CRISIL Mutual Fund Ranking: For The Quarter Ended March 31, 2020

CRISIL Mutual Fund Ranking
For the quarter ended March 31, 2020

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Director Associate Director Associate Director
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Kiran Nate Ankur Nehra Priyanka Murarka

Manager Associate Director Senior Regional Manager
kiran.nate@crisil.com ankur.nehra@crisil.com priyanka.agarwal@crisil.com
Angara Saxena Dharmendra Sharma

Senior Research Analyst Associate Director
angara.saxena@crisil.com dharmendra.sharma@crisil.com
Industry highlights
The mutual fund industry’s average assets under management billion. Arbitrage funds was the sole positive contributor, with
(AAUM) grew 1% to Rs 27.16 trillion in the quarter to March its AAUM rising around 1% (or ~Rs 8 billion) to Rs 819 billion.
2020, supported by inflows in equity funds and a rise in the
Chart 1 – Mutual fund net flows and AUM trend
assets of debt mutual funds.
28 2.0
Equity schemes’ average assets fell 0.6%, or by Rs 46 billion, 26
Qtrly Avg AUM Rs trillion

1.5
Net flows Rs trillion

to Rs 7.43 trillion in the March quarter, due to mark-to-market 24
1.0
(MTM) losses. The benchmark equity index, Nifty 50, plunged 22
29% during the quarter, compared with a 6% jump in the 0.5
20
December quarter. Investors, however, continued to show 0.0
18
interest in the category, as reflected in a net inflow of Rs 298
16 -0.5
billion during the quarter – nearly three times the December-
14 -1.0
quarter inflow of Rs 114 billion. Most of this money came in the
Sep-19
Sep-18
Jun-19
Jun-18
Mar-18
Mar-19
Mar-20
Dec-19
Dec-18
form of net flows from systematic investment plans (SIPs),
totaling Rs 257 billion, during the quarter compared with Rs
Net flows (Rs trillion) Industry AUM (Rs trillion)
250 billion in the previous quarter.
Source – AMFI
Within the equity category, AAUM of mid-cap, focused and Table 1 – Category-wise average AUM (Rs billion)
mid-cap funds witnessed the biggest rise in absolute terms. Jan-Mar Oct-Dec Absolute %
Mutual fund category
On a consolidated basis, their AUM (24% of total equity AAUM) 2020 2019 Change Change
jumped Rs 84 billion during the quarter. On the other hand, Equity 7431 7477 -46 -0.61%
AAUM of large-cap, value and multi-cap funds declined the Hybrid 3415 3565 -149 -4.19%
most, by Rs 104 billion, cumulatively. Debt 12262 11975 287 2.40%

Others* 2037 1843 194 10.55%
The previous quarter’s upward momentum in debt funds, Solution Oriented 184 177 7 4.05%
which account for 45% of the industry’s AAUM, continued. Closed Ended 1825 1832 -6 -0.35%
Their assets were up 2.4%, or by Rs 286 billion, to Rs 12.26 Total 27155 26867 287 1.07%
trillion in the March quarter. The rise can be attributed to MTM * includes funds of funds and index funds/ETFs
gains amid a pullback in yields. Within the category, on both Source - CRISIL Mutual Fund Database
percentage and absolute bases, the assets of overnight, Of the 43 fund houses (including infrastructure debt funds)
banking and PSU funds grew the most, by around 76% (or Rs that declared AAUM data, 21 saw gains during the quarter. The
281 billion) and 20% (or Rs 126 billion), respectively. On the industry continued to be highly concentrated, with the share
other hand, the assets of liquid, credit-risk and medium- of the top five and top 10 fund houses at 57% and 83%,
duration funds fell the most in absolute terms. These respectively, as of March 2020 – almost same as that in the
categories constitute 45% of total debt assets. On a previous quarter.
consolidated basis, their AAUM fell Rs 478 billion.
SBI Mutual Fund toppled HDFC Mutual Fund to reach the top
Hybrid funds, which invest in more than one asset class, saw position in terms of AAUM during the quarter. Its assets grew
a 4.2% fall in average assets. The category’s average asset around 6%, or Rs 210 billion (the highest in absolute terms),
base contracted to Rs 3.42 trillion in the quarter. Aggressive on-quarter to Rs 3.74 trillion. HDFC Mutual Fund’s assets fell
hybrid funds’ AUM, which constitutes 37% of the total hybrid 3.3%, or Rs 127 billion (biggest fall in absolute terms), to Rs
assets, saw their assets fall Rs 104 billion to Rs 1.27 trillion. 3.70 trillion. ICICI Prudential Mutual Fund came in third with a
Dynamic asset allocation, or balanced advantage funds, saw a fall of 2.4%, or Rs 87 billion, to Rs 3.58 trillion. In percentage
2.5% dip in their assets to Rs 893 billion. In percentage terms, terms, Yes Mutual Fund’s assets dipped the most, by 36%, to
assets of equity savings funds (4% of hybrid category assets) around Rs 2.53 billion.
retreated the most, down 11% (or Rs 17 billion) to Rs 137
1
Major regulations and developments ● It has allowed sponsors or asset management companies
● The Securities and Exchange Board of India (SEBI) barred to invest in closed-end mutual fund schemes.
portfolio managers from charging upfront fees from ● The Employees' Provident Fund Organisation (EPFO)
clients, either directly or indirectly. lowered the interest rate on deposits to 8.50% for fiscal
● The capital markets regulator asked mutual funds to build 2020 from 8.65% in fiscal 2019.
an adequate ‘liquidity buffer’ for debt schemes. ● The Central Board of Direct Taxes (CBDT) issued a
● It has allowed investors to transact in mutual funds clarification that the requirement of deducting TDS at
directly through stock exchanges. 10% will only apply for dividend payments by mutual
funds.
● It has revised mutual fund regulations to permit non-bank
SEBI-registered custodians to manage gold or gold- ● Zerodha applied for an asset management company
related instruments. (AMC) license.
2
OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices However, some losses were cut short by the government’s Rs
Quarter ended Year ended 1.70 trillion stimulus package and the Reserve Bank of India’s
Index Mar-20 Mar-20 (RBI) move to cut its repo rate by 75 basis points to 4.4%. The
(% change) (% change) central bank also announced several other measures to ease
Nifty 50 -29.34 -26.03 the impact of lockdown on the financial markets. Buying by
Nifty 100 -28.83 -25.94 domestic institutional investors (DIIs) also capped losses. DIIs
bought Rs 748 billion worth of equities in the March quarter,
Nifty FMCG -9.30 -9.90
as against selling of Rs 37 billion in the December quarter.
Nifty Pharma -10.74 -23.22
Intermittent gains in global equities after the US government
Nifty IT Index -18.46 -18.33
announced a $2.2 trillion stimulus package to soften the
Nifty Energy Index -30.07 -32.52
economic blow of the Covid-19 pandemic, also supported the
Nifty Midcap 100 Index -31.57 -35.90
local indices. Additional measures announced by the
Nifty Financial Services -36.00 -25.72
international agencies and global central banks, including the
Nifty Smallcap 100 Index -38.39 -46.13 US Federal Reserve, helped the markets pare losses.
Nifty Bank -40.48 -37.08
Nifty Realty -41.22 -34.81 All National Stock Exchange (NSE) sectoral indices witnessed
Nifty Auto -42.64 -43.24 a sharp fall. The Nifty PSU Bank led the losers, plunging nearly
48% amid fears of a large economic fallout because of the
Nifty Metal -43.39 -47.90
Covid-19 pandemic. The Nifty Metal and Nifty Auto indices
Nifty PSU Bank -47.52 -60.33
Sectoral indices sorted on three-month returns
slumped about 43% each, due to intensified demand growth
Source - NSE concerns amid the rapid spread of Covid-19. The Nifty Realty,
Indian equity benchmark, Nifty 50, plummeted nearly 30% in Nifty Media and Nifty Financial Services indices also declined
the quarter on concerns about the potential economic damage heavily, by 41%, 42% and 36%, respectively.
caused by the Covid-19 pandemic. Lower growth projections
Chart 2 – Mutual fund daily investments & Nifty
by the International Monetary Fund (IMF) and several other
movement
agencies, including CRISIL, Moody's Investors Service and 13000 130
FII/ MF Daily Net Equity

Investments Rs. billion
Fitch, dissatisfying budgetary announcement and the 12000 100
lockdown announced by the Indian government to prevent the 11000
70
spread of Covid-19 in the country also kept markets under 40

10000
Nifty 50
10
pressure. Lacklustre earnings from some companies and 9000
-20
crisis at a large domestic private sector bank dented the 8000 -50
market sentiment further. Global developments that affected 7000 -80
the market included persistent worries over the impact of
10-Mar-20
17-Mar-20
24-Mar-20
31-Mar-20
14-Jan-20
21-Jan-20
28-Jan-20
25-Feb-20
11-Feb-20
18-Feb-20
3-Mar-20
31-Dec-19
7-Jan-20
4-Feb-20
Covid-19 on the global economic growth after a spike in the

number of new cases outside China. Further, geopolitical
tensions in the Middle East and IMF’s lower global growth FII Daily Net Equity Investments
MF Daily Net Equity Investments
forecast also weighed down on equities. Selling by foreign Nifty 50
institutional investors (FIIs) affected market sentiment. FIIs Source - SEBI, NSE
sold equities worth Rs 435 billion in the March quarter, as
against buying of Rs 433 billion in the previous quarter.
3
Debt market overview
despite having launched a massive relief package for the
Interbank call money rates remained below the RBI’s repo rate
economy.
during the quarter, because of ample liquidity in the system.
The central bank periodically infused funds via the Gains were, however, capped due to profit sales by some
Discretionary Term-Repo Auction and Targeted Long-Term market participants towards the financial year-end and
Repo Auction (TLTRO), though overall liquidity remained in worries over the Centre’s fiscal situation. Further, the rupee’s
surplus. It also notified that it would be extending fixed-rate sharp weakness against the dollar amid fears of foreign
reverse repo and the Marginal Standing Facility (MSF) window investor outflows from the domestic financial market also
to provide eligible market participants greater flexibility in weighed on prices. Sporadic rise in the US benchmark
their liquidity management. Treasury yields also dented the sentiment.
Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

9.00% 7.90%
7.50%
8.00%
7.10%
7.00%
6.70%
6.00%
6.30%
5.00%
5.90%
4.00% 5.50%
31-Mar-19
30-Apr-19
31-Dec-19
31-Mar-20
31-May-19
31-Aug-19
31-Oct-19
30-Nov-19
31-Jul-19
31-Jan-20
30-Sep-19
29-Feb-20
30-Jun-19
31-Mar-19
31-Aug-19
31-Mar-20
30-Sep-19
31-Jan-20
29-Feb-20
30-Apr-19
31-May-19
30-Nov-19
31-Dec-19
31-Oct-19
31-Jul-19
30-Jun-19
Source – FIMMDA Source - CRISIL Fixed Income Database
Gilts ended higher during the quarter, with the yield on the 10- Key developments in the quarter:
year benchmark 7.26% 2029 paper closing at 6.12% on March
● The government announced that it will borrow Rs 4.88
31, 2020, compared with 6.56% on December 31, 2019. Bond trillion in the first half of fiscal 2021.
prices gained in response to downbeat domestic GDP numbers
● The RBI increased the limit for investment by foreign
for the December quarter and the US Federal Reserve’s portfolio investors (FPIs) in corporate bonds to 15% of
surprise decision to cut interest rates, giving rise to outstanding stock for fiscal 2021.
expectations of policy easing by the RBI. As expected, the RBI
● It also increased the short-term investment limit for FPIs
slashed the repo rate and promised more conventional and in government and corporate bonds to 30% from 20%.
unconventional measures to support the economy, pushing up
● Further, it doubled the investment limit in debt under the
gilt prices. The RBI’s main interest rate, i.e., the repo rate, was
voluntary retention route for investments by FPIs to Rs 1.5
cut 75 bps during the quarter to 4.4%. A sharp decline in the trillion from Rs 750 billion.
US benchmark Treasury yields and crude oil prices also
● The central bank increased short-term borrowing limits of
boosted the gilt prices. The market sentiment improved
states and union territories by 30%
further after the banking regulator conducted bond purchases
● It decided to issue certain series of government securities
under open-market operations during the quarter and
under the fully accessible route
announced an overhaul of its liquidity management
● The SEBI unveiled a disclosure format for listed firms that
framework to aid monetary policy transmission to end-
have issued debt securities, under which they need to
consumers. Demand for dated securities remained firm, as the
disclose on a half-yearly basis about deviation in the use
government did not announce any additional borrowing of proceeds from the objects stated in the offer
documents
4
Ranking summary
In the March quarter, CRISIL ranked 479 funds under CRISIL Returns (%)
Category
Mutual Fund Ranking (CMFR) amounting to 82.9% of the 3 months 6 months 1 year 3 years
mutual fund industry’s open-ended quarterly average assets Mid-cap -24.91 -21.71 -24.86 -5.92
under management (AUM). The ranked list comprised 217 Small cap -28.96 -27.31 -32.18 -9.59
equity, 208 debt and 54 hybrid funds. Of these, 141 featured in ELSS -26.87 -23.35 -23.97 -3.75
Focused -26.63 -22.67 -21.98 -2.28

