CRISIL Mutual Fund Ranking: For The Quarter Ended September 30, 2021
CRISIL Mutual Fund Ranking: For The Quarter Ended September 30, 2021
CRISIL Mutual Fund Ranking: For The Quarter Ended September 30, 2021
Sep-19
Sep-20
Sep-21
Mar-20
Mar-21
Dec-19
Jun-20
Jun-21
Dec-20
Average assets of equity schemes surged ~16% on-quarter,
or by Rs 1.65 trillion, to ~Rs 12 trillion in the September
quarter, owing to mark-to-market gains and strong inflows Net flows (Rs trillion) Industry AUM (Rs trillion)
into the category. The benchmark equity index S&P BSE Source – AMFI
Sensex surged ~13% during the quarter, compared with 6%
Table 1 – Category-wise average AUM (Rs billion)
rise in the June quarter. Investors showed interest in these
Jul-Sep Apr-Jun Absolute
funds in the September quarter, leading to net inflows of ~Rs Mutual fund category % change
2021 2021 change
400 billion compared with ~Rs 195 billion in the June quarter. Equity 11996 10344 1652 15.97%
Within the equity category, AAUM of flexi-cap, large-cap, Hybrid 4361 3744 618 16.50%
sectoral/thematic, mid-cap, and small-cap funds witnessed Debt 14820 14256 565 3.96%
the biggest rise in absolute terms. On consolidated basis, Others* 4339 3722 617 16.58%
their AUM (64% of total equity AAUM) jumped Rs 1.12 trillion Solution Oriented 278 253 25 9.89%
during the quarter. Closed Ended 767 1171 -404 -34.49%
Total 36561 33489 3072 9.17%
Debt fund assets, which account for 41% of the industry * includes funds of funds and index funds/ETFs
AAUM, rose ~4% on-quarter, or by Rs 565 billion, to Rs 14.82 Source - CRISIL Mutual Fund Database
trillion in the September quarter. Within the category, on Of the 44 fund houses (including infrastructure debt funds)
absolute basis, assets of floater funds rose the most – up Rs that declared AAUM, 40 saw gains during the September
190 billion (27%) – followed by low duration funds, up Rs 149 quarter. The industry continued to be highly concentrated,
billion (~10%). On the other hand, assets of long duration with the share of the top-five and top-10 fund houses at 56%
funds, corporate bond funds, gilt funds and short duration and 82%, respectively, as of September, almost same as in
funds fell Rs 21 billion cumulatively. These categories the previous quarter.
constitute 22% of total debt assets.
SBI MF retained the top position in terms of AAUM during the
Hybrid funds, which invest in more than one asset class, saw quarter. Its assets soared 10.5%, or by Rs 550 billion on-
a 17% on-quarter rise in average assets in the September quarter, to Rs 5.79 trillion. ICICI Prudential MF came in
quarter. The category’s average asset base rose to Rs 4.36 second with assets of Rs 4.61 trillion, up 7.5% or Rs 321
trillion. AUM of arbitrage funds (27% of total hybrid assets) billion. HDFC MF came in third with a 5.5% rise, or by Rs 229
rose Rs 256 billion to Rs 1.18 trillion. AUM of dynamic asset billion, to reach Rs 4.42 trillion.
allocation or balanced advantage funds (29% of total hybrid
assets) rose Rs 171 billion to Rs 1.27 trillion. Assets of
aggressive hybrid funds (32% of total hybrid assets) rose Rs
114 billion to Rs 1.38 trillion.
1
Major regulations and developments develop a common platform for serving existing and
● The Securities and Exchange Board of India (SEBI) has future MF investors. The platform will allow investors to
come up with a revised risk management framework for place both transaction and service requests
fund houses in order to ensure MFs maintain high ● SEBI notified certification requirements for associated
standards, exercise due diligence, and take proper care persons engaged by portfolio managers as distributors or
in their operations, and to protect the interest of employees having decision-making authority related to
investors fund management
● SEBI asked asset management companies (AMCs) to ● The Pension Fund Regulatory and Development Authority
invest in schemes based on risk and quantified the (PFRDA) allowed asset managers to partially deploy
minimum amount to be invested in their own MF retirement cash pools into initial public offerings (IPOs),
schemes primarily of above Rs 214 billion market capitalization
● SEBI said the proposed skin-in-the-game rule for junior ● PFRDA stipulated that entities aspiring to become a
employees of MFs would be implemented in a phased custodian of securities for the National Pension System
manner. From October 1, 2021, junior employees will be (NPS) and other schemes under its regulatory ambit
required to invest up to 10% of their compensation in MF should have holding of assets under custody of Rs 1
units of the fund house, which will be increased to 15% trillion
from October next year and then brought up to 20% in ● PFRDA allowed senior citizens who joined NPS at over 60
2023 years of age, to withdraw the entire accumulated
● SEBI asked AMCs to disclose details of risk and pension wealth without purchasing annuity if the
performance of MF schemes in all disclosures, including pension corpus is less than equal to Rs 0.5 million during
promotional material the normal exit, that is, after completion of three years
● SEBI allowed MFs to maintain current accounts in “an ● PFRDA revised the rules for those joining it after 65 years
appropriate number of banks” for receiving subscription of age; it permitted them to allocate up to 50% of the
money and handling redemptions funds in equity, besides easing the exit norms
● SEBI introduced the swing pricing framework for open- ● PFRDA kick-started the Azadi Ka Amrit Mahotsav
ended debt MF schemes to dissuade investors from campaign to create awareness about the need for a
exiting a fund in times of market panic and prevent the pensioned society in the country
collapse in a scheme’s net asset value (NAV) ● PFRDA also rolled out a facility to instantly verify bank
● SEBI allowed MF houses to offer instant access facility accounts of subscribers in order to ensure timely credit
in overnight funds. This is in addition to liquid funds, of withdrawal proceeds
which were earlier made eligible for this facility. The new ● PFRDA permitted life insurers empanelled by the pension
rule is applicable with immediate effect fund regulator to handle surrender requests from NPS
● SEBI unveiled guidelines pertaining to applicability of subscribers and intermediaries
intra-day NAV for transactions in units of ETFs directly ● PFRDA proposed to make eNPS mandatory for
with AMCs government employees by April 1, 2022
● SEBI approved the idea of launching silver ETFs in India ● Zerodha got the licence from SEBI to set up an AMC
● SEBI allowed MFs to invest unclaimed redemption and ● GPL Finance and Investments, subsidiary of the White
dividends in overnight, liquid and money market Oak Capital Group, got SEBI's approval to acquire Yes
schemes floated by MFs specifically for deployment of Asset Management from the current sponsor, Yes Bank
the unclaimed amounts
● IDFC’s board approved a proposal to divest its MF
● SEBI unveiled a framework to promote the ease of doing business
business and bring uniformity in the timelines for
● KFintech and CAMS launched a portal, MF Central,
processing scheme-related applications filed by AMCs
following a directive by SEBI to come up with a MF
● SEBI asked registrar and transfer agents to jointly transaction platform by December 31
2
OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices Chart 2 – FII & Mutual fund daily investments vs
Quarter ended Year ended
Sensex movement
65000 50
Index Sep-21 Sep-21
63000
01-Aug-21
05-Aug-21
09-Aug-21
13-Aug-21
17-Aug-21
21-Aug-21
25-Aug-21
29-Aug-21
04-Jul-21
08-Jul-21
12-Jul-21
16-Jul-21
20-Jul-21
24-Jul-21
28-Jul-21
10-Sep-21
02-Sep-21
06-Sep-21
14-Sep-21
18-Sep-21
22-Sep-21
26-Sep-21
30-Sep-21
30-Jun-21
S&P BSE Energy 18.22 24.77
3
BioNTech Covid-19 vaccine also lifted investor sentiments on On the sectoral front, realty outperformed in the September
improving global growth prospects. quarter on hopes of revival in demand amid a rise in property
registrations and reduction in home loan rates by major
However, markets witnessed some pressure due to China’s
banks. The S&P BSE Realty index rallied around 50% in the
Evergrande debt crisis and the inflation-driven rise in US
quarter. S&P BSE Consumer Durable (up 16.2%), S&P BSE
Treasury yields, which raised fears Fed may increase interest
Power (up 16.1%) and S&P BSE Teck (up 16%) were also
rates sooner than expected. Some gains were also trimmed
among the top gainers.
as a rise in cases of the more virulent COVID-19 Delta variant
in many countries raised fears of the possible impact on a
global economic recovery. Investor sentiment was further
dampened by a barrage of Chinese regulations on various
industries.
