CRISIL Mutual Fund Ranking: For The Quarter Ended September 30, 2021

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CRISIL Mutual Fund Ranking

For the quarter ended September 30, 2021


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Analytical Business Development

Piyush Gupta Pradeep Nair Dinesh Agarwal


Director Associate Director Associate Director
piyush.gupta1@crisil.com pradeep.nair@crisil.com dinesh.agarwal@crisil.com

Kiran Nate Ankur Nehra Priyanka Murarka


Manager Associate Director Associate Director
kiran.nate@crisil.com ankur.nehra@crisil.com priyanka.agarwal@crisil.com

Shrishti Nolkha Amit Bhardwaj


Senior Research Analyst Associate Director
shrishti.nolkha@crisil.com amit.bhardwaj@crisil.com
Industry highlights
Average assets under management (AAUM) of the mutual Chart 1 – Mutual fund net flows and AUM trend
funds (MF) industry grew 9% on-quarter to Rs 36.56 trillion in 38 2.0

Quarterly Average AUM (Rs trillion)


the quarter ended September 2021, supported by a rise in 36
1.5

Net flows (Rs trillion)


asset volumes of most categories, including equity funds, 34

hybrid funds and index/exchange traded funds (ETFs). The 32 1.0

increase could also be attributed to continued inflows 30


0.5
through systematic investment plans (SIPs). The industry 28

witnessed net flows of Rs 299 billion in the second quarter of 26 0.0


24
fiscal 2022 through SIPs, compared with Rs 234 billion in the -0.5
22
same period of fiscal 2021.
20 -1.0

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

FII/ MF Daily Net Equity


Investments Rs. billion
(% change) (% change) 61000 30

S&P BSE Sensex


59000
S&P BSE SENSEX 12.66 55.32 57000 10
55000
S&P BSE Midcap 12.06 71.73 53000 -10
51000
S&P BSE SmallCap 11.29 88.88 49000 -30
47000
S&P BSE Realty 49.74 145.52
45000 -50

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

S&P BSE Consumerdurables 16.20 70.28


S&P BSE Power 16.09 93.51
FII Daily Net Equity Investments
S&P BSE Teck 15.95 66.50 MF Daily Net Equity Investments
S&P BSE SENSEX
S&P BSE Capitalgoods 13.15 87.70
Source - SEBI, BSE
S&P BSE India Infrastructure Index 12.14 96.19
An acceleration in India’s domestic vaccination programme
S&P BSE Fast Moving Consumer
9.94 34.48 also supported the positive momentum in equities.
Goods
Encouraging domestic economic data, including easing of
S&P BSE Finance 9.91 70.81
domestic retail inflation due to a pullback in food prices, also
S&P BSE BANKEX 8.58 75.44
lifted investor sentiment. Consumer Price Index (CPI)-based
S&P BSE Metal 8.13 143.03
inflation fell to 5.30% in August from 5.59% in July. The RBI
S&P BSE Healthcare 1.97 31.79
also said the inflation trajectory is coming down faster than
S&P BSE Auto 0.40 33.50
expected, and the inflation of 5.3% has proven the Monetary
Sectoral indices sorted on three-month returns
Policy Committee’s move to look through May’s price shock,
Source - BSE
to be the right call.
S&P BSE Sensex, the Indian equity benchmark, extended its
gains by ~13% in the quarter-ended September to cross the Earlier in the quarter, markets rallied following better-than-
60000 mark as investors turned optimistic on domestic expected second quarter earnings by major companies.
growth prospects and the government announced a slew of Persistent buying by foreign institutional investors (FIIs) and
reforms for the telecom and auto sectors. domestic institutional investors (DIIs) also offered support.
FIIs bought equities worth Rs 31 billion in the September
India’s real gross domestic product (GDP) grew 20.1% in the
quarter compared with Rs 35 billion in the June quarter, while
April-June quarter, compared with a 24.4% contraction in the
DIIs bought equities worth Rs 300 billion compared with Rs
corresponding year-ago quarter and 1.6% growth in the
202 billion.
fourth quarter of last fiscal. Reserve Bank of India (RBI)
Deputy Governor Michael Debabrata Patra said the GDP Positive global cues also provided some support to the
growth projection of 9.5% for the year as a whole appears to market. Jerome Powell, the United States (US) Federal
be on track. Additionally, S&P Ratings retained India’s fiscal Reserve Chairman, commented at the Jackson Hole
2022 growth outlook at 9.5% and expects economic activity symposium that the central bank could begin scaling back its
to pick up in coming quarters based on high-frequency monthly bond purchases this year, though it will not be in a
indicators such as Goods and Services Tax receipts and hurry to begin raising interest rates thereafter. The US
motor vehicle sales. Senate’s approval of a $1.2 trillion infrastructure investment
and a $3.5 trillion budget blueprint, which would expand
social spending, also cheered investors. Further, the US Food
and Drug Administration’s full approval for the Pfizer-

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

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


6.00% 7.10%

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

Source – CRISIL Research Source – CRISIL Research

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.