the top 30 percentile (rank 1 or 2) and formed 24.08% of the
Value/contra -29.52 -26.70 -31.13 -7.56
total ranked AUM in the March quarter.
DSP Mutual Fund continued to be the top performer in line Indices 3 months 6 months 1 year 3 years
with the trend in the previous quarter. However, the number of Nifty 50 TRI -29.11 -24.68 -25.02 -0.81
Nifty 500 TRI -28.87 -24.70 -26.62 -3.14
funds featuring in the top 30 percentile for the fund house
Nifty Midcap 100 TRI -31.26 -26.59 -35.06 -11.09
slipped to 11. DSP Mutual Fund was followed by Axis Mutual
Nifty Smallcap 100
Fund, which has 10 funds in the top 30 percentile. Canara -38.06 -35.29 -45.30 -18.69
TRI
Robeco, IDFC, LIC and SBI Mutual Fund were at the third spot Returns as on March 31, 2020; returns over one year are annualised
with 9 funds each ranked 1 or 2.
Negative returns across major sectors
Among the equity-oriented categories, LIC Mutual Fund The share of top five sectors reduced slightly from 64.87% in
topped the list with seven funds ranked among the top 30 the previous quarter to 63.52% of the asset under
percentile. The second spot was shared by SBI and Canara management of equity funds (excludes thematic
Robeco mutual funds with six schemes each. In the debt- infrastructure funds) in the latest quarter.
oriented categories, IDFC Mutual Fund maintained its top
Financial services sector continued to be on the top spot, but
position with nine funds in the top 30 percentile, followed by
with a decreased share from 31.5% in the previous quarter to
DSP Mutual Fund with eight.
29.8% in March 2020 quarter. In terms of performance, the
Covid-19: Spoilsport for the equity markets sector fell nearly 36% in the quarter as the negative
Equity indices across the board tanked on fears driven by the implications of the pandemic on the domestic economy had a
Covid-19 pandemic and the subsequent nationwide lockdown debilitating impact on banking stocks - both private and public
to contain it. Though the first two months of the quarter saw sector undertaking (PSU). Banks turned wary of lending,
net inflow by foreign portfolio investors to the tune of Rs resulting in weaker liquidity in the market, which has
13,943 crore, increasing worry about the global pandemic and adversely impacted non-banking financial companies
the lockdown saw an outflow of Rs 61,973 crore in March (NBFCs). The moratorium on loans declared by the NBFCs and
alone. Nifty 50 wiped off three years of gains and has fallen to banks added to the woes of the financial services sector.
fiscal 2017 levels. The index plunged 29.11% in just one

Jan-Mar 2020 Oct-Dec 2019
quarter. Other indices, too, followed suit, with sharp drop in Sector
Expo (%) Returns (%) Expo (%) Returns (%)
the three-month period ended March 2020. Nifty Smallcap 100
Financial services 29.80 -35.97 31.55 11.85
was the worst affected and fell 38.06% in the past quarter. It
Consumer goods* 11.84 -6.68 10.67 -1.88
gave negative returns of 45.30% over one year ended March
Energy 8.79 -29.00 9.45 2.62
2020. IT 7.56 -18.02 7.43 1.70
Automobile 5.52 -42.06 5.76 10.15
Returns (%)
Category *Sectoral returns were calculated using stock constituents of Nifty 200 in the
3 months 6 months 1 year 3 years sector
Large cap -26.15 -22.39 -21.66 -2.21
The consumer goods sector came in second in terms of
Large and mid-cap -27.74 -23.92 -24.80 -4.28
allocation for equity funds in the quarter. It was also the least
Multi-cap -26.73 -23.38 -24.00 -3.77
impacted in terms of returns among the top five sectors. The
5
sector was shielded from the sharp fall due to rise in stock Investments in IPOs by mutual funds
prices of select companies in segments such as FMCG and Mkt value of
retail, which supply essential goods and home and personal investments Absolute Investment
hygiene products. On a quarterly basis, the sector gave -6.68% Stock by MFs as of return % (issue by no. of
returns, compared with 1.88% returns in the December Mar-2020 till Mar-2020) schemes
quarter. (Rs cr)
SBI Cards and Payment
The energy sector maintained third place in market value 981 -18.06% 52
Services
exposure to mutual funds. With industrial activity coming to a
Volatility in G-sec yields
standstill and travel restrictions because of the lockdown,
demand for energy plummeted, dragging the sector down 29% Over the quarter, G-sec yields have fallen more than 40 bps.
in the quarter. However, March saw higher volatility in the G-sec yields
compared with the previous two months. In order to pump
Despite the steep depreciation in the rupee, the IT sector index liquidity into the system, the RBI cut the repo rate by 75 bps
suffered losses of -18.02%. Europe and the US have been the towards the end of the quarter. Inflation, too, eased towards
worst-hit by the pandemic and the Indian IT industry gets a fair the end of the quarter.
amount of its business from these geographies.
10-year Benchmark G-sec yield
The pandemic compounded the woes of the already ailing auto
8.0%
sector in India. The sector was the worst-affected among the
top five sectors with -42.06% returns because of supply chain 7.5%
disruption from China, manufacturing processes coming to a
halt, reduced demand in the slowing economy and other such 7.0%
factors.
6.5%
At the stock level, HDFC Bank (-32.25% absolute returns in the
March quarter), ICICI Bank (-39.92%), Infosys (-12.26%), 6.0%
Sep-17
Sep-18
Sep-19
Jun-17
Jun-18
Jun-19
Mar-17
Mar-18
Mar-19
Mar-20
Dec-17
Dec-18
Dec-19
Reliance Industries (-26.44%), and Axis Bank (-49.74%) were
among the top holdings in the large, large and mid-cap, multi-
cap, focused and value/contra funds. Among mid-cap funds,
In line with the falling yields and expectations of more
the top holdings were City Union Bank (-44.84 %), Voltas
monetary measures by the RBI, debt funds increased their
(-27.67%), Cholamandalam Investment & Finance (-50.13%),
average duration this quarter compared with the previous one.
Balkrishna Industries (-20.08%), and Trent Ltd (-8.12%). Tube
The increase, however, was marginal with gilt funds seeing the
Investments of India (-43.13%), Atul Ltd (-1.54%), Deepak
highest increase in modified duration at 0.44 years. This has
Nitrite (3.02%), DCB Bank (-44.85%) and HDFC Bank (-32.25%)
also reflected in their performance in the recent quarter with
were the small cap funds’ top holdings.
gilt funds generating 3.68% returns on average, beating all
other debt mutual fund categories. Dynamic bond fund and
Muted activity in the IPO segment
medium-to-long duration funds benefitted from the falling
The IPO market was muted this quarter with just one IPO
yields and posted 2.49% and 2.31% returns, respectively, over
hitting the equity markets – SBI Cards and Payment Services.
the quarter.
In all, 52 ranked schemes had exposure to this stock in March
2020. The stock was down -18% from its issue price as of Banking & PSU funds and corporate bond funds which
March 31, 2020, and the market value of investments of generally have a conservative rating profile have posted
mutual funds in this stock stood at Rs 981.32 crore. healthy returns of 2.46% and 2.34%, respectively. On the other
hand, credit risk funds were at the bottom of the list with
-1.53% returns in a quarter.
6
7 Category average modified duration their debt. These worries also led to closing down of some debt
6.1
6 5.6 mutual fund schemes on worries of liquidity pressures from
5.1
5 4.8 4.4 the lockdown.
Duration (years)
4.3
4
3.0 3.2 However, the rating profile of most debt fund categories
3 2.6 2.8 2.6 2.2
2.3 2.1 remained almost unchanged in the March 2020 quarter
2 1.5 1.6
compared with the previous quarter.
1
0
Banking & PSU funds, credit risk funds, low duration funds,
Corporate
Duration
Duration
Gilt
Dynamic
Medium
Banking
Credit
To Long
Medium
Risk
& PSU
Short
Bond medium duration funds, medium-to-long duration funds,

Bond
money market funds and ultra-short duration funds reduced

Oct'19 - Dec'19 Jan'20 - Mar'20 exposure to securities rated below AAA. However, among
these categories, only credit risk funds, which witnessed
Returns (%) 11.68% fall in month-end AUM quarter-on-quarter, saw a
Category 1 3 notable reduction in sub-AAA rated securities i.e. 2.57%. For
3 months 6 months
year years the other categories, the change was minimal. Dynamic bond
Liquid 1.37 2.73 6.08 6.74 funds, short duration funds, corporate bond funds and liquid
Ultra ST 1.15 2.89 6.12 6.78
funds saw a slight increase in the sub-AAA rated holdings.
Low duration 1.15 2.85 4.89 6.38
Money market 1.47 3.08 7.17 7.03 Similar to the previous quarter, rank 1 funds have maintained
Short duration 1.73 3.67 6.00 6.18 their trend of holding a more conservative credit profile.
Medium duration -0.36 0.82 2.77 4.93 Barring the credit risk category, rank 1 funds in most
Medium to long categories have allocated exposure predominantly to
2.31 4.13 9.12 6.18
duration
sovereign or AAA/A1+ assets.
Dynamic bond 2.49 3.90 8.54 6.38
Credit risk -1.53 -0.18 -2.74 2.48 In terms of allocation to sovereign securities, dynamic bond
Corporate bond 2.34 4.59 9.05 7.58 funds and short duration funds saw a significant change in
Banking and PSU 2.46 4.78 9.54 7.79 allocation of more than 3% each.
Gilt 3.68 5.16 12.71 7.64
Returns as on March 31, 2020; returns above one year are annualised Money market funds had significantly lower exposure to cash
Credit profile comes under the scanner, but remains almost and others (1.28%) compared with other categories (average
unchanged for most categories 6.64%) for the March 2020 quarter. Among the rank 1 funds,
The quarter saw the credit profile of debt mutual funds coming the ultra-short duration category had the maximum increase
under the scanner due to revenue pressure on the underlying of ~11.73% in cash holdings in the March 2020 quarter.
companies caused by the pandemic and their ability to service
Medium Medium to long

% Average Banking & PSU Low duration Short duration Dynamic bond Credit Risk
duration duration
exposure*
Mar Qtr Dec Qtr Mar Qtr Dec Qtr Mar Qtr Dec Qtr Mar Qtr Dec Qtr Mar Qtr Dec Qtr Mar Qtr Dec Qtr Mar Qtr Dec Qtr
Sovereign 6.61 5.65 2.67 1.55 12.40 9.28 12.97 15.28 43.69 48.42 46.70 43.57 1.03 0.60
AAA & A1+ 80.27 80.12 75.00 77.62 67.41 71.07 39.49 34.26 41.32 33.16 28.90 29.14 26.28 23.03
AA category &
7.39 7.54 11.94 11.91 9.37 8.60 29.62 30.12 7.30 7.07 12.11 11.15 41.55 42.04
A1
A+/A2+ &
1.24 1.61 3.57 3.59 3.14 3.14 11.66 12.91 1.49 1.98 4.45 4.99 23.33 25.41
below
Cash & others 4.49 5.08 6.82 5.32 7.70 7.92 6.26 7.43 6.20 9.37 7.83 11.13 7.81 8.92
7
CRISIL mutual fund categories
Equity funds 13. Arbitrage funds
1. Large Cap funds Debt Funds
2. Large & Mid Cap funds 14. Gilt funds
3. Multi Cap funds 15. Banking & PSU funds
4. Mid Cap funds 16. Credit Risk funds
5. Small Cap funds 17. Corporate Bond funds
6. Value/Contra funds 18. Dynamic Bond funds
7. Focused funds 19. Medium to Long Duration funds
8. Thematic - Infrastructure funds 20. Medium Duration funds
9. Equity Linked Savings Schemes (ELSS) 21. Short Duration funds
10. Index funds 22. Money Market funds
Hybrid funds 23. Low Duration funds
24. Ultra Short Duration funds

11. Aggressive Hybrid funds
25. Liquid funds
12. Conservative Hybrid funds
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 nearest integer. The same approach is adopted for
CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th
percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.
8
Large Cap funds (Cluster ranks are arranged alphabetically)
Mar - 20 Mar - 20 Active Active
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Weightages 55% 25% 10% 5% 5%
Axis Bluechip Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 3 (4) 4 (4)
Canara Robeco Bluechip

1 (1) 1 (1) 1 (1) 1 (1) 2 (3) 2 (3) 2 (2) 2 (3) 2 (3)
Equity Fund
JM Large Cap Fund 1 (4) 1 (4) 1 (5) 1 (5) 1 (1) 1 (1) 2 (4) 1 (2) 3 (3)
Baroda Large Cap Fund 2 (4) 2 (4) 2 (4) 2 (4) 2 (3) 2 (3) 1 (2) 2 (3) 3 (3)
EQUITY FUNDS
BNP Paribas Large Cap
2 (1) 2 (1) 2 (1) 2 (1) 1 (2) 1 (2) 3 (3) 3 (3) 3 (3)
Fund
Edelweiss Large Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 1 (1) 3 (3)
IDBI India Top 100 Equity

