Best funds 2018

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BEST
FUNDS
FOR GROWTH,
INCOME AND
SHORT-TERM GOALS
Value Research
w w w. v a l u e r e s e a r c h o n l i n e . c o m
INCLUDING MUTUAL FUND YEARBOOK 2018

The contents of Mutual Fund Yearbook 2018 (the “Book”) published by Value Research India Private Limited
are not intended to serve as professional advice or guidance and the publisher takes no responsibility or lia-
bility, express or implied, whatsoever for any investment decisions made or taken by the readers of this Book
based on its contents thereof. You are strongly advised to verify the contents before taking any investment or
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ISBN 978-93-83177-14-1
Published by Value Research India Pvt. Ltd., 5 Commercial Complex, Chitra Vihar, New Delhi 110092 and
printed at Options Printofast, 64, Patparganj Industrial Area, Delhi 110 092.
Value Research is an independent investment research
company. Our editorial coverage aims to help readers
make more informed investment decisions. We take quanti-
tative data and add qualitative analyses so that our readers
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w w w. v a l u e r e s e a r c h o n l i n e . c o m

Index of Funds - Categories 5
Index of Funds - Alphabetical 7
Foreword 9
How to Build a Winning Portfolio 11
Leverage ValueResearchOnline.com 17
How to Track your Portfolio 23
Value Research Fund Classification 27
Reading a Fund Report 29
Analysts’ Choice 31
Analysts’ Choice - Conservative Growth 33
Analysts’ Choice - Moderate Growth 55
Analysts’ Choice - Aggressive Growth 63
Analysts’ Choice - Conservative Income 79
Analysts’ Choice - Moderate Income 89
SIP Returns 99
Scorecard 105
Scorecard Guide 106
Scorecard: Equity 108
Scorecard: Hybrid 144
Scorecard: Fixed Income 160
Scorecard: Closed-end 194
Scorecard: FMP 212
Scorecard: Index 227
About Value Research 263
Contents

5
BEST FUNDS 2018
Fund Category Role in Portfolio Page No.
Aditya Birla Sun Life Balanced '95 Fund Hybrid: Equity-oriented Conservative growth 35
Aditya Birla Sun Life Frontline Equity Fund Equity: Large Cap Conservative growth 36
Axis Long Term Equity Fund Equity: Tax Saving Conservative growth 37
DSP BlackRock Focus 25 Fund Equity: Large Cap Conservative growth 38
DSP BlackRock Tax Saver Fund Equity: Tax Saving Conservative growth 39
Franklin India Balanced Fund Hybrid: Equity-oriented Conservative growth 40
Franklin India Taxshield Fund Equity: Tax Saving Conservative growth 41
HDFC Balanced Fund Hybrid: Equity-oriented Conservative growth 42
ICICI Prudential Balanced Fund Hybrid: Equity-oriented Conservative growth 43
ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative growth 44
Invesco India Business Leaders Fund Equity: Large Cap Conservative growth 45
Invesco India Tax Plan Equity: Tax Saving Conservative growth 46
L&T India Prudence Fund Hybrid: Equity-oriented Conservative growth 47
Mirae Asset India Opportunities Fund Equity: Large Cap Conservative growth 48
Motilal Oswal MOSt Focused 25 Fund Equity: Large Cap Conservative growth 49
Reliance Top 200 Fund Equity: Large Cap Conservative growth 50
SBI Bluechip Fund Equity: Large Cap Conservative growth 51
SBI Magnum Balanced Fund Hybrid: Equity-oriented Conservative growth 52
Tata Balanced Fund Hybrid: Equity-oriented Conservative growth 53
Aditya Birla Sun Life Equity Fund Equity: Multi Cap Moderate growth 57
DSP BlackRock Opportunities Fund Equity: Multi Cap Moderate growth 58
Franklin India High Growth Companies Fund Equity: Multi Cap Moderate growth 59
Kotak Opportunities Fund Equity: Multi Cap Moderate growth 60
Motilal Oswal MOSt Focused Multicap 35 Fund Equity: Multi Cap Moderate growth 61
SBI Magnum Multicap Fund Equity: Multi Cap Moderate growth 62
Aditya Birla Sun Life Tax Relief 96 Equity: Tax Saving Aggressive growth 65
Canara Robeco Emerging Equities Fund Equity: Mid Cap Aggressive growth 66
DSP BlackRock Micro Cap Fund Equity: Small Cap Aggressive growth 67
Franklin India Prima Fund Equity: Mid Cap Aggressive growth 68
Franklin India Smaller Companies Fund Equity: Small Cap Aggressive growth 69
HDFC Mid-Cap Opportunities Fund Equity: Mid Cap Aggressive growth 70
IDFC Tax Advantage (ELSS) Fund Equity: Tax Saving Aggressive growth 71
L&T India Value Fund Equity: Mid Cap Aggressive growth 72
Index of Funds - Categories

6 BEST FUNDS 2018
Mirae Asset Emerging Bluechip Fund Equity: Mid Cap Aggressive growth 73
Principal Emerging Bluechip Fund Equity: Mid Cap Aggressive growth 74
Reliance Small Cap Fund Equity: Small Cap Aggressive growth 75
SBI Small & Midcap Fund Equity: Small Cap Aggressive growth 76
Tata India Tax Savings Fund Equity: Tax Saving Aggressive growth 77
Baroda Pioneer Liquid Fund Debt: Liquid Conservative income 81
DHFL Pramerica Ultra Short Term Fund Debt: Ultra Short Term Conservative income 82
Essel Liquid Fund Debt: Liquid Conservative income 83
Indiabulls Liquid Fund Debt: Liquid Conservative income 84
Indiabulls Ultra Short Term Fund Debt: Ultra Short Term Conservative income 85
JM High Liquidity Fund Debt: Liquid Conservative income 86
L&T Floating Rate Fund Debt: Ultra Short Term Conservative income 87
UTI Treasury Advantage Fund Debt: Ultra Short Term Conservative income 88
Aditya Birla Sun Life Short Term Fund Debt: Short Term Moderate income 91
Aditya Birla Sun Life Treasury Optimizer Fund Debt: Income Moderate income 92
DHFL Pramerica Medium Term Income Fund Debt: Income Moderate income 93
DHFL Pramerica Short Maturity Fund Debt: Short Term Moderate income 94
HDFC Medium Term Opportunities Fund Debt: Income Moderate income 95
HDFC Short Term Opportunities Fund Debt: Short Term Moderate income 96
IDFC Money Manager – Investment Plan Debt: Short Term Moderate income 97
UTI Medium Term Fund Debt: Income Moderate income 98
Index of Funds - Categories

7
BEST FUNDS 2018
Aditya Birla Sun Life Balanced '95 Fund Hybrid: Equity-oriented Conservative growth 35
Aditya Birla Sun Life Equity Fund Equity: Multi Cap Moderate growth 57
Aditya Birla Sun Life Frontline Equity Fund Equity: Large Cap Conservative growth 36
Aditya Birla Sun Life Short Term Fund Debt: Short Term Moderate income 91
Aditya Birla Sun Life Tax Relief 96 Equity: Tax Saving Aggressive growth 65
Aditya Birla Sun Life Treasury Optimizer Fund Debt: Income Moderate income 92
Axis Long Term Equity Fund Equity: Tax Saving Conservative growth 37
Baroda Pioneer Liquid Fund Debt: Liquid Conservative income 81
Canara Robeco Emerging Equities Fund Equity: Mid Cap Aggressive growth 66
DHFL Pramerica Medium Term Income Fund Debt: Income Moderate income 93
DHFL Pramerica Short Maturity Fund Debt: Short Term Moderate income 94
DHFL Pramerica Ultra Short Term Fund Debt: Ultra Short Term Conservative income 82
DSP BlackRock Focus 25 Fund Equity: Large Cap Conservative growth 38
DSP BlackRock Micro Cap Fund Equity: Small Cap Aggressive growth 67
DSP BlackRock Opportunities Fund Equity: Multi Cap Moderate growth 58
DSP BlackRock Tax Saver Fund Equity: Tax Saving Conservative growth 39
Essel Liquid Fund Debt: Liquid Conservative income 83
Franklin India Balanced Fund Hybrid: Equity-oriented Conservative growth 40
Franklin India High Growth Companies Fund Equity: Multi Cap Moderate growth 59
Franklin India Prima Fund Equity: Mid Cap Aggressive growth 68
Franklin India Smaller Companies Fund Equity: Small Cap Aggressive growth 69
Franklin India Taxshield Fund Equity: Tax Saving Conservative growth 41
HDFC Balanced Fund Hybrid: Equity-oriented Conservative growth 42
HDFC Medium Term Opportunities Fund Debt: Income Moderate income 95
HDFC Mid-Cap Opportunities Fund Equity: Mid Cap Aggressive growth 70
HDFC Short Term Opportunities Fund Debt: Short Term Moderate income 96
ICICI Prudential Balanced Fund Hybrid: Equity-oriented Conservative growth 43
ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative growth 44
IDFC Money Manager – Investment Plan Debt: Short Term Moderate income 97
IDFC Tax Advantage (ELSS) Fund Equity: Tax Saving Aggressive growth 71
Indiabulls Liquid Fund Debt: Liquid Conservative income 84
Indiabulls Ultra Short Term Fund Debt: Ultra Short Term Conservative income 85
Invesco India Business Leaders Fund Equity: Large Cap Conservative growth 45
Index of Funds - Alphabetical

8 BEST FUNDS 2018
Invesco India Tax Plan Equity: Tax Saving Conservative growth 46
JM High Liquidity Fund Debt: Liquid Conservative income 86
Kotak Opportunities Fund Equity: Multi Cap Moderate growth 60
L&T Floating Rate Fund Debt: Ultra Short Term Conservative income 87
L&T India Prudence Fund Hybrid: Equity-oriented Conservative growth 47
L&T India Value Fund Equity: Mid Cap Aggressive growth 72
Mirae Asset Emerging Bluechip Fund Equity: Mid Cap Aggressive growth 73
Mirae Asset India Opportunities Fund Equity: Large Cap Conservative growth 48
Motilal Oswal MOSt Focused 25 Fund Equity: Large Cap Conservative growth 49
Motilal Oswal MOSt Focused Multicap 35 Fund Equity: Multi Cap Moderate growth 61
Principal Emerging Bluechip Fund Equity: Mid Cap Aggressive growth 74
Reliance Small Cap Fund Equity: Small Cap Aggressive growth 75
Reliance Top 200 Fund Equity: Large Cap Conservative growth 50
SBI Bluechip Fund Equity: Large Cap Conservative growth 51
SBI Magnum Balanced Fund Hybrid: Equity-oriented Conservative growth 52
SBI Magnum Multicap Fund Equity: Multi Cap Moderate growth 62
SBI Small & Midcap Fund Equity: Small Cap Aggressive growth 76
Tata Balanced Fund Hybrid: Equity-oriented Conservative growth 53
Tata India Tax Savings Fund Equity: Tax Saving Aggressive growth 77
UTI Medium Term Fund Debt: Income Moderate income 98
UTI Treasury Advantage Fund Debt: Ultra Short Term Conservative income 88
Index of Funds - Alphabetical

