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SBI Magnum Midcap Fund
This mid-cap fund has had a chequered history, with a sharp improvement in returns since 2010, after an ordinary show in the years preceding that. After being lodged as a 2-star fund for nearly five years, it pulled up its socks and saw its ratings climb rapidly from Sep 2013 to Mar 2014 to 4-5 star rating. But it has since slipped a bit to 3 stars. The fund's dramatic rise came mainly from its sterling show in the last three years when, with a 21.3 per cent CAGR, the fund had delivered more than twice its benchmark as well as category returns.
The fund looks for smaller businesses (not below R100 crore market cap) which are scalable and yet capital-light. Companies with low promoter holdings (less than 15-20 per cent) and those with an appetite for frequent equity issues are avoided. The fund's mandate allows up to a fifth of the portfolio to be set aside towards large-cap stocks, which are defined as the top 100 by market cap.
Says Sohini Andani, fund manager; "During the last three years, we invested in sectors where growth visibility was much better, despite the concerns on the macro and the government policy framework. These were largely companies in the consumer discretionary, healthcare and IT sectors. We have significantly increased exposure to the industrials and financials sectors during the last two quarters so as to benefit from the positive government actions to boost overall economic growth."
The fund juggles its mid-cap versus small-cap allocations much more actively than its rivals too. Starting out 2013 with a 68:29 mix between the two, the fund has steadily reduced its exposure to mid-caps and raised it to smaller stocks. By April 2014, the mix stood at 61:32. This smaller stock tilt has probably given the fund's returns a good leg-up, as these stocks have sharply outperformed the bluechip segment of the market in the most recent leg of this rally. What goes against the fund is the higher swings in its returns. Start with small investments in this fund and build up exposures as the consistency of returns improves
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