2 (3) 2 (3) 2 (3) 2 (3) 3 (2) 3 (2) 3 (3) 2 (3) 2 (3)
Fund
LIC MF Large Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 4 (4) 3 (4) 2 (1)
HSBC Large Cap Equity

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

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (1) 4 (4)
Fund
IDFC Large Cap 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 4 (3) 3 (3)
Indiabulls Bluechip Fund 3 (2) 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 5 (5) 5 (5) 1 (1)
Invesco India Largecap

3 (4) 3 (3) 3 (4) 3 (3) 3 (1) 3 (1) 4 (3) 5 (5) 3 (2)
Fund
Kotak Bluechip Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
L&T India Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 2 (3) 2 (2)
Mirae Asset Large Cap

3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 3 (2) 3 (2) 4 (4)
Fund
PGIM India Large Cap

3 (3) 3 (3) 3 (3) 3 (3) 4 (2) 4 (2) 5 (5) 4 (4) 3 (2)
Fund
Taurus Largecap Equity

3 (5) 3 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1)
Fund
UTI Mastershare Unit

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 2 (2) 4 (4)
Scheme
Aditya Birla Sun Life

4 (5) 4 (5) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (2) 5 (5)
Frontline Equity Fund
DSP Top 100 Equity Fund 4 (3) 4 (3) 3 (2) 4 (3) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3)
Essel Large Cap Equity

4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (2) 1 (2)
Fund
SBI Blue Chip Fund 4 (3) 4 (4) 4 (3) 3 (3) 3 (4) 3 (4) 3 (3) 1 (1) 5 (5)
Tata Large Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3)
Franklin India Bluechip

5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 2 (1) 4 (3) 3 (3)
Fund
HDFC Top 100 Fund 5 (4) 5 (4) 5 (3) 5 (4) 5 (5) 5 (5) 3 (3) 4 (3) 4 (4)
Nippon India Large Cap

5 (3) 5 (3) 5 (3) 5 (3) 5 (5) 5 (5) 1 (1) 3 (3) 5 (5)
Fund
Figures in brackets indicate previous quarter ranks
9
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)
Large & Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
LIC MF Large & Mid Cap

1 (1) 1 (1) 2 (2) 2 (2) 1 (1) 1 (1) 3 (4) 3 (3) 2 (2)
Fund
Mirae Asset Emerging

1 (1) 2 (1) 1 (1) 1 (1) 4 (4) 4 (4) 4 (3) 3 (3) 5 (4)
Bluechip Fund
Canara Robeco Emerging

2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (5)
Equities
Edelweiss Large and Mid

2 (2) 1 (2) 2 (3) 2 (2) 2 (2) 2 (2) 2 (3) 1 (3) 1 (2)
Cap Fund
Invesco India Growth

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

2 (3) 2 (3) 2 (2) 2 (3) 2 (1) 2 (1) 2 (2) 3 (4) 4 (4)
Fund
BOI AXA Large & Mid Cap

3 (3) 3 (3) 3 (3) 3 (4) 4 (5) 4 (5) 3 (4) 2 (2) 3 (1)
Equity Fund
DSP Equity Opportunities

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 4 (4)
Fund
Essel Large & Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 5 (5) 2 (3) 1 (1)
HDFC Growth
3 (3) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (4) 5 (5) 2 (2)
Opportunities Fund
L&T Large and Midcap

3 (4) 3 (4) 3 (4) 3 (4) 2 (3) 2 (3) 3 (3) 3 (4) 3 (3)
Fund
Principal Emerging
3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (1) 3 (3)
Bluechip Fund
SBI Large & Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 1 (3) 1 (1) 2 (1) 5 (5)
Sundaram Large and Mid

3 (2) 3 (2) 3 (1) 3 (2) 3 (3) 3 (3) 4 (3) 3 (4) 2 (3)
Cap Fund
Tata Large & Mid Cap Fund 3 (2) 3 (2) 3 (2) 3 (1) 2 (2) 2 (2) 3 (4) 5 (5) 3 (3)
Aditya Birla Sun Life Equity

4 (4) 3 (4) 3 (4) 3 (4) 5 (4) 5 (4) 4 (5) 4 (4) 4 (4)
Advantage Fund
ICICI Prudential Large &

4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 4 (3) 3 (3)
Mid Cap Fund
IDFC Core Equity Fund 4 (4) 4 (3) 4 (4) 4 (3) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3)
Nippon India Vision Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (2) 3 (2) 3 (3)
Franklin India Equity

5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 2 (2) 4 (3) 3 (3)
Advantage Fund
UTI Core Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2)
10
Multi Cap funds (Cluster ranks are arranged alphabetically)
Multi Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Canara Robeco Equity

1 (2) 1 (1) 1 (1) 1 (1) 2 (1) 2 (1) 3 (3) 3 (3) 3 (3)
Diversified
JM Multicap Fund 1 (1) 1 (1) 2 (1) 2 (1) 3 (3) 3 (3) 5 (5) 5 (5) 1 (1)
UTI Equity Fund 1 (2) 1 (2) 1 (2) 1 (2) 1 (2) 1 (2) 3 (2) 1 (1) 5 (5)
DSP Equity Fund 2 (1) 2 (1) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3)
IDBI Diversified Equity

2 (3) 2 (3) 2 (3) 2 (3) 1 (1) 1 (1) 2 (2) 1 (1) 3 (3)
Fund
LIC MF Multicap Fund 2 (1) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (2) 2 (2)
PGIM India Diversified

2 (3) 2 (3) 3 (3) 2 (3) 4 (4) 4 (4) 1 (1) 2 (3) 2 (3)
Equity Fund
Union Multi Cap Fund 2 (2) 2 (3) 2 (3) 2 (3) 2 (1) 2 (1) 3 (3) 3 (3) 1 (1)

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (3) 3 (3)
Equity Fund
Baroda Multi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 2 (4) 2 (2)
BNP Paribas Multi Cap

3 (3) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3)
Fund
Edelweiss Multi-Cap Fund 3 (2) 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 1 (4) 2 (2)
IDFC Multi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 2 (3) 5 (5)
Invesco India Multicap

3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 1 (2) 3 (2) 3 (3)
Fund
Kotak Standard Multicap

3 (2) 3 (2) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4)
Fund
Principal Multi Cap Growth

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

3 (3) 3 (3) 3 (2) 3 (3) 1 (2) 1 (2) 2 (2) 3 (2) 4 (4)
Fund
HSBC Multi Cap Equity

4 (5) 4 (5) 4 (5) 4 (5) 5 (5) 5 (5) 5 (4) 4 (5) 2 (2)
Fund
ICICI Prudential Multicap

4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 2 (1) 3 (1) 3 (3)
Fund
L&T Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 2 (3) 2 (3) 3 (3)
Motilal Oswal Multicap 35

4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4)
Fund
Taurus Starshare (Multi

4 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (5) 3 (4) 1 (1)
Cap) Fund
Franklin India Equity Fund 5 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 1 (1) 3 (2) 4 (4)
HDFC Equity Fund 5 (3) 5 (3) 5 (3) 5 (3) 5 (5) 5 (5) 4 (4) 5 (4) 4 (4)
Nippon India Multicap

5 (3) 5 (3) 5 (3) 5 (3) 5 (5) 5 (5) 2 (2) 4 (3) 5 (5)
Fund
11
Mid Cap funds (Cluster ranks are arranged alphabetically)
Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Midcap Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 3 (3)
Invesco India Mid Cap

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

2 (3) 2 (3) 2 (3) 2 (3) 1 (3) 1 (3) 4 (4) 3 (3) 3 (2)
Fund
DSP Midcap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (1) 3 (3) 4 (4)
Tata Mid Cap Growth Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2)
Taurus Discovery (Midcap)

2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (2) 2 (1) 2 (1)
Fund
Baroda Mid-cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (5) 4 (4) 1 (1)
Edelweiss Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2)
Franklin India Prima Fund 3 (3) 3 (3) 4 (3) 3 (3) 2 (1) 2 (1) 2 (2) 2 (2) 3 (4)
IDBI Midcap Fund 3 4 3 4 4 4 3 3 1
Kotak Emerging Equity 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (2) 3 (2) 4 (4)
L&T Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2) 1 (1) 3 (3)
Nippon India Growth Fund 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 4 (3)
PGIM India Midcap

3 (4) 3 (3) 3 (4) 3 (4) 5 (4) 5 (4) 3 (3) 4 (3) 3 (3)
Opportunities Fund
UTI Mid Cap Fund 3 (4) 3 (4) 3 (3) 3 (3) 4 (5) 4 (5) 3 (3) 2 (2) 3 (3)
HDFC Mid-Cap
4 (3) 4 (4) 4 (4) 4 (4) 3 (2) 3 (2) 4 (3) 2 (3) 5 (5)
Opportunities Fund
Motilal Oswal Midcap 30

4 (3) 3 (3) 3 (3) 3 (2) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
Fund
SBI Magnum Midcap Fund 4 (5) 4 (5) 4 (5) 4 (5) 3 (4) 3 (4) 3 (3) 5 (5) 5 (5)
Sundaram Mid Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 5 (4) 3 (3) 4 (4)

5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 1 (3) 3 (3) 3 (3)
Midcap Fund
ICICI Prudential MidCap

5 (3) 5 (3) 5 (3) 5 (3) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3)
Fund
12
Small Cap funds (Cluster ranks are arranged alphabetically)
Mar - 20 Mar - 20 Mean Mean
Small Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 5 (5) 3 (3)
SBI Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 5 (5) 3 (4) 4 (5)
Union Small Cap Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 4 (3) 4 (3) 2 (1)
DSP Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 4 (3)
Franklin India Smaller

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 2 (2) 3 (3) 3 (3)
Companies Fund
HDFC Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (2) 5 (4)
Kotak Small Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (4) 3 (3) 3 (3)
L&T Emerging Businesses

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (4)
Fund
Nippon India Small Cap

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3)
Fund
Aditya Birla Sun Life Small

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

4 (4) 4 (5) 4 (4) 4 (4) 4 (5) 4 (5) 4 (4) 3 (3) 1 (2)
Fund
Sundaram Small Cap Fund 5 (4) 5 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 4 (4) 3 (3)
13
Value / Contra funds (Cluster ranks are arranged alphabetically)
Value / Contra funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Kotak India EQ Contra

1 (1) 1 (1) 1 (1) 1 (1) 3 (2) 3 (2) 4 (4) 3 (4) 2 (2)
Fund
Invesco India Contra Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (3) 2 (3)
Nippon India Value Fund 2 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
UTI Value Opportunities

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

3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 4 (4) 3 (3)
Discovery Fund
Indiabulls Value Fund 3 (3) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 3 (3) 3 (4) 1 (1)
L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 5 (4) 3 (3) 3 (3) 3 (3)
SBI Contra Fund 3 (4) 3 (4) 3 (3) 3 (4) 2 (3) 2 (3) 2 (2) 2 (2) 4 (4)
Quantum Long Term

NA 3 (3) NA 4 (3) NA 2 (2) 4 (3) 5 (4) 2 (2)
Equity Value Fund*
Tata Equity PE Fund 3 (3) 2 (3) 2 (3) 2 (3) 3 (2) 3 (3) 5 (5) 5 (5) 3 (3)
Aditya Birla Sun Life Pure

4 (5) 4 (5) 4 (5) 4 (5) 3 (5) 3 (5) 1 (1) 1 (2) 4 (4)
Value Fund
HDFC Capital Builder

4 (3) 4 (3) 4 (3) 3 (3) 4 (3) 4 (3) 4 (4) 3 (3) 4 (4)
Value Fund
Templeton India Value

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2)
Fund
IDFC Sterling Value Fund 5 (4) 5 (4) 5 (4) 5 (4) 4 (4) 4 (4) 2 (2) 2 (1) 5 (5)
* As regular plan of the Quantum Long Term Equity Fund has not completed three years, only direct plan is ranked.
14
Focused funds (Cluster ranks are arranged alphabetically)
Focused funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
SBI Focused Equity Fund 1 (2) 1 (2) 1 (2) 1 (2) 2 (1) 2 (1) 3 (3) 3 (3) 5 (5)
Axis Focused 25 Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 3 (4) 3 (4) 4 (4)
IIFL Focused Equity Fund 2 (1) 2 (1) 2 (1) 2 (1) 3 (4) 3 (4) 4 (3) 2 (3) 3 (3)
Principal Focused
2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 2 (3) 1 (1) 2 (2)
Multicap Fund

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Focused Equity Fund
ICICI Prudential Focused

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

3 (4) 3 (4) 3 (4) 3 (4) 4 (3) 4 (3) 3 (3) 4 (2) 4 (4)
Fund
JM Core 11 Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 4 (5) 2 (2) 5 (5) 1 (1)
Motilal Oswal Focused 25