4
Debt market overview
Interbank call money rates remained below the RBI’s repo Key developments in the quarter:
rate of 4.00% during the quarter because of ample liquidity in ● The Reserve Bank of India (RBI) introduced a dedicated
the system. Noting the surplus liquidity, the central bank window for retail investors, who can now buy or sell
regularly conducted variable rate reverse repo auctions government debt securities directly by opening a retail
during the quarter. direct gilt account with the central bank. This is the first
time individuals have direct access to gilts, which could
Government securities (G-secs) ended lower with yield on the otherwise be accessed only through MF plans
10-year benchmark, the 6.10% 2031 paper, settling at 6.22%
● The central bank decided to move to uniform price
5.00% 6.70%
4.00% 6.30%
3.00% 5.90%
2.00% 5.50%
30-Nov-20
31-Dec-20
31-Mar-21
31-May-21
31-Oct-20
30-Apr-21
31-Aug-21
31-Jan-21
28-Feb-21
30-Sep-20
31-Jul-21
30-Sep-21
30-Jun-21
31-Mar-21
30-Nov-20
31-Dec-20
30-Apr-21
31-May-21
31-Oct-20
31-Aug-21
31-Jan-21
28-Feb-21
31-Jul-21
30-Sep-20
30-Sep-21
30-Jun-21
on September 30, 2021, compared with 6.10% on July 13, auction of some benchmark government bonds to avoid
2021, when it was accepted as the benchmark. Meanwhile, volatility and wide variation from market prices of those
the earlier benchmark, the 5.85% 2030, had ended at 6.05% securities
on June 30, 2021. Prices fell after the RBI’s monetary policy
● It decided to continue with the marginal standing facility
meeting minutes highlighted inflation risks and showed their relaxation for a further period of three months, that is,
discomfort with the banking system’s high liquidity surplus. until December 31
Rise in US bond yields amid concerns over inflation and the
● It extended the life of the on-tap targeted long-term repo
Fed policymakers signalling scaling back of asset purchases
operation until December 31
from November, weighed on market sentiment. A rise in
● The RBI streamlined the process for redressal of investor
global crude oil prices and intermittent profit sales also
complaints related to sovereign gold bonds, to make it
affected prices.
more effective
However, the RBI’s bond purchases under the G-sec ● SEBI decided to do away with certain disclosure
acquisition programme (G-SAP 2.0), trimmed some losses. requirements for acquirers and promoters of companies,
Also, bond purchases by some foreign banks, following the and also amended norms that will help boost the
release of the domestic GDP data for the June quarter, corporate bond market
prevented further decline in gilts. Prices received further ● It unveiled guidelines for non-convertible debentures
support following a slight pullback in domestic retail prices, (NCDs) with warrants products, whereby it made
and as the government’s borrowing calendar for the second electronic book platform mandatory for the NCD portion
half of the current fiscal indicated that it would be sticking to of the issue
its gross borrowing target of Rs 12.05 trillion for the fiscal.
5
● It asked depositories to create, host and maintain a ● It merged rules pertaining to the issuance of debt
system using the blockchain technology, to record and securities into a single regulation
monitor the creation of securities and to monitor the ● The capital market regulator revised rules on valuation of
covenants of non-convertible securities debt securities with multiple put options
● SEBI came out with corporate governance rules for listed
entities, which have listed their debt securities
6
Ranking summary
CRISIL ranked 486 mutual fund (MF) schemes as per the were net buyers of over Rs 20,000 crore worth equities in the
CRISIL Mutual Fund Ranking (CMFR) in the September previous quarter.
quarter. The ranked schemes, accounting for 77.71% of the
All categories posted positive returns during July-September,
Indian mutual fund industry’s open-ended quarterly average
with the multi-cap fund category generating the highest
assets under management (AUM), included 221 from the
returns of 13.11% during the three-month period. The small-
equity category, 203 from debt and 62 from the hybrid
cap category gave the highest returns among the ranking
category. Of these, 149 featured in the top 30 percentile
categories across the six month, one year and three years
(ranked 1 or 2) and formed 34.79% of the total ranked AUM in
period.
the September quarter.
Returns (%)
UTI Mutual Fund, IDFC Mutual Fund and Nippon India Mutual Category
3 months 6 months 1 year 3 years
Fund had the highest number of schemes which ranked 1 or
Large Cap 11.30 19.66 55.96 17.48
2. UTI Mutual Fund had 12 schemes in the top 30 percentile
Large & Mid Cap 11.13 23.42 62.92 19.70
while IDFC Mutual Fund and Nippon India Mutual Fund had
Multi Cap 13.11 28.90 73.95 21.61
11 schemes each. They were followed by Kotak Mahindra
Mid Cap 11.44 26.25 68.13 22.90
Mutual Fund and SBI Mutual Fund with 10 schemes each in 12.63 36.42 87.39 25.43
Small Cap
the top 30 percentile during the September quarter. 11.03 21.73 60.53 18.51
ELSS
Focused 10.95 20.54 59.40 18.56
Among the equity-oriented categories, Quant MF topped the
Value/Contra 10.91 22.79 66.11 17.33
list with five funds ranked in the top 30 percentile. It was
Flexi Cap 11.14 21.29 58.60 18.56
followed by Nippon MF, SBI MF and Union MF with four funds
each. In the debt-oriented categories, IDFC MF maintained Indices 3 months 6 months 1 year 3 years
its top position with eight schemes in the top 30 percentile, Nifty 50 TRI 12.37 19.56 58.54 18.58
followed by HDFC MF, ICICI Prudential MF, Nippon MF and Nifty 500 TRI 12.05 22.30 62.87 19.44
UTI MF with five funds each. Nifty Midcap 100 TRI 13.09 29.42 80.55 22.07
Nifty Smallcap 100
Equity markets continue to rally 12.34 35.43 88.75 22.12
TRI
Nifty 50 returned 12.37% during the quarter, while the Nifty Returns as on September 30, 2021; returns over one year are annualised
Midcap 100 and Nifty Smallcap 100 rose over 13.09% and Share of top five sectors increased in July-September
12.34%, respectively. The performance of Nifty 50 was better The top five sectors accounted for 64.51% of the AUM of
than the June quarter, when it rose 6.39%. Nifty Midcap 100 equity funds in the September quarter, as compared with
and Nifty Smallcap 100 had recorded growth of 14.44% and 63.72% in the previous quarter.
20.55% respectively during the June quarter. Markets were
buoyed in the latest quarter by improved prospects of The financial services sector continued to top the list, with a
economic recovery and declining pandemic numbers share of 28.34% versus 28.29% in the previous quarter. The
following high pace of vaccinations. sector delivered 3.24% returns during the September
quarter.
During July-September, foreign institutional investors were
net buyers in the Indian equity market. They bought equities Jul-Sep 2021 Apr-Jun 2021
Sector
of over Rs 3,900 crore as compared to over Rs 4,600 crore Expo (%) Returns (%) Expo (%) Returns (%)
bought in the previous quarter. Domestic institutional Financial services 28.34 3.24 28.29 2.90
investors continued to remain net buyers and bought over Rs IT 12.03 2.50 11.40 12.29
31,200 crore during July-September. In comparison, they Consumer goods* 10.83 3.72 10.23 6.89
Energy 7.07 1.14 7.49 7.78
7
Jul-Sep 2021 Apr-Jun 2021 Investments in IPOs by mutual funds
Sector
Expo (%) Returns (%) Expo (%) Returns (%) Absolute
Market
Pharma 6.24 0.09 6.24 1.08 Returns Investment
Listing Value (Rs
* Sectoral returns were calculated using stock constituents of the Nifty 200 in Stock (issue till by number
Date Crore) 30
the sector Sep of schemes
Sep 2021
2021)
The IT sector had the second highest exposure with a share of
12.03%, higher from the previous quarter. The sector gave Krishna Institute
of Medical 5-Jul-21 48.04% 17 996
returns of 2.5% in the September quarter.
Sciences Ltd.
The consumer goods sector came third in terms of allocation. India Pesticides
7-Jul-21 4.63% 2 71
Ltd.
It gave higher returns at 3.72% in the September quarter
compared with about 6.89% in the previous quarter. Clean Science and
19-Jul-21 127.47% 15 627
Technology Ltd.
The energy sector secured the fourth spot with 7.07% G R Infraprojects
19-Jul-21 123.02% 53 1,250
exposure in September quarter as compared with 7.49% in Ltd.
the previous quarter. The sector delivered 1.14% returns Zomato Ltd. 23-Jul-21 79.74% 60 3,871
during the September quarter as compared with 7.78% Tatva Chintan
29-Jul-21 102.37% 6 240
delivered in the June quarter. Pharma Chem Ltd.
Glenmark Life
The pharma sector had the fifth highest allocation by equity 6-Aug-21 -5.56% 2 25
Sciences Ltd.
mutual funds and gave 0.09% returns during the September
Rolex Rings
quarter as compared with 1.08% returns during the previous 9-Aug-21 17.50% 12 375
Private Ltd.
quarter. Devyani
16-Aug-21 28.67% 3 100
International Ltd.
