CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd

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Mar 31, 2011 - CRISIL. Fund Rank. Dec - 10. Mean. Return. Volatility. Asset. Size. DRP. Asset. Quality. Company. Concent
CRISIL Mutual Fund Ranking

For the quarter ended March 31, 2011 CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 1

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Large-cap, Ultra Short Term debt outperform in respective categories Large-cap equity funds and ultra short-term debt funds were the best performers in the equity and debt categories, respectively, as per the latest CRISIL Mutual Fund Ranking released for the quarter ended March 2011. However, debt funds continued to outperform equity funds for the second quarter in a row. The debt funds category returned close to 2 per cent during the quarter ended March 2011 compared to negative returns of 7 per cent given by the equity category. In comparison, debt funds had given a return of 1.35 per cent while equity funds gave a negative return of 0.57 per cent, during the quarter ended December 2010. Within debt funds, ultra short-term debt funds topped the charts with 2.06 per cent returns during the quarter under review, while liquid, short-term debt, long-term debt and gilt funds gave returns of 1.97 per cent, 1.93 per cent, 1.61 per cent and 1.31 per cent, respectively. The superior performance of ultra short-term debt funds can be attributed to the better management of average maturity by fund managers in their portfolios. On the other hand, among equity funds, large-cap equity funds gave negative returns of 5.4 per cent, followed by diversified equity and small & mid-cap funds, where returns declined by 7.11 per cent and 10.27 per cent, respectively. Returns in the equity category were negative mainly on account of high inflation, high crude prices, tight monetary policies and global political uncertainty. Inflation came in at 8.98 per cent as of March 2011 compared with 9.41 per cent in December while crude oil price rose to its 30-month high at $106.72 a barrel on the NYMEX as on March 31, 2011 mainly due to civil unrest in MENA (Middle East and North African) countries. To control inflation, RBI raised repo and reverse repo rates twice during the quarter by 25 bps each on both the occasions to 6.75 per cent and 5.75 per cent respectively. Though large-cap funds have outperformed other equity categories in the quarter ended March 2011, they have

underperformed the S&P CNX Nifty. This underperformance is largely on account of large cap funds being overweight on pharmaceutical and healthcare services, which were among the worst-performing sectors in the previous quarter. However, CRISIL Mutual Fund Rank 1 schemes within the category outperformed the S&P CNX Nifty during the quarter. CRISIL Mutual Fund Ranking covers close to 85 per cent of the mutual fund industry’s average assets under management as of March 2011, an increase of nearly 14 per cent over the previous quarter. At the fund house level, HDFC Mutual Fund continued to lead the tally of top-ranked funds across the equity and debt categories. 18 of its funds were under CRISIL Fund Rank 1 as compared to 17 in the previous quarter. DSP BlackRock Mutual Fund and Birla Sun Life Mutual Fund followed with a total of 6 and 7 funds, respectively, under CRISIL Fund Rank 1. A unique feature of CRISIL Mutual Fund Ranking is that unlike most other ranking models that are purely based on returns or net asset value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAVs and portfolio-based attributes for evaluation. CRISIL’s fund ranking framework provides a single-point analysis of mutual funds, considering all factors, such as riskadjusted returns, asset concentration, liquidity, asset quality and asset size. The rankings also include categories that focus specifically on the long-term consistency of a fund’s performance. The ranks are assigned on a scale of 1 to 5, with CRISIL Fund Rank 1 indicating ‘very good performance’. In any peer group, the top 10 percentile of funds are ranked as CRISIL Fund Rank 1 and the next 20 percentile are ranked as CRISIL Fund Rank 2. Investors can use CRISIL Fund Ranking, which is available on www.crisil.com, as a tool to support their investment decisions. The rankings are updated on a quarterly basis.

CRISIL Mutual Fund Ranking is a pro-bono exercise undertaken every quarter and hosted on www.crisil.com. The latest rankings covered 453 open-ended funds accounting for 84.5 per cent of the average assets managed by Indian mutual funds in March 2011. CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

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Mutual fund industry highlights The Indian mutual fund industry’s assets under management (AUM) fell by 5.4 per cent to Rs 5.92 trillion in March 2011 from Rs 6.26 trillion in December 2010. This was the lowest level since July 2009, as redemptions continued for the third consecutive quarter. Mutual funds recorded net outflows of Rs 172 billion in the quarter ended March as compared to net outflows of Rs 317 billion in the previous quarter. However, average AUM for the period January-March 2011 (90-day average), rose by around 4 per cent or Rs 256 billion to Rs 7.04 trillion (including fund of funds) as compared to Rs 6.79 trillion in the October-December quarter. The decline in AUM during the January-March quarter was due to outflows of Rs 1.27 trillion (highest since April 2010) in March vis-a-vis net inflows of Rs 1.10 trillion during the first two months of the quarter; Rs 845 billion in January and Rs 258 billion in February. Redemptions in March were mainly in money market and income funds (mainly ultra short term debt funds). These outflows are typical of every financial quarter-end (this time a financial year end as well) wherein corporates and banks redeem their investments in mutual funds. Corporates withdraw their short-term mutual fund investments to meet advance tax payments whereas banks prune mutual fund investments every financial quarter-end to meet regulatory requirements. Banks’

investments in mutual funds, which had increased significantly over the quarter to Rs 1.06 trillion on March 11, 2011 from Rs 135 billion on December 31, 2010, plummeted by over 50 per cent to Rs 476 billion towards the end of March. At the category level, money market funds reported the highest outflows of Rs 165 billion in the quarter ended March followed by income funds (mainly ultra short term debt funds) at Rs 67 billion. However, equity-oriented funds (including balanced funds) and exchange-traded funds (ETFs) recorded net inflows of Rs 51 billion and Rs 16 billion, respectively, in the quarter ended March. Inflows into equity funds were driven by systematic investment plans (SIPs) and equity-linked savings schemes (ELSS). The latter saw demand on account of the financial year-end for the tax benefits they offer under Section 80C. Gold ETFs too remained investor favourites, garnering net inflows of around Rs 8 billion in the quarter versus net inflows of Rs 5 billion in the previous quarter. Further, new fund offers (NFOs) launched during the quarter mobilised Rs 587 billion through 261 NFOs, which was much higher than the Rs 333 billion mobilised via 113 NFOs in the previous quarter. Fixed maturity plans (FMPs) dominated new fund issuances during the quarter, garnering more than 95 per cent of NFO collections. The demand for FMPs was due to rising interest rates prevailing in the economy. Net Inflow/(Outflow)

Industry AUM (Rs trillion)

Net flows (Rs billion)

Quarter ended March 2011

March-11

December 2010

Income Funds

-67.44

-266.96

2919.75

2979.37

-59.62

Equity Funds

44.21

-21.99

1953.23

2082.35

-129.12

2200

8.2

Rs billion

-200 6.4

Mar-11

Feb-11

Jan-11

Dec-10

Oct-10

Nov-10

Sep-01

Jul-10

Aug-10

Jun-10

May-10

Apr-10

-1000

Net flows Rs billion

600 7.0

Mar-10

AAUM Rs trillion

Difference

1400

7.6

5.8

Month End AUM

Quarter ended December 2010

-1800

Balanced Funds Liquid / Money Market Funds Gilt Funds

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6.07

184.45

194.86

-10.41

-41.06

736.66

886.81

-150.15 -6.94

-6.34

1.79

34.09

41.03

Gold ETF Funds

7.98

5.03

44.00

35.16

8.84

Other ETFs

8.05

1.11

25.16

17.30

7.86

-0.85

-1.11

25.16

26.26

-1.10

-172.42

-317.12

5922.50

6263.14

-340.64

Fund of Funds Investing Overseas Total

According to the average AUM numbers released by AMFI, 23 out of the 41 fund houses witnessed growth in their average AUM. ICICI Prudential Mutual Fund registered the highest growth in average AUM in absolute terms; its average AUM rose by Rs 77 billion or 12 per cent to Rs 734 billion in March quarter. Birla Sun Life Mutual Fund followed with its average AUM rising by Rs 60 billion to Rs 637 billion in the March quarter. In percentage terms, Peerless Mutual Fund was the highest gainer, with its average AUM rising to Rs 42 billion in the March quarter from Rs 23 billion in the December quarter, up by 82 per cent. Daiwa Mutual Fund (formerly Shinsei Mutual Fund) followed, with its average AUM growing by 80 per cent over the quarter to Rs 2.44 billion in March quarter.

6.98 -165.01

Reliance Mutual Fund retained its top position in the assets tally at Rs 1.02 trillion in the March quarter. HDFC Mutual Fund followed at Rs 863 billion while ICICI Prudential Mutual Fund was third with average AUM of Rs 736 billion. UTI Mutual Fund was at fourth spot at Rs 672 billion followed by Birla Sun Life Mutual Fund at Rs 637 billion. In the secondary equity market, mutual funds were net buyers of equities amounting to Rs 18 billion in the quarter ended March as compared to net selling of Rs 45 billion in the quarter ended December 2010. On the debt side, mutual funds were net buyers of Rs 878 billion vis-a-vis net buying of Rs 742 billion in the December quarter. CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

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MARKET OVERVIEW

Equity markets overview

Indian equity markets were volatile during the March-end quarter, registering their first quarterly decline (5 per cent fall) since December 2008, as sentiments were affected due to high domestic inflation and several negative global cues. Key equity indices saw double-digit declines in January (worst monthly performance since December 2008) on concerns that high domestic inflation could lead to further rate hikes by the Reserve Bank of India (RBI), impacting corporate profitability. (The RBI, in its mid-quarter policy review on March 17 raised its March-end inflation target to 8 per cent from 7 per cent.) A surge in crude oil prices due to the turmoil in the MENA (MiddleEast and North Africa) region further raised inflationary concerns. Losses were also due to the domestic markets tracking their Asian peers after a massive earthquake and tsunami hit Japan on March 11. Foreign institutional investors (FIIs) turned net sellers of equities amid a prevailing negative domestic sentiment. FIIs sold equities worth Rs 31 billion in the quarter ended March compared with net buying of Rs 445 billion a quarter ago - FIIs were net sellers in equities for the first time since the quarter ended March 2009. However, there were bouts of positive sentiments during the quarter as well. The union budget announced on February 28 provided positive sentiments as investors welcomed the lowerthan-expected fiscal deficit as well as the lower net market borrowing of Rs 3.43 trillion. Further, approval given to mutual funds registered with the Securities and Exchange Board of India (SEBI) to accept investments directly from foreign investors and a hike in the FII investment limit in the infrastructure segment to $25 billion from $20 billion were also cheered by the market. Improving global cues and industry-specific news also helped the markets recoup some losses in March. None of the BSE sectoral indices were able to post gains during the quarter ended March. The CNX Realty index declined the sharpest (down around 18 per cent) as realty shares succumbed to rising interest rates as well as to worries over further monetary tightening by the RBI. The BSE Capital Goods index fell over 14 per cent in the quarter as its constituents were weighed down by disappointing IIP (index of industrial CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

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5800 0 5600 -4 5400

29-Mar-11

24-Mar-11

21-Mar-11

16-Mar-11

8-Mar-11

11-Mar-11

3-Mar-11

25-Feb-11

22-Feb-11

17-Feb-11

9-Feb-11

14-Feb-11

4-Feb-11

-8 1-Feb-11

5200

MF Daily Net Inv Rs. Billion

4

21-Jan-11

CD – Consumer Durables, CG – Capital Goods, HC – Health Care

6000

18-Jan-11

10.94 11.14 23.74 26.33 5.10 22.07 4.35 -26.75 47.84 -0.87 -10.08 21.11 -12.11 13.05 -6.02 -3.78

13-Jan-11

-5.19 -4.90 -0.73 -2.35 -3.02 -4.58 -9.22 -17.54 -1.84 -5.29 -8.15 -9.23 -9.25 -10.55 -14.15 -15.45

5-Jan-11

-1063.87 -300.75 -86.00 -221.27 -295.03 -343.00 -817.05 -66.65 -117.28 -500.55 -1434.47 -944.66 -276.45 -710.56 -2181.19 -1494.42

8

Nifty

10-Jan-11

20509 6135 11791 9410 9776 7491 8857 380 6357 9461 17596 10235 2989 6734 15415 9670

MF Daily Net Investment

6200

31-Dec-10

19445 5834 11705 9188 9481 7148 8040 313 6240 8960 16161 9291 2712 6024 13234 8176

Absolute “% change % change Change (3 month)” (1 year)

Nifty

31-Mar-11 31-Dec-10 Index BSE Sensex S&P CNX Nifty CNX Bank Index CNX FMCG Index CNX Energy Index CNX IT Index CNX MIDCAP Index CNX Realty Index BSE CD Index BSE PSU Index BSE Metal Index BSE AUTO Index BSE Power Index BSE HC Index BSE CG Index BSE Small Cap Index

production) data. The CNX Bank Index fell the least among the sectoral indices (down by 0.7 per cent). The fall was cushioned by buying interest in banking stocks amid the government’s plans to infuse Rs 60 billion in PSU banks in 2011-12. Among important regulatory measures during the quarter, SEBI made Application Supported by Blocked Amounts or ASBA mandatory for qualified institutional buyers (QIBs) and high networth individuals (HNIs) when applying for public or rights issues. SEBI asked stock brokers and other intermediaries to disclose regulatory action (if any) against them while applying for opening a wholly-owned subsidiary or entering into a joint venture (JV) in other countries. Further, a SEBI panel cleared a proposal that requires listed companies to restate their financial statements if their auditor comes up with adverse comments. In other developments, SEBI approved introduction of derivatives contracts linked to foreign stock indices on domestic bourses provided these indices are listed on the 24 overseas bourses identified by the regulator. The Bombay Stock Exchange (BSE) started providing delivery-based trading facility on stock futures and options contracts in its equity derivatives segment from February 1. Also, the government notified United Stock Exchange as a recognised stock exchange. The National Stock Exchange (NSE) launched a new facility that will provide clients details of their transactions through daily SMSes and e-mails. India Index Services & Products Ltd (IISL) launched a CNX Smallcap Index on the NSE on March 30. NSE also announced changes in various indices, including replacing Suzlon with Grasim in the S&P CNX Nifty from March 25. The BSE signed a licencing agreement with International Securities Exchange to launch some innovative derivatives products in India. It announced the waiver of transaction charges for brokers from semi-urban areas from March 1. The exchange transferred nearly 18 per cent companies listed on the BSE IndoNext platform to its main trading floor in the ‘B’ group. Meanwhile, the income tax department asked the NSE, BSE and other bourses to submit monthly statement of all transactions from April.