3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3)
Fund
Sundaram Select Focus 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 3 (2) 4 (5) 3 (3) 2 (2)
DSP Focus Fund 4 (3) 4 (3) 3 (2) 3 (3) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3)
Franklin India Focused

4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 3 (2) 3 (3) 4 (4)
Equity Fund
Nippon India Focused

4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3)
Equity Fund
HDFC Focused 30 Fund 5 (5) 5 (5) 5 (4) 5 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3)
15
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)
Thematic - Volatility Volatility Industry Company
Rank Rank Return Return Liquidity
Infrastructure funds - Reg - Dir Concentration Concentration
Weightages 55% 25% 10% 5% 5%
BOI AXA Manufacturing

1 (3) 1 (3) 1 (4) 1 (4) 2 (2) 2 (2) 1 (2) 1 (1) 2 (1)
& Infrastructure Fund
Invesco India
1 (1) 1 (1) 1 (2) 1 (1) 1 (1) 1 (1) 2 (3) 3 (3) 1 (3)
Infrastructure Fund
Canara Robeco
2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 3 (2) 3 (3) 2 (2)
Infrastructure Fund
LIC MF Infrastructure
2 (1) 2 (1) 2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (5) 1 (1)
Fund
SBI Infrastructure Fund 2 (2) 2 (2) 2 (1) 2 (2) 3 (2) 3 (2) 1 (2) 5 (5) 4 (4)
Tata Infrastructure Fund 2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 4 (4) 3 (3)
DSP India T.I.G.E.R. Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (3) 4 (3) 2 (1) 1 (1) 3 (3)
Franklin Build India Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 2 (3) 3 (4) 2 (2)
Kotak Infrastructure and

3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 1 (2) 4 (3) 2 (2) 3 (3)
Economic Reform Fund
L&T Infrastructure Fund 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 2 (2) 4 (5)
Sundaram Infrastructure
3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 2 (2) 4 (4)
Advantage Fund
UTI Infrastructure Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (4) 3 (4) 2 (2) 3 (3) 3 (2)

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3)
Infrastructure Fund
ICICI Prudential
4 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3)
Infrastructure Fund
IDFC Infrastructure Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (4) 3 (3) 4 (4)
Nippon India Power &

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 5 (4) 5 (5)
Infra Fund
HDFC Infrastructure
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 5 (4)
Fund
HSBC Infrastructure
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (3) 2 (2)
Equity Fund
16
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)
Equity Linked Savings Scheme (ELSS) Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Long Term Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (3) 2 (3) 5 (4) 5 (5) 5 (5)
BOI AXA Tax Advantage Fund 1 (3) 1 (3) 1 (3) 1 (3) 1 (4) 2 (4) 3 (4) 1 (2) 3 (3)
Canara Robeco Equity Tax Saver 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3)
Aditya Birla Sun Life Tax Relief 96 2 (3) 2 (3) 2 (3) 2 (3) 2 (1) 2 (1) 2 (2) 5 (4) 5 (5)
BNP Paribas Long Term Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)
IDBI Equity Advantage Fund 2 (3) 2 (3) 2 (3) 2 (3) 1 (3) 1 (3) 4 (3) 4 (4) 3 (3)
JM Tax Gain Fund 2 (2) 2 (2) 3 (2) 2 (2) 5 (5) 5 (5) 4 (3) 3 (3) 1 (1)
Kotak Tax Saver Scheme 2 (2) 2 (2) 3 (2) 3 (2) 3 (2) 3 (2) 1 (1) 2 (2) 4 (3)
LIC MF Tax Plan 1997 2 (1) 2 (1) 2 (1) 2 (1) 2 (2) 2 (2) 3 (4) 3 (3) 2 (2)
Baroda ELSS - 96 3 (5) 3 (4) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1)
DSP Tax Saver Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 4 (3) 2 (2) 3 (2) 4 (4)
Edelweiss Long Term Equity Fund

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2)
(Tax Savings)
Essel Long Term Advantage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 2 (3) 2 (2)
HSBC Tax Saver Equity Fund 3 (3) 4 (3) 3 (3) 3 (3) 4 (5) 4 (5) 4 (3) 4 (4) 1 (2)
ICICI Prudential Long Term Equity

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (4)
Fund (Tax Saving)
Invesco India Tax Plan 3 (3) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 4 (3) 4 (4) 3 (3)
Mirae Asset Tax Saver Fund 3 (1) 3 (1) 2 (1) 2 (1) 4 (3) 4 (4) 3 (3) 3 (3) 3 (3)
Motilal Oswal Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (2) 4 (4) 4 (4) 5 (5) 4 (5) 3 (3)
PGIM India Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (3) 2 (3)
Tata India Tax Savings Fund 3 (2) 3 (2) 3 (2) 3 (2) 5 (4) 5 (4) 5 (5) 4 (4) 3 (3)
Taurus Taxshield 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 2 (1)
Union Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 3 (3) 3 (3) 2 (2)
UTI Long Term Equity Fund (Tax

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (2) 3 (3)
Saving)
Franklin India Taxshield Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (2) 3 (2) 2 (2) 3 (3) 3 (3)
IDFC Tax Advantage Fund 4 (4) 4 (4) 5 (5) 4 (4) 3 (4) 3 (4) 1 (1) 1 (1) 4 (4)
L&T Tax Advantage Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 1 (1) 4 (4)
Mahindra Kar Bachat Yojana 4 (4) 3 (4) 3 (4) 3 (4) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3)
Quantum Tax Saving Fund* NA 4 (5) NA 5 (5) NA 1 (2) 3 (2) 4 (4) 1 (1)
Principal Tax Saving Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (2) 3 (2)
SBI Long Term Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 2 (1) 4 (4)
HDFC Tax Saver Fund 5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 5 (5) 3 (4)
Nippon India Tax Saver Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 4 (4) 5 (5)
Sundaram Diversified Equity 5 (4) 5 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 2 (2) 3 (3)
* As regular plan of the Quantum Tax Saving Fund has not completed three years, only direct plan is ranked.
17
Index funds (Cluster ranks are arranged alphabetically)
Mar - 20 Rank Mar - 20 Rank
Index funds
- Reg - Dir
Weightages
HDFC Sensex ETF 1 (2) 1 (2)
SBI - ETF SENSEX 1 (2) 1 (2)
UTI SENSEX Exchange Traded Fund 1 (2) 1 (2)
Kotak Nifty ETF 2 (1) 2 (1)
Kotak Sensex ETF 2 (3) 2 (3)
LIC MF ETF - Sensex 2 (3) 2 (3)
Nippon India ETF Nifty BeES 2 (1) 2 (1)
Nippon India ETF Sensex 2 (2) 2 (2)
SBI - ETF Nifty 50 2 (1) 2 (1)
Aditya Birla Sun Life Nifty ETF 3 (4) 3 (4)
HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - Sensex Plan 3 (3) 3 (3)
HDFC NIFTY 50 ETF 3 (2) 3 (2)
ICICI Prudential Nifty ETF 3 (3) 3 (3)
ICICI Prudential Sensex ETF 3 (4) 3 (4)
IDBI Nifty Index Fund 3 (3) 3 (3)
LIC MF ETF - Nifty 50 3 (3) 3 (3)
LIC MF Index Fund - Nifty Plan 3 (4) 3 (4)
LIC MF Index Fund - Sensex Plan 3 (4) 3 (4)
Motilal Oswal M50 ETF (MOSt Shares M50) 3 (3) 3 (3)
SBI Nifty Index Fund 3 (3) 3 (3)
UTI NIFTY Exchange Traded Fund 3 (2) 3 (2)
UTI Nifty Index Fund 3 (3) 3 (3)
Aditya Birla Sun Life Index Fund 4 (5) 4 (5)
Franklin India Index Fund - NSE Nifty Plan 4 (5) 4 (5)
ICICI Prudential Nifty Index Fund 4 (3) 4 (3)
Nippon India Index Fund - Nifty Plan 4 (3) 4 (3)
Nippon India Index Fund - Sensex Plan 4 (4) 4 (3)
Tata Index Fund - SENSEX 4 (4) 4 (4)
Aditya Birla Sun Life SENSEX ETF 5 (5) 5 (5)
IDFC Nifty Fund 5 (3) 5 (4)
Tata Index Fund - NIFTY 5 (3) 5 (3)
ETFs, which have only single option, have been ranked in both regular & direct categories
18
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Mar - 20 Mar - 20 Mean Mean Concentration/ Debt
Volatility Volatility Company Debt Equity
Aggressive Hybrid funds Rank Rank Return Return Exposure to Asset
- Reg - Dir Concentration Liquidity Liquidity
- Reg - Dir - Reg - Dir Sensitive Quality
Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
Canara Robeco Equity

1 (1) 1 (2) 1 (2) 1 (2) 2 (1) 2 (1) 2 (2) 1 (1) 1 (1) 2 (2) 3 (3)
Hybrid Fund
SBI Equity Hybrid Fund 1 (2) 1 (1) 1 (1) 1 (1) 2 (1) 2 (1) 3 (4) 2 (3) 4 (4) 4 (3) 5 (5)
DSP Equity & Bond Fund 2 (3) 3 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (3) 4 (4)
IDBI Hybrid Equity Fund 2 (4) 2 (4) 3 (5) 3 (5) 1 (3) 1 (3) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)
LIC MF Equity Hybrid

2 (1) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 2 (2)
Fund
Shriram Hybrid Equity

2 (2) 2 (3) 2 (3) 2 (3) 1 (2) 1 (2) 3 (3) 2 (2) 2 (2) 3 (3) 1 (1)
Fund
Baroda Hybrid Equity

3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (4) 3 (4) 5 (4) 3 (3) 2 (2)
Fund
BOI AXA Mid & Small Cap

3 (5) 4 (5) 4 (5) 4 (5) 5 (5) 5 (5) 2 (2) 3 (3) 2 (2) 1 (2) 4 (4)
Equity & Debt Fund
Franklin India Equity

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (2) 3 (3) 3 (3) 5 (5) 2 (2)
Hybrid Fund
HDFC Hybrid Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 4 (3) 5 (5)
ICICI Prudential Equity &

3 (3) 3 (3) 4 (3) 4 (3) 3 (4) 3 (4) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4)
HYBRID FUNDS
Debt Fund
L&T Hybrid Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 3 (3)
Mirae Asset Hybrid -

3 (2) 2 (2) 3 (1) 2 (1) 4 (4) 4 (4) 3 (4) 3 (2) 2 (2) 3 (2) 2 (3)
Equity
PGIM India Hybrid Equity

3 (3) 3 (3) 3 (3) 3 (3) 4 (2) 4 (2) 5 (5) 5 (5) 2 (2) 3 (3) 1 (1)
Fund
Principal Hybrid Equity

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (2)
Fund
Sundaram Equity Hybrid

3 (2) 3 (1) 2 (2) 3 (2) 2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3)
Fund
IDFC Hybrid Equity Fund 4 (4) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3)
Kotak Equity Hybrid 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 4 (4) 3 (3) 2 (1) 3 (3)
Tata Hybrid Equity Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (4) 3 (3) 4 (4) 3 (3)
UTI Hybrid Equity Fund 4 (4) 4 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4) 3 (4) 3 (3)

5 (3) 5 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (4) 3 (3) 4 (5) 3 (4) 4 (4)
Equity Hybrid 95 Fund
Nippon India Equity

5 (5) 5 (5) 5 (4) 5 (4) 5 (5) 5 (5) 4 (5) 5 (5) 5 (5) 5 (5) 3 (3)
Hybrid Fund
K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
19
Conservative Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Mar - Mar -
Mean Mean Concentration Debt
Conservative 20 20 Volatility Volatility Company Debt Equity Modified
Return Return / Exposure to Asset
Hybrid funds Rank Rank - Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir Sensitive Quality
- Reg - Dir
Sector*
7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)
Canara Robeco
Conservative 1 (1) 1 (1) 1 (1) 1 (1) 2 (3) 2 (3) 3 (3) 2 (3) 2 (2) 3 (2) 3 (5) 3 (4)
Hybrid Fund
LIC MF Debt
1 (1) 1 (1) 2 (3) 2 (2) 1 (1) 1 (1) 1 (1) 3 (2) 2 (2) 1 (2) 1 (1) 5 (3)
Hybrid Fund
BNP Paribas
Conservative 2 (2) 2 (2) 2 (2) 2 (2) 1 (3) 1 (3) 2 (2) 2 (2) 3 (2) 3 (3) 3 (3) 1 (2)
Hybrid Fund
HSBC Regular
2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 4 (4) 1 (1) 2 (1) 2 (2) 4 (5)
Savings Plan
IDFC Regular
2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 3 (2) 3 (2) 4 (3) 1 (1) 2 (1) 4 (2) 3 (3)
Savings Fund
Axis Regular Saver

