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BNP Paribas Equity Fund - Invest Online
The scheme aims to generate regular long term capital growth from a diversified and actively managed portfolio of equity and equity related securities.
The fund's ability to beat the benchmark and category have shown consistent improvement in the choppy markets from 2011. BNP Paribas Equity has shot into the limelight only since 2011 to be a top-10 fund within the large-cap category for the last 5 years. The fund went through a rough patch between 2008 and 2010 when it slipped behind its benchmark. It has managed a convincing comeback since 2011, improving its Value Research ratings to 4-star for the last year, from an average 2.7 stars in the previous years.
So, this fund is not averse to parking 10-25 per cent of its assets in mid-caps and another 8-12 per cent in small-caps. Both mid- and small-cap allocations have climbed in this bull market. However, this approach does pose risks compared to peers as the fund has a low average market capitalization compared to other funds in the category.
The small asset size of R35 crore has helped this fund blend its top holdings with giant caps like TCS and ICICI Bank with mid-sized picks like VA Tech Wabag and UltraTech Cement, which also results in a fragmented portfolio of 40-44 stocks.
While its record before 2011 isn't much to rave about, the fund has been a consistent performer as well benchmark-beater in the last five years with 5-year returns at 14.8 per cent against benchmark returns of 11.2 per cent. The 3-year return of 19.9 per cent (benchmark 15.3 per cent) and one year gains of 42.2 per cent have also widened the out-performance over the index.
The improved returns have coincided with new fund manager Shreyas Devalker taking over in 2011. After plunging more than the benchmark in the 2008 stock market rout the fund did quite well in containing downside in the bear market of 2011, its NAV falling 18 per cent against the index decline of nearly 25 per cent. BNP Paribas Equity is not yet the top fund in the large-cap category, but one that certainly bears watching.
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