9
BEST FUNDS 2018
Ineed hardly point out that the book you are holding in your hands (or
that is displaying on your screen) represents the biggest change in the
decade-long history of Value Research’s Mutual Fund Yearbook – it is
now called Best Funds for Growth, Income and Short-Term Goals. That’s
a dull name, isn’t it? I mean, we could have called it Get Rich Now!
But I’m proud of this dullness. The names that many businesses
give to their products are often little more than marketing stratagems,
containing less of truth and more of hyperbole and exaggeration.
However, at Value Research, we do not do that. Each of our product’s
name is an exact, honest description of what the product is. For exam-
ple, when we recently launched our premium stock-advice service, we
didn’t call it ‘Moneymaster’ or ‘Profit Tiger’ or something like that. We
called it ‘Value Research Stock Advisor’ because that is exactly what
it is. Whether you invest like a master or a slave or a tiger or a cat is
up to you. Our job is to give you the right advice.
This is exactly why we have renamed the Yearbook to Best Funds
for Growth, Income and Short-Term Goals. This series started out in
2009 as a compendium of mutual fund data, along with the details of
the funds selected by our analyst team. Over the years, it has mor-
phed into a guide to choosing the best mutual funds in India. However,
there are so many definitions of ‘best’ out there. What are these funds
best for? Well, there it is, right there in the title of the book. They are
best for ‘growth, income and short-term goals’. And that covers every-
thing you could likely need from a mutual fund.
The Best Funds volume hews closely to the tried-and-tested
framework of the Yearbook’s earlier years. The approach basically
arises from the fact that there are too many mutual funds in India.
Value Research’s rating system divides these into five quality tiers, but
these five tiers are contained within the normal system of categorising
funds. Those categories are a powerful research tool and represent
the ideal way of dividing funds according to where they invest.
Even so, these categories are, by necessity, not structured accord-
ing to your investment needs. I mean, if you want a regular income
from your funds (like after retirement), the research-oriented categori-
sation system cannot provide a set called ‘retirement income funds’.
That’s the kind of utility provided by this book.
We have narrowed down the thousands of mutual funds available
to Indian investors across 31 categories to 54 funds across 10 cate-
gories. These funds are all you need to create a portfolio of mutual
funds that is suited to any investing purpose. However, just like the
Foreword

10 BEST FUNDS 2018
earlier-year books, Best Funds is also a lot more than just a listing. It’s
a complete toolkit that helps you handle the entire cycle of investing.
In the following pages, you will find three types of tools that will help
you with mutual fund investing. Firstly, there are articles that will teach
you the basics of fund investing and constructing a portfolio suited to
your needs. Secondly, there is the core of the book, which is a set of
funds that have been hand-picked by our analysts to serve any kind of
investing need. And thirdly, there is a comprehensive fund scorecard
with details on all mutual funds.
These are trying times for investors. The Indian economy is mov-
ing from one phase to another. Private investment is low, and the gov-
ernment is intensely pouring investments into areas where public
investment is needed. Growth is coming back, but in a pattern that
makes the investor’s job difficult. It’s the kind of juncture when the
choice of mutual funds is critically important. Actually, the first step in
that is not the choice of the actual fund but figuring out the kind of fund
and the purpose for which you need the fund. That’s exactly what this
book will help you do, year after year, every year.
Best wishes and happy investing.
Dhirendra Kumar
Chief Executive
Value Research
Foreword

It’s unfortunate that most of us like to spend
the least amount of time on the most impor-
tant things because they are so boring. So, in
case your eyelids have started getting heavy at
the thought of reading five pages on
how to build
a portfolio,
here’s a two-minute version:
Î Make a list of likely future financial needs, listing the amounts need-
ed and the likely dates. These should be specific goals, ranging from
building an emergency fund all the way to retirement.
Î For goals that are further than about seven years, invest in bal-
anced funds or equity funds through SIPs.
Î For shorter-term goals, invest in fixed-income funds.
Reading the points above may not have taken even two minutes. And
if you are familiar with the basics of mutual funds, this is genuinely all
you need to know – no exaggeration! However, we do hope that the
points above will help whet your appetite for a slightly more detailed
understanding of what you need to do in order to build, track and
maintain a portfolio suited to your needs.

12 BEST FUNDS 2018
Build, Track
and Maintain
the Perfect
Portfolio
How to Build a Winning Portfolio

13
BEST FUNDS 2018
Set Your Goals
Predicting the future is not all that difficult. The
big financial needs of your life are mostly pre-
dictable. Once they grow up and start working,
people get married, have children, buy a
house, educate their children and retire.
There are individual variations, of course.
For example, some spend a big amount on
their children’s weddings, and some are lucky enough to have an
inherited house and even rental income to take care of retirement. Of
course, there are unforeseen emergencies, but those have to be tack-
led separately. However, it’s not difficult to make a rough estimate of
the big-ticket ones.
The most important question you
will need to answer is this: how
much should I invest? We have cre-
ated a simple way of finding this
out. The accompanying table shows
you how much you need to invest
every month in order to accumulate
`10 lakh in a given period. To help you see the difference between dif-
ferent kinds of investments, we have shown typical figures that you
can expect from a post-office recurring deposit, a typical balanced
fund and a typical conservative equity fund. You can just double the
investment sum to `20 lakh or halve it to `5 lakh and so on.
Choosing Funds
In Value Research’s way of thinking, goals that
need to be fulfilled in the short term are funda-
mentally different from long-term goals. Short-
term goals are best fulfilled using fixed-income
investments. These could be a bank or a post-
office deposit, or a fixed-income fund.
However, long-term financial goals are best
fulfilled using a portfolio comprising of equity mutual funds. Equity is the
only type of asset that can ensure that your money grows faster than
inflation and does not actually lose value. However, equity mutual funds
can be volatile and thus are suitable only for long-term investments.
Over the short term, the ups and downs of the stock market could very
Period Post Typical Typical Conservative
(Years) Office RD Balanced Fund Equity Fund
10 5,400 4,450 3,600
15 2,850 2,100 1,500
20 1,650 1,100 650
Monthly Investment (`) Needed
to Accumulate `10 Lakh

14 BEST FUNDS 2018
well lead to temporary losses. Because of this, we do not recommend
investing in equity mutual funds if your financial goal is nearer than
about five to seven years.
After you have figured out how much to invest in different kinds of
funds, you need to choose what the actual funds are that you have to
invest in. Normally, investors tend to choose funds based on their
recent performance. However, in this book, we have for you a different,
far easier way of choosing funds. This is the way of selecting funds
where our analysts have done almost the entire job, and we have put
in the time and effort to prepare a ready list of funds for you to invest in
and create a portfolio with.
The most distinctive thing about this approach is the simple and
self-evident mapping from your investment goals to the kind of fund
that you should be investing in. Whereas the core categorisation sys-
tem that you see on our website would say that some fund is ‘Hybrid
Equity Oriented’ (among 31 other categories), this book has just five
simple classes of funds: Conservative Growth, Moderate Growth,
Aggressive Growth, Conservative Income and Moderate Income. This
is the pinnacle of simplicity. Hardly anything other than the names of
the fund are needed for an investor to figure out which class of funds
best suits his needs.
Within each of these classes, there are funds of two or three cate-
gories whose purpose becomes easy to understand, given the context.
All in all, you will rarely have to understand and evaluate more than three
or four funds for a given purpose. Moreover, you needn’t do even this
much. These are hand-picked funds, which our analysts have selected.
There is a choice, but you won’t go wrong even if you pick one randomly
or indeed distribute your investments across a number of them.
Unlike what is normally done, this book incorporates tax-saving
(ELSS) funds in the same framework instead of giving them a separate
category of their own. Depending on their investment strategies, tax-sav-
ing funds have been split between ‘Conservative Growth’ and ‘Aggressive
Growth’ categories. The logic is simple: tax savers are investments first
and tax savers later. If your investment needs are better met by a more
conservative tax saver, then you must select for that characteristic first.
Numbers Matter, but so Do Opinions
The key feature of a fund analyst’s choices is the two-step method of
selection. Firstly, there is the normal quantitative, number-driven

15
BEST FUNDS 2018
method that is based on the same inputs as
our ranking, star ratings and other data. We
look at returns, risk measures, portfolio con-
struction and a number of statistical measures.
However, the second layer of evaluation
is more important as it is what makes fund
analyst’s choices unique. This level of selec-
tion is qualitative. It is based on the opinion
that our team has about the fund, the AMC, the fund manager,
objective of the fund, the prospects of the country’s economy, etc.
An important source of inputs is the access that Value Research
has to fund managers and chief investment officers (CIOs). As the
country’s most influential mutual fund research house for decades,
we have earned the privilege of being able to access anyone in the
fund industry. This directly benefits our readers by enhancing the
quality of our analyses.
How Many Funds?
How many funds should your portfolio ideally
have? After all, it is entirely possible to invest
in just one balanced fund and be done with
your portfolio. While this ultra-simple
approach has its good points, in practice you
should diversify because any individual fund
manager can make mistakes. Moreover,
diversification helps you guard against such mistakes.
In our view, two or three equity funds and one or two debt funds
are enough for each type of fund that you need. So, if you want a
portfolio that needs conservative equity funds and liquid funds, then
two liquid funds and perhaps three equity funds are good enough.
Beyond this, you are adding complexity to portfolio management
without getting any additional stability
.
Track and Maintain Your Portfolio
Even a great portfolio must be monitored and must evolve to suit
changing conditions. One major reason for this is that formerly good
funds could start consistently underperforming. Of course, you must
not jump the gun and fire a fund for short periods of underperfor-
mance. But if a fund is performing considerably worse than other

16 BEST FUNDS 2018
funds of the same type for more than a year,
you should think of switching to a better-per-
forming fund.
The other reason for changing a portfolio
is that you are approaching the time when you
will need the money. A portfolio that started out
as a five-year, medium-term investment will be
a short-term portfolio four years later. The solution is clear; portfolios
must be reworked as the time to liquidate them gets closer.
Otherwise, your hard-earned equity returns could get wiped out in a
bear market just when you need the money. As the time of your goals
approaches closer, you must start moving the money into debt funds
gradually, perhaps a year or two in advance, which is crucial to pro-
tect your returns.
Peace of Mind
In a nutshell, portfolio construction is not
rocket science. All it requires is a great deal
of carefully thought-out systematic actions.
Besides great returns with the right amount
of risk, the most important payoff from
building a portfolio methodically is the
peace of mind it provides to investors. You will know what you are
doing and why you are doing it, and you will sleep peacefully at
night without worrying about the fate of your investments.

17
BEST FUNDS 2018
N
ow don't let yourself be stopped for the want of back-
ground information on mutual funds. Value Research
Online is the one-stop destination for all your mutual-
fund-related research. We have huge data on Indian mutual
funds, which are available to you free of cost. Our incompara-
ble database is complemented by a number of tools available
on the website. With these tools, you can perform a range of
operations on your funds or find new funds to invest in. Here
is a quick summary of the tools available on our website.
Just go to our home page, ww.ValueResearchOnline.com,
and scroll down to the Tools section, available on the left
side. This section has all the tools that you require to do your
fund research at one place.
1 Fund Performance
The Fund Performance tool helps you find the top or bottom 10 funds in specific fund
categories over various time periods.
The Power of 10
Leverage
ValueResearchOnline

18 BEST FUNDS 2018
2 Fund Monitor
The Fund Monitor tool displays fund returns category-wise over various time periods.
Clicking on specific categories will take you to the underlying funds for that category
with their various specifications.
3 Fund Selector
As the name suggests, this tool helps you select funds by fund house and category.
You can also make any exclusions as desired.