3 (3) 3 (3) 3 (4) 3 (4) 3 (5) 3 (5) 3 (1) 1 (1) 3 (3) 3 (3) 2 (2) 3 (1)
Fund
BOI AXA
Conservative 3 (5) 3 (5) 4 (5) 4 (5) 5 (5) 5 (5) 3 (4) 4 (5) 2 (3) 2 (4) 2 (3) 1 (1)
Hybrid
Franklin India
3 (3) 3 (3) 3 (2) 3 (3) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4)
Debt Hybrid Fund
ICICI Prudential
Regular Savings 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 2 (2) 5 (5) 1 (1) 4 (4) 5 (5) 3 (3) 2 (2)
Fund
Kotak Debt Hybrid 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 4 (3) 2 (3) 3 (4) 3 (3) 1 (2) 5 (3) 4 (4)
SBI Debt Hybrid

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 4 (3) 5 (5) 3 (3)
Fund
DSP Regular
4 (4) 4 (4) 4 (5) 4 (4) 3 (4) 3 (4) 4 (3) 5 (4) 3 (3) 4 (3) 3 (3) 2 (3)
Savings Fund
HDFC Hybrid Debt

4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 3 (3) 4 (4) 4 (3) 4 (4) 4 (5)
Fund
UTI Regular
4 (5) 4 (5) 4 (4) 4 (5) 4 (4) 4 (4) 3 (3) 2 (3) 4 (4) 3 (4) 3 (4) 5 (3)
Savings Fund
Aditya Birla Sun

Life Regular 5 (4) 5 (4) 5 (3) 5 (3) 3 (3) 3 (3) 5 (4) 3 (3) 5 (5) 3 (4) 4 (4) 3 (3)
Savings Fund
Nippon India
5 (4) 5 (4) 5 (4) 5 (4) 5 (1) 5 (1) 1 (5) 5 (5) 5 (5) 5 (5) 1 (1) 2 (2)
Hybrid Bond Fund
K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
20
Arbitrage funds (Cluster ranks are arranged alphabetically)
Mar - 20 Mar - 20 Mean Mean Count of Count of
Volatility Volatility
Arbitrage funds Rank Rank Return Return Negative Negative
- Reg - Dir
- Reg - Dir - Reg - Dir Returns - Reg Returns - Dir
Weightages 60% 25% 15%
Edelweiss Arbitrage Fund 1 (3) 1 (3) 1 (2) 1 (2) 1 (3) 1 (3) 3 (3) 3 (3)
Tata Arbitrage Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (3) 4 (3) 1 (1) 2 (2)
Invesco India Arbitrage Fund 2 (4) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 3 (4) 3 (3)
L&T Arbitrage Opportunities Fund 2 (2) 2 (2) 2 (2) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1)
Union Arbitrage Fund 2 2 2 2 3 3 3 3
DSP Arbitrage Fund 3 (1) 3 (1) 3 (1) 3 (1) 2 (2) 2 (2) 1 (2) 1 (1)
ICICI Prudential Equity - Arbitrage Fund 3 (3) 3 (4) 3 (4) 3 (4) 3 (2) 3 (2) 2 (3) 3 (3)
Kotak Equity Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 4 (3)
Nippon India Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (2) 4 (4) 4 (4) 4 (3) 3 (3)
SBI Arbitrage Opportunities Fund 3 (4) 4 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 5 (4)
UTI Arbitrage Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 3 (2) 2 (2) 2 (2)
HDFC Arbitrage Fund 4 (3) 4 (3) 4 (3) 5 (4) 5 (3) 5 (3) 3 (2) 2 (2)
IDFC Arbitrage Fund 4 (2) 4 (2) 5 (4) 4 (2) 3 (1) 3 (1) 2 (3) 2 (3)
LIC MF Arbitrage Fund 4 3 4 4 3 3 4 4
JM Arbitrage Fund 5 (5) 5 (5) 5 (5) 5 (5) 2 (5) 2 (5) 5 (5) 5 (5)
PGIM India Arbitrage Fund 5 (4) 5 (4) 4 (2) 4 (3) 5 (5) 5 (5) 4 (5) 4 (5)
21
Gilt funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified
Gilt funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
Weightages 50% 25% 10% 15%
DSP Government Securities Fund 1 (2) 1 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (5) 3 (3)
Edelweiss Government Securities Fund 2 (2) 2 (2) 3 (2) 3 (3) 2 (2) 2 (2) 2 (4) 2 (2)
IDFC Government Securities Fund - Investment Plan 2 (1) 2 (1) 1 (1) 1 (1) 5 (4) 5 (4) 4 (5) 3 (2)
Kotak Gilt - Investment 2 (3) 2 (3) 3 (3) 3 (3) 3 (5) 3 (5) 3 (4) 2 (2)
Aditya Birla Sun Life Government Securities Fund 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (2) 4 (3)
Franklin India Government Securities Fund 3 (4) 3 (4) 5 (5) 4 (5) 4 (5) 4 (5) 5 (3) 2 (1)
HDFC Gilt Fund 3 (5) 3 (5) 4 (5) 5 (5) 1 (1) 1 (1) 1 (1) 5 (5)
L&T Gilt 3 (3) 3 (3) 4 (4) 3 (4) 3 (3) 3 (3) 2 (3) 1 (1)
Nippon India Gilt Securities Fund 3 (1) 3 (1) 2 (1) 2 (1) 3 (3) 3 (3) 3 (4) 3 (3)
SBI Magnum Gilt Fund 3 (2) 3 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (2) 3 (3)
Canara Robeco Gilt Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (3) 2 (3) 2 (1) 3 (4)
ICICI Prudential Gilt Fund 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 3 (4)
UTI Gilt Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (2) 4 (4)
Tata Gilt Securities Fund 5 (5) 5 (5) 3 (4) 4 (4) 4 (4) 4 (4) 3 (3) 4 (5)
22
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Mar - 20 Mar - 20 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
DSP Banking & PSU Debt

1 (2) 1 (2) 2 (3) 2 (3) 3 (2) 3 (2) 1 (1) 1 (1) 1 (1) 4 (3) 1 (1)
Fund
Edelweiss Banking and PSU

1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 2 (2) 5 (5) 3 (3)
Debt Fund
LIC MF Banking & PSU Debt 2 (2) 2 (2) 4 (5) 4 (4) 1 (2) 1 (2) 1 (1) 1 (1) 3 (3) 2 (1) 1 (1)
Nippon India Banking & PSU

2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 3 (4) 1 (1) 3 (3) 2 (2)
Debt Fund
Sundaram Banking & PSU

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

3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 1 (1) 4 (4) 3 (3) 4 (2) 4 (2)
Banking & PSU Debt Fund
Franklin India Banking &

3 (4) 3 (4) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 4 (1) 4 (4) 5 (5) 4 (4)
PSU Debt Fund
IDFC Banking & PSU Debt

3 (4) 3 (4) 2 (2) 2 (2) 4 (4) 4 (4) 1 (1) 5 (5) 2 (2) 3 (3) 4 (4)
Fund
Kotak Banking and PSU

3 (3) 3 (3) 3 (2) 3 (2) 2 (3) 2 (3) 1 (1) 1 (1) 4 (4) 3 (4) 3 (3)
Debt Fund
SBI Banking and PSU Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (3) 2 (3) 1 (1) 1 (1) 4 (4) 3 (4) 2 (4)
Axis Banking & PSU Debt

4 (3) 4 (3) 4 (3) 4 (3) 3 (2) 3 (2) 1 (1) 5 (5) 2 (2) 1 (2) 3 (3)
Fund
ICICI Prudential Banking &

4 (3) 4 (3) 5 (3) 4 (3) 2 (4) 2 (4) 4 (1) 1 (1) 3 (3) 3 (4) 3 (3)
PSU Debt Fund
L&T Banking and PSU Debt

4 (3) 4 (3) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 4 (1) 3 (3) 2 (3) 3 (2)
Fund
HDFC Banking & PSU Debt

5 (5) 5 (5) 3 (2) 3 (2) 3 (1) 3 (1) 5 (5) 1 (1) 5 (5) 2 (2) 5 (5)
Fund
UTI-Banking & PSU Debt

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (1) 1 (1) 5 (5) 4 (3) 5 (5)
Fund
DEBT FUNDS
23
Credit Risk funds (Cluster ranks are arranged alphabetically)
Credit Risk funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
HDFC Credit Risk Debt

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

1 (2) 2 (1) 1 (1) 1 (1) 2 (1) 2 (1) 4 (5) 1 (1) 4 (3) 3 (3) 4 (4)
Risk Fund
Axis Credit Risk Fund 2 (3) 2 (2) 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 1 (1) 2 (2) 3 (3) 4 (3)
IDFC Credit Risk Fund 2 (1) 1 (2) 2 (2) 2 (2) 3 (2) 3 (2) 4 (4) 3 (3) 2 (2) 5 (5) 2 (2)
Invesco India Credit Risk

2 (3) 2 (4) 3 (4) 3 (4) 2 (4) 2 (4) 1 (1) 3 (3) 1 (1) 1 (2) 1 (1)
Fund
Mahindra Credit Risk

2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 3 (4) 1 (1) 2 (2) 3 (3) 3 (3)
Yojana

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (4) 3 (3) 2 (2)
Credit Risk Fund
Baroda Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4) 3 (3) 3 (2) 2 (1)
DSP Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 1 (3) 4 (1) 4 (4) 3 (3) 2 (2) 3 (3)
Kotak Credit Risk Fund 3 (1) 3 (1) 3 (1) 2 (1) 3 (2) 3 (2) 2 (3) 1 (1) 3 (3) 4 (4) 2 (2)
L&T Credit Risk Fund 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (4)
SBI Credit Risk Fund 3 (2) 3 (3) 2 (2) 3 (2) 2 (2) 2 (2) 4 (4) 1 (1) 3 (3) 5 (4) 3 (3)
Sundaram Short Term

3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 2 (1) 3 (3) 1 (1) 1 (1) 1 (2)
Credit Risk Fund
BOI AXA Credit Risk 4 (5) 4 (5) 4 (5) 4 (5) 5 (5) 5 (5) 1 (1) 5 (5) 5 (5) 2 (2) 4 (5)
Franklin India Credit Risk

4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (5) 5 (4)
Fund*
Nippon India Credit Risk 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 2 (2) 4 (4) 3 (5) 3 (3) 5 (5)
PGIM India Credit Risk

4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 4 (3) 2 (3) 3 (3)
Fund
IDBI Credit Risk Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 4 (5) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3)
UTI Credit Risk Fund 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 4 (4) 5 (4) 2 (1) 4 (4)
*The fund has been wound up by Franklin Templeton AMC with effect from April 23, 2020 and is no longer available for subscription
24
Corporate Bond funds (Cluster ranks are arranged alphabetically)
Mar - 20 Mean Mean Exposure to
Rank Return Return Sensitive Liquidity
- Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Triple Ace Bond

1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 5 (1) 3 (3) 5 (5) 1 (1)
Fund
UTI Corporate Bond Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 5 (4) 3 (3)
DSP Corporate Bond

2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 2 (3) 2 (2)
Fund
HDFC Corporate Bond

2 (3) 2 (3) 2 (3) 2 (3) 3 (4) 3 (4) 4 (4) 1 (1) 1 (2) 4 (5) 3 (3)
Fund
Sundaram Corporate
2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (3) 1 (1) 1 (1) 2 (2) 3 (3) 1 (2)
Bond Fund

3 (3) 3 (4) 3 (3) 3 (4) 2 (2) 2 (2) 1 (1) 4 (4) 3 (4) 3 (2) 3 (4)
Corporate Bond Fund
Canara Robeco
3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 2 (2) 4 (1) 1 (4) 4 (4) 3 (3) 2 (3)
Corporate Bond Fund
ICICI Prudential
3 (3) 3 (3) 3 (3) 4 (3) 2 (2) 2 (2) 1 (4) 3 (1) 2 (2) 2 (2) 4 (4)
Corporate Bond Fund
Invesco India Corporate

3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 2 (3) 3 (3)
Bond Fund
Kotak Corporate Bond

3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (1) 1 (4) 4 (1) 3 (3) 1 (1) 3 (3)
Fund
SBI Corporate Bond Fund 3 3 2 2 3 3 1 1 1 3 4
IDFC Corporate Bond

4 (3) 4 (3) 4 (4) 4 (4) 4 (1) 4 (1) 1 (1) 5 (5) 2 (3) 4 (1) 2 (3)
Fund
Nippon India Prime Debt

4 (5) 4 (5) 3 (4) 3 (4) 1 (3) 1 (3) 5 (5) 3 (4) 5 (5) 1 (2) 5 (5)
Fund
Union Corporate Bond

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

5 (4) 5 (4) 3 (5) 3 (5) 4 (4) 4 (4) 5 (1) 4 (5) 4 (1) 3 (3) 5 (1)
Fund
Franklin India Corporate

5 (5) 5 (5) 5 (3) 5 (3) 3 (4) 3 (4) 4 (5) 1 (1) 5 (5) 3 (4) 4 (5)
Debt Fund
25
Dynamic Bond funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified Company Asset
Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
DSP Strategic Bond

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

1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 4 (4) 5 (5) 1 (1) 1 (1) 1 (1) 1 (1)
Fund
Axis Dynamic Bond

