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94 8300 8300
HDFC Capital Builder Fund
Fund Managers
Chirag Setalvad since Apr 2007
Miten Lathia since Aug 2010
Analysis
Over the years, although this fund may have changed its character from a mid-cap orientation to a mid- and large-cap fund with a normal large cap bias, it's habit of steady good performance remains intact. Whether one compares it to its CNX 500 benchmark or to the rest of the category, the fund shines through nicely.
Even in the largely stagnant equity markets post the 2008 crisis, it has gained a cumulative 35 per cent over the benchmark. Out of the last five years, it has outperformed the benchmark by margins ranging from 2.2 to 14.3 per cent in four years. Only in 2012 did it under perform the index by 3.5 per cent, but it had delivered a 28 per cent gain, so investors won't find much room to complain. The fund's Value Research Star Rating has been excellent. Over the last three years, it has almost always been rated four star. At 24 per cent, the five year trailing returns are also comfortably ahead of the benchmark.
HDFC Capital Builder's approach to balancing its portfolio among companies of different sizes is interesting. It's large cap exposure if in the mid-sixty per cent is almost at par in the category. However, at 15 per cent (last one year's average), the fund manager is much more fond of small caps than his peers, which stays at a negligible 3-5 per cent.
Fund managers Chirag Setalvad and Miten Lathia say that the approach is a combination of value and growth, "Margin of safety is important and thus we avoid overpaying for businesses. The portfolio does not consciously seek to be contrarian. However, many opportunities would require a contrarian view."
Given the performance of the fund, the small cap exposure has clearly served the fund well. In terms of sectors, there's no strong discernible bias from the benchmark or the rest of the category. This is a positive signal as it indicates superior stock selection skills. All things considered, this is a highly investment-worthy fund with a strong and sustained track record of doing better than its peers and the benchmark.
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