Ami Organics Ltd. 14-Sep-21 110.29% 2 14


Rise in activity in the IPO segment
Vijaya Diagnostic
Nineteen initial public offerings (IPOs) featured in the mutual 14-Sep-21 7.34% 14 419
Centre Ltd.
fund portfolios during the September quarter. As on end of Sansera
24-Sep-21 8.35% 9 169
September 2021, the IPO stocks had total investment of Engineering Ltd.
~13,285 crore from mutual funds. Most of the IPOs recorded Market value as on 30 September 2021
positive returns since listing.

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

7.0% July-Sep'21 Apr-Jun'21

6.5%

6.0% Returns (%)


Category
5.5% 3 months 6 months 1 year 3 years
Dec-18

Dec-19

Dec-20
Mar-19

Mar-20

Mar-21

Sep-21
Jun-19

Jun-20

Jun-21
Sep-18

Sep-19

Sep-20

Liquid Fund 0.81 1.62 3.17 4.99


Ultra Short Duration
1.17 2.09 3.96 6.00
Fund

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

Dynamic Bond Fund 2.05 3.61 5.61 8.27


Short term debt categories which are less sensitive to
Credit Risk Fund 3.94 5.80 9.57 5.14
changes in yields also posted higher returns in September
Corporate Bond Fund 1.56 2.93 5.52 8.63
quarter relative to the previous quarter.
Banking and PSU Fund 1.48 2.78 5.23 8.48
Short duration funds posted 2.03% returns during September Gilt Fund 1.94 3.28 4.99 9.69
quarter in comparison with 1.22% in the June quarter. Returns as on September 30, 2021; returns above one year are annualised
Corporate bond funds and Banking & PSU funds which
Debt funds increased exposure to higher credit quality in
generally have conservative rating profiles, posted 1.56% and September quarter
1.48% returns, respectively during the September quarter.
The capital allotment to safer credits (G-secs, AAA, A1+
Credit Risk funds delivered 3.94% returns in September
papers) continued through the September quarter.
quarter.
Allocation to sovereign securities increased across most debt
Liquid and ultra-short duration funds delivered 0.81% and
categories during the September quarter. Medium to long
1.17% respectively in September quarter. Low duration funds
duration funds increased exposure to sovereign securities to
and money market funds posted 1.71% and 0.92% returns
57.53% in September quarter from 52.79% in the previous
respectively during the same period.
quarter. During the same period, medium duration funds
increased exposure to sovereign securities to 26.98% from
25.26%. Medium duration funds increased allocation to AAA
& A1+ rated securities to 26.33% in September quarter from
24.84% during the June quarter. Dynamic Bond funds

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

1. Large Cap funds Debt Funds

2. Large & Mid Cap funds 14. Gilt funds

3. Flexi Cap funds 15. Banking & PSU funds

4. Multi Cap funds 16. Credit Risk funds

5. Mid Cap funds 17. Corporate Bond funds

6. Small Cap funds 18. Dynamic Bond funds

7. Value/Contra funds 19. Medium to Long Duration funds

8. Focused 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.

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

Weightages 55% 25% 10% 5% 5%

Canara Robeco Bluechip


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

IDBI India Top 100 Equity


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

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)

Aditya Birla Sun Life Frontline


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

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)

ICICI Prudential Bluechip


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

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)

Figures in brackets indicate previous quarter ranks

12
Large & 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
Large & Mid Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Mirae Asset Emerging


1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 5 (5) 3 (3) 5 (5)
Bluechip Fund

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

Edelweiss Large and Mid


2 (3) 2 (2) 3 (3) 3 (2) 3 (3) 3 (3) 2 (2) 3 (2) 2 (3)
Cap Fund

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

Aditya Birla Sun Life Equity


3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 4 (4) 4 (4)
Advantage Fund

BOI AXA Large & Mid Cap


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

Canara Robeco Emerging


3 (2) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4)
Equities

DSP Equity Opportunities


3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 5 (5) 3 (4) 3 (4)
Fund

ICICI Prudential Large & Mid


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

Kotak Equity Opportunities


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

LIC MF Large & Mid Cap


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

Quant Large and Mid Cap


3 2 3 3 3 3 3 5 1
Fund

SBI Large & Midcap Fund 3 (2) 3 (1) 3 (1) 3 (2) 2 (2) 2 (2) 1 (2) 2 (3) 5 (5)