2 (3) 2 (3) 2 (2) 2 (2) 4 (3) 4 (3) 4 (4) 1 (3) 1 (3) 3 (3) 3 (3)
Fund
Kotak Dynamic Bond

2 (2) 3 (2) 2 (1) 2 (2) 2 (2) 2 (2) 3 (3) 3 (1) 3 (1) 3 (4) 3 (3)
Fund
Nippon India Dynamic

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

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

3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 5 (5) 2 (2) 2 (2)
Bond Fund
HSBC Flexi Debt Fund 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (4) 2 (2) 2 (2)
ICICI Prudential All

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

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

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 3 (3) 3 (3) 3 (3)
Fund

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 4 (4) 1 (2) 4 (4) 4 (5)
Dynamic Bond Fund
HDFC Dynamic Debt

4 (5) 4 (5) 4 (5) 4 (5) 2 (3) 2 (3) 2 (2) 3 (4) 3 (3) 4 (4) 5 (4)
Fund
IIFL Dynamic Bond Fund 4 (3) 4 (3) 4 (3) 4 (3) 1 (1) 1 (1) 1 (1) 5 (5) 4 (3) 5 (5) 4 (4)
Tata Dynamic Bond

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

5 (3) 5 (3) 5 (3) 5 (3) 4 (1) 4 (1) 1 (1) 4 (4) 3 (2) 5 (5) 4 (4)
Accrual Fund*
UTI-Dynamic Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (1) 4 (4) 4 (3) 5 (5)
26
Medium to Long Duration funds (Cluster ranks are arranged alphabetically)
Medium to Long Volatility Volatility Modified Exposure to Company Asset
Rank Rank Return Return Liquidity
Duration funds - Reg - Dir Duration Sensitive Sector Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Bond Fund -

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

2 (3) 3 (3) 3 (3) 3 (3) 3 (1) 3 (1) 1 (1) 1 (4) 1 (1) 4 (4) 3 (3)
Fund
Nippon India Income

2 (2) 2 (2) 2 (2) 1 (2) 3 (4) 3 (4) 4 (4) 1 (1) 4 (1) 2 (2) 2 (2)
Fund

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

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 1 (1) 5 (4) 2 (3) 3 (3)
Fund
Kotak Bond 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3)
LIC MF Bond Fund 3 (3) 3 (3) 3 (3) 4 (3) 2 (3) 2 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3)
Tata Income Fund 3 (3) 2 (3) 4 (4) 3 (4) 3 (3) 3 (3) 3 (3) 1 (1) 1 (3) 3 (3) 2 (3)
HDFC Income Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (3) 1 (3) 3 (3) 4 (4) 4 (3) 3 (3) 4 (4)
SBI Magnum Income

4 (4) 4 (4) 1 (1) 2 (1) 3 (2) 3 (2) 2 (2) 5 (5) 1 (4) 5 (5) 4 (4)
Fund
UTI Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 4 (1) 3 (5) 4 (4) 5 (5)
27
Medium Duration funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Modified Exposure to Company Asset
Medium Duration funds Rank Rank Return Return Liquidity
- Reg - Dir Duration Sensitive Sector Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Bond Fund -

1 (1) 1 (1) 2 (2) 2 (2) 1 (2) 1 (2) 4 (4) 1 (1) 3 (3) 1 (1) 1 (1)
Medium Term Plan
Axis Strategic Bond

2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 1 (1) 3 (3) 3 (3)
Fund
ICICI Prudential Medium

2 (3) 3 (3) 2 (2) 2 (2) 2 (1) 2 (1) 2 (1) 4 (5) 1 (1) 4 (4) 3 (3)
Term Bond Fund
SBI Magnum Medium

2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 3 (3) 1 (3) 3 (3) 3 (3)
Duration Fund
DSP Bond Fund 3 (4) 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 3 (1) 1 (1) 2 (2) 2 (2)
HDFC Medium Term

3 (2) 2 (2) 3 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3)
Debt Fund
Kotak Medium Term

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (3) 3 (3) 3 (4)
Fund
L&T Resurgent India

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 5 (4) 3 (1) 4 (4) 2 (2)
Bond Fund
Sundaram Medium Term

3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 3 (3) 4 (3) 2 (2) 3 (3)
Bond Fund
UTI - Medium Term Fund 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 1 (1) 4 (4) 3 (3) 4 (3)

4 (4) 4 (4) 3 (4) 3 (4) 3 (4) 3 (4) 3 (2) 3 (3) 1 (4) 3 (3) 4 (5)
Medium Term Plan
BNP Paribas Medium

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

4 (3) 4 (3) 4 (3) 4 (3) 4 (2) 4 (2) 2 (3) 4 (4) 3 (3) 5 (5) 4 (4)
Opportunities Fund*
Nippon India Strategic

5 (5) 5 (5) 5 (5) 5 (5) 5 (4) 5 (4) 1 (2) 2 (3) 5 (5) 4 (4) 5 (4)
Debt Fund
28
Short Duration funds (Cluster ranks are arranged alphabetically)
Mar -
Mar - 20 Mean Mean Exposure to
20 Volatility Volatility Company Asset Modified
Short Duration funds Rank Return Return Sensitive Liquidity
Rank - Reg - Dir Concentration Quality Duration
- Reg - Reg - Dir Sector
- Dir
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Short Term Bond

1 (1) 1 (1) 2 (3) 2 (3) 3 (2) 3 (2) 1 (1) 1 (1) 1 (2) 2 (2) 2 (1)
Fund
Mirae Asset Short Term

1 (1) 1 (1) 3 (3) 3 (3) 2 (1) 2 (1) 3 (1) 4 (4) 2 (1) 3 (1) 1 (1)
Fund
Axis Short Term Fund 2 (2) 2 (2) 2 (1) 1 (1) 3 (3) 3 (3) 1 (4) 3 (1) 3 (2) 3 (2) 3 (3)
DSP Short Term Fund 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 4 (5) 1 (2)
IDFC Bond Fund - Short

2 (2) 2 (2) 2 (2) 3 (2) 3 (2) 3 (2) 1 (1) 5 (4) 3 (3) 2 (2) 3 (2)
Term
Invesco India Short

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

3 (3) 3 (3) 1 (3) 1 (3) 3 (3) 3 (3) 3 (1) 4 (5) 4 (4) 3 (3) 3 (3)
Bond Fund
BNP Paribas Short

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3) 3 (4) 3 (3)
Term Fund
Canara Robeco Short

3 (2) 3 (2) 3 (3) 3 (3) 2 (1) 2 (1) 3 (1) 1 (1) 2 (2) 1 (2) 2 (2)
Duration Fund
HDFC Short Term Debt

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

3 (3) 3 (3) 2 (2) 2 (1) 3 (2) 3 (2) 3 (4) 1 (1) 3 (3) 4 (3) 5 (4)
Term Fund
Kotak Bond Short Term

3 (3) 3 (3) 3 (2) 3 (2) 2 (3) 2 (3) 4 (3) 1 (1) 3 (3) 3 (4) 4 (4)
Plan
LIC MF Short Term Debt

3 3 3 3 1 1 1 1 3 3 2
Fund
Nippon India Short

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

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

3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (1) 3 (5) 3 (3)
Fund

4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (5) 4 (4) 5 (5) 4 (3) 4 (4)
Short Term Fund
Principal Short Term

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 5 (3) 3 (3)
Debt Fund
Sundaram Short Term

4 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (1) 1 (3) 2 (2) 5 (4) 2 (2)
Debt Fund
UTI Short Term Income

4 (4) 4 (5) 4 (5) 4 (5) 4 (4) 4 (4) 1 (1) 1 (3) 4 (4) 3 (3) 3 (3)
Fund
Franklin India Short

5 (4) 5 (4) 5 (4) 5 (4) 5 (3) 5 (3) 5 (4) 4 (3) 5 (5) 2 (2) 5 (5)
Term Income Plan*
HSBC Short Duration

5 (5) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (1) 5 (4) 4 (4) 1 (3) 4 (4)
Fund
29
Money Market funds (Cluster ranks are arranged alphabetically)
Mar - Mar - Mean Mean Exposure to
Money Market funds 20 Rank 20 Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Money Market Fund 1 (2) 1 (2) 1 (1) 1 (1) 5 (5) 5 (5) 3 (1) 1 (1) 3 (3) 4 (5) 2 (2)
Franklin India Savings

2 (3) 2 (2) 2 (2) 2 (2) 3 (4) 3 (4) 3 (1) 3 (1) 2 (3) 3 (3) 3 (4)
Fund
Kotak Money Market 2 (2) 2 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (4) 3 (2) 2 (4) 2 (2)
Nippon India Money

2 (1) 2 (1) 3 (2) 3 (3) 2 (2) 2 (2) 1 (1) 2 (3) 3 (1) 3 (2) 3 (3)
Market
HDFC Money Market

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

3 (3) 4 (3) 3 (3) 3 (4) 3 (3) 3 (3) 1 (1) 4 (3) 4 (4) 3 (3) 3 (3)
Market Fund
Invesco India Money

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

4 (4) 4 (4) 2 (3) 2 (3) 4 (3) 4 (3) 4 (4) 3 (4) 3 (3) 5 (3) 4 (4)
Money Manager Fund
DSP Savings Fund 4 (3) 4 (3) 4 (4) 5 (3) 4 (4) 4 (4) 4 (1) 2 (1) 3 (3) 1 (2) 3 (3)
IDFC Money Manager

4 (4) 3 (4) 5 (5) 4 (4) 3 (2) 3 (2) 1 (1) 4 (5) 2 (2) 4 (4) 1 (1)
Fund
SBI Savings Fund 5 (5) 5 (5) 4 (3) 2 (2) 3 (3) 3 (3) 5 (5) 3 (1) 5 (5) 2 (3) 5 (5)
30
Low Duration funds (Cluster ranks are arranged alphabetically)
Mar - Mar - Mean Mean Exposure to
Low Duration funds 20 Rank 20 Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
DSP Low Duration Fund 1 (2) 1 (2) 2 (1) 2 (1) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 3 (3) 2 (2)
Invesco India Treasury

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

2 (1) 2 (1) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 2 (1) 3 (3) 3 (2)
Fund
Canara Robeco Savings

2 (2) 2 (2) 3 (3) 3 (3) 2 (1) 2 (1) 1 (1) 3 (4) 2 (2) 1 (1) 1 (2)
Fund
IDFC Low Duration Fund 2 (2) 2 (2) 2 (3) 3 (3) 2 (2) 2 (2) 1 (1) 4 (5) 1 (2) 4 (2) 1 (1)
SBI Magnum Low

2 (3) 2 (2) 3 (2) 3 (3) 2 (2) 1 (2) 3 (3) 3 (1) 3 (2) 2 (4) 4 (3)
Duration Fund
Aditya Birla Sun Life Low

3 (3) 3 (3) 3 (3) 1 (2) 4 (3) 4 (3) 3 (4) 3 (4) 3 (3) 4 (3) 3 (3)
Duration Fund
HDFC Low Duration

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

3 (2) 3 (3) 2 (1) 3 (2) 3 (3) 3 (3) 3 (1) 3 (1) 3 (3) 3 (3) 3 (4)
Fund
Kotak Low Duration

3 (3) 3 (3) 1 (2) 1 (1) 3 (3) 3 (3) 4 (4) 3 (1) 4 (4) 2 (3) 4 (4)
Fund
Mahindra Low Duration

3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 1 (1) 4 (5) 1 (1) 4 (4) 2 (2) 4 (4)
Bachat Yojana
Nippon India Low

3 (3) 3 (3) 1 (3) 2 (3) 3 (3) 3 (3) 5 (4) 1 (1) 4 (5) 2 (2) 4 (4)
Duration Fund
Tata Treasury Advantage

3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 3 (4) 2 (3) 1 (1) 3 (3)
Fund
L&T Low Duration Fund 4 (4) 4 (4) 3 (3) 3 (3) 3 (4) 3 (4) 4 (4) 1 (1) 5 (4) 4 (5) 5 (5)
LIC MF Savings Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 4 (4) 3 (3) 3 (4) 2 (2)
Mirae Asset Savings

4 (3) 4 (3) 4 (4) 4 (4) 2 (3) 2 (3) 4 (1) 4 (3) 3 (3) 3 (2) 3 (3)
Fund
UTI Treasury Advantage

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

5 (5) 5 (5) 5 (4) 5 (4) 5 (4) 5 (4) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5)
Duration Fund*
Sundaram Low Duration

5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 4 (5) 3 (1) 5 (1) 3 (3) 5 (4) 2 (3)
Fund
31
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)
Mar -
Mar - Mean Mean Exposure to
Ultra Short Duration 20 Volatility Volatility Company Asset Modified
20 Rank Return Return Sensitive Liquidity
funds Rank - Reg - Dir Concentration Quality Duration
- Dir - Reg - Dir Sector
- Reg
Weightages 50% 10% 5% 5% 10% 5% 15%
BOI AXA Ultra Short

