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Tata Pure Equity Fund
Earlier known as Tata Twin Option (Equity), the scheme aims at medium to long term capital growth, with 100 per cent investments in the equity of large-cap, liquid blue-chip companies.
With predictability as its middle name; Tata Pure Equity has been consistently rated between 3 and 4-star in the Value Research ratings for the last ten years. The fund has outperformed the benchmark almost every year in the last decade, that too with a low risk score.
But the degree of out-performance has never been high with 5-year returns beating the index only by 2 per cent. The consistency comes at a cost, as the fund doesn't seem geared to make the most of bull markets.
The return profile of Tata Pure Equity Fund is sufficient to drive home the point that this is one fund which prefers safety to aggression. The fund had a wavering strategy in the initial years, with mid-cap allocations swinging between 15 and 50 per cent up to the end of 2009. But it has acquired the character of a true large-cap fund from 2010.
Mid-caps have been scaled down to sub-10 per cent since 2013. Apart from a preference for giant caps, the fund runs a diversified portfolio with 35-40 stocks, a sizeable number given its modest assets of R704 crore. The fund's top holdings are mostly drawn from the Nifty or Sensex basket with sector weights also not straying much from the benchmark.
The fund has trailed its benchmark only in four of the 16 years that it has been in existence, a notable achievement. It has proved a good fund to own in falling markets, losing much less value than peers or the indices in 2008 and 2011.
But the fund doesn't manage to beat the indices by a big margin during the tear-away bull phases. In 2007, the fund's 61 per cent return placed it in the middle of its category. In 2009, the fund actually trailed the index with a 77 per cent return.
Performance in the last one year has also been not too hot, with the gain of 44 per cent lagging the category gain of 47 per cent. If predictability is what you prefer over chart-busting performance, this fund is a good long-term bet.
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