Sundaram Large and Mid


3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (4) 3 (3) 3 (2)
Cap Fund

Franklin India Equity


4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 5 (5) 3 (3)
Advantage Fund

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)

Invesco India Growth


5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
Opportunities Fund

L&T Large and Midcap Fund 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 3 (1) 3 (3) 3 (3)

Figures in brackets indicate previous quarter ranks

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

Weightages 55% 25% 10% 5% 5%

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)

Canara Robeco Flexi Cap


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

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)

Aditya Birla Sun Life Flexi


3 (3) 3 (3) 2 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (4)
Cap Fund

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)

Franklin India Flexi Cap


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

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)

Navi Flexi Cap Fund 3 3 3 3 4 4 3 2 1

SBI Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (3)

Tata Flexi Cap Fund 3 3 3 3 2 2 3 3 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)

Shriram Flexi Cap Fund 4 4 4 4 1 1 5 4 1

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)

Motilal Oswal Flexi Cap


5 (5) 5 (5) 5 (5) 4 (5) 4 (4) 4 (4) 5 (5) 5 (5) 5 (5)
Fund

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

Weightages 55% 25% 10% 5% 5%

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)

Mahindra Manulife Multi


2 (2) 2 (2) 2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 1 (3)
Cap Badhat Yojana

BNP Paribas Multi Cap


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

Invesco India Multicap


3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (2)
Fund

Nippon India Multicap


4 (5) 4 (5) 3 (5) 3 (5) 5 (5) 5 (5) 3 (3) 3 (3) 5 (5)
Fund

Principal Multi Cap Growth


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

ICICI Prudential Multicap


5 (4) 5 (4) 5 (4) 5 (4) 4 (4) 4 (4) 5 (5) 2 (2) 4 (4)
Fund

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

Weightages 55% 25% 10% 5% 5%

Baroda Mid-cap Fund 1 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 4 (5) 2 (3)

PGIM India Midcap


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

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)

Quant Mid Cap Fund 2 1 1 1 4 4 3 5 2

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)

Aditya Birla Sun Life


3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3)
Midcap Fund

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)

ICICI Prudential MidCap


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

Invesco India Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (2)

Mahindra Manulife Mid


3 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 2 (2) 2 (3)
Cap Unnati Yojana

Tata Mid Cap Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 3 (3) 2 (1)

Taurus Discovery (Midcap)


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

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)

Motilal Oswal Midcap 30


5 (5) 5 (5) 4 (5) 3 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
Fund

Sundaram Mid Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 3 (3) 2 (2) 3 (3)

Figures in brackets indicate previous quarter ranks

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

Weightages 55% 25% 10% 5% 5%

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

Quant Small Cap Fund 1 1 1 1 5 5 1 5 2

ICICI Prudential Smallcap


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

Nippon India Small Cap


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

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)

HSBC Small Cap Equity


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

IDBI Small Cap Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 5 (4) 3 (3) 1 (1)

L&T Emerging Businesses


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

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)

Aditya Birla Sun Life Small


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

Franklin India Smaller


5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3)
Companies Fund

Figures in brackets indicate previous quarter ranks

17
Value / Contra funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Sep - 21 Sep - 21 Mean Mean


Volatility Volatility Industry Company
Value / Contra funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

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)

ICICI Prudential Value


2 (2) 2 (2) 2 (2) 2 (2) 2 (1) 2 (1) 2 (2) 5 (5) 4 (4)
Discovery Fund

Nippon India Value Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)

Templeton India Value


2 (2) 2 (2) 2 (2) 2 (2) 5 (5) 5 (5) 3 (3) 4 (4) 2 (2)
Fund

Aditya Birla Sun Life Pure


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

IDBI Long Term Value Fund 3 3 4 4 1 1 3 2 1

JM Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (4) 3 (3) 2 (1)

Kotak India EQ Contra


3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2)
Fund

L&T India Value Fund 3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 3 (3) 4 (4)

UTI Value Opportunities


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

HDFC Capital Builder Value


4 (5) 4 (5) 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 3 (3) 3 (3)
Fund

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)

Quantum Long Term Equity


5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 4 (4) 5 (4) 2 (2)
Value Fund

Tata Equity PE Fund 5 (5) 5 (5) 4 (5) 4 (5) 2 (2) 2 (2) 5 (5) 4 (5) 3 (3)

Figures in brackets indicate previous quarter ranks

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

Weightages 55% 25% 10% 5% 5%

IIFL Focused Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2) 2 (1) 4 (3)

Quant Focused Fund 1 1 2 2 3 3 2 4 1

Nippon India Focused


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

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)

Aditya Birla Sun Life


3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)
Focused Equity Fund

Axis Focused 25 Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (4) 4 (4) 5 (5)

BNP Paribas Focused 25


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

Franklin India Focused


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

ICICI Prudential Focused


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

IDBI Focused 30 Equity


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

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)