1 (3) 1 (3) 3 (3) 4 (4) 2 (3) 2 (3) 1 (1) 3 (5) 1 (3) 2 (3) 1 (3)
Duration Fund
DSP Ultra Short Fund 2 (2) 2 (2) 4 (4) 3 (3) 1 (3) 1 (3) 3 (4) 1 (3) 2 (2) 1 (4) 2 (2)
IDFC Ultra Short Term

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

2 (2) 2 (2) 3 (4) 3 (4) 3 (3) 3 (3) 1 (1) 3 (1) 2 (2) 3 (3) 3 (2)
Fund

3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 4 (3) 4 (3) 3 (4) 3 (3) 5 (3) 3 (3)
Savings Fund
Axis Ultra Short Term

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

3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (1) 1 (1) 3 (3) 4 (1) 3 (3)
Fund
Invesco India Ultra Short

3 (2) 2 (1) 3 (3) 3 (3) 2 (1) 2 (1) 1 (1) 3 (1) 3 (2) 3 (3) 2 (2)
Term Fund
Kotak Savings Fund 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (4) 3 (3)
SBI Magnum Ultra Short

3 (3) 3 (3) 2 (2) 3 (3) 3 (2) 3 (2) 3 (3) 4 (1) 3 (3) 3 (4) 3 (3)
Duration Fund
ICICI Prudential Ultra

4 (4) 4 (4) 1 (2) 1 (2) 3 (2) 3 (2) 4 (5) 1 (1) 4 (4) 3 (3) 4 (4)
Short Term Fund
Nippon India Ultra Short

4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 5 (4) 5 (3) 5 (4) 4 (2) 4 (4)
Duration Fund
UTI Ultra Short Term

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

5 (4) 5 (4) 5 (1) 5 (1) 5 (4) 5 (4) 4 (4) 1 (3) 4 (5) 4 (5) 5 (5)
Short Bond Fund*
32
Liquid funds (Cluster ranks are arranged alphabetically)
Volatility Volatility Company Asset
Liquid funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
Weightages 50% 10% 5% 5% 15% 15%
Canara Robeco Liquid 1 (2) 1 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 3 (4) 2 (3) 2 (3)
Motilal Oswal Liquid

1 (1) 1 (1) 5 (5) 5 (5) 1 (4) 1 (4) 1 (1) 1 (1) 1 (1) 1 (1)
Fund
Parag Parikh Liquid Fund 1 (1) 1 (1) 5 (5) 5 (5) 1 (5) 1 (5) 1 (1) 1 (1) 1 (1) 1 (1)
Baroda Liquid Fund 2 (2) 2 (2) 1 (3) 1 (3) 4 (1) 4 (1) 1 (3) 4 (1) 2 (2) 2 (2)
DSP Liquidity Fund 2 (2) 2 (2) 3 (4) 3 (3) 3 (2) 3 (2) 3 (3) 1 (1) 3 (2) 3 (3)
Franklin India Liquid

2 (4) 3 (4) 1 (1) 1 (1) 4 (3) 4 (3) 4 (5) 4 (4) 4 (5) 4 (5)
Fund
L&T Liquid Fund 2 (2) 2 (2) 3 (3) 3 (3) 5 (2) 5 (2) 3 (1) 1 (1) 2 (3) 2 (2)
Quantum Liquid Fund 2 (1) 2 (1) 5 (5) 5 (5) 2 (4) 2 (4) 1 (1) 1 (1) 1 (1) 1 (1)
Sundaram Money Fund 2 (3) 2 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 1 (1) 3 (3) 3 (4)
Axis Liquid Fund 3 (3) 3 (3) 2 (2) 3 (3) 3 (4) 3 (4) 4 (3) 1 (1) 3 (3) 3 (3)
BOI AXA Liquid Fund 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 4 (1) 1 (3) 2 (2) 2 (2)
Edelweiss Liquid Fund 3 (3) 3 (3) 3 (3) 2 (1) 3 (3) 3 (3) 3 (1) 3 (4) 3 (4) 3 (3)
HDFC Liquid Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 2 (3) 1 (1) 3 (3) 3 (3)
ICICI Prudential Liquid

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 3 (3) 3 (3)
Fund
IDFC Cash Fund 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1) 4 (3) 2 (2) 2 (2)
Invesco India Liquid Fund 3 (3) 3 (3) 4 (4) 4 (4) 3 (2) 3 (2) 3 (3) 1 (1) 3 (3) 3 (3)
Kotak Liquid 3 (3) 3 (3) 3 (3) 3 (4) 4 (3) 4 (3) 1 (3) 3 (4) 3 (3) 2 (2)
LIC MF Liquid Fund 3 (3) 2 (3) 2 (3) 2 (3) 4 (2) 4 (2) 3 (3) 3 (4) 3 (3) 3 (3)
Mirae Asset Cash

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (1) 3 (3) 3 (2)
Management Fund
Nippon India Liquid Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (5) 3 (5) 3 (3) 1 (1) 3 (2) 3 (3)
SBI Liquid Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 1 (1) 2 (2) 3 (3)
Tata Liquid Fund 3 (3) 3 (3) 2 (3) 2 (3) 5 (3) 5 (3) 3 (1) 3 (1) 3 (3) 5 (3)
UTI Liquid Cash Plan 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 4 (5) 3 (3) 4 (1) 4 (3) 3 (3)

4 (4) 4 (4) 3 (2) 3 (2) 3 (3) 3 (3) 5 (4) 1 (1) 4 (3) 4 (4)
Liquid Fund
BNP Paribas Liquid Fund 4 (3) 4 (2) 2 (2) 2 (2) 4 (2) 4 (2) 3 (1) 4 (3) 5 (4) 5 (4)
HSBC Cash Fund 4 (4) 4 (4) 4 (2) 4 (2) 3 (4) 3 (4) 1 (3) 1 (1) 4 (5) 4 (3)
Mahindra Liquid Fund 4 (4) 4 (4) 2 (1) 2 (1) 3 (3) 3 (3) 5 (4) 1 (1) 4 (4) 4 (5)
PGIM India Insta Cash

4 (4) 4 (4) 3 (1) 3 (2) 2 (3) 2 (3) 4 (4) 3 (5) 3 (3) 4 (4)
Fund
Union Liquid Fund 4 (5) 4 (5) 2 (4) 2 (4) 5 (3) 5 (3) 3 (1) 5 (5) 3 (4) 4 (4)
IDBI Liquid Fund 5 (5) 5 (5) 1 (2) 1 (2) 3 (4) 3 (4) 5 (5) 4 (1) 5 (5) 5 (5)
Indiabulls Liquid Fund 5 (5) 5 (5) 3 (3) 3 (3) 2 (1) 2 (1) 3 (4) 5 (5) 4 (4) 3 (4)
JM Liquid Fund 5 (4) 5 (4) 4 (3) 4 (3) 2 (3) 2 (3) 4 (5) 5 (4) 5 (4) 3 (3)
33
Annexure I – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within
Portfolio concentration analysis
a peer group. The basic criteria for inclusion in the ranking
universe are three-year / one-year NAV history and AUM in Concentration measures the risk arising out of improper
excess of category cut-off limits, and complete portfolio diversification. For equity securities, diversity score is used
disclosure. Three-year NAV history is considered across all as the parameter to measure industry as well as company
equity, hybrid, dynamic bond, medium duration, medium to concentration. In case of debt schemes, the company
long duration and gilt categories; whereas one-year for concentration is analysed at an individual issuer specific
banking & PSU, corporate bond, credit risk, liquid, low limit. The limit is linked with the credit rating of the issuer; a
duration, money market, ultra short term, short duration high rated issuer will have higher limits and as the rating
categories. declines the limit is reduced progressively.
Only open-ended schemes are considered. Ranking is based Exposure to sensitive sectors
on the following parameters:
In case of debt schemes, industry concentration is analysed
for exposure to sensitive sectors which are arrived based on
Mean return and volatility Industry Risk Score (IRS) for various sectors. CRISIL’s
Mean return and volatility are considered as Decarate assessment of IRS quantifies the credit risk associated with
parameters across all categories. Mean return is the average an industry on a uniform scale to ensure comparability
of daily returns based on the scheme’s NAV for the period across industries. The score captures the influence of
under analysis and volatility is the standard deviation of various industry variables on the debt repayment ability of
these returns. While the period for analysis is three years for companies in a particular sector over a 3-4-year horizon.
equity, hybrid, medium duration, medium to long duration
categories; it is one year for banking & PSU, corporate bond,
Liquidity analysis
credit risk, liquid, and other short duration categories. The It measures the ease with which a portfolio can be
period of analysis is broken into four overlapping periods liquidated. The lower the score, the better. In case of
(latest 36, 27, 18 and 9 months for three-year period, and equities, it measures the number of days to liquidate the
latest 12, 9, 6 and 3 months for one-year period). Each period portfolio. Liquidity is calculated by taking the average
is assigned a progressive weight starting from the longest portfolio liquidity score of the past three months.
period as follows: 32.5%, 27.5%, 22.5% and 17.5%,
Equity liquidity is computed as follows:
respectively.
Liquidity score of each stock = No. of shares held / daily
Active return average trading volume of past six months
Owing to changes in the categorisation /rationalisation of
Portfolio liquidity score = Weighted average liquidity score
mutual fund schemes, as prescribed by Sebi from March
of the above
2018 onwards, CMFR incorporated the active return
parameter in equity categories (large cap, large and mid- Gilt liquidity is measured by analysing the number of days it
cap, multi cap, mid-cap, focused and value/contra) for takes to liquidate the portfolio based on turnover (volume),
evaluation. As funds from different categories with different the number of securities in the portfolio, the number of days
risk-return profiles are in these categories, active return security is traded, and the number of trades in any security
(with respect to their appropriate CRISIL-AMFI performance for a three-month period for that security. Corporate debt
indices) is used instead of mean return. The period of liquidity is computed by classifying each security into three
analysis is broken into four overlapping periods - latest 36, categories - liquid, semi liquid and illiquid - and then
27, 18 and 9 months - and progressive weights are assigned evaluating a scheme’s exposure to each category.
as discussed earlier.
34
Asset quality Tracking error
Asset quality measures the probability of default by the This is used only for index schemes. The tracking error is an
issuer of a debt security to honour the debt obligation in estimation of the variability in a scheme’s performance vis-
time. à-vis the index that it tracks. The lower the tracking error,
the better.
Duration
Modified duration is considered across all the debt Count of Negative Returns
categories except liquid to capture the interest rate risk of The count of negative returns is used as parameter in
the portfolio. The lower the value, the better. Going forward, arbitrage funds to capture downside risk of the funds.
Macaulay duration will be used instead of Modified duration.
Eligibility criteria
● Only open-ended funds are considered
● NAV history
− Three years for equity, hybrid, gilt, dynamic, medium to long and medium duration funds
− One year for arbitrage, banking & PSU, corporate bond, credit risk and other short duration funds, including liquid funds
● AUM cut-off criteria
Broad Investment Type^ AUM Cut-offs (Rs. Crore)*

