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Franklin India Prima Fund
There's something to be said for this fund that has weathered four market cycles over two decades, always staying two paces ahead of its benchmark as well as peers. What we like about this fund is its ability to deliver impressive returns over really long period without taking on outsized risks or playing every market move. This shows up in its 10-year CAGR of 20.5 per cent, which means that every R10,000 invested in this fund has grown to over R64,000 in ten years.
The fund's enviable long term record is mainly due to its relentless focus on the quality of stocks that enter its portfolio and its genuinely long-term orientation (portfolio turnover at 17 per cent). Investments are in companies that can generate strong free cash flows over an entire business cycle of 5-7 years. In terms of market cap bias, this fund has consistently remained overweight in mid-caps relative to its category in recent years, holding lower large- and small-caps than its peers.
Stock selection is based on the company's return on capital, capital intensity and history of sharing its surpluses with minority shareholders. As quality can be an issue in the mid-cap space, companies with high debt or run-ins with regulators or the tax man are studiously avoided. "There are phases in the market when poor quality business might go up sharply, and at such times this fund might under-perform. However, our approach to stick to quality stocks reduces volatility through different market cycles," says fund manager R. Janakiraman.
The fund has a pretty impressive track record of sharply outperforming its benchmark during bullish phases and containing downside well during bear phases. The only exception to this was in the period from 2006 to 2008 when the fund's performance faltered. Since 2009, the fund has made a strong comeback, with a 60 per cent cumulative out-performance of the index, reflected in its consistent 4- or 5-star rating. Conservative investors who like to participate in the mid-cap opportunity without taking on too much risk should invest in it.
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