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Birla Sun Life Frontline Equity Fund
Investment Objective
The scheme aims to generate long-term capital growth, income generation and distribution of dividend.It would target the same sectoral weights as BSE 200, subject to flexibility of selecting stocks within a particular sector.
Fund Managers
Mahesh Patil since Nov 2005
Analysis
This is the sort of fund whose stated strategy could be called index with a garnish. The fund house has chosen to define the strategy as a variation on the BSE 200 benchmark. It says that the fund would aim for the same sector weights as the index and try to get all the advantage by having a different stock selection within those sectors. Essentially, this can be seen as a way of ensuring that sector-wide events and trends do not affect the relative performance of the fund and the fund thrives or survives by the strength of its stock selection alone.
Does the theory work? Let's see. Frontline hasn't underperformed the benchmark for ten years now. Whether it was a terrible year like 2008, or great ones like 2006, 2007 or 2009, this fund always either rises more than the benchmark returns or falls less. The result: an excellent relative performance. The fund has outpaced the index at 3.8 per cent per annum over the last five years, which is an aggregate of 21 per cent. By itself, its gains over the period have aggregated to 1.7 times the original value or 22 per cent per year. While the gains are impressive, it's the consistency of the lead over the benchmark that proves that the fund has proven its strategic theory.
As Mahesh Patil, Co-CIO, Birla Sun Life says, "Our objective is to beat the benchmark incrementally and consistently taking measured individual stock bets in the portfolio. The mandate of the fund does not allow us to take large sectoral deviations vis-à-vis the benchmark. Typically, 70 per cent of the portfolio is the core, which are longer term, high conviction calls."
Examining the portfolio in detail one can observe that the sectoral match with the benchmark is quite close but obviously not perfect. Similar is the case with the actual stocks. While it's easy to nitpick objections, the fact is that the approach has a proven track record. And with fund manager Mahesh Patil having been round for nine years now, there's little reason to doubt that investors will continue to be well-served by this fund.
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