Equity 10
Debt and Hybrid 50
Debt (<1 year) 250
^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multicap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, Infrastructure, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid
Debt: Gilt, Dynamic Bond, Medium to Long duration, Medium duration, Banking & PSU, Credit Risk, Corporate Bond, Short duration
Debt (<1 year): Money market, Low duration, Ultra short duration, Liquid
* Cut-off to be met by funds during all the month-ends in the respective quarter, along with Quarterly Average AUM
If a fund (not ranked on basis of AUM in the preceding quarter) meets the AUM criteria, it will be put on hold for one quarter and ranked in the subsequent quarter
provided that the AUM criteria is satisfied in the subsequent quarter as well
● Complete portfolio disclosure for all three months in the last quarter
35
Parametric weights
Equity categories:
Large cap, large & mid cap,
Small cap, infrastructure and
Category multi cap, mid cap, Index / ETFs
ELSS
value/contra, focused
Active return (%) 55 - -
Mean returns (%) - 55 -
Tracking error (%) - - 100
Volatility (%) 25 25 -
Company concentration (%) 5 5 -
Industry concentration (%) 10 10 -
Equity - liquidity (%) 5 5 -
Time (years) 3 3 3
Hybrid categories:
Category Aggressive hybrid Conservative hybrid Arbitrage
Mean return (%) 50 50 60
Volatility (%) 25 10 25
Company concentration (%) 5 5
Industry concentration / exposure to
10 5
sensitive sector (%)*
Equity - liquidity (%) 10%*K 7.5%*K
Debt - asset quality (%) 5%* (100-K) 17.5
Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)
Modified duration (%) - 5
Count of Negative Returns (%) 15
Time (years) 3 3 1
K = Equity component in hybrid schemes
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio
Debt categories:
Dynamic, Banking and PSU, corporate bond, credit risk,
Category Gilt medium to long, short duration, low duration, money market, Liquid
medium duration ultra short term
Mean return (%) 50 50 50 50
Volatility (%) 25 10 10 10
Company concentration (%) - 5 5 5
Exposure to sensitive sector (%) - 5 5 5
Debt - asset quality (%) - 17.5 10 15
Debt liquidity (%) 15 7.5 15 15
Modified duration (%) 10 5 5 -
Time (years) 3 3 1 1
36
Annexure II – Exclusion list
The following SEBI-defined categories are currently excluded from the rankings:
Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme funds)
Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds
Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, equity savings funds
Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)
Miscellaneous:
● Index schemes that are benchmarked to indices other than S&P BSE Sensex and Nifty 50.
● Arbitrage funds with Riskometer grading other than ‘Moderately Low’.
● Liquid funds with, on average, more than 25% cash & equivalents in the portfolio over the past three months.
● Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for which new
category has not been disclosed.
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these funds
is as follows:
Scheme name New category Reason for exclusion
Aditya Birla Sun Life Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
Axis Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
Axis Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Historical attributes of the fund do not match that of the
Axis Gilt Fund Gilt Fund
category/peer group
Axis Growth Opportunities Fund Large & Mid Cap Fund Does not have three-year NAV history
Axis Money Market Fund Money Market Fund Does not have one-year NAV history
Axis Multicap Fund Multi Cap Fund Does not have three-year NAV history
Axis Nifty ETF Index Funds/ETFs Does not have three-year NAV history
Baroda Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
Baroda Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Baroda Gilt Fund Gilt Fund Did not meet AUM criteria
Baroda Money Market Fund Money Market Fund Does not have one-year NAV history
Baroda Treasury Advantage Fund Low Duration Fund Did not meet AUM criteria
Baroda Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
BNP Paribas Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderately High' excluded
BNP Paribas Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria
BNP Paribas Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
BNP Paribas Focused 25 Equity Fund Focused Fund Does not have three-year NAV history
BNP Paribas Low Duration Fund Low Duration Fund Did not meet AUM criteria
37
BOI AXA Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
BOI AXA Short Term Income Fund Short Duration Fund Did not meet AUM criteria
BOI AXA Small Cap Fund Small Cap Fund Does not have three-year NAV history
Canara Robeco Small Cap Fund Small Cap Fund Does not have three-year NAV history
Canara Robeco Ultra Short Term
Ultra Short Duration Fund Did not meet AUM criteria
Fund
DSP NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
Edelweiss Aggressive Hybrid Fund Aggressive Hybrid Fund
category/peer group
Edelweiss Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria
Edelweiss Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Edelweiss ETF - Nifty 50 Index Funds/ETFs Did not meet AUM criteria
Edelweiss Low Duration Low Duration Fund Did not meet AUM criteria
Edelweiss Short Term Fund Short Duration Fund Did not meet AUM criteria
Edelweiss Small Cap Fund Small Cap Fund Does not have three-year NAV history
Essel Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Essel Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Essel Liquid Fund Liquid Fund Did not meet AUM criteria
Essel Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
Essel Regular Savings Fund Conservative Hybrid Fund Did not meet AUM criteria
Essel Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Medium to Long Duration
HSBC Debt Fund Did not meet AUM criteria
Fund
HSBC Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
HSBC Large and Mid Cap Equity Fund Large & Mid Cap Fund Does not have three-year NAV history
HSBC Low Duration Fund Low Duration Fund Did not meet AUM criteria
HSBC Ultra Short Duration Fund Ultra Short Duration Fund Does not have one-year NAV history
ICICI Prudential Sensex Index Fund Index Funds/ETFs Does not have three-year NAV history
Historically maintained significant exposure to foreign
ICICI Prudential Smallcap Fund Small Cap Fund
equities
IDBI Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
IDBI Focused 30 Equity Fund Focused Fund Does not have three-year NAV history
IDBI Gilt Fund Gilt Fund Did not meet AUM criteria
IDBI Long Term Value Fund Value Fund Does not have three-year NAV history
IDBI Short Term Bond Fund Short Duration Fund Did not meet AUM criteria
IDBI Small Cap Fund Small Cap Fund Does not have three-year NAV history
IDBI Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
38
IDFC Emerging Businesses Fund Small Cap Fund Does not have three-year NAV history
IDFC Nifty ETF Index Funds/ETFs Did not meet AUM criteria
IDFC Sensex ETF Index Funds/ETFs Did not meet AUM criteria
Average exposure in cash and cash equivalents exceeded
IIFL Liquid Fund Liquid Fund
25%
Indiabulls Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Indiabulls Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history
Indiabulls Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history
Indiabulls Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Indiabulls ETF - Nifty 50 Index Funds/ETFs Does not have three-year NAV history
Indiabulls Income Fund Medium Duration Fund Did not meet AUM criteria
Indiabulls Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
Indiabulls Savings Fund Money Market Fund Did not meet AUM criteria
Indiabulls Savings Income Fund Conservative Hybrid Fund Did not meet AUM criteria
Indiabulls Short Term Fund Short Duration Fund Did not meet AUM criteria
Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history
Indiabulls Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Invesco India Banking & PSU Debt
Banking and PSU Fund Did not meet AUM criteria
Fund
Invesco India Equity & Bond Fund Aggressive Hybrid Fund Does not have three-year NAV history
Invesco India Gilt Fund Gilt Fund Did not meet AUM criteria
Invesco India Nifty ETF Index Funds/ETFs Did not meet AUM criteria
Invesco India Smallcap Fund Small Cap Fund Does not have three-year NAV history
ITI Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
ITI Large Cap Fund Large Cap Fund Does not have three-year NAV history
ITI Liquid Fund Liquid Fund Does not have one-year NAV history
ITI Long Term Equity Fund ELSS Does not have three-year NAV history
ITI Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
ITI Small Cap Fund Small Cap Fund Does not have three-year NAV history
JM Dynamic Debt Fund Dynamic Bond Fund
category/peer group
JM Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria
Medium to Long Duration
JM Income Fund Did not meet AUM criteria
Fund
JM Low Duration Fund Low Duration Fund Did not meet AUM criteria
JM Money Market Fund Money Market Fund Did not meet AUM criteria
JM Short Term Fund Short Duration Fund Did not meet AUM criteria
39
JM Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
JM Value Fund Value Fund
category/peer group
Kotak Focused Equity Fund Focused Fund Does not have three-year NAV history
L&T Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
L&T Focused Equity Fund Focused Fund Does not have three-year NAV history
L&T NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
LIC MF Government Securities Fund Gilt Fund Did not meet AUM criteria
LIC MF Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
Mahindra Badhat Yojana Multi Cap Fund Does not have three-year NAV history
Mahindra Hybrid Equity Nivesh
Aggressive Hybrid Fund Does not have three-year NAV history
Yojana
Mahindra Pragati Bluechip Yojana Large Cap Fund Does not have three-year NAV history
Mahindra Top 250 Nivesh Yojana Large & Mid Cap Fund Does not have three-year NAV history
Mahindra Ultra Short Term Yojana Ultra Short Duration Fund Does not have one-year NAV history
Mahindra Unnati Emerging Business
Mid Cap Fund Does not have three-year NAV history
Yojana
Mirae Asset Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Mirae Asset ETF - Nifty 50
Index Funds/ETFs Does not have three-year NAV history
(MAN50ETF)
Mirae Asset Focused Fund Focused Fund Does not have three-year NAV history
Mirae Asset Midcap Fund Mid Cap Fund Does not have three-year NAV history
Motilal Oswal Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Motilal Oswal Large and Midcap Fund Large & Mid Cap Fund Does not have three-year NAV history
Motilal Oswal Nifty 50 Index Fund
Index Funds/ETFs Does not have three-year NAV history
(MOFNIFTY50)
Motilal Oswal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
PGIM India Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria
PGIM India Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
PGIM India Gilt Fund Gilt Fund Did not meet AUM criteria
PGIM India Low Duration Fund Low Duration Fund Did not meet AUM criteria
PGIM India Money Market Fund Money Market Fund Does not have three-year NAV history
PGIM India Premier Bond Fund Corporate Bond Fund Did not meet AUM criteria
PGIM India Short Maturity Fund Short Duration Fund Did not meet AUM criteria
PGIM India Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Historically maintained significant exposure to foreign
Parag Parikh Long Term Equity Fund Multi Cap Fund
equities
40
Parag Parikh Tax Saver Fund ELSS Does not have three-year NAV history
Principal Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Principal Cash Management Fund Liquid Fund Did not meet AUM criteria
Principal Credit Risk Fund Credit Risk Fund Did not meet AUM criteria
Principal Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Principal Low Duration Fund Low Duration Fund Did not meet AUM criteria
Principal Midcap Fund Mid Cap Fund Does not have three-year NAV history
Principal Small Cap Fund Small Cap Fund Does not have three-year NAV history
Principal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Quant Absolute Fund Aggressive Hybrid Fund Did not meet AUM criteria
Quant Active Fund Multi Cap Fund Did not meet AUM criteria
Quant Dynamic Bond Dynamic Bond Fund Did not meet AUM criteria
Quant Focused Fund Focused Fund
category/peer group
Quant Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria

Quant Large and Mid Cap Fund Large & Mid Cap Fund
category/peer group
Quant Liquid Plan Liquid Fund Did not meet AUM criteria
Quant Mid Cap Fund Mid Cap Fund
category/peer group
Quant Money Market Fund Money Market Fund Did not meet AUM criteria
Quant Small Cap Small Cap Fund
category/peer group
Quant Tax Plan ELSS Did not meet AUM criteria
Quantum Nifty ETF Index Funds/ETFs Did not meet AUM criteria
Shriram Long Term Equity Fund ELSS Does not have three-year NAV history
Shriram Multicap Fund Multi Cap Fund Does not have three-year NAV history
Sundaram Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
Sundaram Debt Oriented Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
Sundaram Equity Fund Multi Cap Fund Does not have three-year NAV history
Sundaram Money Market Fund Money Market Fund Did not meet AUM criteria
Sundaram Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
Tata Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history
Tata Focused Equity Fund Focused Fund Does not have three-year NAV history
Tata Medium Term Fund Medium Duration Fund Did not meet AUM criteria
Tata Multicap Fund Multi Cap Fund Does not have three-year NAV history
Tata Nifty ETF Index Funds/ETFs Does not have three-year NAV history
41
Tata Small Cap Fund Small Cap Fund Does not have three-year NAV history
Tata Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Taurus Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Taurus Liquid Fund Liquid Fund Did not meet AUM criteria
Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria
Union Focused Fund Focused Fund Does not have three-year NAV history
Union Large and Mid Cap Fund Large & Mid Cap Fund Does not have three-year NAV history
Union Largecap Fund Large Cap Fund Does not have three-year NAV history
Union Midcap Fund Mid Cap Fund Does not have three-year NAV history
Union Value Discovery Fund Value Fund Does not have three-year NAV history
YES Liquid Fund Liquid Fund Did not meet AUM criteria
YES Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
42
Notes
Notes
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CRISIL Mutual Fund Ranking: For The Quarter Ended March 31, 2020

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CRISIL Mutual Fund Ranking

For the quarter ended March 31, 2020

Analytical Business Development

Piyush Gupta Kruti Rawal Dinesh Agarwal

Kiran Nate Ankur Nehra Priyanka Murarka

Angara Saxena Dharmendra Sharma

Qtrly Avg AUM Rs trillion

Net flows Rs trillion

most, by Rs 104 billion, cumulatively. Debt 12262 11975 287 2.40%

related instruments. (AMC) license.

FII/ MF Daily Net Equity

spread of Covid-19 in the country also kept markets under 40

Covid-19 on the global economic growth after a spike in the

Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

Source – FIMMDA Source - CRISIL Fixed Income Database

Focused -26.63 -22.67 -21.98 -2.28

fiscal 2017 levels. The index plunged 29.11% in just one

Bond medium duration funds, medium-to-long duration funds,

money market funds and ultra-short duration funds reduced

companies caused by the pandemic and their ability to service

Medium Medium to long

1. Large Cap funds Debt Funds

2. Large & Mid Cap funds 14. Gilt funds

3. Multi Cap funds 15. Banking & PSU funds

4. Mid Cap funds 16. Credit Risk funds

5. Small Cap funds 17. Corporate Bond funds

6. Value/Contra funds 18. Dynamic Bond funds

7. Focused funds 19. Medium to Long Duration funds

8. Thematic - Infrastructure funds 20. Medium Duration funds

9. Equity Linked Savings Schemes (ELSS) 21. Short Duration funds

10. Index funds 22. Money Market funds

Hybrid funds 23. Low Duration funds

24. Ultra Short Duration funds

CRISIL Mutual Fund Ranking category definitions

Weightages 55% 25% 10% 5% 5%

Canara Robeco Bluechip

IDBI India Top 100 Equity

HSBC Large Cap Equity

ICICI Prudential Bluechip

Invesco India Largecap

Mirae Asset Large Cap

PGIM India Large Cap

Taurus Largecap Equity

UTI Mastershare Unit

Aditya Birla Sun Life

Essel Large Cap Equity

Franklin India Bluechip

Nippon India Large Cap

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

LIC MF Large & Mid Cap

Mirae Asset Emerging

Canara Robeco Emerging

Edelweiss Large and Mid

Invesco India Growth

Kotak Equity Opportunities

BOI AXA Large & Mid Cap

DSP Equity Opportunities