At the stock level, ICICI Bank (11.09% absolute returns in the
Exxaro Tiles Ltd. 16-Aug-21 29.75% 2 30
September quarter), HDFC Bank (6.48%), Infosys (5.97%),
Krsnaa
State Bank of India (8.06%) and Reliance Industries (19.36%) 16-Aug-21 -19.17% 5 105
Diagnostics Ltd.
were among the top holdings in the large-cap, large- and
Windlas Biotech
mid-cap, multi-cap, flexi cap, focused and value/ contra 16-Aug-21 -21.51% 1 14
Private Ltd.
funds. Among mid-cap funds, the top holdings were
Cartrade Tech Ltd. 20-Aug-21 -23.60% 10 170
Cholamandalam Investment & Finance Co (9.94%), Max
Nuvoco Vistas
Financial Services (-4.35%), Balkrishna Industries (13.15%), 23-Aug-21 -4.65% 44 2,672
Corporation Ltd.
Crompton Greaves Consumer Electricals (10.19%), and Ipca
Chemplast
Laboratories (19%). The top holdings of small-cap funds were 24-Aug-21 13.21% 24 2,039
Sanmar Ltd.
Persistent Systems (26.45%), Carborundum Universal Ltd
Aptus Value
(46.4%), Deepak Nitrite (33.07%), Bajaj Electricals (27.14%) Housing Finance 6-Sep-21 -10.35% 3 98
and Firstsource Solutions Ltd (4.57%). India Ltd.
8
G-sec yields rose in September quarter Category average modified
duration
Yield of the 10-year benchmark government security (G-sec)
Short duration Fund 1.8
increased by 17 bps in the September quarter. During the 1.9
Medium to long duration Fund 4.2
quarter, yields briefly moderated by 14 bps between 27 3.9
Medium duration Fund 2.9
August and 21 September before resuming the upside 2.9
4.4
movement due to risk of rising inflation in the country. Gilt Fund 4.2
Dynamic bond Fund 3.7
3.7
10-year benchmark G-sec yield 1.8
Credit risk Fund 1.6
8.0% Corporate bond Fund 2.1
2.1
7.5% Banking and PSU Fund 2.4
2.3
6.5%
Dec-19
Dec-20
Mar-19
Mar-20
Mar-21
Sep-21
Jun-19
Jun-20
Jun-21
Sep-18
Sep-19
Sep-20
Gilt funds which posted 1.32% in June quarter, delivered Low Duration Fund 1.71 2.75 4.90 6.31
1.94% in the September quarter. Similarly, medium to long Money Market Fund 0.92 1.83 3.70 6.04
duration delivered 2.31% in September quarter in Short Duration Fund 2.03 3.27 5.54 7.30
comparison with 1.27% in the previous quarter. Dynamic Medium Duration Fund 3.09 4.68 7.84 5.98
bond funds posted 2.05% returns in September quarter as Medium to Long
2.31 3.60 5.47 8.34
compared to 1.53% in June quarter. Duration Fund
9
increased exposure to sovereign securities to 57.73% in Allocation to cash and equivalents declined among Rank 1
September quarter from 55.26% in the previous quarter. Low funds with longer maturity debt securities. Medium to long
duration funds increased sovereign exposure to 32.13% in duration funds reduced exposure to cash and equivalents to
the September quarter from 26.26% in June quarter. 4.09% during the September quarter from 16.35% in the
previous quarter. During the same period, Rank 1 funds of
Rank 1 funds maintained their trend of holding a more
Medium duration category reduced cash and equivalents to
conservative credit profile in the July-September quarter in
5.59% from 20.35%. Dynamic Bond funds bought down
line with the previous quarter. Rank 1 Medium to long
exposure to cash and equivalents to 5.08% in September
duration funds increased sovereign exposure to 95.91% in
quarter from 18.3% in June quarter.
September quarter from 83.65% during the previous quarter.
Rank 1 medium duration funds increased allocation to Among shorter term debt categories, Rank 1 funds from low
sovereign securities to 73.57% from 61.65% during the same duration category reduced cash exposure to 6.7% in
period. Medium duration funds also increased exposure to September quarter from 14.7% during the June quarter.
AAA & A1+ rated securities to 20.84% from 17.99% earlier.
Rise in upside risks to inflation, decline in bond purchases by
Dynamic bond funds increased sovereign exposure to 94.78%
the RBI and expectations of RBI changing its accommodative
during the September quarter from 81.56% in June quarter.
monetary policy stance to contain inflation remain key risk
factors for bond yields.
Banking and Dynamic Bond Low Duration Medium Medium to Long Short Duration
% Average Credit Risk Fund
PSU Fund Fund Fund Duration Fund Duration Fund Fund
exposure
Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr Sep Qtr Jun Qtr
Sovereign 14.63% 14.32% 10.01% 9.99% 57.73% 55.26% 32.13% 26.26% 26.98% 25.26% 57.53% 52.79% 29.61% 30.20%
AAA & A1+ 74.16% 74.06% 16.79% 16.42% 18.23% 17.40% 52.33% 50.78% 26.33% 24.84% 26.59% 27.89% 52.15% 53.32%
AA category &
5.11% 5.59% 52.97% 51.56% 12.54% 12.94% 9.11% 10.09% 36.42% 35.04% 6.19% 5.99% 8.48% 7.74%
A1
A+/A2+ &
0.02% 0.02% 10.45% 13.34% 1.11% 1.25% 0.02% 0.06% 2.67% 2.97% 0.31% 0.34% 0.05% 0.07%
below
Cash & others 6.07% 6.00% 9.78% 8.69% 10.37% 13.15% 6.42% 12.81% 7.60% 11.89% 9.37% 12.99% 9.71% 8.67%
10
CRISIL mutual fund categories
Equity funds 13. Arbitrage funds
11
Large Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Kotak Bluechip Fund 1 (2) 1 (2) 1 (1) 1 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3)
Franklin India Bluechip Fund 2 (1) 3 (1) 1 (1) 2 (1) 5 (4) 5 (4) 3 (3) 4 (4) 3 (3)
Invesco India Largecap Fund 2 (4) 2 (4) 2 (4) 2 (4) 3 (3) 3 (3) 4 (4) 5 (5) 3 (3)
SBI Blue Chip Fund 2 (3) 3 (3) 2 (2) 3 (2) 4 (4) 4 (4) 2 (2) 2 (1) 5 (5)
Union Largecap Fund 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 3 (2)
UTI Mastershare Unit Scheme 2 (2) 2 (2) 2 (2) 2 (2) 3 (2) 3 (2) 1 (2) 3 (3) 4 (4)
Axis Bluechip Fund 3 (2) 4 (2) 3 (2) 3 (2) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5)
Baroda Large Cap Fund 3 (2) 3 (3) 4 (3) 4 (3) 3 (3) 3 (2) 1 (1) 3 (3) 2 (2)
Edelweiss Large Cap Fund 3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3)
L&T India Large Cap Fund 3 (3) 3 (3) 3 (4) 4 (4) 3 (3) 3 (3) 2 (3) 3 (3) 2 (3)
LIC MF Large Cap Fund 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 2 (2) 4 (4) 3 (3) 2 (2)
Mirae Asset Large Cap Fund 3 (3) 3 (3) 2 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (4) 5 (4)
Navi Large Cap Equity Fund 3 (3) 2 (2) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1)
Nippon India Large Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 5 (5) 5 (5) 3 (3) 3 (3) 4 (4)
Tata Large Cap Fund 3 (3) 3 (3) 3 (2) 2 (3) 4 (4) 4 (4) 3 (3) 3 (4) 3 (3)
BNP Paribas Large Cap Fund 4 (3) 4 (3) 3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 3 (3) 3 (3)
HSBC Large Cap Equity Fund 4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 5 (5) 2 (3)
IDFC Large Cap 4 (4) 4 (4) 3 (4) 3 (4) 2 (2) 2 (3) 3 (4) 3 (3) 3 (2)
PGIM India Large Cap Fund 4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3)
Taurus Largecap Equity Fund 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) 2 (2) 3 (3) 1 (2) 1 (1)
DSP Top 100 Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 4 (5) 3 (2) 4 (4) 3 (3)
HDFC Top 100 Fund 5 (5) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) 3 (3) 4 (4)
Indiabulls Bluechip Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 5 (5) 4 (4) 1 (1)
12
Large & Mid Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
UTI Core Equity Fund 1 (1) 2 (2) 1 (2) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2)
EQUITY FUNDS
HDFC Large and Mid Cap
2 (3) 3 (3) 2 (3) 2 (3) 5 (5) 5 (5) 1 (3) 3 (3) 3 (2)
Fund
Navi Large & Midcap Fund 2 (3) 1 (3) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 2 (1) 1 (1)
Principal Emerging
2 (2) 2 (2) 2 (2) 2 (1) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3)
Bluechip Fund
SBI Large & Midcap Fund 3 (2) 3 (1) 3 (1) 3 (2) 2 (2) 2 (2) 1 (2) 2 (3) 5 (5)
IDFC Core Equity Fund 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3)
Nippon India Vision Fund 4 (4) 4 (4) 3 (4) 4 (4) 4 (4) 4 (4) 3 (4) 1 (2) 3 (3)
Tata Large & Mid Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 2 (3) 4 (5) 4 (4)
L&T Large and Midcap Fund 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 3 (1) 3 (3) 3 (3)
13
Flexi Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Industry Company
Flexi Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
PGIM India Flexi Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 1 (2) 3 (3)
UTI Flexi Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (2) 3 (2) 3 (3) 2 (2) 5 (5)
DSP Flexi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 2 (1) 3 (3)
IDBI Flexi Cap Fund 2 (2) 2 (2) 3 (3) 2 (3) 2 (1) 2 (1) 2 (2) 2 (1) 2 (2)
JM Flexi Cap Fund 2 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (1)
Union Flexi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2)
Axis Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 4 (5) 5 (5) 3 (3)
Edelweiss Flexi Cap Fund 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3)
HSBC Flexi Cap Fund 3 (4) 3 (4) 3 (4) 3 (3) 5 (5) 5 (5) 3 (4) 4 (4) 3 (3)
L&T Flexi Cap Fund 3 (3) 3 (4) 4 (4) 4 (4) 2 (2) 2 (2) 2 (2) 3 (3) 3 (2)
SBI Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (3)
HDFC Flexi Cap Fund 4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (4) 4 (4)
IDFC Flexi Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4)
Kotak Flexi Cap Fund 4 (4) 4 (3) 4 (3) 4 (4) 3 (3) 3 (3) 2 (2) 4 (3) 4 (4)
Taurus Flexi Cap Fund 4 (5) 5 (5) 4 (5) 5 (5) 3 (3) 3 (3) 4 (3) 3 (3) 2 (1)
LIC MF Flexi Cap Fund 5 (4) 4 (4) 5 (4) 5 (4) 1 (2) 1 (2) 4 (4) 3 (4) 2 (2)
Previously ranked multi-cap funds have been bifurcated into multi-cap and flexi-cap category since March 2021 ranking as per AMCs’ classification and SEBI
circular.