Motilal Oswal Focused 25


4 (3) 4 (3) 4 (3) 4 (3) 2 (3) 2 (3) 5 (5) 5 (5) 4 (3)
Fund

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)

Figures in brackets indicate previous quarter ranks

19
Equity Linked Savings Scheme (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)

Sep - 21 Sep - 21 Mean Mean


Volatility Volatility Industry Company
Equity Linked Savings Scheme (ELSS) Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

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)

Edelweiss Long Term Equity Fund (Tax


3 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3)
Savings)

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

ICICI Prudential Long Term Equity Fund (Tax


3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (3)
Saving)

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)

Figures in brackets indicate previous quarter ranks

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

HDFC Sensex ETF 1 (1) 1 (1)

Kotak Sensex ETF Fund 1 (1) 1 (1)

SBI - ETF SENSEX 1 (1) 1 (1)

UTI SENSEX Exchange Traded Fund 1 (1) 1 (1)

HDFC NIFTY 50 ETF 2 (2) 3 (2)

ICICI Prudential Sensex ETF 2 (3) 2 (3)

LIC MF ETF - Sensex 2 (2) 2 (2)

Nippon India ETF Nifty BeES 2 (2) 2 (2)

Nippon India ETF Sensex 2 (2) 2 (2)

SBI - ETF Nifty 50 2 (2) 2 (2)

UTI NIFTY Exchange Traded Fund 2 (2) 2 (2)

Aditya Birla Sun Life Nifty ETF 3 (3) 3 (3)

Axis Nifty ETF 3 (3) 3 (3)

HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)

HDFC Index Fund - Sensex Plan 3 (3) 3 (3)

ICICI Prudential Nifty ETF 3 (3) 3 (3)

ICICI Prudential Nifty Index Fund 3 (3) 3 (3)

IDBI Nifty Index Fund 3 (3) 4 (3)

Kotak Nifty ETF Fund 3 (3) 3 (3)

LIC MF ETF - Nifty 50 3 (3) 3 (3)

LIC MF Index Fund - Nifty Plan 3 (3) 3 (3)

Motilal Oswal M50 ETF (MOSt Shares M50) 3 (3) 3 (3)

SBI Nifty Index Fund 3 (3) 3 (3)

UTI Nifty Index Fund 3 (2) 2 (2)

Franklin India Index Fund - NSE Nifty Plan 4 (4) 4 (4)

ICICI Prudential Sensex Index Fund 4 (4) 4 (4)

IDFC Nifty ETF 4 (4) 4 (4)

IDFC Nifty Fund 4 (4) 4 (4)

LIC MF Index Fund - Sensex Plan 4 (4) 3 (4)

Nippon India Index Fund - Nifty Plan 4 (4) 4 (4)

Nippon India Index Fund - Sensex Plan 4 (4) 4 (4)

Aditya Birla Sun Life Index Fund 5 (5) 5 (5)

Invesco India Nifty Exchange Traded Fund 5 (5) 5 (5)

Tata Index Fund - NIFTY 5 (5) 5 (5)

Tata Index Fund - SENSEX 5 (5) 5 (5)

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)

Sep - Sep - Industry


Mean Mean Debt
21 21 Volatility Volatility Concentration / Company Debt Equity
Aggressive Hybrid funds Return Return Asset
Rank Rank - Reg - Dir Exposure to Concentration Liquidity Liquidity
- Reg - Dir Quality
- Reg - Dir Sensitive Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
BOI AXA Mid & Small Cap
1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 4 (3) 2 (3) 3 (3) 3 (3) 3 (1) 3 (4)
Equity & Debt

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)

BNP Paribas Substantial


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

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)

Aditya Birla Sun Life Equity


4 (4) 4 (4) 3 (3) 3 (4) 3 (3) 3 (3) 5 (5) 3 (3) 5 (5) 3 (3) 4 (4)
Hybrid 95

Axis Equity Hybrid 4 3 3 3 2 2 4 3 4 4 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)

Motilal Oswal Equity Hybrid 5 5 4 4 3 3 3 5 3 3 4

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)

K = Equity Component in Hybrid Funds


* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
Figures in brackets indicate previous quarter ranks

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

SBI Debt Hybrid


2 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (5) 3 (3) 4 (4) 5 (4) 3 (2)
Fund

Aditya Birla Sun


Life Regular 3 (3) 3 (4) 2 (2) 2 (2) 4 (3) 4 (3) 5 (5) 3 (4) 5 (5) 3 (3) 3 (3) 3 (4)
Savings 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

Axis Regular Saver


4 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3)
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

K = Equity Component in Hybrid Funds


* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
Figures in brackets indicate previous quarter ranks

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

Weightages 60% 25% 15%

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)

