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BSL Frontline Equity Fund
Strategy
The fund's investment strategy is in line with the BSE 200. This way its allocation is sprinkled across the sectors which brings in stability. Allocation to large caps is close to 75 per cent while market gyrations of last 2 years have seen its allocation to mid- and small-caps come down. Though the fund has the mandate to pick stocks from outside the ambit of BSE 200, it has largely stuck with the benchmark with just 10 to 20 per cent of the investment going outside it over the past 5 years. Sector-wise allocation though is mostly in proportion to the benchmark.
Its dominant sectors include automobiles, FMCG, financial, technology and energy. Banking and FMCG performed well last year which is reflected in performance. Its stock picks such as ING Vysya and IndusInd Bank also topped charts last year.
The fund's average equity allocation is around 90 per cent but sometimes takes cash calls; the most recent instance being 2008 when it went up to 20 per cent. But it reduced this exposure when market outlook improved.
Only two stocks -- Reliance Industries and Bharti Airtel -- have been a constant in its portfolio. Otherwise, it has around 70 stocks in the portfolio, significantly higher than the category average of around 52.
Performance
The first 3 years were difficult for the fund with its performance in the debut year underperforming the category by as much as 17 per cent. But it pulled up its socks in 2006 and rest as they say is history. It has outperformed the category average in all subsequent years and been a part of the top 50 per cent in terms of performance.
All this has seen its assets going up spectacularly in the last 4 years and the climbing up to the fifth position in the category. Its 5-year annualised return is 9.13 per cent, way higher than the category average of 5.17 per cent and benchmark return of 2.83 per cent.
Why invest?
This fund stays at the forefront when it comes to performance as it has outperformed the category average in most years. It has rewarded its investors in the long as well as short term by being diversified and following a focused approach towards investing.
Happy Investing!!
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