UTI Opportunities Fund - Invest Online
The scheme seeks to generate capital appreciation and/ or income distribution by investing the funds of the scheme in equity shares and equity related instruments. The focus of the scheme is to capitalize on opportunities arising in the market by responding to the dynamically changing Indian economy by moving its investments amongst different sectors as prevailing trends change.
A fund which had managed to beat its category and benchmark quite convincingly in eight of the last ten years, it has had a rather difficult time in the last one year, with one-year returns falling to negligible levels while the category returns are still at 6.6 per cent. But the long-term track record is inspiring. A fund with a broader mandate than other large-cap peers, it invests 80 per cent of its assets in large caps falling in the Rs 4,000-12,000 crore market-cap range and the balance in mid caps. The mid-cap allocation tends to be higher than that of the category. Tiny caps - stocks of less than Rs 1,000 crore market cap - are studiously avoided. It balances between growth and value styles without going overboard on either.
As fund categories go, 'Opportunities' funds usually tend to be a risky category, taking on overweight sector or stock-specific bets. But this particular fund is quite conservatively managed despite its label with a well-diversified portfolio both on sectors and stocks. While one-year returns have been patchy, the fund's three-, five- and ten-year records continue to be good. The fund has been quite good at containing downside in bear markets, as shown by the returns in 2008 and 2011. The fund's return record since launch shows a CAGR of 16.1 per cent. This fund tries to identify 35-40 companies at a time which can deliver strong earnings growth or earnings surprises. Given the patchy earnings from India Inc of late, this must be a difficult mandate to fulfil currently.
The fund's impressive long-term record and conservative management style make it a good buy, despite the less impressive one-year returns.
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