Sundaram Arbitrage Fund 5 5 4 3 5 5 5 5

Figures in brackets indicate previous quarter ranks

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

Weightages 50% 25% 10% 15%

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)

Figures in brackets indicate previous quarter ranks

DEBT FUNDS

25
Banking and PSU 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
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%

Edelweiss Banking and PSU


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

ICICI Prudential Banking &


1 (1) 1 (1) 1 (1) 1 (1) 4 (3) 4 (3) 1 (4) 1 (1) 4 (4) 4 (4) 3 (3)
PSU Debt Fund

Invesco India Banking & PSU


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

Kotak Banking and PSU Debt


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

L&T Banking and PSU Debt


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

PGIM India Banking & PSU


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

Aditya Birla Sun Life Banking


3 (2) 3 (2) 3 (2) 3 (2) 2 (3) 2 (3) 5 (4) 4 (4) 4 (4) 3 (3) 4 (4)
& PSU Debt Fund

DSP Banking & PSU Debt


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

Franklin India Banking &


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

IDFC Banking & PSU Debt


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

Nippon India Banking & PSU


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

Sundaram Banking & PSU


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

Tata Banking & PSU Debt


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

Axis Banking & PSU Debt


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

HDFC Banking & PSU Debt


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

Mirae Asset Banking and


4 3 3 3 3 3 1 1 3 3 3
PSU Debt Fund

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)

UTI-Banking & PSU Debt


5 (5) 5 (5) 4 (5) 5 (5) 2 (2) 2 (2) 5 (5) 4 (5) 5 (5) 1 (2) 5 (5)
Fund

Figures in brackets indicate previous quarter ranks

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

Weightages 50% 10% 5% 5% 10% 5% 15%

HDFC Credit Risk Debt


1 (1) 1 (1) 1 (1) 1 (1) 4 (3) 3 (3) 3 (3) 1 (3) 3 (3) 5 (5) 3 (3)
Fund

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)

Aditya Birla Sun Life Credit


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

ICICI Prudential Credit Risk


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

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)

L&T Credit Risk Fund 4 4 4 4 3 3 3 3 2 3 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)

Figures in brackets indicate previous quarter ranks

27
Corporate Bond 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
Corporate Bond 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%

IDFC Corporate Bond


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

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)

HDFC Corporate Bond


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

ICICI Prudential Corporate


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

Nippon India Corporate


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

PGIM India Premier Bond


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

Aditya Birla Sun Life


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

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)

Kotak Corporate Bond


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

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

Union Corporate Bond


3 (5) 3 (5) 4 (4) 4 (5) 5 (5) 5 (5) 1 (1) 4 (1) 2 (3) 3 (4) 2 (2)
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)

Franklin India Corporate


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

HSBC Corporate Bond


4 5 3 3 4 4 1 5 4 4 3
Fund

Invesco India Corporate


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

Canara Robeco Corporate


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

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)

Figures in brackets indicate previous quarter ranks

28
Dynamic Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Sep - 21 Sep - 21 Mean Mean Exposure to


Volatility Volatility Modified Company Asset
Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

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)

Quantum Dynamic Bond


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

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)

ICICI Prudential All


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

Kotak Dynamic Bond


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

Canara Robeco Dynamic


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

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)

PGIM India Dynamic Bond


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

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)

Union Dynamic Bond


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

Aditya Birla Sun Life


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

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)

Mirae Asset Dynamic


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

Nippon India Dynamic


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

BNP Paribas Flexi Debt


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

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)

Figures in brackets indicate previous quarter ranks

29
Medium to Long Duration funds (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)

Sep - 21 Sep - 21 Mean Mean Exposure to


Medium to Long Duration Volatility Volatility Modified Company Asset
Rank Rank Return Return Sensitive Liquidity
funds - Reg - Dir Duration Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Bond Fund - Income


1 (1) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 1 (1) 3 (5) 1 (1) 1 (1)
Plan

Aditya Birla Sun Life


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

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)

Canara Robeco Income


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

ICICI Prudential Bond


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

Kotak Bond 3 (3) 2 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3)

Nippon India Income


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

SBI Magnum Income


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

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)

Figures in brackets indicate previous quarter ranks

30
Medium Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Sep - 21 Sep - 21 Mean Mean Exposure to


Volatility Volatility Modified Company Asset
Medium Duration funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Bond Fund -


1 (1) 1 (1) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 1 (4) 1 (1) 1 (1)
Medium Term Plan

HDFC Medium Term Debt


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

ICICI Prudential Medium


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

SBI Magnum Medium


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

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)

L&T Resurgent India


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

Sundaram Medium Term


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

Aditya Birla Sun Life


4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 4 (3) 5 (5) 4 (4) 4 (3) 4 (4)
Medium Term Plan