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Debt markets overview Overnight interbank rates mostly ranged between 6.25-7.60 per cent during the quarter, with rates rising more in March on strong demand from banks to meet their reserve requirements. Tight liquidity in March on account of advance tax outflows of around Rs 500 billion put additional pressure on rates. Expectations of further rate hikes by the RBI on account of the prevailing high inflation also pushed rates higher. Rates peaked at 9.00-9.25 per cent on March 31 as banks were reluctant to lend towards the financial year end.

The first two months of the quarter (January and February) saw improvement in liquidity due to government spending and bond purchases by the RBI through open market operations (OMOs). To ensure adequate liquidity, the RBI extended the daily second liquidity adjustment facility (LAF) tender and also allowed a leeway of 1 per cent in the statutory liquidity ratio (SLR) initially till April 8, 2011 and then till May 6, 2011.

Overnight MIBOR

10-Year Benchmark G-Sec Yield

10.00% 9.00%

8.25%

8.00% 8.00%

7.00% 6.00%

7.75%

5.00% 7.50%

4.00% 3.00%

Yields on government bonds rose in the quarter ended March amid high volatility. The yield on the 10-year benchmark 7.80 per cent, 2020 paper closed at 7.98 per cent on March 31, 2011 as compared to 7.91 per cent on December 31, 2010. Fears of monetary tightening by the RBI on the back of soaring inflation had pushed the 10-year paper’s yield to a 27-month high level of 8.23 per cent on January 17, 2011. A spike in crude oil prices due to political turmoil in MENA countries and increase in the RBI’s March-end inflation projection to 8 per cent from 7 per cent also lead to a rise in yields. The central bank hiked the repo and reverse repo rates twice during the quarter by 25 basis points each to end the quarter with rates of 6.75 per cent and 5.75 per cent, respectively. A recovery in gilt prices was seen after the government announced a lower-than-expected net market borrowing target for 2011-12 in Union Budget 2011-12. The government said that it will borrow Rs 3.43 trillion from the market on a net basis in 2011-12 compared with Rs 3.45 trillion in 2010-11. Also, the government said that it will borrow a lower-thanexpected Rs 2.50 trillion in the first half of 2011-12. Gilt prices were further supported by the government’s decision not to borrow Rs 100 billion scheduled for FY11 as well as the budget announcement hiking the FII limit in corporate bonds. Meanwhile, in the first week of April, the government auctioned Rs 50 billion of a new 10-year bond with maturity in 2021 and set a coupon of 7.80 per cent.

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24-Mar-11

11-Feb-11

4-Jan-11

25-Nov-10

15-Oct-10

6-Sep-10

28-Jul-10

21-Jun-10

12-May-10

31-Mar-10

31-Mar-10 19-Apr-10 8-May-10 27-May-10 15-Jun-10 4-Jul-10 23-Jul-10 11-Aug-10 30-Aug-10 18-Sep-10 7-Oct-10 26-Oct-10 14-Nov-10 3-Dec-10 22-Dec-10 10-Jan-11 29-Jan-11 17-Feb-11 8-Mar-11 27-Mar-11

7.25%

Among regulatory initiatives, the government increased the FII limit for investment in corporate bonds in the infrastructure sector with a residual maturity of over 5 years to $25 billion from $5 billion. This will raise the total limit available to FIIs for investment in corporate bonds to $40 billion. Further, the RBI allowed banks and standalone primary dealers to invest in non-convertible debentures (NCDs) having up to 1 year initial maturity issued by corporates and non-banking financial companies (NBFCs), but ruled that such investments cannot exceed 10 per cent of their non-government securities portfolio. The central bank also permitted trading of interest rate futures with 91-day treasury bills as the underlying security. Meanwhile, SEBI allocated around $2 billion worth of unused investment limit in gilts and $600 million investment limit in corporate bonds through an auction process to foreign investors on March 15. These limits were outside the hiked limits proposed in the union budget. Besides, the RBI allowed banks another 6 months (up to June 30, 2011) to change the benchmark and methodology of computation of base rate. It also raised the minimum capital adequacy ratio (CAR) for deposit-taking NBFCs to 15 per cent from 12 per cent effective from March 31, 2012. Meanwhile, the government asked all retirement funds to compulsorily trade debt instruments on the exchanges while SEBI put in place a system to start listing of securitised debt instruments to improve their secondary market liquidity.

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

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CRISIL Mutual Fund categories Equity Funds 1.

Large Cap-oriented Equity funds

2.

Diversified Equity funds

3.

Small and Mid-cap Equity funds

4.

Equity Linked Savings Scheme (ELSS)

5.

Thematic - Infrastructure funds

6.

Index funds

Hybrid Funds 7.

Balanced funds

8.

Monthly Income Plan - Aggressive

9.

Monthly Income Plan – Conservative

Debt Funds 10. Long Term Income funds 11. Short Term Income Funds 12. Liquid funds 13. Liquid funds - Institutional 14. Liquid funds - Super institutional 15. Ultra Short-term Debt funds 16. Ultra Short-term Debt funds - Institutional 17. Ultra Short-term Debt funds - Super institutional 18. Long Term Gilt funds Consistent Performers 19. Consistent Performers - Equity funds 20. Consistent Performers - Balanced funds 21. Consistent Performers - Debt funds 22. Consistent Performers - Liquid funds Performance period for rankings: 2-years for Equity funds (other than index funds), long term income funds, gilt funds and hybrid funds; 1-year for index, liquid, ultra short-term debt and short-term debt funds; 5-years for Consistent Performers.

CRISIL Mutual Fund Ranking category definitions Rankings category

Interpretation

CRISIL Fund Rank 1

Very good performance (top 10 percentile of the universe)*

CRISIL Fund Rank 2

Good performance

CRISIL Fund Rank 3

Average performance

CRISIL Fund Rank 4

Below average performance

CRISIL Fund Rank 5

Relatively weak performance

*If the top 10 percentile figure is not an integer, the same is rounded off to the next integer. The same approach is adopted for CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster. CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

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Large Cap-oriented Equity funds Large Cap-oriented Equity funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages

Superior Return Score 75%

Industry Company Concentration Concentration 10%

5%

Liquidity 10%

Fidelity Equity Fund

1

N.A

1

3

1

4

Fidelity India Growth Fund

1



1

1 (1)

5 (1)

2 (5)

4 (3)

HDFC Top 200 Fund

1



1

1 (1)

4 (1)

2 (3)

3 (2)

ICICI Prudential Focused Bluechip Equity Fund

1



1

1 (1)

5 (1)

5 (5)

1 (5)

Birla Sun Life Frontline Equity Fund

2



2

2 (2)

1 (2)

1 (2)

3 (1)

Franklin India Bluechip Fund

2



2

2 (2)

2 (2)

3 (3)

3 (3)

ICICI Prudential Top 200 Fund

2



2

2 (2)

3 (2)

4 (4)

5 (4)

Principal Large Cap Fund

2



2

2 (2)

3 (2)

1 (3)

4 (2)

SBI Magnum Equity Fund

2



3

2 (3)

3 (3)

4 (1)

3 (2)

Sundaram India Leadership Fund

2

N.A

3

1

2

4

UTI Opportunities Fund

2



2

2 (2)

2 (2)

2 (4)

4 (3)

Birla Sun Life Top 100 Fund

3



3

3 (3)

1 (3)

1 (2)

3 (1)

DSP BlackRock Top 100 Equity Fund

3



3

3 (3)

4 (3)

3 (3)

2 (3)

HDFC Index Fund - Sensex Plus Plan

3



2

2 (2)

2 (2)

4 (3)

5 (4)

HSBC India Opportunities Fund

3

N.A

3

4

3

5

ICICI Prudential Top 100 Fund

3



3

3 (3)

2 (3)

5 (2)

1 (4)

Kotak 50

3



4

3 (4)

4 (4)

4 (3)

3 (3)

LIC NOMURA MF Equity Fund

3

N.A

3

5

3

2

LIC NOMURA MF Growth Fund

3

N.A

3

2

2

2

Reliance Equity Advantage Fund

3



3

3 (3)

3 (3)

4 (4)

4 (4)

UTI Master Plus Unit Scheme

3



4

3 (3)

3 (3)

3 (3)

3 (3)

UTI Mastershare Unit Scheme

3



3

3 (3)

3 (3)

3 (3)

4 (2)

UTI Top 100 Fund

3



4

3 (4)

3 (4)

3 (4)

3 (3)

BARODA PIONEER Growth Fund

4



3

4 (3)

3 (3)

3 (2)

2 (3)

DWS Alpha Equity Fund

4



3

4 (3)

3 (3)

5 (3)

3 (5)

HSBC Dynamic Fund

4

N.A

4

4

3

1

HSBC Equity Fund

4



4

5 (4)

3 (4)

3 (3)

3 (3)

IDFC Imperial Equity Fund - Plan A

4



3

4 (3)

3 (3)

4 (3)

2 (3)

Sundaram Select Focus

4



3

4 (4)

2 (4)

2 (2)

2 (3)

UTI Leadership Equity Fund

4



5

4 (5)

4 (5)

3 (4)

3 (4)

BNP Paribas Equity Fund

5



4

5 (4)

4 (4)

5 (4)

1 (5)

LIC NOMURA MF Top 100 Fund

5



5

5 (5)

5 (5)

3 (5)

2 (3)

SBI Blue Chip Fund

5



3

5 (3)

1 (3)

2 (1)

3 (2)

UTI Contra Fund

5

N.A

4

2

4

5

Figures in bracket indicate the previous quarter score

6

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Diversified Equity funds CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score 75%

10%

5%

10%

HDFC Core and Satellite Fund

1



2

1 (2)

2 (3)

4 (4)

5 (5)

HDFC Equity Fund

1



1

1 (1)

3 (3)

3 (3)

3 (2)

ING Dividend Yield Fund

1



1

1 (1)

4 (4)

3 (2)

3 (3)

Mirae Asset India Opportunities Fund

1



1

1 (1)

3 (3)

2 (3)

3 (2)

Morgan Stanley A.C.E. Fund

1



1

1 (1)

3 (3)

3 (2)

2 (3)

Quantum Long-Term Equity Fund

1



1

1 (1)

1 (1)

3 (4)

2 (4)

UTI Dividend Yield Fund

1



2

1 (2)

3 (3)

2 (3)

2 (5)

Canara Robeco Equity Diversified

2



3

2 (3)

2 (2)

2 (2)

2 (2)

DSP BlackRock Opportunities Fund

2



2

2 (2)

2 (2)

1 (1)

3 (3)

Fidelity India Special Situations Fund

2



3

2 (3)

4 (4)

3 (3)

3 (4)

Franklin India Flexi Cap Fund

2



3

2 (3)

3 (3)

4 (5)

3 (3)

HDFC Capital Builder Fund

2



2

2 (2)

4 (4)

4 (4)

3 (5)

HDFC Growth Fund

2



2

2 (2)

3 (3)

4 (4)

4 (4)

HDFC Long Term Equity Fund

2

N.A

2

3

4

5

HDFC Premier MultiCap Fund

2



2

2 (2)