19
BEST FUNDS 2018
4 Fund Ranking
This tool helps you find funds by their return over various time periods.
5 SIP Return Calculator
Systematic investments are better than lump-sum investments because with them you don't
time the market and hence you preclude the risk of buying at market peaks. The SIP Return
Calculator tool helps you compute returns from your SIP investments in a fund.

20 BEST FUNDS 2018
6 Point-to-Point Returns
With this tool, you can find returns given by the funds of a category between any two
points in time.
7 Fund Category Returns
The Fund Category Returns tool provides you comparative return-wise information for
all fund categories. With this you can get an objective view of what category has done
best or worst.

21
BEST FUNDS 2018
8 Fund Compare
The Fund Compare tool helps you select any funds of your choice and compare them
across various parameters.
9 SIP Returns
The SIP Returns tool displays SIP returns over various periods of time for the funds
of various categories.

22 BEST FUNDS 2018
10 Top Gainers
This tool provides a list of best-performing funds over various time periods. You will
need to select the time period, fund type (open- or closed-ended) and category.
Ask
If you are confused about any aspect related to mutual funds, help isn't away. At
Value Research we have a panel of experts who are always eager to hear from you.
The Ask page of the Value Research website has answers to investor queries. You
can surf through the section to see if these answer your concerns as well.
Alternatively, just write to us. We try our best to provide you the right answer in a rea-
sonable time span.

23
BEST FUNDS 2018
C
reating a good portfolio is only the first step. To make sure that
you actually achieve your goals, you will need to make sure that
the portfolio stays suitable for your goals over the long-term
continuosly. As time passes, many things change, which need to be
monitored and adjusted. The biggest problem that investors face in
monitoring their portfolios is lack of information. To be able to track
various aspects of your investments that need to be monitored, you
need an easy and automated way of analysing your investments in
detail. This isn’t easy for an individual investor to do.
Fortunately, Value Research provides a set of highly sophisticated,
yet completely free, web-based service tools that will do exactly that.
These tools are built into the revolutionary ‘Portfolio Manager’ on
ValueResearchOnline.com. To use it, all you have to do is to visit the
site and register. Once you have registered, just click on the ‘My
Portfolio’ link to create your portfolio and enter details of the funds (and
stocks) that you have invested in. You can create up to ten different
portfolios to track separate financial goals.
And here’s a list of what you should track, along with details of how
the Value Research Portfolio Manager will help you do that.
How to Track Your Portfolio

24 BEST FUNDS 2018
TO TRACK… & USE FEATURE…
Current portfolio value and gains
The ‘Snapshot’ view of the portfolio tells you the latest value of each individual holding
as well as the total. Total returns and gains are also available for the portfolio as a
single entity. This data is updated every evening soon after fund companies release the
day’s NAVs. It is based on the live prices in the case of stocks.
Returns generated by individual investments. Use these to monitor whether
investments are generating the rate of return that you expect and if any
investment is underperforming any other
The ‘Snapshot’ view gives the internal rate of return for each investment. You can go to
the ‘Gain & Loss’ view to get a detailed analysis of returns. Rupee gains split into
realised and unrealised are available for each investment.
Whether the target asset allocation is holding true. Each of your portfolios
should have a target equity and debt percentage, as explained in ‘Build a
Winning Portfolio’. As either of the two earn more than the other, this balance
deviates from what it should be.
The ‘Analysis’ view tells how much of your money is in debt and how much is in equity.
What your exposure to specific sectors and companies is
The ‘Analysis’ view tells you how much of your money is in which sector and in which
specific company.
News about the funds you have invested in
The ‘News’ view has links to all news and articles on ValueResearchOnline.com related
to the funds you have invested.
How your funds have done in comparison to stock-market indices
The ‘Index Compare’ view lets you compare any of your funds with any stock-market
index. The software automatically generates a graph to help you visualise the
difference to ascertain how your fund has fared compared to the market index.
Investment performance of various funds
The ‘Performance’ view gives you the returns that each fund generated over standard
periods like one week, one month, one year, three years and five years, besides the
fund’s rank in its own category.

25
BEST FUNDS 2018
Now get all the benefits of tracking your fund and stock investments on
Value Research Online without having to enter the transactions
manually. Just import your transactions from the Excel or PDF files
downloaded from your registrar or broker. To try out the portfolio-upload
feature, go to the Portfolio Manager, and click on the ‘Upload
Transactions’ link that you see at the top. All relevant instructions will
appear as you use the feature.
How to get your transaction file for mutual funds: Download your
consolidated transaction statement in the Excel or PDF format from the
CAMS or Karvy website. Choose the ‘Detailed Transaction Statement’
option before downloading the file. Select the specific period and punch
in the dates when you started investing to get a complete history of your
transactions on your email address. You can also prepare or modify Excel
files yourselves! You can create your own Excel file with the following
information: fund name, date of transaction, number of units transacted or
transaction amount, and transaction type (buy, sell, SIP, SWP, STP).
Now a bonanza for the investors of the National Pension System
(NPS). Portfolio Manager now allows you to import your NPS transactions
directly into your portfolio. In order to get your NPS transaction statement,
follow the steps mentioned on the website.
Upload Your Transcations, and Save Time and Effort

26 BEST FUNDS 2018
z You can upload transactions in a new portfolio or in an existing portfolio.
z Any transaction information can be edited after importing the transaction history.
z Your SIP, STP, SWP and switch transactions will be accurately reflected.
z You can upload up to 3,000 transactions in one go.
z Password-protected transaction files can also be imported. You will be prompted to provide the password.
Things to note
How to get your transaction file for stocks: Ask your broker for or
download a complete transaction detail from your online brokerage
account. The file should contain the transaction details and not just the
current holdings summary.
It should contain stock names or BSE or NSE symbols, transaction
dates, transaction type (buy or sell), quantities and prices of
transactions. If you are not able to get the file, you can create your own
Excel file containing the above-mentioned details, wherein you can also
enter the brokerage amount.

27
BEST FUNDS 2018
T
he 54 funds in the Yearbook 2018 are selected from a uni-
verse of over 2,000 funds that are in operation in India. We
have divided this entire universe into 31 categories. The rea-
son for such an approach is to enable every possible type of investor
to build a portfolio from a combination of funds. The investor profile
can vary from an aggressive risk-taker in equities to a retired person
looking for a monthly income, to a CFO looking to park a huge chunk
of cash over a weekend. In short, one can sift funds from this list for
any purpose that one has.
Of the 31 categories, 14 are pure-equity categories, six are
hybrids (equity and debt) and ten are pure-debt categories, with the
last one being gold. For equity-fund categories, the basic character-
istic that is used to slot funds is the size (market capitalisation) of the
companies that these funds invest in, except the tax-planning cate-
gory, which consists of all funds that are compliant with the Section
80C of the Income Tax Act. For hybrid-fund categories, the categori-
sation is based on the balance between debt and equity that a fund
maintains. For debt-fund categories, funds are slotted according to
the residual maturity of the securities they invest in. Across all these
three categories, the underlying principle is to slice the universe
along a risk–return continuum.
This process serves two goals. First, readers can zero in on the
exact balance of risk and return that they are looking for; and second,
funds can be compared with others that are genuinely their peers, with-
out the comparison getting muddied by whatever marketing positioning
a fund might take. The entire categorisation is based on the actual port-
folios that fund managers are running and not their self-stated inten-
tions. The actual portfolios that have been considered are those spread
over the last three years and both the Value Research fund rating and
the fund scorecard rest on this fund classification.
Value Research Fund Classification

28 BEST FUNDS 2018
Equity Funds
Large Cap The funds whose 12-
month average portfolio market cap is
more than the lowest market cap
among the stocks which constitute top
50 per cent of the total market cap
Multi Cap The funds whose average
12-month portfolio market cap is more
than the cut-off for the next 20 per
cent of the total market cap
Mid Cap The funds whose average
12-month portfolio market cap is more
than the cut-off for the next 15 per
cent of the total market cap
Small Cap The funds whose average
12-month portfolio market cap is less
than the maximum market cap among
the stocks which constitute bottom 15
per cent of the total market cap
Tax Planning Investments qualify for
tax deduction under Section 80C of
the Income Tax Act
International Invest more than 65 per
cent of assets abroad
Sector Funds
Banking- funds As per the declared
objective
FMCG- funds As per the declared
objective
Infrastructure- funds As per the
declared objective
Pharma- funds As per the declared
objective
Technology- funds As per the
declared objective
Miscellaneous: Other funds which
cannot be classified in any of the
existing categories and which do not
have the numbers to warrant a
separate category such as Birla Sun
Life Buy India, Reliance Diversified
Power Sector Retail and Tata Life
Sciences and Technology funds,
amongst others.
Debt Funds
Income Funds which can
vary their average
maturity widely as per
their declared objective
Credit Opportunities
Funds which invest in
low credit rating
instruments with a view
that any improvement in
ratings would generate
price appreciation
Dynamic Bond Funds
which invest across
various maturities.
Gilt: Medium & Long
Term Funds which invest
in gilt securities and can
vary their average
maturity widely as per
their declared objectives
Short Term Funds
whose average maturity
over the last
six months is between
one year and 4.5 years
Gilt: Short Term Funds
which invest in gilt
securities and whose
average maturity over the
last six months is
between one year and
4.5 years
Ultra Short Term Funds
whose average maturity
over the last six months
is less than one year, but
which are not liquid funds
Liquid Funds which do
not invest any part of
assets in securities with
a residual maturity of
more than 91 days
FMPs Tenure fixed by
the issuer
Hybrid Funds
Equity-Oriented
Hybrid funds whose
average equity
exposure over the last
one year is greater
than
60 per cent
Debt-Oriented
Aggressive Hybrid
funds whose average
equity exposure over
the last one year is
between 25 and
60 per cent
Debt-Oriented
Conservative Hybrid
funds whose equity
exposure over the last
one year is less than
25 per cent
Arbitrage Funds
which seek returns
from arbitrage
opportunities between
equity and derivatives
and invest in debt
when no arbitrage is
possible
Asset Allocation
Funds which may
invest fully in equity or
debt depending on the
market conditions
Miscellaneous Other
funds which cannot be
classified in any of the
existing categories
and which do not have
the numbers to
warrant a separate
category such as Axis
Triple Advantage,
Peerless MF Child
and Fidelity India
Children’s Marriage,
amongst others
Value Research Fund Classification