14
Multi Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Industry Company
Multi Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Quant Active Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 2 (2) 5 (5) 3 (2)
Baroda Multi Cap Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 4 (4) 2 (4)
Previously ranked multi-cap funds have been bifurcated into multi-cap and flexi-cap category since March 2021 ranking as per AMCs’ classification and SEBI
circular.
15
Mid Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Industry Company
Mid Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Baroda Mid-cap Fund 1 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 4 (5) 2 (3)
Kotak Emerging Equity 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 5 (5)
Nippon India Growth Fund 2 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 4 (4) 1 (2) 3 (4)
SBI Magnum Midcap Fund 2 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 4 (4) 4 (4)
UTI Mid Cap Fund 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 3 (3)
Axis Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 3 (3) 4 (3)
BNP Paribas Mid Cap Fund 3 (1) 2 (1) 3 (2) 3 (2) 2 (2) 2 (2) 1 (3) 3 (3) 3 (2)
Edelweiss Mid Cap Fund 3 (2) 2 (2) 2 (1) 2 (1) 5 (4) 5 (4) 3 (3) 2 (2) 2 (3)
Invesco India Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (2)
Tata Mid Cap Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 3 (3) 2 (1)
DSP Midcap Fund 4 (3) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 4 (4) 3 (4) 4 (4)
Franklin India Prima Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (3) 4 (3)
HDFC Mid-Cap
4 (3) 4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 5 (5) 3 (3) 5 (5)
Opportunities Fund
IDBI Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (2) 3 (3) 1 (3)
L&T Midcap Fund 4 (4) 4 (4) 5 (4) 5 (4) 1 (1) 1 (1) 2 (1) 4 (3) 4 (4)
Sundaram Mid Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 3 (3) 2 (2) 3 (3)
16
Small Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Industry Company
Small Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Kotak Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 3 (3) 4 (3)
Union Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2)
Axis Small Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 1 (2) 1 (2) 3 (3) 4 (4) 3 (3)
DSP Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2) 3 (3) 4 (4)
IDBI Small Cap Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 5 (4) 3 (3) 1 (1)
HDFC Small Cap Fund 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (4)
SBI Small Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 1 (1) 1 (1) 5 (5) 4 (4) 5 (5)
Sundaram Small Cap Fund 4 (4) 4 (4) 3 (3) 4 (3) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3)
17
Value / Contra funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
IDFC Sterling Value Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 1 (1) 5 (5)
SBI Contra Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 1 (2) 1 (2) 5 (5)
Nippon India Value Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
JM Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (4) 3 (3) 2 (1)
L&T India Value Fund 3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 3 (3) 4 (4)
Indiabulls Value Fund 4 (4) 3 (3) 5 (5) 5 (5) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1)
Invesco India Contra Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)
Tata Equity PE Fund 5 (5) 5 (5) 4 (5) 4 (5) 2 (2) 2 (2) 5 (5) 4 (5) 3 (3)
18
Focused funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Industry Company
Focused funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
IIFL Focused Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2) 2 (1) 4 (3)
Principal Focused
2 (1) 2 (1) 3 (2) 3 (2) 2 (2) 2 (2) 2 (3) 1 (2) 2 (2)
Multicap Fund
SBI Focused Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 1 (1) 2 (1) 5 (5)
Axis Focused 25 Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (4) 4 (4) 5 (5)
Sundaram Select Focus 3 (4) 3 (4) 3 (3) 3 (4) 3 (3) 3 (3) 4 (5) 3 (4) 2 (3)
DSP Focus Fund 4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 4 (3) 3 (4)
HDFC Focused 30 Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (2) 2 (3) 3 (2)
IDFC Focused Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
JM Core 11 Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 5 (5) 1 (1)
19
Equity Linked Savings Scheme (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)
BOI AXA Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (1) 2 (1) 2 (2) 1 (1) 3 (3)
IDFC Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 2 (2) 4 (3)
Quant Tax Plan 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 4 (3) 3 (3)
Union Long Term Equity Fund 1 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 1 (1) 2 (2)
Baroda ELSS - 96 2 (3) 2 (3) 2 (3) 2 (3) 4 (3) 4 (3) 2 (1) 3 (3) 3 (5)
Canara Robeco Equity Tax Saver 2 (1) 2 (1) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4)
DSP Tax Saver Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 5 (4) 3 (3) 4 (4)
JM Tax Gain Fund 2 (3) 3 (3) 2 (3) 2 (3) 5 (5) 5 (5) 5 (4) 2 (3) 2 (2)
Mahindra Manulife ELSS Kar Bachat Yojana 2 (2) 1 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (3) 2 (2)
Mirae Asset Tax Saver Fund 2 (2) 2 (2) 1 (1) 1 (1) 4 (4) 4 (4) 5 (5) 3 (3) 5 (4)
PGIM India Long Term Equity Fund 2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 4 (4) 3 (2)
Axis Long Term Equity Fund 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 5 (5) 5 (5)
HSBC Tax Saver Equity Fund 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 5 (4) 2 (2)
Invesco India Tax Plan 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
Kotak Tax Saver Scheme 3 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 1 (1) 3 (2) 3 (4)
L&T Tax Advantage Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 2 (2) 1 (1) 3 (4)
Navi Long Term Advantage Fund 3 (4) 3 (3) 4 (5) 4 (4) 3 (3) 3 (3) 3 (4) 3 (2) 1 (1)
Principal Tax Saving Fund 3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 2 (3) 4 (3)
Quantum Tax Saving Fund 3 (3) 3 (3) 4 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1)
SBI Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (2) 1 (1) 4 (4)
Taurus Taxshield 3 (3) 4 (3) 5 (4) 5 (4) 2 (2) 2 (2) 3 (2) 2 (2) 1 (1)