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)

Nippon India Strategic


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

Figures in brackets indicate previous quarter ranks

31
Short Duration 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
Short Duration 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%


Kotak Bond Short Term
1 (3) 1 (3) 2 (3) 2 (3) 3 (3) 3 (3) 4 (4) 1 (1) 2 (3) 4 (3) 3 (3)
Plan
Nippon India Short Term
1 (2) 1 (2) 1 (2) 1 (1) 3 (3) 3 (3) 3 (4) 1 (1) 4 (4) 4 (3) 4 (5)
Fund
HDFC Short Term Debt
2 (3) 3 (4) 1 (2) 2 (2) 3 (3) 3 (3) 3 (3) 5 (5) 4 (5) 5 (4) 4 (4)
Fund
Principal Short Term
2 (1) 2 (2) 3 (1) 3 (2) 5 (5) 5 (5) 1 (1) 3 (3) 1 (2) 5 (5) 1 (2)
Debt Fund
Sundaram Short Term
2 (2) 2 (1) 5 (4) 5 (4) 1 (1) 1 (1) 1 (1) 4 (4) 1 (1) 1 (1) 1 (1)
Debt Fund
UTI Short Term Income
2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 5 (5) 4 (3) 3 (3) 2 (2) 3 (3)
Fund
Aditya Birla Sun Life
3 (2) 3 (3) 2 (2) 2 (2) 2 (3) 2 (3) 4 (4) 1 (1) 5 (5) 3 (3) 5 (4)
Short Term Fund
Axis Short Term Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 1 (3) 4 (4) 3 (4) 4 (4)
Baroda Short Term Bond
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 1 (4) 5 (4) 3 (4) 3 (4)
Fund
BNP Paribas Short Term
3 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 5 (5) 3 (2) 1 (3) 3 (2)
Fund
Canara Robeco Short
3 (2) 3 (2) 4 (4) 5 (4) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 2 (1) 2 (1)
Duration Fund
ICICI Prudential Short
3 (3) 2 (2) 2 (2) 1 (2) 3 (2) 3 (2) 3 (3) 3 (1) 4 (4) 4 (5) 5 (5)
Term Fund
IDFC Bond Fund - Short
3 (3) 3 (3) 3 (3) 4 (3) 3 (2) 3 (2) 1 (1) 4 (3) 3 (3) 4 (2) 2 (3)
Term
L&T Short Term Bond
3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (1) 2 (3) 2 (2)
Fund
SBI Short Term Debt
3 (4) 4 (4) 3 (4) 3 (5) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2) 2 (3) 3 (3)
Fund
DSP Short Term Fund 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (1) 1 (3) 3 (3) 3 (2) 3 (3)
HSBC Short Duration
4 (1) 3 (1) 3 (1) 3 (1) 4 (5) 4 (5) 1 (1) 4 (4) 2 (3) 3 (3) 3 (3)
Fund
LIC MF Short Term Debt
4 (4) 3 (3) 5 (5) 4 (5) 3 (3) 3 (3) 1 (1) 1 (4) 2 (2) 3 (2) 2 (2)
Fund
Mirae Asset Short Term
4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 3 (3) 3 (3) 3 (3)
Fund
Invesco India Short Term
5 (5) 5 (5) 4 (5) 3 (4) 5 (4) 5 (4) 1 (1) 3 (1) 3 (3) 3 (3) 3 (3)
Fund
Tata Short Term Bond
5 (5) 5 (5) 4 (4) 3 (3) 4 (4) 4 (4) 4 (3) 1 (1) 3 (3) 3 (4) 4 (3)
Fund

Figures in brackets indicate previous quarter ranks

32
Money Market 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
Money Market 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%

Nippon India Money


1 (2) 1 (3) 3 (2) 3 (3) 3 (3) 3 (2) 3 (4) 1 (1) 1 (2) 2 (2) 3 (3)
Market

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)

Franklin India Savings


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

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)

HDFC Money Market


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

ICICI Prudential Money


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

IDFC Money Manager


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

Invesco India Money


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

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)

Aditya Birla Sun Life


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

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)

Figures in brackets indicate previous quarter ranks

33
Low Duration 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
Low Duration 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%

Canara Robeco Savings


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

ICICI Prudential Savings


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

Axis Treasury Advantage


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

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)

Nippon India Low


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

UTI Treasury Advantage


2 (3) 2 (3) 2 (3) 2 (4) 3 (2) 3 (2) 5 (5) 4 (4) 3 (3) 3 (3) 2 (3)
Fund

Aditya Birla Sun Life Low


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

BNP Paribas Low


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

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)

Invesco India Treasury


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

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)

Tata Treasury Advantage


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

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)