1 (3)

4 (4)

4 (3)

ICICI Prudential Dynamic Plan

2



3

2 (3)

1 (1)

3 (2)

2 (4)

Principal Dividend Yield Fund

2



2

2 (2)

4 (4)

3 (4)

2 (3)

Tata Contra Fund

2



2

2 (2)

2 (2)

4 (5)

4 (3)

Taurus Starshare Fund

2



3

2 (3)

2 (2)

3 (4)

2 (3)

UTI Equity Fund

2



2

2 (2)

3 (3)

1 (2)

2 (4)

UTI MNC Fund

2



2

2 (2)

4 (4)

5 (5)

5 (5)

AIG India Equity Fund

3



4

4 (3)

1 (1)

3 (3)

3 (5)

Birla Sun Life India GenNext Fund

3



3

3 (3)

4 (4)

3 (3)

4 (1)

Birla Sun Life India Opportunities Fund

3



2

3 (2)

5 (5)

5 (5)

4 (4)

DSP BlackRock Equity Fund

3



2

3 (2)

2 (2)

1 (1)

4 (3)

Franklin India High Growth Companies Fund

3



3

3 (3)

2 (3)

4 (5)

5 (2)

Franklin India Prima Plus Plan

3



4

3 (4)

3 (2)

3 (3)

3 (4)

HSBC Unique Opportunities Fund

3



3

3 (3)

4 (4)

2 (3)

3 (1)

ICICI Prudential Equity Opportunities Fund

3



3

3 (3)

3 (3)

3 (3)

5 (3)

ICICI Prudential Services Industries Fund

3



3

3 (3)

5 (5)

5 (5)

3 (4)

JPMorgan India Equity Fund

3



3

3 (3)

2 (1)

3 (3)

1 (5)

Kotak LifeStyle Fund

3



3

3 (3)

4 (5)

3 (2)

3 (1)

Kotak Opportunities Fund

3



3

3 (3)

3 (2)

2 (1)

2 (2)

Morgan Stanley Growth Fund

3



3

3 (3)

3 (3)

4 (3)

3 (3)

Reliance Growth Fund

3



3

3 (3)

1 (1)

1 (1)

4 (3)

Diversified Equity funds Weightages

3

Reliance Regular Savings Fund - Equity

3

Reliance Vision Fund Religare Contra Fund

Liquidity

N.A

3

3

5

1



2

3 (2)

2 (2)

2 (2)

3 (2)

3



4

3 (4)

3 (3)

4 (4)

3 (4)

3



3

3 (3)

2 (2)

3 (4)

3 (3)

SBI Magnum Multiplier Plus Scheme 1993

3



3

3 (3)

3 (3)

3 (3)

4 (2)

Sundaram Growth Fund

3



3

3 (3)

1 (2)

2 (3)

1 (1)

Sundaram Rural India Fund

3



3

3 (3)

4 (4)

2 (3)

4 (1)

Tata Equity PE Fund

3



3

3 (3)

3 (2)

2 (2)

3 (2)

Tata Pure Equity Fund

3



3

3 (3)

3 (3)

3 (2)

3 (3)

Tata Select Equity Fund

3



2

3 (2)

4 (3)

3 (4)

5 (4)

Templeton India Growth Fund

3



2

3 (2)

4 (4)

5 (5)

3 (2)

UTI India Lifestyle Fund

3



3

3 (3)

5 (5)

4 (4)

3 (5)

UTI-Services Industries Fund

3



3

3 (3)

5 (5)

3 (4)

EQUITY FUNDS

Reliance Quant Plus Fund

Industry Company Concentration Concentration

3 (3) Continued...

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 7

7

4/29/2011 6:36:13 PM

Diversified Equity funds (Contd.) CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score 75%

10%

5%

10%

Bharti AXA Equity Fund

4



5

4 (5)

4 (3)

4 (4)

1 (3)

Birla Sun Life Advantage Fund

4



4

4 (4)

4 (3)

3 (3)

4 (2)

Birla Sun Life Equity Fund

4



4

4 (4)

2 (2)

1 (2)

3 (3)

Birla Sun Life Special Situations Fund

4



4

4 (4)

3 (3)

3 (3)

2 (1)

DWS Investment Opportunity Fund

4



4

4 (4)

2 (2)

3 (3)

3 (1)

Franklin India Opportunities Fund

4



4

4 (4)

3 (3)

3 (3)

1 (3)

ING Domestic Opportunities Fund

4



4

4 (4)

4 (4)

3 (3)

3 (2)

Kotak Contra

4



4

4 (4)

2 (3)

2 (1)

2 (2)

L&T Opportunities Fund

4



3

4 (3)

3 (1)

1 (1)

3 (2)

Principal Services Industries Fund

4



4

4 (4)

5 (5)

5 (5)

3 (4)

SBI Magnum COMMA Fund

4



3

3 (3)

5 (5)

4 (3)

4 (3)

SBI One India Fund

4



4

4 (4)

1 (2)

2 (2)

4 (4)

Tata Equity Opportunities Fund

4



4

4 (4)

3 (3)

3 (2)

4 (2)

Tata Service Industries Fund

4



3

4 (4)

5 (5)

3 (3)

5 (1)

IDFC Classic Equity Fund - Plan A

5



5

5 (5)

3 (4)

3 (3)

2 (3)

ING OptiMix Multi Manager Equity Fund - Option A

5

N.A

5

3

1

4

LIC NOMURA MF India Vision Fund

5

N.A

5

3

4

1

Principal Growth Fund

5

4

5 (4)

3 (3)

2 (2)

2 (3)

Reliance Equity Fund

5

N.A

5

3

5

1

Diversified Equity funds Weightages



Industry Company Concentration Concentration

Liquidity

SBI Magnum MultiCap Fund

5



5

5 (5)

2 (2)

2 (2)

2 (4)

SBI Magnum Sector Umbrella - Contra Fund

5



5

5 (5)

3 (2)

2 (1)

3 (3)

Figures in bracket indicate the previous quarter score

8

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 8

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:14 PM

Small and Mid-cap Equity funds Small and Mid-cap Equity funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages

Superior Return Score

Industry Company Concentration Concentration

Liquidity

75%

10%

5%

10%

DSP BlackRock Micro Cap Fund - Regular

1



1

1 (1)

2 (2)

3 (3)

5 (1)

DSP BlackRock Small and Midcap Fund

1



1

1 (1)

1 (1)

1 (2)

2 (2)

HDFC Mid-Cap Opportunities Fund

1



2

1 (2)

4 (4)

3 (3)

4 (4)

UTI Master Value Fund

1



1

1 (1)

2 (2)

1 (2)

3 (3)

Birla Sun Life Dividend Yield Plus Plan

2

N.A

2

4

1

2

Birla Sun Life MNC Fund

2



3

2 (2)

5 (5)

5 (5)

5 (5)

ICICI Prudential Discovery Fund

2



2

2 (2)

1 (1)

3 (3)

3 (4)

IDFC Premier Equity Fund - Plan A

2



2

2 (2)

5 (5)

4 (3)

2 (3)

Reliance Equity Opportunities Fund

2

N.A

2

1

3

3

SBI Magnum Sector Umbrella - Emerging Business Fund

2



2

2 (2)

4 (4)

5 (4)

5 (3)

Tata Dividend Yield Fund

2



3

2 (3)

5 (4)

4 (4)

2 (4)

Birla Sun Life Small & Midcap Fund

3



3

3 (3)

2 (2)

3 (3)

4 (3)

Franklin India Prima Fund

3



3

3 (3)

4 (4)

3 (3)

1 (3)

Franklin India Smaller Companies Fund

3

N.A

3

2

4

3

JPMorgan India Smaller Companies Fund

3



3

3 (3)

4 (1)

3 (1)

3 (5)

Kotak Midcap Fund

3



2

3 (3)

3 (2)

2 (1)

1 (2)

L&T Midcap Fund

3



3

3 (3)

4 (3)

2 (2)

1 (3)

SBI Magnum Global Fund

3



3

3 (3)

3 (3)

3 (4)

4 (4)

Sundaram Select Midcap Fund

3



3

3 (3)

1 (2)

4 (3)

2 (2)

UTI Thematic - Mid Cap Fund

3



3

3 (3)

3 (3)

2 (3)

3 (3)

Birla Sun Life Midcap Fund

4



Birla Sun Life Pure Value Fund

4

ICICI Prudential Emerging S T A R Fund

4

Principal Emerging Bluechip Fund

4

Reliance Long Term Equity Fund

4

5 (4)

3 (3)

2 (2)

2 (3)

N.A

4

4

4

3



4

4 (3)

3 (3)

3 (3)

4 (5)



2

4 (2)

3 (3)

1 (2)

1 (3)

4



3

4 (3)

2 (2)

4 (3)

4 (3)

SBI Magnum Midcap Fund

4



3

4 (3)

5 (4)

5 (5)

4 (3)

Sundaram S M I L E Fund

4



3

4 (4)

2 (3)

2 (2)

4 (1)

HSBC Midcap Equity Fund

5



4

4 (4)

3 (3)

4 (4)

5 (1)

JM Emerging Leaders Fund

5



4

5 (4)

2 (3)

5 (4)

3 (2)

Kotak Emerging Equity Fund

5



4

5 (4)

3 (5)

2 (1)

2 (2)

Tata Mid Cap Fund

5



5

5 (5)

3 (3)

2 (3)

3 (4)

Figures in bracket indicate the previous quarter score

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 9

9

4/29/2011 6:36:14 PM

Equity Linked Savings Scheme (ELSS) Equity Linked Savings Scheme (ELSS)

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages

Superior Return Score

Industry Company Concentration Concentration

Liquidity

80%

10%

5%

5%

1



1

1 (1)

3 (4)

2 (3)

3 (4)

HDFC Tax Saver Fund

1



1

1 (1)

1 (3)

2 (3)

5 (4)

ICICI Prudential Tax Plan

1



1

1 (1)

2 (1)

2 (3)

5 (3)

Canara Robeco Equity Tax Saver

2



2

2

1

2

4

DSP BlackRock Tax Saver Fund

2



2

2 (2)

3 (2)

1 (1)

4 (3)

Franklin Taxshield Fund

2



3

2 (2)

2 (3)

4 (4)

3 (5)

HDFC Long Term Advantage Fund

2



2

2 (2)

3 (3)

5 (5)

4 (5)

ING Tax Savings Fund

2



2

2 (2)

4 (5)

5 (5)

1 (2)

Reliance Tax Saver Fund

2



2

2 (3)

3 (2)

3 (3)

5 (4)

Fidelity Tax Advantage Fund

Bharti AXA Tax Advantage Fund - Regular Plan

3

N.A

4

5

4

1

Birla Sun Life Tax Plan

3



4

3 (4)

3 (3)

3 (4)

2 (4)

HSBC Tax Saver Equity Fund

3



3

3 (3)

2 (3)

4 (3)

3 (2)

IDFC Tax Advantage (ELSS) Fund

3



3

3 (3)

3 (4)

3 (5)

3 (2)

Kotak Tax Saver Scheme

3



3

3 (3)

3 (3)

1 (1)

4 (2)

L&T Tax Saver Fund

3



3

3 (3)

5 (5)

3 (3)

2 (3)

Principal Personal Tax Saver

3



3

3 (3)

4 (5)

2 (2)

2 (4)

Religare Tax Plan

3



2

3 (2)

2 (2)

3 (2)

3 (4)

Tata Tax Saving Fund

3



3

3 (3)

2 (2)

3 (2)

4 (5)

Taurus Taxshield

3



3

3 (3)

1 (1)

4 (4)

2 (2)

Birla Sun Life Tax Relief 96

4



3

3 (3)

4 (4)

3 (3)

4 (3)

JM Tax Gain Fund

4



5

4 (5)

2 (3)

5 (4)

2 (1)

LIC NOMURA MF Tax Plan 1997

4



4

4 (4)

4 (4)

4 (3)

1 (3)

SBI Magnum Tax Gain Scheme 1993

4



4

4 (4)

3 (2)

2 (1)

3 (3)

Sundaram Taxsaver

4



4

4 (4)

5 (3)

3 (3)

2 (1)

UTI Equity Tax Saving Plan (ETSP)

4



4

4 (4)

4 (4)

3 (4)

3 (3)

BNP Paribas Tax Advantage Plan

5



5

5 (5)

4 (4)

3 (2)

3 (3)

DWS Tax Saving Fund

5



4

5 (4)

3 (2)

4 (4)

3 (1)

Principal Tax Saving Fund

5



5

5 (5)

3 (3)

1 (2)

3 (3)

Figures in bracket indicate the previous quarter score

10

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 10

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:14 PM

Thematic - Infrastructure funds Thematic - Infrastructure funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score

