the Income Tax Act are

considered.

All remaining eligible equity schemes are ranked under

this category.

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 BSE Sensex and S&P CNX Nifty.

Schemes investing more than 65 per cent, but less than

80 per cent, of the AUM in equity securities, and 20-35 per

cent in debt 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.

Schemes, where investment into equity is restricted to a

maximum of 30 per cent and generally declare monthly

dividends are considered as -

i) MIP - Aggressive: where the objective limits

investment in equity securities to 15-30 per cent of

the corpus.

Annexure II - Category definition for CRISIL Mutual Fund Ranking categories


24

Ii) MIP - Conservative: where the objective limits

investment in equity securities to 15 per cent of the

corpus.

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. Schemes

investing 60 per cent or more in G-Secs over the last 3

years will not be included.

Schemes that predominantly invest in short term

corporate debt papers, Certificate of Deposit (CDs),

money market instruments and G-Secs are considered.

Only schemes with minimum investment amount less

than Rs. 1 million are considered.

Schemes whose portfolio constitutes money market

instruments and short-term debt instruments with a

residual maturity of up to 91 days are considered. Only

schemes with minimum investment amount less than Rs.

1 million are considered.

3) Debt Funds

3a) Long term income funds

3b) Short term income funds

3c) Liquid funds

3d) Ultra short term debt funds

3e) Long term gilt funds

4) Consistent Performers

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

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

characteristics needs to be in line with the category

peers. Only schemes with minimum investment amount

less than Rs. 1 million are considered.

Schemes that predominantly invest in long-term

securities issued by Central and state governments,

including government securities and T-bills, of varying

maturities are considered.

Schemes that have rankings in all quarterly CRISIL

Mutual Fund Ranking over a 5-year timeframe are

considered.

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.

Note: An entity wishing to use the CRISIL Mutual Fund Ranking in its prospectus / offer document / advertisement / promotion/ sales

literature, or wishing to re-disseminate these rankings, may do so only after obtaining the written permission of the ranking entity,

CRISIL Research, CRISIL Limited.

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