29
BEST FUNDS 2018
Reading a Fund Report - Equity
Aditya Birla Sun Life Frontline Equity Fund Regular Direct
All data as on 31/12/2017
Strategy Review
This large-cap fund has outperformed its
benchmark and peers every year from 2004
until 2016, slipping up marginally in the last
one year. This track record has earned it a
four- or five-star rating consistently for 10
years. The fund maintains a large-cap allo-
cation of 80 to 90 per cent, with a mid-cap
allocation of 10–20 per cent. It benchmarks
its sector weights to the BSE 200 index, only
rarely selecting stocks outside the index. It
uses a ‘growth at a reasonable price’
approach to select stocks.
On three- and five-year returns, the fund
has managed to beat its benchmark by 1-3
percentage points and category by 1-2 per-
centage point. Good performance has led to
the asset size recently crossing Rs 20,000
crore. But the large-cap mandate should
ensure that this doesn’t affect maneuver-
ability. The fund owns 70–80 stocks in its
portfolio for a well-diversified profile. A
steady management team has led to the
continuity of style and market-cap bias. The
fund has delivered good participation in bull
markets but its ability to contain losses in the
bear markets of 2008 or 2011, makes it
stand out. The process-driven sector
weights have helped ensure that the fund
contains declines very well during bear
phases. A go-to fund when you’re worried
about market levels, with a track record over
three market cycles.
PORTFOLIO MANAGER
Mahesh Patil is B.E (Electrical), MMS in
Finance and Chartered Financial Accountant
from ICFAI Hyderabad. Prior to joining Birla
Sun Life AMC he has worked with Reliance
Infocom, Motilal Oswal Securities and Parag
Parikh Financial Advisory Services.
History
16,000
14,000
12,000
10,000
8,000
Fund
SP BSE 200
(Index is continuously
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year Q1 Q2 Q3 Q4
Jan-Mar Apr-Jun Jul-Sep Oct-Dec
Quarterly Returns (%)
2017
2016
2015
2014
2013
13.22
-2.09
4.26
7.06
-4.68
4.34
8.94
-0.30
18.65
2.66
3.45
6.94
-2.86
5.45
-0.30
6.85
-5.82
0.13
8.04
11.98
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank SP BSE SIP
Fund Category Fund/Cat 200 Return
Return less than 1-year are absolute and over 1 year are annualised
Trailing Returns (%)
31.75
12.65
17.55
10.72
22.71
31.92
10.91
14.61
7.32
18.95
75/182
39/162
12/81
5/53
6/30
22.77
16.52
18.01
16.51
18.78
33.26
10.94
14.06
5.82
17.93
Risk Measures
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
SP BSE 200
12.94
0.63
0.94
0.95
0.95
3.87
13.45
0.52
-
-
0.79
-
0.50
13.54
0.97
0.92
0.77
2.28
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
Investment Information
Aditya Birla Sun Life AMC Ltd.
mutualfund.adityabirlacapital.com
CAMS
1,000
1% for redemption within 365 days
1,000
Equity: Large Cap
Category
Launch Date
August 2002
23.56
98.86
Equity
-0.85
Cash Eq
1.99
Debt
Asset Allocation (%)
Top 5 Holdings (%)
Top Holdings (%)
HDFC Bank
ICICI Bank
ITC
Infosys
Maruti Suzuki India
Hindalco Inds.
Larsen Toubro
HDFC
GAIL
Indusind Bank
Company Sector 3Y-Range Assets
Financial 7.01
Financial 5.42
FMCG 3.94
Technology 3.90
Automobile 3.29
Metals 2.46
Construction 2.41
Financial 2.30
Energy 2.13
Financial
4.33-7.21
2.98-5.80
2.89-4.70
3.12-6.16
1.65-3.67
0.00-2.51
1.88-4.12
0.93-2.34
0.00-2.13
1.87-3.39 2.06
Financial 36.49 31.65 26.83-36.57
Energy 10.83 13.09 7.45-14.34
Automobile 9.45 10.26 7.04-11.06
FMCG 9.11 9.24 6.72-10.22
Technology 7.42 9.21 7.27-14.53
Fund SP BSE 200 3Y-Range
Top Sector Weights (%)
Style
box
Growth Blend Value
Investment Style
FUND STYLE
Large
Medium
Small
Capitalisation
Portfolio Characteristics
Total Stocks 80
Avg Mkt Cap (` Cr) 98042
Portfolio P/B Ratio 2.93
Portfolio P/E Ratio 24.21
3Y Earnings Growth (%) 5.07
NAV :
Regular
Direct
Growth
222.71
233.26
28.02
52.04
Dividend

41.89
-48.50
7.96
23/88
2.31
367
94.70
18.70
2.48
37/80
1.88
2,720

99.32
36.07
5.09
4/93
1.86
2,936

170.56
7.43
3.48
21/155
2.07
13,962

79.78
90.45
1.94
19/91
2.09
1,604

72.99
-22.93
4.02
32/86
1.85
2,806

222.71
30.58
-2.68
72/182
1.96
19,951

158.77
2.58
28/121
2.16
10,175

1.10
108.51
9.25
4.87
12/73
3,586

2.48
157.04
44.72
9.25
95/145
7,378

2.21
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- SP BSE 200 (%)
Rank (Fund/Category)
Expense Ratio (%) (Sep.)
Net Assets (` Cr)
1 1
2 2
1 3
2 1
1 1
Value Research Rating
z Fund Rating : Risk-adjusted rating represented by a convenient composite
measure of both returns and risk.
z Launch : The launch date of the fund
z Category : The Value Research category under which the fund is classified.
Fund Performance vs Index
The graph has been prepared to show the fund’s per-
formance over the benchmark over the years. Above the
graph, the fund’s investment style is portrayed in each
year has been shown.
History
Data on the fund’s performance for
last 10 years.
z Rating : The last Rating of each
year.
z NAV (Year End) : The last NAV
of each year.
z Quartile Ranking : The quartile
position of the fund in each cal-
endar year.
z Total Return : The percentage
returns that an investor would
have got over the year.
z +/- : In the given year, a compar-
ison of the fund’s returns with
that of a stock market index.
z Rank : The fund’s performance
rank within its category for the
year and the total number of
funds out of which it has been
ranked.
z Expense Ratio : The percentage
of the average daily assets that
the fund charged as its manage-
ment expenses during the year.
z Net Assets : The total amount of
investor’s assets that the fund was
managing at the end of the year.
Quarterly Returns
The funds’ returns over each quarter
of the last five years, along with the
entire year’s returns
Trailing Returns
Performance data for various stan-
dard periods, all ending on December
31st. All returns are in percentage.
Periods greater than a year are annu-
alised, shorter periods are not.
z Fund : The fund’s own returns.
z Category : The average returns
for all funds in the category.
z Rank : The funds rank, out of the
total number of funds in the cate-
gory
z Index : The returns of the fund’s
benchmark index.
z SIP Return (Annualised) : The
return that an investor would
have made by investing in the
fund’s monthly systematic invest-
ment plan over the period.
Strategy Review
Investment Strategy : The structural
guideline that the fund manager will
use to invest in the securities market.
Analysis : A subjective view on the
fund by a Value Research analyst.
The analysis projects the fund’s
prospects and takes a view on the
origins and the attributes of the
fund’s past performance.
Basic investment information for the
fund.
AMC : The name of the AMC
Website : The website URL of the
AMC
Registrar : The registrar to be
reached for information
Min Inv : Minimum amount to be
invested in the fund
Min SIP Inv (`) : Minimum amount
required for SIP
Exit Load : Charges on exit from the
fund
NAV : The NAV of all plans under the
fund
Top 5 holdings and
Asset Allocation
Top 5 holdings: The
percentage of alloca-
tion to the top 5 hold-
ings of the fund.
Asset Allocation: The
distribution of its
investments between
equity, debt and cash.
Top Sector Weights
The percentage of the equity
investments of the fund that fall
under each sector of the econ-
omy. Also mentioned along side
are the sector weights of the
benchmark
Fund Style
Portfolio Characteristics: Total
number of stocks and bonds that are
part of the portfolio. Aggregate meas-
ures regarding the fund’s invest-
ments. The market capitalisation, P/B
ratio and P/E ratio are weighted aver-
ages of the latest numbers of the
companies that the fund is invested
in. Three Year Earnings Growth is the
weighted average of the compound-
ed average growth in the net profits
of each company.
Fund Style : A nine-cell matrix of the
overall style of investment that the
fund follows, based on its latest port-
folio. On the vertical axis, the three
steps denote the weighted average
market capitalisation of the fund’s
investments. The horizontal axis
denotes, on a weighted average
basis, whether the companies that
the fund has invested in are value
stocks, growth stocks, or a blend of
the two.
Top Holdings
A detailed report about the invest-
ment portfolio of a fund.
Equity Holding: The name of top 10
companies, their sector, the maxi-
mum allocation in the last 3-years
and the minimum allocation in the
company has seen in the last 3-
years. It also has the current alloca-
tion of the portfolio as ‘Assets’.
Risk Measures
A range of statistical measures
that can be used to evaluate
the performance, risk, and
return of a mutual fund

30 BEST FUNDS 2018
Reading a Fund Report - Debt
One of the oldest funds in the category, it
has retained a 4 or 5 star rating over 2017.
an impressive record beating both its cate-
gory and benchmark. The fund is mainly
invested in top quality commercial paper. Its
one-year return has averaged 8.53 per cent
on a rolling basis over the last five years,
with the minimum at 6.72 per cent.
PORTFOLIO MANAGER
Shalini Tibrewala is a B.Com (H), ACA and
CS. She has been associated with JM
Financials since 2003.
Year Q1 Q2 Q3 Q4
Quarterly Returns (%)
2017
2016
2015
2014
2013
1.66
2.03
2.15
2.24
2.12
1.65
1.98
2.10
2.23
2.12
1.65
1.80
2.00
2.17
2.35
1.60
1.71
1.93
2.19
2.40
3-Month
6-Month
1-Year
3-Year
5-Year
Return Rank CCIL T Bill CCIL
Fund Category Fund/Cat Liq Wgt SOV Bond
Trailing Returns (%)
1.60
3.27
6.72
7.62
8.26
1.59
3.27
6.46
7.41
7.99
68/97
49/97
33/96
24/94
5/47
-1.66
-0.89
2.40
8.30
8.81
0.95
2.03
4.04
4.72
5.07
Risk Measures
Standard Deviation
Sharpe Ratio
Fund CCIL T-B Liq Wgt Cat Avg.
0.24
12.35
0.31
0.84 11.34
0.34
High Medium Low
Credit Quality
FUND STYLE
High
Medium
Low
Interest
Rate
Sensitivity
Total Securities 35
Avg Maturity (yrs.) 0.10
Avg Maturity 52W High(yrs) 0.14
Avg Maturity 52W Low(yrs) 0.02
Avg Credit Rating AA
Top Holdings (%)
RBI 329-D 12/03/2018
Vedanta 91-D 09/01/2018
Larsen Toubro 28-D 05/01/2018
SAIL 91-D 26/02/2018
JK Bank
Sun Pharma Inds. 91-D 15/01/2018
RBI 91-D 29/03/2018
Axis Bank 2018-01-12
IDFC Bank 2018-01-12
NABARD 2018-02-07
Company Instrument Assets
10.26
10.16
8.72
8.43
8.31
8.29
7.48
7.46
7.46
Treasury Bills
CP
CP
CP
TD
CP
Treasury Bills
CD
CD
CD 7.02
Instrument Break-up (%)
Credit Rating Break-up (%)
SOV
AAA
P1+
AA
A and Below
Term Deposit
Bill Rediscounting
Cash Equivalent
Unrated / Others
20.62
0.00
119.41
0.00
0.00
8.31
0.00
-48.34
0.00
CP
CD
Treasury Bills
Term Deposits
CBLO
Net Payables
69.62
49.80
20.62
8.31
2.19
-50.54
JM High Liquidity Fund
History
25,000
20,000
15,000
10,000
5,000
Fund
(Rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Debt: Liquid
Category
Launch Date
December 1997