UTI Long Term Equity Fund (Tax Saving) 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3)
BNP Paribas Long Term Equity Fund 4 (3) 4 (3) 4 (3) 4 (3) 2 (1) 2 (1) 5 (5) 4 (4) 3 (3)
Franklin India Taxshield Fund 4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (4) 3 (3)
IDBI Equity Advantage Fund 4 (4) 4 (4) 5 (5) 5 (5) 1 (1) 1 (1) 2 (2) 3 (2) 2 (2)
Indiabulls Tax Savings Fund 4 (3) 3 (3) 5 (5) 5 (5) 1 (1) 1 (1) 3 (2) 2 (2) 1 (1)
LIC MF Tax Plan 4 (4) 3 (4) 4 (4) 4 (4) 1 (2) 1 (2) 4 (3) 3 (3) 2 (2)
Motilal Oswal Long Term Equity Fund 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (5) 5 (5) 4 (4)
Sundaram Diversified Equity 4 (5) 5 (5) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Aditya Birla Sun Life Tax Relief 96 5 (5) 5 (5) 5 (5) 5 (5) 1 (2) 1 (2) 2 (2) 5 (5) 5 (5)
HDFC Tax Saver Fund 5 (5) 5 (5) 4 (4) 4 (5) 3 (4) 3 (4) 2 (3) 3 (4) 4 (3)
Nippon India Tax Saver Fund 5 (5) 5 (5) 3 (4) 3 (4) 5 (5) 5 (5) 3 (3) 3 (4) 5 (5)
Tata India Tax Savings Fund 5 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (5) 3 (3)
20
Index funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Rank Sep - 21 Rank
Index funds
- Reg - Dir
Weightages
ETFs, which have only single option, have been ranked in both regular & direct categories
Figures in brackets indicate previous quarter ranks
21
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)
Kotak Equity Hybrid 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 2 (2) 2 (3) 2 (1) 2 (2) 3 (3)
PGIM India Hybrid Equity 1 (1) 1 (1) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 3 (1) 2 (2) 2 (1) 2 (1)
Canara Robeco Equity Hybrid 2 (2) 2 (2) 3 (2) 3 (2) 1 (1) 1 (1) 3 (3) 2 (2) 2 (2) 2 (2) 3 (4)
ICICI Prudential Equity & Debt 2 (2) 2 (3) 1 (1) 1 (2) 5 (5) 5 (5) 1 (2) 5 (5) 4 (4) 5 (5) 4 (3)
IDBI Hybrid Equity 2 (3) 2 (3) 4 (5) 4 (5) 1 (1) 1 (1) 2 (1) 1 (2) 3 (3) 3 (3) 1 (2)
IDFC Hybrid Equity 2 (2) 2 (2) 2 (3) 2 (3) 4 (4) 3 (4) 3 (3) 4 (4) 1 (3) 1 (2) 3 (2)
UTI Hybrid Equity 2 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (2) 5 (5) 4 (4) 3 (3)
Baroda Hybrid Equity 3 (4) 3 (4) 2 (3) 2 (3) 4 (3) 4 (3) 2 (2) 4 (4) 4 (4) 3 (4) 2 (4)
DSP Equity & Bond 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4) 2 (1) 2 (2) 2 (3) 4 (5)
HDFC Hybrid Equity * 3 (3) 4 (4) 3 (2) 3 (2) 5 (4) 5 (4) 3 (3) 3 (4) 3 (3) 4 (4) 5 (5)
Invesco India Equity & Bond 3 (3) 2 (3) 4 (4) 4 (4) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 3 (3) 2 (2)
L&T Hybrid Equity 3 (4) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 3 (3) 1 (1) 1 (1) 3 (3)
Mirae Asset Hybrid - Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 2 (3) 3 (2) 3 (3) 5 (3)
Principal Hybrid Equity 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (2)
SBI Equity Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 1 (3) 3 (3) 4 (4) 5 (5)
Shriram Hybrid Equity 3 (3) 3 (3) 5 (4) 5 (4) 1 (1) 1 (1) 3 (4) 4 (4) 3 (3) 3 (3) 1 (1)
Sundaram Equity Hybrid 3 (4) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)
Franklin India Equity Hybrid 4 (3) 4 (3) 3 (2) 3 (2) 3 (2) 3 (2) 4 (5) 3 (3) 3 (3) 3 (3) 4 (3)
LIC MF Equity Hybrid 4 (4) 4 (4) 5 (4) 5 (4) 2 (2) 2 (2) 4 (4) 4 (5) 1 (1) 1 (2) 2 (2)
Navi Equity Hybrid 4 (5) 4 (5) 5 (5) 4 (5) 4 (5) 4 (5) 5 (5) 3 (2) 3 (4) 4 (4) 1 (1)
Nippon India Equity Hybrid 5 (5) 5 (5) 4 (5) 5 (5) 5 (5) 5 (5) 5 (3) 4 (4) 5 (5) 5 (5) 2 (3)
Tata Hybrid Equity 5 (5) 5 (5) 3 (4) 3 (3) 4 (3) 4 (3) 4 (4) 5 (5) 4 (4) 5 (5) 3 (3)
22
Conservative Hybrid funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)
Industry
Sep - 21 Sep - 21 Mean Mean Concentration / Debt
Conservative Volatility Volatility Company Debt Equity Modified
Rank Rank Return Return Exposure to Asset
Hybrid funds - Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir - Reg - Dir Sensitive Quality
Sector*
7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)
Canara Robeco
Conservative 1 (1) 1 (1) 3 (2) 2 (1) 2 (2) 2 (2) 3 (3) 2 (2) 2 (2) 2 (2) 3 (5) 2 (2)
Hybrid Fund
Kotak Debt Hybrid 1 (2) 1 (2) 1 (1) 1 (1) 5 (4) 5 (4) 3 (2) 4 (4) 2 (2) 3 (3) 5 (4) 5 (4)
HSBC Regular
2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 5 (5)
Savings Plan
LIC MF Debt
2 (1) 2 (1) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4) 4 (3) 1 (1) 1 (1) 2 (2) 1 (1)
Hybrid Fund
DSP Regular
3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 1 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (3)
Savings Fund
Franklin India
3 (2) 2 (2) 3 (3) 4 (4) 3 (2) 3 (2) 2 (2) 3 (3) 2 (2) 2 (2) 2 (3) 4 (3)
Debt Hybrid Fund
HYBRID FUNDS
HDFC Hybrid Debt
3 (3) 4 (3) 2 (1) 3 (2) 5 (5) 5 (5) 5 (5) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4)
Fund
IDFC Regular
3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 4 (3) 1 (1) 1 (3) 3 (3) 2 (2) 1 (1) 3 (3)
Savings Fund
UTI Regular
3 (4) 3 (4) 1 (3) 1 (3) 4 (4) 4 (4) 3 (3) 3 (2) 4 (4) 4 (4) 3 (3) 4 (5)
Savings Fund
BOI AXA
Conservative 4 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 2 (3) 4 (4) 3 (3) 3 (3) 4 (2) 1 (1)
Hybrid
ICICI Prudential
Regular Savings 4 (3) 4 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (3) 5 (1) 4 (4) 5 (5) 3 (3) 3 (3)
Fund
BNP Paribas
Conservative 5 (4) 4 (3) 4 (4) 3 (3) 2 (2) 2 (2) 4 (4) 5 (5) 3 (3) 3 (3) 3 (5) 2 (2)
Hybrid Fund
Nippon India
5 (5) 5 (5) 5 (5) 5 (5) 3 (5) 3 (5) 2 (1) 1 (1) 5 (5) 5 (5) 2 (2) 2 (3)
Hybrid Bond Fund
23
Arbitrage funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean Count of Count of
Volatility Volatility
Arbitrage funds Rank Rank Return Return Negative Returns Negative Returns
- Reg - Dir
- Reg - Dir - Reg - Dir - Reg - Dir
Kotak Equity Arbitrage Fund 1 (2) 1 (2) 1 (1) 2 (2) 2 (3) 2 (3) 2 (3) 2 (2)
Tata Arbitrage Fund 1 (1) 1 (1) 2 (2) 1 (1) 2 (1) 2 (1) 1 (1) 1 (1)
Aditya Birla Sun Life Arbitrage Fund 2 (2) 2 (2) 2 (2) 2 (1) 3 (3) 3 (3) 3 (3) 3 (4)
BNP Paribas Arbitrage Fund 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2)
L&T Arbitrage Opportunities Fund 2 (1) 2 (1) 3 (2) 3 (2) 2 (2) 2 (2) 1 (1) 1 (1)
Union Arbitrage Fund 2 (4) 4 (5) 2 (5) 4 (5) 3 (4) 3 (4) 3 (3) 4 (4)
Edelweiss Arbitrage Fund 3 (3) 2 (2) 3 (3) 2 (2) 3 (2) 3 (2) 3 (3) 3 (2)
HDFC Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3)
ICICI Prudential Equity - Arbitrage Fund 3 (3) 3 (3) 2 (2) 3 (3) 4 (4) 4 (4) 3 (4) 4 (5)
Invesco India Arbitrage Fund 3 (4) 3 (3) 4 (4) 4 (4) 1 (2) 1 (2) 3 (4) 2 (3)