Weightages Birla Sun Life Basic Industries Fund

1

HDFC Infrastructure Fund

1

AIG Infrastructure and Economic Reform Fund

2

Birla Sun Life Infrastructure Fund

2

Canara Robeco Infrastructure DSP BlackRock Natural Resources and New Energy Fund



Industry Company Concentration Concentration

Liquidity

75%

10%

5%

10%

1

1 (1)

1 (3)

1 (1)

3 (2)

N.A

1

4

5

3



2

2 (3)

2 (1)

4 (4)

2 (3)



2

2 (2)

2 (3)

2 (2)

4 (3)

2



3

2 (2)

2 (3)

3 (3)

3 (5)

2



1

2 (1)

5 (5)

3 (4)

3 (2)

DSP BlackRock India T.I.G.E.R. Fund

3



2

3 (2)

3 (2)

1 (1)

3 (3)

ICICI Prudential Infrastructure Fund

3



3

3 (3)

3 (3)

4 (5)

2 (3)

LIC NOMURA MF Infrastructure Fund

3

N.A

3

3

4

1

Religare Infrastructure Fund

3

N.A

3

3

3

4

Sundaram CAPEX Opportunities Fund

3



3

3 (3)

3 (4)

2 (2)

5 (1)

Tata Infrastructure Fund

3



4

3 (4)

4 (4)

2 (3)

2 (5)

HSBC Progressive Themes Fund

4



4

4 (4)

2 (2)

3 (3)

5 (1)

Reliance Diversified Power Sector Fund

4



3

4 (3)

4 (5)

3 (4)

4 (4)

SBI Infrastructure Fund - Series I

4



4

4 (4)

1 (1)

3 (3)

4 (4)

Sundaram Select Thematic Funds Energy Opportunities

4

N.A

4

5

4

2

JM Basic Fund

5



5

5 (5)

3 (4)

5 (5)

3 (2)

UTI Infrastructure Fund

5



5

5 (5)

4 (2)

2 (2)

1 (4)

Figures in bracket indicate the previous quarter score

Index funds Index funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages Kotak Nifty ETF

1

Nifty Benchmark Exchange Traded Scheme - Nifty BeES

1

Kotak Sensex ETF Principal Index Fund

N.A 

1

2



1

2



2

UTI Master Index Fund

2



2

Franklin India Index Fund - BSE Sensex Plan

3



2

Franklin India Index Fund - NSE Nifty Plan

3



3

HDFC Index Fund - Sensex Plan

3



3

ICICI Prudential Index Fund - Nifty Plan

3



3

UTI Nifty Index Fund

3



3

Birla Sun Life Index Fund

4



4

HDFC Index Fund - Nifty Plan

4



4

LIC NOMURA MF Index Fund - Nifty Plan

4



5

LIC NOMURA MF Index Fund - Sensex Plan

5



4

SBI Magnum Index Fund

5



5

Figures in bracket indicate the previous quarter score

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 11

11

4/29/2011 6:36:14 PM

Balanced funds Balanced funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages

Superior Return Score

Industry Company Concentration Concentration

75%

10%

5%

Debt Asset Quality

Debt Liquidity

5%*(100-K) 5%*(100-K)

Equity Liquidity 10%*K

HDFC Balanced Fund

1



1

1 (1)

2 (1)

1 (3)

3 (3)

4 (4)

5 (5)

HDFC Prudence Fund

1



1

1 (1)

4 (4)

3 (2)

1 (1)

3 (3)

4 (2)

Birla Sun Life 95 Fund

2



2

2 (2)

1 (3)

2 (1)

2 (3)

2 (1)

2 (2)

ICICI Prudential Balanced Fund

2



3

2 (3)

3 (3)

3 (4)

2 (3)

4 (3)

4 (5)

Reliance Regular Savings Fund Balanced

2



2

2 (2)

3 (2)

3 (3)

4 (4)

3 (3)

3 (1)

Tata Balanced Fund

2



2

2 (2)

4 (4)

4 (3)

3 (3)

1 (1)

3 (3)

Canara Robeco Balance

3



3

3 (3)

1 (1)

2 (2)

2 (2)

2 (2)

3 (4)

DSP BlackRock Balanced Fund

3



2

3 (2)

2 (2)

1 (1)

4 (4)

3 (3)

5 (3)

Principal Conservative Growth Fund

3



3

3 (3)

3 (5)

3 (3)

4 (2)

4 (3)

4 (3)

Sundaram Balanced Fund

3



3

3 (3)

5 (2)

4 (4)

3 (3)

3 (3)

1 (1)

UTI Balanced Fund

3



3

3 (3)

5 (5)

2 (3)

5 (5)

5 (5)

3 (4)

FT India Balanced Fund

4



4

4 (4)

3 (3)

4 (5)

2 (2)

3 (4)

2 (4)

ICICI Prudential Equity and Derivatives Fund - Volatility Advantage Plan

4



4

4 (4)

4 (3)

5 (4)

1 (2)

2 (4)

4 (4)

Kotak Balance

4



4

4 (4)

2 (3)

2 (2)

4 (4)

4 (4)

3 (2)

SBI Magnum Balanced Fund

4



3

4 (3)

3 (3)

3 (2)

3 (3)

1 (2)

2 (3)

LIC NOMURA MF Balanced Fund Plan C

5



5

5 (5)

2 (4)

5 (5)

5 (4)

5 (5)

1 (2)

Principal Balanced Fund

5



4

5 (4)

4 (4)

4 (3)

3 (1)

2 (2)

2 (3)

Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds

12

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 12

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:14 PM

Monthly Income Plan - Aggressive CRISIL Change CRISIL Superior Fund Rank vs Fund Rank Return Industry Company Debt Asset Mar - 11 Dec - 10 Dec - 10 Score Concentration Concentration Quality

Monthly Income Plan - Aggressive Weightages

Equity Debt Liquidity Liquidity 7.5%*(100-K) 7.5%*K

Modified Duration/ Average Maturity

60%

5%

5%

17.5%

HDFC Monthly Income Plan - LTP

1



1

1 (1)

4 (4)

2 (3)

3 (3)

2 (3)

5 (1)

4 (3)

5%

Reliance Monthly Income Plan

1



1

1 (1)

3 (2)

2 (2)

4 (4)

3 (3)

3 (2)

4 (3)

Birla Sun Life MIP II - Wealth 25 Plan

2



2

2 (2)

4 (4)

3 (3)

2 (1)

3 (3)

4 (3)

3 (4)

Canara Robeco Monthly Income Plan

2



2

2 (2)

2 (2)

3 (2)

3 (3)

3 (3)

3 (2)

2 (1)

HSBC MIP - Savings

2



2

3 (3)

3 (4)

2 (3)

1 (1)

2 (1)

4 (2)

3 (5)

ICICI Prudential MIP 25

2



2

2 (2)

5 (5)

3 (3)

2 (3)

3 (2)

3 (3)

2 (3)

DSP BlackRock Savings Manager Fund

3



3

3 (3)

3 (3)

4 (3)

3 (2)

2 (2)

1 (4)

1 (2)

FT India Monthly Income Plan

3



4

3 (4)

3 (5)

3 (4)

1 (2)

2 (3)

3 (5)

1 (3)

HDFC Monthly Income Plan - STP

3



3

3 (3)

5 (3)

1 (1)

4 (4)

4 (3)

4 (3)

3 (3)

Kotak Monthly Income Plan

3



3

3 (3)

2 (3)

3 (4)

4 (4)

3 (4)

3 (1)

3 (2)

LIC NOMURA MF Floater MIP - Plan A

3



3

3 (3)

2 (3)

3 (4)

5 (5)

4 (4)

2 (3)

3 (3)

Tata MIP Plus Fund

3



3

3 (3)

4 (3)

4 (3)

3 (2)

1 (1)

3 (3)

5 (4)

UTI MIS Advantage Plan

3



3

2 (2)

3 (3)

2 (2)

4 (4)

4 (4)

4 (4)

4 (4)

4



3

4 (3)

4 (4)

4 (5)

3 (3)

5 (5)

5 (4)

2 (1)

L&T Monthly Income Plan - Regular

4



4

4 (4)

1 (2)

1 (2)

2 (3)

4 (4)

2 (3)

2 (3)

SBI Magnum Income Plus Fund - Investment

4



4

5 (5)

3 (2)

5 (4)

2 (2)

1 (2)

3 (3)

4 (5)

Sundaram Monthly Income Plan - Moderate Plan

4



4

5 (4)

2 (1)

3 (1)

3 (3)

3 (3)

1 (5)

3 (2)

LIC NOMURA MF Monthly Income Plan

5



5

4 (4)

3 (3)

5 (5)

5 (5)

5 (5)

2 (3)

5 (4)

Principal MIP - MIP Plus

5



3

4 (3)

1 (3)

4 (3)

3 (3)

3 (3)

2 (2)

3 (3)

HYBRID FUNDS

DWS Twin Advantage Fund

Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds

Monthly Income Plan - Conservative

Monthly Income Plan - Conservative

CRISIL Fund Rank Mar - 11

Change CRISIL Fund Superior vs Rank Return Industry Company Dec - 10 Dec - 10 Score Concentration Concentration

Weightages

Debt Asset Quality

60%

5%

5%

17.5%

Debt Liquidity

Equity Liquidity

7.5%*(100-K) 7.5%*K

Modified Duration/ Average Maturity 5%

1



1

1 (1)

2 (3)

3 (3)

3 (3)

3 (3)

4 (3)

2 (2)

Birla Sun Life MIP

2



2

2 (2)

3 (3)

4 (4)

3 (3)

3 (2)

3 (3)

3 (2)

UTI Monthly Income Scheme

2



2

2 (2)

3 (2)

2 (1)

5 (5)

4 (4)

2 (4)

4 (3)

Birla Sun Life MIP II - Savings 5 Plan

3



3

3 (4)

2 (1)

3 (3)

2 (2)

3 (3)

3 (4)

3 (3)

HSBC MIP - Regular

3



3

3 (3)

3 (3)

1 (2)

2 (1)

2 (3)

3 (2)

3 (4)

ICICI Prudential MIP Plan

3



3

3 (3)

5 (4)

3 (3)

4 (4)

4 (3)

3 (3)

2 (3)

SBI Magnum Monthly Income Plan

3



3

3 (3)

4 (4)

2 (3)

1 (2)

1 (1)

4 (1)

4 (4)

DWS Money Plus Advantage Fund

4



4

4 (3)

4 (5)

4 (4)

3 (4)

5 (5)

5 (5)

1 (1)

Principal MIP Accumulation Plan

4



4

4 (4)

1 (3)

3 (2)

4 (3)

3 (4)

1 (2)

3 (3)

Tata Monthly Income Fund

5



5

5 (5)

3 (2)

5 (5)

3 (3)

2 (2)

2 (3)

5 (5)

Birla Sun Life Monthly Income

Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds

13

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 13

4/29/2011 6:36:14 PM

Long Term Income funds Long Term Income funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages

Modified Debt Debt Superior Duration/ Company Sectoral Return Score Average Maturity Concentration Concentration 60%

5%

5%

5%

Debt Liquidity

Debt Asset Quality

7.5%

17.5%

BNP Paribas Bond Fund

1



2

1 (1)

2 (2)

2 (3)

5 (5)

5 (5)

5 (5)

Canara Robeco Income Plan

1



1

1 (1)

3 (4)

3 (3)

1 (1)

3 (3)

3 (3)

HDFC High Interest Fund

1



2

2 (2)

4 (4)

1 (2)

1 (3)

3 (2)

1 (1)

Birla Sun Life Income Plus

2



3

2 (3)

2 (5)

3 (3)

1 (1)

3 (2)

2 (2)

HDFC Income Fund

2



1

2 (1)

4 (4)

2 (1)

1 (3)

1 (2)

1 (1)

HSBC Flexi Debt Fund

2



2

2 (2)

2 (3)

3 (2)

1 (1)

2 (1)

2 (2)

ICICI Prudential Income Opportunities Fund

2



2

2 (3)

3 (2)

1 (2)

1 (1)

2 (3)

3 (3)

Kotak Bond Regular

2



3

2 (3)

5 (2)

4 (4)

1 (3)

3 (4)

4 (5)

UTI Bond Fund

2



3

1 (3)

4 (4)

2 (3)

1 (4)

4 (4)

4 (4)

Birla Sun Life Income Fund

3



4

3 (4)

1 (3)

3 (3)

1 (1)

3 (3)

2 (3)

BNP Paribas Flexi Debt Fund

3



3

3 (3)

3 (3)

4 (5)

4 (4)

5 (4)

5 (4)

LIC NOMURA MF Bond Fund

3



2

3 (2)

4 (2)

3 (4)

1 (5)

4 (5)

5 (5)

Reliance Dynamic Bond Fund

3



3

4 (3)

4 (4)

4 (2)

1 (4)

1 (2)

3 (3)

Reliance Income Fund

3



3

3 (3)

5 (5)