23.65
9.06
3.00
41/118
0.19
1,448
26.22
5.49
2.71
25/107
0.17
3,188

31.31
9.58
3.98
47/118
0.31
5,144

43.64
7.74
3.01
19/96
0.25
5,366

24.86
5.11
2.50
52/121
0.19
810

28.58
8.97
4.17
29/113
0.25
4,170

46.56
6.72
2.68
33/96
0.24
3,968

Style
box
40.51
3.06
26/106
0.24
3,844

8.44
34.23
9.31
3.81
14/111
4,613

0.26
37.35
9.14
3.43
42/162
5,135

0.23
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- CCIL T Bill Liq Wgt (%)
Net Assets (` Cr)
2 1
2 2
2
2 1
3 1
Strategy Review
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
JM Financial Asset Management Ltd.
www.JMFinancialmf.com
Karvy Computershare Pvt Ltd.
5,000
Nil
500
Regular Direct
2
NAV :
Regular
Direct
Growth DW
DQ DD
DQ - Dividend Quarterly
DW - Dividend Weekly
DD - Dividend Daily
Bonus
46.56 11.01
26.35 14.91
10.43
46.74 11.01
26.54 15.02
10.43
Value Research Rating
z Fund Rating : Risk-adjusted rating represented by a convenient composite
measure of both returns and risk.
z Launch : The launch date of the fund
z Category : The Value Research category under which the fund is classified.
Fund Performance vs Index
The graph has been prepared to show the fund’s
performance over the years. Above the graph, the
fund’s investment style is portrayed in each year
has been shown.
History
Data on the fund’s performance for
last 10 years.
z Rating : The last Rating of each
year.
z NAV (Year End) : The last NAV
of each year.
z Quartile Ranking : The quartile
position of the fund in each cal-
endar year.
z Total Return : The percentage
returns that an investor would
have got over the year.
z +/- : In the given year, a compar-
ison of the fund’s returns with
that of index.
z Rank : The fund’s performance
rank within its category for the
year and the total number of
funds out of which it has been
ranked.
z Expense Ratio : The percentage
of the average daily assets that
the fund charged as its manage-
ment expenses during the year.
z Net Assets : The total amount of
investor’s assets that the fund was
managing at the end of the year.
Quarterly Returns
The funds’ returns over each quarter
of the last five years, along with the
entire year’s returns
Trailing Returns
Performance data for various stan-
dard periods, all ending on December
31st. All returns are in percentage.
Periods greater than a year are annu-
alised, shorter periods are not.
z Fund : The fund’s own returns.
z Category : The average returns
for all funds in the category.
z Rank : The funds rank, out of the
total number of funds in the cate-
gory
z Index : The returns of the index.
Strategy Review
Investment Strategy : The structur-
al guideline that the fund manager
will use to invest in the securities
market.
Analysis : A subjective view on the
fund by a Value Research analyst.
The analysis projects the fund’s
prospects and takes a view on the
origins and the attributes of the
fund’s past performance.
Basic investment information for the fund.
AMC : The name of the AMC
Website : The website URL of the AMC
Registrar : The registrar to be reached for information
Min Inv : Minimum amount to be invested in the fund
Min SIP Inv (`) : Minimum amount required for SIP
Exit Load : Charges on exit from the fund
NAV : The NAV of all plans under the fund
Fund Style
Portfolio Characterstic: Aggregate
measures regarding the fund’s
investments. It carries total number
of securities. The average maturity,
the 52 week high and low in terms
of maturity. And the average credit
rating of the fund.
Fund Style: A graphical presenta-
tion for funds’ investment styles. It
focuses on interest-rate sensitivity
and credit quality. The vertical axis
conveys low, medium and high
maturity, which are classified as
being less than one year, between
one and three years and greater
than three years, respectively.
Credit quality is presented across
the X-axis and is classified into
high, medium and low.
Top Holdings
A detailed report about the invest-
ment portfolio of a fund.
The name of top 10 companies, the
sector it represents, debt instrument
it holds, and the current allocation.
Risk Measures
A range of statistical measures that
can be used to evaluate the per-
formance, risk, and return of a mutu-
al fund
Credit Rating Instrument
Break-up
Credit Rating Break-up : The pro-
portion of the portfolio that is invested
in instruments of different credit qual-
ity.
Instrument Break-up : The propor-
tion of the fund’s holdings that are
held in different types if fixed-
income instruments.

54 funds
Selected by Value Research Analysts. These
funds are classified by the role they can play in
your portfolio: Conservative Growth, Moderate
Growth, Aggressive Growth, Conservative
Income and Moderate Income.
Analysts’
Choice

This class comprises balanced funds, large
cap equity funds, and a few tax saving funds.
Both give a healthy dose of equities' growth.
These funds are ideal for investors who would
like to invest for a period of four to five years or
more while avoiding the steep collapse in value
that can come with more aggressive types of
funds. Even so, investors must invest in these
funds gradually and not through lump-sum
investments.
Conservative
Growth Funds

Aditya Birla Sun Life Balanced '95 Fund RegularDirect
35
BEST FUNDS 2018
6WUDWHJ 5HYLHZ
It has beaten the benchmark in every one of
the last 15 years, except 2008. It has
retained a three- to four-star rating through-
out its 12-year life. It maintains a 70–30
allocation in favour of equities, with a 5 per
cent leeway to move either way. Rebalancing
is done on a monthly basis. Within the
equity portfolio, the positioning is conserva-
tive, with a two-thirds allocation to large-
caps. The debt portion uses both duration
and accrual strategies to deliver alpha.
Returns over the last 3 and 5 years beat the
benchmark by 3-6 percentage points and
category by 1-2 percentage points. Save for
2008, the fund has been quite good at han-
dling both bull and bear phases in the mar-
ket. The fund’s exceptional returns in 2009,
2014 and 2017 show that it has been par-
ticularly adept at playing the big bull years.
But given the widely diversified portfolio,
size isn’t a constraint. Overall, a reliable
fund that has proved itself across three mar-
ket cycles.
PORTFOLIO MANAGER
Finance and a charterholder from ICFAI
Hyderabad. Prior to joining Birla Sun Life
AMC he has worked with Reliance Infocom
Ltd., Motilal Oswal Securities and Parag
Parikh Financial Advisory.
Dhaval Shah is a B.Com MBA from
Somaiya Institute of Management Studies.
He also holds a CFA. He earlier worked with
Reliance Capital AMC and Morgan Stanley.
Pranay Sinha is a B.Tech from IIT
Kharagpur, PGDM from IIM Calcutta. He
has worked with BNP Paribas Bank, Morgan
Stanley Investment Management, and ICICI
Prudential AMC.
+LVWRU
19,000
16,000
13,000
10,000
7,000
Fund
VR Balanced
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
11.20
-2.03
2.94
6.94
-4.06
3.17
8.43
-1.01
18.70
1.97
3.82
6.85
-0.17
5.92
-0.95
5.70
-4.05
1.61
10.51
9.54
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank VR SIP
Fund Category Fund/Cat Balanced Return
7UDLOLQJ5HWXUQV

26.78
12.66
17.46
11.45
20.31
24.34
11.73
15.70
9.04
17.30
38/98
28/63
8/26
6/23
4/19
20.08
15.85
18.05
16.28
17.31
23.26
7.93
11.11
5.71
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
VR Balanced
10.17
0.77
0.90
0.90
1.10
4.36
10.70
0.36
-
-
0.58
-
0.74
9.09
0.77
0.82
1.11
3.50
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load :
,QYHVWPHQW,QIRUPDWLRQ
CAMS
1,000
For units in excess of 15% of the invest-
ment,1% will be charged for redemption
within 365 days
1,000
Hybrid: Equity-oriented
Category
Launch Date
February 1995
15.38
73.96
Equity
4.15
Cash Eq
21.89
Debt
$VVHW$OORFDWLRQ

HDFC Bank
ICICI Bank
Infosys
Eris Lifesciences
Hindalco Inds.
ITC
Indusind Bank
Eicher Motors
Whirlpool
Maruti Suzuki India
Financial 4.96
Financial 3.69
Technology 1.92
Healthcare 1.71
Metals 1.60
FMCG 1.59
Financial 1.54
Automobile 1.51
ConsDurable 1.49
Automobile
3.06-5.27
1.61-4.23
1.36-4.40
0.00-1.82
0.00-1.79
0.68-2.14
1.09-2.36
0.04-2.00
0.29-1.49
0.86-2.37 1.45
Financial 23.64 35.04 17.97-25.71
Energy 7.40 15.93 3.16-9.94
Healthcare 7.36 4.02 5.37-8.72
Automobile 5.42 10.63 4.64-8.49
FMCG 4.80 7.92 2.43-6.26
Fund Nifty 50 3Y-Range
7RS6HFWRU:HLJKWV

158.33
-40.34
0.61
11/28
2.41
115
322.45
19.62
4.66
6/27
2.33
377

346.09
24.62
1.37
18/30
2.24
559

613.78
8.92
4.69
26/84
2.35
4,807

269.47
70.27
18.83
7/24
2.40
241

277.77
-13.85
4.90
10/26
2.29
502

772.84
25.91
2.65
38/98
2.31
12,537

Style
box
563.81
5.54
34/62
2.50
2,100

3.36
367.19
6.13
-0.13
17/32
620

2.87
545.50
48.58
21.81
14/57
1,058

2.75
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- VR Balanced (%)
Net Assets (` Cr)
Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
3RUWIROLRKDUDFWHULVWLFV
Total Stocks 95
NAV :
Regular
Direct
Growth
772.84
813.19
151.65
217.46
Dividend
2 3
2 2
2 1
1 2
3 3

Aditya Birla Sun Life Frontline Equity Fund RegularDirect
36 BEST FUNDS 2018
6WUDWHJ 5HYLHZ
This large-cap fund has outperformed its
benchmark and peers every year from 2004
until 2016, slipping up marginally in the last
one year. This track record has earned it a
four- or five-star rating consistently for 10
years. The fund maintains a large-cap allo-
cation of 80 to 90 per cent, with a mid-cap
allocation of 10–20 per cent. It benchmarks
its sector weights to the BSE 200 index, only
rarely selecting stocks outside the index. It
uses a ‘growth at a reasonable price’
approach to select stocks.
On three- and five-year returns, the fund
has managed to beat its benchmark by 1-3
percentage points and category by 1-2 per-
centage point. Good performance has led to
the asset size recently crossing Rs 20,000
crore. But the large-cap mandate should
ensure that this doesn’t affect maneuver-
ability. The fund owns 70–80 stocks in its
portfolio for a well-diversified profile. A
steady management team has led to the
continuity of style and market-cap bias. The
fund has delivered good participation in bull
markets but its ability to contain losses in the
bear markets of 2008 or 2011, makes it
stand out. The process-driven sector
weights have helped ensure that the fund
contains declines very well during bear
phases. A go-to fund when you’re worried
about market levels, with a track record over
three market cycles.
PORTFOLIO MANAGER
Finance and Chartered Financial Accountant
from ICFAI Hyderabad. Prior to joining Birla
Sun Life AMC he has worked with Reliance
Infocom, Motilal Oswal Securities and Parag
Parikh Financial Advisory Services.
+LVWRU
16,000
14,000
12,000
10,000
8,000
Fund
SP BSE 200
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
13.22
-2.09
4.26
7.06
-4.68
4.34
8.94
-0.30
18.65
2.66
3.45
6.94
-2.86
5.45
-0.30
6.85
-5.82
0.13
8.04
11.98
1-Year
3-Year
5-Year
10-Year
15-Year
7UDLOLQJ5HWXUQV