SBI Magnum Low


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

Sundaram Low Duration


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

Mahindra Manulife Low


5 (5) 4 (5) 4 (4) 3 (3) 2 (2) 2 (2) 5 (4) 3 (3) 4 (4) 3 (2) 4 (4)
Duration Fund

Mirae Asset Savings


5 (5) 5 (5) 4 (4) 4 (3) 3 (3) 3 (3) 4 (5) 4 (4) 4 (3) 3 (3) 3 (2)
Fund

Figures in brackets indicate previous quarter ranks

34
Ultra Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Sep - 21 Sep - 21 Mean Mean Exposure to


Ultra Short Duration Volatility Volatility Company Asset Modified
Rank Rank Return Return Sensitive Liquidity
funds - Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Canara Robeco Ultra


1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (2) 1 (1)
Short Term Fund

L&T Ultra Short Term


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

HDFC Ultra Short Term


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

IDFC Ultra Short Term


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

Nippon India Ultra Short


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

SBI Magnum Ultra Short


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

Aditya Birla Sun Life


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

HSBC Ultra Short


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

IDBI Ultra Short Term


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

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)

PGIM India Ultra Short


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

UTI Ultra Short Term


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

Axis Ultra Short Term


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

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)

ICICI Prudential Ultra


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

Invesco India Ultra Short


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

Sundaram Ultra Short


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

Tata Ultra Short Term


5 (5) 5 (5) 4 (4) 3 (3) 2 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 4 (4)
Fund

Figures in brackets indicate previous quarter ranks

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

Weightages 50% 10% 5% 5% 15% 15%

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)

Union Liquid Fund 5 5 2 2 2 2 5 5 3 2

Figures in brackets indicate previous quarter ranks

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.

Mean return and volatility


Liquidity analysis
Mean return and volatility are considered as separate
parameters across all categories. Mean return is the It measures the ease with which a portfolio can be

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.

duration, medium to long duration categories; it is one year


Equity liquidity is computed as follows:
for banking & PSU, corporate bond, credit risk, liquid, and
other short duration categories. The period of analysis is Liquidity score of each stock = No. of shares held / daily
broken into four overlapping periods (latest 36, 27, 18 and 9 average trading volume of past six months
months for three-year period, and latest 12, 9, 6 and 3
Portfolio liquidity score = Weighted average liquidity score
months for one-year period). Each period is assigned a
of the above
progressive weight starting from the longest period as
follows: 32.5%, 27.5%, 22.5% and 17.5%, respectively. In case of debt liquidity, T-bills will be treated at par and will
be scored better followed by G-sec, then SDL and corporate
Outlier returns in debt funds due to recovery are normalised
bonds. All SDLs will be treated at par and scored equal to
while calculating mean returns and volatility.
liquid classified corporate debt. G-sec will be assessed
using the security level trade data for the last three months
Portfolio concentration analysis by analysing turnover (volume), the number of days security
Concentration measures the risk arising out of improper is traded, and the number of trades. Corporate debt liquidity
diversification. For equity securities, diversity score is used is computed by classifying each security into three
as the parameter to measure industry as well as company categories - liquid, semi liquid and illiquid based on (best of)
concentration. In case of debt schemes, the company spread over benchmark and number of days traded in the
concentration is analysed at an individual issuer specific past three months.
limit. The limit is linked with the credit rating of the issuer;
a high rated issuer will have higher limits and as the rating
declines the limit is reduced progressively. Exposure to

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

● AUM cut-off criteria

Broad Investment Type^ AUM Cut-offs (Rs. Crore)*


Equity 10
Debt and Hybrid 50
Debt (<1 year) 250
Liquid 1000
^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multi Cap, Flexi Cap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid, Arbitrage
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
* 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

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

Mean Return (%) 55 -

Tracking error (%) - 100

Volatility (%) 25 -

Company concentration (%) 5 -

Industry concentration (%) 10 -

Equity - liquidity (%) 5 -

Time (years) 3 3

Hybrid categories:
Parameters 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:
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

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

39
Annexure II – Exclusion list
The following SEBI-defined categories are currently excluded from the rankings:

Equity: Dividend yield funds, sectoral/thematic 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.

