If you go by its three-year performance, it is the best-performing mid- and small-cap fund in the category. A five-star fund for the past five months, it has managed an average rating of 4.53 in the past 12 months, a marked improvement from the average rating of 3.04. In fact, the fund started out as an under performer and stayed as an average performer for the next three years. However, it climbed up the performance chart in 2012 and since then it has managed to build a rock- solid reputation as one of the top-performing funds in the mid- and small-cap category.
Its trailing three- and five-year returns outpaced the benchmark by over 12 per cent. The one-year return of 94.4 per cent surpassed the benchmark index by an astonishing 32 per cent.
The fund has an equal investment in mid- and small-cap stocks (40 per cent each), with a little variation in the holding percentages in the last year. The mandate of the fund is to hold a large proportion (70-80 per cent) of mid- and small-cap stocks. However, it doesn't take undue risk to build positions as the segment is known for running up too fast when the going is good.
However, the fund tries as much as possible to invest in small-cap stocks as it wants to position the scheme as a small-cap fund. The strategy to hold 40 per cent of the portfolio in small caps has raised the total number of stocks from 43-45 to up to 65. This is mainly because of the relatively high impact cost and difficulty to build position in the small-cap space.
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
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