3 (1)

1 (1)

1 (1)

3 (3)

Religare Active Income Fund - Retail

3



4

3 (4)

1 (1)

5 (3)

1 (1)

4 (3)

4 (3)

SBI Magnum Income Fund

3



3

3 (3)

3 (3)

2 (1)

1 (1)

2 (1)

3 (3)

Templeton India Income Builder Account

3



3

3 (2)

2 (2)

4 (4)

5 (5)

5 (4)

4 (3)

ICICI Prudential Income Plan

4



4

4 (4)

3 (3)

2 (4)

1 (1)

2 (3)

2 (2)

ICICI Prudential Long Term Plan

4



3

3 (3)

2 (1)

4 (4)

4 (3)

4 (5)

3 (4)

IDFC Dynamic Bond Fund

4



4

4 (5)

3 (5)

3 (2)

1 (1)

2 (3)

2 (1)

IDFC Super Saver Income Fund Investment Plan

4



4

4 (4)

3 (4)

2 (3)

1 (1)

3 (3)

2 (2)

Sundaram Bond Saver

4



5

4 (4)

5 (3)

4 (5)

1 (1)

4 (3)

4 (4)

Templeton India Income Fund

4



3

4 (3)

2 (1)

1 (3)

5 (4)

4 (4)

3 (4)

DSP BlackRock Bond Fund

5



4

5 (4)

4 (3)

5 (5)

1 (4)

2 (2)

1 (2)

Fidelity Flexi Bond Fund

5



5

5 (5)

1 (3)

5 (3)

1 (1)

3 (3)

4 (3)

Tata Income Fund

5



5

5 (5)

3 (3)

3 (4)

1 (1)

3 (3)

3 (3)

Figures in bracket indicate the previous quarter score

14

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 14

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:14 PM

Short Term Income Funds

Short Term Income Funds

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10



DSP BlackRock Short Term Fund

1

JPMorgan India Short Term Income Fund

1

Morgan Stanley Short Term Bond Fund

1



AIG Short Term Fund

2



Axis Short Term Fund

2

Asset Quality

Liquidity

Mean Return

Volatility

42.5%

15.0%

5.0%

5.0%

15.0%

7.5%

10.0%

1

2 (2)

2 (2)

3 (3)

1 (1)

1 (1)

3 (2)

2 (2)

N.A

1

3

3

1

2

1

2

1

2 (3)

1 (1)

1 (2)

1 (1)

2 (2)

1 (1)

1 (2)

Weightages

Company Sectoral Concentration Concentration

Modified Duration/ Average Maturity

2

3 (4)

3 (3)

5 (5)

1 (1)

2 (1)

2 (4)

1 (1)

N.A

3

2

3

1

2

1

2

HSBC Income Fund - Short Term Plan

2



2

2 (4)

2 (2)

4 (4)

1 (1)

1 (2)

2 (1)

1 (1)

JM Short Term Fund

2



2

2 (2)

2 (3)

5 (5)

1 (1)

2 (2)

2 (2)

3 (2)

SBI Short Horizon Debt Fund - Short Term Fund

2



2

3 (4)

3 (3)

2 (3)

1 (1)

1 (1)

3 (4)

2 (1)

Taurus Short Term Income Fund

2



3

1 (2)

1 (5)

4 (4)

1 (1)

3 (2)

2 (1)

5 (4)

Birla Sun Life Dynamic Bond Fund

3



4

3 (2)

4 (4)

2 (2)

4 (4)

3 (3)

4 (5)

4 (4)

3



2

1 (1)

3 (3)

3 (3)

5 (1)

3 (3)

4 (2)

3 (2)

Canara Robeco Short Term Fund

3



3

3 (3)

2 (2)

3 (3)

1 (1)

2 (3)

2 (2)

3 (3)

DWS Short Maturity Fund

3



3

3 (4)

3 (3)

1 (1)

1 (1)

3 (3)

3 (3)

4 (4)

HDFC Short Term Plan

3



3

4 (3)

4 (4)

3 (1)

4 (4)

3 (3)

3 (3)

3 (3)

IDFC Super Saver Income Fund Medium Term

3



2

3 (1)

5 (5)

4 (3)

1 (1)

3 (3)

5 (5)

3 (3)

ING Short Term Income Fund

3



3

2 (3)

3 (3)

3 (4)

1 (1)

3 (3)

3 (3)

2 (3)

Principal Income Fund - Short Term Plan

3



4

2 (3)

3 (2)

5 (5)

4 (5)

4 (5)

3 (3)

4 (5)

Reliance Short Term Fund

3



4

3 (3)

4 (3)

2 (2)

1 (1)

3 (4)

5 (5)

3 (3)

Religare Credit Opportunities Fund

3



3

3 (3)

1 (1)

4 (3)

3 (4)

4 (4)

2 (2)

3 (4)

Sundaram Flexible Fund - Short Term Plan

3



3

4 (4)

2 (2)

3 (2)

1 (1)

3 (3)

3 (2)

3 (2)

HDFC High Interest Fund - Short Term Plan

4



4

4 (4)

5 (4)

1 (1)

4 (4)

4 (4)

4 (4)

3 (4)

ICICI Prudential Short Term Plan

4



5

4 (5)

4 (4)

3 (2)

3 (1)

3 (3)

4 (4)

4 (3)

IDFC Super Saver Income Fund Short Term

4



5

5 (5)

4 (3)

4 (3)

1 (1)

3 (4)

4 (3)

2 (2)

Religare Short Term Plan

4



4

5 (5)

3 (2)

3 (3)

4 (4)

4 (4)

3 (3)

4 (4)

Templeton India Short Term Income Plan

4



4

3 (2)

3 (5)

2 (2)

5 (5)

5 (5)

3 (3)

5 (5)

UTI Short Term Income Fund

4



3

4 (2)

3 (3)

3 (3)

1 (1)

4 (4)

5 (4)

3 (3)

Kotak Bond Short Term Plan

5



5

5 (5)

3 (4)

4 (4)

1 (1)

4 (4)

3 (4)

3 (4)

Reliance Regular Savings Fund - Debt

5



5

4 (4)

4 (4)

2 (1)

4 (5)

5 (5)

4 (5)

4 (5)

Templeton India Income Opportunities Fund

5



4

3 (1)

5 (5)

2 (2)

5 (5)

5 (5)

3 (4)

5 (5)

DEBT FUNDS

Birla Sun Life Medium Term Plan

Figures in bracket indicate the previous quarter score

15

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 15

4/29/2011 6:36:14 PM

Liquid funds CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

IDFC Cash Fund

1



2

Liquid funds Weightages

Mean Return

Volatility

Asset Size

DRP

Asset Quality

Company Concentration Liquidity

42.5%

10.0%

5.0%

5.0%

20.0%

5.0%

12.5%

3 (3)

1 (1)

2 (3)

1 (4)

2 (3)

4 (4)

2 (3)

Principal Cash Management Fund

1



2

3 (3)

1 (2)

4 (4)

1 (3)

3 (3)

3 (1)

4 (2)

SBI Magnum InstaCash

1



1

1 (2)

2 (2)

3 (2)

1 (2)

1 (1)

2 (2)

2 (3)

HDFC Cash Management Fund - Savings Plan

2



2

2 (2)

4 (4)

3 (3)

4 (2)

3 (3)

2 (2)

1 (1)

ICICI Prudential Liquid Plan

2



4

4 (4)

4 (3)

1 (1)

3 (3)

1 (2)

1 (4)

2 (3) 3 (2)

SBI Magnum InstaCash - Liquid Floater Plan

2



3

1 (1)

3 (3)

5 (5)

3 (1)

3 (3)

3 (4)

Tata Liquid Fund - RIP

2



2

3 (3)

2 (2)

2 (2)

1 (4)

3 (3)

2 (2)

4 (3)

UTI Liquid Cash Plan

2



1

4 (4)

2 (1)

1 (1)

1 (5)

3 (3)

3 (3)

3 (3)

HDFC Liquid Fund

3



1

2 (3)

4 (4)

2 (2)

4 (3)

3 (3)

2 (3)

1 (1)

JM High Liquidity Fund

3



3

1 (1)

2 (3)

3 (3)

1 (1)

4 (3)

4 (3)

5 (5)

L&T Liquid Fund

3



3

3 (3)

3 (2)

4 (4)

1 (4)

2 (3)

3 (5)

4 (4)

LIC NOMURA MF Liquid Fund

3



5

2 (2)

3 (3)

3 (1)

3 (2)

5 (5)

3 (3)

3 (5)

Liquid Benchmark Exchange Traded Scheme Liquid BeES

3



2

5 (5)

1 (1)

5 (4)

1 (1)

5 (5)

2 (1)

2 (3)

UTI Money Market Fund

3



3

4 (4)

2 (2)

4 (4)

1 (5)

3 (3)

4 (4)

3 (2)

Birla Sun Life Cash Plus

4



4

4 (4)

4 (3)

1 (2)

5 (3)

3 (3)

3 (3)

3 (2)

DSP BlackRock Liquidity Fund

4



3

2 (2)

5 (5)

2 (3)

4 (3)

2 (2)

4 (2)

3 (3)

HSBC Cash Fund

4



3

5 (5)

3 (3)

5 (5)

4 (4)

1 (1)

1 (1)

1 (1)

Reliance Liquid Fund - Treasury Plan

4



3

3 (3)

3 (3)

4 (3)

1 (4)

3 (3)

5 (4)

4 (2)

Sundaram Money Fund

4



5

5 (4)

3 (3)

4 (4)

3 (5)

2 (2)

5 (3)

2 (4)

DWS Insta Cash Plus Fund

5



4

3 (3)

4 (4)

3 (3)

4 (3)

5 (2)

1 (1)

5 (4)

Kotak Floater - Short Term

5



5

2 (2)

5 (5)

3 (3)

5 (2)

3 (5)

4 (3)

5 (5)

Templeton India Treasury Management Account

5



4

4 (3)

5 (4)

2 (2)

5 (3)

2 (2)

5 (3)

4 (3)

Figures in bracket indicate the previous quarter score

16

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 16

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:14 PM

Liquid funds - Institutional Liquid funds - Institutional

CRISIL Change CRISIL Fund Rank vs Fund Rank Mar - 11 Dec - 10 Dec - 10

Weightages

Mean Return

Volatility

Asset Size

DRP

Asset Quality

Company Concentration Liquidity

42.5%

10.0%

5.0%

5.0%

20.0%

5.0%

12.5%

SBI Premier Liquid Fund - Institutional UTI Liquid Cash Plan - Institutional Plan

1 1

 

2 1

3 (3) 3 (3)

2 (3) 1 (1)

3 (3) 2 (1)

3 (3) 1 (3)

2 (1) 3 (4)

1 (2) 3 (3)

2 (2) 2 (3)

Canara Robeco Liquid - Institutional ICICI Prudential Liquid Plan - Institutional Plus Tata Liquid Fund - SHIP

2 2 2

  

2 4 1

5 (4) 4 (5) 2 (3)

1 (1) 3 (3) 2 (2)

4 (4) 1 (1) 2 (2)

1 (5) 3 (4) 1 (2)

3 (1) 1 (3) 3 (3)

3 (2) 2 (4) 2 (3)

4 (4) 1 (3) 3 (2)

BNP Paribas Overnight Fund - Institutional Plan Daiwa Liquid Fund - Institutional DSP BlackRock Liquidity Fund - Institutional Plan Reliance Liquid Fund - Treasury Plan - Institutional UTI Money Market Fund - Institutional

3 3 3 3 3

   

4 N.A 3 3 2

1 (1) 3 2 (2) 4 (4) 3 (3)

3 (4) 4 5 (4) 3 (2) 2 (2)

5 (5) 5 3 (3) 3 (3) 3 (5)

3 (1) 4 3 (3) 1 (3) 1 (4)

5 (3) 1 2 (2) 3 (4) 3 (4)

3 (3) 5 4 (2) 4 (4) 3 (5)

5 (5) 3 2 (3) 4 (1) 3 (2)

Axis Liquid Fund - Institutional Birla Sun Life Cash Plus - Institutional JPMorgan India Liquid Fund - Super Institutional Plan

4 4 4

  

3 3 3

2 (2) 5 (5) 1 (1)

4 (5) 3 (3) 5 (5)

2 (3) 1 (2) 4 (3)

3 (2) 4 (5) 5 (1)

3 (2) 3 (4) 2 (3)

2 (1) 3 (4) 4 (3)

4 (3) 1 (1) 3 (3)

BARODA PIONEER Liquid Fund - Institutional

5



5

3 (3)

4 (3)

4 (4)

4 (3)

3 (3)

5 (5)

3 (4)

DWS Insta Cash Plus Fund - Institutional

5



5

4 (4)

3 (4)

3 (4)

4 (4)

5 (2)

1 (1)

5 (4)