● 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:

Scheme name New category Reason for exclusion

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

Ultra Short Duration


Baroda Ultra Short Duration Fund Did not meet AUM criteria
Fund

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

Ultra Short Duration


BOI AXA Ultra Short Duration Fund Did not meet AUM criteria
Fund

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

Historical attributes of the fund do not match that of the


Edelweiss Aggressive Hybrid Fund Aggressive Hybrid Fund
category/peer group

Edelweiss ETF - Nifty 50 Index Funds/ETFs Did not meet AUM criteria

Historical attributes of the fund do not match that of the


Edelweiss Money Market Fund Money Market Fund
category/peer group

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

Ultra Short Duration


ITI Ultra Short Duration Fund Does not have one-year NAV history
Fund

ITI Value Fund Value Fund Does not have three-year NAV history

Historical attributes of the fund do not match that of the


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
JM Income Fund Did not meet AUM criteria
Duration Fund

JM Large Cap Fund Large Cap Fund Outlier fund in the category

JM Liquid Fund Liquid Fund Did not meet AUM criteria

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

Ultra Short Duration


LIC MF Ultra Short Term Fund Did not meet AUM criteria
Fund

Mahindra Manulife Arbitrage Yojana Arbitrage Fund Did not meet AUM criteria

Mahindra Manulife Dynamic Bond


Credit Risk Fund Did not meet the category definition
Yojana

Mahindra Manulife Flexi Cap Yojana Flexi Cap Fund Does not have three-year NAV history

Mahindra Manulife Focused Equity


Focused Fund Does not have three-year NAV history
Yojana

Mahindra Manulife Hybrid Equity


Aggressive Hybrid Fund Does not have three-year NAV history
Nivesh Yojana

Mahindra Manulife Large Cap Pragati


Large Cap Fund Does not have three-year NAV history
Yojana

Mahindra Manulife Short Term Fund Short Duration Fund Does not have one-year NAV history

Mahindra Manulife Top 250 Nivesh


Large & Mid Cap Fund Does not have three-year NAV history
Yojana

Mahindra Manulife Ultra Short Term Ultra Short Duration


Did not meet AUM criteria
Fund Fund

Mirae Asset Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history

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

Mirae Asset Money Market Fund Money Market Fund Does not have one-year NAV history

Ultra Short Duration


Mirae Asset Ultra Short Duration Fund Does not have one-year NAV history
Fund

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

Motilal Oswal Nifty 50 Index Fund


Index Funds/ETFs Does not have three-year NAV history
(MOFNIFTY50)

Ultra Short Duration


Motilal Oswal Ultra Short Term Fund Did not meet AUM criteria
Fund

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

Ultra Short Duration


Navi Ultra Short Term 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 Conservative Hybrid Conservative Hybrid


Does not have three-year NAV history
Fund Fund

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

Ultra Short Duration


Principal Ultra Short Term Fund Did not meet AUM criteria
Fund

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

Ultra Short Duration


YES Ultra Short Term Fund Did not meet AUM criteria
Fund

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.

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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
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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

About CRISIL Research


CRISIL Research, a division of CRISIL, is India’s largest independent integrated research house and is registered as a Research Analyst
with SEBI (Registration No INH000007854). We provide insights, opinion, analysis, and data on the Indian economy, industry, capital
markets, and companies. We also conduct executive training programs, predominantly in the area of credit and risk management. We
are India’s one of the most credible providers of economy and industry research. Our analysis is supported by inputs from our large
network of sources, including industry experts, industry associations, and trade channels. We play a key role in India’s fixed income
markets, being the largest provider of valuation of fixed income securities to the mutual fund, insurance, and banking sector in the
country. We are also a prominent provider of debt and hybrid indices to India’s mutual fund and life insurance industries as benchmarks
for performance assessment.
CRISIL Research also undertakes Equity and Debt valuation, publishes Mutual Fund Ranking for mutual fund schemes (across equity,
debt, and hybrid asset classes) and provides Portfolio Analytics for Institutional Investors, which involves deep analysis of portfolio for
corporates, pension funds, and provident funds at an asset class level. Our platform for wealth managers, Alphatrax, offers in-depth
analysis of performance and portfolio-based attributes for diverse asset classes. It also enables investors to assess industry and
company level risks based on CRISIL’s proprietary models. We also provide Equity Support services to the domestic market
intermediaries that use our research reports to assist their clients in making investment decisions in relation to listed or to be listed
securities in India.
Quantix, our integrated data and analytics platform, finds use in diverse functions across the financial sector, corporates, and
consulting firms including business strategy, deal/ loan origination, credit underwriting, risk monitoring, and treasury/ investment
management.
Our Company reports (that combine select financial and non-financial data, analytics from our proprietary risk models, and commentary
on company’s financial performance) are used by large commercial banks and financial institutions as part of their credit/ risk
management process.
Our SME Performance Gradings, used by lenders, assess creditworthiness of SME enterprises relative to the peers leveraging our
proprietary grading model. The framework includes assessment of entity-level financial and operating performance, as well as industry-
level drivers.
Our defining trait is the ability to convert information and data into expert judgments and analytics with utmost objectivity. We leverage
our deep understanding of the macro-economy and our extensive sector coverage to provide unique insights on micro-macro and cross-
sectoral linkages.
Our talent pool comprises of economists, sector experts, company analysts and information management specialists.

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