31.75
12.65
17.55
10.72
22.71
31.92
10.91
14.61
7.32
18.95
75/182
39/162
12/81
5/53
6/30
22.77
16.52
18.01
16.51
18.78
33.26
10.94
14.06
5.82
17.93
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
SP BSE 200
12.94
0.63
0.94
0.95
0.95
3.87
13.45
0.52
-
-
0.79
-
0.50
13.54
0.97
0.92
0.77
2.28
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
CAMS
1,000
1,000
Equity: Large Cap
Category
Launch Date
August 2002
23.56
98.86
Equity
-0.85
Cash Eq
1.99
Debt
$VVHW$OORFDWLRQ

HDFC Bank
ICICI Bank
ITC
Infosys
Maruti Suzuki India
Hindalco Inds.
Larsen Toubro
HDFC
GAIL
Indusind Bank
Financial 7.01
Financial 5.42
FMCG 3.94
Technology 3.90
Automobile 3.29
Metals 2.46
Construction 2.41
Financial 2.30
Energy 2.13
Financial
4.33-7.21
2.98-5.80
2.89-4.70
3.12-6.16
1.65-3.67
0.00-2.51
1.88-4.12
0.93-2.34
0.00-2.13
1.87-3.39 2.06
Financial 36.49 31.65 26.83-36.57
Energy 10.83 13.09 7.45-14.34
Automobile 9.45 10.26 7.04-11.06
FMCG 9.11 9.24 6.72-10.22
Technology 7.42 9.21 7.27-14.53
7RS6HFWRU:HLJKWV

Style
box
Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 80
NAV :
Regular
Direct
Growth
222.71
233.26
28.02
52.04
Dividend

41.89
-48.50
7.96
23/88
2.31
367
94.70
18.70
2.48
37/80
1.88
2,720

99.32
36.07
5.09
4/93
1.86
2,936

170.56
7.43
3.48
21/155
2.07
13,962

79.78
90.45
1.94
19/91
2.09
1,604

72.99
-22.93
4.02
32/86
1.85
2,806

222.71
30.58
-2.68
72/182
1.96
19,951

158.77
2.58
28/121
2.16
10,175

1.10
108.51
9.25
4.87
12/73
3,586

2.48
157.04
44.72
9.25
95/145
7,378

2.21
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- SP BSE 200 (%)
Net Assets (` Cr)
1 1
2 2
1 3
2 1
1 1

Axis Long Term Equity Fund RegularDirect
37
BEST FUNDS 2018
6WUDWHJ 5HYLHZ
After beating its benchmark and category in
the five years until 2015, this fund took a
back seat in 2016 but has clawed back last
year. The five-star rating has slipped a bit
to 4 stars. The investment strategy focuses
on buying quality stocks. It looks for supe-
rior and scalable businesses, a high return
on capital and secular growth. The fund is
large-cap oriented as compared to its
peers. Good performance has led to the
fund’s asset size burgeoning from a mere
Rs 4 crore at launch to Rs 16,107 crore by
end-September 2017. However, the multi-
cap mandate makes it easier to manage
this size.
While the one-year returns are slightly
below the category and three-year returns
are about 1 percentage points lower, five-
year returns a good 4 percentage points
more than the category. It hasn’t really been
tested in a severe market meltdown. Its per-
formance in 2011, however, showed an abil-
ity to contain losses. It has delivered con-
vincing outperformance of the market in
most bull years – be it 2010, 2014 or 2017.
PORTFOLIO MANAGER
Jinesh Gopani is a B. Com (H) and MMS
from Bharati Vidyapeeth Institute of
Management Studies and Research. Prior
to joining Axis AMC he has worked with Birla
Sun Life AMC, Voyager India Capital Pvt.
Ltd., Emkay Shares Stock Brokers Limited
and Net worth Stock Broking Limited..
+LVWRU
25,000
20,000
15,000
10,000
5,000
Fund
SP BSE 200
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
13.58
-4.66
8.27
11.05
-4.45
6.03
7.90
-1.19
19.98
4.87
5.72
5.02
-0.23
12.82
-0.85
7.96
-8.07
-0.02
10.56
17.27
1-Year
3-Year
5-Year
10-Year
15-Year
7UDLOLQJ5HWXUQV

38.04
13.78
23.08
-
-
40.41
14.81
18.71
-
-
51/81
40/69
1/34
-
-
31.19
17.25
21.95
-
-
33.26
10.94
14.06
-
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
SP BSE 200
12.11
0.74
0.80
0.78
0.93
5.32
13.45
0.52
-
-
0.79
-
0.71
14.22
0.98
0.84
1.00
5.74
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
Axis AMC Ltd.
www.axismf.com
Karvy Computershare Pvt Ltd.
500
Nil
500
Equity: Tax Saving
Category
Launch Date
December 2009
33.08
96.44
Equity
0.38
Cash Eq
3.18
Debt
$VVHW$OORFDWLRQ

HDFC Bank
Kotak Mahindra Bank
HDFC
Pidilite Industries
Maruti Suzuki India
Motherson Sumi Systems
Bajaj Finance
TTK Prestige
Avenue Supermarts
Gruh Finance
Financial 7.98
Financial 7.53
Financial 6.08
Chemicals 5.77
Automobile 5.72
Automobile 4.80
Financial 4.36
ConsDurable 3.69
Services 3.61
Financial
7.20-9.19
6.31-8.90
4.17-7.57
2.98-5.77
3.40-6.76
2.07-5.54
1.79-6.09
2.64-3.69
0.00-3.61
1.87-3.40 3.25
Financial 34.97 31.65 27.19-38.78
Automobile 19.12 10.26 11.83-21.09
Chemicals 8.96 2.60 6.92-8.97
Cons Durable 7.25 1.12 4.49-7.25
Services 6.03 2.82 2.34-6.15
7RS6HFWRU:HLJKWV

Style
box
Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 41
NAV :
Regular
Direct
Growth
41.7816
44.2977
24.4433
37.7374
Dividend
NR
-
-
-
-
-
13.00
29.99
13.77
1/37
2.50
48
NR
14.82
33.68
2.70
15/37
2.35
369

30.40
-0.69
-4.64
72/77
2.50
10,509

10.00
-
-
-
-
0
NR
11.08
-14.76
12.19
1/36
2.46
138
NR
41.78
37.44
4.18
49/81
2.50
15,325

30.61
8.18
19/70
2.51
6,480

6.70
17.26
16.51
12.13
1/37
755

2.85
28.69
66.18
30.71
6/73
2,983

2.55
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- SP BSE 200 (%)
Net Assets (` Cr)
2
1 3
1
1 4
2 1

DSP BlackRock Focus 25 Fund RegularDirect
38 BEST FUNDS 2018
6WUDWHJ 5HYLHZ
A relatively new fund that has managed a
climb in the rankings, it has maintained a
4-star rating for the last two years. beaten its
benchmark and category in four out of seven
years since launch. This is a rare value-style
fund in the large-cap space. At any point in
time, 95 per cent of the fund is aimed to be
invested in 25 stocks, with 75 per cent allo-
cation to large caps. The fund has the option
of allocating 25 percent to mid caps but
lately large-caps have dominated the portfo-
lio with near-90 per cent weight. This can
protect returns if the market corrects owing
to pricey valuations. This is a moderate-
sized Rs 3000 crore fund that therefore has
the leeway to take a concentrated approach.
A recent slip-up relative to the benchmark
has reduced the margin of outperformance.
Three-year returns are 1 percentage point
ahead of the benchmark and peers. On five-
year performance, the margin is about 2
percentage points. While the last one year
has seen the fund lag its benchmark by 4
percentage points, given the fund’s value-
oriented stock selection, it is likely to under-
perform markets over short time frames
such as a year. The fund is yet to encounter
a big bear market but fared well in 2011, by
containing losses at lower levels than those
of the index and its peers.
PORTFOLIO MANAGER
Harish Zaveri is B.Com and Diploma of
Business Finance from ICFAI, Hyderabad.,
He has over 20 years of experience in
Equity Research. He has been a part of
DSP Black Rock since 2011 as Senior Vice
President.
+LVWRU
12,000
11,000
10,000
9,000
8,000
Fund
SP BSE 200
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
13.74
-2.49
7.01
3.06
-8.92
1.25
8.12
-0.44
21.15
-1.22
5.20
9.08
-2.37
9.82
-2.24
6.67
-7.71
-1.95
9.34
13.50
1-Year
3-Year
5-Year
10-Year
15-Year
7UDLOLQJ5HWXUQV

30.70
12.21
16.00
-
-
31.92
10.91
14.61
-
-
114/182
46/162
20/81
-
-
21.51
15.10
17.91
-
-
33.26
10.94
14.06
-
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
SP BSE 200
14.56
0.54
1.01
0.86
0.86
3.33
13.45
0.52
-
-
0.79
-
0.50
13.54
0.97
0.92
0.77
2.28
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
DSP BR Investment Managers Ltd
www.dspblackrock.com
CAMS
1,000
500
Equity: Large Cap
Category
Launch Date
June 2010
34.37
99.33
Equity
0.67
Cash Eq
0.00
Debt
$VVHW$OORFDWLRQ

HDFC Bank
Maruti Suzuki India
Larsen Toubro
ICICI Bank
Reliance Industries
Indusind Bank
Coromandel Intl.
Yes Bank
Tata Steel
ITC
Financial 9.33
Automobile 8.57
Construction 6.18
Financial 5.48
Energy 4.81
Financial 4.68
Chemicals 4.45
Financial 4.42
Metals 4.33
FMCG
4.78-9.51
5.02-9.42
0.00-6.44
0.00-5.49
0.00-5.97
3.32-8.88
0.00-4.91
0.00-5.34
0.00-5.27
0.00-6.93 3.54
Financial 37.95 31.65 23.02-42.96
Automobile 14.57 10.26 13.04-22.72
Construction 9.86 6.45 4.37-10.59
Energy 9.82 13.09 4.11-11.84
Metals 7.82 4.01 0.00-9.33
7RS6HFWRU:HLJKWV

Style
box
Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 30
NAV :
Regular
Direct
Growth
23.172
23.952
15.78
23.952
Dividend
NR
-
-
-
-
-
-
11.18
-
-
-
2.12
735
NR
11.07
26.87
-4.11
60/78
2.29
382
NR
17.93
6.14
2.19
31/155
2.48
1,840

-
-
-
-
-
-
NR
8.73
-21.95
5.00
30/83
2.18
532
NR
23.17
29.22
-4.04
119/182
2.47
3,028

16.89
3.46
92/173
2.79
1,020

1.98
11.05
-0.17
-4.55
66/73
243

2.79
16.57
49.92
14.45
63/145
277

2.78
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- SP BSE 200 (%)
Net Assets (` Cr)
3
2 3
2 1
3 4