Mean Return

Volatility

Asset Size

DRP

Asset Quality

42.5%

10.0%

5.0%

5.0%

20.0%

5.0%

12.5%

Figures in bracket indicate the previous quarter score

Liquid funds - Super Institutional Liquid funds - Super institutional

CRISIL Change CRISIL Fund Rank vs Fund Rank Mar - 11 Dec - 10 Dec - 10

Weightages

Company Concentration Liquidity

IDFC Cash Fund - Plan C - (Super Institutional)

1



1

3 (3)

1 (1)

3 (3)

1 (3)

3 (4)

3 (5)

2 (3)

ING Liquid Fund - Super Institutional Plan

1



2

1 (1)

1 (2)

5 (5)

1 (1)

3 (4)

4 (3)

2 (2)

Canara Robeco Liquid - Super Institutional

2



1

3 (2)

2 (1)

3 (3)

1 (2)

2 (2)

3 (2)

3 (4)

ICICI Prudential Liquid Plan - Super Institutional

2



3

3 (3)

3 (3)

1 (1)

3 (3)

1 (3)

2 (4)

2 (3)

Reliance Liquidity Fund

2



3

4 (4)

3 (3)

2 (1)

1 (4)

3 (4)

3 (2)

3 (3)

SBI Premier Liquid Fund - Super Institutional

2



3

2 (3)

2 (2)

3 (3)

3 (4)

2 (2)

2 (3)

3 (2)

Birla Sun Life Cash Plus -Institutional Premium

3



3

3 (3)

3 (4)

1 (2)

4 (4)

3 (4)

3 (4)

3 (2)

Fidelity Cash Fund - Super Institutional Plan

3



2

4 (4)

3 (4)

5 (4)

3 (3)

3 (1)

4 (2)

2 (2)

HDFC Liquid Fund - Premium Plus Plan

3



2

4 (4)

3 (3)

2 (2)

3 (4)

3 (4)

2 (3)

1 (1)

HSBC Cash Fund - Institutional Plus

3



2

5 (5)

3 (3)

4 (5)

3 (5)

1 (1)

1 (1)

1 (1)

JM High Liquidity Fund - Super Institutional

3



4

2 (2)

2 (2)

3 (2)

1 (2)

4 (4)

4 (3)

5 (5)

L&T Liquid Fund - Super Institutional

3



3

5 (4)

2 (2)

4 (4)

1 (5)

3 (3)

3 (5)

3 (3)

Sundaram Money Fund - Super Institutional

3



3

3 (2)

3 (3)

4 (4)

3 (2)

2 (2)

5 (4)

3 (4)

Kotak Liquid Institutional Premium Plan

4



4

3 (3)

4 (3)

2 (3)

4 (3)

3 (3)

2 (2)

4 (3)

Religare Liquid Fund - Super Institutional

4



4

3 (3)

4 (4)

3 (3)

4 (3)

3 (3)

3 (4)

3 (4)

Taurus Liquid Fund - Super Institutional Templeton India Treasury Management Account Super Institutional Plan

4



5

4 (5)

5 (5)

4 (4)

5 (1)

2 (2)

3 (3)

4 (5)

4



4

2 (2)

4 (5)

2 (2)

4 (3)

3 (3)

4 (3)

4 (3)

DWS Insta Cash Plus Fund - Super Institutional

5



5

2 (1)

4 (4)

3 (3)

3 (2)

5 (3)

1 (1)

4 (4)

Peerless Liquid Fund - Super Institutional

5

N.A

1

5

3

5

5

5

5

Figures in bracket indicate the previous quarter score

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 17

17

4/29/2011 6:36:14 PM

Ultra Short-term Debt funds Mean Return

Volatility

Asset Size

Modified Duration/ Average Maturity

37.5%

15.0%

5.0%

7.5%

5.0%

15.0%

5.0%

10.0%

3 (3)

3 (3)

3 (3)

3 (3)

2 (3)

3 (3)

3 (3)

2 (1)

1

3 (3)

3 (3)

1 (1)

2 (2)

3 (3)

3 (3)

2 (1)

1 (1)



1

3 (3)

3 (3)

3 (3)

1 (1)

3 (3)

3 (3)

1 (2)

1 (1)

1



2

2 (2)

4 (3)

2 (2)

3 (3)

2 (3)

1 (2)

2 (2)

3 (3)

Birla Sun Life Cash Manager Birla Sun Life Floating Rate Fund Long Term DSP BlackRock Money Manager Fund IDFC Money Manager Fund - Treasury Plan IDFC Savings Advantage Fund IDFC Ultra Short Term Fund JM Money Manager Fund - Super Plan Tata Floater Fund

2



3

3 (3)

3 (3)

3 (2)

3 (3)

4 (5)

3 (3)

4 (4)

2 (2)

2



2

2 (1)

3 (5)

3 (3)

3 (3)

3 (3)

3 (3)

3 (4)

1 (2)

2



2

3 (4)

2 (2)

3 (3)

1 (2)

3 (4)

2 (1)

2 (2)

3 (2)

2



2

4 (4)

2 (3)

2 (2)

3 (2)

3 (3)

3 (2)

3 (3)

2 (2)

2 2 2 2

   

3 3 1 3

1 (2) 1 (2) 1 (1) 2 (1)

4 (4) 4 (4) 4 (5) 4 (4)

3 (4) 4 (4) 5 (4) 2 (2)

2 (4) 4 (2) 2 (2) 3 (3)

1 (2) 3 (3) 1 (1) 1 (1)

2 (2) 1 (3) 3 (3) 3 (3)

4 (4) 4 (5) 4 (3) 1 (3)

3 (3) 2 (3) 4 (4) 3 (3)

Axis Treasury Advantage Fund Birla Sun Life Savings Fund Canara Robeco Treasury Advantage Fund DSP BlackRock Floating Rate Fund Fidelity Ultra Short Term Debt Fund HSBC Floating Rate Fund - Long Term Plan ICICI Prudential Flexible Income Plan ICICI Prudential Floating Rate Plan Option A JM Money Manager Fund L&T Freedom Income - Short Term Fund Principal Near-Term Fund Conservative Plan Reliance Money Manager Fund Templeton India Ultra-short Bond Fund UTI Floating Rate Fund - STP UTI Treasury Advantage Fund

3 3



N.A 3

3 3 (3)

2 3 (3)

4 2 (2)

3 4 (4)

2 3 (4)

2 3 (4)

3 2 (2)

3 3 (3)

3



3

3 (3)

1 (1)

3 (3)

3 (2)

3 (4)

3 (3)

3 (3)

4 (3)

3 3

 

3 2

4 (3) 3 (4)

2 (3) 2 (2)

4 (3) 4 (4)

4 (3) 3 (1)

4 (2) 3 (4)

2 (2) 1 (1)

4 (4) 3 (1)

2 (2) 3 (3)

N.A

5

1

4

1

5

2

3

2

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Birla Sun Life Ultra Short Term Fund HDFC Cash Management Fund Treasury Advantage Plan HDFC Floating Rate Income Fund Short Term Plan SBI Short Horizon Debt Fund - Ultra Short Term Fund

1



2

1



1

Ultra Short-term Debt funds Weightages

3

DRP

Asset Quality

Company Concentration Liquidity

3



4

4 (4)

2 (2)

1 (1)

2 (4)

4 (4)

4 (5)

2 (2)

3 (4)

3



3

4 (4)

2 (1)

2 (3)

2 (3)

4 (5)

2 (3)

4 (3)

2 (3)

3



2

1 (1)

4 (4)

5 (5)

3 (1)

1 (1)

3 (3)

5 (5)

3 (3)

3



3

3 (3)

3 (2)

3 (3)

2 (1)

3 (3)

2 (2)

2 (3)

4 (3)

3



3

3 (3)

2 (2)

3 (3)

2 (3)

3 (3)

3 (3)

1 (1)

3 (2)

3 3 3 3

   

1 3 3 4

3 (3) 2 (2) 3 (3) 3 (3)

3 (3) 3 (4) 3 (3) 3 (2)

1 (1) 2 (2) 3 (3) 1 (1)

3 (3) 1 (2) 3 (3) 4 (4)

4 (3) 2 (3) 2 (3) 3 (3)

4 (3) 4 (4) 3 (3) 4 (4)

2 (3) 3 (2) 3 (3) 3 (3)

3 (2) 4 (3) 3 (3) 3 (3)

DWS Ultra Short Term Fund HSBC Ultra Short Term Bond Fund Regular IDFC Money Manager Fund Investment Plan JM Money Manager Fund - Super Plus Plan Kotak Floater - Long Term LIC NOMURA MF Savings Plus Fund Reliance Medium Term Fund Sundaram Ultra Short Term Fund

4



4

4 (4)

3 (2)

4 (4)

3 (3)

4 (4)

4 (4)

1 (1)

4 (4)

4



3

5 (5)

5 (5)

5 (5)

3 (3)

5 (4)

1 (1)

5 (5)

1 (1)

4



2

4 (3)

5 (3)

5 (4)

5 (2)

4 (3)

3 (2)

5 (5)

2 (2)

4



3

3 (3)

3 (3)

4 (4)

4 (4)

2 (2)

3 (3)

3 (4)

5 (4)

4 4 4 4

   

3 5 3 4

2 (2) 4 (2) 2 (2) 5 (5)

4 (3) 4 (4) 5 (4) 1 (1)

2 (2) 3 (3) 3 (3) 3 (3)

4 (3) 2 (5) 5 (4) 4 (3)

2 (1) 3 (2) 3 (2) 5 (5)

4 (2) 5 (5) 4 (4) 2 (1)

3 (2) 3 (4) 4 (2) 2 (3)

4 (4) 4 (5) 3 (3) 3 (3)

BNP Paribas Money Plus Fund Kotak Flexi Debt LIC NOMURA MF Income Plus Fund

5 5 5

  

4 5 4

2 (2) 5 (5) 4 (3)

3 (3) 1 (1) 3 (3)

3 (3) 3 (3) 2 (2)

4 (4) 5 (4) 3 (3)

2 (2) 5 (5) 3 (2)

5 (2) 4 (4) 5 (4)

3 (3) 3 (3) 4 (3)

5 (5) 4 (4) 5 (5)

Reliance Floating Rate Fund Short Term Plan

5



4

2 (3)

5 (4)

4 (3)

5 (5)

4 (2)

5 (5)

5 (4)

5 (3)

Figures in bracket indicate the previous quarter score

18

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 18

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:14 PM

Ultra Short-term Debt funds - Institutional

Ultra Short-term Debt funds-Institutional

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages

Mean Return

Volatility

Asset Size

Modified Duration/ Average Maturity

37.5%

15.0%

5.0%

7.5%

5.0%

15.0%

5.0%

10.0%

DRP

Asset Quality

Company Concentration Liquidity

Birla Sun Life Floating Rate Fund - Long Term - Institutional

1



2

1 (1)

4 (5)

3 (3)

3 (3)

1 (2)

3 (3)

4 (4)

1 (2)

Birla Sun Life Ultra Short Term Fund Institutional

1



2

2 (2)

2 (4)

3 (3)

3 (3)

2 (2)

3 (3)

4 (4)

1 (1)

HDFC Cash Management Fund - Treasury Advantage Plan - Wholesale Option

1



1

4 (3)

1 (3)

1 (1)

2 (2)

4 (4)

4 (3)

2 (2)

1 (1)

SBI Short Horizon Debt Fund - Ultra Short Term Fund - Institutional

1



2

3 (3)

3 (2)

2 (2)

3 (3)

2 (2)

1 (2)

2 (2)

3 (3)

Birla Sun Life Cash Manager - Institutional

2



3

3 (3)

3 (3)

2 (2)

3 (3)

3 (4)

3 (3)

4 (4)

2 (2)

DWS Treasury Fund - Cash Plan Institutional

2



1

1 (1)

3 (3)

4 (4)

2 (2)

1 (1)

2 (1)

1 (1)

3 (3)

Fidelity Ultra Short Term Debt Fund Institutional

2



2

3 (4)

2 (2)

3 (4)

3 (1)

3 (3)

1 (1)

3 (1)

3 (3)

HDFC Floating Rate Income Fund - Short Term Plan - Wholesale

2



1

3 (3)

3 (4)

3 (3)

1 (2)

3 (3)

4 (3)

1 (2)

1 (1)

IDFC Money Manager Fund - Treasury Plan - Plan B - (Institutional)

2



3

3 (3)

1 (3)

2 (2)

4 (3)

3 (3)

3 (2)

3 (3)

2 (2)

ING Treasury Advantage Fund - Institutional

2



3

4 (4)

2 (1)

4 (4)

1 (2)

3 (4)

3 (3)

2 (2)

3 (3)

JPMorgan India Treasury Fund - Super Institutional Plan

2



3

3 (2)

3 (3)

4 (3)

1 (2)

2 (2)

2 (3)

4 (4)

