Prajna Capital |
| Posted: 04 Jan 2014 05:30 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
The scheme seeks to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market securities. It would invest across the range of debt instruments across the maturity range.
Fund Managers - Dhawal Dalal since May 2007
Analysis
The fund may not be at the top of the heap but has a consistent track record in terms of performance as well as management.
Strategy
The scheme normally invests in securities with longer residual maturity and is suitable for investors with long term investment horizon.
Its average maturity touched a high of 8.14 years in January 2013, but it has come down in the past three months and it stands at 3.11 years as on September 30, 2013. Currently, the fund has an expense ratio of 1.1 per cent.
Performance
About its portfolio constituents, in the beginning of 2013, its investment in government securities was around 40 per cent which increased the average maturity of the fund. Currently, it has over 52 per cent of its holdings in debentures and certificate of deposits.
Why invest?
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
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| Posted: 04 Jan 2014 04:39 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
Bharti AXA Life eProtect
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
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| Principal Emerging Blue-chip Fund Posted: 04 Jan 2014 03:46 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
Principal Emerging Blue-chip
Principal Emerging Blue-chip is a mid-cap growth fund that was started in October 2008. The fund has so far garnered a corpus of Rs 293.12 crore. The fund aims to be a consistent quartile two performer. (This doesn't necessarily imply lack of ambition – aiming for quartile one performance creates pressures that can lead to mistakes). The fund adheres to growth-at-reasonable-price (GARP) style of investing, and prefers stocks that offer a margin of safety.
Fund's performance
All figures in % as on January 31, 2013; Returns above one-year in CAGR terms
The fund has done well this year: year-to-date it is up 0.62 per cent while its benchmark, the CNX Midcap Index, is down 1.66 per cent. It has also done better than its benchmark in terms of returns in the last one- and three-year periods. Return since inception has been very high.
All figures in %
The fund has beaten its benchmark in each of the last four calendar years except 2011.
Portfolio characteristics
Number of equity holdings. Currently the fund holds 56 stocks in its portfolio, which is higher than the median of 41 for the diversified-equity category.
In its early days, the fund had a more concentrated portfolio. In January 2009, for instance, it held only 25 stocks. Since June 2009, when its equity count first crossed 40, it has become more diversified. In 2012 it held an average of 58 stocks in its portfolio.
Sector concentration. The fund's level of concentration in the top three, five and 10 sectors in its portfolio is lower than the median for the peer group.
Company concentration. Its concentration in top three, five and 10 companies in its portfolio is lower than the median for the category.
Thus, the fund clearly holds a well-diversified portfolio.
Turnover ratio. The fund manager has reduced the turnover ratio to 58 per cent, which is lower than the category median of 67 per cent. During our previous review it was 102 per cent, which was higher than the median of 73.5 per cent for the peer group.
Expense ratio. The fund's expense ratio is 2.34 per cent, marginally lower than the median of 2.36 for its peer group.
Risk measures. The fund's risk level, measured in terms of standard deviation and beta over the last three years, is lower compared to the category median.
Risk-adjusted returns. On the basis of Sharpe Ratio (measured over last three years) the fund has a higher risk-adjusted return than the category median. However, the risk-adjusted return is marginally lower (or almost at par) in terms of Treynor ratio over the same period.
Cash Allocation. Currently the fund has a negligible allocation to cash of – 0.02 per cent. The average has been 0.78 per cent in 2012, 2.76 per cent in 2011 and 8.20 per cent in 2010. So the cash level has gradually reduced.
Portfolio strategy
In 2012 the fund was a stellar performer—it gave the second-best return within the diversified-equity category. Against the CNX Midcap's return of 39.16 per cent, it gave a return of 55.03 per cent. The outperformance has been substantial.
The fund's allocation to mid caps averaged 32.7 per cent. It was gradually reduced from 38 per cent in January to 25 per cent in December. The large cap allocation averaged 65.13 per cent. The allocation to large caps was increased from 59 per cent in January to 73 per cent in December. Exposure to small caps averaged 1.46 per cent.
Among the top sectors the fund increased its allocation to private banks, auto ancillary, diversified and so on (see table above). It lowered its allocation to IT-software, public banks and household and personal products.
Fund vs. Benchmark – January 2013
Figures are for January 2013
Currently the fund is overweight vis-a-vis its benchmark on private banks, consumer food, auto ancillary, cement and construction and so on. It is underweight its benchmark on public banks, household and personal products and pharmaceuticals.
The fund increased its allocation to all its top 10 holdings, as mentioned above.
Fund manager
Dhimant Shah has been managing this fund since June 2011. He has surely given an impressive performance in 2012. The fund manager had increased large-cap exposure by December. As a result, the fund fell less than many other mid-cap funds in January when mid-caps took a beating.
Conclusion
The fund has an impressive track record and is recommended for the mid-cap portion of your portfolio.
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
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