6WUDWHJ 5HYLHZ
A conservative fund in the ELSS category, it
has retained a four- or five-star rating for the
last three years, climbing from three stars
earlier. It has outperformed its benchmark in
eight out of nine years since launch and its
peers in seven of those years. The fund isn’t
wedded to any particular style and follows a
blended growth-at-a-reasonable-price
approach to select stocks. Though multi cap
by mandate, the fund has been quite large-
cap oriented in the last five years. Typically,
65–75 per cent of the portfolio has been in
large caps and 20–25 per cent in mid caps.
The fund is more large-cap tilted than peers.
The fund also takes tactical calls to capital-
ise on market trends and opportunities.
The fund’s margin of outperformance
relative to the category and benchmark have
been quite impressive. On a three- and five-
year basis, its annualised returns are over
5-6 percentage points ahead of the bench-
mark returns and 2 percentage points ahead
of the category returns, respectively. It is
creditable that this has been managed with
a distinct large-cap tilt. The annual return
record suggests that the fund has lost
slightly more than the category in 2008 and
2011. It has delivered sizeable outperfor-
mance in 2012 and 2016, but given that its
large-cap focus is recent, the performance
in older bear phases may not be indicative
of the future.
PORTFOLIO MANAGER
Rohit Singhania is an MMS., Prior to join-
ing DSPBR AMC he has worked with HDFC
Securities Ltd. and ILFS Investsmart
Limited.
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
14.74
-2.30
4.78
6.10
-7.72
2.52
9.67
-0.75
23.59
2.90
5.51
10.65
-1.18
8.19
-0.42
9.81
-6.14
1.59
7.30
12.83
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank SIP
Fund Category Fund/Cat Nifty 500 Return
7UDLOLQJ5HWXUQV

37.57
16.85
20.84
10.28
-
40.41
14.81
18.71
8.54
-
54/81
20/69
8/34
10/26
-
29.32
21.44
22.65
18.64
-
35.91
11.91
14.89
5.89
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
Nifty 500
14.52
0.83
1.00
0.86
1.26
7.51
13.70
0.57
-
-
0.85
-
0.71
14.22
0.98
0.84
1.00
5.74
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
DSP BR Investment Managers Ltd.
www.dspblackrock.com
CAMS
500
Nil
500
21.48
97.40
Equity
2.60
Cash Eq
0.00
Debt
$VVHW$OORFDWLRQ

HDFC Bank
Tata Steel
ICICI Bank
State Bank of India
GAIL
Maruti Suzuki India
ITC
Larsen Toubro
HPCL
Reliance Industries
Financial 6.22
Metals 4.29
Financial 4.00
Financial 3.53
Energy 3.44
Automobile 2.72
FMCG 2.41
Construction 2.38
Energy 2.33
Energy
3.48-9.52
0.00-4.51
0.00-5.44
0.44-7.79
0.00-4.40
1.92-5.22
0.00-4.09
0.00-5.19
1.66-5.49
0.00-5.05 2.16
Financial 34.40 30.22 22.27-36.48
Energy 12.73 12.26 6.36-14.61
Automobile 9.79 9.41 5.95-14.41
Construction 9.43 6.61 4.43-10.28
Metals 7.00 3.91 0.00-8.90
7RS6HFWRU:HLJKWV

Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 72
NAV :
Regular
Direct
Growth
48.671
50.304
18.173
35.911
Dividend
DSP BlackRock Tax Saver Fund
+LVWRU
16,000
14,000
12,000
10,000
8,000
Fund
Nifty 500
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Equity: Tax Saving
Category
Launch Date
January 2007
Style
box
NR
8.13
-56.68
0.45
17/29
2.23
342
18.47
23.26
9.13
12/37
2.08
952

18.93
39.81
7.97
3/37
2.16
763

35.71
11.27
7.43
11/77
2.56
1,461

14.98
84.22
-4.35
14/32
2.22
755
NR
13.54
-26.68
0.51
28/36
2.11
703

48.67
36.29
0.38
54/81
2.51
3,525

32.09
5.12
26/70
2.50
1,104

4.40
20.20
6.69
3.08
23/37
726

2.62
30.74
52.21
14.39
28/73
1,019

2.58
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- Nifty 500 (%)
Net Assets (` Cr)
2 2
4 3
3 2
2 1
1 3
RegularDirect
39
BEST FUNDS 2018

40 BEST FUNDS 2018
6WUDWHJ 5HYLHZ
A fund which has never dipped below three
stars in the last 12 years, it has maintained
about a 65–35 allocation between equity
and debt on a steady-state basis. The equity
style followed is growth at a reasonable
price. On debt, the focus is to generate
regular coupon income, with some duration
management.
With its stated focus on low-volatility
returns, this fund has navigated bear mar-
kets as well as bull phases. Though tradi-
tionally a sedate performer in bull markets,
in the last three and five years, the fund has
beaten its benchmark by 2–5 percentage
points. The outperformance relative to the
category is modest, at about 1 percentage
point. In recent times, the fund has been
overweight on large-cap stocks relative to
the category, with an allocation of over 85
per cent within the equity portion. A good
option for investors who would like to limit
downside.
PORTFOLIO MANAGER
Lakshmikanth Reddy is a B.Tech from
JNTU, Hyderabad and also holds a PGDM
from IIM-A. Prior to Franklin Templeton he
was associated with ICICI Pru Life Insurance,
HSBC Capital Markets, ABN Amro Asia
Equities and UTI.
Sachin Padwal-Desai is a B.E and PGDM
from IIM Bangalore. Before this, he worked
with Sundaram Mutual Fund, ICICI Bank,
Infosys Technologies and Thermax.
Umesh Sharma is a B.Com (H), CS and
CA. He has worked with ICICI Bank Ltd.,
UTI Mutual Fund, Religare Mutual Fund and
JM Financial.
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
7.49
0.20
5.05
7.05
-3.76
3.33
6.39
-0.03
13.91
3.48
2.55
4.84
0.22
9.05
-2.97
6.19
-3.74
-0.38
10.58
10.37
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank VR SIP
7UDLOLQJ5HWXUQV

21.75
11.29
16.50
9.74
18.21
24.34
11.73
15.70
9.04
17.30
60/98
37/63
11/26
12/23
10/19
17.84
12.82
16.24
14.61
15.27
23.26
7.93
11.11
5.71
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
VR Balanced
8.94
0.72
0.79
0.89
1.22
3.40
10.70
0.36
-
-
0.58
-
0.74
9.09
0.77
0.82
1.11
3.50
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
FT Asset Management India Pvt Ltd
www.franklintempletonindia.com
FT International Services Ind Pvt Ltd
5,000
500
22.94
65.13
Equity
1.72
Cash Eq
33.16
Debt
$VVHW$OORFDWLRQ

HDFC Bank
Axis Bank
Mahindra Mahindra
Kotak Mahindra Bank
Hindustan Unilever
State Bank of India
Bharti Airtel
Tata Motors
NTPC
Infosys
Financial 4.67
Financial 4.33
Automobile 3.43
Financial 3.42
FMCG 3.19
Financial 2.96
Commns. 2.37
Automobile 2.12
Energy 2.04
Technology
4.52-7.31
1.87-4.95
0.00-3.84
1.21-3.42
0.00-3.38
0.00-3.85
1.69-3.35
1.48-2.93
0.00-2.96
1.72-4.92 1.81
Financial 20.23 35.04 17.74-23.16
Automobile 10.92 10.63 6.64-11.58
Energy 8.92 15.93 2.55-9.15
FMCG 5.62 7.92 1.58-5.62
Technology 4.64 11.39 3.77-7.83
Fund VR Balanced 3Y-Range
7RS6HFWRU:HLJKWV

Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 50
NAV :
Regular
Direct
Growth
117.3179
123.6998
23.8599
25.3791
Dividend
Franklin India Balanced Fund
+LVWRU
16,000
14,000
12,000
10,000
8,000
Fund
VR Balanced
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Category
Launch Date
December 1999

28.72
-38.32
2.63
7/28
2.34
212
50.40
14.82
-0.14
16/27
2.34
283

54.84
24.21
0.96
20/30
2.34
209

97.00
7.58
3.35
38/84
2.57
1,617

43.90
52.86
1.42
18/24
2.34
305

44.15
-12.40
6.35
9/26
2.31
218

117.32
20.95
-2.31
58/98
2.50
2,145

Style
box
90.16
7.03
22/62
2.75
760

4.85
58.48
6.64
0.38
14/32
202

2.73
86.00
47.05
20.28
16/57
307

2.90
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- VR Balanced (%)
Net Assets (` Cr)
3 2
2 3
1 2
3 2
3 2
RegularDirect

6WUDWHJ 5HYLHZ
Consistency of returns and an ability to con-
tain downside helped it retain four- to five-
star ratings for much of the last eight years.
But as returns in the last one year slipped
relative to the category and benchmark, its
ratings dipped to three stars. A fund which
allocates a minimum 60 per cent to large
caps, it has pegged up this exposure to 80
per cent in the last one year. This has prob-
ably impacted returns in a runaway market
but will shield the fund from any meltdown in
this segment of the market. The fund also
avoids momentum stocks.
The fund’s three-year returns are now
barely matching the benchmark and 2 per-
centage points behind the category. The
five-year returns are 4 percentage points
ahead of the benchmark but neck-and-neck
with the peers. In the past, this fund has
proved more adept at containing losses in
bear markets than riding bull phases to the
hilt. Go for it if you like a less bumpy ride in
choppy markets.
PORTFOLIO MANAGER
Lakshmikanth Reddy is a B.Tech from
JNTU, Hyderabad and also holds a PGDM
from IIM-A. Prior to Franklin Templeton he
was associated with ICICI Pru Life Insurance,
HSBC Capital Markets, ABN Amro Asia
Equities and UTI.
R Janakiraman is a B.E and PGDM
(Business Management). He has worked
with Indian Syntans Inv, Citicorp Information
Tech and UTI Securities Exchange.
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
11.86
-1.43
5.64
8.41
-5.23
3.82
7.86
-0.17
17.49
1.44
2.34
4.51
-0.73
11.04
-1.89
8.63
-5.75
-0.61
10.96
12.52
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank SIP
Fund Category Fund/Cat Nifty 500 Return
7UDLOLQJ5HWXUQV

30.23
12.54
18.65
11.28
23.05
40.41
14.81
18.71
8.54
21.39
74/81
54/69
19/34
4/26
7/17
23.56
15.27
18.92
17.45
18.81
35.91
11.91
14.89
5.89
18.19
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
12.16
0.64
0.85
0.88
1.00
3.92
13.70
0.57
-
-
0.85
-
0.71
14.22
0.98
0.84
1.00
5.74
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
FT Asset Management India Pvt Ltd
www.franklintempletonindia.com
FT International Services Ind Pvt Ltd
500
Nil
500
25.87
90.44
Equity
9.56
Cash Eq
0.00
Debt
$VVHW$OORFDWLRQ

HDFC Bank
Axis Bank
Kotak Mahindra Bank
Mahindra Mahindra
Bharti Airtel
State Bank of India
Hindustan Unilever
Yes Bank
Hindalco Inds.
Infosys
Financial 7.59
Financial 5.75
Financial 4.79
Automobile 4.59
Commns. 3.15
Financial 3.04
FMCG 3.04
Financial 2.96
Metals 2.73
Technology
5.75-9.91
1.95-6.64
0.00-4.79
0.83-5.11
2.55-4.07
0.00-4.42
0.00-3.29
2.71-4.15
0.00-2.73
2.46-6.29 2.52
Financial 30.76 30.22 27.22-33.85
Energy 12.41 12.26 2.16-12.91
Automobile 12.15 9.41 7.26-14.20
FMCG 7.06 9.01 2.35-7.06
Technology 5.74 8.69 4.81-10.94
7RS6HFWRU:HLJKWV

Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 58
NAV :
Regular
Direct
Growth
565.442
590.1018
49.2025
51.7127
Dividend
Franklin India Taxshield Fund
+LVWRU
19,000
16,000
13,000
10,000
7,000
Fund
Nifty 500
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Equity: Tax Saving
Category
Launch Date
April 1999

99.61
-49.22
7.91
3/29
2.24
373
219.92
23.47
9.34
11/37
2.12
881

241.32
29.38
-2.46
22/37
2.11
905

437.97
4.72
0.88
33/77
2.42
2,384

178.12
78.81
-9.76
20/32
2.21
746

186.52
-15.19
12.00
3/36
2.07
787

565.44
29.11
-6.80
74/81
2.37
3,396

Style
box
418.22
4.77
28/70
2.39
1,835

4.05
256.14
6.14
2.53
25/37
967

2.47
401.94
56.92
19.10
12/73
1,500

2.42
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- Nifty 500 (%)
Net Assets (` Cr)
3 2
1 4
1 1
2 2
3 3
Nifty 500
RegularDirect
41
BEST FUNDS 2018

42 BEST FUNDS 2018
6WUDWHJ 5HYLHZ
A balanced fund that believes in making the
most of bull markets, it has retained a rating
of four to five stars consistently for the last
six years. It maintains a steady-state asset
allocation between equity and debt, in a nar-
row band of 68 to 72 per cent for equities. It
buys reasonable quality businesses, with
the ability to deliver growth and with good
ROE, management quality and business
dynamics, at sensible valuations. While the
equity portion is aggressively managed to
make the most of bull markets, the debt por-
tion is managed for accrual with most of the
exposure in bonds rated AA and above.
The fund’s three- and five-year returns
are 4-8 percentage points ahead of the
benchmark and 2-3 percentage points better
than the category. But the fund has toned
down the mid-cap allocations lately. From
more than half of the equity portion, mid-
and small-cap exposure fell to 28 per cent
by December 2017. In the bear markets of
2011 and 2008 relative to its peers.
This is a balanced fund that delivers big
pay-offs relative to risks.
PORTFOLIO MANAGER
Chirag Setalvad is a science graduate and
an MBA from University of North Carolina.
Prior to joining HDFC AMC he has worked
with New Vernon Advisory Services Ltd.,
HDFC AMC and ING Barings N.V.
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
10.12
-1.97
2.04
6.59
-5.12
5.31
6.80
-0.26
22.49
0.06
1.94
7.49
0.22
5.99
-1.43
7.82
-2.51
0.99
9.46
16.24
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank VR SIP
7UDLOLQJ5HWXUQV

28.32
13.36
18.92
14.06
19.20
24.34
11.73
15.70
9.04
17.30
32/98
20/63
2/26
1/23
7/19
22.40
17.23
19.54
18.05
17.61
23.26
7.93
11.11
5.71
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
VR Balanced
10.17
0.82
0.90
0.89
1.25
4.93
10.70
0.36
-
-
0.58
-
0.74
9.09
0.77
0.82
1.11
3.50
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
HDFC AMC Ltd
www.hdfcfund.com
CAMS
5,000
For units in excess of 15% of the
investment,1% will be charged for
redemption within 365 days
500
20.43
69.07
Equity
0.56
Cash Eq
30.37
Debt
$VVHW$OORFDWLRQ

HDFC Bank
Infosys
HDFC
ITC
Larsen Toubro
ICICI Bank
Aurobindo Pharma
Axis Bank
State Bank of India
Voltas
Financial 6.59
Technology 3.72
Financial 3.49
FMCG 3.46
Construction 3.17
Financial 3.16
Healthcare 2.18
Financial 2.18
Financial 2.11
ConsDurable
1.47-7.09
1.89-5.97
0.00-3.49
0.00-3.92
2.04-3.84
2.72-5.04
1.45-2.53
0.00-2.87
1.72-3.92
0.00-2.10 2.03
Financial 25.45 35.04 15.12-25.45
FMCG 6.10 7.92 3.10-6.74
Technology 6.05 11.39 4.41-10.59
Automobile 5.01 10.63 2.86-9.15
Energy 4.90 15.93 2.37-10.02
7RS6HFWRU:HLJKWV

Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 65
NAV :
Regular
Direct
Growth
151.707
158.434
32.343
35.493
Dividend
HDFC Balanced Fund
+LVWRU
25,000
20,000
15,000
10,000
5,000
Fund
VR Balanced
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Category
Launch Date
September 2000

25.95
-36.50
4.45
3/28
2.24
82
56.47
25.49
10.53
3/27
2.15
225

63.91
26.56
3.31
14/30
1.91
991

119.02
9.72
5.49
18/84
2.09
7,930

45.00
73.42
21.98
5/24
2.23
134

50.50
-10.57
8.18
6/26
2.05
503

151.71
27.46
4.20
33/98
2.07
17,558

Style
box
108.47
5.19
39/62
2.13
4,732

3.01
69.52
8.78
2.52
8/32
1,157

2.29
105.30
51.47
24.70
10/57
2,659

2.18
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- VR Balanced (%)
Net Assets (` Cr)
1 3
1 2
1 1
1 1
2 2
RegularDirect

6WUDWHJ 5HYLHZ
An impressive show in the last three years
has propelled this fund from a three-star to a
four-star rating. In the last one year, the
allocation has been moderated from 78-79
per cent levels to 66-67 per cent of the port-
folio. Within equities, over 80 per cent of the
allocation is parked in large-cap stocks,
which is higher than the peers’ allocations. It
follows a blend of growth and value styles.
For the debt portion, the fund relies more on
duration than credit calls.
On a three-year and five-year basis, the
fund has outperformed its benchmark by 4-7
percentage points and the category by 2-4
percentage points. After a bad patch in 2007
and 2008, 2009 proved to be a turning point
for this fund. On the debt portion, the fund
does take aggressive duration calls. While
the fund seeks to add to returns based on
rate calls, it is very conservative on taking
on credit risks. Sovereign and money-mar-
ket securities dominate its portfolio.
PORTFOLIO MANAGER
Sankaran Naren is a B.Tech from IIT
Chennai and MBA (Finance)from IIM
Kolkata. He earlier worked with Refco Sify
Securities, HDFC Securities Ltd. and Yoha
Securities.
Manish Banthia is a commerce graduate,
ACA and an MBA. He joined ICICI Prudential
in 2012.
Atul Patel is a B.Com (H), CA and CWA.
Year Q1 Q2 Q3 Q4
4XDUWHUO5HWXUQV

2017
2016
2015
2014
2013
9.21
-2.78
1.74
6.85
-2.37
3.11
8.67
-0.64
17.65
1.36
2.40
7.98
-0.64
7.00
0.49
8.21
-0.37
1.65
8.22
11.81
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank VR SIP
7UDLOLQJ5HWXUQV

25.65
13.50
18.59
10.79
18.82
24.34
11.73
15.70
9.04
17.30
45/98
18/63
3/26
7/23
8/19
21.63
17.65
18.97
17.13
16.48
23.26
7.93
11.11
5.71
-
5LVN0HDVXUHV
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
VR Balanced
10.13
0.84
0.88
0.86
1.27
5.17
10.70
0.36
-
-
0.58
-
0.74
9.09
0.77
0.82
1.11
3.50
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load
ICICI Prudential AMC Ltd
www.icicipruamc.com
CAMS
5,000
For units in excess of 10% of the
investment,1% will be charged for
redemption within 365 days
1,000
19.07
67.66
Equity
1.68
Cash Eq
30.66
Debt
$VVHW$OORFDWLRQ

ICICI Bank
ITC
NTPC
HDFC
Bharti Airtel
ONGC
Infosys
State Bank of India
Larsen Toubro
Power Grid Corporation
Financial 4.96
FMCG 3.90
Energy 3.58
Financial 3.48
Commns. 3.15
Energy 3.05
Technology 2.66
Financial 2.50
Construction 2.41
Energy
1.09-6.66
0.00-4.03
0.00-4.23
0.00-3.75
0.00-6.22
0.00-4.75
0.00-4.49
0.00-4.28
0.00-3.80
0.00-4.27 2.33
Financial 17.61 35.04 11.39-21.55
Energy 15.51 15.93 2.55-25.78
Construction 5.12 5.41 1.12-5.22
FMCG 5.05 7.92 0.74-8.28
Technology 4.68 11.39 4.21-11.42
7RS6HFWRU:HLJKWV

Growth Blend Value
Investment Style
)81'67/(
Large
Medium
Small
Capitalisation
Total Stocks 77
NAV :
Regular
Direct
Growth
130.54
137.9
DH
14.08
14.57
14.05
14.47
DY
25.87
32.37
DM
ICICI Prudential Balanced Fund
+LVWRU
16,000
14,000
12,000
10,000
8,000
Fund
VR Balanced
rebased to 10,000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Category
Launch Date
November 1999

26.57
-43.83
-2.88
17/28
2.28
219
47.49
18.58
3.62
7/27
2.29
274

55.71
29.38
6.13
10/30
2.27
381

104.62
13.66
9.43
4/84
2.39
4,395

40.05
50.73
-0.71
19/24
2.30
263

43.06
-9.33
9.42
4/26
2.29
300

130.17
24.78
1.52
45/98
2.24
22,994

Style
box
92.05
4.28
44/62
2.38
2,459

2.10
61.94
11.18
4.92
4/32
588

2.80
90.16
45.56
18.79
22/57
1,290

2.59
Rating
NAV (`)
Quartile Ranking
Total Return (%)
+/- VR Balanced (%)
Net Assets (` Cr)
4 3
1 2
3 2
1 1
2 1
RegularDirect
43
BEST FUNDS 2018

44 BEST FUNDS 2018
6WUDWHJ 5HYLHZ
A top-of-mind choice in the large-cap cate-
gory, this fund beaten both category and
benchmark in eight of the nine years since
launch. This has earned it a four- to five-star
rating for much of the last six years. A well-
timed start in the downbeat market of May
2008 helped the fund deliver blockbuster
performance in its first year itself. No index
hugger, the fund has a compact and concen-
trated portfolio, with 50–55 stocks. This has
been maintained despite the asset size
burgeoning to over Rs 15,000 crore. The
fund has a higher-than-category allocation
to large caps; it usually parks 90 per cent
plus of its assets in large caps, and in recent
times this has climbed to 95 per cent.
The fund’s three- and five-year returns
are 4-5 percentage points ahead of the
benchmark and 1-3 percentage points more
than the category. Notably it has kept ahead
of both even in the last one year when many
peers have lagged behind benchmarks. The
only limitation to assessing this fund is that it
hasn’t seen a serious bear market since
inception. In 2011 and in 2015, it managed
to contain downside well. The fund’s man-
ager, Manish Gunwani, quit and the fund is
now steered by Sankaran Naren. A good
fund for conservative investors.
PORTFOLIO MANAGER
Sankaran Naren is a B.Tech from IIT
Chennai and MBA (Finance)from IIM
Kolkata., Prior to joining ICICI Prudential
AMC he has worked with Refco Sify
Securities India Pvt. Ltd., HDFC Securities
Ltd. and Yoha Securities.
Rajat Chandak is a commerce graduate
and an MBA. He has been associated with
ICICI Prudential AMC since 2008.
Year Q1 Q2 Q3 Q4
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