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Axis Midcap Fund
This mid-cap fund has stolen the show in its category after being late to arrive on the scene. Launched in the sideways market of early 2011, it is among the top ten funds in its category on a three-year ranking. Its Value Research rating started out at 3 and has recently improved to 5-star. It is however early days yet to gauge its ability to protect against downside risk.
This fund's stock selection strategy is all about finding emerging blue-chips; the mid-cap stocks that are likely to transform into large-caps from its investment universe of about 200 companies. The fund doesn't mind paying higher valuations for companies that have this quality of scalability. Apart from return on equity and return on capital, this fund hunts for companies that can grow at exceptional rates of 20-25 per cent CAGR.
The market cap allocations since launch show that the fund has focused most of its energies on mid-cap stocks, making up for 55-70 per cent of the portfolio. Small-caps too have been sizeable, at 28-34 per cent in the last two years, with positions in large-cap stocks being minuscule at sub-10 per cent levels.
Says Pankaj Murarka, fund manager; "We firmly believe that in a high growth cycle, companies moving from mid-cap to large-cap can create enough value to shareholders and that is what we look for while identifying mid-cap companies. As investing in mid-cap has its unique risks, we try to focus more on larger mid-cap companies."
The fund's trailing returns make for good reading, with a healthy out-performance of both the category and benchmark over 3-month, 6-month, 1-year and 3-year time frames. Cumulatively, over a three year period, the fund has outpaced its benchmark by a good 13.8 per cent on a CAGR basis. While this fund has been a top ranker since its launch, its one-year return of about 44 per cent places it at the middle of the mid-cap category. While this return is by no means low, the fund's steadfast growth focus seems to have led it to trail value-oriented funds in this market move.
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