Nippon India Arbitrage Fund 3 (3) 2 (3) 3 (3) 2 (3) 2 (3) 2 (3) 4 (5) 3 (2)
SBI Arbitrage Opportunities Fund 3 (4) 4 (4) 3 (4) 5 (4) 3 (4) 3 (4) 3 (3) 4 (2)
UTI Arbitrage Fund 3 (2) 3 (2) 1 (1) 1 (2) 5 (4) 5 (4) 3 (4) 4 (4)
DSP Arbitrage Fund 4 (5) 4 (4) 4 (4) 4 (4) 4 (5) 4 (5) 2 (2) 2 (2)
IDFC Arbitrage Fund 4 (3) 3 (3) 4 (3) 3 (3) 3 (2) 3 (2) 3 (4) 3 (4)
Mirae Asset Arbitrage Fund 4 (3) 3 (4) 3 (3) 3 (3) 4 (5) 4 (5) 2 (2) 2 (2)
PGIM India Arbitrage Fund 4 (4) 4 (4) 5 (4) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3)
JM Arbitrage Fund 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 5 (5) 5 (5)
24
Gilt funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean
Volatility Volatility Modified
Gilt funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
- Reg - Dir - Reg - Dir
DSP Government Securities Fund 1 (2) 1 (2) 2 (2) 2 (2) 5 (5) 5 (5) 3 (4) 1 (2)
IDFC Government Securities Fund - Investment Plan 1 (2) 1 (2) 3 (1) 3 (1) 5 (5) 5 (5) 3 (3) 1 (3)
PGIM India Gilt Fund 2 (3) 2 (3) 3 (3) 3 (3) 2 (1) 2 (1) 2 (3) 2 (1)
SBI Magnum Gilt Fund 2 (1) 2 (1) 3 (2) 3 (2) 3 (3) 3 (3) 2 (1) 2 (2)
UTI Gilt Fund 2 (3) 3 (3) 3 (3) 3 (4) 2 (3) 2 (3) 2 (2) 3 (2)
Aditya Birla Sun Life Government Securities Fund 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 5 (5)
Axis Gilt Fund 3 (2) 3 (2) 2 (2) 3 (2) 2 (2) 2 (2) 4 (2) 4 (3)
Edelweiss Government Securities Fund 3 (1) 3 (1) 1 (1) 1 (1) 4 (4) 4 (4) 5 (5) 4 (1)
HDFC Gilt Fund 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3) 3 (3)
ICICI Prudential Gilt Fund 3 (3) 3 (4) 1 (3) 1 (3) 4 (4) 4 (4) 5 (3) 4 (5)
Kotak Gilt – Investment 3 (4) 2 (3) 3 (3) 2 (3) 4 (4) 4 (4) 1 (3) 5 (4)
Canara Robeco Gilt Fund 4 (3) 4 (4) 4 (4) 4 (4) 1 (2) 1 (2) 1 (1) 3 (4)
L&T Gilt 4 (4) 4 (4) 4 (4) 4 (3) 3 (3) 3 (3) 3 (4) 2 (3)
Nippon India Gilt Securities Fund 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
Franklin India Government Securities Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (2) 3 (2) 3 (2) 3 (3)
Tata Gilt Securities Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 4 (5) 3 (4)
DEBT FUNDS
25
Banking and PSU funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
SBI Banking and PSU Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 3 (3) 3 (3) 3 (3) 3 (3)
LIC MF Banking & PSU Debt 5 (5) 5 (5) 5 (5) 4 (4) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 2 (2)
26
Credit Risk funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Credit Risk funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector
Axis Credit Risk Fund 2 (2) 2 (2) 3 (3) 3 (3) 2 (1) 2 (1) 4 (4) 1 (1) 3 (2) 2 (2) 4 (3)
UTI Credit Risk Fund 2 (5) 2 (5) 4 (5) 4 (5) 2 (5) 2 (5) 2 (3) 3 (3) 1 (1) 2 (2) 3 (2)
Nippon India Credit Risk 3 (3) 3 (3) 2 (3) 2 (3) 3 (2) 3 (2) 4 (2) 4 (4) 4 (4) 4 (4) 3 (2)
SBI Credit Risk Fund 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 2 (3) 1 (1) 2 (2) 3 (3) 4 (4)
Kotak Credit Risk Fund 4 (4) 3 (4) 3 (3) 3 (3) 5 (4) 5 (4) 1 (2) 4 (4) 4 (4) 4 (3) 2 (3)
DSP Credit Risk Fund 5 (4) 5 (4) 5 (4) 5 (4) 1 (2) 1 (2) 3 (1) 5 (5) 5 (5) 1 (1) 2 (5)
27
Corporate Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
L&T Triple Ace Bond Fund 1 (3) 1 (4) 1 (3) 1 (4) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 5 (5) 1 (1)
DSP Corporate Bond Fund 3 (1) 3 (2) 5 (4) 5 (5) 1 (1) 1 (1) 1 (1) 4 (4) 3 (3) 1 (1) 2 (2)
Sundaram Corporate
3 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 1 (1) 1 (1) 3 (4) 1 (3) 2 (3)
Bond Fund
UTI Corporate Bond Fund 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 3 (4) 2 (3) 3 (3)
Axis Corporate Debt Fund 4 (3) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (5) 1 (1) 4 (3) 3 (3) 5 (5)
SBI Corporate Bond Fund 5 (5) 5 (5) 4 (5) 4 (4) 3 (4) 3 (4) 3 (3) 1 (1) 3 (3) 2 (3) 3 (3)
28
Dynamic Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
IDFC Dynamic Bond Fund 1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 3 (5) 1 (2) 1 (2)
Axis Dynamic Bond Fund 2 (2) 2 (3) 1 (1) 1 (1) 5 (4) 5 (4) 5 (5) 1 (1) 2 (1) 3 (3) 4 (3)
HSBC Flexi Debt Fund 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 1 (1) 3 (3) 1 (1) 2 (1)
DSP Strategic Bond Fund 3 (1) 3 (1) 3 (2) 2 (3) 5 (5) 5 (5) 4 (4) 1 (1) 4 (3) 2 (2) 2 (1)
IIFL Dynamic Bond Fund 3 (3) 3 (3) 2 (3) 2 (3) 1 (1) 1 (1) 3 (3) 4 (5) 2 (2) 4 (4) 4 (4)
L&T Flexi Bond Fund 3 (4) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 5 (4) 2 (2) 2 (2)
SBI Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 3 (2) 4 (3) 4 (3) 2 (1) 4 (4) 4 (5) 3 (3) 3 (3)
Tata Dynamic Bond Fund 3 (4) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 5 (4) 4 (4)
HDFC Dynamic Debt Fund 4 (3) 5 (3) 4 (2) 5 (2) 1 (5) 1 (5) 3 (3) 4 (4) 3 (3) 3 (4) 3 (5)
UTI-Dynamic Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 2 (2) 5 (5) 3 (3) 4 (4) 5 (5)
29
Medium to Long Duration funds (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)
LIC MF Bond Fund 2 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 1 (2) 1 (1) 3 (1) 2 (2) 2 (2)
Kotak Bond 3 (3) 2 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3)
HDFC Income Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (1) 2 (1) 3 (4) 1 (1) 1 (3) 3 (3) 3 (3)
Tata Income Fund 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (4) 4 (4)
UTI Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 5 (5) 4 (3) 4 (4) 5 (5)
30
Medium Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)
Axis Strategic Bond Fund 3 (3) 3 (3) 2 (2) 2 (2) 1 (2) 1 (2) 3 (2) 4 (4) 1 (1) 4 (4) 3 (4)
DSP Bond Fund 3 (3) 3 (3) 3 (3) 3 (4) 4 (4) 4 (4) 3 (5) 2 (1) 1 (1) 2 (2) 2 (2)
Kotak Medium Term Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 3 (3) 1 (3) 2 (3) 4 (4)
Tata Medium Term Fund 4 (4) 4 (4) 3 (4) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (1) 4 (3) 3 (3)
UTI - Medium Term Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 4 (4) 4 (3) 3 (2) 3 (2)
31
Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
32
Money Market funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
Axis Money Market Fund 2 (2) 3 (3) 2 (3) 2 (2) 2 (3) 2 (3) 1 (3) 4 (1) 3 (3) 3 (3) 3 (3)
UTI Money Market Fund 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 3 (3) 2 (3) 2 (3)
Kotak Money Market 3 (3) 3 (4) 3 (3) 4 (4) 3 (2) 2 (2) 3 (4) 1 (1) 4 (3) 3 (2) 3 (3)