3 (3)

Birla Sun Life Savings Fund - Institutional

3



3

2 (2)

2 (3)

2 (2)

4 (4)

2 (3)

4 (4)

2 (3)

3 (3)

Canara Robeco Treasury Advantage Fund Institutional

3



3

4 (4)

1 (1)

2 (3)

3 (3)

5 (5)

2 (3)

3 (3)

4 (3)

HSBC Floating Rate Fund - Long Term Plan - Institutional

3



3

4 (4)

1 (2)

4 (5)

2 (2)

4 (5)

2 (2)

4 (3)

2 (3)

ICICI Prudential Flexible Income Plan Premium

3



4

2 (3)

2 (4)

1 (1)

3 (4)

3 (3)

5 (5)

2 (3)

3 (4)

L&T Freedom Income - Short Term Fund Institutional

3

Reliance Money Manager Fund - Institutional

3

Tata Treasury Manager Fund - SHIP

3

Templeton India Ultra-short Bond Fund Institutional

3

UTI Floating Rate Fund - STP - Institutional UTI Treasury Advantage Fund - Institutional

N.A

4

3

3

2

3

1

3

4

2

3 (3)

3 (2)

1 (1)

4 (3)

4 (3)

4 (3)

2 (3)

3 (2)

N.A

1

4

5

2

2

3

4

2



3

2 (3)

4 (4)

2 (2)

2 (2)

3 (3)

4 (4)

3 (2)

4 (4)

3



3

1 (1)

4 (4)

2 (3)

4 (3)

1 (1)

3 (3)

3 (4)

2 (3)

3



3

2 (3)

4 (2)

1 (2)

5 (4)

2 (2)

4 (4)

3 (3)

3 (3)

Axis Treasury Advantage Fund - Institutional

4



3

4 (3)

5 (1)

3 (3)

3 (1)

4 (3)

2 (2)

3 (2)

4 (3)

Baroda Pioneer Treasury Advantage Fund Institutional

4



5

3 (2)

2 (3)

4 (3)

4 (5)

4 (3)

3 (4)

5 (5)

5 (5)



DWS Treasury Fund - Investment Plan Institutional

4

N.A

5

4

5

2

4

3

1

4

DWS Ultra Short Term Fund - Institutional

4



4

2 (3)

3 (3)

4 (4)

3 (4)

3 (3)

4 (5)

1 (1)

4 (4)

Kotak Flexi Debt - Institutional

4



4

3 (3)

3 (3)

3 (3)

5 (4)

3 (3)

5 (4)

4 (3)

5 (4)

Religare Ultra Short Term Fund - Institutional

4



2

2 (2)

4 (2)

3 (3)

3 (1)

2 (2)

5 (2)

3 (3)

5 (4)

Sundaram Ultra Short Term Fund Institutional

4



4

5 (5)

3 (3)

3 (3)

4 (3)

4 (4)

1 (1)

2 (3)

4 (3)

BNP Paribas Money Plus Fund - Institutional Plan

5



4

3 (2)

2 (3)

3 (3)

4 (4)

1 (1)

5 (2)

3 (3)

5 (5)

DSP BlackRock Strategic Bond Fund Institutional

5



5

5 (5)

5 (5)

5 (5)

5 (5)

5 (5)

2 (4)

5 (5)

2 (2)

ICICI Prudential Long Term Floating Rate Plan - Plan B

5



5

5 (5)

5 (5)

4 (4)

1 (5)

5 (4)

3 (3)

5 (4)

3 (4)

IDFC Money Manager Fund - Investment Plan - Plan B - (Institutional)

5



3

4 (4)

5 (3)

5 (4)

5 (3)

5 (4)

2 (3)

5 (5)

2 (2)

Figures in bracket indicate the previous quarter score

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 19

19

4/29/2011 6:36:15 PM

Ultra Short-term Debt funds - Super institutional Ultra Short-term Debt funds Super institutional

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Weightages DSP BlackRock Money Manager Fund Institutional Plan IDFC Money Manager Fund - Treasury Plan - Plan C - (Super Institutional) Canara Robeco Treasury Advantage Fund - Super Institutional Fidelity Ultra Short Term Debt Fund - Super Institutional ICICI Prudential Floating Rate Plan - Option D ICICI Prudential Banking & PSU Debt Fund - Premium Plus DSP BlackRock Floating Rate Fund Institutional Sundaram Ultra Short Term Fund - Super Institutional Templeton India Ultra-short Bond Fund Super Institutional

Mean Return

Volatility

Asset Size

Modified Duration/ Average Maturity

37.5%

15.0%

5.0%

7.5%

5.0%

15.0%

5.0%

10.0%

DRP

Asset Quality

Company Concentration Liquidity

1



2

5 (5)

1 (1)

2 (3)

1 (2)

4 (5)

2 (2)

1 (2)

2 (2)

1



1

4 (3)

2 (3)

1 (2)

4 (3)

4 (3)

4 (3)

2 (3)

1 (1)

2



3

2 (2)

1 (2)

2 (2)

3 (3)

2 (2)

3 (3)

2 (3)

4 (3)

2



2

2 (3)

2 (2)

5 (5)

2 (1)

2 (3)

1 (1)

3 (1)

3 (3)

2



4

4 (3)

3 (3)

1 (3)

2 (3)

4 (4)

1 (3)

4 (4)

2 (3)

N.A

1

5

4

2

1

4

5

1

3

4



3

5 (4)

2 (3)

4 (3)

4 (3)

5 (4)

2 (3)

5 (5)

2 (2)

4



3

3 (3)

4 (4)

3 (3)

5 (4)

2 (2)

2 (2)

1 (3)

4 (3)

4



3

2 (2)

4 (5)

2 (1)

1 (2)

3 (3)

5 (4)

2 (2)

4 (4)

N.A

4

4

5

4

5

5

4

5

4

1 (1)

5 (3)

4 (4)

5 (4)

1 (1)

4 (4)

4 (3)

5 (4)

Peerless Ultra Short Term Fund - Super Institutional

5

Taurus Ultra Short Term Bond Fund - Super Institutional

5



Figures in bracket indicate the previous quarter score

Long Term Gilt funds CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score

Birla Sun Life Govt Securities Long Term Plan HDFC Gilt Fund - Long Term Plan

1 1

 

1 1

ICICI Prudential Gilt - Investment ICICI Prudential Gilt - Investment - PF Option ICICI Prudential Gilt - Treasury - PF Option - AAPP Kotak Gilt - Investment

2 2 2 2

  

2 2 N.A 2

Birla Sun Life Gilt Plus Canara Robeco Gilt PGS DSP BlackRock Govt Sec Fund LIC NOMURA MF G-Sec Fund Principal Government Securities Fund Tata Gilt Securities Fund UTI Gilt Advantage Fund - Long Term Plan

3 3 3 3 3 3 3

      

Reliance Gilt Securities Fund SBI Magnum Gilt Fund - Long Term Templeton India G-Sec Fund - Composite Plan Templeton India G-Sec Fund - Long Term Plan

4 4 4 4

Fidelity Flexi Gilt Fund UTI G-Sec Fund

Long Term Gilt funds

Modified Duration/ Average Maturity

Liquidity

Asset Quality

75%

5%

12.5%

7.5%

1 (1) 2 (2)

1 (3) 4 (3)

1 (3) 3 (3)

1 (1) 1 (1)

2 (2) 3 (2) 2 1 (1)

3 (2) 3 (3) 2 5 (3)

3 (4) 3 (3) 4 5 (5)

1 (4) 1 (1) 1 4 (5)

3 3 2 4 3 4 3

3 (3) 3 (3) 3 (2) 3 (4) 3 (3) 3 (4) 2 (3)

1 (2) 3 (3) 5 (3) 3 (1) 3 (2) 4 (5) 2 (4)

2 (2) 3 (2) 4 (3) 2 (1) 4 (4) 4 (5) 5 (4)

1 (1) 1 (1) 1 (1) 5 (5) 1 (1) 5 (4) 1 (1)

   

4 4 3 3

4 (4) 4 (4) 4 (3) 4 (3)

4 (4) 4 (5) 3 (1) 3 (2)

3 (4) 1 (1) 3 (2) 3 (2)

1 (4) 1 (1) 1 (1) 1 (1)

5



5

5 (5)

2 (3)

2 (3)

1 (1)

5



5

5 (5)

2 (4)

2 (3)

1 (1)

Weightages

Figures in bracket indicate the previous quarter score

20

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 20

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:15 PM

Consistent Performers - Equity funds CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score 50%

50%

DSP BlackRock Equity Fund

1



1

2 (2)

1 (1)

Consistent Performers - Equity funds Weightages

CRISIL Rank Performance

HDFC Equity Fund

1



1

1 (1)

2 (2)

HDFC Top 200 Fund

1



1

1 (1)

1 (2)

UTI Master Value Fund

1



2

1 (1)

2 (2)

Birla Sun Life Frontline Equity Fund

2



1

2 (2)

1 (1)

DSP BlackRock Top 100 Equity Fund

2



2

2 (3)

1 (1)

Franklin India Bluechip Fund

2



3

2 (3)

3 (3)

HDFC Capital Builder Fund

2



2

2 (2)

3 (3)

HDFC Growth Fund

2



2

2 (2)

2 (3)

Reliance Growth Fund

2



2

3 (2)

2 (1)

Templeton India Growth Fund

2



2

2 (1)

2 (2)

UTI Equity Fund

2



2

1 (2)

3 (3)

Birla Sun Life Basic Industries Fund

3



3

4 (3)

2 (2)

Birla Sun Life Midcap Fund

3



3

3 (3)

3 (3)

DSP BlackRock Opportunities Fund

3



2

3 (2)

3 (3)

DWS Alpha Equity Fund

3



3

3 (3)

2 (2)

Franklin India Prima Fund

3



3

3 (3)

4 (4)

Franklin India Prima Plus

3



3

3 (3)

3 (4)

ICICI Prudential Top 100 Fund

3



3

3 (3)

3 (3)

ICICI Prudential Top 200 Fund

3



3

3 (4)

3 (3)

Kotak 50

3



4

3 (4)

3 (3)

SBI Magnum Equity Fund

3



3

3 (3)

3 (3)

SBI Magnum Multiplier Plus Scheme 1993

3



3

3 (3)

3 (3)

SBI Magnum Sector Umbrella - Contra Fund

3



3

3 (3)

3 (2)

Tata Pure Equity Fund

3



3

3 (3)

3 (2)

Tata Select Equity Fund

3



3

3 (3)

4 (4)

UTI Mastershare Unit Scheme

3



3

3 (3)

3 (3)

UTI Thematic - Mid Cap Fund

3



3

2 (2)

4 (4)

Birla Sun Life Advantage Fund

4



4

4 (4)

5 (5)

Birla Sun Life Equity Fund

4



4

4 (4)

3 (3)

DSP BlackRock India T.I.G.E.R. Fund

4

HSBC Equity Fund

4



N.A

5

2

4

4 (4)

4 (4)

HSBC India Opportunities Fund

4



5

4 (5)

4 (4)

LIC NOMURA MF Equity Fund

4



4

4 (4)

5 (5)

Reliance Vision Fund

4



4

3 (3)

4 (4)

SBI Magnum Global Fund

4



4

4 (4)

3 (3)

Franklin India Opportunities Fund

5



4

5 (4)

4 (4)

Principal Growth Fund

5



5

5 (5)

5 (5)

5



5

5 (5)

4 (3)

5



5

4 (5)

5 (5)

Figures in bracket indicate the previous quarter score

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 21

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CONSISTENT PERFORMERS

UTI Infrastructure Fund UTI Master Plus Unit Scheme

4/29/2011 6:36:15 PM

Consistent Performers - Balanced funds CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score 50%

50%

DSP BlackRock Balanced Fund

1



1

2 (2)

1 (1)

HDFC Prudence Fund

1



1

1 (1)

1 (2)

Birla Sun Life 95 Fund

2



2

1 (1)

2 (2)

Consistent Performers - Balanced funds Weightages

CRISIL Rank Performance

HDFC Balanced Fund

2



2

2 (2)

2 (2)

Tata Balanced Fund

2



2

2 (2)

2 (1)

Canara Robeco Balance

3



3

3 (3)

3 (3)

FT India Balanced Fund

3



3

3 (4)

3 (3)

SBI Magnum Balanced Fund

3



3

4 (3)

3 (3)

Sundaram Balanced Fund

3



3

3 (3)

4 (4)

ICICI Prudential Balanced Fund

4



4

3 (3)

4 (5)

Kotak Balance

4



4

4 (5)

3 (3)

UTI Balanced Fund

4



5

4 (4)

5 (4)

LIC NOMURA MF Balanced Fund - Plan C

5



5

5 (5)

5 (5)

Principal Balanced Fund

5



4

5 (4)

4 (4)

CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Superior Return Score

CRISIL Rank Performance

50%

50%

Figures in bracket indicate the previous quarter score

Consistent Performers - Debt funds Consistent Performers - Debt funds Weightages Birla Sun Life Income Plus

1



1

1 (2)

1 (1)

Kotak Bond Regular

1



1

2 (1)

1 (1)

Birla Sun Life Income Fund

2



2

1 (1)

2 (2)

ICICI Prudential Income Plan

2



2

2 (2)

2 (2)

Reliance Income Fund

2



2

2 (2)

2 (2)

HDFC Income Fund

3



3

3 (3)

3 (3)

IDFC Super Saver Income Fund - Investment Plan

3



3

3 (3)

3 (3)

LIC NOMURA MF Bond Fund

3



3

3 (3)

4 (4)

UTI Bond Fund

3



3

3 (3)

3 (3)

HDFC High Interest Fund

4



4

4 (4)

3 (3)

Sundaram Bond Saver

4



4

4 (4)

5 (5)

Templeton India Income Fund

4



4

4 (4)

4 (4)

DSP BlackRock Bond Fund

5



5

5 (5)

4 (4)

SBI Magnum Income Fund

5



5

5 (5)

5 (5)

Figures in bracket indicate the previous quarter score

22

CRISIL Mutual Fund Ranking Booklet Mar 2011indd.indd 22

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

4/29/2011 6:36:15 PM

Consistent Performers - Liquid funds CRISIL Fund Rank Mar - 11

Change vs Dec - 10

CRISIL Fund Rank Dec - 10

Mean Return 30%

20%

50%

HDFC Cash Management Fund - Savings Plan

1



1

1 (1)

4 (4)

1 (1)

Reliance Liquid Fund - Treasury Plan

1



1

3 (3)

1 (1)

1 (1)

HDFC Liquid Fund

2



2

2 (2)

4 (4)

2 (2)

Principal Cash Management Fund

2



3

3 (3)

1 (1)

3 (3)

UTI Liquid Cash Plan

2



2

3 (3)

2 (2)

2 (2)

ICICI Prudential Liquid Plan

3



2

4 (4)

3 (3)

2 (2)

UTI Money Market Fund

3

N.A

3

3

3

Birla Sun Life Cash Plus

3



3

4 (4)

4 (4)

3 (3)

JM High Liquidity Fund

3



3

2 (2)

2 (2)

3 (4)

Sundaram Money Fund

3



3

5 (5)

2 (2)

3 (3)

DSP BlackRock Liquidity Fund

4



4

4 (4)

3 (3)

4 (3)

DWS Insta Cash Plus Fund

4



4

2 (2)

5 (5)

5 (5)

LIC NOMURA MF Liquid Fund

4



4

1 (1)

3 (3)

4 (4)

HSBC Cash Fund

5



5

5 (5)

3 (3)

4 (4)

Templeton India Treasury Management Account

5



5

3 (3)

5 (5)

5 (5)

Consistent Performers - Liquid funds Weightages

Volatility

CRISIL Rank Performance

Figures in bracket indicate the previous quarter score

CRISIL Mutual Fund Ranking - Quarter ended Mar 2011

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4/29/2011 6:36:15 PM

Annexure I - CRISIL Mutual Fund Ranking methodology

CRISIL Mutual Fund Ranking is the relative performance ranking of mutual fund schemes within the peer group. The basic eligibility criteria for inclusion in the ranking universe are two-years NAV history (one-year for Liquid, Ultra Short Term Debt, Index and Debt-Short funds and five – year inclusion for the Consistent Performers), assets under management in excess of category cut-off limits and complete portfolio disclosure. The ranking is done based on the following parameters:

measure Industry concentration and Company concentration for equity securities. In case of Debt papers, the industry concentration is analyzed only for any / over exposure in sensitive sectors which is arrived at based on CRISIL’s assessment of the prospects for various sectors and Company concentration will have an individual issuer specific limit of 10.0 per cent. Liquidity Analysis

Superior Return Score The Superior Return Score (SRS) is the relative measure of the return and the risk for the schemes compared to their peer group. It is computed for Equity Oriented Categories, Equity Linked Saving Schemes (ELSS), Debt, Balanced, Monthly Income Plan (Aggressive & Conservative) and Gilt categories for a two - year period. The weightages for the four six-monthly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for Equity, Balanced and Debt categories, the SRS is calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage. Mean Return and Volatility Mean Return and Volatility are considered separately in case of Liquid, Ultra Short Term Debt and Debt-Short term schemes for a one - year period. Mean return is average of daily return on fund NAV for the latest one-year period and the Volatility is the standard deviation of these returns. The weightages for the four quarterly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for the Liquid category, Mean Return and Volatility are calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage. Portfolio Concentration Analysis Concentration measures the risk arising out of improper diversification. Diversity Score is used as the parameter to

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It measures the ease with which the portfolio can be liquidated. In case of Equities, liquidity is calculated by taking the average of last 3 months impact cost published by stock exchanges. Gilt liquidity is measured by analysing the market turnover, days traded and size of trade in any security for a three months period for that security. Corporate Debt Liquidity is computed by classifying each security into 3 categories - Liquid, Semi Liquid and Illiquid and then evaluating a fund’s exposure to each such category. Asset Quality Asset Quality measures the probability of default by the issuer of a debt security to honour the debt obligation in time. CRISIL penalizes lower rated securities to a higher level in its analysis. Modified Duration / Average Maturity Modified duration /Average Maturity are considered across all debt categories except liquid to capture the interest rate risk of the portfolio. Lower the value better it is. Downside Risk Probability (DRP) DRP measures the probability of the investment getting lower returns than short tenor risk free securities. It measured by assessing the number of times a fund’s return falls below the risk free return over the period of analysis. The risk free return is taken as the 91-day T-Bill yield over the period. Asset Size It is considered only for Ultra Short Term Debt and Liquid categories to take into account the effect of large fund flows on the funds performance and ability of the funds to manage such flows optimally. Higher the asset size better it is.

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Tracking Error

Historic CRISIL Mutual Performance

This is used only for Index funds. The tracking error is an estimation of the variability in a fund’s performance vis-à-vis the index that it tracks. Lower the tracking error better it is.

Historic CRISIL Mutual performance is considered only for the Consistent category. Quarterly Mutual Fund ranks during the five year period of analysis are weighted with separate one year periods weighted differentially with the most recent period having the highest weightage.

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Annexure II - Category definition for CRISIL Mutual Fund Ranking

Only open-ended schemes are eligible for the selection criteria under the following categories: 1.

Equity Funds

Schemes that predominantly invest in equity instruments (excluding hybrid schemes) are considered. Schemes with the following features are excluded i)

Schemes not open to investors at large and open only to a specific set of investors.

ii)

Schemes whose offer document permits dynamic asset allocations (both debt and equity could vary between 0 and 100 per cent), except on receipt of an undertaking from the AMC, assuring predominant investment in equity.

iii) Schemes for which there is a delay in receipt of portfolios from the fund house. iv) Schemes with a stated objective to predominantly invest in derivatives and /or overseas securities. Eligible schemes are classified into the following sub-categories -

1e) Diversified equity funds All remaining eligible equity schemes are ranked under this category. 1f) Index funds Schemes launched with an objective to generate returns that are commensurate with the performance of their benchmark’s Total Return Index (TRI), subject to tracking errors are considered. Open-ended exchange traded funds (ETFs) are also included. The following will be excluded: i)

Index schemes that allow the fund manager to take overweight investment positions on stocks that comprise their benchmark index.

ii)

Index schemes having sectoral indices as benchmarks.

iii) Index schemes that are benchmarked to indices other than BSE Sensex and S&P CNX Nifty. 2.

Hybrid Funds

2a) Balanced funds 1a) Large cap-oriented equity funds Schemes that have at least 75 per cent exposure in CRISILdefined large cap stocks (top 100 stocks based on 6-month daily average market capitalisation on the National Stock Exchange) in the preceding 24 months split into 4 blocks of 6 months each. The 75 per cent exposure in these stocks must be available for a minimum of 4 out of 6 months in each block. Exposure to Nifty futures is considered as large cap exposure. 1b) Small and mid-cap-oriented equity funds Defined as those having less than 45 per cent exposure in CRISIL-defined large cap stocks for the preceding 24 months.

Schemes investing more than 60 per cent, but less than 80 per cent, of the AUM in equity securities, and 20-40 per cent in long-term bonds/government securities are considered. Speciality schemes with the above asset allocation focusing on children, pension, unit-linked insurance, young citizens, charity, and retirement are not considered. 2b) Monthly Income Plan (MIP) Schemes, where investment into equity is restricted to a maximum of 30 per cent and generally declare monthly dividends are considered as i)

MIP - Aggressive: where the objective limits investment in equity securities to 15-30 per cent of the corpus.

ii)

MIP - Conservative: where the objective limits investment in equity securities to 15 per cent of the corpus.

1c) Thematic – Infrastructure funds Defined as those that follow an investment objective to invest in infrastructure related sectors. CRISIL defined infrastructure sectors are - Energy, Construction, Industrial Capital Goods, Industrial Manufacturing, Metals, Cement & Cement Products, Services and Telecom. 1d) Equity Linked Savings Scheme (ELSS) Schemes that invest in equity and equity-related instruments, and are aimed to enable investors to avail tax rebates under Section 80 C of the Income Tax Act are considered.

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3) Debt Funds 3a) Long term income funds Schemes that predominantly invest in long-term corporate debt papers and government securities (G-Secs) are considered. These schemes also invest in short-term and money market securities. Schemes investing 60 per cent or more in G-Secs over the last 2 years will not be included.

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3b) Short term income funds Schemes that predominantly invest in short term corporate debt papers, Certificate of Deposit (CDs), money market instruments and G-Secs are considered. 3c) Liquid funds Schemes whose portfolio constitutes money market instruments and short-term debt instruments with a residual maturity of up to 91 days are considered. Depending on the minimum investment amount disclosed in the offer documents, liquid funds are classified into i)

Retail - Minimum investment less than Rs 1 million

ii)

Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million

to be in line with the category peers. Based on the minimum investment amount disclosed in the offer documents, schemes are further classified into: i)

Retail - Minimum investment less than Rs 1 million

ii)

Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million

iii) Super Institutional - Minimum investment of more than Rs 50 million 3e) Long term gilt funds Schemes that predominantly invest in long-term securities issued by Central and state governments, including government securities and T-bills, of varying maturities are considered.

iii) Super Institutional - Minimum investment of more than Rs 50 million

4) Consistent Mutual Fund Performers

3d) Ultra short term debt funds

Note: While the above classification will be the guide in selection and creation of peers for the purpose of ranking, CRISIL will be free to take a subjective call on the inclusion/ exclusion of a scheme from among the peers in a ranking category.

Schemes named as ultra short term debt schemes are considered. Those without such nomenclature will be considered only if the AMC assures their positioning as an ultra short term debt scheme and also their risk-return characteristics needs

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Schemes that have rankings in all quarterly CRISIL Mutual Fund Ranking over a 5-year timeframe are considered.

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Note: An entity wishing to use the CRISIL Mutual Fund Ranking in its prospectus / offer document / advertisement / promotion/ sales literature, or wishing to re-disseminate these rankings, may do so only after obtaining the written permission of the ranking entity, CRISIL Fund Services, CRISIL Limited. Disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.

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Head Office CRISIL House Central Avenue Road, Hiranandani Business Park Powai, Mumbai - 400 076. Phone: +91 (22) 3342 3000 Fax: +91 (22) 3342 3001 Regional Offices in India Ahmedabad Unit No.706, 7th Floor, Venus Atlans, Near Reliance Petrol Pump, Prahladnagar, Ahmedabad 380 015. Phone: +91 (79) 4024 4500 Fax: +91 (79) 4024 4520

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Hyderabad 3rd Floor, Uma Chambers Plot No. 9&10, Nagarjuna Hills (Near Punjagua Cross Road) Hyderabad - 500 482. Phone: +91 (40) 2335 8103/05 Fax: +91 (40) 2335 7507 Kolkata Horizon, Block ‘B’, 4th Floor 57 Chowringhee Road Kolkata - 700 071. Phone: +91 (33) 2282 3541, 5529 4501 Fax: +91 (33) 2283 0597 Pune 1187/17, Ghole Road Shivaji Nagar, Pune - 411 005. Phone: +91 (20) 2553 9064/67 Fax: +91 (20) 2553 9068

For further details on CRISIL Mutual Fund Ranking, please contact: Ashish Sethi : +91-22-3342 8023 Deepak Mittal: +91-22-3342 8031

CRISIL FundServices CRISIL Limited CRISIL House, 8th Floor, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076, India Tel: +91 (22) 3342 8023/ 3342 8031/ (B) 3342 3000 Fax: +91 (22) 3342 8088 E-mail: [email protected]

For the methodology log on to: www.crisil.com

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