Tata Money Market Fund 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4) 1 (1) 4 (4) 4 (4) 3 (4)
DSP Savings Fund 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 1 (1) 1 (1) 3 (3) 4 (4) 3 (3)
SBI Savings Fund 4 (5) 4 (3) 4 (4) 3 (3) 2 (2) 3 (3) 3 (3) 1 (4) 4 (4) 3 (3) 4 (3)
L&T Money Market Fund 5 (4) 4 (3) 5 (5) 5 (5) 1 (1) 1 (1) 5 (1) 5 (4) 2 (3) 5 (1) 2 (2)
33
Low Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
IDFC Low Duration Fund 2 (2) 3 (3) 4 (3) 4 (4) 3 (3) 3 (3) 1 (1) 4 (5) 2 (2) 3 (3) 2 (2)
DSP Low Duration Fund 3 (3) 3 (3) 3 (4) 4 (4) 2 (3) 3 (3) 1 (1) 1 (1) 3 (2) 3 (3) 2 (2)
HDFC Low Duration Fund 3 (2) 3 (2) 2 (2) 2 (1) 4 (4) 4 (4) 3 (3) 1 (4) 5 (5) 4 (5) 5 (3)
Kotak Low Duration Fund 3 (4) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3) 1 (1) 3 (5) 5 (4) 3 (4)
L&T Low Duration Fund 4 (4) 4 (4) 3 (2) 3 (2) 3 (5) 3 (5) 3 (3) 4 (1) 4 (4) 4 (4) 4 (5)
LIC MF Savings Fund 4 (3) 4 (3) 3 (2) 3 (2) 5 (5) 5 (5) 1 (4) 1 (3) 4 (3) 1 (2) 3 (3)
34
Ultra Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)
Kotak Savings Fund 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 1 (1) 2 (2) 4 (3) 2 (3)
DSP Ultra Short Fund 4 (4) 4 (3) 4 (4) 4 (4) 2 (2) 2 (3) 3 (3) 1 (3) 3 (3) 3 (3) 3 (3)
35
Liquid funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Sep - 21 Sep - 21 Mean Mean Exposure to
Volatility Volatility Company Asset
Liquid funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
- Reg - Dir - Reg - Dir Sector
Canara Robeco Liquid 1 (1) 1 (1) 3 (4) 5 (5) 1 (1) 1 (1) 3 (5) 3 (1) 2 (2) 2 (1)
Parag Parikh Liquid Fund 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 1 (1)
DSP Liquidity Fund 2 (2) 2 (2) 4 (3) 4 (3) 3 (2) 3 (2) 4 (4) 4 (5) 2 (2) 2 (2)
HSBC Cash Fund 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 1 (1) 1 (2) 2 (3)
IDFC Cash Fund 2 (3) 2 (3) 3 (4) 4 (4) 3 (3) 3 (3) 1 (1) 4 (3) 2 (3) 1 (2)
L&T Liquid Fund 2 (2) 2 (3) 3 (3) 4 (4) 3 (4) 3 (4) 3 (1) 1 (1) 2 (2) 2 (2)
Mirae Asset Cash Management Fund 2 (3) 2 (3) 1 (1) 2 (1) 2 (1) 2 (1) 2 (3) 3 (4) 3 (3) 3 (4)
Axis Liquid Fund 3 (3) 4 (3) 2 (2) 3 (3) 3 (4) 3 (4) 3 (3) 1 (1) 4 (3) 4 (3)
Baroda Liquid Fund 3 (2) 3 (2) 1 (2) 1 (2) 2 (2) 2 (2) 3 (3) 4 (3) 3 (3) 3 (3)
Edelweiss Liquid Fund 3 (3) 3 (2) 3 (3) 1 (1) 4 (4) 4 (4) 2 (1) 3 (3) 5 (3) 3 (2)
Franklin India Liquid Fund 3 (3) 3 (3) 3 (3) 3 (4) 2 (2) 2 (2) 5 (5) 1 (1) 3 (2) 4 (3)
Invesco India Liquid Fund 3 (4) 3 (4) 3 (3) 4 (4) 2 (3) 2 (3) 3 (3) 1 (1) 4 (4) 3 (5)
Kotak Liquid 3 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 3 (4) 3 (3)
LIC MF Liquid Fund 3 (2) 3 (2) 3 (3) 2 (2) 1 (2) 1 (2) 2 (3) 5 (5) 2 (1) 3 (2)
Nippon India Liquid Fund 3 (4) 3 (4) 4 (5) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 3 (3) 3 (4)
SBI Liquid Fund 3 (3) 3 (3) 3 (3) 3 (4) 4 (3) 4 (3) 3 (4) 1 (1) 3 (3) 3 (3)
UTI Liquid Cash Plan 3 (4) 3 (4) 2 (2) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 4 (5) 3 (4)
HDFC Liquid Fund 4 (5) 4 (5) 5 (5) 4 (5) 4 (5) 4 (5) 4 (5) 1 (1) 4 (4) 3 (3)
ICICI Prudential Liquid Fund 4 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 4 (3) 1 (4) 4 (3) 4 (3)
Mahindra Manulife Liquid Fund 4 (4) 4 (4) 2 (1) 2 (1) 3 (3) 3 (3) 3 (4) 4 (4) 3 (4) 4 (5)
Sundaram Money Fund 4 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (1) 4 (4) 3 (3) 5 (3)
Tata Liquid Fund 4 (5) 4 (5) 4 (4) 3 (3) 5 (5) 5 (5) 3 (3) 1 (1) 3 (4) 4 (4)
Aditya Birla Sun Life Liquid Fund 5 (5) 5 (5) 3 (3) 3 (2) 4 (4) 4 (4) 2 (3) 1 (1) 5 (5) 5 (5)
36
Annexure I – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within cash and equivalents beyond a defined threshold is also
a peer group. The basic criteria for inclusion in the ranking penalized under this parameter.
universe are three-year / one-year NAV history and AUM in
excess of category cut-off limits, and complete portfolio Exposure to sensitive sectors
disclosure. Three-year NAV history is considered across all
In case of debt schemes, industry concentration is
equity, hybrid, dynamic bond, medium duration, medium to
analysed for exposure to sensitive sectors which are arrived
long duration and gilt categories; whereas one-year for
based on Industry Risk Score (IRS) for various sectors.
banking & PSU, corporate bond, credit risk, liquid, low
CRISIL’s assessment of IRS quantifies the credit risk
duration, money market, ultra short term, short duration
associated with an industry on a uniform scale to ensure
categories.
comparability across industries. The score captures the
Only open-ended schemes are considered. Ranking is influence of various industry variables on the debt
based on the following parameters: repayment ability of companies in a particular sector over a
3-4-year horizon.
average of daily returns based on the scheme’s NAV for the liquidated. The lower the score, the better. In case of
period under analysis and volatility is the standard equities, it measures the number of days to liquidate the
deviation of these returns. While the period for analysis is portfolio. Liquidity is calculated by taking the average
three years for equity, hybrid, gilt, dynamic, medium portfolio liquidity score of the past three months.
37
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. arbitrage funds to capture downside risk of the funds
Eligibility criteria
● Only open-ended funds are considered, both regular and direct plans ranked separately
● 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
● Complete portfolio disclosure for all three months in the last quarter
38
Parametric weights
Equity categories:
Large cap, large & mid cap, multi cap, flexi cap, mid cap,
Parameters Index / ETFs
value/contra, focused, small cap, ELSS
Volatility (%) 25 -
Time (years) 3 3
Hybrid categories:
Parameters Aggressive hybrid Conservative hybrid Arbitrage
Volatility (%) 25 10 25
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:
Banking and PSU, corporate bond, credit
Dynamic, medium to
Parameters Gilt risk, short duration, low duration, money Liquid
long, medium duration
market, ultra short term
Volatility (%) 25 10 10 10
Time (years) 3 3 1 1
39
Annexure II – Exclusion list
The following SEBI-defined categories are currently excluded from the rankings:
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.
● Not pure arbitrage funds by mandate, have option to take some net equity exposure
● Liquid funds with, on average, more than 35% 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:
Aditya Birla Sun Life Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
Aditya Birla Sun Life SENSEX ETF Index Funds/ETFs Did not meet AUM criteria
Axis Arbitrage Fund Arbitrage Fund May deviate from market neutral arbitrage strategy
Axis Growth Opportunities Fund Large & Mid Cap Fund Does not have three-year NAV history
Axis Value Fund Value Fund Does not have three-year NAV history
Baroda Banking & PSU Bond Fund Banking and PSU Fund Does not have one-year NAV history
Conservative Hybrid
Baroda Conservative Hybrid Fund Did not meet AUM criteria
Fund
Baroda Credit Risk Fund Credit Risk Fund Did not meet the category definition
Baroda Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Baroda Gilt Fund Gilt Fund Did not meet AUM criteria
Baroda Large and Mid Cap Fund Large & Mid Cap Fund Does not have three-year NAV history
Baroda Money Market Fund Money Market Fund Did not meet AUM criteria
Baroda Treasury Advantage Fund Low Duration Fund Did not meet AUM criteria
BNP Paribas Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria
BNP Paribas Liquid Fund Liquid Fund Did not meet AUM criteria
BNP Paribas Medium Term Fund Medium Duration Fund Did not meet AUM criteria
BOI AXA Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
40
Scheme name New category Reason for exclusion
BOI AXA Bluechip Fund Large Cap Fund Does not have three-year NAV history
BOI AXA Credit Risk Fund Credit Risk Fund Did not meet the category definition
BOI AXA Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history
BOI AXA Liquid Fund Liquid 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 Focused Equity Fund Focused 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 Value Fund Value Fund Does not have three-year NAV history
DSP NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
DSP Value Fund Value Fund Does not have three-year NAV history
Edelweiss ETF - Nifty 50 Index Funds/ETFs Did not meet AUM criteria
Edelweiss Small Cap Fund Small Cap Fund Does not have three-year NAV history
Medium to Long
HSBC Debt Fund Did not meet AUM criteria
Duration Fund
HSBC Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
HSBC Focused Equity Fund Focused 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 Mid Cap Fund Mid Cap Fund Does not have three-year NAV history
ICICI Prudential Flexicap Fund Flexi Cap Fund Does not have three-year NAV history
IDBI Credit Risk Fund Credit Risk Fund Did not meet AUM criteria
IDBI Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
IDBI Gilt Fund Gilt Fund Did not meet AUM criteria
IDBI Liquid Fund Liquid Fund Did not meet AUM criteria
IDBI Short Term Bond Fund Short Duration Fund Did not meet AUM criteria
IDFC Credit Risk Fund Credit Risk Fund Did not meet the category definition
IDFC Emerging Businesses Fund Small Cap Fund Does not have three-year NAV history
IDFC Sensex ETF Index Funds/ETFs Did not meet AUM criteria
IIFL Liquid Fund Liquid Fund Did not meet AUM criteria
Indiabulls Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
41
Scheme name New category Reason for exclusion
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 Liquid Fund Liquid Fund Did not meet AUM criteria
Indiabulls Short Term Fund Short Duration Fund Did not meet AUM criteria
Invesco India Credit Risk Fund Credit Risk Fund Did not meet the category definition
Invesco India Focused 20 Equity Fund Focused Fund Does not have three-year NAV history
Invesco India Gilt Fund Gilt Fund Did not meet AUM criteria
Invesco India Medium Duration Fund Medium Duration Fund Does not have three-year NAV history
Invesco India Smallcap Fund Small Cap Fund Does not have three-year NAV history
ITI Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
ITI Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history
ITI Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history
ITI Large Cap Fund Large Cap Fund Does not have three-year NAV history
ITI Liquid Fund Liquid Fund Did not meet AUM criteria
ITI Long Term Equity Fund ELSS Does not have three-year NAV history
ITI Mid Cap Fund Mid Cap Fund 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
ITI Value Fund Value Fund Does not have three-year NAV history
JM Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria
Medium to Long
JM Income Fund Did not meet AUM criteria
Duration Fund
JM Large Cap Fund Large Cap Fund Outlier fund in the category
JM Low Duration Fund Low Duration Fund Did not meet AUM criteria
Kotak Focused Equity Fund Focused Fund Does not have three-year NAV history
Kotak Multicap Fund Multi Cap Fund Does not have three-year NAV history
Kotak NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
Conservative Hybrid
L&T Conservative Hybrid Fund Did not meet AUM criteria
Fund
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
42
Scheme name New category Reason for exclusion
LIC MF Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
LIC MF Government Securities Fund Gilt Fund Did not meet AUM criteria
Mahindra Manulife Arbitrage Yojana Arbitrage Fund Did not meet AUM criteria
Mahindra Manulife Flexi Cap Yojana Flexi Cap Fund Does not have three-year NAV history
Mahindra Manulife Short Term Fund Short Duration Fund Does not have one-year NAV history
Mirae Asset Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
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
Mirae Asset Money Market Fund Money Market Fund Does not have one-year NAV history
Motilal Oswal Large and Midcap Fund Large & Mid Cap Fund Does not have three-year NAV history
Motilal Oswal Liquid Fund Liquid Fund Did not meet AUM criteria
Navi Liquid Fund Liquid Fund Did not meet AUM criteria
Navi Nifty 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
Conservative Hybrid
Navi Regular Savings Fund Did not meet AUM criteria
Fund
43
Scheme name New category Reason for exclusion
Nippon India Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history
PGIM India Credit Risk Fund Credit Risk Fund Did not meet AUM criteria
PGIM India Insta Cash Fund Liquid 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 Did not meet AUM criteria
PGIM India Short Maturity Fund Short Duration Fund Did not meet AUM criteria
PGIM India Small Cap Fund Small Cap Fund Does not have three-year NAV history
Parag Parikh Flexi Cap Fund Flexi Cap Fund Exposure to foreign equities is more than 20%
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 Large Cap Fund Large Cap Fund Does not have three-year NAV history
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
Quant Absolute Fund Aggressive Hybrid Fund Did not meet AUM criteria
Quant Liquid Fund Liquid Fund Did not meet AUM criteria
Quantum Liquid Fund Liquid Fund 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
Sundaram Bluechip Fund Large Cap Fund Does not have three-year NAV history
Conservative Hybrid
Sundaram Debt Oriented Hybrid Fund Did not meet AUM criteria
Fund
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
Tata Focused Equity Fund Focused Fund Does not have three-year NAV history
Tata Nifty ETF Fund Index Funds/ETFs Does not have three-year NAV history
Tata Small Cap Fund Small Cap Fund Does not have three-year NAV history
Taurus Investor Education Pool Liquid Fund Did not meet AUM criteria
Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria
TRUSTMF Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history
TRUSTMF Liquid Fund Liquid Fund Does not have one-year NAV history
44
Scheme name New category Reason for exclusion
TRUSTMF Short Term Fund Short Duration Fund Does not have one-year NAV history
Union Focused Fund Focused Fund Does not have three-year NAV history
Union Hybrid Equity Fund Aggressive Hybrid 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 Medium Duration Fund Medium Duration Fund Does not have three-year NAV history
Union Midcap Fund Mid Cap Fund Does not have three-year NAV history
Union Money Market Fund Money Market Fund Does not have one-year NAV history
Union Value Discovery Fund Value Fund Does not have three-year NAV history
UTI Focused Equity Fund Focused Fund Does not have three-year NAV history
UTI Small Cap Fund Small Cap Fund Does not have three-year NAV history
YES Liquid Fund Liquid Fund Did not meet AUM criteria
45
Notes
46
47
Contact details
mfresearch@crisil.com
Analyst Disclosure
Notwithstanding any member(s) of the team, who are involved in the preparation of this Report and/or whose names are published as
part of this Report and their relatives, having financial interest or actual/ beneficial ownership in the form of securities holding (of less
than 1%), at an individual level, if any, with any of the members having served as officers, directors, or employees of the companies in
the last 6 months or having engaged in market making activities, in the subject companies, there exists no material conflict of interest
which can affect the neutrality or bias the output of the Report, given the deployed procedural safeguards including but not limited to
objective methodology followed in the process of execution with no influence at an analyst level and the outputs being executed at a
portfolio level, with no separate analysis for an individual company.
Company Disclosure
1. CRISIL Research or its associates do not provide investment banking or merchant banking or brokerage or market making services.
2. CRISIL Research encourages independence in research report preparation and strives to minimize conflict in preparation of
research reports through strong governance architecture comprising of policies, procedures, and disclosures.
3. CRISIL Research prohibits its analysts, persons reporting to analysts, and their relatives from having any financial interest in the
securities or derivatives of companies that the analysts cover.
4. CRISIL Research or its associates collectively may own 1% or more of the equity securities of the Company mentioned in the report
as of the last day of the month preceding the publication of the research report.
5. CRISIL Research or its associates may have financial interest in the form of holdings in the subject company mentioned in this
report.
6. CRISIL Research may have commercial interests with one or more asset management companies whose funds have been
considered for analysis in this Report, provided that nothing herein shall affect the neutrality or bias the output of the Report due to
reasons including but not limited to deployed procedural safeguards such as objective methodology and criteria followed in the
process of execution with no influence at an analyst level.
7. CRISIL receives compensation from the company mentioned in the report or third party in connection with preparation of the
research report.
8. As a provider of ratings, grading, data, research, analytics and solutions, infrastructure advisory, and benchmarking services,
CRISIL or its associates are likely to have commercial transactions with the company and may receive compensation for the
services provided.
9. CRISIL Research or its associates do not have any other material conflict of interest at the time of publication of the report.
10. No material disciplinary action has been taken against CRISIL Research or its analysts by any Regulatory Authority impacting
Research Analyst activities.
Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information
obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or
completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data /
Report. This Report is not a recommendation to invest / disinvest in any company / entity covered in the Report and no part of this report
should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/
users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information
obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations,
obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL’s Ratings
Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.
About CRISIL Limited
CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.
CRISIL, its subsidiaries and associates, provide ratings, gradings, data, research, analytics and solutions, infrastructure advisory, and
benchmarking services to its clients. Details of the services provided by CRISIL are available at https://crisil.com/
It is majority owned by S&P Global Inc (SPGI), a leading provider of transparent and independent ratings, benchmarks, analytics, and
data to the capital and commodity markets worldwide. Details of the services provided by SPGI are available at
https://www.standardandpoors.com/en_US/web/guest/home
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